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MENA MARKETS December 3 — 7, 2017

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MENA MARKETS December 3 — 7, 2017 WEEKLY RESEARCH MENA MARKETS December 3 — 7, 2017 TOP NEWS details in GCC banks outlook stable, Moody’s says PAGE 1 U.A.E. says committed to tax reforms as EU puts It on blacklist Qatar finance minister: 2018 budget to focus on making economy self-sufficient Qatar central bank's international reserves, liquidity edge up in October No net outflows from Qatari banking sector in November, QNB says MSCI keeping Qatar’s official FX rates after central bank pledge World Bank approving $1.15 billion development policy loan for Egypt Egypt repaying $4 billion of debt to African Export-Import Bank Saudi Arabia's SABIC looking at investing in the U.S. SABIC to open office in Iraq as relations improve Saudi Aramco awarding U.S. General Dynamics offshore security contract Emaar and Dubai Properties in talks with banks for loan financing: sources Adnoc Distribution's UAE IPO to price in middle of indicated range: book-runners Tunisia and Abu Dhabi Investment Authority to sell BTE stake GEMS Education picking banks for $5bln London IPO: sources Dubai's DP World raising stake in Brazilian port to 100% MARKETS EQUITIES Price % 1 W Saudi Arabia 7085.51 1.16% Most Gulf stock markets were under pressure this week after geopolitical news Abu Dhabi 4276.93 -0.42% from Yemen and Qatar that has heavily influenced the bourses for weeks turned negative. Dubai 3393.46 -1.03% Qatar 7773.59 0.77% The Saudi index ended higher for the second consecutive week, while Oman 5066.09 -0.83% remaining above key technical resistance level, which has capped the market since mid-October. The Saudi market has also been buoyed in recent days by Egypt 14294.73 -1.97% easing worries about the impact of authorities’ crackdown on corruption. On Kuwait 6186.94 -0.15% Thursday, the Saudi market had its heaviest trading volume since June. Bahrain 1267.39 -1.27% The Qatari index posted its first weekly gain in a month despite heavy Jordan 2108.73 -0.65% fluctuations. The index surged the first 2 sessions on hopes for progress in more data in PAGE 2 resolving Qatar’s diplomatic dispute with four other Arab states. But it dropped in the following 3 sessions after hopes were dashed when Saudi Arabia, the UAE and Bahrain, in an apparent snub of Qatar, did not send their heads of state to FX Rates vs USD vs EUR this week’s regional summit in Kuwait. The extent of the Qatari market’s SAR 3.75 4.42 disappointment was seen in the fact it ignored a big piece of positive news by AED 3.67 4.32 index compiler MSCI. QAR 3.70 4.35 The Abu Dhabi index had its 8th weekly loss in a row, while hitting on OMR 0.385 0.453 Wednesday, 4244.50, its lowest level since November 30, 2016 (1-year low) EGP 17.789 20.942 KWD 0.302 0.356 BHD 0.377 0.444 JOD 0.710 0.835 LEBANON more data in PAGE 3 BEIRUT S.E. BONDS Price* % 1 W Mat YTM* BANK OF BEIRUT FUNDS SOLIDERE A 7.94 -1.00% LEB 5.45 Nov-19 6.44 SINCE NAME CY NAV* YTD (%) SOLIDERE B 7.91 -0.50% LEB 6.15 Jun-20 6.81 INCEPTION BANK OF BEIRUT 18.80 - LEB 6.10 Oct-22 7.13 BEIRUT PREFERRED FUND II USD 1,001.40 3.62% 22.83% BoB Priority 21.00 - LEB 6.65 Apr-24 7.35 BANK AUDI 5.60 1.82% LEB 6.60 Nov-26 7.46 OPTIMAL INVESTMENT FUND LBP 100,327.46 6.69% 58.48% BLOM BANK 11.06 - LEB 6.75 Nov-27 7.53 BOB LBP GROWTH FUND A LBP 123,839.32 5.65% 23.84% BYBLOS BANK 1.58 -1.25% LEB 6.65 Feb-30 7.68 BLC BANK 0.93 - LEB 7.05 Nov-35 7.83 BOB LBP GROWTH FUND B LBP 100,133.91 5.48% 21.09% BEMO BANK 1.30 - LEB 7.25 Mar-37 8.03 * NAV as of December 7, 2017 (click for more details) * December 8, 2017 *MID Value more data in PAGE 3 Copyright: Bank of Beirut 2017 - Research Department - Global Markets Division Friday, December 08, 2017 MENA MARKETS December 3 — 7, 2017 MAIN 1 2 3 4 reporters on the sidelines of a conference that the central TOP NEWS bank would repay the remaining $1.2 billion on Dec. 7. Egypt's foreign reserves were $36.723 billion at the end of November, having climbed steadily since it secured a $12 billion, 3-year IMF Gulf Cooperation Council Banks Outlook Stable, Moody’s Says loan programme last year as it tries to lure back foreign The outlook for GCC banks is stable overall reflecting strong investors and revive its ailing economy. An IMF team financial fundamentals, particularly in the largest banking completed its second review of Egypt's performance under systems, that provide resilience to profitability and loan the programme last month and its board is expected to quality challenges from slower economies. Fiscal and approve a third, $2 billion, disbursement this month. geopolitical risks pose challenges, however, continue