Saudi Arabia – Strengthening insurance culture to develop business projects
Wednesday, 03 02 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Experts in the field of business projects financing said that improving management performance of small and medium-sized projects and strengthening risk management culture are important pillars essential to develop planning methods, setting strategies, and designing working programs. This will help achieve targets in a sector representing approximately 33% of the Saudi Gross Domestic Product. However, what is currently happening indicates week project planning skills, which usually lead to failure and hinder continuity and competition.
Participants in a training session offered by Tawuniya Insurance under the topic “Insurance Basics” considered that strengthening operational risk management culture and understanding its link to the insurance concept and resource management are a fundamental need to protect project continuity and the overall economic cycle especially given that small and medium-sized projects are at the heart of the Saudi government strategy in diversifying the economy and raising the contribution of the non-oil sectors in local social and economic development.
Source: Al Riyadh Newspaper