• Sunday, 31 May 2020
  • Published inMay 2020
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Country Risk Update - UAE 

Risk Indicator  - DB3c
Risk Level        - Slight

Ratings Trend  Deteriorating 

The economy set to contract sharply as the country faces a triple-whammy of low oil prices, oil production cuts, and the coronavirus. The UAE continues to strengthen its position as a regional safe-haven and business hub.

Market Overview
Ministry of Finance reduces some UAE federal fees
UAE’s Ministry of Finance (MoF) has reduced some federal fees as part of its ongoing support for businesses in the country during the Covid-19 pandemic. In particular, the ministry reduced the fees for registering suppliers in the Federal Supplier Register at the Ministry of Finance and the Ministry of Infrastructure Development by 50 percent - from AED1,000 to AED 500, and has canceled registration renewal fees. In addition, the ministry modified Procurement Regulation and Storehouse Management in Federal Government, by canceling fees for selling tender documents in federal entities (ministries and authorities).
Saudi Arabia moved $40bn in reserves to Public Investment Fund
Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent market turmoil. The transfers from the kingdom’s foreign-currency reserves to its Public Investment Fund were made in March and April on an “exceptional” basis, and will “strengthen the investment capacity of the fund,” Finance Minister Mohammed Al-Jadaan said in a statement published by the official Saudi Press Agency on Friday.The move comes as the world’s largest crude exporter faces exceptional fiscal pressure from a crash in global oil markets.
Accor sees positive signs in UAE, Saudi amid 800 job cuts in Middle East and Africa
Accor has cut 800 jobs in the Middle East and Africa due to the pandemic and sees some positive signs emerging from the United Arab Emirates and Saudi Arabia, according to its chief executive officer for the Middle East and Africa. Most of its 25,000 employees working in the region have either been furloughed or have reduced working hours, Mark Willis said in an interview with Bloomberg TV on Wednesday. The group made 800 jobs redundant, he said. While the global environment remains tough for the industry, positive signs are starting to appear in the United Arab Emirates and Saudi Arabia, he said. “You can feel the positive vibe in Dubai specifically.”

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CRIF D&B Business Update
As covid19 continues its spread around the world, more and more companies are asking their employees to stay away from the office. Most of our 'Field Due Diligence' - CCAM partners needed in-person meetings to establish trust in individuals and entities they do business with. They have, in most part, required real-life meetings with potential borrowers, to process their credit transactions. Luckily, modern technology enables us to conduct due diligence without needing to be in the same room.
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