UAE - Salama to increase foreign ownership limit to 49%
Monday, 08 03 2020, Category: Islamic Insurance, Country: U.A.E
Islamic Arab Insurance Company (Salama) has obtained regulatory and internal approvals to raise foreign ownership limit to 49% from 25%.
The Company has contacted Dubai Central Securities Depository to start the necessary procedures to activate the rise in the foreign ownership limit.
Noteworthy to highlight, in the first three months of 2020, the company's net profits declined by 8.7% to AED 13.65 million from AED 14.96 million in the year-ago period.