Economic News

ECONOMIC NEWS Value Previous % GCC 23-Nov-2020 Closing Change Stocks in Japan led gains among Asia-Pacific markets in Tuesday trade as investors in the region react to more positive coronavirus vaccine news, as well as U.S. President-elect Joe MSM 3,627.39 3,612.62 0.41% Biden’s choice of former Federal Reserve Chair Janet Yellen as Treasury secretary. In afternoon trade, the Nikkei 225 jumped 2.75% while the Topix index advanced 2.28%. Dubai 2,354.24 2,324.68 1.27% Markets in Japan were closed on Monday for a holiday. South Korea’s Kospi rose 0.54%, Abu Dhabi 4,974.28 4,934.73 0.80% while in Australia, the S&P/ASX 200 gained 1.5%. Mainland Chinese markets, on the other hand, were lower by the afternoon: the Shanghai composite dipped fractionally while Saudi Arabia 8,610.84 8,588.17 0.26% the Shenzhen component declined 0.169%. Hong Kong’s Hang Seng index was slightly Bahrain 1,460.64 1,458.54 0.14% higher. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.31%. Mainland Chinese markets, on the other hand, were lower by the afternoon: the Shanghai Qatar 10,329.65 10,202.78 1.24% composite dipped fractionally while the Shenzhen component declined 0.169%. Hong Kuwait 5,565.81 5,540.57 0.46% Kong’s Hang Seng index was slightly higher. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.31%. (CNBC) Egypt 10,885.11 10,858.26 0.25%

3,427.12 3,437.50 -0.30% Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil Value demand, while U.S. President-elect Joe Biden received the go-ahead to begin his Asia % Change leadership transition. Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 24-Nov-2020 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a NIKKEI 26,201.12 2.64% barrel. Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil Hang Seng 26,498.67 0.05% prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about Shanghai 3,412.08 -0.07% 5% last week. (CNBC) Value USA % Change Oman 23-Nov-2020 The total deposits held with other depository corporations (ODCs) reached OMR24.3 Dow Jones Ind. 29,591.27 1.12% billion at the end of September 2020, an increase of 5 per cent from September 2019, data S&P 500 Index 3,577.59 0.56% issued by the Central Bank of Oman (CBO) shows. The total private sector deposits increased by 9.5 per cent to OMR16.4 billion by the end of September 2020. The monthly NASDAQ 11,880.63 0.22% statistical bulletin issued by CBO indicates that Oman’s nominal gross domestic product Value EUROPE % Change (GDP) declined by 13.4 per cent during the second quarter of 2020 compared to the same 23-Nov-2020 period of last year, according to preliminary data released by National Centre for Statistics FTSE 100 6,333.84 -0.28% and Information (NCSI). The nominal contraction in the economy was driven by a 20 per cent decline in the hydrocarbon sector, as well as the decline in the non-hydrocarbon sector DAX 13,126.97 -0.08% by 9.9 per cent during the second quarter of 2020. The Omani oil price averaged $47.2 per CAC 40 5,492.15 -0.07% barrel during the first nine months of 2020 which is lower by 26.8 per cent over the

corresponding period of last year. Moreover, the average daily oil production decreased by Value 1.8 per cent to 952,9000 barrels during this period. According to the latest data released by Currencies % Change 24-Nov-2020 the NCSI, the Sultanate Consumer Price Index (CPI) witnessed a year-on-year (Y-o-Y) negative growth of -0.7 per cent during January-September 2020. The combined activities USD-JPY 104.5200 0.00% of conventional and Islamic banks provide a comprehensive picture of financial intermediation through the banking sector in Oman. The total outstanding credit extended USD-OMR 0.3850 -0.06% by ODCs grew by 2.1 per cent to OMR26.4 billion at the end of September 2020. Credit EUR-USD 1.1851 0.08% to the private sector rose by 0.3 per cent year-on-year to OMR22.8 billion. (Times of Oman) GBP-USD 1.3334 0.10%

Value Commodities % Change 24-Nov-2020 Oil 43.50 1.02%

Gold 1,828.20 -0.86%

Silver 23.41 -0.94%

Note: All the above data updated at 8:00 AM, Muscat time (5:00am GMT)

This report has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. While all care has been taken to ensure that the facts stated herein are accurate and the estimates, opinions and expectations contained herein are fair and reasonable, neither United Securities LLC, nor any of its employees shall be, in any way, responsible for the contents. This shall not be construed as an offer to buy or sell the investments referred to in this report.

