CGI Gulf Insights of the week (copy 168) (626)

ByCGI Gulf Insights of the week
Wednesday, 06 September 2023
Published inSeptember 2023

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September 2023

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Issue No:380

Country Risk Update - Saudi Arabia

Risk Indicator - DB3d
Risk Level - Slight
Ratings Trend - Deteriorating

Self-imposed production cuts, combined with lower crude prices, caused the economy to slow for the second consecutive quarter; however, the non-oil part of GDP remained resilient. The new Civil Transactions Law enacted in June 2023 codifies legislation governing contracts for the first time in Saudi Arabia. In early August 2023, Israeli Prime Minister Benjamin Netanyahu signalled that he was confident that Israel and Saudi Arabia will work to strengthen economic and commercial relations.

MARKET OVERVIEW

Emirates NBD makes equity investment in trade finance platform Komgo

(Source: Gulf Business)

Emirates NBD has invested in Komgo, a software development and technology services company that’s active in the trade finance sector.The strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund created earlier this year. The Innovation Fund aims to invest in tech startups and companies in a wide range of stages, from early to growth, depending on the strategic fit for the group. Komgo’s solutions drive treasury, credit, and trade finance operations, boosting operational capacity for more than 10,000 enterprise users worldwide.........

Qantas CEO steps down early as airline falls out of favour

(Source: Khaleej Times)

Qantas' veteran chief executive Alan Joyce announced his early retirement Tuesday, as Australia's once-loved national carrier faced searing criticism over price gouging and poor service.But Qantas' reputation and Joyce's have been battered since the pandemic -- which brought job losses and soaring flight prices despite a Covid-induced multi-billion-dollar taxpayer bailout.Qantas is currently being investigated for selling 8,000 tickets for already cancelled flights, with a government watchdog seeking record penalties after receiving thousands of consumer complaints........

UAE pledges $4.5 billion to help finance Africa climate projects

(Source: Gulf News)

The UAE, the host of this year’s United Nations climate summit, pledged $4.5 billion to help African nations accelerate clean-energy projects. Abu Dhabi’s clean-energy producer Masdar, Abu Dhabi Fund for Development, Etihad Credit Insurance, the nation’s export credit agency, and AMEA Power, a Dubai-based renewable-energy company, will provide the funds, the COP28 Presidency said in a statement. The announcement came with a clear call to action for African leaders to improve policy and regulatory frameworks to attract the long-term investments necessary to accelerate the deployment of clean and renewable energy......

Saudi Arabia extends voluntary oil cuts to 2024

(source: Arabian Business)

Saudi Arabia will extend voluntary oil production cuts until the end of the year. An official source from the Ministry of Energy announced that the Kingdom will extend the voluntary cut of one million barrels per day until the end of December. The voluntary cut came into implementation in July was first extended to include August and September, and will last until the end of December 2023. The source stated that this voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production. The source confirmed that this additional voluntary comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

CRIF D&B WORLD

Hit your targets with precision!

(Source: CRIF - Dun & Bradstreet)

Achieve precision targeting with Hoovers! Access over 120M business records, dive deep into intelligence, and gain valuable insights for perfect prospects. Unleash data-driven power now!

Supply Chain Solutions For Sustainable Change

(source: CRIF - Dun & Bradstreet)

In collaboration with AJMS and CRIF Gulf, CIPS Dubai Branch cordially invites you to a seminar on propelling ‘Sustainable Change in the Supply Chain through ESG Solutions’ ........