A Landmark Achievement Reflecting Shareholder Confidence and Strategic Vision
UAE, Dubai, 25 December 2024: Takaful Emarat – Insurance PJSC, a leading provider of insurance solutions listed on the Dubai Financial Market, has successfully completed a capital increase, achieving a total capital of AED 210,652,000 . The targeted increase of AED 185 million was raised through a rights issue offered to existing investors at an issuance price of AED 1.00 per new share. This accomplishment underscores strong shareholder confidence and market trust in the Company’s leadership and strategic vision.
This capital increase follows Takaful Emarat’s return to profitability, with a net profit of AED 8.8 million recorded in Q3 2024 business, compared to a loss of AED 851,000 in same period in 2023. The turnaround reflects the company’s decisive measures earlier this year, including the write-off of accumulated losses as part of a broader initiative led by the Board of Directors. These efforts have laid a robust foundation for sustainable growth, focusing on operational enhancements, improved transparency, and the delivery of innovative products and services.
Dr Noor Atatreh, Chairman of the Board, highlighted the significance of this milestone: “The successful completion of the capital increase positions Takaful Emarat to seize emerging opportunities, expand market presence, and drive innovation within the Takaful insurance sector. This achievement represents a pivotal milestone in our journey as we align with the UAE Government’s visionary policies that foster a thriving and forward-thinking business environment. Their support has been instrumental in our success and growth.”
Adding to this sentiment, Mr Ahmed Aboutaleb, Chief Investment Officer, emphasised the company’s focus on executing a robust investment strategy aligned with its commitment to stakeholders: “Our dedication to exceeding the expectations of our investors, partners, and clients remains steadfast. By implementing strategic initiatives that address past challenges, we are confident in delivering sustained progress and prosperity which will be reflected in our upcoming financial reports, showcasing improved performance and a strengthened market position, bolstered by the UAE’s economic stability and resilience.”
This success would not have been possible without the invaluable support of our key stakeholders. We extend our gratitude to IBRAHIM .N. PARTNERS, whose expertise facilitated the preparation of all documentation and processes, ensuring a smooth execution. Additionally, we commend the efforts of the lead manager and lead receiving bank, First Abu Dhabi Bank PJSC, for its pivotal role in managing the transaction effectively. Takaful Emarat also expresses sincere appreciation to the Central Bank of the UAE, the Securities and Commodities Authority (SCA), and the Dubai Financial Market (DFM) for their trust, guidance, and oversight in supporting this transaction.
Takaful Emarat extends its gratitude to the UAE government and its wise leadership for their forward-thinking policies and unwavering support, which have fostered a dynamic and prosperous business environment. This achievement stands as a testament to the strength and resilience of the UAE’s financial and economic systems, marking a significant step forward for Takaful Emarat and its stakeholders.
