Proposed merger between Al Sagr and Gulf Union Al Ahlia

Al Sagr Cooperative Insurance and Gulf Union Al Ahlia Cooperative Insurance have signed a memorandum of understanding (MoU) for a possible merger.

The two companies will conduct a technical, financial, legal and actuarial due diligence on the merger's terms and conditions. The transaction will take the form of a share exchange between the two companies.

The deal is still pending the approval of the competent authorities and the shareholders of Al Sagr and Gulf Union Al Ahlia.