UCA Partners with BinLadin Group for Engineering Insurance on Haram Extension Project

The United Cooperative Assurance Company (UCA) has declared a significant partnership with the Saudi BinLadin Group, solidifying an extension of their engineering insurance agreement. This strategic collaboration is set to extend crucial insurance coverage for engineering works, spotlighting the prestigious Custodian of the Two Holy Mosques’ Haram extension project in Makkah.

Announced on Sunday, this extended agreement marks a noteworthy enhancement in UCA’s portfolio, with the contract’s value surpassing 25% of the company’s insurance revenues according to the 2023 audited financial statements. The duration of this enhanced coverage spans one year and nine months, commencing from April 1, 2024. It notably includes comprehensive contractors all risks insurance coverage, further securing the pivotal Haram extension initiative.

UCA is optimistic about the financial boon this agreement will usher in, anticipating a favorable influence on the company’s financial outcomes for both 2024 and 2025. This partnership, reflective of UCA’s commitment to strategic growth within the ordinary course of business, is structured without granting any preferential advantages, ensuring a fair and beneficial arrangement for all parties involved.