Misr Insurance renews Sawiris-run Orascom Hotels’ $754mn policy

The leading insurer in MENA region, Misr Insurance Company has renewed an insurance policy for Orascom Hotels and Development Company.

With a total sum insured up to 6.7 billion Egyptian pounds (US$754.4 million), the policy is tailored for Orascom’s assets and properties, Misr Insurance’s chief executive of the general insurance sector, Hosny Mishrif told Amwal Al Ghad Wednesday.

The policy is a two-year renewable term, involving an insurance coverage for Orascom’s assets, properties, and hotels located on the Egyptian Red Sea coast in Hurghada, El Gouna and Taba, Mishrif added.

Misr Insurance shall provide insurance coverage for Orascom against all dangers of fire, burglary, and natural disasters such as floods and earthquakes, the official stated.

Founded by Egyptian billionaire construction tycoon Samih Sawiris, Orascom Hotels and Development (OHD) is an integrated developer of resort towns in Egypt. It involves a vertically-integrated business model with various development fields including residential units, hotels and recreational facilities such as golf courses, town centers and marinas leisure, in addition to supporting infrastructure, such as hospitals, schools, utilities and all supporting infrastructure.