Proposed merger between Gulf Union Al Ahlia and Gulf General

Gulf Union Al Ahlia Cooperative Insurance and Gulf General Cooperative Insurance have signed, on 7 August 2024, a memorandum of understanding for a possible merger.

The two companies will conduct financial, tax, legal and actuarial due diligence on the terms and conditions of the transaction.

The deal will be carried out through a share exchange between the two companies.

The merger is subject to the signing of a definitive agreement and the approval of the competent authorities and the shareholders of both Saudi companies.