NL/30.07.2018

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CRIF GULF WEEKLY INSIGHTS

 

Country Risk Update – Kuwait
Risk Indicator – DB4b
Risk Level – Moderate
Ratings Trend – Stable

Business opportunities should increase as the government targets a more diverse
economy with its national development plan. Kuwait has stepped up its role at the UN in response to clashes in Gaza, and is also engaging with Gulf peers to support regional stability. A pending resolution of the Divided Zone dispute with Saudi Arabia will boost oil production capacity.

Market Overview

Al-Futtaim And Al Zarooni Take Stakes In E-Commerce App The Entertainer
Dubai conglomerate Al-Futtaim Group and Al Zarooni Emirates Investments have acquired minority stakes in the Entertainer, a U.A.E.-based lifestyle app offering deals from well-known brands. The two investors join majority shareholder GFH Financial Group as strategic partners, with plans to double the size of the Entertainer in the next three years. The size and financial details of the investments were not disclosed, with GFH Capital, a unit of the Bahrain-based GFH Financial Group, announcing the agreements with Al Futtaim and Al Zarooni. A press release from GFH Capital reports the Entertainer is valued at $150 million.Last year, the company recorded an annual turnover exceeding $35 million.In May 2018, GFH Financial Group announced it had acquired an 85% stake in the Entertainer for an undisclosed amount. The acquisition came after Riyada Enterprise Development—a subsidiary of Abraaj Capital—bought a 50% stake in the Entertainer in 2012. According to a statement released by GFH Financial Group, the existing financial investors, including Abraaj, had all fully exited following the deal.

Oman to raise $1.2bn for Duqm Special Economic Zone
Oman is seeking to raise as much as $1.2 billion to finance infrastructure at the country’s Duqm Special Economic Zone.Standard Chartered is working as global coordinator to help Oman’s debt management office raise the funds that could be backed by the World Bank’s Multilateral Investment Guarantee Agency, according to an official at the finance ministry.Oman may raise the financing through a loan or bond with a potential maturity of 15 to 20 years, said the official, asking not to be identified.The financing would help the government diversify its funding sources, extend its debt maturity profile and reduce costs, the official said. MIGA, which provides political risk insurance, is evaluating the proposal, he said.Oman has one of the weakest finances in the Gulf Cooperation Council. The country is rated one notch above non-investment grade by Moody’s Investors Service and Fitch Ratings, while Standard & Poor’s Global Rating has it at junk.

Second Indian rate hike expected as inflation risks mount
India’s central bank is on course to raise interest rates for a second consecutive policy meeting as it takes more decisive steps to rein in inflation and stem capital outflows.With inflation running well above the central bank’s medium-term target of 4 percent – and the outlook set to worsen as oil prices stay elevated and the currency slides – pressure is building on the Reserve Bank of India to act.Bond investors are already taking shelter in shorter-term debt amid concern this could be the start of a tightening cycle.“It’s a great time for the RBI to hike rates because people are worried about inflation and growth numbers are looking good,” said R. Sivakumar, head of fixed income at Axis Asset Management, which oversees about $11.5 billion in assets. “By December, if growth falls off, then hiking in December or later will get more difficult.”

Dubai Police, Emaar ink deal to develop smart stations
Dubai Police has signed a memorandum of understanding (MoU) with Emaar Properties to set up smart police stations at Emaar projects to provide all police services to tenants and owners without human intervention. Brigadier Khalid Nasser Al Razooqi, director of artificial intelligence department of Dubai Police, signed the agreement with Ahmad Thani Al Matroushi, managing director of Emaar Properties, to set up the first smart police station in Arabian Ranches, state news agency WAM reported. The walk-in station will be open 24 hours, seven days a week. The station offers 27 key services such as reporting crimes and traffic incidents as well as community services ranging from getting a good-conduct certificate to social support for victims of family violence.The services can be accessed in six different languages without human intervention and Al Razooqi said the move aims to reduce the number of people visiting police stations by 80 percent.

