The News Journal

Assets under management in the Middle East, which increased 52 per cent over the past three years, are set to grow further as oil and gas prices continue to rise. A rally in oil prices, up more than 60 per cent over the past year and hovering above $100 a barrel, along with soaring natural gas prices are helping to drive private capital's improved fortunes in the Middle East, alternative assets industry data and analytics specialist Preqin said in a report on Thursday. Natural gas prices in the US soared to a 14-year high this month and they surged in Europe as a result of the Russia-Ukraine war, now in its third month. Preqin said: "The ongoing conflict in Ukraine alongside the continued post-pandemic economic resurgence is pushing commodity prices higher, creating short-term opportunities. "But in the long-term, Europe’s governments are looking to reduce reliance on imported hydrocarbons. Efforts to increase energy independence and step away from imported hydrocarbons h...

Saudi Arabia’s oil revenue is expected to jump about 66 per cent this year to about $249 billion amid surging crude prices that will enable the Arab world’s biggest economy to boost spending, according to Jadwa Investment. Brent, the benchmark for two thirds of the world's oil, rose 69 per cent year on year in the first quarter of this year to an average of $103 per barrel, and that rise was reflected in a “substantial jump in royalties and income tax received by the Ministry of Finance", Asad Khan, chief economist and head of research at Jadwa, said in a research note on Wednesday. “As oil prices remain elevated, and Saudi crude oil production rises in line with the Opec+ agreement, we expect government oil revenue to continue showing sizeable yearly rises.” Both Brent and West Texas Intermediate, the benchmark for US crude, have surged more than 60 per cent since the beginning of the year. Brent climbed to a notch under $140 per barrel in March, its highest since 2008, befor...

 Two of the Saudi-listed major insurers have reported losses in the first quarter of 2022, driven by higher claims, revealed their earning announcements on Monday. The Co. for Cooperative Insurance, also known as Tawuinya, saw its first-quarter profit drop by 49 percent to SR41 million ($11 million) from SR80.81 million the same period in 2021, while Al-Etihad Cooperative Insurance Co. profit plunged 95 percent to SR689,910 in the first quarter compared to SR14.55 million in the first quarter of 2021, according to their bourse filings. Although both companies attributed the drop in their bottom lines to an increase in claims, Tawuinya added that a decrease in earnings from policyholders and shareholders also a major factor.

  Banks in the UAE and Saudi Arabia remain relatively insulated from the fallout of the Russia-Ukraine conflict due to their limited dealings with the region, according to S&P Global Ratings. “The conflict will have a limited effect on the UAE’s banking sector, for now. Rated UAE banks have minimal direct exposure to Russian or Ukrainian counterparties. We do not expect to see any significant direct effects of the conflict on their asset quality indicators,” the rating agency said in a report this week. “The government has significant capacity and willingness to provide support if needed,” it said. Lenders in Saudi Arabia, the Arab world's largest economy, share a similar outlook. “Rated Saudi banks have little direct exposure to Russian or Ukrainian counterparties. We do not expect to see any significant direct effects of the conflict on their asset quality indicators,” the report said. “The banking system growth is fuelled by mortgages and corporate lending linked to Vision ...

 England is famous for precipitation but the showcase of a Saudi-based artist's conceptualisation of Anticipation of Rain offers a new dimension on the familiar. The environmental reflection by Naima Karim is a virtual reality exploration of environment’s relationship with rain as experienced in Bangladesh, the Netherlands and Saudi Arabia. It even incorporates the smell of rain from Switzerland. “I love monsoon rain,” she told a gathering a London's County Hall. “This is so exciting, romantic and at the same time it is very scary because it destroys a lot. Creative Solutions Demo Day at London's County Hall by The King Abdulaziz Center for World Culture “Ithra”. “I wanted to connect my childhood memory of monsoon rain with my audience.” The presentation is one of five projects that came out of a year-long programme themed “Digital Immersive Content Creation”, whittled down from 30 ideas by 59 creatives in Saudi Arabia by the Ithra project. “The UK is a global hub of innova...