Walaa Insurance Signs Deal with ANB to Cover Mortgage Program

Walaa Cooperative Insurance Company announced on Sunday the renewal of an insurance agreement with Arab National Bank to provide an insurance coverage on the Mortgage program.

The contract value is estimated to be SR41,000,000.

The company announces that it received on Thursday 30/09/2021 the confirmation from Arab National Bank (ANB) (a related party) to provide insurance coverage on the Mortgage program for a period of one year starting on 01/10/2021.

The financial impact of the policy will appear on the financial results of 2021.

The Board member Mr. Hesham Al Jabr has an interest in the policy as he is a representative of Arab National Bank in the Board of Directors of the Company.

The Company confirmed that no “preferential treatment was given to this contract and it is within the usual business activity of the Company”.