Press release
Dubai SME and Zurich sign MoU to raise awareness of insurance
and risk management among SME100 firms
Dubai, 16 Apr 2014: Dubai SME, the agency of the Department for Economic Development in Dubai
mandated to develop the small and medium enterprise (SME) sector, has signed a Memorandum of
Understanding (MoU) with global insurer Zurich to provide insurance advice and risk management
insights to the Dubai SME100 companies.
Under the terms of the MoU, Zurich will organise joint seminars with Nexus, Dubai SME’s broker
partner, on insurance and risk management for SMEs. Zurich will also offer bespoke insurance
advice – covering both general and life insurance – that will help the SME100 firms better protect
their businesses.
The MoU is significant in that many SMEs in Dubai and across the wider region are failing to get
adequate insurance cover or undertake risk assessments. As a result, the SMEs are unnecessarily
exposed to unforeseen risks that could threaten the very existence of their business - risks that
could be mitigated by partnering with an insurance company and getting adequate cover.
“Our SMEs need to understand and appreciate better the role of insurance and risk management in
their business security and sustainability,” commented Abdul Baset Al Janahi, CEO of Dubai SME.
“Dubai SME is therefore pleased to partner with Zurich and related stakeholders to increase
awareness on insurance as a long term security and investment strategy.”
“SMEs play a key role within the economy and so we are delighted to be supporting Dubai SME by
providing insurance advice and risk insights,” said Brian Reilly, CEO of Zurich’s General Insurance
business in the Middle East. “We don’t just provide insurance cover. We act as a partner with SMEs
to ensure that their business continuity plans can be executed during any unforeseen eventuality
that may affect the operation of its business.”
Launched under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al
Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, Dubai SME100 identifies
the top-performing SMEs in Dubai to help groom them into bigger and more sustainable
enterprises, and support them through their growth into larger, internationally-oriented companies.
Zurich will be working closely with interested SME100 companies by providing risk insights and
bespoke insurance advice. The intended outcome is to increase awareness and understanding of the
key role that insurance and risk management play in the future growth of a business among the
Dubai SME100 companies.
-Ends-
About Dubai SME:
Dubai SME, an agency of the Department of Economic Development (DED), Government of Dubai, aims to foster an
entrepreneurial culture and develop a competitive SME sector for the Emirate of Dubai. The key strategies adopted by
Dubai SME are: advocate a pro-business environment for developing entrepreneurship and SMEs, seed innovative startups and groom promising SMEs. Dubai SME’s vision is to make Dubai the center for innovative SMEs to start, grow and
expand their businesses, thus adding greater value to the economy of Dubai.
For further information, please contact:
Faisal Shamsudheen
Marketing & Communication Department
Department of Economic Development
Tel: (971 4) 361 3070
Email: faisal.pathiasseri@dubaided.gov.ae
About Zurich:
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With
more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services.
Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational
corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in
1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I
American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about
Zurich is available at www.zurich.com.
For further information, please contact:
Sean McAllister
Head of Communications,Middle East & Africa
Zurich Insurance Company Ltd
+971 4 455 7552 (direct)
+971 56 175 3640 (Mobile)
sean.mcallister@zurich.com