Orient Insurance, one of the largest insurers in the United Arab Emirates, has announced to postpone the launch of its earlier decided- entry into Saudi Arabia from this year to the middle of 2022 due to the spread of coronavirus and travel restrictions.
With the remaining approvals from officials and in a statement lodged with the Dubai Financial market, the company was expectant of expanding across Saudi Arabia this year.
Before the insurer could cruise to the kingdom, the spread of the coronavirus and subsequent restrictions on traveling made it difficult to go with the decision. As per Orient Insurance, the postponement will help with a stronger entry into the Saudi market once the operations kick-start.
Orient Insurance went with the regulatory authorities to adjourn their market entry into Saudi in 2022 and has received the approval from Saudi Arabian Monetary Authority (SAMA).
The company had obtained initial approval from SAMA earlier last year to set up branches in Saudi Arabia with a capital of AED300m ($82m) and this year, Orient Insurance had started with the necessary steps and licensing procedures to initiate their expansion and operations.