NL/25.12.2017

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

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

Market Overview

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

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

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

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

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

Commodity Tracker

Business Events this Week In UAE

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


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

 
We would like to hear from you write to us at [email protected] for
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48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD

Dubai

United Arab Emirates

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

NL/18.12.2017

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CRIF GULF WEEKLY INSIGHTS

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

Country Risk Update – Bahrain
 

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

Market Overview

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

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

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

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

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

Commodity Tracker

Business Events this Week In UAE

International Autumn Trade Fair

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


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

 
We would like to hear from you write to us at [email protected] for
Suggestions and Feedback
You have received this email because you are on our database as a client, partner or someone interested in our products & services. In case you wish to unsubscribe, please click on the unsubscribe option.

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48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD

Dubai

United Arab Emirates

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

NL/11.12.2017

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DEC 2017 ISSUE

CGI. 99

Country Risk Update – Kuwait

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

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

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

UAE’s Federal Tax Authority announces full VAT supplies list

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

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

 

 

Middle East Organic & Natural Product Expo

11 December 2017 to 13 December 2017

Dubai

Business Updates
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Dun & Bradstreet’s Hoovers

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

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

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


 

NL/04.12.2018

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DEC 2017 ISSUE

CGI. 98

Country Risk Update – UAE

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

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

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

Gold and jewellery shops in Saudi face $5k fines

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

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

 

 

e922e8af-9438-40cc-9eb5-9de3e4201a3c.jpg

Dubai Shopping Festival 2018

26 December 2017 to 27 January 2018

Dubai

Business Updates
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Dun & Bradstreet’s Hoovers

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

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

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NL/27.11.2017

 

 

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NOV 2017 ISSUE

CGI. 97

Country Risk Update – Oman

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.The economy is weakening, although business performance is holding up for now. Growth will remain slow in the outlook period due to the drop in oil revenues, which has also forced the government to prioritise certain projects. In addition, the government is looking to raise alternative revenue streams through taxation, and to issue greater levels of debt in order to ease pressure on the public accounts. It has already started to reduce subsidies, although public dissent over higher prices is rising.

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Market Overview
UAE seen returning to budget surplus in 2019
The UAE’s budget balance will return to surplus by 2019, owing to the recovery in oil prices, the introduction of new taxes – most notably the value-added tax in 2018, according to a new research note.Analysts BMI said capital expenditure will drive total spending over the coming years, but will pose no threat to fiscal sustainability.The research note said the UAE’s fiscal situation will continue to improve over the next few years, with the budget to return to surplus by 2019. BMI forecast the budget deficit to shrink to 0.7 percent of GDP in 2018, down from a projected 1.6 percent in 2017, and to return to surplus in 2019. Higher oil prices will boost government revenues in the UAE, notably by supporting the hydrocarbon revenue of Abu Dhabi – where the majority of oil production is located.
Artificial intelligence halves bank operation costs – Al Ghurair
Artificial Intelligence (AI) and digitisation can cut bank and financial operating costs by half, according to Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation.Speaking at the Middle East Banking Forum in Abu Dhabi, Al Ghurair said that the UAE is among the most advanced nations when it comes to the implementation of technology in the banking sector. “Artificial intelligence and digitalisation save up to 30 to 50 costs for the banking and financial system,” he said, adding that digitalisation is “a must” for UAE banking and financial-sector companies to keep pace with global developments.“The banking sector is an integral part of the UAE economy, playing a major role in the economic diversification drive,” he added.
Saudi wealth fund said to take over $10bn financial hub
Saudi Arabia’s sovereign wealth fund has finalised a deal to take ownership of Riyadh’s $10 billion unfinished financial hub as the government attempts to revive the project, according to people familiar with the matter.The Public Investment Fund is taking control of the King Abdullah Financial District from the Public Pension Agency, the people said, asking not to be identified because the information is private. Details of the deal aren’t clear, they said.The fund will appoint Hilmi Ghosheh as the head of the hub that has been plagued by delays and cost overruns, the people said. Ghosheh is currently advising the PIF’s Managing Director Yasir Al-Rumayyan on real estate projects, according to his LinkedIn profile.Crown Prince Mohammed Bin Salman lists the rehabilitation of the financial district as one of his objectives in the kingdom’s Vision 2030 economic reform plan.
Financing completed for Abu Dhabi’s $1.2bn Reem Mall
Al Farwaniya Property Developments, the consortium behind Abu Dhabi’s Reem Mall, on 21 November,announced that financing for the $1.2 billion project is now complete. Reem Mall, located on Abu Dhabi’s Reem Island, will offer 2 million sq ft of leasable area comprising 450 stores, including 85 food and beverage outlets. It will also feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, when it opens in 2020.“The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action,” said Tarek Sultan, CEO, Agility, one of the companies involved in the consortium.
Dubai’s Emirates REIT picks Standard Chartered for debut dollar sukuk, say sources
Emirates REIT, a Dubai-based sharia-compliant real estate investment trust, has appointed Standard Chartered to lead its planned debut US dollar-denominated sukuk, sources familiar with the matter said.The sukuk transaction, which according to a company’s presentation could range between $350m and $425m in size, will be issued before the end of the year or in the first quarter of next year at the latest.Emirates REIT’s sukuk will be the latest corporate addition to the Gulf debt capital markets, which are in their second consecutive record-breaking year in terms of volume of issuance as corporates and sovereigns borrow funds internationally to mitigate the impact of lower oil prices.Debt issuance in the Gulf totalled $63.5bn last year and it exceeded $80bn so far this year. Emirates REIT plans to issue the sukuk, or Islamic bond, to fully replace its existing debt and lengthen the debt repayment profile of the company.
New ‘waste fee’ coming to Dubai building owners
A new ‘waste fee’ could soon be levied on building owners and property management companies, according to reports, after Dubai Municipality announced plans to outsource its waste collection service to the private sector. The proposed charge was confirmed by a senior municipality officer, who said that, the civic body would stop its waste collection and transportation service to all buildings – commercial or residential – that are considered business, according to sources.To arrange for collection, building owners and management firms will have to sign a contract with private companies approved by the municipality to transport waste to landfills, said Abdul Majeed Abdul Aziz Al Saifaie, director of the Waste Management Department.A circular sent by the municipality to building managers across Dubai said that contracts with private service providers must be in place by December 1, added the news outlet. though Al Saifaie is quoted as saying that the plan has now been deferred.
ADNOC’s distribution unit could raise as much as $2bn in IPO
Abu Dhabi National Oil Co’s (ADNOC) distribution unit set an indicative price range for its initial public offering (IPO) that could raise as much as $2bn to become the biggest listing in the UAE since 2007. ADNOC Distribution set an indicative price range of between Dhs2.35 ($0.6400) and Dhs2.95 ($0.8034), it said in a statement on 26 November. ADNOC is selling a minimum of 10 per cent, or 1.25 billion shares, and a maximum of 20 per cent, or 2.5 billion shares, in the IPO of its unit. At the top of the price range, the deal could be valued at Dhs7.375bn ($2.01bn), assuming it sells a maximum 20 per cent, that would make it the biggest IPO in the UAE since 2007 when DP World raised nearly $5bn, according to sources.
Crescent Enterprises launches $150m corporate venture capital arm
UAE-based multinational, Crescent Enterprises, has announced the launched of its venture capital arm, with plans to invest $150 million across the next three years.CEO Badr Jafar said the fund would focus on strategic direct investments in early-to-later stage start-ups worldwide, according to state news agency WAM. The company said in a press statement that half of the total fund would be allocated to firms in the Middle East and North Africa.Crescent has already been “quietly active” in venture capital, according to Jafar, who expanded: “In the last six months alone, we have invested in a wide range of start-ups from a Silicon Valley-based drone company for the industrial sector and robotic surgery technologies, to an e-commerce platform for fisheries in India.“We also seeded entrepreneur graduates from the American University of Sharjah who are developing an artificial intelligence project management system” he added.
TAQA looks at loans as government did not approve bond issue, say sources

