Orient Takaful wins Lafarge Cement Egypt’s €1 billion insurance policy tender

Egypt’s Orient Takaful Insurance Company has won a tender to provide insurance coverage for Lafarge Cement Egypt’s plants, chief executive Mohamed Moustafa Abdel Rasoul announced Sunday.

Lafarge’s policy is with total sum insured of €1 billion ($1.04 billion or 19 billion Egyptian pounds, to cover all risks of fire, burglary, and civil liability, Abdel Rasoul told Amwal Al Ghad.

Lafarge Egypt, a member of LafargeHolcim Group, is a leading producer of building materials in Egypt.

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).