Saudi Arabia will soon have a new unified regulator for the insurance sector, said Finance Minister Mohammed Al-Jadaan.

The new unified regulator for the insurance sector is expected to enhance the sector's development, he said at the 6th Saudi Insurance Symposium (SIS), one of the largest insurance conferences in the Middle East.

Taking the sector seriously, he invited all local and international investors to invest in it.

Also, he invited international insurance companies to invest in Saudi Arabia, either by opening branches or by joining Saudi investors.

The Saudi Arabian government, led by the Custodian of the Two Holy Mosques King Salman, and under the supervision of Crown Prince Mohammed Bin Salman, prime minister, is very serious about developing the financial sector, especially insurance.

In addition to offering several new services, Al-Jadaan stressed that the insurance industry needs strong entities that are able to expand inside and outside Saudi Arabia.

In addition to providing several catalysts, the Saudi Central Bank (SAMA) has also developed the financial market.

During the next period, the Ministry of Finance will work with the government to boost the insurance sector's growth, Al-Jadaan said.

As he noted, the Kingdom's leadership provides great support to the insurance sector.