AXA Gulf Appoints New Chairman and Board of Directors Following Acquisition by GIG
Press release
Paul Adamson
Highlights
AXA Gulf, recently acquired by GIG (Gulf Insurance Group), has confirmed the formation of a new board of directors
AXA Gulf, recently acquired by GIG (Gulf Insurance Group), has confirmed the formation of a new board of directors, led by Mr. Jamal Al Hazeem as Chairman, Mr. Khalid Saud Al Hassan as Vice Chairman and Mr. Paul Adamson, Mr. Bijan Khosrowshahi, Mr. Jean Cloutier, Mr. Farid Saber, and Mr. Osama Kishk, as members of the Board of Directors.
The new board, approved by the Central Bank of Bahrain, brings together a diverse range of skills and expertise along with a wealth of experience in the insurance profession.
Commenting on his appointment, AXA Gulf Chairman, Jamal Al Hazeem, said: “AXA Gulf has enjoyed a presence in the region for more than 70 years. I look forward to building on these solid foundations and establishing AXA Gulf as MENA’s largest and most successful insurer.”
“The prospect of collaborating with a new board of directors to help create the next chapter in the AXA Gulf story excites me, and their experience, insight and knowledge will be invaluable in ensuring we achieve our strategic goals.”
AXA Gulf Vice-Chairman, Khaled Saoud Al Hasan, said: “The new board is expected to usher in a new future for the company and play a pivotal role in helping shape the strategy and direction of the insurer following its acquisition by GIG in September. The Gulf Insurance Group will support AXA Gulf’s operations in all the markets of its presence in order to achieve the best services for customers and partners.”
Paul Adamson, CEO of AXA Gulf and one of the new board members, said: “AXA Gulf serves the needs of over 1 million customers across UAE, Oman, Bahrain and Qatar, offering a wide range of insurance products and services for corporates, SME and individual customers. With the GIG acquisition behind us, we are working hard to improve our products and services, enhance our digital capabilities, and expand our support for the local businesses and communities we serve under the strategic direction of the new board of directors."
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Background Information
AXA Gulf
VAT or Value Added Tax is a form of consumption tax that is imposed on a transnational level. The GCC has agreed to apply a uniform standard rate of 5%. This standard rate will apply to almost all domestic transactions. UAE and KSA will implement VAT on 1 January 2018, and the other GCC countries are expected to implement in the following 12 months.
In limited instances VAT can also apply at 0% (zero-rate), or transactions can be exempt from VAT, or out of scope.
How it works is that taxable businesses are generally able to recover the VAT they incur on their purchases and expenses.
However, as individuals, we are the final point of the supply chain and therefore, will bear the cost as we are not able to recover the VAT.
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