Bahrain-based Takaful Inter-national Company sealed an agreement with Albilad Real Estate Investment Company to provide insurance coverage related to the construction and establishment of the Water Garden City, one of the largest projects in the region.
A signing ceremony was held at Albilad headquarters in Bahrain Financial Harbour in coordination with the insurance brokers AON Middle East Reinsurance Company.
Water Garden City project is one of the highly advanced construction projects in GCC countries with a total estimated cost of $6.6 billion. This huge project is designed to be an urban residential city with world-class services, entertainment facilities and commercial offices.
The insurance agreement was signed by Zeyad Janahi, general manager of Albilad, and Younis Jamal Al-Sayed, CEO of Takaful. “We are delighted to sign this agreement with Takaful International Company, a leading insurance company which provides innovative products and services,” said Janahi.
“From the beginning we realized the importance of having insurance to cover the various perils of this massive project. ... Undoubtedly, choosing Takaful International is an added value to the project because of their technical and professional potential,” he added.
“The insurance coverage for Albilad Real Estate Investment Company are in compliance with the Shariah principles and will provide adequate protection to the Water Garden City,” said Al-Sayed.
He added that the company prioritizes clients by providing insurance services to suit their various needs and demands. The coverage will include contractor all risk insurance and third party liability.
Water Garden City, located in Seef District, sprawls over an area of 56 hectares and includes vital facilities along the new sea front.