Dec 04 2013
Bahrain’s government and a local private developer have selected Solidarity General Takaful Company (SGTC) to provide insurance for a massive real estate project involving the construction of 2,800 housing units, a newspaper in the Gulf kingdom reported on Wednesday.
SGTC, an affiliate of the Bahrain-based Solidarity Group Holding BSC, said it had signed an agreement with the developers to provide insurance for the USD 450-million project in Hamad Town in Northern Bahrain.
“We have been selected as the sole insurers for this project, which is the first of its kind in Bahrain,” Ashraf Bsaisu, the group’s CEO, told the Bahraini daily Akhbar Al-Khaleej.
The paper said the project, a joint venture between the Bahraini government and
Naseej
real estate company, is one of the largest real estate projects in the region to be owned jointly by the public and private sectors.
It quoted
Naseej
as saying that funding for the project had been secured but it did not identify the financers.
© Zawya 2013
© Copyright Zawya. All Rights Reserved.