Dubai – Mubasher: UAE-based Orient Insurance said it is seeking the approval of the Saudi Arabian Monetary Agency (SAMA) to establish branches in the kingdom.

This is still under review by the Saudi regulatory authorities, Orient added in a statement to the Dubai Financial Market (DFM).

The DFM-listed company has issued this statement as a response to the recently published news in media regarding Orient’s plans to establish branches in Saudi Arabia with a capital of SAR 200 million.

It is worth noting that Orient Insurance reported a net profit of AED 166.01 million in the first quarter of 2019, up 8% from AED 153.6 million in the same quarter of 2018.