New private insurance company launched in Syria
The Arab Insurance Company "Syria" launched its services officially Sunday at with a capital of SP 1.05 billion (US$21 million).
Syrian Minister of Finance Dr. Mohammed al-Hussein, who opened the main headquarters of the company, stressed that the launching services of the company and its return to the Syrian market constitutes an important and new addition to the Syrian insurance market.
For his part, chairman of the company board Farouk Joud underlined that the "Syrian market is promising, important and rich of investment opportunities." The company will open branches in Damascus, Lattakia, Homs and Aleppo in the first stage.
The Arab Insurance Company, Syria was established in partnership between Arab Sh.M.L., the Bahraini Arab-International Insurance Company and a group of Syrian and expatriates businessmen.
It should be mentioned that about two years ago Syria decided to open the local insurance market to the private sector and called to boost the insurance companies and boards.