Saudi Reinsurance Company has opened a branch in GIFT City, marking the Saudi reinsurer’s entry into the Indian market.
The branch, launched on 18 January, will conduct reinsurance business from Gujarat International Finance Tec-City, India’s tax-neutral international financial centre. Saudi Re said it had secured approval from both the Saudi Insurance Authority and the relevant Indian authorities to open the operation. The launch was announced by Saudi Re CEO Ahmed Al-Jabr.
The move adds to the roster of foreign insurers and reinsurers using GIFT City as an entry point into India, drawn by its regulatory and tax framework for international financial services.
