Howden announces its entry into the Kingdom of Saudi Arabia to drive strategic growth opportunities
London – Howden, the global insurance intermediary group, today announces that it has received regulatory approval to launch a reinsurance operation in the Kingdom of Saudi Arabia. The new business will be led by Motaz Bukhari, who has been appointed Chief Executive Officer of Howden Re, Kingdom of Saudi Arabia (KSA). This announcement reflects Howden's commitment to investing in new markets, offering a home for local and global talent and greater choice for clients and carriers in Saudi Arabia and the wider region.
Motaz Bukhari brings with him a wealth of experience, having spent 12 years in the insurance industry. Over the past five years, he held various leadership roles at Marsh Guy Carpenter in Saudi Arabia, most recently serving as Deputy CEO. His career also includes seven years on the underwriting side, specialising in Property and Energy at Arch. He began his professional journey as an engineer with Saudi Aramco.
Howden Re KSA will provide reinsurance brokerage services across Treaty and Facultative placements, in addition to offering strategic advice on leveraging data, analytics and capital markets expertise for the Saudi market. Howden Re will be partnering with local, culturally aligned businesses and investing in local talent to scale the business quickly and effectively.
David Howden CBE, CEO, Howden said: 'We couldn't be more excited to open the doors to Howden KSA. This is a country buzzing with opportunity. It is one of the fastest growing economies in the G20 with a hugely ambitious vision that puts insurance front and centre. We have already built up a strong partnership with the Kingdom thanks to our role as part of the UK government's Great Futures delegation, our work with Saudi EXIM bank and our sponsorship of the Jockey Club of Saudi Arabia. We now look forward to turbocharging our efforts – building a long-term commitment with our Saudi partners, providing innovative solutions to the local market, and a fresh alternative for home-grown talent.'
Richard Mockett, CEO, Howden Middle East and Africa, commented: "Saudi Arabia's extraordinary pace of development presents a unique opportunity for the (re)insurance sector to play a critical role in supporting and de-risking the Kingdom's ambitious initiatives. We are proud to announce our entry into this strategically vital market, marking a significant moment in our ongoing expansion across the Middle East. Under Motaz's leadership and guidance, we are confident that Howden will make a huge contribution to Saudi Arabia's dynamic and rapidly evolving (re)insurance sector."
Mario Baotic, Head of International Growth Markets, Howden Re, said: 'Our entry into Saudi Arabia marks an important milestone in Howden Re's international growth and reinforces our commitment to the Middle East. With its ambitious economic transformation and increasing demand for sophisticated risk solutions, the Kingdom offers significant opportunities to deliver real value through our specialist expertise and data-driven capabilities. We are here to build for the long term – partnering locally, investing in local talent, and shaping a new chapter of reinsurance innovation and resilience across the region.'
About Howden
Howden is a leading global insurance intermediary group with employee ownership at its heart. Founded in 1994, it provides insurance, reinsurance and underwriting services and solutions to clients ranging from private individuals to the largest multinational companies.
The Group operates in 55 countries in Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employs 22,000 people and manages premiums totalling USD 45 billion on behalf of its clients.
About Howden Re
Howden Re is the global reinsurance and capital markets arm of Howden. Offering risk, capital, and strategic advisory, Howden Re is distinguished by its innovative service offering, entrepreneurial leadership approach, and commitment to excellence. With a broad suite of services and specialities, differentiated capital structure, and growing global team, Howden Re aims to deliver outsized value to reinsurance clients.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
38 minutes ago
- The National
Has the oil and gas industry learnt the right lessons from the Israel-Iran conflict?
