CGI Gulf Insights of the week ) (copy 136) (568)

ByCGI Gulf Insights of the week
Monday, 15 May 2023
Published inMay 2023

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May 2023

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Issue No:365

Country Risk Update - Kuwait

Risk Indicator - DB4b
Risk Level - Slight
Ratings Trend - Stable

The recovering outlook for international oil prices over the course of 2023 supports a stronger-than-expected outturn for the state's economic outlook. Higher oil prices have eased Kuwait's fiscal crunch, cutting external financing needs; however, the outlook for crucial fiscal reforms remains weak. The government's latest budget will not increase capital expenditure and infrastructure investment but will prioritise 'one-off' increases in social transfers. The central bank is tightening requirements for banks to notify them about remittances of above KWD3,000 within one working day.

MARKET OVERVIEW

UAE: Gold prices edge up in Dubai in early trade

(Source: Khaleej Times)

Gold prices edged up in Dubai and globally on Monday morning as the US debt ceiling stalemate and concerns of an economic slowdown steered some traders towards the safe-haven metal. Spot gold was up 0.18 per cent at $2,015 per ounce by 9.15 am UAE time. In the UAE, the 24K gold price rose half a dirham to Dh244.0 per gram on Monday morning. While 22K, 21K and 18K were trading at Dh226.0, Dh218.75 and Dh187.5 per gram, respectively. “Gold held onto recent gains, with the precious metal trading just below its record high as the market assesses the Fed's next move,” ANZ said in a note. Recent downside surprises in US economic data have lifted the chances of a recession over the next 12 months, with......

Dubai retains No.1 global ranking for attracting Greenfield FDI projects

(Source: Emirates 247)

Dubai retained its No. 1 spot globally for attracting Greenfield FDI projects in 2022, further reinforcing its position as the world’s top foreign direct investment hub, according to the latest data from the 2022 Financial Times ‘fDi Markets’ report. Retaining its top spot for a second successive year, Dubai achieved 89.5% YoY growth in total announced FDI projects in 2022, while total FDI capital surged 80.3% over the same period, further consolidating the emirate’s status as one of the top three global cities, a key goal of the Dubai Economic......

Financing agreements worth $5.4bn signed at annual IsDB meet

(Source: Gulf Business)

The Islamic Development Bank (IsDB) Group concluded its annual meeting in Jeddah, Saudi Arabia, on May 13. The four-day event attracted 4,452 participants from 90 countries as well as 89 regional and international organisations working in the field of sustainable development.During the event, held under the theme, ‘Partnerships to Fend off Crises’, the bank announced several projects and signed financing agreements with 24 member countries (MCs) worth $5.4bn to address pressing challenges that hinder growth in the Global South, with a focus on health, agriculture, food security, SMEs, education and humanitarian assistance, amongst others......

Revealed: UAE set to see massive influx of specialized accounting firms with new corporate tax to kick in from June

(source: Arabian Business)

The UAE and the wider GCC region is set to see a massive influx of specialized accounting firms amid the new and evolving corporate tax regimes by member countries intensifying the reporting and compliance procedures, an industry expert said. The fast-approaching January 2024 deadline for the imposition of the global minimum tax (GMT) for the corporate sector by members of the bloc will add to the expected entry rush by overseas accounting and auditing firms and professionals to the region. The UAE’s proposed 9 percent tax for companies will kick in from next month......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

The weekly stock market update from Mubasher

CRIF D&B WORLD

ESG Ranking Coverage Expanded

(Source: CRIF - Dun & Bradstreet)

We have expanded our ESG Rankings coverage across public and private companies from 42 million to 74 million in 185 countries! Learn more in this piece from Yahoo Finance......

Middle East Banking Innovation Summit 2023

(source: CRIF - Dun & Bradstreet)

We are looking forward to meeting you at the Middle East Banking Innovation Summit along with our Strands team. Don't forget to pass by our booth......