Crif Gulf Insights 25.12.2016


 

 


Hello,

CRIF – Dun & Bradstreet is pleased to bring to you the latest edition of our newsletter ‘CRIF Gulf Insights’ (CGI). CGI will keep you informed about the current trends in the GCC markets and highlight key events in the regional and global economy.

We look forward to your feedback at [email protected]

Happy Reading!

Best Regards,
CRIF Dun & Bradstreet Communications Team

CGI | Issue 49 | December 2016

Country Risk Update – Bahrain

The stability of the Bahraini dinar’s long-term peg to the US requires Bahrain to hold sufficient foreign reserves to be able to meet the demand for dollars (and other foreign currency). Two years of low oil prices are estimated to have pushed the current account into deficit and added to the political risk factors which had already been discouraging capital inflows. However, the impact on foreign reserves was unclear. Real GDP slowed to 2.5% y/y in Q2, compared with 4.5% in Q1. However, the strong result in Q1 was largely a result of a strong oil figure driven by a base effect, as maintenance reduced oil production in Q1 2015. Persistent government deficits could undermine ambitious public investment plans.

Business, Finance and Commodity News

Saudi Arabia weighs 6% tax on expat remittances

Saudi Arabia’s Shura council had discussed plans to impose a 2 to 6 percent tax on expat workers’ remittances.
Former Shura council member Husam Al Angari, who submitted the proposal, suggested a 6 percent tax in the first year of living in the kingdom. He said the tax would then drop to 2 percent following five years of the expat’s residency in Saudi Arabia.

Saudi stock market rises on eve of government budget announcement

Saudi Arabia’s stock market rose on Wednesday on the eve of the government’s release of its 2017 budget, and Egypt’s extended a bull run fuelled by foreign money and last month’s float of the Egyptian pound. The Saudi stock index climbed 0.4 percent, though trading volume shrank to its lowest level in two months as many investors became cautious before the budget announcement.

Mubadala to hold Abu Dhabi’s 2% stake in oil giant BP

State investment fund, Mubadala Development Co will control a 2 percent stake in BP sold to Abu Dhabi in exchange for a holding in Abu Dhabi Company for Onshore Petroleum Operations (ADCO). The firm became the second Western oil major to renew a 40-year onshore concession in Abu Dhabi. In exchange for the 10 percent stake in ADCO, BP agreed to issue new ordinary shares to Abu Dhabi worth AED $2.20 billion

Dubai to post $680.7m deficit in 2017 as infrastructure spending ramps up

Dubai is expected to post a Dhs2.5bn ($680.7m) deficit representing 0.6 per cent of GDP next year as it ramps up infrastructure spending. It includes a 27 per cent increase in infrastructure spending, to 17 per cent of total spending as the country ramps up its efforts for the 2020 World Expo. Total spending is expected to increase by 2.6 per cent, or Dhs1.2bn compared to Dhs46.1bn in 2016

VAT to add $3.2bn to UAE coffers in 2018, minister says

The planned value added tax (VAT) in the Gulf will swell the UAE government’s coffers by $3.27 billion (AED12 billion) in 2018, with revenues expected to rise between $4.90 billion (AED18 billion) to $5.45 billion (AED20 billion) in 2019. The UAE plans to implement a five percent VAT from January 1 2018, but has reportedly ruled out plans to impose corporate and income tax. VAT revenues will be shared between the federal budget and local governments.

Commodity Tracker

D&B Article of the Week

How B2B Marketers Can Connect Analytics to Action

Lots of B2B companies are investing lots of money into business intelligence tools to collect customer data. But it’s not enough to just collect a ton of data and report on it; you must make sense of the data to know who is best to target and why you should do something. A spreadsheet full of information means nothing without the analysis that connects information, tells a story, gives it meaning and makes it actionable. That’s the gap that most organizations need to close – between analytics and action. But, of course, that’s all far easier said than done. In an extremely fluid marketplace, more and more B2B firms recognize the need to step up their digital marketing efforts and create a seamless customer experience (CX). Yet, they find themselves drinking from a firehose of data in an attempt to stay ahead of ever-increasing customer expectations. Most aren’t staying ahead at all, though – they’re doing the best they can not to fall grossly behind customer expectations. Read More

CRIF Highlights

The national ‘Future Day’ at CRIF AG
In Switzerland, thousands of children have accompanied their parents to work. This year around 2,300 companies took part at the National Future Day which aims at providing opportunities for career choice.

