GCC Sukuk Mid-Month Report - February 2018

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1. U Capital Research “U Capital GCC Sukuk ”Mid - Month Report Main News: No. of Issue: 14 Date: 15/02/2018 Oman preparing dollar Islamic bond sale- sources Oman is in talks with banks about a possible U.S. dollar-denominated sukuk issue that could occur in March, sources familiar with the matter said. The planned fund-raising exercise would be Oman's second public debt issuance this year……Source: Reuters Dubai's DAMAC in talks with banks for possible dollar sukuk issue- sources DAMAC Properties, the second largest listed real estate developer in Dubai, is in talks with banks about a possible issue of U.S. dollar-denominated Islamic bonds, sources familiar with the matter said…….Source: Reuters London court again finds for creditors in Dana Gas sukuk dispute A London High Court judge again ruled in favour of creditors in a dispute over whether United Arab Emirates energy company Dana Gas must repay $700 million of Islamic bonds, a source familiar with the court proceedings…..Source: Reuters First Abu Dhabi Bank mandates banks for dollar sukuk – sources First Abu Dhabi Bank, the largest bank in the United Arab Emirates, has appointed banks to lead a U.S. dollar-denominated sukuk issue, sources familiar with the matter said. The lender will meet investors on Feb. 5 in London ahead of the planned Islamic bond issue...… Source: Reuters Dubai Islamic bank issues $1bln senior unsecured Sukuk Dubai Islamic Bank has announced the successful pricing of US$ 1 Billion Sukuk issued with a 5 year tenor, maturing on 6th February 2023. The issuance emanating from DIB’s USD 5bn Sukuk Programme carries a profit rate of 3.625% and is the first US$ benchmark Sukuk..….Source: Press Release Oman's Bank Nizwa finances Phase 1 of Duqm Development Company's Frontier Town project Bank Nizwa signed a financing agreement with Duqm Development Company LLC (DDC), a member of the Asyad Group (Asyad), to finance Phase 1 of the Duqm Frontier Town project. The project covers 23 hectares and comprises retail shops, recreational facilities and luxury units...…Source: Press Release Saudi SEDCO Capital launches REIT Fund SEDCO Capital, a leading Saudi asset management firm, has announced the offering of its first Shariahcompliant real estate investment traded fund, “SEDCO Capital REIT”, following Saudi Arabia’s Capital Market Authority (CMA) approval to offer, register and list units of SEDCO Capital REIT on the Saudi Stock Exchange (Tadawul)........Source: The Saudi Gazette Bank Nizwa highlights shari'a-compliant wholesale banking products to corporates and SMEs Bank Nizwa, one of Oman’s fastest growing and leading Islamic banks, organized a gala dinner, introducing its growing corporate clientele base to a wide range of its innovative shari’a-compliant wholesale banking products and services.....