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Berkshire Hathaway’s reinsurance unit sets up Mideast office in Dubai -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: An overview of Dubai’s Burj Khalifa, and its downtown skyline, Dubai (United Arab Emirates), June 12, 2021. Picture taken June 12, 2021. REUTERS/Christopher Pike/File Photograph

DUBAI, Reuters – Warren Buffett’s Berkshire Hathaway General Reinsurance unit (NYSE:) Inc announced Monday that a Middle East branch of the Dubai International Financial Centre had been established in Dubai.

DIFC stated that Gen Re will offer life and health reinsurance across the Middle East and North Africa, MENA.

Saudi Arabia has threatened Dubai’s reputation as regional financial center and business hub. The kingdom issued an ultimatum telling foreign corporations to relocate their regional headquarters by 2023. Otherwise, they could lose government contracts.

For traditional insurances, reinsurers offer protection.

Ulrich Pasdika (a member of General Reinsurance’s board of directors) stated that MENA was a strategic area for them. “With the opening of our new DIFC office, we can benefit from clients in other GCC countries and the United Arab Emirates.”

Saudi Arabia stated last month that it has granted 44 foreign companies permission to open regional headquarters in Riyadh. ()

Visa, a digital payments company (NYSE:), has established its Dubai headquarters to serve Central and Eastern Europe and the Middle East.

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