Saudi insurance merger to create massive investment fund

Saudi insurance merger to create massive investment fund

RIYADH: The Saudi Public Pension Agency's merger with the General Organization for Social Insurance (GOSI) will create in one of the Kingdom's largest investment funds, estimated at billions of riyals, said GOSI Assistant Governor for Insurance Affairs Nader AlWahibi. The merger will create cost savings worth tens of millions of riyals and help maximize revenues, he told Asharq on Wednesday. The similarity in investment policy of the two institutions will help them harmonize strategy after the merger, he said. 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. Saudi insurance merger to create massive investment fund ARAB NEWS RIYADH: The Saudi Public Pension Agency's (PPA) merger with the General Organization for Social Insurance (GOSI) will create in one of the Kingdom's largest investment funds, estimated at billions of riyals, said GOSI Assistant Governor for Insurance Affairs Nader AlWahibi. The merger will create cost savings worth tens of millions of riyals and help maximize revenues, he told Asharq on Wednesday. The similarity in investment policy of the two institutions will help them harmonize strategy after the merger, he said. The Saudi Cabinet approved