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Monday, January 22, 2018 Jumada I 5, 1439 AH DIGITAL TECH FOCUS : Page 15 GULF TIMES Small businesses in Qatar benefi t from BUSINESS MoTC workshops Higher oil, gas prices seen lifting Qatar’s growth over next 2 years

New Barzan gas project is expected to boost Qatar’s gas production by 1.4bn cubic feet a day

By Pratap John Chief Business Reporter

Moderately higher oil and gas prices may lift Qatar’s growth over the next two years, while the new Barzan gas project is expected to boost gas production by 1.4bn cubic feet a day, FocusEconomics has said in an overview. Robust global growth and Qatar’s relatively diversified economy should prompt economic growth to accelerate in 2018. FocusEconomics panellists forecast Qatar’s growth at 2.8% in 2018 as well as in 2019. Hydrocarbons form the bedrock of Qatar’s economy, the overview said. Despite the government’s concerted diversification eff orts, oil and gas revenues still account for around half of GDP, some 90% of fiscal receipts and the bulk of exports, making the country “vulnerable” to global price swings. After oil and gas prices tanked a few years ago, the Qatari economy followed suit, with growth dropping from 4.4% in 2013 to an estimated 2.6% last year. The file photo taken on February 6, 2017 shows the Ras Laff an Industrial City, Qatar’s principal site for production of liquefied natural gas and gas-to-liquids. Qatar’s prudent investment Over the same period, the large, sustained fiscal surpluses in large scale LNG has contributed to one of the highest levels of GDP per capita in the world, estimated at $64,447 in 2017. enjoyed in the decade up to 2015 were wiped out in one fell swoop, with the country expected to have registered a sizeable budget deficit last year for the first time in 15 years. However, Qatar has had a softer economic landing than most other oil-exporting nations, FocusEconomics panellists said. “Prudent spending in the years leading up to 2015 means CI affi rms Qatar currency the country’s breakeven oil price is substantially lower than the GCC average; as a result the country’s fiscal deficit is projected to have been the second-lowest among Gulf Co-operation Council (GCC) members, and far below the yawning deficit observed in neighbouring Saudi Arabia,” FocusEconomics said. “Qatar’s colossal sovereign wealth fund, the fruit of over a ratings despite Gulf crisis decade of sound economic management, has cemented confidence in the economy and allowed the government By Santhosh V Perumal with a reserve to production ratio of around drawals to fi nance the budget or support prices be lower than its expectations, this to issue $9bn in bonds last May in order to finance the Business Reporter 58 years. Qatar’s prudent investment in the banking system and GREs (government could lead to higher than projected defi cits budget deficit,” FocusEconomics said. large scale LNG has contributed to one of related entities) may be required should in the absence of substantial fi scal consoli- The 2017 budget approved last month signalled the the highest levels of GDP (gross domestic regional tensions intensify or become pro- dation measures. government’s intention to continue to pare back apital Intelligence (CI), the inter- product) per capita in the world, estimated longed. Tensions are also likely to trigger Nonetheless, gross government debt re- government expenses and channel available resources national credit rating agency, has at $64,447 in 2017. higher fi nancing risks. CI also notes that in mains moderate, albeit now on the rise, at towards health, education and capital investment for the Caffi rmed Qatar’s long-term foreign At present, Qatar remains a “comfort- view of the limited disclosure of the level an estimated 51% of GDP in 2017. Taking 2022 World Cup. and local currency ratings of ‘AA-’ and able” net external creditor, CI said, adding and asset classes of the assets held by QIA, into consideration the debt of GREs, overall Getting ready for the games is proving to be a short-term foreign and local currency rat- the sizeable foreign assets under the man- it is diffi cult to assess the impact of the public debt is probably equivalent to about “gargantuan” task, with an “eye-watering” $500mn ings of ‘A1+’ despite the ongoing Gulf cri- agement of the Qatar Investment Author- boycott on these assets. 85% of GDP, which is relatively high com- currently being spent weekly on the construction of sis. ity (QIA), which are reported to be around The central government budget is ex- pared to other similarly rated sovereigns in stadiums, hotels, roads and sewage works, the report said. “Qatar’s ratings are supported by the $340bn (195% of GDP in 2017), provide the pected to post a higher-than-expected CI’s ratings universe, the rating agency said. “The government has declared that two thirds of projects country’s substantial economic wealth,” CI country with the capacity to absorb exog- defi cit of about 7.7% of GDP in 2017 (which Qatar’s ratings remain constrained by will be delivered this year and next, which will provide said, adding the country is the world’s third enous shocks and mitigate concentration ends in March), due to higher spending and economic concentration risk and fi scal domestic demand with a welcome shot in the arm going largest producer of natural gas after Russia risks arising from the dependence on hy- weaker revenues. rigidity, notwithstanding recent reforms forward,” FocusEconomics said. and Iran and is by far the largest exporter of drocarbons. Based on the assumption that hydrocar- aimed at diversifying the economy. In ad- Further subsidy cuts and tax rises, coupled with higher liquefi ed natural gas (LNG). Although deemed strong, the govern- bon prices are likely to pick up slightly in dition, the country’s public institutional commodity prices, should slowly shore up the country’s According to the International Energy ment’s external asset position, including the short to intermediate term, CI expects framework is still at relatively early stages fiscal position, although the fiscal balance is set to remain Association, the country has proven natu- the assets of QIA, are expected to remain the budget defi cit to narrow to 2.9% of GDP of development and fi scal transparency – in deficit for the foreseeable future, the overview said. ral gas reserves of around 883tn cubic feet under increasing pressure and future with- in 2018. However, should hydrocarbon while improving – is not high. Opec, Russia signal oil cuts may endure past 2018

Bloomberg see how the market develops before decid- London/Kuwait ing if there’s a need to adjust caps on pro- duction, he told reporters earlier. Al-Falih said that soft oil demand fore- pec and Russia reaffi rmed that seen in the fi rst half led the ministers to they’ll persevere with oil-produc- consider cutting for the full year. “We’re Otion cuts until the end of the year uncertain that the pace of inventory draw- to clear a global glut and signalled they’re down will continue in coming months,” he ready to co-operate beyond that. said. Excess oil inventories have declined by Producers should keep cutting output 220mn barrels from a level of 340mn barrels until the end of the year as the oil market in early 2017, he said. may re-balance at the end of the year or in The ministers held a teleconference with 2019, Saudi Arabia Energy Minister Khalid Opec and its allies see merit in counterparts from two countries – Iraq and al-Falih told a news conference in Muscat, maintaining their output limits into Kazakhstan – which haven’t complied with Oman. The oil market still isn’t fully re-bal- 2019, Oman Oil Minister Mohammed the cuts, al-Falih said. While the Iraqi and anced, though the ministers from Opec and al-Rumhy told reporters before the Kazakh ministers said they face challenges, allied producers agreed yesterday in Muscat monitoring committee’s meeting they expressed their commitment to im- that their output-cuts agreement is work- prove their compliance, he said, adding that ing, Russian Energy Minister Alexander Arabia met with counterparts from Russia Iraq’s compliance has shown signifi cant im- Novak said at the conference. and Oman in Muscat to assess compliance provement. The compliance rate in 2018 will “As we approach the re-balancing by the with the cuts accord expiring at the end of beat the 107% average in 2017, al-Falih said. end of 2018, we need to extend the frame- the year. Saudi Arabia and Russia are leading Opec and its allies see merit in maintain- work but not necessarily in the production the eff ort to trim production to drain stock- ing their output limits into 2019, Oman levels,” al-Falih said in a joint interview with piles and prop up prices. While benchmark Oil Minister Mohammed al-Rumhy told his Russian counterpart on Bloomberg tel- Brent crude has gained 2.6% this month, reporters before the monitoring commit- evision. With a third of the surplus in global US oil output is set for strong growth this tee’s meeting. UAE Energy Minister Suhail crude inventories still to be cleared, oil min- year as prices rally, the International Energy al-Mazrouei said in a speech that global in- isters agreed to co-operate beyond the end Agency said on Friday. ventories are 118mn barrels above their his- Russia’s Energy Minister Alexander Novak speaks with journalists during the 7th Meeting of the Joint of this year, without deciding on a mecha- Russia agreed to continue co-operation torical fi ve-year average, and the positive Ministerial Monitoring Committee in Muscat yesterday. The oil market still isn’t fully re-balanced, though the nism for this cooperation, he said. with Opec, even without cutting output, trend in Opec’s compliance over the past ministers from Opec and allied producers agreed yesterday in Muscat that their output-cuts agreement is Ministers from the Organisation of Petro- if that helps to support the market, Novak fi ve months will help to balance the market working, Novak said. leum Exporting Countries including Saudi said in the interview. Ministers will need to quickly. Gulf Times 2 Monday, January 22, 2018 BUSINESS

Oil, China hold key to future LNG price direction Norway’s record oil awards show less risk-prone explorers

Bloomberg come more risk-averse,” he said Oslo in an interview on Wednesday on the sidelines of an oil con- ference in Sandefj ord, south of il companies picked up a Oslo. “You’re going to fi nd more record-breaking number hydrocarbons where hydrocar- Oof oil and gas explora- bons have been found before. tion licences in Norway, a clear So a new idea in an old basin can refl ection of rising optimism as trigger a signifi cant develop- the industry recovers from a his- ment.” toric slump. The preference for lower-risk The awards, which cover ar- exploration shows how the Nor- eas off Norway already heavily wegian oil and gas province is populated by oil fi elds, highlight changing after more than four how explorers are favouring decades of production, said Pe- safer bets with access to exist- troleum and Energy Minister ing infrastructure, rather than Terje Soviknes. frontier Arctic areas. Despite the “Some companies don’t wish crude-price recovery, demand to go that far north, and don’t was lacklustre in a separate of- have the resources or struc- fering of licences in the Barents ture to handle that,” he said last Sea following disappointing ex- Tuesday, after announcing the ploration results and a retreat 75 licences at the same confer- of the biggest international oil ence. The record awards in ma- companies. ture areas are “a natural con- While the changing make- sequence of the fact that we’ve up of the Norwegian industry, become a much more mature with smaller, more special- shelf.” ised companies, is one expla- Norway’s oil and gas produc- nation, a more cautious ap- tion peaked in 2004. While fresh China has already pushed liquefied natural gas prices to a three-year high, and with most LNG contracts still linked to crude oil, the rally is supported by strengthening proach in exploration has been forecasts from the Norwegian oil, according to Bloomberg. Current prices will probably hold until demand outpaces supply and crude inventories continue to decline, said Claudio Steuer, director of a global trend for the last cou- Petroleum Directorate showed SyEnergy Ltd, a Poole, England-based energy consultant. Spot LNG buyers in the meantime “need to exercise caution not to overcommit and risk overpaying” while the ple of years, said Jez Averty, it might revisit those levels again fundamentals are unclear, he said. head of exploration for Nor- in 2022 and 2023 thanks to cost way and the UK at Statoil ASA, cuts and other effi ciency meas- the Nordic country’s biggest ures, output is forecast to de- oil company. cline again in the fi rst half of the “Many companies have be- next decade. Shell, BP said to agree to US gas traders fi nally believe in winter 2018 deals for Libya oil after supply plunge Bloomberg ting their positions in recent Bloomberg New York weeks, seasonal short sellers Cairo are still holding sizeable bets on price declines. Gas futures have atural gas speculators been pinging in a narrow trad- oyal Dutch Shell and BP agreed to are fi nally starting to ing range for months with the annual deals to buy Libyan crude, Nbelieve in winter, with weather pattern known as La Runderscoring how the North Afri- bullish bets increasing by the Nina contributing to tempera- can country’s recovering production and most since June 2016. tures swinging between mild improving security are enticing some of Money managers boosted and frigid. “This La Nina phe- the world’s largest oil companies. net-long positions in seven gas nomenon is just wreaking havoc Shell’s deal with Libya’s National Oil contracts by 42% in the week on the weather models,” Kilduff Corp was the fi rst of its kind since 2013, ended January 16, according to said by telephone. and Europe’s biggest oil company will US Commodity Futures Trading Gas futures climbed 20.6 cents, load its fi rst cargo under the contract Commission data. or 7.1%, to $3.129 per million Brit- within days, according to people famil- It took a government report ish thermal units on the New York iar with the matter, who asked not to showing a record stockpile draw Mercantile Exchange during the be identifi ed because they’re not au- to persuade sceptics that high CFTC report week. Trading vol- thorised to talk to the media. BP, which demand and well freeze-off s ume soared to an all-time high didn’t have a term deal in 2017, also earlier this month did indeed on Nymex on January 12. Prices, reached an agreement for this year, the dent supplies. The storage defi - which touched a seven-month people said. cit versus the fi ve-year average high, settled at $3.185 on Friday. Libya pumped the most oil in four is now the widest in more than One lesson bulls keep turning years in 2017 amid signs that the worst three years. Temperatures across to is the winter of 2013 to 2014, of a confl ict that hobbled output was be- a wide swath of the US slid to sin- when a polar vortex drained ing resolved. While the return of Shell gle digits during the survey week. near-record-high gas invento- and BP to its list of customers would be Forecasts show warmer weather ries to an 11-year low by March. good news for Libya, the country’s pro- A general view of an oil facility in the northern Libyan town of Al-Buraqah. Libya’s output averaged 828,000 bpd in 2017, the highest for two weeks, with the chance of When Arctic air hits, “it doesn’t duction remains well below where it used annual average since 2013, according to data compiled by Bloomberg. more frigid readings in early Feb- matter how much we have in to be under the rule of dictator Muam- ruary and March, said Commod- storage, we can rip through most mar Gaddafi . Boosting output will also be wasn’t immediately able to comment, NOC’s list of 2017 term buyers, which geria have committed to restricting their ity Weather Group LLC. of it,” Kilduff said. “I’m leaving challenging because Libya made a com- while BP spokesman David Nicholas de- includes companies such as Vitol Group, combined production to about 2.8mn “There’s still the potential for myself open for that potential.” mitment to Opec to limit supplies to re- clined to do so. Glencore, Total SA and OMV AG, accord- bpd as part of a producer pact led by the winter to end up being a bust Even if temperatures don’t duce a global surplus. Mustafa Sanalla, chairman of Libya’s ing to a document obtained by Bloomb- Organization of Petroleum Exporting with overall demand, but the plunge as low as they did in early Shell is set to start loading 600,000 National Oil Corp, didn’t answer phone erg. Countries to cut an oversupply. counterargument for the bulls January, colder-than-normal barrels of crude from Zueitina port, the calls seeking comment. Libya’s oil production returned to Libya’s output averaged 828,000 bpd is there is plenty of runway left,” readings are poised to widen company’s fi rst direct loading from the In August, Shell bought its fi rst ship- about 1mn bpd earlier this month, fol- in 2017, the highest annual average since said John Kilduff , partner at supply defi cits because the last North African country in years, two ment of Libyan crude in fi ve years in a lowing power disruptions at the Sharara 2013, according to data compiled by Again Capital LLC in New York. two winters were unusually of the people said. A Shell spokesman spot deal. Neither company was on the fi eld, the nation’s largest. Libya and Ni- Bloomberg. While bears have been cut- mild.

