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 WEEKLY INSIGHTS

 

Country Risk Update – Kuwait
Risk Indicator – DB4b
Risk Level – Moderate

Ratings Trend – Stable

In Kuwait a pending resolution of the Divided Zone dispute with Saudi Arabia will boost oil production capacity. The risk of insecurity, including sectarian tensions between Kuwaitis, remains higher than usual in light of regional tensions such as Saudi-Iranian rivalry.

Market Overview

JPMorgan Sells Stake In Saudi Investment Bank For $203 Million
The Saudi Investment Bank announced that it fully bought out JPMorgan International Finance Company’s stake in it for a sum of $203 million.The company announced the signing of an agreement for the purchase of the full stake of JPMorgan International Finance Company in the Saudi Investment Bank amounting to 56,245,350 shares, which represent 7.49% of the share capital of the Saudi Investment Bank for $ 3.6 per share. This deal is subject to regulatory approvalsThe Saudi Investment Bank does not intend to reduce its capital in this transaction but will retain it as treasury shares and re-issue it to shareholders later as a priority share. The bank will seek all regulatory approvals required to complete the transaction.The New York-headquartered bank has said that it is selling its stake as a part of its policy of divesting non-core assets globally.

Good News For Female Managers As Saudi Arabia Celebrates First Day Of Driving For Women
As clock struck 12, women drivers across the Kingdom took the wheel as a long-awaited decades long ban on females driving came to an end on June 24, 2018. One of the most prominent women driver was businessman Prince Alwaleed bin Talal’s daughter Reem, who drove around with her father and her children as she celebrated the lifting of the ban. Alwaleed termed the step as a “great achievement” in a video posted on Twitter. On June 5, 10 women received their license after swapping their foreign licenses for a local one. Authorities expected 2,000 women to have their driving license by the time the ban was lifted on June 24. The removal of the ban is part of reforms instituted by Crown Prince Mohammed bin Salman in order to offset the fall in oil revenues- one of the main sources of public income. The move is expected to benefit the country positively as it could boost its growth rate primarily by increasing the participation of women in the workforce.
According to a survey by recruitment website GulfTalent, 82% of women plan on taking up driving this year. This is expected to provide more career progression for women by giving them the mobility required for managerial positions, paving their way to senior roles.

Abu Dhabi’s Mubadala Acquires 10% Interest In Egypt Gas Field Shorouk Concession From Italian Giant Eni
Abu Dhabi’s state-run Mubadala Investment Company has made its first investment in Egypt after its petroleum unit completed an acquisition in offshore Shorouk Concession in Egypt from Italy’s Eni. IEOC, a subsidiary of Eni, owns 50% interest in the concession, while Rosneft has a 30% and BP had close to 10%.The value of the deal, which was first announced in March 2018, was not disclosed. Mubadala’s investment comes as the company revealed its intention to step up its investments following a rise in its 2017 income post domestic consolidation with other investment arms of Abu Dhabi government.​ “The acquisition of a 10% interest in the Shorouk concession with the producing Zohr gas field is a significant portfolio addition for Mubadala Petroleum and marks our entry into Egypt,” said Dr. Bakheet Al Katheeri, CEO of Mubadala Petroleum. The offshore concession contains Zohr gas field which was discovered in 2015 by Italian oil and gas giant Eni. It is the largest ever natural gas discovery in the Mediterranean Sea and has a total potential of up to 30 trillion cubic feet of gas. 

Cleartrip Acquires Saudi Online Travel Firm Flyin As It Eyes Growth In The GCC
Travel booking firm Cleartrip has acquired Saudi Arabia-based online travel aggregator Flyin as it looks to further consolidate its market presence within its focus markets. Although the deal value was not disclosed, a source familiar with the matter said that it amounted to more than $70 million. Cleartrip said in a press release that it was one of the largest deal in the travel space and will provide the company with a wider reach and a larger client base in one of the region’s biggest market.“When we started we realized that Saudi is a lot more complicated than other GCC markets,” Stuart Crighton, Founder and CEO of Cleartrip said in a phone interview. He added that the acquisition will help Cleartrip achieve scale in the Kingdom while improving its market share. Post the deal, Cleartrip will have a 60% market share in the GCC, the company said. Founded in 2008, Flyin says that it is the largest online travel company in KSA.Cleartrip, which originated in India, is now increasing its market presence in the Middle East. It has a 22% market share in its home market of India but has rapidly gained ground in the GCC too.

