business - the peninsula · 11/1/2018 · the gcc countries in infrastructure, ... real estate...

China is increasingly

shifting its focus

on non-Western

countries against the

backdrop of the battle.

The country is keen

on partnering with

the GCC countries

in infrastructure,

industrialization,

energy cooperation

and financing

mechanism, Dr Wu

Bingbing of Institute

for International and

Strategic Studies,

Peking University, told

The Peninsula.

BUSINESSThursday 1 November 2018

PAGE | 23PAGE | 22Doha Bank offers

financing for Qamco IPO subscribers

Investcorp builds £250m European real estate portfolio

Trade war: China to increase influence in GCC, AfricaSATISH KANADY THE PENINSULA

DOHA: As the world’s two largest economies — the US and China — are locked in an esca-lating trade battle, a visiting Chinese policy expert said the ongoing trade war will enable China to increase its exposure to the GCC and the broader Mena region.

China is increasingly shifting its focus on non-Western coun-tries against the backdrop of the battle. The country is keen on partnering with the GCC coun-tries in infrastructure, industri-alization, energy cooperation and financing mechanism, Dr Wu Bingbing of Institute for International and Strategic Studies, Peking University, told The Peninsula, on the sidelines of the “Enriching the Middle East’s Economic Future Conference”.

Dr Wu, the State of Qatar Chair Professor n Middle Eastern Studies at Peking University, said China will further deepen its cooperation with the GCC region and energy sector will be key in this partnership.

“We have seen this with CNPCC and QatarGas. China will be buying more LNG from Qatar and also more deals in infra-structure construction projects will be concluded by the two sides going forward”. China is also looking to leverage its

presence in the region’s maritime industry as well, he added.

To face up the trade war, China wants to keep the multi-lateral trade mechanism. It means that China needs new partners. This will help strengthen Chinese cooperation in this region, African countries and also other parts of the world outside Europe. Dr Wu said China will continue to implement its ambitious multibillion dollar Belt and Road Initiative (BRI).

Dr Wu rejected the theory that the ongoing trade battle is the fallout of a tension between the US Capitalist economic

Dr Wu Bingbing (right) of Institute for International and Strategic Studies, Peking University; Sean Cleary (second left), Strategic Concepts (Pty) Ltd South Africa; Dr. Krishna Kumar (left) of Rand Corporation; and Hani Findakly, United States; attending the roundtable on the sidelines of ‘Enriching the Middle East’s Economic Future Conference’ at The Ritz-Carlton. PIC: ABDUL BASIT / THE PENINSULA

model and China’s State-sup-ported Capitalist model.

“We don’t call it as State Cap-italism. We call it ‘socialism with Chinese character’. It means, we have our own political structure, social structure, eco-nomic structure those are dif-ferent from Western system. We believe it will bring more opportunities to the country and find its own solutions to its own problems. We don’t impose it on other countries.”

On the global concerns that

a prolonged US-China trade war will bring in a global economic slowdown, he said it is the responsibility of the US to take initiative on how to address it. China doesn’t want to go for a confrontation with the US.

In fact, this trade battle was unilaterally imposed on China. China doesn’t want to worsen the global economy through a trade battle. That’s why China continues to talk about multi-lateral trade mechanism and try to make contribution to the

world economy. Dr Wu said China doesn’t want to change the existing global order and establish an alternative one. China doesn’t pursue any con-flict or confrontation.

“I don’t think China wants to create a separate global order or the so called ‘Chinese Hegemony’ in global market.”

Earlier, participating in a roundtable on ‘Impact of tariffs and global economic trends on the region’s economies”, experts shared their concerns that a

prolonged US-China trade war will lead to a global economic slowdown.

James Pickup of ‘Middle East Investment Initiative’ was of the view that the region should stay away from the ongoing US-China tussle. “The region should stay out of fight and it should open up trade with. It should open up trade within the region and beyond.” Pickup said a prolonged trade war will certainly trigger an economic shock and impact oil prices.

Four Mena IPOs raise $349.9m in Q3THE PENINSULA

DOHA: The Mena region raised $349.9m through four IPOs, in Q3 2018, according to the latest EY MENA IPO Eye report. Compared to Q3 2017, IPO value saw an increase year-on-year by 21.9 percent, while activity declined by 33.3 percent.

Phil Gandier (pictured), MENA Transactions Leader, EY, says:“In light of fluctuating oil prices and headwinds in the economy, IPO activity in the Mena region has been slow from Q1 to Q3 2018. However it is positive to see that IPO value increased year-on-year in Q3, especially when we’ve seen several entities across Mena delaying their plans for IPOs in 2018 due to various factors including (but not limited to) regulatory and global trade con-cerns and uncertain market conditions in a rising interest rate environment.”

In the wider Mena region, Egypt and Tunisia recorded one deal each. The IPO of Cairo for Investment & Real Estate Devel-opment Company raised $69.7m. The IPO program laid

out by the Egyptian Gov-ernment, which plans to list public sector companies on its s tock exchange, has strengthened the prospects of future IPOs in the country that would promote local and foreign capital inflows.

The Government also has plans to introduce an IPO program offering minority stakes of state owned and private com-panies in various sectors, in the next three to five years.

Further, in North Africa, the Tunis Stock Exchange saw the IPO of Tunisie Valeurs in Q3

2018 raising $7.6m, following a yearlong gap of no activity. The improved classification of Tunisia by the FTSE Russell and MSCI, along with the World Fed-eration of Exchanges (WFE) member status, received in October 2018, has reinforced the attraction of Tunisia for foreign investment.

Globally, IPO activity saw a significant slowdown in Q3 2018, with 302 IPOs raising $47.1bn, marking a decrease of 15 percent and 2 percent respec-tively, compared to Q2 2018. Current market and investor confidence fluctuations are causing companies to delay or pull out of planned IPOs in Q4 2018 despite the recovery in oil prices. Reasons for this could be current market and global trade uncertainties.

“Globally, the third quarter has been a relatively quieter period for IPO activity driven by geo-political tensions, trade issues between the US and China and the looming exit of the UK from the European Union, all of which have dampened investor confidence in the short term,” said Phil.

Mideast funds positive on Qatar, but wary on Saudi REUTERS

DOHA: Middle East funds have become more wary but not outright bearish toward Saudi Arabia’s stock market because of concern over the fallout from the killing of Jamal Khashoggi, a monthly Reuters poll showed yesterday.

Foreign investors, including those from other Gulf states, were net sellers of Saudi equities for most of this month, partly because of fear that Khashoggi’s death could damage Saudi ties with the West and conceivably lead to economic sanctions.

Fund managers are slightly positive on balance towards stock markets in Qatar and Kuwait. Qatar’s stock index has jumped 19 percent so far this year to 18-month highs, partly on the back of inflows of foreign investment, said Talal Samhouri, head of asset management at Amwal in Doha.

“We expect Qatar to enjoy this inflow for the next couple

of months, but then we believe that Kuwait will start attracting foreign investors and regional attention,” he added.

Kuwait is in the process of joining FTSE Russell ’s emerging market index and MSCI will decide next year whether to add Kuwait to its own version of that index.

Gulf investors sold a net $147m of Saudi stocks last week, after net sales of $98m in the previous week and $28m in the week before that, according to exchange data.

But the poll of 13 leading Middle Eastern fund managers, conducted over the past week, suggested most funds do not intend to continue selling.

Twenty-three percent expect to raise their allocations to Saudi equities in the next three months and the same proportion to reduce them. In last month’s poll, 38 percent anticipated increasing Saudi allocations and none foresaw cutting them.

Many managers are still

looking ahead to estimated inflows into Saudi Arabia of about $15bn of “passive” funds next year when Riyadh’s market joins emerging market indexes. Because this money is closely linked to the indexes, it is unlikely to be affected by geopolitics.

A big investment conference in Riyadh last week was boy-cotted by more than two dozen top Western executives and offi-cials, but plenty of lower-level executives were there and business contacts continued. Also, stronger Saudi state finances, partly due to a rebound of oil prices, are expected to help economic growth accelerate next year.

“The Middle East and North Africa region’s economic outlook is improving, with the IMF raising the growth outlook as higher oil prices start to trickle through to increased fiscal spending,” analysts at Arqaam Capital said in a report this week.