New Makkah mega project said to add $2.1bn to Saudi economy
A new mega project planned to accommodate more pilgrims in the Saudi holy city of Makkah is expexted to contribute more than $2 billion to the national economy, according to real estate consultants JLL. Rou’a Al Haram Al Makki, announced late last year by the Public Investment Fund, will play a significant role in boosting Makkah’s economic growth and enhancing the overall sentiment in the Makkah real estate market, said JLL’s H1 2018 Makkah marketplace report. It said the new project in Makkah is expected to contribute SR8 billion ($2.1 billion) to the national economy, adding that construction is expected to commence later this year, paving the way to increase the city’s ability to host 30 million pilgrims annually in line with the government policy of lifting the quota on Hajj pilgrims.The first Makkah Economic Forum held in May unveiled eight investment opportunities in the Hajj and Umrah sector in the office market, with a value of approximately SR600 million across the two holy cities of Madinah and Makkah.

Commodity Tracker
Business Events this Week In UAE
 

HostApp Summit 2018
@ Sheikh Rashid Hall C&D,
Dubai International Convention & Exhibition Centre
06 August – 07 August 2018
Business Updates
 

We are proud to be part of Forbes Italy magzine in it’s July edition.
“The next level of decision-making” a page dedicated to CRIF which higlights CRIF’s vision, strategies and value proposition and how these allow the company to promptly satisfy the increasingly sophisticated needs of markets on a global level with incerpts from Carlo Gheradi and Eugenio Bonomi.

 

Introducing D&B’s Express BIR
D&B Express Business Information Reports helps to take day-to-day credit decisions, analyse a company’s financial strength and discover commercial opportunities.

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48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD

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CRIF GULF DWC LLC · 48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD · Dubai · United Arab Emirates

 

NL/23.07.2018

 

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CRIF GULF WEEKLY INSIGHTS

 

Country Risk Update
Saudi Arabia
Risk Indicator – DB3c
Risk Level – Slight
Ratings Trend – Stable

Saudi Arabia’s oil reserves, which have allowed it to build up huge financial buffers, will support short-term government spending. Longer-term growth will be driven by government reforms under its Vision 2030, which aims to reduce its dependence on oil export revenues and boost the private sector.

Market Overview

China’s Silk Road Fund to invest in Dubai solar project
China’s Silk Road Fund has acquire a 24.01% equity interest in the 700MW DEWA concentrated solar power (CSP) project in Dubai.The DEWA CSP project, which was awarded to an ACWA Power led consortium in 2017, is the 4th phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world.The project uses a state-of-the-art combination of a central tower and parabolic trough technologies to collect energy from the sun, store it in molten salt and produce steam as required to generate electricity during the day and throughout the night.The project is projected to deliver electricity at a tariff of US $7.30 cents per kilowatt-hour 24 hours a day – a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock.The agreement will see the project jointly invested and developed by DEWA, Silk Road Fund, and ACWA Power.

First Bahrain announces appointment of new acting CEO
First Bahrain, the developer which owns or holds rights to over 1,000,000 square feet of land in the Gulf kingdom, has announced the appointment of a new acting CEO.The company has appointed its current chairman Waleed Ahmed Alkhaja who will succeed Amin Al Arrayed who recently was appointed to serve as the CEO for Edamah, the real estate arm of Mumtalakat Holding Company, the sovereign wealth fund.With the selection of Alkhaja as the interim CEO, the board desired to send a message of stability and confidence to the market, a statement said.Alkhaja has served as chairman of First Bahrain since May 2014 during which time the company has doubled the value of its income generating assets and quadrupled its net rental income, as it developed a series of new projects in Janabiya and Seef. The company said it has clear plans for expansion as it begins work on the first phase of a retail project in Seef and looks closely at opportunistic acquisitions.

Saudi construction sector hardest hit by expat exodus
Saudi Arabia’s construction sector was hardest hit by an outflow of expat workers during the first three months of 2018, according to new research.Jadwa Investment latest update on the Saudi labour marker said the largest number of foreign workers leaving the Gulf kingdom were unskilled and on low wages.It said the number of foreigners leaving the market in Q1 was not equally met by the number of Saudis hired, probably due to the wage gap between Saudis and expats.Overall, Saudi Arabia’s inched up to 12.9 percent in the first three months of 2018, according to official figures from the General Authority for Statistics. During Q1, the labour market saw the implementation of expat levies, which raised expat labour costs, six months after the implementation of expat dependent fees. The total number of foreigners in the Saudi labour market has declined by around 796,000 since the start of 2017, with about 221,000 leaving the market during Q1, Jadwa said. At the same time, a new wave of Saudization was announced, by enforcing Saudi employment in 12 retail sectors by September.

