Media

Thousands 11:00 11:15 11:30 11:5 12:00 12:15 12:30 12:5 13:00 13:15 13:30 13:5 1:00 1:15 1:30 1:5 15:00 15:15 22 March 201 TASI Index,.1 % Turnover (SAR mn),3. % TASI Intra Day Movement Global commentary Research Department research@alrajhi-capital.com Tel:+9 11 211 9370,530,520,510,500,90,0,70,0,50,0,30 Intraday TASI Activity Trend (Last 10 Days) - 2 Turnover (LHS, SAR bn) Previous Close TASI Index (RHS) 9,000,500,000 7,500 7,000,500,000 5,500 5,000 Regional Indices Close 1D% WTD% YTD% KSA (TASI), 0.1 1. -.2 Qatar (DSM) 10,5 0.3 0.2 0.1 Kuw ait (KSE) 5,25-0.1-0.1 -. Abu Dhabi (ADSM),355-0. -2. 1.1 Dubai (DFM) 3,379-0.2-0.2 7.2 Oman (MSM30) 5,37 0.5 0.9-0. Bahrain (BSE) 1,13-0.5 -.3 MSCI GCC 1 0.1 0. -2.9 Major Commodities / Currencies Close 1D % WTD % YTD % Gold Spot $/Oz 1,2 0.2-0.7 17. Silver Spot $/Oz 15. 0.1 0.3 1. Crude Oil (Brent) 1. -0.2 0. 5.2 OPEC Basket 3.59 0. 2.7 17.0 Euro 1.13 0.1-0.1 3. USD Index 95.29 0.2-3. JPY 111.70-0.1-0.3 7. Major Global Indices Close 1D % WTD % YTD % DJ Industrial 17,2 0.1 0.1 1.1 S&P 500 2,052 0.1 0.1 0. Nikkei 225 1,92 1.2 1.2-11.1 Hang seng 20,599-0. -0. - FTSE 100,15-0.1-0.1-0.9 CAC 0,2-0. -0. -.5 MSCI World 1, -0.1-0.1-1.1 MSCI EM 29 0.3 0.3. Interest Rates 1M 3M 12M 3M Chg 1Y LIBOR (USD) 0.3 0.2 1.21 0.35 SAIBOR 1.5 1.79 1.99 2 EIBOR 0.9 2 1.57 0.32 Data Sources: Bloomberg Updated as of 22/Mar/201 :57 AM US stock markets advanced yesterday, driven by a few mergers in hotel, paint and other data business. The Nasdaq Composite advanced 0.3%, while the S&P 500 rose 0.1% supported by telecommunications and healthcare sector stocks. Meanwhile, the Dow Jones edged up 0.1%. European markets declined on Monday on the back of weak oil prices and drop in mining and energy sector stocks. The CAC 0 and the FTSE 100 fell 0.% and 0.1% respectively. On the other hand, the DAX ended the session on a flat note. Most of the GCC markets declined yesterday. Bahrain fell 0.5%, while Abu Dhabi edged down 0.%, led by Abu Dhabi National Energy. Dubai fell 0.2%, dominated by Builder Arabtec, while Kuwait ended the session down 0.1%. On the other hand, Oman rose 0.5%, while Qatar advanced 0.3%, supported by Ooredoo. Asian markets are trading down as a handful of investors appear to be placing big bets ahead of a holiday shortened week. The Shanghai Composite and the Hang Seng index are trading in the red at 0.% and 0.% respectively, whereas Nikkei 225 is trading up 1%, backed by the weaker yen. On the other hand, KOSPI is trading flat. Brent crude oil prices jumped 0.% yesterday, after crude inventories at the Cushing, Oklahoma reported a drop for the first time since January, ahead of the expiration of the U.S. front-month contract. Key crude contracts Brent and WTI ended at US$ 1.5 (+0.%) and US$ 1.52 (+0.9%) respectively. TASI inched up %, to close at, Tadawul All Share Index (TASI)rose 3.7 points or % to close at,.11. Nine of the fifteen sector indices closed higher. The advance decline ratio was 7/3. Trading turnover was around SAR. bn. Among the heavyweight sectors, Telecom advanced 0.