CGI Gulf Insights of the Week Oct 4 2020

  • ByCGI Gulf Insights of the Week
  • Sunday, 04 October 2020
  • Published inOctober 2020
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CRIF GULF WEEKLY INSIGHTS
Country Risk Update - United Arab Emirates

Risk Indicator  - DB3c
Risk Level        - Slight
Ratings Trend  - Deteriorating 
The peace treaty signed with Israel will bring economic benefits, but will raise security risks for both personnel and assets in the UAE. The UAE continues to strengthen its position as a regional safe-haven and business hub. Access to global markets from Dubai are among the best in the world. Regional tensions concerning Iran will disrupt supply chains and investment flows into the medium term.
Market Overview
UAE's Shuaa launches three Sharia-compliant funds in ADGM
Shuaa Capital has launched three Sharia compliant funds and already secured $75 million of commitments. The Shuaa High Yield Sukuk Fund, Nujoom Aggressive Fund and Nujoom Balanced Fund are the first Sharia-compliant funds within an ICC umbrella to launch in the Abu Dhabi Global Market (ADGM).  The funds platform is expected to be the largest of its kind to be domiciled in ADGM. The funds, and Shuaa’s fund platform within ADGM, are established and managed by Shuaa GMC Limited, a wholly owned subsidiary, which is regulated by the ADGM Financial Services Regulatory Authority (FSRA). The Shuaa High Yield Sukuk Fund will invest in a diversified portfolio of sukuk instruments, including high yield sukuk, Sharia-compliant fixed income investments and other collective investment funds approved by the Sharia advisors. The Nujoom Aggressive Fund and the Nujoom Balanced Fund will invest in a global portfolio of Sharia-compliant equities, fixed income investments and money market instruments.
DIFC Courts launches new Arbitration Working Group
The Dubai International Financial Centre (DIFC) Courts has launched a new Arbitration Working Group. The panel of experts will be tasked with reinforcing and sharing developments and best-practices, encompassing an advisory team of arbitration professionals, bodies, centres, educational institutions, and industry-related organisations. Since its inception, the DIFC Courts has dealt with a multitude of high-value arbitrations from across the world. As more and more parties choose the DIFC Courts as the preferred seat of arbitration, operations have been expanded to accommodate this influx under the new division, offering a wealth of judicial experience in dealing with high-value complex commercial disputes. Since its inception, the DIFC Courts has dealt with a multitude of high-value arbitrations from across the world. As more and more parties choose the DIFC Courts as the preferred seat of arbitration, operations have been expanded to accommodate this influx under the new division, offering a wealth of judicial experience in dealing with high-value complex commercial disputes.
UAE Central Bank joins hands with Dubai Islamic Economy Development Centre to strengthen Islamic banking
The Central Bank of the UAE (CBUAE) on Saturday signed a memorandum of understanding (MoU) with the Dubai Islamic Economy Development Centre (DIEDC) to reinforce and expand the reach of the Islamic banking sector, and to advance cooperation in areas of mutual interest. Saif Hadef Al Shamsi, Deputy Governor of the Central Bank of the UAE, and Abdulla Mohammed Al Awar, CEO of DIEDC, signed the agreement. In addition to the cooperation in Islamic banking, CBUAE and DIEDC will work together to publish joint research and exchange knowledge to enhance expertise. Furthermore, the two entities will jointly host international seminars, conferences, and meetings, develop awareness projects, build technical capabilities, and cooperate in fields that support the development of Islamic finance. As the first order of business, CBUAE and DIEDC will establish a joint team to follow up on the implementation of the MoU. The team is tasked with preparing regular update reports that will be shared with key decision-makers across each entity.
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