Ifteqar Ahmed

Saudi Arabian Cooperative Insurance Company (SAICO)

SAICO, a Saudi joint stock company, was established on the basis of a Royal Decree No. M/60 dated 18/09/1427 H (11/10/2006) and Decision of the Council of Ministers No. 233 dated 16/09/1427H. It chose Riyadh to be the Head Office location. In the year 2010 the company obtained SAMA's approval to market insurance products. The company aims at practicing all relevant activities to insurance. The company performs such works as may be necessary to realize its objectives whether in terms of insurance or investment of its capital. It can also own and activate fixed or capital assets as well as sell, replace or rent the same, whether directly or through companies it establishes for this purpose or via partnership with others. The major activity of the company includes offering insurance service in the fields of: vehicles, medical, sea shipment, fire, engineering, aviation, power, group life insurance and accidents. SAICO has a capital of SAR 100 million divided into 10 million shares with a face value of SAR 10 per share. The company's founders contributed a total nominal value of SAR 60 million (6 million shares) representing 60 percent of the company's capital, while the remaining 4 million shares with a nominal value of SAR 40 million were announced for initial public offering.