Advisory and broking group WTW is set to assume full ownership of its United Arab Emirates-based joint venture, Al-Futtaim Willis (AFW), after Al-Futtaim Group agreed to divest its majority stake.
The change, pending regulatory clearance, is expected to complete by the second half of 2025.
The transition will shift management of the Dubai and Bahrain businesses fully under WTW’s control, enabling the firm to align its regional operations more closely with its global service platform.
Pamela Thomson-Hall (pictured right), head of international at WTW, said the group values its long-standing collaboration with Al-Futtaim.
“We are fortunate to have enjoyed a prosperous relationship with Al-Futtaim spanning nearly 50 years, for which we are very thankful,” she said.
She added that this latest move is part of WTW’s strategic approach to focus investment on scalable broking operations that support broader client needs, especially in complex benefit management.
“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,” Thomson-Hall said.
Omer Elamin (pictured left), speaking on behalf of Al-Futtaim, noted the mutual respect that defined the partnership.
“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,” he said.
Eleni Lykoudi, who leads WTW’s central and eastern Europe, Middle East, and Africa (CEEMEA) division, said the development builds on the company’s recent investments in Saudi Arabia.
“This change in ownership structure complements WTW’s recent investments in the neighbouring 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,” she said.
The deal comes amid a modest rebound in global M&A activity. WTW’s latest M&A performance report indicated that companies engaging in acquisitions outperformed global market indices in Q1 2025 for the first time since late 2022.
The report, produced with Bayes Business School, tracked deals exceeding US$100 million completed between January and March.
Asia-Pacific acquirers outperformed their regional index by 5.8 percentage points with 44 transactions, down from 61 the previous quarter.
Global M&A volume rose by 12.6% year-over-year to US$984.38 billion, largely due to deals in Asia-Pacific markets, particularly China. In contrast, the US market experienced a decline, with M&A volume falling to US$436.56 billion amid concerns over trade policy stability.
