The Dubai International Financial Centre (DIFC) has approved a captive licence to multi-commodity mining and metals company Ma’aden.
The company currently has 6000 direct employees and operates across 17 mines and sites. In alignment with Saudi Arabia’s Vision 2030 initiative, it aims to lead responsible and sustainable operations in the industry.
The licence allows Ma’aden to protect against its unique business risks, exposures to which are often difficult to insure. Gaps in its existing risk management company can be covered, and the company will benefit from premiums that would otherwise go to commercial insurers.
Forming the captive in Dubai gives Ma’aden access to the DIFC’s reinsurance market and offers a strategic location for board meetings.
Arif Amiri, CEO of the DIFC Authority, says: “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 the Ma’aden captive at Ma’aden Re Limited, adds: “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.”
