GOSI official says merger with PPA will not affect investment strategy, stock market

Nader A. AlWahibi, Assistant Governor for Insurance Affairs, GOSI

Saudi Cabinet’s decision to merge the Public Pension Agency (PPA) into the General Organization for Social Insurance (GOSI) will impact neither GOSI’s investment strategy nor the stock market, CNBC Arabiya reported, citing Nader A. AlWahibi, Assistant Governor for Insurance Affairs, GOSI.

The merger will comprise transferring some of the ownerships from the PPA to GOSI, AlWahibi said, indicating that both institutions have a long-term investment strategy with investments in same companies as well as business activities.

Temporary and short-term changes in the investment climate across the Kingdom are unlikely to impact the Saudi pension plans, as the latter require long-term and stable investments.

AlWahibi expects GOSI to see improved investment performance upon the recovery of investments locally or overseas. Saudi Arabia’s Cabinet approved on June 15, to merge the Public Pension Agency (PPA) into the General Organization for Social Insurance (GOSI), Argaam reported.