UAE: Goldilocks acquires 29.49 per cent of Takaful Emarat insurance company

Abu Dhabi-based Goldilocks Investment Company has said it acquired 29.49 per cent of insurer Takaful Emarat.

The company did not disclose the amount of the deal but said it would help the firm take advantage of “strong market dynamics” and growth opportunities.

“Goldilocks believes that the insurance sector is poised for considerable growth, driven by increasing contributions, favorable regulatory landscape, and new product opportunities. Goldilocks seeks to help Takaful Emarat take advantage of the strong market dynamics which are driving significant opportunities for growth,” the fund said in a statement.

Takaful Emarat is based in Dubai and is a leading Shariah-compliant Life and Health Takaful Provider.

The deal marks the third acquisition in recent days by the company launched in 2015 and managed by ADCM Altus Investment Management Limited.

Goldilocks said it acquired 18.32 per cent of shipping firm Gulf Navigation Holding and 14.1 per cent of Islamic Arab Insurance (Salama).

Earlier this year, it bought 4.99 stakes in Bahrain-based GFH Financial Group.

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