NL/25.12.2017

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CRIF GULF WEEKLY INSIGHTS
Wishing our readers Merry Christmas and a Happy New Year !

Country Risk Update – Oman
Risk Indicator – DB4b
Risk Level – Moderate
Ratings Trend – Deteriorating
 
Oman’s economic fundamentals have improved on the back of a higher oil price, but growth is set to remain muted in 2017 and 2018. In addition, the government is looking to raise alternative revenue streams through taxation, and to issue greater levels of debt to ease the pressure on public accounts.

Market Overview

GlaxoSmithKline Raises Stake In Saudi Unit By 26%
Pharmaceutical giant GlaxoSmithKline (GSK) acquired an additional 26% stake in its Saudi unit, taking the company’s overall share in Glaxo Saudi Arabia Limited (GSAL) to 75% in total. GSK is investing more than $243 million in its Saudi operations over the next three years. Through this investment the company intends to expand its production of the Jeddah manufacturing site by 30% in the next three years followed by more investments to be done by 2020. GSK’s increased investment comes as the Kingdom looks to strengthen its manufacturing sector, an industry that was identified as being largely untapped by investors.

Fog forces dozens of flight cancellations across UAE
Thick fog on 24 December 2017 disrupted flights at major airports in the UAE as thousands of foreign residents rushed to travel home for Christmas and the New Year. Dozens of flights were cancelled, diverted or delayed at the three main airports in the emirates of Abu Dhabi, Dubai and Sharjah. At the Dubai airport, one of the busiest in the world, at least 17 flights were cancelled, as visibility dropped to just 100 metres in some areas of the emirate.At least another 100 incoming flights were either diverted to nearby airports or delayed, according to the flight schedule at the airport.

GCC investors snap up 53% of UK homes project
More than half of a UK developer’s flagship project in Manchester, has been sold off-plan to GCC investors. Origin Homes, a unit of British developer Select Property, said 53 percent of its Laurence Place project has been snapped up by investors from Kuwait, Bahrain and Saudi Arabia. Origin Homes offers investors complete flexibility, meaning they have the choice to occupy it themselves, allow a family member or friend to use the property, or rent it on the open market. Laurence Place, which comprises 209 studio, one, two and three-bedroom apartments, is in a prime central location in the heart of Manchester’s central business and retail districts.

Brick and mortar ‘more optimal’ than e-commerce, says Eros Group CEO
While the rise of e-commerce has led to increased openings of online shops, physical stores continue to be stronger, according to the chief executive of consumer electronics giant Eros Group.Speaking to sources, Niranjan Gidwani said the segment accounts for just 5 percent of the total consumer electronics retail business in the UAE, as customers prefer to experience certain products before making a purchase.“Consumers find it an ideal channel when shopping for smartphones or accessories, but look to traditional channels for appliances and televisions,” he said, adding that the theory that e-commerce is more optimal than brick and mortar has “long been debunked.”

VAT launch to ‘lure more real estate investors’ to Dubai
The introduction of value added tax (VAT) in the UAE from next month will provide major new incentives for institutional investors to enter the Dubai real estate market, according to the head of one of the country’s largest brokerages. Firas Al Msaddi, CEO of fäm Properties, believes that the new level of transparency in real estate transactions brought about by the introduction of VAT will provide a vital extra incentive to institutional investors.From January 1, 2018, the new 5 percent VAT Law will be applied to all products and services in the UAE, unless exempted or zero rated by federal law, and Al Msaadi said he is confident that Dubai real estate will benefit from a more open and clear system in which to invest.

Commodity Tracker

Business Events this Week In UAE

Sign and Graphic Imaging Dubai 2018
Dubai World Trade Centre
14 January 2018 To 16 January 2018
Business Updates


Dun & Bradstreet’s Hoovers
D&B Hoovers is a sales acceleration solution that provides a faster path from prospect to profitable relationship by leveraging data and analytics. B2B sales professionals can engage faster with customers to grow their business.Backed by the world’s largest commercial database, anchored by Dun & Bradstreet’s powerful D-U-N-S® Numbering System, D&B Hoovers uses sophisticated analytics to deliver a sales acceleration solution packed with insight.

