Insurance firm Marsh launches China desk in Dubai to tap growing commerce

Headlines that say Stocks, Finance, Markets, Business and World. Credit: Shutterstock photo

By Tom Arnold

DUBAI, Dec 24 (Reuters) - Marsh, one of the world's largest insurance brokers and risk advisers, has launched a China desk in Dubai to benefit from growing commercial links between China, the Middle East and Africa, its regional chief executive said.

The subsidiary of U.S. professional services firm Marsh & McLennan Cos is the latest multinational to establish a China desk in Dubai, which is acting as a conduit for regional business emerging from China's Belt and Road initiative.

"There is exponential growth [opportunities] but it's starting from a low base," he said. "We have already some traction. We have found a few projects in Africa but it's not restricted to Africa. There's also Chinese investment in the Middle East. Our main focus is China and Chinese contractors and principles."

Africa and the Middle East are an important part of Chinese President Xi Jinping's Belt and Road initiative, a $126 billion plan to bolster a network of infrastructure connecting China by land and sea to Southeast Asia, Central Asia, the Middle East, Europe and Africa.

Banks Standard Chartered, HSBC and Citigroup already have China desks in the emirate.

Elsewhere in the Middle East, Adamantiadis said in 2019 Marsh hopes to receive an insurance broking licence in Iraq, where infrastructure needs to be rebuilt after a nearly four-year war against the Islamic State.

($1 = 0.7895 pounds)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.