First state-owned Chinese financial firm sets up in Abu Dhabi
Abu Dhabi Global Market (ADGM) has announced the establishment of the first Chinese state-owned financial services firm to provide investment and financial support to Chinese enterprises as part of the Belt-and-Road initiative. The state-owned financial services firm, known as the Industrial Capacity Cooperation Financial Group Limited (ICCFG), is the first such Chinese company to be approved by the Financial Services Regulatory Authority of ADGM, to provide and arrange credit via the ADGM platform.The firm, which is expected to be up and running by the end of 2018, is set to manage about $2 billion of investment. It also intends to scale up its services and presence in other Belt and Road-related industrial capacity zones in the near future.State news agency WAM reported that the ICCFG will play a critical role in providing lending facilities to support the investment and financial needs of Chinese enterprises established in the zone located in the Khalifa Industrial Zone of Abu Dhabi (KIZAD).

Emirates, Etihad Airways said be in talks with South African Airways
Two UAE airlines have held talks with South African Airways about a partnership that it says is needed to revive its business, City Press reported, citing the UAE ambassador to South Africa. Talks between Emirates Airline and SAA, which have been going on for some months, are being facilitated by the UAE’s embassy in Pretoria, the Johannesburg-based newspaper cited Mahash Alhameli as saying. Etihad Airways has also been holding separate negotiations with SAA, he said. An investment in the unprofitable carrier would come after the UAE pledged to invest as much as $10 billion in South Africa’s economy, a commitment made during a visit by the nation’s President Cyril Ramaphosa this month. Ramaphosa has started an aggressive push to attract foreign investment since taking over from Jacob Zuma in February.SAA Chief Executive Officer Vuyani Jarana has repeatedly said an aviation investor could be the answer to the financial crisis at SAA, which hasn’t made a profit since 2011 and received a government bailout last year to avoid a debt default.

Commodity Tracker
Business Events this Week In UAE
 

HostApp Summit 2018
@ Sheikh Rashid Hall C&D,
Dubai International Convention & Exhibition Centre
06 August – 07 August 2018
Business Updates
 

We are proud to be part of Forbes Italy magzine in it’s July edition.
“The next level of decision-making” a page dedicated to CRIF which higlights CRIF’s vision, strategies and value proposition and how these allow the company to promptly satisfy the increasingly sophisticated needs of markets on a global level with incerpts from Carlo Gheradi and Eugenio Bonomi.

 

Introducing D&B’s Express BIR
D&B Express Business Information Reports helps to take day-to-day credit decisions, analyse a company’s financial strength and discover commercial opportunities.

We would like to hear from you write to us at [email protected] for
Suggestions and Feedback

You have received this email because you are on our database as a client, partner or someone interested in our products & services. In case you wish to unsubscribe, please click on the unsubscribe option.

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CRIF GULF DWC LLC

48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD

Dubai

United Arab Emirates

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CRIF GULF DWC LLC · 48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD · Dubai · United Arab Emirates

NL/16.07.2018

 

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CRIF GULF WEEKLY INSIGHTS

 

Country Risk Update – Oman
Risk Indicator – DB4d
Risk Level – Moderate
Ratings Trend – Stable

Dun & Bradstreet upgrades its rating outlook for Oman due to improved gas production and the easing of banking regulations.The government is targeting high-end tourism as an area for growth. The ports of Sohar and Salalah are emerging as regionally-competitive infrastructurefacilities, soon to be joined by Al Duqm.

Market Overview

Oil falls below $71 as Saudis are said to offer extra crude to some buyers
Oil retreated below $71 a barrel after Saudi Arabia was said to offer extra crude supplies to some customers as OPEC’s biggest producer plans to boost output, while the US is considering tapping into its emergency stockpiles to rein in prices. Futures in New York slid as much as 0.8 percent, after falling 3.8 percent last week. Saudi Arabia offered additional cargoes of its Arab Extra Light crude to at least two buyers in Asia for August, people with knowledge of the matter said, after supplying full contractual volumes to customers in the region. Meanwhile, the US government is said to be mulling the release of oil from the nation’s 660-million-barrel Strategic Petroleum Reserve.Crude has been weakened by fears that global demand will be hurt by trade tensions between the US and China, after prices hit a three-year high last month on prospects of a supply crunch.Investors are watching for signs that members of the Organization of Petroleum Exporting Countries and its partners are moving to fill any potential gaps in supply caused by renewed US sanctions on Iran, falling output in Venezuela and sporadic disruptions in Libya. OPEC and its partners could increase production by more than the 1 million barrels a day agreed under a deal last month if needed, Russia’s Energy Minister Alexander Novak said.

