ECONOMIC NEWS Value Previous % GCC 01-Mar-2021 Closing Change Shares in Japan Jumped on Friday After the S&P 500 Surged to a Record Close Overnight on Wall Street

ECONOMIC NEWS Value Previous % GCC 01-Mar-2021 Closing Change Shares in Japan jumped on Friday after the S&P 500 surged to a record close overnight on Wall Street. The Nikkei 225 surged 1.58% to close at 29,854 as shares of Japanese MSM 3,666.81 3,708.71 -1.13% conglomerate Softbank Group popped 4.22%. The Topix rose 0.71% to finish the trading day at 1,971.62. In South Korea, the Kospi closed 0.82% higher at 3,112.80. Mainland Dubai 2,557.67 2,550.23 0.29% Chinese stocks also on the day. The Shanghai composite was up 0.52% to 3,484.39 while Abu Dhabi 5,941.52 5,912.56 0.49% the Shenzhen component gained 1.02% to 14,122.61. Most other major Asia-Pacific markets like Australia, Hong Kong, India and Singapore were closed for Good Friday. Saudi Arabia 9,895.56 9,907.82 -0.12% Elsewhere, markets in the U.S. and UK were also closed for Good Friday. Overnight Bahrain 1,454.91 1,458.03 -0.21% stateside, the S&P 500 crossed the 4,000 thresholds for the first time and jumped 1.18% to a fresh record close of 4,019.87. The tech-heavy Nasdaq Composite also surged 1.76% to Qatar 10,457.30 10,401.50 0.54% end its trading day at 13,480.11 while the Dow Jones Industrial Average rose 171.66 points Kuwait 5,812.44 5,775.92 0.63% to close at 33,153.21. (CNBC) Egypt 10,564.88 10,568.37 -0.03% Oil prices settled up more than $2 Thursday despite news that OPEC+ reached a deal to 3,427.12 3,437.50 -0.30% gradually ease production cuts from May. Brent crude settled up $2.12, or 3.4%, to $64.86 a barrel. U.S. oil settled up $2.29, or 3.9%, at $61.45 a barrel. OPEC+, which comprises Value the Organization of the Petroleum Exporting Countries, Russia and other allied producers, Asia % Change agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 01-Mar-2021 bpd in June and further 400,000 bpd or so in July. (Zawya) NIKKEI 29,854.00 1.58%

Oman Hang Seng 28,938.74 1.97% Standard and Poor's global rating affirmed the Sultanate's credit rating at "B + / B" with a Shanghai 3,484.39 0.52% stable outlook, the Ministry of Finance announced. According to the ministry's statement, Value USA % Change the agency expects a decrease in the financial and economic pressures on the Sultanate in 01-Mar-2021 the current year. "The agency believes that the fiscal measures taken by the government will contribute to reducing the deficit," the ministry said, adding, "The agency indicated Dow Jones Ind. 33,153.21 0.52% the importance of the government continuing with the economic and financial measures it S&P 500 Index 4,019.87 1.18% has taken, which would contribute to strengthening the financial position and improving the country's credit rating." (Times of Oman) NASDAQ 13,480.11 1.76% Value EUROPE % Change Tariff revisions that recently came into effect for the first time for residential consumers in 01-Mar-2021 the Sultanate are beginning to yield results chiefly in terms of driving energy efficiency in FTSE 100 6,737.30 0.35% the electricity sector, a top official of the Authority for Public Services Regulation the sector regulator revealed here on Wednesday. Shaikh Dr Mansoor bin Talib al Hinai, DAX 15,107.17 0.66% Chairman, said the upward revisions part of a “price signalling” initiative by Oman’s CAC 40 6,102.96 0.59% authorities to reduce the hefty financial burden that the government has long shouldered in

subsidizing the electricity sector is pushing consumers to curb their consumption and Value thereby contribute to efficient energy use. While subsidy-free Cost Reflective Tariffs came Currencies % Change 01-Mar-2021 into effect for major customers nearly four years ago, electricity consumption by residential customers became subject to a tariff increase for the first time in several decades starting USD-JPY 110.6900 -0.06% from January 1, 2021. It has already come into effect for non-Omanis, but for citizens, the subsidy will be gradually phased out over a five-year timeframe. (Oman Observer) USD-OMR 0.3850 -0.06% EUR-USD 1.1759 -0.15% OQ, the Sultanate’s integrated global energy group, announced on Thursday that it had inked a key agreement effectively formalizing the sale of its minority stake in Bharat Oman GBP-USD 1.3832 -0.01% Refineries Limited, a major refinery located at Bina in the central Indian state of Madhya Pradesh. The buyer is Bharat Petroleum Corporation Limited, the second largest oil marketing company in India. “To help drive our businesses towards creating better value Value Commodities % Change from our local and international investment portfolio, we signed a Share Purchase 01-Mar-2021 Agreement #SPA with Bharat Petroleum Corporation Limited BPCLimited to sell our Oil 61.45 3.87% 36.62 per cent share in Bharat Oman Refineries Limited’OQ stated in a tweet on Thursday. In a regulatory filing in February, BPCL had revealed the deal was worth Rs 2,399.26 crore Gold 1,728.40 0.75% (approx. RO 125 million). (Oman Observer) Silver 24.95 1.70%

