CGI Gulf Insights of the week (copy 150) (561)

ByCGI Gulf Insights of the week
Monday, 03 July 2023
Published inJuly 2023

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July 2023

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Issue No:372

Country Risk Update - Kuwait

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

The recovering outlook for international oil prices over the course of 2023 supports a stronger-than-expected outturn for the state's economic outlook. Higher oil prices have eased Kuwait's fiscal crunch, cutting external financing needs; however, the outlook for crucial fiscal reforms remains weak. The government's latest budget will not increase capital expenditure and infrastructure investment but will prioritise 'one-off' increases in social transfers. The central bank is tightening requirements for banks to notify them about remittances of above KWD3,000 within one working day.

MARKET OVERVIEW

AD Ports Group completes acquisition of Spain’s Noatum

(Source: Gulf Business)

UAE’s AD Ports Group said it has completed the acquisition of Spain-based logistics services provider Noatum in a deal valued at $722m (Dhs2.65bn) as the Abu Dhabi-listed logistics giant looks to expand globally. Noatum will assume leadership of AD Ports’ Logistics Cluster, with the process of integrating its businesses and team of 2,800 professionals into the cluster’s operations commencing immediately. The Abu Dhabi logistics giant said the full consolidation of Noatum started on the day of the closing of the deal, June 30. The landmark acquisition brings together two major industry players to form a global powerhouse in the trade and logistics industry. The deal was closed after the company received regulatory approvals from Spanish authorities and clearance from the European Commission earlier in the year..

UAE national banks provide $201bn in financing by April

(Source: Gulf Business)

The Central Bank of the UAE (CBUAE) said national banks increased their credit financing to business and industrial sectors by 5.8 per cent or $11.1bn (Dhs40.6bn) over the past 12 months to Dhs737bn as of April 2023, according to state-run news agency WAM. The latest data from the CBUAE reflects that financing to the business and industrial sectors by national banks rose to Dhs737bn, compared to Dhs697bn in April 2022. The apex lender said national banks increased their credit balance for the two sectors by Dhs2.1bn or 0.3 per cent in April, up from Dhs735.2bn a month earlier. National banks gave 90 per cent of their accumulated credit balance of Dhs818.9bn to the UAE’s

UAE’s e& working on collaborating with Czech giant PPF Group

(Source: Arabian Business)

UAE’s e& (Emirates Telecommunications Group Company) is in early stage of discussions of forming a potential partnership with the Czech Republic-based PPF Group to explore strategic collaboration opportunities in central and southeastern Europe. PPF Group is an international investment group founded in the Czech Republic in 1991. It invests in a variety of sectors, including banking and financial services, telecommunications, media, and biotechnology among others.It had assets worth 42 billion euros on December 31, 2021, and accrued profits of 5.5 billion euros between 2012 and 2021.....

UAE to set up investment ministry, Sheikh Mohammed announces

(source: Khaleej Times)

The UAE will set up an investment ministry to be headed by Mohamed Hassan Alsuwaidi, it was announced on Monday. The new ministry will develop the country's investment vision, boost prospects and enhance procedures and legislation.This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired the Cabinet meeting at Al Watan Palace in Abu Dhabi.The new ministry will develop the country's investment vision, stimulate the investment environment internally, and enhance competitiveness to ensure that the country remains a global destination for investment...

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

*Details were unavailable due to the financial markets being closed from June 27 to 30, for Eid Al-Adha holidays.

CRIF D&B WORLD

Making Better Data-Informed Decisions to Navigate Disruptions

(Source: CRIF - Dun & Bradstreet)

The SVP of Data Science, Amber J. of Dun & Bradstreet explains how businesses must reimagine their approach to data and algorithms to better navigate disruptions.......

Driving Marketing Success in Uncertain Times

(source: CRIF - Dun & Bradstreet)

The Chief Marketing Officer, Jennifer Atkins, of Dun & Bradstreet explains how reliable data can help marketers do more with less in this article from Modern Marketing Today.......