Orient Insurance, a subsidiary of the UAE's Al-Futtaim Group, has received approval from the Saudi Arabian Monetary Agency to open branches in Saudi Arabia.
According to Arabia Net, the company explained that this approval is the first for a foreign company to open branches in the Kingdom, and the company is currently finalizing licensing procedures.
In a statement, the company expected to start operating in Saudi Arabia this year.
The company also announced that it had obtained the approval of the Saudi Arabian Monetary Agency to appoint Saran Manea Abu Saq as the company's CEO.
