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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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ABOUT AXA
AXA, one of the largest global insurers, is a worldwide leader in Insurance and Asset Management with a purpose of empowering people to live a better life. In the Gulf region, AXA has been present for more than 68 years, offering a wide range of insurance products and services for corporate, SME and individual customers.
AXA in the Gulf is one of the largest international players in the G.C.C., covering the UAE, Oman, Bahrain and Qatar markets, with a workforce of over 730 employees, 25 branches and retail shops region-wide and over 1 million customers. With a range of products and services tailored to each customer, covering property & casualty insurance and life & health insurance, AXA in the Gulf is a multi-lined one-stop shop insurer.
Additionally, AXA is focused on helping the world better face climate risk, while also extending protection and risk knowledge to the public, in an effort to contribute to global economic development and become a trusted partner for customers in the region.
Recognised as a leading insurance brand, AXA has been winning several awards for its quality of services and products, and remains the no. 1 global insurance brand* for the 10th consecutive year as per Interbrand ranking 2018. For more information visit www.axa-gulf.com
FOR MORE INFORMATION:
AXA:
Tony Hamad
Regional Brand & Communication Manager
Tony.Hamad@axa-gulf.com
+971 4 447 6181
WEBER SHANDWICK:
David Ross
Senior Account Director
DRoss@webershandwick.com
+971 4 445 4260
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Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and AXA’s plans and objectives to differ materially from those expressed or implied in the forward looking statements. Please refer to Part 4 - “Risk factors and risk management” of AXA’s Document de Référence (Annual Report) for the year ended December 31, 2016, for a description of certain important factors, risks and uncertainties that may affect AXA’s business, and/or results of operations. AXA undertakes no obligation to publicly update or revise
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