CGI Gulf Insights of the Week Mar 26 2018 (225)

ByCGI Gulf Insights of the Week
Monday, 26 March 2018
Published inMarch 2018

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CRIF GULF WEEKLY INSIGHTS

Country Risk Update - Kuwait

Risk Indicator - DB4b
Risk Level - Moderate

Ratings Trend - Stable

Kuwait's pending resolution of the Divided Zone dispute with Saudi Arabia will boost oil production capacity. Business opportunities should increase as the government targets a more diverse
economy with its national development plan.

Market Overview

UAE listed firms pay out $9bn in 2017 dividends
The 2017 cash dividends paid out by 62 companies listed on the Abu Dhabi and Dubai bourses amounted to AED33.1 billion ($9 billion), according to the latest official figures.The banking sector continued to have the lion's share of cash distributions, after 13 out of 18 listed banks paid out around AED18 billion in cash, accounting for 54.3 percent of the total payout, state news agency WAM reported. Eight ADX-listed banks paid out AED11.9 billion while five DFM-listed banks distributed dividends of around AED6.1 billion to their shareholders.The telecommunications sector came second with a total cash of AED8.54 billion followed by the real estate sector whose dividends hit AED2.57 billion.The finance and investment sector paid out AED1.55 billion, followed by the transport and logistics sector (AED781 million), AED577 million by the insurance sector, AED421 million by the building material sector, and AED291 million by the contracts sector.

Abu Dhabi fund allocates $17m for Seychelles energy projects
Abu Dhabi Fund for Development (ADFD), the national entity for development aid, has announced an allocation of AED64.2 million ($17.4 million) for the development of two renewable energy projects in the Republic of Seychelles.The first agreement includes the allocation of AED31.2 million towards a solar farm that will be developed by Masdar in the island of Romainville, while the second agreement involves an investment of AED33 million for the installation of a 33kV power grid in the island of Mahé.The first agreement includes the allocation of AED31.2 million towards a solar farm that will be developed by Masdar in the island of Romainville, while the second agreement involves an investment of AED33 million for the installation of a 33kV power grid in the island of Mahé.

Oil giant BP squeezed out of Abu Dhabi concessions
When oil-rich Abu Dhabi put a string of offshore fields up for auction, suitors from China to Italy vied for a slice of the pie. Surprisingly, that piece was snatched from one of the world’s largest energy conglomerates.BP missed out on a chance to renew its partnership in oil concessions off the emirate’s shores, which expired this month. The loss of barrels - estimated at 100,000 a day - will offset growth from BP’s new projects, meaning its total oil output will stay flat this quarter.Competitors Total, Eni and others will take a share of the three licenses in Abu Dhabi, an emirate that produces 6 percent of the world’s oil. Now out of the picture offshore, BP will need to focus on the country’s onshore fields it won in 2016, as well as gas assets in the region such as Zohr in Egypt and Khazzan in Oman.

77% of UAE firms forecast rise in trade volumes in next year
More than three-quarters (77 percent) of UAE-based businesses project an increase in trade volumes in the next twelve months, according to a new report.The HSBC report also showed that 62 percent expect to see a jump in service trade volumes. As the country and region undergo major economic transformation that focuses on diversification, businesses opportunities are increasingly plentiful, it said. According to the report, service exports – of which transport and tourism will account for the lion's share - will grow at an average of 6 percent per year.Sunil Veetil, regional head of Global Trade and Receivables Finance for HSBC MENAT said: “Although oil prices have impacted the GCC’s economies over the last year, the UAE’s push for diversification is bearing fruit."As we get closer to Expo 2020, we will see an increasing number of contracts being awarded in preparation, which in turn, increases opportunities for businesses.

Abu Dhabi's bourse plans New York roadshow to meet US investors
Abu Dhabi Securities Exchange (ADX) is set to launch its first roadshow in 2018 in New York later this month, accompanied by a number of its listed companies.The roadshow on March 26-27, comes as part of ADX's strategic objectives to increase market cap and product range as well as to attract and activate a wider range of investors. ADX said it also plans to hold roadshows to London and the Far East in the upcoming months.The roadshow will enable ADX listed companies to engage with potential new investors, fund managers, asset management companies to inform them about their growth strategies and recent developments, a statement said.

Commodity Tracker

Business Events this Week In UAE

The Big 5 Heavy

Za’abeel Halls 4-6, Dubai World Trade Centre

26 March 2018 To 28 March 2018

Business Updates

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