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THE increasing sophistication of the region's wealth management and protection markets, combined with the demand for more tailored products in areas such as Islamic finance, is making the Middle East's financial sector one of the most interesting in the world for international companies.
That was the conclusion reached by the Million Dollar Round Table (MDRT) -_a premier association of financial professionals -_at its 2008 Conference, held in Toronto, Canada, earlier this month. Representatives from across the Gulf region were invited to share their perspectives, including a large delegation from the Nexus Group of Companies in the UAE and Bahrain.
Founded in 1927, MDRT provides its members with the resources to improve their technical knowledge and client services, while maintaining a culture of high ethical standards.
"As long-term supporters of MDRT, it is very interesting to note that the balance has shifted slightly. Originally, Gulf-based members would attend international meetings to learn about global standards and practices. Increasingly, it is now the case that international groups are looking to learn from businesses that are active within the Middle East," said Mahmoud Nodjoumi, chief executive officer of the Nexus Group of Companies.
According to research from global group Swiss Re, the value of personal insurance in the GCC region alone will grow by $2 billion by 2010. Currently, the industry is worth an estimated $5.1 billion, with growth expected to reach $7.1 billion in four years.
"The GCC market is rapidly maturing with more investors seeking new opportunities to increase their funds and secure their assets while expecting world-class levels of support from their local advisers and providers," added Nodjoumi.
Several Nexus employees held Chair and 'Top of the Table' positions at the MDRT meeting in Canada. For the first time, Ramesh Kinger and D Srinivasa Sarma from Nexus' Bahrain Office qualified to the 'Top of the Table' forum.
Million Dollar Round Table's Top of the Table is an exclusive forum for the world's most successful life insurance and financial services professionals.
In total, seven Nexus Consultants from the Bahrain Office attended this year's conference.
Kalyanaraman Sridhar of Nexus has been named as zone chairman for the 2008 and 2009 Middle East and Africa region. He has been an MDRT member since 2000.
