Business | General
Al Khazna Insurance buys 15% of Saudi Arabia's Sanad
Al Khazna Insurance Company announced on Saturday it has acquired a 15 per cent stake in Saudi Arabia's Sanad for Co-operative Insurance and Reinsurance.
- Staff Report
- Published: 13:41 May 10, 2008
Abu Dhabi: Al Khazna Insurance Company announced on Saturday it has acquired a 15 per cent stake in Saudi Arabia's Sanad for Co-operative Insurance and Reinsurance.
The deal is includes nearly three million shares, which allows Al Khazna to have two members in Sanad's board of directors.
Saudi Arabia has seen strong growth in the insurance industry,and that was made possible through making health insurance obligatory health to all expatriates.
This type of insurance alone would serve seven million residents in the kingdom.
The sector's growth was further boasted as the Saudi government introduced new regulations which made vehicles insurance mandatory.
The steadily growing investments in different sectors have also contributed to the insurance market boom.
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