Equity Weekly Global Equities Global equities traded higher over the past week as geo-political tensions eased and investors perceived weak macroeconomic data as a sign that central banks will be forced to keep interest rates lower for longer than earlier anticipated. The MSCI World index gained +1.4%5d on the back of strength in emerging markets. The MSCI Emerging Markets index rallied +2.8% 5d while the MSCI G7 index gained +1.3% 5d. GCC markets continued to build on year to date gains. The S&P Pan Arab Composite index rallied +0.8% 5d. Volatility declined across the board with the VIX index, the V2X index and the VHSI index declining -16.6% 5d, -4.2% 5d and -10.7%5d respectively. Weekly 17 August With Q2 earnings season nearing a close, market movements in most equity markets are likely to be guided by economic data and any progress or lack thereof over geopolitical issues. With limited local catalyst, regional markets are also likely to trade range bound and be partly influenced by movements in developed markets. MENA Markets The Qatar Exchange (+3.3% 5d) was the standout performer in what was a positive week of trading for GCC equities. The S&P Pan Arab Composite index rallied +0.8% 5d. UAE bourses recouped last week s losses with the DFM index and the ADX index rallying +1.7% 5d and +2.6% 5d even as volumes continued to remain low. Air Arabia closed flat for the week even as the company reported a strong set of Q2 earnings, beating consensus estimates by 36.2%. Drake & Scull declined -3.5% 5d after the company reported disappointed Q2 earnings, missing analysts estimates by 41.1%. The ADX index was led higher by a sharp rally in banks with National Bank of Abu Dhabi adding +5.7% 5d, First Gulf Bank rallying +3.3% 5d and Union National Bank gaining +4.7% 5d. While UAE markets seem to lack a local positive catalyst, overhangs on certain stocks remain. There is no clarity on Hasan Ismaik s stake in Arabtec and even the most anticipated IPO of Emaar Malls seems to have been delayed. Emaar Properties in a statement said that no decision has been taken regarding the timing of the IPO of its mall unit. MENA Equity Indices (wtd % chg) Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com TUSISE -0.2% MADEX -0.1% DSM 3.3% MSM -0.2% Bahrain -1.1% KWSE 0.7% EGX 30 2.6% ISE 100-3.2% Tadawul 0.3% ADX 2.6% DFM 1.7% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% Source: Bloomberg, Emirates NBD Research
