Crif Gulf Insights 30/10/2016









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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 41 | October 2016

Country Risk Update – Oman

Oman’s income and wealth are dependent on oil, the proceeds of which are invested heavily in infrastructure. The economy is weakening, although business performance is holding up. Growth will remain slow in the outlook period due to the drop in oil revenues.

The government might have to raise greater levels of debt and reduce subsidies in order to ease pressure on the public accounts. The banking sector will function adequately, although liquidity is starting to tighten as deposits slow and government borrowing continues apace.

Business, Finance and Commodity News

National Bank of Abu Dhabi posts flat Q3 net profit growth

NBAD, the United Arab Emirates’ largest lender by assets, posted a flat third-quarter net profit in line with analysts’ forecasts, as the bank was hit by a rise in bad loans. NBAD, currently in a merger process with rival First Gulf Bank, made a net profit of AED 1.32bn ($359.4m) in three months ending September 30 compared to AED 1.33bn in the same period last year.

Middle East hotels see 9% revenue drop in Q3 

Hotels in the Middle East saw declines in both revenue and occupancy rates in the third quarter of 2016, with absolute average daily rate (ADR) the lowest on record. The Middle East overall reported a 1.6 percent drop in hotel occupancy to 63.3 percent compared to the same period the previous year.

UAE President issues bankruptcy law by decree

H.H. Sheikh Khalifa issued Law Decree no. 9 on bankruptcy and others relating to the Federal Supreme Court, crimes against the federation, the federal courts and drug trafficking countermeasures.

The long-awaited bankruptcy law will mean executives and businessman will be able to avoid a jail sentence if their company fails to pay debts.

UAE climbs to 26th in World Bank’s Doing Business ranking

The UAE has topped the Middle East and North Africa region in the World Bank’s 2017 Doing Business ranking.
The emirates took 26th place in this year’s ranking of 190 countries from 34th last year after improvements in a number of areas.The World Bank said the UAE was among the top 10 economies for improvements to business regulations this year.

Abu Dhabi’s non-oil foreign trade rises to $22.9bn in H1

Abu Dhabi’s total non-oil foreign trade rose to AED 84.3 billion ($22.9 billion) in the first six months of 2016, according to figures released by the General Administration of Customs – Abu Dhabi.
The half-yearly figure represented an increase of AED 59 million compared to the first half of 2015. The volume of imports was worth AED 57.3 billion, down 1.9 percent on H1 2015 while the volume of exports was worth AED 17.3 billion, up 2.9 percent on the same period last year.

Commodity Tracker

D&B Article of the Week

Tackling the “Barbaric Evil” of Modern Slavery

Some 34 million men, women, and children worldwide are living in modern slavery. The new British Prime Minister, Teresa May calls it, “The great human rights issue of our time,” and, “A barbaric evil.” It is something that’s rarely witnessed but is happening every day in front of our eyes: modern slavery.
Recent British Government estimates suggest there may be up to 13,000 victims of modern slavery in the UK alone. Worldwide, the figure runs to as many as 45 million. A U.S. Labor Department report on goods produced by child labor or forced labour lists 136 products from 74 countries – from carpets in Nepal to fish in Thailand.. Read More..

CRIF Highlights

CRIF reinforces its business operations in the Asian market by acquiring China Credit Information Service.
CRIF announced the acquisition of CCIS, the Taiwanese-based credit information agency (founded in 1961). It was acquired from the previous shareholders, to carry forward its business growth and expansion path in the Asian market.

CRIF Lending Solutions and MoveCU Partner for Superior Online Lending
CRIF Lending Solutions and MoveCU Inc., a financial services company geared specifically for the credit union industry, announced a technology integration and services partnership that will make it easier for consumers to access lower-cost consumer loans. CRIF Lending Solutions’ Synergy data access, decisioning and process management components will serve as the technological backbone for the new Move CU online lending marketplace.

Upcoming Events this Week

Sea Trade Middle East Maritime
Oct 31 – Nov 2
Dubai World Trade Centre

TV connect MENA
Oct 31 – Nov 1
The Westin Dubai Mina Seyahi

UAE eHealth Week
Oct 30 – Nov 1
Mohammed Bin Rashid Academic Medical Center

Reading Recommendation of the Week

Small DATA: The Tiny Clues that Uncover Huge Trends
 
 Martin Lindstrom, a modern-day Sherlock Holmes, harnesses the power of “small data” in his quest to discover the next big thing. Hired by the world’s leading brands to find out what makes their customers tick.
Release Date:
February 23, 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 23/10/2016









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Dear *|NAME|*,

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 40 | October 2016

Country Risk Update – Saudi Arabia

Saudi Arabia has enjoyed a series of structural current account surpluses recently, due to strong oil revenues – a situation that allowed the build-up of significant foreign exchange reserves and minimized foreign debt, thus reducing external economic risk.

