Saudi Arabia: Gulf Union Cooperative and Al Ahlia Insurance to merge under new brand
Source: Middle East Insurance Review | Nov 2020
The shareholders of Gulf Union Cooperative Insurance have approved the terms and conditions of the merger with Al Ahlia Insurance Company during an extraordinary general meeting held in October.
It has been decided that the merged entity will now operate under the name of Gulf Union Al Ahlia Cooperative Insurance Company.
On 31 August 2020, the Capital Market Authority approved the increase of Gulf Union’s capital from SAR150m ($39.97m) to SAR229.47m. The operation as conducted through the issuance of 7.95m shares by virtue of the merger with Al Ahlia. M