Abu Dhabi National Insurance Company Acquires Majority Stake in Allianz Saudi Fransi: Expanding Presence in Gulf Region

Abu Dhabi National Insurance Company announced the strategic acquisition of 51% in Allianz Saudi Fransi Cooperative Insurance Company in the Kingdom of Saudi Arabia.

This purchase will place Abu Dhabi National Insurance Company among the insurance companies in the Kingdom, strengthening its position as a leading insurance company in the Gulf region, as the company is always looking for the best opportunities to explore and expand the scope of its geographic presence.

The company will now be able to launch its active operations in the two largest and fastest growing insurance markets in the Gulf region, the Middle East and Africa.

Sheikh Mohammed bin Saif Al Nahyan, Chairman of the Board of Directors of Abu Dhabi National Insurance Company, said: “The UAE and the Kingdom of Saudi Arabia have established and growing brotherly relations. We, at Abu Dhabi National Insurance Company, see the Kingdom as a market full of high potential and in line with our comprehensive growth strategy, and we look forward to reaching new heights of growth and success. “

For his part, the CEO of Abu Dhabi National Insurance Company, Charalambos Mylonas, said: “The strategic acquisition of a majority in Allianz Saudi Fransi represents a milestone in our journey, as it allows us to move forward with fulfillment of our desire towards. increased regional growth and development. Through this step, we aim to consolidate our position as a preferred insurance company for customers, trying to find new and innovative ways to protect them, as well as empowering the communities in which we serve. This acquisition will complement our efforts to provide exceptional products in the region, and across all major insurance areas.”