Dubai Investments on Wednesday announced it has acquired a 21.53 percent of shares of National General Insurance Company (NGI) from Emirates NBD.
The aggregate ownership of Dubai Investments in NGI, following the execution of the direct deal, increases to 29.99 percent, the company said in a statement.
The transaction marks Dubai Investments’ business expansion into UAE’s insurance sector, it added without giving a value for the deal.
Khalid Bin Kalban (pictured below), vice chairman and CEO, Dubai Investments, 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.”
He added: “We aim to capitalise and leverage through our shared expertise to further strengthen NGI’s reputation as a leading insurance provider in the region.”
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.
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