 
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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/18.12.2017

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CRIF GULF WEEKLY INSIGHTS

CRIF D&B proudly presents it’s 100th issue
We would like to express our gratitude to everyone who has supported us along the way.

Country Risk Update – Bahrain
 

Risk Indicator – DB5b   Risk Level – High   Ratings Trend – Deteriorating
 
Growth in Q2 was reasonably strong at 3.4%, up from 2.9% in Q1. The growth came despite the continuation of the OPEC-led oil production cuts, in which Bahrain is participating voluntarily (as it
is not a member of OPEC). Saudi Arabia’s strong support for Bahrain provides a backstop to the economy in the event of a crisis, such as reserves depletion.

Market Overview

Expect higher UAE loan, credit card interest rates, say analysts
UAE residents who are planning to take out a loan or are juggling multiple credit card balances can expect to spend more out of their pockets on interest rates in 2018.The UAE Central Bank announced last week it would raise its key interest rate by 25 basis points, just after the US Federal Reserve announced a similar adjustment.Analysts have warned that the move would lead to higher consumer expenses on the cost of personal loans, car loans, mortgages and credit cards.

Petrofac Wins Contracts Worth $960 Million in Oman and Iraq
UK.-headquartered oilfield services company Petrofac has announced it has secured two contracts in the Middle East worth a combined $960 million, one in Oman and the other in Iraq.The larger of the two was a lump-sum contract worth approximately $800 million awarded by BP for the second phase of a central processing facility at the Khazzan gas field in Oman. The contract will see Petrofac help drive an increase in total production capacity for the facility to 1,500 mmscfd (million standard cubic feet per day).

Bitcoin Futures Launch Prompts Price To Peak
Bitcoin, the largest cryptocurrency in global markets, clocked an all-time high price of $17,448 on Tuesday, according to Coin Desk‘s price index. It rocketed from $13,159 on December 10 to its peak of $17,448, a 32.5% increase in just three days.The blockchain-based digital currency reached its peak price two days after U.S. derivatives exchange Global Markets launched bitcoin futures; a move that aimed to legitimize the unregulated digital currency, which has been associated with ransomware attacks and other illegal activities.

MEVP Invests in Dubai Logistics Startup One Click
Middle East Venture Partners (MEVP) has invested an undisclosed amount into Dubai-based One Click Delivery Services, a last-mile delivery startup, the venture capital firm said in a statement. It’s the first investment announced by the Dubai-headquartered venture capital firm since September 2017, when it launched the $250 million Middle East Venture Fund III (MEVFIII), which is focused on early and growth-stage tech companies in the Middle East, North Africa and Turkey. MEVP’s new fund is part of a strategic partnership with Dubai businessman and founder of e-commerce platform Noon.com Mohamed Alabbar.

Majid Al Futtaim and Image Nation Abu Dhabi Invest in U.S. VR Startup
US.-based virtual reality entertainment startup Dreamscape Immersive has closed a $30 million series B round from a group of investors including Dubai-based conglomerate Majid Al Futtaim and media company Image Nation Abu Dhabi. Other investors in the round included Nickelodeon, 21st Century Fox, Warner Bros., Bold Capital Partners and VRSense Solutions Limited. Dreamscape Immersive will use the funding to expand operations, develop content and further its global expansion into new territories. 
 

Commodity Tracker

Business Events this Week In UAE

International Autumn Trade Fair

Dubai World Trade Centre
17 December 2017 To 19 December 2017
Business Updates


Dun & Bradstreet’s Hoovers
D&B Hoovers is a sales acceleration solution that provides a faster path from prospect to profitable relationship by leveraging data and analytics. B2B sales professionals can engage faster with customers to grow their business.Backed by the world’s largest commercial database, anchored by Dun & Bradstreet’s powerful D-U-N-S® Numbering System, D&B Hoovers uses sophisticated analytics to deliver a sales acceleration solution packed with insight.