The Qatar Exchange (+3.3% 5d) was the standout performer last week as investors built positions ahead of the quarterly index review of the MSCI, which was released after market closed on Wednesday. As expected, the MSCI increased the weightage of Industries Qatar from 0.05% to 0.09% and of Qatar National Bank from 0.06% to 0.11%. While the MSCI did announce that Mesaieed Petrochemical will be included in the index, it later changed its decision and said that the stock will not be included in the index due to foreign ownership constraints. Currently, foreign investors can only hold a maximum of 1mn share per nin. The effect of this anticipated review was seen on stock performance with Industries Qatar rallying +7.6% 5d despite reporting weak Q2 earnings, missing analysts estimates by 27%. The Tadawul (+0.3% 5d) saw some profit booking last week as the index snapped its 11 trading session positive streak. Samba, which outperformed the index since the announcement of the equity market opening for foreign investors, saw some profit booking as the stock declined -4.1% 5d. According to reports in local newspapers, the CMA is likely to announce the new QFI guidelines in the next two weeks. The new regulation is likely to include guidelines to determine foreign ownership limits. This announcement is likely to be a potential catalyst for the next move in the Tadawul. Developed Markets It was a positive week of trading for developed market equities as some positive developments on geopolitical front helped investors shrug of weaker than expected macroeconomic data. It is also possible that investors saw weak economic data as a sign that central banks will be forced to keep interest rates lower for longer than anticipated. The S&P 500 index gained +1.2% 5d, the Euro Stoxx 600 index rallied +1.5% 5d while the Nikkei index added +3.7% 5d. The August fund manager survey by BAML showed cash level increase to 5.1% from 4.5% last week. It also added that in August only 44% of investors were overweight equities compared to 61% last month and that 45% highlighted geopolitical tensions as the main risk compared to 28% in July. This was corroborated by an article in WSJ which suggested that institutional investors have reduced stock ownership since the spring of and mutual fund holdings of stocks are at the lowest level since 2009. Emerging Markets Emerging market rallied as geopolitical tensions eased slightly. The MSCI Emerging Markets index gained +2.8% 5d on the back of strength in MSCI India index (+2.1% 5d) and MSCI Russia index (+5.4% 5d). Page 2
Market Data MENA Equity Indices Index Last Price wtd % chg T.Value 5d avg (USDmn) P/E P/B Div Yield % above 200d MA DFM 4,813 1.7% (USD mn) 121.7 17.5 2.0 2.1 47.62 ADX 5,053 2.6% 37.6 13.7 2.0 3.3 51.35 Tadawul 5,053 0.3% 2,602.2 16.8 2.4 2.7 87.50 ISE 100 76,692-2.1% 1,714.7 10.8 1.4 2.0 71.72 EGX 30 9,387 2.6% 83.7 14.6 1.5 1.5 86.67 KWSE 7,234 0.7% 77.7 - - 3.7 31.90 Bahrain 1,477-1.1% 0.5 - - 4.6 - MSM 7,321-0.2% 12.7 12.1 1.6 3.8 56.67 Qatar Exchange 13,505 3.3% 159.3 15.2 2.4 3.7 95.00 MADEX 7,694-0.1% 28.9 14.2 2.1 4.4 73.21 TUSISE 4,655 0.1% 0.8 21.4-1.8 35.90 Developed Market Indices Dow Jones 16,663 0.7% 3,966.1 14.7 2.8 2.3 73.33 S&P 500 1,955 1.2% 23,331.8 16.4 2.5 2.0 