As per the contract signed with the Global Alliance for Vaccines and Immunisation, the Sultanate received the first batch of Covid-19 vaccines at Muscat International Airport on Note: All the above data updated at 8:00 AM, Saturday. “The first batch of Oxford-AstraZeneca vaccine arrived in the Sultanate on Muscat time (5:00am GMT) Saturday at Muscat International Airport,” the Ministry of Health said. It added that the total number of people AstraZeneca in the Sultanate as of Thursday was 139,522 people. MOH said the Sultanate has contracted with the International Federation of vaccines to obtain one million doses, which target 10 percent of the population. (Oman Observer)

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.

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Total crude production dipped 1.9 per cent to 56.301 million barrels for the January-February 2021 period versus output of 57.415 million barrels during the same period last year. According to figures published by the National Centre for Statistics and Information (NCSI), oil production including condensate declined to 954k barrels per day bpd this year, down from 956.9k bpd for the same period in 2020. The average price per barrel slumped 26.9 per cent to $46.99 this year, down from $64.2 last year. Black oil production fell 11.7 per cent to 43.070 million barrels this year, down from 48.769 million last year. Condensate production on the other hand soared 53 per cent to 13.230 million barrels this year, up from 8,646,600 barrels for the same period of last year. China was the biggest market for Omani crude exports, lifting a total of 38.374 million barrels this year, followed by India (5.690 million barrels), among other countries (1.59 million barrels). Natural gas production, including Dolphin imports, climbed 4.7 per cent to 7.772 billion cubic metres (bcm) for the first two months of this year, up from 7.420 bcm last year. (Oman Observer)

Income earned from salaries by non-resident Indians in the Gulf countries will not be taxed in India. Union Finance Minister Nirmala Sitharaman in a clarification said that an amendment in the Finance Act, 2021, has merely incorporated general definition of the term “liable to tax” in the Income Tax Act to provide clarity. A tweet from the minister’s office said on Thursday, “No going back on words. The Finance Act, 2021 hasn’t brought in any additional or new tax on hardworking Indian workers in Saudi Arabia, UAE, Oman and Qatar.” The amendment in the Finance Act has not altered the taxability of salary income earned by non-resident Indian citizens in Gulf countries. (Oman Observer)

UAE Dubai has unveiled a strategic programme to increase the contribution of the creative economy to the emirate's GDP. The Dubai Creative Economy Strategy aims to make the emirate a global capital of the creative economy, by raising the number of creative firms from 8,000 to 15,000 in Dubai and creative professionals from 70,000 to 150,000 in five years. Sheikh Mohammed bin Rashid Al Maktoum, tweeted: “Under the new program, we aim to increase the contribution of the creative economy to our GDP from 2.6 percent to 5 percent and launch new creative zones in content, design and arts. Innovation is an integral part of our economy, lifestyle and future.” The new strategy is being implemented under the patronage of Sheikha Latifa bint Mohammed bin Rashid Al Maktoum and supervised by the Dubai Culture & Arts Authority in cooperation with a number of strategic partners, Dubai Media Office said. (Zawya)

PolicyBazaar India has raised $75 million for its UAE and Middle East expansion plans. The investment was led by Falcon Edge Capital; a diversified global alternative asset management firm started in 2012 and currently with approximately $5bn in assets under management. This investment is the largest financing round in the online insurance space within the entire UAE region. The funding will drive aggressive expansion across the UAE and the Middle East. Policybazaar UAE aims at enhancing customer experience by providing a suite of customized insurance and financial services products across multiple categories. (Fintech Times)

