The state-owned metals and mining company Ma’aden has established a captive insurance company in Dubai.
Ma’aden Re Limited is managed by Marsh Management Services (MENA) Limited and its chairman is Yaser A Barri, who is also senior vice president and CFO at its parent company.
“We look forward to establishing our presence in DIFC with the new captive licence,” said Barri.
“The Centre’s strategic location, modern business environment, and world-class services will support Ma’aden in achieving our growth strategy.”
Dubai is the fastest growing captive domicile in the Middle East.
Ronny Vellekoop, Senior Executive Officer for Marsh Captive Solutions, based in Dubai, discussed the domicile’s profile and development in GCP #61, released in December 2021.
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.”
Ma’aden is among the fastest-growing mining companies in the world, with 17 mines and sites and 6,000 direct employees.
Ma’aden is developing the mining industry in alignment with Saudi Arabia’s Vision 2030 and aims to be a role model in responsible and sustainable operations.