By Haseeb Haider www.khaleejtimes.com
Abu Dhabi’s Insurance House expects to achieve breakeven in less than two years, its chairman Mohammed Abdullah Alqubaisi said.
Speaking to reporters on the sidelines of the listing of Insurance House shares in the Abu Dhabi Securities Exchange, Alqubaisi was optimistic that his company’s share prices opened with a premium of 15 per cent at Dh1.15.
The company got a rousing welcome in the early hours of the day as it touched a highest of Dh2 and at Dh1.05.
Earlier, Abu Dhabi Securities Exchange’s 65th firm was listed at a ceremony attended by the company’s top management and Deputy Chief Executive Officer of the ADX, Rashid Al Baloushi.
Al Baloushi said: “Listing of Insurance House is very important for the market.”
He said: “The listing would further strengthen its position regionally and globally and will secure future growth, not to mention also that this process will open the doors to foreign investors and local citizens who are looking for more opportunities to diversify their portfolios.”
Al Baloushi said ADX encourages more companies to list their shares in the market.
He stressed the importance of new IPOs in giving investors more opportunities to diversify their investments and therefore spread their risk further, which consequently helps to enhance stability in the market which in turn will attract more institutional investments to Abu Dhabi in particular and the UAE in general.
The deputy CEO added, “As part of the programme of best practices that we adopt and apply through the opera tional mechanisms at Abu Dhabi Securities Exchange, and in line with the strategy and aspirations of ‘Abu Dhabi Vision 2030.”
Speaking on occasion, Alqubaisi said, “We have been looking forward for this occasion.”
The official launch and listing of the shares is another milestone for the company following a series of achievements since the completion of the 1st successful post crisis Initial Public Offering in the country in almost three years. Insurance House has been softly launched by the mid of last month, where by several insurance policies have been issued.
“With the support of Finance House being the major shareholder, we have kept our pledge to investors and officially launched the operations at a record period of time, allowing us to minimise setup and establishment costs,” said Alqubaisi.
Insurance House offers a host of insurance products and services to institutions as well as individuals from its head-office in Abu Dhabi, in addition to branches in Dubai and Sharjah.