NL/05.02.2018

/ / 2018, February 2018, Newsletters

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CRIF GULF WEEKLY INSIGHTS


Country Risk Update – UAE
Risk Indicator – DB3c
Risk Level – Slight
Ratings Trend – Deteriorating
 
The OPEC production agreement will come to and end in 2018 which will constrain the UAE’s growth prospects, but higher oil prices will support government spending plans.Access to global markets from Dubai will be among the best in the world. UAE will continue to strengthen its position as a regional safe haven and business hub.

Market Overview

Jordan-Based Mobile Game Publisher Tamatem Raises $2.5 Million
Amman-based mobile game publisher Tamatem raised $2.5 million in a Series A led by Wamda Capital. It is the venture capital firm’s first investment in the region’s growing gaming space.ng to $93 million.At Wamda Capital we have been closely monitoring the evolution of the regional gaming market and believe there to be a very significant opportunity in further developing the space driven by strong consumer demand for access to global titles adapted for local preferences,” said Wamda Capital’s managing partner, Khaled Talhouni, in a statement on Wamda’s website announcing the funding round.The statement also noted that the funds would go towards creating more deals with international game developers, increasing Tamatem’s MENA market share and expanding the startup’s team.

Saudi Aramco and Alphabet In Talks To Build Tech Hub: Report
Saudi Aramco is reportedly in talks with Google’s parent company Alphabet Inc about partnering to build a large technology hub in Saudi Arabia, according to a recent article by The Wall Street Journal, which cited sources familiar with the matter.As part of the potential joint venture, Alphabet would help the state-owned oil giant build data centers around Saudi Arabia. Beyond that, details are scarce, with it being unclear whosSenior executives at Saudi Aramco and Alphabet, including its CEO Larry Page, have reportedly been in talks for months about a deal, as per the report. e data the centers would house or who would control them. The size of the potential venture is also up in the air, although it could be big enough to become listed on Saudi Arabia’s stock exchange, according to the WSJ report.Senior executives at Saudi Aramco and Alphabet, including its CEO Larry Page, have reportedly been in talks for months about a deal, as per the report. 

Lulu Group, Majid Al Futtaim and Savola Among World’s Top 250 Retailers
U.A.E. based Lulu Group International and Majid Al Futtaim Holding along with Saudi Arabia-based Savola Group rank among the world’s top 250 retailers, according to a new report by global consulting giant Deloitte.The latest Global Power of Retailing 2018, Transformative Change, Reinvigorated Commerce identified 250 retailers around the world based on publicly available data for FY2016 (fiscal year ended through June 2017). The report analyzed their performance across geographies and product sectors while the minimum required revenue for a company to be in the top 250 was $3.5 billion.​

Dubai Will Now Charge An Innovation Fee
Dubai government has announced that it will start levying an innovation fee, the proceeds of which will be directed to Dubai Future Foundation. According to a statement released by news agency WAM, a fee of AED 10 will be levied on all government transactions valued above AED 50. Known as the innovation dirham, the fee would help the government develop educational and cultural projects while funding the innovative projects planned by the emirate.​The innovation dirham will not be charged on healthcare services provided by the government or on traffic fines committed in other emirates, WAM revealed.The fee will also not be refunded if the transaction is cancelled.

Gulf Navigation Pursuing Majority Stake In Offshore Logistics Group
Dubai-based Gulf Navigation Holding says it is in discussions to acquire a majority stake in Atlantic Navigation Holdings, an offshore marine logistics services group listed on Singapore’s stock exchange. Atlantic Navigation operates out of the U.A.E., where it primarily serves customers in the Middle East and India, providing them with marine logistics services, ship repair, fabrication and other marine services.​The announcement comes a few weeks after Gulf Navigation, which is listed on the Dubai Financial Market, revealed it intends to increase its capital by about $122 million through an IPO in the first quarter of 2018. The IPO is part of an effort to boost the maritime and shipping company’s competitiveness and expansion plans, as it seeks to keep up with an expected rise in regional demand to ship petroleum and petrochemical products.​

Commodity Tracker

Business Events this Week In UAE

Dubai Lynx 2018
Souk Madinat Jumeirah
11 March 2018 To 14 March 2018
Business Updates


Dun & Bradstreet – D&B Credit
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CRIF GULF DWC LLC · 48 BURJ GATE, DOWNTOWN BURJ AREA, SHEIKH ZAYED ROAD · Dubai · United Arab Emirates