Economic News

ECONOMIC NEWS Value Previous % GCC 26-Nov-2020 Closing Change Stocks in Asia-Pacific nudged higher on Friday as investors reacted to data on China’s industrial profits for October. Markets also scrutinized concerns over the Oxford- MSM 3,623.83 3,627.39 -0.10% AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials under criticism from experts in the U.S. Mainland Chinese markets saw gains on the Dubai 2,420.00 2,413.20 0.28% day, with the Shanghai composite up 1.14% to about 3,408.31 while the Shenzhen Abu Dhabi 4,971.93 4,989.13 -0.34% component added 0.668% to around 13,690.88. China’s industrial profits surged 28.2% year-on-year in October, the country’s National Bureau of Statistics announced Friday. Saudi Arabia 8,693.47 8,688.76 0.05% Hong Kong’s Hang Seng index was about 0.6% higher, as of its final hour of trading. In Bahrain 1,467.81 1,461.91 0.40% Japan, the Nikkei 225 closed 0.4% higher at 26,644.71 while the Topix index added 0.47% to finish its trading day at 1,786.52. South Korea’s Kospi gained 0.29% to close at Qatar 10,290.20 10,303.89 -0.13% 2,633.45. Meanwhile, shares in Australia dipped, with the S&P/ASX 200 down by 0.53% Kuwait 5,558.68 5,560.43 -0.03% on the day to 6,601.10. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.24%. (CNBC) Egypt 10,980.96 11,068.44 -0.79%

3,427.12 3,437.50 -0.30% Oil prices were mixed on Friday but remained on course for a fourth straight week of gains ahead of an OPEC+ meeting early next week. Brent crude for January rose 19 cents, or Value 0.4%, to $47.99 a barrel and the more active February contract gained 24 cents to $48.03. Asia % Change West Texas Intermediate, meanwhile, was down 40 cents, or 0.9%, at $45.32. (CNBC) 27-Nov-2020 NIKKEI 26,644.71 0.40% Two of the biggest sovereign wealth funds in the Middle East are exploring a joint bid for an Egyptian pharmaceutical company, a deal that could mark the beginning of wider co- Hang Seng 26,894.68 0.28% investment plans between the two state-controlled firms, people familiar with the matter Shanghai 3,408.31 1.14% said. Saudi Arabia’s Public Investment Fund and ADQ, formerly known as Abu Dhabi Value Development Holding Co., are weighing the purchase of Bausch Health Cos.’s Cairo-based USA % Change drug unit, the people said, asking not to be identified because negotiations are private. In 27-Nov-2020 addition, the two funds have held talks to work closely on other transactions in areas such Dow Jones Ind. 29,910.37 0.13% as food security, health care and industrials, the people said. A representative for ADQ wasn’t available to comment. The PIF and Bausch declined to comment. A spokesperson S&P 500 Index 3,638.35 0.24% for Amoun didn’t answer two calls, or respond to a text message seeking comment. NASDAQ 12,205.85 0.92% (Bloomberg) Value EUROPE % Change 27-Nov-2020 Oman FTSE 100 6,367.58 0.07% Oman has entered into partnerships with many organisations to ensure speedy supply of COVID-19 vaccines in the country, a senior official at the Ministry of Health has said. DAX 13,335.68 0.37% Negotiations are also underway with other bodies to procure additional doses of the CAC 40 5,598.18 0.56% vaccines, which will be distributed across the country per a national plan devised by the

ministry. “An agreement has been entered between the Government of Oman, Pfizer and Value the Vaccine Alliance (GAVI) on the supply of quantities of the vaccine to cover almost 20 Currencies % Change 27-Nov-2020 percent of the Sultanate’s needs,” he said. “This will ensure we obtain the required quantity, effective from the last quarter of 2020 provided we regularly receive doses until the last USD-JPY 104.0900 0.16% quarter of 2021.” “Categories of people targeted for the vaccine are expected to undergo vaccination immediately after it has been received,” he went on to say. “The Ministry of USD-OMR 0.3850 0.00% Health has already set up a national plan to cover the various categories of people needing EUR-USD 1.1963 0.42% vaccination on priority basis in all the governorates of the Sultanate.” The official explained: “Direct negotiations are currently ongoing with a number of vaccine GBP-USD 1.3311 -0.35% manufacturing companies such as Oxford/AstraZeneca to ensure we get the rest of the required quantities. The Ministry of Health is periodically evaluating the epidemiological condition of COVID-19 to identify the strategies and priorities to provide the vaccine to Value Commodities % Change the required categories of people, depending on how the pandemic develops.” (Times of 27-Nov-2020 Oman) Oil 45.53 -0.39%

Gold 1,788.10 -1.28% Silver 22.55 -3.46%

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

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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 Qatar Investment Authority and Marina Turizm Gayrimenkul Insaat Yatirim sign memorandum of understanding for “potential co-investment” in Golden Horn Project in Istanbul, according to a list of bilateral agreements provided by Turkey’s presidency. (Bloomberg)

