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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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The specs: 2024 Mercedes E200
Engine: 2.0-litre four-cyl turbo + mild hybrid
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Transmission: 9-speed auto
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On sale: November/December
Price: From Dh205,000 (estimate)
Company profile
Company name: Shipsy
Year of inception: 2015
Founders: Soham Chokshi, Dhruv Agrawal, Harsh Kumar and Himanshu Gupta
Based: India, UAE and Indonesia
Sector: logistics
Size: more than 350 employees
Funding received so far: $31 million in series A and B rounds
Investors: Info Edge, Sequoia Capital’s Surge, A91 Partners and Z3 Partners
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
RESULT
Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45'+3), Batshuayi (85')
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
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COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
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The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
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Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
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Author: S Frederick Starr
Publisher: Oxford University Press
Pages: 290
Available: January 24
Hurricanes 31-31 Lions
Wellington Hurricanes:
Tries: Gibbins, Laumape, Goosen, Fifita tries, Barrett
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