CGI Gulf Insights of the week (copy 171) (628)

ByCGI Gulf Insights of the week
Tuesday, 19 September 2023
Published inSeptember 2023

Back

Newsletter Template - DnB

View this email in your browser

September 2023

[email protected]

Issue No:381

Country Risk Update - Oman

Risk Indicator - DB4d
Risk Level - Slight
Ratings Trend - Stable

We have upgraded the short-term economic outlook score to DB5a because the OPEC+ production cuts have created tightness in the sour crude supply, which will benefit Oman's oil exports. Oman runs a structural surplus on its goods and services trade balance, helping ensure currency stability. The Central Bank of Oman increased its repo rate for local banks by 25 bps to 6.00% in July, but the tightening credit environment does not affect domestic credit availability. The government will maintain its focus on fiscal consolidation, despite increasing government expenditure. Oman introduced reforms to its labour regulations in July 2023.

MARKET OVERVIEW

UAE posts budget surplus in 2022, revenues up 31.8%

(Source: Gulf Business)

The UAE posted a budget surplus in 2022 as revenues grew by a record 31.8 per cent and expenditures jumped by 6.1 per cent, amounting to a projected Dhs427.1bn, according to the Government of Dubai Media Office. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance said the UAE’s fiscal policy enhanced economic growth and the competitive business environment, resulting in the country ranking as the fastest-growing economy in 2022.The fiscal performance analysis for 2022 released by the Ministry of Finance showed an increase in tax revenues, driven by streamlining and digitising tax procedures, and the intensification of tax awareness campaigns. The increase in tax revenues also indicates the recovery of economic activity in the country......

On remittances, UAE residents find there are fewer '0% transfer fee' offers

(Source: Gulf News)

UAE residents sending out remittances are starting to find there are fewer ‘0% transaction fee’ offers wooing them anymore. Not just that, the charges on those remittance transactions are actually inching higher – and could go up further.Whether that happens or not, it’s another cost factor that residents in the low- to mid-income wage bracket need to factor in.“Recent research in the UAE revealed that labour workers often spend close to one month salary in a year on international money transfers after factoring all the costs, from service fees, (currency) spreads, transportation costs, cash-out fees,” said Marc Michel, Chief Business Officer at Dubai-based Astra Tech, which owns the web-based calling app Botim and is adding payment and remittance capabilities through its platforms.......

EFG Holding’s Valu issues EGP922.3m worth of securitised bonds

(Source: Gulf Business)

EFG Holding’s Valu has issued EGP922.3m worth of securitised bonds, the fintech firm’s sixth securitised bond issuance and part of a short-term programme that is backed by a receivables portfolio assigned to EFG Hermes’ financial group for securitisation – the issuance’s special purpose vehicle. The securitisation is comprised of a singular trance with a 12-month bond and a Prime 1 rating. The issuance renews a short-term, EGP4bn securitisation programme that kicked off in November 2022. “With the successful closure of our sixth securitisation in partnership with EFG Hermes, we are delighted to continue executing our strategic vision,” said Shokry Bidair, chief financial officer of Valu.......

Indian fintech ecosystem likely to reach $2.1 trillion by 2030

(source: Khaleej Times)

India’s fintech revolution has been one of recent marvels that have wowed the world in the past decade. India’s tech-backed financial services landscape has developed significantly over the years, and India has shone in its capacity to build a top-notch fintech ecosystem. As a result, India presently has the highest fintech adoption rate in the world at 87 per cent. As a nation that not only envisions to go digital to the last mile, but also become the third-largest economy in the next five/six decades. At present, there are 24 fintech Unicorns in India, which is a testament to the cutting edge innovation taking place here, it is expected that the total addressable market size of the Indian fintech ecosystem will reach $2.1 trillion by 2030.......

COMMODITY & STOCK MARKET UPDATE

Commodity Update

(source: Nasdaq)

The weekly commodity update from Nasdaq

Stock Market Update

(source: Mubasher)

CRIF D&B WORLD

Hit your targets with precision!

(Source: CRIF - Dun & Bradstreet)

Achieve precision targeting with Hoovers! Access over 120M business records, dive deep into intelligence, and gain valuable insights for perfect prospects. Unleash data-driven power now!

Supply Chain Solutions For Sustainable Change

(source: CRIF - Dun & Bradstreet)

In collaboration with AJMS and CRIF Gulf, CIPS Dubai Branch cordially invites you to a seminar on propelling ‘Sustainable Change in the Supply Chain through ESG Solutions’ ........