Abu Dhabi has been ranked 11th in the Global Technology Index based on the World Digital Competitiveness Yearbook 2020 released by the International Institute for Management Development, in cooperation with the Abu Dhabi Department of Economic Development, represented by the Competitiveness Office of Abu Dhabi, and the Department of Government Support Abu Dhabi, represented by the Abu Dhabi Digital Authority. It has reached advanced places in various indices related to digital transformation, ranking fifth in Cyber Security, Public-Private Partnerships, and Technology Regulatory Framework indices. Moreover, the emirate came 6th globally in the Digital/Technological Skills index; 8th in the Technological Framework index, 9th in the use of Big Data and Analytics index, and 12th in the IT Integration index, stated DGS. (Trade Arabia)

Dubai's Roads and Transport Authority has announced that nearly 90 per cent for the work on the roads and bridges at Al Khail Avenue Mall has been completed, and is due for opening in the first half of 2021. A new shopping and leisure destination within Jumeirah Village Triangle, Al Khail Avenue is spread over a 2 million sq ft area featuring 350 stores, food courts, entertainment facilities and a Reel Cinema complex with 14 theatres. (Trade Arabia)

Etihad Rail, the developer of the UAE’s national railway network, has signed an agreement with Stevin Rock, one of the world's largest quarrying companies based in Ras Al Khaimah, for the transport of raw materials from the northern emirate to Abu Dhabi. This agreement is of considerable significance as it is a first in a series of commercial agreements for Stage Two of the UAE National Rail Network, which sees major organisations based in the UAE connected throughout the emirates, via Etihad Rail’s highly anticipated national railway network, said the statement from Etihad Rail. The Stage Two stretches over 605 km from Al Ghuwaifat on the UAE’s border with Saudi Arabia in the west to the port of Fujairah on the eastern coast. As per the deal, an estimated 3.5 million tonnes of construction material will be carried annually from Stevin Rock’s Al Ghail quarry in Ras Al Khaimah to Abu Dhabi, through 500 annual train trips. Each train will measure one kilometre in length, hauling 70 wagons that will have a carrying capacity of 7,000 tonnes per journey. The agreement will have significant environmental benefits, with an annual reduction of 100,000 truck trips, it added. (Trade Arabia)

Network International, the UAE-based digital payment processor, is pushing ahead with its expansion into Saudi Arabia this year, once pandemic- related restrictions are eased. “We remain excited by the opportunity in Saudi Arabia, which is one of the largest payments markets in the MEA region,” Nandan Mer, Group CEO at Network International, said in a statement to Arab News. “Saudi Arabia remains an important future growth accelerator for the business and, we believe, could become our second largest market over time. We intend to progress with our market entry as soon as border restrictions ease and when more normal circumstances resume,” he said. (Arab News)

Saudi President Biden has directed the Pentagon to begin removing some military capabilities and forces from the Gulf region in the first steps of an effort to realign the U.S. global military footprint away from the Mideast, changes that come as Saudi Arabia endures rocket and drone attacks from inside

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Yemen and Iraq. In moves that haven’t been previously reported, the U.S. has removed at least three Patriot antimissile batteries from the Gulf region, including one from Prince Sultan Air Base in Saudi Arabia, that had been put in place in recent years to help protect American forces. Other capabilities, including an aircraft carrier and surveillance systems, are being diverted from the Middle East to answer military needs elsewhere around the globe, according to U.S. officials. Additional reductions are under consideration, officials said. (Wall Street Journal)

Saudi Arabia’s slump in exports led a wider slump in shipments among the countries and regions monitored in Bloomberg tanker tracking. The kingdom’s exports slumped by 281,000 barrels a day last month. The decline in total flows from the 17 nations and regions monitored in this story was almost 692,000 barrels a day. Iraq continued to export at high levels, while Libya recovering from years of conflict shipped the most in at least seven years. Flows of several grades to Asia, including Russia’s Urals, North Sea barrels, and cargoes from Algeria slumped. One area that did supply more to Asia was the U.S. Gulf of Mexico. Shipments on the trade route jumped by 10 million barrels month-on-month. Saudi Arabia and other OPEC+ nations agreed Thursday to start boosting output over the next several months. (Bloomberg)

Prince Bandar bin Sultan, a senior Saudi royal, sold a large English country estate to the King of Bahrain’s family, according to people with knowledge of the deal. The former ambassador to the U.S. sold Glympton Park in the scenic Cotswolds region in February, the people said, asking not to be identified as the deal is confidential. The sale price was more than 120 million pounds, one of the people said. Public documents filed this month for Glympton Estates Ltd., the company managing the estate, show a change of ownership at that firm. They now list King Hamad bin Isa al- Khalifa and his son, Crown Prince Salman Bin Hamad bin Isa Al Khalifa, as the people with significant control of the firm, replacing Prince Bandar. The sale underlines the close relationship between Saudi Arabia and Bahrain, the neighboring island nation that has relied heavily on the kingdom for security and fiscal support. Representatives for Prince Bandar declined to comment. Representatives for the Bahrain King did not respond to requests for comment. (Bloomberg)

