Cigalah Trading Establishments entered into a binding share sale and purchase agreement to acquire a 28.50% stake in Buruj Cooperative Insurance Company from Gulf Insurance Group K.S.C.P. for approximately SAR 120 million.

Gulf Insurance Group KSCP, a subsidiary of Kuwait Projects Company Holding KSC, is a Kuwait-based company engaged in the provision of life and non-life insurance products and services. The Company operates, along with its subsidiaries, in the following segments: General Risk Insurance segment, which offers general insurance products such as marine and aviation, motor vehicles, property, engineering and general accidents to individuals and businesses, and Life and Medical Insurance segment, which offers savings, protection products and other long-term contracts, including a range of whole life insurance, term insurance, unitized pensions, pure endowment pensions, group life and disability, credit life (banks) and group medical, such as third party administration (TPA), preferred global health and balsam products. The Company’s subsidiaries include: AIG Sigorta AS, Turins Sigorta AS, Egypt Life Takaful Insurance Co SAE and Bahrain Kuwait Insurance Co BSC, among others.