 
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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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/11.12.2017

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DEC 2017 ISSUE

CGI. 99

Country Risk Update – Kuwait

Although Kuwait has strong reserves low oil prices will remain a drag on spending and business confidence. Kuwait’s ranking in the influential Global Competitiveness Index disappoints falling by 14 places to leave it ranked 52nd globally.Overall Kuwait declined in 8 of the 12 pillars that comprise the index including substantially in business sophistication, technological readiness and primary education .Some of the indicators which feed into the index are lagged and there have been a few more positive business environment developments recently such as public private partnership tenders which have not been factored .

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Market Overview
UAE ‘surprised’ at inclusion in EU tax-haven blacklist
The UAE government said it’s “surprised and disappointed” to be included on the European Union list of non-compliant tax jurisdictions, according to Undersecretary of Finance Yousef Haji Al-Khouri. On 5th December 2017, the EU adopted a blacklist of 17 Non-EU tax havens including the UAE and Bahrain following a year of negotiations singling out countries that EU officials have accused of facilitating the creation of shell companies and other structures designed to aid tax avoidance.A further 47 countries are on a “grey list”, according to sources quoted by the AFP. In a statement Mr.Al-Khouri said, “The UAE has worked to meet the European Union’s requirements in terms of exchanging tax-related information.The UAE government has said it is confident it will be recognized as being an internationally compliant partner at the EU’s next review.
Outlook for GCC banks “stable”, says sources
The outlook for GCC banks remains stable, reflecting strong financial fundamentals in the region’s largest banking systems that provide resilience to profitability and loan quality challenges posed by slower economies, according to a new report. The report forecasts that real GDP growth in the region will rise to approximately 2 percent in 2018, up from 0 percent in 2017, with oil prices stabilizing between $50 and $60 a barrel.Although fiscal consolidation efforts are ongoing in the region, a number of large-scale projects – such as Dubai’s Expo 2020 and the Saudi National Transformation Program – will support the capital spending and credit growth, which sources believe will expand by 5 percent in 2018.
Dubai fund invests in US farming tech start-up
Investment Corporation of Dubai (ICD), the emirate’s investment arm, has completed a major investment in US-based farming technology start-up Indigo Agriculture.The Dubai fund was the largest investor in its Series D funding round which raised a total of $203 million. Indigo did not give a figure for the ICD investment.Indigo, a company dedicated to harnessing nature to help farmers sustainably feed the planet, said in a statement that ICD will hold a board observer seat at Indigo.“Indigo is working on solutions that address the massive problems of food security and the effects of agriculture on environmental and human health,” said David Perry, Indigo’s president and CEO.The Series D round will support Indigo’s global commercial expansion, along with its continued investment in the plant microbiome and development of software and data tools, he added.
Saudi private sector growth rises by most since August 2015
Growth in the Saudi Arabia’s non-oil private sector saw its steepest improvement since August 2015 in November, according to new research.November data from the Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) signaled a strong upturn, driven by output and new order expansions.The headline seasonally adjusted PMI rose to 57.5 in November, from 55.6 in October. This figure indicated the steepest improvement in the non-oil private sector for 27 months.Meanwhile, foreign demand improved at a modest pace and job creation continued. On the price front, cost burdens rose moderately, whilst output prices were unchanged since October amid strong competition in the sector.The growth of new business accelerated during November, with the respective index hitting a 27-month high.
Abu Dhabi becomes minority shareholder in India-based credit business
An entity of the Abu Dhabi Investment Authority (ADIA) has become a significant minority shareholder in global investment firm KKR’s India Financial Services (KIFS), an alternative credit business in India.“KIFS has consistently provided flexible credit financing solutions to companies and shareholders, keeping in mind their long-term objectives for their business.“ADIA’s investment in KIFS gives us a high-calibre partner to work alongside as we further scale our platform and deliver creative solutions in the market,” said BV Krishnan, Member at KKR and CEO of KIFS.Hamad Shahwan AlDhaheri, executive director of the Private Equities Department at ADIA, noted: “India is one of the world’s fastest growing and most dynamic markets, and Indian businesses are increasingly seeking alternative credit solutions.” No further details were disclosed.
Saudi Arabia signs major markets upgrade with Nasdaq
Saudi Arabia has signed a deal with US group Nasdaq to upgrade the country’s financial markets infrastructure, another step towards its long-term goal of diversifying its economy.The country’s stock exchange, the Tadawul’s representative on 4th December 2017 said it would use technology from the US group as the backbone for share trading. Nasdaq, which supplies trading technology to dozens of markets around the world, will replace Tadawul’s current registry, depository, clearing and settlement systems, which are more than 16 years old. The upgrade will be completed by 2020.
Bitcoin, Ethereum ‘Not Suitable’ For Muslims, Says Turkish Government
Turkey has claimed Bitcoin is in fact “not compatible” with Islam due to its government being unable to control it.In a statement from a meeting of the state Directorate of Religious Affairs (Diyanet), lawmakers said that Bitcoin’s “speculative” nature meant that buying and selling it was inappropriate for Muslims.“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation. They can be easily used in illegal activities like money laundering, and they are not under the state’s audit and surveillance,” Euronews translates the statement republished by local news outlet Enson Haber. Diyanet issued the guidance on Nov 24th several days prior to Bitcoin’s latest bull run which saw the virtual currency top $11,000 before falling 15 percent.Turkey was previously a target of Bitcoin startups after the country infamously banned PayPal, but conditions have remained unstable.
Industry Stalwarts set to headline the 24th World Islamic Banking Conference
Amwaj Islands, Kingdom of Bahrain, November 30 2017: Under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain, the 24th edition of The World Islamic Banking Conference (WIBC), the largest and most prestigious gathering of Islamic banking and finance leaders in the world, was held on December 4th, 5th & 6th in the Kingdom of Bahrain.Convened by Middle East Global Advisors – a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets and in strategic partnership with the Central Bank of Bahrain, the three-day long forum took place at the ART Rotana Hotel in Amwaj Islands.The theme for WIBC 2017 was “Drivers of Economic Growth & Risks: Policymakers & Regulators”,it is in line with the conference’s steady vision to serve as a compass for the global Islamic finance and banking industry, and it drew participation from over 1300 global industry leaders, policymakers, innovators and stakeholders, all focused on generating breakthrough insights that help navigate through the complexities of the global financial system.
Bitcoin charges through $14,000 as investors pile in

