CGI Gulf Insights of the Week 16 Apr 2017 (190)

ByCGI Gulf Insights of the Week
Sunday, 16 April 2017
Published inApril 2017

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Hello,

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.

We look forward to your feedback at [email protected]

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Best Regards,
CRIF Dun & Bradstreet Communications Team

CGI | Issue 65 | April 2017

Country Risk Update - Bahrain

Bahrain has enjoyed a series of strong structural current account surpluses over the past decade, allowing it to build up significant FX reserves and reduce its foreign debt. However, this situation is now in reverse, with the recent sharp drop in the oil price forcing the government to draw down on these reserves and increase its debt levels. Meanwhile, financial sector risk has been given a boost by the October issue of a USD17.5bn international bond. Capital buffers remain at healthy levels and the ratio of non-performing loans to total lending is relatively low - although liquidity has tightened over the past year. According to the IMF, banking supervision is adequate, and as a result we are currently recommending LC terms.

Business, Finance and Commodity News

Strong loan growth helps Qatar National Bank post 12% Q1 profit rise

Qatar National Bank (QNB) reported a 12 per cent rise in first-quarter net profit, fuelled by double-digit loan growth after its takeover of Turkey’s Finansbank.
The 2.7bn euro ($2.86bn) acquisition completed in June helped to secure QNB’s position as the largest lender in the Middle East and Africa by assets, but it also exposed the bank to soured loans in Turkey after the economy wobbled in the wake of last year’s failed coup.

OPEC, UAE to launch new global oil, gas database to improve transparency

OPEC and the UAE’s ministry of energy will launch the first phase of a new global oil and gas database project aiming to develop an easy-to-use tool to analyse energy information and allow for more transparency. The Oil and Gas Big Data Project will consist of a set of high standard analytic tools, employing data-driven approaches, optimisation and statistical analysis techniques. It will be linked to publicly available oil market databases.

Dubai’s private sector sees strongest growth in two years

Dubai’s private sector recorded a surge in business activity in March, posting the strongest growth in two years, according to the monthly survey by Emirates NBD. The seasonally adjusted Emirates NBD Dubai Economy Tracker Index rose to 56.6 in March, up from 56.2 in February. The reading indicated the second-sharpest upturn in business conditions in over two years, with the average for the first quarter (56.7) the sharpest since Q1 2015, the report said.

China National Petroleum seeks Middle East expansion with new Dubai office

China National Petroleum Corporation (CNPC) has announced plans to establish its Middle East headquarters in Dubai’s JAFZA as it eyes regional expansion. The plans follow CNPC’s agreement in February to acquire an 8 per cent stake in Abu Dhabi National Oil Company’s 40-year onshore oil concession for $1.8bn. The headquarters would bring together the firm’s 16 listed firms and support its “expansion plans in the UAE and wider Middle East.

Commodity Tracker

D&B Article of the Week

The Global Risk Matrix

Dun & Bradstreet’s Global Business Impact (GBI) score for Q4 2016 worsened for a third consecutive quarter, to 281 (out of a maximum of 1,000), from 243 in Q3. The Q4 figure is the second highest on record, and is only just below the all-time high of 283 recorded in Q3 2014. The developments in Q4 take the score significantly above the long-term average (254.2) for the first time since Q3 2015. Nevertheless, the average of 247.25 for 2016 is an improvement on the averages seen in 2015 (248.75) and 2014 (261.50). The latest score confirms our view that business conditions are still feeling the after-effects of the global financial crisis, and the risks have been further compounded by political issues. Read more

CRIF D&B Highlights

CRIF strengthens its positioning in Jamaica by acquiring all shares in CRIF NM Credit Assure Ltd.

CRIF NM Credit Assure was established in 2011 with the objective of providing a world-class credit bureau and related added-value services in Jamaica and the Caribbean. After obtaining the license in 2012 from the Ministry of Finance to operate a full file (positive and negative data) credit bureau in Jamaica, it began operations in September 2013, benefiting from the experience and commitment of both CRIF and Massy Technologies InfoCom Jamaica (MTIJ). MTIJ is part of the Massy Group, a world-class corporation operating across the Caribbean and Latin America.

Dun & Bradstreet acquires Avention
Dun & Bradstreet acquired Avention, which provides company, contact, and market data through its OneSource® solutions.This acquisition combines Dun & Bradstreet’s best-in-class content with Avention’s intuitive, user-friendly platform to provide sales and marketing professionals with actionable market and company information.

CRIF Gulf Introduces iPulse
iPulse is a new state of the art business application that supports end-to-end field due diligence process. For more information, send an email to [email protected]

Upcoming Events this Week

Dubai Heliconference 2017
Apr 17 - Apr 18
Al Maktoum Airport, Dubai South

BICSI Middle East & Africa Conference & Exhibition
Apr 18 - Apr 20
DWC

Reading Recommendation of the Week

Designing Your Life
Designers create worlds and solve problems using design thinking. Look around your office or home—at the tablet or smartphone you may be holding or the chair you are sitting in. Everything in our lives was designed by someone. Every design starts with a problem that a designer or team of designers seeks to solve.
Release Date:
September 20, 2016