Al Alamiya renews insurance agreement with Riyad Bank for one year

29/10/2018 Argaam

Al Alamiya for Cooperative Insurance Co. has renewed an insurance agreement with Riyad Bank (a related party) to provide insurance coverage for the Auto leasing program of the bank for a period of one year starting from Nov. 1, 2018 on market terms, the insurer said in a bourse statement.

 

The contract, which has a value of SAR 45 million, is expected to have a positive financial impact on the company’s sales.

 

Al Alamiya’s board members, Khalid Mohammed Hariry and Tariq Abdullah Alghaziri have a direct interest in the agreement as they are representatives of Riyad Bank in the company’s board.

 

However, Al Alamiya emphasized that this policy has been issued within the usual course of company business and no preferential treatment was given.

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