• ByCGI Gulf Insights of the Week
  • Sunday, 05 April 2020
  • Published inApril 2020
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Country Risk Update - Egypt

Risk Indicator  - DB5d
Risk Level        - High

Ratings Trend  Stable

Egypt's prime location as a base for exports to the Middle East, Asia and Africa creates a potential for long-term economic growth, as does its large population of almost 100m. Economic reforms enacted since late 2016 have sought to address deep-seated weaknesses and create the basis for sustainable high rates of growth over the medium term. 

Market Overview
NMC convertible bondholders tap PJT ahead of debt restructuring
NMC Health Plc convertible bondholders are working with PJT Partners Inc. as the troubled Middle Eastern hospital operator prepares for a restructuring, people with knowledge of the matter said. PJT is advising a group of investors in NMC Health’s $360 million of convertible bonds due 2025, the people said, asking not to be identified because the information is private. NMC Health’s known debt pile has more than tripled in recent weeks to $6.6 billion, up from the $2.1bn reported at the end of June, after it uncovered borrowings that hadn’t been disclosed to the board.
UAE hires adviser to deal with Middle East remittance house
The United Arab Emirates central bank has hired an adviser to help sort out debt and operational issues at one of the Middle East’s largest remittance businesses, according to people with knowledge of the matter. Alvarez & Marsal Holdings LLC is advising the central bank on the management of UAE Exchange, the people said, asking not to be identified because the information is private. The regulator last month took the rare step of assuming control over the firm’s operations in the country as its London-listed parent company, Finablr Plc, prepares for potential insolvency.
Saudi government to cover 60% of private-sector salaries hit by Covid-19
Saudi Arabia’s King Salman announced today that the government will cover 60% of salaries in private sector industries hit by the Covid-19 pandemic, according to the state-run Saudi Press Agency. The move is part of a 9 billion riyal ($2.4bn) economic package and allows companies forced to consider staff lay-offs to apply for government aid of up to 9,000 Saudi riyals for the next three months. It comes as the kingdom’s virus cases hit 1,885 with 21 reported deaths.
Commodity Tracker
Oil prices skyrocketed on Thursday after President Donald Trump tweeted that he expected Saudi Arabia and Russia to end the price war that had earlier contributed to the crude’s massive plunge. The global benchmark Brent crude increased by 13.67% for the week. US West Texas Intermediate (WTI) crude gained by 12.04% as compared to last week to settle at $25.32 on 2nd April. Gold price fell by 1.36% to reach $1637.70 per ounce on Thursday.
Stock Market Update
The majority of the GCC indices ended the week in the negative territory as the COVID-19 pandemic escalates in the region. The Abu Dhabi Securities Exchange marginally declined by 0.33% to close the week at 3758.35 points on April 2. The DFM’s general index fell by 4.77% to end the week at 1722.87 points. TASI reported positive performance as compared to last week due to the surge in oil prices on Thursday. The index increased by 6.69% over the week to close at 6749.69 points on Thursday. Bahrain’s All Share Index declined by 4.25% or 59 points to close at 1329.78 points on Thursday. MSM30 declined by 4.39% to close at 3383.54 points on April 2. Kuwait’s All Share Market Index decreased by 3.99% over the week to close at 4702.11 points.
D&B Business Updates
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