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.


Al-Futtaim ACE hosts Eid celebration

Updated 18 June 2018
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Al-Futtaim ACE hosts Eid celebration

Al-Futtaim ACE in Dubai celebrated Eid with 25-75 percent off its 25,000 product lines available both in-store and online. Customers enjoyed exciting deals on a range of home, DIY, outdoor and garden products as well as on electronic goods.
A number of in-store activities, such as a henna artist, balloons, cotton candy, pop corn and face painting for kids, kept everyone entertained. The Al-Futtaim ACE Eid Extravaganza ran from June 14-17.
Customers also took advantage of the recently launched “Price Match Protection,” which matches prices of branded products available at Al-Futtaim ACE to prices for the exact same make, model and specifications of products in the market, including at online retailers.
Al-Futtaim ACE stores offer over 33,000 great products of world-class brands such as WILKO, Karcher, Black & Decker, Makita, Clark + Kensington, Weber, Gardena and Leisuregrow.