Saudi Arabia s insurance industry closed the financial year 2020 on a high note, as a result of government support and persistent efforts of the Saudi Central Bank that enhanced the sector s operational resilience, a report said.
Dubai: Saudi Arabia’s asset management industry that witnessed a decline in total assets under management (AUM) due to COVID related uncertainty and decline in oil prices in early 2020 has made a steady recovery, according to KPMG.
The decline in oil revenues translated to reduced inflows to AUMs until oil prices recovered from the lows of March 2020. This was clearly visible in the industry’s AUM data which as of first quarter of 2020 had dropped to SAR481 billion from SAR500 billion at year end 2019 but then recovered to SAR515 billion as of the second quarter 2020.
“Fortunately for fund managers in Saudi Arabia, the brief decline in AUMs was manageable. Funds tended to be sticky and the affluent and ultra-high net worth individuals (UHNWI) client base continued to have a higher risk appetite to withstand market volatilities,” KPMG said in a report.
The BSE Sensex, the 30-stock bellwether index of the Bombay Stock Exchange, zoomed 2,315 points - rising 5 per cent - on the day Finance Minister Nirmala Sitharaman presented Union Budget 2021/22. The buoyancy continued the next day too, indicating that the fine print also looked good to investors. Uncluttered and smart, is how Mumbai-based broking firm Anand Rathi described the Budget.
It has been quite some time since a Union Budget received such a resounding approval. In addition to markets, economists, corporates, bankers and experts tracking the Indian economy have responded positively to the budgetary proposals. Some are very enthusiastic, others are not, but very few are complaining about the prescriptions Sitharaman has for reviving the pandemic-hit Indian economy.
Saudi Arabia s asset management industry resilient, says report
RIYADH, February 1, 2021 Saudi Arabia s asset management industry reported favourable results over the past 12 months amid continued bullish trend on the Saudi Stock Exchange (Tadawul), and a domestic focus of affluent investors, according to KPMG, a leading provider of audit, tax and advisory services in Saudi Arabia. The inclusion of Saudi Arabian equities in global indices such as MSCI and FTSE in mid-2019, coupled with the mega Saudi Aramco IPO listing on Tadawul in Q4 2019, profoundly impacted global and local investor sentiments, satted KPMG in its debut edition of the Asset management review, which analyses the industry s financial performance through the lens of twelve large asset management firms regulated by the Capital Market Authority (CMA).
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