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MENA MARKETS March 11 — 15, 2018

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MENA MARKETS March 11 — 15, 2018 WEEKLY RESEARCH MENA MARKETS March 11 — 15, 2018 TOP NEWS details in Saudi central bank raising key interest rates ahead of U.S. PAGE 1 Oman central bank raising rate on capital deposits to 1.5% from 1.0% Saudi Arabia wanting mortgage market to grow to $134 billion by 2020 Saudi Arabia to deposit $2 billion in Yemen central bank: SPA Kuwait to divide its stock market into three segments Saudi state expected to take 35% stake in Saudi Binladin Group: Reuters Qatar to curb transfers to Its sovereign fund until 2022 Italy’s Leonardo winning key role in $3.71 billion Qatar helicopter deal Saudi Arabia is said to block some German business over rift Saudi's Sipchem, Sahara Petrochemical to resume merger talks UAE fund Mubadala in talks for Brazilian Odebrecht-run rail operator Supervia: sources Dubai's DP World to spend more this year after 14.9 percent 2017 profit rise Desert Sun to power upper Egypt with $2.8 billion solar park BP seeking buyers for stake in ageing Egyptian business: sources Egypt's CI Capital planning stock market listing in second quarter MARKETS EQUITIES Price % 1 W Saudi Arabia 7744.68 2.41% Major Gulf stock markets ended higher this week, led by Qatari and Saudi Abu Dhabi 4542.74 0.35% stocks. Dubai 3197.30 1.26% Saudi index jumped for the second consecutive week hitting its highest level Qatar 8847.79 6.49% since October 2015 (2 1/2-year high). The boost came from expectations for Oman 4896.93 -0.67% Egypt 16999.10 3.20% inflows of foreign funds in coming month. Investors expect a positive decision Kuwait 6760.23 -0.26% by index compiler FTSE at the end of March on whether to upgrade Riyadh to Bahrain 1355.51 -1.08% emerging market status, and a similar decision by MSCI in June. Together, the Jordan 2226.02 0.49% decisions could attract tens of billions of dollars of new foreign money to the more data in PAGE 2 market in the next 18 months. After two losing weeks, the Qatari index posted its biggest weekly jump since January 2016. On Monday, the index jumped 4.97% after Qatar National Bank FX Rates vs USD vs EUR said it would raise its ceiling for foreign ownership. QNB rose 19.63% this week. SAR 3.75 4.61 AED 3.67 4.52 Egyptian index rose for the 5th consecutive week hitting new all-time highs. The QAR 3.67 4.51 index is up 13.92% in the past 5 weeks. OMR 0.385 0.474 EGP 17.628 21.691 KWD 0.300 0.369 BHD 0.377 0.464 JOD 0.708 0.872 LEBANON more data in PAGE 3 BEIRUT S.E. BONDS Price* % 1 W Mat YTM* BANK OF BEIRUT FUNDS SOLIDERE A 8.08 -1.58% LEB 5.45 Nov-19 5.88 SINCE NAME CY NAV* YTD (%) SOLIDERE B 7.99 -1.60% LEB 6.15 Jun-20 6.25 INCEPTION BANK OF BEIRUT 18.80 - LEB 6.10 Oct-22 6.49 BEIRUT PREFERRED FUND II USD 986.06 1.35% 24.50% BoB Priority 21.00 - LEB 6.65 Apr-24 6.84 BANK AUDI 6.11 1.83% LEB 6.60 Nov-26 7.27 OPTIMAL INVESTMENT FUND LBP 100,457.67 1.53% 60.79% BLOM BANK 12.00 1.27% LEB 6.75 Nov-27 7.42 BOB LBP GROWTH FUND A LBP 127,326.39 1.92% 27.33% BYBLOS BANK 1.60 -0.62% LEB 6.65 Feb-30 7.57 BLC BANK 0.93 - LEB 7.05 Nov-35 7.68 BOB LBP GROWTH FUND B LBP 100,663.30 1.87% 23.77% BEMO BANK 1.50 - LEB 7.25 Mar-37 7.76 * NAV as of March 15, 2018 (click for more details) * March 16, 2018 *MID Value more data in PAGE 3 Copyright: Bank of Beirut 2018 - Research Department - Global Markets Division Friday, March 16, 2018 MENA MARKETS March 11 — 15, 2018 MAIN 1 2 3 4 Leonardo wins key role in $3.71 billion Qatar helicopter deal TOP NEWS Italian aerospace and defense group Leonardo said on Wednesday it would take a lead role in a 3 billion euro ($3.71 billion) helicopter deal Qatar’s Ministry of Defence signed in a Saudi central bank raising key interest rates ahead of U.S. bid to modernize its military fleet. The contract is the biggest Saudi Arabia's central bank raised its two key interest rates by deal state-controlled Leonardo has signed since Chief 0.25%age points on Thursday in an apparent effort to prevent Executive Alessandro Profumo took charge in May last year Saudi money rates from falling far below U.S. rates, which and embarked on ambitious expansion plans. The deal is also could trigger capital outflows from the kingdom. The central an important step forward for Leonardo’s helicopter business, bank lifted its repo rate, at which it lends to commercial banks, which weighed on the group’s results, forcing it to cut 2017 to 2.25 %age points and its reverse repo rate, at which revenue and profit guidance