Bitcoin hit a fresh record of $14,000 on 7 December 2017, as investors piled in, triggering a warning the cryptocurrency was “like a charging train with no brakes” which would inevitably slip back.It touched a new a high of $14,400 in Asian trade before slipping back to $13,900, according to Bloomberg News.The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to property, hit the $12,000 mark for the first time.Bitcoin – which came into being in 2009 as a bit of encrypted software and has no central bank backing it – has risen from a 2017 low of $752 in mid-January, and surged dramatically in the past month.The increased interest has been driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts.

UAE’s Federal Tax Authority announces full VAT supplies list

The Federal Tax Authority (FTA) has announced the supplies that will be subject to Value Added Tax (VAT) as of January 1, 2018, revealing selected sectors that will be assigned zero-rated tax, such as education, healthcare, oil and gas, transportation and real estate.Selected supplies in sectors such as transportation, real estate, financial services will be completely exempt from VAT, whereas certain government activities will be outside the scope of the tax system (and, therefore, not subject to tax).These include activities that are solely carried out by the government with no competition with the private sectorand activities carried out by non-profit organisations.

Commodity Tracker
Commodity 4 Dec 11 Dec Chg.%
Brent 63.39 63.24 -0.24
WTI 57.97 57.21 -1.31
Natural Gas 3.11 2.83 -9.00
Gold 1277.1 1252.10 -1.96
Business Events this Week In UAE

 

 

Middle East Organic & Natural Product Expo

11 December 2017 to 13 December 2017

Dubai

Business Updates
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Dun & Bradstreet’s Hoovers

D&B Hoovers is a sales acceleration solution that provides a faster path from prospect to profitable relationship by leveraging data and analytics. B2B sales professionals can engage faster with customers to grow their business.Backed by the world’s largest commercial database, anchored by Dun & Bradstreet’s powerful D-U-N-S® Numbering System, D&B Hoovers uses sophisticated analytics to deliver a sales acceleration solution packed with insight. Real-time business intelligence, ecosystem connectivity and an intuitive user interface helps shorten sales cycles, build pipeline and generate higher returns on marketing investments.

CRIF GULF DWC LLC
Level 15, ’48 Burj Gate’, Downtown Burj, Shaikh Zayed Road, Dubai, UAE
Tel. +971 4 406 9900
www,crif.ae  /  www.dnbuae.com

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


 

NL/04.12.2018

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DEC 2017 ISSUE

CGI. 98

Country Risk Update – UAE

The UAE will continue to strengthen its position as a regional safe haven and business hub. Access to global markets from Dubai will be among the best in the world.Abu Dhabi, the largest emirate, experiences slowing growth due to lower oil prices, resulting in a
downgrade to the UAE’s growth forecast for 2017.The royal families of the emirates have recycled the oil wealth to significantly improve the living standards of local people; consequently, no political opposition has developed to their continued benign authoritarian rule.

