CGI Gulf Insights of the Week 30 Apr 2017 (192)

ByCGI Gulf Insights of the Week
Sunday, 30 April 2017
Published inApril 2017

Back

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]

Happy Reading!

Best Regards,
CRIF Dun & Bradstreet Communications Team

CGI | Issue 67 | 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

Abu Dhabi Int'l sees over 6m passengers in Q1, up 1.8%

More than 6.15m passengers passed through Abu Dhabi International Airport in the first quarter of 2017, a rise of 1.8 percent. Airport management reported that its leading five destinations over the period - London, Bangkok, Bombay, Doha, and Jeddah - accounted for 17.3 percent of the airport’s total passenger traffic. Destination passenger traffic accounted for a 34.2 percent share, growing by 1.2 percent compared to the first quarter of 2016

Saudi reduces Q1 deficit by more than half

Saudi Arabia posted a significantly smaller budget deficit in the first quarter than projected. The deficit for the first three months of the year was SAR26bn ($6.9bn) from a projected SAR54bn ($14.39bn). This followed a sizeable deficit reduction last year from SAR367bn in 2015 to SAR297bn ($79bn) in 2016. The kingdom has forecast a SAR198bn deficit this year.The trade deficit is expected to drop this year and possibly to record as a surplus.

Oman invests $11.4m in VAT system

Oman is investing around $11.4m to implement a value added tax (VAT) system. In its fourth meeting of the year, the board approved nearly OMR29.5m ($76.5m) of projects and additional works. This included OMR 4.4m in a system for “added value tax for the Ministry of Finance”, OMR 24.92m to re-award the remainder of works for water supply to the Niyabat of Al Jabal Al AKhdar and OMR98,026 for additional underground operation.

Dubai developer Nakheel reports flat Q1 net profit

Dubai developer Nakheel announced a net profit of Dhs1.48bn for the first quarter of 2017, almost flat compared to its profit of Dhs1.47bn posted in Q1 2016. The three-month profit “is in line” with company forecasts, said Nakheel. The company said it handed over 412 land form and built form units during Q1 2017, and also awarded construction contracts worth Dhs5bn. The developer plans to continue expanding its retail, hospitality and residential leasing businesses.

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).

CRIF Gulf Introduces iPulse in UAE
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]

Click Here to Know More and Register for Free!

Upcoming Events this Week

Human Capital Forum
Apr 30 - May 1
Sofitel The Palm

Arab Media Forum
May 1 - May 2
DWTC

Seamless Middle East
May 1 - May 2
Dubai Int'l Convention Exhibition Centre

Reading Recommendation of the Week

How Successful People Think

A Wall Street Journal bestseller, is the perfect, compact read for today's fast-paced world. America's leadership expert John C. Maxwell will teach you how to be more creative and when to question popular thinking.