Equity Weekly Global Equities Global equities consolidated their last week s gains amid broad based rally. The MSCI World index added +0.6% 5d helped by gains in the MSCI G7 index which added +0.5% 5d, the MSCI Emerging Market index (+0.3% 5d) and the S&P Pan Arab Composite index (+0.6% 5d). With the earnings season coming to an end, the focus of investors will return to economic data. Locally, investors will keep an eye on oil prices and global trends. The ongoing IPO of Dubai Parks & Resorts and the meeting of Emaar s shareholders to approve the one-off dividend will also be keenly watched. Weekly 16 November MENA Markets UAE bourses led GCC equity markets higher last week amid increased foreign inflows ahead of the MSCI half-yearly rebalancing. The S&P Pan Arab Composite index added +0.7% 5d. UAE bourses traded higher with the DFM index and the ADX index adding +5.7% 5d and +3.4% 5d respectively. Emaar Properties was the standout performer adding +11.7% 5d as local investors buy the stock ahead of the record data announcement for the one-off dividend of AED 1.25 per share on 24 November at the company s shareholders meeting. Arabtec (+11.5% 5d) too remained in focus after it was officially confirmed that Aabar has bought 707mn shares from ex-ceo Hasan Ismaik at AED 5.0. The transaction reduces Hasan Ismaik s stake to 11.8% from 28% and increases Aabar s stake to 34.9%. It is worth noting that this transaction has freed up some foreign ownership headroom which could translate into increased weightage in the MSCI Emerging Market index. There was couple of other stock-specific developments as well which had a positive impact on market. Air Arabia rallied +13.0% 5d after reporting a strong set of Q3 earnings. Despite the rally, the stock still remains an underperformer this year relative to the index, losing -5.8% ytd compared to a gain of +38.0% ytd for the DFM index. DP World added +1.4% 5d as the company announced the acquisition of Jebel Ali Free Zone from Dubai World for USD 2.6bn cash and assumption of USD 900mn of debt. While the acquisition is likely to be a case of simpler intra-company holdings, it should be value accretive for DP World. DP World also announced that it will delist its shares from London market from 21 January 2015. MENA Equity Indices (wtd % chg) TUSISE -1.9% MADEX -1.3% DSM 1.0% MSM 1.3% Bahrain -0.7% KWSE 0.9% Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com EGX 30 ISE 100 Tadawul ADX -1.7% 0.3% 3.4% 4.2% DFM 5.7% www.emiratesnbdresearch.com -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% Source: Bloomberg