Bloomberg QuickTake Q&A Why US is buying natural gas from Russia

By Rob Verdonck and Anna Shiryaevskaya off from London three weeks ago, natural gas tanks. The first vessel of its kind is named after Warsaw/London prices in the northeast US have fallen from the colourful former Total SA chief executive record levels. off icer who died in 2014 when his plane crashed Is it actually Russian gas? into a snowplow at Moscow airport. For a lesson in how liquefied natural gas is Why couldn’t Boston get US gas? radically reshaping the global energy market, Yes and no. The actual molecules were a mix consider the tale of a ship heading to Boston. of gas of varied provenance, coming as they While the US is the world’s biggest natural gas The huge Gaselys tanker is being closely did from a storage tank in the UK that also producer and is now also a net exporter of the tracked by energy traders, since its arrival contained fuel from Algeria, Trinidad and fuel thanks to its shale gas boom and the start would mark the first imports into North America Tobago and Qatar, among others. What we of exports from the Gulf Coast in February 2016, that included some gas from a project in Russia do know is that Engie bought the cargo from New England is still dependent on LNG brought subject to US sanctions. The journey, delayed Petroliam Nasional Bhd and that the Malaysian in on ships for almost 10% of its needs, mainly in by weather, could raise questions about where company in turn bought it from Yamal LNG winter for use in heating, according to the State America gets its fuel. operator Novatek PJSC. It was the first cargo Department. LNG, which is gas cooled to minus Why is the US buying gas from from the Siberian plant. 260 degrees Fahrenheit (minus 162 degrees Europe? So why didn’t it come straight from Celsius) so it takes up 1/600th of the volume, Siberia? can’t be shipped in from new export terminals The US in 2014 imposed fi nancial sanctions on a number of Russian energy Well, it was cold. French energy giant Engie SA on the Gulf of Mexico. That’s because none of projects, including the Yamal LNG project, due to the nation’s role in the Ukrainian bought the cargo to meet high gas demand Because Yamal LNG is the most northerly plant the world’s fleet of almost 500 tankers meets crisis during freezing weather in the northeast US. producing the fuel in the world, with no sun the requirements of the 1920 Jones Act, which Although it’s not completely unheard of for for two months of the year and temperatures mandates that vessels moving between US Engie for supplies from the project, which are including the Yamal LNG project, due to the US to receive gas from Europe (Norway that can drop to minus 50 Celsius (minus 58 ports be built and registered in the country, and for the Montoir terminal in western France but the nation’s role in the Ukrainian crisis. The has previously sent LNG to the US), this would Fahrenheit), it had to build the world’s first crewed by Americans. are not restricted by destination, meaning the restrictions forced Novatek to re-think funding be the first time that the US imported a cargo ice-breaking LNG tankers able to sail through Is Russian LNG likely to come to the French company may send them elsewhere, options for the project and the company from northwest European storage tanks, some more than 2 meters (6.5 feet) of ice. The fuel is US in the future? including its Everett terminal near Boston. banned deputy chief executive officer Mark of which undoubtedly came from the $27bn transshipped onto cheaper conventional vessels Weren’t there US sanctions on Gyetvay from working on the financing deal Yamal LNG plant Russia started a month ago. in northwest Europe at terminals with the Possibly, but it will depend on prices. As long as Russian energy? as he is a US citizen. The project succeeded The Gaselys tanker changed course on January facilities to do so, including the UK’s Isle of Grain. they are high enough in Asia to off set increased despite the sanctions. As far as the cargo on 19 and delayed its date of arrival for weather The ice-class tanker Christophe de Margerie shipping costs in the winter, cargoes from Yamal The US in 2014 imposed financial sanctions the Gaselys is concerned, Engie said the fuel is reasons, according to Engie. Since the ship set picked up the first cargo for delivery to storage will likely go there. Novatek has a contract with on a number of Russian energy projects, compliant with all US trade laws. Gulf Times Monday, January 22, 2018 3 BUSINESS Almarai Q4 profit down 4.3% as competition pressures prices

Reuters forecast 531mn riyals. Dubai Almarai said market competition has intensified leading to pressures on prices, but it Saudi Arabia’s Almarai, the Gulf’s protected its operating profit largest dairy company, reported and its balance sheet with strict a 4.3% decline in fourth-quarter cost control and a reduced profit yesterday due to tough investment level. Almarai has lost market conditions that prevailed access to the Qatari market since throughout 2017, missing some June after Saudi Arabia severed analysts’ estimates. trade and travel links with its Almarai made a net profit of neighbour in the Gulf’s most 513mn riyals ($136.8mn) in the severe diplomatic split in years. three months to December The company said revenue 31, compared to a net profit of declined 2.6%, mainly due to 536mn riyals in the year-earlier loss of sales in the Gulf states period. and export countries, though SICO Bahrain had projected a sales were partly compensated net profit of 549.5mn riyals for by poultry, dairy and cheese Almarai and NCB Capital had products. Almarai has lost access to the Qatari market since June aft er Saudi Arabia severed trade and travel links with its neighbour

Kuwait said to join Gulf bond Iraq’s Kurdistan gas rush with plans for dollar sale

Bloomberg project gets boost Kuwait

uwait is weighing plans to sell dol- lar-denominated bonds, according Kto people familiar with the matter, joining other Gulf Cooperation Council states also said to be considering sales. amid political tumult Offi cials from the oil-rich Gulf nation have held talks with banks about the pos- Bloomberg for Genel’s plans to create a sibility of a sale as soon as the fi rst quar- London “transformational” gas busi- ter, two of the people said, asking not to ness, the fi elds are also key to be identifi ed as the discussions are pri- the KRG: the region pumps vate. The bond is likely to be in line with lans to export natural just 310mn cubic feet a day or higher than Kuwait’s last issuance of gas from Iraqi Kurdis- from its Khormor fi eld, all for $8bn in March 2017, some of the people Ptan got a boost after re- the local market, Wood Mac- said. serves were upgraded at two kenzie Ltd data show. Saudi Arabia and Abu Dhabi are plan- key fi elds. Yet successful de- Genel expects to complete ning to tap the debt market in the fi rst velopment still hinges on the a plan to develop the fi elds quarter to help plug budget defi cits, peo- region’s turbulent politics. shortly, and is also looking at ple familiar with the matter said earlier The Miran and Bina Bawi ways to transport and sell the this month. Oman already raised $6.5bn deposits hold 14.8tn cubic feet gas, according to the state- from a bond off ering this year as the Mid- of contingent gas resources, ment. A fi nal investment de- dle East’s biggest non-Opec producer also explorer Genel Energy said cision could be taken once seeks to bridge a defi cit. on Friday in a statement after there’s suffi cient progress on Plans for a bond sale would need to be an audit was carried out by these elements, it said. approved by Kuwait’s parliament. The Na- RPS Energy Consultants Ltd. Production at Miran and tional Assembly’s fi nance and economic That’s an increase of more Bina Bawi is reliant on con- committee this month approved a draft than 40% from the previous struction of a processing plant law that allows the government to raise as estimate in 2016. and export pipeline, which the much as 25bn dinars ($83bn) from inter- The upgrade is a boon for KRG would oversee. The fi elds national and local markets. The law still Genel, whose fi elds could also hold signifi cant amounts needs to be approved by the assembly. turn the semi-autonomous of toxic sulphur, which makes The ministry of fi nance said in an province into a gas exporter development more complex, emailed response to questions that no by sending fuel to Turkey. according to Wood Macken- decisions have been made “regarding any But risks remain. The project zie. potential issuance, timing or size of is- stalled last year after an inde- “These are very good as- suance” and no roadshows are currently pendence referendum stoked sets, but quite complicated planned. tensions between the Kurdis- and diffi cult as well for just Once a debt law is in place, the minis- tan Regional Government and going to happen with Miran there’s little hope of “any ma- down of key crude fl ows from future growth. Genel to do it on its own,” try “will determine if and when any in- federal authorities. The vote and Bina Bawi,” Daniel Slater, terial progress on funding or the disputed area of Kirkuk Last February, the KRG Homayoun Falakshahi, a ternational debt will be issued,” it said in also infuriated Turkey, which an analyst at Arden Part- anything else on it until the after Baghdad seized control committed to buying the gas WoodMac analyst, said be- a statement. “Debt is integral to the gov- has its own restive Kurdish ners Plc, said before Friday’s tensions between the KRG and of oil fi elds. Genel’s oil opera- from Miran and Bina Bawi for fore the reserves update. ernment’s balanced approach to fi nance population. resource update. While the Baghdad die down.” tions weren’t aff ected, but the export, signing accords with “The project needs the stars short-term fi scal requirements through a “The referendum has really fi elds could be a “signifi cant The standoff following the company had already said it Genel with a one-year option to be aligned, but it’s not the prudent and responsible mix of GRF with- been the key to what is or isn’t source of upside” for Genel, Kurdish vote led to the shut- was looking to natural gas for to terminate. While crucial case for the moment.” drawals and debt issuance.”

Discount on Turkish banks too good to ignore, says Is Investment Turkish billionaire

Bloomberg discount in more than eight years. Sahenk said to plan Istanbul Here are the other highlights from Is Investment’s equity strategy in 2018: While valuations outside of banks aren’t unit split for IPO When it comes to finding value in as attractive compared with emerging- emerging-market banking stocks, market peers, Is Investment favours Turkish lenders stand out, according to Is companies with hard-currency revenue Bloomberg Investment. from exports whose share prices suggest Istanbul Away from financials, the brokerage is sizable upside potential. Tupras Turkiye positive on Turkish companies that export Petrol Rafinerileri AS and Trakya Cam and earn hard currency and those that Sanayii AS are examples, because they urkish billionaire Ferit Sahenk is considering spinning are positioned for a potential increase in stand to gain from favourable moves in off part of his restaurant business for a potential initial spending by local consumers, Emre Sezan the volatile lira. Tpublic off ering, according to people with knowledge of and Bulent Sengonul, equity research Jeanmaker Mavi Giyim Sanayi the matter. managers at the firm, said in an interview Ve Ticarat AS is a new addition to the Sahenk’s investment fi rm Dogus Holding AS is working in Istanbul last week. investor’s preferred stocks, with Sezan with advisers to carve out some of the restaurants under Do- Is Investment is overweight on Turkish seeing growth in the Turkish economy gus Restaurant Entertainment & Management into a sepa- banks at 30%, compared with lenders’ this year relying heavily on domestic rate unit, said the people, asking not to be identifi ed because 27% allocation in the benchmark Borsa consumption. the talks are private. The spin-off will contain the franchise Istanbul 100 Index. Turkiye Garanti Sees benchmark index ending 2018 of Japanese restaurant Zuma and the Nusr-Et steakhouse, Bankasi AS and Yapi ve Kredi Bankasi AS near 124,000, implying about 8% upside popularly known by its founder chef’s meme Salt Bae, among are its most-preferred sector stocks. potential from current levels. others, the people said. Even after last year’s 32% gain, the Borsa Initial public off erings this year, Once the spin-off is complete, the new unit could sell Istanbul Banks Index trades at 5.4 times estimated at around $4bn, may limit the a dollar-denominated bond later this year and then IPO estimated earnings over 12 months, index’s advance as they draw much of any in London in 2019, the people said. D.ream, as the res- compared with 9.9 times for the MSCI EM new money flowing to the market, the taurant business is known, operates outlets including Da Financials Index. That’s near the largest analysts say. Mario, Fenix, Coya, Gina and Gunaydin, according to its website. “Food and beverages is an area that we are very focused on and are growing fast,” Dogus Holding said in an e-mailed statement. “We have various plans to further support this growth. 2018 will be a year that we will implement growth- oriented actions. We will do a lot of work in the area of food and beverages this year.” Losses at Dogus Holding, which also has interests in ho- tels, car sales, television, fi nance, construction and energy, widened to 1.48bn liras ($390mn) in the fi rst half of 2017 from 276mn liras loss a year earlier, according to the most re- cent data on its website. The company’s total liabilities was 26.1bn liras at the end of June. Sahenk, who also owns Volkswagen AG’s sole distributor in Turkey, is in talks to sell stakes in some assets and could strike a deal for one or more of these this year, Dogus Holding chief executive Husnu Akhan said in November. The com- pany also wants to increase its number of hotels to 25 in three years from 19, he said. Gulf Times 4 Monday, January 22, 2018 BUSINESS

Dalian Wanda Group won’t face any worldwide defaults, says Wang

Bloomberg employees in the speech on entertainment conglomerate with the situation. “Around the Shanghai Saturday at Dalian Wanda’s annual has sped up asset disposals after world and in China, the trend is meeting in northeast China’s facing intensified regulatory deleveraging and debt reduction,” Harbin City. “Now we’ve decided scrutiny over what authorities Wang said. “It doesn’t make Chinese billionaire Wang Jianlin to pay off overseas debt. We only called “irrational” overseas sense to go against the trend and said his Dalian Wanda Group need to sell half of (overseas) investments. leverage up.” Co will not face any defaults assets to pay off all that debt.” Only 7% of the company’s assets Wang didn’t give a time frame for worldwide and will pay off all its Wanda Group sees revenue are overseas, Wang said. how soon the company would foreign debt as he carries out a picking up in 2018, with a target Explaining the July asset sales, be able to pay down its foreign broad divestiture plan in the face of 247.9bn yuan, Wang said in the Wang said Wanda would have debt. The group’s flagship Wanda of regulatory scrutiny over the speech. Sales for the closely-held been under a lot of pressure Commercial Properties Co has company’s foreign investments. group dropped 10.8% last year to because the group’s total debt more than $2bn in loans and In July, the group sold most of its 227.4bn yuan, the company said at would have risen by 100bn bonds coming due this year, with domestic theme-park and hotel its annual meeting. yuan every year for the next the earliest tranche, a $510mn assets for more than $9bn. The Wang reversed course in 2017, five to six years if it continued loan repayment, due by end of disposals reduced Wanda’s debt by paring down his empire and to develop theme parks. Asset March. Going forward, Dalian 44bn yuan ($6.8bn) and allowed exiting planned deals after years sales continued after July, with Wanda will focus on expanding the company to recoup 67bn yuan of paying up for film studios, Wanda agreeing last week to sell its shopping-mall business and in cash, Wang said in the transcript exhibitors and building theme a luxury hotel and condo complex plans to open 52 new malls in of a speech posted Sunday on parks and luxury hotels in a bid in London. The company is also 2018, Wang said on in the speech. Prospective customers look at a screen displaying artist’s impressions of the Dalian Wanda Group’s Dalian Wanda’s website. to overtake Walt Disney Co as close to selling two high-end The company will also set up Oriental Movie Metropolis at a real estate showroom inside the project’s site in Qingdao, China (file). “Wanda has made some the world’s largest entertainment real estate projects in Australia new property and commercial Wanda Group sees revenue picking up in 2018, with a target of 247.9bn yuan. investments overseas,” he told company. The property-to- according to people familiar management units.

