Equity Weekly Global Equities Global equities declined amid continued concerns over economic growth and uncertainty over the Fed. The MSCI World index declined -3.5% 5d amidst broad based weakness with the MSCI G7 index dropping -3.7%, the MSCI Emerging Markets index losing -3.9% and the S&P Pan Arab Composite index declining -1.7% 5d. Volatility increased across the board with the VIX index (US) and the VHSI index (HK) adding +6.7% 5d and +25.7% 5d respectively. The V2X index (Europe) and the INVIXN index (India) added +12.2% 5d and +13.3% 5d respectively. Weekly 6 September The focus of investors will shift towards the Fed meeting scheduled for 17 September with economic data last week providing limited clues about what the Fed might do. Volatility is likely to remain elevated approaching the event given the uncertainty. Regionally, the markets are likely to follow global trends amidst a lack of local catalyst. MENA Markets MENA equities had a relatively subdued week of trading compared to extreme volatility in the previous week. Volumes declined nearly 30% wow across the region as investors exercised caution despite a sharp rally in oil prices earlier in the week. The S&P Pan Arab Composite index dropped -1.7% 5d. UAE bourses closed lower with the DFM index (-2.1% 5d) and the ADX index (-1.9% 5d) dropping for a sixth and a fourth week consecutively. Damac Properties (+9.9% 5d) was a notable exception after the company confirmed shareholder s meeting on 15 September to ratify its first cash dividend of 10%. The decision of FTSE to include the stock in its FTSE EM index also provided a boost. Etisalat confirmed that foreign investors will be able to buy the stock from 15 September onwards. This is likely to pave the way for the stock to be included in the MSCI index. The Qatar Exchange closed +0.5% 5d higher on the back of gains in Commercial Bank of Qatar (+1.6% 5d) and Ezdan Holdings (+3.2% 5d). Both these stocks benefitted from the MSCI s decision to double their weight on the index. Qatar Gas Transport had to postpone its shareholder s meeting, which was to discuss increasing foreign ownership limit from 25% to 49%, due to lack of a quorum. MENA Equity Indices (wtd % chg) Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com TUSISE MADEX DSM MSM Bahrain KWSE EGX 30 ISE 100 Tadawul ADX DFM -2.3% -2.0% -2.3% -2.9% -1.9% -2.1% -1.2% 0.0% -0.2% 0.5% 3.1% www.emiratesnbdresearch.com -4% -3% -2% -1% 0% 1% 2% 3% 4% Source: Bloomberg
