Chedid Capital Holding has announced that its subsidiary, Chedid Insurance Brokers Egypt, received a license to start operations in Cairo.
The company stressed the strategic importance of the country to the Group’s insurance broking network, calling Egypt a “strategic bridge”.
Farid Chedid, Chairman and CEO of Chedid Capital, said: “The Group will spare no efforts for the success of Chedid Insurance Brokers Egypt.”
“Egypt is not a territory or a market we’re adding to our network, it is the strategic bridge between our African operations and our Middle East presence.”
Chedid Capital entered the African market in 2021 after acquiring the French group Ascoma, the leading independent insurance broking network in Sub-Saharan Africa.
With offices in Beirut, Cairo, Doha, Dubai, Istanbul, Jeddah, Khobar, Limassol, London, Port Louis, Riyadh and Sharjah, the network employs more than 300 employees across Africa and the Middle East.
The company obtained the license two months after the approval of the unified insurance bill, which aims to draw up specific and comprehensive rules for the insurance industry in Egypt and to organise the rules aimed to supervise and control it.
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