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GCC Equity Market Monitor - 23 March

Majed Salah
By Majed Salah
7 years ago
GCC Equity Market Monitor - 23 March

Ard, Dinar, Mal, Shariah , Participation, Sales

Sukuk

Banking

International Trade

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  1. GBCM Morning Briefing GBCM  Morning Briefing Contents GCC Equity Markets Monitor MSM Statistics and Indicators MSM Statistics and Indicators MENA, Global markets, Benchmark Indices and Currencies Performance Global Commodities and Petrochemicals Oman News MSM Market Watch 2016 Dividends/ 2017 AGM Calendar  / Regional News Coverage March 23, 2017 3/23/2017
  2. GCC  ‐ Equity Market Monitor 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% ‐5.0% ‐10.0% Daily Return YTD Return YTD Return MTD Return Oman Saudi UAE (DFM) UAE (ADX) Kuwait ‐ PI ‐0.2% ‐2.9% 2 9% ‐1.2% ‐5.2% 5 2% ‐0.6% ‐1.6% 1 6% ‐0.7% ‐1.4% 1 4% 2.0% 22.1% 22 1% Kuwait  ‐ Wtd ‐0.6% 11.3% 11 3% ‐2.8% ‐2.0% ‐4.3% ‐1.5% 3.5% ‐0.2% Source: Respective Stock Markets, Bloomberg, GBCM Research GBCM Morning Briefing 2 Qatar Bahrain ‐0.9% ‐0.4% 0 4% 0.1% 12.0% 12 0% ‐2.9% 1.3%
  3. MSM  ‐ Net Buy/(Sell) Position Top 5 ‐ Turnover Market Share – Previous Day Previous Day Turnover: RO 3.024 million (c. US$ 7.9 million) Figures In RO Value Leaders Sector Turnover (RO) Market Share Omantel Services 948,648 31.4% BUY SELL NET 2,275,638 2,275,638  2,380,552 2,380,552  (104,914) SMN Power Holding SMN Power Holding Utilities 385 000 385,000 12 7% 12.7% GCC 659,611  501,072  158,539  Renaissance Services Services 196,968 6.5% Arabs 12,059  21,991  (9,932) ACWA Power Barka Utilities 174,456 5.8% OTHERS 76,795  120,488  (43,693) Bank Sohar Banking 160,860 5.3% OMANIS MSM ‐ Lead Indicators Value  Indicators ** Mkt. Cap (In RO 000s) Daily Market Performance y PER (X) P/BV (X) Dividend  Yield (%) Indices  Monitor Current Closing Previous  Daily %  MTD %  Closing Chg Chg YTD % Chg MSM 30 6,434,234 10.2 1.1 5.6% MSM 30 5,617.68 5,629.93 ‐0.22% ‐2.81% ‐2.85% Financial 3,250,776 8.5 0.9 4.9% Financial 7,945.49 7,973.03 ‐0.35% ‐2.68% 3.57% Industrial 1,000,570 20.1 1.4 4.7% Industrial 7,869.14 7,878.46 ‐0.12% ‐0.48% 6.24% Services 2,860,023 12.2 1.7 6.4% Services 2,940.50 2,948.50 ‐0.27% ‐2.24% ‐3.87% MSM Shariah 2,695,688 10.7 1.6 6.1% 843.70 846.37 ‐0.32% ‐1.20% ‐2.91% MSM Shariah 3/23/2017 GBCM Morning Briefing 3