The Tadawul dropped -2.9% 5d as concerns remained about the impact of lower oil prices on the economy despite a stronger than expected Q2 GDP of 3.8% y/y. Fitch revised its outlook to negative on four large-cap Saudi banks including Al Rajhi Bank, Samba, Riyad Bank and National Commercial Bank. The Tadawul Banking index dropped -3.2% 5d. The S&P said that though the banks in Saudi Arabia can comfortably absorb USD 75bn 100bn in sovereign issuance, it could possibly result in crowding out of private sector lending. The EGX 30 (+3.1% 5d) outperformed its regional peers following a series of positive news flow. ENI announced the discovery of a huge offshore NatGas field which may hold as much as 30tn cubic feet of gas. The sentiment was further boosted by the news that Saudi Arabia will provide a further USD 2.9bn in aid to Egypt when King Salman visits later this week. Ezz Steel (+15.5%) was a notable gainer on the back of news of gas find. Developed Markets Developed market equities closed lower amid continued concerns over economic growth and mixed economic data from the US. The fact that optimism over ECB s comments over a revamped QE lasted merely a day suggests that risk-off sentiment persists. The S&P 500 index and the Euro Stoxx 600 index dropped -3.4% 5d and - 2.8% 5d respectively while the Nikkei index declined -7.0% 5d. Following the non-farm payrolls data, the focus will shift to the Fed meeting scheduled for later this month. Although the headline increase in non-farm payrolls of 173k was lower than estimates, there were positive indications from increase in wages and revisions to previous month s data. This is perhaps the first time in a long time that investors have little idea on what could possibly come out of this meeting, much of which was reflected in the USD s neutral reaction to the jobs data. Emerging Markets Emerging Markets continued to underperform broader stock markets with the MSCI Emerging Market index losing -3.9% 5d compared to a drop of -3.5% in the MSCI World index. Much of the decline in emerging market equities can be attributed to sustained weakness in the BRIC bloc with the MSCI BRIC index losing -5.4%. This was despite Chinese equity markets remaining closed for the latter half of the week. India s Nifty (-4.5% 5d) dropped for a fourth consecutive week as foreign investors continue to take money off the table. In August, foreign investors sold stocks worth USD 2.52bn, the biggest withdrawal since October 2008. 