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INS.-
Orient Ins. sets up shop in Saudi: Al Futtaim ins. subsidiary Orient Ins. launched its operations in Saudi Arabia with the inauguration of its offices in Riyadh, Trade Arabia reports. The local team will be led by Turki Alshahrani, Orient KSA CEO. The company plans to offer general, life, medical, and motor ins., as well as reins. services to individuals, corporations, and government entities throughout the Kingdom.
We already knew this was in the works: The company was nearing the completion of its licensing process and was preparing to commence operations in Saudi Arabia in September. Orient received official authorization to establish a branch in the Kingdom in February 2020; however, the launch was delayed due to the Covid-19 pandemic. It’s also looking at expanding in life ins. in Egypt — where the company owns a General Takaful Company — as well as Australia’s Takaful market.
TECH-
South Korea’s Dareesoft to expand to UAE + GCC: South Korea’s AI-driven road hazard data provider firm Dareesoft Dareesoft plans to expand its operations in the Middle East, starting with the UAE and eyeing markets in KSA, Qatar, and Kuwait, after completing a proof of concept (PoC) for its Road Hazard Information as a Service (RiaaS) solution in Dubai, according to a press release. The PoC showcased the system’s ability to detect over 2k road hazards in real-time.
Good news for your car? Dareesoft’s RiaaS is an all-in-one solution designed to boost road safety and efficiency by identifying 12 types of hazards, such as potholes, cracks, and fallen objects, while vehicles are on the move. The AI-powered system uses an in-vehicle road analysis device to relay real-time hazards to both drivers and road managers. The solution has wide-range of applications, including road maintenance, smart city infrastructure, vehicle control systems, navigation, and ins.
INVESTMENT-
Digital assets exchange application Fasset has introduced a fractional digital gold solution to allow UAE investors to invest in gold starting as low as USD 1, the company’s co-founder and COO Daniel Ahmed told Khaleej Times.
How it works: Each ORO token that investors can buy is backed by 1 ounce of 99.99% fine gold, verified through monthly third-party audits, and securely stored with insured, blue-chip custodians like Brinks. Tokens can be redeemed for physical gold starting at USD 85 or exchanged for USD, with a one-day lock-in period for redemption. Staking options offer a forecasted annual yield of 3-4%, with lock-in periods varying by pool.
The game plan: The company plans to tokenize USD 1 bn worth of yield-bearing gold in the first year, with early access for investors expected in 1Q 2025.
REFRESHER- Fasset debuted in the UAE earlier in April after receiving a Virtual Asset Service Provider license from the Virtual Assets Regulatory Authority. Beyond crypto exchange, Fasset said it will offer tokenized commodities, stablecoins, and soon will venture into tokenized US equities, sukuk, and real estate.
