CGI Gulf Insights of the week-Nov-15 (256)

ByCGI Gulf Insights of the week
Sunday, 15 November 2020
Published inNovember 2020

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November 2020

[email protected]

Issue No: 243

Country Risk Update - Bahrain

Risk Indicator - DB5d

Risk Level - High

Ratings Trend - Deteriorating

FX risk is rising sharply as reserves fall steeply and a mounting debt-servicing burden puts pressure on the long-standing US dollar peg. Saudi Arabia's strong support for Bahrain provides a backstop to the economy. A giant oil and gas find off the west coast offers the promise of vast wealth if it proves commercially viable to extract.

MARKET OVERVIEW

UAE launches financial reporting system for multinational companies

(source: Gulf News)

Ministry of Finance on Saturday announced the launch of a reporting system for multinational entitiess (MNEs).The New MNE Notification and Reporting System is in accordance with UAE’s Cabinet Resolution no. 44 of 2020...

UAE lays out economic vision for the next 50 years

(source: National News)

More than 1,000 government officials have developed a plan to chart the UAE's economic path for the next 50 years.Eleven meetings were held online with ministers and senior federal and local government officials to draw up the strategy....

Dubai Islamic Bank closes the lowest ever yielding additional tier 1 sukuk

(source: Gulf News)

Dubai Islamic Bank (DIB) priced a $1 billion perpetual non-call 5.5- year additional tier 1 (AT1) sukuk with a profit rate of 4.625 per cent per annum.This transaction carries the lowest ever yield achieved by any bank globally on an AT1 Sukuk issue and is the only AT1 sukuk...

UAE says no plans to raise VAT rate despite coronavirus pressures

(source: Arabian Business)

The UAE said on Tuesday it has no plans to raise the rate of value-added tax in the country despite the pressures that coronavirus is putting on the economy.Saeed Rashid Al Yateem, Assistant Under Secretary of Resource and Budget Sector...

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 Mubasher

CRIF D&B WORLD

For the 8th year CRIF named to prestigious top 100 IDC Fintech Rankings

(source: CRIF)

The Fortune 500-style ranking categorizes and evaluates the top global providers of financial technology based on calendar year revenues from financial....

Big milestone: Coverage of global businesses in the Dun & Bradstreet Data Cloud now surpasses 400 million!

(source: Dun & Bradstreet)

We recently reached a significant milestone: Coverage of global businesses in the Dun & Bradstreet Data Cloud now surpasses 400 million! ....

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