Arab Orient Takaful Invests EGP50 million in New Suez Canal Project

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Egypt’s Arab Orient Takaful Insurance company purchased today EGP 50 million (around US$7 million) worth of investment certificates to fund the second Suez Canal project, said managing director Mohamed Abdel Gawad.

In a statement to Amwal Al Ghad on Saturday, Abdel Gawad referred to the national pivotal role to be played by the new Suez Canal project. He also highlighted the Suez Canal investment certificate as a guaranteed saving pool, at an interest rate of 12%, which is higher than those invested in the Treasury bill and bonds.

The new Suez Canal project aims to attract more ships and boost the country’s income. Egypt’s Suez Canal brings in US$ 5 billion annually and is a major contributor to Egypt’s economy, which was suffered since the 2011 revolution.

On September 4th, four assigned banks, Banque Misr, the National Bank of Egypt, Banque Du Caire and the Suez Canal Bank, began last week selling five-year investment certificates, designed to finance the new Suez Canal project.