CGI Gulf Insights of the week-Nov-8 (255)

ByCGI Gulf Insights of the week
Sunday, 08 November 2020
Published inNovember 2020

Back

Newsletter Template - DnB

View this email in your browser

November 2020

[email protected]

Issue No: 242

Country Risk Update - Oman

Risk Indicator  - DB5a
Risk Level     - High
Ratings Trend  - Deteriorating

The credit environment will benefit from potential USD3-4bn bond issuance and the planned introduction of VAT, helping mitigate FX pressures and avoiding Gulf aid. Sultan Haitham's (so far) smooth succession reduces the risk of domestic instability and increases the likelihood of needed fiscal reforms. The economy has good potential for diversification, including tourism and logistics.

MARKET OVERVIEW

UAE leaders congratulate Joe Biden on US election victory

(source: Gulf News)

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has congratulated US President-elect Joe Biden and Vice President-elect Kamala Harris...

Fintech company Ripple sets up regional base in DIFC

(source: National News)

Ripple, a company that uses blockchain to speed up digital payments, is opening a new regional headquarters at the Dubai International Financial Centre.The US-based company said it chose the centre as its Middle East and North Africa...

Insurers in GCC face a sharp decline in profits for 2020

(source: Gulf News)

GCC insurers are expected to face decline in profits this year due higher provisioning, according to rating agency Moody’s. “Insurers in the GCC countries are more exposed than their European peers to the risk of recoverability of their receivables over the next 12-18 months, as their counterparties liquidity...

Over 321,000 benefit from UAE’s Dh100B stimulus programme

(source: Khaleej times)

The Central Bank of the UAE said on Thursday its wide-ranging stimulus package, the Targeted Economic Support Scheme (Tess), had directly impacted to date more than 321,000 beneficiaries including 310,000 distressed residents, 1,500 companies and 10,000 small and medium enterprises..

COMMODITY & STOCK MARKET UPDATE