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Market Overview
Most GCC economies set to transition to ‘new normal’ in 2018
Several economies in the Middle East, particularly those in the GCC, are transitioning towards a “new normal” in 2018, allowing spending to start recovering gradually, according to a new report.The Institute of Chartered Accountants in England and Wales (ICAEW)’s Economic Insight: Middle East Q4 2017 said that GDP across Gulf countries is expected to grow from just 0.3 percent in 2017 to 2.8 percent next year.The wider Middle East is set to see an acceleration from 1.4 percent this year to 3.2 percent in 2018, it noted.However, the accountancy and finance body said several risks remain to growth in the region, including those from politics and security.The report added that public finances now look to be on a more sustainable path in most economies in the GCC thanks to three main factors – the upcoming Value-Added Tax; social change in Saudi Arabia and the period of emergency austerity which saw public spending cut by almost 20 percent from 2015-2017.
Dubai Investments raises foreign ownership limit to 49%
Dubai Investments said on 29 November 2017,that it has raised foreign ownership limit in the company from 35 percent to 49 percent.A proposal was approved by shareholders at the General Assembly Meeting, the company said in a statement.It said raising the limit to 49 percent is part of a wider move by Dubai Investments to open up to international investors. Sohail Faris Ghanim Al Mazrui, chairman of Dubai Investments, said: “The proposal to raise the cap to 49 percent of the capital was aimed at encouraging share ownership to more foreign investors. The company feels that there is an appetite among foreign investors to invest – which is restricted by keeping the cap at 35 percent.”The foreign ownership cap on Dubai Investments shares was initially 20 percent when it listed on Dubai Financial Market in 2000. It was raised to 35 percent in 2014.
Dubai wealth fund posts $2.8bn net profit for H1
Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, on 29 November 2017 announced revenues of AED93.2 billion and net profit of AED10.3 billion ($2.8 billion) for the first half of 2017.The company said in a statement that revenues increased by 13.1 percent from the prior year period with the largest growth seen in oil and gas and transport services.Net profit rose marginally by 0.3 percent from the prior year period and benefited from higher commodity prices in oil and gas and industrial operations and continued strength in banking and financial services, it added.Assets  increased to AED786.8 billion, rising 2.2 percent  from year-end 2016, primarily resulting from an increase in loans and receivables in banking and financial services and the acquisition of ALEC Engineering & Contracting.Liabilities increased to AED572.1 billion, rising 2.1 percent, the company said.
Dubai to hold London roadshows to boost UK real estate investments
Dubai Land Department (DLD) has announced plans to hold roadshows in London as it seeks to increase the number of UK investors in the Dubai real estate market.With a mandate to promote Dubai around the world as a preferred real-estate investment destination, DLD will be holding events in the English capital on December 3 and 4.The event comes as figures for January 2016 to July 2017 show that UK citizens took pole position among the European nationalities with 4,188 transactions worth AED9 billion in Dubai’s property market.They follow similar roadshows held in Moscow last week, DLD said in a statement.It said the initiative is aimed at familiarising residents of Russia and the UK with the Dubai property market and its real estate developers. DLD added that Russian nationals have traditionally been attracted to Dubai’s premium real estate offering, which features relatively lower prices compared with New York, Paris, Hong Kong or Singapore.
Dubai’s Emirates REIT picks Standard Chartered for debut dollar sukuk, say sources
