First AXA Shop opens in Qatar; committed to spread footprint
Press release
Al Bawaba
In a step that reinforces its commitment to expanding its footprint within Qatar, AXA Insurance Gulf – one of the largest and the leading non-life international insurers in the region – has announced the opening of its first AXA Shop in the country.
The AXA Shop, situated on the Ground level of Qatar City Centre, marks the grand entry of AXA in Qatar. AXA currently operates a branch in Qatar Financial Centre, but this is the first AXA Shop in the country offering an entire range of insurance solutions – including home, motor, travel, healthcare as well as SME.
The shop is open seven days per week and operates from 10am to 10pm Saturday to Thursday, and from 3pm to 10pm on Fridays.
Salim Mansour, Country Manager of AXA in Qatar, said: “Over the last few months, we have spread our presence across strategic locations in the Gulf, and we are thrilled to expand our footprint into Qatar, which is a strategic market in our regional growth plans. Qatar offers a huge growth potential with its growing economy and our new AXA shop offers our customers the opportunity in Qatar to choose their preferred insurance products with added ease and convenience.”
He added: “We value our customers and their needs, and ensure that they receive timely advice, assistance and care that they deserve – and we are confident that the new shop, with its prime location and availability of staff, will effectively cater to all customers’ insurance needs.”
AXA is expanding aggressively its distribution model, notably the AXA Shops. “We now have over 31 shops in the Gulf and planning to open nearly two more across Qatar and the wider Gulf before the end of this year,” added Mr. Mansour.
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Background Information
AXA Gulf
VAT or Value Added Tax is a form of consumption tax that is imposed on a transnational level. The GCC has agreed to apply a uniform standard rate of 5%. This standard rate will apply to almost all domestic transactions. UAE and KSA will implement VAT on 1 January 2018, and the other GCC countries are expected to implement in the following 12 months.
In limited instances VAT can also apply at 0% (zero-rate), or transactions can be exempt from VAT, or out of scope.
How it works is that taxable businesses are generally able to recover the VAT they incur on their purchases and expenses.
However, as individuals, we are the final point of the supply chain and therefore, will bear the cost as we are not able to recover the VAT.
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