CGI Gulf Insights of the week (copy 211) (668)

ByCGI Gulf Insights of the week
Tuesday, 02 April 2024
Published inApril 2024

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March 2024

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Issue No:404

Country Risk Update - United Arab Emirates

Risk Indicator - DB3a
Risk Level - Slight
Ratings Trend - Stable

The UAE’s banking sector's performance stays robust, with the capital adequacy ratio recording an uptick to 18.5% in Q3 2023. Fiscal surplus dropped to 5.2% in H1 2023, compared with 13.4% in H1 2022, attributed to a 19.2% (y/y) decline in total revenues from reduced tax collections and a continuous rise in expenditure across major categories. While the oil sector was in a slowdown following production cuts by OPEC plus, the economy performed relatively well due to strong expansion in the non-oil sector, marked by 7.3% y/y growth in Q2 2023. The Dun & Bradstreet Business Optimism Index for the UAE for Q1 2024 reported an improvement of 12% compared with the previous quarter, showcasing resilience in the region marked by instability and escalating supply chain challenges..............

MARKET OVERVIEW

Abu Dhabi economy grew 3.1% in 2023 on sharp non-oil GDP expansion

(Source: The National)

Abu Dhabi’s economy grew 3.1 per cent annually in 2023, hitting its highest level in a decade, as a sharp expansion of the non-oil sector drove momentum amid a continuing push for diversification. The emirate's gross domestic product for the 12 months to the end of December reached Dh1.14 trillion ($310.63 billion), its best performance in terms of value in 10 years despite challenges and global market fluctuations that affected all sectors, Abu Dhabi Media Office said on Monday. The non-oil economy of Abu Dhabi expanded 9.1 per cent year-on-year for the 12-month period, driven by “significant strides in the construction, finance and insurance, and transportation and storage economic activities” that contributed more than..........

ADNOC Gas shareholders to get another $1.62b as H2-2023 dividend

(Source: Gulf News)

Dubai: ADNOC Gas shareholders are up for a $1.625 billion dividend for the company's H2-2023 performance in the coming weeks, and taking full-year total to $3.25 billion. Things get even better for them - ADNOC Gas expects to increase dividend by 5 per cent every year over next 4 years, 'underscoring the strength and visibility of its future revenues', the ADNOC entity said in a statement. (The current dividend yield works out to 4.93 per cent.) "The company saw its share price surge 30 per cent from its listing date in March 2023 to year-end, driving its market capitalization to $65 billion and ranking us among the Top 20 oil and gas companies worldwide," said Dr. Sultan Al Jaber, Chairman. "Total shareholder returns, including the ........

Adnoc Distribution pledges minimum $700 million annual dividend for 5 years

(Source: Khaleej Times)

Adnoc Distribution has confirmed shareholder approval for a new five-year dividend policy and the appointment of new board members. The company also reaffirmed its commitment to its new five-year growth strategy enabled by artificial intelligence (AI), digitalisation, and advanced technology. The company’s new dividend policy for 2024-2028 sets an annual dividend of $700 million or a minimum of 75 per cent of net profits, whichever is higher. At the AGM, shareholders approved distributing Dh1.285 billion in dividends for the second half of 2023, equivalent to 10.285 fils per share, expected to be paid in April 2024. This brings the total dividend for 2023 to Dh2.57 billion, yielding 5.6 per cent based on the share price of Dh3.66 on.........

UAE researchers developing 'brain side' of robots to maximise impact on key sectors

(source: Khaleej Times)

Research in artificial intelligence (AI) and robotics is helping accelerate growth and sustainable transformation in key sectors like energy, agriculture and aviation, said a top subject expert in Abu Dhabi. In August 2023, the Mohamed Bin Zayed University of Artificial Intelligence (MBZUAI) launched two departments dedicated to robotics and computer science to nurture the next generation of AI and robotics leaders. Since then, AI researchers and students have been creating a positive impact and playing a key role in advancing some of the major growth sectors. “The MBZUAI’s focus is on the computer science side of robotics rather than the hardware side. Our research is developing the ‘brain side’ of the robot to enhance..........

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 Mubashar

CRIF D&B WORLD

5 Ways DaaS Can Help You Gain a Competitive Advantage

(Source: CRIF - Dun & Bradstreet)

Information is power, but simply having data is not enough to compete in today’s data-driven business world. Head over to our latest post to learn more about how DaaS can unlock the power of data and propel your business to success!

Ramadan Kareem From CRIF!

(source: CRIF - Dun & Bradstreet)

Last Friday, CRIF Gulf's family shared laughter, stories, and delicious meals at our company's Iftar event at Dusit Thani Dubai, strengthening bonds and celebrating diversity together. Here's to a month filled with blessings, growth, and cherished connections. Ramadan Mubarak!