Qatar Qatar Petroleum announced it will become the sole owner of 100% of the Qatargas Liquefied Natural Gas Company Limited assets and facilities on January 1, 2022. QP added the move comes as a result of its decision not to renew the TG1 joint venture upon the expiry of the relevant agreements on December 31, 2021. Established in 1984, QG1 is a joint venture between Qatar Petroleum and affiliates of Total, ExxonMobil, Marubeni and Mitsui. QG1 was the pioneering LNG project to be developed in Qatar, whose success has paved the way for the development of Qatar’s LNG industry, leading to where it stands today. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said: “The takeover by Qatar Petroleum will conclude more than 25 years of successful operations of QG1, from which the first ever Qatari LNG cargo was exported. This is a momentous event that highlights Qatar Petroleum’s efforts to further enhance the utilization of our natural resources for the benefit of our country and its current and future generations as well as to continue serving the world’s need for cleaner energy.” (Trade Arabia)

Bahrain Bahrain has ranked first in the Gulf region and second in the Arab world in the field of economic participation and opportunities in the annual report of the World Economic Forum Davos, on measuring the gender gap in 156 countries in the world. The accomplishment is considered a new qualitative achievement for the kingdom which moved from third to second place at the Gulf level in terms of Total Value Index. The report, which monitors gender disparity in four areas (education, health, economic opportunities and political empowerment), affirmed that the kingdom has been able to continue bringing about further achievements in these areas. It showed Bahrain’s ability to bridge 63.2% of the gender gap, compared to the global average of 68%. In addition, the gap in education closed at a rate of 98.5%, which exceeded the global average of 95%. In the health field, Bahrain mended the gap by 96%, which is identical to the value of the global average, said the WEF report. These results reflect the advanced level achieved by Bahrain in various fields at the Gulf level. For instance, in the field of economic participation and opportunities, the kingdom came first at the Gulf level, followed by the UAE and Qatar. (Zawya)

CORPORATE NEWS . Oman Aligned with its vision to support sustainable and innovative initiatives, Sohar Port and Freezone is one of the first ports in the region and in the world to have installed a “Light on-Demand” system. The implementation of this project, positions Sohar Port as pioneers in the sector. Apart from promoting a low carbon footprint, the LED luminaires have successfully reduced energy consumption by 80 per cent. Mark Geilenkirchen, CEO of Sohar Port, said, “At Sohar, we envision ourselves to be green front runners, by enabling and supporting sustainable development through energy efficiency projects and transitioning to cleaner fuels. Our overall objective is the need to develop a world-class complex and high-level of operations with state-of-the-art infrastructure that is safe, environmentally sustainable and legally compliant to attract investment and enhance industry diversification.” (Oman Observer)

NBO announced the bank has successfully concluded the issuance of USD 300 million additional tier 1 Basel 3 compliant capital securities to certain shareholders of NBO. The Capital securities will carry initial coupon rate determined by reference to U.S. treasuries with a maturity if five years plus a margin of 7.144% and are listed on Euronext Dublin. (MSM)

Saudi Arabia Salama Cooperative Insurance Co. reported revenue of SAR 428 million in 2020 compared to revenue of SAR 504 million in 2019. Net profit of SAR 10 million in 2020 compared to net loss of SAR 62 million in 2019. (Tadawul)

Al Kathiri Holding Co.’s board of directors, approved to convert Alian Industry Co. from a limited liability company to a closed joint stock company. The company said in a bourse statement that this conversion will serve the business direction of Alian Industry Co. in future expansions and maintaining its stability and sustainability. Furthermore, the decision will prepare the company to be listed in Nomu Parallel Market, which will increase financing

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opportunities, enhance the capabilities and capacity of the company, and provide many diversified investment instruments and opportunities. Al Kathiri currently owns 100% of Alian’s capital which amounts to SAR 10 million. (Argaam)

Qatar Qatar First Bank, the first independent Shari’ah compliant bank authorised by the QFC Regulatory Authority and a listed entity on the Qatar Stock Exchange, announced the launch of ‘QFB Mobile App’, the bank’s mobile banking application. The QFB Mobile App is the first banking application in Qatar to be hosted in Microsoft’s Azure cloud, the global cloud computing service that guarantees ultimate levels of security and data protection compliance for all users of the application in Qatar and around the world. (Qatar Tribune)

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