International insurer can now operate as a locally-domiciled company
ACE has been granted a licence to conduct insurance business in the Kingdom of Saudi Arabia. The licence was granted by the Saudi Arabian Monetary Agency (SAMA).
Syed Umer Ali Shah, managing director of ACE Arabia said: "We are delighted to have been granted this licence which marks the final stage in the establishment of ACE Arabia as a locally-domiciled company in Saudi Arabia.”
ACE has had a presence in the Saudi Arabian market since 1973 in partnership with the Elkhereiji Group. In April 2009, ACE Arabia Cooperative Insurance Company was listed on the Tadawal with capital of SAR 100m ($26.6m) and 4m shares (representing 40% of the company) were offered to the public.
ACE’s Arabia is headquartered in Al Khobar, Saudi Arabia and forms part of the ACE MENA regional group.