Dubai – Mubasher: UAE-based Orient Insurance on Sunday said it has obtained the preliminary approval of the Saudi Arabian Monetary Agency (SAMA) to establish branches in the kingdom with a paid-up capital of AED 300 million.

The company will commence construction of the branches once it gets SAMA’s final approval to begin operations as soon as possible, according to a filing to the Dubai Financial Market (DFM).

In July, Orient Insurance revealed it was aiming to get the approval of SAMA to set up branches in Saudi Arabia.

It is worth noting that the Emirati insurance firm previously 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.