Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

AXA pledges to train Saudi youths  Join our daily free Newsletter

MENAFN - Arab News - 21/10/2010

No. of Ratings : 1
Add to Mixx!


Henri de Castries, chairman and chief executive officer of AXA Group, second right, addressing the press conference in Riyadh on Wednesday.
(MENAFN - Arab News) AXA Cooperative Insurance Company (AXA Cooperative), a recently registered Saudi public joint stock company, said it is committed to train Saudi youths in the field of insurance.

We want young Saudi men to get the foreign expertise of our organization which has been serving in the Kingdom for the past three decades, Henri de Castries, chairman and chief executive officer of AXA Group, told newsmen at the press conference held here on Wednesday.

The briefing was attended by top officials of the AXA Group and the AXA Cooperative board to explain the future plans and programs of the company and to create an awareness among the residents and citizens in the Kingdom on the services offered by the company.

In February 2010, the Saudi company, AXA Cooperative, received from the Kingdoms regulatory authorities its companys registration and appropriate licenses. To mark an almost full year of operations, AXA Cooperative organized this press conference in Riyadh, Castries said.

Around 37 percent of our 172 staff are Saudis and we hope to increase the Saudi staff by five percent annually to reach the Saudization target of our company, he said, adding that the firm is keen on giving the necessary training to Saudi staff both in and out of the Kingdom to make them efficient resource personnel in the insurance field.

We will therefore continue leveraging our international expertise and adapt these for the Saudi market. We will also continue investing in our employees and use the large pool of well-educated nationals as a prime source for recruitments.

It is a matter of great privilege to be here in the Kingdom. The launch of AXA Cooperative in the Kingdom at the beginning of the year is a pivotal step towards expanding our footprint in the country. The Kingdom offers great business potential and our objective is to grab this potential by meeting the local needs of the customers," de Castries said, pointing out that the company is the fifth largest in the Kingdom. We hope to become one among the top three in the future.

There are 31 insurance licensed companies and the volume of business is estimated at 3.5 billion in the Kingdom. AXA has paid more than SR330 million of gross claims in the Kingdom during the past 12 months.

As a group, AXA has been operational in the Kingdom of Saudi Arabia for over three decades and the establishment of AXA Cooperative will enable the company to develop its operations to better serve the needs of both businesses and private clients in the Kingdom.

Emphasizing the growth potential of AXA Cooperative, Jean-Louis Laurent Josi, chief executive officer (CEO) of AXA Insurance Gulf, said the Kingdom is critical for the company's strategy in the Gulf as it offers the largest market potential in the entire Middle East.

AXA is currently among the largest insurers in the Kingdom with a well diversified product offering. On top of that, with more than 170 employees, offices in the three main cities of the Kingdom and a presence of now 30 years in Saudi Arabia and 60 years in the Gulf. "We were honored recently to secure insurance arrangements of several large contracts in the Kingdom including Power Generation, Railway and Telecommunications projects, he said..

In the current worldwide economic turmoil, the establishment of AXA Cooperative will reinforce AXA's position as a solid and healthy company. We have already seen very encouraging signs as in the past four years. Indeed, AXA in Saudi increased its premiums by more than 20 percent per year. This demonstrates AXAs ability as one of the world's largest international insurers to settle claims locally and provide financial support to clients when they need it most, said Paul Adamson, managing director of AXA Cooperative.

By Md Rasooldeen


  MENA News Headlines
Apr 24 2014Kuwait inflation edges up 2.96% y/y in March ,Arab Times
(MENAFN - Arab Times) Wait city april 23 (kuna): kuwait's annual record of the general index of consumer prices (inflation) rose in march by 2.96 percent compared with the same month of last year ...

Apr 24 2014Tim Hortons opens at Dubai Chamber ,Khaleej Times
(MENAFN - Khaleej Times) Tim hortons recently celebrated the opening of its newest cafe and bake shop restaurant at the dubai chamber of commerce and industry by the dubai creek. hamad buamim ...

Apr 24 2014Abu Dhabi investment zones home prices jump 20% in Q1 ,Khaleej Times
(MENAFN - Khaleej Times) 2100 residential units were delivered to the market: adib report homes prices in abu dhabi’s investment zones rose up to 20 per cent in the first quarter of ...

