GECF Concludes Summit in Qatar, Calls for Int’l Dialogue on Energy Security

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
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GECF Concludes Summit in Qatar, Calls for Int’l Dialogue on Energy Security

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)

The Gas Exporting Countries Forum (GECF) concluded its sixth summit, held under the slogan of 'Natural Gas: Shaping the Energy Future' in Qatar.

The 11 gas-producing countries announced they disagree with non-UN economic sanctions against GECF member states.

The leaders of the member states or their representatives met in Doha amid the Moscow-Western crisis, which threatens gas supplies from Russia to Europe, contributing to the rise in gas prices.

Emir of Qatar Sheikh Tamim bin Hamad Al Thani called for strengthening dialogue and cooperation between the member states on the one hand and between exporters and importers on the other.

Speaking at the conclusion of the summit, the Emir appealed to ensure the security of natural gas supplies to world markets and "guarantee the market's stability."

On the sidelines of the summit, Sheikh Tamim received a letter from Russian President Vladimir Putin, which was delivered by Russian Minister of Energy and Minerals Nikolay Shulginov.

The Qatar News Agency stated that the message discussed ways to support and strengthen bilateral relations between the two countries and issues of mutual interest.

"To further promote our role in the production of natural gas, we are endeavoring towards increasing our LNG production capacity from 77 million tons yearly to 126 million tons yearly by 2027," he said, referring to liquefied natural gas.

He announced that Qatar is building a carbon capture facility, the biggest in the Middle East, which will isolate and store 2.5 million tons of carbon per year in four years. By 2030, the facility will isolate nine million tons per year.

"Our summit confirmed our conviction that dialogue is the optimum way to achieve consensus, enhance cooperation, and protect the interests of producers and consumers for the good of their peoples."

"The State of Qatar welcomes working with everyone to make common good, security, and stability prevalent among all peoples of the world," said the Emir.

He recalled that the last two decades highlight the central role of natural gas in the desired energy transition and in the search for a reliable source of energy that provides the right balance between achieving economic growth and dealing with environmental challenges.

The Emir affirmed Doha's continued support for efforts to protect gas exporters and consumers and establish the complete and permanent sovereign rights of member states to develop and exploit their natural resources.

The summit was attended by Algerian President Abdelmadjid Tebboune, Iranian President Ebrahim Raisi, President Filipe Nyusi of Mozambique, President of Equatorial Guinea Teodoro Obiang Nguema Mbasogo, Libyan Prime Minister Abdulhamid Dbeibah, and other heads of delegations.

It also included senior officials, businessmen, decision-makers in the field of economy and energy, and representatives of international institutions and companies.

The GECF says its 11 members and seven associate countries account for 70 percent of proven gas reserves and 51 percent of global liquefied natural gas exports.

The United States and Australia, two other leading exporters, are not part of the forum.



Red Sea Global Announces Reopening of Al Wajh International Airport

The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA
The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA
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Red Sea Global Announces Reopening of Al Wajh International Airport

The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA
The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA

Red Sea Global (RSG) has announced the reopening of Al Wajh International Airport (EJH) in northwestern Saudi Arabia following a comprehensive two-year redevelopment and modernization program, culminating in the official resumption of commercial flight operations on May 24, 2026.

According to a press release issued by the RSG on Monday, commercial services commenced with five scheduled weekly flights operated by Saudia, including three flights from Riyadh and two from Jeddah, meeting current connectivity requirements for the region while paving the way for future international services, SPA reported.

This milestone reinforces Red Sea Global’s role as a key contributor to national infrastructure development beyond its tourism projects, reflecting its growing commitment to strengthening regional connectivity, enhancing public services, and supporting economic growth.

CEO of Red Sea Global Group John Pagano said: "This project goes far beyond upgrading an existing airport. It represents an investment in connecting communities, supporting economic development, and creating new opportunities for local residents. Today, Tabuk Region has an airport capable of receiving international flights, strengthening links with the rest of the Kingdom and the world."

Following the upgrade, Al Wajh International Airport is now capable of accommodating and operating most narrow-body commercial aircraft, including the Airbus A320 and Boeing 737, as well as seaplanes, providing operational flexibility to support future aviation growth.

The release added that passenger terminal capacity has increased from 100,000 to 500,000 passengers annually, with the airport capable of handling 330 passengers per hour during peak periods through four arrival and departure gates.

The airport’s architectural design draws inspiration from the historic urban character of Al Wajh and the coastline of Tabuk Region, reflecting local identity and celebrating the area’s cultural heritage.

The modernization program also included significant upgrades to passenger facilities, featuring expanded parking facilities. In addition, the airport is equipped to support seaplane and helicopter operations, further enhancing the integrated mobility ecosystem serving AMAALA.


Saudi Insurers’ Profits Jump to $251 Million on Investment Boom

Two employees of Bupa Arabia pose beside one of the company’s office buildings. (Bupa Arabia website)
Two employees of Bupa Arabia pose beside one of the company’s office buildings. (Bupa Arabia website)
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Saudi Insurers’ Profits Jump to $251 Million on Investment Boom

Two employees of Bupa Arabia pose beside one of the company’s office buildings. (Bupa Arabia website)
Two employees of Bupa Arabia pose beside one of the company’s office buildings. (Bupa Arabia website)

Saudi Arabia’s insurance sector is enjoying a period of strong recovery and growing operational stability, driven by the economic momentum generated by Vision 2030 projects and a tightening regulatory framework.

