QATAR GENERAL INSURANCE BOARD APPROVES THE TERMS SHEET FROM QNB

19/04/2015 16:34 AST

The Board of Directors of Qatar General Insurance and Reinsurance Co has agreed in their meeting held on April18, 2015 the Terms Sheet proposed by Qatar National Bank for funding Mozoon Real Estate an amount of QR 2,550 million, and authorize the Chairman to sign on behalf of the Company the necessary documentation to complete the facility agreement.

Mozoon Real Estate is a subsidiary company of Qatar General Holding Company, a wholly owned subsidiary of "Qatar General Insurance & Reinsurance Company".

It was established in the year 2009 by "Qatar General Holding Company" and "Al-Sari Trading Company", as each one owns 50% of the company''''s capital. The purpose of this company is to develop the plot of land located in the Doha City- Al-Dafnah area which is owned equally by "Qatar General Insurance & Reinsurance Company" and "Al-Sari Trading Company".


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