  4. MENA  Markets Performance Index  Global Markets Performance Closing   MENA  % Chg %MTD %YTD   7.9 0.8 ‐0.8 ‐0.5 1.3 2.7 4.3 2.8 1.3 1.8 1.3 14.9 ‐2.2 ‐2.3 ‐1.7 0.4 ‐2.2 2.2 2.0 2.8 ‐2.1 ‐1.9 ‐1.6 2.7 5.3 ‐1.8 1.8 8.3 9.1 ‐1.5 Egypt Jordan Tunis  Morocco Palestine Turkey 12,879.1 ‐0.2 2,230.4 0.0 5,559.5 ‐0.2 24,893.4 ‐0.1 537.3 0.5 89,809.1 ‐0.9 MENA Benchmark (S&P/ MSCI) S&P GCC LMC 119.4 ‐0.9 S&P GCC (USD) 97.9 ‐1.0 S&P GCC (40 Index) – Price Return  1,030.7 ‐0.8 S&P GCC (40 Index) – Total Return  1,655.0 ‐0.8 MSCI GCC MSCI GCC 468.0 ‐1.0 1.0 MSCI Frontier  540.7 ‐0.1 MSCI Frontier ex GCC 822.3 0.1 MSCI Arabian Index 511.2 ‐0.9 Index  Closing   Americas  % Chg %MTD %YTD   S&P 500 Dow Jones Nasdaq Brazil 2,348.5 20,661.3 5,821.6 63,521.3 0.2 0.0 0.5 0.9 ‐0.6 ‐0.7 ‐0.1 ‐4.7 4.9 4.5 8.1 5.5 ‐0.7 ‐0.2 ‐0.5 0.8 2.8 0.6 2.5 2.7 3.7 0.1 0.2 04 0.4 0.3 0.4 0.1 ‐0.3 2.6 18 1.8 0.4 4.0 2.2 ‐0.3 10.7 99 9.9 4.8 7.4 ‐2.5 %MTD %YTD %YTD  ‐1.4 2.0 ‐0.2 1.3 0.9 2.7 1.4 ‐0.3 ‐0.1 2.0 0.1 0.1 0.9 0.0 0.0 0.0 0.3 0.0 0.0 ‐2.4 2.6 0.9 5.1 1.2 3.5 2.7 0.8 ‐0.1 3.9 6.3 1.1 ‐2.5 0.0 0.0 0.0 0.4 0.0 0.0 Europe FTSE 100 CAC 40 DAX Asia Pacific Nikkei  Hang Seng Sensex Shanghai Korea Russia Global Benchmark Indices Index Closing  % Chg %MTD %YTD  1,842.6 ‐0.2 0.2 5.2 MSCI World ‐Ex MSCI World  Ex USA USA 1,783.9 ‐0.8 1.5 5.5 MSCI Europe‐ USD 1,556.8 ‐0.5 2.8 5.8 967.0 ‐0.6 3.3 12.1 MSCI EM Index Dollar Index USD Vs EURO  USD Vs Canadian Dollar  USD Vs Japanese Yen  USD Vs GBP  USD Vs Swedish Krona USD Vs Swiss Franc  USD Vs Chinese Renminbi USD Vs Hong Kong Dollar  USD Vs Indian Rupee  USD Vs Aus Dollar  USD Vs Indonesia Rupiah  USD Vs Turkish Lira Spot  USD Vs Omani Riyal  USD Vs UAE Dirham  USD Vs Saudi Riyal  USD Vs Kuwait Dinar  USD Vs Qatar Riyal  USD Vs Bahrain Dinar  Fixed Income (Bloomberg/EFFAS Bond Indices)  US 10+ Yr TR 560 2 560.2 03 0.3 ‐0.1 01 16 1.6 Euro Liquid 10+ Yr TR 226.8 0.4 ‐1.1 ‐1.9 ‐3.3 ‐3.1 Commodity (Bloomberg)  Commodity  84.8 0.2 Source: Data taken from Bloomberg GBCM Morning Briefing 19,061.2 24,358.7 29 274 4 29,274.4 3,253.7 2,176.0 1,123.2 Global Currencies Index Global Equity (MSCI) MSCI World – USD , 7,324.7 4,994.7 11,904.1 4 Closing Closing  % Chg % Chg In Comparison with USD 99.754 1.079 1.332 111.320 1.249 8.799 0.992 6.889 7.768 65.399 0.766 13330.000 3.613 0.385 3.673 3.750 0.305 3.641 0.377 0.1 ‐0.1 0.1 ‐0.1 0.0 0.0 ‐0.1 ‐0.1 0.0 0.1 ‐0.2 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
  5. Commodities  Performance Index  Petrochemical Performance Closing   % Chg %MTD %YTD  NYMEX Crude 48.4 0.7 ‐11.1 ‐13.6 ICE Brent Crude 51.0 0.7 ‐9.7 ‐12.1 Crude Oil, Oman  49.6 ‐0.4 ‐9.9 ‐8.5 NYMEX Natural Gas  3.0 0.6 9.2 ‐15.0 160.6 0.3 ‐7.1 ‐13.7 Precious Metals Gold Spot  1,246.5 ‐0.2 ‐0.1 8.2 Silver Spot 17.5 0.0 ‐4.2 10.2 Platinum Spot  965.1 0.2 ‐5.8 6.8 Palladium Spot  791.0 0.2 2.5 15.6 Base Metals  LME Aluminium‐Spot 1 911 8 1,911.8 ‐0.1 01 ‐0.4 04 12 2 12.2 LME Copper‐Spot 5,780.0 0.6 ‐3.1 4.7 LME Zinc‐Spot 2,836.0 1.0 0.7 10.9 LME Lead‐Spot 2,367.8 4.3 5.1 18.4 LME Nickel‐Spot 9 955 5 9,955.5 ‐1.4 14 ‐8.9 89 ‐0.1 01 Steel  653.0 US ‐ Hot Roll Coil Steel  4.5 5.3 %YTD ‐20.7 ‐5.3 ‐15.5 ‐1.8 820.0 ‐15.5 ‐1.8 Benzene CFR