74.75 Nasdaq 4,465 2.2% 15,185.9 21.6 3.4 1.1 45.31 FTSE 100 6,689 1.9% 5,263.0 13.9 1.8 3.8 49.50 Dax 9,093 0.9% 3,980.5 12.9 1.6 3.1 30.00 Cac 40 4,174 0.6% 3,662.0 14.4 1.4 3.3 40.00 Swiss 8,367 1.1% 2,083.6 16.4 2.5 3.4 40.00 Nikkei 15,318 3.7% 8,508.7 17.3 1.5 1.7 62.95 Australia 5,567 2.4% 3,614.5 15.4 2.0 4.6 63.35 Stoxx 600 330 1.5% 25,146.1 14.9 1.7 3.5 47.65 Emerging Market Indices Hong Kong 24,955 2.6% 3,044.0 11.5 1.4 3.6 90.00 Shanghai 2,227 1.5% 21,814.0 8.8 1.2 3.1 88.66 Korea - 1.6% 3,813.9 - - 1.1 - Sensex - 3.1% 71.4 16.7 2.6 1.6 - Nifty - 2.9% 1,072.4 16.2 2.5 1.5 - Karachi 28,918-1.6% 63.6 8.1 1.8 4.9 68.82 Taiwan 9,207 1.3% 2,699.5 14.8-3.1 56.46 Bovespa 56,964 2.5% 2,441.9 12.1 1.4 4.3 66.67 Micex 1,418 5.2% 859.5 5.1 0.6 4.8 62.00 Jo'burg 1,418 1.2% 1,273.1 15.3 2.2 2.8 76.40 Vietnam 604-0.2% 76.8 14.3 2.2 4.1 70.97 Jakarta 604 1.9% 343.3 16.7 2.9 1.9 57.18 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate Page 3
Relative Valuations Benchmark Equity Indices Index Last Price wtd % chg 1m % chg Ytd % chg P/E P/B Div Yield MSCI World 1,714 1.4% -1.7% 3.2% 15.76 2.03 2.55 MSCI G7 1,508 1.3% -1.8% 3.3% 15.74 2.06 2.35 MSCI EM 1,075 2.8% 1.1% 7.2% 11.99 1.49 2.71 MSCI FM 698-1.3% -1.3% 17.4% 10.88 1.62 3.77 S&P Pan Arab 963 0.8% 4.9% 19.5% 15.49 1.94 2.91 DUAE INDEX 4,416 2.8% 0.5% 28.8% 16.09 1.83 2.21 DKUW INDEX 4,332 0.1% 2.5% 9.7% - - - DQAT INDEX 7,506 4.6% 2.9% 19.0% 14.95 2.35 3.40 DKUS INDEX 3,288-0.1% 2.9% 4.7% 13.74 1.40 4.03 DQAS INDEX 10,474 5.1% 3.6% 30.5% 19.59 2.59 3.17 Relative to S&P Pan Arab Composite Index Index PB Dvd Yield Index PB Dvd Yield DFM 12.9% 3.5% -28.7% Bahrain - - 58.4% ADX -11.6% 2.0% 13.8% MSM -22.0% -15.5% 29.9% Tadawul 8.4% 23.3% -7.1% Qatar -1.9% 21.7% 28.5% KWSE - - 28.1% Exchange TUSISE 38.4% - -36.6% Relative to MSCI G7 Index Dow Jones -6.4% 34.2% -1.4% Cac 40-8.4% -31.9% 42.0% S&P 500 3.9% 23.2% -14.6% Swiss 4.2% 20.9% 42.4% Nasdaq 37.2% 66.0% -52.4% Nikkei 9.7% -27.9% -27.3% FTSE 100-11.5% -10.6% 59.4% Australia -2.1% -3.7% 93.4% Dax -18.2% -24.4% 32.2% Stoxx 600-5.3% -16.4% 48.8% Relative to MSCI Emerging Market Index Hong Kong -3.9% -7.1% 33.6% Jo'burg 27.5% 44.5% 3.4% Shanghai -26.6% -17.8% 12.6% Vietnam 19.5% 48.7% 49.7% Korea - - -60.6% Jakarta 39.2% 97.3% -31.5% Sensex 39.5% 76.5% -40.0% Nifty 34.8% 69.6% -43.1% Karachi -32.6% 20.9% 79.7% Taiwan 23.1% - 14.2% Bovespa 0.8% -6.4% 57.2% Micex -57.2% -57.4% 75.8% Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate Page 4
