CGI Gulf Insights of the week (copy 160) (555)

ByCGI Gulf Insights of the week
Monday, 31 July 2023
Published inJuly 2023

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July 2023

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Issue No:376

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 approves proposal to establish money laundering prosecution offices

(Source: Gulf Business)

The Federal Judicial Council, chaired by Abdullah Sultan bin Awad Al Nuaimi, Minister of Justice, has approved the UAE Attorney General’s proposal to establish federal prosecution entities specialised in economic crimes and money laundering, as per state news agency WAM. The step aims to develop the UAE’s judicial system to keep pace with global economic shifts and introduce specialised judicial entities, in order to boost the country’s financial stability and economic growth. The creation of prosecution offices specialised in economic crimes and money laundering is part of the transformative projects (government accelerators) on which the Ministry......

UAE Corporate Tax: Finance ministry announces new procedures law, penalties

(Source: Arabian Business)

The UAE Ministry of Finance has made new announcements related to its corporate tax framework, outlining new procedures and penalties that aim to boost compliance and provide clear guidance. On Saturday, the Ministry issued Cabinet Decision No. (74) of 2023 on the Executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures – also known as the New Tax Procedures Law. This Cabinet Decision replaces the existing Executive Regulation and ensures alignment with the New Tax Procedures Law, which came into effect on March 1, 2023. Among the key provisions introduced, the cabinet decision lays out the guidelines......

UAE Oil Giant Adnoc Sets Tougher Climate Targets Before COP28

(Source: Bloomberg)

The biggest oil producer in the United Arab Emirates is setting itself more ambitious emissions-reduction targets as the country prepares to host the COP28 climate summit later this year. Abu Dhabi National Oil Co. accelerated its target to reach net zero emissions to 2045, from its initial plan for 2050, according to a statement. The government-owned company also pledged to eliminate methane discharges by the end of this decade. The national capital Abu Dhabi pumps most of the oil in the UAE, the third-largest producer in OPEC, and is investing billions more to raise production capacity. The country has faced criticism over its role as......

Dubai International Chamber outlines strategy for global expansion of 100 local businesses by 2024

(source: Arabian Business)

Dubai International Chamber revealed on Friday its plans for holding roadshows in Asia, Europe, and East and West Africa later this year to explore business opportunities. The chamber will also hold roadshows in the Baltic region, ASEAN countries, Turkey, and other African markets during 2024. The roadshows are part of the chamber’s strategy to support the global expansion of local private sector companies, and also in line with its ‘New Horizons’ initiative, launched earlier this year, the chamber said. The chamber announced its plans to representatives from member companies.......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

CRIF D&B WORLD

Arab Financial Services (AFS) Forms Strategic Partnership with CRIF GULF (Dun & Bradstreet)

(Source: CRIF - Dun & Bradstreet)

Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, has today announced a strategic partnership with CRIF, a global company specializing in credit bureau, business information systems, outsourcing and data processing services.......

What if you had a shortcut to reach buyer and win deals?

(source: CRIF - Dun & Bradstreet)

Reach buyers faster with D&B Hoovers! Unearth your market, visualize insights, and integrate 1st-party data for a unified view. Find ideal prospects with D&B Data Cloud and focus on authoritative buyers, source decision-makers and verify contact info for impactful connections.......