Malath Cooperative Insurance and Reinsurance Co. has inked a memorandum of understanding (MoU) with the Ministry of Housing to develop, implement, and market a construction guarantee insurance product under the Saudi Sustainable Building program.
The new product covers providing technical inspection services for owners of residential units, the insurer said in a bourse statement.
The preliminary agreement, which underlines the cooperation between the Ministry of Housing and the insurance sector, aims to enhance the quality of real estate products.
The MoU will be valid for an indefinite period, Malath said, adding that no related parties are involved in the deal.
The MoU was signed by Fawaz Abdulrahman Al Hajji, CEO of Malath and Mazen Al Dawood, Deputy Minister of Developmental Housing & General Director of Real Estate Organization at the Ministry of Housing.
There is no financial impact from the MoU, the statement added.
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