Al Alamiya for Cooperative Insurance Co. (Al Alamiya) signed an insurance coverage agreement with Riyad Bank for 1 year, according to a bourse filing on Tuesday.
The company will provide an insurance coverage on the mortgage program as well as group life insurance as of May 1, 2020, it said in a bourse filing on Tuesday.
The contract value exceeds 15% of the total gross sales of the latest audited annual financial statements for 2019.
The deal is expected to have a positive impact on the company’s financials for FY 2020.
In addition, Khalid Hariry has a direct interest in the agreement as he represents Riyad Bank in the firm’s board.
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