CGI Gulf Insights of the Week Aug 24 2020

  • ByCGI Gulf Insights of the Week
  • Monday, 24 August 2020
  • Published inAugust 2020
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Country Risk Update - United Arab Emirates

Risk Indicator  - DB3c
Risk Level        - Slight

Ratings Trend  Deteriorating 

The UAE continues to strengthen its position as a regional safe-haven and business hub. Another support is package unveiled as both the oil and non-oil sectors face challenges, undermining cross-border payment performance. Regional tensions concerning Iran will disrupt supply chains and investment flows into the medium term. Access to global markets from Dubai are among the best in the world.
Market Overview
ENBD REIT secures a hedge on outstanding debt through Dh400m facility
The real estate fund ENBD REIT has secured a hedge for up to 56 percent of its outstanding debt. This was done through a Sharia-compliant profit swap with Mashreq Bank on its Dh400 million facility. It will fix the variable rate of EIBOR (Emirates inter-bank offered rate) for a two-year period starting June 2021.ENBD REIT is now focused on mitigating the impact of the pandemic on operations, “by reducing costs and maintaining them at minimal levels,” it said in a statement.
Claims filed with DIFC Courts shoot up to Dh2 billion-plus in first-half 2020
The DIFC Courts took on cases with combined claims of Dh2.2 billion in the first six months of 2020, which included arbitration-related ones too. Cases brought before the Court of First Instance covered banking and finance, construction, real estate, and manufacturing and also involved disputes related to breach of contract, outstanding payments, insolvency, wills and probate, and employment. The number of cases before the CFI was up a dramatic 96 percent during the period.
Kuwait to transfer 2b dinars to General Reserve Fund
Kuwait’s Ministry of Finance is preparing to transfer 2.05 billion Kuwaiti dinar in liquid cash after the parliament approved a law limiting the transfer of state funds to the Future Generations Fund, Al Qabas reported. The cash will be pumped into the General Reserve Fund, which will enhance the liquidity of the fund until the government finds alternative means of enhancing liquidity, a source told  Al Qabas.
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