Hussain Sajwani, Chairman of DAMAC Group declared that his group acquired 40 per cent of Al Ahlia Insurance Company as part of plans to further expand and support the various activities of the group that employs more than 5,000 people and operates in 15 countries worldwide in the fields of food, education, manufacturing, investments and financial services and property.
"This is another milestone in the expansion of DAMAC Group and falls in line with our vision to further develop our investments and financial services portfolio. The acquisition of the majority controlling shares in Al Ahlia Insurance will help us better diversify and offer additional financial services that support the various activities of DAMAC Group. We have plans to expand the activities of the Al Ahlia Insurance throughout the region," Sajwani added.
Al Ahlia Insurance is a publicly traded company on the Bahrain Stock Exchange. The company is involved in various insurance activities and has recently led a consortium of insurance companies to successfully insure the entire Gulf Air fleet.
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Dubai-based DAMAC Group acquires controlling assets in the third largest insurance company in Bahrain
- United Arab Emirates: Tuesday, May 11 - 2004 at 15:05
- PRESS RELEASE
The Dubai-based Damac Group, the largest private property developer in the UAE, has announced yesterday its acquisition of the majority controlling shares in the third largest insurance company in Bahrain.
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For additional information kindly contact Mr. Nagy Sedra, Public Relations Manager, DAMAC Properties. Tel: 04-3322005, Fax: 3311028, mobile: 050-4594252.
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, May 11 - 2004 at 15:05 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sun Sep 03 2006.
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