India Spot 825.0 ‐15.4 ‐1.8 456.4 ‐8.4 ‐1.5 Condensates (in USD/ MT)  European Naptha  Naphtha C&F Japan  451.0 ‐11.0 ‐9.2 Naphtha CIF NWE Cargo 445.6 ‐9.2 ‐8.3 p g p p Naphtha fob Singapore Spot  48.8 ‐11.3 ‐9.1 Olefins (in USD/ MT)  Ethylene Spot  1,185.0 3.0 28.1 Ethylene FOB Korea Spot 1,115.0 ‐13.9 0.9 Ethylene FOB Japan Spot 1,110.0 ‐14.0 0.9 855 0 855.0 ‐12.8 12 8 ‐1.2 12 3.1 15.5 Propylene FOB Korea Spot Propylene FOB Korea Spot Intermediate (in USD/ MT)  2EH CFR Far East Asia 1,005.0 2EH CFR South East Asia 1,020.0 2.5 14.6 955.0 ‐5.9 ‐3.1 DOP CFR Far East Asia Polymers (in USD/ MT)  ‐2.4 ‐5.6 ‐6.7 ‐4.3 Film Grd Poly HDPE SE Asia 1,160.0 ‐4.9 ‐0.9 y p Film Grd Poly HDPE India Spot 1,190.0 , 0.9 5.3 1,690.0 ‐1.5 9.0 05 0.5 Wheat ‐ Active Contract  422.5 0.1 ‐4.8 0.5 CBOT ‐ Soya bean  998.8 ‐1.4 Shipping  38 5 38.5 815.0 Benzene CFR Japan Spot 9,395.0 ‐3.9 39 ‐0 8 ‐0.8 Benzene FOB Korea Spot 1,120.0 01 0.1 ‐3.6 805.0 Film Grd Poly HDPE Far E Spot 359 3 359.3 ‐0.1 Benzene Aromatics Rotterdam  4.1 C Corn ‐ A i C Active Contract  1 190 0 1,190.0 %MTD LLDPE Future Contract (CNY/ MT)  Agriculture  B lti D I d Baltic Dry Index  Closing A Aromatics (in USD/ MT)  i (i USD/ MT) Energy  NYMEX Gasoline  Index  23 8 23.8 Urea (in USD/ MT)  Urea Price (RMB/ MT)  UREA Cornbelt 265.0 ‐8.6 ‐3.6 UREA Middle East 275.0 1.9 12.2 US Urea Avg Retail Price US Urea Avg. Retail Price 377 5 377.5 ‐0.4 04 93 9.3 Source: Data taken from Bloomberg 3/23/2017 GBCM Morning Briefing 5
  6. Oman News Local firm wins Oman sebacic acid project contract (Source: Oman Observer)  Al Duqm Global Construction has been awarded the main contract to undertake the construction of Oman’s first sebacic acid plant at the Duqm Special Economic Zone (SEZ).  Total investment in the project, promoted by Omani‐Indian joint venture Sebacic Oman, is estimated at RO 62.7 million.  Work on the facility, which represents the first overseas industrial investment in the SEZ, is well under way with civil works on track for completion well before the project’s commissioning targeted before the end of this year.  Extracted from castor oil, sebacic is used in many industries, such as chemicals, plastics, and pharmaceuticals. It is also used as an g in the manufacture of detergents, g ,p paints and p perfumes. intermediate ingredient Oman National Engineering and Inv‐ Extension of contract (Source: MSM)  The Ministryy of Health has extended the contract No. 9/15/2014 / / pertainingg to operation p p & maintenance of South Sharqiyah q y Governorate Hospitals made with Oman National Engineering & Investment Co for RO 492,692 for the period of 8 months commencing on 1/5/2017 and ending on 31/12/2017 with the same terms and conditions.  The Ministry of Health has extended the contract No. 9/04/2014 pertaining to operation & maintenance of Dhofar Governorate Hospitals made with Oman National Engineering & Investment Co for RO 599,455 for the period of 8 months commencing on 1/5/2017 and ending on 31/12/2017 with the same terms and conditions. GBCM Morning Briefing 6
