Yaser A Barri, chairman of the Ma’aden Captive
8 March 2023Analysis

Saudi mining giant launches captive

Dubai International Financial Centre (DIFC), the special economic zone for companies operating throughout the Middle East, Africa and South Asia markets, has granted Ma’aden a captives license. The Saudi state-owned company is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world.

The licence will help Ma’aden, which has 17 mines and sites with 6,000 direct employees, manage retentions and deductibles associated with traditional risk transfer programmes. It will also provide better protection against catastrophic losses, a statement issued by the DIFC said. It will also give the company a strategic location for board meetings, access to the DIFC’s reinsurance market, and proximity to its Saudi Arabia headquarters, it added.

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 the Ma’aden Captive, Ma’aden Re Limited, said: “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.”