Minister of Trade and Industry Abdullah Zainal Alireza has approved the establishment of a national insurance company with a capital of SR100 million. The capital will be split into 10 million shares with the nominal value of SR10 for each share. The Jeddah-based company, which will be concerned with cooperative insurance, will have a nine-member board of directors to be appointed by the company's general assembly for a period of three years. This development comes in line with the state's policy to broaden the economic base and diversify sources of the national income as well as encourage the private sector to contribute to economic development.