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 3,570-2.1% (USD mn) 113.3 11.0 1.3 7.4 24.00 ADX 4,378-1.9% 52.8 10.4 1.5 5.2 32.81 Tadawul 4,378-2.9% 1,302.4 13.2 1.6 3.6 1.20 ISE 100 72,950-0.9% 869.1 9.5 1.2 3.4 24.00 EGX 30 7,296 3.1% 50.0 11.0 1.3 1.9 6.45 KWSE 5,758-2.0% 38.7 - - 4.5 13.56 Bahrain 1,299-0.2% 0.5 - - 5.3 - MSM 5,749-1.2% 8.4 10.0 1.3 4.5 30.00 Qatar Exchange 11,347 0.5% 124.3 12.7 1.8 4.5 25.00 MADEX 7,609 0.0% 5.0 15.7 2.2 4.7 34.04 TUSISE 5,369-2.1% 1.3 - - 2.0 39.02 Developed Market Indices Dow Jones 16,102-3.2% 8,529.8 14.7 2.7 2.7 13.33 S&P 500 1,921-3.4% 39,594.6 16.2 2.5 2.3 24.04 Nasdaq 4,684-3.0% 20,090.2 20.4 3.2 1.3 35.14 FTSE 100 6,043-3.3% 5,803.2 14.8 1.7 4.4 28.00 Dax 10,038-2.5% 4,049.9 12.5 1.5 3.3 13.33 Cac 40 4,523-3.3% 4,355.8 14.6 1.4 3.7 33.33 Swiss 8,652-1.5% 2,956.5 16.8 2.4 3.4 25.00 Nikkei 17,792-7.0% 14,150.7 16.7 1.5 1.8 27.11 Australia 5,041-4.2% 3,608.5 14.7 1.7 5.3 29.95 Stoxx 600 353-2.8% 29,814.4 15.2 1.7 3.6 35.13 Emerging Market Indices Hong Kong 20,841-3.6% 4,234.9 10.4 1.1 4.0 4.08 Shanghai - -2.2% 67,508.0 13.4 1.6 2.0 - Korea 1,886-2.7% 4,117.9 11.7 1.0 1.4 41.85 Sensex 25,202-4.5% 78.0 15.3 2.7 1.5 16.67 Nifty 7,655-4.3% 1,303.1 15.5 2.6 1.4 20.00 Karachi 33,891-1.6% 92.3 8.8 1.7 5.4 66.30 Taiwan 8,001-0.2% 2,463.8 11.9 1.4 4.3 12.66 Bovespa 46,498-1.4% 1,693.7 12.6 1.1 4.2 21.54 Micex 1,698-1.2% 459.2 5.9 0.6 4.7 77.55 Jo'burg 1,698-1.7% 1,402.1 15.8 1.8 3.4 42.68 Vietnam 557-2.5% 71.1 13.6 1.9 4.4 47.49 Jakarta 557-0.7% 245.4 14.6 2.2 2.2 19.57 Source: Bloomberg, 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 1,596-3.8% -8.7% -6.7% 15.81 1.98 2.68 MSCI G7 1,424-3.7% -8.5% -6.4% 15.92 2.03 2.47 MSCI EM 789-3.9% -10.9% -17.5% 11.23 1.27 3.09 MSCI FM 526 0.0% -6.7% -14.0% 9.82 1.35 4.03 S&P Pan Arab 703-1.7% -11.2% -11.6% 12.02 1.48 4.22 DUAE INDEX 3,467-1.8% -13.3% -9.6% 11.67 1.39 7.27 DKUW INDEX 3,149-2.2% -7.5% -16.0% - - - DQAT INDEX 6,139 2.1% -2.0% -7.6% 12.72 1.94 4.47 DKUS INDEX 2,307-2.4% -7.5% -16.9% 11.83 1.36 4.49 DQAS INDEX 8,290 0.4% -3.8% -6.9% 15.98 1.79 4.28 Relative to S&P Pan Arab Composite Index Index PB Dvd Yield Index PB Dvd Yield DFM -8.7% -9.4% 75.5% Bahrain - - 25.0% ADX -13.8% -0.6% 22.1% MSM -16.5% -15.4% 7.5% Tadawul 10.0% 6.4% -14.0% Qatar 5.8% 22.4% 6.8% KWSE - - 6.8% Exchange TUSISE - - -52.3% Dow Jones -8.0% 35.1% 9.7% Cac 40-8.2% -31.4% 49.3% S&P 500 1.7% 23.1% -8.1% Swiss 5.4% 19.5% 37.2% Nasdaq 28.3% 56.1% -49.0% Nikkei 5.0% -24.9% -26.8% FTSE 100-7.3% -16.8% 77.3% Australia -7.6% -17.0% 112.9% Dax -21.3% -23.7% 31.5% Stoxx 600-4.7% -15.5% 47.3% Relative to MSCI Emerging Market Index Hong Kong -7.7% -14.0% 28.9% Jo'burg 41.0% 42.7% 9.1% Shanghai 19.2% 26.9% -34.0% Vietnam 20.7% 47.7% 42.0% Korea 4.3% -23.7% -53.9% Jakarta 29.9% 75.2% -29.0% Sensex 36.5% 109.6% -52.3% Nifty 38.3% 102.8% -53.5% Karachi -21.4% 31.0% 73.6% Taiwan 5.5% 13.4% 39.9% Bovespa 12.2% -13.2% 35.2% Micex -47.2% -52.4% 53.8% Source: Bloomberg, Bloomberg Estimate Page 4