22 THURSDAY 1 NOVEMBER 2018BUSINESS

Higher oil prices improving short-term growth outlook for GCC: Saxo BankTHE PENINSULA

DOHA: The GCC region is making good progress in the creation of revenue separate from the oil-based economy, especially with the introduction of VAT, but ignoring the early signs of a global slowdown could be costly to the region, said Steen Jakobsen (pictured), Chief Investment Officer of Saxo Bank, the leading fintech specialist focused on multi-asset trading and investing.

Speaking at the Al Dana Ferguson Forum 2018 in Bahrain, Jakobsen said: “The recent high oil prices have been positive for the region as it has allowed GCC governments extra time to put in place strong structures for creating more revenue away from the petroleum economy.

Jakobsen outlined his macroeconomic forecast for the GCC region at the Forum and cautioned that external factors could have a negative impact economically on the region in the next year. He said the Middle East remains very dependent on global external factors, especially US policy.

The potential for rising US interest rates will drive the US dollar higher, as well as lead to a higher cost of capital which will also impact the GCC. Meanwhile increased political uncertainty surrounding the trade dispute between the US and China, as well

as the growing anti-globalisation sentiment is likely to slow the US and global economy as we enter 2019.

“While the geopolitical climate is a sig-nificant headwind for regional growth, there are some good economic signals coming out of the GCC region. The introduction of VAT and increasing potential tax revenue from almost zero should be a net positive for the country rating,” said Jakobsen.

He said: “What I have been pleased to see most though is a newfound realism that the region needs to create credible revenue outside the petroleum economy. It’s clear to me that the last oil price crisis did more for structural changes in the region than any-thing I have seen in my 20-plus years of trav-elling to the region. The introduction of VAT

likewise represents necessary and welcome progress to raise revenue.”

Jakobsen was also positive about the growth of SMEs in the region: “The strong support for growing SMEs and reducing the dependency on state-owned enterprises is important structural change that should lead to more competition and stronger growth.”

Jakobsen concluded the presentation at the Forum by forecasting growth in the GCC region of slightly above the 1.9/2.0 percent seen in 2018, but with a significant downside risk of around 2.25 percent.

Saxo Bank’s participation at the Forum closely follows the recent introduction of a new aggressive pricing structure in the Mena region where new clients can save up to 50 percent on key products, com-pared to competitors, as well as benefitting from Saxo’s unique multi-asset trading range and service.

Clients can now trade US stocks from $9.90 and European Stocks from EUR 10 per trade - less than half of what competitors typically charge. Saxo’s FX pricing is also highly competitive with clients able to trade EURUSD with all-inclusive spreads from 0.6 pips and GBPUSD from 0.7 pips - around 40 percent less than what competitors typically charge. As clients trade more actively these prices become even more attractive.

Doha Bank offers financing for Qamco IPO subscribersTHE PENINSULA

DOHA: Doha Bank is offering up to 65 percent finance to all Qataris and eligible Qatari members of the family subscribing to shares in Qamco initial public offering (IPO).

The IPO opened for subscrip-tions on October 30, 2018, and will continue until November 12, 2018. Subscribers can seek up to 65 percent finance for the sub-scription amount from Doha Bank until November 11, and it is subject to the bank’s terms and conditions.

The IPO is only open within Qatar to Qatari nationals and selected Qatari institutions. In addition, adult family members and legal guardians can apply to subscribe for shares on behalf of their children and minors.

Doha Bank is one of the receiving banks for the IPO and will receive subscriptions from both existing customers and non-customers at all of its branches in Qatar.

The IPO Qamco is an opportunity to enter a very important segment of Qatar’s market. Doha Bank will be sup-porting the aspirations of our people to participate in this IPO, including not just the investors of today but also future gener-ations, by providing a full range of IPO finance options for all adult Qatari investors as well as minors through their nomi-nated guardians or legal repre-sentatives as per the eligibility and terms and conditions of the IPO prospectus.

Doha Bank Group CEO, Dr.

R. Seetharaman said: “The intrinsic strength of Qatar’s Alu-minum sector, in which Qatar Petroleum and Hydro Alu-minum of Norway are major players and expert leaders in thisdynamic field, and the global spotlight in which Qatar’s booming Aluminums sector thrives, encourage us in Doha Bank to support all projects in this vital and distinct sector.

“Doha Bank has already recorded significant interest in the IPO and supported by strong financial support, the Bank expects more subscribers to come in through the doors before the end of the sub-scription period. We give high importance to provide the easiest and highest-level services for our customer, accordingly we have provided a dedicated staff and resources in anticipation of continuing demand across the Doha Bank domestic network, supporting both the subscription appli-cation process and staff to advise on financial solutions.”

The total shares is 273,425,880 ordinary shares. While the price per share is QR10 fully paid and listing costs of QR0.10 per share (total of QR10 per share). The sub-scription must be minimum of 50 shares and maximum 11,160,240 shares. The offering represents 49 percent of the issued share capital of the company, however only one subscription application will be accepted per person and no fractional shares will be allocated.

US private sector payrolls rise in OctoberREUTERS

WASHINGTON: US private sector payrolls increased by the most in eight months in October, suggesting overall job growth accelerated this month after Hurricane Florence weighed on restaurant and retail employment in September.

The strong jobs market is gradually putting upward pressure on compensation, with other data yesterday showing a solid increase in labor costs in the third quarter. The ADP national employment report showed private sector employment rose by 227,000 jobs last month, beating economists’ expectations for an increase of 189,000. September’s payrolls

count was revised down to 218,000 from 230,000.

The ADP report is jointly produced with Moody’s Ana-lytics. It was published ahead of the release of the government’s more comprehensive October employment report tomorrow.

According to a Reuters survey of economists, nonfarm payrolls probably rebounded by 190,000 jobs in October after Florence depressed restaurant and retail payrolls in September.

Payrolls increased by 134,000 in September, the fewest in a year. The unemployment rate is forecast unchanged at a near 49-year low of 3.7 percent in October. Separately, the Labor Department’s Employment Cost Index showed wages and salaries,

which account for 70 percent of employment costs, jumped 0.9 percent in the third quarter after climbing 0.5 percent in the prior period. That pushed the annual increase in wages and salaries to 2.9 percent, the biggest gain since September 2008, from 2.8 percent in the year to June. There were also gains on infor-mation, healthcare and leisure and hospitality sectors.

The jobs market is viewed as being close to or at full employment. There are a record 7.1 million job openings in the economy. The surge in wages lifted the Employment Cost Index which increased 0.8 percent in the third quarter after rising 0.6 percent in the second quarter.

Baidu profit grows 56% as apps and AI lift revenuesAFP

SHANGHAI: Chinese online search giant Baidu yesterday said net profit for the third quarter jumped 56 percent on continued robust growth in revenue and traffic to its mobile app.

Net income grew to 12.4bn yuan ($1.78bn) for the three months ending Sep-tember 30. The Beijing-based, Nasdaq-listed company credited “impressive” gains in its search function, news feed, and the new artificial intelligence (AI) projects that Baidu is staking its future on.

Quarterly revenues remained strong, growing 27 percent year-on-year to 28.2bn yuan, Baidu said in an statement. It follows second-quarter earnings that were up 32 percent. “Feed revenue has been a bright spot in driving Baidu’s revenue growth due to robust user traffic growth, as well as strong traction with Baidu’s video offerings,” Chairman and CEO Robin Li said in the statement.

Baidu is seeking to repo-sition itself from a heavy reliance on the search-engine business toward technologies used in AI, which China’s gov-ernment wants the country to become a leader in.

At a developer’s con-ference this year, Baidu showcased upgrades to Baidu Brain, the baseline for its AI services, and DuerOS, a con-versational AI system.

EU states soften draft rules for banks’ bad debtREUTERS

BRUSSELS: European Union diplomats agreed yesterday to soften draft rules on the money banks should set aside to cover potential losses on new loans, in a move aimed at helping countries such as Italy that have huge piles of bad debt.

A decade on from the 2008 financial crisis, bad loans are still curbing many euro zone banks’ ability to lend and so support economic growth.

