Sri Lanka opportunities scouted by Dubai group

Mar 06, 2012 (LBO) – Dubai-based All Futtaim group which already owns a motor dealer and insurer is scouting fresh opportunities in leisure and real estate, group vice chairman Omer Al-Futtaim said. “We are exploring a number of new of new opportunities,” he said. “Real estate and leisure is one of the areas we are strong in and we’ve been looking at those opportunities.”

Al-Futtaim group bought Sri Lanka Associated Motorways which has the agencies for Japan’s Nissan and India’s Maruti in Sri Lanka. The firm has a 50 percent market share in brand new vehicles in the island.

Al-Futtaim Friday officially launched Orient Insurance, a wholly-owned unit of Al Futtaim group company Arab Orient Insurance.

The group had invested 750 million rupees in the Sri Lankan firm.

Len Hunt, from Al Futtaim’s motor division said the insurer and a financing arm allowed the group to give a comprehensive service to motor buyers.

Deepthi Lokuarrachchi, chief executive of Orient Insurance Sri Lanka said the start-up insurer had clocked up 54 million in premium following is soft-launch in December.

It has also set up several branches and was planning more branches in Anurdhapura and Badulla.