Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar Rail awards construction, liability insurance to QIC-led body  Join our daily free Newsletter

MENAFN - The Peninsula - 21/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar Railways Company (Qatar Rail), the company which is overseeing the construction of the country's integrated railway network, has awarded one of the largest ever single project tunnelling and rail construction insurance policies to a six-member consortium of Qatari National Insurance Companies, led by Qatar Insurance Company (QIC), with additional capacity from international reinsurers and QFC registered insurers.

This is the largest insurance programme on infrastructure in Qatar and one of the largest risk covers related to railways ever placed in the world. The awarding of the contract came after Qatar Rail adopted owner controlled approach to insurance procurement, Qatar Rails said here yesterday.

The National Insurance Consortium will provide Construction All Risks and Third Party Liability insurance to Phase 1 of Doha Metro Project.

The other five members of the consortium are Qatar General Insurance and Reinsurance Company, Al Khaleej Takaful Group, Doha Insurance Company, Qatar Islamic Insurance Company and Al Koot Insurance and Reinsurance Company. QFC-registered companies Doha Bank Assurance Company and SEIB Insurance and Reinsurance Company also participate on the programme. "We, at Qatar Rail, believe that a strong public private partnership (PPP) will further strengthen the domestic economy and our model translates Qatar National Vision 2030 into achievable actions through our projects that are essentially based on PPP," said Abdullah bin Abdulaziz Turki Al Subaie, the Managin Director of Qatar Rail.


"The significant participation by the local players in this major insurance programme demonstrates the strength of the domestic risk cover market and their potential to make robust contribution towards the overall economic development," Saad Al Muhannadi CEO of Qatar Rail said.

"The national insurance industry has the capabilities to handle large scale projects of any size and complexity and provide services of highest standards to its clients," said Ali S Al Fadala, Senior Deputy Group CEO of QIC Group.

In total a majority (80 percent) of the risk is retained by domestic insurance companies. The lead reinsurer is, Liberty, (UK), and the broker appointed by Qatar Rail is Marsh.

Jon Marsh, Vice Chairman, Global Construction Practice, said, "Marsh take great pride in our appointment to this prestigious role, which is the beginning of a significant partnership and journey."

Prasad Aniyil, CEO Marsh Qatar observed, "It was yet another opportunity for Marsh to demonstrate our commitment to Qatar, its insurance market and the Qatar National Vision 2030."

The 231 km Doha Metro forms an integral part of Qatar's overall railway network and will rank among the most modern and advanced integrated railways network in the world. It is to be executed in twin stages with the Phase 1 involving the 131 km and 48 stations (underground 63 km, elevated 48 km and at grade 20 km. The Phase 2 will see the construction of 100 km(underground 37 km, elevated 53 and at grade 10 km) with 44 stations.

 


The Peninsula




  MENA News Headlines
 Jun 24 2016 - Chinese tornado death toll hits 98Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, June 24 (KUNA) -- Death toll of the tornado and hailstorms in east China''s Jiangsu Province has climbed to 98, state-run Xinhua News Agency reported ...

 Jun 24 2016 - UK has voted by 52% to 48% to leave European Union -- BBCKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) LONDON, June 24 (KUNA) -- The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum, acording to the BBC. London and ...

 Jun 24 2016 - Spain heads to fresh parliamentary polls amid political uncertaintyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Hanadi Watfa MADRID, June 24 (KUNA) -- The Spaniards are to go to the polls on June 26 for the second time in less than one year though the political scene ...

 Jun 24 2016 - Kuwait fire fighters work throughout the year including RamadanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Hammad Al-Mutairi KUWAIT, June 24 (KUNA) -- Personnel of the Kuwait Fire Service Directorate (KFSD) work hard throughout the year including the fasting ...

 Jun 24 2016 - Washington hotel lays historic claim to longtime political practice of lobbyingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Photo feature by Ronald Baygents WASHINGTON, June 24 (KUNA) -- Tourists and Washington residents who visit the lobby of the downtown Willard Hotel can find a ...

 Jun 24 2016 - Kuwait- Amiri Diwan Affairs Minister receives former Azhar Uni. headKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 24 (KUNA) -- Minister of the Amiri Diwan Affairs Sheikh Nasser Sabah Al-Ahmad Al-Jaber Al-Sabah received Friday member of Al-Azhar''s supreme ...

 Jun 24 2016 - Tusk: Not a moment for hysterical reactionsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, June 24 (KUNA) -- President of the European Council Donald Tusk, in a first reaction to the Brexit, said on Friday the 27 EU leaders are determined to ...

 Jun 24 2016 - Madrid bourse posts record losses due to BrexitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MADRID, June 24 (KUNA) -- Benchmark of Madrid Bourse, Ibex 25, tumbled by 11.99 percent at start of Friday''s session settling at 7,819, amid a prevalent jittery ...

 Jun 24 2016 - Cameron declares he is stepping down from officeKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) LONDON, June 24 (KUNA) -- British Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union. Cameron made the ...

 Jun 24 2016 - Egypt receive millions in new investments from ChinaMENAFN
(MENAFN) China Petroleum and Technology Development Corporation (CPTDC) plans to invest nearly USD10 million in Egypt, based on recent reports.Accordingly, the firm has been trying to find a local ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help