Leading UAE law firm Baker & McKenzie Habib Al Mulla has advised Chedid Capital Holding, the award-winning regional insurance and reinsurance group, in collaboration with prominent investors in Dubai, on its acquisition of 75 percent of Al Manara Insurance Services Co Ltd Sharjah, an insurance brokerage firm operating in the UAE.
This move is part of the company’s expansion and consolidation plan in countries of the EMEA region by 2017. Chedid Capital Holding is already established in Europe, Middle East and Africa and offers services and solutions to clients in more than 45 countries.
"Chedid Capital Holding's acquisition of Al Manara Insurance Services is a significant step in its expansion in the in the GCC, and is in line with the UAE strategy to be a hub for the insurance industry, a strategy steered by the Insurance Authority," commented Mazen Boustany, Head of UAE Banking & Finance at Baker & McKenzie Habib Al Mulla, who advised on the transaction. "We are delighted to have been able to support Chedid in implementing its strategic objective."
Mazen was assisted by Rony Eid, a senior associate in Baker & McKenzie Habib Al Mulla's UAE Corporate practice.