Qatar Insurance renews Abu Dhabi licence after saying it would close branch

Qatar Insurance said on Tuesday that it had renewed the business licence for the company’s branch in Abu Dhabi, more than two months after saying it would close because of a regional political row.

The branch will continue to conduct normal activities, Qatar Insurance said in a bourse statement.

The move is an apparent turnaround from September when the company said it was not able to renew its business licence in the United Arab Emirates capital because of the current political situation in the region.

The company could not be reached for comment on the reasons why it was able to renew its business licence.

In a regional rift that started on June 5, Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut diplomatic and trade links with Qatar.

Read: GCC chief condemns Qatari media comments

Qatar Insurance’s branch has been operational since 2002 and underwrites gross premiums estimated at about SAR110m ($30.2m) per year, it said in September.