Binladin Group renews health insurance deal with MedGulf

The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) received Saudi Binladin Group approval to renew a cooperative health insurance agreement, the insurer said in a bourse statement.

MedGulf will provide health insurance services to the group’s employees and their families for one year, starting from July 1, 2019.

The contract is expected to be worth over SAR 300 million, representing 5 percent of MedGulf’s total revenues, according to the firm’s 2018 financial statements.

The deal has no related parties, and its financial impact will likely show in the company’s 2019 results, the statement added.