Emirates NBD declares $38.9 million exposure to Abraaj
Emirates NBD has exposure to embattled private equity firm Abraaj through a $21.3 million investment in the management group, the bank said in a disclosure to the Dubai Financial Market. Additionally, the disclosure added that Emirates NBD has a total exposure of $17.6 million across three separate Abraaj funds. With the disclosure, Emirates NBD becomes the latest in a growing list of companies with exposure to Abraaj, with recent additions including Shuaa Capital, Ajman Bank and the Commercial Bank of Dubai. Other companies that have declared direct or indirect exposure to Abraaj include First Abu Dhabi Bank, Air Arabia and Union Arab Bank.Aramex, Damac, Emaar Properties and RAK Ceramics have said that do not have any exposure to Abraaj. Four key investors in a $1 billion healthcare fund managed by Abraaj, including Bill and Melinda Gates and a World Bank affiliate, have demanded an inquiry into allegations that money from the fund had been misused. That in turn triggered investor demands for their funds to be returned. Abraaj had the funds to repay secured investors but could not repay unsecured investors.The company categorically denied any wrongdoing.

Abraaj’s ‘unusual’ business model revealed as PwC seeks missing documents
Abraaj Holdings had an “unusual” business model reliant on short-term borrowing, and key financial statements are missing or non-existent, according to one of the firms tasked with salvaging the Dubai-based private-equity firm’s assets. In a report seen by Bloomberg News, PricewaterhouseCoopers said it has “been unable to obtain standalone annual financial statements or management accounts for the company.”It noted “multiple layers of leverage” as the company borrowed to offset a “long-running liquidity shortfall between the investment management fees and operating expenses.”This is “an unusual practice for a structure operating in a private equity capacity,” PwC said.“It creates a highly unstable business model, sensitive to volatility and potential liquidity crises, particularly where the cost base cannot be funded by ongoing revenues,” according to the report, which was filed to a Cayman Islands court on July 11.Deloitte and PwC were hired as the provisional liquidators of Abraaj, once one of the biggest private equity firms in the Middle East, which owes its creditors more than $1 billion.

UAE’s RAKBANK signs partnership with FC Barcelona
The National Bank of Ras Al Khaimah, better known as RAKBANK, and FC Barcelona have announced a regional partnership for three years.The deal, extendable by another two years, will see RAKBANK become the Official Bank of FC Barcelona in the UAE.This partnership entails the launch of new FC Barcelona dedicated co-branded products including Mastercard Platinum credit and debit cards.The contract was sealed in the presidential box at the Camp Nou and was attended by FC Barcelona’s CEO, Oscar Grau, while Frederic de Melker, managing director of Personal Banking, RAKBANK.RAKBANK said its Barca fans can look forward to accessinf FC Barcelona branded merchandise and opportunities to watch their favourite players at matches in Barcelona, among other benefits.Peter England, CEO RAKBANK, added: “We are very pleased with this strategic alliance… The spirit of football is timeless and we aim to deliver unique value propositions… This also includes the BarcaRewards that are directly pertinent to FC Barca fans here in the UAE.”

Ras Al Khaimah attracts Indian cement giant with acquisition deal
The Government of Ras Al Khaimah has completed a foreign direct investment (FDI) deal with India’s Shree Cement for the acquisition of the emirate’s Union Cement Company (UCC). Prior to acquisition by Shree Cement, UCC was a listed company on the Abu Dhabi Securities Exchange. It has now been de-listed from ADX and converted into a private joint stock company. The UCC purchase marks Shree Cement’s first foray into overseas markets, with the emirate providing a strategic location from which to grow business across export markets in the Arabian Gulf, Middle East and East Africa, a statement said.Sheikh Khalid bin Saud Al Qasimi, vice chairman of the Investment and Development Office, said: “We are pleased that Shree Cement chose Ras Al Khaimah as its first international base in a deal that will see one of the biggest players in the cement industry operate outside of its domestic market for the first time.”​UCC operations have a clinker capacity of 3.30 metric tonnes per annum (MTPA) and cement capacity of 4 MTPA.With this acquisition, the aggregate cement capacity of Shree Cement has increased from the present 37.9 MTPA to 41.9 MTPA.

