Crif Gulf Insights 08.01.2017


 

 


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 51 | January 2017

Country Risk Update – Bahrain

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

Business, Finance and Commodity News

Saudi Aramco mulls oil supply cuts of 3-7% in Feb to meet OPEC target

Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 per cent to 7 per cent in February. The Organization of the Petroleum Exporting Countries (OPEC) agreed in late November to cut production in the first half of 2017 to reduce global oversupply and prop up prices. Under the deal, Saudi Arabia, agreed to cut output by 486,000 barrels per day (bpd), or 4.61 per cent of its October output of 10.544 million bpd.

Qatar International Islamic Bank gets approval to expand in Morocco

Qatar International Islamic Bank (QIIB), the Gulf state’s third-largest listed Islamic bank by assets, said it had received approval to open a bank in Morocco with local lender Credit Immobilier et Hotelier (CIH). QIIB was working with CIH Bank to meet requirements and obtain necessary regulatory approvals in Qatar and Morocco. Morocco’s central bank approved five requests to open Islamic banks in the country, including a CIH Bank proposal.

Abu Dhabi approves infrastructure projects worth Dhs241m

The Abu Dhabi Executive Council has approved infrastructure projects worth Dhs241m. The Council’s executive committee, chaired by Saeed Eid Al Ghafli, has approved projects related to improving power supply and developing roads. They include a Dhs55m project to increase the capacity of the electricity grid in Al Ain and its suburbs, which will include the installation of six integrated primary stations and 13km of power and optical fiber cables.

Saudi Arabia’s Q3 GDP growth slows to lowest rate for over 3 years

Saudi Arabia’s gross domestic product (GDP), adjusted for inflation, grew by just 0.9 percent from a year earlier in the third quarter of 2016. This compared to the 1.4 percent growth seen in the second quarter. The Q3 growth was the slowest recorded since 0.3 percent in the first quarter of 2013.The slowdown comes as Saudi Arabia successfully cut into its huge state budget deficit this year and it will increase government spending in 2017 to boost flagging economic growth.

Qatar’s fiscal deficit to decline in 2017, says QNB report

Qatar’s budget deficit is set to decline by 38.9 percent from $13bn (QR46.5bn) in 2016 to $7.8bn (QR28.4bn) in 2017 due to a rise in government revenues, according to an economic analysis by Qatar National Bank. However, capital spending is expected to increase in 2017 and remain as the main driver of economic growth in the coming years. The decision is aimed at supporting the state’s World Cup preparations and its intent on accelerating investment and infrastructure spending.

Commodity Tracker

D&B Article of the Week

You Can’t Handle the Truth? – Assessing Truth and Meaning

There is a reason why we promise to tell the truth, the whole truth, and nothing but the truth. Each of these is a distinct thing. It’s hard to ignore the concept of Truth, especially in an election year. Accusations of lies, assertions of truth, fact checking, and apologies for “miss-speaking” seem to be everywhere. Philosophers have struggled with the concept of truth for millennia, yet it is still one of those concepts that we seem to understand intrinsically until we try to define it. So what do we really know about the truth in data, and how do we know we know it? The first thing that becomes obvious in a Big Data world is that finding the truth can be a matter of definition and perspective. Determining which data is true or accurate when there is no reference to compare is one of the fundamental problems in computer science.
Read More

CRIF Highlights

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

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

Upcoming Events this Week

Abu Dhabi Sustainability Week 2017
Jan 14 – Dec 21
ADNEC

World Future Energy Summit
Jan 16 – Jan 19
ADNEC

Gulf food 2017
Feb 26 – Mar 2
DWTC

Reading Recommendation of the Week

The Entrepreneur Mind
 
In a praiseworthy effort to distill some of the most important lessons of entrepreneurship, Kevin D. Johnson, president of multimillion-dollar company Johnson Media Inc. and a serial entrepreneur for several years, shares the essential beliefs, characteristics, and habits of elite entrepreneurs.  
Release Date:
January 22, 2013

Did You Know?

