{"id":89677,"date":"2024-03-05T00:00:00","date_gmt":"2024-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sp-has-a-positive-outlook-for-gcc-corporate-infrastructure-players\/"},"modified":"2024-03-05T00:00:00","modified_gmt":"2024-03-05T00:00:00","slug":"sp-has-a-positive-outlook-for-gcc-corporate-infrastructure-players","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/05\/sp-has-a-positive-outlook-for-gcc-corporate-infrastructure-players\/","title":{"rendered":"S&P has a positive outlook for GCC corporate + infrastructure players"},"content":{"rendered":"

Ratings agency S&P Global sees GCC corporate and infrastructure firms <\/strong>standing strong this year despite \u201csoft global economic growth,\u201d<\/strong> surging interest rates, and geopolitical risks in the region, S&P Global Ratings said in its latest GCC Corporate And Infrastructure Outlook 2024 report<\/a>. The report looks at how S&P feels about the companies it rates across the GCC. <\/p>\n

Driving the optimism:<\/strong> S&P Global says many companies will benefit from a cushion provided by strong operating performances since last year. It likes the prospects this year for non-oil, oil and gas, and chemicals players alike. Companies are, on the whole, underleveraged, giving them more room to adapt to changing circumstances \u2014 a good sign when many will need headroom to invest in capex programs to grow or short-up their businesses. <\/p>\n

Refinancing risk is low:<\/strong> As much as 80% of the debt maturing this year is with \u201chighly-rated government-related entities,\u201d it says. <\/p>\n

The EBITDA benchmark: <\/strong>S&P sees operating profitability in the 5-10% range in aggregate for GCC companies through this year and net. <\/p>\n

Look for non-oil GDP growth to clock in at a bit under 5% in the UAE and Saudi Arabia <\/strong>on the back of ongoing economic diversification drives and population growth across the GCC, the ratings agency said. It sees non-oil sectors benefiting from a public spending spree and consumer spending growth. The GCC as a whole is expected to grow 2-3% this year, driven by increased oil-related real GDP growth on the back of OPEC+ production cuts, the agency said. <\/p>\n

REMEMBER- <\/strong>S&P Global expects<\/a> the UAE\u2019s GDP growth to accelerate to more than 5% in 2024, outpacing the 2.8% growth expected for the global economy. <\/p>\n

M&A and real estate drive record 2023 earnings:<\/strong> S&P Global expects non-oil companies in the UAE to have achieved a 5-15% earnings growth in 2023, while their counterparts in Saudi Arabia are projected to have experienced a 3-4% increase. The earnings growth was fueled by active mergers and acquisitions, and a booming real estate market. The credit rating agency expects to see 7% growth in non-oil earnings for 2024, a decline from the 15% penciled in 2023.<\/p>\n

More GCC investments in clean energy:<\/strong> A surge in regional renewables is expected over the next five years, backed by capital and low-cost renewable energy. More energy efficient water desalination plants are also on the horizon for the region, notably in Abu Dhabi, where plans aim to meet over 90% of water demands<\/a> by 2030. The agency cited the UAE's commitment to decarbonization with its USD 30 bn energy transition fund, and Adnoc\u2019s revised USD 23 bn budget aimed at developing<\/a> the company\u2019s carbon management platform.<\/p>\n

Geopolitical tensions pose risks for certain sectors:<\/strong> Companies operating in oil and gas, tourism, shipping, and the retail and automotive supply chain sectors \u201ccould face some operating weaknesses if conditions take a turn for the worse,\u201d according to the report. <\/p>\n

But we\u2019re going to have a \u201csustained\u201d 2024 IPO market<\/strong>: The UAE\u2019s IPO momentum stems from the government's commitment in 2022 to list 10 GREs, with only five having been listed so far, including Dubai Taxi in December 2023. <\/p>\n

REMEMBER- <\/strong>Dubai is offering up to a 25% stake<\/a> in car parking space manager Parkin in what is set to be the country\u2019s first IPO of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Infrastructure investments in the GCC are expected to persist well into 2024<\/p>\n","protected":false},"author":1,"featured_media":89678,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[270,19,7,1451,548],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-corporate","tag-economy","tag-enterpriseam-uae","tag-gcc","tag-sp","wpautop","entry"],"acf":{"mongo_id":"2a7078e2-b026-4bad-9088-fdf7a930712c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/337.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A positive outlook for GCC corporate and infrastructure companies -S&P Global","related_issue":[89672],"teaser":"Infrastructure investments in the GCC are expected to persist well into 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.3cb4d0b3-f92f-46e0-a82e-d34521a6909f.mp3"},"yoast_head":"\nS&P has a positive outlook for GCC corporate + infrastructure players - 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