Business insurance ยท Saudi Arabia

Walaa Cooperative Insurance

Al Khobar-based listed insurer; pool leader for PIF's contractor surety bonds

Tier A ยท Listed

Market position

Walaa Cooperative Insurance is a Saudi insurer listed on the Saudi Exchange (Tadawul: 8060) and headquartered in Al Khobar, with three regional offices and over 70 retail offices according to Reinsurance News (June 2025). It completed a merger with SABB Takaful in October 2022. Reinsurance News reported in December 2024 that Walaa is the co-insurance pool leader issuing surety bonds, under a programme developed by the Public Investment Fund, for qualified contractors on projects of PIF's development companies.

Saudi Arabia-specific note

For contractors on projects of PIF's development companies, Walaa leads the co-insurance pool issuing surety bonds under the PIF-developed programme, reinsured by Saudi Re, according to Reinsurance News (December 2024). Its engineering cover needs a direct check with Walaa or a broker.

Pros

  • + Surety bonds for qualified contractors on PIF development-company projects
  • + Three regional offices and over 70 retail offices, per Reinsurance News
  • + Listed insurer that publishes quarterly results

Cons

  • โˆ’ Engineering (contractor's and erection all risks) products could not be confirmed this run
  • โˆ’ No published rates confirmed
  • โˆ’ Surety programme is limited to qualified contractors on PIF development-company projects

Typical Saudi Arabia pricing

No prices confirmed: walaa.com refused automated access this run, so no published rates could be checked; ask Walaa or a licensed broker for a quote.

Why this matters for Saudi Arabia trades

The Engineering Professions Practice Law requires Saudi Council of Engineers (SCE) accreditation before anyone practises engineering, with fines of up to SAR 1 million. Under the Contractor Classification Law, government bodies may not accept a bid for a project subject to classification unless the contractor is classified in its field, activity and grade; classification requests and building permits are filed on Balady, where permit plans are checked against the Saudi Building Code and latent defects insurance is a required document. ZATCAโ€™s Phase 2 requires businesses called in by turnover wave to connect their invoicing software to the Fatoora platform (EY reports that Wave 25 reaches taxable turnover above SAR 187,500 and that businesses in it should prepare to comply with Phase 2 starting from 1 February 2027). Nitaqat places each entity in one of five Saudization ranges that decide access to services such as new expatriate visas and work permits, and Argaam reported in 2018 that firms must join the Saudi Contractors Authority before bidding for tenders.

Saudi construction and trades software selection is shaped by ZATCAโ€™s mandatory e-invoicing regime (Phase 2 integration with the Fatoora platform, rolled out in turnover waves), contractor classification by the Ministry of Municipalities and Housing for public projects, building permits on Balady checked against the mandatory Saudi Building Code, Saudization ranges under Nitaqat tracked on Qiwa, and government tenders run on Etimad. Several vendors listed here offer Arabic and English interfaces, and some publish SAR prices.

Frequently asked

Is Walaa Cooperative Insurance a good fit for Saudi Arabia trades?

Walaa Cooperative Insurance is a Saudi insurer listed on the Saudi Exchange (Tadawul: 8060) and headquartered in Al Khobar, with three regional offices and over 70 retail offices according to Reinsurance News (June 2025). It completed a merger with SABB Takaful in October 2022. Reinsurance News reported in December 2024 that Walaa is the co-insurance pool leader issuing surety bonds, under a programme developed by the Public Investment Fund, for qualified contractors on projects of PIF's development companies. For contractors on projects of PIF's development companies, Walaa leads the co-insurance pool issuing surety bonds under the PIF-developed programme, reinsured by Saudi Re, according to Reinsurance News (December 2024). Its engineering cover needs a direct check with Walaa or a broker.

What does Walaa Cooperative Insurance cost in Saudi Arabia?

No prices confirmed: walaa.com refused automated access this run, so no published rates could be checked; ask Walaa or a licensed broker for a quote. Pricing and availability can change by region; confirm current Saudi Arabia pricing on the vendor's site before committing.

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