UAE’s leading investment company, Dubai Investments has increased its stake in National General Insurance Company (NGI) to 29.99 percent as part of its plan to grow within the emirate’s insurance market.
According to the statement, the company has acquired 21.53 percent of NGI shares from Emirates NBD.
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, acted as the financial advisor, facilitating the transaction.
“The deal is part of Dubai Investments focuses 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 the 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.”
The transaction marks Dubai Investments’ entry into the UAE’s insurance market, strengthening the Emirate’s image as a center for the insurance industry and adding to its well-being.
Established in 1995, Dubai Investments has interests in real estate, manufacturing, financial, healthcare, and education. The company, in which Investment Corporation of Dubai holds an 11.54 percent stake, owns businesses such as Dubai Investments Park, venture capital company Masharie, Al Mal Capital, and the district cooling company Emicool. Dubai Investments also raised its shareholding in Globalpharma in 2019 to secure full ownership.