CRIF opens a new start-up to offer debt collection solutions in Azerbaijan
CRIF has established CRIF Receivable Management in Baku, Azerbaijan, to offer a complete range of services from phone collection to legal debt collection. The new company will support Azerbaijani business and financial organizations with advanced services for the outsourced management and prevention of unpaid debt: from the initial telephone contact to home visits, to targeted actions such as checking and correcting direct debit data and legal debt collection.

CRIF acquires the operations of Dun and Bradstreet in Egypt
CRIF Gulf, based in UAE, acquired the operations of Dun & Bradstreet in Egypt. The acquisition will strengthen CRIF’s industry-leading position in the field of business and credit information, and risk management solutions in the region. The acquisition is part of CRIF’s global strategy, with increasing investments over recent years, and the commitment to provide greater added-value services and products at worldwide level.

Upcoming Events this Week

Abu Dhabi Sustainability Week 2017
Jan 14 – Dec 21
ADNEC

World Future Energy Summit
Jan 16 – Jan 19
ADNEC

Reading Recommendation of the Week

The Undoing Project
 
Forty years ago, Israeli psychologists Daniel Kahneman and Amos Tversky wrote a series of breathtakingly original studies undoing our assumptions about the decision-making process. Their papers showed the ways in which the human mind erred, systematically, when forced to make judgments in uncertain situations. Their work created the field of behavioral economics, revolutionized Big Data studies, advanced evidence-based medicine, led to a new approach to government regulation, and made much of Michael Lewis’s own work possible.
Release Date:
December 6, 2016

Did You Know?

You Could Protect Your Business Globally using CRIF D&B’s Business Rating Reports? 

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

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Crif Gulf Insights 18.12.2016


Hello,

CRIF – Dun & Bradstreet is pleased to bring to you the latest edition of our newsletter ‘CRIF Gulf Insights’ (CGI). CGI will keep you informed about the current trends in the GCC markets and highlight key events in the regional and global economy.

We look forward to your feedback at [email protected]

Happy Reading!

Best Regards,
CRIF Dun & Bradstreet Communications Team

CGI | Issue 48 | December 2016

Country Risk Update – Oman

According to the UAE Banks Federation, local banks have helped restructure around AED 7bn (USD1.9bn) of debt owed by more than 1,700 SMEs in 2016. SMEs account for around 90% of non-government GDP. The banks implemented a a voluntary system which came into place in March whereby indebted businesses could agree to reschedule their debts with their lenders, reducing the pressure on the banking sector.

Low oil prices will feed through into lower growth, lower liquidity and increased business risk, however, The UAE will continue to strengthen its position as a regional safe haven and business hub.

Business, Finance and Commodity News

Qatar officially introduces labour reforms

Qatar officially announced the end of its Kafala sponsorship system for workers on Monday under reforms announced ahead of the 2022 FIFA World cup. The country’s labour minister Issa bin Saad Al-Jafali Al-Nuaimi said the rules would be abolished effective from December 13. In their place is a new contract-based system claimed to safeguard workers rights and increase job flexibility. 

GCC states hike rates to avert currency pressure after Fed move

Saudi Arabia, Kuwait and Bahrain raised interest rates within minutes of the US Federal Reserve’s decision to do so on Wednesday as they scrambled to avoid downward pressure on their currencies due to low oil prices. Qatar and the UAE followed the next day. The overnight lending rate in Qatar rose to 4.75 percent and the overnight deposit rate rose to 1.00 percent.

GCC projects market sees major slump in 2016 as cheap oil bites

The GCC projects market is expected to record up to $120 billion worth of contract awards in 2016, down at least a third on 2015 levels and well below what was initially forecast, as low oil prices severely impact government expenditure. The six GCC states have so far recorded just $96 billion worth of awarded contracts compared with $177 billion worth of deals in 2015.

MENA economies to record weakest growth since 2009 next year

The Middle East & North Africa (MENA) region will next year record its weakest economic growth since the global financial crisis in 2009. The latest outlook from Capital Economics warns the region will “struggle” again in 2017 as fiscal policies are tightened to plug current account and budget deficits, which have widened in the past two years as a result of persistent low oil prices.

UAE banking sector could see more mergers – Al Ghurair

Banks in United Arab Emirates are open to mergers in the near term and deals involving Dubai lenders cannot be ruled out, the head of the national banking industry association, Abdulaziz al-Ghurair, said.
His comments come after National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) agreed to merge to create one of the largest banks in the Middle East and Africa with assets of about $175bn.

