The UAE Central Bank has granted approval to Sukoon Insurance in Dubai to acquire Arabian Scandinavian Insurance Co.
Dubai-based Sukoon Insurance has received the green light from the UAE Central Bank to acquire Arabian Scandinavian Insurance Co. in a move that will strengthen its presence in the UAE’s highly competitive insurance sector.
The acquisition of Arabian Scandinavian Insurance Co. (ASIC) will enable Sukoon Insurance to expand its offerings in the local market and further diversify its business. The deal also underscores Sukoon Insurance’s commitment to providing world-class insurance products and services to its clients in the UAE and beyond.
Founded in 2018, Sukoon Insurance is a rapidly growing player in the UAE’s insurance sector, offering a wide range of insurance products and services to individuals and businesses. The company has a reputation for innovation and customer-centricity, with a focus on delivering tailored solutions to meet the unique needs of its clients. With a team of highly experienced professionals and advanced technology, Sukoon prides itself on providing the highest quality service to its customers. Sukoon Insurance’s mission is to provide customers with access to tailored insurance solutions that are both cost-effective and reliable in order to give them peace of mind when it comes to protecting their assets and families.
The acquisition of ASIC is a strategic move for Sukoon Insurance, as it will enable the company to further expand its offerings and strengthen its position in the local market. ASIC is a leading provider of insurance products and services in the UAE, with a strong track record of success in the market.
Commenting on the acquisition, Mr. Abdul Wahab Al Halabi, the CEO of Sukoon Insurance said: “We are thrilled to have received approval from the UAE Central Bank to acquire ASIC. This acquisition represents a significant milestone for Sukoon Insurance, enabling us to expand our offerings and further strengthen our position in the local market. We are committed to delivering world-class insurance products and services to our clients, and this acquisition is a testament to our ongoing commitment to innovation and customer-centricity.”
Mr. Al Halabi added: “We look forward to working with the team at ASIC to deliver even greater value to our clients and shareholders. Together, we will be able to leverage our combined expertise and resources to create a leading player in the UAE’s insurance sector.”
The acquisition of ASIC is part of Sukoon Insurance’s broader strategy to expand its presence in the UAE’s insurance sector and deliver sustainable growth over the long term. The company has a strong track record of success in the market, with a growing customer base and a reputation for innovation and customer-centricity.
The UAE’s insurance sector is highly competitive, with a large number of players vying for market share. However, Sukoon Insurance has been able to carve out a niche for itself in the market, thanks to its focus on delivering tailored solutions to its clients and its commitment to innovation and customer service.
The acquisition of ASIC is expected to further strengthen Sukoon Insurance’s position in the market, enabling it to offer a wider range of insurance products and services to its clients. The move is also expected to create significant synergies between the two companies, enabling them to leverage their combined expertise and resources to deliver even greater value to their clients and shareholders.
In conclusion, the acquisition of Arabian Scandinavian Insurance Co. by Sukoon Insurance represents a significant milestone for the Dubai-based insurance provider. The move will enable Sukoon Insurance to expand its offerings and further strengthen its position in the local market, while also creating significant synergies between the two companies. With the UAE’s insurance sector continuing to grow and evolve, Sukoon Insurance is well-positioned to capitalize on the opportunities that lie ahead and deliver sustainable growth over the long term.