Commodity Tracker
Business Events this Week In UAE
 

HostApp Summit 2018
@ Sheikh Rashid Hall C&D,
Dubai International Convention & Exhibition Centre
06 August – 07 August 2018
Business Updates
 

We are proud to be part of Forbes Italy magzine in it’s July edition.
“The next level of decision-making” a page dedicated to CRIF which higlights CRIF’s vision, strategies and value proposition and how these allow the company to promptly satisfy the increasingly sophisticated needs of markets on a global level with incerpts from Carlo Gheradi and Eugenio Bonomi.

 

Introducing D&B’s Express BIR
D&B Express Business Information Reports helps to take day-to-day credit decisions, analyse a company’s financial strength and discover commercial opportunities.

We would like to hear from you write to us at [email protected] for
Suggestions and Feedback

You have received this email because you are on our database as a client, partner or someone interested in our products & services. In case you wish to unsubscribe, please click on the unsubscribe option.

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CRIF GULF DWC LLC

48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD

Dubai

United Arab Emirates

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CRIF GULF DWC LLC · 48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD · Dubai · United Arab Emirates

NL/09.07.2018

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CRIF GULF WEEKLY INSIGHTS


Country Risk Update – Kuwait
Risk Indicator – DB4b
Risk Level – Moderate
Ratings Trend – Stable

The risk of insecurity, including sectarian tensions between Kuwaitis, remains higher than usual in light of regional tensions such as Saudi-Iranian rivalry.The disintegration of the GCC as a result of the Qatar crisis leaves Kuwait in a difficult position and could harm market opportunities. A pending resolution of the Divided Zone dispute with Saudi Arabia will boost oilproduction capacity.

Market Overview

Dubai Real Estate Deals Fall By 16% To Reach $30 Billion In The First Half Of 2018
After enjoying many years of strong growth, Dubai’s property market has been trying to come to terms with a slowing investor appetite. According to a recent report by Dubai Land Department, the value of property transactions in Dubai reached $30 billion (AED111 billion) during the first half of 2018 (H1 2018), down by 16% as compared to $35.6 billion (AED132 billion) in the same period in 2017. The report—issued by DLD’s Department of Real Estates Studies & Research—states that H1 2018 recorded a total of 27,642 transactions. Out of which 18,191 sales transactions were worth about $10.8 billion (AED40 billion), 7,668 mortgage transactions were worth over $15.6 billion (AED 57.6 billion) and remaining 1,783 transactions accounted to $3.6 billion (AED 13.4 billion). Though the DLD did not provide a comparative value for 2017, a previous report which detailed transaction that happened in H1 2017 indicated that a total of 35,571 transactions accounting to a real estate value of $35.6 billion (AED132 billion) were recorded in the first half of 2017. This value was 16.8% higher as compared to $30.5 billion (AED113 billion) in H1 2016, with an additional 7,320 transactions.Dubai’s real estate sector has been struggling off-late, owing to a stronger dollar and muted economic sentiments in many markets across the world that have dampened investor appetite slightly.

Saudi Arabia’s PIF Takes 15.2% Stake In ACWA Power
Saudi Arabia’s sovereign wealth fund Public Investment Fund has acquired a 15.2% stake in power generation firm ACWA Power, the companies said in a joint statement. PIF’s latest investment will bring its overall share in ACWA Power to 24.98%, as it adds on to a 9.78% share in ACWA Power through its wholly-owned subsidiary Sanabil Direct Investments Company. The cash from the new investment will be used to grow ACWA Power’s growth strategy and its investment plan, the statement said. Founded in 2004, Riyadh-based ACWA Power has a total of 40 power projects in operation and under construction, and an additional 7 power projects in advanced development. ACWA Power has tapped into the Middle East’s growing demand for energy and the shift to generate cleaner energy. The latest round of investment also comes as ACWA Power looks to issue an IPO to fund its plans to establish power projects across the Middle East and North Africa. As part of its expansion, the company recently opened a $170 million wind farm in Morocco in partnership with ARIF Investment Fund.