to pose Saudi Arabia's SABIC looking at investing in the U.S. challenges for various countries, says Moody's Investors Service in a report today. Although fiscal consolidation efforts Petrochemicals company Saudi Basic Industries Corp is in the region will persist, key regional infrastructure projects, considering several possible investments in the US, while state such as UAE Expo 2020, World Cup Qatar 2022 and the Saudi oil giant Saudi Aramco IPO is looking at gas prospects abroad, National Transformation Program will support capital Saudi energy minister said on Wed. However, Saudi Aramco's spending and credit growth which should expand by 5% in interest in gas investments is closer to home, probably in 2018. Banks' capital levels will remain broadly stable and well Africa or the Mediterranean, Khalid al-Falih told reporters on above Basel III minimum regulatory requirements, in a context the sidelines of an industry conference in Abu Dhabi. of modest credit growth in 2018. SABIC to open office in Iraq as relations improve UAE says committed to tax reforms as EU puts It on blacklist SABIC plans to open an office in Iraq soon, Saudi Arabia's UAE remains fully "committed to maintaining highest energy minister said during a visit to Iraq's southern oil city of international standards of financial oversight and tax Basra, as relations between Riyadh and Baghdad thaw. regulation," and will continue to work with partners, the Speaking at an oil and gas conference in Basra, Khalid al-Falih ministry of finance says in a statement. “We have committed called for increased economic cooperation and praised to a reform process which will be finalized by Oct. 2018, and existing coordination with Iraq to help balance the oil market we are absolutely confident this will ensure the UAE is swiftly and boost crude prices. KSA’s Industrialization & Energy removed from the list". The EU agreed on a tax blacklist of 17 Services Co (TAQA) is also opening an office in Iraq which will countries that could potentially face sanctions for failing to "enhance the presence of the Saudi private sector in Iraq and bring their standards in line with the bloc; the list includes support initiatives to expand investments," he added. UAE, Bahrain, Tunisia among others. Aramco award US Gen. Dynamics offshore security contract Qatar 2018 budget to focus on making economy self-sufficient Saudi Aramco has awarded a contract to the local subsidiary of Qatar's 2018 state budget will focus on developing local U.S. company General Dynamics as the state oil giant aims to industries and the private sector, as the country works to increase security at its offshore facilities, Saudi Aramco said on make itself self-sufficient in the face of a boycott by other Arab Wednesday. Industry sources told Reuters in July the contract states, Finance Minister Ali Sherif al-Emadi said on Tuesday. involves installing long-range integrated security systems at The government will use subsidies to develop some sectors of nine offshore sites in the Gulf. Apart from General Dynamics, the economy and boost growth, he said in a speech, adding Aramco received bids from other defense firms, including that Qatar expected to be wholly self-sufficient in some dairy Raytheon Co of the United States, Germany's Rheinmetall AG , products by next June 4. Leonardo's Selex ES Saudi Arabia. Qatar c.bank international reserves, liquidity edge up in Oct Emaar and Dubai Properties in talks for loan financing (Reuters) Emaar Properties, builder of the world's tallest The Qatar central bank's international reserves and foreign tower, is in discussions with banks to obtain loan facilities in currency liquidity rose slightly in October, official data showed partnership with Dubai Properties, another major developer, on Monday, as capital outflows caused by sanctions imposed sources familiar with the matter said. Discussions are taking by other Arab states appeared to ease. The reserves and place on a bilateral basis with individual banks for a financing liquidity, a measure of the central bank's ability to support the package which, according to one of the sources, could be as riyal currency, rose to $36.1 billion in October from $35.6 billion large as around 4 billion dirhams ($1.01b). The money would in September. Saudi Arabia, the United Arab Emirates, Bahrain back projects including a shopping mall and a tower, as Emaar and Egypt cut diplomatic and transport ties with Doha in June, - which last month sold a 20% stake in subsidiary Emaar prompting banks and investors from those countries to Development in an IPO that raised $1.31b- embarks on new withdraw billions of dollars from Qatar.
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