Kingdom Holding Company (KHC) announced on Sunday an additional 274.2 million Saudi riyals ($73.10 million) investment in Phoenix Group.

The new investment increases Kingdom Holding’s ownership in the UK-based insurance, savings and retirement firm to 5% from 4%, the company said in a statement to the Saudi stock exchange.

In July 2022, the investment company, chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, reported an investment of 1.063 billion riyals in Phoenix Group.

Last week, Kingdom Holding increased its ownership in M&G, a European insurance and asset management company, with an additional investment of 228.2 million riyals ($61 million), which increased its stake from 5.3% to 6.4%.