Arab Orient is getting established in Egypt

The new company, which will be called Arab Orient InsuranceCompany Egypt, is due to start operating in October 2009. It will be underwriting in all non life classes of business and will be run by Ibrahim A. Shahid. Its capital will be worth 100 million EGP (17.97 million USD). AOIC Dubai will be holding 60% of the capital while the remaining 40% will be divided between National Development Bank andUnion National Bank.