Bildco moves into ins. with planned Al Khazna stake

Abu Dhabi National Company for Building Materials (Bildco) is set to become a strategic shareholder at Al Khazna Ins. through a capital increase of up to AED 3 bn. The transaction would see Al Khazna issue new shares to Bildco, with the final stake, share count, and issue price to be set after valuation and subject to final agreements and regulatory approvals, according to ADX disclosures here (pdf) and here (pdf).

What Bildco would be buying into: Al Khazna has operated in the UAE ins. market since 1996, when it was founded by the late Sheikh Khalifa bin Zayed Al Nahyan. Last year, the CBUAE revoked its license after finding it hadn't met licensing requirements during a prior suspension — meaning Al Khazna currently cannot legally write ins. in the UAE.

Why it matters: The transaction would bring a new strategic shareholder into Al Khazna after the Central Bank of the UAE revoked its ins. license over continued non-compliance with licensing requirements.

This is Bildco's third acquisition outside building materials in under a year. In December 2025, Bildco acquired Arabian Nights Village, a tourist camp operator, by issuing AED 1.2 bn in new shares plus an AED 931 mn reserve in exchange for a contribution of roughly 36 mn sqm of land — not cash. In July 2026, it completed a 50% takeover of Dubai-based food trader AG Group, which runs 22 warehouses and a 351-vehicle fleet for clients including Emirates Flight Catering and Majid Al Futtaim, with terms undisclosed. It has also moved into new investment and AI ventures while pursuing an engineering consultancy stake.

What’s next? Al Khazna shareholders will vote on the proposal — which was already approved by the board of directors — at a general assembly on 18 September.