Open fighting between Israel and Iran, and missile and drone strikes on oil and gas facilities would once have triggered crisis in energy markets. Yet after the 12-day war between Israel and Iran, joined by the US, oil prices are lower than when it started. Has the oil and gas industry learnt lessons from this brief conflict? More importantly, has it learnt the right lessons? First, the market is not worried about disruption to energy supplies from the Gulf. Despite two of the Middle East's key military and political powers lobbing missiles at each other, despite the US directly bombing Iran for the first time ever and Tehran also countering for the first time by attacking the territory of a Gulf state, oil prices are lower now than before the conflict broke out. After a brief 20 per cent rise, gas prices in Europe have also dropped to below their pre-June 12 levels, even though the continent needs Gulf liquefied natural gas (LNG) to make up for the loss of Russian imports. Following much more nervous periods in the early 2000s, when a whiff of gunpowder could put $10 on the oil price, four factors are at play. The rise of the US's shale oil and gas output has diversified supplies, and it could increase output further in the case of a prolonged disruption and price spike. Opec members hold major spare capacity in Saudi Arabia, the UAE and Iraq, while Iran's own output has stagnated. Saudi Arabia and the UAE have built or expanded pipelines that bypass the Strait of Hormuz. And the world economy is less oil-dependent – a barrel of oil generates $2,500 of world gross domestic product today, up from $1,725 in 2000. Renewable energy and electric vehicles are now genuine alternatives at commercial scale to oil and gas. But perhaps all these factors are secondary to the fable of the 'boy who cried wolf'. Iranian politicos and military officials have often threatened to 'close the Strait of Hormuz' at times of geopolitical tension and analysts have studied the possible threats, implications and countermeasures to exhaustion. Yet nothing has happened, beyond in the past few years some minor and deniable explosions, and harassment of vessels by Iranian naval forces. This time, there was not even that, just some spoofing of GPS signals. Iran depends on the strait itself; interrupting transit would cut off its own exports and imports, and invite devastating retaliation. It is only likely to be attempted if the regime in Tehran has its back to the wall. Of course, the fighting had some impacts on specific parts of the energy business, sharply pushing up diesel and jet fuel prices, tanker hire rates and insurance. But overall, the oil market appears to have decided that it will wait to see real physical disruption or destruction before reacting dramatically. Second, there is still restraint in targeting energy sites. Probably not wanting to be blamed for causing a global energy crisis, Israel did not attack Iran's oil export capacities. Its strikes against domestic oil depots and gas processing plants appear more in the nature of a warning and have not caused long-lasting disruption. Iranian missiles did damage facilities at the Bazan plant in Haifa, one of Israel's two oil refineries. But Israel's three offshore gasfields have avoided damage, even though since October 2023, they have seemed like obvious, critical and hard-to-defend targets for missiles or drones from Iran or its allies, notably Hezbollah. Third, the Gulf countries' outreach to Iran, and the assistance of China in mediating the Saudi-Iran normalisation of March 2023, has been helpful in keeping them out of conflict. Doha was certainly not happy to have Iranian missiles targeted at the US's Al Udeid base on its soil, but no serious damage was done and the Iranians were quick to make it clear that the nation of Qatar was not their target. But what if these lessons are false? Or, at least, not teaching us what we think? Complacency in such critical matters could be catastrophic. Restraint tends to fall away as conflicts draw on. Weapons are used with greater ingenuity and desperation. Ukraine has showed that well with its increasingly sophisticated penetration of Russian defences, its strikes against oil refineries, key bridges and rail lines, and bomber bases. Iran and, before it, Hezbollah were taken aback by the elimination of so many key commanders early in the conflict. That may have limited their ability to execute more damaging retaliation this time. Aerial and maritime drones give capacity for much more precise strikes than were possible in previous periods of panic in the early 2000s. Israel and the US have given mixed messages on whether their goal was the elimination or setback of Iran's nuclear programme, or regime change. If the Islamic Republic were seriously in danger of destruction, though, it would become far more likely to use whatever remaining leverage over world energy supplies it had. The boy who cried wolf, of course, was eventually eaten by a wolf. The region and the key external players need to move beyond fragile ceasefires, containment and the rule of the gun, to multilateral peacebuilding In some ways, the global energy system is more robust than in the early 2000s. In others, it has become more vulnerable – because of the loss of Russian gas to Europe, the much greater reliance globally on Gulf LNG, and the disruption of shipping through the southern Red Sea. As former Egyptian president Anwar Sadat used to say, 'the US holds 99 per cent of the cards in the Middle East'. It may not be so high these days, and Sadat himself admitted in private, 'The United States actually holds only 60 per cent'. But neither of Iran's backers, China or Russia, seem to hold even 10 per cent, nor were of any obvious use in halting the Israeli or American attacks. Concern for what Beijing thinks might hold back Tehran from attacking its Gulf neighbours, but the fear of US retaliation remains a bigger restraining factor. We have, so far, got away with an exceptionally dangerous situation. The solutions are threefold. First, regional states including the Gulf should continue building energy security and resilience, including better defences, and diversified infrastructure. Second, energy importers should accelerate their efforts on non-petroleum technologies, bringing environmental as well as security gains. Third, the region and the key external players need to move beyond fragile ceasefires, containment and the rule of the gun, to multilateral peacebuilding.
