CGI Gulf Insights of the week ) (copy 61) (492)

ByCGI Gulf Insights of the week
Monday, 29 August 2022
Published inAugust 2022

Back

Newsletter Template - DnB

View this email in your browser

August 2022

[email protected]

Issue No:330

Country Risk Update - Oman

Risk Indicator  - DB4d
Risk Level     - Moderate
Ratings Trend  - Improving

Oman has made new oil discoveries that will help boost its output between 50,000 to 100,000 barrels per day (b/d) in two to three years. The Ministry of Energy has announced it will increase oil production to its maximum level of just over 1m b/d, up from an estimated average of 971,000 b/d in 2021. Iran and Oman have agreed on the joint development of offshore oil and gas Hangam field, as well as exports of crude products and petrochemicals.

MARKET OVERVIEW

Emaar Properties’ board recommends scrapping foreign ownership limit on shares

(Source: Gulf Business)

The company has called for a general meeting on September 21 to discuss agendas, which include “a special resolution to approve the abolition of the minimum contribution of UAE nationals and GCC nationals in the company” Emaar’s board said in a disclosure filed to Dubai Financial Market. The board has recommended authorising the board’s chairman to execute the amendment of Article 7 – that “all the company’s shares are nominal, and there is no minimum shareholding for UAE nationals and GCC nationals in the company......

Gold heads for narrow weekly gain as investors brace for Powell

(Source: Guld Business)

Gold headed for a narrow weekly gain, with traders weighing mixed US data and comments from Federal Reserve officials pushing for more rate hikes before a key speech by Chair Jerome Powell later Friday.Bullion climbed for three days to Thursday, rebounding from the lowest since late July, amid uncertainty over recession risks as the Fed tightens policy to fight inflation. The government’s main measures of US growth pointed in different directions in the first half, adding to the debate on the outlook.......

Gas prices surge, recession fears weigh on European shares

(Source: Khaleej Times)

European shares slipped on Tuesday, as investors fretted about soaring energy prices and a weak economic outlook after data showed that business activity in the region contracted this month.The pan-European STOXX 600 slipped by 0.1 per cent, paring some losses following the S&P Global's flash Composite Purchasing Managers' Index (PMI) data for August.Eurozone business activity contracted for a second consecutive month in August, as the cost.....

After CEPA, UAE exports of gold to India already hits 120/t ceiling for 2022

(source: Gulf Business)

Dubai: UAE exports of gold bullion to India has already hit the 120-tonne mark within months of the CEPA trade deal being struck. These shipments could easily have been even higher, but under the CEPA deal, for the first five years, the upper ceiling on UAE gold exports to India is set at 120 tonnes annually. After that, it goes up to 200 tonnes a year.“Even without the upper ceiling, UAE gold exports to India have already cleared the 80 tonnes of 2021,”.....

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 Mubasher

CRIF D&B WORLD

What is the best way to manage supply chain risk?

(Source: CRIF - Dun & Bradstreet)

In today’s world economy, businesses are critically dependent on the global supply chain to respond to customer demands. To know more please take survey.