…Source: Press Release Ibdar Bank to arrange $1bln sukuk issuance based wholesale Islamic Investment bank, Ibdar Bank, has been mandated to arrange a Sukuk programme of $1 billion, as well as an international rating for the programme. The mandate comes from Salman Abdullah Bin Saedan Real Estate Group........Source: Gulf Daily News Court orders Saudi firm to pay $74mln to two Japanese companies The Enforcement Court in Jeddah has ordered a Saudi company to pay more than SR280mn in contractual rights to two Japanese companies. The payments were based on two commercial arbitration awards issued by an international jury chosen by the companies....…Source: Zawya UAE's Dana Gas sukuk drop after settlement talks fail to yield settlement Prices of about $700 million of sukuk issued by United Arab Emirates energy producer Dana Gas fell by around three points after talks between some local creditors and the company failed to lead to a settlement of their dispute.........Source: Reuters Al Rajhi REIT Fund closes with record participation Al Rajhi Capital (ARC) announced the successful conclusion of the initial public offering of the Al Rajhi REIT Fund. Apart from being the first REIT IPO in 2018, Al Rajhi’s REIT is also the largest REIT fund to be offered till date in the Kingdom. The fund has a size of SAR 1.62 billion.....Source: Press Release P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net
2. U Capital Research Performance of U Capital GCC50 , MSCI GCC , S&P S.Index & DJ Sukuk -Weekly Change 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 1/15/2018 1/20/2018 1/25/2018 1/30/2018 2/4/2018 2/9/2018 2/14/2018 -0.50% -1.00% Dow Jones Sukuk Index S&P Mena Sukuk MXGCC index U Capital GCC 50 Index Source: U Capital, Bloomberg Upcoming Sukuk Maturities Issuer DEWA SUKUK 2013 LTD ALMARAI CO SIB SUKUK CO III LTD BAHRAIN MUMTALAKAT HLDNG DAR AL-ARKAN SUKUK CO LT Maturity Date 3/5/2018 3/31/2018 4/16/2018 4/30/2018 5/24/2018 Offer Coupon Type FIXED FLOATING FIXED FIXED FIXED Currency USD SAR USD MYR USD Offer Coupon Rate 3.00% 2.95% 2.95% 5.35% 5.75% Bid Bid Offer Offer Rating Price Yield % Price Yield % (Moody's) 99.85 5.77 100.08 1.52 99.97 3.13 100.25 1.42 99.97 5.49 99.97 5.49 100.49 3.87 100.55 3.66 B1 Source: U Capital, Bloomberg Sukuk Indices Vs. U Capital indices & Bloomberg Indices Current Close Previous Close 15 February 2018 Index 15 January 2018 Index Change Change MTD YTD % % % Dow Jones Sukuk Index S&P Mena Sukuk 99.58 116.19 100.99 117.22 (1.41) (1.03) (1.40) (0.88) (0.90) (0.63) (1.59) (0.87) U Capital Oman 20 Index 955.91 954.82 1.09 0.11 0.06 (1.89) U Capital GCC 50 Index 1,185.26 1,191.01 (5.75) (0.48) (2.69) 3.55 U Capital MENA 200 Index 1,024.54 1,029.30 (4.76) (0.46) (2.07) 2.87 MSCI GCC Countries Index 493.74 500.60 (6.86) (1.37) (2.77) 2.91 Source: U Capital, Bloomberg. U Capital GCC 50, U Capital M ENA 200 and M SCI GCC Indices are updated till 2:00 PM -M uscat Time SUKUK Trading Summary – 1 Month Top Gainers Price Chg Top Losers Price Chg Companies RO % Companies RO % MEETHAQ SUKUK CO LLC ABG SUKUK LTD DAR AL-ARKAN SUKUK CO LT 1.045 4.92 KSA SUKUK LTD 96.701 -3.69 98.799 101.332 2.67 0.93 KSA SUKUK LTD DANA GAS SUKUK LTD 96.758 87.813 -3.60 -3.04 Source: U Capital, Bloomberg P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 2
