UAE’s Orient Insurance eyes new Saudi arm; says Egyptian unit head

UAE-based Orient Insurance PJSC studies a plan to establish a new subsidiary in Saudi Arabia, with a capital of AED 200 million (EGP 909.2 million), said head of Orient’s Egyptian unit on Thursday.

“Saudi Arabia has a strong insurance market that could attract foreign investment and we expect to get the licence and regulatory approvals at the end of this year,” Mohamed Abdel Rasool said on the sidelines of a press conference in Cairo.

Orient Insurance PJSC is also looking to tap various insurance markets in Central and West Africa regions, Abdel Rasool added.

“We (Orient Insurance PJSC) have decided to postpone studies to set up a life Takaful insurance company in Egypt until we start talks with a strategic partner to commit to the new company, preferably to be a bank,” he said.

Started its operations in 2009, Orient Takaful’s current shareholding comprises Dubai-headquartered Orient Insurance, a fully owned unit of Al-Futtaim Group (60 percent), in addition to Abu Dhabi Islamic Bank (20 percent), and the Union National Bank (20 percent).