Latest news with #SaudiBuildingCode
Argaam
19-05-2025
- Business
- Argaam
Saudi insurance spending per capita up 16% to SAR 2,367 in 2024
Per capita spending on insurance in Saudi Arabia grew 16% to SAR 2,367 by the end of 2024, compared to SAR 2,035 a year earlier, data from the Insurance Authority (IA) showed. The per capita insurance spending is defined as the gross written premiums (GWPs) during the year divided by population. Per capita spending on insurance in Saudi Arabia grew at a compound annual rate (CAGR) of 21.2% over the last five years. Health insurance accounted for 55% of total per capita spending in the sector last year, followed by general insurance with 34%, as well as protection and savings insurance with 10%. The IA report explained that the insurance penetration, which is represented by the ratio of total insurance premiums to the gross domestic product (GDP), increased to 1.87% in 2024, compared to 1.64% in 2023. Similarly, the insurance sector's contribution to the non-oil GDP also expanded to 2.59% in 2024 compared to 2.38% in 2023, and it is targeted to increase to 4.3% by 2030. Last year witnessed the issuance of several regulations, guidelines, and standardized policies aimed at keeping pace with developments in the sector and the broader economy. Notable among these were: The issuance of the Unified Health Insurance Policy for Domestic Workers, which sets the minimum mandatory health coverage for this category. The Unified Professional Liability Insurance Policy for entities inspecting compliance with the Saudi Building Code. The Unified Civil Liability Insurance Policy for crowded venues and high-risk activities. Per Capita Spending on Insurance Since 2010 (SAR) Year General Health Protection & Savings Total 2010 244 315 35 594 2011 278 342 32 652 2012 308 386 30 724 2013 383 430 28 841 2014 450 511 29 990 2015 523 602 33 1158 2016 541 587 33 1161 2017 502 585 35 1121 2018 419 595 33 1048 2019 417 657 33 1107 2020 414 645 36 1095 2021 435 717 49 1200 2022 576 933 55 1564 2023 754 1200 80 2035 2024 814 1313 239 2367 GWPs saw a 16% year-on-year (YoY) increase to SAR 76.1 billion in 2024. Health insurance GWPs stood at SAR 42.2 billion in 2024, up 9% from SAR 38.6 billion in 2023. Similarly, general insurance GWPs grew by 8% YoY to SAR 26.2 billion in 2024. Protection and savings insurance premiums saw a 200% hike YoY, accounting for 10.1% of GWPs up from 3.9% in 2023. GWPs by Insurance Segment in 2024 (SAR bln) Type 2023 2024 Change value Change (%) Healthcare 38.6 42.2 + 3.6 +9% General 24.3 26.2 + 1.9 +8% Protection & Savings 2.6 7.7 + 5.1 +200% Total 65.5 76.1 +10.7 +16% In the general insurance segment, auto insurance premiums accounted for 53%, or SAR 13.9 billion, of total. General accidents & liability insurance came second with 13%.
ME Construction
12-03-2025
- Business
- ME Construction
AESG eyes FLS growth in KSA on the back of new regulations
Consultant AESG eyes FLS growth in KSA on the back of new regulations By In preparation for the new regulations, the firm has strengthened its Fire & Life Safety division In preparation for the introduction of updated Saudi Building Code (SBC) and Saudi Fire Code (SFC) regulations in mid-2025, which are being introduced as the Kingdom deepens its focus on fire and life safety (FLS) standards, AESG has strengthened its Fire & Life Safety division. The company says that it has expanded its Saudi-based team with a number of new hires, including fire protection engineers, senior fire protection engineers, and principal fire protection engineers. This strategic expansion enhances the firm's ability to support complex projects with advanced mechanical and electrical fire protection expertise, it said in a statement. 'Saudi Arabia's rapid expansion of mega and giga projects has significantly increased the demand for specialised Fire & Life Safety expertise. These large-scale developments require meticulous and complex fire safety planning, both from a design and regulatory standpoint. The complexity of Saudi projects necessitates both robust local knowledge as well as international expertise to develop equivalencies and alternative solutions, allowing AESG to go beyond standard code compliance and deliver high-value, performance-based fire safety solutions,' said Saeed al Abbar, CEO at AESG. AESG is among the select few Fire & Life Safety firms actively operating in Saudi Arabia and is one of only two International Consultancy firms certified by Civil Defense as an Authority Having Jurisdiction (AHJ) representative and reviewer, reaffirming the firm's deep commitment to Vision 2030, the statement highlighted. In 2024, AESG played a critical role in upgrading fire and life safety codes and systems for some of Saudi Arabia's most iconic developments, including critical infrastructure, healthcare facilities and luxury hospitality projects, the company explained. It is said to have also collaborated with developers on major new projects, ensuring state-of-the-art fire safety systems were integrated at these developments from the outset. Collectively, AESG's efforts have helped safeguard over US $7.99bn worth of built assets in Saudi Arabia. Looking ahead, AESG is set to further expand its Fire & Life Safety division in Saudi Arabia in 2025, the firm said. 'We are strengthening our advisory services in policy, procedures, and governance, leveraging expertise gained from giga-projects. Additionally, we will introduce specialised solutions for industrial projects, further enhancing our service offerings in the Kingdom. Our goal is to grow our team by over 25% while continuing to elevate service quality, client experience, and governance advisory. With the upcoming Saudi Building Code (SBC-201) and Saudi Fire Code (SBC-801) changes, AESG remains committed to guiding clients through compliance with practical, high-impact Fire & Life Safety solutions—designed to be simple, effective, and achievable,' commented Abdullah Faza, Director – Fire and Life Safety, Middle East at AESG. AESG said that it is also expanding its regional footprint in other markets, the firm revealed that it recently established a dedicated Fire & Life Safety team in Cairo and is set to expand its teams in the Asia Pacific market with hires in Sydney and Singapore. The expansion includes the appointment of Samer Mehran as Senior FLS Consultant for the company's Egypt office. With over 15 years of industry experience, Mehran brings deep technical expertise and leadership to support AESG's continued growth across the Middle East.
