CGI Gulf Insights of the Week (136)

ByCGI Gulf Insights of the Week
Sunday, 01 March 2020
Published inMarch 2020

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CRIF GULF WEEKLY INSIGHTS

Country Risk Update - Egypt

Risk Indicator - DB5d
Risk Level - Slight
Ratings Trend - Stable

Egypt's prime location as a base for exports to the Middle East, Asia and Africa creates potential for long-term economic growth, as does its large population of almost 100m. Economic reforms enacted since late 2016 have sought to address deep-seated weaknesses and create the basis for sustainable high rates of growth over the medium term. The rally of the EGP has continued into early 2020 on the back of strong underlying FX indicators.

Market Overview

Careem eyes financial services in the cash-based Middle East says CEO

Ride-hailing app Careem has benefited from the overall lack of credit card penetration in the Middle East by allowing other businesses to leverage its payment capabilities, according to CEO Mudassir Sheikha. In an interview with CNN, Sheikha said that in the case of Careem, its own data shows that 90 percent of all daily transactions are in cash. According to the report, only 2 percent of the $1.8 trillion in consumer spending is spent online.

Saudi Aramco starts early preparations for an overseas listing

Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.The world’s largest publicly traded company is in discussions with Wall Street banks to draw up scenarios for a second listing overseas, according to the people, who asked not to be identified because the information is private.

NZ billionaire snaps up shares in troubled UAE healthcare operator
Richard Chandler’s Clermont Group is snapping up shares of hospital operator NMC Health, betting that the second time the secretive billionaire has publicly taken the opposite side of a trade from short seller Muddy Waters Capital will work out better than the first. Clermont Group disclosed a 1.06 percent interest in NMC Health in a February 19 filing, two months after a scathing report from Muddy Waters that has slashed the stock’s value by about two thirds.

Commodity Tracker

Brent oil prices experienced a steep decline by 12.92% in a week as the spread of coronavirus fears the slowing of global demand. West Texas Intermediate crude settled down 12.66% for the week, to $46.97 per barrel. The gold price increased by 1.91% during the week to stand at $1651.50 per ounce.

Stock Market Update

The GCC stock markets witnessed a downward trend last week amidst the outbreak of the coronavirus (COVID-19). The Abu Dhabi Securities Exchange (ADXGI) ended the last week of February in decline, as the index lost 2.62% and closed at 4,901.42 points. The banks index fell by 3.5%, followed by real estate that went down by 4.45%. The DFMGI declined by 5.4% in a week to close at 2590 points on Thursday. The banks sector decreased by 3.7%, while commercial goods and real state, closed down 4.5% and 8.4%, respectively. Tadawul declined by 4.73% in a week to close at 7628.34 on Thursday. The index recorded the worst monthly loss in since August 2019. BASI fell by 0.49% last week due to decline in the industry sector and investment sector. The Muscat Securities Market (MSM30) lost by 1.45% or 60.72 points last week to close at 4130.91 points on 27 February.

*Data as of 24 Feb 2020 as markets were closed from 25 to 27 February on the occasion of Kuwait’s National Day.

CRIF Business Updates

CRIF promotes initiatives aimed at developing a global corporate culture, increasing the opportunities for exchanges and skill-sharing between employees based in different countries.

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