海角直播

Saudi reinsurance market aims to attract foreign investors

Saudi reinsurance market aims to attract foreign investors
The Global Insurance Conference and Exhibition, known as ingate, is being held in Riyadh. Screenshot/X/@IA_GOV
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Saudi reinsurance market aims to attract foreign investors

Saudi reinsurance market aims to attract foreign investors

RIYADH: 海角直播 has become an attractive market for international players in the insurance and reinsurance sector, with rising interest from foreign companies in entering the Kingdom,

The Saudi Insurance Authority is holding discussions with about four聽foreign companies considering entering the reinsurance market, revealed the Authority鈥檚 Chairman, Naji Al-Tamimi, in a talk with Asharq on the sidelines of the first day of the Global Insurance Conference and Exhibition.聽

He believed that 鈥渢he reasonable regulatory framework and excellent digital infrastructure have made the Saudi market inherently attractive,鈥 noting that the Authority encourages international investors and branches of foreign companies.

Al-Tamimi clarified that 海角直播 is moving toward implementing the Risk-Based Capital (Capital Regime) in January 2027, after a pilot phase in 2026, which will enhance companies鈥 underwriting capacity based on risk and support the sector鈥檚 global attractiveness. He also mentioned that the sector aims to double the workforce from 18,000 to 39,000 people in the coming years.

The Saudi insurance market grew by more than 17 percent in 2024, and the penetration rate rose to about 2.6 percent, while the country aims to double the premium value by 2030, according to the Chairman of the Authority鈥檚 Board of Directors, Abdulaziz Al-Bouq, during the conference.

Reinsurance sector attracts new player

The CEO of Riyadh Reinsurance Co., Fahd Al-Husni, stated in an interview with Asharq on the conference sidelines that the reinsurance sector in 海角直播 is attractive to international companies, explaining that the size of the local reinsurance market is expected to reach SR20 billion聽in 2030.

Riyadh Re announced its official launch during the Global Insurance Conference and Exhibition after obtaining the final license from the Insurance Authority, thus adding a new player to the sector alongside Saudi Reinsurance Co.聽

Al-Husni mentioned that Riyadh Re was established with a capital of SR550 million ($146.6 million), with a plan to increase it to SR800 million within four聽years to support growth, adding that the company will focus 60 percent to 40 percent on the local market in the first two years, before expanding outside the Kingdom.

In the same context, the CEO of the Co. for Cooperative Insurance had stated in a recent聽interview with Asharq聽that his company is awaiting the necessary regulatory approvals to launch its reinsurance activities as part of its strategic growth plan and expansion in core businesses.


海角直播 eyes top 10 global tourism ranking, says Al-Khateeb

海角直播 eyes top 10 global tourism ranking, says Al-Khateeb
Updated 10 November 2025

海角直播 eyes top 10 global tourism ranking, says Al-Khateeb

海角直播 eyes top 10 global tourism ranking, says Al-Khateeb

JEDDAH: 海角直播 is on track to rank among the world鈥檚 top 10 tourist destinations, according to Minister of Tourism Ahmed Al-Khateeb.

Speaking at a press conference on Monday, Al-Khateeb highlighted that the 26th UN Tourism General Assembly in Riyadh focused on digital transformation in tourism, with member states committed to advancing initiatives, particularly in artificial intelligence.

UN Tourism Secretary-General Zurab Pololikashvili and Shaikha Al-Nowais, newly elected secretary-general of the organization, were also present.

Al-Nowais becomes the first woman and the youngest person to lead the global tourism body in its 50-year history.

Al-Khateeb described the Riyadh Declaration as a roadmap for the organization鈥檚 future.
鈥淭hrough the executive council, the member states will work with the current and future secretary general to ensure the implantation of the Riyadh Declaration.鈥

He stressed that the declaration emphasizes sustainability, air connectivity, investment attraction, and the training and empowerment of human resources.

鈥淯sing technology, we are enhancing the tourist journey with solutions that require minimal human intervention, such as facial recognition at airports to streamline the travel process,鈥 he said.

Al-Khateeb also highlighted the importance of human interaction in tourism. 鈥淲e are also keen to develop human capabilities in the sector.鈥 He added that tourism serves as a bridge between cultures.

Al-Nowais underscored sustainable and responsible growth as her top priority, alongside transparency, ethical governance, digital transformation, and smart tourism. She noted the organization has already launched initiatives like the Best Tourism Village program, which certifies rural villages and small destinations within larger regions to promote development and support local communities.

She added that the entity has done a 鈥済reat鈥 job in this regard and stressed that technology and innovation will play an increasing role in managing growing numbers of travelers.
鈥淲e need to see how we can propose or advocate or suggest areas where we can ask destinations and governments to empower themselves with those tools and see how we can instead divert the crowd or the travelers to new destinations and emerging destinations,鈥 she said.

Commenting on her election, Al-Nowais called it a profound honor to represent women in such a leadership role.
鈥淚 think my message is with dedication, with passion, with commitment, with hard work, you know things like that will always pay off.鈥

She added: 鈥淣o matter how difficult it is, you have to live by your principles, your values, and believe in yourself. And I think nothing is ever impossible,鈥 she added.

Pololikashvili described the Riyadh Declaration as a shared commitment among countries.
鈥淎ll these three days we were talking. It's not the idea of one or two countries, and it's the process to support sustainable development.鈥

He emphasized that the declaration aims to leave a lasting legacy, noting that it is fully transparent and clearly outlines priorities for the coming years.
鈥淎nd priorities are the same, more or less now, the digitalization, education, investments, and it is a more concrete and more detailed document and guideline,鈥 he said.

In response to a question about this year鈥檚 focus on AI-powered tourism and making the technology accessible for countries with limited infrastructure, Pololikashvili said that it is a new area for them as well. He highlighted the pioneering role of 海角直播 and the UAE in establishing innovation hubs, a first-of-its-kind initiative globally.

鈥淭hese hubs are designed to transfer expertise to less developed countries, particularly in the tourism sector, over the next two to three years,鈥 he said, adding that the initiative is seen as a strategic investment to attract knowledge and skills from leading countries and support member states鈥 development.

Under the theme 鈥淎I-Powered Tourism: Redefining the Future,鈥 the four-day event brought together representatives from more than 150 countries, including ministers, global tourism leaders, and industry experts, to discuss the future of travel, innovation, and sustainable development.

The General Assembly is the highest decision-making body within the UNWTO, comprising more than 159 member states, as well as representatives from the private sector and nongovernmental organizations.