Saudi Arabia to merge its insurance and pensions funds to create entity with $29bn in holdings

Saudi Arabia to merge its insurance and pensions funds to create entity with $29bn in holdings

Saudi Arabia, the biggest Arab economy, is combining its general insurance and public pension funds to create a public sector entity with $29 billion in domestic and foreign stock holdings.

The kingdom's cabinet has already approved the merger of Saudi Arabia's General Organisation for Social Insurance (Gosi) and the Public Pension Agency, according to the Saudi Press Agency.