Market Insights & Strategy Global Markets Morning news summary 12th August 2021 Global News

• US inflation moderates slightly in July: US consumer prices increases moderated in July but remained at a 13-year high on a yearly basis consumer price data showed Wednesday. The Labor Department said its consumer price index (CPI) increased 0.5% month-on-month in July after climbing 0.9% in June. The month-on- month increase was in line with economists expectation polled by Reuters. In the 12 months through July, the CPI advanced 5.4%. The drop in the month-to-month inflation rate was the largest in 15 months. Price measures of food, energy, shelter and new vehicles all contributed to the July gain. Airfares and auto insurance costs declined. Price gains for used cars and trucks, which have accounted for an outsized chunk of the inflation boost in recent months, rose 0.2%, a sharp drop from the 10.5% increase the prior month. Prices for airline fares also edged down 0.1%. New vehicle prices rose by 1.7%, the third straight month of gains above 1.5%.

Excluding the volatile food and energy components, the so-called core CPI rose 0.3% month-on-month in July, after increasing 0.9% in June. According to Reuters survey, economists were expecting the core CPI would rise 0.4% in July. The core CPI rose 4.3% on a year-on-year basis after advancing 4.5% in June. The US Federal Reserve's preferred inflation measure, the core personal consumption expenditures price index, jumped 3.5% in June, the largest gain since December 1991. The Fed is paying close attention to price pressures as it mulls when to begin to reduce its massive bond holdings and how soon to begin lifting rates from near zero. It also remains on the lookout for any signs that price pressures may broaden. Source: Reuters; Bloomberg

• Biden says he trusts Fed to take action on inflation if needed: President Joe Biden said on Wednesday that his administration is working to relieve bottlenecks threatening the economic recovery and trusts the Federal Reserve to take any steps that may be needed to rein in prices. "Right now, our experts believe that – the major independent forecasters agree as well – that these bottlenecks and Rakesh Sahu price spikes will reduce as our economy continues to heal," Biden said. Director, Market Insights & Strategy "While today's consumer price report points in that direction, we will keep a careful eye on inflation each month, and trust the Fed to take Chavan Bhogaita appropriate action if and when it's needed." Fed Chair Jerome Powell Managing Director & Head of Market has repeatedly said the current burst in inflation is likely temporary. Insights & Strategy Biden highlighted Wednesday the measures his administration is taking, including intensifying pressure on OPEC and its oil-producing Please click here to view our recent allies to take steps that could cut gasoline prices. publications on MENA and Global Markets Source: Reuters Your attention is drawn to the Important Notice on the final page of this communication

• Fed officials grapple over timeline for tapering asset purchases: The US economy is growing at a robust pace and the labor market is rebounding, signalling it is nearly time for the Federal Reserve to start withdrawing its support, several US central bank officials said on Wednesday. The Fed's most recent projections do not see an interest rate increase needed until perhaps 2023, but the recent pace of price increases has intensified debate over whether faster action may be needed, including cutting back on the Fed's $120bn in monthly bond purchases. Policymakers are in the process of discussing how and when they should begin to trim the massive asset purchases launched by the Fed last year to stabilise financial markets and support the economy through the coronavirus pandemic, and there are a range of views.

Kansas City Fed President Esther George said Wednesday that the standard for reducing the bond-buying program may have already been met by the current spike in inflation, recent labor market improvements and the expectation for continued strong demand. "I support bringing asset purchases to an end under these conditions," George said during a virtual seminar. "Today’s tight economy ... certainly does not call for a tight monetary policy, but it does signal that the time has come to dial back the settings," George said. He added that the pre-crisis labor market may not be the best metric for evaluating full employment because some people retired early and the pandemic caused other structural changes in the labor market.

Dallas Fed President Robert Kaplan, in an interview with CNBC, said the Fed should announce its timeline for beginning to reduce its massive bond purchases next month and start tapering them in October. Kaplan said the asset purchases do not help an economy that is now struggling with supply, rather than demand, issues and said reducing them soon may help to minimize excessive risk-taking. "Like a doctor who's prescribing medication to a patient that's been through a trauma, if you start to see side effects and you don't think the medication is very effective ... I think best thing to do is, early, begin weaning off that medication," Kaplan said.

In an interview with Reuters, Richmond Fed President Thomas Barkin said it may take a few months more for the US job market to recover enough that the Fed can start to reduce its support for the economy, adding a centrist voice to the open debate over how to reduce the asset purchases. "We are closing in ... I don't know exactly when that will be. When we do close in on it I am very supportive of tapering and moving back toward a normal environment as quickly as the economy allows us," Barkin said. He said it remains an open question whether this fall will see millions return to the job market as schools reopen and programs like enhanced unemployment insurance end, or whether the pandemic, and its now dominant Delta variant, have changed life and occupational choices to such a degree that labor remains scarce.

