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Article: SAUDI ARABIA OPENS UP INSURANCE MARKET.
- Article from:
- AsiaPulse News
- Article date:
- October 11, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DUBAI, Oct 11 Asia Pulse - Saudi Arabia has issued licences to 13 new insurance companies, including an Indian joint venture, as part of moves to open up its market after joining the World Trade Organisation.
The move will change Saudi Arabia's insurance market by ending the current monopoly of the National Company for Cooperative Insurance. It is expected to create thousands of jobs.
"The Cabinet approved a request from the Minister of Commerce and Industry to license 13 joint stock companies for cooperative insurance," the Saudi Press Agency reported, quoting a Cabinet statement.
The new companies include Indian joint ...