MEDGULF gets IA’s nod to appoint Rakan Abunayyan as Chairman

Logo of The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF)

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) received, on June 30, the non-objection from the Insurance Authority (IA) to appoint the Chairman and the Vice Chairman, and form the board committees.

In a statement to Tadawul, the company stated that Rakan Abunayyan was appointed Chairman and Abdulmajeed Al-Meshaal as Vice Chairman.

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The board’s sub-committees were also formed, including the executive committee, nomination and remuneration committee, risk committee, investment committee, and audit committee, including the appointment of their respective chairpersons and members.

Moreover, the company’s representatives to the Capital Market Authority, the Saudi Exchange (Tadawul), and the Securities Depository Center Co. (Edaa) were also appointed, for all purposes related to the implementation of the Capital Market Law and its executive regulations.

According to data available with Argaam, MEDGULF held an extraordinary general assembly in May, during which board members were named from among candidates for the upcoming three-year term ending on May 7, 2028.