MEDGULF Secures Binladin Health Insurance Contract

The Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) won a 12-month contract to provide health insurance for employees and dependents of Binladin International Holding Group. The company said it received the notice to award on June 14 and signed the same day. Service begins July 1, 2026.

The contract value exceeds 5% of MEDGULF's total revenue as reported in its latest audited financial statements for 2025. That threshold makes the deal material enough to require disclosure under Saudi exchange rules. The company expects the contract to have a positive impact on its 2026 profits.

MEDGULF shares closed at 16.40 riyals, up 0.45 riyal or 2.82% on the announcement. The gain is modest in percentage terms, reflecting the one-year duration and the lack of specific revenue guidance.

Binladin International Holding Group is one of Saudi Arabia's largest construction conglomerates. Providing health coverage for its workforce adds a sizable block of premium income for MEDGULF. The contract covers employees and their dependents, a standard structure for group medical insurance in the kingdom.