Qatar Insurance Company (QIC) has indicated that it will internally meet the funding requirement for its 40% stake in the new joint venture in Kuwait.

Qatar Insurance Company (QIC)has indicated that it will internally meet the funding requirement for its 40% stake in the new joint venture in Kuwait. "The response received from QIC indicates that the funding of this participation derived from the company's own investments," a Doha Securities Market (DSM) communiqué said. The DSM contacted QIC seeking clarification regarding its participation in the new establishment of an insurance company based in Kuwait with a total capital of KD10mn, of which, KD5mn has already been paid, the communiqué said. Early last week, QIC had said it was picking up 40% management stake in its new Kuwait joint venture, expected to start operation by the end of this financial year. QIC will hold 40% interest and take responsibility for managing the new company and the Kuwaiti shareholders will hold the balance 60% of the stake, its general manager Khalifa al-Subaey had said. QIC shares lost 0.50% to close at QR120.4 yesterday on a volume of 27,330 shares. The move by QIC, which has a capital base of QR424.71mn and assets valued at QR3.85bn as of June 30, 2006, comes after Qatar Islamic Insurance announced its intention to set up two subsidiaries with an initial paid up capital of Rs650mn in Pakistan. Its clients include Qatar Petroleum, Qatargas, RasGas and Qatar Fertilizer Company, while its international clients are Mobil, Total, Occidental, Elf, Maersk, Halliburton, Atlantic Richfield (Arco) and British Gas. QIC also specialises in aviation and marine risks, including hull, cargo, loss of hire and marine liability, providing insurance cover for local, regional and international carriers.