President Isaac Herzog meets the Crown Prince of Abu Dhab (GPO)
The Abu Dhabi Development Holding Co. (ADQ) is buying a controlling interest Israel’s largest insurance concern, Israel Phoenix Assurance Ltd. ADQ is acquiring a 25% stake in the company for NIS 2.3 billion, or roughly $680 million.
Phoenix currently has a market cap of NIS 9.5 billion ($2.8 billion).
Also, Phoenix CEO Eyal Ben Simon and Chairman Benny Gabbay are reportedly buying a 2% stake in the company for themselves.
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Israel has come a long way since the 2020 Abraham Accords brought peace with two Arab Gulf States, The United Arab Emirates (UAE) and Bahrain. Later on two African Arab nations, Morocco and Sudan, also joined the Accords. Abu Dhabi is one of the emirates that comprise the UAE.
Just a few years ago, the idea that a national investment fund from an Arab nation like the UAE would acquire a major Israeli corporation would have been laughed at. No Arab nation would make such an investment in Israel and the Israeli government would never allow such a transfer of ownership in such a valuable concern to one. What a difference a few years can make?
But the acquisition of Phoenix still needs the approval of Israel’s Supervisor of Capital Markets, Insurance and Savings.
Founded by David Hachmy in 1949 as a private company, which became public in 1978, The Phoenix has been operating in the Insurance and Finance field for the past 71 years, and as of today, is considered to be the leading insurance company in Israel. The Company’s main focus is in the insurance, health, pension and provident fields. As of today, the company’s stock is a constituent of a few main indices, among them is the prestigious Tel Aviv 35 index.
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others.
Abu Dhabi ADQ is one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
