Hadef & Partners advises National Takaful Company

Hadef & Partners announced that it is advising National Takaful Company PJSC (Watania) on its merger with Dar Al Takaful PJSC (DAT).

The transaction is the first of its kind and the first merger in the insurance sector of the UAE. It is also the first merger across the two emirates of Abu Dhabi and Dubai, with Watania listed on the Abu Dhabi Securities Exchange (ADX) and DAT listed on the Dubai Financial Market (DFM).

The merger has been conditionally approved by the Central Bank of the UAE and is currently under review by the Securities and Commodities Authority with the transaction expected to be completed by Q3 2022, subject to the necessary regulatory and shareholders approvals.

Yasser Omar, head of corporate, Hadef & Partners, said, We are proud to be the legal advisers to Watania on this ground breaking transaction in the UAE and look forward to helping realise the full potential from the new combined company. We shall work diligently with the relevant authorities to complete the merger.