DUBAI, 22 January 2006 — The UAE’s Salama Islamic Arab Insurance Co. plans to set up two firms in Saudi Arabia, including a SR1 billion ($266.7 million) reinsurance company, an official said in remarks published yesterday. “We recently received approval from the Saudi Arabian Monetary Agency (SAMA) to set up an Islamic insurance company with a capital of SR100 million, which will be listed on the Saudi stock market in the second quarter of this year,” Chairman Khaled ibn Zayed ibn Saqr Al-Nahayan told Al-Khaleej newspaper. “We also want to set up an Islamic reinsurance firm with a capital of SR1 billion. We are still preparing the studies and meeting with insurance companies in Saudi Arabia to discuss local and future cooperation for this firm,” he added.
