UAE-based Orient Insurance, which is the biggest insurer in the country, has confirmed that it plans to expand into Saudi Arabia, Egypt and Australia, according to a statement lodged with the Dubai Financial Market (DFM).
Mr Omer Elamin, Orient Group president, in the statement, dated 19 September 2024, said, “In response to a Dubai Financial Market’s message regarding an inquiry about the news published on the website Argaam on 18 September 2024 under the title ‘Orient Insurance president to Argaam: Last year’s premiums exceeded AED7bn and we are working on expanding into 3 countries’, we would like to confirm the accuracy of the news regarding the company’s expansion plans.”
The statement continued, “Regarding Saudi Arabia expansion, the company has indeed received official approval to open a branch in Saudi Arabia, as disclosed on the market’s website on 16 February 2020. Due to the COVID-19 pandemic, the start of operations was postponed, with a clarification published on 5 July 2020. Currently, the company is in the final stage of licensing and starting operations.
“Regarding Egypt and Australia expansion plans, the company owns a general takaful company in Egypt and is exploring expansion opportunities in the takaful market in Australia.
“All our plans to establish new legal entities or obtain official approval will be officially announced in advance once our market search is positively concluded.”
This announcement by Orient is not new. Earlier this year, Orient outlined its overseas expansion plans in the Directors’ Report which is part of its 2023 consolidated financial statements.
In the Directors’ Report dated 8 March 2024, Mr Omar Abdulla Al Futtaim, vice chairman of Orient, stated, “We continue our march into wider territories and are at the final stages of setting up our operation in Saudi Arabia.
“We have initiated discussions to explore the possibility of having a takaful branch in Australia. At the moment there is no takaful insurance solution for the Islamic-funded enterprises and this gap will be fulfilled by our takaful branch.
“We are in conversation with major banks in Egypt to replicate our general insurance success in the field of life insurance as well. Our journey for wider geographical expansion will continue, to have more and more footprints of Orient in the global market."