Abu Dhabi National Energy Co is talking to banks to obtain loan facilities of up to $1.3bn which would refinance maturing debt after the Abu Dhabi government declined to approve a planned bond sale in October, sources close to the matter said. TAQA, a state-controlled oil explorer and power supplier, had planned to issue an international bond to refinance an outstanding $500m bond that was due in October, a company official said in August. But the refinancing did not go ahead and the company instead used an existing revolving debt facility to pay down that bond. Abu Dhabi’s debt management office (DMO) did not approve TAQA’s planned new bond issue because other government-related entities “whose need for issuance is greater” intended to issue bonds this year, said one source directly involved the matter. A banker close to the situation said the DMO chose not to approve TAQA’s bond because it wanted to give priority to the Abu Dhabi government, which issued a $10bn bond in October, and it did not want to overcrowd the market with other Abu Dhabi issuers.

 

UAE’s Bank of Sharjah and Invest Bank in merger talks
Bank of Sharjah and Invest Bank are in merger talks that could create an institution with about Dhs50.6bns ($13.8bn) of assets, sources familiar with the matter told sources.In the latest latest sign of consolidation in the United Arab Emirates’ crowded banking industry, the two lenders have held on-and-off discussions over a potential merger since last year, the sources said.One of the sources added that the tie-up between two of the UAE’s smallest banks was being driven by authorities in the emirate of Sharjah, where the lenders are based. JPMorgan is advising Bank of Sharjah on the potential deal, two of the sources said. It was not immediately clear which institution is advising Invest Bank. Bank of Sharjah and Invest Bank did not respond to the request for comment. JPMorgan declined to comment. Bank of Sharjah is 22.2 per cent owned by the Sharjah government, its top shareholder, as per the sources. The biggest shareholder in Invest Bank, which is slightly smaller in terms of assets, is Sharjah-based International Private Group, which owns 15.5 per cent.
Commodity Tracker
Commodity 20 Nov 27 Nov Chg.%
Brent 62.62 63.85 1.96
WTI 56.76 58.72 3.45
Natural Gas 3.07 2.91 -5.21
Gold 1291.6 1289.5 -0.16
Business Events this week In UAE

 

 

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Dubai Shopping Festival 2018

26 December 2017 to 27 January 2018

Dubai

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Tel. +971 4 406 9900
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CRIF GULF DWC LLC · 48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD · Dubai · United Arab Emirates

 

 

 

NL/20.11.2017

 

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NOV 2017 ISSUE

CGI. 96

Country Risk Update – Bahrain

Saudi Arabia’s strong support for Bahrain provides a backstop to the economy in the event of a crisis, such as reserves depletion. Although the domestic market is small, it has a sizeable component that is highly affluent. Bahrain was the traditional financial and business services hub for the region, making up for its limited oil by providing a welcoming business environment.It improved significantly in the category of starting a business, which had been its weakest area in the index, rising by 69 places to 73rd, after lowering its minimum capital requirements.

