NL/22.01.2018 (21)

BySTRIDEWEBSTUDIO
Monday, 22 January 2018
Published inJanuary 2018

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CRIF GULF WEEKLY INSIGHTS

Country Risk Update
Egypt

Risk Indicator – DB6a
Risk Level – Very High

Ratings Trend – Stable

Egypt’s prime location is used as a base for exports to the Middle East, Asia and Africa as it creates potential for the long-term economic growth, as does its large population of more than 90m. The economic reforms enacted since late 2016 provide an opportunity to resolve deep-seated weaknesses and lay the basis for sustainable high rates of growth over the medium term.

Market Overview

Nearly 49% Of GCC Financial Advisors Are Optimistic About Robo-Advisors
The majority of GCC financial advisors do not find robo-advisors a threat to their business, a new study has revealed. According to EY’s GCC Wealth and Asset Management 2017, about 35% saw robo-advice as an opportunity for their business in 2017 while 22% saw robo-advisors as a threat to their business. These figures indicate that wealth managers are finding ways to integrate artificial intelligence into their operations to attain optimum results.The report noted that digital wealth managers will control approximately one third of the global wealth management industry in 2025, and traditional wealth managers would be driven out of the market by that time. The key to sticking around is to adopt robo-advisory technology and utilize it within traditional wealth advisories.

Union Properties Sells Stake in Emicool for $136 Million
Dubai’s Union Properties has sold its entire 50% stake in Emirates District Cooling (Emicool) to Dubai Investments for $136 million. Following the acquisition, Emicool is now fully-owned by Dubai Investments.Dubai Investments says the move strengthens its portfolio in utilities, while also growing its asset base. “Emicool has carved a niche in the district cooling sector, and Dubai Investments’ acquisition will spur its growth and expansion plans amidst surging demand in the region,” said Khalid Bin Kalban, Dubai Investment’s CEO.

Billion Dollars Worth of Cryptocurrency Stolen by Hackers Over Years
Over a billion dollars worth of cryptocurrenices have been stolen by hackers over the past decade, compromising supplies of Bitcoin and Ether as well as the technology supported them.According to Bloomberg Technology‘s interview with fintech expert Lex Sokolin, hackers have stolen $1.2 billion worth of Bitcoin and Ether. Sokolin, who is the global director of fintech strategy at Autonomous Research LLP, emphasized that cryptocurrency hacking is costly for businesses and very lucrative for the hackers involved. “It looks like crypto hacking is a $200 million annual revenue industry,” Sokolin said.

Emirates Places $16 Billion Aircraft Order With Airbus
Dubai carrier Emirates has inked an agreement to acquire up to 36 A380 aircraft from Airbus, in a deal valued at $16 billion at latest list prices. Currently, the order from the long-haul carrier is for 20 aircraft, with an option for 16 more. According to a press release, deliveries will start in 2020, with some of the new A380s being used as fleet replacements.Emirates, which has one of the largest fleet of A380s, has long relied on the A380, having used the aircraft since 2008. It currently has 96 A380s already in its fleet. “We’ve made no secret of the fact that the A380 has been a success for Emirates. Our customers love it, and we’ve been able to deploy it on different missions across our network, giving us flexibility in terms of range and passenger mix,” said the airline’s Chairman and CEO, H.H. Sheikh Ahmed bin Saeed Al Maktoum, in a press release.

Careem Reportedly Holds IPO Talks With Banks
Dubai-based ride-hailing app Careem is reportedly in preliminary talks with banks about an initial public offering, Bloomberg reported, citing anonymous sources close to the subject.The sources said that Careem could be valued at approximately $1.5 billion, and a share sale will probably start by the beginning of 2019.When asked about a timeframe for a potential IPO, Careem’s spokesperson said there is “nothing formal at this stage.”The startup hit unicorn status with a $1 billion valuation after securing $350 million in funding led by Japan’s Rakuten and Saudi Telecom Company in December 2016. But that valuation dropped to $872 million in June 2017 when Prince Alwaleed bin Talal invested $62 million for a 7.11% stake in the company.

Commodity Tracker

Business Events this Week In UAE

Dubai Chamber Business Best Practice 2nd Seminar

Constellation Ballroom, The Address Dubai Marina

24 January 2018

Business Updates

Dun & Bradstreet – D&B Credit
From making credit decisions to managing your portfolio and overall risk,D&B Credit solutions help you quickly finish the task at hand, so you can move on to other things.
Analyse an industry where you see growth,spend more time leading your team, or maybe even get home to the family a little earlier.

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