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 45 | November 2016
Country Risk Update – UAE
According to the UAE Banks Federation, local banks have helped restructure around AED 7bn (USD1.9bn) of debt owed by more than 1,700 SMEs in 2016. SMEs account for around 90% of non-government GDP. The banks implemented a a voluntary system which came into place in March whereby indebted businesses could agree to reschedule their debts with their lenders, reducing the pressure on the banking sector.
Low oil prices will feed through into lower growth, lower liquidity and increased business risk, however, The UAE will continue to strengthen its position as a regional safe haven and business hub.
Business, Finance and Commodity News
New $ 571m Abu Dhabi to Dubai highway to be completed by 2017
The new 62km-long Abu Dhabi – Dubai highway will open by 2017 following a one-year delay.
In June 2016, 83 percent of the highway had already been completed.
The AED 2.1b ($571m) project is expected to help achieve the Abu Dhabi Plan which is aimed at developing the quality of infrastructure in the city and strengthen the emirate’s economic development.
Qatar extends timeframe for expat residency visas
New expats to Qatar will have 30 days to secure a residency permit under the new sponsorship law. The ‘kafala’ legislation is due to come into effect on December 13 after being approved by the Qatari Emir.
At present, new expats are required to process a residency visa within seven days. A previously unreported change introduced by the new legislation is that this will be extended to 30 days. Failure to begin the visa process in time could result in a fine of up to QR10,000.
GCC banks look at growth opportunities in Africa
Larger local banks in the GCC that are reaching saturation in their home market are starting to venture out into attractive markets such as Africa, according to EY’s “GCC wealth and asset management report 2016.”
The UAE’s strong ties with African markets has encouraged a number of African businesses to use Dubai and the Dubai International Financial Centre as an infrastructure hub.
Oman to increase taxes on wealthy in 2017 budget
Oman’s wealthiest will be targeted in a new taxation levy aimed at boosting government revenue. Plans for the oil-rich sultanate’s 2017 budget will include a new raft of austerity measures as the projected average price of a barrel of oil remains set to languish at $45 next year.
Gasoline and diesel subsidies were cut earlier this year and similar cuts are planned for electricity and liquid petroleum gas.
Bahrain reveals changes to visit visas, launches two new visas
Bahrain launches two new visas for citizens of 114 countries, including the GCC region.Visitors using the new single entry visa will be able to stay for up to two weeks. Meanwhile the one-year re-entry visa will allow visitors for a stay period of up to 90 days. Holders of a three-month multiple re-entry visa will be able to stay in the country for one month.
Dubai’s first sustainable buildings will have an urban farm and recycle grey water
Diamond Developers is planning to launch two sustainable apartment towers in Arjan, next to Miracle Gardens, by end-December. The buildings will produce most of the energy needed to run the common areas using solar panels on the roofs and grey water will be recycled to be used for cleaning purposes. It will have a waste sorting system, an energy-efficient chilled water system, a shuttle bus service to the nearest Dubai metro station, and a small urban farm.
D&B Article of the Week
B2B Industry pressures Shaping the Next Decade of Agency- Client Relationships
The pressure is on. Marketing and advertising technologies – affectionately referred to as “MadTech” – are transforming the agency-client relationship as we know it. A modest 150 players back in 2011 have increased to a dizzying swarm of 3,500 companies, growing by 87% this year alone. It’s tough not to steal the spotlight with a stat sheet like that. But that’s not the whole story.
The real forces driving this change are hiding in plain sight: B2B brands and their buyers.
Think of the last time you bought a TV. How many review sites did you visit? How many friends did you call? Did you even go to a store? Marketers are confounded by the complex interplay of these interactions – how they’re influencing buying decisions, where to allocate spend and how it all ties to revenue. Read More..
CRIF Gulf organizes a successful Credit and Risk Management Solutions event in Dubai CRIF Gulf organized its first annual Credit and Risk Management Solutions event which was held in Hyatt Regency, Dubai Creek Heights, on November 23, 2016.
The event had several speakers from banks and the credit bureau. Other than presentations and case studies, an informative panel discussion was also held on best practices being followed in credit and risk management.
Upcoming Events this Week
Dubai Watch Week Nov 15 – Nov 29
DIFC and Dubai Mall
Meet ‘D3’ Community event Dec 8 – Dec 10
Dubai Design District
Reading Recommendation of the Week
Thinking, Fast and Slow
In 2002, Daniel Kahneman won the Nobel in economic science. What made this unusual is that Kahneman is a psychologist. Specifically, he is one-half of a pair of psychologists who, beginning in the early 1970s, set out to dismantle an entity long dear to economic theorists: that arch-rational decision maker known as Homo economicus.
Release Date: October 25, 2011
Did You Know?
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