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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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Sholto Byrnes on Myanmar politics
Company%20Profile
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Which products are to be taxed?
To be taxed:
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules
MATCH INFO
Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
Company%20Profile
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The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
Company%20Profile
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Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
UK%20record%20temperature
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