The primary market continues to gain momentum in the UAE. Dubai Parks & Resorts, a unit of Meraas Holding, announced details of its IPO wherein the company will raise AED 2.53bn. The IPO will start on 17 November and run until 27 November. The shares will be priced at AED 1.01 per share and the stock is expected to start trading on the DFM on 10 December. In addition, it was also reported that Al Habtoor Group and Daman Investments have hired banks for their IPOs in Q1 2015. Amanat Holdings, which successfully completed its IPO last week, said that it plans to list the stock on the DFM index before end-november. The Qatar Exchange (+1.0% 5d) closed marginally positive for the week despite an official confirmation that the FIFA ethics committee report has cleared the country of any corruption in its 2022 FIFA world cup bid. This should remove the entire overhang on the event in Qatar, albeit few murmurs about the actual content of the report have resurfaced again. Barwa Real Estate rallied +13.0% 5d after reports that the company is an acquisition target. The Tadawul (+0.3% 5d) stabilized last week following increased volatility all through November. National Commercial Bank listed on the Tadawul last Wednesday and as expected closed limit up on both days with as many as 140mn shares on the bid on Thursday. The trend is likely to continue for better part of this week. Developed Markets Nikkei (+3.6% 5d) continues to lead developed markets higher as JPY weakened another 1.5% last week and reports emerged that the government is likely to delay second phase of sales tax increase in Japan. Elsewhere, the S&P 500 index added +0.4% 5d and the Euro Stoxx 600 index gained +0.1% 5d. Emerging Markets Emerging market equities underperformed broader equity markets with the MSCI Emerging market index adding +0.3% 5d compared to a gain of +0.6% 5d. Weakness in Bovespa (-2.7% 5d) and MSCI Russia index (-1.2% 5d) weighed on emerging markets. In an important and positive development, the link between Hong Kong and Shanghai stock markets will go live on 17 November. This will effectively allow foreign investors to directly buy individual shares of 560 Chinese mainland stocks. This is likely to result in increased interest from investors into mainland Chinese stocks. It is worth noting here mainland China is not part of most global indices. If for example, MSCI would include mainland China with USD 1.2tn in assets, in its Emerging Market index, China s weight would go from c. 20% to around 30%. Similarly in the all-world index it would increase from 2.0% to 3.5%. Additionally, the Chinese government has announced temporary tax exemption on profits made from investments made through the link. 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 4,657 5.7% (USD mn) 279.0 17.4 1.9 1.9 20.00 ADX 4,953 3.4% 134.5 13.3 2.0 3.3 36.96 Tadawul 4,953 0.3% 1,889.7 15.2 2.1 2.9 46.91 ISE 100 81,212 3.7% 1,640.2 11.3 1.4 1.9 76.00 EGX 30 9,260-1.7% 71.9 15.8 1.7 1.7 53.33 KWSE 7,201 0.9% 71.0 - - 3.8 29.10 Bahrain 1,430-0.7% 0.4 - - 4.7 - MSM 7,013 1.3% 13.2 11.6 1.5 4.0 33.33 Qatar Exchange 13,730 1.0% 145.2 15.8 2.6 3.4 80.00 MADEX 8,286-1.3% 6.5 15.9 2.5 4.0 81.13 TUSISE 4,904-1.3% 3.0 28.0-1.4 52.08 Developed Market Indices Dow Jones 17,635 0.3% 4,210.4 15.5 2.9 2.2 86.67 S&P 500 2,040 0.4% 25,970.2 17.0 2.7 2.0 75.20 Nasdaq 4,689 1.2% 17,374.4 23.3 3.5 1.1 52.07 FTSE 100 6,654 1.3% 5,850.9 13.9 1.8 3.9 57.43 Dax 9,253-0.4% 