Malath Cooperative Insurance Co. signed an agreement with the Ministry of Housing to develop, implement, and provide a construction warranty insurance (CWI) product under the Saudi Sustainable Building program.
The company will also provide technical inspection services and IT-based administrative services, the insurer said in a bourse statement.
Malath added that it cannot currently assess the financial impact, as it depends on demand, noting that it expects a positive financial impact on revenue growth.
Commenting on the agreement, Fawaz Al Hijji, Managing Director and CEO of Malath, said it will reflect positively on the company’s growth going forward.
No related parties are included in the deal, the statement added.
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