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www.businesslife.net www.businesslife.net gig to Increase Egypt as a Model Qatar Airways Authorized for Medical Network Expands to Capital Insurance 100 Destinations November 2020 November 2020 Transforming ICD’s Business Even in Tough Times, ICD Is Set on Reinvention Lebanon.........LBP5,000 U.A.E................Drhm12 Jordan.....................JD2 Egypt......................EP5 Algeria................DZD200 Tunisia.....................TND4 SaudiLebanon.........LBP5,000 Arabia.........SR12 Bahrain..................BD1U.A.E................Drhm12 Oman.....................OR1Jordan.....................JD2 Europe.................Euro4Egypt......................EP5 Libya..........................L.D4Algeria................DZD200 Yemen......................YR10Tunisia.....................TND4 Kuwait...................KD1Saudi Arabia.........SR12 Qatar...................QR12Bahrain..................BD1 Cyprus...................C£1Oman.....................OR1 U.S.Europe.................Euro4 & Canada..........$4 Morocco...............MAD33Libya..........................L.D4 Syria.....................SYP150Yemen......................YR10 Kuwait...................KD1 Qatar...................QR12 Cyprus...................C£1 U.S. & Canada..........$4 Morocco...............MAD33 Syria.....................SYP150 BackedBacked by by our our solid solid financial financial position,position, strongstrong andand minimumminimum ratedrated reinsurance reinsurance securities, securities, DAMANA DAMANA helpshelps you you aim aim for for success, success, overcome overcome hurdles hurdles and and achieveachieve your your business business aspirations. aspirations. ww w w DAMANADAMANA is is a a registered registered trademark trademark for for Saudi Saudi Arabian Arabian Insurance Insurance Company Company B.S.C. 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(c) (c) w w CONTENTS November 2020 COVER INTERVIEW ENERGY 38|KPMG: Oil Prices Will Affect Kuwait More Than COVID-19 11|Transforming ICD’s Business INSURANCE MANAGEMENT AND FINANCE 40|QIC Posts Growth Despite COVID-19 18 | Building Forward an Inclusive 42 |Moody’s Assigns An A1.sa and Accessible Lebanon National Scale IFS Rating to Saudi Re 20 | New IMF Disbursement to Jordan Would Bring 2020 43 |Gulf Insurance Group Increase Total to US$687 Million the Company’s Authorized Capital 22|ICD Completes Pricing for A 5-Year USD 600 Million 44| Sukuk Issuance ICIEC Signs MoU with Spanish State Export Credit 24 |Help Stop COVID-19 Agency 26 |Al Baraka Banking Group 45|Cyber Insurance Market Announces the Launch of Interview: Adnan Ahmed Yousif, President & Chief Executive, Expected to Reach $2a8.6 its New Global Websitel Al Baraka Banking Group Billion by 2026 28 |Global Impact of 47|Sixth Regional Medical and COVID-19 Healthcare Insurance 30 | Doha Bank Achieves Continuation of ISO20000 for IT Service Management MAIN STORY 32 | Doha Bank Celebrates “PinkDay” in 50 |Gulf Economies Set for Commemoration of Breast Steep Contractions Before Cancer Awareness Month Rebounding INFORMATION INDUSTRY Rebuilding people before bricks: UNDP Regional Goodwill Ambassador for Climate Action Michael Haddad 58 |Apple Introduces iPhone 12 Pro and iPhone 12 Pro Max with 5G 30 | News From Around The World 54 | Middle East Markets QUICK NEWS 56 | First Look on Lebanon 8 | Middle East Scan 60 | Middle East Event 28 | Market Brief Calendar Conferenc: Sixth Regional Medical and Healthcare Insurance 62 | What’s New? Business Life (ISSN 1606-0067) published in Lebanon, by Business Life. Editorial, Executive, Circulation, and Advertising Offices: Gharios Bldg., Shoukri Ghanem Street, Beirut, Lebanon. Company and regional subscriber rate $50/year. Lebanon subscriber rate for individuals only $50/year. Rest of the world $200/year. Send address changes by e-mail to [email protected]. All rights reserved. Reproduction in whole or in part without written permission is prohibited. BUSINESS LIFE NOVEMBER 2020 w 3 EDITORIAL Publisher and Editor in Chief COVID-19 Hits the Middle Afaf Issa East Responsible Manager Afaf Issa The coronavirus has hit the region and its economies Contributors Mona Sahli Marwan Hakim Photographer Raji K. To put your ads contact us at: Tel / Fax: (961-1) 370074 e-mail: [email protected] To subscribe contact us at: Tel / Fax: (961-1) 370074 Email: [email protected] For your opinions e-mail: [email protected] On the web: www.businesslife.net A worldwide emergency: Medical staff at San Salvatore Hospital in Pesaro, Italy, helping patients battle COVID-19 (image credit: Alberto Giuliani) ubai was trying to build its recov- It is anyone’s guess what Lebanon’s new ery from its 2009 financial crisis government will be able to achieve and and beginning got make progress whether