6 Insurance Firms Eye Capturing Egypt’s Al-Nouran Sugar Policy with EGP2bn

Senior sources revealed that 6 insurance companies are competing to provide offers for Al-Nouran Sugar firm regarding its new factory’s policy in Sharkia  governorate with EGP2 billion total insurance amounts.

Previously, Bank Audi , Banque Misr, and Abu Dhabi Islamic Bank have finalized  from submitting information memorandum regarding the Islamic Sharia-compliant finance with value of EGP 1.5 billion for Al-Nouran Sugar company.

In a statements to Amwal Al Ghad the sources explained that the insurance companies include  Misr insurance, Suez Canal Insurance, Arab Misr Insurance Group GIG along with Delta, Mohandes and Allianz Insurances.

The policy includes covering all the engineering risks concerning construction and building of the new factory in addition contractors risks and political violence risks.

Meanwhile,  Al-Nouran Holding Company is an importer, exporter, marketer and distributor of goods; mainly raw materials and white sugar. Al-Nouran Sugar Company received the Industrial Development Authority’s approval over the establishment of a factory in Salhia City in Sharkia Governorate in the third quarter of 2010.