%,Petrochemical Industries added 0.2%, and banks closed 0.1% higher. Among other sectors, Media and Publishing dropped 2.5%, Multi-Investment declined 0.9%, whereas Building & Construction closed 0.9% higher. Major News Saudi inflation eases to.2% in February: Saudi Arabia s inflation rate eased to.2 percent in February from a four-year high of.3 percent in January, new figures from the kingdom s Central Department of Statistics and Information (CDSI) revealed. (Argaam) Saudi PIF inks MoU to invest SAR 30 bln in Egypt: Saudi Arabia s Public Investment Fund (PIF), the kingdom s sovereign wealth fund, signed a memorandum of understanding (MoU) to invest up to SAR 30 billion in Egypt s energy, tourism and housing sectors, local media reported, citing ministry a spokesperson. (Argaam) Please see penultimate page for additional important disclosures. Al Rajhi Capital (Al Rajhi) is a foreign broker-dealer unregistered in the USA. Al Rajhi research is prepared by research analysts who are not registered in the USA. Al Rajhi research is distributed in the USA pursuant to Rule 15a- of the Securities Exchange Act of 193 solely by Rosenblatt Securities, an SEC registered and FINRA-member broker-dealer. 1

Cement Industries Building Retail Energy Transport Multi invt Hotels Media TASI Large Cap (>10% Index weight) Sectors Performance TASI Top Gainers / Losers 1 1 1 1 - TASI Petrochem Banks Telecom 3.0 - - -3.0 - - -7.0 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) ANB Ins 1.20 9. 1.120 5.1 Al Alamiya Coope 3.20 9. 2.33 9.70 Bank Al-Jazira 1. 1.903 27.2 Ace Arabia Coop Ins 7.95 0.27 39.3 Ash-Sharqiyah Devt.39 3.3 2.10 107.2 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Wafa 9. -3.5 2.797 27.33 Gulf General Coop 17.0-3.1 2.1 37.33 Al Hammadi 0. -2.9 0.92 3.1 Saudi Paper Mfg 1. -2. 1.9 29. Tihama 39.5-2. 30 203.20 TASI Mid Cap (5-10% index weight) Sectors Performance TASI Top Index Movers / Losers (Heavy weight stocks) 2 1 1 1 1 1 - Real Estate Agri - - - - -1-1 -1-1 Company Last Price Chg % Index Imp Value Trd (SAR mn) Sabic 7.71 1.3. 12.9 Al Rajhi Bk 53.9 0. 2.3 1.91 Bank Al-Jazira 1. 2.1 1.90 Banq Saudi Fr 27.0 1.9 2 Saudi Cem. 1.7 0.25 Company Last Price Chg % Index Imp Value Trd (SAR mn) Samba 21.29-1.3-3.0.3 Mobily 29.0-1.3-1.7 9.35 Savola -0.9-1..5 Riyad Bank 11.0-0.9-1..79 Jarir Mktg 11-1.5-1. 20. TASI Small Cap (<5% index weight) Sectors Performance TASI Volume Leaders 10 2 0-2 - 1-1 -1-2 -2-3 -3 - - Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Alinma Bk 13.7 0.5 29.50 10.79 Zain Saudi.92 2.5 2.1 20.9 Dar Al Arkan 5.10 27.57 11.21 Saudi Kayan 5.25-0. 20.209 10.97 Bank Al-Jazira 1. 1.903 27.2 Sabic 7.71 1.3 12.90 1000.2 Al Tayyar 37.73 1..5 25.57 Etihad Atheeb.30-1..12 2.0 Al Qassim Agri 10. 1..75 Tihama 39.50-2. 30 203.20 TASI Stocks Closer to 52 Week High TASI - Stocks Closer to 52 Week Low Company Last Price 52Wk High % Diff Value Trd (SAR mn) Sanad Coop Ins 15.23 15.23 % 00 Weqaya For Takaf 19.39 19.39 % 00 STC 9.25 73.25 5.% 5.75 Saudi Vitrified.10 100 2.9% 2.70 Bupa Arabia 112.11 10 2.9% 12.30 Company Last Price 52Wk Low % Diff Value Trd (SAR mn) Sanad Coop Ins 15.23 15.23 % 00 Weqaya For Takaf 19.39 19.39 % 00 Jarir Mktg 11 110 5.5% 20.2 Riyad Bank 11.0 10.0 5.%.79 Saudi Hollandi 2.75 23.05 7.% 7.79 Disclosures Please refer to the important disclosures at the back of this report. 2