the deep pit that represents govern- D when the coronavirus pandemic ment finance can ever be refilled. Moreover, hit. Companies operating in the UAE are if the Gulf states are having a hard time shedding off some of their expatriate work- coping with today’s cut-throat economic force in order to limit the losses. It has been reality, how will more vulnerable countries estimated that around 10% of the entire pull through? The bright side for Lebanon population, which is mostly foreign, will be is that many have rediscovered the joys of heading back home. The case of Dubai and cultivating your own fruits and vegetables. the UAE as a whole is not an isolated case, On the horizon, far, far away, also lies the it is a reflection of the region dependent on potential hope of offshore oil turning the oil at a time of successive global economic countries fortunes around. It is too early crises. Demand for oil is down and along to tell, but the Lebanese people have made goes the price of oil which was keeping the it through millennia on the same piece of states of the Arabian Gulf afloat. land. If history is any indication, they will Moving away from the oil-rich coun- continue to prosper for millennia to come. tries, the situation gets even more dire. The demonstrations held by the Lebanese in order to voice their discontent with cor- rupt government institutions are getting Afaf Issa (Malak Issa) quieter. Usually a quiet situation is reassur- Editor in Chief, ing but there is something unsettling with the general mood which is more akin with resignation and despair than contentment. Please recycle this magazine There is hope still as can be witnessed with the value of the Lebanese Lira rebounding on news of a new government forming. BUSINESS LIFE NOVEMBER 2020 w 5 LETTERS www.businesslife.net TPA Between AM BEST affirms Impact of Egyptian Officials said 25 people were killed in against largely peaceful protesters by way GlobeMed Saudi gig Financial Insurance Mergers and Saudi Enaya Ratings for 2020 and Acquisitions coastal areas in Turkey’s west, while two of beatings, teargas, rubber bullets, and at teenagers -- a boy and a girl -- died on the times live ammunition. They further failed Greek island of Samos after a wall collapsed to protect protesters from attacks by armed on them. supporters of political parties. In addition, October 2020 In Turkey, at least 20 buildings in the they sought to repress the protest move- Rising to the city of Izmir alone were destroyed, Mayor ment by arbitrarily arresting, detaining Banking Tunc Soyer told CNN Turk. Images showed and prosecuting activists and journalists, vehicles crushed under the buildings and including before military courts. Challenge people digging through the rubble in search This past year has been marked by a Bankers provide of survivors. succession of catastrophic failures on the financial support and reduce uncertainties in business and life At least 804 people have been injured in part of the Lebanese authorities. Turkey, said the country’s disaster agency. Dozens were saved by rescue teams us- Fouad Herkos ing diggers and helicopters to search for Beirut, Lebanon survivors. What more can we expect from nature? LETTERS Maroun Sawaya Muscat, Sulatanate of Oman Please send your e-mails to: Lebanon.........LBP5,000 U.A.E................Drhm12 Jordan.....................JD2 Egypt......................EP5 Algeria................DZD200 Tunisia.....................TND4 Saudi Arabia.........SR12 Bahrain..................BD1 Oman.....................OR1 Europe.................Euro4 Libya..........................L.D4 Yemen......................YR10 [email protected] Kuwait...................KD1 Qatar...................QR12 Cyprus...................C£1 U.S. & Canada..........$4 Morocco...............MAD33 Syria.....................SYP150 Last issue’s main story: One year on from the start of mass pro- Please include your name, address, COVID-19 Forces One of the Big- tests in Lebanon, the authorities have not and phone number. Letters may be gest Surges in Technology Invest- only failed to address people’s legitimate edited for clarity and space. ment in History demands for their social and economic PAUSE rights, but have also increasingly resorted to Nature is sometimes cruel! repressing the rights to peaceful assembly To include an image in the ‘Pause’ sec- At least 27 people were killed in Turkey and and freedom of expression, said Amnesty tion, send an e-mail to: Greece when a powerful earthquake hit the International today. [email protected] and ask for more Aegean Sea lately, sending buildings crash- Since the outbreak of protests on 17 information. If your image is chosen, ing down and triggering what authorities October 2019, the Lebanese authorities you will be awarded US$50, and a one have