Based on the responsible role of the Saudi Arabian Monetary Authority (SAMA) to protect the insured and the beneficiaries of the insurance. SAMA announces that after it has read the announcement of the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf), published on the Tadawul website on 11/14/1438 AH. SAMA would like to clarify that it noticed that the announcement included a promise to issue a bank guarantee from the owners of the majority stake in MedGulf Bahrain in favor of the Saudi MedGulf Company to meet the debt amounting to (163.38) million riyals.

                SAMA urges the Saudi MedGulf Company to ensure full compliance with all what was stated in the SAMA's letter addressed to the company on 11/10/1438 AH. The letter which contains a final warning to the company, as SAMA will take additional legal measures in the event that the company does not correct the accounting treatment and issue the financial statements for the second quarter From the fiscal year 2017 AD on time.

In the interest of SAMA to inform the public; It made this announcement.