ROA ROA ROA Relative Valuations MENA Equity Indices / E 24.0 16.0 8.0 MSM ISE 100 Tadawul EGX 30 y = -0.2273x + 17.684 R² = 0.0172 0.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0 MADEX DSM ADSMI DFMGI MENA Equity Indices PB/ROA E 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 y = 1.072x + 0.1182 R² = 0.1761 ISE 100 EGX 30 MSM 0.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 PB DSM ADSMI DFMGI Tadawul MADEX D. Market Equity Indices / E D. Market Equity Indices PB/ROA E 20.0 Nasdaq 4.0 Dow Jones 18.0 16.0 Dow Jones S&P 500 Nikkei S&P 500 Nasdaq 14.0 AS51 Index 12.0 Dax SMI FTSE 100 y = 0.8985x - 1.4014 Nikkei 10.0 R² = 0.3011 Cac Stoxx 8.0 600 10.0 15.0 20.0 25.0 2.0 Stoxx 600 Dax Cac AS51 Index y = 1.1728x - 0.3953 R² = 0.5688 FTSE 100 0.0 0.5 1.5 2.5 3.5 4.5 PB SMI E. Market Equity Indices / E 25.0 20.0 15.0 10.0 Shanghai Karachi HSI Bovespa 5.0 Micex y = 0.3846x + 11.217 R² = 0.1116 0.0 0.0 5.0 10.0 15.0 20.0 Jakarta Nifty Sensex Jo'burg Vietnam E. Market Equity Indices PB/ROA E 8.0 4.0 Micex y = 0.2613x + 2.351 R² = 0.0398 HSI Karachi Vietnam Nifty Shanghai Bovespa 0.0 0.5 1.5 2.5 3.5 PB Sensex Jo'burg Jakarta Source: Bloomberg, Emirates NBD Research Page 5
Key Indicators Top Dividend Yielding Stocks GCC* Stock Price (LCL) M. Cap (USD) Best Dvd Yld P/E P/B Northern Region 26.37 1.27b 7.58% 16.69 - Saudi Arabian Amiantit 18.30 563.58m 7.44% 12.87 1.32 Doha Bank 60.00 4.26b 7.03% 10.04 1.51 Etisalat 11.40 24.54b 6.73% 10.57 1.98 Safco 162.79 14.47b 6.69% 15.07 6.69 Industries Qatar 182.50 30.32b 6.48% 13.10 3.07 Saudi Cement 116.51 4.75b 6.38% 14.14 5.28 Etihad Etisalat 90.06 18.49b 5.91% 10.18 2.46 *Stocks whose average daily value traded over 20 days exceeds USD 5mn are only included * Source: Bloomberg, Emirates NBD Research Page 6
Stocks Avg Value Dvd Traded Price Market Cap PB ROA Yld DvdYl 3m (USD Company LLC (USD mn) d RSI mn) Telecom Sector Global Telecom 5.01 3741.6-13.7-1.8 - -38.5-0.0 42 3.9 Telecom Egypt 13.67 3270.8 8.5 9.0 10.5 9.0 0.9 9.1 6.8 8.7 53 1.2 NMTC 1500.00 2667.3 11.7 9.7 9.4 9.3 1.1 4.9 7.1 8.5 34 0.1 Zain 660.00 10073.8 12.3 10.8 13.5 14.6 1.8 7.2 7.2 8.0 55 3.9 Oredoo 128.70 11154.1 17.1 12.4 9.8 12.4 1.8 2.7 2.9 3.5 44 9.4 Etihad Etisalat 90.06 18426.7 9.9 10.4 29.8 26.1 2.7 15.7 5.5 5.7 68 41.5 STC 73.42 39329.1 10.8 12.9 18.4 19.9 1.9 11.7 4.2 3.8 65 17.2 Zain KSA 10.25 2966.4 - - -21.7-17.6 1.5-6.1 0.0 0.0 55 55.2 Etisalat 11.40 24646.8 13.0 10.6 17.5 18.4 2.3 8.3 6.0 6.4 45 6.3 Du 5.77 7169.1 15.5 14.3 27.1 25.8 4.3 13.2 2.9 5.9 51 1.8 Average 12.3 11.6 12.7 12.0 2.0 2.8 4.7 5.1 Petrochemicals & Fertilisers Sector IQ 182.50 30238.4 12.8 14.0 25.0 23.5 3.0 23.0 6.5 6.3 62 14.1 Sahara Petchem 25.00 2995.2 15.0 17.1 10.3 10.5 1.5 6.7 4.3 3.6 67 22.0 Sabic 128.38 102589.1 13.2 14.2 16.8 17.0 2.1 7.5 4.5 4.4 68 115.1 SIPCHEM 38.03 3724.9 18.8 19.0 10.9 11.5 2.0 3.9 3.9 3.8 75 6.7 Saudi Kayan 15.70 6299.3-41.7-2.4 3.1 1.7-0.7-3.9 57 68.8 Sidi Kerir Petchem 19.66 1440.6 6.9 9.2 48.7 38.9 3.1 34.7 10.5 9.3 65 0.6 Yansab 75.52 11436.3 15.7 14.8 18.9 18.8 2.8 11.7 4.1 5.1 68 13.1 Chemanol 16.64 535.4 25.4 20.1 4.6 6.2 1.2 2.5-3.2 49 12.2 APPC 53.52 2350.3 12.0 15.4 25.9 23.6 3.0 17.2 3.1 4.3 66 12.3 Safco 162.79 14420.7 16.5 15.8 36.9 41.3 6.3 32.4 7.7 6.5 70 8.1 Ma'aden 38.71 9545.0 17.8 26.9 8.9 5.4 1.5 2.8 0.0 0.0 64 51.4 Tasnee 35.73 6349.5 19.0 13.7 9.8 13.1 1.9 2.5 4.5 4.8 59 20.3 Average 15.7 18.5 17.8 17.7 2.5 12.0 4.9 4.6 Food & Retail Sector Almarai 77.97 12518.7 21.0 26.7 17.0 18.1 3.1 7.0 1.9 1.5 80 11.7 Othaim 112.00 1346.9 14.6 22.9 25.9 26.3 3.5 10.2-1.6 59 16.6 Alhokair 120.53 6789.3 14.0 28.5 36.2 37.4 4.3 18.6 2.4 1.5 71 9.1 Jarir Marketing 203.96 4907.5 21.9 24.1 59.4 61.2 12.2 31.2 3.5 3.4 59 4.2 Savola 82.16 11746.3 18.6 21.9 19.0 19.6 3.5 7.1 3.2 2.5 64 8.1 Agthia 5.77 913.2 16.6 16.0 13.5 16.4 2.1 8.7 2.3 2.1 47 0.6 Average 17.8 23.3 28.5 29.9 4.8 13.8 2.7 2.1 Page 7
Stocks Avg Value Dvd Traded Price Market Cap PB ROA Yld DvdYl 3m (USD Company LLC (USD mn) d RSI mn) Real Estate Sector Aldar 3.69 7856.4 8.1 13.8 18.3 12.1 1.3 5.9 2.5 2.0 52 45.3 Barwa Real Estate 42.00 4424.1 7.4-10.3-0.8 2.9 6.7-56 16.1 Dar AL Arkan 14.42 4218.7 15.6 19.3 4.1 4.6 0.6 3.0-0.0 67 90.8 Deyaar Development 1.24 1966.4 37.8 62.5 3.9 3.2 1.4 2.4 0.0-52 14.6 Emaar Economic City 18.00 4079.6 41.4 52.9 3.5 3.6 1.4 1.9 0.0-70 13.4 Emaar Properties 10.05 19493.4 18.2 24.0 7.7 8.0 1.4 4.1 2.0 1.4 57 66.8 TMG Holding 9.84 2854.3 21.8 25.6 2.3 2.9 0.5 1.1 0.0 0.0 65 4.4 Palm Hill Developments 4.46 835.4 11.6 16.3 7.2 8.2 0.9 1.7 0.0-67 7.5 Average 20.3 30.6 7.2 6.1 1.0 2.9 1.6 0.9 Banking & Financials Sector CIB 46.60 5955.4 9.8 12.4 26.5 27.1 2.5 2.9 3.1 2.6 83 6.2 Al Rajhi Bank 71.95 30980.0 14.7 14.9 19.9 19.7 2.9 2.7 3.4 4.0 69 59.7 Samba 47.45 15070.4 10.0 11.9 13.6 13.2 1.3 2.2 3.3 2.9 70 13.1 Riyad Bank 20.29 16238.3 11.1 14.5 12.0 12.6 1.3 2.0 5.0 3.8 78 9.0 Bank Aljazira 34.99 3732.9 17.3 17.5 12.1 11.6 2.0 1.2 0.0 1.4 62 10.2 NBK 1000.00 16763.9 16.8 14.1 9.7 13.2 1.6 1.4 3.4 3.3 61 7.0 Burgan Bank 530.00 3245.6 42.3 12.6 4.2 12.6 1.8 0.3 1.3 2.5 54 3.2 DIB 7.84 8364.1 13.0 14.1 13.8 19.7 1.5 1.5 4.7 3.7 62 26.1 NBAD 14.80 18697.4 12.6 14.0 14.4 15.7 1.7 1.5 2.9 2.7 56 7.3 FGB 18.60 19484.6 11.8 13.6 15.8 18.6 1.8 2.6 5.3 4.8 64 14.3 ADCB 8.17 12492.6 10.3 11.7 15.1 17.3 1.4 1.8 4.6 4.0 50 8.9 QNB 189.00 36279.7 12.7 12.6 19.0 19.4 2.3 2.3 4.1 3.6 63 16.5 CBQ 67.60 5455.3 10.9 10.2 10.4 13.2 1.1 1.7 2.8 3.1 50 6.6 DB 60.00 4200.5 9.2 10.8 13.9 15.5 1.3 2.1 7.7 7.1 61 6.6 QIB 111.60 7170.4 12.2 18.4 11.4 12.3 1.4 1.8 5.8 3.8 67 8.6 Bank Muscat 0.73 4172.6 8.8 9.9 13.3 12.4 1.1 1.9 3.9 3.7 75 2.6 DFM 3.35 7187.8 70.6 38.4 3.7 7.6 2.5 3.6 2.0 2.4 50 20.4 EFG Hermes 18.30 1468.6-19.5-6.1 5.5 0.6-0.9-0.8 81 4.7 Dubai Investments 3.54 3661.3 10.8-9.4-1.0 6.6 2.8-56 19.1 Average 16.9 15.1 12.2 14.8 1.6 2.1 3.7 3.4 Page 8
