CGI Gulf Insights of the Week

  • ByCGI Gulf Insights of the Week
  • Sunday, 23 February 2020
  • Published inFebruary 2020
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Country Risk Update 
United Arab Emirates

Risk Indicator  - DB3b
Risk Level        - Slight

Ratings Trend  - Deteriorating

Oil prices slump as demand falls due to the effects of the coronavirus outbreak, further undermining the UAE's already-weak short-term growth prospects. Access to global markets from Dubai will be among the best in the world. The UAE continues to strengthen its position as a regional safe haven and business hub.

Market Overview
UAE Central Bank said to be investigating Pakistan's Habib Bank
The UAE’s Central Bank (CBUAE) is said to be investigating Pakistan’s Habib Bank to determine whether it violated laws aimed at combatting money laundering and terrorism financing. In a statement to Reuters, the CBUAE said it was “in close contact” with Pakistani bank regulators over reports of irregularities of a Pakistani bank in UAE.
UAE Central Bank cracks down on misuse of home loans
The United Arab Emirates is cracking down on the misuse of home loans to prevent risky borrowing as an ongoing property slump weighs on banks. The central bank issued a notice to lenders “to stop certain unacceptable practices” involving mortgages, which enabled some borrowers to use home loans for purposes other than “constructing, purchasing or renovating a house for owner occupier or investment purposes.”
UEFA charges against Abu Dhabi's Man City 'simply not true'
Manchester City hopes to have their appeal against a two-year ban from European football by UEFA heard by the Court of Arbitration before the start of next season's Champions League, according to City Football Group CEO Ferran Soriano. The former Barcelona executive claimed UEFA's charges against the club of overstating their sponsorship revenue between 2012 and 2016 and failing to cooperate with an investigation are "simply not true."
Commodity Tracker
Brent oil prices rose to a one-month high due to a decline in new coronavirus cases in China and supply worries in Venezuela and Libya. The gold price increased by 2.64% during the week to stand at $1620.50 per ounce. Due to the coronavirus outbreak, gold has become a more attractive investment option for investors.
Stock Market Update
The Saudi Stock Exchange’s TASI went up by 1.69% to stand at 8,007.39 points in a week. Most sectors witnessed an increase, except for the media and public utilities sectors which declined by 1.7% and 3.3%, respectively. Muscat’s MSM30 index increased by 63.14 points (1.53%) to close at 4191.63 on Thursday, 20 February. The Bahrain Bourse’s general index grew by 0.36% in a week, pushed up by the commercial banking sector. The KSE and ADXGI declined marginally by 0.34% and 0.09% respectively. Dubai’S DFMGI rose by 3.79 points during the week.
D&B Business Updates
Join D&B's B2B Marketing Exchange on Feb 24th for the session on "Displacing The Competition And Boosting Engagement - How Intent Data Is Fueling Pure Storage’s Digital Marketing".
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