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Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

SAMA approves merger of SABB Takaful and Walaa Insurance

By TRENDS Desk
August 1, 2022 3:22 pm
  • According to a bourse filing, the execution of the transaction remains subject to obtaining regulatory approvals and votes of the extraordinary general assemblies
  • Once the deal is completed, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will cease to exist

Saudi Central Bank has approved the merger of SABB Takaful with the rival insurer Walaa Insurance, following an agreement between the two groups in February.

According to a bourse filing, the execution of the transaction remains subject to obtaining regulatory approvals and votes of the extraordinary general assemblies.

Once the deal is completed, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will cease to exist.

Walaa Insurance will see its share capital jump to SR850 million ($227 million), out of which 24 percent will be held by SABB Takaful’s shareholders.

The merger will be conducted through a share swap where Walaa will issue 0.6 shares against each share issued by SABB Takaful.

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