Abraaj To Sell Part Of Its Fund Management Business To US Based Colony Capital
Following an approval from the Cayman Islands Courts for a provisional liquidation and business restructuring, Abraaj Holdings inked a sale and purchase agreement with U.S.-based Colony Capital for its Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business. According to the agreement, all of Abraaj’s staff in the eight offices will be transferred to Colony Capital. Further to the deal the U.S. based investment management company will oversee—on an interim basis—other group funds that it did not acquire so that Abraaj’s stakeholders have a complete global situation in place. Colony Capital was initially in advanced talks to buy Abraaj’s fund management business but backed away after due diligence raised some red flags about the buyout firm. Other investors such as Cerberus Capital Management LP and a unit of Abu Dhabi Financial Group had also previously showed interest in purchasing Abraaj’s fund management business. But none of the deals went through.

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NL/18.06.2018

 

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CRIF GULF WEEKLY INSIGHTS

 

Country Risk Update
Saudi Arabia
Risk Indicator – DB3c
Risk Level – Slight

Ratings Trend – Stable

The outcomes of the Kingdom’s assertive foreign policy, especially with relation to Iran, have been mixed, and are keeping political and security risks elevated. 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

Oil slumps near $64 as OPEC clash looms and trade war escalates
Oil fell near $64 a barrel as Saudi Arabia and Russia prepared for a clash with allied crude producers over whether to lift output and as China and the US exchanged threats over trade. Futures in New York dropped as much as 2.3 percent, on course for the lowest close since April 9 after a 2.7 percent decline on June 12. Iran says Venezuela and Iraq will join in blocking a proposal to increase production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week. China said it would impose tariffs on a variety of US goods, including crude and gasoline, in response to President Donald Trump’s $50 billion levy on Chinese imports.Crude has dropped more than 10 percent from its high in May amid signs Saudi Arabia and Russia are seeking to lift output curbs that have eliminated a global surplus and boosted prices.Meanwhile, traders are trying to digest the impact from both the US and China issuing tariffs on goods and the threat of a broader trade war between the world’s two largest economies.

Saudi prices rise by 2.8% so far in 2018 as VAT makes impact
Prices in Saudi Arabia have risen by 2.8 percent year-on-year so far in 2018 due to the introduction of VAT and utility and fuel price reform, according to new research. Jadwa Investment, citing the latest General Authority for Statistics (GaStat) inflation release for April, also showed that prices rose by 2.6 percent year-on-year in the month, declining by 0.2 percent month-on-month. Jadwa said food and beverages prices rose by 5.7 percent year-on-year in April, but declined by 0.9 percent month-on-month for the second time in a row. Housing and utilities prices rose slightly by 0.5 percent in April year-on-year, despite a spike in fuel prices in January, Jadwa noted, adding that housing rents, which have been showing negative growth rates since July 2017, weighed on this segment. The research also said that after a decline in January, annual growth in point of sale retail sales have rebounded, with the average year-to-date rise of 13 percent, compared to 7 percent in the same period last year. Despite the fact that this year saw the implementation of VAT, Jadwa said it still expects to see higher inflation rates in Ramadan.

Dubai’s Abraaj Offloads $52 Million Stake In Orascom Construction As Pressure Mounts
Abraaj Group has sold off its entire stake in Egypt’s Orascom Construction for about $52 million, a move that comes as the Dubai-based private equity firm faces mounting challenges.Prior to the sell off, Abraaj held 6,256,155 ordinary shares, or 5.4%, of the issued share capital of the Egyptian construction giant, with ordinary shares priced at $8.30 each, according to a statement on Nasdaq Dubai. The Middle East’s largest private equity firm, founded in 2002 by Arif Naqvi, is currently in the midst of a restructure and is contending with the fallout from allegations that it mishandled funds. In February 2018, reports emerged that Abraaj misused funds intended for healthcare projects in South Asia and Sub-Saharan Africa, leading its investors to launch an investigation. Abraaj denied the allegations and hired the auditing firm KPMG to verify its receipts.