DSM Bank Telecom Consumer Transport Real Estate 7-Mar ADSM Real Estate Energy Telecome Banks Fin. Industrial Consumer DFM Bank Reality Investment Transport Telcom Performance of Regional markets Country Last Index Change (%) MCap Volume Turnover P/E (x) P/E (x) P/E (x) P/B (x) Div Yld Close 1D 1M YTD US$ bn mn shr US$ mn 2015 Current 201E Current 12M (%) Saudi Arabia, 0.1.5 -.2 397 315 1,75 12.9 1.9 11.2 1.5 3.9 Qatar 10,5 0.3 5. 0.1 12 7.1 73 12.2 12.9 10.9 1. Dubai 3,379-0.2.3 7.2 0 32 10 9. 11..2 1.2 3. Abu Dhabi,355-0. 0.1 1.1 11 179 77 9.7 11.5 9.5 1. 5. Kuw ait 5,25-0.1 0.9 -. 1 127 39 NA 15.2 NA. Oman 5,37 0.5-0.3-0. 15 12 9 9.2 11.9 11.5 1.1. Bahrain 1,13-0.5-1.3 -.3 1 1. 0.9 NA.9 NA 0. 5.7 Dubai Activity Trend (Last 10 Days) Dubai Sector Performances Dubai Top Gainers / Losers 1.2 0. 0. Turnover (LHS, AED bn) DFMGI Index (RHS) 3,20 3,00 3,30 3,30 3,30 3,320 3,300 3,20 3,20 3,20 1 3 Dubai Islamic Ins 0.5 0.5 2 Takaful Emarat Ins 1. 3.3 1 2 Takaful House 0.5 1.9 0.21 1 Com Bk Dubai.20 1. 1.9 1 Emaar Malls 2.5 1. 0.5-1 National Cement 2.90-7.9 3 Drake & Scull Intl 0. -3. 37.31 Arabtec 1.7-3.5 103 Deyaar Devt 0.57-2. 2.72 Marka 1.27-2.3 2.0 Abu Dhabi Activity Trend (Last 10 Days) Abu Dhabi Sector Performances Abu Dhabi Top Gainers / Losers 1.5 0.5 Turnover (LHS, AED bn) ADSMI Index (RHS) 5,000,500,000 1 1 - - 2 Gulf Cement Co 0.9 7.7 25 2 Abu Dhabi Nat Co 0. 2.3 0.33 1 Aldar Prop 2.7 1. 2.99 ADCB.3 3.75 1 NBAD 9.20 0.7 0. Fujairah Buildin 1. -1 01 Ras Al Khaimah Co 1.20-9. 0-1 AD Nat (TAQA) 0. -. 2.927 Sharjah Islamic Bk 1.30-3.7 0.120 UNB 3. -3.7 0. Qatar Activity Trend (Last 10 Days) Qatar Sector Performances Qatar Top Gainers / Losers 0.9 0. 0.3 Turnover (LHS, QAR bn) DSM Index (RHS) 10,00 10,00 10,000 1 1 1 Ezdan Hold 1.30 1.7 0.29 Nakilat 22.93 1.5 0.20 QIsB 100 1. 3 Ooredoo 90 1.1 0.159 CBQ 5.0 0.30 1 1 1 1 Aamal Co 12.92-2.5 0.397 Doha Bank 37.90-2.1 9 Gulf Intl Servcs 37.5-7 United Devt Co 19.39-1.7 0.53 Qatar Navigation 90.50-1.5 51 Disclosures Please refer to the important disclosures at the back of this report. 3

BSE Banks Hotel & Tourism Industries Thousands KSE Technology Investment Industrial Real estate Bank Fin. Parallel Telecom Consumer Basic material Oil&Gas Healthcare Kuwait Activity Trend (Last 10 Days) Kuwait Sector Performances Kuwait Top Gainers / Losers 1 1 1 12 10 2 0 Turnover (LHS, KWD mn) KWSEIDX Index (RHS) 5,300 5,20 5,20 5,20 5,220 5,200 1 - - - - Gulf Franchising 27.5 1 01 #N/A 112 9. 0.73 Metal & Recycle Co 72 7.5 00 Natl Petroleum 730 7. 1 Energy House Hol 5 2 1 1-1 -1 Kw t Real Estate Hldg 1-7.7 0.21 Injazzat Real State 70 -.7 01 Inovest Co 50-5.7 0.332 Yiaco Medical Co 172-5.5 00 Kuw ait Slaughter 17-5. 10 Oman Activity Trend (Last 10 Days) Oman Sector Performances Oman Top Gainers / Losers 0 Turnover (LHS, OMR mn) MSM30 Index (RHS) 5,00 5,30 5,30 5,30 5,320 5,300 5,20 5,20 5,20 0. 0. 0. 0.2-0.2-0. -0. -0. 3.0 Ooredoo 0.72 3. 0.15 Al Batinah Pow er 0.205 2.5 Al Suw adi Pow er 0.205 2.5 Al Anw ar Holding 0.179 2.3 1.992 Oman United Ins 0.239 2.1 0.129 MSM 30 Bank Industry - - -3.0 - Gulf Invest Svcs 92-3.2 0.195 Oman Cement Co 0.0-2.1 1 Batinah Dev & In 73-1. 20 Gulf Intl Chem 0.31-0. 0.139 Oman Telecom 1.50-0.3 0.13 Bahrain Activity Trend (Last 10 Days) Bahrain Sector Performances Bahrain Top Gainers / Losers 3.5 3.0 2.5 1.5 0.5 - Turnover (LHS, BHD mn) BHSEASI Index (RHS) 1,175 1,170 1,15 1,10 1,155 1,150 1,15 1,10 - - -3.0 - - -7.0 - -9.0 - - - - -1-1 -1-1 -1-2 Ithmaar Bank 0.115. 0.130 Nass Corp 0.100 0.30 Bahrain Telecom 0.312 0.7 79 Albaraka Banking 0.50 0.2 0.91 NA NA NA NA GFH 0.220 -.3 0.100 Al-Salam Bank 90-2.2 20 Ahli United Bk 0.700-1. 0.102 NA NA NA NA NA NA NA NA Disclosures Please refer to the important disclosures at the back of this report.

