Loading ...
Monday, October 02, 2023
Gulf News- UAE mega-insurer ADNIC to pay SR499m for 51% in Saudi entity
By Vijay Valecha in 'Century in News'
Dubai: In a landmark deal, the UAE insurance giant ADNIC is taking a 51 per cent stake in the Allianz Saudi Fransi Cooperative Insurance Company in a major push into Saudi Arabia. The value of the stake deal is SR499 million.
The Saudi insurance sector is primed for further growth, and making it a lucrative place to be for new entrants. Already, the Kingdom’s banking space has attracted UAE heavyweights, and insurance is thus seen as a natural progression.
“The transaction fits fundamentally within the core of the company’s (ADNIC) strategic pillars as it will allow it to further extend its presence into the Saudi Arabian market, deliver and optimize operating model efficiencies,” the UAE insurer said in a statement.
Through these 3 years, the UAE insurance sector has seen multiple deals happen, as it pushes for consolidation in a market that is loaded with opportunities - but with a fair share of challenges too. But even with all the deals happening, ADNIC's SR499 million play into Saudi Arabia would rank at the very top.
ADNIC will be buying the stake from Allianz Europe, Allianz France and Allianz MENA Holding (Bermuda) Limited. (The Allianz exit follows similar patterns of big European insurers downsizing or going out in full from their Middle East exposures. AXA was a recent one.)
The transaction is conditional on 'obtaining a number of customary regulatory waivers and consents'.
__415273290.jpg)
__927626738.jpg)
__1246733322.jpg)
__996021604.jpg)
__317378083.jpg)
Regulated by SCA
Century Financial Consultancy LLC
Reach us:
-
Dubai
6th Floor, Building 4, Emaar Square,
Downtown Dubai, P.O. Box 65777,
Dubai, United Arab Emirates -
Abu Dhabi
Office 3014, 30th Floor
Tamouh Tower, Building 12, Marina Square,
Al Reem Island, Abu Dhabi - +971 (4) 356 2800
- info@century.ae
Disclaimer: Trading in financial products carries risk. Trading in leveraged Over-The-Counter (OTC) Derivative products (including Contracts for Difference (CFDs) and spot foreign exchange contracts) involves a significant risk of loss which can exceed deposits and may not be suitable for all investors. OTC Derivative products / CFDs are complex financial instruments that do not confer any claim or right to the underlying financial instrument. Transactions in these instruments are very risky, and you should trade only with the capital you can afford to lose. Before deciding to trade on these products, you should consider your investment objectives, risk tolerance and your level of experience. Accordingly, you should ensure that you understand the risks involved and seek independent advice from professionals, if necessary.
Century Financial Consultancy LLC (CFC) is duly licensed and regulated by the Securities and Commodities Authority of UAE (SCA) under license numbers 20200000028 and, 20200000081 to practice the activities of Trading broker in the international markets, Trading broker of the OTC derivatives and currencies in the spot market, Introduction, Financial Consultation and Financial Analysis, and Promotion. CFC is a Limited Liability Company incorporated under the laws of UAE and registered with the Department of Economic Development of Dubai (registration number 768189). CFC has its registered office at 601, Level 6, Building no. 4, Emaar Square, Downtown, Dubai, UAE, PO Box 65777.
Any content available on our website is presented solely to provide information and educate visitors. Under no circumstances is any of this content meant to be construed as an offer, recommendation, advice, or solicitation to buy or sell securities or other financial products.
This website's information is not intended for use by anybody residing outside UAE or where such use would violate local laws or regulations.
