Egyptian Takaful Property eyes $63mln-investments by end 2016

The Egyptian Takaful Insurance Company (Property) targets achieving investments worth 490 million Egyptian pounds (US$62.6 million) during fiscal year 2015-16, head of investment department El-Sayed Bayoumi said Tuesday.

Bayoumi told Amwal Al Ghad that the company eyes obtaining investment revenue estimated at 62 million Egyptian pounds at the end of June 2016.

The volume of company’s total investments recorded around EGP 414 million within the fiscal year 2014-15 with revenues worth EGP 53.5 million, the official stated.

Bayoumi added that the Egyptian Takaful Insurance Company (Property) intends to participate in long-term investments as it is studying projects set to be launched by the Egyptian banks within the upcoming years.