Their shares have dropped more than 20 percent this year amid signs the global economy is cooling, with Italian banks down more than 25 percent as a eurosceptic government took office in Rome in June.

The deal agreed yesterday unex-pectedly softens legislative changes

proposed in March by the executive European Commission, but it still needs approval of the EU parliament.

Under the proposal outlined in an EU statement, banks will have more time to set aside money to cover potential losses from new loans.

States backed extending to three years, from two, the time that banks have to build a backstop that would cover new unsecured, riskier loans that go bad.

For loans secured by collateral, they agreed a new coverage schedule which is stricter in some parts, and softer in others, than the Commission’s proposal.

But, crucially, states agreed to postpone the application of the new requirements. They were initially planned to be applicable from March

2018 for all loans, meaning for instance that banks would have had up to March 2020 to fully cover losses from unse-cured debt.

EU governments agreed instead that only loans issued after the rules are adopted will be subject to the new requirements, effectively giving banks more than three years to cover losses from unsecured, riskier loans.

The entry into force of the new rules will depend on when a deal is reached with EU lawmakers on the proposal. Also, non-performing loans secured by immovable property will need to be fully covered in nine years instead of eight.

The changes are a major diplomatic success for Italy, which has long called for banks to be given more time to build

buffers against bad loans, fearing too short a timescale could cause problems for many of its lenders.

Non-performing loans make up an average of just 3.6 percent of total lending at EU banks. But in Greece they account for nearly half of loans and in Italy, the euro zone’s third-largest economy, almost 10 percent.

A slowdown of economic growth in the bloc could increase the ratio of soured loans as firms and households struggle to pay back their debts.

Heeding the Italian and Greek con-cerns, EU states agreed the last-minute changes to give banks more time, in spite of calls from the European Central Bank to set stricter targets.

The plan also confirms that banks will not be subject to new general

requirements to cover the stock of existing bad loans.

Despite a gradual reduction, euro zone banks still hold €731bn ($829bn) of debt they might not be able to recover, according to the European Banking Authority’s latest available data.

In a concession to states, like Germany, that wanted stricter rules, banks will have seven years, instead of eight, to build a backstop that will fully cover new bad loans secured by movable collateral.

Loopholes that would have allowed lenders to set aside less money for some loans have also been eliminated, a diplomat said. Assets of banks that do not build a sufficient backstop will automatically be devalued under the proposed rules.

Apple unveils new Macs, iPad ProAFP

NEW YORK: Apple has unveiled a new version of its MacBook Air laptop, this time made of recycled aluminum, as well as a new Mac Mini and an iPad Pro, all pricier than their predecessors.

Nearly 10 years after the launch of the first MacBook Air by the late Steve Jobs, his successor Tim Cook presented on Tuesday the latest version of this PC, just 1.56 cm thick, compared to 1.94 cm (0.75 inches). This model was made with 100 percent recycled aluminum and recycled plastic, a change which reduces its carbon footprint, Apple said.

The Mac Mini — the latest version of Apple’s high performance mini desktop computer — is also manufactured with completely recycled aluminum and plastic as well. Apple is not the only com-puter manufacturer to use such material, but a report by Greenpeace last year

called it among the best performers in the industry in terms of going easy on the environment.

In its most basic model, with 128 giga-bytes of memory, the MacBook Air will be available on November 7 in the United States at a price of $1,199, which is $200 more than the simplest current version of the computer. The Mac Mini comes out on the same date for $799, compared to $499 for the most affordable version today.

Apple also unveiled a new version of its iPad Pro tablet with a screen that looks nearly edge-to-edge and boasts a faster processor. It includes features from the latest iPhones.

Sales of iPads peaked in the first quarter of 2014 at 26 million units. By comparison the company sold about half that many last year in the final quarter. The 11-inch model starts at $799, up from $649 for the 10.5-inch version from last year.

Attendees try out the new iPad Pro during an Apple launch event in the Brooklyn borough of New York.

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MarketWatch

Investcorp, a leading global provider and

manager of alternative investment products,

yesterday announced the acquisition of five

industrial units in Scotland for £11.5m. It is the

latest in a series of acquisitions that Investcorp

has undertaken across the UK and Germany as

part of its broader pan-European real estate

strategy.

23THURSDAY 1 NOVEMBER 2018 BUSINESS

Investcorp builds £250m European real estate portfolioTHE PENINSULA

DOHA: Investcorp, a leading global provider and manager of alternative investment products, yesterday announced the acqui-sition of five industrial units in Scotland for £11.5m.

Located in Uddingston, Blantyre and Livingston, the fully let 200,000 sq. ft. portfolio is home to a number of well-known tenants across the life sci-ences, logistics, telecoms and packaging sectors. The industrial units are ideally located next to several key transport

connections across the M8 motorway, Scotland’s busiest motorway and a hugely important asset to the country’s industrial sector.

The acquisition marks

Investcorp’ s seventh industrial property investment in the UK since June 2017, following the acquisition of a 200,000 sq. ft. distribution warehouse near St Helens in the North West of

England in the first half of 2018. It is the latest in a series of acqui-sitions that Investcorp has undertaken across the UK and Germany as part of its broader pan-European real estate

strategy. Investcorp has invested more than £250m across its port-folio of UK and European real estate assets since June 2017.

Commenting on the acqui-sition, Yusef Al Yusef (pictured), Managing Director at Investcorp in Kuwait and Abu Dhabi, said: “This acquisition is consistent with Investcorp’s strategy to acquire well-located, income-generating industrial and logistics assets based in the UK. The portfolio is well positioned to benefit from the UK’s thriving industrial market and strong supply and demand dynamics.

We look forward to working through our attractive pipeline of new investment opportunities in the UK.” The investment has been made in partnership with Citivale, a UK-based asset manager. Knight Frank advised both parties on the transaction.

Jamie Fergusson, Partner at Knight Frank in Edinburgh, said: “We are pleased to have had the opportunity to advise Investcorp and Citivale on this transaction, which has highlighted the signif-icant demand from investors for good quality industrial space in Scotland.”

India moves to cool row over RBI autonomyREUTERS

NEW DELHI/MUMBAI: India’s government affirmed its belief in central bank autonomy yesterday , calling it “essential” in a bid to calm investors worried by a heated public row with the Reserve Bank of India.

Indian stocks and bonds fell and the rupee weakened earlier in the day amid reports that RBI Governor Urjit Patel (pic-tured)may consider resigning given the breakdown in relations.

The media reports also said the gov-ernment had invoked never-before-used powers to issue directions to the central bank governor on matters “of public interest”, related to support for the financial sector and small companies.

In a statement issued hours later through the finance ministry, the gov-ernment said the RBI’s independence was “an essential and accepted governance requirement”. The government added that it would continue to carry out extensive consultations with the central bank to give

its assessments on issues and suggest pos-sible solutions.

But it was unclear if it had used powers for the first time under the RBI Act to give the bank instructions. The Eco-nomic Times newspaper reported the gov-ernment had sent letters to Patel in recent weeks exercising those powers.

Indian television channels CNBC-TV18 and ET Now both ran reports earlier in the day citing unnamed sources saying Patel might resign. The RBI declined to comment. The government’s statement,

however, struck a calmer tone, according to analysts. “The statement is ambiguous and does not fully clarify the issues at hand,” said A. Prasanna, chief economist at ICICI Securities Primary Dealership in Mumbai.

“Still it does sound like the finance ministry is trying to dial down the tem-perature.” The Economic Times report said that powers under Section 7 of the RBI Act had been invoked on issues ranging from providing liquidity for non-bank finance companies, to capital requirements for weak banks and lending to small- and medium-sized companies.

Indian markets clawed back some early losses after the statement. Benchmark stock indexes Sensex and Nifty both closed up more than 1.5 percent, while the rupee ended at 73.95 to the dollar, up from a session low of 74.14 but still weaker than its previous close of 73.68. The 10-year benchmark bond yield closed 2 basis points higher at 7.85 percent.

Tensions between the RBI and the government escalated after RBI Deputy

Governor Viral Acharya said on Friday that undermining central bank independence could be “potentially catastrophic”, indi-cating the authority was pushing back against government pressure to relax its pol-icies and reduce its powers ahead of a general election due by May.

