ADNIC’s acquiring the 51% stake in Allianz Saudi Fransi Cooperative Insurance Co. for SR499 million is the largest insurance deal in the Middle East in recent years. It reflects the growing importance of the Saudi insurance sector, which is expected to grow to around $10.4 billion by 2026. Investors reacted positively to the acquisition news, the stock jumped nearly 3% on ADX – and trading at its highest level in over a year…
– Vijay Valecha, Chief Investment Officer at Century Financial