Latest news with #DubaiInsurance
South China Morning Post
a day ago
- Business
- South China Morning Post
Hong Kong virtual insurer OneDegree seeks more Middle East growth, eyes Europe and Africa
Hong Kong virtual insurer OneDegree is gaining ground in the Middle East and has signed 20 contracts since entering the region in 2023, according to one of its founders. In an interview on June 6, Alvin Kwock Yin-lun said the nine-year-old company was looking for additional growth in the Middle East. It has insured the digital assets of 20 out of the 34 companies licensed by Dubai's Virtual Assets Regulatory Authority, which includes digital asset exchanges and providers of trading and custody services. OneDegree had reported no claims, losses, or incidents among its clients after debuting its products, which were in line with United Arab Emirates (UAE) regulations, including professional indemnity insurance and directors and officers insurance, Kwock said. He attributed the company's success to its 'cybersecurity technology and comprehensive underwriting framework'. Kwock said the company was developing new products, including mining risk insurance and smart contract wallets. In 2023, OneDegree partnered with Dubai Insurance, one of the oldest insurers in the UAE, to insure digital asset firms in the region. Over the past two years, Dubai Insurance had invested in OneDegree twice, Kwock said. He did not disclose the size of the investments. Since 2016, the company has raised more than HK$90 million (US$11.5 million) in funding.
Zawya
22-05-2025
- Business
- Zawya
Mideast Stocks: Saudi Arabia settles lower, worst weekly performance in over a month
Saudi Arabia's main stock index closed lower on Thursday, clocking its worst weekly performance in over a month, after official reports showed that crude oil exports in March declined. The kingdom's stock index shed 1.02% on Thursday, underperforming its peers in the Middle East. It was down 2.5% for the week. Official data on Wednesday showed the country's crude oil exports in March fell to 5.754 million barrels per day from 6.547 million bpd in February. Oil prices, a catalyst for stock markets in the Gulf, also dropped by more than a percent after Bloomberg reported OPEC+ was discussing a production increase for July, which raised worries that global supply could exceed demand growth. Dubai's benchmark index snapped two consecutive sessions of decline, ending 0.26% higher. UAE-based insurer Dubai Insurance was the top gainer on the index, jumping 15% to a near 21-year high. The index has been bolstered by a slew of business agreements between the U.S. and UAE announced last week during President Donald Trump's Gulf Tour. Elsewhere, the main stock indices in Abu Dhabi and Qatar ended the session flat on Thursday. Qatar's benchmark index saw its biggest weekly rise since October 2024. Outside the Gulf, Egypt's blue-chip index, closed up 0.44% ahead of an expected rate cut by the country's central bank later on Thursday. SAUDI ARABIA down 1.02% to 11,188.74 ABU DHABI to 9,667.26 DUBAI up 0.26% to 5,452.76 QATAR 10,774.26 EGYPT up 0.44% to 31,975.63 BAHRAIN inched up 0.08% to 1,922.35 OMAN up 0.59% 4,497.47 KUWAIT down 0.19% at 8,718.68 (Reporting by Rishab Shaju in Bengaluru; Editing by Leroy Leo)
