Foundation Stone laid for new Allied Building in Umar Shopping Arcade

Foundation Stone laid for new Allied Building in Umar Shopping Arcade

At an Official Ceremony held on Wednesday 9th October 2013, the Foundation Stone of the new Allied Building at Umar Shopping Arcade was laid by the CEO of Maldives Pension Administration Office Mr.Mohamed Hussain Maniku. He was also the former Chairman of Allied Insurance Company.

The Ceremony was attended by the Board of Directors and Executive Management of Allied Insurance and State Trading Organization (STO).  And representatives from major financial institutes; Maldives Monetary Authority, Bank of Maldives and Maldives Islamic Bank participated at this special event.

Managing Director of Allied Insurance Mr. Ahmed Ameel and the Managing Director of State Trading Organization (STO) Plc, Mr. Shahid Ali addressed on the objectives of the project. Speaking at the Ceremony, Mr. Ahmed Ameel remarked that the project will be one of the largest investments while making huge contributions to the financial sector of the country.

Addressing the audience Mr. Shahid Ali, has said that STO Plc. has always tried to develop the plot as a financial Centre. However due to various setbacks, the project were delayed for years. He acknowledged the management of both Allied Insurance Company and STO Plc for commencing the project. He further stated that Allied Insurance has been one of the most strategic subsidiaries of STO Plc. that has contributed significant stability to the STO Plc’s group.

The Chief Guest of the Ceremony, CEO of Maldives Pension Administration Office Mr. Mohamed Hussain Maniku also expressed his gratitude for being honored. He also emphasized on the importance of having such developments and congratulated Allied Insurance and its dedicated team for their hard work that has led to the enhancement of the company. 

This 80 Million Rufiyaa worth real-estate investment project undertaken by Allied Insurance will consist of 10 stories with 03 shopping floors, 07 office floors and a basement parking lot.

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