Yusuf Bin Ahmed Kanoo Group (YBA Kanoo), one of the largest independent, family-owned group of companies in the Gulf region and AXA, one of the largest international insurers in the GCC and the world’s no. 1 global insurance brand for the 10th consecutive year*, have signed a joint Memorandum of Understanding (MoU).
The deal between AXA and YBA Kanoo will see them collaborate on a new real estate development in Bahrain Bay.
Commenting on the announcement, which comes just days after the King of Bahrain visited France to cement business relationships between the two countries, Nabeel Khalid Kanoo, a representative of YBA Kanoo, said; “Both parties are committed to supporting the Kingdom’s economic development and will continue to cooperate with the Economic Development Board of the Kingdom of Bahrain.
This MoU is a testament to the two groups’ shared vision of collaboration and long term business ventures, drawing on the strengths of their well-established partnership in the Kingdom of Bahrain.”
Located on the main island, 6.8 kilometres from Bahrain International Airport, Bahrain Bay is one of the Kingdom of Bahrain’s most ambitious real estate developments in recent years. Easily accessible, the new seven story AXA building will consist of over 6,000 square metres of commercial space.
The new building is expected to open in late summer of 2019. Extensive work has been ongoing in the design, build and fit-out to craft not only a more comfortable work-environment for AXA’s Bahrain-based colleagues but also to provide a more customer-centric location.
In addition, the building has been designed with sustainability in mind and will feature rooftop solar panels and automated lighting controls.
Cédric Charpentier, CEO of AXA Gulf, said; "I am proud of our strong legacy with the Kanoo family spanning several decades and this building reflects not only the ambitious spirit of our partnership, but also strengthens our commitment to the Kingdom of Bahrain and the region as a whole.”
*As per Interbrand 2018 ranking.
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Karan Narsinghani
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