Saudi Arabian Monetary Authority sponsors symposium on insurance protection and sustainability

Ahmed Abdulkarim Al-Kholifey, the governor of the Saudi Arabia Monetary Authority. (AFP)
Updated 28 January 2019

Saudi Arabian Monetary Authority sponsors symposium on insurance protection and sustainability

  • Al-Eisa said the sector boasts promising growth opportunities that will come to fruition with more concerted efforts and increased public-private partnerships

JEDDAH: An event on insurance protection and sustainability will be held at Riyadh’s King Fahd Cultural Center in March.
The Saudi Insurance Symposium (SIS) will be held under the patronage of Ahmed Abdulkarim Al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA).
The two-day symposium has been organized by the country’s General Committee of Insurance Companies.
More than 1,000 specialists and insurance executives, as well as top administrators and executives from local and international organizations, are expected to attend the event. The SIS is the largest gathering of Saudi insurance companies and the wider Gulf region.
Held on a biennial basis, the event aims to promote the role played by the insurance sector in economic development and offer solutions to pressing challenges facing the industry.
This year’s event includes discussions related to critical issues, such as the impact of foreign insurance companies entering the market and the role played by insurance companies in supporting small- and medium-sized enterprises, as well as how insurance can foster a savings culture.
The symposium will also build on the positive impact economic reforms have had on the sector in the Kingdom.
Officials from leading local and regional insurance and reinsurance companies will discuss how the sector contributes to local economic development in light of the many new policies and regulations issued by SAMA over the last two years.
“The symposium comes at a time in which there is strong public awareness of the importance of the role played by the Saudi insurance sector with regards to the economic transformation the Kingdom is currently undergoing,” said Adel Al-Eisa, chairman of the Media and Awareness Committee and media spokesman for Saudi insurance companies.
Al-Eisa said the sector boasts promising growth opportunities that will come to fruition with more concerted efforts and increased public-private partnerships.
For example, there have been notable improvements in the sector thanks to private sector contribution to the Saudi economy, a rise in awareness of insurance services and implementation of the policies and regulations issued by SAMA.
“We are confident that the symposium will feature plenty of dynamic discussions that will further enrich the experience of the insurance industry, which is a cornerstone of any successful, sophisticated economy, and we look forward to the sector’s continuing success,” Al-Eisa said.


Two new academies to boost Saudi arts, heritage and music

Updated 19 August 2019

Two new academies to boost Saudi arts, heritage and music

  • One academy specializing in heritage and traditional arts and crafts will start receiving applications in autumn 2020
  • A second academy dedicated to music will receive 1,000 students and trainees from 2021

JEDDAH: Saudi Arabia is to set up arts academies, including two in the next two years, offering a step toward academic qualification and enlarging the Kingdom’s footprint in heritage, arts and crafts, and music.

The initiative is part of the Ministry of Culture’s Quality of Life program. 

The minister, Prince Badr bin Abdullah bin Mohammed bin Farhan, said investment in “capacity building” was one of the most important elements in encouraging the cultural sector, which enjoyed unlimited support from King Salman and Crown Prince Mohammed bin Salman.

The Kingdom was rich in diverse arts, talents and artistic production, Prince Badr said, and the academies would be a first step toward academic qualification in the arts within the Kingdom.

One academy specializing in heritage and traditional arts and crafts will start receiving applications in autumn 2020, targeting 1,000 students and trainees in long- and short-term programs. 

A second academy dedicated to music will receive 1,000 students and trainees from 2021.

The music academy in particular will be “the core of music production and talent development in Saudi Arabia,” Saudi musician, composer and producer Mamdouh Saif told Arab News.

The music industry was a large and diverse field, Saif said, and education was crucial. 

“The academy is the right place to launch the music industry in Saudi Arabia, and it will have a significant impact on Saudi youth, and young people in surrounding countries,” he said.

He expects “a very high turnout” for the academy among young Saudis. 

“Due to my expertise in this area, I receive many questions from people who want to learn music, but through private lessons,” he said.

“But the availability of an academy for this purpose, that teaches music in a methodological way, will be the right start for those interested in music.”