The Saudi Kingdom Holding Company, owned by Prince Alwaleed bin Talal Al Saud, announced, in a disclosure to “Tadawul Saudi Arabia” today, an investment of 1.01 billion Saudi riyals (about $269 million) in “M&G” insurance services and global asset management company listed on the London Stock Exchange. ..

The company said that the investment in M&G is in line with its strategy to invest in leading companies in the global market.

The Public Investment Fund, the sovereign wealth fund of Saudi Arabia, bought a 16.87% stake in Kingdom Holding in May.

Founded in 1848 in the United Kingdom, M&G is one of the largest savings and asset management companies in Europe with more than $370 billion in assets and serving more than 5 million customers in 28 markets.