Syria is set give life to long-declared plans to expand the country’s insurance industry, issuing licenses to two newly established companies in mid-October, with more firms expected to enter the market in 2007.In line with many of the private banks that have been launched in Syria, both new firms have strong links to the Gulf. The main offshore shareholders in the Syrian-Kuwaiti Insurance Company are Kuwait’s Gulf Insurance, the United Gulf Bank, the Damascus-based Kuwaiti United Company for Investment in Syria, and the Kuwait Projects Company, with the other bank, the Arab Insurance Company-Syria, being backed by UAE investors. In both cases, overseas corporate shareholdings have been limited to 49%, with the remainder set to be sold off in an initial public offering (IPO). Islamic insuranceThree other firms, Syrian Qatari Insurance, Nour Insurance and Al-Aqila Insurance, have also been given initial clearance to set up shop in Syria by the