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Market Overview
UAE residential property to be exempt from VAT, FTA clarifies
The UAE’s Federal Tax Authority (FTA) has clarified that commercial real estate will be subject to the five percent value added tax (VAT), with residential units largely exempt.In a statement, the FTA noted that the first supply of a new residential building within the first three years following its construction will be zero-rated. Subsequently, all supplies will be exempt, even within the first three years.All commercial properties, however, are subject to the 5 percent VAT.FTA added that the owners of residential buildings do not need to register for VAT if they have no other business activities. Those who do, however, are advised to check whether they are required to register or not.Owners of non-residential buildings are required to register if the value of supplies over the course of the preceding 12 months exceeds AED 375,000, or if the value is expected to exceed that figure in the next 30 days.
Saudi Arabia to impose VAT on petrol, tax authority confirms
Saudi Arabia will impose VAT on petrol from January 1, the General Authority of Zakat and Tax (GAZT) confirmed.In response to a query on Twitter, the GAZT said the five percent tax will be applied when it’s implemented in January 2018.The body overseeing its implementation also confirmed that international transport of passengers and goods is zero-rated, in accordance with the ‘Unified VAT Agreement for the Cooperation Council for the Arab States of the Gulf’ and the VAT Implementing Regulations.In contrast, GAZT said the local transport of passengers and goods within the kingdom will be subject to the standard 5% VAT rate, with businesses expected to collect the tax from the traveller when selling the travel ticket.Saudi tax authorities and the Ministry of Municipal and Rural Affairs are set to sign off on a new agreement to help local businesses register to pay new taxes.
Vibrant private sector key to Kuwait’s future – IMF
The need for a vibrant private sector employing more Kuwaiti nationals has heightened as the Gulf country is facing “lower for longer” oil prices, the International Monetary Fund (IMF) has said.In a new report, the IMF said that although Kuwait is facing the oil price fall from a position of strength, the decline has weakened fiscal and external positions and generated large fiscal financing needs.Against this backdrop, the authorities have laid out a comprehensive reform strategy and have already taken steps to curtail spending and foster an environment more conducive to private investment, the IMF noted.It said the key challenge is to build on the strategy to accelerate reforms that underpin fiscal consolidation.The IMF said it supports a broad fiscal reform package that aims at tackling current spending rigidities – particularly wage bill, subsidies and transfers.
UAE invests nearly $2bn in UK’s renewable energy sector
Baroness Rona Fairhead, UK Minister of State for Trade and Export Promotion at the Department for International Trade, has revealed that the UAE has invested £1.5 billion ($1.97 billion) on renewable energy in the UK.”Brexit will help the UK pursue a more open economic policy. We are accelerating relations with more countries around the world and we are working extremely well with the UAE across multiple investment domains, particularly in areas of R&D, clean energy and new technologies,” the Minister told state news agency WAM.Speaking on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, she added: “The UAE is UK’s fourth largest partner outside Europe. You come only next to US, China and India, which means that the UAE is a very significant partner for us.
Kuwait needs $100bn of financing over five years, IMF says
Kuwait will need $100 billion of additional financing over the next five years as mandated contributions to its Future Generations Fund leave a fiscal deficit, according to the International Monetary Fund.Contributions to the fund, excluding investment income, will mean an annual deficit of about 15 percent of gross domestic product, the IMF said in a statement concluding its 2017 Article IV consultation. Excluding FGF contributions and income, the lender expects Kuwait’s overall budget to remain “nearly balanced” through 2019, assuming a baseline oil price of $49 a barrel.Kuwait has cut subsidies and plans to introduce value-added taxation to plug a budget shortfall triggered by lower crude prices and production. It tapped international debt markets for the first time – raising $8 billion in March – and is also considering raising the debt ceiling, introducing an annual spending cap and changing the law to allow the sale of 30-year bonds.
SoftBank planning up to $25bn in Saudi investments
SoftBank Group plans to invest as much as $25 billion in Saudi Arabia over the next three to four years as the Japanese company run by Masayoshi Son deepens investment ties with the kingdom, according to people familiar with the matter. SoftBank aims to deploy up to $15 billion in a new city called Neom that Crown Prince Mohammed bin Salman plans to build on the Red Sea coast, the people said, asking not to be identified because the information is private.The Japanese company’s Vision Fund also plans investments of as much as $10 billion in state-controlled Saudi Electricity Co as part of efforts to diversify the utility into renewables and solar energy, the people said. SoftBank also will have some of its portfolio companies open offices in Neom, they said.The plans by SoftBank would bolster the crown prince as he cracks down on alleged corruption via a purge that has rattled investors.The infusion of cash also would aid the country as it seeks to diversify its economy away from oil. To put the magnitude of SoftBank’s plans into context, all foreign direct investment in Saudi Arabia totalled $7.45 billion last year, according to data from the Organization for Economic Cooperation and Development.
Saudi Aramco converts Jeddah refinery to distribution hub
Saudi Aramco has shut down its 80,000 barrel per day crude oil refinery in Jeddah indefinitely, converting the complex into a hub for oil products distribution, it said on Sunday.Aramco has been considering whether to shut the refinery for years because of age and environmental concerns as Jeddah’s growth had meant the refinery was in the middle of the city.Quoting its senior vice president for downstream, Abdulaziz al-Judaimi, Aramco said it could not expand the facility as demand for fuel from the refinery’s main consumers had dropped. In addition, it was not economically feasible and was close to residential areas.The plant, which started operations in 1967, served less than 20 per cent of demand from the Mecca region, western Saudi Arabia and its closure will increase demand at other Saudi facilities. A sources told earlier that the facility would be mothballed. The tanks will still be used to supply south Jeddah requirements through the Jeddah terminal, he said.
Citigroup, UBS said to be most exposed to tycoons in Saudi purge
Citigroup and UBS Group are among the international banks managing the largest share of assets for wealthy Saudis, some of whom are being investigated as part of a government probe into alleged corruption, according to people familiar with the matter. JPMorgan Chase & Co and Credit Suisse Group also manage billions of dollars for some of the kingdom’s richest individuals, the people said, asking not to be identified because of the sensitivity of the matter.Citigroup’s private bank counts Prince Alwaleed bin Talal, the world’s 58th-richest person, and Khalid al-Tuwaijri, former chief of the Royal Court, as clients, two of the people said. Both are among those who were detained in the probe, the people said.Saudi Arabia has long been the target of wealth managers such as UBS, Credit Suisse and Deutsche Bank, as well as other global banks seeking to advise the country’s ultra-rich. The kingdom was the 16th most populous country for high-net-worth individuals last year with 176,000, according to Capgemini’s 2017 World Wealth Report.It’s not immediately clear what implications the investigation will have on banks and their operations in the kingdom, the people said.
Active GCC oil and gas projects worth $331m

