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
 May 6 2016 - Omani new rail-network to surge exports considerablyMENAFN
(MENAFN) As the aspiring Omani national rail network currently under development connects prodigious mining sites with the Sultanate's maritime gateways, gypsum exports along other minerals will ...

 May 6 2016 - Air strikes on Syria displaced c killing 28 as Aleppo truce holdsThe Peninsula
(MENAFN - The Peninsula) Syrians carry a giant pre-Baath Syrian flag as they shout slogans during an anti-regime protest in the rebel-held Bustan al-Qasr district in eastern Aleppo on May 5 2016. The ...

 May 5 2016 - Qatar- Ronaldo hails Zidane as Real reach Chions League finalThe Peninsula
(MENAFN - The Peninsula) Real Madrid's Portuguese forward Cristiano Ronaldo controls the ball during the UEFA Champions League semi-final second leg football match Real Madrid CF vs Manchester City ...

 May 5 2016 - Qatar could host Summer Olympics says CoeThe Peninsula
(MENAFN - The Peninsula) President of the International Association of Athletics Federation (IAAF) Sebastian Coe (L) and Presdient of the Qatar Athletics Federation (QAF) Dahlan Al Hamad (R) speak ...

 May 5 2016 - Qatar Aquabike chionship to begin on FridayThe Peninsula
(MENAFN - The Peninsula) DOHA: The third round competitions of Qatar’s Local Aquabike Championship 2016 organized by the Qatar Sailing and Marine Sports Federation (QSMF) will get underway ...

 May 5 2016 - Gulf Air's FalconFlyer and Europcar in dealThe Peninsula
(MENAFN - The Peninsula) Gulf Air and Europcar officials signing the agreement. Manama: Gulf Air the Kingdom of Bahrain’s national carrier yesterday announced a partnership between the ...

 May 5 2016 - Visitors from Qatar to Dubai increase by 26 in Q1 2016The Peninsula
(MENAFN - The Peninsula) Doha: Dubai welcomed 4.1 million overnight visitors in the first three months of 2016 a 5.1% increase over the same period last year backed by strong double digit ...

 May 5 2016 - Joyalukkas wins Best Service Performance Brand awardThe Peninsula
(MENAFN - The Peninsula) Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum honouring Joy Alukkas Chairman Joyalukkas at a function in Dubai. Dubai: The eponymous Joyalukkas Jewellery received ...

 May 5 2016 - Qatar- Real estate deals at QR580.6m in last week of AprilThe Peninsula
(MENAFN - The Peninsula) DOHA: The combined value of Qatar’s real estate transactions during the fourth week of April (from 24-28) amounted to QR580.6m showing over 57 percent growth compared ...

 May 5 2016 - Qatar- SP affirms QIB's long-term ratingThe Peninsula
(MENAFN - The Peninsula) DOHA: S&P Global Ratings has affirmed Qatar Islamic Bank’s (QIB) “A-/A-2” long and short term counterparty credit ratings. QIB’s rating reflects ...

 May 5 2016 - Qatar bourse and Goldman Sachs launch London roadshowThe Peninsula
(MENAFN - The Peninsula) DOHA: Qatar Exchange (QSE) in coordination with Goldman Sachs yesterday commenced in London a roadshow that aims to promote investment in the Qatari companies listed on QSE ...

 May 5 2016 - Vodafone Qatar unveils Connect Plans schemeThe Peninsula
(MENAFN - The Peninsula) Vodafone officials at the launch of the company’s ‘Connect Plans’ scheme at the Four Seasons Hotel in Doha yesterday. Pic: Baher A / The Peninsula ...

 May 5 2016 - Qatar for joint efforts to rejuvenate global economyThe Peninsula
(MENAFN - The Peninsula) Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani with Chairman of the Presidential Council of the Republic of Bosnia and Herzegovina Bakir ...

 May 5 2016 - Philippines' leading airline Cebu Pacific boosts direct service to DohaThe Peninsula
(MENAFN - The Peninsula) DOHA: The Philippines’ leading airline Cebu Pacific (CEB) will add a frequency between Manila and Doha beginning July 9. The only Philippine carrier flying non-stop ...

 May 5 2016 - Qatar Today announces second edition of business excellence awardsThe Peninsula
(MENAFN - The Peninsula) DOHA: Qatar Today has announced the second edition of its Business Excellence Awards. The event being held under the auspices of Qatar Stock Exchange will identify ...

 May 5 2016 - Qatar Chamber participates in food security meetThe Peninsula
(MENAFN - The Peninsula) Sheikh Khalifa bin Jassem bin Mohammed Al Thani (left) Chairman Qatar Chamber at the Food Security Conference held in Fujairah. DOHA: Qatar Chamber (QC) participated ...

 May 5 2016 - KidzMondo set to open at Mall of QatarThe Peninsula
(MENAFN - The Peninsula) Ali Kazma (left) KidzMondo Founder and Nabil Barakat General Manager during a press conference and groundbreaking event of KidzMondo Doha at Hilton Hotel yesterday. Pic: ...

 May 5 2016 - Four wounded after rockets hit Turkey's KilisThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) >Four people including a police officer were wounded after rockets fired from Islamic State of Iraq and the Levant (ISIL)-controlled territory hit the ...

 May 5 2016 - Turkey- Delegation from Turkish opposition party detained in IsraelThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) >A delegation from Turkey’s far-right Great Unity Party (BBP) was detained at Israel’s Tel Aviv airport early on May 5 the party and CNN Türk ...

 May 5 2016 - ISIL must be pushed back in northern Syria: Turkish ministerThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Islamic State of Iraq and the Levant (ISIL) must immediately be pushed back from the Turkish border said Turkish Foreign Minister Mevlüt ...

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