Minister of Commerce and Industry Abdullah Zainal Ali Rida has approved establishment of a national insurance company with a capital of SR 100 million. The capital will be split into 10 million shares and the nominal value of each share amounts to SR 10. The Jeddah-based company will be concerned with cooperative insurance. The company will be managed by a nine-member board of directors which will be appointed by the company's general assembly for a period of three years. This development comes in line with the state's policy which aims at broadening the economic base and diversifying sources of the national income as well as encouraging the private sector to positively contribute to the process of the economic development.