3. U Capital Research GCC Sukuk Issue by Quarterly Size in Mn $ 2017 2016 Q1 Q2 Q3 Q4 2015 2014 2013 2012 0 10,000 20,000 30,000 40,000 50,000 Source: U Capital, Bloomberg Millions GCC Sukuk Issue by Types 2012-2017 GCC Sukuk Issue by Types Q4-2017 Mn$ Sukuk/Islamic 7,545 Sukuk Al Musharakah Mn$ Sukuk Al 100 Murabaha 19,550 Sukuk Al Ijara Sukuk Al Ijara 37,061 Sukuk Al-Wakala Bel-Istithma 46,163 Sukuk Al Murabaha 46,770 Sukuk Al Mudarabah Sukuk Al Mudarabah 20,000 60,000 Millions 40,000 2,020 Sukuk/Islamic 49,650 0 1,001 34,968 0 10,000 20,000 30,000 40,000 Source: U Capital, Bloomberg Millions GCC Sukuk Issue by Sector Q4-2017 GCC Sukuk Issue by Sector 2012-2017 Energy 1,761 Diversified 2,050 Industrial Financial 5,300 Consumer, Non-cyclical MN Mn$ 2,120 9,700 Basic Materials 11,200 Consumer, Cyclical 18,500 Utilities 18,900 Government Financial 35,969 63,040 Government 73,038 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 0 5,000 10,000 4,355 Bahrain 4,744 Qatar 30,000 35,000 40,000 Mn$ Mn$ United Arab Emirates 100 Bahrain 10,200 United Arab Emirates 25,000 GCC Sukuk Issue by Country Q4-2017 1,975 Oman 20,000 Millions GCC Sukuk Issue by Country 2012-2017 Kuwait 15,000 Millions Source: U Capital, Bloomberg 1,044 Qatar 2,020 34,339 Saudi Arabia Saudi Arabia 151,125 0 50,000 Source: U Capital, Bloomberg 100,000 150,000 200,000 Millions 31,725 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Millions P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 3
4. U Capital Research GCC Sukuk prices and yield - Sorted by offer coupon rate Maturity Offer Coupon Issuer Date Type MOHAM AL BARWANI SUKUK JAFZ SUKUK 2019 DAR AL-ARKAN SUKUK CO LT DAR AL-ARKAN SUKUK CO LT DAR AL-ARKAN SUKUK CO LT QATAR GOVT SUKUK DUBAI DOF SUKUK LTD EMAAR SUKUK LTD CBB INTERNATIONAL SUKUK ALPHA STAR HOLDING III DAR AL-ARKAN SUKUK CO LT CBB INTERNATIONAL SUKUK CBB INTERNATIONAL SUKUK ABHC SUKUK CO 1 SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK BAHRAIN IJARA SUKUK BAHRAIN MUMTALAKAT HLDNG GULF INVESTMENT CORP CBB INTERNATIONAL SUKUK MERAAS SUKUK LTD GULF INVESTMENT CORP GULF INVESTMENT CORP SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL DUBAI DOF SUKUK LTD ICD SUKUK CO LTD BAHRAIN IJARA SUKUK MEETHAQ SUKUK CO LLC GFH SUKUK LTD ALPHA STAR HOLDING LTD ALPHA STAR HOLDING IV LT FIRST ABU DHABI BANK PJS EZDAN SUKUK CO LTD FIRST ABU DHABI BANK PJS TAQA ABU DHABI NATL ENER EMG SUKUK LTD MAF SUKUK LTD SAUDI INTERNATIONAL PETR OMAN SOVEREIGN SUKUK OMAN SOVEREIGN SUKUK SUKUK FUNDING NO3 LTD DIFC SUKUK DIP SUKUK LTD SAUDI ELECTRICITY GLOBAL BAHRAIN IJARA SUKUK RVOS SUKUK SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK MUMTALAKAT SUKUK HOLDING BANK AL JAZIRA EQUATE SUKUK SPC LTD DP WORLD CRESCENT LTD DP WORLD CRESCENT LTD DUBAI DOF WAKALA SUKUK 1 MEDJOOL LTD DUBAI DOF SUKUK LTD UNITY 1 SUKUK LIMITED SHARJAH SUKUK 2 LTD OREIDCO SUKUK NATIONAL PETROCHEMICAL C AL SHINDAGHA SUKUK LTD SHARJAH SUKUK LTD FAWAZ ABDULAZIZ ALHOKAIR DIB SUKUK LTD EMAAR SUKUK LTD KSA SUKUK LTD Source : Bloomberg 6/29/2021 6/19/2019 4/10/2022 4/10/2022 5/28/2019 6/1/2018 5/2/2022 7/18/2019 11/22/2018 4/20/2022 5/24/2018 2/12/2024 2/12/2024 