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Press Release
Trade Union Cooperative Insurance Co. to operate from Bahrain Financial Harbour
Manama, Bahrain, September 29, 2008: Bahrain Financial Harbour Holding Company (BFHHC) today confirmed signing a lease agreement with Trade Union Insurance Co. (TUIC), a leading insurance company from the Kingdom of Saudi Arabia. The company will occupy space on the 14th floor of the West Tower in the 'Financial Centre'.
Commenting on the agreement, Mr. Salwan Uchi, Marketing Director, BFHHC, said: "The insurance sector in Bahrain is currently in overdrive and Bahrain Financial Harbour (BFH) aims to add momentum to this growth by providing an ideal business environment for quality players. We are delighted to have one of Saudi Arabia's most renowned insurance companies set up its base at BFH. Furthermore, we are optimistic that TUIC, which has been a dominant player in the sector over the past 25 years, will find BFH's holistic business environment the perfect catalyst for its operations."
TUIC was founded in 1983 as an offshore company based in Bahrain to conduct business in Saudi Arabia by a group of prominent Saudi businessmen and Arab insurance experts. The company offers insurance and reinsurance solutions for corporates and individuals across the whole spectrum of property (commercial and private), motor vehicles, marine and marine cargo, engineering and construction, general accident and liability, aviation and travel.
According to Mr. Abbas Abdeljalil, CEO of TUIC, "Our Company's insurance solutions are tailor-made to suit the requirements of the clients. We are committed to maintaining the highest standards of service by providing expert advice and achieving our goals with integrity, efficacy and proficiency. We are confident that the hi-tech, state-of-the-art work environment which BFH provides will be ideally suited to our varied business requirements and we are truly excited to begin this new phase in our operations here."
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About BFH
A fully integrated, master-planned development, the US$ 3 billion Bahrain Financial Harbour (BFH), is a complete financial city and self-contained community. It reinforces Bahrain's unsurpassed position as financial capital of the Middle East. A ‘first of its kind' development in the region, BFH is a highly focused and advanced financial environment spread over 380,000 square metres of prime seafront in the centre of Manama, Kingdom of Bahrain. It comprises 10 projects that uniquely combine business, leisure and residential components under one canopy. Phase I, the ‘Financial Centre', includes the Harbour Towers - Bahrain's tallest towers - and the Harbour Mall. The Financial Centre is operational and open to business.
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