Qatar announced on Thursday a series of high-profile investments in Turkey, its biggest ally in a years- long rift with Gulf heavyweights Saudi Arabia and the United Arab Emirates, including the purchase of a stake in the country’s main bourse. Doha-based sovereign wealth fund Qatar Investment Authority signed a memorandum of understanding with its Turkish counterpart known as TWF to purchase a 10% stake in Borsa Istanbul AS. The agreement for a minority stake in the company that runs the main Turkish stock exchange, for an undisclosed amount, was unveiled at a ceremony at the presidential palace in Turkey’s capital Ankara. It was overseen by Turkish President Recep Tayyip Erdogan and Qatari Emir Sheikh Tamim bin Hamad Al Thani. The Gulf state also signed another preliminary deal to invest in a multibillion-dollar port project in Istanbul and finalized an earlier agreement to buy a stake in Istinye Park, one of Istanbul’s largest shopping malls that’s popular among tourists from the Middle East. Salt Bae Owner’s Qatari Deal Is Said to Value Mall at $1 Billion. (Bloomberg)

Saudi Saudi Arabia’s National Anti-Corruption Commission has indicted 44 people including 19 from the defense ministry and 18 businessmen on corruption charges including money laundering, state-run SPA reports Among the 44 people indicted are 3 foreigners who have contracts with the Saudi-led coalition forces in Yemen, SPA says Statement didn’t clarify nationalities of foreigners charged Commission working to recover 1.229b riyals for the Kingdom’s treasury arising from 158 corruption cases being investigated at the moment, according to the Commission. (Bloomberg)

UAE JinkoSolar Holding Co. Ltd. said its wholly- owned subsidiary JinkoSolar Sweihan (HK) Ltd. has signed a share and debt purchase agreement with Jinko Power (HK) Co. Ltd., an indirectly wholly-owned subsidiary of Jinko Power Technology Co. Ltd. Pursuant to the agreement, Sweihan HK will sell its 50% equity interest in Sweihan Solar Holding Co. Ltd. to Jinko HK Sweihan Holding holds a 40% equity interest in Sweihan PV Power Company PJSC, the operating entity of a 1,200 MW photovoltaic power plant in Abu Dhabi Upon completion of the deal, Jinko HK will indirectly hold a 20% equity interest in the project company Closing of deal is subject to approvals by Emirates Water and Electricity Company, other shareholders of Sweihan Holding and the project company, and the project finance lenders . (Bloomberg)

The United Arab Emirates is set to become the first Arab Gulf country to generate electricity from coal. As governments increasingly turn to cleaner fuels and the price of renewable energy falls, it may also be the last. Dubai is starting up the $3.4 billion Hassyan coal plant, with capacity being increased from an initial 600 mega watts to 2,400 by 2023. Japan’s Jera Co. will supply coal under a long- term agreement with Acwa Power of Saudi Arabia, which is developing the plant. Coal is typically the dirtiest fuel for power generation. Yet Hassyan’s standards for pollution will be based on guidelines for natural-gas plants, according to Acwa. If met, that would mean Hassyan emits less carbon than the European Union and the World Bank’s International Finance Corp. typically advise for coal plants. Still, other countries in the region have abandoned plans for coal power. Oman launched a tender for a coal project at Duqm in 2018, but it was later shelved. Most of the electricity stations in Dubai, the Middle East’s main business and financial hub, run on gas. The International Energy Agency, which advises the world’s richest economies on energy policy, said Hassyan will provide 20% of Dubai’s power when fully operational and “greatly reduce electricity costs for locals.”

Dhabi’s government is granting 7.2 billion dirhams ($2 billion) in homes, land parcels and mortgage loans to more than 6,100 citizens in the United Arab Emirates ahead of the country’s National Day on Dec. 2, the Abu Dhabi Media Office reported on Saturday. The government will also exempt some retirees and families of deceased citizens from mortgage repayments, the media office said on Twitter. Citizens make up a small minority of the UAE’s predominately expatriate population. Many have suffered from the impact of the coronavirus pandemic and oil price collapse has wreaked havoc on the country’s economy. (Bloomberg)

The Abu Dhabi Ports has announced it will store and distribute more than 70 million COVID-19 vaccines as part of its efforts to supports the global fights against COVID-19. To that end, the region's premier facilitator of logistics, transport, and trade said it has dedicated a 19,000 sqm temperature- controlled warehouse – one of the region’s largest pharmaceutical logistics facilities at the Khalifa Industrial Zone Abu Dhabi (KIZAD) for vaccine storage and distribution. (Bloomberg)

CORPORATE NEWS . UAE Abu Dhabi’s Adnoc awards the contract to BGP Inc., a unit of China National Petroleum Co., to expand the 3D onshore and offshore seismic survey currently taking place in the oil-rich emirate. Contract brings the total area to be covered by the survey up to 85,000 square kilometers and increases scope to capture coastal areas, islands and shallow water Seismic survey supported discovery of conventional oil and gas reserves and the unconventional gas resources. (Bloomberg)

Saudi Saudi Telecom Co. (STC) completed the buyback of its shares allocated to the employees’ stock incentive plan on Nov. 26, 2020, the firm said in a statement to Tadawul. A total of 2.98 million shares, with an approximate value of SAR 300 million (SAR 100.58 per share) were bought back in one tranche, and no additional shares will be purchased during the specified purchase period, it added. On April 20, 2020, STC’s shareholders approved buying back 5.5 million shares at SAR 300 million. Shareholders had also authorized the board to buy back the shares within eight months of the extraordinary general assembly date. The shares purchased for employees’ stock incentive plan will not be entitled to any dividends during the period the company holds them, STC said in its statement on Nov. 29, 2020. (Bloomberg)

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