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MEED | Common needs, diverging agendas: The GCC at 40
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Ripple has partnered with the National Bank of Egypt to power cross-border transfers between the North African nation and the UAE.
The partnership will greatly benefit both parties as Egypt is one of the top five nations in terms of remittance received.
Ripple has partnered with the largest bank in Egypt to power cross-border remittances. The National Bank of Egypt will connect with a UAE-based financial services provider, allowing the millions of Egyptians working in the Middle Eastern country to send money back home seamlessly on RIppleNet.
Ripple announced the partnership today via a blog post. The San Francisco company will facilitate the remittances through RippleNet between the Egyptian bank and LuLu International Exchange, a UAE financial services company that deals primarily in foreign exchange and global money transfer.
RIYADH: The Saudi insurance sector grew 2.3 percent in terms of written premiums in 2020, to SR38.78 billion ($10.3 billion), according to the Saudi Arabian Monetary Authority’s (SAMA) 14th annual report on the Saudi insurance market, issued on Thursday. Energy and accident & liability insurance classes showed notable increases in written premiums with penetration of the sector increasing from 1.3 percent in 2019 to 1.5 percent in 2020. In terms of underwriting performance, the overall loss ratio improved to 77.5 percent. Insurance net profit (after zakat and tax) increased by 61.1 percent compared to the previous year’s corresponding figure, thereby improving the return-on-assets and return-on-equity ratios. The SAMA report also noted that the overall Saudization ratio increased from 74 percent in 2019 to 75 percent in 2020.