Foreign shareholding in insurance activities is limited to 60%.
"Article 2
Without prejudice to the provisions of the laws and agreements, the authority shall issue a license for foreign capital investment in any investment activity in the Kingdom, whether permanent or temporary. [...] If the authority rejects the application within the prescribed period, the decision must be justified, and the party whose application has been rejected shall have the right to appeal such decision according to laws.
Article 3
The Council shall have the authority to issue a list of activities excluded from foreign investment.
Article 4
Subject to the provisions of Article 2, the foreign investor may obtain more than one license for different activities, and the regulation shall specify the necessary requirements.
Article 5
Foreign investments licensed under the provisions of this Law may be in either of the two following forms: -Firms owned by a national and foreign investor; -Firms wholly owned by a foreign investor. The legal form of the firm shall be determined in accordance with Regulation and directives. [...]" (Foreign Investment Law in the Kingdom of Saudi Arabia, 2019)
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"11.03 Types of Licenses, Minimum Capital Requirement and Percentage of Saudi Partnership [...]
4. Insurance: [...] Minimum Saudi Participation: 40% [...]
5. Reinsurance: [...] Minimum Saudi Participation: 40%[...]" (Ministry of Investment, Services Manual [8th edition], Jan 2020)
Foreign Investment Law of Saudi Arabia, 2019
Ministry of Investment, Services Manual [8th edition], Jan 2020
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