- Advertisement -
Tuesday, October 3, 2023
Home News Fleet Saudi mining titan secures right to self-insure from DIFC

Saudi mining titan secures right to self-insure from DIFC

Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company in the Middle East – and based on market capitalisation, one of the top five mining companies globally – has been granted a captive license by Dubai International Financial Centre (DIFC).

Captive insurance is a risk financing mechanism in which a company is able to insure itself against potential losses. In a captive insurance arrangement, the insured brings its risk in-house by creating a licensed company that provides insurance to its parent organisation.

With 17 mines and sites and 6,000 employees, Ma’aden is said to be among the world’s fastest-growing mining companies, and noted that it is committed to responsible and sustainable operations. Ma’aden is developing the mining industry in line with Saudi Arabia’s Vision 2030, a statement from the firm added.

“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,” said Yaser A Barri, chairman, Ma’aden Captive, Ma’aden Re Limited.

Establishing a captive in DIFC gives Ma’aden a strategic location to convene board meetings, access DIFC’s reinsurance market, and be close to its headquarters in Saudi Arabia.

In addition, DIFC is said to provide an optimal environment for captives, allowing firms to take full control of their risks while gaining greater financial flexibility and protection.

DIFC Authority CEO, Arif Amiri added, “As the region’s insurance hub, including captives, DIFC looks forward to supporting Ma’aden in achieving its growth goals and helping them better control risks and reduce costs.”

He added that DIFC’s captive license will provide Ma’aden with financial, strategic, and operational advantages. By forming its own insurance company to protect against unique business risks, Ma’aden can manage difficult-to-insure risk exposures, cover gaps in its risk management programme, and capture profitable premiums that would otherwise be paid to commercial insurers, the statement concluded.

- Advertisement -
Stephen Whitehttps://truckandfleetme.com/
Stephen White was formerly editor of Big Project ME.
- Advertisement -

Most Popular

Polestar 3 launch nears after hot weather testing in UAE success

The development of Polestar 3 is close to completion after the high performance electric vehicle (EV) successfully completed  two weeks of extreme hot weather...

Record-breaking Automechanika Dubai 2023 opens its doors

Automechanika Dubai, the largest international trade exhibition for the automotive aftermarket and service industry, will return for a landmark 20th edition next week. From 2-4...

Automechanika Dubai: Goodyear gears up for lubricants growth

Automechanika Dubai, the leading automotive aftermarket trade show, is thrilled to mark its 20th edition at the prestigious Dubai World Trade Centre (DWTC) from...

Embrace sustainability with three key circular economy practices

The planet's resources are finite, and it's our responsibility to use them wisely while maximizing their benefits. Volvo Construction Equipment (Volvo CE) is committed to...

Related News

Polestar 3 launch nears after hot weather testing in UAE success

The development of Polestar 3 is close to completion after the high performance electric vehicle (EV) successfully completed  two weeks of extreme hot weather...

Record-breaking Automechanika Dubai 2023 opens its doors

Automechanika Dubai, the largest international trade exhibition for the automotive aftermarket and service industry, will return for a landmark 20th edition next week. From 2-4...

Automechanika Dubai: Goodyear gears up for lubricants growth

Automechanika Dubai, the leading automotive aftermarket trade show, is thrilled to mark its 20th edition at the prestigious Dubai World Trade Centre (DWTC) from...

Embrace sustainability with three key circular economy practices

The planet's resources are finite, and it's our responsibility to use them wisely while maximizing their benefits. Volvo Construction Equipment (Volvo CE) is committed to...

Muhammad Galadari receiving prestigious Award from Sinotruk

In a testament to his exceptional leadership and tireless dedication, Muhammad Galadari has been extended a prestigious invitation to receive an award from the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here