Dubai Investments raised its stake in NGI to 29.99% through the deal. Credit: Tumisu from Pixabay

Dubai Investments has purchased 21.53% shares of National General Insurance Company (NGI) to expand in the UAE’s insurance space.

The seller of the shares was Emirates NBD. Financial terms of the deal were not made public.

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Dubai Investments raised its stake in NGI to 29.99% through the deal.

NGI focuses on motor, marine, property & casualty, construction, engineering, life protection, savings, investment and health/medical insurance.

Dubai Investments’ subsidiary Al Mal Capital was the financial adviser for the deal.

Al Mal Capital is a multi-line investment institution regulated by the Central Bank of the UAE.

Commenting on the transaction, Dubai Investments vice chairman and CEO Khalid Bin Kalban said: “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.”

Dubai Investments has interests in a range of areas including real estate, manufacturing, financial, healthcare, and education. It owns Dubai Investments Park, Masharie, Al Mal Capital as well as Emicool, among others.

Investment Corporation of Dubai has a 11.54% interest in Dubai Investments.

Meanwhile, in a separate development, Abu Dhabi-based investment firm ADQ is reportedly set to invest $70m in Etechaces Marketing and Consulting.

Etechaces is the parent company of Indian insurance aggregator Policybazaar.