United Securities LLC, P.O. Box 2566, Postal Code – 112, Ruwi, Sultanate of Oman Tel: +968 24763300, Fax: +968 24788671, Website: http://www.usoman.com, Email: [email protected]

Qatar Billionaire Ferit Sahenk’s Dogus Holding AS agreed to sell a 30% stake in a high-end Istanbul shopping center to an arm of Qatar’s sovereign wealth fund, as the Turkish conglomerate raises cash to deliver on pledges it made to banks as part of a debt restructuring last year. Dogus, owner of a steakhouse known for its founder chef’s meme Salt Bae, will get around $300 million for the stake in IstinyePark, according to people with knowledge of the matter. The deal values the mall at $1 billion, they said, asking not to be named because the information is confidential. Istanbul-based Dogus will likely use the proceeds to meet its obligations under the 2019 debt agreement, in which it committed to sell assets to repay creditors, the people said. A filing on the Turkish Competition Board’s website said Monday the sale by a Dogus unit to Qatar Holding was approved, without giving details of the deal. Dogus declined to comment. The Qatar Investment Authority, which owns Qatar Holding, didn’t immediately respond to a request for comment. (Bloomberg)

Saudi Saudi Arabia denied reports about a meeting between Crown Prince Mohammed Bin Salman and Israeli officials during a visit by the U.S. Secretary of State Michael Pompeo to the kingdom on Sunday. The only officials present at the meeting were Saudi and American, Foreign Minister Prince Faisal bin Farhan said on Twitter. (Bloomberg)

Saudi Arabia confirmed that Houthi rebels in Yemen targeted one of its oil facilities in northern Jeddah province. The early Monday attack caused a fire at an oil tank inside a fuel-distribution center, the official Saudi Press Agency reported, citing the energy ministry. Firefighters controlled the fire which didn’t cause any injuries, the report said. Saudi Aramco’s fuel supplies to its customers were not affected, SPA said. The kingdom condemned the attack, saying “terrorist and sabotage acts committed against vital installations target the security and stability of energy supplies to the world,” the SPA said. (Bloomberg)

The Saudi Ministry of Health is aiming to offer free vaccines to 70 percent of citizens and expats in the Kingdom who have not yet contracted the coronavirus disease (COVID-19). Officials are hoping to have met the target for inoculations by the end of next year. (Arab News)

Saudi Arabian digital payments firm stc pay, which was valued at $1.3 billion in a funding agreement with Western Union this month, is set to become profitable “very soon” and is in talks with regulators to expand into neighboring countries. The company, launched by the kingdom’s biggest mobile operator Saudi Telecom Co. in late 2018, wants to offer digital payments across the six-nation Gulf Cooperation Council, Chief Executive Officer Ahmed Alenazi said in an interview. Digital payments in the Middle East have grown rapidly as the pandemic forced more consumers to shop online. Moving Saudi Arabia toward non-cash transactions is also part of Crown Prince Mohammed bin Salman’s plan to diversify the kingdom’s economy away from oil. Stc pay has already processed 24 billion riyals ($6.4 billion) of remittances since launch and attracted 4.5 million customers, Alenazi said. (Bloomberg)

UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a decree overhauling foreign ownership rules of commercial companies, as part of the government’s ongoing efforts to ensure a conducive legislative environment and open up economy to all nationalities. The decree, which introduces significant amendments to the UAE Federal Law No. 2 of 2015 on Commercial Companies, annuls the requirement for commercial companies to have a major Emirati shareholder or agent, providing full foreign ownership of onshore companies. Under the new amendments, businesses can now be fully established by non-Emiratis of all nationalities, with companies now having a maximum of one year to comply with the amended law from the time its articles become effective. This can be extended under a decision by the cabinet as proposed by the Minister of Economy. The decree, in addition, supersedes the UAE Federal Law No. 19 of 2018 on Foreign Direct Investment (FDI Law). It also includes certain provisions and regulations related to limited liability and joint stock companies aimed at attracting foreign capital and further boosting the local economy. (Bloomberg)

CORPORATE NEWS . Oman Oman sold 12 million Rial ($31 million) of bills due Feb 24, 2021. The bills were sold at a price of 99.795, have a yield of 0.811 percent and will settle on Nov 25. (Bloomberg)

Qatar Qatargas LNG Train 4 shut on Nov. 19 for unplanned maintenance due to an issue with its compressor, according to people with knowledge of the matter. Compressor may require replacement or repair, and it is unclear when the train will resume operations, the people said, requesting anonymity to discuss private details Qatargas didn’t immediately respond to an emailed request for comment. (Bloomberg)

UAE Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced the start of construction on the third and fourth phase within its award-winning Midtown community. With soil testing completed and initial earthworks currently underway, contracts valued at AED370 million have been awarded to the primary contractor Gammon & Billimoria LLC for the project. Phase three named ‘Noor District’, is now open for sale. Serious buyers can also benefit from the Deyaar Flexi Program that requires an initial payment of only 10 per cent and offers multiple settlement plan options extending for up to 10 years. Once complete in Q4, 2022 Noor district is set to offer seven buildings with studios, one-, two-, and three-bedroom apartments, a host of retail and F&B options, sports facilities and vast green spaces, among other amenities to serve the needs of the customers. Notably, phase three and four will add more than 32,000 square feet of retail space to the development. (DFM)

United Securities LLC, P.O. Box 2566, Postal Code – 112, Ruwi, Sultanate of Oman Tel: +968 24763300, Fax: +968 24788671, Website: http://www.usoman.com, Email: [email protected]