India’s top explorer China is getting more raises debt plan to bang for its credit buck $5.48bn for HPCL stake as growth picks up Bloomberg New Delhi Bloomberg Beijing ndia’s biggest oil and gas ex- plorer has widened its fi rst hina is squeezing more eco- Idebt-raising plan to as much nomic growth out of new credit, as $5.48bn to buy state-run refi ner Csignalling that the nation is Hindustan Petroleum Corp. shedding some of the wasteful invest- Oil & Natural Gas Corp’s board ment of the past. has approved raising as much The amount of new credit needed to as 350bn rupees in loans to buy generate each dollar of economic out- the government’s 51.1% stake in put fell to about 28 cents in 2017 from HPCL, chairman Shashi Shanker slightly more than 30 cents a year ear- said in New Delhi on Sunday. That lier, according to estimates by Bloomb- would be a 40% increase from its erg Economics updated following re- plan last year to raise 250bn ru- lease of full-year 2017 gross domestic pees. The state-run explorer said product data on Thursday. on Saturday it will pay 369bn ru- That backs calls made by JPMor- pees in cash for the stake. gan Chase & Co saying that ineffi cient The acquisition is part of a plan capital allocation has started to “bot- to create an oil major that was fi rst tom” while Nomura Holdings Inc says outlined by Finance Minister Arun China’s “credit cycle has peaked.” Jaitley while presenting the federal China has accumulated a mountain budget in February last year. The of debt to fuel growth since the global stake sale will help the government fi nancial crisis, fostering zombie com- meet more than of half of its asset- panies and excess industrial capac- disposal plan for the year to March ity, and prompting the International 2018 and is crucial for narrowing Monetary Fund to warn of the risk of its budget gap. a “sharp adjustment.” Wringing more “We will use our cash fi rst and value from credit coincides with Presi- then the liquid assets and debt will dent Xi Jinping’s intensifi cation of a be last,” Shanker told reporters. campaign to crack down on fi nancial “This order can change, because risks and polluting companies. we won’t sell the liquid assets in “It is an important turning point,” distress. Also, we have off ers for said Robin Xing, chief China econo- A bullet train departs from Beijing South Railway Station to Shanghai (file). China has accumulated a mountain of debt to fuel growth since the global financial crisis, over 500bn rupees debt at very mist at Morgan Stanley Asia Ltd in fostering zombie companies and excess industrial capacity, and prompting the International Monetary Fund to warn of the risk of a “sharp adjustment.” competitive rates, both foreign Hong Kong. “The global recovery since currency and local.” last year and a booming services in- ly-indebted industrial companies has Another factor is a rising contribu- could suggest that there’s less wasteful employment may actually benefi t.” The company currently has dustry is providing the room to control slowed, says Zhu Haibin, chief China tion to growth from consumption, serv- spending on white elephant projects,” Might policy makers still resort to old about 130bn rupees in cash re- debt without triggering a major eco- economist at JPMorgan in Hong Kong. ices and the new economy, which are less said Andrew Collier, an independ- investment habits to prop up slowing serve, Shanker said, adding that nomic correction.” “In sectors from steel to coal mining, credit intensive than the “old economy,” ent analyst in Hong Kong and former growth? Xing thinks it’s unlikely this the company could also sell the Drivers of better credit effi ciency we’ve seen industry profi ts rebound says Xing. Consumption, which includes president of Bank of China Interna- time round, all the more so because a shares it holds in India’s biggest include rising producer prices – they but very little new investment,” says some government spending, contributed tional USA. “As credit becomes tighter, tailwind from exports is giving ample refi ner Indian Oil Corp and state- boost corporate profi ts, enabling en- Zhu. “That’s probably the most impor- 58.8% of GDP growth last year. there will be a scramble for capital, room to follow through on their regu- run gas utility GAIL India Ltd. terprises to pay down debt. At the same tant thing to explain the stabilization of “Growth in fi xed-asset investment and it is possible that the better busi- latory clampdown and pollution curbs ONGC holds a 13.8% stake in In- time, new investment by many heavi- credit allocation effi ciency.” has declined steadily every year, which nesses that can generate growth and without spurring a slowdown. dian Oil and a 4.8% stake in GAIL.

Abbasi to make ‘Invest in Pakistan’ pitch at WEF gathering in Davos ADB set to help Pakistan develop

Internews inaugurate the meeting on Tuesday and Islamabad US President Donald Trump will address economic corridors to lift growth the closing ceremony on Friday with his “America First” message, which is in contrast Pakistani Prime Minister Shahid Khaqan to the theme of the annual gathering. Internews and coordination; promote the Abbasi will make a “Invest in Pakistan” Unlike last year when former prime minister Islamabad role of the private sector; enhance pitch to a gathering of wealthy business Nawaz Sharif did not address any of the capacity, and learn from best prac- executives and powerful world leaders at the more than 400 sessions, Abbasi will speak at tices. World Economic Forum (WEF) in the Swiss the Belt and Road Impact session along with he Asian Development Bank The technical assistance has ski resort of Davos this week. five other panellists. (ADB) will assist Pakistan been included in the ADB country More than three-thousand elites, social Chan Chun Sing, minister in the off ice of Tto realise the potential of operations’ business plan for Pa- activists and media representatives will Singaporean prime minister, and Jin Liqun, economic corridor development kistan 2018-20, as a follow-up to attend the 48th annual meeting of the WEF, president of Asian Infrastructure Investment with a view to boosting indus- a small scale policy and advisory starting tomorrow. Bank, are among the panellists. trial productivity, exports and job project for scoping potential eco- Pakistan’s presence at the high-profile event On the sidelines, Abbasi is also scheduled to creation and thereby contribute to nomic corridors, and will support will increase this year when for the first speak about geopolitical changes in South sustained, increased and equitable development of the subsequent time a Pakistan pavilion will be established. Asia and adjacent regions, and the positive economic growth. ADB country partnership strat- A two-day conference on the sidelines will impact of the China-Pakistan Economic The technical assistance is part egy for Pakistan for 2020-24, and feature discussions, panels and receptions Corridor at the Pakistan Breakfast event. It is of the Pakistan Economic Corri- country operations’ business plans. on Pakistan’s economy and gender being organised by the PathFinder Group of dors Programme (PECP) fi nanced In 2015, ADB and DFID agreed empowerment. Pakistan. by the Department for Interna- upon PECP to support the gov- Nobel Peace Prize winner Malala Yousafzai Foreign Minister Khawaja Muhammad Asif, tional Development (DFID) of the ernment’s strategy to strengthen and Dr Sania Nishtar, president Heartfile, Minister of National Health Services Saira UK and jointly delivered by ADB regional connectivity and trade, a think tank focused on finding innovative Afzal Tarar, Minister of State for Information and DFID to promote regional accelerate economic growth and solutions for improving health systems in Broadcasting Marriyum Aurangzeb and trade and connectivity. Funding The Asian Development Bank headquarters in Manila. ADB will assist create jobs. Pakistan, are among the participants. Minister of State for Information Technology for the technical assistance will be Pakistan to realise the potential of economic corridor development with The programme consisted of This year’s theme is “Creating a Shared Anusha Rahman will accompany the premier. provided by British government. a view to boosting industrial productivity. signifi cant investment in trans- Future in a Fractured World” amid a wave of The prime minister will interact with both Outcome of the assistance port, investment and technical as- protectionism across Europe and the US that the government and business leaders, but will be economic corridor devel- Besides feasibility studies and assistance will be to study the po- sistance to promote public-private has stirred fears among the champions of the focus will be on encouraging the private opment policy and operational analytical tools will be developed tential corridors; enhance the val- partnerships and technical assist- free world trade. sector to invest in Pakistan, according to an framework in line with best prac- to make Pakistan economic corri- ue chain development programme ance to support transport sec- Indian Prime Minister Narendra Modi will off icial of the Prime Minister’s Off ice. tice strategic policy framework for dor development hub. along the corridors; strengthen tor policy and economic corridor improving trade competitiveness. The key focus of the technical strategies, policies, institutions planning. Gulf Times Monday, January 22, 2018 5 BUSINESS

SAUDI ARABIA KUWAIT OMAN

Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume Company Name Lt Price % Chg Volume