  7. MSM ‐ Market Watch Source: Bloomberg, GBCM Research Market Outlook – Flattish trend to prevail, more dividend adjustments seen next week… During the previous trading session, we saw most of the regional markets ending on a negative note, except for Kuwait which continued its strong run gaining 2% for the day. Saudi, Qatar and UAE ended sharply in red. MSM Index continued its declining trend amid dividend adjustments and also relatively low investor participation. participation We anticipate the MSM and GCC equities to reveal flattish trend for the last trading day of the week amid relative stability in the global markets. While the concern continued to remain on lower oil prices. In MSM, we anticipate more dividends adjustments during the next week. Upcoming AGMs‐ Oman Oil Marketing (23‐Mar), Al Jazeera Steel (23‐Mar), NBO (26‐Mar), Oman Cables (26‐Mar), Bank Dhofar (27‐Mar) GBCM Morning Briefing 7
  8. 2016  Dividends/ 2017 AGM Calendar  FY2016 Company‐ Figures in RO 000s Last Closing Par Value Market Cap  Equity   Oman Oil Marketing National Bank of Oman Al Maha Ceramics Oman Cables Gulf Int. Chemicals Bank Dhofar Salalah Port Services Port Services Ahli Bank Ahli Bank Shell Oman National Gas Muscat National Holding Taageer Finance Al Madina Takaful Oman United Insurance Oman Chlorine United Power Muscat Finance Salalah Mills O Oman Investment & Finance I t t & Fi National Finance Voltamp Energy A Saffa Foods Ominvest United Finance HSBC Bank Oman Bank Sohar Dhofar Beverage Global Financial Inv Al Kamil Power P tS i Port Services 1.850 0.251 0.470 1.650 0.288 0.250 0.632 0.297 0 199 0.199 2.000 0.510 1.720 0.125 0.092 0.420 0.488 3.400 0.135 1.395 0 234 0.234 0.156 0.558 0.656 0.532 0.150 0.127 0.146 0.260 0.167 0.312 0 297 0.297 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0 100 0.100 0.100 0.100 1.000 0.100 0.100 0.100 0.100 1.000 0.100 0.100 0 100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0 100 0.100 119325 370170 24675 148005 6048 474800 113657 28227 283582 200000 28050 8600 31699 16100 42000 33233 6800 36007 67187 46800 42296 33759 78720 338240 48945 254040 234257 5200 33400 30030 28227 6450 147478 5250 8970 2100 189920 17984 9504 142504 10000 5500 5000 25359 17500 10000 6810 2000 26672 4816 20000 27113 6050 12000 63579 32630 200031 160450 2000 20000 9625 9504 PAT  EPS  DPS 9,602 55,800 2,091 15,254 587 47,622 5,726 2,716 29 600 29,600 16,000 2,796 1,339 4,474 1,661 4,053 1,905 941 5,138 3,691 6 381 6,381 6,349 3,630 4,575 23,900 4,505 16,900 19,112 133 1,415 3,728 