Four local insurers competing for New Suez Canal’s insurance policy

Four Egyptian insurers are competing for an insurance policy designated for a project to build a tunnel under the new Suez Canal, senior sources told Amwal Al Ghad Monday.

The project is with cost of 10 billion Egyptian pounds (US$1.3 billion).

The company responsible for building the tunnel has launched a bid limited to Misr Insurance Company, Suez Canal Insurance Company, Arab Misr Insurance Group (GIG), and Mohandes Insurance Company.

Egypt plans to build six tunnels, with total cost of 29 billion pounds, as the second part of the new Suez Canal project that aims to develop Sinai Peninsula region.