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UK Insurer Sets Up Saudi Asset Management JV

Stephen Harris

25 April 2008

The asset management arm of UK insurer Prudential has had the nod from Saudi Arabia's Capital Market Authority to set up a new asset management company in Saudi Arabia. The new company, Prudential Jazira Asset Management, is to be a joint venture between Prudential and Bank Aljazira. Prudential Asset Management, which opened an office in the Dubai International Financial Centre in 2006, announced its decision to set up a new takaful – Islamic insurance – company with Bank Aljazira in September 2007.