4/14/2019 4/8/2044 4/8/2044 1/19/2025 4/30/2018 6/18/2027 3/20/2025 5/31/2022 6/20/2022 3/16/2021 4/8/2043 4/8/2043 4/30/2029 2/1/2027 7/9/2025 6/13/2022 7/26/2018 4/9/2019 9/30/2018 12/28/2020 4/5/2022 12/9/2027 3/3/2022 6/18/2024 11/3/2025 6/16/2021 6/1/2024 6/1/2024 12/3/2018 11/12/2024 2/20/2019 4/3/2022 7/17/2020 2/17/2021 4/8/2024 4/8/2024 11/25/2021 6/2/2026 2/21/2024 5/31/2023 5/31/2023 3/20/2025 3/19/2023 1/30/2023 11/30/2021 1/27/2021 8/30/2020 6/23/2019 11/26/2019 9/17/2024 6/24/2019 2/14/2022 9/15/2026 4/20/2027 FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FIXED FLOATING FIXED FIXED FIXED Currency USD USD USD USD USD QAR USD USD USD USD USD USD USD USD USD USD BHD MYR MYR USD USD MYR MYR USD USD USD USD BHD OMR USD USD USD MYR USD MYR MYR USD USD SAR USD USD USD USD USD USD BHD SAR USD USD USD SAR USD USD USD USD USD USD USD USD SAR SAR USD USD SAR USD USD USD Offer Coupon Rate 8.50% 7.00% 6.88% 6.88% 6.50% 6.50% 6.45% 6.40% 6.27% 6.25% 5.75% 5.62% 5.62% 5.53% 5.50% 5.50% 5.50% 5.35% 5.30% 5.25% 5.11% 5.10% 5.10% 5.06% 5.06% 5.00% 5.00% 5.00% 5.00% 5.00% 4.97% 4.94% 4.90% 4.88% 4.75% 4.65% 4.56% 4.50% 4.44% 4.40% 4.40% 4.35% 4.33% 4.29% 4.21% 4.20% 4.14% 4.00% 4.00% 4.00% 3.96% 3.94% 3.91% 3.91% 3.89% 3.88% 3.88% 3.86% 3.84% 3.79% 3.79% 3.78% 3.76% 3.75% 3.66% 3.64% 3.63% Bid Price 106.53 105.19 98.43 98.43 101.20 111.61 104.89 101.89 101.11 100.49 101.44 101.38 102.95 105.76 105.90 99.97 98.64 98.99 100.63 100.03 100.30 100.47 100.61 105.86 102.11 1.01 100.61 100.45 101.80 85.65 98.96 97.36 102.65 102.53 97.66 97.62 101.18 102.00 100.53 102.79 102.02 102.00 96.48 99.79 101.37 101.19 97.33 98.80 101.31 100.86 101.50 100.37 100.95 99.67 96.10 96.54 Bid Yield % 6.31 3.02 7.32 7.32 5.51 3.46 2.86 3.74 5.94 3.87 5.34 5.35 3.45 5.10 5.09 5.49 5.49 5.42 4.95 5.09 5.00 5.03 5.02 4.33 4.71 4.87 4.41 4.36 4.23 9.11 4.88 5.39 4.09 4.11 4.83 4.84 2.84 3.98 3.75 3.48 3.63 3.63 5.03 3.98 3.62 3.66 4.33 4.14 3.58 3.61 3.30 3.56 3.60 3.75 4.18 4.08 Offer Price 106.89 105.44 99.13 99.13 101.47 112.28 105.16 102.40 101.82 100.55 101.98 101.89 103.26 106.54 106.44 99.97 99.27 99.55 101.21 100.03 100.30 100.93 101.14 106.55 102.34 1.05 100.84 101.03 101.80 86.36 99.55 97.71 102.92 102.77 98.09 98.08 101.37 102.89 100.73 103.16 102.21 102.34 97.06 100.98 101.61 101.39 97.73 99.36 101.90 101.40 102.08 100.87 101.61 100.21 96.46 96.98 Offer Yield % 6.19 2.84 7.12 7.12 5.29 3.30 2.68 3.07 5.75 3.66 5.23 5.25 3.19 5.05 5.05 5.49 5.40 5.33 4.80 5.09 5.00 4.99 4.98 4.26 4.68 3.86 4.20 3.41 4.23 8.89 4.81 5.29 4.04 4.08 4.75 4.75 2.59 3.83 3.55 3.39 3.59 3.57 4.86 3.76 3.57 3.62 4.26 4.02 3.45 3.46 3.10 3.27 3.49 3.61 4.13 4.02 Rating (Moody's) Baa2 B1 B1 B1 Baa3 B1 A2 A2 A2 A2 NR Ba1 /*A3 Baa2 Baa2 Baa2 Baa2 A2 A2 A2 Baa2 Baa2 Baa2 A3 A3 A3 Baa3 A1 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 4