The recent sharp drop in the oil price has forced the government to draw down on these reserves and increase its debt levels. Meanwhile, financial sector risk is moderate, as capital buffers are at healthy levels and the ratio of nonperforming loans to total lending is relatively low, although liquidity is now tightening.

Business, Finance and Commodity News

Saudi sets record with mammoth $17.5bn bond issue

Saudi Arabia conducted the largest-ever emerging market bond sale on Wednesday, selling $17.5bn of debt in the government’s first international offer while attracting investor orders totaling almost four times that amount.
The huge demand, larger than many market participants had expected, was partly due to ultra-low global interest rates and funds’ frustration with a lack of high-yielding assets around the world.

UAE’s Ajman Bank said to be finalising $205m Islamic loan

Ajman Bank, a UAE based, sharia-compliant lender, is raising a $205 million Islamic syndicated loan.
The loan, which has a two-year maturity and a murabaha format, will be completed imminently.
The loan is backed by lenders including Noor Bank and Dubai Islamic Bank. Ajman Bank raised $155 million through another two-year murabaha loan last year.

Health insurance for expats in Kuwait set to jump 165% in 2017

Health insurance costs for expats working in Kuwait’s private sector will rise from $165 (KD50) to $430 (KD130) in 2017, according the CEO of Kuwait Health Assurance Company (KHAC).
Dr Ahmad Al- Saleh, CEO of KHAC, the company that oversees provision of expat healthcare in the country, said the increase in charges will be in line with the new independent healthcare system for foreigners.

Qatar Islamic Bank posts 6.8% rise in Q3 net profit

Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 6.8 percent rise in third-quarter net profit. 
It made a net profit of 550m riyals ($151.1 million) during the three months to Sept. 30, compared with 515.2 million riyals in the same period a year earlier.

Kuwait’s KNPC aims to finalize OVER $5B loan by Q1

Kuwait National Petroleum Co (KNPC) expects to finalise a loan of over $5bn to finance its Clean Fuels project by the end of the first quarter of next year. It is one of the world’s largest-ever loans backed by export credit agencies, this year. This project will upgrade and expand two of Kuwait’s largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.

Commodity Tracker

D&B Article of the Week

Human Trafficking: Cause and Cure

The growth of human trafficking is often attributed to a widespread lack of awareness, which means fewer criminals get caught. With this perceived low risk and global demand for cheap services, forced labor has become the world’s fastest growing crime and the second largest source of illegal income. Many countries are now following the United States and the United Kingdom, who recently passed and amended the four laws below to increase levels of awareness, push action and strengthen the global fight against human trafficking. Policies are rapidly evolving and expanding to place legal responsibility on the corporations profiting from unethical supply chain practices, whether they are aware of it or not. This requires a deeper level of supply chain awareness from all major companies worldwide. Read More..

CRIF Highlights

CRIF enhances its business operations in Russia by acquiring Microfinance Technologies Center for credit risk assessment services
CRIF has announced the acquisition of Microfinance Technologies Center (MTC) in Russia – a growing industry player in the delivery of credit risk assessment services for the microfinance sector.

CRIF further reinforces its business in Germany and Poland by acquiring Deltavista’s operations 
CRIF has announced the acquisition of Deltavista’s operations in Germany and Poland.

Deltavista is one of the leading providers of credit bureau data and risk management services in Germany and Poland, helping organizations optimize risk management and their address processes with accurate data on private individuals and companies.

Upcoming Events this Week

Middle East Franchise Expo and Forum
Oct 25 – Oct 26
Jumeirah Beach Hotel

Gulf Education and Training Exhibition (GETEX)
Oct 26 – Oct 29
Dubai World Trade Centre

RECon MENA Conference
Oct 30 – Nov 1
Ritz Carlton, Dubai

Reading Recommendation of the Week

The Industries of the Future
 
The Senior Adviser for Innovation to former Secretary of State Hillary Clinton, Ross draws on his experiences visiting startups in nearly 41 countries to identify the next big ideas in business.
Release Date:
February 2, 2016

Did You Know?

You Could Showcase 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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