Saudi Re For Cooperative Rei 9.18 0.99 1,440,115 Boubyan Intl Industries Hold 36.00 -6.49 1,419,400 Dhofar Beverages Co 0.26 0.00 - Solidarity Saudi Takaful Co 22.80 3.12 1,491,828 Gulf Investment House Ksc 0.00 0.00 - Construction Materials Ind 0.03 0.00 - Amana Cooperative Insurance 22.36 0.49 575,303 Boubyan Bank K.S.C 460.00 0.44 224,210 Computer Stationery Inds 0.26 0.00 - Alabdullatif Industrial Inv 13.23 -1.27 92,743 Ahli United Bank B.S.C 211.00 -0.94 1,923,360 Bankmuscat Saog 0.40 0.00 72,905 Saudi Printing & Packaging C 20.38 0.59 1,143,192 Osos Holding Group Co 91.00 -1.09 61,849 Bank Sohar 0.15 -0.66 159,895 Sanad Cooperative Insurance 0.00 0.00 - Al-Eid Food Ksc 0.00 0.00 - Bank Nizwa 0.09 0.00 331,621 Saudi Paper Manufacturing Co 8.05 -0.86 294,037 Qurain Petrochemical Industr 354.00 -0.28 20,168 Bank Dhofar Saog 0.22 0.00 - Alinma Bank 20.60 0.24 9,292,268 Advanced Technology Co 0.00 0.00 - Areej Vegetable Oils Saoc 0.00 0.00 - Almarai Co 53.31 -0.95 540,814 Ekttitab Holding Co Sak 32.20 0.00 885,000 Aloula Co 0.53 0.00 - Falcom Saudi Equity Etf 29.10 -0.34 99,470 Kout Food Group Ksc 0.00 0.00 - Al-Omaniya Financial Service 0.28 0.00 - QATAR United International Transpo 29.20 -1.05 44,223 Real Estate Trade Centers Co 34.60 -3.35 38,901 Al-Hassan Engineering Co 0.02 -20.00 66,500 Hsbc Amanah Saudi 20 Etf 28.45 0.00 7 Acico Industries Co Kscc 250.00 -1.96 60,500 Al-Fajar Al-Alamia Co 0.75 0.00 - Company Name Lt Price % Chg Volume Saudi International Petroche 18.09 0.61 928,913 Kipco Asset Management Co 66.40 -12.63 2,000 Al-Anwar Ceramic Tiles Co 0.12 0.00 267,368 Falcom Petrochemical Etf 28.40 0.00 50 National Petroleum Services 792.00 0.00 4,000 Al Suwadi Power 0.14 0.00 - Zad Holding Co 75.00 0.00 - Walaa Cooperative Insurance 34.99 1.39 574,653 Alimtiaz Investment Co Kscc 161.00 0.63 1,772,899 Al Shurooq Inv Ser 0.00 0.00 - Widam Food Co 72.00 0.78 154,731 Bank Al-Jazira 13.84 -0.65 1,856,235 Ras Al Khaimah White Cement 73.50 0.00 1,010 Al Sharqiya Invest Holding 0.11 -0.90 20,000 Vodafone Qatar 7.65 -1.03 488,634 Al Rajhi Bank 70.27 0.41 2,109,230 Kuwait Reinsurance Co Ksc 192.00 0.00 5,000 Al Maha Petroleum Products M 1.00 -0.50 29,900 United Development Co 15.50 -0.96 573,934 Samba Financial Group 25.49 -0.35 309,195 Kuwait & Gulf Link Transport 133.00 8.13 6,073,515 Al Maha Ceramics Co Saoc 0.28 -1.75 15,000 Salam International Investme 6.99 -0.14 17,469 United Electronics Co 47.86 -0.25 36,821 Human Soft Holding Co Ksc 3,800.00 0.00 99,774 Al Madina Takaful Co Saoc 0.10 -2.00 706,000 Qatar & Oman Investment Co 7.71 -3.63 3,235 Allied Cooperative Insurance 19.39 -1.02 174,152 Automated Systems Co Kscc 152.00 8.57 926 Al Madina Investment Co 0.06 0.00 - Qatar Navigation 59.51 1.57 36,930 Malath Insurance 16.41 2.24 1,580,293 Metal & Recycling Co 75.00 7.14 45 Al Kamil Power Co 0.31 0.00 - Qatar National Cement Co 62.01 0.02 360 Alinma Tokio Marine 22.82 3.12 502,481 Gulf Franchising Holding Co 71.00 0.00 20,010 Al Jazerah Services -Pfd 0.55 0.00 - Qatar National Bank 136.00 -1.37 231,900 Arabian Shield Cooperative 43.00 2.63 323,708 Al-Enma’a Real Estate Co 35.30 -3.29 1,377,215 Al Jazeera Steel Products Co 0.28 0.00 2,000 Qatar Islamic Insurance 57.00 0.88 21,385 Savola 41.19 -2.25 144,439 National Mobile Telecommuni 1,055.00 -4.09 2,324 Al Jazeera Services 0.16 0.63 270,264 Qatar Industrial Manufactur 42.75 -2.84 7,526 Wafrah For Industry And Deve 20.18 0.05 116,952 Al Bareeq Holding Co Kscc 0.00 0.00 - Al Izz Islamic Bank 0.07 4.23 508,986 Qatar International Islamic 58.50 -0.85 55,528 Fitaihi Holding Group 12.60 0.16 175,768 Housing Finance Co Sak 0.00 0.00 - Al Buraimi Hotel 0.88 0.00 - Qatari Investors Group 39.05 -2.38 175,679 Tourism Enterprise Co/ Shams 27.50 0.26 66,914 Al Salam Group Holding Co 41.30 -0.48 216,000 Al Batinah Power 0.14 0.00 - Qatar Islamic Bank 98.00 -0.61 41,251 Sahara Petrochemical Co 16.54 0.12 1,116,168 United Foodstuff Industries 0.00 0.00 - Al Batinah Hotels 1.13 0.00 - Qatar Gas Transport(Nakilat) 17.78 1.02 101,311 Herfy Food Services Co 47.00 0.00 142,169 Al Aman Investment Company 51.50 -4.45 323,399 Al Batinah Dev & Inv 0.08 0.00 - Qatar General Insurance & Re 47.10 0.00 - Mashaer Holding Co Ksc 69.90 0.00 10,100 Al Anwar Holdings Saog 0.15 -1.99 631,095 Qatar German Co For Medical 6.39 -0.16 2,179 Manazel Holding 35.40 3.81 561,350 Ahli Bank 0.16 -3.53 19,480 Qatar Fuel Qsc 108.50 -0.64 18,252 Mushrif Trading & Contractin 0.00 0.00 - Acwa Power Barka Saog 0.76 0.00 - Qatar First Bank 7.40 5.41 5,059,548 KUWAIT Tijara And Real Estate Inves 55.00 0.00 9,654 Abrasives Manufacturing Co S 0.05 0.00 - Qatar Electricity & Water Co 193.00 1.66 61,754 Kuwait Building Materials 0.00 0.00 - A’saff a Foods Saog 0.58 0.00 - Qatar Cinema & Film Distrib 22.99 0.00 - Company Name Lt Price % Chg Volume Jazeera Airways Co Ksc 654.00 0.62 62 0Man Oil Marketing Co-Pref 0.25 0.00 - Qatar Insurance Co 53.23 -4.09 49,264 Commercial Real Estate Co 93.60 -0.43 1,998,500 Ooredoo Qpsc 98.50 -1.30 56,648 Securities Group Co 0.00 0.00 - Future Communications Co 0.00 0.00 - National Leasing 10.30 -0.10 43,583 Sultan Center Food Products 0.00 0.00 - National International Co 60.00 -3.23 132,500 Mazaya Qatar Real Estate Dev 7.93 -3.29 751,501 Kuwait Foundry Co Sak 226.00 1.35 49,793 Taameer Real Estate Invest C 34.80 1.46 4,826,518 UAE Mesaieed Petrochemical Holdi 13.23 -0.15 57,511 Kuwait Financial Centre Sak 115.00 0.00 296,500 Gulf Cement Co 85.50 -0.58 10,000 Al Meera Consumer Goods Co 146.52 -0.33 1,973 Ajial Real Estate Entmt 164.00 -6.29 1,709,920 Heavy Engineering And Ship B 200.00 -0.50 95,817 Company Name Lt Price % Chg Volume Medicare Group 80.80 -5.83 144,460 Gulf Glass Manuf Co -Kscc 0.00 0.00 - Refrigeration Industries & S 0.00 0.00 - Mannai Corporation Qsc 63.90 0.00 493 Kuwait Finance & Investment 45.00 -0.44 28,000 National Real Estate Co 122.00 -2.40 198,009 Waha Capital Pjsc 1.99 0.00 979,767 Masraf Al Rayan 40.81 -1.07 174,354 National Industries Co Ksc 188.00 0.00 10,742 Al Safat Energy Holding Comp 37.00 2.78 11,707 United Insurance Company 2.00 0.00 - Al Khalij Commercial Bank 13.27 -0.82 58,748 Kuwait Real Estate Holding C 34.00 0.29 600 Kuwait National Cinema Co 1,109.00 0.00 15 United Arab Bank Pjsc 1.87 0.00 - Industries Qatar 109.50 -0.45 8,616 Securities House/The 56.80 -1.73 2,275,050 Danah Alsafat Foodstuff Co 70.00 0.00 687,200 Union National Bank/Abu Dhab 3.95 -0.50 678,033 Islamic Holding Group 38.50 -0.54 68,508 Boubyan Petrochemicals Co 735.00 -0.27 272,934 Independent Petroleum Group 410.00 -8.89 200,000 Union Insurance Co 1.79 0.00 - Investment Holding Group 6.48 2.21 2,527,700 Al Ahli Bank Of Kuwait 308.00 -2.84 2,700 Kuwait Real Estate Co Ksc 59.20 0.68 3,296,453 Union Cement Co 1.67 0.60 22,265 Gulf Warehousing Company 45.19 -0.44 6,243 Ahli United Bank (Almutahed) 350.00 0.00 22,000 Salhia Real Estate Co Ksc 334.00 -0.30 815,125 Umm Al Qaiwain Cement Indust 1.04 0.00 - Gulf International Services 17.85 -0.50 87,783 National Bank Of Kuwait 769.00 -0.52 1,694,611 Gulf Cable & Electrical Ind 454.00 0.44 51,152 Sharjah Islamic Bank 1.37 1.48 2,401,133 Ezdan Holding Group 12.04 -1.31 86,081 Commercial Bank Of Kuwait 400.00 0.00 56,924 Al Nawadi Holding Co Ksc 0.00 0.00 - Sharjah Insurance Company 3.49 0.00 - Doha Insurance Co 14.06 0.00 - Kuwait International Bank 236.00 0.43 583,450 Kuwait Finance House 604.00 0.67 2,026,556 Sharjah Group 1.15 0.00 - Doha Bank Qpsc 31.70 1.12 238,504 Gulf Bank 242.00 0.41 2,043,452 Gulf North Africa Holding Co 36.40 0.00 1,457,665 Sharjah Cement & Indus Devel 1.13 -0.88 26,000 Dlala Holding 14.51 -0.48 180,940 Al-Massaleh Real Estate Co 41.00 0.00 15,500 Hilal Cement Co 125.00 -18.30 900 Ras Al-Khaimah National Insu 3.69 0.00 - Commercial Bank Pqsc 28.00 -1.48 65,031 Al Arabiya Real Estate Co 34.00 -2.30 1,436,708 Osoul Investment Kscc 50.00 0.00 55,987 Ras Al Khaimah White Cement 0.90 -8.16 1,328 Barwa Real Estate Co 35.30 -0.20 179,648 Kuwait Remal Real Estate Co 52.70 2.13 4,461,000 Gulf Insurance Group Ksc 720.00 0.00 10 Ras Al Khaimah Ceramics 2.61 -3.33 3,000 Al Khaleej Takaful Group 13.80 0.00 - Alkout Industrial Projects C 630.00 0.00 11,000 Kuwait Food Co (Americana) 1,050.00 -0.47 3,800 Ras Al Khaimah Cement Co Psc 0.79 0.00 2,794,616 Aamal Co 8.58 -1.61 30,858 A’ayan Real Estate Co Sak 72.90 0.00 9,500 Umm Al Qaiwain Cement Indust 0.00 0.00 - Ras Al Khaima Poultry 3.40 0.00 - Investors Holding Group Co.K 18.00 0.00 5,825,687 Aayan Leasing & Investment 37.80 -0.79 2,765,682 Rak Properties 0.82 -1.20 4,859,552 Al-Mazaya Holding Co 113.00 0.00 669,433 Alrai Media Group Co Ksc 114.00 -0.87 3,537 Ooredoo Qpsc 99.00 5.21 10,000 SAUDI ARABIA Al-Madar Finance & Invt Co 26.00 -0.38 544,400 National Investments Co 104.00 -0.95 290,210 Oman & Emirates Inv(Emir)50% 0.53 0.00 - Gulf Petroleum Investment 31.60 -0.63 1,149,990 Commercial Facilities Co 179.00 -0.56 36,255 Nbad Oneshare Msci Uae Ucits 6.20 0.00 - National Takaful Company 0.00 Company Name Lt Price % Chg Volume Mabanee Co Sakc 733.00 -0.54 327,103 Taiba Kuwaiti Holding Co Ksc 0.00 0.00 - 0.46 - City Group 0.00 0.00 - Afaq Educational Services Co 90.00 0.00 266,900 National Marine Dredging Co 3.50 0.00 140,000 United Wire Factories Compan 16.65 1.52 906,196 Inovest Co Bsc 83.00 -0.36 495,800 Kuwait Pillars For Financial 0.00 0.00 - National Investor Co/The 0.45 0.00 - Etihad Etisalat Co 15.31 -1.16 930,890 Kuwait Gypsum Manufacturing 95.00 0.00 50,000 Yiaco Medical Co. K.S.C.C 0.00 0.00 - National Corp Tourism & Hote 2.08 0.00 - Dar Al Arkan Real Estate Dev 9.70 -5.64 65,214,070 Al-Deera Holding Co 27.30 3.02 144,200 Dulaqan Real Estate Co 0.00 0.00 - National Bank Of Umm Al Qaiw 3.00 11.11 65,000 Saudi Hollandi Bank 0.00 0.00 - Alshamel International Hold 0.00 0.00 - National Bank Of Ras Al-Khai 4.80 0.00 - Rabigh Refining And Petroche 20.69 -1.00 2,507,924 Mena Real Estate Co 20.00 -3.38 1,873,400 National Bank Of Fujairah 5.00 0.00 - Banque Saudi Fransi 30.05 -1.05 98,112 National Slaughter House 0.00 0.00 - First Abu Dhabi Bank Pjsc 0.00 0.00 - Saudi Enaya Cooperative Insu 19.22 1.26 268,141 Amar Finance & Leasing Co 49.00 5.15 102 OMAN Methaq Takaful Insurance 0.77 1.32 1,379,540 Manazel Real Estate Pjsc 0.59 0.00 17,779,992 Mediterranean & Gulf Insuran 27.39 2.35 427,546 United Projects For Aviation 612.00 0.00 206 Company Name Lt Price % Chg Volume Saudi British Bank 28.98 -1.50 154,948 National Consumer Holding Co 0.00 0.00 - Invest Bank 2.54 0.00 - Mohammad Al Mojil Group Co 0.00 0.00 - Amwal International Investme 51.10 0.20 305,650 Voltamp Energy Saog 0.51 -0.39 6,764 Intl Fish Farming Co Pjsc 1.43 0.00 199,451 Red Sea International Co 18.93 0.11 32,475 Jeeran Holdings 0.00 0.00 - United Power/Energy Co- Pref 1.00 0.00 - Insurance House 0.78 0.00 - Takween Advanced Industries 10.04 -1.38 286,380 Equipment Holding Co K.S.C.C 43.50 0.46 494,815 United Power Co Saog 3.90 0.00 - Gulf Pharmaceutical Ind Psc 2.43 0.00 - Sabb Takaful 24.12 0.25 259,417 Nafais Holding 830.00 0.00 308 United Finance Co 0.14 0.00 - Gulf Medical Projects 2.00 0.00 - Saudi Arabian Fertilizer Co 69.25 -1.24 47,464 Safwan Trading & Contracting 0.00 0.00 - Ubar Hotels & Resorts 0.13 0.00 - Gulf Cement Co 1.05 0.00 650,089 National Gypsum 12.94 0.62 152,426 Arkan Al Kuwait Real Estate 89.00 4.09 111,230 Takaful Oman 0.17 0.00 - Fujairah Cement Industries 0.95 0.00 - Saudi Ceramic Co 26.72 -0.19 48,122 Gfh Financial Group Bsc 123.00 1.65 987,171 Taageer Finance 0.12 0.00 161 Fujairah Building Industries 1.56 0.00 - National Gas & Industrializa 30.82 0.13 27,130 Energy House Holding Co Kscp 32.00 3.23 5,437 Sweets Of Oman 1.34 0.00 - Foodco Holding Pjsc 4.94 0.00 - Saudi Pharmaceutical Industr 31.24 -0.48 38,049 Kuwait Slaughter House Co 0.00 0.00 - Sohar Power Co 0.15 0.00 - First Gulf Bank 0.00 0.00 - Thimar 29.56 -0.27 145,609 Kuwait Co For Process Plant 150.00 0.00 50,000 Sohar Poultry 0.21 0.00 - Finance House 1.72 0.00 - National Industrialization C 16.85 -0.59 1,223,302 Al Maidan Dental Clinic Co K 1,220.00 0.00 532,150 Smn Power Holding Saog 0.66 0.00 - Eshraq Properties Co Pjsc 0.78 0.00 11,967,867 Saudi Transport And Investme 0.00 0.00 - National Shooting Company 0.00 0.00 - Shell Oman Marketing - Pref 1.05 0.00 - Emirates Telecom Group Co 17.80 -0.28 981,379 Saudi Electricity Co 20.84 -0.71 591,726 Al-Themar Real International 0.00 0.00 - Shell Oman Marketing 1.78 0.00 - Emirates Insurance Co. (Psc) 6.90 0.00 - Saudi Arabia Refineries Co 32.08 -0.22 135,371 Al-Ahleia Insurance Co Sakp 430.00 0.00 250 Sharqiyah Desalination Co Sa 3.96 0.00 - Emirates Driving Company 9.20 0.00 - Arriyadh Development Company 19.24 -0.57 73,081 Wethaq Takaful Insurance Co 40.50 0.00 3,100 Sembcorp Salalah Power & Wat 0.24 0.00 3,000 Dana Gas 0.78 0.00 4,116,338 Al-Baha Development & Invest 22.98 0.66 111,200 Salbookh Trading Co Kscp 60.00 12.15 488,025 Salalah Port Services 0.60 0.00 - Commercial Bank Internationa 1.00 14.94 65,000 Saudi Research And Marketing 66.56 0.92 536,705 Aqar Real Estate Investments 74.00 0.00 50,000 Salalah Mills Co 1.33 0.00 - Bank Of Sharjah 1.20 0.00 14,911 Aldrees Petroleum And Transp 25.40 -0.35 102,023 Hayat Communications 72.90 0.00 135,019 Salalah Beach Resort Saog 1.38 0.00 - Axa Green Crescent Insurance 0.89 0.00 - Saudi Vitrified Clay Pipe Co 55.79 -0.45 10,419 Kuwait Packing Materials Mfg 0.00 0.00 - Sahara Hospitality 2.50 0.00 - Arkan Building Materials Co 0.74 -5.13 302,995 Jarir Marketing Co 159.10 1.34 35,190 Soor Fuel Marketing Co Ksc 116.00 1.75 26,610 Renaissance Services Saog 0.31 3.68 662,804 Alkhaleej Investment 2.20 0.00 - Arab National Bank 27.44 -1.75 56,770 Alargan International Real 161.00 0.00 3,000 Raysut Cement Co 0.80 0.00 - Aldar Properties Pjsc 2.33 0.43 6,299,980 Yanbu National Petrochemical 64.40 -0.23 45,438 Burgan Co For Well Drilling 70.00 0.00 133,029 Port Service Corporation 0.18 0.00 - Al Wathba National Insurance 12.75 0.00 - Arabian Cement 34.95 -0.29 62,144 Kuwait Resorts Co Kscc 73.00 -1.35 78,512 Phoenix Power Co Saoc 0.13 0.00 54,892 Al Khazna Insurance Co 0.28 0.00 843,000 Middle East Specialized Cabl 8.44 -2.09 456,498 Oula Fuel Marketing Co 113.00 0.00 27,170 Packaging Co Ltd 2.21 0.00 - Al Fujairah National Insuran 300.00 0.00 - Al Khaleej Training And Educ 19.99 -0.10 81,746 Palms Agro Production Co 84.00 0.00 914 Ooredoo 0.49 -3.92 45,788 Al Dhafra Insurance Co. P.S. 3.84 0.00 - Al Sagr Co-Operative Insuran 24.96 0.00 130,245 Ikarus Petroleum Industries 0.00 0.00 - Ominvest 0.42 -3.64 500,000 Al Buhaira National Insuranc 2.20 0.00 - Trade Union Cooperative Insu 20.65 2.43 328,159 Mubarrad Holding Co Ksc 70.00 0.00 140,000 Oman United Insurance Co 0.38 0.00 - Al Ain Ahlia Ins. Co. 38.00 0.00 - Arabia Insurance Cooperative 17.94 -0.72 196,835 Al Mowasat Health Care Co 0.00 0.00 - Oman Textile Holding Co Saog 0.00 0.00 - Agthia Group Pjsc 4.47 -3.04 4,500 Saudi Chemical Company 33.73 -1.52 102,709 Shuaiba Industrial Co 250.00 0.00 292 Oman Telecommunications Co 1.14 -0.44 65,790 Abu Dhabi Ship Building Co 2.12 0.95 60,000 Fawaz Abdulaziz Alhokair & C 28.86 -0.14 569,288 Aan Digital Services Co 0.00 0.00 - Oman Refreshment Co 2.05 0.00 - Abu Dhabi Natl Co For Buildi 0.59 1.72 137,000 Bupa Arabia For Cooperative 95.93 1.80 141,413 First Takaful Insurance Co 57.10 0.00 17,699 Oman Packaging 0.28 0.00 - Abu Dhabi National Takaful C 4.64 0.00 - Wafa Insurance 20.97 1.16 626,413 Kuwaiti Syrian Holding Co 33.40 -2.34 759,773 Oman Orix Leasing Co. 0.18 0.00 - Abu Dhabi National Insurance 3.85 0.00 - Jabal Omar Development Co 60.12 -0.43 203,987 National Cleaning Company 62.00 1.64 1,513,810 Oman Oil Marketing Company 1.46 0.00 - Abu Dhabi National Hotels 2.80 0.00 - Saudi Basic Industries Corp 106.55 0.15 1,939,269 Eyas For High & Technical Ed 0.00 0.00 - Oman National Engineering An 0.19 0.00 72,950 Abu Dhabi National Energy Co 0.56 0.00 2,676,791 Saudi Kayan Petrochemical Co 11.46 0.09 17,043,737 United Real Estate Company 76.00 0.00 2,035 Oman Investment & Finance 0.13 -0.77 235,639 Abu Dhabi Islamic Bank 3.95 0.51 1,405,950 Etihad Atheeb Telecommunicat 6.38 0.16 415,151 Agility 888.00 -0.89 271,648 Oman Intl Marketing 0.52 0.00 - Co For Cooperative Insurance 92.79 -0.19 89,008 Kuwait & Middle East Fin Inv 26.40 -1.49 146,650 Oman Hotels & Tourism Co 0.44 0.00 - National Petrochemical Co 19.22 -1.94 309,411 Fujairah Cement Industries 76.00 0.00 250,000 Oman Foods International 0.00 0.00 - Gulf Union Cooperative Insur 17.19 0.76 228,308 Livestock Transport & Tradng 225.00 0.00 9,990 Oman Flour Mills 0.88 -5.58 9,000 BAHRAIN Gulf General Cooperative Ins 17.53 1.33 510,394 International Resorts Co 31.00 2.65 269,500 Oman Fisheries Co 0.14 -3.55 1,365,459 Basic Chemical Industries 21.30 -0.88 46,020 National Industries Grp Hold 158.00 -1.86 1,732,000 Oman Fiber Optics 0.00 0.00 - Company Name Lt Price % Chg Volume Saudi Steel Pipe Co 0.37 Marine Services Co Ksc 0.00 Oman Europe Foods Industries 1.00 0.00 - 16.32 16,062 0.00 - Zain Bahrain Bscc 0.09 0.00 30,000 Buruj Cooperative Insurance -0.26 Warba Insurance Co 7.69 Oman Education & Training In 0.15 0.00 - 34.72 433,001 70.00 13,985 United Paper Industries Bsc 0.00 0.00 - Mouwasat Medical Services Co 1.34 Kuwait United Poultry Co 0.00 Oman Chromite 3.64 0.00 - 163.99 9,762 0.00 - United Gulf Investment Corp 0.00 0.00 - Southern Province Cement Co -0.35 First Dubai Real Estate Deve 5.21 Oman Chlorine 0.44 0.00 - 48.48 29,663 50.50 5,816,560 United Gulf Bank 0.00 0.00 - Maadaniyah -0.15 Al Arabi Group Holding Co 4.38 Oman Ceramic Company 0.42 0.00 - 19.89 76,847 83.50 624,050 Trafco Group Bsc 0.30 0.00 5,000 Yamama Cement Co 0.12 Kuwait Hotels Sak 0.00 Oman Cement Co 0.41 0.00 - 17.29 58,459 246.00 275,920 Takaful International Co 0.00 0.00 - Jazan Energy And Development -1.09 Mobile Telecommunications Co -1.81 Oman Cables Industry 1.13 0.00 - 17.32 145,244 488.00 4,532,123 Taib Bank -$Us 0.00 0.00 - Zamil Industrial Investment -0.34 Al Safat Real Estate Co 0.00 Oman Agricultural Dev 0.00 0.00 - 26.70 6,279 0.00 - Seef Properties 0.21 0.00 115,950 Alujain Corporation (Alco) -1.87 Tamdeen Real Estate Co Ksc 0.00 Oman & Emirates Inv(Om)50% 0.08 0.00 - 21.01 700,840 400.00 30,421 Securities & Investment Co 0.00 0.00 - Tabuk Agricultural Developme -0.31 Al Mudon Intl Real Estate Co 17.98 Natl Aluminium Products 0.16 0.00 - 12.80 251,387 42.00 1,126,518 National Hotels Co 0.00 0.00 - United Co-Operative Assuranc 0.70 Kuwait Cement Co Ksc 0.00 National Securities 0.04 0.00 - 13.03 274,374 472.00 4,698 National Bank Of Bahrain Bsc 0.63 0.00 4,000 Qassim Cement/The -1.60 Sharjah Cement & Indus Devel -5.45 National Real Estate Develop 5.00 0.00 - 46.23 42,798 85.00 44,000 Nass Corp Bsc 0.13 0.00 52,898 Saudi Advanced Industries -0.81 Kuwait Portland Cement Co 0.61 National Pharmaceutical 0.11 0.00 - 13.41 134,957 991.00 1,969 Khaleeji Commercial Bank 0.12 -0.85 788,807 Kingdom Holding Co -0.88 Educational Holding Group 0.98 National Mineral Water 0.05 0.00 - 9.04 281,040 308.00 200 Ithmaar Holding Bsc 0.18 2.86 2,371,764 Saudi Arabian Amiantit Co -0.49 Bahrain Kuwait Insurance 0.00 National Hospitality Institu 0.00 0.00 - 8.14 741,166 0.00 - Investcorp Bank -$Us 0.00 0.00 - Al Jouf Agriculture Developm 1.17 Asiya Capital Investments Co -0.72 National Gas Co 0.29 -1.02 17,000 30.29 133,595 41.50 574,037 Inovest Co Bsc 0.00 0.00 - Saudi Industrial Development -0.20 Kuwait Investment Co 1.63 National Finance Co 0.14 0.00 - 9.76 170,373 125.00 1,008,269 Gulf Monetary Group 0.00 0.00 - Bishah Agriculture 0.00 Burgan Bank -1.57 National Detergent Co Saog 0.65 0.00 - 0.00 - 314.00 390,155 Gulf Hotel Group B.S.C 0.53 0.00 5,000 Riyad Bank -1.56 Kuwait Projects Co Holdings 0.00 National Biscuit Industries 3.75 0.00 - 13.86 1,485,354 309.00 10,500 Gfh Financial Group Bsc 0.41 0.00 1,685,000 The National Agriculture Dev -1.56 Al Madina For Finance And In 0.00 National Bank Of Oman Saog 0.20 1.00 70,950 31.48 90,514 38.30 124,200 Esterad Investment Co B.S.C. 0.12 0.00 35,286 Halwani Bros Co 0.04 Kuwait Insurance Co 0.00 Muscat Thread Mills Co 0.09 0.00 4,524 51.10 4,313 279.00 16,799 Delmon Poultry Co 0.00 0.00 - Arabian Pipes Co -0.08 Al Masaken Intl Real Estate 0.00 Muscat National Holding 0.00 0.00 - 12.03 172,585 79.00 50 Bmmi Bsc 0.72 0.00 100,000 Eastern Province Cement Co 0.73 Intl Financial Advisors 0.95 Muscat Gases Company Saog 0.56 0.00 - 27.60 44,076 32.00 1,703,211 Bmb Investment Bank 0.00 0.00 - Al Gassim Investment Holding 0.00 First Investment Co Kscc 0.94 Muscat Finance 0.11 0.00 22,000 0.00 - 42.90 884,190 Bbk Bsc 0.41 0.00 4,400 Filing & Packing Materials M -0.03 Al Mal In -0.71 Majan Glass Company 0.18 0.00 - 32.19 55,433 vestment Company 27.80 161,901 Bankmuscat Saog 0.00 0.00 - Saudi Cable Co 0.00 -0.63 Majan College 0.44 0.00 - 10.81 - Bayan Investment Co Kscc 47.50 114,838 Banader Hotels Co 0.00 0.00 - Tihama Advertising & Public -0.11 3.70 Hsbc Bank Oman 0.13 0.00 - 46.51 326,066 Egypt Kuwait Holding Co Sae 280.00 61,200 Bahrain Tourism Co ` 0.00 - Saudi Investment Bank/The -0.25 -2.50 Hotels Management Co Interna 1.25 0.00 - 16.14 74,044 Coast Investment Development 35.10 1,075,700 Bahrain Telecom Co 0.21 3.00 326,000 Astra Industrial Group 0.56 0.90 Gulf Stone 0.12 0.00 - 16.30 213,132 Privatization Holding Compan 56.00 1,509,000 Bahrain Ship Repair & Engin 1.55 0.00 1,614 Saudi Public Transport Co -1.65 0.00 Gulf Plastic Industries Co 0.00 0.00 - 15.52 554,112 Kuwait Medical Services Co 0.00 - Bahrain National Holding 0.00 0.00 - Taiba Holding Co 0.52 1.22 Gulf Mushroom Company 0.31 0.00 - 35.06 232,597 Injazzat Real State Company 83.00 64,566 Bahrain Kuwait Insurance 0.49 0.00 42,014 Saudi Industrial Export Co 1.99 15.74 Gulf Investments Services 0.07 0.00 - 150.51 31,396 Kuwait Cable Vision Sak 25.00 1 Bahrain Islamic Bank 0.14 0.00 27,500 Saudi Real Estate Co -1.98 0.00 Gulf Invest. Serv. Pref-Shar 0.11 0.00 - 22.74 90,587 Sanam Real Estate Co Kscc 34.00 539 Bahrain Flour Mills Co 0.00 0.00 - Saudia Dairy & Foodstuff Co -1.76 2.99 Gulf International Chemicals 0.22 0.00 2,000 123.76 25,502 Ithmaar Holding Bsc 55.10 17,103,944 Bahrain Family Leisure Co 0.00 0.00 - National Shipping Co Of/The 0.03 -1.84 Gulf Hotels (Oman) Co Ltd 10.50 0.00 - 30.40 322,566 Aviation Lease And Finance C 373.00 155,250 Bahrain Duty Free Complex 0.77 -0.65 10,000 Methanol Chemicals Co 0.00 -0.30 Global Fin Investment 0.16 0.00 - 10.05 1,827,302 Arzan Financial Group For Fi 33.60 111,080 Bahrain Commercial Facilitie 0.69 0.73 20,000 Chubb Arabia Cooperative Ins 5.67 -1.12 Galfar Engineering&Contract 0.07 -1.35 198,200 24.77 1,353,447 Ajwan Gulf Real Estate Co 26.50 2,795,251 Bahrain Cinema Co 1.19 0.00 - Mobile Telecommunications Co -1.52 1.09 Galfar Engineering -Prefer 0.39 0.00 - 7.15 2,121,070 Kuwait Business Town Real Es 46.50 831,000 Bahrain Car Park Co 0.00 0.00 - Saudi Arabian Coop Ins Co 3.52 -2.70 Financial Services Co. 0.18 0.00 - 19.41 1,501,906 Future Kid Entertainment And 108.00 1,000 Arab Insurance Group(Bsc)-$ 0.50 0.00 1,000 Axa Cooperative Insurance -0.12 -0.69 Financial Corp/The 0.10 0.00 - 24.41 3,595,084 Specialities Group Holding C 72.00 136,900 Arab Banking Corp Bsc-$Us 0.29 0.00 100,000 Alsorayai Group -0.95 0.86 Dhofar University 0.00 0.00 - 12.46 74,918 Abyaar Real Eastate Developm 23.40 2,056,496 Aluminium Bahrain Bsc 0.62 0.00 18,000 Weqaya For Takaful Insurance 0.00 0.00 Dhofar Tourism 0.49 0.00 - 0.00 - Dar Al Thuraya Real Estate C 0.00 - Albaraka Banking Group 0.38 0.00 40,000 Bank Albilad -0.49 0.00 Dhofar Poultry 0.18 0.00 - 22.15 355,960 Al-Dar National Real Estate 0.00 - Al-Salam Bank 0.13 0.80 340,168 Al-Hassan G.I. Shaker Co -1.40 -0.51 Dhofar Intl Development 0.32 0.00 - 11.28 246,383 Kgl Logistics Company Kscc 58.70 17,435,463 Solidarity Bahrain Bsc 0.00 0.00 - Wataniya Insurance Co 3.03 -2.36 Dhofar Insurance 0.20 0.00 - 28.94 334,135 Combined Group Contracting 455.00 1,000 Ahli United Bank B.S.C 0.70 0.00 180,000 Abdullah Al Othaim Markets 123.60 -0.35 3,326 Jiyad Holding Co Ksc 0.00 0.00 - Dhofar Fisheries & Food Indu 1.28 0.00 - Hail Cement 9.44 -0.74 437,712 Qurain Holding Co 0.00 0.00 - Dhofar Cattlefeed 0.19 0.00 - LATEST MARKET CLOSING FIGURES Gulf Times Monday, January 22, 2018 11 BUSINESS

