CGI Gulf Insights of the week ) (copy 119) (515)

ByCGI Gulf Insights of the week
Monday, 06 March 2023
Published inMarch 2023

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March 2023

[email protected]

Issue No:357

Country Risk Update - Lebanon

Risk Indicator - DB6d
Risk Level - Very High
Ratings Trend - Deteriorating rapidly

Political, short-term economic, FX, and transfer risks all rise even further given the political vacuum caused by the resignation of Prime Minister Mustapha Adib. The dysfunctional political system has embedded corruption and stops meaningful political, economic, and social reform from being undertaken. The dysfunctional political system has embedded corruption and stops meaningful political, economic, and social reform from being undertaken.

MARKET OVERVIEW

Gold prices: Will rates cross $2,000 mark this year?

(Source: Khaleej Times)

Gold prices will sustain an upward trend and are expected to cross the psychological barrier of $2,000 per ounce this year as interest rate hikes and recession fears keep markets volatile, experts say.Analysts and industry executives said there is a high demand for gold bars, coins, and jewellery as central banks, corporates, and individuals are looking for investment and saving options in an era of rising inflation and an uncertain global economy. Advertisement. Wayne Gordon of UBS Global Wealth Management said gold is expected to break the $2,000 level by the end of 2023. "The US dollar is showing signs of weakness now, and gold will continue to be a 'very good hedge' against the weakness in the greenback,".......

King Salman appoints new Saudi information minister and advisers

(Source: The National News)

Saudi Arabia's King Salman bin Abdulaziz on Sunday appointed a new information minister and other officials. Salman bin Youssef Al Dossari was named the new Minister of Information in a series of royal decrees. He replaces Majid bin Abdullah al Qasabi, who served in an interim role from 2020 but will remain in government as Minister of Commerce.-Mr Al Dossari has held several prominent roles in the media and was the editor-in-chief of Asharq al Awsat from 2014 to 2016. King Salman also appointed Ibrahim bin Mohammed bin Ibrahim al Sultan as Minister of State and reappointed Hammoud bin Badah Al Muraikhi as an adviser in the Royal Court.......

Abu Dhabi’s Presight AI announces intention to launch IPO, list on ADX

(Source: Gulf Business)

The UAE Securities and Commodities Authority approved the company’s application for the IPO on March 3. International big data analytics company Presight AI Holding has announced its intention to carry out an initial public offering (IPO) and subsequently list its shares on the Abu Dhabi Securities Exchange’s (ADX) first market. The UAE Securities and Commodities Authority approved the company’s application for the IPO on March 3. Presight, which is part of G42, is a public company limited by shares, incorporated in the Abu Dhabi Global Market. The company supports public services and commercial businesses of all magnitudes by unlocking positive societal impact with omni analytics and AI to deliver..........

UAE corporate tax: What companies need to know

(source: The National News)

From June 1, when corporate tax is launched in the UAE, many companies are going to find themselves falling under its purview. Any UAE entity undertaking any onshore business, and whose income exceeds Dh375,000 ($102,000) as per the law, will be deemed liable for the 9 per cent tax on all their taxable profits. The obvious question is, what constitutes onshore business? Companies trading with an onshore legal entity, an individual, or legal person, as the decree-law defines them, are regarded as having onshore business operations. This is a particular heads-up for the e-commerce sector. Yes, there are carved-out sectors that are exempt from the tax, but for the vast majority, the above applies.......

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: Access multiple sources of data from a single location

(Source: CRIF - Dun & Bradstreet)

Corporate compliance is more complex than ever. Information is dispersed across multiple sources and manually managing it slows you down and increases the risk of error......

CRIF at the World ESG Summit

(source: CRIF - Dun & Bradstreet)

Last week, we had the opportunity to be part of the World ESG Summit, which took place in Dubai.......

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