Crif Gulf Insights 23/10/2016

Dear *|NAME|*,

CRIF – Dun & Bradstreet is pleased to bring to you the latest edition of our newsletter ‘CRIF Gulf Insights’ (CGI). CGI will keep you informed about the current trends in the GCC markets and highlight key events in the regional and global economy.

We look forward to your feedback at [email protected]

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CRIF Dun & Bradstreet Communications Team

Crif Gulf Insights 23/10/2016

CGI | Issue 40 | October 2016

Country Risk Update – Saudi Arabia

Saudi Arabia has enjoyed a series of structural current account surpluses recently, due to strong oil revenues – a situation that allowed the build-up of significant foreign exchange reserves and minimized foreign debt, thus reducing external economic risk.

The recent sharp drop in the oil price has forced the government to draw down on these reserves and increase its debt levels. Meanwhile, financial sector risk is moderate, as capital buffers are at healthy levels and the ratio of nonperforming loans to total lending is relatively low, although liquidity is now tightening.

Business, Finance and Commodity News

Saudi sets record with mammoth $17.5bn bond issue

Saudi Arabia conducted the largest-ever emerging market bond sale on Wednesday, selling $17.5bn of debt in the government’s first international offer while attracting investor orders totaling almost four times that amount.
The huge demand, larger than many market participants had expected, was partly due to ultra-low global interest rates and funds’ frustration with a lack of high-yielding assets around the world.

UAE’s Ajman Bank said to be finalising $205m Islamic loan

Ajman Bank, a UAE based, sharia-compliant lender, is raising a $205 million Islamic syndicated loan.
The loan, which has a two-year maturity and a murabaha format, will be completed imminently.
The loan is backed by lenders including Noor Bank and Dubai Islamic Bank. Ajman Bank raised $155 million through another two-year murabaha loan last year.

Health insurance for expats in Kuwait set to jump 165% in 2017

Health insurance costs for expats working in Kuwait’s private sector will rise from $165 (KD50) to $430 (KD130) in 2017, according the CEO of Kuwait Health Assurance Company (KHAC).
Dr Ahmad Al- Saleh, CEO of KHAC, the company that oversees provision of expat healthcare in the country, said the increase in charges will be in line with the new independent healthcare system for foreigners.

Qatar Islamic Bank posts 6.8% rise in Q3 net profit

Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 6.8 percent rise in third-quarter net profit. 
It made a net profit of 550m riyals ($151.1 million) during the three months to Sept. 30, compared with 515.2 million riyals in the same period a year earlier.

Kuwait’s KNPC aims to finalize OVER $5B loan by Q1

Kuwait National Petroleum Co (KNPC) expects to finalise a loan of over $5bn to finance its Clean Fuels project by the end of the first quarter of next year. It is one of the world’s largest-ever loans backed by export credit agencies, this year. This project will upgrade and expand two of Kuwait’s largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.

Commodity Tracker

D&B Article of the Week

Human Trafficking: Cause and Cure

The growth of human trafficking is often attributed to a widespread lack of awareness, which means fewer criminals get caught. With this perceived low risk and global demand for cheap services, forced labor has become the world’s fastest growing crime and the second largest source of illegal income. Many countries are now following the United States and the United Kingdom, who recently passed and amended the four laws below to increase levels of awareness, push action and strengthen the global fight against human trafficking. Policies are rapidly evolving and expanding to place legal responsibility on the corporations profiting from unethical supply chain practices, whether they are aware of it or not. This requires a deeper level of supply chain awareness from all major companies worldwide. Read More..

CRIF Highlights

CRIF enhances its business operations in Russia by acquiring Microfinance Technologies Center for credit risk assessment services
CRIF has announced the acquisition of Microfinance Technologies Center (MTC) in Russia – a growing industry player in the delivery of credit risk assessment services for the microfinance sector.

CRIF further reinforces its business in Germany and Poland by acquiring Deltavista’s operations 
CRIF has announced the acquisition of Deltavista’s operations in Germany and Poland.

Deltavista is one of the leading providers of credit bureau data and risk management services in Germany and Poland, helping organizations optimize risk management and their address processes with accurate data on private individuals and companies.

Upcoming Events this Week

Middle East Franchise Expo and Forum
Oct 25 – Oct 26
Jumeirah Beach Hotel

Gulf Education and Training Exhibition (GETEX)
Oct 26 – Oct 29
Dubai World Trade Centre

RECon MENA Conference
Oct 30 – Nov 1
Ritz Carlton, Dubai

Reading Recommendation of the Week

The Industries of the Future
The Senior Adviser for Innovation to former Secretary of State Hillary Clinton, Ross draws on his experiences visiting startups in nearly 41 countries to identify the next big ideas in business.
Release Date:
February 2, 2016

Did You Know?

You Could Showcase Your Business Globally Using CRIF D&B’s Business Rating Reports? 

Level 15, ’48 Burj Gate’, Downtown Burj, Shaikh Zayed Road, Dubai, UAE 
Tel. +20 01285737930




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