728 x 90

Dubai Investments intensifies focus on insurance with NGI stake deal

Dubai Investments intensifies focus on insurance with NGI stake deal

Dubai Investments acquires an additional 15.19% share of National General Insurance Company from Emirates NBD Dubai Investments on Wednesday announced it has acquired an additional 15.19 percent share of National General Insurance Company (NGI) from Emirates NBD. The aggregate ownership has now reached 45.18 percent, following the earlier acquisition of 21.53 percent acquired through Dubai

Dubai Investments acquires an additional 15.19% share of National General Insurance Company from Emirates NBD

Dubai Investments on Wednesday announced it has acquired an additional 15.19 percent share of National General Insurance Company (NGI) from Emirates NBD.

The aggregate ownership has now reached 45.18 percent, following the earlier acquisition of 21.53 percent acquired through Dubai Financial Market’s direct deal mechanism and the existing shares held by Dubai Investments of 8.46 percent.

The future of the UAE’s insurance industry

A recent study reveals how The pandemic has altered the way individuals and organisations view the insurance sector

The acquisition of the additional stake further strengthens the company’s presence within the insurance sector, Dubai Investments said in a statement without giving a value for the deal.

“Acquiring an additional stake in NGI, and being the biggest shareholder in the company, reiterates our increased focus on a resilient insurance sector. According to reports, the insurance market is set to expand further over the next few years and with NGI being ranked among the top providers in the UAE market, we are positive our concerted efforts and expertise will contribute positively towards bolstering the sector”, said Khalid Bin Kalban (pictured below), vice chairman and CEO, Dubai Investments.

NGI, which is listed on the Dubai Financial Market, is a specialist in underwriting and claims and its product portfolio includes motor, medical, travel, home, personal accident and life insurance.

Dubai Investments, also listed on the Dubai Financial Market, has a paid-up capital of AED4.25 billion and has interests in key sectors including construction and building materials, real estate, manufacturing and industrial, healthcare, education and financial across the UAE and the Middle East.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Mo
ADMINISTRATOR
PROFILE

Posts Carousel

Latest Posts

Top Authors

  • Mo
    ADMINISTRATOR

Most Commented

Featured Videos