Aon Receives Saudi License

May 28, 2008

Aon has been awarded a license from the Saudi Arabian Monetary Authority (SAMA), in accordance with the provisions of the Kingdom’s Insurance Law 2004. The bulletin noted that “Aon has been serving clients in Saudi Arabia since 1979 and has three offices in the Kingdom based in Al Khober, Jeddah and Riyadh, employing 58 staff.”

“Aon described the Middle East insurance sector as “rapidly evolving, driven by factors such as the raft of major infrastructure projects across the region, the introduction of legislation for compulsory health and motor insurance in some countries and the emergence and ongoing development of takaful insurance products.”

Saudi Arabia is the largest market economy in the Middle East. Aon indicated that the “insurance sector is driven by a $624 billion investment program that includes $80 billion worth of projects to expand oil capacity and the creation of six new ‘economic’ cities designed to attract industry and create approximately one million jobs.”

Latif AlRayes, CEO of Aon Middle East, commented: “We are naturally delighted to receive a license from SAMA. Aon has been serving the Kingdom for almost 30 years, working for the most prestigious clients in Saudi Arabia.”

Source: Aon Corporation – www.aon.com

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