Arab Today, arab today zurich insurance eyes saudi expansion
Last Updated : GMT 05:26:04
Arab Today, arab today
Arab Today, arab today

Zurich Insurance eyes Saudi expansion

Arab Today, arab today

Arab Today, arab today Zurich Insurance eyes Saudi expansion

Istanbul - Arabstoday

Switzerland’s Zurich Insurance Group is in talks to enter the potentially lucrative Saudi Arabian market as it seeks to grow its life and non-life insurance businesses in the global emerging markets, according to a senior company executive. Zurich has been in talks for 18 months about getting its foot in the door in Saudi Arabia through the acquisition of an existing company and its insurance license, Geoff Riddell, the chairman for Asia-Pacific and the Middle East region, told Zawya Dow Jones yesterday on the sidelines of the World Economic Forum in Istanbul. In the Middle East, Zurich has operations in Qatar, the UAE, Oman, Kuwait, Bahrain and Morocco. The Saudi Arabian Monetary Authority (Sama), which regulates insurers in the kingdom, is not issuing new licences and must approve takeovers that would give a foreign company permission to operate there. “It’s finding the right way to get into Saudi,” Riddell said, adding “There are multiple ways of buying in. Does somebody want to exit? Is there a distressed company? Would Sama support that approach? There are some ways of getting in that would look very attractive to us, but Sama won’t necessarily let us do it.” Riddell hoped Zurich would find a way in by the end of the year, but noted there was no rigid timeline. Insurers see the Saudi market as one of the most promising in the Middle East, given whisker-thin penetration rates and strong economic growth. The International Monetary Fund expects Saudi GDP to grow by 6% this year on the back of strong crude prices. “It’s wealthy, it’s got a huge population, there’s a massive planned infrastructure spend to try to create new cities and work for that large population,” Riddell said. “There’s zero penetration and there’s a huge upside.” That push comes against a backdrop of slowing growth in Europe and a drive to diversify into emerging markets that predates the global financial crisis.from gulf times.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today zurich insurance eyes saudi expansion Arab Today, arab today zurich insurance eyes saudi expansion

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday