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Atradius: COVID-19 crisis lends fresh urgency to MENA economic diversification efforts

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Atradius’ latest report on Middle East and North Africa analyses challenges faced by the region and identifies opportunities for economic diversification to fuel future growth

 

HONG KONG SAR – Media
OutReach
 – 1 December
2020 – The oil-dependent economies of the Middle East
and North Africa (MENA) have been dealt a fresh blow by COVID-19, but the
region can limit the damage and rejuvenate growth by focusing on fiscal
consolidation, technological innovation and economic diversification, according
to Atradius‘ latest MENA economic report.

 

Buffeted by geopolitical
challenges and a range of social issues, the MENA region — a grouping that
includes the Gulf Cooperation Council (GCC) nations — has been further weakened
by the pandemic and faces an unprecedented slowdown of -7.0%
in 2020, the report notes, arguing that it’s in the countries’ best
interests to intensify diversification efforts, which have been underway for
some time now, in order to secure long-term growth.

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Shakeups in the oil industry
have seen traditional oil exporters cede market share to the US shale industry
and lose control over the price of oil while a potential easing of sanctions on
Iranian oil exports poses another risk, leaving even the most financially robust
GCC countries, such as Kuwait, Saudi Arabia, UAE and Qatar, vulnerable and
struggling to maintain current living standards for coming generations, according
to the report.

 

As the steady flow of
petrodollars — which helps fund government spending and private consumption — has
dwindled, it has contributed to widening the persistent twin deficits of the
region’s economies. This, in turn, is blunting the policy tools at the disposal
of MENA governments and hurting their ability to support other traditional
growth engines, such as construction and real estate, which contribute between
10-15% to the GDP of GCC countries, according to the report.

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“The
twin oil-coronavirus crisis has had a large negative impact on most sectors in
the non-oil economy with significant credit risk implications,”
noted Schuyler
D’Souza, Managing Director Middle East, Atradius. “The IMF in its latest report on the region estimates
that the
default risk for corporates has doubled and Atradius can confirm that payment
performance has deteriorated across the weaker sectors due to falling demand,
cash flow constraints and insufficient support from banks.”  

 

Other key findings include:

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*In Saudi Arabia, pro-growth
policies are expected to revive the construction sector while hydrocarbon
investments will underpin growth in the medium term alongside diversification
efforts as part of Vision 2030. Local skill shortages coupled with an exodus of
expats are key challenges.

 

*The UAE, one of the most
diversified Gulf states, has a promising medium-term outlook. Its protracted
recovery will be stimulated by the postponed World Expo, its ability to attract
foreign investment, and its status as a renewables pioneer.

 

*Egypt’s accommodative monetary
policy is expected to partially offset a drop in tourism, infrastructure
spending will boost construction while new gas finds will enhance exports.

 

The report forecasts the MENA
region will expand by 3.6% in 2021 and 4.0% in 2022 — most of which will be
driven by the non-oil sector as oil prices are unlikely to rise significantly
in the near future — and identifies the most promising sectors to help drive
growth in the region. These include education, information & communication,
fintech and pharmaceuticals. Other focus areas are aiding the growth of the manufacturing
sector in North Africa and the Middle East’s push for renewables.

 

“North African economies,
specifically Morocco and Tunisia, can build on the ongoing shift to high-tech
manufacturing and expansion of their trade networks while the Middle East is
well endowed with renewable energy sources and raising funds for renewable
energy projects is becoming easier,” noted Niels De Hoog, Senior Economist,
Atradius. “These efforts must be taken to the next level because holding on to the
current economic model will form an increasing drag on growth.”

