Sukoon approved to acquire Ascana

The Central Bank of the United Arab Emirates (CBUAE) and the Securities and Commodities Authority (SCA) have approved Sukoon's acquisition of 93% of the capital of Arabian Scandinavian Insurance - Takaful (Ascana).

The transaction, announced in December 2022, is part of the Emirati insurer's strategy to consolidate its presence in the GCC zone and to penetrate the takaful market.

This is Sukoon's second major deal after the one concluded in November 2022 concerning the acquisition of Generali's life portfolio in the United Arab Emirates.