Investors are worried that a prolonged row between the government and the RBI could impact decision-making at a time when the world’s sixth largest economy needs a steady hand.

India’s financial markets have been hit hard by a series of debt defaults by one of the largest infrastructure funding com-panies. That has led to a liquidity crunch in the entire non-banking finance sector.

“We have a fairly fragile financial system, between the public sector banks and non-banking financial companies,” said Dhananjay Sinha, head of institu-tional research at Emkay Global Financial Services. “If RBI’s top brass exits, there is a likelihood of instability that will be per-ceived, and that can have an impact on the economy and the market at large.”

Opec oil production rises to highest since 2016: SurveyREUTERS

LONDON: Opec has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to US sanctions.

The 15-member Organi-zation of the Petroleum Exporting Countries has pumped 33.31 million barrels per day this month, the survey yesterday found, up 390,000 b/d from September and the highest by Opec as a group since December 2016.

Opec agreed in June to pump more oil after pressure from US President Donald Trump to curb rising prices and make up for an expected shortfall in Iranian exports. Oil hit a four-year high of $86.74 a barrel on October 3 but has since eased to $76 as concerns over tight supplies faded.

“Oil producers appear to be successfully offsetting the supply outages from Iran and Venezuela,” said Carsten Fritsch, analyst at Com-merzbank in Frankfurt.

The June pact involved Opec, Russia and other non-members returning to 100 percent compliance with output cuts that began in January 2017, after months of underpro-duction in Venezuela, Angola and elsewhere had pushed adherence above 160 percent.

In October, the 12 Opec members bound by the supply-limiting agreement lowered compliance to 107 percent as production rose, from a revised 122 percent in September, the survey found. This is the closest Opec has moved to 100 percent compliance since the June agreement.

The biggest increase has

come this month from the UAE. Output in October rose by 200,000 b/d to 3.25m b/d, the survey found, and could in theory rise further as the UAE says its oil-production capacity will reach 3.5m b/d by the year-end.

The second-largest came from Libya where production averaged 1.22m b/d, the survey found, a rise of 170,000 b/d. Libyan output remains volatile due to unrest, raising questions about the stability of current Opec production.

Saudi Arabia, after opening the taps in June and then scaling back its plans to pump more, supplied 10.65m b/d in October, more than in June and close to a record high, the survey found.

The kingdom, Opec’s top producer, has indicated it is con-cerned about potential over-supply, raising the prospect that its next production adjustment could be to rein in output. Opec’s second-largest producer, Iraq, also raised output in October.

Iraqi supply could rise further if Iraq’s new gov-ernment goes ahead with a deal reached by the outgoing admin-istration and the Kurdistan Regional Government (KRG) to resume exporting Kirkuk crude to Turkey via the KRG. Angola, where natural declines at oil-fields curbed production in recent years, boosted supply in October due to supply from a new field, Gindungo. Output is still far below its Opec target.

Supply in Nigeria rose by 30,000 b/d. Like Libya, Nigeria is not part of the Opec supply-cutting pact because it often faces unplanned outages stemming from unrest. Output in Kuwait edged lower, the survey found. The country had raised pro-duction in July following the Opec deal, and kept it steady in August and September.

Iraq oil minister says crude price ‘fair’, aims to hike output capacityREUTERS

BAGHDAD: Iraq’s new oil minister Thamer Ghadhban said yesterday that the current price of crude was “fair” and that the country, Opec’s second-largest producer, would act responsibly in providing ample supplies to the market.

Ghadhban also said the oil ministry aimed to increase output capacity and support foreign energy companies by helping them overcome any bureaucratic hurdles.

Iraq, which relies on vast oil wealth as its most important source of income, is seeking to increase crude production capacity to 7 million barrels per day (b/d) by 2022 from 5m b/d now. Iraq currently pumps around 4.6m b/d, second only to Saudi Arabia in Opec.

The country is trying to recover from years of violence including a war with Islamic State militants that wrecked

infrastructure and is seeking to reduce corruption and manage rivalries with Kurdish author-ities that run oil-rich areas in the north. “We will do our best to stabilise the market,” Ghadhban told reporters after officially taking over the oil portfolio from Jabar Al Luaibi.

“The oil price at the moment is at a fair price,” he said in response to a question about an upcoming Opec meeting in December. “It’s not too high, it’s not 100 dollars per barrel and it’s not 30 dollars”.

“We will look after our country as a first priority but will not put aside the interests of the consumers.” The International Energy Agency estimates the maximum that Iraq can sus-tainably pump is 4.8m b/d, leaving little room to increase output significantly in the short term. The majority of its crude exports go to Asia.

Ghadhban, nominated by Prime Minister Adel Abdul

Mahdi and confirmed as min-ister in a parliamentary vote last week, said he would look at ways to reform the oil min-istry, including by eliminating nepotism. Ghadhban said he would seek to develop oil refin-eries by increasing their pro-duction capacity and reducing gas flaring.

Iraq has continued to flare some of the gas extracted alongside oil at its fields because it lacks the facilities to process it into fuel. Iraq has said it hopes to end gas flaring by 2021.

Immediate challenges for Ghadhban and the rest of Iraq’s new government will include how to contend with imminent US sanctions on Iran.

Ghadhban said that Iraq would prioritise its own national interests and “review” current exports of oil to Iran, which are estimated at less than 30,000 barrels a day. He said this was a minor issue given the amount.

Ford, Baidu team up to test self-driving cars in ChinaAFP

BEIJING: Chinese search giant Baidu and Ford announced a joint two-year project yesterday to test auton-omous vehicles in China, as the latter suffers a steep drop in Chinese car sales.

On-road testing will start by the end of 2018 Ford said in a press release. The two companies will conduct tests in Beijing on roads that are specifically designated to self-driving tests.

The goal of the project is to develop “level 4” auton-omous vehicles, which are fully autonomous under certain conditions, but still allow human intervention, according to a standard set by SAE International.

In the future, pending local regulations, Baidu and Ford might expand testing to other Chinese cities. In March, Baidu CEO Robin Li predicted that self-driving cars would hit the roads in China “within three to five years”.

But safety remains a top concern when it comes to driverless cars. In March, one of Uber’s autonomous vehicles killed a pedestrian, prompting the Silicon Valley tech firm to temporarily halt its self-driving car program.

Eurozone inflation rises to 2.2%AFP

BRUSSELS: Eurozone inflation rose to 2.2 percent in October, official data showed yesterday , moving further away from the European Central Bank’s (ECB) target rate, as unemployment in the single currency zone remained stable.

The rise from 2.1 percent in September, driven by a hike in energy prices, marks another step up from the ECB’s aim of near to or lower than two percent and could add to pressure on the bank to end its crisis-era stimulus measures.

Unemployment in the 19-country eurozone stood at 8.1 percent in September, the same as the month before and the lowest figure since 2008. The closely-watched core inflation figure — which strips out energy, food, alcohol and tobacco — also rose in October, reaching 1.1 percent compared with 0.9 percent the month before.

Tuesday brought disap-pointing growth data for the eurozone, with stagnation in Italy and problems with German car production dragging quarterly expansion to its slowest rate in four years.

GDP in the eurozone rose just 0.2 percent in the third quarter, partly as a result of zero growth in Italy, the area’s third biggest economy.

Former oil minister Jabar Al Luaibi (right) hands the Iraqi flag to new Oil Minister Thamer Ghadhban during a handover ceremony at the ministry’s headquarters in Baghdad, Iraq yesterday.

24 THURSDAY 1 NOVEMBER 2018BUSINESS

Dollar at new 16-month high as US data lends supportREUTERS

NEW YORK: The dollar edged up to a fresh 16-month high against a basket of key currencies yesterday on the back of continued US economic strength, putting the greenback on pace for a seventh straight month of gains. Against a basket of its rivals, the dollar, was up 0.13 percent at 97.12, its highest level since June 2017.

“If you look at the G10 as well as some of the emerging markets, they have been bat-tered quite a bit over the last six months and the movements over the past two, three weeks has not helped,” said Minh Trang, senior FX trader at Silicon Valley Bank in Santa Clara, California. “Especially if you look at currencies like the euro or the pound,” Trang added.

