Chedid Capital acquires 75% stake in Al Manara Insurance Services

Chedid Capital Holding, an insurance and reinsurance group, in collaboration with prominent investors in Dubai has acquired 75 percent of Al Manara Insurance Services Co, Sharjah, an insurance brokerage firm operating in the United Arab Emirates.

The move is part of the company’s expansion and consolidation plan in countries of the EMEA region by 2017.

Farid Chedid, chairman and chief executive officer of Chedid, said: “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.

He added: “This acquisition represents one more significant step on the path of expansion and success of Chedid CapitalHolding that makes markets, sectors and a larger base of customers benefit from the exceptional services and expertise our companies provide across all our areas of operation.”

Lahham, managing director of Al Manara Insurance Services, commented: “We are highly satisfied and grateful to Chedid Capital Holding for their confidence in Al Manara and for the opportunity given to us to embark together on an expansion journey in the UAE market.

“This acquisition is a step further into developing a regional leader in the insurance broking industry.”