Bahrain yesterday took the lead in launching the region's first dedicated insurance hub, a $200 million Bahrain International Insurance Centre (BIIC), that is aimed at attracting investment from top insurers and re-insurers, according to a press release issued for the Bahrain Financial Harbour (BFH).

Aimed at attracting global and regional insurance-related businesses to the country, BIIC, the release said, is one of the most important facilities being set up with support from the Bahrain Monetary Authority (BMA).

BIIC will be housed at the Eastern Commercial Complex of the BFH.

An agreement regarding the establishment of the Eastern Commercial Complex was signed by Esam Janahi, BFH chairman and Jalal Ahmed Mansour Al Aali, deputy chairman of Ahmed Mansour Al Ali Bahrain Company, the lead investor in the complex.

Attending the ceremony were Anwar Al Sada, executive director of BMA's Financial Institutions Supervision and Saleh Al Nashwan, a senior BFH official.

Signing of the deal was part of BFH's participation in the 10th Arab Investment and Capital Markets Conference in Beirut.

"The creation of this insurance centre is a significant step forward in achieving the objectives of the BFH project to meet the demands of the financial sectors of Bahrain and the region," said Janahi.

"The interest and involvement of lead investor Ahmed Mansour Al Aali Bahrain Company highlights both the importance of BFH itself as well as of the financial aspects of insurance and re-insurance to the financial sector.

"It is yet another component that demonstrates the comprehensive nature of the entire development and our intention to evolve Bahrain as the financial capital of the Middle East."

Jalal Al Ali said, "The pact between Ahmed Mansour Al Aali and BFH is a sign of the confidence we have in this essential project and an important investment in a world-class banking and financial industry hub for the entire Middle East."