Merger between Saudi Enaya and Amana

Saudi Enaya Cooperative Insurance and Amana Cooperative Insurance have signed a merger agreement on 29 April 2021.

Upon completion of the transaction, Enaya's shareholders will hold 55% of the merged entity's capital while Amana's shareholders will receive the remaining 45%.

The deal is still pending approval by the shareholders and the competent authorities.

It should be recalled that discussions between Saudi Enaya and Amana have been ongoing since October 2020. A non-binding memorandum of understanding (MoU) was signed between the two companies to assess the merger's feasibility.