CGI Gulf Insights of the week ) (copy 101)

  • ByCGI Gulf Insights of the week
  • Monday, 02 January 2023
  • Published inJanuary 2023
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January 2023 [email protected] Issue No:349
Country Risk Update - United Arab Emirates

Risk Indicator  - DB3b
Risk Level        - Slight
Ratings Trend  - Stable
The UAE has been reaping the benefits of a diverse economy on top of improving fiscal revenues amid elevated oil prices, but the floods in Sharjah and Fujairah pose a short-term threat to business continuity. The UAE central bank expects real GDP to grow by 5.4% in 2022 with upside risks, and 4.2% in 2023. GDP grew by 8.2% in Q1, and oil-related GDP grew by 13%. The UAE has been hit by heavy rains, which resulted in floods in various cities like Sharjah, Fujairah, and Ras Al-Khaimah. After more than six years of downgrading ties, the UAE reappointed its ambassador, Saif Mohammed Al Zaabi, to Iran.
Saudi Arabia’s Jadwa Investment divests stake in Luberef through IPO on Tadawul
(Source: Gulf Business)
Saudi private equity investor Jadwa Investment (Jadwa) has fully divested Jadwa Industrial Investment Company’s 30 per cent stake in the Saudi Aramco Base Oil Company – Luberef through a public offering of its shares on the Saudi Stock Exchange (Tadawul). Luberef is one of the largest base oil producers in the world and a leading supplier of high-quality base oils to regional and international markets. The company serves its clients through two production facilities strategically located in the port cities of Jeddah and Yanbu.......
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UAE: New family business law to come into effect this week; set to drive country's economy
(Source: Khaleej Times)
The new family business law looks set to strengthen corporate sector and diversyfy the UAE economy by attracting investment in key sectors and contributing more to the country's gross domestic product (GDP) in coming years, experts say. New law, which becomes effective this week, will follow best international practices and aim at enhancing corporate governance structure in the country. It will help double family-owned businesses’ contribution to........
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UAE enters new year with unprecedented confidence, says Dr Anwar Gargash
(Source: The National News)
Dr Anwar Gargash, diplomatic adviser to the President, said the UAE is “looking to the future with unprecedented confidence” in a hopeful end-of-year message. The senior Emirati diplomat said the country had taken significant strides forward during the year. He reflected on a “smooth and orderly transfer of political power” when President Sheikh Mohamed succeeded the late Sheikh Khalifa in May. In an upbeat address on Twitter, Dr Gargash highlighted the country's strengths, from its economic depth.........
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UAE’s tech sector is still hiring, launching new startups and winning big contracts
(source: Gulf News)
Dubai: Chances of a ‘tech winter’ in the US spreading itself into the UAE technology sector are limited as companies here stick to their hiring plans and more digital startups get launched. And just as vital, tech spending in 2023 will continue to remain at elevated levels, with governments and the bigger corporate houses leading the way. Analysts and tech industry sources are thus quick to dispel any concerns that the tech industry in the UAE - and other Gulf markets – will likely see a sharp contraction........
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Commodity Update
(source: Nasdaq)
The weekly commodity update from Nasdaq
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Stock Market Update
(source: Mubasher)
The weekly stock market update from Mubasher
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D&B Onboard: A corporate compliance tool
(Source: CRIF - Dun & Bradstreet)
With D&B Onboard, you can assess risk with supplier data to gain full supply chain visibility. And with compliance data you will accelerate due diligence with our beneficial ownership data and other KYC and KYTP capabilities.......
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Lending industry dynamics and consumer financing habits are changing rapidly
(source: CRIF - Dun & Bradstreet)
Lending industry dynamics and consumer financing habits are changing rapidly and a whole new breed of financial institutions is fundamentally redefining the industry’s modus operandi. Now more than ever, meeting customers’ needs and speed are crucial factors, and this applies to both lenders and borrowers alike.....
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