$200 m. global insurance centre set to be built at BFH
Eastern Commercial Complex of Bahrain Financial Harbour will be created with the aim of attracting global and regional insurance-related buisness to the centre
Bahrain Financial Harbour (BFH) has announced the establishment of the Eastern Commercial Complex of the development, which will house the Bahrain International Insurance Centre with support from the Bahrain Monetary Authority. The US $200 million component of BFH has been created with the aim of attracting global and regional insurance-related businesses.
An agreement regarding the Eastern Commercial Complex was signed by Esam Janahi, chairman, Bahrain Financial Harbour, Jalal Ahmed Mansour Al Aali, deputy chairman and Ahmed Mansour Al Ali Bahrain Company, one of the main investors in the complex. Also present at the signing ceremony held at the 10th Arab Investment and Capital Markets Conference in Beirut were Anwar Al-Sada, executive director, Financial Institutions Supervision, Bahrain Monetary Authority and Saleh Al Nashwan, a BFH official.
“The creation of this Insurance centre, hosted in the Eastern Commercial Complex, is a significant step forward in achieving the objectives of the BFH project to meet the demands of the financial sectors of Bahrain and the region,” said Janahi. “The interest and involvement from our lead investor Ahmed Mansour Al Aali Bahrain Company highlights both the importance of BFH itself as well as of the financial aspects of insurance and re-insurance to the financial sector. It is yet another component that demonstrates the comprehensive nature of the entire development and our intention to evolve Bahrain as the Financial Capital of the Middle East,” he added.
Insurance and Re-insurance is one of the sectors that the Bahrain Monetary Authority has been responsible for supervising and controlling since August 2002. As a legal authority, the Bahrain Monetary Authority creates the regulatory framework for the sector and promotes it as an international hub for finance and insurance related businesses, in accordance with international best practices.
“The existence of such a sector in Bahrain enhances the Kingdom’s reputation as one of the important global financial hubs, as we have already been considered for over 30 years,” said Anwar Al-Sada. “It provides huge support for the insurance and the re-insurance sector in the region, and it is a tailor-made response to the needs of insurance from the financial sector and the private captive insurance market.”