Abu Dhabi’s Goldilocks acquires 29.49% stake in insurer Takaful Emarat

Abu Dhabi-based Goldilocks Investment Company has announced its acquisition of a 29.49 per cent stake in Dubai-listed insurance firm Takaful Emarat.

The deal marks the fund’s third major Dubai stake buy in recent days after also acquiring 18.32 per cent of shipping firm Gulf Navigation Holding and 14.1 per cent of Islamic Arab Insurance (Salama).

Read: Abu Dhabi’s Goldilocks fund acquires 18% stake in Dubai-listed Gulf Nav

The fund, managed by ADCM Altus Investment Management, said the Takaful stake buy was motivated by the belief that the insurance sector is “poised for considerable growth, driven by increasing contributions, favorable regulatory landscape, and new product opportunities”.

It added would help the firm take advantage of “strong market dynamics” and growth opportunities.

Goldilocks was launched in 2015 by Abu Dhabi Financial Group with the goal of becoming an activist investor in listed equities to unlock value.

It has targeted firms it considers undervalued or in financial trouble.