Given the keenness of the Saudi Arabian side and the Emirati side to consolidate the brotherly relations between the parties and the mutual desire to intensify bilateral cooperation through continuous consultation and coordination in many fields. As well as, enhancing the role of the joint GCC system.
The endeavors to build closer cooperation and joint integration were launched on the sidelines of the activities of "Khalwa Al Azm", hosted by the brotherly Kingdom of Saudi Arabia.
H.E. Ebrahim Al-Azabi, the Director General of the Insurance Authority, said that the two parties had the opportunity to have dialogue with regard to strengthening the integrated economic system between the two countries, explore innovative solutions for the optimal utilization of the existing resources, support and promote several joint sectors, including the insurance sector. As well as enhancing the role of the insurance sector in supporting the economy of both countries through the policies of "open-skies".
The two sides have been involved in the most significant hubs of the insurance sector, including licensing, on-site and off-site supervision of insurance companies and the work mechanism on this aspect. In addition, job nationalisationin the insurance sector, risk management and application of financial regulations for insurance companies, especially the solvency requirements of insurance companies.
"The Saudi-Emirati partnership is rooted in the history of the two peoples," Al-Zaabi said. " (Khalwa Al Azm) opened new horizons for cooperation in many economic and development projects and the insurance sector is part of these projects, which in turn drive growth for both countries, work to overcome all the challenges facing the increase of direct investment in the insurance industry between the UAE and Saudi Arabia ", Al- Zaabi added.