Abu Dhabi – Mubasher: State-backed Abu Dhabi Investment Council (ADIC) is studying the sale of its nearly 24% stake in Abu Dhabi National Insurance Co. (ADNIC), Reuters reported.

Allianz is among groups showing initial interest in buying the council’s stake.

The deal, if it goes ahead, will further boost Allianz's presence in emerging markets and give the global insurer a stronger position in the UAE, according to the council.