Dubai Investments, a leading UAE investment company listed on the Dubai Financial Market (DFM), has announced the execution of a direct deal, acquiring 21.53% shares of National General Insurance Company (NGI) from Emirates NBD (ENBD).
The aggregate ownership of Dubai Investments in NGI, following the execution of the direct deal has reached a total of 29.99% of the issued share capital of NGI. Al Mal Capital PSC, a subsidiary of Dubai Investments and a diversified, multi-line investment institution licensed and regulated by the Central Bank of the UAE, was the financial advisor, facilitating the transaction.
The transaction marks Dubai Investments’ business expansion into UAE’s insurance sector contributing to the well-being and enhancing the reputation of the Emirate as a hub within the insurance industry.
“The deal is part of Dubai Investments focus on strategic business investments reinforcing the Company’s foray into newer business sectors. UAE’s insurance sector benefits from a stable business landscape and a sound regulatory framework, making it highly conducive for operations. We are pleased to mark a new chapter in our growth journey by adding NGI to our portfolio of businesses,” said Khalid Bin Kalban, Vice Chairman& CEO, Dubai Investments.
“As one of the leading composite insurers in UAE, NGI is recognized as a fully accredited National Insurer and we are confident that this partnership will unlock a host of benefits for our customers, investors, and stakeholders. We aim to capitalize and leverage through our shared expertise to further strengthen NGI’s reputation as a leading insurance provider in the region.” – TradeArabia News Service