Orient Insurance defers Saudi market entry until mid-2022

Orient Insurance postponed the commencement of its operations in Saudi Arabia, scheduled to be launched during the current year until mid-2022, it said in a statement on Dubai Financial Market (DFM).

The company indicated that it obtained the Saudi Arabian Monetary Authority’s (SAMA) approval to defer its entry into the market for two years.

The insurer attributed the postponement decision to the ongoing developments resulting out of COVID-19 spread, in addition to the subsequent restrictions on movement and travel across the world, which led to disruptions in the trade and economic movements during the recent period.

Orient clarified that the above-mentioned decision will enable it to work in appropriate circumstances and start in a strong manner compatible with its expansion plans in the market.

According to data compiled by Argaam, Orient received the initial approval from SAMA to set up a branch in Saudi Arabia with a paid capital of AED 300 million.