Emirates REIT, a Dubai-based sharia-compliant real estate investment trust, has appointed Standard Chartered to lead its planned debut US dollar-denominated sukuk, sources familiar with the matter said.The sukuk transaction, which according to a company’s presentation could range between $350m and $425m in size, will be issued before the end of the year or in the first quarter of next year at the latest.Emirates REIT’s sukuk will be the latest corporate addition to the Gulf debt capital markets, which are in their second consecutive record-breaking year in terms of volume of issuance as corporates and sovereigns borrow funds internationally to mitigate the impact of lower oil prices.Debt issuance in the Gulf totalled $63.5bn last year and it exceeded $80bn so far this year. Emirates REIT plans to issue the sukuk, or Islamic bond, to fully replace its existing debt and lengthen the debt repayment profile of the company.
Shuaa no longer seeking stake in Kuwait’s Global Investment House
Dubai’s Shuaa Capital is no longer pursuing a stake in the Kuwait-headquartered Global Investment House, according to the company.No reason was given in a statement on the Dubai Financial Market by Shuaa Capital General Manager Fawad Tariq Khan.“As per Shuaa’s usual pursuit of expansion and opportunities, such discussions are regularly sought and Shuaa will keep the market and regulators of any activities as and when required,” the statement read.In October, Shuaa said it was interested in a deal with Global Investment House and noted that they were currently in talks for a controlling stake in 2018.Earlier this week, Shuaa announced it has re-launched its securities brokerage business in Egypt after obtaining approval from the Egyptian Financial Supervisory Authority (EFSA), after having suspended brokerage operations in Egypt in 2008.
Saudi banks prepare for riyal coins
Saudi banks have been advised to make the gradual transition from one riyal notes to one and two riyal coins by depositing them within the banks.The Saudi Arabian Monetary Agency (SAMA) told the banks in a letter that they should stop dealing with the single riyal paper currency until the notes have completely disappeared from all branches, according to local media. SAMA has revealed the design of the new coins, which include the one riyal and two riyal coins, as well as the 50 halala, 25 halala, 10 halala and one halala denominations. At the launch of the annual release of monetary currency, SAMA said procedures were in place for the handling of the coins in all commercial banks, and that high speed checking machines had been installed.Local newspaper Al Eqtisadiah said that Saudi banks are preparing for the transition to riyal coins in stages and that this process may take up to six months, overseen by specialist global companies.
Yemen’s Saleh says ready for ‘new page’ with Saudi-led coalition
Former Yemeni president Ali Abdullah Saleh said on 2 December 2017 that he was ready for a “new page” in ties with the Saudi-led coalition fighting in Yemen if it stopped attacks on his country, in a move that could pave the way to end nearly three years of war.The apparent shift in position came as Saleh’s supporters battled Houthi fighters for a fourth day in the capital Sanaa, in fighting which the International Committee of the Red Cross (ICRC) said has killed dozens of people and prompted calls to protect civilians.The fighting was the most serious since the Houthis and Saleh’s General People’s Congress (GPC) made common cause against the Saudi-led coalition which joined the Yemen war in 2015 to try to restore the internationally recognised government of President Abd-Rabbu Mansour Hadi to power. The clashes between Saleh’s supporters and the Houthis underscore the complex situation in Yemen, one of the poorest countries in the Middle East, where a proxy war between the Iran-aligned Houthis and the Saudi-backed Hadi has caused one of the worst humanitarian catastrophes in recent times.
The rise of waste-to-energy in the GCC

