CGI Gulf Insights of the week ) (copy 122) (536)

ByCGI Gulf Insights of the week
Monday, 13 March 2023
Published inMarch 2023

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March 2023

[email protected]

Issue No:358

Country Risk Update - United Arab Emirates

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

Regional cooperation between Israel and the UAE is increasing to counter the shared threat of a nuclear Iran, though some actions of Israel’s ultra-right government may complicate the scenario. As the UAE and Israel draw closer, they should be wary of the ultra-right leaning of Netanyahu government. GDP grew 10.5% y/y in the first nine months of 2022, the fastest expansion in the Middle East and North Africa (MENA), driven by strong growth in the non-oil sector; our forecast for 2022 GDP is 7.8%. Non-oil foreign trade reached a record USD607.1bn in 2022, a consequence of the UAE‘s efforts to diversify its revenue base and forge trade partnerships globally. The German power company RWE has received its first shipment of liquefied natural gas (LNG) from the UAE, making it the 'first-ever LNG cargo to be shipped to Germany from the Middle East'.

MARKET OVERVIEW

New UAE Governments Net Zero 2050 Charter a nod to collective climate action

(Source: Gulf Business)

The landmark UAE Governments Net Zero 2050 Charter was signed in the presence of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This charter was signed on the sidelines of the UAE Cabinet meeting held on March 6.The UAE Governments Net Zero 2050 Charter aims to enable the objectives of the National Net Zero by 2050 pathway, launched at the 27th Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change, in line with the UAE Net Zero 2050 strategic initiative, according to a report published by the Dubai Media Office.".......

SVB's UK division sold to HSBC for £1 in biggest bank collapse since 2008 financial crisis

(Source: Khaleej Times)

Britain's finance minister Jeremy Hunt said the government and the Bank of England had facilitated a private sale of the UK arm of Silicon Valley Bank to HSBC, in a move which would protect deposits without taxpayer support.The Bank of England said the wider UK banking system remained safe, sound, and well capitalised.HSBC acquired SVB UK for £1.Friday's dramatic failure of SVB Financial Group , which focuses on tech startups, was the biggest bank collapse in the US since the 2008 financial crisis........

ADNOC Gas IPO raises $2.5bn, attracts $124bn in demand

(Source: Gulf Business)

ADNOC Group has completed book-building for the initial public offering (IPO) of its gas business, ADNOC Gas, raising $2.5bn in what is Abu Dhabi’s largest listing after Borouge’s $2bn deal in mid-2022.The state-owned energy giant, which increased its offering to 5 per cent, said ADNOC Gas’ IPO was heavily oversubscribed, taking the total demand to more than $124bn.Initially, ADNOC planned to raise $2bn by offering a 4 per cent stake.The company increased the number of ordinary shares offered in the IPO to 3.8 billion on Monday at $0.64 (Dhs2.37) apiece, implying a market capitalisation of Dhs182bn at the time of admission...........

G42 plans to raise $495m from Presight IPO

(source: Khaleej Times)

The latest listing is the second IPO from G42’s portfolio. Bayanat, a geospatial and data analytics firm, in October raised $171 million in an IPO backed by US private equity firm Silver Lake. Presight AI Holding, an artificial intelligence-powered data analytics firm owned by Abu Dhabi’s G42, plans to raise $495 million from an initial public offering.Presight, the second UAE firm to tap the capital markets this year, plans to sell 1.36 billion shares representing 24.24 per cent of its share capital at Dh1.34 a share, valuing the company at Dh7.51 billion. In a statement, Presight said it had received approval confirming that the offering remains in line with Sharia-compliant parameters........

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......

In 2023's GLOBAL ESG AWARDS, Manjeet Chhabra will serve as a panel judge.

(source: CRIF - Dun & Bradstreet)

We are proud to announce Manjeet Chhabra as a member of the 2023 Global ESG Awards judging panel........

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