3,472.3 12.9 1.5 3.1 30.00 Cac 40 4,202 0.3% 3,710.8 14.5 1.4 3.3 37.50 Swiss 8,915 1.1% 2,267.5 17.3 2.6 3.2 60.00 Nikkei 17,491 3.6% 15,702.8 19.3 1.7 1.5 86.16 Australia 5,454-1.7% 3,201.6 15.3 1.9 4.7 55.67 Stoxx 600 336 0.1% 29,902.3 15.3 1.7 3.5 49.92 Emerging Market Indices Hong Kong 24,087 2.3% 3,839.1 11.2 1.3 3.7 70.00 Shanghai 2,479 2.5% 40,570.0 10.1 1.4 2.7 95.96 Korea 1,945 0.3% 4,032.1 12.9 1.0 1.1 49.53 Sensex 28,047 0.6% 81.7 17.8 2.7 1.4 96.67 Nifty 8,390 0.6% 1,117.4 17.3 2.6 1.4 90.00 Karachi 31,344 1.3% 121.6 8.6 1.9 4.7 82.22 Taiwan 8,983 0.8% 2,306.9 14.1 1.7 3.2 28.91 Bovespa 51,772-2.7% 1,707.2 11.7 1.3 4.5 37.68 Micex 1,501 0.2% 787.2 5.0 0.6 4.1 67.35 Jo'burg 1,501 1.0% 1,527.9 15.5 2.1 3.0 69.75 Vietnam 600-0.4% 104.6 14.1 2.2 3.7 73.45 Jakarta 600 1.2% 274.7 16.6 2.8 1.9 49.85 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 1,717 0.6% 6.4% 3.4% 16.29 2.10 2.49 MSCI G7 1,521 0.5% 6.8% 4.2% 16.29 2.15 2.30 MSCI EM 991 0.3% 1.4% -1.2% 12.07 1.44 2.72 MSCI FM 647 0.5% -3.2% 8.8% 10.41 1.66 4.03 S&P Pan Arab 904 0.7% 1.5% 12.1% 14.78 1.94 3.09 DUAE INDEX 4,371 5.8% 3.5% 30.0% 15.91 1.82 2.15 DKUW INDEX 4,045 0.7% -4.8% 2.4% - - - DQAT INDEX 7,389 0.2% -1.7% 17.1% 19.26 2.42 2.54 DKUS INDEX 3,029 0.6% -6.8% -3.6% 17.29 1.69 2.63 DQAS INDEX 9,847 0.6% -3.3% 22.7% 20.27 2.32 3.06 Relative to S&P Pan Arab Composite Index Index PB Dvd Yield Index PB Dvd Yield DFM 17.6% -0.5% -38.9% Bahrain - - 53.6% ADX -9.8% 2.7% 7.7% MSM -21.7% -20.7% 30.4% Tadawul 3.0% 10.5% -4.7% Qatar 7.1% 33.8% 10.4% KWSE - - 21.6% Exchange TUSISE 89.7% - -55.5% Relative to MSCI G7 Index Dow Jones -4.7% 36.8% -3.6% Cac 40-10.7% -35.2% 45.1% S&P 500 4.2% 24.1% -15.3% Swiss 6.1% 20.8% 37.7% Nasdaq 43.0% 63.7% -52.2% Nikkei 18.6% -21.3% -34.0% FTSE 100-14.4% -16.4% 67.2% Australia -6.3% -10.9% 103.7% Dax -20.6% -29.0% 35.5% Stoxx 600-6.3% -20.0% 51.2% Relative to MSCI Emerging Market Index Hong Kong -7.5% -7.8% 36.9% Jo'burg 28.8% 42.4% 11.7% Shanghai -16.2% -5.8% -1.2% Vietnam 16.9% 54.5% 37.7% Korea 6.6% -27.3% -59.1% Jakarta 37.5% 95.8% -28.5% Sensex 47.2% 87.1% -47.7% Nifty 43.5% 83.7% -49.7% Karachi -28.9% 28.5% 71.7% Taiwan 17.2% 19.6% 16.7% Bovespa -3.2% -12.7% 67.0% Micex -58.9% -60.3% 51.8% Source: Bloomberg, 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 = 0.0184x + 14.392 R² = 0.0002 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 = 0.8668x + 0.6555 R² = 0.1248 ISE 100 EGX 30 MSM 0.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 PB ADSMI DFMGI Tadawul DSM MADEX D. Market Equity Indices / E 22.0 20.0 18.0 16.0 Dow Jones S&P 500 Nasdaq AS51 Index 14.0 Dax SMI 12.0 FTSE 100 Nikkei 10.0 Cac y = 0.7927x - 0.2706 Stoxx R² = 0.3272 8.0 600 10.0 15.0 20.0 25.0 D. Market Equity Indices PB/ROA E 4.0 2.0 Stoxx 600 Dax Cac AS51 Index Nikkei S&P 500 y = 1.0775x - 0.2535 R² = 0.563 FTSE 100 0.0 0.5 1.5 2.5 3.5 4.5 PB Dow Jones SMI Nasdaq E. Market Equity Indices / E 30.0 Karachi Jakarta 25.0 HSI 20.0 Shanghai Nifty Jo'burg Sensex 15.0 10.0 Bovespa Vietnam Micex 5.0 y = 0.4858x + 9.4317 0.0 R² = 0.1433 0.0 5.0 10.0 15.0 20.0 E. Market Equity Indices PB/ROA E 4.0 Micex HSI Shanghai Nifty Karachi Bovespa y = 0.2797x + 2.3342 R² = 0.0713 0.0 0.5 1.5 2.5 3.5 PB Vietnam Jo'burg Sensex Jakarta Source: Bloomberg Page 5
