Egypt’s Financial Regulatory Authority (FRA) approved GIG Egypt, a Kuwaiti Gulf Insurance Group’s (GIG) subsidiary, acquisition of AIG Egypt for $6.41 million, according to a statement released by the FRA.
GIG Egypt intends to acquire 100% a total of 1.2 million shares.
AIG Egypt operates under the American International Group (AIG) umbrella.
The acquisition is expected to contribute to the growth of the insurance industry in Egypt, a key sector of the country’s economy.
The acquisition came amid Egypt’s current plans to bridge a financial gap of US$17 billion during FY2025/26, according to the the International Monetary Fund (IMF).
Egypt has issued the State Ownership Policy to raise share of private sector from the current 30 per cent to 65 per cent in the country’s economic activity .
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