The Egyptian Financial Supervisory Authority (EFSA) is examining a new bid from Gulf investors, willing to set up a new insurance company in Egypt.
According to the Market regulator, the shareholders of the projected firm will comprise Gulf investors, says Sheriff Samy, EFSA chief. “This demonstrates Egypt’s ability to lure foreign investment”, Samy added.
Lately, Egypt witnessed the launch of United Insurance Co. in order to practice property insurance. For the launch of this insurance, an Elmarshreq Lebanese Company contributes by issuing 35% worth of its shares, fully owned by the French “AXA Group.