The credit environment score outlook has been set to ‘improving’ as fiscal reforms and higher oil prices improve investor confidence in Omani credit. The 2021 budget deficit is expected to have narrowed to 4.5% of GDP, much lower than 2020's deficit of nearly 16%, due to higher oil prices and income from new taxes. A high youth unemployment rate of around 49% will force the government to allocate ever greater funding to public sector hiring.Be aware that sovereign funding requirements will increase if new Covid-19 variants depress global energy demand, increasing Oman's debt vulnerabilities.
MARKET OVERVIEW
UAE’s new corporate tax boosts status as a ‘global hub’ for business, experts say
(Source: Arabian Business)
While Moody’s Investor Service warned that the introduction of a federal corporate tax would negatively affect the credit profiles of companies operating in the UAE, industry experts believe it will promote the country’s standing as a global hub for business. Effective June 2023, the latest tax scheme is seen as part of UAE’s efforts to diversify its economy and align it with global practices...
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Gold prices slip; 24K seen trading between Dh214.5 and Dh220.5 this week
(source: Khaleej Times)
Gold prices fell in the UAE and worldwide on Wednesday morning after rising above $1,800 an ounce in the previous session on Tuesday. Spot gold fell 0.20 per cent to $1,797.28 an ounce at 9.15 am UAE time. In the UAE, precious metal prices dropped Dh0.75 per gram at the opening of the market. The Dubai Gold and Jewellery Group data showed 24K trading at Dh217.75 per gram...
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Saudi billionaire’s investment firm plans IPO of top drugstore
(source: Arabian Business)
Saudi Arabia’s largest pharmacy retail chain plans to seek about $1.3 billion in an initial public offering in the next few months in what could be the largest share sale in the kingdom since state oil giant Saudi Aramco went public in 2019, according to people familiar with the matter...
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Dubai prime residential property market records 3rd highest growth in 2021
(source: Khaleej Times)
Dubai’s prime residential capital values climbed 17.4 per cent in 2021, as buyers flocked to the city for its competitive pricing, quality of life and the UAE’s successful handling of the Covid-19 pandemic, according to Savills World Cities Prime Residential Index...