The euro slipped 0.26 percent against the greenback, while the dollar climbed 0.08 percent against the Japanese yen. Both currencies have shed more than 2 percent in October.

Less-than-stellar economic news from the eurozone region has weighed on the euro, while Brexit-related worries have hurt the British pound.

The dollar, meanwhile, has enjoyed a boost from robust eco-nomic reports, including data last

week which showed the US economy slowed less than expected in the third quarter. The ADP national employment report showed that US private sector payrolls increased by the most in eight months in October.

The US Federal Reserve increased interest rates in Sep-tember for the third time this year and is expected to raise rates again in December, even as the European Central Bank’s plan to raise rates late next year may be challenged by alarm-ingly slow growth in the euro zone region.

The dollar was 0.08 percent higher against the Japanese yen after the Bank of Japan kept monetary policy steady yes-terday, reinforcing views that the central bank is in no rush to trim its massive stimulus.

Sterling rose off a 10-week low as investors turned their attention to a Bank of England monetary policy meeting today, when it is expected to keep interest rates on hold and detail conditions necessary for policy tightening.

The Canadian dollar edged lower against its US counterpart yesterday as the greenback broadly climbed, offsetting data that showed a surprise strengthening of the domestic economy in August.

Robust earnings boost equity marketsREUTERS

NEW YORK: Robust corporate results helped world stock markets surge yesterday, bringing some relief to jittery investors after a brutal October that saw equities suffer one of their worst drops since the financial crisis ten years ago.

Strong earnings reports in the US and Europe spurred a broad rally, despite data showing that China’s factory growth slowed to its lowest in two years.

Investors rushed into the US dollar, sending it to a new high while the offshore Chinese yuan languished at a 22-month low.

The MSCI world equity index, which tracks shares in 47 countries, rose 0.6 percent, but remains down 8.2 percent in October, its worst month since 2012. The index has dropped 13 percent from all-time highs hit in January.

Still, despite the broad rally, investors remained cautious. “Ultimately I’m still of the belief

that we are in for more downside and rallies are for selling, but squeezes in bear markets are not normally comfortable affairs,” said Neil Campling, co-head of the global thematic group at Mirabaud Securities.

“I think a 2-3 day battle toward the top of the downtrend. Then we can return to the bigger picture — the mid-terms (US elections), trade wars, rates etc. once a few shorts have been taken out of the tape.”

The Dow Jones Industrial

Average rose 314.71 points, or 1.27 percent, to 25,189.35, the S&P 500 gained 38.95 points, or 1.45 percent, to 2,721.58 and the Nasdaq Composite added 175.69 points, or 2.45 percent, to 7,337.34.

The pan-European STOXX 600 index rose 1.82 percent. The dollar index, tracking it against a basket of six major currencies, rose 0.09 percent, with the euro down 0.22 percent to $1.1319.

“Eurozone growth figures have been disappointing and the Bank of Japan is striking a dovish stance at a policy meeting today so there is more room for the dollar to gain from current levels,” said Paul Bednarczyk, director of G10 FX at Continuum Economics based in London.

The Chinese currency was on track for a loss of 1.4 percent in October, its seventh straight monthly decline and its longest losing streak on record.

Gold, set for its best month since January, dipped on the stronger dollar. Spot gold dropped 0.8 percent to $1,212.64 an ounce. US gold futures fell 0.92 percent to $1,214.00 an ounce.

The recovery in global stocks, including gains overnight on Wall Street, pushed Treasury yields higher. Benchmark 10-year notes last fell 13/32 in price to yield 3.1586 percent, from 3.109 percent late on Tuesday.

Global funds raise US stock holdingsREUTERS

LONDON: Global investors raised exposure to US assets in October, increasing holdings of American stocks to the highest in at least five years and snapping up bonds, with fund managers optimistic Wall Street can avoid a full bear-market reversal before 2019.

A broad selloff on US equity markets put the S&P 500 index on track for a drop of around 8 percent in October — its worst monthly decline in more than eight years. Yet fund managers around the globe increased their exposure to US equities to 43.3 percent, from 42.7 percent

in September, according to Reuters’ monthly asset-allo-cation poll of 58 asset managers conducted between October 15-31.

What’s more, all but one of the respondents said they did not expect the correction to extend to peak-to-trough losses of 20 percent or more — the technical definition of a bear market — before the end of the year. The S&P 500 hit a record high in late September.

The rise in exposure to North American stocks came at the expense of holdings in Japan, emerging Europe, the United Kingdom and Africa-Middle East holdings. The latter

two were at their lowest in more than five years. Alloca-tions across global balanced portfolios remained broadly unchanged, with equities accounting for 47.9 percent and bonds 39.0 percent.

Within fixed-income allo-cations, fund managers also preferred North American bonds, raising exposure to 40.7 percent from 40.1 percent in September - the highest since June 2015.

Meanwhile, fund managers across most regions reduced their holdings of UK bonds to their lowest in more than five years at 5.7 percent, down from 7.6 percent in September.

QATAR STOCK EXCHANGE

QE Index 10,300.92 1.35 %

QE Total Return Index 18,149.07 1.35 %

QE Al Rayan Islamic Index -

Price 2,401.30 0.49 %

QE Al Rayan Islamic Index 3,896.16 0.49 %

QE All Share Index 3,044.12 1.95 %

QE All Share Banks &

Financial Services 3,786.54 3.16 %

QE All Share Industrials 3,360.95 0.47 %

QE All Share Transportation 2,101.74 1.51 %

QE All Share Real Estate 1,926.12 2.58 %

QE All Share Insurance 3,106.93 1.64 %

QE All Share Telecoms 954.75 1.93 %

QE All Share Consumer

Goods & Services 6,968.77 0.21 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

31-10-2018Index 10,300.92 Change 137.51 % 1.35 YTD% 20.85 Volume 7,312,713 Value (QAR) 330,051,841.90 Trades 3,763 Up 23 | Down 19 | Unchanged 0330-10-2018Index 10,163.41Change 28.27% 0.28YTD% 19.24Volume 6,655,575Value (QAR) 225,983,821.03Trades 3,882

EXCHANGE RATE

GOLD QR143.4039 per grammeSILVER QR1.6926 per gramme

Index Day’s Close Pt Chg % Chg Year High Year Low

All Ordinaries 5913.3 25.4 0.43 6481.3 5721.6

Cac 40 Index/D 5082.19 103.66 2.08 5657.44 4896.8

Dj Indu Average 24874.64 431.72 1.77 26951.81 23242.75

Hang Seng Inde/D 24979.69 394.16 1.6 33484.08 24540.63

Iseq Overall/D 6177.97 74.94 1.23 7257.41 5857.39

Kse 100 Inx/D 41649.36 40.33 0.1 47144.12 36274.25

S&P 500 Index/D 0 0 0 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.6112 QR 4.6623

Euro QR 4.1069 QR 4.1655

CA$ QR 2.7515 QR 2.8057

Swiss Fr QR 3.6110 QR 3.6623

Yen QR 0.03197 QR 0.03259

Aus$ QR 2.5609 QR 2.6113

Ind Re QR 0.0490 QR 0.0499

Pak Re QR 0.0267 QR 0.0278

Peso QR 0.0673 QR 0.0686

SL Re QR 0.0207 QR 0.0211

Taka QR 0.0422 QR 0.0436

Nep Re QR 0.0306 QR 0.0312

SA Rand QR 0.2457 QR 0.2506

Canada, Japan,

Mexico, New Zealand

and Singapore have

already signed off

on the agreement,

meaning more than

half of the members

have now ratified it.

On December 30, a

first round of tariff

cuts will now come

into effect.

25THURSDAY 1 NOVEMBER 2018 BUSINESS

StanChart profits up by quarter in 9 monthsAFP

HONG KONG: Asia-focused bank Standard Chartered yesterday said pre-tax profits rose 25 percent in the first nine months of the year, and warned it was keeping tabs on worsening China-US trade tensions.

The results come as the world’s top two economies have imposed a series of tit-for-tat tariffs on each other’s goods, fuelling fears of a shock to the global system.

