Alkhaleej Training signs medical insurance services contract with Allianz SF

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. and Allianz Saudi Fransi Cooperative Insurance (Allianz SF) signed, on Sept. 1, a contract to provide medical insurance services to Alkhaleej Training’s employees and their families (related party), the two companies stated in separate statements.

The one-year contract value exceeds 1% of total revenues, according to the audited financial statements for 2022.

The contract’s financial impact will reflect in Alkhaleej Training’s financials for 2023 and 2024, while it will affect Allianz SF’s financials by end of Dec. 31, 2023.

Alkhaleej board member Alwaleed Al Dryaan has indirect interest in the contract, as he is also Allianz SF Chairman. Abdullah Al-Hussaini was also named as related party as he serves in the boards of both companies.

The contract was concluded within the normal course of business and did not grant any preferential benefits, the statement affirmed.