Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), has witnessed the signing of a cooperation protocol between Misr Insurance, a subsidiary of the Sovereign Fund of Egypt, and STM Investment, a company active in real estate development, investment, and project management. The agreement represents a strategic step toward bolstering the national economy and fostering effective partnerships between leading national institutions. The protocol aims to provide comprehensive insurance coverage for STM Investment's portfolio of projects, ensuring greater stability, enhanced risk protection, and increased resilience to support sustainable development. As part of the agreement, the parties also committed to resolving potential disputes through the Egyptian Centre for Voluntary Arbitration and Non-Banking Financial Dispute Resolution. Speaking at the signing, FRA Chairperson Mohamed Farid emphasized that expanding insurance coverage across economic sectors through such protocols is critical to advancing risk management and promoting insurance inclusion. He stated that this partnership should serve as a launchpad for broader initiatives to extend insurance services to a wider range of beneficiaries. Farid also highlighted the importance of strategic alliances between major national entities in strengthening Egypt's investment environment. He affirmed the FRA's continued support for similar efforts that aim to expand insurance protection, noting that such measures play a key role in safeguarding companies and citizens against unforeseen risks, reducing financial burdens, and contributing to both economic and social stability. Farid added that these goals ultimately reinforce investor confidence, attract capital, and promote sustainable economic growth within a sound regulatory framework. Abdel Rahman El-Gohary, Vice Chairperson and Managing Director of STM Investment, stated that the company manages a diverse real estate portfolio comprising residential, commercial, hospitality, educational, and sports facilities. He added that earlier this year, STM launched unit sales in several of its developments, including projects in New Cairo, "Kayan City" west of the New Administrative Capital, and Nasr City, offering ready-to-deliver units to the market. Marian Kaldas, Executive Director of the Egyptian Centre for Voluntary Arbitration and Non-Banking Financial Dispute Resolution, welcomed the parties' decision to adopt arbitration as their preferred dispute resolution mechanism. She described the move as a significant shift that demonstrates strong institutional awareness and confidence in alternative mechanisms. Kaldas noted that this approach enhances the investment climate by promoting stability, transparency, and efficiency, thereby boosting Egypt's appeal to local and international investors. Mohamed Mahran, Managing Director and CEO of Misr Insurance, expressed his enthusiasm for the partnership, describing it as fully aligned with the company's strategic objectives to support Egypt's Vision 2030 and to develop innovative insurance solutions for national and developmental projects. He emphasized that working with a prominent national player like STM Investment presents an opportunity to create real value for the economy and to explore new avenues in real estate, commercial, and service-oriented investments. Mahran concluded that the protocol marks an important milestone in deepening cooperation between the two companies. By integrating investment and insurance, the partnership will deliver comprehensive protection for STM's diverse projects and contribute to the broader goals of national economic growth and development.
