Approval to complete the economic concentration process between “Medgulf” and “Buruj Insurance”

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) and Burouge Cooperative Insurance Company announced the issuance of a no-objection from the General Authority for Competition regarding the economic concentration resulting from the proposed merger deal between the two companies.
On July 28, the two companies announced on the Saudi Tadawul website the signing of a memorandum of understanding to evaluate the feasibility of merging the two companies.
The two companies indicated that the proposed merger deal is still under study, and the two companies have not signed a binding agreement to date.
She added that if the merger agreement is concluded, the merger deal will be subject to a number of other conditions, including obtaining the approval of the Insurance Authority, the Capital Market Authority and the Saudi Tadawul, and the approval of the shareholders of the two companies.