CGI Gulf Insights of the week ) (copy 138) (558)

ByCGI Gulf Insights of the week
Monday, 22 May 2023
Published inMay 2023

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May 2023

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Issue No:366

Country Risk Update - Oman

Risk Indicator - DB4d
Risk Level - Slight
Ratings Trend - Stable

Oman’s real GDP grew 4.5% y/y in the three months to September 2021, aided by an increase in oil production. The country’s efforts to produce 1m tonnes of green hydrogen by 2030 will attract investment in export terminals for hydrogen and ammonia. Oman recorded a USD923mn budget surplus in Q1 2022, the largest surplus since Q1 2014, as a result of higher oil prices and tax revenues. Be aware that the government will maintain focus on fiscal consolidation despite increasing government expenditure..

MARKET OVERVIEW

UAE announces best and worst government services: Sheikh Mohammed

(Source: Arabian Business)

The best and worst UAE government services have been revealed. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced the government service ratings, based on public feedback. More than 1m evaluations a month are provided on more than 1,400 government services. The highest rated services, said Sheikh Mohammed, are for issuing passports and driving licences. The service can take as little as 30 minutes, he said. The lowest rated services, however, were attestation of education certificates and booking medical appointments. In a message on social media Sheikh Mohammed said: “At the beginning of 2023, we launched a federal project to.......

Navigating M&A transactions, restructurings in the face of UAE’s corporate tax

(Source: Gulf Business)

The UAE has long been known for its business-friendly policies and tax-free environment. Following the introduction of VAT back in 2018 and corporate tax being rolled out starting in June 2023, UAE businesses and investors are getting used to the new reality – tax is here and it’s here to stay. While some industries have had exposure to tax at an emirate level, most UAE businesses had to ensure that their accounting and reporting systems are able to capture the necessary data and produce accurate tax returns to enable them to comply with the reporting requirements.......

UAE: 88% drop in collective labour disputes in Q1 2023, says ministry

(Source: Khaleej Times)

In the first quarter of 2023, the Ministry of Human Resources and Emiratisation reported an 88 per cent drop in collective labour disputes compared to 2022. It also said that the number of grievances it helped settle amicably rose by 81 percent during the same reporting period.It has also adopted a system of monitoring and inspection to ensure that labour laws are followed, and relevant goals are met. The ministry reported a 4 per cent increase in the number of workers and companies registered in its system and wage protection programme compared to 2022. The ministry believes that the UAE's flexible and diverse economy and labour policies, and.......

UAE Banks Federation confirms 100% spike in use of digital banking channels

(source: Gulf Business)

UAE Banks Federation (UBF) has revealed that the rate of digital banking services use through a number of banking channels has risen over 100 per cent, reflecting the advancements made by the UAE in deploying the latest technologies and customer confidence in the levels of security of these services. Speaking at the MEA Finance Banking Technology Summit, held in Dubai recently, Jamal Saleh, director general of the UAE Banks Federation (UBF), said: “This great leap in digital banking adoption was achieved in line with the strategic vision of the Central Bank of the UAE, which is characterised by its......

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

D&B Finance Analytics provides AI-driven Solutions

(Source: CRIF - Dun & Bradstreet)

D&B Finance Analytics provides AI-driven Solutions powered by the Dun & Bradstreet data cloud . Intelligent, flexible, and easy to use, D&B Finance Analytics helps finance teams to manage risk , increase operational efficiency, reduce cost, and improve the customer experience......