It’s no secret that the region’s energy sector is in the midst of a major transformation.The oil price drop of 2014 has left a lasting legacy, with diversification plans across the GCC reshaping not just energy industries, but entire economies, societies, and business landscapes.Yet it is the energy industry that has perhaps felt the tremors of these seismic changes in the most profound way, as governments try to break what Saudi Arabia’s Crown Prince Mohammed bin Salman describes as an “addiction to oil”.As a result, a wider range of energy sources than ever before have come to prominence, with solar, wind, hydro and other types of energy emerging across the region. One of the most promising avenues is waste-to-energy (WTE) – a process that not only generates significant levels of energy, but also tackles a major problem for the region.“Across the GCC, governments are actively pursuing strategies to achieve zero waste,” says Khaled Al Huraimel, group CEO of Sharjah-based environmental and waste management company Bee’ah.

Gold and jewellery shops in Saudi face $5k fines

Gold and jewellery shops in Saudi Arabia will be fined SAR20,000 ($5,330) per expat worker when 100 per cent Saudisation of the sector comes into force on December 3.The kingdom’s Ministry of Labour and Social Development also plans to install permanent inspectors at every market and mall, allowing them to conduct surprise inspections and punish Saudisation violations.There are more than 6,000 gold and jewellery shops in Saudi Arabia, hiring around 25,000 workers, including expatriates.Members of the precious metal and stone committee at the Council of Saudi Chambers have appealed to officials for more time to ensure Saudisation is properly in place before issuing fines.Committee member Abdul Mohsen Al-Namir, told local news outlet Saudi Gazette that Saudisation rates in the sector do not currently exceed 50 per cent. He appealed to the Ministry of Labour and Social Development to study the reasons behind the slow progress of Saudisation and allow shops enough time to deal with the issue.

Commodity Tracker
Commodity 27 Nov 4 Dec Chg.%
Brent 63.85 63.39 -0.72
WTI 58.72 57.97 -1.28
Natural Gas 2.91 3.11 6.87
Gold 1289.5 1277.1 -0.96
Business Events this week In UAE

 

 

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Dubai Shopping Festival 2018

26 December 2017 to 27 January 2018

Dubai

Business Updates
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Dun & Bradstreet’s Hoovers

D&B Hoovers is a sales acceleration solution that provides a faster path from prospect to profitable relationship by leveraging data and analytics. B2B sales professionals can engage faster with customers to grow their business.Backed by the world’s largest commercial database, anchored by Dun & Bradstreet’s powerful D-U-N-S® Numbering System, D&B Hoovers uses sophisticated analytics to deliver a sales acceleration solution packed with insight. Real-time business intelligence, ecosystem connectivity and an intuitive user interface helps shorten sales cycles, build pipeline and generate higher returns on marketing investments.

CRIF GULF DWC LLC
Level 15, ’48 Burj Gate’, Downtown Burj, Shaikh Zayed Road, Dubai, UAE
Tel. +971 4 406 9900
www,crif.ae  /  www.dnbuae.com

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