UAE Courts Economic Growth As It Reforms Visa Rules For Foreign Workers And Tourists
The UAE has introduced a new low-cost insurance system for foreign workers, replacing the previous mechanism of bank guarantees for each worker as it looks to bolster economic growth and improve investment flows. According to the state news agency WAM, the new rules come into effect after they were approved by the cabinet. With the new regulations, the previous mandatory deposit of AED 3,000 has been replaced with a new insurance scheme that cost just AED 60 annually per worker. The Cabinet noted that such a move will help companies save AED 14 billion in costs which they could in turn redirect to develop their businesses. The new policy for a worker covers the end of service benefits, vacation allowance, overtime allowance, unpaid wages and worker’s return ticket. In the case of an injury, the insurance amount could rise to AED 20,000 per worker. The UAE has also moved to revamp residency rules, allowing a two-year extension for students to continue on their parents’ visa after they complete their university education. Tourism too is set to get a boost with the UAE exempting the entry fees for 48-hours transit passengers. Those stopping by for 96 hours will get a visa for a fee of just AED 50.​

Abu Dhabi fund allocates $3bn aid package to Ethiopia
Abu Dhabi Fund for Development (ADFD), the national entity for development aid, has allocated a AED11 billion ($3 billion) economic aid package to the Ethiopian government to support sustainable socio-economic development. ADFD said it has deposited an amount of AED3.7 billion in the National Bank of Ethiopia to bolster the country’s fiscal and monetary policy, as well as to enhance the liquidity and foreign exchange reserves of its central bank. The remaining AED7.3 billion seeks to stimulate the Ethiopian economy and encourage joint investments.Mohammed Saif Al Suwaidi, director general of ADFD, and Teklewold Atnafu, governor of the National Bank of Ethiopia, signed a memorandum of understanding (MoU) outlining the terms of the funding in Addis Ababa, the capital of Ethiopia.Al Suwaidi said: “In addition to helping Ethiopia overcome the challenges it faces, the funding will encourage the UAE private sector to enter the Ethiopian market and benefit from the investment opportunities it offers.”He added that the funding will boost the country’s gross national income and revitalise key strategic sectors.

Commodity Tracker
Business Events this Week In UAE
 

The Indian Property Show
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21 June 2018 To 23 June 2018
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CRIF Gulf (Dun & Bradstreet) is delighted to have reached this outstanding milestone of having 4,000 + followers on LinkedIn.

Many thanks to everyone who likes our page and shares/comments on our content. We appreciate your support and enjoy engaging with you!
Our LinkedIn    page is an important tool which enables us to actively engage with our customers and followers.

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

NL/12.06.2018

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NL/11.06.2018

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CRIF GULF WEEKLY INSIGHTS


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

In a breakthrough on 3 May, the Kuwait cabinet approved two public-private partnership (PPP) projects which had been held up by the State Audit Bureau.Business opportunities should increase as the government targets a more diverse economy with its national development plan.

Market Overview

UAE banking sector remains resilient, says central bank chief
The UAE banking sector remains resilient, with robust capital ratios, liquidity buffers, profitability, and stable sources of funding, according to Central Bank governor Mubarak Rashed Al Mansoori. The bank’s Financial Stability Report for 2017 showed that macroeconomic and financial-market conditions remained stable in the UAE last year while the global and domestic economic growth and outlook improved during the year. It added that improved economic conditions have not yet translated into a credit expansion in the domestic retail and corporate sectors.The Central Bank said the UAE banking sector remained well capitalised, with solid liquidity buffers, stable funding, and improved profitability.While the liquid assets of the banking sector increased and stable funding indicators improved, bank lending growth slowed down during the year, although lending growth to the real estate sector increased.The general and specific loan loss provisions remained adequate at above 100 percent, despite the slight uptick in the non-performing loans ratio, the report noted.

Saudi’s Arbah offers $66m financing for upmarket London project
Saudi-based Arbah Capital has announced its participation in the £500 million ($666 million) Regent’s Crescent project in prime central London, UK with a shariah compliant mezzanine financing facility of up to £50 million ($66 million).The development is for 76 high-end residential units facing Regent’s Park in the heart of the UK capital city.It is the rebuild of an 1800s Grade 1 listed building designed by John Nash, who was the architect of Buckingham Palace. The development is expected to be completed in the first half of 2020, a statement said.Mahmood Al Kooheji, CEO of Arbah Capital, said: “This is a landmark moment in Arbah Capital’s successful progress into becoming an investment bank which participates in carefully selected, risk adjusted, and investment opportunities internationally.

