State-owned companies Egyptian Misr Insurance and Al Ain Ahlia Insurance from the UAE have sealed a cooperation protocol to enhance their collaboration in the Arab insurance sector, reported Daily News Egypt.
The agreement focuses on digital innovation, expertise sharing and sector innovation.
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Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, attended the signing ceremony.
The protocol outlines the development of insurance products, scientific expertise exchange and training standards improvement.
This collaboration seeks to enhance both companies’ services and encourage new technology adoption in the insurance sector.
The efforts are expected to contribute to sustainable development and enhance economic ties between Egypt and the UAE.
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By GlobalDataMinister Hassan El-Khatib highlighted the protocol as a step to achieve Egypt’s Vision 2030 and foster Arab integration.
He noted the partnership’s potential to drive digital transformation, attract foreign direct investment, create jobs and upgrade the financial services infrastructure.
The focus on digitalisation is expected to enhance customer experiences in the region.
Misr Insurance board member and CEO Omar Gouda emphasised the significance of knowledge sharing and digital systems development in improving IT infrastructure and services.
He stated that the protocol would support capacity-building and best practice exchanges, which are crucial for employee skill enhancement in the insurance sector.
Al Ain Ahlia Insurance CEO Mohamed Mazher expressed his support for the alliance, viewing it as a precursor to further collaboration.
He believes their combined efforts will lead to more insurance solutions, boosting the global competitiveness of the Arab insurance market.
Misr Insurance Company was founded in 1934 as part of Banque Misr projects.
In 2006, ownership was transferred to Misr Insurance Holding Company, which merged Al Sharq Insurance Company and Misr Reinsurance Company in 2007.
Set up in 1975, Al Ain Ahlia Insurance Company offers insurance and reinsurance services nationwide, with its headquarters in Abu Dhabi and a network of branches across the region.
