Al Alamiya signs insurance deal with Riyad Bank

Al Alamiya for Cooperative Insurance Co. has inked a contract with Riyad Bank to provide insurance coverage for the lender’s auto leasing program for one year, starting Nov. 1, the Saudi insurer said in a statement to Tadawul.

The deal is estimated to have a positive impact on the company’s sales, as it will generate about SAR 35 million in gross written premiums.

Board members Khalid Hariry and Oussama Boukhari have a direct interest in the agreement as they are Riyad Bank’s representatives on the insurer’s board, the statement said.