“We remain alert to broader geopolitical uncertainties that have affected sentiment in some of our markets,” Chief Executive Bill Winters (pictured) said in a statement. Results for the first nine months of the year showed

underlying pre-tax profits of $3.4bn, while for July-September they were up 31 percent on-year at $1.07bn.

The London-based bank said “escalating trade tension and other macroeconomic factors” had impacted equity markets

and retail investor sentiment, slowing the rate of growth in wealth management. A five percent drop in income growth from Africa and the Middle East also weighed on the results.

However, Winters said the bank was cautiously optimistic about global economic growth and the results reflected its focus on “improving profitability, balance sheet quality, conduct and financial returns”.

Standard Chartered has implemented wide-ranging restructuring and cutbacks since 2015. Media reports earlier this month speculated it may announce further job losses as part of its third-quarter results statement.

None were announced

yesterday, but the firm did say it would set out new strategies to improve financial returns in the next three years when it posts its full-year results in February.

The bank swung back to profit in 2016, a year after scoring its first annual loss for more than a quarter of a century as it struggled to cope with the effect of bad debts and mis-conduct fines.

Winters replaced former CEO Peter Sands in 2015 after shareholder calls for a boardroom cull in response to profit warnings. In August 2014, the bank was hit by US regu-lators with a $300m fine and restrictions on its dollar-clearing business for failing to detect pos-sible money-laundering.

Samsung Electronics enjoys record Q3 despite smartphone strugglesAFP

SEOUL: Samsung Electronics yesterday posted record quar-terly operating and net profits as solid demand for its memory chips cushioned the fallout from slowing smartphone sales — but warned of tougher times ahead.

The South Korean tech giant — the world’s top maker of smartphones and memory chips — has recovered from a series of setbacks, including a humil-iating recall and the jailing of its de facto chief, to post a series of record-breaking numbers.

The profits have been driven by its mighty semiconductor unit, which provides chips for its own devices as well as com-petitors including Apple.

But that run was coming to an end, Samsung signalled in a statement, saying it expected “overall earnings across the company to decline” in the fourth quarter because of sea-sonal factors in the semicon-ductor market.

Going into 2019, “earnings are forecast to be weak for the first quarter” for the same reason, it added, before business conditions improved. For July-September, Samsung reported an operating profit of 17.6 trillion won ($15.4bn), up 21 percent from a year ago and a an all-time higher for any quarter.

Net profit also jumped 17.5 percent to 13.1 trillion won, also a record, while sales rose 5.5 percent to 65.4 trillion won.

“It was in line with expec-tation but this will be the peak,” Greg Roh of HMC Securities & Investment said. “I’m expecting a decrease in the fourth quarter across the company including semiconductors and smart-phones to around 16.6 trillion won,” he said.

The figures were “driven mainly by the continued strength of the memory (chip) business”, Samsung said. The unit dominates the global market and the firm has invested tens of billions of dollars each year to build and expand its factories. The division reported an operating profit of 13.6 trillion won, the second consec-utive quarterly record, offsetting sagging profits at the mobile phone division.

Facebook profit climbs to $5.14 bnAFP

SAN FRANCISCO: Facebook reported that its quarterly profit climbed in the recently ended quarter, but the world’s leading social network — mired in a spate of controversies — gained fewer users than analysts had expected.

The company said profit had climbed nine percent to $5.14bn on revenue that leaped 33 percent to $13.7bn in the quarter that ended Sep-tember 30.

The number of people who used Facebook monthly rose 10 percent to 2.27 billion, but analysts had expected that figure to be slightly higher.

Pacific trade pact shunned by Trump cleared for launchAFP

SYDNEY: A massive trans-Pacific trade deal cleared a final hurdle yesterday allowing it to enter into force this year, a pointed rebuke of US President Donald Trump’s protectionist policies from some of America’s closest allies.

Hours before an adminis-trative deadline, Australian Prime Minister Scott Morrison announced that his government had ratified the 11-country pact, meaning a quorum of more than half the members have formally signed on. “Australia is the sixth country to ratify the agreement, meaning it can now enter into force on 30 December this year,” said centre-right leader Morrison. Other signatories include G7 economies Japan and Canada.

The so-called Trans-Pacific Partnership (TPP) had a difficult birth and had appeared to be foundering when Trump withdrew the US shortly after coming to office. That turned out to be the opening salvo in Trump’s winner-takes-all, “America first” and threat-heavy approach to trade relations.

Frantic behind-the-scenes, Japanese-led diplomacy kept a slimmed-down version of the pact alive among the remaining members — in the hope that Washington will have a change of heart, or government, and will eventually join.

The deal was spearheaded by then-president Barack

Obama, who saw it as a geopo-litical power play, with ramifi-cations far beyond trade — a way of binding rising Asian powers into a rules-based, American-backed order and countering China’s might-is-right approach to commerce in the Asia-Pacific region.

The deal covers many rapidly growing economies that account for around 14 percent of world trade. As well as binding coun-tries into a tougher legal framework for trade, lowering tariffs and opening markets, the pact will also introduce new labour standards and force some governments to bring compe-tition into sectors long dominated by insiders and political cronies.

Canada, Japan, Mexico, New Zealand and Singapore have already signed off on the agreement, meaning more than half of the members have now ratified it. On December 30, a first round of tariff cuts will now come into effect.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Badaai Ho (2D/Hindi) 2:30 & 6:30pm; White Fang (2D/Animation) 2:00, 3:45 & 5:00pm; The Nutcracker and The Four Realms (2D/Adventure) 2:15, 5:30, 7:30 & 9:30pmDaakini (2D/Malayalam) 4:15, 9:00 & 11:30pmSummer Of 84’ (2D/Horror) 7:00pmEl Kowayseen (2D/Arabic) 9:00pmHalloween (2D/Horror) 11:15pm; Hunter Killer (2D/Action) 11:30pm;

Daakini (2D/Malayalam) 2:15, 9:00 & 11:15pm The Nutcracker and The Four Realms (2D/Adventure) 3:00, 5:00, 7:00 & 9:00pmWhite Fang (2D/Animation) 3:00 & 5:00pmSummer Of 84’ (2D/Horror) 7:00 & 11:00pmBadaai Ho (2D/Hindi) 4:45pm; El Kowayseen (2D/Arabic) 7:00pmHunter Killer (2D/Action) 9:15pm;Halloween (2D/Horror) 11:30pm.

Daakini (2D/Malayalam) 2:30 & 8:30pm White Fang (2D/Animation) 2:45 & 5:15pmThe Nutcracker and The Four Realms (2D/Adventure) 4:30 & 6:30pmEl Kowayseen (2D/Arabic) 7:00pmThe King Of Thieves (2D/Crime) 9:15pmSummer Of 84’ (2D/Horror) 11:15pmBadaai Ho (2D/Hindi) 11:15pm;

Kayamkulam Kochunni (Malayalam) 1:00, 7:00, 10:00pm & 1:00amSavyasachi (2D/Telugu) 12:00noon, 12:15, 2;45, 5:30 & 8:30pmSandakozhi (2D/Tamil) 5:30pmBaazaar (2D/Hindi) 5:30pm; 96 (2D/Tamil) 8;15pmJarugandi (Tamil) 5:45pm; Daakini (2D/Malayalam) 3:00, 8:00, 10:30 & 1:00am Chalakkudikkaran Changathi (2D/Malayalam) 11:30pm Vada Chennai (2D/Tamil) 11:00pm

Daakini (2D/Malayalam) 12:30, 3:30, 6:00, 8:30 & 11:00pmGoosebumps2: Haunted Halloween (2D/Comedy) 12:20, 3:45, 5:40 & 10:00pmHunter Killer (2D/Action) 12:30, 7:00, 8:30 & 11:00pmSavyasachi (2D/Telugu) 1:00; 4:00 & 7:00pmThe Nutcracker and The Four Realms (2D/Adventure) 12:30, 2:40, 3:00, 4:50, 5:00, 7:00 & 9:30pm

Dakini is a Malayalam comedy movie, written & directed by Rahul Rijil Nair. The movie stars Suraj Venjaramoodu, Chemban Vinod Jose, Alencier

