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Saudi and UAE central banks pen insurance supervision agreement

Press Room by Press Room
September 19, 2022
in Finance
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RIYADH: Abdulmohsen Alhokair Group for Tourism and Development, one of Saudi Arabia’s largest hospitality firms, was granted approval by the Capital Market Authority for a capital reduction of 46 percent.

Alhokair Group’s plan includes reducing the company’s share capital from SR650 million ($173 million) to SR315 million, according to a statement by the CMA.

The company said that the move was made in order to “amortize 98 percent…



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