Crif Gulf Insights 27/11/2016









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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 45 | November 2016

Country Risk Update – UAE

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

New $ 571m Abu Dhabi to Dubai highway to be completed by 2017

The new 62km-long Abu Dhabi – Dubai highway will open by 2017 following a one-year delay.
In June 2016, 83 percent of the highway had already been completed.
The AED 2.1b ($571m) project is expected to help achieve the Abu Dhabi Plan which is aimed at developing the quality of infrastructure in the city and strengthen the emirate’s economic development.

Qatar extends timeframe for expat residency visas

New expats to Qatar will have 30 days to secure a residency permit under the new sponsorship law. The ‘kafala’ legislation is due to come into effect on December 13 after being approved by the Qatari Emir. 
At present, new expats are required to process a residency visa within seven days. A previously unreported change introduced by the new legislation is that this will be extended to 30 days. Failure to begin the visa process in time could result in a fine of up to QR10,000.

GCC banks look at growth opportunities in Africa

Larger local banks in the GCC that are reaching saturation in their home market are starting to venture out into attractive markets such as Africa, according to EY’s “GCC wealth and asset management report 2016.” 
The UAE’s strong ties with African markets has encouraged a number of African businesses to use Dubai and the Dubai International Financial Centre as an infrastructure hub.

Oman to increase taxes on wealthy in 2017 budget

Oman’s wealthiest will be targeted in a new taxation levy aimed at boosting government revenue. Plans for the oil-rich sultanate’s 2017 budget will include a new raft of austerity measures as the projected average price of a barrel of oil remains set to languish at $45 next year.
Gasoline and diesel subsidies were cut earlier this year and similar cuts are planned for electricity and liquid petroleum gas.

Bahrain reveals changes to visit visas, launches two new visas

Bahrain launches two new visas for citizens of 114 countries, including the GCC region.Visitors using the new single entry visa will be able to stay for up to two weeks. Meanwhile the one-year re-entry visa will allow visitors for a stay period of up to 90 days. Holders of a three-month multiple re-entry visa will be able to stay in the country for one month.

Dubai’s first sustainable buildings will have an urban farm and recycle grey water

Diamond Developers is planning to launch two sustainable apartment towers in Arjan, next to Miracle Gardens, by end-December. The buildings will produce most of the energy needed to run the common areas using solar panels on the roofs and grey water will be recycled to be used for cleaning purposes. It will have a waste sorting system, an energy-efficient chilled water system, a shuttle bus service to the nearest Dubai metro station, and a small urban farm.

Commodity Tracker

D&B Article of the Week

B2B Industry pressures Shaping the Next Decade of Agency- Client Relationships

The pressure is on. Marketing and advertising technologies – affectionately referred to as “MadTech” – are transforming the agency-client relationship as we know it. A modest 150 players back in 2011 have increased to a dizzying swarm of 3,500 companies, growing by 87% this year alone. It’s tough not to steal the spotlight with a stat sheet like that. But that’s not the whole story.
The real forces driving this change are hiding in plain sight: B2B brands and their buyers.
Think of the last time you bought a TV. How many review sites did you visit? How many friends did you call? Did you even go to a store? Marketers are confounded by the complex interplay of these interactions – how they’re influencing buying decisions, where to allocate spend and how it all ties to revenue. Read More..

CRIF Highlights

CRIF Gulf organizes a successful Credit and Risk Management Solutions event in Dubai 
CRIF Gulf organized its first annual Credit and Risk Management Solutions event which was held in Hyatt Regency, Dubai Creek Heights, on November 23, 2016.
The event had several speakers from banks and the credit bureau. Other than presentations and case studies, an informative panel discussion was also held on best practices being followed in credit and risk management.

Upcoming Events this Week

Dubai Watch Week
Nov 15 – Nov 29
DIFC and Dubai Mall

Meet ‘D3’ Community event
Dec 8 – Dec 10
Dubai Design District

Reading Recommendation of the Week

Thinking, Fast and Slow
 
In 2002, Daniel Kahneman won the Nobel in economic science. What made this unusual is that Kahneman is a psychologist. Specifically, he is one-half of a pair of psychologists who, beginning in the early 1970s, set out to dismantle an entity long dear to economic theorists: that arch-rational decision maker known as Homo economicus. 
 
Release Date:
October 25, 2011

Did You Know?

You Could Protect Your Business from Credit Risk Using CRIF D&B’s Business Information 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 20/11/2016









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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 44 | October 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.

Business, Finance and Commodity News

Kuwait plans tax on expat remittances, privatisations and subsidy reforms

Kuwait’s government is reportedly planning to impose taxes on expat remittances and companies, reduce subsidies and privatise a number of sectors under reforms to be presented to the new Cabinet and parliament. The plans include the privatisation of the education and healthcare sectors, with hospital management to be offered to specilaised companies.

