Magazine date:
Nov 2006 Standing among the first 13 companies which received license from the authorities to operate on the Saudi market, Allied Cooperative Insurance Group has commissioned BMG Financial Advisors for the introduction of 40% of its capital on the stock market.
For its Chairman, Omar Zuhair Hafiz, ACIG is required to reach competitive levels on the market, and especially in health insurance, a class of business whose potential is estimated at 10 billion SAR (2.66 billion USD) for the five years to come.
Islamic Development Bank, which has been established in Saudi Arabia for 25 years, is ACIG's main shareholder.