Saudi Re: share capital increase

In a meeting held on 6 April 2022, Saudi Re's Board of Directors has proposed a 50% increase of the company's share capital. The latter shall rise from 891 million SAR (237.269 million USD) to 1.336 billion SAR (355.77 million USD). This initiative will enable the Saudi reinsurer to strengthen its equity and support its expansion.

The operation is yet subject to the approval of the Saudi central bank (SAMA), the Capital Market Authority (CMA) and the extraordinary general meeting of shareholders.

For the record, Saudi Re has achieved a 19.3% turnover increase in 2021. The latter stood at 1.116 billion SAR (297.19 million USD) compared to 935.114 million SAR (249.022 million USD) in 2020.