SALAMA to reduce its share capital

During an Ordinary General Meeting held on 16 January 2023, the shareholders of Islamic Arab Insurance Company (SALAMA) have approved the reduction of the company's share capital. It will be brought down from 1 210 000 000 AED (329 371 680 USD) to 939 588 998 AED (255 763 642 USD).

The operation will allow the Emirati insurer to cover the accumulated losses which stood at 270 411 002 AED (73 608 038 USD) on 31 December 2021.