CGI Gulf Insights of the Week Aug 30 2020

  • ByCGI Gulf Insights of the Week
  • Sunday, 30 August 2020
  • Published inAugust 2020
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Country Risk Update - Saudi Arabia

Risk Indicator  - DB4a
Risk Level        - Moderate

Ratings Trend  Deteriorating rapidly 

The economy shrinks in Q1 heralding a sharp contraction in 2020, undermining payment performance in both the private and public sectors. Weak oil prices over the next five years will see the government forced to liberalize the economy, opening up opportunities for cross-border investment and trade. Longer-term growth will be driven by government reforms under its Vision 2030, which aims to reduce dependence on oil export revenues and boost the private sector.
Market Overview
Network International anticipates pick up in digital payments and e-commerce volume in H2 2020
The Middle East and Africa region will see a strong revival in e-commerce and digital payments in the last quarter of this year and the trend is expected to keep up the pace in years ahead, Simon Haslam, CEO of Network International Holdings plc, told Gulf News in an interview. The London-listed company’s performance was impacted in the first half of the year by COVID-19-related lockdowns and the associated reductions in domestic and tourism-related consumer spending. The network reported a small loss of $150,000 for H1 2020.
Abu Dhabi's Senaat refinances Dh980.6m three-year loan facility
The Abu Dhabi based industrial investment company Senaat has refinanced a revolving three-year loan facility of Dh980.6 million. This facility replaces an earlier loan that matured in December last and will be used to support the company's general corporate requirements. Senaat is part of ADQ, the Abu Dhabi based holding company. The "competitively priced" facility was increased after its initial call for $200 million was heavily oversubscribed. The resulting facility is to be allocated among 12 local, regional, and international lenders in proportion to their proposed subscriptions.
NMC Health faces advisory fees of $140m for bankruptcy
The restructuring of NMC Health Plc through an Abu Dhabi court could cost as much as $140 million in consultancy and legal fees, almost half of what the hospital operator’s administrators are raising in new funding from creditors. “It’s not cheap and we have the best advisers and the best minds in the world working on the preservation of this business,” acting Chief Executive Officer Michael Davis said in a recent interview. “If you look at the amount of money that has gone to other parties or that the company has lost, this is money well spent.”
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