in November. commercial banks deposit money with the central bank, to Saudi Arabia is said to block some German business over rift 1.75%age points. The timing of the move was unusual. (Bloomberg) Saudi Arabia is cutting back on its dealings with Normally, Saudi Arabia waits until the United States alters some German companies amid a diplomatic spat with its top interest rates before making its own changes; this time, the European trading partner, according to people with Saudis acted almost a week before next Wednesday's U.S. knowledge of the matter. Government agencies have been Federal Reserve meeting, which is widely expected to hike told not to renew some non- essential contracts with German U.S. rates by 0.25%age point. In a brief statement, the Saudi firms following comments made in November by Germany’s central bank said only that its decision was "consistent with then-foreign minister, Sigmar Gabriel, two of the people said, monetary stability in the evolving domestic and international asking not to be identified because the matter is private. monetary conditions". Essential business is continuing as normal, they said. Saudi Oman central bank raising rate on capital deposits to 1.5% Arabia’s tensions with Germany mark its first open spat with a Oman's central bank said on Thursday it has raised the interest European ally since 2015, when it briefly recalled its rate it offers on capital deposits -- deposits which banks and ambassador to Sweden. other financial firms are required to keep at the central bank -- Sipchem, Sahara Petrochemical to resume merger talks by 0.5%age point to 1.5%. The central bank cited recent rises in Saudi International Petrochemical Co (Sipchem) said on Omani market interest rates, which have been climbing in Tuesday it was planning to resume proposed merger talks response to hikes in U.S. rates. The higher capital deposit rate with Sahara Petrochemical in a deal that could create a 14.7 is effective retroactively to Jan. 1 this year, the central bank billion riyals ($3.9 billion) chemicals company. The two said. It last adjusted the rate in February 2015, cutting it by companies called off a planned merger in 2014, citing an 0.5%age point. inadequate regulatory framework in the kingdom for the KSA wants mortgage market to grow to $134bln by 2020 collapse. Sipchem said on Tuesday it was planning to resume Saudi Arabia's housing ministry has set a target for the discussions with Sahara about the proposed merger after mortgage market to reach a total value of 502 billion riyals recent changes in the regulatory framework, without ($134 billion) by 2020 from a current 290 billion riyals, the elaborating. t said that further announcements will be made kingdom's housing minister said on Wednesday. Saudi Arabia on relevant developments at the appropriate time. has launched a programme of measures to stimulate mortage Mubadala in talks for Brazilian Odebrecht-run rail operator lending. So far these include allowing banks to provide a United Arab Emirates' sovereign wealth fund Mubadala bigger share of funding for home purchases and lifting the Development Co is keen to acquire a majority stake in Brazilian maximum loan-to-value rate on for mortgages for first-time suburban rail operator Supervia, controlled by conglomerate homebuyers to 90% from 85%. Odebrecht SA, three sources with knowledge of the matter Saudi Arabia to deposit $2 billion in Yemen central bank: SPA said. The sale is part of Brazilian conglomerate Odebrecht's Saudi Arabia signed an agreement in Riyadh to deposit $2 divestitures of assets to repay debt in the wake of Brazil's billion in Central Bank of Yemen account, Saudi Press Agency widest-ever corruption scandal. According to one of the said late on Thursday. The agreement signed between Saudi sources, who asked for anonymity because the person was Finance Minister Mohammed al-Jadaan and Central Bank of not authorized to speak publicly on the matter, binding Yemen governor Mohammed Mansour Zemam aims at shoring proposals have not yet been delivered. up the weak currency in a country divided by nearly three DP World to spend more this year after 14.9% 2017 profit rise years of civil war between the internationally recognised DP World, one of the world's largest port operators, said on government, backed by Riyadh, based in the south, and the Thursday full-year profit rose 14.9% in 2017 and that it would Iran-aligned Houthi movement which controls the north spend $1.4 billion on capital expenditure this year.
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