Saudi Gazette report

DAMMAM — Arabian Shield Cooperative Insurance Co. announced Thursday that it has reached a final settlement agreement with Arabian Centres Co. regarding an insurance claim linked to the 2022 fire at Dhahran Mall in the Eastern Province.

In a filing on the Saudi Exchange (Tadawul), the insurer said the settlement value amounted to SR250 million ($66.7 million) as full and final compensation for all damages and losses arising from the fire incident.

Dhahran Mall, located in Dhahran in the Eastern Province, experienced a partial fire on the morning of May 13, 2022.

Civil Defense teams contained the blaze without major casualties, though sections of the mall sustained damage.

Arabian Shield said the settlement would have no material financial impact on the company, noting that its strong ties with leading global and local reinsurance partners played a key role in reaching the final agreement.

The insurer added that the resolution serves the best interests of all parties involved, closing a high-profile case that had remained pending since the 2022 incident.