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He predicted that the insurance sector in the UAE is on the verge of witnessing a sustained high growth phase and efforts are being made to augment the involvement of Emirati youth in this important sector of the economy. "The UAE has the largest number of Insurance Companies in Dubai , but has a nationalisation level of only 5.3 per cent.”

Specific business lines such as healthcare, life assurance, construction insurance and Islamic insurance are growing at a rapid pace in the UAE. For an industry listing US$3 companies and over 3,500 employees, that fact that nationals do not represent a significant presence is a serious issue, he said. Sheikh Faisal said that the Emirates Insurance Association will target an Emiratisation level of 15 per cent in the UAE insurance sector by 2010 and in preparation for this goal, it will encourage the addition of at least 500 Emarati youth to be employed in the sector by the end of this year.