UAE’s Orient Insurance gets regulatory approval to open Saudi branches
UAE’s Orient Insurance, part of Al Futtaim Group, said on Monday it obtained an approval from the Saudi Arabian Monetary Authority (SAMA) to open branches in Saudi Arabia.
This is the first authorization of a foreign company to open branches in Saudi Arabia.
Orient is currently working to complete licencing procedures, it added in a statement. The company expects to start its operation in the kingdom during the year.
It said it had also obtained SAMA’s approval to appoint Sarran Mane Abu Saq as chief executive of its branches in the kingdom. Abu Saq – Saudi national – is an ACII of the Chartered Insurance Institute and has worked in several well-known insurance and brokerage companies over the past 25 years.