On Tuesday, Chicago Fed president Charles Evans echoed views similar to Barkin’s. Evans said the current inflation spike shouldn't push the Fed to tighten monetary policy prematurely, with more months of labor data needed before any changes as well as more certainty that the pace of price increases will remain above the Fed's 2% target. "We are making progress ... We are well on our way," to the point where it would be appropriate for the Fed to begin trimming its $120bn in monthly bond purchases and eventually raising interest rates, Evans said. However, he added that the benchmark for that bond "taper" is likely to be met "later this year" based on expected strong continued job growth, Evans said. Source: Reuters

• Asia stocks fall as Delta fears eclipse Wall Street uptick; Oil steadies as investors bet demand rebound can withstand Delta: Asian stocks fell Thursday as the spread of the Delta variant of the coronavirus and China’s regulatory push sapped sentiment, overshadowing a Wall Street record on easing inflation that reduced concerns about an imminent pull back in Federal Reserve stimulus. Japan’s Nikkei 225 index traded up just 0.05% as of 8.23am GST, while Hong Kong’s Hang Seng index was down 0.1% and China’s blue-chips CSI 300 fell by 0.6% South Korea’s Kospi index lost 0.2% and Australia’s S&P/ASX 200 index was trading flat. S&P 500 futures were little changed in the Asian trading after the index gained 0.25% overnight to close at an all-time high. The US inflation data also caused dollar to retreat against most major currencies to hovered below a four-month peak. The DXY dollar index fell 0.15% on Wednesday and was trading 0.06% lower in Asia at 92.869. US Treasury yields fell on Wednesday across 2

most maturities, though trading was choppy. The 10-year Treasury yield was trading at 1.346% in Asia, as of 8.25am GST, compared with its US close of 1.359%.

Oil steadied after a two-day advance as investors bet the global demand recovery will remain intact despite the latest wave of Covid-19 that’s led to tighter restrictions on movement in many countries. WTI crude futures were up 7 cents to $69.32 a barrel on the New York Mercantile Exchange as of 8.26am GST, after rising 4.2% over the past two sessions. Brent futures added 6 cents at $71.50 on the ICE Futures Europe exchange, after climbing 1.2% on Wednesday. US gasoline stockpiles fell last week to the lowest level since November, while crude inventories marginally declined, government data showed. While the economic rebound in the US and Europe has buoyed oil, steps to rein in delta, particularly in China, are clouding the outlook. The International Energy Agency will release its monthly report later Thursday, giving an indication of what impact it sees the variant having on demand. Source: Bloomberg; Reuters

Middle East & Africa News

• Taqa's second-quarter net profit rises 39% on higher oil prices: Abu Dhabi National Energy Company, better known as Taqa, reported an 39% annual rise in second-quarter net income amid higher commodity prices. Net profit for the three months to the end of June rose to AED 1.42bn ($386.9m) from the same period a year earlier, Taqa said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue for the reporting period rose 19% to AED 11.9bn, from the second quarter of 2020, boosted by income from the transmission and distribution of utilities. The company's average oil and gas output rose to 124,200 barrels of oil equivalent per day, supported by higher production in Europe, particularly in the UK. Taqa said its net income for H1 2021 soared by 42% year-on-year to AED 2.9bn ($790m) and its revenues rose to AED 22bn, 11% up on the previous year. The group's capital expenditure fell 3% to AED 2bn at the end of June 30. Taqa said it had free cash flow of AED 7.4bn, allowing the company to fully repay revolving credit facilities.

"Against the backdrop of favourable market conditions, we continue to adopt a prudent financial policy, which saw us fully repay our corporate credit facilities this quarter and increase available liquidity," said Taqa group chief executive Jasim Thabet. "We also continue to focus on achieving operational efficiencies within our utilities business and progressing our growth strategy to become a low carbon power and water champion." Taqa's board approved an interim cash dividend of AED 618m at the rate of 0.55 fils per share. This is the company's second dividend payout for the current financial year. "We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be the world’s largest single-site solar project, unveiled a 10-year growth strategy and recently signed two MoUs [memorandums of understanding] for the development of green hydrogen," said Thabet. Source: The National

• Aldar Q2 net profit rises 7.6% as it posts highest ever quarterly sales; Abu Dhabi property prices rise as demand picks up in key areas: Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 7.6% jump in second-quarter profit thanks to higher revenue and rental income as the UAE’s property market continues to recover from the coronavirus pandemic. Net profit attributable to owners of the company for the three-month period to the end of June climbed to AED 520m ($142m), Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue and rental income for the period rose more than 9% annually to about AED 2.2bn. The company said it recorded AED 2.35bn in quarterly sales, its highest ever. Net profit for the first six months of the year climbed nearly 36% to AED 1bn from the same period a year earlier. Revenue and rental income during the period rose 12.5% to AED 4.23bn.