Key Indicators Top Dividend Yielding Stocks GCC* Stock Price (LCL) M. Cap (USD) Dvd Yld P/E P/B Etihad Etisalat 56.01 11.49b 8.63% 7.35 1.52 Yansab 59.22 8.88b 7.37% 11.66 2.13 Safco 152.28 13.53b 6.90% 14.13 6.49 Etisalat 11.50 24.75b 6.60% 10.03 1.96 Arriyadh Development 22.03 782.87m 6.38% 13.39 1.28 Yanbu Cement 68.21 2.86b 6.18% 12.35 2.98 Industries Qatar 194.70 32.35b 6.10% 14.19 3.59 Sabic 103.38 82.66b 5.79% 11.27 1.78 *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 4.33 3176.7-11.4 - -2.5 - -38.5-0.0 37 3.0 Telecom Egypt 14.70 3509.6 8.5 10.0 10.5 8.5 0.9 9.1 6.8 8.8 64 1.9 NMTC 1540.00 2635.9 11.7 9.8 9.4 9.7 1.1 4.9 7.1 8.0 50 0.3 Zain 610.00 9080.0 12.3 10.2 13.5 15.0 1.8 7.2 7.2 8.2 36 3.0 Oredoo 120.00 10397.3 17.1 11.9 9.8 12.8 1.8 2.7 2.9 3.8 37 3.6 Etihad Etisalat 56.01 11494.6 9.9 7.2 29.8 25.7 2.7 15.7 5.5 8.6 15 86.4 STC 68.81 36679.1 10.8 11.4 18.4 20.1 1.9 11.7 4.2 4.3 35 17.9 Zain KSA 9.36 2694.5 - - -21.7-18.6 1.5-6.1 0.0 0.0 33 66.3 Etisalat 11.50 24753.8 13.0 10.1 17.5 19.5 2.3 8.3 6.0 6.3 49 6.4 Du 5.30 6720.9 15.5 12.6 27.1 28.0 4.3 13.2 4.7 6.4 46 1.1 Average 12.3 10.5 12.7 11.8 2.0 2.8 4.9 5.4 Petrochemicals & Fertilisers Sector IQ 194.70 32812.7 12.8 16.5 25.0 20.5 3.0 23.0 6.5 5.7 54 16.3 Sahara Petchem 19.07 2230.2 15.0 13.3 10.3 10.3 1.5 6.7 4.3 4.9 29 26.6 Sabic 103.38 82659.9 13.2 11.9 16.8 16.2 2.1 7.5 4.5 5.5 29 134.6 SIPCHEM 33.00 3224.9 18.8 17.9 10.9 11.4 2.0 3.9 3.9 4.0 32 8.0 Saudi Kayan 13.79 5513.1-70.4-2.4 1.5 1.7-0.7-0.0 34 94.3 Sidi Kerir Petchem 17.80 1307.0 6.9 8.5 48.7 37.9 3.1 34.7 10.5 10.4 41 0.4 Yansab 59.22 8878.3 15.7 12.9 18.9 16.9 2.8 11.7 4.1 6.5 28 9.8 Chemanol 14.95 480.5 25.4 21.1 4.6 5.4 1.2 2.5-3.8 30 12.9 APPC 53.55 2340.6 12.0 13.1 25.9 28.0 3.0 17.2 3.1 5.0 45 11.6 Safco 152.28 13528.8 16.5 15.7 36.9 39.0 6.3 32.4 7.7 6.6 30 7.1 Ma'aden 35.97 11202.1 17.8 28.9 8.9 9.2 1.5 2.8 0.0 0.0 38 46.7 Tasnee 31.53 5621.2 19.0 13.9 9.8 12.0 1.9 2.5 4.5 5.2 45 20.2 Average 15.7 20.3 17.8 17.4 2.5 12.0 4.9 4.8 Food & Retail Sector Almarai 73.42 11740.9 21.0 25.9 17.0 18.0 3.1 7.0 1.9 1.6 35 16.1 Othaim 104.50 1253.3 14.6 21.1 25.9 25.8 3.5 10.2 0.0 1.8 37 6.0 Alhokair 102.69 5747.6 14.0 22.3 36.2 41.1 4.3 18.6 2.4 2.4 30 9.2 Jarir Marketing 184.50 4425.6 21.9 22.2 59.4 59.7 12.2 31.2 3.5 3.7 35 3.8 Savola 80.42 11445.3 18.6 20.5 19.0 19.9 3.5 7.1 3.2 2.6 40 11.9 Agthia 6.60 1078.1 16.6 19.0 13.5 16.5 2.1 8.7 2.3 1.9 54 0.3 Average 17.8 21.8 28.5 30.2 4.8 13.8 2.2 2.3 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 3.37 7278.2 8.1 12.6 18.3 12.1 1.3 5.9 2.5 2.0 49 22.6 Barwa Real Estate 50.70 5417.7 7.4-10.3-0.8 2.9 6.7-81 9.1 Dar AL Arkan 11.21 3226.8 15.6 15.7 4.1 4.3 0.6 3.0-0.0 22 99.9 Deyaar Development 1.09 1698.9 37.8 47.0 3.9 3.2 1.4 2.4 0.0-46 