Chedid Capital Holding, in collaboration with a group of investors in Dubai, has acquired 75 percent of Al Manara Insurance Services Co. Ltd., an insurance brokerage firm with more than 25 years of experience in the United Arab Emirates.
This move is part of the Chedid Capital’s expansion and consolidation plan in countries of the EMEA region by 2017, said a statement issued by the Beirut-based regional insurance and reinsurance group.
“Along with the growth of our businesses in Africa, we are proud to continue our expansion in the Gulf Co-operation Council through the acquisition of Al Manara Insurance Services. This company has solid roots in the UAE market and a great reputation earned over 25 years under the leadership of Issam Lahham,” said Farid Chedid, chairman and CEO of Chedid Capital.
Lahham, managing director of Al Manara Insurance Services, noted that the acquisition provides the Sharjah, UAE-based company with a further step toward “developing a regional leader in the insurance broking industry.”
Source: Chedid Capital Holding
Topics Mergers & Acquisitions Agencies
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