Amazon shortlists 20 cities for second Detroit boasts world’s headquarters Reuters New York

Amazon.com Inc has short-listed 20 cit- ies and regions, including one in Can- fi rst sneaker exchange ada, for the construction of a second headquarters that it says will generate AFP Once a bid is accepted, the seller 50,000 new, high-paying jobs. Detroit must send the item to the exchange Major US centres including New York headquarters in Detroit or to the City, Los Angeles, Chicago and Wash- company’s other authenticators in ington DC were on the list announced etroit remains synonymous Phoenix, Arizona, who verify that the last week, along with Toronto and with cars, but “Motor City” product is not a copy. smaller cities such as Raleigh, North Dis also home to a virtual mar- “Every time I get a pair of shoes I Carolina, and Columbus, Ohio. ketplace for a much smaller consumer smell them because that glue is so so The others that met the company’s item: sneakers. particular,” said sneaker authentica- criteria were Atlanta, Austin, Boston, Located on the 10th fl oor of an tor Aaron Fields. Chicago, Dallas, Denver, Indiana- ultra-modern building in downtown “You know like Jordans and Nikes polis, Miami, Montgomery County in Detroit and backed by investors that and Adidas all have diff erent smells Maryland, Nashville, Newark, Northern include the rapper Eminem and ac- and you just have to know them,” he Virginia, Philadelphia, and Pittsburgh. tor Mark Wahlberg, StockX is an ex- said. “Fake shoes smell a little bit dif- Cutting down the list from 238 loca- change to buy and sell athletic shoes, ferent.” tions that initially bid, the announce- including limited-editions or collec- The tell-tale signs of a knockoff ment was broadly in line with expecta- tor’s items. vary by item. tions and is the first stage in a fight As with other trading fl oors, prices “This one has a lot of uneven stitch- over the thousands of jobs and billions on the world’s fi rst sneaker exchange ing double stitching, wrong type of in secondary investment and revenue fl uctuate based on consumer percep- thread,” said Michelle Winkfi eld, a the “HQ2” will bring. tions, and can sell for hundreds or handbag authenticator, examining a Following Apple’s announcement thousands of dollars. Louis Vuitton fake. on Wednesday that it would build a Instead of poring over the utter- “The hardware feels really cheap new campus and create 20,000 new ances of central bankers, partici- and the logo stamped on it is incor- jobs as part of a $30bn investment, it pants on StockX — which has ex- rect.” also underlines the growing power of panded into handbags, watches and StockX penalises sellers of fake US technology companies over the streetwear — monitor Instagram to goods, charging them 15% of the economy. see what Hermes bag Kim Kardashi- transaction price, and possibly ban- Amazon promised when it launched an is carrying or what is on Kanye ning them from the exchange. bidding in September that the new West’s feet. But fewer than 2% of the transac- headquarters, an equal of its Seattle The market’s main fl oor has a dis- tions have been cancelled for this rea- head off ice, would create up to 50,000 play of Air Jordans and shoes by Nike, son, Luber said. jobs averaging more than $100,000 in Adidas and other brands in a variety The exchange on trades in new annual compensation over the next 10 of colours. sneakers, while watches and hand- to 15 years. All have been verifi ed by the ex- bags must be in “excellent” condition. Some bidders have already gone public change for authenticity. The exchange charges a 9.5% com- with promises of billions of dollars in A few feet away, a team of young mission on each sneaker transaction, tax breaks for the tech giant if they women inspect handbags by Chanel, which comprised about three-quar- were chosen. Louis Vuitton and Hermes. ters of revenues last year. New Jersey proposed $7bn in potential “StockX is a stock market of It charges 11.9% for watches and credits against state and city taxes if things,” said founder and chief execu- 14.5% for handbags. the company chooses Newark and tive Josh Luber. Started with just a workforce sticks to hiring commitments. “We just connect buyers and sell- The authenticating room for sneakers at Stock X in Detroit, Michigan. Located on the 10th floor of an ultra-modern of five including the founder, the The mayor of the Atlanta suburb of ers but the method by how we con- building in downtown Detroit and backed by investors that include the rapper Eminem and actor Mark Wahlberg, StockX growing exchange now has 115 em- Stonecrest, Jason Lary, said his city nect buyers and sellers is exactly is an exchange to buy and sell athletic shoes, including limited-editions or collector’s items. ployees. could use 345 acres of industrial land the same way that the world’s stock The future may mean expansion to create a new city called Amazon and markets connect buyers and sellers.” Eminem also has conducted busi- opened two years ago, also has a solid transactions and manage the cata- into new items, like Star Wars para- make Chief Executive Jeff Bezos its Not unlike Nasdaq, the electronic ness on the exchange, selling a re-re- clientele in China. logue. phernalia, musical instruments, rare mayor for life. exchange located at Times Square in lease of the limited-edition Air Jordan StockX tracks diff erent “sectorals,” Someone who wants to sell a pair of wine, collectible cars and artwork. Amazon said on Thursday it expected Manhattan, StockX has a scrolling 4 Encore. such as the “Jordan Index,” the “Nike Air Jordans, for example, would need There are no immediate plans to to make a decision this year and display that updates prices with each The off ering was part of a fundrais- Index” or the “Adidas Index,” which to open a StockX account, and then raise funds from additional inves- would work with each of the candidate new transaction. ing drive for Detroit communities that aggregate prices for various items. “literally all you have to do is click tors, beyond the current group that locations to get more information On a recent wintry morning in early raised more than $200,000. Just off the main room, a group of one button, ‘sell’ and just accept that includes Quicken Loans founder Dan and evaluate the feasibility of a future January, an order of the Air Jordan 10 Although most participants are in “analysts,” glued to their screens, col- highest off er,” said Luber, a former Gilbert, who also owns the Cleveland partnership. Retro Drake OvoWhite went for $400. the US, the virtual exchange, which lect and number-crunch the latest consultant for IBM. Cavaliers basketball team. Gulf Times 12 Monday, January 22, 2018 BUSINESS As bitcoin sinks, crypto bros party hard on a blockchain cruise

