By: Eslam Salem

Doha – Mubasher: Al Khaleej Takaful Group plans to expand in the Gulf Cooperation Council (GCC) countries by the end of 2016, the company’s CEO, Jassim Al Moftah, told Mubasher on Monday.

“We are now focusing on operating activities and restructuring domestic and foreign investments, in order to be ready for the expansion in the neighbouring countries by the end of this year or early 2017,” Al Moftah said after the company’s ordinary general meeting (OGM) yesterday.

“We expect and operational growth of 7% in 2016, compared to 5% last year,” he added.

The OGM approved the board of director’s recommendation to distribute cash dividends at 10% of the capital or QAR 1 ($0.27) per share for the fiscal year 2015.  

 Al Khaleej’s profit declined last year by 41.7% to QAR 43.38 million ($11.91 million) from QAR 74.4 million ($20.43 million) in 2014.

Translated by: Elwy el-Manzalawy