S&P affirms its outstanding rating for Tawuniya in 2017

Tawuniya CEO Abdul-Aziz Al-Boug
Updated 08 November 2017
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S&P affirms its outstanding rating for Tawuniya in 2017

Standard & Poor’s (S&P), the world’s leading financial and credit rating agency, has affirmed its outstanding rating for the Company for Cooperative Insurance (Tawuniya) in 2017, granting it an “A-” rating with a “stable” outlook, the highest rating among insurance companies operating in Saudi Arabia.
In its report, S&P stated that Tawuniya’s strong performance, coupled with its earnings in 2016 and the first half of 2017 were key factors in the high rating. It said Tawuniya’s risk-based capital adequacy has further improved, reflecting strengthened capital position and competitive position as the leading insurance company in the Saudi market.
S&P further noted that Tawuniya’s high rating is aligned with the sovereign ratings on Saudi Arabia, given that Tawuniya operates only in Saudi Arabia.
Tawuniya CEO Abdul-Aziz Al-Boug said the rating affirms the great potential of Tawuniya in providing insurance protection to individuals and businesses that is on par with the highest international standards.
He added: “For 12 consecutive years, Tawuniya has maintained a distinguished global credit rating as a result of the company’s family and employees’ cumulative efforts, clear strategic vision, and the ability to innovate new programs and services. These are the key factors that have enabled the company to grow year after year.”
Al-Boug said the high credit rating “reflects strong confidence in a company’s financial capabilities, technical expertise and its ability to provide wide-ranges and sufficient insurance cover for large economic projects.” As a result, he noted, it gives clients full confidence in their dealings, reassures stockholders in their investment in the company and satisfies requirements to work with global re-insurance companies.
Tawuniya achieved a strong performance in 2016, as its gross premiums amounted to SR8.1 billion ($2.16 billion), achieving the highest market share of 22 percent. The net income increased to SR733, the shareholders’ equity amounted to SR2.9 billion and the total assets raised to SR13.5 billion. As a result of the profitable earnings, Tawuniya’s capital adequacy improved to the “AA” level in S&P model from “BBB” previously.


VFS Global opens visa application center in Riyadh

Updated 23 September 2018
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VFS Global opens visa application center in Riyadh

VFS Global, the world’s largest outsourcing and technology services specialist for diplomatic missions, has announced the opening of a UK visa application center in Riyadh, close to the diplomatic quarter.

VFS Global said the new center, which will serve travelers to the UK and Australia, is equipped to handle more visa applicants conveniently with increased seating capacity and ample parking space, while also offering ancillary travel services within the premises for a seamless customer experience.

Officially inaugurating the center, Ambassador of the UK to Saudi Arabia Simon Collis said: “‘Our customers in Saudi Arabia are extremely important to us, and we continually look for new and innovative ways to improve the visa service we offer, both to Saudi nationals and local residents. We offer an excellent visa service for those who choose to apply for a UK visa. 

For Saudi nationals, the average processing time for non-settlement visas is less than five days. Whether speed, convenience or comfort is the priority, we hope that this new VAC — and indeed the visa services available across the whole of Saudi Arabia — provide our customers with a Great British welcome from the very start of their journey to the UK.”

The new center is located at 2591, Al-Hada District, besides Courtyard Marriott Hotel and close to Ritz Carlton, Riyadh. Visa applicants to the UK and Australia can access details on visa application procedures at www.vfsglobal.co.uk/sa/en

Located on the Makkah Road, the center is also well-connected to the city center and other neighboring towns.

Vinay Malhotra, regional group COO for Middle East, South Asia and China, VFS Global, said: “The new standalone center has been designed with a view to provide a comprehensive experience to applicants in terms of visa processing and accessing necessary travel services under one canopy. The UK continues to remain a popular destination for tourism, business and student visitors from Saudi Arabia. The latest visa figures show that over 130,000 Saudi nationals were issued a UK visa in the last year.We are confident that the new center for the UK and Australia visa applicants will provide enhanced convenience and ensure customer delight.”

Managed by professionals, the center also offers the comfort of a Premium Lounge for more personalized service as optional service.