Merger between Walaa and SABB Takaful finalized

The merger between Walaa Cooperative Insurance and SABB Takaful was finalized on 19 October 2022. This marks the fifth merger in the Saudi insurance sector since 2020.

In a statement, the Saudi central bank (SAMA) welcomed the transaction between the two companies and encouraged other local insurers to accelerate M&A operations.

According to SAMA, these transactions have the potential to strengthen the sector's financial position, solvency and competitive ability.