Mid East Info
11-03-2025
- Business
- Mid East Info
AESG Targets 25% Growth in Saudi Fire & Life Safety Team Ahead of New Building and Fire Codes - Middle East Business News and Information
As Saudi Arabia's construction sector continues to expand at an unprecedented pace, the Kingdom is set to reinforce fire and life safety (FLS) standards with the introduction of updated Saudi Building Code (SBC) and Saudi Fire Code (SFC) regulations in mid-2025. In preparation for these changes, AESG has strengthened its Fire & Life Safety division, expanding its Saudi-based team with a number of new hires, including fire protection engineers, senior fire protection engineers, and principal fire protection engineers. This strategic expansion enhances the firm's ability to support complex projects with advanced mechanical and electrical fire protection expertise. AESG is among the select few Fire & Life Safety firms actively operating in Saudi Arabia and is one of only two International Consultancy firms certified by Civil Defense as an Authority Having Jurisdiction (AHJ) representative and reviewer, reaffirming the firm's deep commitment to Vision 2030. 'Saudi Arabia's rapid expansion of mega and giga projects has significantly increased the demand for specialized Fire & Life Safety expertise. These large-scale developments require meticulous and complex fire safety planning, both from a design and regulatory standpoint. The complexity of Saudi projects necessitates both robust local knowledge as well as international expertise to develop equivalencies and alternative solutions, allowing AESG to go beyond standard code compliance and deliver high-value, performance-based fire safety solutions,' said Saeed al Abbar, CEO at AESG. In 2024, AESG played a critical role in upgrading fire and life safety codes and systems for some of Saudi Arabia's most iconic developments, including critical infrastructure, healthcare facilities and luxury hospitality projects. The firm also collaborated with developers on major new projects ensuring state-of-the-art fire safety systems were integrated at these developments from the outset. Collectively, AESG's efforts have helped safeguard over SAR 30 billion worth of built assets in Saudi Arabia. Looking ahead, AESG is set to further expand its Fire & Life Safety division in Saudi Arabia in 2025. 'We are strengthening our advisory services in policy, procedures, and governance, leveraging expertise gained from giga-projects. Additionally, we will introduce specialized solutions for industrial projects, further enhancing our service offerings in the Kingdom. Our goal is to grow our team by over 25% while continuing to elevate service quality, client experience, and governance advisory. With the upcoming Saudi Building Code (SBC-201) and Saudi Fire Code (SBC-801) changes, AESG remains committed to guiding clients through compliance with practical, high-impact Fire & Life Safety solutions—designed to be simple, effective, and achievable' said Abdullah Faza, Director – Fire and Life Safety, Middle East at AESG. Beyond Saudi Arabia, AESG is also expanding its regional footprint, recently establishing a dedicated Fire & Life Safety team in Cairo and is set to expand its teams in the Asia Pacific market with hires in Sydney and Singapore. This expansion includes the appointment of Samer Mehran as Senior FLS Consultant for the company's Egypt office. With over 15 years of industry experience, Mehran brings deep technical expertise and leadership to support AESG's continued growth across the Middle East.
