CGI Gulf Insights of the week (copy 214) (671)

ByCGI Gulf Insights of the week
Tuesday, 23 April 2024
Published inApril 2024

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April 2024

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Issue No:405

Country Risk Update - Bahrain

Risk Indicator - DB4a
Risk Level - Slight
Ratings Trend - Stable

Bahrain plans to streamline commercial procedures to improve efficiency and curb bureaucratic steps involved in establishing a business to attract foreign investment. The four-year Government Action Plan intends to review social welfare benefits and subsidies, support higher education, increase wages, and subsidise electricity and water for expatriates and companies. Bahrain will look to encourage consolidation within its banking sector to create larger banks that can scale up activities. Full implementation of the Arabian Gulf System for Financial Automated Quick Payment Transfer (AFAQ) – a real-time service for cross-currency cross-border payments between Gulf Cooperation Council (GCC) countries – will make cross-border payments faster................

MARKET OVERVIEW

New alliance of UAE's Emirates Global Aluminium, Masdar to explore 'low-carbon' aluminium

(Source: Gulf News)

The UAE manufacturer Emirates Global Aluminium (EGA) will work in alliance with Masdar, the clean energy entity, to create 'low-carbon aluminium growth opportunities'. The partners will also turn their attention to extensive decarbonsation in the aluminium industry. Masdar and EGA will work on joint development of renewable energy projects, with 'potential battery storage and green hydrogen production and storage' options. This will be in support of the decarbonisation of EGA’s existing operations in the UAE - and any future operations in the country. There are also possibilities to work overseas where Masdar will support EGA to power new aluminium production facilities with renewable energy sources. "Aluminium production is..........

UAE’s Masdar explores China entry to boost clean energy capacity

(Source: The National)

Abu Dhabi clean energy company Masdar is planning a possible entry into China, the world’s largest renewable energy market, as the company looks to reach a renewable energy capacity of 100 gigawatts by 2030, a senior executive said. The company is evaluating the market and engaging with potential partners to determine the most suitable approach for entering the Asian country, Abdulaziz Alobaidli, Masdar's chief operating officer, told The National. “China is a very competitive market with local players, so we are not yet there. However, we are assessing the market [and] we are engaging with potential partners … to decide what would be our ideal market entry strategy,” he said on the sidelines of the World Future Energy Summit in Abu Dhabi........

UAE's travel industry set to create 23,600 new jobs this year

(Source: The National)

The UAE's travel and tourism sector is projected to create 23,600 additional jobs in 2024 to reach a total of about 833,000 jobs this year, with the outlook remaining strong despite the continuing Israel-Gaza war, according to the World Travel and Tourism Council (WTTC). That is up 2.9 per cent from last year and 14.7 per cent from 2019 before the pandemic that decimated the sector worldwide, the global tourism body said on Thursday in its latest UAE Economic Impact report. Tourists to the UAE are expected to increase their spending during visits to the country that is home to the world's tallest building, iconic luxury hotels and an outpost of the Louvre museum in Abu Dhabi. International visitor spending in the UAE is projected to grow.........

GCC insurers' growth likely to stay on course

(source: Khaleej Times)

The top-line growth of insurers in Gulf Cooperation Council (GCC) countries is likely to result from higher insurance demand in 2024 due to ongoing economic expansion in the region and rate increases, S&P Global Ratings said in a recent report. “We expect GCC insurers’ top-line growth will range between 5 per cent and 15 per cent in 2024, with Saudi insurers likely to expand at the fastest pace again,” S&P Global Ratings credit analyst Emir Mujkic said. “Favourable economic conditions and rate adjustments for motor and medical lines will remain key growth drivers.” Insurance demand will benefit from ongoing investments in infrastructure projects, population growth, and regulatory initiatives, such as the extension of compulsory..........

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 Mubashar

CRIF D&B WORLD

Sharper Targeting, Faster Growth

(Source: CRIF - Dun & Bradstreet)

Turn every touchpoint into a golden opportunity. We connect your data, personalize engagement with prospects, and accelerate your sales pipeline. Don't miss a single piece of the puzzle. Learn how D&B can help you unlock the full potential of every customer interaction.

CRIF Gulf: A Road to a Sustainble Future

(source: CRIF - Dun & Bradstreet)

CRIF GULF (Dun & Bradstreet) remains steadfast in its dedication to sustainability, continuously working towards a greener future. One of our key initiatives involves managing assets in an environmentally responsible manner. What better way to achieve this goal than by providing these assets to those in need? Indeed, by bridging the digital divide for underprivileged groups through the provision of used assets or utilizing profits from asset resale, CRIF GULF underscores its commitment to the social component of ESG principles.