IA approves merger between Gulf Union Al Ahlia and Gulf General

The Saudi Insurance Authority (IA) approved, on 11 February 2024, the proposed merger between Gulf Union Al Ahlia Cooperative Insurance and Gulf General Cooperative Insurance.

The two companies signed a non-binding Memorandum of Understanding (MoU) on 7 August 2024, before the transaction became official on 9 December of the same year.

Under the terms of the agreement, Gulf General's rights, obligations, assets and contracts will be transferred to Gulf Union Alahlia, which in turn will issue 22.82 million ordinary shares with a par value of 10 SAR (2.7 USD) each to Gulf General's shareholders.

The transaction is still pending the approval of the Saudi Capital Market Authority (CMA) and the shareholders of both companies.