IMPORTANT DISCLOSURES FOR U.S. PERSONS This research report was prepared by Al Rajhi Capital (Al Rajhi), a company authorized to engage in securities activities in Saudi Arabia. Al Rajhi is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to major U.S. institutional investors in reliance on the exemption from registration provided by Rule 15a- of the U.S. Securities Exchange Act of 193, as amended (the Exchange Act ). Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Rosenblatt Securities Inc, 20 Broad Street 2th Floor, New York NY 10005, a registered broker dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through Al Rajhi. Rosenblatt Securities Inc. accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority ( FINRA ) and may not be an associated person of Rosenblatt Securities Inc. and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account. Ownership and Material Conflicts of Interest Rosenblatt Securities Inc. or its affiliates does not beneficially own, as determined in accordance with Section 13(d) of the Exchange Act, 1% or more of any of the equity securities mentioned in the report. Rosenblatt Securities Inc, its affiliates and/or their respective officers, directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent of the securities referred to herein. Rosenblatt Securities Inc. is not aware of any material conflict of interest as of the date of this publication. Compensation and Investment Banking Activities Rosenblatt Securities Inc. or any affiliate has not managed or co-managed a public offering of securities for the subject company in the past 12 months, nor received compensation for investment banking services from the subject company in the past 12 months, neither does it or any affiliate expect to receive, or intends to seek compensation for investment banking services from the subject company in the next 3 months. Additional Disclosures This research report is for distribution only under such circumstances as may be permitted by applicable law. This research report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this research report. Neither Al Rajhi nor any of its directors, officers, employees or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research report s preparation or publication, or any losses or damages which may arise from the use of this research report. Al Rajhi may rely on information barriers, such as Chinese Walls to control the flow of information within the areas, units, divisions, groups, or affiliates of Al Rajhi. Investing in any non-u.s. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-u.s. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-u.s. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by Al Rajhi with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this research report relates, either directly or indirectly, may fall or rise against the interest of investors. Any recommendation or opinion contained in this research report may become outdated as a consequence of changes in the environment in which the issuer of the securities under analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein. No part of the content of this research report may be copied, forwarded or duplicated in any form or by any means without the prior consent of Al Rajhi and Al Rajhi accepts no liability whatsoever for the actions of third parties in this respectthis research document has been prepared by Al Rajhi Capital Company ( Al Rajhi Capital ) of Riyadh, Saudi Arabia. It has been prepared for the general use of Al Rajhi Capital s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this research document. This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered, duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any registration or licensing requirement within such jurisdiction. 5

Disclaimer and additional disclosures for Equity Research Disclaimer This research document has been prepared by Al Rajhi Capital Company ( Al Rajhi Capital ) of Riyadh, Saudi Arabia. It has been prepared for the general use of Al Rajhi Capital s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this research document. This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered, duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any registration or licensing requirement within such jurisdiction. Explanation of Al Rajhi Capital s rating system Al Rajhi Capital uses a three-tier rating system based on absolute upside or downside potential for all stocks under its coverage except financial stocks and those few other companies not compliant with Islamic Shariah law: "Overweight": Our target price is more than 10% above the current share price, and we expect the share price to reach the target on a 12 month time horizon. "Neutral": We expect the share price to settle at a level between 10% below the current share price and 10% above the current share price on a 12 month time horizon. "Underweight": Our target price is more than 10% below the current share price, and we expect the share price to reach the target on a 12 month time horizon. "Target price": We estimate target value per share for every stock we cover. This is normally based on widely accepted methods appropriate to the stock or sector under consideration, e.g. DCF (discounted cash flow) or SoTP (sum of the parts) analysis. Please note that the achievement of any price target may be impeded by general market and economic trends and other external factors, or if a company s profits or operating performance exceed or fall short of our expectations. Contact us Pritish Devassy, CFA Senior Research Analyst Tel : +9 1 211 9370 Email: devassyp@alrajhi-capital.com Al Rajhi Capital Research Department Head Office, King Fahad Road P.O. Box 551, Riyadh 1132 Kingdom of Saudi Arabia Email: research@alrajhi-capital.com Al Rajhi Capital is licensed by the Saudi Arabian Capital Market Authority, License No. 070/37.