WTW takes full ownership of UAE business following deal with Al-Futtaim

Global advisory and broking company WTW has taken full control over its business in the United Arab Emirates (UAE), acquiring a majority stake from Al-Futtaim.

For over fifty years, WTW has been serving the UAE market through a joint venture with Al-Futtaim, one of the largest conglomerates in the region. Operating as Al-Futtaim Willis, the joint venture company has a legacy dating back to 1976 and currently operates with around 130 staff working from offices in Dubai and Abu Dhabi.

This morning, WTW and Al-Futtaim announced that they have closed a deal to hand over full ownership of the business to the global risk consultancy and insurance broker. Al-Futtaim’s has sold its full stake (51%) for an undisclosed sum, enabling WTW to wholly manage the business.

Pamela Thomson-Hall, Head of International at WTW, said: “We are fortunate to have enjoyed a prosperous relationship with Al-Futtaim spanning nearly 50 years, for which we are very thankful. Our ability to now wholly manage our businesses in the UAE on a go-forward basis will 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,” she added.

Eleni Lykoudi, who oversees the Middle East region at WTW (alongside Central Eastern Europe and Africa), added: “The integration of Al-Futtaim Willis 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.”

The deal comes hot on the heels of WTW establishing insurance broking and reinsurance broking entities in the Saudi market.

Globally, WTW (formerly Willis Towers Watson) has around 50,000 staff serving clients 140 countries.