Sri Lanka draws Al-Futtaim insurance unit

Apr 29, 2011 (LBO) – Dubai’s Al-Futtaim group is setting up an insurance company through a subsidiary in Sri Lanka, which is recovering from a war, and is looking to hire staff including a chief executive. Arab Orient Insurance Company, part of the Al-Futtaim group, said it is setting up a company in Sri Lanka as part of its expansion plans.

“The proposal is driven by substantial captive business and an ambitious business plan to capture and enhance a sustainable market share,” according to an Arab Orient Insurance Company advertisement in local media.

The company said it is looking for a chief executive to manage the new company which was being formed.

Foreign investment in Sri Lanka is increasing after the end of its 30-year ethnic war in May 2009.

The Al-Futtaim group in the United Arab Emirates is in the automotive, retail, financial services, real estate and construction businesses.