AXA Cooperative opens 2 new shops in Jeddah & 1 in Khobar; reinforcing its aggressive expansion and long term commitment in the Kingdom
Press release
AXA Cooperative shop
As part of its expansion strategy, aimed at increasing the company’s geographical footprint across the Kingdom of Saudi Arabia, AXA Cooperative, one of the largest and the leading non-life international insurers in the region, has announced it has recently opened three new shops, one in Khobar & two in Jeddah. By the end of 2013, AXA plans to open a further 9 conveniently located shops, throughout the Kingdom, bringing the total to 12.
As part of the company’s Mulit-Access strategy, the AXA Shops initiative aims to enhance the customer experience and provide convenience to AXA customers in the Kingdom. AXA Cooperative will use these new shops to bring their international expertise, quality service and unique product offerings, to their customers.
"AXA Multi-Access strategy proposition is a testimony of our ambition to become the preferred insurer to our customers in the Kingdom. Since our inception, we have always believed in innovation – to make our services more available, our approach more attentive and the delivery more reliable,” said Gary Lewin, CEO of AXA Cooperative.
The AXA Shops initiative will compliment the company’s three existing branches, in Jeddah (Madina Road, Kanoo Building); Al Khobar (King Abdul Aziz Road, Al Meflah Building), and Riyadh (King Abdul Aziz Road, Kanoo Building). To date, AXA Shops in Jeddah and Khobar have opened to the public, at Red Sea Mall, Jeddah; Auto Mall, Jeddah; and Mall of Dhahran, Khobar. Our strategy is to partner with key retail entities in the Kingdom to ensure we are able to bring insurance to our customers, whenever and wherever they need it.
“In 2013, we see significant potential for growth across the Kingdom. Having always achieved very good results in the country, this expansion is part of our commitment to invest and grow along with the recruitment and developments of Saudi nationals within the Kingdom” added Gary.
AXA Cooperative, supported by AXA Group, the largest non life insurer in the world, also announced it plans to continue its expansion in the coming years. In doing so, AXA will further enhance its footprint and aim to increase customer service levels in Saudi Arabia. This strategy will strongly support its market leadership in the region and beyond.
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Background Information
AXA Gulf
VAT or Value Added Tax is a form of consumption tax that is imposed on a transnational level. The GCC has agreed to apply a uniform standard rate of 5%. This standard rate will apply to almost all domestic transactions. UAE and KSA will implement VAT on 1 January 2018, and the other GCC countries are expected to implement in the following 12 months.
In limited instances VAT can also apply at 0% (zero-rate), or transactions can be exempt from VAT, or out of scope.
How it works is that taxable businesses are generally able to recover the VAT they incur on their purchases and expenses.
However, as individuals, we are the final point of the supply chain and therefore, will bear the cost as we are not able to recover the VAT.
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