0.149 0.038 0.040 0.170 0.028 0.025 0.032 0.029 0 021 0.021 0.160 0.051 0.268 0.018 0.009 0.041 0.028 0.471 0.019 0.077 0 032 0.032 0.023 0.060 0.038 0.038 0.014 0.008 0.012 0.007 0.007 0.039 0.060 0.016 0.030 0.085 0.029 0.014 0.020 0.055 0 010 0.010 0.106 0.011 0.100 0.010 0.006 0.030 0.015 0.000 0.010 0.040 0 016 0.016 0.014 0.018 0.020 0.015 0.008 0.005 0.005 0.005 0.005 0.010 0 030 0.030 Source: Bloomberg, GBCM Research, ** Div. Yield calculated on distributed Cash Dividends only GBCM Morning Briefing 8 Dividend  Cash  Cash  Payout (%) Dividends  Dividend 40.3% 42.1% 75.9% 50.0% 101.9% 53.8% 62.8% 192.4% 48 1% 48.1% 66.3% 21.6% 37.3% 53.8% NM 74.0% 53.6% 0.0% 51.9% 52.2% 50 2% 50.2% 59.8% 30.0% 52.5% 39.9% 57.9% 59.2% 42.0% 75.4% 70.7% 25.8% 3870 23478 1588 7625 599 25639 3597 5227 14250 10600 605 500 2409 1050 3000 1022 ‐ 2667 1927 3200 3796 1089 2400 9537 2610 10002 8023 100 1000 963 2851 60.0% 15.9% 30.2% 85.0% 28.5% 13.5% 20.0% 55.0% 10 0% 10.0% 106.0% 11.0% 10.0% 9.5% 6.0% 30.0% 15.0% 0.0% 10.0% 40.0% 16 0% 16.0% 14.0% 18.0% 20.0% 15.0% 8.0% 5.0% 5.0% 5.0% 5.0% 10.0% 30 0% 30.0% Stock  Dividend 0.0% 5.0% 4.8% 0.0% 0.0% 7.5% 0.0% 0.0% 0 0% 0.0% 0.0% 9.1% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 7.0% 0.0% 3.0% 17.0% 0.0% 10.0% 7.0% 0.0% 10.0% 0.0% 0.0% 0.0% 0 0% 0.0% Mand.  Mand Conv.  Bonds Dividend  AGM Date Yield (%) 3.2% 6.3% 6.4% 5.2% 9.9% 5.4% 3.2% 18.5% 5 0% 5.0% 5.3% 2.2% 5.8% 7.6% 6.5% 7.1% 3.1% 0.0% 7.4% 2.9% 6 8% 6.8% 9.0% 3.2% 3.0% 2.8% 5.3% 3.9% 3.4% 1.9% 3.0% 3.2% 10 1% 10.1% 23‐Mar‐17 26‐Mar‐17 26‐Mar‐17 26‐Mar‐17 26‐Mar‐17 27‐Mar‐17 27‐Mar‐17 27‐Mar‐17 27 Mar 17 27‐Mar‐17 27‐Mar‐17 27‐Mar‐17 27‐Mar‐17 27‐Mar‐17 27‐Mar‐17 28‐Mar‐17 28‐Mar‐17 28‐Mar‐17 28‐Mar‐17 28‐Mar‐17 28 M 17 28‐Mar‐17 29‐Mar‐17 29‐Mar‐17 29‐Mar‐17 29‐Mar‐17 29‐Mar‐17 30‐Mar‐17 30‐Mar‐17 30‐Mar‐17 30‐Mar‐17 31‐Jul‐17 1 A 17 1‐Aug‐17
  9. 2016  Final Dividends/ 2017 AGM Calendar  FY2016 Company‐ Figures in RO 000s Last Closing Par Value Market Cap  Equity   PAT  EPS  DPS Dividend  Cash  Cash  Payout (%) Dividends  Dividend Stock  Dividend Mand.  Conv.  Bonds Dividend  AGM Date Yield (%) Final Dividends Al Jazeera Steel Products 0.220 0.100 27478 12490 4,601 0.037 0.009 24.4% 1124 9.0% 0.0% 4.1% 23‐Mar‐17 Omantel 1.400 0.100 1050000 75000 116,700 0.156 0.070 45.0% 52500 70.0% 0.0% 5.0% 30‐Mar‐17 Sembcorp Salalah 0.243 0.100 231961 95457 14,629 0.015 0.004 23.5% 3436 3.6% 0.0% 1.5% 2‐Apr‐17 Omantel 1.400 0.100 1050000 75000 22500 30.0% 0.0% 2.1% Aug‐17 Aug 17 SMN Power 0.700 0.100 139745 19964 11,752 0.059 0.016 27.2% 3194 16.0% 0.0% 2.3% 1‐May‐17 Sembcorp Salalah 0.243 0.100 231961 95457 14,629 0.015 0.010 67.9% 9928 10.4% 0.0% 4.3% 1‐Nov‐17 SMN Power 0.700 0.100 139745 19964 3394 17.0% 0.0% 2.4% 25‐Nov‐17 Phoenix Power 0 141 0.141 0 100 0.100 206227 146260 18 458 18,458 0 013 0.013 0 003 0.003 25 4% 25.4% 4680 3 2% 3.2% 0 0% 0.0% 2 3% 2.3% Jul‐17 Phoenix Power 0.141 0.100 206227 146260 18,458 0.013 0.005 37.2% 6874 4.7% 0.0% 3.3% Jan‐18 0.030 0.017 Source: Bloomberg, GBCM Research, ** Div. Yield calculated on distributed Cash Dividends only GBCM Morning Briefing 9
