UAE-based leading investment company, Dubai Investments has acquired an additional 15.19 percent share of National General Insurance Company (NGI) from Emirates NBD Bank through the direct deal.
According to the company statement, “The aggregate ownership has now reached 45.18 percent, following the acquisition of 21.53 percent acquired through Dubai Financial Market’s direct deal mechanism during the beginning of the second quarter of 2021, and the existing shares held by Dubai Investments, of 8.46 percent.”
The company intends to expand its presence within the emirate’s insurance market, and the acquisition of the additional stake further boosts the company’s position in the insurance industry.
“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.”
Al Mal Capital PSC, a subsidiary of Dubai Investments and a diversified, multi-line investment organization licensed and regulated by the Central Bank of the UAE (CBUAE), acted as the financial advisor, facilitating the transaction.
Dubai Investments is a leading investment company listed on the Dubai Financial Market (DFM) with over 19,800 shareholders and a paid-up capital of $1 billion (AED 4 billion). Founded in 1995, the company has grown exponentially with investments in a number of businesses across various sectors such as real estate, manufacturing & industrial, healthcare, education, and financial investments across the UAE and the Middle East.
Related: Major insurance companies launch net-zero insurance alliance