"This growth has been underpinned by strong appetite for prime Abu Dhabi properties among diverse end users and investors, as well as further strengthening of investment-friendly policies," said Talal Al Dhiyebi, group chief executive of Aldar Properties. “Aldar’s diversified businesses have achieved significant uplift

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in activity over the past 12 months. “Development launches have ramped up, third-party management fees have climbed as projects gathered pace, and our education and property management businesses have built considerable scale." "Aldar expects to sustain the accelerated pace of activity and take advantage of attractive investment opportunities presented by this market cycle. We will continue to launch new developments in premier locations and pursue further asset growth and diversification of our investment property portfolio," Al Dhiyebi said.

Property sales prices in the majority of residential communities in Abu Dhabi have increased in 2021 amid higher demand in key areas as the UAE’s economy continues to recover from the effects of the coronavirus pandemic. The average sales listing price for an apartment in Abu Dhabi jumped to AED 1.3m ($353,982) in July from AED 1.15m in January, while the average villa/townhouses sales listing price in the capital touched AED 4.57m in the same month from AED 4.1m in January, listings portal Property Finder said, The National reported Wednesday. Citing a survey by real estate consultancy ValuStrat, The National reported that capital values in Abu Dhabi's residential investment zones rose by 2.1% during the second quarter, compared with the previous three-month period. They were 3.9% higher year-on-year from the Covid-19 challenges of 2020, the survey said. Source: The National

• Emaar Properties reports 17% drop in Q2 profit; property sales hit record in the first half of 2021: Emaar Properties, Dubai's biggest listed property firm, posted a 17% drop in quarterly profit, after a one- off asset sale boosted profit a year earlier, but reported record sales of properties in the first half of the year. Emaar recorded a net profit of AED 903m ($246m) in the period ended June 30, down from AED 1.09bn a year earlier. Last year's profit was boosted by the sale of Emaar's district cooling business. Emaar’s first-half net profit fell 8% drop to AED 1.56bn, the company said in a statement to the Dubai Financial Market. Emaar recorded property sales worth AED 16.48bn in the first half, up 229% compared with the same period last year, while property sales surged to AED 9.73bn in the second quarter, growing seven times over the year-ago period. Second quarter revenue increased 125% year-on-year to AED 6.5bn, Revenue for the first half was up 52% to AED 12.5bn. Emaar attributed the record revenue to sale of under-construction projects and successful launch of projects in the UAE and overseas. The company said profit at its Emaar Development arm grew 46% to AED 1.51bn in the first half as revenue climbed 61% to AED 7.75bn, it said. The mall operating unit Emaar Malls on Tuesday reported second quarter net profit of AED 304m ($82.7m), compared with a AED 33m loss in the same period a year earlier. Emaar Malls said second quarter revenue surged 74% year-on-year to AED 1.15bn.

“Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business,” an Emaar spokesperson said, The National reported. “Looking to the future, I am very optimistic about the remainder of the year as we maintain our focus on meeting and exceeding our customers’ expectations, delivering long-term, sustainable results across our business units and collectively strengthening our organisation.” Dubai's property market has registered an increase in deal activity over the past few months thanks to pent-up demand in the market. The emirate's house prices rose at their fastest pace in seven years in the second quarter of 2021, according to a recent report from Knight Frank. Rating agency S&P said recently the residential real estate market in Dubai has bottomed out and now offers attractive opportunities for developers, especially for premium properties. Source: Reuters; The National

• Dubai Airports CEO says 2021 outlook 'very promising' as passengers return; airport reports 10.6 million passengers traffic in 1H’21, targets 56 million in 2022: Passenger traffic for 2021 looks promising as travel is starting to take off again on the back of seasonal summer demand, easing of Covid- 19 restrictions and major events in the emirate, Dubai Airports CEO Paul Griffiths said on Wednesday. The operator of Dubai International (DXB), ranked as the world’s busiest airport, also reported that 10.6 million travellers passed through its gates in the first half of 2021, still lower by 40.9% compared to the same period in 2020. Over the next several days, traffic will expand to more than a million, with daily peaks averaging 100,000 flyers during weekends. “We have already witnessed some of our busiest weekends of 4

the year in July and with major international events such as the Dubai Expo 2020 and Dubai Airshow 2021 lined up for the months ahead, the outlook for 2021 in terms of passenger numbers looks very promising,” Griffiths said in a statement shared on Twitter.

