September 18, 2017 / 5:53 AM / in 10 months

Qatar Insurance says Abu Dhabi branch to close because of regional rift

DUBAI, Sept 18 (Reuters) - Qatar Insurance said on Monday that its branch in Abu Dhabi would close because it was not able to renew its business licence because of the current political situation in the region.

It is the latest sign of the business fallout of a regional rift that started on June 5 when Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut diplomatic and trade links with Qatar.

Qatar Insurance’s branch has been operational since 2002 and underwrites gross premiums estimated at about 110 million riyals ($30.21 million) per year, it said. ($1 = 3.6415 Qatar riyals) (Reporting By Tom Arnold; Editing by Saeed Azhar)

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