Commodity Tracker

D&B Article of the Week

How to Take the Headache Out of B2B Digital Targeting

Like Seventy-four percent of firms say they want to be data-driven. More than 90 percent of companies say they are using (or trying to use) customer data to segment audiences for better targeting. But very, very few are getting the outcomes they want. A mere two percent of senior executives responding to a recent Economist Intelligence Unit (EIU) survey believe they have achieved “broad positive results” from their digital analytics investments. Whoa. There’s a pretty serious disconnect happening somewhere in there. Despite investing heavily in data analytics and striving to implement more sophisticated digital targeting models, they’re falling woefully short. Read More

CRIF Highlights

The national ‘Future Day’ at CRIF AG
In Switzerland, thousands of children have accompanied their parents to work. This year around 2,300 companies took part at the National Future Day which aims at providing opportunities for career choice.CRIF opens a new start-up to offer debt collection solutions in Azerbaijan
CRIF has established CRIF Receivable Management in Baku, Azerbaijan, to offer a complete range of services from phone collection to legal debt collection. The new company will support Azerbaijani business and financial organizations with advanced services for the outsourced management and prevention of unpaid debt: from the initial telephone contact to home visits, to targeted actions such as checking and correcting direct debit data and legal debt collection.CRIF acquires the operations of Dun and Bradstreet in Egypt
CRIF Gulf, based in UAE, acquired the operations of Dun & Bradstreet in Egypt. The acquisition will strengthen CRIF’s industry-leading position in the field of business and credit information, and risk management solutions in the region. The acquisition is part of CRIF’s global strategy, with increasing investments over recent years, and the commitment to provide greater added-value services and products at worldwide level.

Upcoming Events this Week

National Housing Loans Exhibition 2016
Dec 13 – Dec 17
ADNEC
Dubai Travelers’ Festival 2016
Dec 14 – Dec 17
Mushrif park

Reading Recommendation of the Week

Grit
 
Drawing on her own powerful story as the daughter of a scientist who frequently noted her lack of “genius,” Duckworth, now a celebrated researcher and professor, describes her early eye-opening stints in teaching, business consulting, and neuroscience, which led to the hypothesis that what really drives success is not “genius” but a unique combination of passion and long-term perseverance.
Release Date:
May 3, 2016

Did You Know?

You Could Protect Your Business Globally using CRIF D&B’s Business Rating Reports? 

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

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Crif Gulf Insights 11.12.2016

 

 


Hello,

CRIF – Dun & Bradstreet is pleased to bring to you the latest edition of our newsletter ‘CRIF Gulf Insights’ (CGI). CGI will keep you informed about the current trends in the GCC markets and highlight key events in the regional and global economy.

We look forward to your feedback at [email protected]

Happy Reading!

Best Regards,
CRIF Dun & Bradstreet Communications Team

CGI | Issue 47 | December 2016

Country Risk Update – Oman

Despite the improvement of the trading regime, Oman’s non-oil exports experienced a sharp fall in the first half of 2016 compared with the same period the previous year. Non-oil exports slumped by 24.9% to OMR 985.3m, as a result of the fall in global prices for key export products such as chemicals, plastics and rubber, and base metals, which declined by 29%, 50%, and 35% respectively. However, demand in Oman’s key export markets has also slowed. The government is targeting high-end tourism as an area for growth. The government hopes that significant infrastructure improvements will help boost exports in the near future. The ports of Sohar and Salalah are emerging as regionally competitive infrastructure facilities, soon to be joined by Al Duqm. The government is targeting high-end tourism as an area for growth as well.

Business, Finance and Commodity News

GCC and UK announce strategic partnership

The Gulf Cooperation Council states and the United Kingdom announced a new strategic partnership with the aim of building closer relations in several areas.

The agreement, which formed part of British Prime Minister Theresa May’s visit to this week’s GCC Summit, will focus on politics, defence, security and trade and developing closer ties with a particular emphasis on regional threats.

Abu Dhabi’s NBAD secures $2bn loan ahead of FGB merger

National Bank of Abu Dhabi (NBAD) has secured a $2 billion loan. The bank aimed to complete the loan, for refinancing existing bilateral debt and provide new funding, by the second week of December. The merger will create one of the largest banks by assets in the Middle East and Africa when completed in the first quarter of 2017.

Expats in Kuwait now allowed to manage more than one company

Expats in Kuwait are now allowed to be hired as managers in more than one company, a decision by Minister of Social Affairs and Labour and State Minister for Planning and Development.
The move was based on a recommendation by the Ministry of Commerce and Industry. Previous regulations had only permitted expats to be hired as managers in the same company which sponsored their visas.

