Banking & Finance Abu Dhabi fund sells stake in UK insurance company By Pramod Kumar September 13, 2024, 5:03 AM Unsplash.com/Jakub Żerdzicki Policy Expert was founded in 2011 and serves more than 1.5 million customers in the UK across home and motor insurance Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, has sold a 50 percent stake in the UK-based insurance technology company Policy Expert to private equity entity Cinven. The stake will be purchased by Cinven’s strategic financials fund. No financial details were disclosed. The deal is subject to regulatory approvals and closing conditions. Policy Expert was founded in 2011 and serves more than 1.5 million customers in the UK across home and motor insurance segments. The company plans to launch into pet insurance this year. In November 2023, Adia purchased a majority stake in Policy Expert after holding a minority stake in the UK company since 2020. Last month a consortium including Adia agreed to buy UK stock trading platform Hargreaves Lansdown for £5.4 billion ($6.9 billion). The wealth fund’s subsidiary Platinum Ivy and private equity firms CVC and Nordic Capital will buy all Hargreaves Lansdown shares, which will delist once the sale is completed. Adia is the world’s fourth-largest sovereign wealth fund, with $993 billion of assets under management, according to the Sovereign Wealth Fund Institute.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 4 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 3 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 2 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 2 hours ago
