Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) has approved Binladin Group’s approval to renew a cooperative health insurance agreement.

Under the deal, the insurance company will provide health insurance services to the employees in Binladin Group, according to a recent bourse statement by MedGulf.

The agreement will come into force starting from 1 July.

MedGulf expected that the contract’s value might worth more than SAR 300 million, representing 5% of MedGulf’s total revenues in 2018.

The financial impact of the deal will be shown in the company’s financial results of 2019.

It is worth noting that MedGulf posted a 47.3% year-on-year decline in losses during the full-year 2018, recording SAR 204.53 million.