CGI Gulf Insights of the week-Nov-23 (257)

ByCGI Gulf Insights of the week
Monday, 23 November 2020
Published inNovember 2020

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November 2020

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Issue No: 244

Country Risk Update - Kuwait

Risk Indicator  - DB4a
Risk Level     - Moderate
Ratings Trend  - Deteriorating

Political risk has been alleviated in the short term by the smooth succession of the new emir and crown prince, but succession issues will resurface in the medium term. Business opportunities should increase as the government's national development plan targets a more diverse economy. Resumption of operations in the Divided Zone will boost oil-production capacity (though OPEC quotas will still constrain actual production).

MARKET OVERVIEW

Dubai International Financial Centre signs agreement with Israel’s Bank Hapoalim

(source: Gulf News)

Dubai International Financial Centre (DIFC), the leading international financial hub in the MEASA region has entered into an agreement with Bank Hapoalim, one of Israel’s largest banks.The agreement creates a framework....

Western Union Buys $200 Million Stake in Saudi Telecom Unit

(source: Bloomberg)

Western Union Co. acquired a 15% stake in stc pay, a unit of Saudi Telecom Co. that’s focused on digital payments and financial technology services, for $200 million.Saudi Telecom will inject 400 million riyals ($107 million)....

Dubai Customs handles Dh4.6b worth of refunds in 9 months

(source: Khaleej Times)

Dubai Customs has reported 688,201 duty refund transactions with a value of Dh4.6 billion in the first nine months of 2020.The smart refund system helped reduce customers’ time and cost, through simpler and more precise calculations...

Reserve Bank of India likely to double capital requirement for new banks

(source: Gulf News)

To ensure that entities seeking private banks licence remained adequately capitalised to meet any eventuality, a Reserve Bank of India internal committee has recommended nearly doubling of the initial capital and net worth requirements...

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

For the 8th year CRIF named to prestigious top 100 IDC Fintech Rankings

(source: CRIF)

The Fortune 500-style ranking categorizes and evaluates the top global providers of financial technology based on calendar year revenues from financial....