CGI Gulf Insights of the week ) (copy 140) (546)

ByCGI Gulf Insights of the week
Monday, 29 May 2023
Published inMay 2023

Back

Newsletter Template - DnB

View this email in your browser

May 2023

[email protected]

Issue No:367

Country Risk Update - United Arab Emirates

Risk Indicator - DB3b
Risk Level - Slight
Ratings Trend - Stable

The impact of Saudi-Iran détente visible in Iranian delegations engaging the UAE soon after on conflict mitigation and financial cooperation. We have upgraded the short-term economic outlook to ‘stable', following the surprise move by OPEC+ last month, to reduce production, which will keep oil prices well above the limit of USD80 per barrel. Public-benefit organisations that contribute to the welfare of the society will receive exemptions under the corporate tax law. A decree released soon after the Family Business Law mandates an extension of technical and administrative support to family businesses that are estimated to contribute 60% of GDP and 80% of the country's workforce...

MARKET OVERVIEW

COP28: A green wristband, a statement, and a promise

(Source: Khaleej Times)

Last month, The President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, met to discuss preparations for the 2023 UN Climate Change Conference (COP28), which will be held in Dubai in November later this year. Both leaders were wearing a distinct green bracelet – the official wristband of the COP28 conference. At first glance, the bracelets showcase a unique and innovative design, which comprises of a set of symbols that are used in the COP28 logo to reflect the relationship between man, nature, technology, and innovation. However, it is when you look beyond the surface that you realise that there is so........

UAE corporate tax: MoF issues transitional rules for businesses; covers assets, liabilities

(Source: Gulf Business)

The UAE’s Ministry of Finance (MoF) has issued a decision detailing new guidelines for adjusting a taxable person’s opening balance sheet under the corporate tax law, which comes into effect on June 1. The aim of Ministerial Decision No 120 of 2023 is to ease the process of determining the opening balance sheet, ensuring a fair and transparent approach for assets and liabilities held prior to the implementation of the new corporate tax regime, said Younis Haji Al Khouri, Undersecretary of the MoF. “Transitional rules for corporate tax provide important clarifications for businesses that need to transition smoothly from.......

Dubai announces zero emission public transport by 2050 plan will save $817m

(Source: Arabian Business)

Dubai public transport will be entirely emission-free by 2050, according to the city Roads and Transport Authority. The RTA said its new plan will result in reducing carbon dioxide emissions by 10 million tonnes while also saving AED3.3bn ($817m) in comparison to current operations. The plan includes electric taxis, net zero buildings and sustainable waste management services.The RTA has rolled out its Zero-Emissions Public Transportation in Dubai 2050 strategy, which makes it the first Middle Eastern agency to develop a long-term strategy for migrating towards Net-Zero Emission Public Transport by 2050. With this strategy, RTA aims to contribute to mitigating climate changee.......

How can we apply blockchain and tokenisation to the energy industry?

(source: Khaleej Times)

The energy sector is in the early stages of adopting blockchain and tokenisation to create a more sustainable and environmentally friendly industry. Blockchain technology can be utilised for various purposes, such as energy administration (collection and accounting of production data) and investor engagement. By simplifying processes and reducing energy usage, blockchain can help lower emissions and make the energy sector greener. As the industry becomes more familiar with the potential applications of blockchain technology, it is expected that its integration will lead to further environmental benefits.......

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

CRIF D&B Webinar:"How to best approach third party risk and compliance in a global environment"

(Source: CRIF - Dun & Bradstreet)

Join us to learn more about the challenges of dealing with international businesses. Our industry expert, Felix Chan, FRM, CAMS from Dun & Bradstreet. Register now to secure your spot:.......

Ninth Meeting of the Regional Fintech WG

(source: CRIF - Dun & Bradstreet)

Manjeet Chhabra participated in the Arab Monetary Fund's Fintech workgroup meeting and shared his thoughts on the evolving regional landscape of ESG and its crossover with Credit Appraisal along with Leroy Pinto.......