LONDON: The cost of insuring high rises in Dubai is expected to rise following a number of building fires in the emirate, including the Torch Tower in the Marina area, which caught alight in August for the second time in two years.
Any potential rise in premiums will be partly driven by increased demand for insurance as awareness grows of how at risk some of Dubai’s apartment blocks are to fire outbreaks, according to insurance market experts.
Many tall buildings in the emirate still have inadequate fire safety standards, with some still clad with poor-quality material that allows blazes to spread quickly, they said.
“The fire incidents have continued to occur, as the core problem of flammable cladding has unfortunately not been solved,” said Michael Kortbawi, partner at the Dubai-based law firm, BSA Ahmad Bin Hezeem & Associates.
“This has created awareness with building owners and owners’ associations about the need to carry proper levels of insurance coverage, and has thus led to an increase in demand for cover for high-rise cladded buildings.
“Underwriters have also taken note of the increased risk and have accounted for this in setting their rates. Therefore, rate increases can be expected.”
In 2013, the UAE revised its building safety code, which required cladding on all new buildings over 15 meters to be fire-resistant. Older buildings are exempt from the ruling.
The lack of adequate fire safety standards in high-rise towers is not just a Dubai problem.
In the UK a fire broke out in Grenfell Tower, West London, in June, claiming the lives of at least 80 people.
It is suspected that the blaze was able to spread quickly because of the type of cladding used on the building. Rates will inevitably be higher for those buildings in Dubai that do not meet required safety standards, said Anthony Cerchiai, head of general insurance at Nexus insurance brokers.
“Where a building is sub-standard, such as through the use of dangerous cladding, the insurer might totally refuse to take up the risk, leaving the homeowner or resident exposed and uninsured. In those cases, we advise people to talk to an expert in risk insurance,” he said.
Insurers are likely to be increasingly wary about insuring buildings, according to Tim Davies, deputy CEO at insurance broker Marsh UAE. “In relation to tall towers, we are seeing stricter underwriting criteria and more scrutiny is being applied,” he said.
However, Michael Rafter, CEO at the underwriter Arma Group, tempered expectations of significant price rises, saying premiums had already began to rise last year.
“During 2016 the market had experienced an increase in the property insurance rates, particularly in respect of high-rise buildings, especially those with cladded exteriors,” he said, adding that this momentum subsided during the second quarter of this year.
“The current fire losses will certainly make more insurers hesitant about decreasing premiums, but we don’t see these current losses as events that push the insurance markets up significantly from the increases already achieved during 2016,” he said.
Instead, Rafter sees insurers placing greater emphasis on their clients implementing risk management and loss-prevention measures.
While premiums for high rises are likely to start edging upwards, the wider insurance market in the UAE remains relatively soft owing to a competitive and overcrowded market, Kortbawi said.
“This leads to a price war, which has affected the premium value on all levels. Until consolidation takes hold or market penetration rates increase, continued price weakness in at least some lines can be expected,” he said.
Insurance hike expected for Dubai high-rises after fires
Insurance hike expected for Dubai high-rises after fires
Capital concentrates as MENA startups close deals
- Fresh funding flows in even as broader market data points to a slowdown
RIYADH: Startup funding activity across the Middle East and North Africa delivered a mixed picture over the past week, with fresh capital flowing into gaming, fintech, deep tech, and travel, even as broader market data pointed to a slowdown in overall investment momentum.
Saudi Arabia’s Impact46 led a $1 million investment round in Hypemasters, an international game development studio focused on competitive strategy experiences for mobile. The round included participation from GEM Capital.
Hypemasters develops strategy titles designed for competitive depth and precise game mechanics and has attracted more than 7 million players globally.
The studio is currently advancing several new projects, including a title in soft launch, as it looks to expand its reach in markets with sustained demand for strategy games.
“Strategy is one of the most demanding categories in game development, and Hypemasters approaches it with uncommon discipline. Their work shows a clear understanding of what committed players expect from this genre, and we believe their upcoming titles can serve a global audience with genuine depth,” said Basmah Al-Sinaidi, managing partner at Impact46.
“We are pleased to support a team that builds with intention and long-term ambition,” she added.
Boris Kalmykov, CEO and co-founder of Hypemasters, said: “We’re focused on deepening our presence across the region and pushing forward with the next generation of strategy games, including a major new title already in soft launch. Partnering with Impact46 marks an important step for Hypemasters.”
The CEO added that Impact46 shares his company’s long-term vision for building “world-class strategy games” from the MENA region, and the support reinforces his firm’s commitment to expanding its portfolio with high-quality releases.
The investment reflects Impact46’s continued interest in game development and interactive entertainment and aligns with its broader strategy of backing studios building globally oriented titles.
