Saudi Arabia-based Al Khaleej Training and Education Company (AKTE) has purchased a majority of Gulf Insurance Institute’s (GII) shares and increased its share capital to fund expansion plans in the Middle East.

GII is a joint venture set up by leading insurance companies, including Bahrain National Holding, Qatar's Al Khaleej Takaful Group, Sudanese company Sheikan Insurance and Reinsurance and France's Nasco Karaoglan, said a report in our sister publication, the Gulf Daily News.

"The acquisition of a majority stake in GII is a valuable addition to our group because of its specialisation in providing much needed talent development services to the insurance and financial market that is growing rapidly in Saudi Arabia and the region," said AKTE chief executive Al Waleed Aldryaan.

GII is set to significantly expand its activities in Saudi and key markets as it continues to pursue its vision of becoming a leading training provider in Middle East and North Africa for financial services sectors, said GII chief executive Silvan Said.

AKTE is a joint stock company owning 11 franchises for international companies. It has been awarded best training and education providers for global brands such as New Horizons, Cisco, Microsoft, Direct English, Oracle and Crestcom.

Meanwhile, the GII announced a new accreditation contract with the Chartered Insurance Institute (CII), through which the UK-based insurance institute with worldwide membership will award credits to trainees who successfully complete GII's certification courses.

This was announced during a meeting with board members from the Bahrain Insurance Association and managers from insurance companies to launch its activities for 2013-2014.

These credits can be applied towards obtaining globally recognised diplomas and designations of the CII.

During 2013, GII will launch evening classes for its certification courses and CII diplomas in insurance and risk management.

It will also hold daytime programmes at its centre in Bahrain which will lead to global qualifications in risk management, insurance and personal financial planning awarded by other global partners such as the American institute for Chartered property and Casualty Underwriters, LOMA, the Chartered Institute for Securities and Investments and the Society of Actuaries. – TradeArabia News Service