CGI Gulf Insights of the week ) (copy 124) (526)

ByCGI Gulf Insights of the week
Monday, 20 March 2023
Published inMarch 2023

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March 2023

[email protected]

Issue No:359

Country Risk Update - Bahrain

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

Bahrain plans to streamline commercial procedures to improve their efficiency and to reduce the bureaucratic steps required to establish a business to improve its attractiveness to foreign investment in 2023. The four-year Government Action Plan intends to review social welfare benefits and subsidies, support higher education, and increase wages in public and private sectors, as well as subsidising electricity and water for expatriates and companies. The CBB aimed to complete the onboarding of the entire Bahrain banking sector onto the Arabian Gulf System for financial Automated Quick Payment Transfer (AFAQ) - a real-time service for cross-currency, cross-border payments between GCC countries, by the end of 2022. The banking sector is well-capitalised and has recorded robust increases in both non-bank deposits and lending in 2022..

MARKET OVERVIEW

UAE Central Bank, Reserve Bank of India to join hands in enabling fintech innovation

(Source: Khaleej Times)

The Central Bank of the United Arab Emirates (CBUAE) and the Reserve Bank of India (RBI) signed today a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services. Under the MoU, the two central banks will collaborate on various emerging areas of FinTech especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI. CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade. The MoU also includes technical collaboration and knowledge sharing on........

Meet the Emirati Youth Sustainability Ambassadors paving the way for change at Cop28

(Source: The National News)

Four young Emiratis will help lead the charge towards a more sustainable future as the UAE prepares to host the crucial Cop28 climate summit in November. The eco-conscious quartet — including a girl aged 12 — will serve as Emirati Youth Sustainability Ambassadors at the international gathering in Dubai as the Emirates seeks to shine a light on the significant role to be played by the next generation in protecting the planet. Dr Sultan Al Jaber, President-designate of Cop28 and Minister of Industry and Advanced Technology, on Wednesday announced that the country will sponsor 100........

Presight AI’s $496m IPO attracts $25.8bn in orders

(Source: Gulf Business)

The IPO is Abu Dhabi Securities Exchange’s second listing this year and it was oversubscribed by 136 times. Presight AI Holding, a data analytics firm owned by Abu Dhabi’s G42 Group, has raised $496m (Dhs1.7bn) in its initial public offering (IPO), which attracted bids worth Dhs94.9bn from investors amid a boom in regional share offerings. G42 sold 1.35 billion shares of Presight AI, equivalent to 24.24 per cent of the company’s paid-up capital, at a fixed price of Dhs1.34 apiece. The indicative price values the data analytics firm at Dhs7.51bn at the time of admission. Presight AI unveiled its IPO plans on March 6 and trading of the shares is............

RAK Ruler issues Law to establish first free zone dedicated to digital and virtual asset companies

(source: Emirates 247)

H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued laws to establish the world’s first free zone dedicated to digital and virtual assets companies. Established under Law No. 2 of 2023, the Ras Al Khaimah Digital Assets Oasis is an independent governmental authority affiliated with the newly created Department of the Future. The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence, allowing it to function as a purpose-built, innovation-enabling free zone in the virtual assets sector. The Digital Assets Oasis will be the world's first free zone.........

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

Integrate Restricted Party Screening into your credit risk assessments.

(Source: CRIF - Dun & Bradstreet)

Manage any risks with confidence with robust coverage of global sanctions list screening and watch lists and the best-in-class screening compliance insights.......

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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