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FINANCIAL NEWS
Saudi GOSI has $12.3b in local investments
07 Jul 2010
(MENAFN) Saudi Arabia?s General Organization for Social Insurance (GOSI) said that it has invested $12.3 billion in local companies including banks, industries and hospitals, according to its annual report for 2009, Arab News reported.
The number of GOSI subscribers rose by 8.9 percent in 2009. They include 577,600 from the public sector and 12.5 million from the private sector, bringing the total to more than 13 million by the end of 2009, including 4.39 million who are currently in employment and 790,000 Saudis.
As many as 218,000 companies and institutions are currently members of GOSI with Riyadh hosting the largest number or 18.5 percent of its clients, followed by the Eastern Province (13 percent), Makkah province (9.5 percent), and Qassim (9.1 percent). Trade is the main activity (34.3 percent) of the majority of companies, followed by construction (32.3 percent), downstream industries (14.6 percent) and services (nine percent).
GOSI was established to implement the provisions of the Social Insurance Law and follow-up the process of achieving the compulsory insurance coverage, collecting contributions from employers and paying benefits for the eligible contributors or their family members.
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