Business & Finance Club - Saudi Arabia : The General Organization for Social Insurance, the semi state run pension fund in Saudi Arabia known as GOSI, has 46 billion riyals ($12.3 billion) invested in 62 local companies, the Saudi Press Agency reported, citing the fund.

Investments include stakes in banks, industrial, cement and telecom companies, the news agency reported. The fund invested $239.9 million in two industrial companies last year, the news service added.

GOSI administers the kingdom’s national insurance program, paying allowances and making payments for compensation to individuals and families within the scheme, according to the Saudi Arabian Market Information Resource website.

The total number of beneficiaries covered by the scheme reached 13 million by the end of last year, 4.3 million of which are still on duty, the Riyadh based news agency said.