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 41 | October 2016
Country Risk Update – Oman
Oman’s income and wealth are dependent on oil, the proceeds of which are invested heavily in infrastructure. The economy is weakening, although business performance is holding up. Growth will remain slow in the outlook period due to the drop in oil revenues.
The government might have to raise greater levels of debt and reduce subsidies in order to ease pressure on the public accounts. The banking sector will function adequately, although liquidity is starting to tighten as deposits slow and government borrowing continues apace.
Business, Finance and Commodity News
National Bank of Abu Dhabi posts flat Q3 net profit growth
NBAD, the United Arab Emirates’ largest lender by assets, posted a flat third-quarter net profit in line with analysts’ forecasts, as the bank was hit by a rise in bad loans. NBAD, currently in a merger process with rival First Gulf Bank, made a net profit of AED 1.32bn ($359.4m) in three months ending September 30 compared to AED 1.33bn in the same period last year.
Middle East hotels see 9% revenue drop in Q3
Hotels in the Middle East saw declines in both revenue and occupancy rates in the third quarter of 2016, with absolute average daily rate (ADR) the lowest on record. The Middle East overall reported a 1.6 percent drop in hotel occupancy to 63.3 percent compared to the same period the previous year.
UAE President issues bankruptcy law by decree
H.H. Sheikh Khalifa issued Law Decree no. 9 on bankruptcy and others relating to the Federal Supreme Court, crimes against the federation, the federal courts and drug trafficking countermeasures.
The long-awaited bankruptcy law will mean executives and businessman will be able to avoid a jail sentence if their company fails to pay debts.
UAE climbs to 26th in World Bank’s Doing Business ranking
The UAE has topped the Middle East and North Africa region in the World Bank’s 2017 Doing Business ranking.
The emirates took 26th place in this year’s ranking of 190 countries from 34th last year after improvements in a number of areas.The World Bank said the UAE was among the top 10 economies for improvements to business regulations this year.
Abu Dhabi’s non-oil foreign trade rises to $22.9bn in H1
Abu Dhabi’s total non-oil foreign trade rose to AED 84.3 billion ($22.9 billion) in the first six months of 2016, according to figures released by the General Administration of Customs – Abu Dhabi.
The half-yearly figure represented an increase of AED 59 million compared to the first half of 2015. The volume of imports was worth AED 57.3 billion, down 1.9 percent on H1 2015 while the volume of exports was worth AED 17.3 billion, up 2.9 percent on the same period last year.
D&B Article of the Week
Tackling the “Barbaric Evil” of Modern Slavery
Some 34 million men, women, and children worldwide are living in modern slavery. The new British Prime Minister, Teresa May calls it, “The great human rights issue of our time,” and, “A barbaric evil.” It is something that’s rarely witnessed but is happening every day in front of our eyes: modern slavery.
Recent British Government estimates suggest there may be up to 13,000 victims of modern slavery in the UK alone. Worldwide, the figure runs to as many as 45 million. A U.S. Labor Department report on goods produced by child labor or forced labour lists 136 products from 74 countries – from carpets in Nepal to fish in Thailand.. Read More..
CRIF reinforces its business operations in the Asian market by acquiring China Credit Information Service. CRIF announced the acquisition of CCIS, the Taiwanese-based credit information agency (founded in 1961). It was acquired from the previous shareholders, to carry forward its business growth and expansion path in the Asian market.
CRIF Lending Solutions and MoveCU Partner for Superior Online Lending CRIF Lending Solutions and MoveCU Inc., a financial services company geared specifically for the credit union industry, announced a technology integration and services partnership that will make it easier for consumers to access lower-cost consumer loans. CRIF Lending Solutions’ Synergy data access, decisioning and process management components will serve as the technological backbone for the new Move CU online lending marketplace.
Upcoming Events this Week
Sea Trade Middle East Maritime Oct 31 – Nov 2
Dubai World Trade Centre
TV connect MENA Oct 31 – Nov 1
The Westin Dubai Mina Seyahi
UAE eHealth Week Oct 30 – Nov 1
Mohammed Bin Rashid Academic Medical Center
Reading Recommendation of the Week
Small DATA: The Tiny Clues that Uncover Huge Trends
Martin Lindstrom, a modern-day Sherlock Holmes, harnesses the power of “small data” in his quest to discover the next big thing. Hired by the world’s leading brands to find out what makes their customers tick.
Release Date: February 23, 2016
Did You Know?
You Could Protect Your Business from Credit Risk Using CRIF D&B’s Business Information Reports?