ROA ROA ROA Relative Valuations MENA Equity Indices / E 22.0 16.0 10.0 MSM ADSMI ISE 100 MADEX y = 0.5387x + 7.8008 R² = 0.3151 DFMGI 4.0 8.0 10.0 12.0 14.0 16.0 18.0 DSM Tadawul MENA Equity Indices PB/ROA E 4.0 3.5 3.0 2.5 2.0 1.5 1.0 MSM ISE 100 ADSMI EGX 30 0.5 0.0 y = 0.2499x + 1.9167 R² = 0.0153 1.0 1.5 2.0 2.5 PB DSM Tadawul MADEX D. Market Equity Indices / E 22.0 18.0 14.0 y = 1.2181x - 6.0611 R² = 0.3375 AS51 Index Dow Jones S&P 500 Dax 10.0 Nikkei Stoxx Cac 6.0 600 FTSE 100 10.0 12.0 14.0 16.0 18.0 20.0 22.0 SMI Nasdaq D. Market Equity Indices PB/ROA E 6.0 4.0 2.0 y = 1.482x - 0.9392 R² = 0.6504 Nikkei FTSE 100 Dax Dow Jones S&P 500 AS51 Index Cac Stoxx 600 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 PB SMI Nasdaq E. Market Equity Indices / E 25.0 20.0 15.0 10.0 5.0 0.0 y = 1.0897x - 1.2756 R² = 0.2641 Vietnam Karachi Taiwan Kospi -5.0 Micex 0.0 5.0 10.0 15.0 20.0 Bovespa Jakarta Nifty Shanghai Jo'burg E. Market Equity Indices PB/ROA E 4.0 3.5 3.0 2.5 2.0 Micex Jo'burg Vietnam 1.5 Taiwan Nifty Jakarta 1.0 Bovespa 0.5 Kospi y = 0.5152x + 1.5063 R² = 0.1572 0.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 PB Karachi Shanghai Source: Bloomberg Page 5
Key Indicators Top Dividend Yielding Stocks GCC* Stock Price (LCL) M. Cap (USD) Dvd Yld P/E P/B Arabian Cement 56.51 1.51b 9.73% 8.13 1.78 Etihad Etisalat 25.00 5.13b 9.15% 10.83 0.86 Gulf Intl 58.30 2.98b 8.82% 8.39 2.33 NIC 13.46 2.40b 8.64% 10.25 0.79 Bawan Co 32.92 438.85m 7.59% 8.73 - Sipchem 20.10 1.96b 7.42% 10.24 1.16 United Elec 47.22 453.23m 7.31% 9.69 2.72 Saudi Investments 19.34 2.32b 7.28% 7.65 1.17 Saudi Telecom 60.40 32.21b 7.12% 10.22 1.83 FGB 13.85 16.97b 7.07% 10.06 1.91 *Stocks whose average daily value traded over 20 days exceeds USD 5mn are only included Source: Bloomberg 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 2.06 1397.9-26.6-92.0 - -6.2 0.0 3.8 38 1.5 Telecom Egypt 7.04 1554.7 10.02 5.9 7.3 7.7 0.7 6.2-10.5 41 1.4 NMTC 1040.00 1768.2 15.38 12.2 5.9 6.4 1.0 2.9 5.0 7.5 33 0.1 Zain 360.00 5083.9 10.6 7.4 12.0 11.8 1.4 6.1 7.5 11.3 26 2.2 Oredoo 67.90 5895.2 19.01 14.3 8.8 7.8 1.7 2.2 3.2 5.8 38 2.5 Etihad Etisalat 25.00 5132.4-12.7-4.3 6.9 1.7-1.9 8.5 5.0 36 43.4 STC 60.40 32207.3 11.99 10.7 18.8 18.0 2.2 12.3 5.3 6.6 40 12.6 Zain KSA 8.90 1385.1 - - -20.8-19.9 1.3-4.9 0.0-29 20.3 Etisalat 12.70 31491.1 9.608 12.9 21.5 19.2 2.0 8.3 6.4 5.4 36 7.1 Du 5.08 6223.0 10.95 3227 11.2 28.2 27.9 2.9 12.5 6.3 6.3 44 0.6 Average 6522 12.5 12.7 8.6 17.8 1.7 3.7 4.7 6.9 Petrochemicals & Fertilisers Sector IQ 128.10 21055.8 16.03 14.9 18.8 15.1 3.0 17.3 4.2 5.4 44 4.5 Sahara