State-backed Abu Dhabi Investment Council is weighing the sale of its nearly 24% stake in Abu Dhabi National Insurance Co (ADNIC), with Allianz among groups showing initial interest in buying it. If the deal goes ahead, it will further boost Allianz’s presence in emerging markets and give the global insurer a stronger position in the United Arab Emirates (UAE), a market seen as ripe for consolidation. The sale plan is still in its preliminary stages.
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