Dubai International Financial Centre (DIFC), a leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has granted a captive licence to Ma’aden, the largest multi-commodity mining and metals company in the Middle East, and one of the largest mining companies in the world based on market capitalisation.
DIFC’s captive licence will provide Ma’aden with financial, strategic and operational benefits.
DIFC provides an optimal platform for captive insurance companies, allowing them to take complete control of their risks while gaining greater financial flexibility and protection.
Moreover, the licence will help Ma’aden manage retentions and deductibles associated with traditional risk transfer programmes. The licence will also provide the company with better protection against catastrophic losses and risks
At the same time, by establishing a captive licence at DIFC, this will give Ma’aden a strategic location where it can convene board meetings. The licence also grants the company access to DIFC’s reinsurance market which is close to its headquarters in Saudi Arabia.
Arif Amiri, CEO of DIFC Authority, said: “As the region’s insurance hub, which includes captives, DIFC is looking forward to supporting Ma’aden in achieving its growth goals and helping them better control risks and reduce costs.”
Yaser A Barri, Chairman of Ma’aden Captive, Ma’aden Re Limited, commented: “We look forward to establishing our presence in DIFC with the new captive licence. The Centre’s strategic location, modern business environment, and world-class services will support Ma’aden in achieving our growth strategy.”
