CGI Gulf Insights of the week (copy 166) (624)

ByCGI Gulf Insights of the week
Monday, 21 August 2023
Published inAugust 2023

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August 2023

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Issue No:379

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

Connected intelligence, omnichannel strategies reshape GCC retail

(Source: Khaleej Times)

The GCC retail sector, estimated to be valued at $308 billion in 2023, is expected to continue its robust growth in the foreseeable future, according to experts. While the positive impact of post-pandemic reopening on the sector is indisputable, the role of timely governmental reforms in women’s workforce participation, ease of doing business, and inducing macroeconomic stability is equally noteworthy. Such factors have had a knock-on effect on retail spending and consumer confidence. And as such, retailers have made conscious efforts to keep pace with........

EDB, Trade Capital partner to launch supply chain financing for SMEs

(Source: Gulf Business)

UAE’s Emirates Development Bank (EDB) has signed an MoU with Trade Capital Partners (TCP) to create supply chain finance and working capital solutions for small to medium enterprises (SMEs) in the country. The partnership between the two entities was facilitated by Abu Dhabi’s Hub71 as part of a broader strategy that is aimed at supporting startups with commercial opportunities through its network of leading corporate and government partners. The MoU will see the creation of a working group to discuss new ways of delivering supply chain financing to SMEs in the UAE.......

Saudi Arabia’s largest solar project to receive $1.63bn in financing

(Source: Construction Week)

The Saudi National Development Fund (NDF) has announced its involvement in funding one of the world’s largest renewable energy projects, also marking the largest of its kind within the country. The National Development Fund will provide a substantial loan amounting to $1.63 billion (SAR 6.1 billion), while the Saudi National Infrastructure Fund has committed to financing the project with $453.3 million (SAR 1.7 billion). This ambitious solar project is situated in Shuaiba within the Makkah Al-Mukarramah region. Moreover, a consortium of local and international banks has joined in this........

Abu Dhabi’s KBBO said to get creditor approval for debt revamp

(source: Gulf Business)

KBBO Group and its hospitals unit have received creditor approval for a debt restructuring plan, two years after the Abu Dhabi-based investment firm’s founder filed for bankruptcy, reported Bloomberg News. Creditors approved Emirates Hospitals Group’s plan earlier this week, according to people familiar with the matter and a presentation seen by Bloomberg News. The deal allows Emirates Hospitals to stave off liquidation and paves the way for a sale of the company by 2025. KBBO also received the go-ahead this month, the people said, asking not to be named because the information isn’t public. The Abu Dhabi court has to.......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

CRIF D&B WORLD

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(Source: CRIF - Dun & Bradstreet)

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Financial Due Diligence for Evaluating Figures and Risks

(source: CRIF - Dun & Bradstreet)

Financial due diligence is critical in commercial transactions, mergers, and acquisitions. It entails a thorough analysis of financial records, statements, and other pertinent data in order to assess an organization's financial health, risks, and prospects........