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.
Best Regards, CRIF Dun & Bradstreet Communications Team
CGI | Issue 44 | October 2016
Country Risk Update – Oman
Despite the improvement of the trading regime, Oman’s non-oil exports experienced a sharp fall in the first half of 2016 compared with the same period the previous year. Non-oil exports slumped by 24.9% to OMR 985.3m, as a result of the fall in global prices for key export products such as chemicals, plastics and rubber, and base metals, which declined by 29%, 50%, and 35% respectively. However, demand in Oman’s key export markets has also slowed. The government is targeting high-end tourism as an area for growth. The government hopes that significant infrastructure improvements will help boost exports in the near future.
Business, Finance and Commodity News
Kuwait plans tax on expat remittances, privatisations and subsidy reforms
Kuwait’s government is reportedly planning to impose taxes on expat remittances and companies, reduce subsidies and privatise a number of sectors under reforms to be presented to the new Cabinet and parliament. The plans include the privatisation of the education and healthcare sectors, with hospital management to be offered to specilaised companies.
Abu Dhabi to host 2019 Special Olympics World Games
Abu Dhabi has been chosen to host the 2019 Special Olympics World Games – set to be the world’s largest humanitarian and sporting event of 2019.
The Special Olympics International board voted to award the event to Abu Dhabi based on a comprehensive bid proposal, a site visit by a board committee, and the country’s vision to create inclusion for people with intellectual disabilities.
Dubai issues new ruling on land mortgages
As stated in the decree, The mortgage is legally binding for all concerned parties if the monies arising from the pledge of the commercial and industrial land will be invested to achieve the purposes of the original grant and if the monies arising from the pledge of the residential land will be invested in maintaining, expanding or replacing the building,” The Dubai Land Department (DLD) will not register any mortgage unless all the conditions are satisfied.
Saudi car insurance prices said to surge 400%
The cost of car insurance in Saudi Arabia has reportedly rocketed 400 percent as a result of an increase in traffic accidents.
Motorists have called on the authorities to intervene and bring down prices to affordable levels, while insurance providers say costs would rise further as reckless driving worsens in the kingdom.
Industry experts blamed concrete blocks along the roads for a reported 15 percent rise in accidents in recent months.
Saudi central bank predicts 1.8% GDP growth this year
Saudi Arabia’s central bank expects gross domestic product to grow 1.8 per cent this year, faster than the 1.2 per cent forecast by the International Monetary Fund, according to the bank’s annual report.
The non-oil sector is expected to expand 2.5 per cent and the oil sector, 1.2 per cent, stated by the central bank.
Kuwait to issue national rail network tender in 2017
The Kuwait Authority for Partnership Projects has reportedly scheduled the tender for public bidding for a major railway project for the second half of 2017.
The rail network will link Kuwait City to the airport, marine ports and the Saudi border over 511km of two-way tracks.
It is expected to be implemented under a build, operate, transfer agreement and will transport both passengers and cargo at speeds of 120-200kmh.
D&B Article of the Week
Why Fluidity is the Goal to Mastering Your Data
When thinking about master data management (MDM), what’s ultimately needed to keep the business infrastructure from crumbling is clean, unified, well-governed, expertly-stewarded master data content. When trying to span the chasm between sales and marketing, or finance and operations, or enterprises across a value chain – there is only one thing can truly bridge them all in an integrated way: master data. While workflows and processes may be designed for optimal efficiency, the success of those implementations is predicated on the quality of the data that is within them. Simply put – dirty data clogs process pipes. No matter how good your MDM strategy is, resources are wasted if the data in your systems is inconsistent and doesn’t connect. Read More..
CRIF sponsored the IIR Finanz Geschäftsmodelle event in Austria On October 12-13, 2016 leaders in financial and insurance sectors came together to attend the IIR Finanz Geschäftsmodelle held at the Renaissance Wien Hotel in Vienna. Financial services providers, banks, credit institutions, insurance companies, FinTech and InsurTech organizations discussed how new business models are influencing the entire financial sector, and what opportunities and risks can involve banks and insurance companies.
CRIF assessments can be used by banks and insurance companies as ECAI ratings On October 12, the European Commission published the definitive mapping based on which ratings issued by CRIF Ratings from November 1 can be used to fulfill the prudential capital and solvency requirements of banks, financial institutions, and insurance and reinsurance companies.
CRIF Gulf is proud to organize its first annual Credit and Risk Management Solutions event. The event will take place in Hyatt Regency, Dubai Creek Heights on November 23, 2016. The event will have speakers from various banks and credit bureau. There will be presentations, case studies as well as a panel discussion to focus on best practices being followed in credit and risk management.
Upcoming Events this Week
Embrace Best Practices in Credit and Risk Management Nov 23
Hyatt Regency, Dubai Creek Heights
ARABAL 2016 Nov 22 – Nov 24
Middle East Concrete 2016 Nov 21 – Nov 24
Dubai World Trade Centre
Reading Recommendation of the Week
The Upside of Inequality: How Good Intentions Undermine the Middle Class
Four years ago, Edward Conard wrote a controversial bestseller, Unintended Consequences, which set the record straight on the financial crisis of 2008 and explained why U.S. growth was accelerating relative to other high-wage economies. He warned that loose monetary policy would produce neither growth nor inflation, that expansionary fiscal policy would have no lasting benefit on growth in the aftermath of the crisis.
Release Date: September 13, 2016
Did You Know?
You Could Protect Your Business from Credit Risk Using CRIF D&B’s Business Information Reports?