Riyadh – Mubasher: Amana Cooperative Insurance on Sunday announced signing a deal to provide insurance services for two companies.

Amana inked an agreement with El Seif Engineering and Contracting and with RDB-ELSEIF Co. Ltd. to provide insurance services for the two companies’ employees and their families.

The total value of the deal is SAR 30.304 million ($8.08 million) including the value-added tax (VAT), Amana Cooperative Insurance said in a statement to the Saudi Stock Exchange (Tadawul).

The one-year contract commences on 15 January 2019, the firm added.

Amana expects the deal to have a positive financial impact on its results for 2019, it said, projecting that the value of the deal would exceed 5% of its revenues for the fiscal year 2019.

Amana Cooperative Insurance’s stock last closed Thursday at SAR 27.60, having risen by 0.36%.