CGI Gulf Insights of the week (copy 153) (560)

ByCGI Gulf Insights of the week
Monday, 10 July 2023
Published inJuly 2023

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July 2023

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Issue No:373

Country Risk Update - United Arab Emirates

Risk Indicator - DB3b
Risk Level - Slight
Ratings Trend - Stable

We have upgraded the short-term economic outlook to ‘stable', following the surprise move by OPEC+ last month, to reduce production, which will keep oil prices well above the limit of USD80 per barrel. Public-benefit organisations that contribute to the welfare of the society will receive exemptions under the corporate tax law. A decree released soon after the Family Business Law mandates an extension of technical and administrative support to family businesses that are estimated to contribute 60% of GDP and 80% of the country's workforce. Saudi Arabia has evacuated Emirati and other foreign citizens from Sudan, which is undergoing a civil war, as Egypt and the UAE make efforts to de-escalate the situation..

MARKET OVERVIEW

Emirates NBD to use generative AI to transform operations

(Source: Gulf Business)

Emirates NBD is leveraging the power of generative artificial intelligence (AI) to enhance its operations and raise productivity across various business functions supported by Microsoft. The transformation covers three significant initiatives that will drive advancements in software development, collaboration and customer engagement for the bank, according to the Dubai Media Office. The bank’s IT teams are leveraging the capabilities of GitHub Copilot X, an advanced generative AI tool developed by Microsoft, with more than a thousand developers now empowered with this advanced coding assistant. With the help of this tool, Emirates NBD expects to see a boost in coding proficiency, software development speed and quality. Emirates NBD will also be one of the first companies to access the preview of......

UAE FNC elections 2023: Lists of electors from all emirates announced

(Source: Khaleej Times)

The UAE's National Election Committee (NEC) on Saturday announced the lists of the electoral college members from all emirates for the 2023 Federal National Council (FNC) elections. A total of 398,879 members were registered, marking a 18.1 per cent increas over the 2019 lists that included 337,738 Emirati electors. For this year's election, more women will be casting their ballots at 51 per cent, compared to the 49 per cent representation of men, the NEC said. It also noted a significant representation of young Emiratis aged 21 to 40 at 55 per cent, while those aged 31-40 account for 29.89 per cent. The rest of all electoral college members make up......

Oil prices edge lower over demand concerns after posting biggest weekly gain since April

(Source: The National News)

Oil prices edged lower on Monday after recording their biggest weekly gain since April as demand concerns weighed on prospects of tight supply. Brent, the benchmark for two-thirds of the world’s oil, was trading 0.62 per cent lower at $77.98 a barrel at 9.45am UAE time, while West Texas Intermediate, the gauge that tracks US crude, was down 0.69 per cent at $73.35 a barrel. On Friday, Brent settled 2.55 per cent higher at $78.47 a barrel while WTI was up 2.87 per cent at $73.86. “Markets are now pricing in the material tightening of balances in the [third quarter] as Saudi Arabia’s additional cuts have begun to take effect, and have been extended in August......

Dubai Municipality allocates 3,200 land plots to citizens in Dubai

(source: Emirates247)

In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, in the continuous effort to provide a decent life for citizens and enhance their social and familial stability within the citizens' housing program, and under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, President of the Dubai Supreme Committee of Development and Welfare of Citizens, Dubai Municipality has completed the distribution of 3,200 residential plots to citizens in Dubai. This comes as......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

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