Ministry of Municipal, Rural Affairs and Housing today signed a memorandum of understanding with Najm Insurance Services Company to develop initiatives that support the development of road performance and cooperate in awareness campaigns to avoid traffic accidents, under the patronage of H.E. Mr. Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs and Housing, and a number of officials from both sides.

Ministry of Municipal, Rural Affairs and Housing was represented by <The memorandum aims to develop cooperation with Najm in the initiative to establish a fund to develop road performance (accidents - traffic congestion) in accordance with regulations and instructions, and provide support for awareness campaigns to avoid traffic accidents within the various facilities affiliated with the Ministry.

Red Fund Initiative

<According to the MoU, the Ministry will cooperate with Najm in supporting Najm's “Red Box” initiative, which aims to monitor locations where traffic accidents increase and categorize them into categories (critical, medium and low), and the Ministry will then develop and address them to reduce accident rates, in addition to adopting the Kingdom's master map in Najm's work after completing the statutory procedures. Through its national initiatives and under the supervision and control of the Saudi Central Bank, Najm seeks to enhance the role of the insurance sector in cooperation with government agencies as part of its social responsibility, and to provide statistical data and spatial reports to the Ministerial Committee for Traffic Safety and the competent authorities, to cooperate towards finding appropriate solutions to reduce the rates of traffic accidents in the Kingdom, resulting in minimizing the financial consequences and economic losses resulting from traffic accidents.