Kingdom Holding, the investment company controlled by Saudi Arabia's Prince Alwaleed bin Talal, invested 1.06 billion Saudi riyals ($283 million) in UK-based insurer Phoenix Group, as it continues to boost its investments globally.
The move is part of Kingdom Holding's investment programme that was announced on June 23, and the stake in Phoenix Group was recently increased to 3.79 per cent, the Saudi company said in a statement to the Tadawul stock exchange, where its shares are traded.
“This investment is a continuation of KHC's [Kingdom Holding Company] strategy to invest in blue-chip companies that are considered market leaders in their field,” it said.
Founded in 1782, Phoenix is the largest savings and pension company and one of the largest insurance companies in the UK. It serves more than 13 million customers in the UK and Europe.
Kingdom Holding, with assets of more than 50bn riyals, has investments across 18 sectors, including e-commerce, insurance and asset management, as well as commodities.
This month, the company said it invested more than 1bn riyals in M&G, one of the largest insurance and asset management companies in Europe.
M&G, established in 1848 in the UK, is one of the largest savings and asset management companies in Europe with more than $370bn in assets under management. It serves more than five million customers across 28 markets.
Kingdom Holding also has stakes in companies such as Citigroup, JD.com, Accor, Uber, Careem, Lyft and Twitter.
In Saudi Arabia, the Riyadh-based company owns Kingdom Hospitals and Kingdom Schools, Saudi petrochemicals company Tasnee, budget airline flynas and private aviation company NasJet.
It invested 12.8bn riyals between the second quarter of 2020 and the second quarter of this year in various sectors, the company said last month.
This year, Kingdom Holding also completed an 8.29bn riyal deal to sell half of its stake in global hospitality company Four Seasons. The company retained a 23.75 per cent stake in the hotels and resorts operator after the deal.
In May, the kingdom's sovereign wealth fund, the Public Investment Fund, bought a 16.87 per cent stake in Kingdom Holding for $1.5bn.
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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Tomorrow 2021
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National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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Fifa%20World%20Cup%20Qatar%202022%20
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18 under: Tyrrell Hatton (ENG)
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-12: Rafa Cabrera Bello (ESP)
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Tenants also require a letter of no objection from their landlord before being allowed to list the property.
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Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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From: Upper Egypt
Age: 78
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National Editorial: Suleimani has been killed, now we must de-escalate
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