SABB Takaful inks SAR 17.3 mln contract with Olayan Group

02/10/2022 Argaam

Logo of SABB Takaful

SABB Takaful signed on Sept. 30 a general insurance program contract with Olayan Group at a total value of SAR 17.3 million, according to a bourse filing.

 

The value of the contract represents more than 1% of revenue as per audited financial statements for 2021.

 

The deal included related parties, namely, Lubna Suliman Olayan, Chairwoman of Saudi British Bank (SABB).

 

The contract included no preferential terms and came as part of the company’s normal course of business.

 

The relevant financial impact will appear on financial statements for 2022, the statement added.

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