Saudi Arabia's Kingdom Holding invests £224m in M&G

Kingdom Holding Company, the Saudi Arabia based investment company chaired by prince Alwaleed Bin Talal and listed on the Tadawul (Saudi Stock Exchange), has announced an investment in UK headquartered M&G Plc worth more than SAR1bn, or almost £224.4m at current exchange rates.

M&G is one of the largest insurance and asset management companies in Europe. Kingdom Holding said in a statement released on the Saudi Exchange that "This investment is aligned with KHC's investment strategy of investing in global market leaders and further diversifies KHC's exposure in new and promising sectors."

Per the statement M&G has more than $370bn in AUM, with 5 million customers in 28 markets.

Per Kingdom Holding's website, M&G will join other key financial sector investments, including a strategic stake in Citigroup in which it started investing in 1991.

Kingdom Holding claims assets of more than SAR50bn across 18 sectors.