Africa Re to establish HQ in Egypt

African Reinsurance Corporation (Africa Re), Africa’s leading reinsurer, is to inaugurate a new headquarters in Egypt in a move shows its growing activities in the Egyptian market, regional representative Mohammed Maait said Wednesday.

It will be built in the Fifth Settlement district, at cost of US$6 million or 47 million Egyptian pounds.

Maait further told Amwal Al Ghad that Africa Re plans to boost its investment activities in Egypt in the coming period as part of an expansion strategy including several regional markets.

The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.