Premialab raises $220m
UAE-headquartered Premialab, a provider of data, analytics, and risk management solutions for quantitative investing, has raised $220 million in a growth investment led by KKR, with participation from existing investor Balderton.
Founded in Hong Kong in 2016 by Adrien Geliot and Pierre Trecourt, Premialab operates a global platform serving the $800 billion quantitative investment strategies market.
Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.
Walid Tarabih, founder and CEO of Relik
The company provides benchmarking, performance analysis, and risk analytics tools for institutional investors.
The funding will be used to support global expansion, strengthen core operational systems, and scale Premialab’s execution product, which was developed in partnership with Eurex, to broaden access to quantitative investment strategies.
“Quantitative investment strategies have grown rapidly in scale and importance, yet the market has lacked a truly independent standard for data, analytics and risk. Premialab was built to fill that gap,” said Adrien Geliot, CEO of Premialab.
Relik closes seed round
UAE-based Relik has closed a seed funding round with participation from KBW Ventures, Naatt Holding, Fort Holding, and Ayman Sejiny.
Founded in 2023 by Walid Tarabih and later joined by John Tsioris, Relik is an artificial intelligence-powered authentication platform designed to help collectors, brands, and marketplaces.
The company plans to use the funding to roll out additional products and expand across sectors including sports, luxury, and heritage markets.
“We are ensuring authenticity in a fakeable world,” said Walid Tarabih, founder and CEO of Relik, adding: “Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.”
Prince Khaled bin Alwaleed bin Talal Al-Saud, founder and CEO of KBW Ventures, said: “Relik is creating a new global standard for truth and trust. At a time when counterfeiting and AI-generated content are rising, Relik’s mission to protect authenticity carries both cultural and commercial value.”
Nawah raises $23m
Egypt-based deep tech startup Nawah Scientific has raised $23 million in a series A round comprising a mix of equity and debt, marking a decade since the company’s founding.
The round was led by Life Ventures Holding, with participation from Den Ventures, Empire M, AfricInvest, Elsewedy, as well as banks and angel investors.
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. Its operations span four business units covering life sciences, food and agriculture, pharmaceuticals, and certified reference materials.
The company plans to use the funding to build a global research and development center in Rwanda, double laboratory capacity in Egypt and Saudi Arabia, and expand into North Africa and Europe.
Algeria’s VOLZ raises $5m
Algeria-based travel tech startup VOLZ has raised $5 million in a series A funding round led by a consortium of private investors under Tell Group, with participation from Groupe GIBA.
Founded in 2023 by Mohamed Abdelhadi and Hacene Seghier, VOLZ enables travelers to book flights in Algerian dinars using online payments or cash on delivery, while comparing multiple airlines through a single platform.
Announced at the African Startup Conference in December, the transaction is Algeria’s largest startup funding round in local currency and marks the first exit of the Algerian Startup Fund.
The capital will be used to launch new consumer and corporate travel products, strengthen VOLZ’s position in Algeria, and support expansion across North and West Africa.
MENA startup funding slows in November
Investment activity across the MENA startup ecosystem slowed sharply in November 2025, with 35 startups raising a combined $227.8 million, according to Wamda’s monthly report.
This marked a steep decline from the $784.9 million recorded in the previous month and a 12 percent drop compared to November 2024, pointing to a period of consolidation as investors moderated deployment toward the end of the year.
More than half of the capital raised during the month was driven by a single debt-backed transaction by erad, which propelled Saudi Arabia to the top of the regional rankings. Across 14 deals, the Kingdom attracted $176.3 million, accounting for more than three-quarters of all capital deployed in November.
Despite funding activity spanning 35 startups, capital was concentrated in just 5 markets. After Saudi Arabia’s dominant lead, the UAE followed with $49 million across 14 transactions.
Egypt recorded $1.12 million across 4 deals, while Morocco raised $1.1 million through 2 transactions. Oman saw 1 deal with an undisclosed value, with limited activity reported outside these markets.
Fintech emerged as the most funded sector in November, raising $142.9 million across 9 deals, largely influenced by the same debt-driven transaction.
E-commerce followed with $24.5 million across 6 rounds, while property tech, which topped the charts in October, slipped to 3rd with $18.9 million raised by 3 startups.
Debt financing dominated the month, accounting for more than $125 million through a single transaction.
The remaining capital was largely channelled into early-stage startups, with no later-stage funding rounds recorded in November, underscoring continued investor caution.
From a business model perspective, B2B startups captured the majority of capital, with 20 companies raising $197.1 million.
B2C startups lagged, with 9 companies raising a combined $22.2 million, while the remainder was split across hybrid models.
The gender funding gap showed no signs of narrowing, with male-led startups absorbing 97 percent of the capital raised during the month. Female-led and mixed-gender founding teams accounted for the remaining share.
