Sharia-compliant health and life insurer Takaful Emarat has acquired Abu Dhabi-headquartered Al Hilal Bank's Islamic insurance entity to create the largest takaful group in the country .
The all-cash acquisition will be completed in the first quarter of 2018 and has been approved by the federal regulator, UAE Insurance Authority, Takaful Emarat said in a statement on Tuesday, which did not specify the financial details of the deal.
The two firms wrote over Dh900 million in combined gross written contributions in 2016. Al Hilal Bank, which is focused on core business activities and implementing cost cutting measures, was advised by KPMG deal advisory and law firm Allen & Overy while Milliman and Herbert Smith Freehills, advised the acquirer.
“This is a transformational deal for Takaful Emarat that will drive growth for the group through a wider range of takaful services and a larger customer base," Mohammad Al Hawari, managing director of Takaful Emarat said, adding, the company is developing its own digital platform and the newly acquired business "is a very good fit for us".
The UAE, which is one of the bigger insurance markets in the Arabian Gulf region, has an overcrowded and fragmented industry, where more than 60 players in the market compete, split between 30 listed local insurers and the subsidiaries of foreign insurers.
The merger of the Dubai and Abu Dhabi-based takaful entities follows recent trends in the local insurance sector to move towards consolidation, according to Dubai-based asset manager Alpen Capital.
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The regional insurance industry is projected to grow from US$26.2 billion in 2016 to $44bn in 2021, with the UAE alone set to expand to $18.1bn during that time , helped by a strictly enforced mandatory health insurance regime enforced since 2015.
However, the market is still dominated by a few big players with the top five listed insurers accounting for 56 per cent of total listed market gross written premiums in 2016 and 82 per cent of consolidated net income, according to S&P.
Despite growth in general health cover, segments such as life insurance have relatively weaker prospects due to largely transient population as well as ethical and moral considerations, allowing for greater room for mergers and acquisitions in the market.
In July, US insurer Cigna acquired Zurich Insurance Middle East in a deal that gives it licence to operate in Oman, the UAE, Lebanon and Kuwait.
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Killing of Qassem Suleimani
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
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FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
Stage results
1. Julian Alaphilippe (FRA) Deceuninck-QuickStep 4:39:05
2. Michael Matthews (AUS) Team BikeExchange 0:00:08
3. Primoz Roglic (SLV) Jumbo-Visma same time
4. Jack Haig (AUS) Bahrain Victorious s.t
5. Wilco Kelderman (NED) Bora-Hansgrohe s.t
6. Tadej Pogacar (SLV) UAE Team Emirates s.t
7. David Gaudu (FRA) Groupama-FDJ s.t
8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t
9. Bauke Mollema (NED) Trek-Segafredo s.t
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Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
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Fuel economy, combined 11.7L / 100km
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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