Saudi Arabia's Minister of Commerce & Industry Dr. Hashim Yamani said that the licensing procedures for foreign insurance firms, short-listed earlier by the Saudi Arabian Monetary Agency (SAMA), were in the final stages. These companies, whose papers are being reviewed by the Supreme Economic Commission and by the Council of Ministers, will be made operational in the Kingdom “very soon,” said Yamani, according to Arab News.
Currently, the Supreme Economic Commission is also looking at the status, ownership structure and records of these companies.
