The company also announced that the Saudi Arabian General Investment Authority (SAGIA) has authorized it as a third party administrator. The registration is a major step in the company's growth and expansion plans in the region, aimed at building on its international reputation and expertise in extended warranty, especially in the automobile sector.

GapCorp KSA is the first company to receive such License in Saudi Arabia as a Third Party Administrator for extended warranty products.

Nasser Watar, chairman at GapCorp, said: "The certification from the ministry and SCCI exemplifies our capabilities as a world-class organization and reinforces our ability to deliver to the market demands within the Kingdom. It is a testimony to our world-class quality delivery standards, our operational efficiency in offering claims handling for extended warranty to the sector and our adherence to the rigorous legal requirements associated with the same."

He added: "To be the first company in the Kingdom to receive such a license as third party administrator is in itself a great responsibility bestowed on us. We remain committed to fully abide by the requirements and to deliver largest standards of claims handling."