The Saudi Arabian Monetary Authority "SAMA" announced its approval of a number of insurance products to cover the risks of canceling live events in the Saudi insurance market. SAMA stated that the approval came in coordination with the General Entertainment Authority in view of the expected growth of live entertainment events in the Kingdom. In order to cover the risks of canceling these licensed activities by the official authorities, not completing them, postponing them, stopping them or moving their place, for reasons outside the control of the organizer, such as weather conditions or cases of non-appearance in the event that this is agreed upon.

                This step comes as a continuation of the Saudi Arabian Monetary Authority relentless efforts in developing the insurance sector through the diversity of insurance products and their provision according to the needs of the Saudi market and insurance companies' customers, and to keep pace with developments in all fields in order to support stability of transactions, preserve civil rights, and diversify risk management tools.