WTW, an advisory, broking, and solutions firm, stands to gain full managerial control of its United Arab Emirates (UAE) domiciled joint venture, Al-Futtaim Willis (AFW), following Al-Futtaim’s decision to sell its 51% stake in the company.
The transaction is subject to regulatory approval and is expected to close in the second half of 2025.
The move aligns with insurance broking WTW’s broader regional expansion in the UAE and Saudi Arabia.
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. 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.”
Eleni Lykoudi, Head of WTW CEEMEA, said, “Having worked with Al-Futtaim for half a century, our two companies will remain trusted friends and partners, and we look forward to many more years of working together in the future. This change in ownership structure complements WTW’s recent investments in the neighboring 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, Omer Elamin, added, “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.”
