Local News
Al Alamiya received Commercial Registration in Saudi Arabia
2/11/2010 - Al Alamiya receives Commercial Registration in Saudi Arabia
Jeddah, 18 November, 2009: The Ministry of Commerce and Industry in Saudi Arabia announced the issuance of Commercial Registration to Al Alamiya for Cooperative Insurance Company (Al Alamiya), a Saudi Public Joint Stock Company, on 17th November 2009.
Al Alamiya, part of the RSA Group, successfully completed its Initial Public Offering (IPO). The IPO, which took place from 3rd October through to 9th October, was oversubscribed 7 times, attracting 851,103 subscribers corresponding to SAR 449,217,000 capital.
Mark Cooper, proposed Managing Director for Al Alamiya, said, “The issue of the Commercial Registration is a significant milestone for Al Alamiya in Saudi Arabia. On behalf of Al Alamiya I extend my deep thanks and sincere appreciation to the Ministry of Commerce and Industry and the Government of Saudi Arabia. We have been in the Kingdom since 1978 and we are fully committed to delivering brilliant service to the people of Saudi Arabia.”
Al Alamiya was granted the Royal Decree on the 5th January 2009, which allowed Al Alamiya to work towards becoming a fully listed Saudi Company.
Al Alamiya has over 30 years experience in providing insurance solutions to its clients in Saudi Arabia. This longevity, coupled with the International strength and knowledge harnessed through the RSA Group has enabled Al Alamiya to bring underwriting and claims expertise to its customers and partners.
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NOTE TO EDITORS:
For further information please contact:
Vidya Veerapandian, Marketing and Communications Manager KSA & Bahrain, RSA Group on +973 17568367or email vidya.v@bh.rsagroup.com
About RSA
RSA is one of the world's leading insurance groups, with the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Central and Eastern Europe, Asia, Middle East and Latin America. Focusing on general insurance, RSA has around 21,000 employees worldwide.
In Kingdom of Saudi Arabia, Al Alamiya is equipped with a portfolio of strong commercial and personal lines products.
The company brings together as its shareholders the Royal & SunAlliance Insurance Middle East Ltd., three prominent Saudi families and one of the Kingdom's leading banks - Riyad Bank. As an established international insurance company in the kingdom, our major strength over the years has been our reputation for quality, integrity and professionalism. Many of our high profile Saudi customers have been with Al Alamiya since its inception in 1978 and the business has established itself as a good role model of international expertise and local shareholder strength.
In Asia & Middle East, RSA has its regional headquarters in Dubai with operations in 8 countries – China, India, Hong Kong, Singapore, UAE, Oman, Saudi Arabia and Bahrain. In 2006, 2007 and in 2008, RSA was awarded the ‘Middle East General Insurer of the Year' title by POLICY magazine.