IA official: New regulations aim to attract foreign investment

Logo of Insurance Authority (IA)

Abdullah Taha, Deputy Governor for Strategy and Sector Development at the Saudi Insurance Authority (IA), said the Kingdom plans to introduce new regulations for local insurance companies to attract foreign investment and promote localization.

Taha explained that the authority aims to establish a clear and attractive regulatory framework aligned with international best practices, covering capital requirements and other relevant provisions, according to Al-Eqtisadiah.

He added that the Kingdom seeks to simplify licensing procedures and exploring potential incentives to draw investments.

The authority engages in other activities to attract investments to the Saudi market, including participation in conferences and workshops with investors both inside and outside the Kingdom, the official said. He highlighted investment opportunities that could encourage foreign companies to invest.

Taha noted that the authority is implementing a dedicated initiative to attract capital to support sector growth, ensuring adequate funding for the insurance industry, promoting sustainable long-term growth, and attracting both local and international investors.