The Board of Al Ahlia Insurance Company has recommended a cash dividend of 50 per cent and a bonus share issue of 1 share for every 10 held (10 per cent).

Al Ahlia Insurance is a subsidiary of Damac Holding and one of the oldest public shareholding companies providing all classes of insurance in Bahrain.

The company registered a 24 per cent growth in gross premium for the fiscal year 2008 compared to 2007. It is listed on the Bahrain Stock Exchange.

Al Ahlia is also a member of a consortium that insures the Bahrain’s national carrier Gulf Air.

“The results that we announced in 2008 prove that our company is on solid ground with substantially high growth potential.  Therefore we have suggested our shareholders to approve the cash dividend and bonus shares,” said Hussain Sajwani, chairman of Damac Holding.

Al Ahlia is part of the multi-billion dollar conglomerate Damac Holding, one of the largest business groups in the region, with operations in 18 countries and a 7000-strong employee portfolio.

Damac has grown over the last 27 years from a local catering entity into an international conglomerate whose activities encompass property development, insurance, manufacturing, education, securities, investment and commercial trading.-TradeArabia News Service