Arab Contractors: Net Investments in Private Insurance Fund Hit EGP2.2bn
Net investments in the private insurance fund for Egypt-based Arab Contractors’ employees reached EGP 2.2 billion by end of September 2014, an official from the company said on Monday.
Ali Al-Rebat – Managing Director of Arab Contractors Employees’ Private Insurance Fund – stated that the government-backed securities capture around 52.08% of the fund’s total investments; while 6.53% are for banking and cash deposits. Arab Contractors Employees’ fund also invests around 12.9% in the country’s stock exchange (EGX), 11.09% in the real estate sector, 1.73% in bonds can be offered on EGX, 1.18% in employees’ loans, and 0.08% in others.
The Egyptian official further said, in a keynote speech during the 6th Annual Insurance Private Funds Conference kicked off today, the fund had contributed so far to the implementation of 3 national projects; Safwa Towers in Rod El Farag, Flowers Park Compound in New Cairo, and October Princess Compound in the 6th of October City.
