CGI Gulf Insights of the week (copy 164) (582)

ByCGI Gulf Insights of the week
Monday, 14 August 2023
Published inAugust 2023

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August 2023

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Issue No:378

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

Dubai International Chamber helps drive UAE-based sustainable electric vehicle startup ONE MOTO’s expansion into Latin America

(Source: Emirates247)

“Dubai International Chamber remains committed to identifying new opportunities in priority markets worldwide that hold strong potential for businesses in Dubai. Our work in Latin America underlines the importance of this dynamic region, and we look forward to continuing to leverage the exciting opportunities available for the mutual benefit of all stakeholders.” Launched in Dubai in 2019, ONE MOTO is growing globally with expert assistance from Dubai Chambers. The company is bringing its affordable, sustainable.......

UAE Central Bank fines money exchange house Dh4.8 million for violating laws

(Source: Khaleej Times)

A money exchange operating in the UAE has been fined Dh4.8 million over its "weak compliance framework" to prevent money laundering and the financing of terrorism. The exchange did not have in place the "required risk analysis" and due diligence policies and procedures. The Central Bank of the UAE (CBUAE) imposed the financial sanction as per a federal law on anti-money laundering and combating the financing of terrorism and Illegal organisations. The CBUAE did not identify the exchange house. It said it works to "ensure that all exchange houses, their owners and staff"......

Abu Dhabi announces breakthrough in tapping geothermal energy

(Source: Zawya)

Abu Dhabi National Oil Co. (ADNOC) and National Central Cooling Company (Tabreed), on Monday announced a breakthrough in the first project in the gulf region to harness geothermal energy following the conclusion of testing on two geothermal wells at Masdar City in Abu Dhabi. The state-backed oil producer, which is also driving the country's decarbonisation push, said the wells produced hot water at temperatures exceeding 90 degrees Celsius and flow rates of approximately 100 liters per second (l/s). The hot water generated by the heat from the wells will now pass through an absorption cooling system to produce chilled water.......

Dubai-based Shuaa Capital’s top investors explore sale

(source: Gulf News)

Shuaa Capital PSC’s main shareholders are in early-stage talks to sell down their stakes in the Dubai-based investment bank, offering potential buyers access to one of the Gulf region’s oldest financial institutions. As part of the plans, the bank’s Managing Director Jassim Alseddiqi - one of the top shareholders with about a 25 per cent stake - plans to pare down his holdings and step down to focus on a career in technology, research and academia. Other major holders are also in talks to sell down their stakes, according to people familiar with the matter. Shareholders including Alseddiqi, who collectively own more than 50 per cent......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

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(Source: CRIF - Dun & Bradstreet)

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(source: CRIF - Dun & Bradstreet)

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