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Saudi Arabia to Announce Unified Insurance Regulator Soon

Minister of Finance Mohammed Al-Jadaan attends the Saudi Insurance Symposium (Asharq Al-Awsat)
Minister of Finance Mohammed Al-Jadaan attends the Saudi Insurance Symposium (Asharq Al-Awsat)
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Saudi Arabia to Announce Unified Insurance Regulator Soon

Minister of Finance Mohammed Al-Jadaan attends the Saudi Insurance Symposium (Asharq Al-Awsat)
Minister of Finance Mohammed Al-Jadaan attends the Saudi Insurance Symposium (Asharq Al-Awsat)

A unified regulator for the insurance sector, independent of the Saudi Central Bank (SAMA), will be announced soon, Minister of Finance Mohammed Al-Jadaan stated on Wednesday.

While the minister acknowledged that the insurance sector needs powerful entities capable of expanding within and outside Saudi Arabia, he stressed that the government is keen on supporting and developing the financial sector.

Al-Jadaan pointed out that great investment opportunities are available in Saudi Arabia’s insurance sector.

The government, according to Al-Jadaan, is working on attracting quality investments from inside and outside Saudi Arabia.

Al-Jadaan invited international insurance companies to enter the Saudi market directly by opening branches or participating with investors.

Speaking about the anticipated unified regulator, Al-Jadaan said: “The objective is to develop the sector as well as to facilitate compliance processes between existing regulators.”

During the Saudi Insurance Symposium held on Wednesday, Al-Jadaan stressed that the insurance sector hasn’t quite yet reached the level of the Kingdom’s ambitions for it.

The minister also highlighted the importance of mergers to strengthen the sector.

He announced ongoing efforts to push the sector toward further growth during the coming period.

Al-Jadaan added the government initially approved a proposal to establish an independent insurance regulator.

SAMA Governor Fahad Abdullah Al-Mubarak confirmed that the insurance sector in the Kingdom achieved a growth of 8.5 %, recording an upward performance in 2021.

According to Al-Mubarak, SAMA is working on developing standards in the preparation of financial reports and has cooperated with companies to develop a clear transformation plan to implement the new standard.

Al-Mubarak explained that the Saudi insurance sector is recently going through stages of growth, maturity, and development, the most prominent of which are mergers and acquisitions between insurance companies and capital increase.

There is a tendency among several companies to raise their capital due to the expansion of business and high growth rates, which enhances the capacity, positions and solvency of companies, the Governor noted.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.