Egypt’s Misr Emirates Takaful Life Insurance (METLICO) has signed Tuesday an insurance cover agreement with Qatari Diar Real Estate Investment Co.
According to the agreement, METLICO will provide a life insurance cover for the workers of St. Regis Hotel Tower, one of the Qatar company’s projects in Egypt.
Qatari Diar’s insurance policy includes cover against natural death as well as total disablement and permanent partial disablement for the St. Regis Hotel Tower workers, METLICO’s managing director Salah Abdel Fattah told Amwal Al Ghad.
Abdel Fattah did not disclose the value of Diar’s insurance policy.
It will serve 150 workers at the beginning of the project, a number that is expected to rise to 800 as soon as the hotel is fully-furnished and ready to receive clients, he added.
METLICO has won the mandate to cover Diar’s policy after a fierce competition with Misr Life Insurance, Allianz Egypt, Mohandes life Insurance, and Metlife ALico, Abdel Fattah further said.
Founded in 2015, Misr Emirates Takaful Life Insurance Co is part of the UAE Islamic Arab Insurance Companies (SALAMA).