Dubai - Mubasher: Orient Insurance Co will delay launching its business in Saudi Arabia to the middle of 2022 due to the coronavirus (COVID-19) economic impact and subsequent travel restrictions.
The company was expected to start its branch operation in Saudi Arabia during 2020 after obtaining the necessary remaining official approvals.
With the postponement of its business in Saudi Arabia, the company seeks to work in a more convenient atmosphere for a proper startup and strong entry in the market, according to the company's disclosure to the Dubai Financial Market (DFM) on Sunday.
The company was granted the approval of the Saudi Arabia Monetary Agency (SAMA) to delay conducting its business for two years.
It is noteworthy to mention that in 2019, the company obtained SAMA's approval to establish branches in Saudi Arabia with a capital of AED 300 million.