CGI Gulf Insights of the week (copy 223) (684)

ByCGI Gulf Insights of the week
Thursday, 13 June 2024
Published inJune 2024

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June 2024

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Issue No:410

Country Risk Update - Qatar

Risk Indicator - DB3b
Risk Level - Slight
Ratings Trend - Stable

The credit environment score is at DB3b, with a ‘stable’ outlook, as strong oil and gas prices supported a current account surplus of 24% of GDP in H1 2023. Qatar’s banking sector is well capitalised, and supervision by the Qatar Central Bank has improved in recent years. The government’s strong asset position, including the USD450bn sovereign wealth fund, provides a comfortable buffer against external financing pressures. The effects of financial uncertainty are being felt: seven banks in Qatar, including the largest, QNB, are under scrutiny because of their increased reliance on external funding and recent rapid asset growth QatarEnergy has entered a USD6bn deal with China State Shipbuilding Corporation to construct 18 liquefied natural gas (LNG) carriers, aligning with its plans to expand production of LNG by 85% by 2030..................

MARKET OVERVIEW

World Bank predicts UAE’s real GDP will rise to 4.1% in 2025

(Source: Gulf News)

The UAE’s real GDP is projected to grow by 3.9 per cent in 2024 and expand to 4.1 per cent in 2025, according to the World Bank’s latest Global Economic Prospects report. In April 2024, the World Bank raised its forecast for real GDP growth in the UAE to 3.9 per cent in 2024, compared to its January forecast of 3.7 per cent. Growth in the Middle East and North Africa is expected to pick up to 2.8 per cent in 2024 and 4.2 per cent in 2025. Growth in Gulf Cooperation Council (GCC), countries is forecast to strengthen to 2.8 per cent in 2024 and 4.7 per cent in 2025. The economies of oil exporters are projected to grow by 2.9 per cent and 4.2 per cent in 2024 and 2025 respectively, while those of oil importers are forecast to...........

AI and clean energy shift key to accelerating ‘climate positive’ development

(Source: The National)

Advances in artificial intelligence, the switch to cleaner energy sources and economic growth in developing countries must be used to accelerate “climate positive” sustainable development, Cop28 President Dr Sultan Al Jaber has said. Dr Al Jaber, Minister of Industry and Advanced Technology, was speaking on Tuesday at the Baku Energy Week in Azerbaijan, which will host the Cop29 climate summit in November. “While AI is driving a surge in energy demand, it is also driving efficiencies that curb emissions. In fact, the growth of AI is one of three mega-trends that will shape our future, alongside the accelerating energy transition and the rise of emerging markets and the Global South,” said Dr Al Jaber. “The closer AI and energy........

Abu Dhabi’s startup ecosystem value soars 28%

(Source: Khaleej Times)

Abu Dhabi has ranked as the fastest-growing emerging ecosystem in the Middle East and North Africa (Mena), marking a 28 per cent growth in ecosystem value in the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network launched on Monday at London Tech Week. The GSER, powered by the world’s most quality-controlled dataset on startup ecosystems, analyses data from over 4.5 million companies across 300+ entrepreneurial innovation ecosystems. It provides compelling new insights and deep knowledge about startup trends around the world and ranks the Top 40 global ecosystems, emerging ecosystems, and an expanded regional ranking. As part of Startup Genome’s analysis of the UAE’s capital city.........

Dubai, Abu Dhabi, and Sharjah rank among top 10 startup hubs in Mena

(source: Khaleej Times)

Three UAE emirates — Dubai, Abu Dhabi, and Sharjah — are among the top ten startup ecosystems in the Middle East and North Africa region. According to the Global Startup Ecosystem Report (GSER) 2024, Dubai scored 10 out of 10 in funding, measuring innovation through early-stage funding and investor activity. It has five unicorns, one of 19 emerging ecosystems with four or more unicorns in the last 10 years. Abu Dhabi was the fastest-growing emerging ecosystem in the Mena, marking a 28 per cent growth in ecosystem value while Sharjah rose to 7th in the rankings. Sharjah also featured in the Top 15 rankings for the Knowledge and Performance categories. Sharjah's success is attributed to many factors, including ..........

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

Payment Study for 2024

(Source: CRIF - Dun & Bradstreet)

The UAE market register significant percentages in Construction (30,7%), Finance, insurance and real estate (29,8%) and Mining (27,6%). China (Mainland) registered a loss of 3,4% in Depository institutions and of 3,1% in Building materials and garden supplies. Italy registered a minimum gain of 1,7% in Rubber and miscellaneous plastics products and 1,5% in Primary metal industries.

Planning your next Business Move?

(source: CRIF - Dun & Bradstreet)

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