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Jul 2021

UAE: Dubai Investments buys additional stake in National General Insurance

Source: Middle East Insurance Review | Jun 2021

Dubai Investments Company, 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 Bank.
 
On completion of the deal, the total ownership of Dubai Investments in NGI reached 29.99% of the company’s issued share capital. This makes Dubai Investments the biggest shareholder in the insurer. The deal falls within Dubai Investments’ expansion plans that target the insurance sector in the UAE.
 
Dubai Investments vice chairman and CEO Khalid bin Kalban said, “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. As one of the leading composite insurers in UAE, NGI is recognised 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 capitalise and leverage through our shared expertise to further strengthen NGI’s reputation as a leading insurance provider in the region.” M 
 
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