Abu Dhabi’s New $13.6 Billion Reform Plan To Create 10,000 Jobs
Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan has approved an AED 50 billion ($13.6 billion) economic stimulus package for Abu Dhabi, aimed at accelerating the economic growth over the next three years.In order to boost the competitiveness of Abu Dhabi’s private sector, the plan will comprise a set of initiatives covering infrastructure and legislative projects, as well as SMEs, and industrial and social projects.The plan also included a number of initiatives aimed at promoting the ease of doing business in Abu Dhabi, reducing associated costs across industries. This includes exempting all new licenses from the requirement of having an office or a work space in the emirate for two years, permitting permanent home licenses, and implementing instant licensing systems in most commercial license types and all services provided by the government.The government will also issue dual licenses for companies in Abu Dhabi free zones to enable them to work outside the free zones and to participate in government tenders.

Saudi Arabia’s Fawaz Abdulaziz Alhokair Secures $300 Million Islamic Loan
Fawaz Abdulaziz Alhokair & Co has raised a $300 million Islamic loan from a group of regional banks in an effort to repay its outstanding debts. The Saudi-listed retail giant secured the funds by signing a Murabaha loan agreement with the National Commercial Bank, Samba Financial Group and Abu Dhabi Islamic Bank, it announced in a stock exchange statement. Murabaha is an Islamic financing structure where a loan does not carry interest, and therefore remains Sharia compliant.The loan will be used to repay the outstanding balance on a $266 million syndicated loan the company signed in 2014 and the total amount of a $133 million in sukuk issued in the same year. The sukuks are due to be repaid in 2019. The new lslamic loan has a seven-year maturity, and a payment plan every six months.

Ras Al Khaimah says 2018 oil, gas licensing round ‘proving popular’
The RAK Petroleum Authority has announced that international companies have expressed an interest in bidding for oil and gas exploration concessions in Ras Al Khaimah.Launched on April 1 to attract regional and international companies aiming to expand their portfolios in the UAE, the 2018 RAK Licensing Round is proving to be popular, state news agency WAM reported.The newly established RAK Petroleum Authority is managing the licensing round in accordance with the directives of Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. The licensing round has successfully generated an encouraging and positive response from many international companies eager to explore Ras Al Khaimah’s oil and gas potential,” said Nishant Dighe, CEO of the RAK Petroleum Authority and RAK Gas.​The licensing process covers seven contract areas that span almost the entire emirate of Ras Al Khaimah including four shallow water offshore blocks and three onshore blocks.The process remains open to interested parties until later this year.Data rooms have been set up in RAK and London to view the 2,200 sq km concessions.

Commodity Tracker

Business Events this Week In UAE


The Indian Property Show
@ Sheikh Rashid Hall, Dubai World Trade Centre
21 June 2018 To 23 June 2018
 
Business Updates


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.

 


 

CRIF Gulf (Dun & Bradstreet) is delighted to have reached this outstanding milestone of having 4,000 + followers on LinkedIn.

Many thanks to everyone who likes our page and shares/comments on our content. We appreciate your support and enjoy engaging with you!
Our LinkedIn    page is an important tool which enables us to actively engage with our customers and followers.

Not a ‘follower’ yet? Become a CRIF Gulf (Dun & Bradstreet) follower on LinkedIn by clicking here.

 
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

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

NL/04.06.2018

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CRIF GULF WEEKLY INSIGHTS


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

The rising oil price will boost growth in U.A.E and help ease elevated financial liquidity over the rest of 2018. Access to global markets from Dubai will be among the best in the world.The continued strengthening of the global oil price is feeding through into improved short-term economic conditions and easing credit conditions. As a result, Dun & Bradstreet has upgraded its outlook on the Credit Environment from ‘stable’ to ‘improving’.

Market Overview

Crude Oil Emerges As Headliner In Commodities Trading
The energy sector led with losses this past week in the commodities trading race. Other sectors like metals and agriculture saw no significant fluctuations except for mixed trading numbers. According to the Head of Commodity Strategy Ole S Hansen at Saxo Bank, these recent trading results are the direct and indirect cause of the political situations in Spain and Italy, as well as Donald Trump’s decision to implement duties on imports of steel and aluminium from US allies in addition to a range of tariffs on goods from China.In light of these events, the stock market saw core bond yields lower and the dollar rise higher while raising concerns about global growth. After Saudi Arabia and Russia opened to the possibility of raising production of crude oil, the commodity became the headliner in trading.  On the other side of the spectrum, gold and silver both remained around $1300/oz and $16.5/oz with the ever changing political news so far having a net neutral impact on them. According to Hansen, the decision made by Saudi Arabia and Russia to work towards increasing production came after the first signs of rising crude oil prices were beginning to potentially hurt demand.

