Doha Bank and Alkhaleej Takaful Insurance Co. Intend to Enter Into a Memorandum of Understanding Concerning the Prospective Acquisition of Sharq Insurance Co. by Alkhaleej Takaful Insurance Co.

Doha Bank announced its intention to engage into preliminary non-binding negotiations and sign a memorandum of understanding with Alkhaleej Takaful Insurance Company concerning the prospective acquisition of Sharq Insurance Company, a wholly owned subsidiary of Doha Bank, by Alkhaleej Takaful Insurance Company. This strategic initiative demonstrates the mutual commitment of both organizations to maximizing value for their respective shareholders via synergies, collective expertise and opportunities of the two prominent entities within the banking and insurance sectors in Qatar. It further underscores their firm confidence in the sustainability and growth prospects of the Qatari economy. It is envisaged that this strategic partnership will unlock investment opportunities for the shareholders of both organizations, while facilitating the integration and advancement of the insurance businesses of Alkhaleej Takaful Insurance Co. and Sharq Insurance Company. By leveraging their combined technical and financial expertise, the partnership aspires to enhance their competitive positioning aligned with an ambitious and forward-looking strategy for sustainable growth in the insurance sector, while elevating the standard of services rendered to their customers. It is important to highlight that the realization of this potential acquisition, encompassing its scope, nature and specific details, remains conditional upon the outcomes of comprehensive due diligence exercises, thorough evaluation processes, and the formalization of binding agreements between the parties involved. Furthermore, the potential acquisition is subject to the necessary approvals from the Qatar Central Bank and other relevant regulatory authorities, as well as the formal endorsement of the General Assemblies of the shareholders of both companies, and the fulfillment of all formal, financial and legal prerequisites.