Quotes: US 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 Managing 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
 Sep 23 2014 - Messi Neymar on target as Barca thrash LevanteArab Times
(MENAFN - Arab Times) MADRID Sept 21 (Agencies): Barcelona overcame a missed penalty from Lionel Messi to return to the top of La Liga with a 5-0 win away to 10-man Levante on Sunday. Neymar opened ...

 Sep 23 2014 - Oil prices will not 'return' to previous levels: officialArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 21 (KUNA): A Kuwaiti oil expert indicated Sunday that the prices of oil will not return to its previous levels as the fair price is to range between $90 and 95 ...

 Sep 23 2014 - Saudi addict killed in shootout after Al-Jahra hostage dramaArab Times
(MENAFN - Arab Times) KUWAIT Sept 21 (KUNA): The Interior Ministry said on Sunday that a Saudi young man who had taken members of his family hostage at gunpoint and later stabbed one was killed in a ...

 Sep 23 2014 - Kuwait: No link between Sheikh Jaber Bridge and fish deaths: CabinetArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 22 (KUNA): The cabinet has affirmed that the constructions underway of the Sheikh Jaber Al-Ahmad Al-Sabah Bridge have nothing to do with the phenomenon of fish ...

 Sep 23 2014 - Kuwait: 9 days holiday - 3rd Oct till 11th OctArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 22 (KUNA): The Cabinet has decided to regard Wednesday and Thursday which fall on Oct 8 and 9 as 'days-off' said Minister of State for Cabinet Affairs and ...

 Sep 23 2014 - Qatar off to winning startThe Peninsula
(MENAFN - The Peninsula) Qatar overcame a tense first set before overpowering Chinese Taipei in their opening match of the Asian Games volleyball tournament at the Ansan Sangrosku Gymnasium ...

 Sep 23 2014 - Cyprus International RallyThe Peninsula
(MENAFN - The Peninsula) Qatar's Abdulaziz Al Kuwari was crowned champion of the Cyprus International Rally, the fifth round of the FIA €‹€‹Middle East Championship, held on September 19-21. ...

 Sep 23 2014 - Asian Games: Qatar trounce China in handballThe Peninsula
(MENAFN - The Peninsula) A Qatari player tries to break through the Chinese defence in their Asian Games Group C match at the Seonhak Handball Gymnasium yesterday. Qatar thrashed China 35-16 to make ...

 Sep 23 2014 - Qatar- IR key for market performanceThe Peninsula
(MENAFN - The Peninsula) Qatar Exchange (QE) and JP Morgan, in association with Middle East Investor Relations Society (MEIRS), hosted the 5th Annual Investor Relation Conference here yesterday.The ...

 Sep 23 2014 - Qatar- Global financial reporting faces challengesThe Peninsula
(MENAFN - The Peninsula) With big changes in International Financial Reporting Standards (IFRS), professionals preparing financial statements are expected to face challenges in assessing the ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help