Saudi Minister of Commerce Dr Hashim Yamani has approved the establishment of a Saudi-Indian cooperative insurance company.
The joint stock company is being floated with a base capital of 100 million Saudi riyals.
The founders of the Riyadh-based company have so far subscribed for 6 million shares. It will be managed by a nine-member board of directors, appointed by the company's general assembly.
The approval of the establishment of the company comes in line with the state's policy which aims at broadening the economic base and enabling the private sector to positively contribute to the process of economic development in the country
source:Financial Express
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