CGI Gulf Insights of the week (copy 158) (607)

ByCGI Gulf Insights of the week
Monday, 24 July 2023
Published inJuly 2023

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July 2023

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Issue No:375

Country Risk Update - Qatar

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

The credit environment score is at DB3b, with a ‘stable’ outlook, as strong oil and gas prices supported a current account surplus of 24% of GDP in H1. Qatar’s banking sector is well capitalised, and supervision by the central bank has improved in recent years. The government’s strong asset position, including the USD450bn sovereign wealth fund, provides a comfortable buffer against external financing pressures. Repercussions of financial uncertainty are being felt in Qatar; seven banks (including the largest, QNB) are under scrutiny because of their increased reliance on external funding and recent rapid asset growth.

MARKET OVERVIEW

UAE Ministry of Investment announces agreements worth over $50 billion in Republic of Türkiye

(Source: Emirates247)

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan today witnessed the signings of several strategic agreements and MoUs worth a total of US$50.7 billion to further cement ties between the two nations. The agreements and MoUs included the following: The UAE Ministry of Investment and the Ministry of Energy and Natural Resource of Türkiye signed a strategic partnership agreement outlining UAE plans to make large-scale investments covering the full spectrum of the Republic of Türkiye’s ambitious national energy transition strategy and spearheaded by UAE national champions and sector leaders in each nation. Investments include projects in......

UAE: Gold prices slip in Dubai in early trade

(Source: Khaleej Times)

Gold prices dropped slightly in the UAE on Monday morning in line with the global rates ahead of the US Federal Reserve meeting this week. According to Dubai Jewellery Group data, the 24K opened at Dh237.25 per gram on the first trading day of the week as compared to last week’s close of Dh237.5 per gram. While 22K, 21K and 18K were trading at Dh219.75, Dh212.75 and Dh182.25 per gram, respectively, at 9am UAE time. Swiss bank Julius Baer said weaker-than-expected US inflation, a growing consensus of only one more interest rate increase in the US, and renewed hopes of a reversal in US monetary policy have pushed up.......

Saudi Arabia’s Rawabi Energy concludes SAR7.175bn syndicated financing

(Source: Gulf Business)

Rawabi Energy has successfully closed syndicated multi-currency senior secured term and revolving SAR and USD facilities worth SAR7.175bn, making it one of the largest private sector syndicated financing seen in Saudi Arabia. Rawabi Energy, a closed joint stock company, was incorporated in AlKhobar in 2020 to consolidate Rawabi Holding Group’s Energy Services operations into integrated onshore and offshore oil and gas field services. Rawabi Energy provides services to national and international oil companies. The transaction was oversubscribed by 1.33x, and highlights the success of the company’s goal to expand......

AD Ports Group and Adnoc Distribution to set up fuel stations at Abu Dhabi's marinas

(source: The National News)

Fuel stations are to be built at Abu Dhabi's marinas in a deal involving Abu Dhabi Maritime, a subsidiary of AD Ports Group, Adnoc Distribution, and the Department of Municipalities and Transport. Abu Dhabi Maritime and Adnoc’s fuel and retail subsidiary plan to open a station at Rabdan Marina. Others will come up as marinas open. They will also offer services such as floating fuel stations and grocery vessels, the Abu Dhabi Media Office said in a statement on Monday. The additional services will ensure “effortless refuelling and convenience for customers”, it said. “This agreement demonstrates the unwavering commitment of the DMT, represented......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

CRIF D&B WORLD

D&B Hoovers powered by the Dun & Bradstreet Data Cloud

(Source: CRIF - Dun & Bradstreet)

The key to smarter prospecting is having the right data about your target account. With D&B #Hoovers you can save time and get the information you need in one easy-to-use, self-service platform.......

The difference between Data, Information & Insight

(source: CRIF - Dun & Bradstreet)

There is often a subtle mix-up when it comes to understanding and applying these three terms: DATA, INFORMATION, and INSIGHT. So here is a small explanation of the meaning of each......