CGI Gulf Insights of the Week Mar 12 2017

  • ByCGI Gulf Insights of the Week
  • Sunday, 12 March 2017
  • Published inMarch 2017


CRIF – Dun & Bradstreet is pleased to bring to you the latest edition of our newsletter ‘CRIF Gulf Insights’ (CGI). CGI will keep you informed about the current trends in the GCC markets and highlight key events in the regional and global economy.

We look forward to your feedback at [email protected]

Happy Reading!

Best Regards,
CRIF Dun & Bradstreet Communications Team

CGI | Issue 60 | March 2017
Country Risk Update - Oman
The economy is weakening, although business performance is holding up for now. Growth will remain slow in the outlook period due to the drop in oil revenues, which will also force the government to prioritise certain projects. In addition, the government is looking to raise greater levels of debt and has started to reduce subsidies in order to ease pressure on the public accounts. The banking sector (which largely proved resilient to the global financial crisis) will function adequately, although liquidity is starting to tighten as deposits slow and government borrowing continues apace. Government is targeting high-end tourism as an area for growth. The ports of Sohar and Salalah are emerging as regionally competitive infrastructure facilities.
Business, Finance and Commodity News
$4.4B to be invested in new Saudi city

State-owned oil giant Saudi Aramco sees investment in a new energy industrial city in Saudi Arabia to be 16.5 billion riyals ($4.4 billion). Close to Abqaiq in eastern Saudi Arabia, the city will develop energy-related industries. King Salman International Complex for Maritime Industries and Services, being developed by Saudi Aramco and foreign partners, would cost more than $5 billion. Both projects will help create more jobs, a key part of Saudi Arabia's Vision 2030.

UAE economy expected to grow 4% in 2017 – minister

The UAE is expected to achieve GDP growth of between 3.5 to 4 per cent this year, the country’s economy minister Sultan bin Saeed Al Mansouri has said.
The growth will be aided by the UAE’s increasing attractiveness as an investment destination. Continuing to execute projects announced as part of the UAE Vision 2021 would maintain the strength of the national economic growth. The IMF projected that the UAE economy would grow 2.3 per cent in 2016 and 2.5 per cent for 2017.

Kuwait projects $25.9bn budget deficit next fiscal year

Kuwait’s government projects a budget deficit of KD7.9bn ($25.9bn) in the new fiscal year starting on April 1, according to finance minister Anas al-Saleh. That forecast is after a contribution of 10 per cent of revenues to the sovereign wealth fund, and conservatively assumes an average oil price during the year of $45 a barrel. Spending is projected at KD19.9bn next fiscal year and revenues at KD13.3bn.

Saudi Arabia pledges big projects to soften austerity hit

Revenue collected from value-added tax (VAT) is likely to be equally shared between the UAE federal government and each of the seven emirates. Saudi Arabia has promised to launch major development projects towards the end of 2017 to re-energise an economy which has been hit by austerity measures. Prince Mohammed's economic reforms aim to rescue state finances and diversify the economy in an era of cheap oil.

Commodity Tracker
D&B Article of the Week
Data, Degloblization & Dark Horses
We do business in an era of digital dystopia. In many areas of the modern world, our relationships are now defined in part, if not in whole, by digital transactions. Our words, our ideas and our very identities infiltrate the digital landscape—leaving trails of data as pen marks recording pieces of our legacies on the world around us. These marks reach faster, further and at a higher velocity than light itself, and they accumulate around us in piles of structured and unstructured data. But, is this data truly bringing the world closer together? Read more
CRIF D&B Highlights
CRIF and HARMONYCREDIT established a strategic partnership for credit risk management solutions in Beijing
With CRIF's advanced credit scoring model and decision solutions, the new platform will help individuals as well as small and medium-sized and micro-companies improve credit management with effective and customized services.

CRIF organizes credit risk management seminar series in Shanghai and Beijing
CRIF and senior business executives dealing with finance and credit management discussed credit risk management challenges and opportunities in the current economic scenario in China. More than 100 guests from nearly 80 companies attended the seminars and discussed the more pressing issues and concerns which are generally consistent across companies and not always related to industry, geography, regulation or competitive landscapes.

Dun & Bradstreet acquires Avention
Dun & Bradstreet acquired Avention, which provides company, contact, and market data through its OneSource® solutions.This acquisition combines Dun & Bradstreet’s best-in-class content with Avention’s intuitive, user-friendly platform to provide sales and marketing professionals with actionable market and company information.
Upcoming Events this Week
Mar 12 - Mar 14
The Address Dubai Marina

Trenchless Middle East
Mar 13 - Mar 14
Jumeirah Beach Conference and Exhibition Centre
Reading Recommendation of the Week
Designing Your Life
Designers create worlds and solve problems using design thinking. Look around your office or home—at the tablet or smartphone you may be holding or the chair you are sitting in. Everything in our lives was designed by someone. 
Release Date:
September 20, 2016
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