Zawya
38 minutes ago
- Zawya
Saudi Arabia: FDI inflows reach $5.9bln in Q1 2025, unemployment rate declines to 7.8%
RIYADH: The Saudi General Authority for Statistics reported on Sunday that Foreign Direct Investment (FDI) inflows reached SAR 22.2 billion (USD 5.9 billion) in Q1 2025, while the unemployment rate declined to 7.8%. The data indicated a 44 percent increase in FDI inflows compared to the same period last year, when it amounted to SAR 15.5 billion (USD 4.1 billion), despite a 7% decline compared to the fourth quarter of 2024, which recorded SAR 23.9 billion (USD 6.4 billion). FDI inflows into the Kingdom totaled SAR 24.0 billion (USD 6.4 billion) in Q1 2025, reflecting a 24% year-on-year increase but a 6% drop compared to Q4 2024. In the labour market, the data showed a decline in the overall unemployment rate for individuals aged 15 and older to 7.8% in Q1 2025, compared to 8.5% in Q4 2024, 3.7% males, and 18.4% females. The Authority reported Saudi unemployment falling to 7.6%, down from 8.4%, with male unemployment sliding from 5.1% to 4.7% and female easing from 14.3% to 13%. The labour force participation rate for Saudis stood at 47.6%, with 66.6% for males and 35.4% for females, while the employment-to-population ratio was 92.4%. The data showed that the majority of Saudi job seekers are in the 20-29 age group, with the highest numbers in Riyadh, Makkah, the Eastern Province, Aseer, and Qassim.
Zawya
38 minutes ago
- Zawya
UAE ranks among top 7 global destinations for tourist spending
A recent report by the World Travel and Tourism Council (WTTC) revealed that the UAE's travel and tourism sector delivered an exceptional performance in 2024. The sector contributed AED257.3 billion ($70.1 billion) to the national GDP, accounting for 13% of the economy. This marks a 3.2% increase from 2023 and a remarkable 26% growth compared to 2019, one of the highest growth rates globally and regionally in terms of tourism's contribution to economic development, reported WAM. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, praised the sector's achievements, stating, 'In a new indicator of the strength and diversity of our national economy, the WTTC report highlights the exceptional achievements of the UAE tourism sector. International visitor spending exceeded AED217 billion last year, with domestic tourism expenditure reaching AED57 billion. The UAE ranks among the world's top seven destinations for international tourist spending, surpassing countries that have been in this industry for centuries.' He added, 'We welcome tourists, delight in attracting investors, embrace talent, and build the best environment for living, tourism, and visitation. Welcome to the world.' Abdulla bin Touq Al Marri, Minister of Economy and Tourism and Chairman of the Emirates Tourism Council, emphasised that the UAE has placed tourism at the heart of its strategy to drive economic diversification and sustainable growth. He credited the nation's success to proactive initiatives and strategic tourism plans that have positioned the UAE as a unique and attractive global destination. These efforts include strengthening infrastructure across the seven emirates, enhancing the appeal of tourism-related investments, and showcasing the country's rich cultural and experiential diversity. Significant improvements in airport and travel infrastructure have also contributed to the country's elevated standing in global travel and tourism. Al Marri also noted, 'Just days ago, the UAE achieved a historic milestone in the tourism sector with the election of Shaikha Nasser Al Nowais, Secretary-General of the United Nations World Tourism Organisation (UNWTO). Today's WTTC results reaffirm the wisdom of our leadership's vision in enhancing the competitiveness of our tourism sector, creating employment opportunities for Emiratis, and further cementing our position as a global tourism powerhouse.' 'These achievements underscore that the UAE tourism sector is confidently progressing toward the goals set out in the UAE Tourism Strategy 2031. The strategy aims to increase the sector's contribution to the national GDP to AED450 billion and raise the number of hotel guests to 40 million annually by the next decade.' He noted that national efforts are ongoing to develop a fully integrated tourism ecosystem, guided by international best practices. These efforts include strengthening engagement with key regional and international tourism markets, expanding the range of tourism offerings, and enhancing service quality to provide comprehensive and enriching experiences for visitors from around the world. 