Mubasher: Qatar General Insurance and Reinsurance Company (QGRIC) on Sunday said that its subsidiary Mozoon Real Estate Company will receive QAR 100 million in annual revenues from operating Mozoon Towers project.

With a 25-year term and a possibility of renewing for further ten years, the management and operation agreement of Mozoon Towers, which are still under development, signed on 7 March 2018, according to a statement to the Qatar Stock Exchange (QSE). 

QGRIC owns 50% of Mozoon Real Estate Company, while the remaining 50% stake is owned by Al Sari Trading Company.

During the full-year 2017, QGRIC’s profits surged 40.1% year-on-year to QAR 307.4 million.