U.A.E.-Based Startup SchoolVoice Raises $1.5 Million In Seed Funding
SchoolVoice, a U.A.E.-based interactive platform simplifying communications between schools and parents has raised $1.5 million in seed funding from a local venture capitalist Bin Mejren Investment Group.Founded in 2016 by Ali Bin Yahia, SchoolVoice is a product of Abu Dhabi-based tech house Netaq E-solutions. The two-way communicative platform plans to use the seed fund to develop its technology, grow its team and scale-up the brand.​ Through the app-based platform parents are constantly updated about their children’s academics and educational progress. To further expand the app’s user reach to French speaking countries by Q3 2018, the startup is developing a French version of the app. It has also signed contracts with schools in the U.A.E and in the MENA region and some in the Southeast Asian countries.Commenting on the seed investment, Mohamed Ibrahim, Manager, Bin Mejren Investment Group said: “We studied the communication tools used by the education sector in the Middle East and found that it is worth $1.3 billion.” He continued, “We believe that SchoolVoice will be the market mover and will acquire a huge share of this market.”​

Abu Dhabi’s Non-Oil Trade Falls 13% To $12 Billion But Exports Show Growth
The value of non-oil trade through Abu Dhabi ports decreased by 13.6% to reach $12 billion in the first quarter of 2018 compared to 2017, according to a report from the Abu Dhabi Statistics Center. This was the result of a 21.9% decrease in re-exports which fell to AED 5.6 billion, down from AED 7.2 billion last year. Meanwhile imports fell by 15.1% to reach AED 26.3 billion, while the value of non-oil exports rose by 5% compared to the same period in 2017.​The statistics refer to trade which moves through the ports of Abu Dhabi only and do not capture inter-emirate trade activity. Therefore, the trade activity through the ports in Dubai and the other emirates are not reflected.​Though imports decreased this quarter, they stood at $ 8.5 billion and are still over five times higher than exports that stood at $ 1.5 billion. Re-exports from Abu Dhabi’s ports were $1.9 billion for the first three months of the year.​

Dubai’s Landmark Group To Inject $13.2 Million Into Carluccio’s Rescue Plan
Dubai-based retail firm Landmark Group will be reportedly investing close to $13.2 million to rescue struggling U.K.-based Italian restaurant chain Carluccio’s. Carluccio’s could be shutting down as much as 30 outlets under a Company Voluntary Arrangement (CVA) rescue plan that will help shore up some of its losses. The cash injection by Landmark, which is its majority owner, will be used to revamp the surviving outlets.​The Dubai-headquartered retailer bought the U.K. operator of the Italian chain of restaurants in 2010 in a transaction that was valued around $138 million. Upon acquiring it, Landmark had also laid out an expansion strategy for Carluccio’s in the Middle East. However, Carluccio’s, like many others, have been hit by rising costs and a general dip in consumer spending across the U.K.​

Oman Oil Mulls 10% Stake Sale In Khazzan Gas Field For About $1 Billion
State-owned Oman Oil Company is reportedly looking at selling a 10% stake in one of its major gas fields in the country for about $1 billion or more. In September 2017, BP, jointly with the Ministry of Oil & Gas of the Sultanate of Oman started production at the Khazzan gas field in partnership with Oman Oil Company. BP owns 60% of the field, while the remaining 40% is owned by Oman Oil. According to reports Indian, Middle Eastern and Chinese companies were interested in acquiring a stake, which Oman Oil expects to get a bid for by July. However, the plan is pending final approvals and Oman Oil can even decide not to sell it. One of the biggest tight gas projects in the Middle East, Khazzan gas field currently produces 5.5 million barrels per day. It is a strategic project for Oman that has struggled with low oil prices, mainly because it has a higher breakeven price among the GCC countries.

Commodity Tracker

Business Events this Week In UAE


The Indian Property Show
@ Sheikh Rashid Hall, Dubai World Trade Centre
21 June 2018 To 23 June 2018
 
Business Updates


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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48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD

Dubai

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