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Saudi Arabia tag returned 196 results

  • Saudi Arabia: Questions abound over impact of drone strikes on oil facilities

    Saudi Arabia cut its oil output by half on Saturday after Yemen's Houthi rebels claimed responsibility for a drone attack on two oil facilities in eastern Saudi Arabia.

    Middle East | 16 Sep 2019
  • Saudi Arabia: Mergers should "preferably" involve more than 2 insurers

    A merger of Saudi insurance companies should preferably involve more than two insurers, Mr Adel Al-Issa, spokesman for insurance companies, has said.

    Middle East | 08 Sep 2019
  • Saudi Arabia: National AI centre to be formed to boost productivity

    King Salman has issued a decree to establish an artificial intelligence (AI) centre in the kingdom to drive innovation and digital transformation, according to Minister of Communications and Information Technology, Abdullah Al-Sawaha.

    Middle East | 02 Sep 2019
  • Saudi Arabia: Tawuniya to insure foreign pilgrims for next 4 years

    The Company for Cooperative Insurance (Tawuniya) has received approval from the Saudi Arabian Monetary Agency (SAMA) to sign a contract with the Ministry of Hajj and Umrah to provide insurance services for foreign pilgrims.

    Middle East | 01 Sep 2019
  • Saudi Arabia: 1H aggregate profit of 32 insurers reaches US$138m

    Thirty two (32) insurance companies listed on the Saudi stock market have reported an aggregate net profit of SAR517.3m ($138m) for the first six months of this year, 17.1% lower compared to SAR624m for the corresponding period in 2018.

    Middle East | 29 Aug 2019
  • Saudi Arabia: Decennial liability insurance expected to expand in the region

    Now that Saudi Arabia has made decennial liability insurance mandatory, other GCC countries are expected to follow suit soon, according to Mr Sarran Abu Saq, regional VP - business development, of ACE Insurance and Reinsurance Brokers.

    Middle East | 28 Aug 2019
  • Saudi Arabia: Bupa offers tailored plans for SME market

    Bupa Arabia, one of Saudi Arabia's biggest insurers, says that it has introduced the first of its kind health insurance product for small and medium-sized enterprises in the kingdom.

    Middle East | 27 Aug 2019
  • Saudi Arabia: Court orders ex-CEO of MedGulf to pay insurer US$41m

    The Commercial Court in Riyadh has ordered a former managing director and CEO of Mediterranean and Gulf Insurance and Reinsurance (MedGulf) to pay SAR152.7m ($41.1m) to the company in a law suit brought against him by the insurer.

    Middle East | 26 Aug 2019
  • Saudi Arabia: Reinsurer says M&As are key to attaining international growth

    Mergers and acquisitions are key in Saudi Reinsurance's international growth strategy, according to its managing director and CEO, Mr Fahad Al-Hesni.

    Middle East | 11 Aug 2019
  • Saudi Arabia: Bupa Arabia's 1H net profit jumps

    Bupa Arabia for Cooperative Insurance has posted a 64.8% rise in net profit before zakat for the first six months of 2019 compared to the same period last year. Profit reached SAR310.2m ($82.7m) for 1H Bupa Arabia announced in a bourse filing. Bupa Arabia attributed the increase in net profit before zakat to a 23.2% rise in underwriting results, a 37.6% growth of investment and other income, and an 18.5% drop in provision for doubtful receivables. Net claims incurred increased by SAR427.47m, representing a 13.1% rise compared to 1H in 2018. The insurer's net profit after zakat and tax for H1 reached SAR261.56m compared to SAR144.17 m for the same period last year, an increase of 81.4%. Bupa Arabia is 39.25% owned by UK-headquartered Bupa Investments Overseas.

    Middle East | 08 Aug 2019