  10. UAE  News Ministry of Finance sets minimum turnover requirement for VAT registration (Source: Reuters)  The Ministry of Finance issued an announcement that effectively sets Dh375,000 as the minimum annual turnover requirement for companies that are required to register for value‐added tax (VAT) which will be implemented in the UAE on January 1st 2018.  Businesses with taxable suppliers over Dh375,000 will be required to register for VAT. Those with net sales below Dh375,000 but over Dh187,500, h willll have h the h option to register starting October b this h year.  Starting next year, a 5% levy will be charged on all supplies of goods and services, unless specifically exempted or zero‐rated, in the UAE. The levy will be implemented across the Gulf Cooperation Council (GCC) region, with some states given an option to join in on January 1st 2019. Dubai b i tourism i data‐ d Jan and d Feb b 2017 (Source: Trade Arabia)  Dubai’s tourism sector has kicked off 2017 in high gear as the Department of Tourism and Commerce Marketing (Dubai Tourism) reported a stellar 12% year‐on‐year growth over the first two months of 2017.  JJanuary and d February F b saw Dubai D b i welcoming l i just j over three h million illi visitors, ii nearly l four f times i the h rate off the h previous i year. Supported S d by b growth in all key markets, China and Russia in particular drove the volumes and set the stage for a strong first quarter result.  This period witnessed a 60% growth in overnight tourists from China with January alone peaking at a dramatic 102%, while attracting a total of 157,000 Chinese visitors across just the first two months.  Russian visitation jumped 84% over the same period last year with February delivering a massive 140 per cent volume increase to bring a total of 65,000 travelers in the first two months. Amazon agrees to acquire UAE e‐commerce site Souq.com (Source: Gulf Business)  Amazon has reportedly agreed a full acquisition of UAE‐e‐commerce site Souq.com after previously backing away from a deal. As per reports the full acquisition of Souq, which generates 78% of e‐commerce in the Middle East and North Africa, by Amazon has been agreed.  Souq was valued at $1bn in its last funding round in which it raised $275 million from investors including Standard Chartered. The company’s existing investors include Tiger Global Management and South Africa Africa’ss Naspers Ltd. Ltd GBCM Morning Briefing 10
