SAMA delivers a license to ACIG

The Saudi Arabian Monetary Agency (SAMA) has delivered a license to ACIG (Allied Cooperative Insurance Group). Based in Jeddah, the new company has branch offices in Ryad, Khobar, Khamis Mushayet and agencies throughout the country. Its capital worth 100 000 000 SR (26.643 million USD) breaks down as follows :IslamicDevelopment Bank (20%), ACIG Bahrain (20%), Snas Trading & Contracting Firm (4%),several other Saudi companies (16%). The remainder 40% has been invested in the stock market.