Business | Investment
Gosi invests 40b riyals in 60 firms
The General Organisation for Social Insurance, the state-run pension fund in Saudi Arabia, has 40 billion riyals (Dh39.1 billion) invested in companies in the kingdom, the state-owned Saudi Press Agency said.
- Bloomberg
- Published: 22:52 July 1, 2009
Riyadh: The General Organisation for Social Insurance, the state-run pension fund in Saudi Arabia, has 40 billion riyals (Dh39.1 billion) invested in companies in the kingdom, the state-owned Saudi Press Agency said.
The organisation, also known as Gosi, has investments in 60 companies, including stakes in banks, cement and healthcare companies, the Riyadh-based news agency reported, without saying where it got the information. It invested two billion riyals in seven companies last year, the agency said.
Arabian Gulf countries including Saudi Arabia are using their sovereign wealth funds to expand their investments at home and abroad as they diversify their economies away from oil.
Gosi got approval in March to start the Hassana Investment Company to invest in local, regional and international stock markets.
The organisation holds a 13 per cent stake in the Southern Province Cement Company, the kingdom's largest clinker maker.
It also holds a 9.9 per cent stake in Al Rajhi Bank, the largest bank by market value in the country, according to data compiled by Bloomberg.
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