The combined value of the 361 active oil and gas projects in the GCC crossed $331.4 billion in November, according to new research.The Oil and Gas Construction Analytics report issued by BNC Network said the hydrocarbon sector represents 30 percent of the GCC economy and 60 percent of the total exports value.It added that the construction projects constitutes 2 percent of all active projects in the region while accounting for 14 percent of the total estimated value.The construction update comes at a time when the average oil price has recovered to $51.82 per barrel year-to-date in 2017, from the 13-year lowest average price per barrel of $42.55 in 2016, this is less than half of the $111.63 per barrel recorded in 2012.It added that the number of oil and gas projects in the GCC increased by 6 percent in Q3 compared to the previous quarter while the total estimated value of these projects increased by 5 percent. Avin Gidwani, CEO of BNC Network, said: “The renewed optimism in the global economy and a slight increase in demand is reflected in the latest Oil and Gas Construction Analytics issued by BNC Network.
Dubai’s DIFC launches $100m Fintech fund
Dubai International Financial Centre (DIFC) on Tuesday announced the launch of a $100 million FinTech-focused fund to accelerate the development of financial technology.The fund was announced during the inaugural Global Financial Forum, GFF, organised by DIFC, which was attended by over 350 influencers from the financial services industry.Essa Kazim, Governor of DIFC, said: “The fund will leverage the DIFC’s FinTech ecosystem consisting of attractive experimental licenses, market leading pricing and collaborative spaces. There is immense opportunity in this market, and this will be one more step towards shaping the future of finance in the region.The launch comes after Dubai was ranked 10th in The Banker magazine’s annual international financial centre (IFC) rankings, placing it alongside hubs such as London, New York, Hong Kong and Singapore.
Commodity Tracker
Commodity 13 Nov 20 Nov Chg.%
Brent 63.57 62.62 -1.49
WTI 56.82 56.76 -0.11
Natural Gas 3.17 3.07 -3.15
Gold 1277.1 1291.6 1.14
Business Events this week In UAE

 

 

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Knowledge Summit 2017

21 November – 22 November 2017

Za’abeel Hall

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Dun & Bradstreet’s Hoovers

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

 

 

 

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

 

 

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

 

 

 

NL/13.11.2017

 

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NOV 2017 ISSUE

CGI. 95

Country Risk Update – Oman

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.The deal with Singapore is a real boost for Oman, but it pales into insignificance with the level of investment that Oman has managed to secure from China for its other port, Duqm. Much of the initial development of Duqm was funded by Kuwaiti investors, but in May of this year, a Chinese state-backed consortium, Oman Wanfang committed to invest up to USD10.7bn in the site.

