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MENAFN - 11/05/2007

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(MENAFN) The Saudi Capital Market Authority (CMA) has given its approval for Makkah-based Jebel Omar Company and seven other insurance companies to issue initial public offerings (IPOs) in the Kingdom, Gulf News reported.

Jebel Omar is the main developer of the biggest area surrounding the Grand Mosque of Makkah. The area, occupying more than 230,000 square meters, is known as Jebel Omar.

The insurance companies that gaied approval to float their shares are: Sanad for Cooperative Insurance Company, Saudi Arabian Cooperative Insurance Company, Saudi Indian Cooperative Insurance Company, Gulf Union Cooperative Insurance Company, Al Ahli Takaful and Al Ahlia Cooperative Insurance and Allied Cooperative Insurance Group.

 






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