More mergers urged for Islamic banks, says Central Bank of Bahrain

Mergers and acquisitions among Islamic banks and insurers need to be increased in order to keep up with the challenging business environment and achieve the best scale of operations, according to Central Bank of Bahrain (CBB) governor, Rasheed Al Maraj. The governor also said the banks needed to improve their customer experience as it is a “key factor determining loyalty to the bank.”

Dubai’s Emirates Islamic launches Dhs1.5bn rights issue

Emirates Islamic Bank, the shariah-compliant arm of Dubai’s largest lender, launched its Dhs1.5bn ($408m) rights issue. Shareholders, who hold shares in the bank at the close of business on Tuesday, will be eligible to the subscription which begins on December 14 and ends on December 28, the Dubai-based lender owned by Emirates NBD. Allocation of the new shares will be made on December 29

Commodity Tracker

D&B Article of the Week

Staffmark Supercharges its Quote-to-Cash Cycle with Dun & Bradstreet

Like many large companies, Staffmark had a wealth of customer data but no clear way to turn that data into insight. In particular, the company needed a more global and unified view of its customers to enable rapid closings with the right customers, a more streamlined quote-to-cash cycle,  more limited risk exposure and better fraud detection.
Staffmark answered its challenge by leveraging Dun & Bradstreet’s powerful Risk Management Solutions. More specifically, the Business Credit Reports and DNBi platform with add-on modules were instrumental in Staffmark balancing its risk exposure to maintain a healthier cash flow. Now, credit investigation through Dun & Bradstreet is a key part of Staffmark’s sales process. Read More..

CRIF Highlights

The national ‘Future Day’ at CRIF AG
In Switzerland, thousands of children have accompanied their parents to work. This year around 2,300 companies took part at the National Future Day which aims at providing opportunities for career choice.CRIF opens a new start-up to offer debt collection solutions in Azerbaijan
CRIF has established CRIF Receivable Management in Baku, Azerbaijan, to offer a complete range of services from phone collection to legal debt collection. The new company will support Azerbaijani business and financial organizations with advanced services for the outsourced management and prevention of unpaid debt: from the initial telephone contact to home visits, to targeted actions such as checking and correcting direct debit data and legal debt collection.

CRIF acquires the operations of Dun and Bradstreet in Egypt
CRIF Gulf, based in UAE, acquired the operations of Dun & Bradstreet in Egypt. The acquisition will strengthen CRIF’s industry-leading position in the field of business and credit information, and risk management solutions in the region. The acquisition is part of CRIF’s global strategy, with increasing investments over recent years, and the commitment to provide greater added-value services and products at worldwide level.

Upcoming Events this Week

DIFF (Dubai International Film Festival) 2016
Dec 7 – Dec 14
Madinat Jumeirah
Dubai Travelers’ Festival 2016
Dec 14 – Dec 17
Mushrif park

Reading Recommendation of the Week

The Big Short
 
The Big Short” is a group portrait of misfits at the margins of the business. In Wall Street parlance, going short means betting that stocks — or any other financial instrument — will fall. And in 2005 and 2006, shorting the massive, heavily subsidized housing and lending industries required not just fortitude, but a kind of sociopathy. 
Release Date:
March 15, 2010

Did You Know?

You Could Protect Your Business Globally using CRIF D&B’s Business Rating Reports? 

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

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Crif Gulf Insights 04/12/2016









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Hello,

CRIF – Dun & Bradstreet is pleased to bring to you the latest edition of our newsletter ‘CRIF Gulf Insights’ (CGI). CGI will keep you informed about the current trends in the GCC markets and highlight key events in the regional and global economy.

We look forward to your feedback at [email protected]

Happy Reading!

Best Regards,
CRIF Dun & Bradstreet Communications Team

CGI | Issue 46 | December 2016

Country Risk Update – Saudi Arabia

Saudi Arabia has enjoyed a series of strong structural current account surpluses over the past decade, allowing it to build up significant FX reserves and reduce its foreign debt. However, this situation is now in reverse, with the recent sharp drop in the oil price forcing the government to draw down on these reserves and increase its debt levels. Meanwhile, financial sector risk remains moderate, as capital buffers are at healthy levels and the ratio of non-performing loans to total lending is relatively low – although liquidity is starting to dry up.

Business, Finance and Commodity News

Saudi government injects cash into economy following oil-linked slowdown

Saudi Arabia’s government has begun injecting large amounts of money into the economy, which could boost growth at the end of this year after a sharp slowdown due to low oil prices, according to data provided by central bank.
Its finances strained by shrunken oil revenues, Riyadh raised $17.5bn last month in its first international bond issue – the biggest emerging market bond sale on record.

