Saudi Arabia and Bermuda will collaborate to build on the kingdom's financial services industry particularly in insurance.
According to a news story published on The Royal Gazette, Bermuda prime minister and minister of finance Mr David Burt and Saudi Arabia’s vice-minister of finance Abdulmuhsen Alkhalaf discussed these issues at a bilateral meeting on the sidelines of the Ninth Future Investment Initiative conference held in Riyadh recently.
As a part of the bilateral meeting, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef also participated in the meeting and disclosed an initiative to build on his country’s financial services industry, particularly in insurance.
Mr Burt told The Royal Gazette that he was invited to put together a delegation of Bermuda insurance executives to meet with the Saudi industry. He said, “They are very serious about developing their domestic insurance industry, which works for Bermuda from a reinsurance perspective.”