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

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

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Crif Gulf Insights 01.01.2017


 

 


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 50 | January 2017

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. Although the growth rate of household borrowing has been steadily slowing over the last few years, business borrowing has now picked up. In addition, non-bank financials, mainly investment companies, are now borrowing more, with credit growth at 4.4% y/y.

Business, Finance and Commodity News

Haramain train between Mecca and Madinah to begin operations in 2017

The Haramain high speed railway project will begin operations in the next six months, although only some stations will be open initially. The SAR62bn ($16.5bn) project is due to be completed by the end of next year and will provide 35 passenger cars on two-way trips between Mecca and Madinah every half an hour.

UAE petrol prices up over 6% in January

Petrol prices for January 2017 will stand at Dhs1.91 per litre for Super 98 – up 6 per cent from Dhs1.80 in December; Dhs1.80 per litre for Special 95 – up 6.5 per cent from Dhs1.69 last month; and Dhs1.73 per litre for E Plus-91 – an increase of almost 6.8 per cent compared to Dhs1.62 in December. The cost of diesel has also been hiked by 7.18 per cent to Dhs1.94 per litre, from Dhs1.81 in December.

Saudi bank deposits rise to their highest this year in November

Saudi Arabian commercial bank deposits rose to their highest level this year in November, a sign that a liquidity crunch due to low oil prices is easing as the government liquidates foreign assets to pay its bills.
Bank deposits climbed to SAR1.624 trillion ($433bn) from SAR1.610 trillion in October, the fourth straight month-on-month gain, the central bank figures showed.

Dubai’s Shuaa buys 14% of Bahrain’s Khaleeji Commercial Bank

Dubai’s Shuaa Capital bought 14 per cent of Bahrain’s Khaleeji Commercial Bank on Sunday for KD9.6m ($25m) and said it would use the stake to support the bank’s expansion.The Dubai-listed investment bank purchased the stake from Alimtiaz Investment Group for KD0.065 per share, acquiring 147.1 million shares in a special auction. KHCB is an Islamic retail bank with assets of KD709m

Dubai extends mandatory health insurance deadline

Dubai Health Authority (DHA) has confirmed that the deadline for residents in the emirate to have mandatory health insurance has been extended into 2017.
The deadline to fully implement the scheme was fixed at December 31, 2016, but a new deadline is yet to be announced. The new ruling is part of the Dubai Health Insurance Law that came into effect in January 2014.

Commodity Tracker

D&B Article of the Week

How Seeing the Human Face in Supply Chain Data

Is there any topic in business less human-sounding than “big data?” Just about the only person who comes to mind when you hear the phrase is that cheesy, central-casting business guy in the stock photo touching the invisible screen with numbers flying off it.
Yet Moreen Romans has made a career out of seeing real human faces in data and analytics. For more than a decade, Romans has been a leader in developing data-inspired supply chain solutions for Dun & Bradstreet. Yes, those solutions help manufacturers with the mechanics of their job: finding and selecting suppliers with track records of reliability and avoiding costly supply chain disruptions. But Romans and her team have also focused their work on the personal aspects of supply chains – how smart supply management can create better circumstances for individuals involved. How companies can do well by doing good. Read More

CRIF Highlights

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

Upcoming Events this Week

Abu Dhabi Sustainability Week 2017
Jan 14 – Dec 21
ADNEC

World Future Energy Summit
Jan 16 – Jan 19
ADNEC

Reading Recommendation of the Week

The Five Dysfunctions of a Team: A Leadership Fable
 
In keeping with the parable style, Lencioni (The Five Temptations of a CEO) begins by telling the fable of woman who, as CEO of a struggling Silicon Valley firm, took control of a dysfunctional executive committee and helped its members succeed as a team. Story time over, Lencioni offers explicit instructions for overcoming the human behavioral tendencies that he says corrupt teams (absence of trust, fear of conflict, lack of commitment, avoidance of accountability and inattention to results).
Release Date:
January 1, 2002

Did You Know?

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

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

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