ABNIC decides to allow 25pc foreign ownership

DUBAI — Shaikh Faisal bin Khalid Sultan Al Qassemi, chairman of Al Buhaira National Insurance Co (ABNIC), has said that the shareholders have decided in a extra ordinary general meeting to allow GCC citizens and foreigners to have limited ownership of ABNIC share capital — a maximum 49 per cent for GCC citizens and 25 per cent for foreigners — provided UAE nationals maintain 51 per cent of the company shares.

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Published: Wed 30 May 2007, 8:55 AM

Last updated: Sat 4 Apr 2015, 8:38 PM

The Ministry of Economy has authorised ABNIC to amend the company's articles of association. Shaikh Faisal emphasised that such a decision was taken in line with the international economic changes and UAE's future international agreements.

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