Bloomberg “Nothing goes up in a straight line,” explained The cruise’s eclectic list of speakers included business. He has become a cryptocurrency including Moas, who urged the audience to Hong Kong Ronnie Moas, the founder of Miami Beach-based Jose Gomez, a former aide to the late evangelist on Twitter, touting the technology donate some of their newfound wealth and help Standpoint Research, who was one of the event’s Venezuelan President Hugo Chavez; Kaspar and various tokens to his more than 700,000 reduce global inequality. speakers on Wednesday. In a best-case scenario, Korjus, the head of Estonia’s e-residency followers. Coinsbank, the digital currency Many attendees have far more than they need. When 600 cryptocurrency enthusiasts set sail he said, Bitcoin could jump to $300,000 in as programme (which may issue its own exchange and wallet operator that organized the Rowan Hill, a former coal miner in Australia, from Singapore on last Monday night for their little as seven years. cryptocurrency); and Jorg Molt, an early digital cruise, made him a headline speaker. said he retired by 26 after getting in on second annual Blockchain Cruise, the price For skeptics of the crypto craze, it’s hard not currency backer whose claim to hold 250,000 On Wednesday, McAfee blamed the recent the crypto boom early. After the cruise, of Bitcoin was hovering comfortably above to see all this as another sign of runaway Bitcoins (worth $2.8bn at the current price) market slump on unfounded fear of government he’s heading to Japan for a four-week $13,500. exuberance — a repeat of the boosterish Las couldn’t be verified. intervention. He urged cryptocurrency holders snowboarding trip. By the time their 1,020-foot-long ship pulled Vegas securitisation conference, immortalised But perhaps the biggest draw was John McAfee, — one of whom sported a “Buy The Dip” T-shirt — “A lot of people can’t stand the price swings” into Thailand on Wednesday, for an afternoon in The Big Short, that preceded the subprime the anti-virus software pioneer with a checkered to stick with their bets. in digital currencies, Hill said, donning a fedora of crypto-focused talks on a sun-soaked private mortgage meltdown of 2007. past. In 2012, while living in Belize, McAfee had “You cannot force a ban on a distributed and sunglasses as he lounged on the beach. beach, Bitcoin had cratered to $10,000. But the steadfast optimism on display at this run-ins with local police for alleged unlicensed system,” McAfee said in an interview after his “The average person just sells, and they lose The group consisted largely of young men, week’s Blockchain Cruise also carries a warning drug manufacturing and weapons possession, speech. “It’s like how do you ban smoking weed? out.” many of whom became wildly rich — at least for anyone betting on a cryptocurrency crash: but was released without charge. At one point, You can’t ban it. People will come back.” Joe Stone, an Australian who invests in digital on paper — as Bitcoin and other digital tokens It’s going to take more than a 50% drop in Belize police started a search for him as a person Not every conversation on the Blockchain Cruise assets, said market declines are easier to bear skyrocketed last year. In all likelihood, they had Bitcoin from its Dec. 18 high to drive out the of interest in connection with the murder of his revolved around cryptocurrencies. Attendees, in the company of fellow enthusiasts. For just lost millions. diehards. neighbour. McAfee said he was innocent and unsurprisingly, had plenty to say about many on the cruise, the next stop is another But if anyone was fazed, they didn’t show it. “This is something that you either believe in that he fled Belize because of persecution by blockchain — the distributed ledger technology cryptocurrency conference in Bangkok. The party rolled on as the sangria and Red Bull or not,” said Moas, who has become a crypto- corrupt off icials. that underpins Bitcoin — and its potential to “There’s nowhere I’d rather be,” said Stone, after flowed, Bitcoin-themed rap music blared and celebrity after issuing stratospheric price He now helps run MGT Capital Investments Inc, improve industries from finance to health care. a late night of mingling at the ship’s cigar bar. drones filmed it all from above. forecasts for Bitcoin. a small-cap tech company with a Bitcoin mining Charity was also a topic raised by speakers “Otherwise I’d just be at my computer.”

HNA Group’s bonds plunge Bonds set to get by without a to record lows amid share little help from central banks halt concerns Bloomberg AFP Hong Kong Paris t’s been a bad week for bonds he rebound of global growth is of the debt-laden Chinese sounding the death knell for easy Iconglomerate HNA Group Tmoney, so debt markets should Co, with stock trading halts at see the backs of central banks in 2018, four units adding to investor although a gradual withdrawal should concerns. help avoid a new tantrum sending in- One of the securities sold by terest rates spiking. HNA Group International Co The colossal sums that central that matures in 2019 slid as much banks injected into the fi nancial sys- as 4.2 cents last week — the big- tems to ward off economic cataclysm gest weekly fall in six months — went primarily into the debt markets, to a record low of 84 cents on the which will have the biggest adjust- dollar. The company’s bonds due ment to make as part of the so-called 2021 shed 3.3 cents this week to normalisation of monetary policy by 79.5 cents, also near the lowest central banks. ever. As central banks slow down their Fresh uncertainties are swirl- purchases of debt and then reduce their ing around the conglomerate, holdings the interest rates that govern- already grappling with higher ments and companies pay to borrow borrowing costs after an acqui- money are expected to climb higher. sition spree across the globe in- While everyone expects borrowing vited scrutiny from regulators costs to rise in 2018, the key question and investors. is whether it will happen smoothly or HNA-Caissa Travel Group not. halted its shares from trading Any disruptions in the credit mar- in Shenzhen ahead of a “major” kets can have a severe impact on the announcement, becoming the overall economy. fourth unit to do so since last In Europe, where the European Cen- week. tral Bank (ECB) is set to continue buy- Some subsidiaries missed ing €30bn of assets each month until payments due to several Chinese September, ultra low or even negative banks in recent weeks, people on certain maturities, there is a lot of with knowledge of the matter optimism in the air. said this month. “We don’t see a strong break with 2017” said Felix Orsini, who handles government debt issues for Societe China’s state-backed Generale’s commercial and investment bank. firms are world “There is a deep resilience of the beaters early in 2018 market, and there is still plenty of ap- petite for risk and there is a large mar- Some of China’s biggest and gin for manoeuvre before the level of most traditional firms are dissuasive rates,” he told AFP. A view of the European Central Bank (ECB) in Frankfurt. In Europe, where the ECB is set to continue buying €30bn of assets each month until September, ultra low or stepping out of the shadows HSBC’s Frederic Gabizon shares that even negative on certain maturities, there is a lot of optimism in the air. of tech stocks and emerging view. markets to be world beaters He foresees “a moderate increase in terest rates, investors and experts are ing any risks, they are normalising their the balance between supply and de- good chance that 2018 will turn out to early in the new year, reports rates paid by companies and European looking at how borrowing costs evolve policies on tiptoes and with infl ation mand is in their favour,” said Orsini at be a good year, much as 2017 was. Bloomberg. states in 2018”. there. still extremely weak they don’t have Societe Generale. “The ultra low interest rate envi- The Hang Seng China Enter- Most bond market experts see the There have been a few voices of cau- any reason to rush.” Moreover, “since 2008, and that ronment allowed big groups to at once prises Index, which is dominat- greatest risk as sharp readjustment tion, such as S&P Global Ratings and Eric Vanraes, head of fi xed income is one of the big lessons of the crisis, reinforce their fi nancial structures in ed by state-owned companies of the market where interest rates the International Monetary Fund’s investments at the Swiss-based Stur- companies are preparing for periods” favourable conditions, but also fi nance operating in traditional parts spike higher, as happened in the 2013 chief economist, Maurice Obstfeld. dza Banking Group said “it is diffi cult when debt markets are unaccessible very important” mergers and acquisi- of the economy, is up 13% this “taper tantrum” when investors pan- “If you look around the world, there to imagine the Fed losing its bearings and are managing their liquidity pru- tions in 2017, said Gabizon at HSBC. year, the best among major icked in reaction to news that the US is a lot debt,” Obstfeld said recently. “If and making too quick an exit. dently, he said. For Sturdza’s Vanraes, what is most global stock markets tracked by Federal Reserve would reduce, or ta- there were a sudden rise in US interest It has learned its lesson.” On the political level, the situation likely to change in 2018 is volatility. Bloomberg. The gauge is on a per, its purchase of bonds, thus send- rates, that could put a lot of debtors un- In the United States, the Fed did not appears to be calmer in 2018 as only “After years where the monetary 16-day win streak — its longest ing rates of return surging higher. der stress.” include corporate bonds in its buying Italy has elections, whereas the previ- programmes drowned out volatility on ever — boosted by banks and With the US Fed taking the lead in But Rene Defossez, a London-based programme, whereas the ECB did. ous two years had a heavy electoral cal- all the markets, investors will have to brokerages, which account for 8 the normalisation, cutting its hold- debt analyst at French investment bank But even if European fi rms will have endar. get used again to erratic movements” of its 10 best performers. ings of bonds along with raising in- Natixis, said “central banks aren’t tak- “live with this exit, without the ECB, For debt market analysts, there is a both in amplitude and duration. China data support yuan gains as Mexican peso rallies

Bloomberg than they were in the past, Mexico’s tively; bonds rebounded as India said it US Secretary of State Rex Tiller- Romania’s government collapsed for that forced a slew of emerging nations Bangkok/New York/Moscow negotiator said. would cut back on planned additional son called on other nations to tighten the second time in a year as Prime Min- into sharp devaluations. China’s yuan rose as data showed borrowing for the current fi scal year, sanctions on North Korea, including ister Mihai Tudose lost a struggle with Angola cancelled a second attempt to economy sealed its fi rst full-year ac- providing relief to the nation’s sover- by stopping ships at sea, until Kim the Black Sea nation’s powerful ruling- complete a foreign-exchange auction merging-market stocks and cur- celeration since 2010; full-year growth eign bond market battered by concerns Jong-un’s regime agrees to begin ne- party boss. on Thursday to sell the equivalent of rencies rose for a sixth week last picked up to 6.9% from 6.7% in 2016. about rising infl ation and worsening gotiating end to nuclear weapons pro- Kazakhstan’s central bank unex- $50mn in euros after getting bids out- Eweek, as the US dollar retreated China’s US Treasury holdings fell in public fi nances. gramme. pectedly resumed monetary easing for side the trading band set by the coun- amid concerns about a possible US gov- November to the lowest since July; the Bank of Korea and Bank Indonesia EMEA: Turkish lira dropped as US the fi rst time since August as infl ation try’s central bank, according to two ernment shutdown. Asian nation’s holdings of US bonds, left their benchmark interest rate un- Secretary of State Tillerson vowed that slowed and rising oil prices bolstered people familiar with the matter. A rally in global equities stoked ap- notes and bills decreased 1.1% to changed at 1.5% and 4.25%, respec- the nation’s military will stay in war- the country’s currency; the former- Fitch Ratings revised Egypt’s outlook petite for riskier assets. $1.18tn in November from the previous tively, as expected. torn Syria for the foreseeable future to Soviet nation also announced steps to to positive; affi rmed at ‘B’. The MSCI Emerging Markets Index month, according to Treasury Depart- Cryptocurrency exchange shutdown counter Islamic State; US doesn’t in- give foreign investors access to its local Latin America: Brazilian real rose of equities climbed 2.1% for the week, ment data. is still an option but it needs “seri- tend to build a Syria border force, Reu- bond market. for a fourth week prior to a court de- rounding off its longest weekly winning Turkey’s central bank held all its key ous” discussion among ministries fi rst, ters reports, citing Tillerson. It’s unlikely that the Nigerian cen- cision on the criminal conviction of streak since August 2016. An MSCI interest rates, saying a continuation of South Korean Finance Minister Kim Earlier in the week, Turkish Presi- tral bank’s Monetary Policy Commit- former President Luiz Inacio Lula da gauge tracking developing-market its current policy stance was necessary Dong-yeon said in an interview with dent Recep Tayyip Erdogan accused tee will meet as scheduled on Jan. 23 Silva; the trial may change the outlook currencies added 0.6%. A Bloomb- to rein in infl ation. TBS radio. Washington of establishing an “army of next week to decide on interest rates for the upcoming election. erg Barclays index tracking EM local- The South African rand was the sec- As Thailand’s baht reached its terror” along the Turkish border, as his because new committee members Argentine peso was the worst per- currency government bonds rose for a ond-best performer as the South Afri- strongest level since August 2014, Bank country drew closer to open confronta- haven’t been approved, according former as a report showed economic ac- sixth straight week, the longest since can Reserve Bank kept its benchmark of Thailand Governor Veerathai Santi- tion with US-backed Kurdish troops in to two people with knowledge of the tivity slowing in the 4th quarter. February. lending rate unchanged for a third con- prabhob said the central bank is taking neighbouring Syria. matter. Colombian Finance Minister Mau- Highlights for the week ended Jan 19: secutive meeting at 6.75%. care of the baht to curb too strong im- While monthly tax payments helped Morocco relaxed its currency band ricio Cardenas said space for further Mexican peso was the best performer Asia: Indian rupee came under re- pact and said it sees signs of currency the Russian rouble mostly stable, Dan- in a well-fl agged operation designed easing is very limited, but can’t rule as sentiment turned more construc- newed pressure after a central bank speculation; Deputy Prime Minister ske Bank warned of temporary weak- to liberalise foreign-exchange markets; out additional interest rate cuts; central tive toward Nafta negotiations; feelings offi cial warned that lenders need to Somkid Jatusripitak said he asks central ness as the US Treasury’s report on the nation aims to strengthen its econ- bank survey shows economists see next over the discussions are more positive manage their own rates more eff ec- bank to monitor baht closely. possible sanctions approaches. omy and avoid fi nancial imbalances rate reduction in March. Gulf Times Monday, January 22, 2018 13 BUSINESS Carillion collapse prompts rules on UK corporate recklessness

Bloomberg could include punitive fines for collapse on January 15, saying outflanked by the opposition Labour London directors, or giving regulators the shareholders, not taxpayers, should Party, whose Treasury spokesman power to block takeovers that risk bear the costs of bad management. John McDonnell told the BBC pension pots. But she said business had to behave yesterday that he’d always opposed UK Prime Minister Theresa May set Carillion’s failure has prompted a responsibly. the “private finance initiative,” out a plan to defend capitalism from debate in Britain about both how “Every successful business is built on which saw the government paying capitalists, after the collapse last week companies are run and the extent a thriving, supportive society,” May companies — such as Carillion — to of construction company Carillion Plc to which the government relies on wrote. “But that support is conditional build schools and hospitals. He put at risk public-sector projects from businesses to provide services. The — it can only exist as long as we all quoted a speech he’d made on the roads to hospitals. UK spends £10.3bn ($14.3bn) a year playing by the same rules.” subject in 1998. In an article for the Observer servicing public-private contracts She reiterated her commitment to “I said then that it’s cheaper for us newspaper, published yesterday, of the type awarded to Carillion, the greater transparency over corporate to use the state to borrow funds,” May pledged new rules to deal with National Audit Off ice said last week. pay, and to a requirement that McDonnell said on the Andrew Marr executives “who try to line their own The opposition Labour Party leader companies explain how they take Show on the BBC. “In addition to that, pockets by putting their workers’ Jeremy Corbyn argues the collapse their staff ’s interests into account. But we will have control and ownership of pensions at risk.” She attacked a vindicates his longstanding critique of that represents a weakening of her the asset.” corporate culture that saw “big the free-market system. 2016 position, when she talked about McDonnell repeated his desire to take bonuses for recklessly putting May defended both the use of putting workers onto company boards. some utilities into state ownership, A sign hangs from a crane working on the Arundel Great Court development, short-term profit ahead of long-term companies like Carillion to deliver While May is taking a tougher stance saying that “Parliament will set the operated by Carillion, in London. Carillion’s failure has prompted a debate in Britain success.” services and her government’s with business than most of her price” at which nationalisation would about both how companies are run and the extent to which the government relies The newspaper said the new rules rejection of a bailout before its fellow Conservative leaders, she is happen. on businesses to provide services.

Lincoln National agrees to buy Liberty Mutual unit for $3.3bn

Bloomberg New York

Lincoln National Corp, a provider of annuities and retirement products, agreed to pay $3.3bn to buy a business from Liberty Mutual Holding Co that sells insurance through employers. Lincoln agreed to acquire the unit, called Liberty Life Assurance Co of Boston, and will retain the group- benefits business, the Radnor, Pennsylvania-based insurer said in a statement on Friday. The buyer will then reinsure the individual life and annuity business to Dai-ichi Life Holdings Inc’s Protective Life Corp. Insurers have been increasingly interested in group benefits, where they sell products such as life, dental and vision insurance through employers. Hartford Financial Services Group Inc agreed in October to pay $1.45bn for Aetna Inc’s US group life and disability business, while MetLife Inc kept a similar business even as it spun off other US operations. The deal gives Lincoln “a significantly increased presence in the group-benefits market by complementing our existing Visitors gather around the NXP Semiconductors pavilion at the Mobile World Congress in Barcelona in March 2015. Qualcomm can aff ord to pay more than the $110 a share being off ered by NXP, small-to middle-market strengths with Elliott said, adding that the company needs to complete the NXP deal to bolster growth. even deeper large case and disability expertise,” chief executive off icer Dennis Glass said in the statement. “The acquisition also aligns with our strategic priority of diversifying our sources of earnings and eff ectively deploying capital.” Liberty has seen a decline in margins recently and started repricing some Elliott boosts stake in NXP; business in 2017, according to Dick Mucci, president of group protection at Lincoln. Those actions should start helping results this year, he said. “Yes, there’s some margin decline, again I view that more as an aberration than as importantly anything wrong with the slams Qualcomm’s buy bid platform,” Glass said on a conference call after the deal was announced. Bloomberg company needs to complete the NXP group of investors who’ve piled into its revenue from selling chips that Qualcomm’s strategic overhaul, an “We’re very confident that we can get San Francisco deal to bolster growth and that NXP NXP stock with the goal of extract- run programs in smartphones and overhaul which has been at the heart back to the margins in the appropriate stock would be trading at a higher ing a higher price. connect them to cellular networks. of their defence against Broadcom’s timeframe.” price if it weren’t being held down The situation has been further The company’s earnings have suf- hostile off er,” it said in the letter. The $3.3bn price tag includes payments lliott Management Corp, the by the bid. complicated by a hostile $105bn bid fered as its right to charge for tech- Earlier this week Qualcomm told for investment in the group-benefits activist fi rm that is push- “The current $110 off er is not for San Diego-based Qualcomm by nology licenses, which provide the shareholders that if it doesn’t com- business, individual life and annuity Eing Qualcomm Inc to raise even in the right zip code and a rival Broadcom Ltd, which would be bulk of profi t, have been challenged plete the NXP deal, it could instead value, a payment for excess capital, its $47bn acquisition off er for NXP credible off er from Qualcomm re- the largest technology deal in his- by customers and governments use its industry-leading cash hoard and some tax items, according to the Semiconductors NV, increased quires a price in excess of our esti- tory. worldwide. for “a large share repurchase,” which statement. Lincoln said it will temporarily its stake in the Dutch chip maker, mate of NXP’s standalone fair value In response to Elliott’s letter, a Buying NXP would give it a big- would deliver equivalent value to its suspend share repurchases and expects showing its commitment to getting of $135 per share,” Elliott said in the Qualcomm spokesperson reiterated ger piece of the growing market for owners. them to resume no later than the third a better deal. letter addressed to NXP’s share- comments made earlier this week by chips that add electronic function- In its letter, Elliott dismissed that quarter. The stake Elliott controls is now holders. executives: NXP is an attractive op- ality to automobiles — something as “no substitute” for a strategic Lincoln was advised by Goldman Sachs worth about $2.7bn, equivalent to After more than a year seeking portunity but Qualcomm will stay Qualcomm needs to broaden its transaction, and repeated analysis Group Inc and Wachtell, Lipton, Rosen about 6.6% of NXP, the investment regulatory approval for the acquisi- disciplined and won’t pay more than business and reverse the slowdown that the fi rm says shows NXP would & Katz. Barclays Plc and Skadden, Arps, fi rm said in a letter published on tion, which would be Qualcomm’s makes sense for shareholders. While that made it a target for Broadcom, be trading at $135 without Qual- Slate, Meagher & Flom LLP assisted Friday. Qualcomm can aff ord to pay biggest ever, the process is reaching it would prefer to close the deal, that Elliott wrote. comm’s off er. Qualcomm will need Liberty Mutual, according to the more than the $110 a share being of- the fi nal phase — setting the stage won’t be done at all costs. “We believe any other transac- to off er a premium above that to get statement. fered, Elliott said, adding that the for Qualcomm’s negotiations with a Qualcomm gets the majority of tion would likely seriously delay to a fair price, Elliott said.

In sign of times, luxury watchmaker Audemars embraces second-hand

Reuters brands and cannibalising their sales. of second-hand watches to protect the LVMH’s watch division was not imme- RealReal, about a third of the “estimat- In an example of prices, it said it Geneva They have instead ceded the ground to owners and the value of watches al- diately available. ed retail price”. listed a second-hand Audemars Piguet third-party dealers. ready in the market by keeping the grey Audemars Piguet said it would Kepler Cheuvreux analyst Jon Cox Royal Oak for $24,950 compared with a But some are now looking to change market in check,” H.Moser & Cie boss launch its second-hand business in said he estimated the size of the sec- $32,000 retail price. wiss luxury watchmaker Aude- tack, driven by an industry-wide Edouard Meylan told Reuters. several, but not all, of its 26 Swiss out- ond-hand market at around $5bn a year Together with a partner in Hong mars Piguet said it would launch sales slowdown combined with a sec- MB&F, which plans to launch sec- lets, but declined to specify how many in revenue, including watches sold at Kong and a Singapore-based inves- Sa second-hand business this year, ond-hand market that is expanding ond-hand sales via its website this year, stores or give a more precise date. auction, and that it had outperformed tor, Govberg recently launched global becoming the fi rst big brand to an- rapidly, fuelled by online platforms told Reuters it expected to typically give It will initially allow customers to the market for new pieces in the last e-commerce platform WatchBox for nounce plans to tap into a fast-grow- like Chrono24 and The RealReal. a 20-30% discount on second-hand trade in old Audemars Piguet watches couple of years. buying and selling pre-owned luxury ing market for pre-owned premium “At the moment, in watches, we watches. as part-exchange for new ones, and That is still dwarfed by a new luxury watches. watches. leave it to what I call the ‘dark side’ then sell on the second-hand watch- watch sector worth €37bn ($45.3bn), “People sell us watches by the buck- The company told Reuters it had car- to deal with demand for pre-owned The company told Reuters it had es. according to consultancy Bain & Cie. et,” he said. ried out a test run in one store in Gene- pieces,” added Bennahmias, whose carried out a test run in one store It has not yet decided whether to buy However Swiss watch exports fell He said many people sold watches to va and would launch the business more company is known for its octagonal in Geneva and would launch second-hand watches for cash, added 3.3% in 2015 and 9.9% in 2016 before buy a new one so the pre-owned mar- widely at its outlets in Switzerland this Royal Oak timepieces that sell for the business more widely at its the fi rm, saying its sales had come close posting a modest 2.8% rise in the fi rst ket was actually driving new sales, like year. 40,000 Swiss francs ($41,680) on av- outlets in Switzerland this year to the 1bn Swiss franc mark last year. 11 months of 2017. in the car market. “The brands are still If this proved successful, it said it erage. Experts say the second-hand luxury The United States, where sales of new trying to fi gure it out, they don’t have would roll out the operation in the “Anybody but the brands (is sell- A spokesman said customers buying watches business, mostly done via on- watches have been falling for years, is the solution yet,” he said. United States and Japan. ing second hand) — it’s an aberration from established watch brands could line platforms or specialised retailers, the number one market for pre-owned Audemars Piguet’s Bennahmias said “Second-hand is the next big thing commercially speaking,” he said, with- feel confi dent they were getting genu- is growing rapidly as a new generation watches, followed by Britain and Japan, watchmakers had to amend business in the watch industry,” chief execu- out giving any details about how they ine products in good working order and of customers that values variety more said US retailer Danny Govberg, who models to deal with changing consum- tive Francois-Henry Bennahmias told would price pre-owned watches. with a valid warranty. than permanent ownership enters the sells new watches for Rolex and other er habits. Reuters in an interview at the SIHH Several smaller brands, including Bigger brands Rolex, Patek Philippe, luxury world. brands, but also an increasing number “We’re witnessing a social and cul- watch fair in Geneva this week. H.Moser & Cie and MB&F, have sig- Swatch Group, Richemont and Brei- In an example of the discounts of- of second-hand timepieces. tural change that forces us to think Luxury watchmakers have hith- nalled interest in the second-hand tling all declined to comment, when fered online, a diamond-studded Au- His company said its second-hand about what the business will look like erto eschewed the second-hand trade, trade. asked whether they planned to en- demars Piguet Royal Oak “with moder- sales had grown by 37-40% year-on- in fi ve or 10 years,” he added. fearing diluting the exclusivity of their “It is important to control the sale ter the second-hand market, while ate scratches” sells for $9,450 on The year over the past fi ve years. “Time fl ies, we need to watch out.” Gulf Times 14 Monday, January 22, 2018 BUSINESS

BANKING ON KNOWLEDGE Focus on governance in reshaping global systems at Davos

By Dr R Seetharaman regional and industry levels. Some challenges facing the trade system and of the system initiatives which are of is also active in the World Economic interest to me include Shaping the Forum Center for the Fourth Industrial The 48th annual meeting of the World Future of Digital Economy and Society, Revolution through its work on digital Economic Forum is going to be held Shaping the Future of Economic trade and cross-border data flows. this week at Davos, Switzerland. It has Progress, Shaping the Future of By 2050, a global population of 9.8bn ‘Creating a Shared Future in a Fractured Financial and Monetary Systems, will demand 70% more food than World’ as its theme and will make a case Shaping the Future of International accelerate public-private collaboration system by enhancing financial stability, what is consumed today. Feeding this for renewed commitment to interna- Trade and Investment and Shaping the towards more competitive and innovation and economic growth by expanded population nutritiously and tional collaboration as a way of solving Future of Food Security and Agriculture. inclusive economies by enhancing analysing the implications of industry sustainably will require substantial critical global challenges. The system initiative ‘Shaping the understanding of competitiveness transformation in an eff ort to better improvements to the global food I look forward to this event, and some Future of Digital Economy and Society’ and inclusive growth, and informing understand the competitive, human system — one that provides livelihoods of the areas which are of interest to me aims to create networks that enable multistakeholder action on these capital, and regulatory dynamics that for farmers as well as nutritious include supporting eff orts to improve and encourage action to promote issues; by facilitating public-private will exist in the financial sector of products for consumers. Hence the global governance mechanisms and the long-term health and stability of collaboration to improve the the future and better understanding system initiative ‘Shaping the Future advance major multilateral processes digitally enabled economies through competitiveness and inclusive growth of disruptive innovation in financial of Food Security and Agriculture’ aims such as UN’s Sustainable Development understanding the shift through performance of particular economies services by exploring how innovations to strengthen global food systems by Goals, contributing to the shaping leading-edge intelligence; collectively and regions and raising awareness are changing business models and developing new insights; facilitating of new industry ecosystems and solving new issues via improved of how people experience and are restructuring ecosystems in specific collaboration on priority action areas, helping industry and government and skills gaps and sharing the ideas, governance and policy-making in a aff ected by challenges pertaining to areas of financial services. including leveraging technology and leaders prepare for the Fourth innovations and discoveries that will digitised society and partnering to economic growth and social inclusion, The system initiative ‘Shaping the innovation for food systems change; Industrial Revolution and supporting have the greatest impact in reshaping rapidly scale successes by cultivating and invoking stakeholder participation. Future of International Trade and and mobilising leadership and expertise multi-stakeholder eff orts to deliver global systems. an online environment of trust and The system initiative ‘Shaping the Investment’ aims to provide thought at the global level. sustainable and inclusive economic There are also many system initiatives increasing access and adoption. Future of Financial and Monetary leadership to high-level policy forums development in the face of lower which will be discussed at this event The system initiative ‘Shaping the Systems’ aims to build a more eff icient, such as the G20 and Asia Pacific „ Dr R Seetharaman is Group CEO of growth rates, declining productivity to address the challenges at global, Future of Economic Progress’ aims to resilient and equitable international Economic Forum (Apec) on future Doha Bank.

GCC IPOs in 2018 depend on easing of geopolitical risks, oil price stability: Kamco

