The Saudi Arabian Monetary Agency has issued a license to operate Saudi Arabia's first reinsurance company, Saudi Re. With a paid up capital of SR1 billion, Saudi Re capital is among the largest not only in the Arab World, but also in the developing countries. Saudi Re IPO in May was over subscribed by 350 percent. Headquartered in Riyadh, Saudi Re will offer a large variety of traditional reinsurance and Takaful products to clients in Saudi Arabia and other Arab markets. Mousa Al-Rubaian, board chairman of Saudi Re said the licensing was the “most important milestone” for the insurance industry in Saudi Arabia. “ __