Stocks Avg Value Dvd Traded Price Market Cap PB ROA Yld DvdYl 3m (USD Company LLC (USD mn) d RSI mn) Energy & Utilities Sector Dana Gas 0.71 1345.2 10.6 8.4 6.3 6.0 0.6 4.5 - - 47 6.4 QEWC 186.50 5588.5 13.1 13.8 24.5 22.7 3.0 12.3 4.1 4.1 53 8.1 Saudi Electricity 17.29 19108.7 19.9 24.4 5.5 5.2 1.1 1.2 4.8 4.1 74 13.4 Tabreed 1.69 339.8 30.0 18.8 6.1-0.3 3.2-3.0 46 1.9 Average 18.4 16.4 10.6 11.3 1.3 5.3 4.5 3.7 Industrials Sector El Ezz Steel Rebars 700.34 1299.0 8.9 8.2 31.0-2.7 5.8 9.3-29 0.1 Elswedy ElectriC 35.80 1155.8 74.4 15.3 2.0 9.5 1.5 0.7-2.1 59 0.5 GB Auto 32.99 594.5 39.9 16.9 6.7 12.8 2.3 1.9-4.0 68 0.2 Oriental Weavers 45.98 579.0 8.8 10.6 11.0 12.4 0.9 5.6 5.8 5.2 35 0.4 Saudi Arabian Amiantit 18.30 563.6 15.4 12.6 7.2 10.6 1.1 2.4 6.5 6.7 53 12.6 Saudi Cable 12.91 262.4-21.9-28.8-1.4-6.6 0.0-53 6.7 KIPCO 730.00 3795.1 2137 Average 3587. 9.3 Transport & Logistics Sector 8 18.3 7.2-1.5 0.5 3.2 2.7 57 2.1 14.8 5.2 11.3 1.6 1.5 5.0 4.1 Air Arabia 1.38 1753.4 17.2 13.8 7.7 8.7 1.3 4.8 4.7 5.3 51 8.2 Aramex 3.30 1315.5 16.0 14.8 13.5 14.7 2.1 9.8 3.8 3.9 54 1.3 DPW 20.79 16641.5 23.0 26.2 7.7 7.1 1.7 3.9 1.3 1.2 65 9.3 National Shipping Co 38.63 3334.4 11.8 18.8 13.4-1.5 6.5 3.5 2.7 79 20.0 Agility 830.00 3379.6 15.6 16.9 5.3 6.5 0.8 3.3 5.8 4.8 60 4.6 QGTS 24.73 3772.4 15.3 16.1 23.9-2.6 2.4 5.4 4.8 62 4.8 Average 16.5 17.8 11.9 9.3 1.7 5.1 4.1 3.8 Construction & Building Materials Arabtec 4.24 5050.0 17.9 36.4 8.9 8.9 1.6 3.5 3.5 0.9 50 163.8 Depa 0.67 414.3-16.2-8.6 4.8 1.1-4.1 0.0-47 0.5 DSI 1.38 858.5 19.7 15.2 5.9 7.3 1.1 2.4-1.2 40 17.1 OCIC 269.00 7860.6 - - -17.7-5.9-3.3 0.0-25 0.0 Average 18.8 22.6-2.9 7.0 2.4-0.4 1.2 1.1 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate Page 9
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Emirates NBD Research& Treasury Contact List Emirates NBD Head Office 12thFloor Baniyas Road, Deira P.OBox777 Dubai Aazar Ali Khwaja Group Treasurer & EVP Global Markets & Treasury +971 4 609 3000 aazark@emiratesnbd.com Tim Fox Head of Research & Chief Economist +9714 230 7800 timothyf@emiratesnbd.com Research Khatija Haque Head of MENA Research +9714 230 7803 khatijah@emiratesnbd.com Jean Paul Pigat Economist +9714 230 7807 jeanp@emiratesnbd.com Aditya Pugalia Analyst +9714 230 7802 adityap@emiratesnbd.com Anita Yadav Head of Fixed Income Research +9714 230 7630 anitay@emiratesnbd.com Sales & Structuring Group Head Treasury Sales Tariq Chaudhary +971 4 230 7777 tariqmc@emiratesnbd.com London Sales Lee Sims +44 (0) 20 7838 2240 simsl@emiratesnbd.com Athanasios Tsetsonis Sector Economist +9714 230 7629 athanasiost@emiratesnbd.com Saudi Arabia Sales Numair Attiyah +966 11 282 5656 numaira@emiratesnbd.com Egypt Shahinaz Foda +20 22 726 5050 shahinaz.foda@bnpparibas.com Singapore Sales Supriyakumar Sakhalkar +65 65785 627 supriyakumars@emiratesnbd.com Group Corporate Affairs Ibrahim Sowaidan +9714 609 4113 ibrahims@emiratesnbd.com Claire Andrea +9714 609 4143 clairea@emiratesnbd.com Investor Relations Patrick Clerkin +9714 230 7805 patricke@emiratesnbd.com Page 11