Gulf Union Cooperative and Al Ahlia Insurance to merge

Gulf Union Cooperative - Al Ahlia InsuranceThe shareholders of Gulf Union Cooperative Insurance, held an Extraordinary General Meeting on 5 October 2020. During the assembly, they approved the terms and conditions of the merger with Al Ahlia Insurance Company signed on 4 June 2020.

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 (CMA) approved the increase of Gulf Union's capital from 150 million SAR (39.97 million USD) to 229.47 million SAR (61.14 million USD). The operation as conducted through the issuance of 7.95 million shares by virtue of the merger with Al Ahlia.

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