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Market Overview
UAE’s Mubadala and French groups in $1.2bn investment plan
Abu Dhabi state fund Mubadala Investment said on Thursday 9th November 2017 it planned to invest millions of euros in businesses and other organisations in France under a deal signed with French state-backed investment vehicles CDC International Capital and Bpifrance.The agreement, signed during a visit of French President Emmanuel Macron to the emirate, aims to invest up to 1bn euros ($1.2bn) in the French economy.The first part of the plan involves raising the size and scope of an existing co-investment partnership, known as FEF, which was launched in 2014 by Mubadala and CDC International Capital, a subsidiary of French state-owned Caisse des Dépôts Group aimed at investing alongside sovereign wealth funds.The second part of the agreement, is dedicated to technology and innovation in France.The programme will focus on information and communication technologies, biotech, green technology and other technology sectors.
Kuwait’s GIC invests $100m in UAE-based logistics firm Tristar
UAE-based logistics company Tristar Group has announced on 8th November 2017 that they have sold an equity stake to Kuwait-based Gulf Investment Corporation (GIC) by issuing $100m worth of new shares to GIC. The proceeds will be used by Tristar to expand its business .Following the latest investment, Tristar will be jointly owned by Kuwait’s Agility, GIC and the founder and CEO of the Tristar Group, Eugene Mayne. It will be operated under a new company structure in DIFC with the name Tristar Holdings Limited. All Tristar activities will be held under DIFC holding. Under the terms of the agreement, Mayne will continue to serve as group CEO. A liquid logistics solutions provider, Tristar offers services to the downstream petroleum industry, both in the region and globally.
UAE to apply VAT to all food items, utility bills
The UAE will apply an upcoming value added tax to all food items and utility bills, according to officials.Upon first announcing the 5 per cent tax in 2015, the country had said that 100 food items would be zero-rated.This measure has now been scrapped by the Federal Tax Authority’s director general, Khalif Al Bustani, confirmed to Gulf News.“The law in the GCC agreement said that any food items would be under the sovereign right of the government to include it [as a zero-rated item]. The law that has been issued did not include it,” he was quoted as saying.Public transport, commercial airlines, investment-grade precious metals, the supply of crude and natural gas and education and healthcare will be zero-rated.
BP sends in big guns as majors jostle for Abu Dhabi oil riches
When BP goes to Abu Dhabi this week, where big oil companies will be jostling for access to the Emirate’s offshore riches, the British behemoth won’t be leaving anything up to chance.An all-star cast is slated to attend the annual Abu Dhabi International Petroleum Exhibition & Conference, including BP Chief Executive Officer Bob Dudley and Chief Financial Officer Brian Gilvary. The company is sending more speakers than any of the other majors – almost twice as many as its nearest rival Total SA and seven times as many as Exxon Mobil Corp., according to the conference website.BP’s attendance underscores the importance of the state, which is already the fifth-biggest contributor to the company’s global crude oil output and has been in “ advanced discussions with potential partners” for an additional offshore oil concession.
Saudi, UAE VAT tax may squeeze gold jewellery demand even more
Gold jewellery demand in Saudi Arabia and the UAE is “likely to falter” after rising briefly in the next few weeks before the countries impose a value added tax in January, the World Gold Council said.Weak oil prices and rising costs caused gold jewellery demand in Saudi Arabia to slump 9 percent in the third quarter from a year earlier while the UAE showed a 10 percent decline, the producer-funded World Gold Council said Thursday 9th November 2017 in a report. Saudi Arabia’s demand was 9.8 metric tons while the UAE consumed 7 tons, the council said. Overall Middle East gold jewellery demand dropped 4 percent to 40.9 tons, the lowest since at least 2014, the report showed.The planned 5 percent VAT in Saudi Arabia and UAE “may boost demand before the end of the year, although we believe the effect will be temporary,” the council said in the statement. “Demand is likely to falter once the new tax is in place.”
UAE’s tax authority urges businesses to pay excise tax by November 15
The Federal Tax Authority (FTA) has warned businesses to file their excise tax returns before the deadline, or face hefty fines.Last month, the UAE introduced an excise tax which saw the price of tobacco products and energy drinks rise by 100 per cent, and sugary carbonated drinks by 50 per cent.Businesses must file their returns for the previous tax period before the 15th of every month, with the first collection due to take place on Wednesday 15th November 2017.Those who fail to submit their returns on time will be subject to an automatic Dhs1,000 penalty for the first offence, and Dhs2,000 if this is repeated within 24 months.They must also pay a late payment penalty of two per cent of the unpaid tax, which increases to four per cent after seven days.
Muscat airport expansion pushed back to mid-2018
The opening of a long-delayed expansion to Muscat International Airport has been pushed to the middle of 2018, an aviation executive has said.Authorities had announced in February that the new passenger terminal would open by the end of this year.However, the CEO of Dubai-based executive aviation firm Jetex said he had been informed that Oman Airports Management Company was now aiming to open the terminal by June 2018.“I just had a chat with the CEO and chairman and he mentioned they will open before June next year. This is the plan,” Mardini said.Jetex Flight Support has been selected as the exclusive fixed-base operator for executive jet flights from Muscat and Salalah. Under an agreement announced 12 November 2017 that it will operate FBOs from both facilities’ new terminals when they are finished.
More than $331bn of oil and gas projects in GCC, says report
The combined total of active oil and gas projects in the GCC region has exceeded $331.4bn, according to a report by BNC Network.The project researcher and intelligence provider’ Oil and Gas Construction Analysis Report found that 361 such projects are currently underway as of November this year, helping the hydrocarbon sector to make up 30 per cent of the GCC’s economy, and 60 per cent of the total exports value.The study also found that construction projects in the region’s oil and gas sector made up 2 per cent of all active projects in dollar terms, but account for 14 per cent of the total estimated value; placing a high value on energy projects compared to other sectors.Oil prices have recovered this year to around $60 following a dramatic crash that sent the average price per barrel to under $28 at the start of 2016 – a far cry from the near $112 recorded in 2012.
UAE approves $13.9bn budget for 2018 with no deficit

The UAE Cabinet on 7 November 2017 approved the federal budget of AED201.1 billion ($54.7 billion) for the years 2018-2021, of which AED51.4 billion ($13.9 billion) is for next year, with no deficit forecast.Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said: “All strategies and budget plans are invested in the service of the UAE society in the first place, and we will spare no efforts in providing all the requirements for our people’s happiness and well-being. The UAE people are our most valuable asset.”The largest portion of the 2018 budget has been earmarked for ‎social development and social benefits (AED26.3 billion or 43.5 percent of the total budget), state news agency WAM reported. Of this, ‎AED10.4 billion has been allocated for general education and higher education and AED4.5 billion allocated to the health sector. ‎
Hedge funds pile on bullish oil bets as Mideast tension heats up
The Middle East is kicking things up a notch in the oil market.Hedge fund bets on rising brent crude prices hit a fresh record as  tension in the oil-rich region reached a whole new level, sending prices to their highest in more than two years. Disruptions in exporting countries such as Libya, Nigeria and Venezuela in past months hadn’t fazed investors enough to trigger strong rallies, but Saudi Arabia and Iran? That’s another story. “Most of the political risk has been smaller-scale,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone. “But when you start talking Saudi Arabia and Iran, that gets people’s animal spirits flowing.”Saudi Arabia and Iran not only churn almost 14 million barrels a day of crude, or more than 40 percent of production from the Organization of Petroleum Exporting Countries, but they are also rival regional powers behind major Middle Eastern conflicts.
Commodity Tracker
Commodity 6 Nov 13 Nov Chg.%
Brent 62.45 63.57 1.79
WTI 55.87 56.82 1.70
Natural Gas 3.05 3.17 3.93
Gold 1270.2 1277.1 0.54
Business Events this week In UAE

 

 

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11th CFO Strategies Forum MENA

15 November 2017 To 16 November 2017

JW Marriott Marquis Hotel Dubai

Business Updates
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Dun & Bradstreet’s Hoovers

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

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

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


NL/06.11.2017

 

 

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NOV 2017 ISSUE

CGI. 94

Country Risk Update – UAE

The UAE will continue to strengthen its position as a regional safe haven and business hub. AThe UAE will continue to strengthen its position as a regional safe haven and business hub. Access to global markets from Dubai will be among the best in the world. The forward-looking Emirates NBD UAE Purchasing Managers’ Index (PMI) data for August highlights that the non-oil private sector continues to gain momentum.The index was at its highest level for 30 months and above the long-term average. ccess to global markets from Dubai will be among the best in the world.

