NOTES TO FINANCIAL STATEMENT

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Subsequent events

  1. a) Company has entered into an agreement dated 6 February 2024 with one of the Reinsurer to fully and finally release and discharge to each other from all liabilities and obligations arising under or relating to all of the Reinsurance Contracts relating to motor business for the contract years 2021 and 2022. Company has also cancelled the contract with the same reinsurer for the year 2023.
  2. b) Company has received a letter of Intent from a prominent local UAE incorporated company regarding a potential transaction, which may involve an acquisition of a strategic stake into the Company.

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