Dubai Airports is forecasting 56 million passengers to pass through Dubai International next year, double its target for this year though still below pre-pandemic levels. The rise in passenger traffic in recent weeks gives rise to a more optimistic forecast and “we are looking at something like 56 million for the year to come”, Griffiths told Reuters. The airport handled 25.9 million passengers last year and 86.4 million in 2019, the year before the pandemic struck. Griffiths said Dubai Airports now expects to end 2021 close to its 28 million passenger target. He said Dubai Airports was being conservative with its forecast for this year given many countries still impose travel restrictions and that it was focused on managing costs, balancing its budget and remaining cash positive. Source: Zawya; Reuters

• Emirates ramps up network to adapt to looser travel restrictions: Emirates, the world’s largest long- haul airline before the pandemic, will restore capacity on 29 routes as the easing of travel restrictions boosts demand. The airline will increase its UK services to 73 a week, the Dubai-based carrier said in a statement Wednesday. Emirates will serve London Heathrow with three daily flights operated by Airbus SE A380 planes with immediate effect, before increasing the frequency to six over time. The airline will also boost capacity to the US, South Africa and other countries on the African continent. The UK last week downgraded the UAE to medium-risk status from high, meaning travellers can isolate at a home rather than face pricey hotel quarantine. The UAE has also started to allow transit passengers from some countries in the Indian subcontinent, opening key destinations for Emirates. Source: Bloomberg

• District cooling firm Tabreed reports 4% increase in Q2 profit as revenue jumps 23%: The National Central Cooling company, also known as Tabreed, reported a 4% increase in its second-quarter profit on the back of higher revenue. The total profit attributable to equity holders of the parent for the three-month period ending June 30 rose to AED 148m ($40.29m), the company said in a statement to the Dubai Financial Market. Revenue during the period jumped 23% year-on-year to AED 511.4m. Net profit in the six months ending June 30 climbed more than 4% to AED 233.5m as revenue grew 22% to AED 869m. “Tabreed’s portfolio continues to grow through strategic business development that is measured and carefully considered,” Khalid Al Marzooqi, Tabreed’s chief executive, said. “In the past six months we have increased cooling capacity in three different countries, most notably with the addition of a fourth district cooling plant in Downtown Dubai, which forms part of Tabreed’s acquisition deal with Emaar in April last year.”

Tabreed, in which French utility Engie and Mubadala Investment Company own significant stakes, operates 87 district cooling plants across the Gulf, 74 of which are in its home market in the UAE. It operates five plants in Oman, three in Saudi Arabia and one in Bahrain, among others. Tabreed bought a majority stake in Emaar Properties' Downtown Dubai district cooling business for AED 2.48bn. The deal, financed through a corporate loan, gave the company an 80% stake, with Emaar retaining the balance under a long-term partnership deal. Source: The National

• Abu Dhabi index hits record high as IHC leaps: Abu Dhabi stocks rose to an all-time high on Wednesday boosted by shares of conglomerate International Holding (IHC), which extended a four-day winning streak. IHC has risen 11% this week after the Abu Dhabi's most valuable listed firm on Sunday reported a net profit of AED 4.36bn ($1.19bn) for the period ended June 30, up from 814 million dirhams year ago. In Abu Dhabi, the index advanced 1.1%, with IHC jumping 4.2%. Among other gainers, Abu Dhabi National Energy Company advanced 3.2% after it posted a surge in first-half net profit. Dubai's main share index eased 0.1%, pressured by a 0.4% fall in Emirates NBD Bank and a 1.2% decline in Emirates Integrated Telecommunications. Saudi Arabia's benchmark index gained 0.4%, led by a 0.5% rise in Al 5

Rajhi Bank and a 1.3% increase in Saudi National Bank. Banque Saudi Fransi leapt 3.3% after its Syrian subsidiary reported a rise in second-quarter net profit. Elsewhere in the Gulf, Kuwait’s benchmark index added 0.1%, the Bahrain index added 0.3% and the Oman index closed unchanged. Outside the Gulf, Egypt's blue-chip index rose 0.3%, with top lender Commercial International Bank gaining 2.1%. Source: Reuters

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