Al Alamiya signs insurance coverage contract with Riyad Bank for SAR 50 mln

29/04/2021 Argaam

Al Alamiya for Cooperative Insurance Co. (Al Alamiya) signed today, April 29, 2021, an insurance coverage agreement with Riyad Bank for one year.

 

The company will provide insurance coverage on the mortgage program and group life insurance as of May 1, 2021, according to a bourse filing.

 

The contract value is estimated at SAR 50 million and is expected to positively impact the company’s financials for 2021.

 

Khalid Mohammed Hariry and Abdulaziz Yousef Bin Yousef have a direct interest as they represent Riyad Bank on the insurer’s board.

 

The policy was issued within the usual course of company business and no preferential treatment was given.

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