National Bank of Ras Al Khaimah will acquire a majority stake in Ras Al Khaimah National Insurance Company.
The shareholders of the bank approved the acquisition at Dh3.64 per share yesterday. The stock closed at Dh3.70 yesterday.
It was not known how much of Ras Al Khaimah National Insurance (RAKNIC) the bank planned to acquire. The Abu Dhabi-listed insurance company has a market capitalisation of Dh407 million.
Also known as RAKBank, the institution has a market cap of Dh16.09 billion and 34 branches.
The Ras Al Khaimah Government owns nearly 50 per cent in both RAKBank and RAKNIC.
The insurance company has total liabilities of Dh282.74 million in the six months at the end of June, up from Dh264.39m at the end of December. It posted profits of Dh26.10m for the first half, down from Dh27.47m in the same period previous year.
The company provides general insurance, including fire, marine, motor and accident cover.
Net profits for the RAKBank group during the first half declined to Dh700.43m, down from Dh760.07m in the first half. It also includes four subsidiaries, including RAK Islamic Finance.
The insurance sector in the Middle East is gearing up for more mergers and acquisitions because of the unsustainability of small to medium-sized insurers and tougher compliance requirements, according to a report from the accounting firm PwC in February. Banks are also seeking to boost their margins by adding fresh revenues from the sale of insurance policies.
“Today, we see a tremendous opportunity for growth in the bank’s business by diversifying into complementary industries, particularly the local insurance market, which is estimated to exceed Dh30 billion this year,” said Peter England, the chief executive of RAKBank.
It emerged that the bank was in discussions to acquire a stake in the insurer last month.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Female 48kg quarter finals
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