Saudi's Medgulf to invest over $16mln during 2022

The company is witnessing a restructuring process to more than double its market share to 15% within five years, from the current 7%: CEO

  
An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany
RIYADH: Medgulf, a Riyadh-based insurance company, plans to invest over SR60 million ($16 million) during the next year, the company’s CEO has said in an interview with Al Arabiya.

Goetz Kuras said the company is witnessing a restructuring process to more than double its market share to 15 percent within five years, from the current 7 percent.

It is currently increasing its capital to improve its solvency, and will be raising SR420 million by the end of the month.

He also revealed that the business is open to the process of merging with other companies in the Saudi market.

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