5. U Capital Research GCC Sukuk prices and yield - Sorted by offer coupon rate Maturity Offer Coupon Issuer Date Type KSA SUKUK LTD ALAWWAL BANK QIB SUKUK LTD DIB SUKUK LTD SAUDI GOVT SUKUK EIB SUKUK LTD ICD SUKUK CO LTD SAUDI GOVT SUKUK OMAN SOVEREIGN SUKUK SAUDI BRITISH BANK SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL DUBAI DOF WAKALA SUKUK 1 SAUDI INVESTMENT BANK SAUDI GOVT SUKUK ARAB NATIONAL BANK BBG SUKUK LTD SAUDI BRITISH BANK BBG SUKUK LTD BANQUE SAUDI FRANSI RAK CAPITAL AHB SUKUK CO ADVANCED PETROCHEMICAL C QIB SUKUK LTD SAUDI GOVT SUKUK SAUDI GOVT SUKUK SOQ SUKUK A Q .S.C SAUDI ELECTRICITY CO RIYAD BANK NAJRAN CEMENT CO SAUDI GOVT SUKUK ALMARAI CO SAVOLA GROUP COMPANY NATIONAL COMMERCIAL BANK AHB SUKUK CO NATIONAL INDUSTRIALIZATI DIB SUKUK LTD RAK CAPITAL ALMARAI CO JSC SIB SUKUK CO III LTD ALMARAI CO TADAWUL REAL EST SUKUK OOREDOO TAMWEEL LTD ARABIAN ARAMCO TOTAL SER SADARA BASIC SERVICES CO DEWA SUKUK 2013 LTD BANQUE SAUDI FRANSI SAUDI GOVT SUKUK SIB SUKUK CO III LTD ALMARAI CO DIB SUKUK LTD POWER & WATER UTILITY CO KSA SUKUK LTD KSA SUKUK LTD KSA SUKUK LTD NATIONAL SHIPPING CO OF SIB SUKUK CO III LTD NOOR SUKUK CO LTD QIB SUKUK LTD SAUDI GOVT SUKUK AHB SUKUK CO SAUDI ELECTRICITY CO RIYAD BANK SAUDI TELECOM CO GENERAL AUTHORITY OF CIV QIB SUKUK LTD 4/20/2027 12/12/2023 8/21/2019 3/30/2021 7/26/2027 5/31/2021 5/21/2020 8/23/2027 11/3/2020 12/17/2020 4/8/2023 4/8/2023 11/12/2026 6/5/2024 9/20/2027 10/7/2025 11/15/2019 5/28/2025 10/18/2019 6/18/2024 10/21/2018 10/8/2018 11/17/2019 5/23/2022 9/20/2024 7/26/2024 1/18/2023 5/10/2030 6/24/2025 6/8/2020 8/23/2024 9/16/2022 1/22/2020 2/25/2024 1/9/2019 5/21/2019 12/15/2019 3/31/2025 3/7/2019 9/8/2021 3/31/2020 12/3/2026 12/3/2018 12/20/2025 12/15/2028 3/5/2018 12/18/2019 7/26/2022 4/16/2018 3/31/2018 6/3/2020 5/28/2033 4/20/2022 4/20/2022 4/20/2022 7/30/2022 3/17/2020 4/28/2020 10/27/2020 9/20/2022 8/14/2019 1/30/2054 11/11/2020 6/9/2024 1/18/2022 8/21/2019 FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FLOATING FLOATING FIXED FLOATING FLOATING FLOATING FLOATING FLOATING FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FLOATING FLOATING FLOATING FIXED FLOATING FLOATING FLOATING FLOATING FLOATING FLOATING FIXED FLOATING FIXED FLOATING FIXED FIXED FLOATING FLOATING FIXED FLOATING FIXED FIXED FLOATING FIXED FLOATING FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FLOATING FLOATING FLOATING FLOATING FIXED FIXED Currency USD SAR AUD USD SAR USD USD SAR OMR SAR USD USD USD SAR SAR SAR USD SAR USD SAR USD USD SAR USD SAR SAR USD SAR SAR SAR SAR SAR SAR SAR USD SAR USD USD SAR USD SAR SAR USD SAR SAR USD SAR SAR USD SAR USD SAR USD USD USD SAR USD USD USD SAR USD SAR SAR SAR SAR JPY Offer Coupon Rate 3.63% 3.62% 3.61% 3.60% 3.55% 3.54% 3.51% 3.50% 3.50% 3.49% 3.47% 3.47% 3.47% 3.46% 3.45% 3.45% 3.39% 3.36% 3.33% 3.30% 3.30% 3.27% 3.26% 3.25% 3.25% 3.25% 3.24% 3.24% 3.24% 3.23% 3.20% 3.20% 3.19% 3.15% 3.12% 3.11% 3.10% 3.09% 3.09% 3.08% 3.05% 3.05% 3.04% 3.04% 3.03% 3.00% 3.00% 2.95% 2.95% 2.95% 2.92% 2.91% 2.89% 2.89% 2.89% 2.88% 2.84% 2.79% 2.75% 2.75% 2.73% 2.59% 2.57% 2.53% 2.50% 1.00% Bid Price 96.53 100.81 99.89 100.37 99.84 1.00 99.86 99.94 99.20 100.06 100.36 100.26 96.74 97.89 100.00 100.73 101.00 96.95 98.68 100.19 100.00 99.85 99.97 99.19 97.35 97.32 97.35 99.09 99.02 97.12 100.10 100.21 Bid Yield % Offer Price 4.08 3.06 3.64 3.42 3.58 384.38 3.50 3.48 3.86 