Uber In Talks With Careem To Merge In The Middle East- Reports
Ride hailing firm Uber Technologies Inc. is reportedly involved in preliminary talks to merge with its Middle Eastern rival Careem, Bloomberg quoted sources as saying. Uber, which has seen losses pile up in the last year, is reviewing its market presence across the globe to identify lucrative markets. The San Francisco-based company has exited China and recently sold its operations in South East Asia to its regional rival Grab, in return for a stake in Grab. Uber cited extreme competition as a reason for its exit from these markets. The picture in the Middle East is not too different. Both Careem and Uber face stiff competition from each other and from a constantly increasing official taxi fleet. The two have also faced issues with the regulators, following protest from the local drivers over pricing. But that has not stopped investors from pumping in funds to these firms. Careem last raised a round of funding in June 2017, at a valuation of about $1.2 billion. It currently operates in 10 countries across the MENA region and Pakistan.Saud Arabia is the biggest market and an investment source for both the companies. 

Gulf sovereign wealth funds pledge to fight climate change
Six sovereign wealth funds including four Gulf states have pledged to boost efforts to fight climate change at a Paris meeting called by Emmanuel Macron, the French presidential office announced Friday. The state funds of Kuwait, Norway, New Zealand, Qatar, Saudi Arabia,  and the United Arab Emirates — global finance heavyweights mainly fuelled by domestic oil and gas revenue — promised to encourage the companies they invest in to tackle the rising threat of a warming planet. The heads of the funds, which together are worth more than $3 trillion, signed a charter to be unveiled Friday evening at the Elysee palace. In it they agree to push firms to integrate the risk of climate change into their business plans and publish information on strategies to reduce carbon use. “The transition to a low-carbon economy creates new investment opportunities,” the six funds said in the charter, adding that long-term investments could help finance the shift to greener energy sources. They expressed hope that the agreement would help “tilt the trajectory of the world economy towards sustainable growth and avoid catastrophic risks for the planet”.

Turkish drugmaker hires Barclays for sale after Abraaj deal collapse
The owners of Turkish drugmaker Sanovel Ilac Sanayi ve Ticaret have hired Barclays to look into selling the company after a deal with Dubai’s embattled Abraaj Group collapsed, three people with knowledge of the matter said. Turkish businessmen Ahmet and Zafer Toksoz are considering divesting all or part of the Istanbul-based firm after failing to reach a deal with Abraaj, the buyout firm that’s being restructured, the people said, asking not to be identified because the matter is private. Sanovel, Barclays and Abraaj declined to comment. Abraaj had been weighing buying a minority holding in the producer of anti-inflammatory, anti-asthmatic and antibiotic medication, people familiar with the matter said in December. The buyout firm, once one of the developing world’s most influential investors, is now working with provisional liquidators to restructure, just months after investors commissioned an audit to investigate the alleged mismanagement of cash at its $1 billion health-care fund.

Commodity Tracker

Business Events this Week In UAE


HostApp Summit 2018
@ Sheikh Rashid Hall C&D,
Dubai International Convention & Exhibition Centre
06 August – 07 August 2018
 
Business Updates


We are proud to be part of Forbes Italy magzine in it’s July edition.
“The next level of decision-making” a page dedicated to CRIF which higlights CRIF’s vision, strategies and value proposition and how these allow the company to promptly satisfy the increasingly sophisticated needs of markets on a global level with incerpts from Carlo Gheradi and Eugenio Bonomi.


Introducing D&B’s Express BIR
D&B Express Business Information Reports helps to take day-to-day credit decisions, analyse a company’s financial strength and discover commercial opportunities.

 

 
We would like to hear from you write to us at [email protected] for
Suggestions and Feedback
You have received this email because you are on our database as a client, partner or someone interested in our products & services. In case you wish to unsubscribe, please click on the unsubscribe option.

Our mailing address is:

CRIF GULF DWC LLC

48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD

Dubai

United Arab Emirates

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Copyright © 2018 CRIF GULF DWC LLC, All rights reserved.


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CRIF GULF DWC LLC · 48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD · Dubai · United Arab Emirates

NL/02.07.2018

 

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CRIF GULF WEEKLY INSIGHTS

 

Country Risk Update
United Arab Emirates
Risk Indicator – DB3c
Risk Level – Slight
Ratings Trend – Improving

Dun & Bradstreet upgrades its rating outlook for the UAE due to the sustained strength of oil prices, which will boost growth, government spending and business performance. Access to global markets from Dubai will be among the best in the world.

