WTW, a leading global advisory, broking and solutions company, has announced a change in the ownership of its longstanding insurance broking joint venture, UAE-based Al-Futtaim Willis (AFW).
Al-Futtaim’s decision to sell their 51% stake in the joint venture will enable WTW to wholly manage the AFW business when regulatory approvals are received.
This transaction is subject to regulatory approval and is expected to close in the second half of 2025. It heralds that a broader regional expansion by WTW is underway with a growing presence in UAE and Saudi Arabia, said WTW in a statement.
WTW head of International Pamela Thomson-Hall said, “We are fortunate to have enjoyed a prosperous relationship with Al-Futtaim spanning nearly 50 years, for which we are very thankful. WTW’s investment strategy remains acutely focused on investing strategically to optimise the company’s portfolio globally and pursue scaled and high-growth broking businesses.
“Our ability to wholly manage our businesses in Dubai and Bahrain on a go-forward basis will further strengthen this strategy and enable us to provide clients in the UAE and the wider region improved access to our specialist expertise and global placement capabilities. It also enhances our ability to serve our global benefit management clients through a more consistent delivery approach.”
Head of WTW CEEMEA, Ms Eleni Lykoudi, said, “This change in ownership structure complements WTW’s recent investments in the neighbouring Kingdom of Saudi Arabia, where the company recently established insurance and reinsurance broking entities. The integration of AFW will allow our local, regional, and global clients to access WTW’s entire portfolio, enhancing our value proposition in the market. All of this speaks to WTW’s commitment to invest in the Middle East and our enhanced client service offering in the region.”
On behalf of Al-Futtaim, Mr Omer Elamin said, “We are proud of the strong and successful relationship we have built with WTW over nearly five decades. As we amicably conclude this chapter of our partnership, we remain committed to maintaining the professionalism and spirit of collaboration that have defined our journey together and we look forward to the future possibilities that may arise from this mutual understanding.”
Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai. Structured into five operating divisions—automotive, financial services, real estate, retail, and health—Al-Futtaim employs more than 33,000 people across over 18 countries in the Middle East, Asia, and North Africa.