New $571m Abu Dhabi – Dubai highway opens to ease congestion

A new $571 million 62km highway between Abu Dhabi and Dubai has been inaugurated. Named the Sheikh Mohammed bin Rashid Al Maktoum Road, the highway is one of the biggest infrastructure projects implemented under Abu Dhabi 2030 Urban Structure Framework Plan. This will alleviate traffic congestion and bring down the number of accidents.

Dubai airport passenger traffic crosses 69 million between January and October

Passenger traffic at Dubai International Airport, the world’s busiest for international travel, increased 2.7 per cent from a year earlier to 6.4 million people in October. In the first 10 months of this year, traffic grew to 69.36 million people, the airport was on track to reaching its target of 83 million passengers in 2016. 

Kuwait to raise traffic fines tenfold from January

Kuwait is looking to increase penalties for a number of traffic offences starting from January 2017. The offences include parking vehicles in spaces designated for physically disabled individuals. The increase will be the second time this year Kuwait has raised fees for traffic fines. In February, it doubled some fines for traffic violations but applied it only to expats.It is not clear if the January hike will apply to both expats and nationals.

Commercial Bank of Qatar launches 5-year plan to stem losses

Commercial Bank of Qatar will cut its exposure to the property market and lend more to the public sector as it set out a turnaround plan under its new chief executive aimed at stemming a dismal earnings run as more loans soured.
The Gulf Arab state’s third-largest lender by assets, like other banks in the region, has seen bad loans rise steeply due to the fallout of lower oil and gas prices on the wider economy

Saudi central bank foreign assets slump $10.8bn in October

Net foreign assets at Saudi Arabia’s central bank shrank by $10.8 billion from a month earlier to $535.9 billion in October, as the government liquidated reserves to cover a large budget gap caused by low oil prices. Assets tumbled by 16.3 percent from a year earlier to their lowest level since December 2011. They reached a record high of $737 billion in August 2014 before starting to fall.

Commodity Tracker

D&B Article of the Week

BI’s Anticipatory Analytics the Path Toward Future Truth

Almost everyone is familiar with the image of the eccentric fortune-teller gazing into her crystal ball to boldly predict the future. In the business world, teams of analytic experts are doing this everyday; they’re just using data instead of a crystal ball to get a glimpse into the future.

Thanks to advanced analytics, organizations are able to understand potential outcomes and evaluate how issues can be addressed. By generating predictive models based on all the data being captured, a new level of transparency and foresight has been created that helps shape future business strategy based on historical trends. This is called predicative analytics, and it is “the fastest growing segment of the business intelligence (BI) and analytics software market,” according to Information Management. Read More..

CRIF Highlights

CRIF and Mitigan partner to develop a full-fledged credit and insurance bureau in Tunisia
CRIF has been awarded the international tender issued by Mitigan, a Tunisian entity with the scope of providing information and risk management services, which is officially authorized by the Data Protection Authority to establish a full-fledged credit bureau in Tunisia.

Ohio Credit Union League Show – InVest48
CRIF Lending Solutions will be present at the Ohio Credit Union League Show, InVest48, the largest gathering of Ohio credit union leaders.

Deltavista GmbH renamed CRIF GmbH 
After the globally active credit reporting agency CRIF acquired all shares in Deltavista GmbH in Germany in July, Deltavista GmbH changed its name to CRIF GmbH.  Due to the rebranding, an important milestone in the integration into the CRIF group was achieved. That offers German customers a full range of services and products relating to risk control, creditworthiness, fraud prevention and address management through companies Bürgel GmbH and CRIF GmbH.

Upcoming Events this Week

PayExpo MENA 2016
Dec 5 – Dec 7
InterContinental Hotel, Dubai Festival City

Exhibition Afghanistan
Dec 6 – Dec 7
JW Mariott Marquis Hotel, Dubai

Reading Recommendation of the Week

Disrupted
 
“Disrupted” is born of Lyons’s attempt to cross over from covering tech to getting a piece of the action in the second, current Internet bubble. He lucks out to a degree that is enviable, not because of his payday, but because the company he ends up working for, HubSpot, a marketing-software firm in Cambridge, Mass., is tailor-made for someone like him to write about.
Release Date:
April 8, 2016

Did You Know?

You Could Protect Your Business Globally using CRIF D&B’s Business Rating Reports? 

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

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