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1 Global & Regional Benchmarks GCC Indices ADX DFM TASI QSI KWSE MSM BHSE EGX30 Close % Change World Indices Price % Change Currencies Price % Change Dow Jones EUR/USD S&P 500 EUR/GBP Nasdaq Commodities Price % Change FTSE 100 Gold DAX Brent CAC40 WTI Nikkei HSI Upcoming Corporate Actions & Events Insurance House, Jan 10, AGM Al Rahji REIT IPO: Jan 14, End of Subscription Global: Asian shares flirted with 10-year highs on Thursday as solid economic data from the United States and Germany reinforced investors' optimism, while oil prices hovered at a 2-1/2-year high with unrest in Iran stoking supply disruption concerns. Global: U.S. factory activity increased more than expected in December, boosted by a surge in new orders growth, in a further sign of strong economic momentum at the end of Global: In Germany, Europe's economic power house, the unemployment rate hit a record low of 5.5 percent in December, underpinning a broad-based economic upswing. Global: Oil prices hovered at 2-1/2-year highs as the anti-government protests in Iran that began last week rattled Tehran's clerical leadership and left 21 people dead so far, raising concerns about supply. U.S. West Texas Intermediate (WTI) crude futures CLc1 traded at USD61.84 per barrel, up 0.4% for the day after having risen to as high as USD61.97, their highest level since June 2015, the previous day. International benchmark Brent futures LCOc1 stood at USD67.93 a barrel, having touched USD68 briefly on Wednesday. Global: Russia's gas exports increased by 8.1 percent to a record high billion cubic metres (bcm) in 2017, Alexei Miller, head of Gazprom, said in a statement on Wednesday. Gazprom's gas production, the world's largest, rose by 12.4 percent to 471 bcm, Miller said. MENA: Turkish consumer prices rose 11.92% in December, official data showed on Wednesday, exceeding Reuters poll predictions and sharply above a government forecast, although below a 14-year peak a month earlier. High inflation is one of the biggest challenges facing the Turkish economy, which has grown strongly after a short-lived downturn following a failed coup in July UAE: Growth of the United Arab Emirates' non-oil private sector accelerated to a 34-month high in December, partly because of a rise in consumer spending to beat the introduction of value-added tax

2 (VAT) in January, a survey showed on Thursday. The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index, which covers manufacturing and services, rose to 57.7 last month from 57.0 in November. Above 50 indicates expansion and below shows a contraction. UAE: Dana Gas, Bond Advisers Said to Be in Talks Over USD700m Sukuk Row. Advisers to Sharjah-based Dana Gas and representatives for the committee of holders of USD700m of its Islamic bonds have resumed talks to try and reach an out-of-court settlement on new terms for the securities, according to two people with knowledge of the discussions. UAE: RAK Gas, the state-owned energy company in the northern emirate of Ras Al Khaimah, is set to launch its upstream licensing round this year as it seeks production from new fields to offset the closure of a maturing one. Seven blocks - four offshore and three onshore - spread across 2,000 square kilometres will be tendered in the bid round, which is set to be launched in March. "The license round will be launched in late March 2018 and we'll invite oil companies to come and look at the geological and technical data. Qualified companies will then be invited to submit bids by the end of November," Nishant Dighe, chief executive at RAK Gas said in an interview with The National. UAE: Dubai's Nakheel awards $104mln hotel resort, water park contract. State-owned property developer Nakheel has awarded a AED385m (USD104.83m) contract to Bin Ladin Contracting Group LLC Dubai for the construction of a hotel resort and water park on Deira Islands in Dubai, it was announced on Wednesday. UAE: Property buyers in Dubai were chasing affordable options in 2017, with Jumeirah Village Circle (JVC) and Dubai South recording the highest number of off-plan transactions among the city s freehold communities. JVC, which already hosts a sizeable resident base, figured in 2,161 deals and followed by the fast-developing Dubai South enclave, which did 2,095. UAE: The recent Moody s rating for Sharjah will impact positively on the emirate s business environment as well help in attracting investments, according to the chairman of Sharjah Economic Development Department (SEDD). Sharjah s rating of A3 by Moody s Investors Service is based on the increased government revenue, stability of the budget indicators and high gross domestic product (GDP) per capita, Sultan Abdullah Bin Hadda Al Suwaidi said in a statement on Wednesday. UAE: Dubai s private developers sure had a good run in 2017, releasing as many as 30,109 units into the market. Compared to that, government-owned or affiliated master-developers released 13,919 units during the period. The development arm of MAG Group had the highest set of releases among private developers, with 5,569 units, according to data issued by GCP-Reidin. Azizi, which had quite a busy secondhalf in 2017 with two back-to-back mega-launches, came in second with 4,452 units. Damac was placed third at 4,090 units, with the developer steady in adding to this buying options at its two masterdevelopments, Damac Hills and Akoya Oxygen (both in Dubailand). UAE: Dubai Duty Free said its sales in 2017 rose to a record, increasing 5.6% over the previous year as tourists flocked back to the Emirate following a two-year drop in sales when the strong US dollar held growth back. Sales for Dubai Duty Free rose to AED7.05bn in 2017 while sales in December alone rose to AED801m, a monthly sales record after a three day 25% discount on merchandise netted AED196m. The gain in 2017 reversed two years of decline in sales at Dubai Duty Free.