Zawya
11-03-2025
- Business
- Zawya
AESG targets 25% growth in Saudi Fire & Life Safety team ahead of new building and fire codes
Dubai, United Arab Emirates – As Saudi Arabia's construction sector continues to expand at an unprecedented pace, the Kingdom is set to reinforce fire and life safety (FLS) standards with the introduction of updated Saudi Building Code (SBC) and Saudi Fire Code (SFC) regulations in mid-2025. In preparation for these changes, AESG has strengthened its Fire & Life Safety division, expanding its Saudi-based team with a number of new hires, including fire protection engineers, senior fire protection engineers, and principal fire protection engineers. This strategic expansion enhances the firm's ability to support complex projects with advanced mechanical and electrical fire protection expertise. AESG is among the select few Fire & Life Safety firms actively operating in Saudi Arabia and is one of only two International Consultancy firms certified by Civil Defense as an Authority Having Jurisdiction (AHJ) representative and reviewer, reaffirming the firm's deep commitment to Vision 2030. 'Saudi Arabia's rapid expansion of mega and giga projects has significantly increased the demand for specialized Fire & Life Safety expertise. These large-scale developments require meticulous and complex fire safety planning, both from a design and regulatory standpoint. The complexity of Saudi projects necessitates both robust local knowledge as well as international expertise to develop equivalencies and alternative solutions, allowing AESG to go beyond standard code compliance and deliver high-value, performance-based fire safety solutions,' said Saeed al Abbar, CEO at AESG. In 2024, AESG played a critical role in upgrading fire and life safety codes and systems for some of Saudi Arabia's most iconic developments, including critical infrastructure, healthcare facilities and luxury hospitality projects. The firm also collaborated with developers on major new projects ensuring state-of-the-art fire safety systems were integrated at these developments from the outset. Collectively, AESG's efforts have helped safeguard over SAR 30 billion worth of built assets in Saudi Arabia. Looking ahead, AESG is set to further expand its Fire & Life Safety division in Saudi Arabia in 2025. 'We are strengthening our advisory services in policy, procedures, and governance, leveraging expertise gained from giga-projects. Additionally, we will introduce specialized solutions for industrial projects, further enhancing our service offerings in the Kingdom. Our goal is to grow our team by over 25% while continuing to elevate service quality, client experience, and governance advisory. With the upcoming Saudi Building Code (SBC-201) and Saudi Fire Code (SBC-801) changes, AESG remains committed to guiding clients through compliance with practical, high-impact Fire & Life Safety solutions—designed to be simple, effective, and achievable' said Abdullah Faza, Director - Fire and Life Safety, Middle East at AESG. Beyond Saudi Arabia, AESG is also expanding its regional footprint, recently establishing a dedicated Fire & Life Safety team in Cairo and is set to expand its teams in the Asia Pacific market with hires in Sydney and Singapore. This expansion includes the appointment of Samer Mehran as Senior FLS Consultant for the company's Egypt office. With over 15 years of industry experience, Mehran brings deep technical expertise and leadership to support AESG's continued growth across the Middle East. -Ends- About AESG AESG is an international Consultancy, Engineering and Advisory firm committed to driving sustainability in the built environment and beyond. With the highest calibre leadership team in our field, we pair technical knowledge with practical experience to provide hands-on, bespoke strategic solutions to our clients. We have one of the largest dedicated specialist consultancy teams working on projects within the building, urban planning, infrastructure and strategic advisory sectors. With decades of cumulative experience, our team offers specialist expertise in sustainable design, sustainable engineering, fire and life safety, façade engineering, commissioning, digital delivery, waste management, environmental consultancy, strategy and advisory, security consultancy, cost management and acoustics. Our prestigious portfolio demonstrates our extensive capabilities and our ability to consistently deliver best in class solutions to some of the industry's most complex technical challenges.
Mid East Info
20-02-2025
- Business
- Mid East Info
Saudi Red Sea Authority and Ministry of Municipalities and Housing Sign MoU to Enhance Marina Development - Middle East Business News and Information
The Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with the Ministry of Municipalities and Housing to enhance collaboration on the establishment, development, and operation of marinas. The agreement also covers the creation of marine vessel maintenance centers, beach development, and the promotion of coastal tourism destinations—contributing to the advancement of coastal tourism and supporting the objectives of Saudi Vision 2030. The MoU was signed by SRSA CEO Mohammed Al-Nasser and Deputy Minister for Licensing and Project Coordination Mohammed Al-Mulhim, representing the Ministry of Municipalities and Housing. This agreement aligns with SRSA's mandates, which include setting regulations, standards, and operational guidelines for marinas, overseeing their development and management, and coordinating with relevant entities to ensure environmental protection in marine tourism and navigational areas, as well as promoting coastal tourism activities to attract target audiences and expand the sector. Under the MoU, the two entities will collaborate on processing applications for establishing, developing, and operating marinas within the designated geographical scope through the Balady platform. These marinas—both on land and at sea—will be constructed in compliance with the Saudi Building Code and the approved Marina Planning and Design Code. The partnership will also cover licensing procedures for commercial and operational activities, as well as construction requirements for marine fuel stations. The agreement further outlines cooperation on the development and licensing of marine vessel repair and maintenance centers and the regulatory framework for their operation. Additionally, the two parties will work together on the development and operation of beaches within the designated geographical scope, including the issuance of required construction and commercial permits. Beyond infrastructure, the MoU also fosters collaboration in technology, digital integration, and coastal monitoring. It includes joint efforts to promote coastal tourism destinations, identify investment opportunities, and map tangible and intangible assets along the Red Sea coastline. Furthermore, both parties will work on developing policies and initiatives that support Saudi Arabia's workforce in the municipal, housing, and coastal tourism sectors. The agreement also aims to promote smart marina initiatives, contributing to the development of livable coastal cities and enhancing quality of life. This MoU is part of SRSA's broader efforts to expand strategic partnerships, exchange expertise, and adopt best practices to fulfill its mandate of strengthening coastal tourism—aligning with Saudi Vision 2030's goals for a dynamic and sustainable tourism sector.
