RIYADH, 14 August 2007 — Gulf General Insurance Company (GGI) has appointed Saudi Hollandi Bank (SHB) as its financial adviser and arranger for the initial public offering (IPO) of its shares on Tadawul.

The IPO is expected to take place in 2008 pending the approval of the regulatory authorities.

Speaking after the signing ceremony held in Jeddah recently, Jamal Al-Dabbagh, proposed chairman of Gulf General Insurance, said: “Dabbagh Group, together with Abdul Aziz A. Al-Sulaiman Group, has submitted an application to the Saudi Arabian Monetary Agency (SAMA) for setting up the GGI under the New Insurance Law and accompanying executive regulations by SAMA.”

He said the new insurance company will take over the existing insurance portfolios of two sponsoring companies — Gulf Cooperative Insurance Company (100 percent owned by the Dabbagh Group) and Saudi General Insurance Company (also fully owned by Abdul Aziz A. Al-Sulaiman Group).

According to Saud Al-Sulaiman, GGI’s proposed deputy chairman of Gulf General Insurance, the company’s share capital is SR200 million, divided into 20 million shares with a par value of SR10 each. The IPO will float for subscription eight million shares worth SR80 million, which represents 40 percent of its share capital.

Speaking on the occasion, Tahir Al-Dabbagh, general manager, Western Area, said: “This mandate reinforces our commitment to providing comprehensive financial advisory services to our clients and to be a significant player in the capital market arena in Saudi Arabia.”

Ahmed Ismail, head of Corporate Finance at SHB, said the decision of “Gulf General Insurance Company to appoint us as the financial adviser and arranger is a reflection of the excellent relationship we are willing to have with the company.” He said the company has the expertise and know-how in the marketplace and “our reputation in the market will have a positive influence on the perceived quality of the offering of Gulf General as far as investors are concerned.”

The signing ceremony held at SHB’s Regional Office in Jeddah was attended by Al-Dabbagh, Al-Sulaiman, Tahir Al-Dabbagh, and Ahmed Ismail.

Also present were Nicolas M. Kahil, general manager, Saudi General Insurance, M H Jazeel, CFO, Dabbagh Group, Waheed Sheikh, former director, Dabbagh Group, and Hani Al-Abbadi, Corporate Banking regional manager at SHB.

SHB, the first bank in the Kingdom founded in 1926, provides an array of financial services to individual and corporate clients. It recently established an investment banking group comprising local and foreign experts with extensive experience in financing and M&A transactions. The bank has more than 1,300 employees.

of whom more than 83 percent are Saudis. SHB operates 43 branches across the Kingdom and is listed on the Saudi Stock Exchange.