'These initiatives are in line with the UAE vision We the UAE 2031, and they aim to elevate the country's status as one of the world's leading tourism destinations in the coming decade,' he concluded. Regarding international tourism, the WTTC report highlighted that the UAE continues to assert its position as one of the world's leading travel destinations. In 2024, the country welcomed international visitors from a diverse range of key markets, including India: 14%, United Kingdom: 8%, Russia: 8%, China: 5%, Saudi Arabia: 5%, and rest of the world: 60%. This broad geographical distribution reflects the UAE's growing global appeal and the effectiveness of its flexible and inclusive tourism policies in attracting a wide array of visitors. The report further revealed that international visitor spending in the UAE reached AED217.3 billion ($59.2 billion) in 2024, marking a 5.8% increase from 2023 and a 30.4% rise compared to pre-pandemic levels in 2019. Meanwhile, domestic tourism spending also witnessed strong growth, reaching AED57.6 billion ($15.7 billion) in 2024, an increase of 2.4% over 2023 and a remarkable 41% rise compared to 2019. These figures underscore both the resilience and upward momentum of the UAE's tourism sector across international and domestic fronts, further solidifying its position as a premier global destination. The WTTC report projects that international visitor spending in the UAE will rise by 5.2% in 2025, reaching approximately AED228.5 billion. Meanwhile, domestic tourism spending is expected to grow by 4.3%, hitting AED60 billion by the end of the year. The report also highlighted that leisure tourism accounted for 84.7% of total tourism expenditure in the UAE in 2024, while business tourism represented 15.3%. This demonstrates the sector's adaptability and its ability to balance both recreational and commercial tourism demands. Moreover, the breakdown of spending showed that 79% of total tourism expenditure came from international visitors, while 21% was attributed to domestic tourists. The report further emphasised that despite the UAE's rapid tourism sector growth, the country has remained firmly committed to environmental standards and sustainability goals. In 2023, carbon emissions linked to tourism activities accounted for only 13.3% of the nation's total emissions, reflecting the UAE's strategic focus on integrating sustainability across its tourism landscape. This performance aligns with the UAE's broader vision to promote sustainable practices across all sectors — ensuring that tourism growth goes hand-in-hand with environmental responsibility and long-term ecological balance. On the social front, the report highlighted that women accounted for 16.3% of the direct workforce in the UAE's travel and tourism sector in 2023. Additionally, youth aged 15–24 years made up 9.7% of the total employment in the sector, reflecting its growing role in empowering both women and younger generations within the national labour market. From a fiscal perspective, the tourism and travel sector generated $8.6 billion in tax revenues in 2023, representing 5.4% of total government revenues. This underscores the sector's increasing financial significance and its vital contribution to the country's public treasury. On the global level, the report stated that the travel and tourism sector contributed $10.9 trillion to the global GDP in 2024, representing 10% of the world economy. This reflects an 8.5% increase compared to 2023 and a 6% rise compared 2019. Looking ahead, the sector's contribution is projected to reach $11.7 trillion in 2025, which would mark a 6.7% increase over 2024 and a 13% growth over 2019, underscoring the sustained recovery and expansion of global tourism. The report also highlighted the sector's robust role in job creation, with 356.6 million jobs generated worldwide in 2024, accounting for 10.6% of total global employment. This represents a 6.2% increase from 2023 and a 5.6% increase from 2019. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
