The contract was signed on Sunday by Mohammed Abdullah Absa, the director of the HRDF’s Riyadh branch and Ali Al-Subaihin, chief executive officer (CEO), Tawuniya.
“The purpose of entering into a contract with the HRDF is to raise Saudization rates of jobs in our company to 80 percent,” Sultan Khomashi, general manager of Human Resources & Support Services, Tawuniya said, adding that currently the company has the highest Saudization rate in the Kingdom’s insurance sector at 73% of the company’s total workforce.
Khomashi also stated that the company appreciates the decisive role played by the HRDF in the enhancement of Saudization in various business sectors and that Tawuniya is currently establishing a number of initiatives designed to achieve expansion and growth made possible by talented Saudi citizens.
According to data from the insurance company, Tawuniya’s Saudi workforce currently accounts for 23 percent of the total number of citizens in the Kingdom’s entire insurance sector.
“We have managed to retain national talent through the establishment of specialized training programs aimed at gradually replacing foreign workers with Saudi nationals. In addition to annually taking part in career days at Saudi universities and specialized institutes,” Khomashi said.
He further stated that Saudi employees in senior management positions within Tawuniya has reached 83 percent, following the application of advantage programs for the development of administrative abilities for a large number of ambitious young Saudis.
“Tawuniya expects the recent contract forged with the HRDF to lead to the enhancement of the company’s trend in increasing its ratio of Saudis in all employment levels,” Khomashi concluded.
In related news, Standard & Poor’s, the world’s leading financial rating organization, has awarded a rating of “A stable” to Tawuniya, the highest rating obtained by a Saudi insurance company in 2011.
S&P stated in a recent report that it expects the insurance company to continue to be a leading player in the local insurance market, primarily in the motor and medical insurance sectors, due to its strong government-related business and coverage of Saudi citizens.
“The outstanding rating has come about through the implementation of a number of strategic projects in 2010 and 2011 as well as business initiatives that have supported the company’s competitive position, namely the increase of capital and rise in underwriting and investment performance,” Al-Subaihin said.
He emphasized that Tawuniya will continue its efforts to develop products and services in the presence of the positive local and global economic indicators that forecast great improvement in economic and financial performance.
“This, we expect to lead Tawuniya to a fixation and rising of its outstanding rating in the years to come,” Al-Subaihin concluded.