  11. GCC News Fitch downgrades Saudi Arabia to A + with stable outlook (Source: Reuters)  Fitch Ratings cut its assessment of Saudi Arabia's credit quality on Wednesday, citing deterioration of state finances due to low oil prices and doubts over whether Saudi can achieve its economic reform plans.  Fitch downgraded Saudi Arabia by one notch to A+ with a stable outlook from AA‐ with a negative outlook. It said that that while the lleadership d h was strongly l committed d to diversifying d f the h economy beyond b d oil,l that h intention might h not be b enough. h  Fitch's downgrade brought its rating closer to the other two major rating agencies. Standard & Poor's rates the kingdom A‐, two notches below Fitch, while Moody's has it at A1, level with Fitch. Saudi Binladin creditors agree to $1.1 billion financing extension (Source: Reuters)  Saudi Binladin Group’s (SBG) creditors have agreed to extend by two years a 4 billion riyal ($1.1 billion) Islamic credit facility to pay for building work at the Kingdom’s Grand Mosque in Mecca, as per news sources.  Creditors have signed documentation to extend by two years 4 billion riyals of the total 10 billion riyals of a facility it had drawn down. The credit would be extended from the end of 2017 to the end of 2019.  The loan will now have a similar timeframe to the completion of the mosque project, which has been delayed to allow the Saudi government to defer some of its spending plans. plans The facility will carry a profit rate of about 7.5%. 7 5% Jabal Omar to sell key Makkah hotels, mall (Source: Trade Arabia)  Jabal Omar Development has reached an agreement with Alinma Investment Company for the sale of its key assets in Makkah including three major hotels and a shopping mall for SR6 billion ($1.59 billion).  These include the Saudi developer's ambitious hospitality project ‐ Makkah Conrad, Hilton Makkah, Hyatt Regency Makkah ‐ besides the Al Khalil Shopping Centre, the company said in a statement. GBCM Morning Briefing 11
  12. | Institutional Sales ‐ Hunaina Banatwala, (+968) 2235 0717 |Institutional Brokerage ‐ Talal Al Balushi, (+968) 2235 0725| | Equity Research ‐ Kanaga Sundar, Sundar (+968) 2235 0727 | Vijay Sridharan, Sridharan (+968) 2235 0728 | Disclaimer: This document has been prepared and issued by Gulf Baader Capital Markets SAOC ("the Company") 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 are accurate and the opinions given are reasonable, neither Gulf Baader Capital Markets SAOC nor any employee shall be in anyway responsible for the contents of this report. report The Company may have a position and may perform buying/selling for itself or its clients in any security mentioned in this report. This is not an offer to buy or sell the investments referred therein. 3/23/2017 GBCM Morning Briefing 12