Reflecting this maturity, the combined net profits of 26 insurance companies listed on the Saudi Exchange (Tadawul) rose 34 percent in the first quarter of 2026 to SAR 943 million ($251.2 million), up from SAR 701 million ($186.8 million) a year earlier.

The sharp increase was fueled by a dual engine: continued growth in mandatory and health insurance business and a significant rise in investment income from insurers’ portfolios.

Industry profits were supported by expanding insurance activity, rising enrollment in health and motor insurance programs, stronger investment returns among leading companies, operational expansion, improved underwriting quality, and more effective risk management and reinsurance strategies.

Market Leaders Dominate Growth

Quarterly results highlighted an increasing concentration of profits among the sector’s largest players, widening the gap between market leaders and smaller insurers.

Seventeen companies reported profits, including 11 that recorded year-on-year earnings growth, while nine companies posted quarterly losses. Analysts say the divergence could accelerate mergers and acquisitions as smaller firms face mounting solvency requirements.

Bupa Arabia emerged as the sector’s dominant performer, accounting for roughly 41 percent of total industry profits. The company reported net earnings of SAR 387.3 million, supported by lower retained reinsurance contract expenses and stronger investment performance.

The Company for Cooperative Insurance (Tawuniya) ranked second with net profit of SAR 288.1 million, up 10 percent from a year earlier. The increase was driven by higher recoveries from reinsurance companies and growth in its investment portfolio.

Al Rajhi Takaful placed third, posting a 25 percent increase in profit to SAR 113.5 million, benefiting from operational expansion and stable investment returns.

Risk Management and Investment Gains

Commenting on the results, Dr. Suleiman Al-Humaid Al-Khalidi, a financial markets analyst and member of the Saudi Economic Association, said the first-quarter performance reflects the sustained operational momentum the sector has enjoyed in recent years.

“The sector continues to benefit from growth in health and motor insurance, along with improved risk-management and investment practices among major insurers,” Al-Khalidi told Asharq Al-Awsat.

He added that continued expansion in health insurance and strong investment returns should provide further support through 2026, particularly if interest rates remain favorable and Vision 2030-related economic activity continues.

According to Al-Khalidi, most of the sector’s earnings growth came from leading companies such as Bupa Arabia, Tawuniya, and Al Rajhi Takaful, which possess large insurance portfolios and broad customer bases. Their scale gives them a greater ability to generate sustainable growth and capitalize on operational efficiencies.

He also cited improved reinsurance outcomes, stronger investment returns, more disciplined underwriting, enhanced pricing practices, and better claims management as key contributors to profitability.

Consolidation on the Horizon

Mohamed Hamdy Omar, chief executive of G World, said the results indicate that the sector has entered a phase of strong recovery and operational stability.

He noted that market concentration has become increasingly apparent, with the largest companies capturing most of the industry’s earnings. The trend highlights the competitive gap between leading insurers and smaller firms.

Omar attributed the record profits to a combination of strategic and operational factors, particularly improvements in risk management and reinsurance. Disclosures from major insurers showed declining net retained reinsurance costs and higher recoveries from reinsurers, suggesting more effective contract structuring and risk transfer.

Omar expects the sector’s upward trajectory to continue, accompanied by a wave of mergers and acquisitions. With nine companies still reporting losses, pressure is likely to increase on smaller insurers to consolidate into financially stronger entities capable of meeting regulatory and competitive demands.

He also pointed to expanding opportunities in health and motor insurance, as well as newer products such as latent-defect insurance, travel insurance, and property-related coverage. However, he warned that aggressive price competition remains one of the industry’s main challenges, emphasizing the need for risk-based pricing to prevent profit erosion.

New Capital Framework

The sector’s outlook is also being shaped by regulatory reform. In April, the Saudi Insurance Authority announced the mandatory adoption of a Risk-Based Capital (RBC) Framework beginning Jan. 1, 2027. The framework will replace the current solvency regime for insurance and reinsurance companies.

The authority said the move is part of the National Insurance Sector Strategy and aims to strengthen efficiency, sustainability, and the sector’s contribution to Vision 2030 goals.

Under the new framework, insurers will be required to maintain capital levels that correspond to the nature and scale of the risks they assume, enhancing confidence in the sector and improving risk-management standards. The authority also said the framework would provide insurers with greater flexibility in investment allocation and allow them to raise capital through subordinated debt instruments.

The reform will help increase risk-based capital in Saudi Arabia’s insurance sector from SAR 25 billion to SAR 50 billion by 2030, broadly aligning the Kingdom’s solvency standards with international models while adapting them to the Saudi market.


Eni and Petronas Launch Gas Joint Venture in Southeast Asia

FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
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Eni and Petronas Launch Gas Joint Venture in Southeast Asia

FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

Italy's Eni and Malaysia's Petronas have established Searah, a 50-50 joint venture combining key energy businesses across Indonesia and Malaysia, the two companies said on Monday.

The move is part of Eni's so called 'satellite strategy' ⁠to spin off specific ⁠assets and develop them separately with the help of a partner, Reuters reported.

The new company will start from an initial production base of over 300,000 ⁠barrels of oil equivalent per day (boe/d), aiming to exceed 500,000 boe/d of sustainable production within the next three years, a joint statement said.

It will hold a portfolio of 19 gas-producing and development assets, 14 in Indonesia and five in Malaysia.

"Searah ⁠is ⁠a strong new entity in Southeast Asia, combining our expertise with that of Petronas to support the development of energy resources in Indonesia and Malaysia, with a strong commitment to environmental protection and local growth," Eni CEO Claudio Descalzi said.