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Ongoing Efforts to Restructure the

Ongoing Efforts to Restructure the State-Owned Insurance Sector: The Minister of Investment Issues Decree for the Transfer of Assets
The Minister of Investment issued Decree Number 255 of 2008 (published in the Egyptian Gazette on December 2nd, 2008) effecting the transfer of all real estate assets owned by Misr Insurance, Shark Insurance and Egyptian Reinsurance Companies to the Insurance Holding Company, which shall in its turn transfer the same assets to Misr Real Estate Management Company, all on the basis of book value. It is worth noting that this is the latest in a series of measures undertaken since 2006 to restructure the state-owned insurance sector, through Misr Insurance. Those measures are:
  • The establishment of a new Insurance holding Company, reporting to the Minister of Investment (2006).
  • The transfer of ownership of Misr Insurance, Ahly Insurance and Egyptian Reinsurance Company to the Holding Company for Insurance (2006).
  • Merging Shark Insurance and Egyptian Reinsurance Companies into Misr Insurance (2007).
  • The establishment of a new subsidiary to the Insurance Holding Company called “Misr for Real Estate Management” (2007).
The new decree introduces a further step in the overall restructuring of the state-owned insurance sector by transferring the real estate assets of Misr, Shark and Egyptian Reinsurance Companies to the new Misr for Real Estate Management, thus creating a major assets-owner which shall have under its ownership and management one of the largest real estate portfolios, including the unique historical buildings in downtown Cairo, Alexandria and other cities.
The Minister of Investment issued Decree Number 255 of 2008 (published in the Egyptian Gazette on December 2nd, 2008) effecting the transfer of all real estate assets owned by Misr Insurance, Shark Insurance and Egyptian Reinsurance Companies to the Insurance Holding Company, which shall in its turn transfer the same assets to Misr Real Estate Management Company, all on the basis of book value. It is worth noting that this is the latest in a series of measures undertaken since 2006 to restructure the state-owned insurance sector, through Misr Insurance. Those measures are:
  • The establishment of a new Insurance holding Company, reporting to the Minister of Investment (2006).
  • The transfer of ownership of Misr Insurance, Ahly Insurance and Egyptian Reinsurance Company to the Holding Company for Insurance (2006).
  • Merging Shark Insurance and Egyptian Reinsurance Companies into Misr Insurance (2007).
  • The establishment of a new subsidiary to the Insurance Holding Company called “Misr for Real Estate Management” (2007).
The new decree introduces a further step in the overall restructuring of the state-owned insurance sector by transferring the real estate assets of Misr, Shark and Egyptian Reinsurance Companies to the new Misr for Real Estate Management, thus creating a major assets-owner which shall have under its ownership and management one of the largest real estate portfolios, including the unique historical buildings in downtown Cairo, Alexandria and other cities.