UAE's Orient Insurance has received approval from the Saudi Arabian Monetary Authority (SAMA) to open branches in the kingdom.
Owned by Dubai-based family conglomerate Al-Futtaim Group, the company is currently working to complete the licensing procedures and is expected to start its operation during the current year. Sarran Mane Abu Saq has been appointed CEO of the company in Saudi Arabia.
Abu Saq is an ACII of the Chartered Insurance Institute and has worked at a number of insurance and brokerage companies over the past 25 years.
Orient Insurance is the official insurance provider for Expo 2020's site and operations. As such, Orient Insurance said it will create insurance solutions that meet the event's unique requirements. The company said its innovative insurance products also have the potential to boost efficiency, improve pricing, reduce bureaucracy and combat fraud for consumers across the UAE and beyond.