Market Overview

DP World Planning Logistics Facility In Ethiopia To Serve Landlocked African Countries
Dubai-based ports operator DP World has revealed plans to set up a logistics facility in landlocked Ethiopia, a move that comes as the company is developing a port in neighboring Somaliland. The company didn’t reveal financial details, or provide a timeline for the project, but said it had signed a number of agreements in Ethiopia to pave way for the development. The new logistics facility would serve as a hub to transport goods to and from landlocked countries in Africa. DP World currently has a maritime terminal under development in Somaliland’s Berbera, which would presumably provide a link to the planned logistics facility in Ethiopia. The company won a 30-year concession in 2016 to manage and develop the multi-purpose port, committing a total investment of up to $442 million towards the project.

Expo 2020, reforms key to 1% GDP boost to UAE economy
Expo 2020, economic reforms, Abu Dhabi’s $13.6 billion stimulus, and ADNOC’s expansion could add about 1 percent to the UAE’s non-oil real GDP growth in 2019, according to new research.Bank of America Merrill Lynch said structural reforms support potential growth through higher human capital, population, real estate demand and competitiveness. Its MENA economist, Jean Michel Saliba, said that UAE non-hydrocarbon economic activity is likely to turn the corner in 2019. “We estimate Expo 2020 projects, the boost to corporate profits from the revised worker insurance scheme, the Abu Dhabi fiscal stimulus and ADNOC downstream expansion plans could add about 1 percent to UAE real non-hydrocarbon real GDP growth next year.Bank of America Merrill Lynch’s research note also forecast that the Dubai and Abu Dhabi sovereigns are unlikely to issue international debt this year.​

Majid Al Futtaim Inks Partnership With OMRAN To Invest $13 Billion In Oman
Majid Al Futtaim is all set to become the largest foreign non-oil investor in Oman after they announced a strategic partnership to develop the western area of Madinat Al Irfan in Oman along with the Oman Tourism Development Company (OMRAN).The joint venture will see the development of a vibrant mixed-use community that will serve as the new urban center for Muscat. The announcement was made at a signing ceremony and joint press conference at the Oman Convention & Exhibition Centre in Muscat, which was attended by members of the royal family, high-level government officials and senior leadership of OMRAN and Majid Al Futtaim.​Madinat Al Irfan is the Sultanate’s largest urban development project. The new mixed-use community is located at the western area of Madinat Al Irfan and spans over 4.5 million square meters. The joint venture project investment value is estimated at $13 billion over a period of 20 years and is anticipated to create more than 30,000 direct and indirect jobs in the country.

UAE Banks Federation launches financial literacy guide for SMEs
The UAE Banks Federation (UBF) has stepped up its efforts to increase the level of financial awareness in the country by launching a financial literacy handbook for SMEs. Representing over 60 percent of the country’s GDP and employing 42 percent of its workforce, small and medium enterprises (SMEs) form the backbone of the UAE’s economy. SMEs, which make up 94 percent of all companies operating in the country, also account for a significant share of the customer base of local banks, another cornerstone of the country’s economy. “In an increasingly complex financial environment, it is essential for entrepreneurs – particularly owners of SMEs – to have a strong grounding in the principles of business finance to keep their business afloat. SMEs play a critical role in an efficient and competitive economy, and a thriving SME ecosystem will positively contribute to a society’s economic stability and development” said Abdul Aziz Al Ghurair, chairman of UAE Banks Federation.

Bahrain Development Bank’s $100 Million Venture Capital Fund To Solve MENA Startups’ Cash Crunch
Bahrain Development Bank (BHB) launched the country’s first venture capital fund, worth $100 million, to assist startups in the region and bolster entrepreneurship. Experts say that the move could help solve a funding crunch that entrepreneurs face and pave the way for more startups.The Al Waha Fund is set to help assist innovative and technology-driven start-ups not only in Bahrain but also across the Middle East. It is hoped that they would also attract funds to region to help in achieving more innovative and valuable start-ups that can add significant economic value to the Middle East region. 
According to a press release issued by BHB, The Limited Partners (LP) Advisory Committee closed the $100m fund, and approved the allocation of $35 million into a series of venture funds. Some of the limited partners to the fund included Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and Bahrain Development Bank. Shaikh Mohammed bin Essa Al Khalifa, Chairman, Al Waha Fund of Funds Advisory Committee, said: “We are very pleased to announce the successful closure of the fund and we have already made encouraging progress in allocating the capital raised.

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CRIF GULF DWC LLC · 48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD · Dubai · United Arab Emirates