JEDDAH, 23 November 2006 — One of the recently licensed 13 insurance companies to operate in the Kingdom, Al-Ahlia Insurance Company, has just mandated BMG Financial Advisors to act as its financial adviser and arranger in listing the company.
This is the fourth insurance company to mandate BMG. Basil Al-Ghalayini, CEO of BMG, said that BMG’s expertise is growing in the industry as a result of these mandates.
Al-Ghalayini added that BMG has exerted great efforts in producing extensive research reports on insurance and other companies. BMG has also produced a market index that provides investors with an additional indicator of how the market is doing. “We’re fortunate to be involved with a number of initial public offerings which now follow a more streamlined process. We’re pleased to work with Al-Ahlia, a well-established company that has succeeded in entrenching the Saudi market,” he added.
Al-Ahlia is supported with more than 100 years of experience in the insurance field. Its ground roots in the region are further enhanced by major international re-insurers. Sameh Al-Sayuofi, general manager, Al-Ahlia, said: “Al-Ahlia has succeeded in attracting a big number of major clients in Saudi Arabia and we believe that listing the company will help continue that trend.”
