CGI Gulf Insights of the week (copy 161) (620)

ByCGI Gulf Insights of the week
Monday, 07 August 2023
Published inAugust 2023

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August 2023

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Issue No:377

Country Risk Update - Bahrain

Risk Indicator - DB4c
Risk Level - Slight
Ratings Trend - Stable

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 deputy minister advocates strengthening academic partnerships to achieve sustainable development goals

(Source: hidubai, focus)

Abdulla Lootah, UAE Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, delivered a lecture at the New York University (NYU) in the United States. During the lecture, he called for strengthening academic and research partnerships to achieve the 17 Sustainable Development Goals. The lecture was attended by NYU graduate students from the School of Professional Studies, the Global Affairs and Global Security Programme, and Conflict and Cybercrime Programme, and the Division in Programmes in Business and Global......

Ministry of Finance launches four-year plan to support economic growth

(Source: The National News)

The Ministry of Finance has launched a four-year plan to help boost growth. The strategic plan 2023-2026 also focuses on financial empowerment, sustainability, innovation, financial leadership as well as future foresight, the Dubai Media Office, said on Sunday, quoting Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai. The strategic growth initiative is in line with the objectives of the UAE Centennial Plan 2071. “We will develop and implement sustainable financial policies to promote economic growth......

UAE’s Al Ansari proposes majority stake acquisition in Oman exchange

(Source: Arabian Business)

Al Ansari Financial Services’ PJSC, announced today its formal proposal to acquire a majority stake in one of Oman’s prominent exchange companies. Al Ansari Financial Services has received an initial approval subject to meeting the necessary regulatory conditions. This move is in line with the group’s geographic expansion plans to grow market share in the attractive GCC region. Oman’s booming economy, combined with its enhanced global economic and business partnerships, has led to a surge in the demand for reliable exchange services. Recognising the potential of the Omani market, the company aims to leverage its......

UAE set to be the top GCC economic performer in 2024

(source: hidubai, focus)

As the UAE's economy enters 2024, a more favorable oil output quota will lead to oil GDP once again playing a supportive role in economic growth. The UAE is set to emerge as the best-performing economy in the GCC in 2024 with an overall GDP growth of 4.0 percent after navigating a soft 2023, according to forecasts made by Capital Economics. As the economy heads into 2024, a more favorable oil output quota for the UAE will mean that oil GDP becomes supportive of economic growth once more. The International Monetary Fund (IMF) has projected that the Emirates’ economy would expand at 3.9 percent in 2024 as compared to 3.6......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

CRIF D&B WORLD

Arab Financial Services (AFS) Forms Strategic Partnership with CRIF GULF (Dun & Bradstreet)

(Source: CRIF - Dun & Bradstreet)

Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, has today announced a strategic partnership with CRIF, a global company specializing in credit bureau, business information systems, outsourcing and data processing services.......

What if you had a shortcut to reach buyer and win deals?

(source: CRIF - Dun & Bradstreet)

Reach buyers faster with D&B Hoovers! Unearth your market, visualize insights, and integrate 1st-party data for a unified view. Find ideal prospects with D&B Data Cloud and focus on authoritative buyers, source decision-makers and verify contact info for impactful connections.......