27 July 2020
Clifford Chance advises Noor Investment Group on the sale of Islamic insurance entities
International Law Firm Clifford Chance advised Noor Investment Group in relation to the 100% sale of the shares of both Noor Takaful General PJSC and Noor Takaful Family PJSC to Dar Al Takaful PJSC. The transaction was valued at AED215 million and completed on 26 July 2020.
The Clifford Chance team was led by Mohammed Al-Shukairy (Regional Managing Partner – Middle East, Dubai) with support from Jack Hardman (Counsel, Dubai), Gareth Dray (Senior Associate, Dubai) and Massimiliano Valli (Associate, Dubai).
The transaction was approved by the shareholders of Dar Al Takaful, the Securities and Commodities Authority and the Insurance Authority.
Mohammed Al-Shukairy said:
''We are delighted to have worked with the Noor Investment Group team on this important transaction, and for the deal to have completed in an efficient timeframe in the challenging environment presented as a result of COVID-19.''