ICIEC Signs a US$25m Contract Frustration Insurance Policy with Boksalis for Dredging Project in UAE

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sidelines of the IsDB Group Annual Meeting.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is proud to announce the signing of US$25 million Contract Frustration Insurance Policy (STP-CF) with Boskalis Westminster Contracting Limited (BWCL).

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sidelines of the IsDB Group Annual Meeting, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sytse Wiersma, Credit Risk, Trade & Export Finance Manager, BBWCL.

The STP-CF covers the marine and dredging works for the Hudayriyat project in Abu Dhabi, UAE. The coverage provided by ICIEC is to insure the non-payment risk of the National Marine Dredging Company of Abu Dhabi arising from political and commercial risks.

ICIEC’s STP-CF protects contractors building essential infrastructure in ICIEC member states from commercial and non-commercial risks in the country of the project employers.

May 13, 2023