Egypt: Misr group targets Africa for expansion
Source: Middle East Insurance Review | Jan 2019
Regional expansion is one of the pillars of state-run Misr Insurance Holding Group’s strategy, the investment holding company’s chairman and managing director Mr Basel El Hini, has said.
The focus of expansion will be on the African market in particular as Misr Insurance Holding believes opportunities for growth lie with the African market, he told Al Mal News, adding that the group needs to venture overseas because the Egyptian market is currently not sufficiently large.
The approach which Misr Insurance Holding will take in Africa would be the same as that it adopted in Dubai, which is to first open a representative office that would later be upgraded to a branch, said Mr El Hini. The representative office will study the opportunities available in the particular market in which it is established.
Misr Insurance Holding, through its subsidiaries, engages in insurance, investment, real estate, and service businesses. It owns Egypt’s biggest general insurer, Misr Insurance, and largest life insurer, Misr Life Insurance.
Misr Insurance received its licence in 2017 to operate in the DIFC. Outside Egypt, Misr Insurance also has offices in Kuwait and Qatar. M