Gulf investors bidding to launch an insurance firm in Egypt

Market regulator, Egyptian Financial Supervisory Authority (EFSA) is studying a new bid from Gulf investors willing to establish a new insurance firm in the country.

The shareholders of the anticipated company will involve Gulf investors, EFSA chief Sherif Samy told Amwal Al Ghad on Sunday.

This demonstrates Egypt’s ability to lure foreign investment, Samy said.

Egypt recently witnessed the launch of United Insurance Co. to practice property insurance, where Elmarshreq Lebanese Company contributes by 35 percent of its shares, and AXA Egypt, which is fully owned by France’s AXA Group.