Insurance

Bechtel wins nuclear power plant deal

The Ministry of Electricity and Energy of Egypt has disclosed that Bechtel Power has been contracted to design and consult on a nuclear power plant worth around E£1 billion (US$180 million). Egypt currently has a 22MW nuclear research reactor at Inshas in the Nile Delta, built by INVAP S.A. of Argentina; it began operations in 1997. Three other possible 600MW power station projects are also said to be in the pipeline.

Arig Posts 2008 Loss on Equities Write-Downs

Arab Insurance Group posted a $28.6 million (22.4 million euro) loss for 2008, compared with a $23.7 million profit in 2007 due to the ongoing financial crisis. The Bahrain-based company blamed its losses on write-downs on its reduced equities portfolio. Arig said its investment assets came to $678.5 million in 2008, down on the $711.6 million it recorded in 2007. The company recorded an investment loss of $26.1 million, compared with investment profit of $53.7 million in 2007. Arig said it had no direct exposure to troubled assets or failed financial institutions.

CBB issues British Insurance Group Legal and General two licenses

The Central Bank of Bahrain has granted licenses to Legal and General Gulf and Legal and General Gulf Takaful. The two new companies will offer life insurance and Takaful services in Bahrain and the broader Middle East. The two companies will be established with total paid up capital of BD10m which will be contributed equally by British Insurer Legal & General Group Plc. and Ahli United Bank B.S.C. The shareholders plan to offer customers in the Middle East a wide range of products and services, including both traditional and Takaful life insurance. The two companies will market their products initially through AUB's existing branches in the region.