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.


TOUS opens 22nd jewelry store in Kingdom

Updated 25 September 2018
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TOUS opens 22nd jewelry store in Kingdom

TOUS International CEO Jose Maria Folache has opened the Kingdom’s 22nd TOUS store in Riyadh Park Mall, one of the largest shopping malls in the capital.

The new opening is in line with the TOUS strategy to consolidate and strengthen its leadership position in the affordable luxury jewelry market. 

The flagship store boasts a premium location of 133 square meters perfectly placed in the mall, which reflects the TOUS premium image status and suits the taste of lovers of unconventional jewelry collections.

There are displays of a wide variety of iconic affordable jewelry and accessories that cater to all needs and perfectly fit women from different age groups. 

The store boasts a unique modern design and showcases a wide range of TOUS collections for 2018 and 2019 that were launched at the opening. 

The ceremony was attended by Folache, Korayem Al-Enazi, chairman of the National Precious Metals Commission, and Selim Chidiac, CEO of L’Azurde Group, the new franchisee for TOUS in the Kingdom.

Female dignitaries, businessmen, the media, celebrities and TOUS jewelry lovers also attended. 

“We are always happy to see an international brand like TOUS increasing its investments in the Kingdom,” said Al-Enazi. 

“This reflects confidence in the Saudi market, and is fully in line with its Vision 2030 (reform plan). TOUS is an international brand with top-quality products. We look forward to their increased presence in the Kingdom, and further expansion and investment.”

Folache said: “We are excited to open the first TOUS store with our new partner, bringing the total number of stores across the Kingdom to 22, and at one of the most prestigious malls.” 

He added: “TOUS is keen to increase its investment in the Saudi market in line with Vision 2030, which reflects the promising future of the Saudi economy.”

He said: “We are confident about the potential of the Saudi market, and look forward to contributing to creating more job opportunities for Saudi youth and promoting investment in the Kingdom.”

Folache added: “We aim to fortify our presence in the Kingdom and expand our business, especially after TOUS’ consistent sales growth over the past years.”

He said: “TOUS carved a pioneering leadership position for the brand in the Saudi market, and we are confident that our partnership with the TOUS franchisee in the Kingdom will boost TOUS sales in the Saudi market as a global luxury brand.”

He added: “Our mission is to continue impressing our customers with our creative and innovative designs, while focusing at the same time on maintaining our original and genuine quality.”

Chidiac said: “The TOUS iconic jewelry collection is unique and modern, and complements our existing product portfolio perfectly.”

He added: “With TOUS, we will be able to reach new customer segments and offer affordable luxury products to consumers.”

Chidiac said: “We are confident that through our solid partnership with TOUS, we will enhance its position in the Saudi market.”

He added: “TOUS is an important addition to our business, and it comes in line with our strategic plan to expand into the affordable luxury jewelry segment.”