Arabia Insurance to sale 67% of its shares

Arabia Insurance is selling 67% of its shares (7.90 USD per share) to a group of investors represented by the consulting firm Capital EE.

Arabia Insurance’s Board of Directors has approved of the operation. The decision is to be ratified by the Extraordinary General Meeting which shall meet on 3 July 2020.

Arabia Insurance Company was founded by Fouad Saba, Basim Faris and a group of Palestinian businessmen on 3 September 1944, in Jerusalem. Due to the partition of the country in 1948, the company had to transfer its offices to Beirut where it launched its life department in 1955.

In 1959, Arabia established its headquarters in a building in Ain El Mreisseh (Beirut).