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall ROXY

ASIAN TOWN

Ana And Bruno (2D/Animation) 11:40am & 4:30pmEl Kowayseen (2D/Arabic) 7:00, 8:20, 9:30pm & 12:00 midnight.Goosebumps2: Haunted Halloween (2D/Comedy) 12:20, 3:45, 5:40 & 10:00pmHalloween (2D/Horror) 10:00pm & 0:10amHunter Killer (2D/Action) 12:40, 3:10, 5:35, 7:30, 8:00 & 10:30pmThe Nutcracker and The Four Realms (2D/Adventure)

10:30am, 11;35am, 12:40, 1:40, 2:00, 3:00, 4:05, 5:10, 6:10, 7:20, 8:15, 9:30, 10:20, 11;40pm & 0:25am; The Princess And The Dragon (2D/Animation) 10:40am, 12:20 & 5:20pmVenom 2:15 & 10:50pmWhite Fang (2D/Animation) 1:40, 3:30 & 6:30pm

DAKINI

26 THURSDAY 1 NOVEMBER 2018CLASSIFIEDS

TOWERS

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REGENCY PEARL 1 (THE PEARL): Fully furnished 1 �� -��!�"�#$��%"&'#'"()�(��*��+��..��C��*�+��!�"�#$�("�/'�"()�02� �� G��*� �� +� �� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20 � ::<8� <=7>� � ::<7� <070� � :::2� =?;<� � :::0� ?=2;� �� "%�'4)� � ��*��=��@��

REGENCY PEARL 2 (THE PEARL): Fully furnished 1 B�� -�� !�"�#$� �%"&'#'"()� (�� *�� +�� ..��C��*�+��!�"�#$�("�/'�"()�02��G��*�� +� �� 3!�� %!�"� '&3!�%�#'!&��4"�("��44)�567829�8;02�??20� �::<7�<070� �??;;�=>07� �::<:�;2=>��"%�'4)��*��=��@��

REGENCY PEARL 1 (THE PEARL): Fully furnished =� �� 6� �.H�� -�� !�"�#$� �%"&'#'"()�(��*��+��..��C��*�+��!�"�#$�("�/'�"()� 02� �� +�� 3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829�::<8�<=7>� �::<7�<070� � ??;;� 0>72� � ??;;� 0>:?� �� "%�'4)� ��*��=��@�� REGENCY PEARL 2 (THE PEARL): Fully furnished 0� �� -��!�"�#$��%"&'#'"()�(��*��+��..��C��*�+��!�"�#$�("�/'�"()�02� �� +�� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20� � ::<7�<070� � ??;;� 0>72� � ??;;� 0>:?� �� "%�'4)� ��*��@��

UMM BAB TOWER (WESTBAY):� 3��+� .�� 0��0�%��-�� !�"�#$� �%"&'#'"()�'��*��.��+��I��**��+��+��C��*�+�� *�� 3!�� %!�"� '&3!�%�#'!&��4"�("��44)�567829�>>072>0=� �:::0�?=2;� �::<7�:7:?� �::<7�;2?0��"%�'4)��+��@��

UMM BAB TOWER (WESTBAY):� 3��+� .�� >�� 6� ��-� �� J��)� >� %��-�� !�"�#$��%"&'#'"()� '��*�� .��+��I��**��+�� +��C��*�+��*��3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� >>072>0= � ??;;�2?>?� � :::=� 08>2� ::<7� <070� �� "%�'4)� ��+��@��

VILLA DESTE 1 (AL WAAB):�(��.��>��)�%��-�� !�"�#$� �%"&'#'"()�(��*��+��!�"�#$�("�/'�"()�02�� +�� 3!�� %!�"� '&3!�%�#'!&� �4"�("��44)�567829�>>:0�=8=>� �::<7�:7:?� �::<7�;2?0�� ??;;�2?>?��"%�'4)��@��

VILLA DESTE 2 (AL WAAB):�(��.��>��)�%��-�� !�"�#$� �%"&'#'"()�(��*��+��!�"�#$�("�/'�"()�02�� +�� 3!�� %!�"� '&3!�%�#'!&� �4"�("��44)�567829�>>:0=8=>� �:::=�08>2� ::<7�<070� �??;;�=>07��"%�'4)��@��

BEVERLY HILLS GARDEN 10 (Al WAAB): Semi .�� 2� �� )� >� �� +�� *�� -�� !�"�#$��%"&'#'"()� (�� *�� B�� -�� *�+� ��K+�� !�"�#$� ("�/'�"()� 02� �� +� ��3!��%!�"�'&3!�%�#'!&��4"�("��44)�567829�>>:0� =8=>� � ??;;� =>07� � ::<:� ;2=>� � :::2� =?;<� �� "%�'4)��@��

AIN KHALID GATE:� 3��+� .�� 2� �� 0� %��-�� -�� +� �� 0� �� -��+�� *�� *�� !�"�#$� �%"&'#'"()� (�� L�� K+�� L�� I��I��*��+��*��+��!�"�#$�("�/'�"()�02��+��3!��%!�"� '&3!�%�#'!&��4"�("��44)� 567829� ::?=�870?� �::<:�:08=� � � ::<7�:7:?� � � ::<7�;2?0� �� "%�'4)� ��@��

BEVERLY HILLS GARDEN 2 (AL WAAB): Semi .��2��)�0�%��-��B��.��+��*��+��-�� *�� +��!�"�#$� �%"&'#'"()� (�� *�� +�� -��*�+��!�"�#$�("�/'�"()� 02� �� +� �� 3!�� %!�"�'&3!�%�#'!&��4"�("��44)�567829�>>:0�=8=>� �??;;�=>07� �::<:�;2=>� �:::2�=?;<� �??;;2?>?��"%�'4)��@��

BEVERLY HILLS GARDEN 1 (AL WAAB): Semi .��2��)�0�%��-��B��.��+��*��+��-�� *�� +��!�"�#$� �%"&'#'"()� (�� *�� +�� -��*�+��!�"�#$�("�/'�"()� 02� �� +� �� 3!�� %!�"�'&3!�%�#'!&��4"�("��44)�567829�>>:0�=8=>� �??;;�=>07� �::<:�;2=>� �:::2�=?;<� �??;;2?>?��"%�'4)��@��

VILLA DESTE 1 (AL WAAB):�(��.��:��)�%��-�� !�"�#$� �%"&'#'"()�(��*��+��!�"�#$�("�/'�"()�02�� +�� 3!�� %!�"� '&3!�%�#'!&� �4"�("��44)�567829�>>:0�=8=>� �??;;�0>72� �??;;�0>:?� :::0�?=2;��"%�'4)��@��

AZGHAWA COMPOUND (AZGHAWA): Semi .��2� ��)� >� �� !�"�#$��%"&'#'"()�(��*��!�"�#$�("�/'�"()�02��+��3!��%!�"�'&3!�%�#'!&��4"�("��44)�567829�>>07� 2>0= � ::<7� ;2?0� � � ??;;� 2?>?� � :::=� 08>2� �� "%�'4)��++��@��

AIN KHALID COMPOUND (AIN KHALID): Fully .�� =� �� )� �� !�"�#$��%"&'#'"()�(��*��+��*�� -�� *�+� �� 3!�� %!�"� '&3!�%�#'!&��4"�("��44)�567829�>>2>�>=?<� �::<:�;2=>� �:::2�=?;<� �??;;�0>72��"%�'4)��@��

AIN KHALID COMPOUND (AIN KHALID): Fully .�� 0� �� )� 0� �� !�"�#$� �%"&'#'"()� (�� *�� +�� *�� -�� *�+� �� 3!�� %!�"�'&3!�%�#'!&��4"�("��44)�567829�??;;�0>:?� �:::0�?=2;� �::<7�:7:?��"%�'4)��@��

REGENCY RESIDENCE AL SADD 1 (AL SADD): Fully .�� =� �� )� %��-�� !�"�#$��%"&'#'"()�(��K+��(�� L��(�� !�"�#$�("�/'�"()�02�� +� �� 3!�� %!�"� '&3!�%�#'!&��4"�("� ��44)� 567829� >>=;� 0?2?� � � ??;;� =>07� � >>77� 20??� �??;;2?>?��"%�'4)��@�� REGENCY RESIDENCE AL SADD 1 (AL SADD): Fully .�� 0� �� )� %��-�� !�"�#$� �%"&'#'"()� (�� K+�� (�� L�� (�� !�"�#$�("�/'�"()� 02� �� +� �� 3!�� %!�"�'&3!�%�#'!&��4"�("��44)�567829�>>=;�0?2?� �::<:�;2=>� �:::2�=?;<� �??;;�0>72� �??;;2?>?��"%�'4)��@��

