Medgulf to reduce its share capital

Mediterranean and Gulf Insurance and Reinsurance (Medgulf) was granted approval by the Saudi Central Bank (SAMA) on 9 December 2020 to reduce its share capital by 12.5%. The latter will go from 800 million SAR (212.88 million USD) to 700 million SAR (186.27 million USD).

The reduction will enable Medgulf to make up for accumulated losses. The operation is however still pending approval from the Capital Market Authority (CMA).