Zamil reaches SAR 187M insurance settlement after factory fire

Logo of Zamil Industrial Investment Co.

Zamil Industrial Investment Co. announced today, Dec. 27 that it concluded a full and final settlement for an insurance claim related to a fire that broke out in one of the factories of its subsidiary, located in Dammam First Industrial City.

The settlement, totaling SAR 187 million, was achieved in collaboration with Gulf Insurance Group (GIG) and encompassed all damages arising from the aforementioned fire.

In a statement to Tadawul, Zamil said the settlement will have a positive financial impact in the fourth quarter of 2023.

The swift completion of the settlement is noteworthy, especially considering the substantial size of the factory and the extensive damage sustained.

The company extended its gratitude to various parties, including government entities such as civil defense, Saudi Authority for Industrial Cities and Technology Zones (MODON), and others who offered support to the company during this challenging period.

Zamil also recognized and appreciated the efforts of all individuals involved in insurance companies, as well as the dedication of its own employees who worked diligently throughout the unprecedented timeframe to successfully conclude the case.

In March, Zamil reported that a fire broke out in one of the factories of its subsidiary, Zamil Air Conditioners and Home Appliances Co., according to data available on Argaam.