3 UAE: Saudi Arabia to issue tourist visas for visitors from 65 nations. The Saudi Arabia Muslims Destination initiative to grant tourist visas and extend Umrah packages will help generate tourism, according to officials associated with the program. UAE: Norway has suspended exports of weapons and ammunition to the United Arab Emirates over concerns they could be used in the war in Yemen, the Foreign Ministry said on Wednesday. KSA: Growth of Saudi Arabia's non-oil private sector slowed slightly in December but remained high compared to levels seen in the past two years, a corporate survey showed on Thursday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index edged down to 57.3 last month from a two-year high of 57.5 in November. A level above 50 means business is expanding. Budget data released by the government in mid-december showed that after more than two years of austerity, state spending jumped in the fourth quarter of 2017 as authorities sought to strengthen weak economic growth. Spending in the fourth quarter was about 354 billion riyals ($94 billion), by far the largest amount in any quarter of 2017 and accounting for 38 percent of all state spending for the entire year. Much of the government money eventually flowed into the private sector, boosting activity. KSA: Saudi Kayan Petrochemical Appoints Omar Bin Ali Al Ruhaili as CEO KSA: No VAT on lease, mortgage deals signed before January 1 in Saudi Arabia. The General Authority for Zakat and Income Tax (GAZT) announced that all finance lease contracts or lease contracts expired by acquisition and concluded before Jan. 1, 2018, the date the value-added tax (VAT) was implemented on assets including cars or real estate, are exempted from VAT. KSA: Saudi builder Dar Al Arkan Real Estate Development Company has announced plans to sell 30 percent of a subsidiary in an initial public offering (IPO). The company said in a statement that its board of directors has appointed Samba Capital & Investment Management Company as a financial advisor for the IPO of Dar Al Arkan Properties Company. The construction giant added that it plans to file the offering application to the Capital Market Authority to obtain the necessary approvals. Dar Al Arkan Properties Company is fully owned by Dar Al Arkan Real Estate Development Company and its main business is property management and leasing holding income producing assets worth of SR2.6 billion in cities across the kingdom. Bahrain: Bahrain's Finance Ministry pledges to roll out VAT this year. Bahrain yesterday pledged to implement Value Added Tax (VAT) this year, in compliance with a GCC commitment. It is also in line with decisions of the GCC leaders as well as the unified agreement in this regard. Oman: Oman to auction 2 mln bbls March-loading crude on DME. Oman's Ministry of Oil and Gas will hold an auction on the Dubai Mercantile Exchange on Thursday to sell 2 million barrels of crude loading in March, a source with knowledge of the matter said. Oman: Oman's revenue gets $260mln boost from amended income tax law. Amendments to the Oman Income Tax Law, key provisions of which have come into force this year, will generate an additional RO 100 million in revenues to the government in 2018, according to a well-known tax expert. Egypt: Egypt says foreign reserves rise to USD37.020bn at end-december. Egypt's foreign reserves rose moderately to USD37.02 billion at the end of December from USD billion at the end of November, the central bank said on Wednesday. Cairo's foreign reserves have been climbing since the country secured a USD12 billion, three-year International Monetary Fund loan programme in 2016 in a bid to lure

4 back foreign investors and revive its ailing economy. The country's foreign reserves at the end of December 2016 were USD billion. Egypt: Average yields on Egypt's six-month and one-year treasury bills rose at an auction on Wednesday, data from the central bank showed. The yield on the 182-day bill rose to % from % at the last similar auction, and the yield on the 364-day bill rose to % from % at a similar sale. Egypt: Egypt's non-oil private-sector business activity slowed in December as output and new export orders declined, but business confidence remained high, a survey showed on Thursday. The Emirates NBD Egypt Purchasing Managers' Index (PMI) for the non-oil private sector fell to 48.3 in December from 50.7 a month before, below the 50 mark that separates growth from contraction. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)

5 Institutional Sales and Trading Team Harshjit Oza Direct Line : Disclaimer This report was prepared by Integrated Securities ( IS ) in and for the United Arab Emirates ( U.A.E. ). IS is a securities brokerage company regulated by the Emirates Securities and Commodities Authority (and neither an investment nor a financial advisory firm). The information contained in this report is given in summary and does not purport to be complete. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Content of this report is provided solely for informational purposes and private circulation and should not be construed as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or any other financial product or instrument, or adopting any hedging or investment strategy and does not take into account your particular investment objectives, financial situation, tax implications or any other needs. Before acting on any information you should consider and confirm the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek professional financial advice. While based on information believed to be reliable, we do not guarantee and make no express or implied representation as to the accuracy of this report or complete description of the securities markets or developments referred to in this report. The information, contained in this report are as of the date indicated and are subject to change at any time without prior notice. This report may provide the addresses of, or contain hyperlinks to, websites. IS has not reviewed any such site and takes no responsibility for the content of the same. Such address or hyperlink is provided solely for your convenience and information and the content of any such website does not in any way form part of this document. Accessing such website or following such link through this report or IS s website shall be at your own risk. The stated price of any securities mentioned in this report is as of the date indicated and is not a representation made by IS that any transaction can be effected at this price. This report is for UAE distribution and only under such circumstances as may be permitted by applicable law. The information contained in this report is not intended nor can it be construed as intended to be directed to any US persons (being any US Citizens, US Green Card Holders, or Resident Aliens subject to US income taxes for IRS purposes) unless stated otherwise. Neither IS nor its officers, directors or shareholders or other persons shall be liable for any direct, indirect, incidental or other damages including loss of profits arising in any way from the information contained in this report. This report is a mere update intended solely for the use by the intended recipients and the content of it may not be reproduced, redistributed or copied in whole or in part for any purpose without IS s prior express consent.