Petchem 11.78 1378.1 17.30 0534 17.7 6.6 4.8 1.1 4.5 5.6 3.8 39 7.9 Sabic 77.76 62196.4 10.73 6818 11.7 14.6 11.8 1.5 6.9 6.6 6.7 37 150.3 SIPCHEM 20.10 1965.0 16.08 2648 12.1 10.3 10.3 1.6 3.6 4.7 6.3 26 4.9 Saudi Kayan 8.40 3359.4 4848 - - -0.3-1.4 1.2-0.1 0.0 0.0 34 18.2 Sidi Kerir Petchem 13.46 914.2 7.996 7.4 35.8 36.0 3.0 24.7 9.2 11.7 62 0.3 Yansab 44.69 6702.2 10.82 894 16.0 16.2 10.1 1.7 10.9 6.3 5.7 44 7.2 Chemanol 9.10 292.6 43.81 7273 156.9 2.1 0.3 0.9 1.2-6.6 29 5.1 APPC 43.97 1922.5 8.781 4815 11.5 32.4 25.6 2.8 21.3 7.5 6.4 37 8.7 Safco 94.12 10455.8 14.79 3933 13.8 39.4 34.1 6.0 34.5 5.0 6.7 35 5.3 Ma'aden 30.06 9364.8 22.15 4118 18.7 5.8 6.3 1.3 1.8 0.0 0.0 32 46.4 Tasnee 13.46 2400.5 16.62 942 16.3 9.1 4.5 1.5 2.2 3.8 6.5 30 12.8 Average 16.8 5 27.0 15.9 13.1 2.1 10.7 4.8 5.5 Food & Retail Sector Almarai 84.59 13531.9 27.30 25.6 15.9 18.6 4.2 7.1 1.3 1.4 39 5.4 Othaim 93.51 1121.9 22.06 4454 17.5 24.4 23.4 5.0 9.9 1.7 1.9 34 2.4 Alhokair 77.66 4348.1 24.48 9182 16.0 34.7 41.7 7.8 17.0 1.5 3.8 35 6.1 Jarir Marketing 185.27 4445.7 22.43 9796 19.2 58.9 60.6 12.3 32.0 3.3 4.3 34 4.4 Savola 58.92 8388.3 20.78 9614 16.0 21.1 17.7 4.2 8.1 2.9 3.7 40 8.6 Agthia 8.16 1324.8 19.25 8044 21.3 14.7 15.9 2.7 9.3 1.6 1.8 60 0.4 Average 4658 22.7 19.3 28.3 29.6 6.0 13.9 2.1 2.8 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 2.28 4859.3 9.330 11.6 13.0 7.9 1.2 5.4 3.4 3.4 43 10.9 Barwa Real Estate 42.45 4494.6 5.868-18.8-1.0 7.3 5.3-34 7.8 Dar AL Arkan 6.34 1825.6 15.33 10.3 3.3 3.6 0.5 2.3 0.0 1.3 23 42.9 Deyaar Development 0.66 1022.5 17.41 24.1 6.7 3.5 1.1 4.5 0.0-38 4.5 Emaar Economic City 10.34 2343.3 26.61 17.8 4.7 5.8 1.2 2.5 0.0-36 21.3 Emaar Properties 6.42 12202.5 15.12 13.2 9.8 9.8 1.6 4.7 2.1 2.7 37 23.2 TMG Holding 7.40 1975.4 29.84 15.0 2.6 3.7 0.8 1.2 0.0 2.2 46 2.9 Palm Hill Developments 2.06 578.9 15.76 8.3 10.0 10.6 1.4 2.5 0.0-39 2.7 Average 16.9 14.3 8.6 6.4 1.1 3.8 1.3 2.4 Banking & Financials Sector CIB 49.85 5917.7 11.94 10.0 28.0 28.2 3.0 2.9-3.1 46 7.8 Al Rajhi Bank 52.55 22767.4 12.22 0013 12.6 17.0 15.2 2.0 2.3 3.4 3.3 32 45.5 Samba 22.95 12237.7 9.256 0903 9.1 13.6 12.6 1.2 2.4 3.5 4.4 31 7.2 Riyad Bank 14.43 11541.8 11.71 5947 9.8 12.5 12.1 1.4 2.1 4.3 5.3 35 4.8 Bank Aljazira 21.56 2299.3 19.43 7241 7.4 9.6 18.2 1.8 0.9 0.0 0.0 35 9.8 NBK 790.00 13010.0 16.25 3566 11.8 10.1 12.3 1.6 1.3 3.3 4.1 35 3.7 Burgan Bank 395.00 2645.2 12.76 10.5 9.6 10.8 1.2 0.8 3.1 3.6 36 0.6 DIB 6.65 7061.4 8.725 5957 9.3 17.8 22.0 1.8 2.2 5.8 6.1 39 9.2 NBAD 9.68 13900.2 11.83 4076 9.2 15.4 15.2 1.7 1.6 2.9 3.8 42 1.4 FGB 13.85 16784.6 11.72 6801 10.5 17.3 19.4 1.9 2.8 5.9 6.5 41 