Apr 24 2014How well do you know Macklemore & Ryan Lewis? ,Khaleej Times
(MENAFN - Khaleej Times) One of 2013?s most successful acts worldwide hip-hop pair macklemore & ryan lewis are back with a bang for their abu dhabi concert on friday ...

Apr 24 2014UAE- Banks asked to submit customers' credit data ,Khaleej Times
(MENAFN - Khaleej Times) Al etihad credit bureau has asked the banking and financial institutions to submit their customers? credit data for the past two years. the bureau’s board of ...

Apr 24 2014FM holds luncheon for Qatari counterpart ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah held Wednesday a luncheon for visiting Qatari Foreign Minister Dr. Khaled ...

Apr 24 2014Kuwaiti wins Arab sports body post ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti sports figure has been elected deputy chairman of the technical committee of the Arab Athletics Federation. Fahad Thamer, a member of the technical ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014DPG launches Masat to oversee portfolio ,Khaleej Times
(MENAFN - Khaleej Times) Dubai properties group (dpg) has announced the establishment of masat a new dedicated portfolio management company responsible for overseeing and managing dpg?s built to ...

Apr 24 2014Dubai Holding to repay USD319 m debt ,MENAFN
(MENAFN) Dubai Holding Commercial Operations Group (DHCOG), a unit of Dubai Holding, plans to repay USD319.3 million debt next month, 18 months earlier than the debt is due, according to the Emirates ...

Apr 24 2014UAE- Investcorp continues expansion ,Khaleej Times
(MENAFN - Khaleej Times) Investcorp a global provider and manager of alternative investment products announced that it has opened a new representative office in abu dhabi. the office is situated ...

Apr 24 2014UNSC welcomes progress in eliminating Syria's CW, mulls investigating chlorine gas attacks near Hama ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Security Council on Wednesday welcomed the progress achieved so far by the UN and the Organisation for the Prohibition of Chemical Weapons (OPCW) Joint ...

Apr 24 2014Kuwait- Information Minister discusses media cooperation with Qatar ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Sabah discussed on Wednesday with Qatar Media Foundation President ...

Apr 24 2014Dubai Investments raises foreign ownership cap to 35% ,Khaleej Times
(MENAFN - Khaleej Times) Dubai investments (di) the largest investment company listed on the dubai financial market (dfm) has raised the foreign ownership limit in the company from the existing 20 ...

Apr 24 2014US DoD to send military equipment to Australia and Egypt ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The US Department of Defense (DoD) announced Wednesday plans to sell a F-35 Lightning II joint strike fighter plane to Australia and added they will also deliver ...

Apr 24 2014Al Attiyah leads Qatar field Barreda outshines Coma ,The Peninsula
(MENAFN - The Peninsula) Qatar's Nasser Saleh Al Attiyah, Spaniard Joan Barreda and home hope Mohammed Abu Issa stole the limelight by setting the fastest times in the third 411.76km selective ...

Apr 24 2014UAE- Shapoorji Pallonji enters final stage on Bloom Central ,Khaleej Times
(MENAFN - Khaleej Times) Leading regional and international construction company shapoorji pallonji has entered the final stage of construction of bloom central project a 25-storey mixed-use ...

Apr 24 2014UAE- Huge turnout recorded at Gitex Shopper's first day ,Khaleej Times
(MENAFN - Khaleej Times) Buyers seek deals on newly launched smartphones the first day of gitex shopper spring edition recorded strong turnout despite the fact that it was a working day and ...

Apr 24 2014Landmark day for Dubai as bourse hits 5100 mark ,Khaleej Times
(MENAFN - Khaleej Times) Bourse hits 5100 mark; dhcog to prepay $555m; govt raises $750m from sukuk it was a landmark day for dubai on wednesday as the emirate made significant progress on ...

Apr 24 2014Yemen- Anti-govt protest ,The Peninsula
(MENAFN - The Peninsula) Anti-government protesters carry a defamed poster of Yemen's Finance Minister Sakhr Al Wajeeh during a demonstration to demand his resignation, in the capital Sana'a ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help