Saudi insurance merger to create massive investment fund

Saudi insurance merger to create massive investment fund

The Saudi Cabinet approved the merger to unify the public and private sectors' insurance protection umbrella, SPA reported on Wednesday, citing a statement by the two institutions. More than half of the PPA's investment portfolio is in the Saudi market, including 67 listed companies and three funds, CNBC Arabia reported in December 2020, citing PPA Governor Mohammed Talal Alnahas. The PPA invests in over 19 non-listed companies and in National Debt Management Center issues of sukuk and bonds in addition to SR17 billion ($4.53 billion) in the real estate sector. Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. ( ).