Arig collaborates with BIAT on Tunisian subsidiary expansion
The Arab Insurance Group (Arig) recently signed a protocol agreement with the Banque Internationale Arabo-Tunisienne (BIAT). The two entities will cooperate on restructuring and developing Arig’s Tunis insurance subsidiary, the Arab Tunisian Insurance Group (Atig).
Tunisia, whose insurance sector is currently undergoing liberalization, is ranked amongst the top five in Arab economies. Arig's capital will be raised to 10 million Tunisian dinars (seven million dollars) under the terms of the agreement.
Formed in 1980, Arig is currently the largest reinsurance operation in the Middle East. The company has overseas offices in Tunisia, Kuala Lumpur, Hong Kong and Seoul. The Group operates subsidiaries in Morocco, Jordan, and Egypt and Tunisia.
Arig expanded its capital to $360 million in 1997 by issuing shares to investors in the Arab world. Kuwait, the United Arab Emirates and Libya each hold a 16.3 percent stake in ARIG, whose shares are traded on the Bahraini, Omani, Kuwaiti and Egyptian stock markets. Its global depository receipts are listed on the London Stock Exchange. — (menareport.com)
© 2002 Mena Report (www.menareport.com)