WTW, a leading global advisory, broking and solutions company, is having a change in the ownership of its longstanding joint venture, United Arab Emirates (UAE) based Al-Futtaim Willis (AFW).

According to the company’s press release, Al-Futtaim’s decision to sell their 51% stake in the joint venture will enable WTW to wholly manage the AFW business when regulatory approvals are received.

“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 optimize 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”, commented Pamela Thomson-Hall, Head of International at WTW.

“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”, said Head of WTW CEEMEA, Eleni Lykoudi.

“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”, added Omer Elamin on behalf of Al-Futtaim.

The Group noted that the transaction is subject to regulatory approval and is expected to close in the second half of 2025.