Market Overview
Trump pitches New York stock exchange for Saudi Aramco IPO listing
U.S. President Donald Trump publicly appealed on 4 Nov 2017,Saturday for Saudi Arabia to list national oil company Saudi Aramco’s shares in New York, intervening in a battle among the world’s top stock exchanges.“Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange,” Trump wrote on Twitter. “Important to the United States!” But by describing the listing as a priority for Washington, he could help sway the Saudis’ decision.The Saudi government, is  seeking to raise money as low oil prices strain its finances, it also plans to sell about 5 per cent of Aramco next year in a sale, officials say could raise about $100bn, making it the world’s largest initial public offer ever.
Oil rally could continue into 2018 if OPEC extends output deal
Oil will likely rally into 2018 with periods of volatility as an anticipated extension of OPEC-led output restrictions offsets higher US production, a Reuters poll showed last week.Analysts raised their crude price projections, the survey showed, as expectations of an output cut extension were buoyed by comments from officials in Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries.“Rumours of extension, expansion or erosion (of the OPEC supply deal) could all impact prices and markets will be closely watching any statements from the upcoming meeting,” said Ashley Petersen of Stratas Advisors.
Abu Dhabi’s ADNOC expected to sign $6bn loan this week
Abu Dhabi National Oil Co (ADNOC), the United Arab Emirates oil giant, is expected to sign by the end of this week a $6bn loan which has received commitments from a group of 13 banks, sources close to the situation said on 5 November 2017,Sunday. ADNOC, which manages almost all of the proven oil reserves in the UAE, is raising the financing as part of an overhaul of its capital structure which involves, among other things, additional debt raising exercises and the initial public offering of minority stakes in some of its units.The club loan has been largely oversubscribed, having attracted commitments of $750m each from a group of 13 banks. Commitments will be scaled down to reach the targeted size of $6bn size, said the sources.
Bahrain asks Gulf allies for financial aid – report
The Gulf island kingdom of Bahrain has asked its allies for financial assistance to prevent a devaluation of its currency, according to reports.Bloomberg cited sources as saying the country had requested funds from Saudi Arabia and the UAE to replenish its foreign exchange reserves. A different source said Kuwait had also been asked.In return for the money, the countries have initially asked Bahrain to do more to bring its finances under control. The talks are at an early stage, according to the publication.Bahrain has been among the hardest hit countries in the Gulf Cooperation council by the drop in oil prices, which has raised questions over the sustainability of dollar-pegged currencies in the region.
UAE’s tax authority urges firms to register for VAT ahead of deadline
The UAE’s Federal Tax Authority (FTA) has invited all businesses in the country to register for value-added tax (VAT) before January 1, 2018, following the completion of first phase of registration.The VAT registration procedure is free of charge and can be completed online via the e-services portal on the FTA website.To register, businesses must provide the following information: Applicant details, including entity and activity details, trade licences and manager’s details. Contact information is also required, as well as the documents of the authorised signatory, including scanned copies of their Emirates ID and passport.
Emaar Development expects to raise up to $1.5bn in Dubai IPO
Emaar Development, a unit of Dubai property firm Emaar Properties, has set an indicative price range for its initial public offering, which would value the deal at Dhs5.52bn ($1.5bn) at the top end of the range.This is the first major listing in Dubai since late 2014 when Emaar Malls raised about $1.6bn. Emaar Development has set a price range of Dhs5.7 and Dhs6.9 per share, according to a company statement, which would value the newly listed company at Dhs27.6bn at the top end of the price range.This means a 14.5 per cent premium to its net asset value of Dhs24.1bn ($6.56bn), which Reuters reported on Oct. 2, as of September estimated by JLL.
Saudi minister calls for more work to end oil glut
Saudi Arabian Oil Minister Khalid Al Falih said on 4 Novemember 2017,Saturday that more work was needed to reduce global oil inventories.”There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation,” he said after a meeting attended by his Russian, Uzbek and Kazakh counterparts.Russia and Saudi Arabia are leading a deal between Opec and non-Opec producers to cut global oil production, with the aim of propping up oil prices.”Everybody recognises that (the) job is not done yet by any means, we still have significant amount of work to do to bring inventories down. Mission is not yet complete, more needs to be done,” he added.He said members of the global pact he had spoken with have expressed the same views.
VAT to increase costs for Gulf real estate investors, says CFA survey
The cost of real estate investment in the region is likely to climb on the back of VAT introduced across the Gulf from next year, a survey of local investment professionals found.With VAT set to be applied on the first sale of properties, 87 percent of investment professionals said that some or all of the additional expenses incurred by real estate firms will be passed on to investors.The survey assessed the views of investment experts certified by the Chartered Financial Analyst (CFA) society members in the UAE, Bahrain and Kuwait.A further 54 percent of the 140 CFA society members surveyed online between September and October believed that retail investors will be hardest hit by the new taxes introduced in Jan. 2018.
Commodity Tracker
Commodity 30 Oct 6 Nov Chg.%
Brent 60.48 62.45 3.26
WTI 53.95 55.87 3.56
Natural Gas 2.96 3.05 3.04
Gold 1271.2 1270.2 -0.08

 

Business Events this week In UAE
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Dubai Forum for Government Best Practices 2017

07 November – 08 November 2017
Sheikh Rashid Hall, Dubai
World Trade Centre

 

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

 

 

 

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

 

 

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

 

 

NL/30.10.2017









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OCT 2017 ISSUE

CGI. 93

Country Risk Update – Oman

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.Because of the ongoing Gulf crisis, Oman accelerates its efforts to reduce the reliance on its GCC partners by garnering support from outside of the Gulf.The deal with Singapore is a real boost for Oman, but it pales into insignificance with the level of investment that Oman has managed to secure from China for its other port, Duqm.

