Dubai Investments increases stake in NGI

Dubai Investments announced the execution of a direct deal, acquiring 21.53 percent shares of National General Insurance Company P.J.S.C (NGI) from Emirates NBD Bank PJSC, thereby increasing its aggregate stake within the insurer.

The aggregate ownership of Dubai Investments in NGI, following the execution of the direct deal the aggregate ownership has reached a total of 29.99 percent of the issued share capital of NGI, according to a bourse statement. Al Mal Capital PSC, a subsidiary of Dubai Investments and a diversified, multi-line investment institution, was the financial advisor, facilitating the transaction, whereas Emirates NBD Capital was the financial advisor on the divestment for Emirates NBD. Following this sale, Emirates NBD Bank continues to hold 22,778,030 shares in NGI, representing 15.19 percent of the issue shares of NGI.

“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,” said Khalid Bin Kalban, vice chairman and CEO, Dubai Investments PJSC.