Abu Dhabi to host 2019 Special Olympics World Games

Abu Dhabi has been chosen to host the 2019 Special Olympics World Games – set to be the world’s largest humanitarian and sporting event of 2019.
The Special Olympics International board voted to award the event to Abu Dhabi based on a comprehensive bid proposal, a site visit by a board committee, and the country’s vision to create inclusion for people with intellectual disabilities.

Dubai issues new ruling on land mortgages

As stated in the decree, The mortgage is legally binding for all concerned parties if the monies arising from the pledge of the commercial and industrial land will be invested to achieve the purposes of the original grant and if the monies arising from the pledge of the residential land will be invested in maintaining, expanding or replacing the building,” The Dubai Land Department (DLD) will not register any mortgage unless all the conditions are satisfied.

Saudi car insurance prices said to surge 400%

The cost of car insurance in Saudi Arabia has reportedly rocketed 400 percent as a result of an increase in traffic accidents.
Motorists have called on the authorities to intervene and bring down prices to affordable levels, while insurance providers say costs would rise further as reckless driving worsens in the kingdom.
Industry experts blamed concrete blocks along the roads for a reported 15 percent rise in accidents in recent months. 

Saudi central bank predicts 1.8% GDP growth this year

Saudi Arabia’s central bank expects gross domestic product to grow 1.8 per cent this year, faster than the 1.2 per cent forecast by the International Monetary Fund, according to the bank’s annual report.
The non-oil sector is expected to expand 2.5 per cent and the oil sector, 1.2 per cent, stated by the central bank.

Kuwait to issue national rail network tender in 2017

The Kuwait Authority for Partnership Projects has reportedly scheduled the tender for public bidding for a major railway project for the second half of 2017.
The rail network will link Kuwait City to the airport, marine ports and the Saudi border over 511km of two-way tracks.
It is expected to be implemented under a build, operate, transfer agreement and will transport both passengers and cargo at speeds of 120-200kmh.

Commodity Tracker

D&B Article of the Week

Why Fluidity is the Goal to Mastering Your Data

When thinking about master data management (MDM), what’s ultimately needed to keep the business infrastructure from crumbling is clean, unified, well-governed, expertly-stewarded master data content. When trying to span the chasm between sales and marketing, or finance and operations, or enterprises across a value chain – there is only one thing can truly bridge them all in an integrated way: master data. While workflows and processes may be designed for optimal efficiency, the success of those implementations is predicated on the quality of the data that is within them. Simply put – dirty data clogs process pipes. No matter how good your MDM strategy is, resources are wasted if the data in your systems is inconsistent and doesn’t connect. Read More..

CRIF Highlights

CRIF sponsored the IIR Finanz Geschäftsmodelle event in Austria
On October 12-13, 2016 leaders in financial and insurance sectors came together to attend the IIR Finanz Geschäftsmodelle held at the Renaissance Wien Hotel in Vienna. Financial services providers, banks, credit institutions, insurance companies, FinTech and InsurTech organizations discussed how new business models are influencing the entire financial sector, and what opportunities and risks can involve banks and insurance companies.

CRIF assessments can be used by banks and insurance companies as ECAI ratings
On October 12, the European Commission published the definitive mapping based on which ratings issued by CRIF Ratings from November 1 can be used to fulfill the prudential capital and solvency requirements of banks, financial institutions, and insurance and reinsurance companies.

CRIF Gulf is proud to organize its first annual Credit and Risk Management Solutions event. The event will take place in Hyatt Regency, Dubai Creek Heights on November 23, 2016. The event will have speakers from various banks and credit bureau. There will be presentations, case studies as well as a panel discussion to focus on best practices being followed in credit and risk management. 

Upcoming Events this Week

Embrace Best Practices in Credit and Risk Management 
Nov 23
Hyatt Regency, Dubai Creek Heights

ARABAL 2016
Nov 22 – Nov 24
Madinat Theatre

Middle East Concrete 2016
Nov 21 – Nov 24
Dubai World Trade Centre

 

Reading Recommendation of the Week

The Upside of Inequality: How Good Intentions Undermine the Middle Class
 
Four years ago, Edward Conard wrote a controversial bestseller, Unintended Consequences, which set the record straight on the financial crisis of 2008 and explained why U.S. growth was accelerating relative to other high-wage economies. He warned that loose monetary policy would produce neither growth nor inflation, that expansionary fiscal policy would have no lasting benefit on growth in the aftermath of the crisis.
Release Date:
September 13, 2016

Did You Know?

