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Saudi Arabia’s GOSI, IA Sign MoU to Boost Cooperation on Insurance Services

The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)
The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)
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Saudi Arabia’s GOSI, IA Sign MoU to Boost Cooperation on Insurance Services

The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)
The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)

Saudi Arabia’s General Organization for Social Insurance (GOSI) signed on Wednesday a memorandum of understanding (MoU) with the Insurance Authority (IA) to cooperate in providing insurance products and services.

The MoU also covers developing related electronic and digital transactions, exchanging expertise, and boosting business development between GOSI and the IA.

The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. Representing GOSI was Saud Al Juhani, assistant governor for insurance affairs, while Dr. Osama bin Abdulrahman Al Jamili, executive director of data and strategic transformation, represented the IA.

The memorandum aims to formalize collaboration between GOSI and the IA by defining roles related to the exchange of expertise, conducting workshops to benefit from successful projects and experiences, and developing mechanisms to boost insurance operations and support joint ventures between the two parties.

Both parties will explore opportunities for data exchange and integration in providing insurance products and services, developing related electronic and digital services, and exchanging official visits. They will also collaborate in awareness campaigns, conferences, seminars, workshops, and scientific forums related to insurance, and coordinate on any future relevant initiatives.

These efforts are part of GOSI’s initiative to strengthen cooperation with various government and private entities, aiming to achieve effective integration among its systems, improve performance levels, and enhance services provided to beneficiaries, all in line with Saudi Vision 2030.

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Yemen Minister: We Aim to Invest in Lithium Reserves for Renewable Energy

Yemeni Oil and Minerals Minister Saeed Al-Shammasi
Yemeni Oil and Minerals Minister Saeed Al-Shammasi
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Yemen Minister: We Aim to Invest in Lithium Reserves for Renewable Energy

Yemeni Oil and Minerals Minister Saeed Al-Shammasi
Yemeni Oil and Minerals Minister Saeed Al-Shammasi

Yemen has reserves of lithium, a key mineral for battery and electric vehicle production, according to preliminary studies, Oil and Minerals Minister Saeed Al-Shammasi said.

The findings underscore the urgent need for investment and infrastructure development.

Speaking to Asharq Al-Awsat on the sidelines of the Fourth International Ministerial Meeting at the International Mining Conference in Riyadh on Tuesday, Al-Shammasi revealed that the initial studies identified lithium reserves, a critical component in the production of batteries and solar panels.

“We also have copper reserves, but they require significant investment and infrastructure development,” he added.

Al-Shammasi said he met with Saudi Industry and Mineral Resources Minister Bandar Alkhorayef to explore collaboration opportunities with investors in the Kingdom.

He also announced a forthcoming meeting with the head of Saudi Arabia’s Chamber of Commerce and Industry to discuss joint projects.

“Recently, a Saudi-Yemeni Business Council was established to support the creation of joint ventures across various sectors,” he noted.

Al-Shammasi also highlighted the importance of the event, which builds on discussions from its previous edition. He said three new initiatives were introduced, focusing on investment in critical minerals essential for energy industries.

“These minerals will play a major role in the global energy landscape over the next 50 years, as countries seek to reduce dependence on oil,” Al-Shammasi said, emphasizing the need for investments and supportive legislation from resource-rich nations.

He stressed the importance of advanced technologies in modern mining and praised Saudi Arabia’s efforts, including the establishment of new research centers in the field.

Al-Shammasi further noted that the mining industry is helping reduce environmental pollution by leveraging alternative energy sources and critical minerals, aligning with the global shift away from traditional raw materials in sectors such as battery production and electric vehicles.