Saudi Arabia's Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan held a meeting on Tuesday in Bali, to discuss bilateral relations.
The meeting took place on the sidelines of the G20 Summit in the Indonesian resort. The leaders reviewed relations between the two countries and the prospects for further cooperation, the Saudi Press Agency (SPA) reported.
The meeting was attended by Saudi Minister of Foreign Affairs Prince Faisal bin Farhan, National Security Advisor Dr Musaed Al Aiban and Minister of Commerce and Acting Minister of Media Dr Majid Al Qasabi, among other officials.
Turkish Foreign Minister Mevlut Cavusoglu, Treasury and Finance Minister Nureddin Nebati, Agriculture and Forestry Minister Vahit Kirisci, Communications Director Fahrettin Altun, and presidential spokesman Ibrahim Kalin were also present.
The Saudi Crown Prince arrived at Ngurah Rai International Airport and was received by the coordinating minister for Maritime and Investment Affairs of Indonesia Luhut Binsar.
The trip forms part of a tour to a number of Asian countries to “strengthen relations between the kingdom and friendly countries”, the royal court said on Monday.
Saudi Arabia hosted the G20 in Riyadh in December 2020, during the Covid-19 pandemic.
Minister of Health Dr. Tawfiq Al Rabiah said the kingdom contributed to supporting global stability, maintaining economic balance and overcoming many difficulties and obstacles to achieve peaceful coexistence among the world's countries.
G20 members contributed to the fight against the pandemic with over $21 billion to support health systems and the hunt for a vaccine.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
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