You Could Protect Your Business from Credit Risk Using CRIF D&B’s Business Information 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 13/11/2016









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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 43 | October 2016

Country Risk Update – Qatar

Qatar’s GDP per capita has surged since the mid-1990s, although this has slowed in recent years. The government is starting to address the lack of innovation by encouraging R&D in the country. A dependence on hydrocarbon exports creates problems for the decision-making process, as it is at the mercy of fluctuating world prices and oil production quotas. Qatari banks are still showing profit growth, although it is slowing significantly. In the latest reporting round, the 13 QSE-listed financial services entities showed a 3.5% rise in net profits, albeit down from 8.2% over the same period the previous year. 

Business, Finance and Commodity News

Kuwaiti property sales slip 27% in Q3

Real estate sales in Kuwait have dropped 27 percent in the third quarter of 2016 to $5.58 billion (KD1.7 billion) in line with slower activity in the sector caused by increased utility prices and pressure on the government budget.
The number of transactions also fell by 24 percent year on year.

Kuwait issues new copyright law

The new law prevents the unauthorised publication, reproduction, public broadcast or rebroadcast, public communication, translation, adaptation, rental, or the making available of the work to the public including via computer, the internet, information networks, communications networks or other means.
The new law, which applies to nationals and expat residents, also allows performance artists financial rights.

Oman Chamber says employee health insurance to become mandatory in 2018

According to Oman Chamber, ethical health insurance cover must be provided to all private sector workers by 2018. The chamber urged companies to abide with the plan in a notice issued this week.
This follows a trend this year of companies in the country removing or reducing their health cover for employees due to tougher economic conditions.

Saudi car insurance prices said to surge 400%

The cost of car insurance in Saudi Arabia has reportedly rocketed 400 percent as a result of an increase in traffic accidents.
Motorists have called on the authorities to intervene and bring down prices to affordable levels, while insurance providers say costs would rise further as reckless driving worsens in the kingdom.
Industry experts blamed concrete blocks along the roads for a reported 15 percent rise in accidents in recent months. 

Officials draft pan-Arab customs law

Customs officials from Arab states including the UAE have reportedly drafted a unified customs law to help streamline rules around trade.
The law was announced at a meeting of a special commission of the League of Arab States.The 181-article pan-Arab draft law is to be reviewed by Arab states, which will send their feedback to the commission ahead of the next meeting of the Arab League’s Economic and Social Council.

Commodity Tracker

D&B Article of the Week

Mission Possible: Personalized B2B Marketing in the Age of Colossal Data

Business-to-business (B2B) marketers who strive to “personalize” content today are doing more than dropping a prospect’s first name into a promotional email. They’re on a serious quest to deliver a relevant message, at an optimal time, through a preferred channel and device. It’s the mantra on the lips of nearly every marketer. But as we all know, it’s a Herculean feat to pull off – especially with a half-hidden customer calling the shots.
Anyone who attempts personalized B2B marketing is pestered by a niggling problem. It requires us to get everything “right,” but what’s “right” is relative to the individual business buyer in question. Read More..

CRIF Highlights

CRIF and Bohai Credit enter into a strategic partnership to help solve the financing problems of Chinese enterprises
On October 18, 2016 in Beijing, CRIF signed a collaboration agreement with Bohai Credit, a credit information company operating under HNA USOLV, a subsidiary of HNA Group, with the objective of building a supply chain finance platform to help micro, small and medium-sized enterprises in China to access credit, and manage the high costs of financing and the risk of over-indebtedness.

CRIF in the 2016 FinTech Forward Top 100 ranking
American Banker BAI ranked CRIF in its prestigious FinTech Forward Top 100 ranking of solution providers that derive more than one-third of their revenue from financial institutions.  
This Top 100 ranking, which is based on 2015 revenues of hardware, software and IT services to financial institutions at worldwide level, provide validation for vendors in a highly competitive and regulated marketplace as well as highlight influencers that are shaping the industry.

CRIF D&B is a proud partner to the 7th Annual ACAMS AML and Financial Crime Conference. Visit us at table no.16 to know more about compliance and D&B Onboard! Read more

Upcoming Events this Week

7th annual ACAMS AML and Financial Crime Conference 
Nov 13 – Nov 14
Emirates Towers

Gulf Traffic Exhibition
Nov 13 – Nov 15
Dubai World Trade Centre

Social Media Week Independent Dubai
Nov 15 – Nov 16
Al Serkal Avenue

Reading Recommendation of the Week

Lean In: Women, Work, and the Will to Lead
 
Thirty years after women became 50 percent of the college graduates in the United States, men still hold the vast majority of leadership positions in government and industry. This means that women’s voices are still not heard equally in the decisions that most affect our lives. In Lean In, Sheryl Sandberg examines why women’s progress in achieving leadership roles has stalled and offers solutions that can empower women to achieve their full potential. 
Release Date:
March 11, 2013

Did You Know?

You Could Protect Your Business from Credit Risk Using CRIF D&B’s Business Information 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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