By Santhosh V Perumal investment trust) IPOs Business Reporter combined in the region jumped to 25 issuances from mere four in 2016 and six in The outlook for IPOs (initial 2015, and was the highest public off erings) in the Gulf Co- since 2007, it said. operation Council (GCC) this Capital issuances via IPOs was year will continue to depend also at a three year high, as on easing of geopolitical capital raised reached $3.2bn risks, oil price stability, better compared to $0.7bn in 2016 macroeconomic data points and $1.5bn in 2015. and stable secondary capital Nevertheless, corporate markets, according to Kamco. issuers were still vary of “We further expect more REITs volatility in the GCC markets, (real estate investment trusts) oil prices, and geopolitical in the region to be listed in concerns, barring which more 2018 as well,” Kamco said in a frontline corporates would report. have taken the IPO route in Moreover, apart from the 2017, it said. anticipated Aramco IPO from Apart from Saudi Arabia and Saudi Arabia, more state- the UAE, Oman saw significant owned enterprises (SOE) and activity in their primary capital The members of the first cohort of senior Qatari executives in QFBA’s ‘Future CEO’ programme. quasi-government owned markets, albeit from Muscat assets in the GCC are expected Securities Market’s parallel take the primary market route market, as five IPOs were in the medium term. witnessed, four of which were Though larger corporates insurance players – Al Ahlia would look at the favourable Insurance, Vision Insurance, conditions to go ahead with National Life & General their IPOs, Kamco expects Insurance and Oman Qatar QFBA celebrates certifi cation parallel market activity in Insurance. Saudi Arabia to pick up, The total issuance proceeds especially with the Saudi in Oman amounted to $112mn market regulator’s decision in 2017. In Qatar, the sole to give foreign investors deal witnessed was that of of Qatari executives’ group complete access to the Nomu Investment Holding Group index in 2018. with proceeds of $135mn, as The IPO market in the GCC had corporates remained vary a robust year in 2017, as trends of the market conditions, as were higher than the prior two the benchmark and sectoral years combined, Kamco said. indices plunged during the in ‘Future CEO’ programme Total number of corporate year amidst regional diploma IPOs and REIT (real estate crisis. he Qatar Finance and a promising experience for sen- lent of qualifi ed and specifi cally- thank QFBA for launching this be able to lead the country’s Business Academy ior Qatari executives from vary- trained business leaders to keep impactful international pro- economic future and achieve T(QFBA) recently organ- ing business functions, such as abreast of the pace of economic gramme with the support of the sustainable prosperity, thereby ised a congratulatory event for fi nance, corporate planning, activity in the country. There- QFCA, and congratulations to contributing to the realisation of the fi rst cohort of senior Qatari operations, and administration, fore, it is necessary to focus on the cohort; I wish them much the Qatar National Vision 2030.” executives in its pioneering ‘Fu- among others, grooming them investing in the nation’s human progress and success.” Al-Jaida said: “This unique Doha Insurance gets ture CEO’ (FCEO) programme. towards the strategic functions resources and preparing them Acting QFBA CEO Dr Mo- programme is another step in The FCEO pioneering cohort of being a CEO in any industry. to suit the requirements of this hamed Abdullah al-Emadi said: elevating and enhancing our na- QCB approval to convert includes C level executives rep- It focused on developing busi- era and the phase that the region “We are proud to see one of the tion’s human capital. The skills resenting diff erent companies in ness success factors that are Qa- is currently going through. We objectives of QFBA become a re- picked up by the participants, as ‘Doha Takaful’ into various sectors in Qatar such as tar specifi c via exploration of the are delighted to participate in ality through the certifi cation of well as the training and educa- Qatar Petroleum, QInvest, and unique strengths and challenges this exciting event and witness a distinguished group of senior tion they have received through Qatar University. faced by institutions in Qatar. senior Qatari executives achieve Qatari executives who have fur- the Future CEO programme will limited liability firm The event was attended by Several best practices across this prestigious international ther developed their strategic positively refl ect on their re- QFBA deputy chairman Nass- various industries were shared certifi cation. thinking skills via programme spective institutions and pave Doha Insurance Group of Doha Insurance general er Ahmed al-Shaibi and Qa- and discussed, spanning aspects “Today, they are receiving a sessions spanning 15 months. the way to them attaining the announced that “Qatar Central assembly in March last year, tar Financial Centre Authority related to marketing and busi- world-class certifi cate that is “The senior Qatari executives highest of positions in the fu- Bank has given approval to shareholders gave nod for (QFCA) CEO Yousuf Mohamed ness strategy, managing change, a testament to their breadth of have largely benefi ted from their ture. transform” DIG’s branch ‘Doha the liquidation of the Islamic al-Jaida. and blockade-induced chal- knowledge gained that will lead group-sharing a variety of as- “The programme is creating Takaful’ to a limited liability branch of Doha Insurance and QFBA, with the support of lenges to even the mapping of to greater service of their com- pects of strategic importance in a new generation of senior ex- company, the company said in conversion of the branch into the QFCA, launched the FCEO informal networks. munity and nation, and ulti- companies in Qatar. At QFBA, ecutives who have the knowl- a press release yesterday. a limited joint stock company programme in October 2016 and Al-Shaibi said: “Qatar’s mately to achieving sustainable we will continue to develop hu- edge and the expertise to drive At the extraordinary general after the Qatar Central Bank the duration is for more than 15 unique developmental situation economic prosperity and social man capital in Qatar and equip progress and development in the assembly on the sidelines approval. months. The programme off ered in all areas requires its equiva- welfare in Qatar. I would like to it with knowledge and skills to country’s growing business.”

Most of regional bourses fall, Saudi retreats further from technical barrier

Saudi’s Almarai falls; Q4 profit points, retreating from the July peak of Saudia Dairy and Foodstuff Co fell by Adnoc Distribution to 2.73 dirhams. come at low end of estimates; most 7,586 points. 1.6% after reporting a 14% decline in On Thursday, Goldman Sachs initi- Dubai real estate developers fall Dairy company Almarai dropped quarterly profi t, as sales shrank slightly. ated the stock with a “buy” rating and 1.2% after reporting fourth-quarter net In Dubai, the index fell 0.5% to 3,512 a 12-month price target of 3.31 dirhams. Reuters profi t of 513mn riyals ($137mn), down points. as most property developers Egypt’s index fell 0.5% to 15,340 Dubai from 536mn riyals a year ago and below weakened, with Damac down 1.7%. points, but Orascom Development forecasts of 549mn riyals by SICO Bah- Union Properties, however, edged up surged 3% after the board proposed a rain and 531mn riyals by NCB Capital. 0.4% after saying it had sold its entire share split that would change the par ost Middle Eastern stock mar- It blamed a 2.6% decline in revenue stake in district cooling fi rm Emicool to value of the stock to 1 Egyptian pound kets fell yesterday with Saudi on the loss of sales to Gulf and export Dubai Investments, already the owner from 5 pounds. MArabia pulling further away countries, in an apparent reference to of the other 50%, for 500mn dirhams Elsewhere in the Gulf, the Kuwait in- from a major resistance level, although the blockade on Qatar. ($136mn). Dubai Investments edged dex dropped 0.3% to 6,620 points, the a surge by fuel distributor Adnoc Dis- Savola, Saudi Arabia’s largest food down 0.4%. Bahrain index rose 0.2% to 1,336 points A man walks past the entrance to the Saudi Stock Exchange. The Saudi index slipped tribution buoyed Abu Dhabi. producer and a major shareholder in Abu Dhabi’s index rose 0.2% to and the Oman index fell 0.9% to 4,979 0.3% to 7,513 points yesterday, retreating from the July peak of 7,586 points. The Saudi index slipped 0.3% to 7,513 Almarai, slid 2.2%. 4,636 points on the back of a 3% gain points. Gulf Times Monday, January 22, 2018 15 BUSINESS Global benchmark oil futures pause, ending 4-week gains

By Sofiane Ghezali about over-bullish futures positions represented a three-year low and was www.abhafoundation.org for US crude, the build in US gasoline below the five-year average of about stocks, the decline in US refinery runs 420mn barrels. and a firm US rig count. US Distillate stocks also fell by 3.9 mbs, The recent strong rally in global A tightening market underscored while gasoline stocks rose by 3.6 mbs. benchmark oil futures paused last by a healthy demand and restricted US crude production rose again last week, bringing to an end a four- supply represented the bullish week to reach 9.75 mbpd. week period of gains which had trends. US crude oil and distillate BHGE data also showed that the US seen prices rise by more than 10% stocks also continued to decline, oil rig count declined by five to 747 in since December. Brent futures fell adding further support to an already the week to 19 January, to about the during the week by 1.8%, while WTI tight market. same level it was in early September decreased by 1.5%. Prices, however, Finally, a statement by Russia’s energy 2017. continue to hover around three-year minister highlighting his concern Latest Opec and IEA oil market reports highs and are well supported, in the that the market is not completely both highlight the growth in non-Opec short term at least, by underlying rebalanced, and a perception that the oil supply in 2018, pointing to the of active rigs in the Permian basin production growth, particularly if fundamentals. Most analysts are market fundamentals. market continues to be vulnerable to threats that this conveys to Opec’s increased by six to 409, which is prices were to soften once more, betting that oil prices will remain The main bearish factors included various geopolitical risks added to the eff ort to rebalance the market. In expected to boost oil output from with some believing that shale oil well-supported and so the market is the slow but continuous rise of US bullish outlook. addition, the US Energy Information the Permian to a record high of about production may have already peaked. not expecting steep or early declines. domestic crude oil production and According to the US Energy Administration has said that US 2.9mn bpd by February, or about 30% Others disagree. Other analysts, however, consider that potential stronger contributions by Information Administration, US crude unconventional shale oil output is of the total US oil production. Even though crude oil futures there is only limited further upside other non-Opec producers such as oil inventories fell for the 9th straight expected to rise next month to 6.55mn However, according to a recent Reuters retreated last week, oil prices for oil prices because some non-Opec Canada and Brazil. This led to some week, declining to 6.9mn barrels bpd. survey, some analysts question the are finding robust support from producers are taking advantage of the profit taking, coupled with concerns (mbs) in the week to 12 January. This BHGE rig data shows that the number sustainability of the US shale oil a tightening market, with strong firmer price to increase their output.

Number of registered firms Small businesses in in Qatar rises 13.4% in 2017 international trade delegations, conducted 14 overseas visits for Qatari businessmen, and arranged and participated in 14 trade fairs, Sheikh Khalifa said. “Since the first day of the siege, the Chamber Qatar benefi t from played a key role in combating its aff ects. It held meetings with concerned authorities and businessmen to ensure the flow of commodities goods, which were covered by alternative countries without any impact on consumers,” Sheikh Khalifa said. He added: “Qatar Chamber has moved in all MoTC’s workshops directions to confront the crisis and maintain the flow of goods and products. It has clocked a By Peter Alagos “We are doing multiple only 3% are using cloud tech- number of achievements and carried out a large Business Reporter sessions for the entire week. nology. number of activities and events during 2017. Every month, the MoTC will “SMEs don’t adapt to tech- “It also launched important initiatives and organise seven to eight ses- nology due to a number of participated in other events to develop the tartups and small and sions. Many sessions will be reasons: the lack of aware- services it provides to its members as part of medium-sized enter- happening and we already ness, cost, and not knowing Sheikh Khalifa: No siege impact. its pivotal role in enhancing competitiveness in Sprises (SMEs) in Qatar have 20 technology partners the right people or agencies Qatar, and enabling the private sector to play a stand to gain from the series of such as startups and mature to work with. Through the Qatar Chamber has recorded a 13.4% increase greater role in the overall development of the workshops being organised by companies working with the programme, what we are try- in the number of registered companies in Qatar country.” the Ministry of Transport and MoTC for this initiative,” he ing to do is to eradicate those from 12,910 in 2016 to 14,639 last year. Communications (MoTC) that told Gulf Times yesterday on barriers. Qatar Chamber chairman Sheikh Khalifa bin would enable them to develop the sidelines of the workshop. “And these barriers are not Jassim bin Mohamed al-Thani said 34,848 their business further through Yesterday’s session, the 16th common to Qatar only but also companies renewed their commercial registration digital technology. workshop since the MoTC in many businesses across the in 2017, while the total number of companies The ‘Digital Transformation kicked-off the initiative in No- world. We are connecting SMEs registered with the chamber increased by 28% of SMEs’ programme under the vember 2017, was conducted by to service providers and we are to reach 76,666 in 2017 compared to the 59,926 auspices of the MoTC is help- Mufeed Ahmed, co-founder of Ahmed: Online presense. educating them with the value recorded in 2016. ing startups and SMEs in Qatar Qubicle Innovations, a Qatari of the technologies, as well “Last year, 32 foreign companies entered the gain access to web presence, startup that was incubated at challenges that prevent them as getting them good pricing Qatari market for the first time, and 27 of them e-commerce, and cloud solu- the Digital Incubation Centre from maximising digital tech- through our partners,” Amaras- were registered during the siege, which was tions through regular training in 2014. nology to promote their prod- inghe said. imposed on the country on June 5,” Sheikh sessions. Qubicle is among the 20 ucts and develop their compa- He said by encouraging SMEs Khalifa said. “We are planning to hold technology service providers nies. to maximise the use of tech- He said the number of companies established close to a hundred sessions this that are specialising web pres- According to the Qatar ICT nology, they can develop their after the siege stood at 7,335, which aff irmed that year and we are trying to reach ence, e-commerce, and cloud Landscape Report 2015, only companies, reach more cus- the economic embargo “had no impact on Qatar’s out to around 5,000 SMEs by solutions, according to Amar- 39% of businesses in Qatar tomers, reduce operating costs, investment environment.” 2019,” said Indica Amarasinghe, asinghe. are web-enabled and only 12% and do cross-border trading During the past year, the Chamber organised Sheikh Khalifa says 32 foreign companies entered project team member at the He said small businesses in are transacting businesses through e-commerce, and tap about 200 diff erent events, received 52 the Qatari market for the first time last year. MoTC. Qatar are facing a number of through e-commerce, while regional and global markets.

QSE settles below 9,200 despite strong buying support from domestic funds

By Santhosh V Perumal witnessed heavy selling on the bourse, tar, Aamal Company, Qatari Investors pared with net sellers of QR2.33mn the Business Reporter where Islamic equities fell faster than Group and Ezdan. previous trading day. Aamal completes sale of treasury shares the conventional ones. Nevertheless, Doha Bank, Qatar First Local individuals’ net profit Trade turnover fell amidst higher Bank, Qatar Electricity and Water, Na- booking declined impressively to owned by Gulf Rocks Company he Qatar Stock Exchange was on volumes in the bourse, where banking, kilat and Milaha were among the gain- QR11.46mn against QR34.56mn on a highly volatile mode yesterday industrials and real estate sectors to- ers. January 18. The treasury shares of Aamal Company 15. On August 27 last year, Aamal had Tto witness 55 points decline and gether accounted for about 91% of the The Gulf institutions’ net prof- Total trade volume rose 7% to owned by Gulf Rocks Company were obtained QFMA’s approval to sell a total settle below 9,200 levels. total volume. it booking grew substantially to 11.87mn shares, while value fell 16% fully sold, Aamal said in a release of 1,57,066 treasury shares owned Gulf Strong buying support from do- The Total Return Index shed 0.59% QR11.62mn compared to QR6.72mn to QR203.47mn and deals by 18% to yesterday. Rocks, an Aamal subsidiary. The sales mestic funds notwithstanding, the to 15,336.36 points, All Share Index by last Thursday. 3,293. The remaining balance of 85,936 Aamal process was completed on January 15, 20-stock Qatar Index shrank 0.59% to 0.88% to 2,589.05 points and Al Rayan Non-Qatari funds turned net sell- The consumer goods sector reported treasury shares owned by Gulf Rocks in accordance with QFMA’s rules and 9,145.44 points. Islamic Index by 0.96% to 3,627.78 ers to the tune of QR5.21mn against 55% plunge in trade volume to 0.34 eq- Company were sold through the trading regulations regarding listed companies The local bourse is, however, up 7.3% points. net buyers of QR34.44mn the previous uities, 55% in value to QR25.41mn and sessions held on January 2, 10, 11, 14 and selling their shares. year-to-date. The insurance index tanked 2.93%, trading day. 42% in transactions to 439. The market touched a high of more telecom (1.22%), realty (1.02%), con- Non-Qatari retail investors were also The transport sector’s trade volume than 9,200 points in the fi rst 15 min- sumer goods (0.99%), banks and fi - net sellers to the extent of QR1.32mn plummeted 42% to 0.14mn stocks, tanked 22% to 0.07mn equities, value by 15% to QR39mn and deals by 6% to utes of opening, to see a low of less than nancial services (0.97% and industri- compared with net buyers of QR2.64mn value by 33% to QR4.3mn and deals by by 13% to QR3.96mn and deals by 51% 705. However, the banks and fi nancial 9,140 points towards the end. als (0.33%); while transport gained on January 18. 37% to 120. to 46. services sector saw 42% surge in trade Selling was seen pronounced within 0.99%. However, domestic institutions’ The market witnessed 26% shrink- There was 10% decline in the real volume to 6.23mn equities and 10% in insurance, telecom, realty, consumer Some three-fourth of the traded net buying increased considerably to age in the telecom sector’s trade vol- estate sector’s trade volume to 1.59mn value to QR98.99mn but on 2% fall in goods and banking counters in the mar- stocks ended in the red with major QR29.28mn against QR6.57mn last ume to 0.55mn shares, 39% in value to stocks, 4% in value to QR22.39mn and transactions to 1,216. ket, whose capitalisation eroded 0.84% losers being Qatar Insurance, Mazaya Thursday. QR9.41mn and 17% in transactions to 24% in transactions to 463. In the debt market, there was no to QR500.45bn. Qatar, Ooredoo, QNB, Commercial The Gulf retail investors turned net 304. The industrials sector’s trade volume trading of treasury bills and sovereign Micro, large and small cap scrips Bank, Medicare Group, Industries Qa- buyers to the tune of QR0.39mn com- The insurance sector’s trade volume was down 5% to 2.96mn shares, value bonds.