Market Overview
VAT, tech to drive UAE job recruitment in 2018
The widespread implementation of Value-Added Tax (VAT) and a need to reshape businesses to cope with the latest technological advances will shape the staffing landscape in 2018, according to a new report from recruitment consultancy Robert Half.The report – the Robert Half 2018 Salary Guide – found that the demand for accounting and finance professions will remain high in the UAE in 2018, particularly in the real estate, construction, professional services and healthcare industries.
Bahrain’s Ibdar buys Boston office of Amazon subsidiary
Bahrain-based wholesale Islamic investment bank, Ibdar Bank, has announced the acquisition of a prime office building in Boston, United States. In collaboration with Lincoln Property Company and Ritz Banc Group, it has signed a deal for the building, which is currently the headquarters of Amazon Robotics, a wholly owned subsidiary of Amazon Inc. The total deal size was $48 million, Ibdar Bank said in a statement. Ibdar CEO Ayman Sejiny said: “The deal is aligned with the bank’s strategy to focus on allocating investments within international real estate markets in order to provide diversified, stable and attractive returns.”
Dubai plans Fiqh league as it aims to lead world’s Islamic economy
Dubai is planning to set up a global Fiqh league, made up of Islamic scholars, to help the emirate establish itself as the world’s Islamic economy capital.The plan was discussed at a recent board meeting of the Dubai Islamic Economy Development Centre (DIEDC) as part of its refreshed strategy 2017-2021.At the meeting, chaired by Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of DIEDC, board members approved in principle several initiatives including the Fiqh league and a global education platform dedicated to strengthening Islamic economy sectors.
Saudi fund says to invest $1bn in Virgin Galactic
Saudi Arabia’s Public Investment Fund on 26 October 2017 announced a investment of $1 billion in British billionaire Richard Branson’s space tourism company Virgin Galactic.The announcement on the sidelines of an investment summit in Riyadh comes nearly a month after the Virgin Group founder said he would invest in the kingdom’s Red Sea project that aims to turn 50 Saudi islands into luxury tourism destinations.”This investment will enable us to develop the next generation of satellite launches and accelerate our programme for point to point supersonic space travel,” Branson said.
FTSE Russell launches Saudi inclusion indices ahead of EM upgrade
London Stock Exchange-owned index compiler FTSE Russell has launched a series of standalone indices including Saudi Arabia ahead of the kingdom’s anticipated promotion to its emerging market index next year.FTSE said the global, regional and country-level indexes are intended to be used as a transitional tool as the country remains on the company’s watch list for potential inclusion in its secondary emerging market index.The firm maintained Saudi’s position on the list during its annual classification announcement at the end of September and its status will be reviewed during an interim review in March 2018.
Bahrain’s Investcorp completes first European real estate portfolio
Bahrain-based investment firm Investcorp announced that it has completed its first European real estate portfolio following the acquisition of seven additional assets.The latest investment consists of a portfolio of seven industrial properties across the UK, for a total purchase price of approximately £40m. The properties are spread over approximately 700,000 sq ft across three single let distribution warehouses and four multi-let light industrial properties.They are located in High Wycombe, Leeds, South Elmsall, Liverpool, Warrington, Glasgow and Edinburgh, and have a very high level of occupancy rate with more than 40 tenants including many well established occupiers, a statement said.
Dubai, Abu Dhabi market futures to be traded on Nasdaq
Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange have signed licensing deals allowing futures contracts linked with the DFM General Index (DFMGI) and Abu Dhabi General Index (ADI) to be traded on Nasdaq Dubai’s equity futures market.The DFMGI tracks a basket of DFM-listed companies in sectors including property, banking, telecoms, insurance and transport. The ADI tracks companies from telecommunication, financial services, real estate, energy and other sectors.Futures linked with the DFMGI will be traded on Nasdaq Dubai’s futures market from later this year, subject to regulatory approval. No timeline was given for futures linked with the ADI. 
Saudi to let foreigners take strategic stakes in firms
Saudi Arabia will let foreign investors take strategic stakes of 10 per cent or more in stock exchange-listed companies, the securities regulator said on Sunday, expanding an effort to attract foreign capital and technology to the kingdom.The Capital Market Authority said it was working with the Saudi Arabian General Investment Authority, the state investment agency, to prepare rules under which foreign investors with appropriate experience and expertise could own such stakes.Current regulations forbid a single foreign investor from owning 10 per cent or more of the shares of a listed Saudi company.
Commodity Tracker
Commodity 23 Oct 30 Oct Chg.%
Brent 57.90 60.48 4.46
WTI 52.10 53.95 3.55
Natural Gas 2.95 2.96 0.34
Gold 1278.00 1271.2 -0.53

 

Business Events this week In UAE

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Dubai Forum for Government Best Practices 2017

07 November – 08 November 2017
Sheikh Rashid Hall, Dubai
World Trade Centre

 

Business Updates
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Construction & Contracting Industry Insider

Dun & Bradstreet manages the world’s most valuable commercial database of 265 Million companies across 190 countries. Dun & Bradstreet has helped customers & partners build valuable relationships by uncovering the truth and meaning from Data. We apply statistical technologies & methodologies to build the highest performing predictors, which helps them connect with their most potential prospects & suppliers.
Based on our extensive primary & secondary research, we are pleased to present our latest offering of Dun & Bradstreet’s Construction and Contracting Industry Insider.

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

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NL/23.10.2017









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OCT 2017 ISSUE

CGI. 92

Country Risk Update – Kuwait

Business opportunities should increase as the government targets a more diverse economy with its national development plan. A pending resolution of the Divided Zone dispute with Saudi Arabia will boost oil production capacity.We have downgraded the rating outlook for Kuwait from improving to stable as a result of increased political tensions in the region. Kuwait’s position in the World Economic Forum’s Global Competitiveness Report 2016-17 fell by four places, to 38th out of 138 countries, and to fourth in the Gulf.

