| Element List | Explanation |
|---|---|
| Introduction | Al Etihad Cooperative Insurance Company announces signing a contract with the Ministry of Human Resources and Social Development for the insurance of the financial dues of non-Saudi workers in the private sector in accordance with the agreed terms and conditions and the insurance policy approved by the Insurance Authority. |
| Date of Announcement of the Award | 2024-10-06 Corresponding to 1446-04-03 |
| Contract Subject Matter | Providing insurance coverage for the financial dues of non-Saudi workers in the delinquent entities of private sector, in cooperation with a number of Saudi insurance and Reinsurance companies, and in accordance with the agreed terms and conditions for a period of one year, starting from the date of signing the agreement with the Ministry of Human Resources and Social Development and after obtaining the final approval of the Insurance Authority. |
| The Entity with Which the Contract was Signed | Ministry of Human Resources and Social Development |
| Date of Signing the Contract | 2024-10-06 Corresponding to 1446-04-03 |
| Contract Value | 391,248,000 |
| Contract Details | The policy represents the cooperation between the Ministry of Human Resources and Social Development and the Insurance Authority to protect the financial rights of non-Saudi workers in delinquent entities according to the classification of the Ministry of Human Resources and Social Development. The insurance cover includes wages, unpaid dues and a return ticket to the worker's home country within the agreed upon cover limits, and in accordance with an agreed set of terms and conditions. |
| Contract Duration | One year |
| Financial Impact and the Relevant Period | It is expected that the financial impact of this agreement will be reflected on company's financial performance starting from the Fourth quarter of the year 2024 |
| Related Parties | NA |
| Additional Information | Further updates or developments will be announced later and in due course. |
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