CGI Gulf Insights of the Week 26 Feb 2017

  • Sunday, 26 February 2017
  • Published inFebruary 2017


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.

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CRIF Dun & Bradstreet Communications Team

CGI | Issue 58 | February 2017
Country Risk Update - Qatar
The fall in export earnings was primarily due to a slump in oil and gas export revenues, which dropped by 38.1% y/y to QAR79.6bn. Petrochemicals, which are Qatar’s second largest export item, also declined by more than a quarter as their prices are also linked to the oil price. Conversely, imports rose over the same period, albeit only marginally. Total imports rose by 2.2% y/y to QAR59.9bn, although in the second quarter, they contracted by 1.7%. The contraction in hydrocarbons revenues has also had a negative impact on overall growth. On a positive note, growth picked up considerably from the previous quarter, when overall real GDP growth registered just 1.1% y/y. Also, The government is starting to address the lack of innovation by encouraging R&D.
Business, Finance and Commodity News
Oman increases income tax rate, removes exemption for small firms

Oman has raised its income tax rate for companies and removed exemptions for small firms, the country’s Ministry of Finance has announced. A previous exemption from income tax for firms earning less than OMR30,000 per annum has also been removed with a new reduced rate of 3 per cent now applied from the start of the 2017 tax year. Companies in the mining and hotel sectors and education industry will also not be exempted from tax.

Commercial Bank of Qatar posts 99% drop in Q4 profit

Commercial Bank of Qatar (CBQ), the Gulf Arab state’s third-largest lender by assets, reported a 99 per cent fall in fourth-quarter net profit.This meant it widely missed analysts forecasts as it was hit by provisions and weakness among its overseas investments.The bank earned a net profit of QAR1.4m ($384,499) in the three months to Dec. 31, compared with a profit of QAR100.9m in the same period a year earlier.

Oil prices to average $50-$70 per barrel through 2022

Brent crude oil prices are expected to average $50 to $70 per barrel through 2022, according to the latest forecast issued by Bank of America Merrill Lynch (BoFA). The estimate is down from the bank’s previous oil price forecast of $55 to $75 per barrel. Above the band, a surge in global oil supplies and emerging markets demand destruction will curb any additional price gains. Overall, demand is set to outpace supply on average over the forecast period.

Saudi crude oil production, exports fall in Dec

Saudi Arabia’s crude oil exports dropped to 8.014 million barrels per day (bpd), while crude oil production remained high but dropped by 255,000 bpd to 10.465 million bpd in December. The kingdom’s exports in November rose sharply to 8.258 million barrels per day due to a drop in refinery throughput. Saudi Arabia had maintained high output levels since mid-2014, aiming to defend market share against rival producers.

Commodity Tracker
D&B Article of the Week
3 Steps for Breaking Down Data & Analytic Silos
Break Down the Walls to Achieve Better Business Outcomes. One of the biggest challenges enterprises face is trying to gleam insights from data that’s trapped in the silos that exist across business units and organizational functions. Unfortunately, silos have made it hard to manage and analyze enterprise-wide data, making it difficult to identify the type of valuable opportunities that spark growth. But don’t stress, there are solutions. While it’s no easy feat, the following 3 steps should help you slowly eradicate those pesky silo walls. Despite being viewed as a hindrance to effective business operations, data and analytic silos remain a common barrier to growth. Read more
CRIF D&B Highlights
CRIF and HARMONYCREDIT established a strategic partnership for credit risk management solutions in Beijing
With CRIF's advanced credit scoring model and decision solutions, the new platform will help individuals as well as small and medium-sized and micro-companies improve credit management with effective and customized services.

CRIF organizes credit risk management seminar series in Shanghai and Beijing
CRIF and senior business executives dealing with finance and credit management discussed credit risk management challenges and opportunities in the current economic scenario in China. More than 100 guests from nearly 80 companies attended the seminars and discussed the more pressing issues and concerns which are generally consistent across companies and not always related to industry, geography, regulation or competitive landscapes.

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.
Upcoming Events this Week
Dubai International Boat Show
Feb 28 - Mar 4
Dubai International Marine Club

Dubai Food Festival
Feb 26- Mar 2
Dubai World Trade Centre
Reading Recommendation of the Week
Designing Your Life
 Word of mouth is 10 times as effective as traditional advertising, but why do people talk about and share certain things rather than others? Why do some products catch on, some ideas diffuse, and some online content go viral?
In Contagious, Berger reveals the secret science behind word-of-mouth and social transmission.
Release Date:
May 3, 2016
Did You Know?
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