REGENCY RESIDENCE ALSADD 3 (AL SADD): Fully .�� >� �� )� %��-�� !�"�#$�("�/'�"()� 02�G��+��3!��%!�"�'&3!�%�#'!&��4"�("��44)�567829�>>=;�0?2?� ??;;�0>:?� �:::0�?=2;� �::<7�:7:?� �??;;2?>?��"%�'4)��@�� REGENCY RESIDENCE AL SADD 10 (AL SADD): Fully .�� >� �� )� %��-�� 3!�� %!�"� '&3!�%�#'!&��4"�("� ��44)� 567829� >>=;� 0?2?� ??;;� 0>:?� � :::0� ?=2;� �::<7� :7:?� �� "%�'4)� ��@��@��

REGENCY RESIDENCE AL SADD 12 (AL SADD): Fully .�� =� �� )�� (*�� !�"�#$� �%"&'#'"()� 3��+� �I��**��+�� !�"�#$� ("�/'�"()� 02� �� +� �� 3!��%!�"�'&3!�%�#'!&��4"�("��44)�567829�>>=;�0?2?�� ??;;�=>07� �::<:�;2=>� �??;;2?>?��"%�'4)��@��

REGENCY RESIDENCE AL SADD 12 (AL SADD): 3��+�.��=��)�� (*�� !�"�#$� �%"&'#'"()� 3��+� �I��**��+�� !�"�#$� ("�/'�"()� 02� �� +� �� 3!�� %!�"� '&3!�%�#'!&��4"�("��44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �??;;2?>?��"%�'4)��@��

REGENCY RESIDENCE AL SADD 13 (AL SADD): 3��+�.��=��)�� !�"�#$� ("�/'�"()� 02� ��+� �� 3!�� %!�"� '&3!�%�#'!&� �4"�("��44)�567829�>>=;�0?2?� �??;;�0>72� �::<7;0;8� �:::0�?=2; �??;;2?>?��"%�'4)��@�� REGENCY RESIDENCE MUSHEIREB 1 (MUSHEIREB): 3��+�.��=�� !�"�#$� �%"&'#'"()� '��(��K+��(��L��B��!�"�#$� ("�/'�"()� 02� �� +� �� 3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829�::8;�=802� �::7>�?8:<� �>>77�20??� �::<7�:7:?��"%�'4)��@�� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): 3��+�.��=�� *��-��!�"�#$��%"&'#'"()�(��*��K+�� !�"�#$� ("�/'�"()� 02� �� +� �� 3!�� %!�"� '&3!�%�#'!&��4"�("��44)� 567829� >>:?�8=:?� �>;>7�:0<8� �??;;�2?>?� �:::=�08>2��"%�'4)��@�� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): (��.��0�� *��-��!�"�#$��%"&'#'"()�(��*��K+�� !�"�#$� ("�/'�"()� 02� �� +� �� 3!�� %!�"� '&3!�%�#'!&��4"�("��44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<7�<070� �??;;�=>07��"%�'4)��@��

REGENCY RESIDENCE AIRPORT 2 (DOHA AREA): (�� .�� 0� ��

�� *�� !�"�#$��%"&'#'"()�(��*�� !�"�#$� ("�/'�"()� 02� �� +� �� 3!��%!�"� '&3!�%�#'!&��4"�("��44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<:�;2=>� �>>2>�>=?<��"%�'4)��@��

63 OLD SALATA (OLD SALATA):�3��+�.��+*�� !�"�#$��%"&'#'"()� K+�� !�"�#$� ("�/'�"()� 02� �� +� ��3!��%!�"�'&3!�%�#'!&��4"�("��44)�567829�>>:?�8=:?� �>;>7�:0<8� �:::0�?=2;� �>>2>�>=?<��"%�'4)��@��

GULF RESIDENCE 13 (MUNTAZAH): Fully furnished >� �� )� %��-�� !�"�#$� ("�/'�"()� 02� �� +� �� 3!��%!�"� '&3!�%�#'!&��4"�("��44)� 567829� >>:?�8=:?� �>>2>�>=?<� �::<7�;2?0� �??;;�2?>?��"%�'4)��@��

GULF RESIDENCE 14 (MUNTAZAH):�3��+�.��>��)�%��-��!�"�#$�("�/'�"()�02� �� +� �� 3!�� %!�"� '&3!�%�#'!&��4"�("��44)�567829�>>:?�8=:?� �>;>7�:0<8� �:::=�08>2� �::<7�<070��"%�'4)��@�� GULF RESIDENCE 14 (AL NASSER):� 3��+� .��0��)��!�"�#$� ("�/'�"()� 02� �� +� �� 3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829�>>=;�0?2?� �??;;�=>07� � ::<:� ;2=>� � :::2� =?;<� �� "%�'4)� ��@��

BIN DIRHAM 1 (MANSOURA):� M�.�� 0��)��!�"�#$� ("�/'�"()� 02� �� +� �� 3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� � >;>7� :0<8� �>>:?�8=:?� �??;;�0>72� �??;;�0>:?��"%�'4)��@��

BIN DIRHAM 5 (MANSOURA):� M�.�� 0��)��!�"�#$� ("�/'�"()� 02� �� +� �� 3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829�>;>7�:0<8� �>>:?�8=:?� � :::0� ?=2;� � ::<7� :7:?� �� "%�'4)� ��@��

18 FLATS (AL WAKRA):� =<� M�.�� *�� .�� *�� 0� .�� 02� �� 5�J�� 9� 3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829�>;>7�:0<8� �>>:?�8=:?� �>>2>�>=?<��"%�'4)��@��

DOHA GARDENS (AL WAAB):�3��+�.��>��)�%��B��!�"�#$�("�/'�"()�02��+��3!��%!�"� '&3!�%�#'!&��4"�("��44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �:::2�=?;<��"%�'4)��@��

BRAND NEW RESIDENTIAL BUILDING (WAKRA): M�.�� =:� M�� .� 0� �� )� �� 3!��%!�"�'&3!�%�#'!&��44)�567829�>;>7�:0<8��"%�'4)��@��

AL ASMAKH TOWER (WESTBAY):� B�� &�� !.H��#�� )� �� .�� *�� *��+�� 3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829�>>;>88><��"%�'4)��+��@��

REGENCY BUSINESS CENTER 3 (GRAND HAMAD STREET):� �� !.H�� (*�� *��+�� +��#/��(*��H��.��+��+��3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829� >;>7� :0<8� � >>:?� 8=:?� � :::2� =?;<� �� "%�'4)��@��

REGENCY BUSINESS CENTER 2 (CORNICHE): �� !.H�� (*�� *��+�� (*�� H�� .��+� �+�� 3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829�>;>7�:0<8� �>>:?�8=:?� �??;;�0>72��"%�'4)��@��

SALWA ROAD OFFICES:� %�� 6� =�� 3��)� =0�!.H�� 4�� =?2� �� =72� �I�� 0� �� (�� !.H�� 3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� ::<7�;0;8��"%�'4)��@��

REGENCY BUSINESS CENTER 2 (CORNICHE STREET):� �� !.H�� (*�� *��+�� +��#/��(*��H��.��+��+��3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829� >;>7� :0<8� � >>:?� 8=:?� � :::2� =?;<� �� "%�'4)��@��

OFFICE COMMERCIAL BUILDING:� �� !.H��(*�� B��K��6�0�3��==2��(��3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829�::<7�;0;8� �222<�:===� �2;2=�;80:��"%�'4)� ��@��

J-COMPLEX: Brand New Commercial Building (Umm Salal Mohammed). ��!�"�#$� N"#�'4()� "��*�� *��+�� 3!��%!�"� '&3!�%�#'!&��4"�("��44)� 567829� :::=08>2� � :::0?=2;� �� "%�'4)� ��@��

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