DUBAI – Goldilocks Investment Co, an indirect subsidiary of Abu Dhabi Financial Group (ADFG), has acquired a 29.5 percent stake in Dubai-listed Takaful Emarat Insurance , it said on Tuesday.
It is the third in a series of recent acquisitions by Goldilocks which said on Sunday it had increased its ownership in Dubai-listed Islamic Arab Insurance Company, known as Salama, to 14.1 percent.
On Monday it said it had acquired an 18.3 percent stake in Dubai-based shipping firm Gulf Navigation Holding.
“Goldilocks believes that the insurance sector is poised for considerable growth, driven by increasing contributions, favorable regulatory landscape, and new product opportunities,” it said on Tuesday.
“Goldilocks seeks to help Takaful Emarat take advantage of the strong market dynamics which are driving significant opportunities for growth.”
Privately owned ADFG launched Goldilocks in 2015 as an investment fund with a mandate to invest in listed equities.
(Reporting by Tom Arnold; editing by Louise Heavens and Jason Neely) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: email@example.com))