SAUDI ARABIA: THOMSON/AEC CONTRACTS
Article Abstract:
The French military electronics manufacturer, Thomson-CSF, maintains its important presence in Saudi Arabia with contracts signed in 1999 with Advanced Electronics Company (AEC). AEC is a 50% subsidiary of Boeing Industrial Technology Group, based in Ryadh, and produces phone cards for Chile, civil aviation maintenance and mainly electronics for the US military. The contracts between Thomson and AEC, in 1999, concerned firstly, infrared binoculars, "Sophie", with the first series worth US$ 800,000, and secondly, digital cameras. Thomson also sold two flight simulators to Saudia Arabian Airlines, estimated to be worth several hundred million francs. Stesa, the company formed between Saudi Commercial Industrial Company (51%) and Thomson-CSF manage activities in Saudi Arabia which generate some SR 200mn in turnover annually.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 1999
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LEBANON: SNA, THE LEADING INSURANCE PLAYER
Article Abstract:
AGF recently started a regional development programme from its Lebanese basis, including Jordan where the French insurer's subsidiary, SNA has been operating for 25 years. A bankinsurance operation was started with the BSF bank in Saudi Arabia. SNA, the leading insurance player in Lebanon, collected over US$ 30mn premiums in 1999, up from 27.75mn the year before. SNA is also active in bankinsurance in Lebanon, as around 15 local banks distribute the company's products there including Societe Generale Libano-Europeenne de Banque, Banque Audi, etc. AGF controls 51% pf SNA's capital.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2000
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SAUDI ARABIA: AXA AND INSURANCE RULES
Article Abstract:
Axa, the French insurance company has been present in Saudi Arabia since 19777, where it makes a turnover of FFr 100mn, and has a 20% share of Saudi clients. Axa is counting on the new regulations for the sector to target a wider clientele. Under this new regulatory framework, which is expected to reduce the number or companies tolerated from 100 to 10, the six million people who have returned to the country must have required medical insurance, and the insurance companies must have a minimum capital of FFr 20mn and 40% to 60% of their capital must be held by Saudis.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2000
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