Gulf General Ins. lines up capital restructuring

Gulf General Ins. lines up SAR 176 mn capital reset

Gulf General Cooperative Ins.’ (GGI) board has recommended a capital restructuring that hands BlueFive a 42% stake in the insurer, according to a Tadawul filing. The plan first cuts capital to SAR 124 mn from SAR 300 mn, by canceling shares to partially offset accumulated losses, then restores it to SAR 300 mn through an equal increase. That increase comprises a SAR 126 mn new-share subscription from BlueFive Ins. Arabia and a SAR 50 mn debt conversion for two substantial shareholders, leaving each with roughly 10.8% of GGI.

The move is a lifeline for GGI and a regional consolidation play for BlueFive. GGI’s net losses widened to SAR 120.5 mn in 2025, and accumulated losses reached SAR 272.8 mn by 1Q 2026, or 91% of share capital, alongside a low solvency ratio that raised doubts about its going-concern position. For BlueFive, GGI is a platform for its GCC ins. buy-and-build strategy, following the November launch of BlueFive Ins.

Stacking up in Dammam

Refad is expanding at King Abdulaziz Port. The Saudi real estate developer is building a Grade A dry warehouse on an 18.5k sqm plot, with more than 12k sqm of warehouse space, and is targeting completion in 2027, Sabq reports. The facility will hit 18.8 meters at its peak, with seven loading and unloading gates, dock levelers, industrial flooring, and circular truck routes — built for higher-throughput operations.

Refad is doubling down at the port: Refad previously partnered with Maersk on a refrigerated storage facility at King Abdulaziz Port — spanning 13.3k sqm and designed to handle 168k pallet positions a year, according to a press release.