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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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Employment Growth Drives Improvement in Saudi Private Sector in August

The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)
The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)
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Employment Growth Drives Improvement in Saudi Private Sector in August

The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)
The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)

The strong growth in employment—at some of the highest rates in a decade—along with increased purchasing activity and rising inventory levels, boosted the performance of Saudi Arabia’s non-oil private sector in August, according to the Purchasing Managers’ Index (PMI) released by Riyad Bank on Tuesday.

The index revealed that non-oil companies in Saudi Arabia significantly increased their activity levels midway through the third quarter, driven by rising new business inflows. Companies reported receiving orders from both new and existing clients, benefiting from increased government investment and strong growth in foreign sales.

However, overall growth momentum remained slower than recent trends, with the non-oil private sector output increasing at one of its weakest rates since early 2022.

As a result, companies reduced their selling prices for the second consecutive month in an effort to stimulate demand. Profit margins shrank, though less sharply than in July, largely due to a slowdown in rising purchasing costs.

The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August, marking the first improvement in non-oil private sector growth since February. However, the index remained at one of its lowest levels since early 2022 and below its long-term average of 56.9 points.

Naif Al-Ghaith, Senior Economist at Riyad Bank, commented: “Saudi Arabia’s non-oil sector continues to demonstrate economic resilience, underscored by a robust 4.4% increase in non-oil GDP in Q2 2024, reflecting the ongoing success of the kingdom’s diversification efforts.”

He added: “Employment growth has been a key driver of this momentum in August, signaling those businesses are increasingly confident in their expansion plans. The uptick in new orders illustrates the sector’s capacity to meet growing market needs. These positive indicators, coupled with a significant rise in future output expectations, highlight strong business optimism within the private sector.”