CGI Gulf Insights of the week (copy 221) (682)

ByCGI Gulf Insights of the week
Wednesday, 05 June 2024
Published inJune 2024

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June 2024

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Issue No:409

Country Risk Update - Saudi Arabia

Risk Indicator - DB3d
Risk Level - Slight
Ratings Trend - Stable

Accession to BRICS will mean stronger trade ties with other members, including the Chinese Mainland and Russia. The use of digital payments stood at 70% of all retail transactions last year, compared with 62% in 2022; the number of digital payments was 10.8bn in 2023, an increase of 24%. Saudi Arabia released a statement in early February 2024 stating that it would not establish normal relations with Israel unless the Palestinians achieve statehood. Sub-sectors of the non-oil economy are growing strongly, including entertainment, accommodation, food services, transport, storage, healthcare and education, in line with the objectives of Saudi Vision 2030..................

MARKET OVERVIEW

Ajman scores 98.5% in feeling safe survey in 2023

(Source: Gulf News)

Ajman: The Emirate of Ajman has been ranked first for “feeling safe” in 2023, scoring an impressive 98.5 per cent for walking alone outside at night, as per the Security and Statistics Competitiveness Centre’s Quality of Life Security Survey. Ajman also secured a spot among the top 10 safest cities globally in the NUMBEO report, reinforcing its reputation as an ideal destination for safety, stability, and prosperity. Major General Sheikh Sultan bin Abdullah Al Nuaimi, Ajman Police Commander-in-chief, credited this success to the police’s efforts, including the “Aman” patrols and the smart security surveillance system, Ajman Dar Al Aman, which translates to “Ajman, Home of Safety”, and won the 2023 British Ideas Award...........

UAE climbs 7 places globally in WEF’s tourism index

(Source: Khaleej Times)

The UAE secured the top rank in the Mena region and jumped seven places to 18th globally in the World Economic Forum’s Travel & Tourism Development Index (TTDI) 2024 as it continues to make remarkable strides to emerge as the world’s best tourist destination by 2031. In the TTDI report, the UAE ranks first globally in the travel and tourism data provision indicator and air transport infrastructure, second globally in infrastructure and services, and third globally in the travel and tourism data comprehensiveness, air transport services efficiency, and travel and tourism policy and infrastructure. The country ranks first globally in six indicators and is among the top five in 15 others and the top 10 in 27. The UAE also achieved........

Abu Dhabi's Ta’ziz signs 31 land reservation deals for light industrial area

(Source: The National)

Ta’ziz, an industrial zone being developed in Abu Dhabi’s Al Ruwais, has signed 31 land reservation agreements with companies for its light industrial area as the emirate continues to enhance its manufacturing sector. The initial tenants represent sectors critical to the industrialisation of the UAE such as manufacturing, logistics, maintenance and training services, and have reserved spaces across several phases of the project, Ta’ziz said on Thursday. “By leveraging the purpose-built infrastructure Ta’ziz offers in proximity to our industrial chemicals zone and the Al Ruwais Industrial City, regional and industry leaders can participate fully in the industrialisation and diversification of the UAE’s economy,”.........

UAE petrol and diesel prices to fall in June 2024

(source: The National)

Fuel prices in the Emirates will decrease next month, following four consecutive months of increases, reflecting trends in the global oil market. The prices for both petrol and diesel have been cut, state news agency Wam reported on Friday, citing the UAE fuel price committee. The UAE liberalised fuel prices in 2015 to allow them to move in line with the market. Oil prices have declined by more than 5 per cent this month amid expectations of higher-for-longer interest rates, bearish sentiment in broader financial markets, and signs of slowing demand from China. Brent, the benchmark for two thirds of the world’s oil, was trading 0.13 per cent lower at $81.75 a barrel at 9.18am UAE time on Friday. West Texas Intermediate..........

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

Stressed About Onboarding New Customers?

(Source: CRIF - Dun & Bradstreet)

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What's Driving your Industry Forward?

(source: CRIF - Dun & Bradstreet)

With a commercial database encompassing 500 million companies, Dun & Bradstreet is your gateway to invaluable insights. Our advanced statistical technologies and methodologies reveal high-performing predictors, enabling you to connect with top prospects and suppliers.