Qatar-headquartered Doha Insurance Group is preparing to set up a branch in the Saudi Arabia insurance market to engage in reinsurance business, in an expansion of reinsurance operations overseas.
Doha Insurance Group (DIG) has announced that it has obtained the approval of the Qatar Central Bank (QCB) to establish a branch of the Group at the King Abdullah Financial District in Riyadh, in Saudi Arabia, to conduct reinsurance business, according to a bourse filing lodged with the Qatar Stock Exchange last week.
The plans for the Saudi reinsurance branch come as part of the Group’s strategic objective to expand its regional and international presence, said the announcement, adding, “The Group will proceed to complete all required legal and regulatory procedures with the relevant authorities in the Kingdom of Saudi Arabia, with a view to commencing branch operations at the earliest opportunity.”
Late last year, the Group received the approval of the QCB to open a reinsurance branch in Gujarat International Financial Tec-City Gift City in India in the Gift City international insurance office category.