Orient Takaful wins Automech Formula 2016 show’s $11.3mn insurance policy

Egypt’s Orient Takaful Insurance Company has won an insurance policy bid for the current edition of the Automech Formula auto show 2016, its senior vice president Walid Sayed Moustafa announced Sunday.

The 23rd Cairo International Motor Show-Automech Formula 2016 is running in Cairo from 16 to 21 March.

For the insurance policy, it is with total sum insured of up to 100 million Egyptian pounds ($11.3 million), Moustafa told Amwal Al Ghad.

The Egyptian official further said the policy involves an insurance coverage for the car models shown in the exhibition against dangers arising out of fire and any other potential risks.

Orient Takaful Egypt’s current shareholding comprises Dubai-headquartered Orient Insurance, a fully owned unit of Al-Futtaim Group, (60 percent), in addition to Abu Dhabi Islamic Bank (20 percent), and the Union National Bank (20 percent).