 

Get the Atradius MENA Economic
Report here: https://atradius.com.hk/en/publications/economic-research-mena-economic-growth-engine-falters.html

 

About Atradius

Atradius is a global provider
of credit insurance, surety and collection services, with a strategic presence
in over 50 countries. The credit insurance, bond and collection products
offered by Atradius protect companies around the world against the default
risks associated with selling goods and services on credit. Atradius is a
member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in
Spain and one of the largest credit insurers in the world. You can find more
information online at www.atradius.com.hk

Connect
with Atradius on Social Media

Twitter

https://twitter.com/atradius

LinkedIn

https://linkedin.com/company/atradiusasia

YouTube

https://www.youtube.com/user/atradiusgroup

 

Atradius: COVID-19 crisis lends fresh urgency to MENA economic diversification efforts

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Atradius: COVID-19 crisis lends fresh urgency to MENA economic diversification efforts - Brand Spur

Trend Micro Placed in 2021 Magic Quadrant for Endpoint Protection Platforms

Recognized for Completeness of Vision and Ability to Execute

 

HONG KONG SAR - Media OutReach - 13 May 2021 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has been positioned by Gartner as a Leader in the Magic Quadrant for Endpoint Protection Platform for its offering, Trend Micro Apex One. The evaluation was based on specific criteria that analyzed the company's overall completeness of vision and ability to execute.


Trend Micro is continually innovating and anticipating emerging threats. Our flagship Apex One endpoint protection platform features broad coverage against today's most critical threats. Our customers are protected using a range of techniques including virtual patching, which immediately protects against exploits until the vendor patch is applied.

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Read the full Magic Quadrant for Endpoint Protection Platform report at: https://resources.trendmicro.com/Gartner-Magic-Quadrant-Endpoints.html

"The endpoint has become a key battleground as determined threat actors try to take advantage of the pandemic to target distributed workforces and vulnerable remote access infrastructure. But throughout this difficult period, we've been there for our customers," said Wendy Moore, vice president of product marketing for Trend Micro. "I'm delighted to see us recognized again for doing what we do best: Protecting global organizations through innovative, cloud-first and platform-based security. We will continue to focus on offering simple, robust and industry-leading protection through our cybersecurity platform."

At the heart of the company's cybersecurity platform is Trend Micro Vision One, which delivers visibility and XDR using telemetry from Apex One in addition to email, servers, cloud workloads and networks for faster detections and investigations.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

* Gartner disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro's cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk


#TrendMicro


Atradius: COVID-19 crisis lends fresh urgency to MENA economic diversification efforts - Brand Spur
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Latest News

Trend Micro Placed in 2021 Magic Quadrant for Endpoint Protection Platforms

Recognized for Completeness of Vision and Ability to Execute

 

HONG KONG SAR - Media OutReach - 13 May 2021 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that it has been positioned by Gartner as a Leader in the Magic Quadrant for Endpoint Protection Platform for its offering, Trend Micro Apex One. The evaluation was based on specific criteria that analyzed the company's overall completeness of vision and ability to execute.


Trend Micro is continually innovating and anticipating emerging threats. Our flagship Apex One endpoint protection platform features broad coverage against today's most critical threats. Our customers are protected using a range of techniques including virtual patching, which immediately protects against exploits until the vendor patch is applied.


Read the full Magic Quadrant for Endpoint Protection Platform report at: https://resources.trendmicro.com/Gartner-Magic-Quadrant-Endpoints.html

"The endpoint has become a key battleground as determined threat actors try to take advantage of the pandemic to target distributed workforces and vulnerable remote access infrastructure. But throughout this difficult period, we've been there for our customers," said Wendy Moore, vice president of product marketing for Trend Micro. "I'm delighted to see us recognized again for doing what we do best: Protecting global organizations through innovative, cloud-first and platform-based security. We will continue to focus on offering simple, robust and industry-leading protection through our cybersecurity platform."

At the heart of the company's cybersecurity platform is Trend Micro Vision One, which delivers visibility and XDR using telemetry from Apex One in addition to email, servers, cloud workloads and networks for faster detections and investigations.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

* Gartner disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro's cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk


#TrendMicro


Atradius: COVID-19 crisis lends fresh urgency to MENA economic diversification efforts - Brand Spur
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