CGI Gulf Insights of the week ) (copy 111) (484)

ByCGI Gulf Insights of the week
Monday, 30 January 2023
Published inJanuary 2023

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January 2023

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Issue No:352

Country Risk Update - Oman

Risk Indicator  - DB4b
Risk Level     - Moderate
Ratings Trend  - Improving

High oil prices coupled with increased oil output and tax collection have generated a surplus that will be used to cut debt and boost investment spending. Oman recorded a USD923mn budget surplus for Q1 2022, the largest surplus since Q1 2014 on higher oil prices and tax collection. The Producer Price Index (PPI) increased by 50.2% y/y in Q1 2022, led by oil products. Oman recorded a USD923mn budget surplus for Q1 2022, the largest surplus since Q1 2014 on higher oil prices and tax collection. The Producer Price Index (PPI) increased by 50.2% y/y in Q1 2022, led by oil products.

MARKET OVERVIEW

UAE leads world in turning AI, big data into real-life innovations, says minister

(Source: Khaleej Times)

While the world is abuzz with debates on chatbots, robots, and artificial intelligence (AI), the UAE has already shown how today's technologies can shape both everyday life and the future, experts said during a major event in Dubai on Wednesday. “With the acceptance and usage of new technologies and the density of people residing in Abu Dhabi and Dubai, the UAE has positioned itself to be the leader in AI,” said Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications. The country has, in fact, become "masters in building AI applications", thanks to the massive amount of data.......

UAE banks record Dhs246.6bn in saving deposits by end of Nov 2022

(Source: Gulf Business)

Saving deposits in the UAE banking system, excluding interbank deposits, increased to Dhs246.61bn at the end of November last year, according to the state news agency, WAM. This represents a growth of approximately Dhs7.21bn, or 3 per cent, from about Dhs239.4bn in November 2021, as per statistics shared by the Central Bank of the UAE (CBUAE). Saving deposits increased during the first 11 months of 2022 by 1.98 per cent, compared to about Dhs241.82bn at the end of 2021, an increase equal to Dhs4.8 billion. On a monthly basis, they grew by 0.06 per cent........

Dubai Chamber of Commerce launches 4 new business groups

(Source: Gulf Business)

Dubai Chamber of Commerce has announced new business groups for four economic sectors: agribusiness, furniture and home furnishing, flower traders, and tyre traders. The chamber, which operates under Dubai Chambers, plans to increase the number of sector-specific business support groups to 100 by March 2023. “This latest raft of business groups is designed to encourage greater cooperation, mutual knowledge sharing and greater understanding of the synergies that exist between competitors in each sector, in terms of domestic, regional and international trading.......

Deadline nears for UAE employment contract changes

(source: The National News)

Two key employment law deadlines are looming for UAE companies, with the first in just over a week. According to the latest labour law, all employers must transfer contracts by Wednesday, February 1, unless they are in The Abu Dhabi Global Market and Dubai International Financial free zones. Families employing domestic workers are also exempt from the changes. Businesses that fail to update employment contracts risk a fine or penalty — although authorities have yet to reveal what the penalty will be. The legislation may not affect your day-to-day employment.......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

The weekly stock market update from Mubasher

CRIF D&B WORLD

D&B Onboard: A corporate compliance tool

(Source: CRIF - Dun & Bradstreet)

With D&B Onboard, you will be able to manage suppliers and third parties with vendor profiles and automated workflows........

Lending industry dynamics and consumer financing habits are changing rapidly

(source: CRIF - Dun & Bradstreet)

Broadcasting the same messages across multiple channels isn't the personalized approach modern buyers expect - and it's definitely not omni-channel ABM. Learn how to tell the difference and what you can do to modernize your marketing strategy......