Market Overview
SAMA will raise interest rates to protect riyal’s peg to the dollar, says research
In an effort to protect the riyal’s peg to the US dollar over the coming years, the Saudi Arabian Monetary Authority (SAMA) will hike interest rates in line with the US Federal Reserve, according to a new outlook report by BMI Research.The report predicts that price pressures, driven by fiscal consolidation measures, will increase in 18, but the tightening cycle will do little to mitigate these pressures, as demand-pull inflation will remain subdued. Although the tightening cycles will also weigh on credit demand, BMI maintains its views that the liquidity squeeze is “largely over.”
UAE’s Masdar says financing secured for giant wind farm in Serbia
Financing for one of the largest wind power projects in mainland Europe, part-owned by Abu Dhabi’s Masdar, has been agreed. Due for completion in the first half of 2019, the EUR300 million ($352 million) 158 megawatt (MW) capacity Cibuk 1 wind farm will be the largest utility-scale commercial wind project in Serbia and the western Balkans.Vetroelektrane Balkana (WEBG), the project company behind Cibuk 1, is wholly owned by Tesla Wind, a 60:40 joint venture between Masdar, Abu Dhabi Future Energy Company and Cibuk Wind Holding.
Investcorp acquires Kee Safety for $370m
Bahrain investment firm Investcorp said on 18 Oct 2017 Wednesday it agreed to acquire UK-based Kee Safety Ltd., a global provider of fall protection solutions and products associated with working at height, for £280 million ($370 million).“Kee Safety has grown at an impressive rate across international markets whilst maintaining excellent standards in the quality and reliability of its product range,” said Mohammed Al-Shroogi, co-CEO at Investcorp in a statement.““We look forward to working in partnership with the current management team as Kee Safety continues to increase its penetration into existing and new markets,” he added.
UAE’s Mubadala launches US-based venture capital arm
Mubadala Investment Company, the Abu Dhabi-based investment company, on 18 Oct 2017 Wednesday announced it is launching a venture capital arm of its business.The dedicated ventures investment team will be based in San Francisco, the first Mubadala office in the United States, it said in a statement.The team will initially oversee three main business areas including Mubadala Ventures Fund I, a $400 million early growth venture capital fund with two main investors, Mubadala and SoftBank.It will also run a $200 million Fund of Funds that will invest in both established and emerging fund managers. Under this program, Mubadala intends to invest $50-70 million per year in US and European-based venture capital funds.
Abu Dhabi Fund allocates $50m for Maldives Airport upgrade
Development aid agency Abu Dhabi Fund for Development (ADFD) said on 18 Oct 2017, Wednesday it extended a $50 million (AED183.65 million) concessionary loan to the Maldivian government to develop the Velana International Airport in Malé.“Our loan aims to promote socio-economic development in the Maldives through upgrading the airport’s facilities and expanding its operating capacity to 26 aircrafts in order to cope with the steady growth of the tourism sector,” said Mohammed Saif Al Suwaidi, Director General of ADFD.
Saudi fund launches $510m energy efficiency unit
Saudi Arabia’s Public Investment Fund (PIF) has announced the establishment of a new energy service company, Super Esco, designed to increase energy efficiency across government and public buildings.A Royal decree has been issued requiring all government entities to contract Super Esco on an exclusive basis in order to improve energy savings across public buildings and facilities.Super Esco has been established with a capitalisation of SR1.9 billion ($510 million), a statement said.It added that the company will fund and manage the retrofit of government and public buildings, which represent over 70 percent of overall projects in the sector.
Funding for DEWA’s Dh100bn green investment vehicle finalised
The head of Dubai Electricity and Water Authority (Dewa) has said that it has finalised funding for its Dh100 billion ($27 billion) green investment fund, ahead of next week’s World Green Economy Summit (WGES) in Dubai.He added that the fund’s headline investors, and the amount so far raised, would be announced on the first day of WGES.The amount we will start the fund with will be announced … during the first day of the WGES,” said Saeed Al Tayer, CEO and MD of Dewa, adding: “We have finalised [deals] with some funds, both locally and externally.
Saudi wealth fund widens economic role with mortgage company
Saudi Arabia’s sovereign wealth fund is setting up a mortgage refinancing company as it deepens the role it plays in the Arab world’s biggest economy.Saudi Real Estate Refinance aims to refinance 75 billion riyals (Dh73.4 billion, $20 billion) in mortgages in five years and more than double that by 2026, the Public Investment Fund said in an emailed statement. The company plans to acquire mortgage portfolios, issue mortgage-backed securities and offer direct and indirect refinancing as it seeks to boost home ownership, it said.The new company is designed to stimulate housing sector development in the kingdom by injecting liquidity into the real estate market,” the statement said.
Commodity Tracker
Commodity 16 Oct 23 Oct Chg.%
Brent 57.81 57.90 0.16
WTI 51.88 52.10 0.42
Natural Gas 2.96 2.95 -0.34
Gold 1306.4 1278.00 -2.17

 

Business Events this week In UAE

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WETEX 2017

23 October – 25 October 2017

Za’abeel Hall 1-8, Dubai World Trade Centre

 

Business Updates
reader.jpg

Construction & Contracting Industry Insider

Dun & Bradstreet manages the world’s most valuable commercial database of 265 Million companies across 190 countries. Dun & Bradstreet has helped customers & partners build valuable relationships by uncovering the truth and meaning from Data. We apply statistical technologies & methodologies to build the highest performing predictors, which helps them connect with their most potential prospects & suppliers.
Based on our extensive primary & secondary research, we are pleased to present our latest offering of Dun & Bradstreet’s Construction and Contracting Industry Insider.

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

Share

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Forward

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