(MENAFN - The Peninsula) By Mohammad Shoeb I The Peninsula
Qatar General Insurance and Reinsurance Co (QGIRCO), one of the diversified and QSE-listed companies in the country, is to open its flagship real estate project in Algeria within six months, said a top official of the Group.
The QGIRCO is developing one of the biggest mixed-use real estate projects in the capital city of Algiers. It's a project consisting of 11 buildings, including a luxury hotel (Marriot), office buildings, a mall and shopping centres, which are at the verge of completion.
'Our investment in Algeria, especially the real estate project, is one of the best in our investment portfolio. It is a very huge project which is almost ready, and we will start opening it within six months, Group CEO of QGIRCO Hassan Ahmed Hassan Al Efrangi told The Peninsula.
Al Efrangi added: 'In addition to this project we have many other projects within Algeria and Oman in many other areas. QGIRCO Group has established a shareholding company (Trust Holding Investment Algeria Company) in Algeria which has wide operations.
It supervises and manages several subsidiaries, which include Trust Bank Algeria, a leading bank in the country; Trust Real Estate, a real estate developer of residential and hospitality projects including the 'Bab Ezzouar project in Algiers, and Trust Industries, which specialises in manufacturing of bricks, tiles and other construction materials.
Commenting about future investment and expansion plans in new overseas markets, he said that the Group is open to invest in any new markets if some attractive opportunities arise. However, he also noted that the company will continue to provide more focus to expand its insurance sector, which is a strong and core business of the company.
Asked if the political uncertainties in Algeria will have any adverse impact on its operations, he strongly refuted the apprehensions, adding that things in North African country are moving ahead in the right track, and the
Algerian economy will do better and register faster progress. 'I personally do expect and see a very great future of Algeria. On the future growth prospects and profitability of the Group, Al Efrang said that QGIRCO has very strong financial position, which remained resilient despite the challenging market conditions and continued to perform well.
'We have a huge asset portfolio with diversified business interests. Our target is to further diversify our investments. At the same time we are also working to strengthen our market share in the insurance sector within Qatar as well in the international market, he reiterated.
'We have huge investments in Qatar as well as outside the country which has great potential to expand and grow and we are focusing on that. In Qatar, QGIRCO is one of the largest insurance services providers with a wide range of customer base. The company is also working to improve efficiency and optimises its assets use.
'We have a very well-defined growth strategy under which we are working to minimise risks, make more profit for the company and improve the quality of our products and services. And soon we will strengthen our position as one of the leading insurance companies in Qatar and the region, noted Al Efrangi.