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On 21 May 2023, the Omani Capital Market Authority (CMA) approved the merger between Vision Insurance and Oman Qatar Insurance, a subsidiary of Qatar Insurance Company (QIC).
The two companies signed a memorandum of understanding in December 2022 for a possible merger.
Following this transaction, the CMA withdrew Vision Insurance's life and non-life insurance license.
The CMA considers M&A transactions in the insurance industry to be a healthy phenomenon that contributes to improving insurers' financial strength and increasing competition in the local and international markets.