Arab News, Sunday, Jan 16, 2022 | Jamada Al-Aakhirah 13, 1443
Saudi’s Social Insurance office shakes-up stock market investments in 30 companies
Saudi Arabia:
The Saudi government agency responsible for social
insurance has reorganised its investments in 30 listed companies in a bid to
reap greater returns.
The move came after the General Organization of
Social Insurance took on all the assets of the Kingdom’s Public Pension Agency
as part of a merger of the two departments, announced last June.
The rejigging of the government’s holdings has
been led by Hassana Investment Co, the investment arm of GOSI established in
2014, as part of a long-term review.
GOSI has now transferred part of its holdings in
Tadawul-listed companies to wholly-owned subsidiaries.
Hassana CEO Saad Al-Fadly is reported to have said
the restructuring of GOSI’s portfolios is to cement a long-term investment
strategy and boost returns.
The move will increase the number of free float
shares in the market, leading to a rise in the Saudi market weight on the
Emerging Market Indices.
There are more than 8.3 million people who benefit
from social insurance in the Kingdom according to official data released in June
2021.