CRIF – Dun & Bradstreet is pleased to bring to you the latest edition of our newsletter ‘CRIF Gulf Insights’ (CGI). CGI will keep you informed about the current trends in the GCC markets and highlight key events in the regional and global economy.
Best Regards, CRIF Dun & Bradstreet Communications Team
CGI | Issue 70 | May 2017
Country Risk Update – Oman
The ports of Sohar and Salalah are emerging as regionally competitive infrastructure facilities, soon to be joined by Al Duqm. The government is targeting high-end tourism as an area for growth. Oman boosts tourism potential though the development of its airlines, expanding the number of routes and flights, and significantly increasing the number of hotel rooms.The government hopes to attract five million foreign visitors by 2040, by which time the industry will employ over 500,000 people and contribute between 6-10% of national GDP. To extract greater value of hydrocarbons resources, the state-operated company Oman Oil has signed a USD7bn deal with Kuwait Petroleum International to build an oil refinery in the nascent port town of Duqm.
Business, Finance and Commodity News
Dubai sees over 126% rise in new businesses launched during Q1
The number of new businesses that launched in Dubai during the first quarter of the year increased by 126.5 per cent year-on-year, according to figures from Dubai Economy. Dubai Economy has taken giant strides in enhancing ease of business and competitiveness as part of our strategic objective of enabling sustainable growth and positioning Dubai as the preferred investment destination
UAE climbs to 26th in World Bank’s Doing Business ranking
The UAE has topped the Middle East and North Africa region in the World Bank’s 2017 Doing Business ranking.The World Bank said the UAE was among the top 10 economies for improvements to business regulations this year alongside Brunei Darussalam, Kazakhstan, Kenya, Belarus, Indonesia, Serbia, Georgia, Pakistan and Bahrain.
Dubai sees rise in off-plan property sales
Dubai registered a 45 per cent increase in the sales of off-plan residential properties in the first quarter of the year, compared to the previous quarter, a new report has found. According to a report, the number of transactions for ready properties in the emirate grew by 4 per cent on average during the period. Overall, transactional activity – for both ready and off-plan units rose by 25 per cent quarter-on-quarter in Q1.
Saudi to introduce flexible work contracts
Earlier, oil was higher than $100 a barrel which encouraged a seemingly endless stream of lucrative projects. Now, with crude priced at half that, companies are trying to rebuild their balance sheets. The downturn has translated into pain for investors in two of the largest construction companies in the UAE. Investors may look to DSI results on May 14 for signs its restructuring plan is working after Arabtec reported its first quarterly profit since 2014.
The growth of green bonds in the Middle East
Green finance continues to feature strongly as policy makers push for more sustainable energy sources in an era of growing concerns over climate change.The Middle East continues to make good progress towards green growth and a low-carbon economy, providing significant opportunities for green bonds as a source of financing.
D&B Article of the Week
You Can’t Handle the Truth? Assessing Truth and Meaning
There is a reason why we promise to tell the truth, the whole truth, and nothing but the truth. Each of these is a distinct thing. It’s hard to ignore the concept of Truth, especially in an election year. Accusations of lies, assertions of truth, fact checking, and apologies for “miss-speaking” seem to be everywhere. Philosophers have struggled with the concept of truth for millennia, yet it is still one of those concepts that we seem to understand intrinsically until we try to define it. So what do we really know about the truth in data, and how do we know we know it? Read more
CRIF D&B Highlights
CRIF strengthens its positioning in Jamaica by acquiring all shares in CRIF NM Credit Assure Ltd.
CRIF NM Credit Assure was established in 2011 with the objective of providing a world-class credit bureau and related added-value services in Jamaica and the Caribbean. After obtaining the license in 2012 from the Ministry of Finance to operate a full file (positive and negative data) credit bureau in Jamaica, it began operations in September 2013, benefiting from the experience and commitment of both CRIF and Massy Technologies InfoCom Jamaica (MTIJ).
CRIF Gulf Introduces iPulse in UAE iPulse is a new state of the art business application that supports end-to-end field due diligence process. For more information, send an email to [email protected].com
Future Technology Week 2017 May 21 – May 23
World Trade Center
Middle East Economic Forum May 21 – May 24 JW Marriott Marquis
Reading Recommendation of the Week
In Extreme Ownership, Jocko Willink and Leif Babin share hard-hitting Navy SEAL combat stories that translate into lessons for business and life. With riveting firsthand accounts of making high-pressure decisions as Navy SEAL battlefield leaders, this book is equally gripping for leaders who seek to dominate other arenas. Release Date:
October 20, 2015