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UAE's Orient Insurance secures initial nod to set up branch in Saudi Arabia

United Arab Emirates-based Orient Insurance PJSC has received preliminary approval from the Saudi Arabian Monetary Authority to set up a branch in Saudi Arabia with a paid-up capital of 300 million UAE dirhams.

The company will begin setting up branches and obtain all final regulatory approvals to begin its operations as early as possible.

As of Sept. 13, US$1 was equivalent to 3.67 UAE dirhams.