Zain KSA, leading telecom and digital services provider in Saudi Arabia, has officially entered the Insurtech space through a strategic joint venture with global insurance specialist PREVENSURE. Through   Al Sayra Holding Company, its wholly owned financial investment arm, Zain KSA has acquired a majority stake in  Green Shield Insurance Brokers Ltd (GSIB), a Saudi-based brokerage firm. 

Al Sayra Holding now owns a 60% stake in GSIB, with the remaining 40% acquired by PREVENSURE. The deal, approved by Saudi Arabia’s Insurance Authority (IA), marks a significant milestone in Zain KSA’s ongoing evolution from telecom operator to an enabler of tech-enhanced lifestyles in a digital economy.

Under the partnership, GSIB will transform into a next-generation insurance brokerage, offering both traditional and digital insurance solutions for individuals and enterprises across Saudi Arabia. Integrating Zain KSA’s advanced digital ecosystem with PREVENSURE’s global expertise in insurance and risk management, it will improve access to insurance services, unlock new business models, and enhance financial inclusion across the Kingdom.

Eng. Saad bin Abdulrahman Al-Sadhan, CEO of Zain KSA, commented on the announcement: “Through  Al Sayra Holding Company, Zain KSA is expanding into Insurtech as part of our strategy to enhance our investments in telco-adjacent sectors and strengthen our role as a digital lifestyle enabler. This JV with PREVENSURE will scale GSIB into a digitally powered platform offering agile, customer-centric, and future-ready solutions. Insurtech in Saudi Arabia is a promising sector, expected to grow at a CAGR of 31% over the next few years, and our entry into this space reinforces our confidence in its potential. This investment contributes to our mission of supporting Saudi Vision 2030’s goals, particularly in digitalizing financial services and developing a resilient and inclusive financial ecosystem.”

Jean-Pierre Assaf, Chairman and Group CEO of PREVENSURE Group, said: “This joint venture marks a major milestone for PREVENSURE as we continue our expansion across the Middle East. Together with Zain KSA, a pioneer in digital transformation, we are committed to bringing innovation, expertise, and confidence to the Saudi insurance market.”
Expanding into Insurtech is a strategic leap forward for Zain KSA’s business strategy that also reinforces its position as a key partner driving nationwide digital transformation. With this investment, Zain KSA is entering a high-growth sector while contributing to a more inclusive and innovative financial services future for Saudi Arabia.