Skip to content Skip to Search
Skip navigation

Dubai-listed Salama to acquire Aman insurance portfolio
The transaction is expected to conclude in Q1 2023

Islamic Arab Insurance Company (Salama) has signed a deal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Co. (Aman), which includes its motor, medical, non-motor and group life insurance business (target portfolio), the company said in a statement to Dubai Financial Market.

The target portfolio generated AED98.59 million gross written contribution (GWC) for the first nine months of 2022. It made AED5.46 million net takaful income before the administrative overheads, according to published financial statements.

The acquisition will catapult Salama to surpass the AED1 billion GWC milestone, further extending its position in the UAE takaful industry.

Saeed Mubarak Al-Hajeri, vice chairman of Salama, said: “Acquiring AMAN’s portfolio will allow us to add scale and new layers of expertise as we continue to pursue an ambitious strategy for growth.”

The transaction is subject to customary regulatory approval and is expected to conclude in Q1 2023.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]