CEO Today - Middle East Awards 2023

What have been some of your favourite achievements of the company? 1. “A” rated company by S&P and Moody’s. 2. First company in the insurance sector in Saudi Arabia to successfully complete a merger. If that was not enough, Walaa successfully completed the second merger, becoming the first insurance company & publicly listed company to have two mergers. 3. Walaa is proud to be awarded one of the most prestigious awards by the Ministry of Labor, for conducting the best on-the-job training. Walaa was in the race for this award amongst 10,000 other companies in Kingdom of Saudi Arabia. Walaa employs over 80% nationals with the female workforce of about 25%. 4. Achieved seven ISO certifications - in quality, security, business continuity, QHSE, risk, and social responsibility. What are some of the challenges you’ve faced? The major challenges that we faced in the initial years were inadequate scale and lack of talented resources. Walaa has also had its share of challenges when the motor insurance segment went through a serious price correction in 2014-15 as well as in 2021-2022, during which the company reported significant losses. What are some of the key business lessons you’d like to share with younger CEOs? One of the most important lessons that I would like to share with my friends is never to go for shortcuts; business will come if you are prepared to extend outstanding service at a fair price. Secondly, stay close to customers when they need your service. Thirdly, be transparent and brutally honest in your dealings. What is your favourite thing about your role? I joined Walaa as one of the first employees in 2007 among a dozen others at that time. Now, we have over 550 employees. The notable point, both then and now, is that we remain a large family, and our motto is one team, one dream. What do you hope your legacy will be? Insurance companies are built over decades if not centuries. We are only in the 14th year of our operations, and we are building an institution that will last. I would like my legacy to be remembered as a person who played an important role in building a world-class institution known for its service, transparency, and good governance. What does this award mean to you? I consider this award a recognition of the hard work put in by Walaa team over the last 14 years. “Our motto is one team, one dream.” CEO Today Middle East Awards 2023 - SAUDI ARABIA - - 30 -

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