7.6 ADCB 7.52 11273.5 9.004 2885 8.8 16.0 17.6 1.4 2.1 5.7 5.9 43 7.5 QNB 184.50 35097.0 14.24 0704 11.3 19.0 19.3 2.6 2.2 3.3 4.2 59 7.6 CBQ 56.00 5006.4 10.81 9322 9.5 11.4 12.9 1.2 1.6 5.1 5.4 49 5.5 DB 51.10 3626.7 10.87 7356 10.1 12.0 14.2 1.3 1.9 7.0 7.0 45 1.8 QIB 111.10 7269.6 15.09 8564 14.8 13.2 14.6 1.9 1.8 4.2 4.0 54 2.4 Bank Muscat 0.50 2952.6 8565 7.76 7.0 12.9 13.0 1.0 1.8 4.3 5.4 33 1.3 DFM 1.66 3528.5 21.15 31.2 9.3 5.0 1.9 8.8 3.5 2.2 43 5.0 EFG Hermes 8.54 720.1 15.54 7895 9.9 5.9 7.0 0.9 0.8-0.0 35 1.9 Dubai Investments 2.37 2557.8 6.8-14.0-0.9 9.9 5.0-38 6.2 Average 12.5 11.3 13.9 15.0 1.6 2.6 4.1 4.1 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 0.52 966.5 7.575 12.4 4.7 3.1 0.4 3.5 0.0-47 5.7 QEWC 210.00 6284.9 13.47 14.5 23.7 22.3 3.0 12.8 4.0 3.7 47 2.0 Saudi Electricity 16.09 17874.1 17.12 21.5 6.3 5.1 1.0 1.2 4.7 4.4 36 10.7 Tabreed 1.24 241.3 12.11 9.8 6.9 7.5 0.2 3.9-5.1 41 0.8 Average 12.6 14.6 10.4 9.5 1.2 5.3 2.9 4.4 Industrials Sector El Ezz Steel Rebars 395.00 682.9 - - -7.3-1.0 3.5-1.2 7.7-50 0.0 Elswedy ElectriC 42.04 1215.1 23.02 10.0 7.9 17.3 1.8 2.9-3.8 46 0.8 GB Auto 2.85 403.3 22.46 11.4 8.4 8.3 2.0 2.0 0.0 17.9 36 0.1 Oriental Weavers 9.92 577.5 14.81 3768 9.2 10.8 13.4 1.4 5.6 0.7 5.5 50 0.3 Saudi Arabian Amiantit 10.30 317.2 17.84 1179 13.1 5.5 5.7 1.0 1.9 0.0 7.1 26 2.5 Saudi Cable 7.45 151.0 9315 - - -36.6-1.6-6.9 0.0-40 2.5 KIPCO 600.00 2926.2 21.21 15.0 7.6-1.6 0.5 3.6 5.0 30 1.0 Average 2121 19.9 11.7-0.5 8.7 1.8 0.7 2.0 7.9 Transport & Logistics Sector Air Arabia 1.43 1804.2 12.5 10.5 10.4 12.7 1.4 5.5 6.0 6.7 35 2.5 Aramex 3.15 1235.7 14.25 12.4 15.0 15.6 2.1 10.3 4.5 5.0 44 0.9 DPW 21.73 17687.3 24.87 0056 21.8 8.2 9.1 2.1 4.0 1.1 1.3 50 3.5 National Shipping Co 33.87 3555.7 21.50 8569 14.7 7.8-1.7 3.7 2.9-36 17.1 Agility 570.00 2326.2 15.94 6329 15.3 5.8 5.2 0.9 3.5 4.7-29 1.5 QGTS 21.32 3248.8 14.34 8276 12.0 22.0 24.2 3.4 2.9 5.2 5.9 42 1.0 Average 7826 17.2 14.4 11.5 13.4 1.9 5.0 4.1 4.7 Construction & Building Materials Arabtec 1.88 2299.4 136.6 79.6 3.8-10.4 2.3 1.6-2.7 37 24.5 Depa 0.46 282.8 26.67 987 26.4 3.0 4.3 0.8 1.4 0.0-44 0.0 DSI 0.61 373.3 20.34 5419 9.4 3.4 4.6 0.7 1.3-1.7 39 4.1 OCIC 242.89 6565.1 12.40 0909 - - - - - - - 44 0.0 Average 3681 49.0 38.4 3.4-0.5 1.2 1.4 0.0 2.2 Source: Bloomberg, 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 Senior 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 James Symington +44 (0) 20 7838 2240 jamess@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 Edward Bell Commodity Analyst +9714 230 7701 edwardpb@emiratesnbd.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