3.40 2.76 2.85 4.09 3.71 3.24 2.61 2.78 3.58 3.48 2.80 3.04 5.77 3.13 3.29 3.58 3.59 3.58 3.30 3.25 3.89 2.67 0.86 96.87 100.95 100.38 100.75 100.27 1.00 100.07 100.19 99.44 100.32 100.77 100.74 97.37 98.37 100.00 100.93 101.30 97.56 99.29 100.40 100.00 100.08 100.25 99.62 97.64 97.66 97.64 99.64 99.23 97.71 100.36 100.51 Offer Yield % 4.04 2.96 3.47 3.30 3.38 384.38 3.46 3.43 3.72 3.24 2.15 2.10 3.93 3.60 3.24 2.39 2.61 3.48 3.30 2.52 3.04 1.52 1.42 3.09 3.51 3.50 3.51 3.02 3.15 3.65 2.49 0.66 Rating (Moody's) A1 A3 Baa2 A2 A2 A2 A2 A2 Aa3 NR A3 A2 A3 A1 A1 A1 A3 - Source: Bloomberg P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 5
6. U Capital Research Other News : February 2018  Dana Gas creditors reject new proposal to restructure $700 mln sukuk - Reuters  Dubai's Al Ahli secures $340m financing to expand mall – Trade Arabia  Struggle for Retakaful as competition bites sector – CPI Financial  Dubai Islamic Bank triumphs with two accolades at Service Olympian Awards – Press Release  Blockchain venture aims to modernise Islamic endowments – Reuters  UAE leads Arab markets in Islamic fintech – CPI Financial  Al Rajhi Bank Jordan and Middle East Payment Services sign cooperation agreement – Press Release  ADIB launches pioneering MoneySmart digital community to engage millennials in personal finance – Press Release  Dubai Islamic Bank gives initial guidance for planned dollar sukuk -sources – Reuters January 2018  Al Rayan Bank plans $352mln mortgage-backed sukuk - Reuters  Dubai Islamic Bank celebrates first UAE National win in Double Your Salary promotion – Press Release  Islamic finance body IFSB appoints new secretary general - Reuters  Al Hilal Bank receives Best CSR in Islamic Banking UAE Award by CPI Financial - WAM (Emirates News Agency)  Dubai Islamic Bank poised to issue dollar sukuk- sources – Reuters  Bahrain regional leader in Islamic finance development – CPI Financial  Residential Reit reaches $360mln after largest REIT contribution transaction in the Middle East – Press Release  Saudi Derayah REIT is 125% oversubscribed – The Saudi Gazette Ubhar Capital SAOC (U Capital) Website: www.u-capital.net PO Box 1137 PC 111, Sultanate of Oman Tel: +968 24 949 004/5 Fax: +968 24 949 099 Email: research@u-capital.net Disclaimer: This report has been prepared by research department in Ubhar Capital SAOC (U Capital), and is provided for information purposes only. Under no circumstances is to be used or considered as an offer to sell or solicitation of any offer to buy. While all reasonable care has been taken to ensure that the information contained therein is not untrue or misleading at the time of publication, we make no representation as to its accuracy or completeness and it should not be relied upon as such, and the company accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. All opinions and estimates included in this document constitute U Capital Research department judgment as of the date of production of this report, and are subject to change without notice. This report may not be reproduced, distributed or published by any recipient for any purpose.