9.3 Emaar Economic City 16.03 3631.5 41.4 47.1 3.5 3.6 1.4 1.9 0.0-34 13.0 Emaar Properties 11.00 21539.6 18.2 25.0 7.7 9.0 1.4 4.1 2.0 4.0 60 68.0 TMG Holding 10.25 2958.2 21.8 25.6 2.3 3.0 0.5 1.1 0.0 0.7 46 4.9 Palm Hill Developments 4.33 816.5 11.6 14.7 7.2 3.8 0.9 1.7 0.0-57 5.9 Average 20.3 26.8 7.2 5.6 1.0 2.9 1.6 1.7 Banking & Financials Sector CIB 49.52 6234.9 9.8 12.9 26.5 27.0 2.5 2.9 3.1 2.5 55 7.2 Al Rajhi Bank 64.29 27844.1 14.7 13.7 19.9 19.2 2.9 2.7 3.4 4.4 38 74.1 Samba 48.04 15364.6 10.0 12.2 13.6 13.1 1.3 2.2 3.3 3.0 57 14.5 Riyad Bank 18.88 15095.9 11.1 13.3 12.0 12.4 1.3 2.0 5.0 4.1 39 10.6 Bank Aljazira 31.08 3313.4 17.3 19.9 12.1 10.9 2.0 1.2 0.0 1.5 45 25.3 NBK 980.00 16183.5 16.8 14.4 9.7 14.8 1.6 1.4 3.4 3.4 53 6.3 Burgan Bank 515.02 3559.1 42.3 5.2 4.2 15.7 1.8 0.3 1.3 2.3 42 3.3 DIB 7.64 8471.6 13.0 14.2 13.8 18.8 1.5 1.5 4.7 3.9 51 17.3 NBAD 13.60 18310.0 12.6 13.2 14.4 16.0 1.7 1.5 2.9 2.8 45 2.0 FGB 18.90 20227.3 11.8 14.1 15.8 18.8 1.8 2.6 5.3 4.5 57 10.0 ADCB 7.70 12035.2 10.3 10.9 15.1 17.8 1.4 1.8 4.6 4.3 39 7.8 QNB 225.00 43234.7 12.7 15.0 19.0 19.3 2.3 2.3 4.1 3.0 65 19.8 CBQ 73.00 5993.3 10.9 11.4 10.4 13.2 1.1 1.7 2.8 2.9 51 5.4 DB 58.40 4179.1 9.2 11.1 13.9 15.2 1.3 2.1 7.7 6.9 46 5.3 QIB 110.00 7137.8 12.2 18.5 11.4 12.2 1.4 1.8 5.8 3.8 42 6.3 Bank Muscat 0.69 3900.3 8.8 9.3 13.3 12.7 1.1 1.9 3.9 4.5 33 2.6 DFM 2.86 6294.6 70.6 31.1 3.7 10.2 2.5 3.6 2.0 3.3 48 14.7 EFG Hermes 17.79 1426.9-19.7-6.1 5.9 0.6-0.9-1.5 59 4.5 Dubai Investments 3.10 3297.1 10.8-9.4-1.0 6.6 2.8-46 11.6 Average 16.9 14.5 12.2 15.2 1.6 2.1 3.7 3.5 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 0.63 1194.0 10.6 7.5 6.3 6.1 0.6 4.5 - - 52 2.0 QEWC 188.90 5724.3 13.1 14.0 24.5 22.7 3.0 12.3 4.1 4.0 53 4.3 Saudi Electricity 16.43 18245.5 19.9 20.5 5.5 6.2 1.1 1.2 4.8 4.3 37 15.7 Tabreed 1.49 313.7 30.0 15.6 6.1 7.2 0.3 3.2-3.2 45 1.1 Average 18.4 14.4 10.6 10.6 1.3 5.3 4.5 3.8 Industrials Sector El Ezz Steel Rebars 634.00 1185.0 8.9-31.0-2.7 5.8 9.3-24 0.0 Elswedy ElectriC 45.75 1429.5 74.4 21.2 2.0 9.1 1.5 0.7-1.8 54 0.6 GB Auto 32.92 593.9 39.9 16.1 6.7 11.9 2.3 1.9-3.8 56 0.6 Oriental Weavers 49.48 622.8 8.8 12.2 11.0 11.0 0.9 5.6 5.8 4.8 54 0.6 Saudi Arabian Amiantit 15.90 489.5 15.4 19.6 7.2 6.0 1.1 2.4 6.5 4.6 37 10.3 Saudi Cable 11.30 228.9-19.2-28.8-1.4-6.6 0.0-29 4.8 KIPCO 690.00 3498.2 2137 Average 3587. 9.3 Transport & Logistics Sector 8 17.3 7.2-1.5 0.5 3.2 2.9 38 0.9 17.6 5.2 9.5 1.6 1.5 5.0 3.6 Air Arabia 1.48 1893.1 17.2 15.2 7.7 9.0 1.3 4.8 4.7 4.9 70 3.9 Aramex 3.10 1235.7 16.0 13.9 13.5 14.7 2.1 9.8 3.8 4.2 50 1.5 DPW 20.15 16732.8 23.0 25.9 7.7 7.2 1.7 3.9 1.3 1.3 58 2.9 National Shipping Co 35.03 2941.0 11.8 16.6 13.4-1.5 6.5 3.5 3.0 50 21.9 Agility 880.00 3454.7 15.6 17.8 5.3 6.5 0.8 3.3 5.8 4.6 53 3.9 QGTS 24.55 3783.1 15.3 16.1 23.9-2.6 2.4 5.4 4.8 56 2.8 Average 16.5 17.6 11.9 9.3 1.7 5.1 4.1 3.8 Construction & Building Materials Arabtec 4.27 5025.9 17.9 33.3 8.9 9.1 1.6 3.5 3.5 1.0 53 87.4 Depa 0.61 375.0-17.2-8.6 4.8 1.1-4.1 0.0-43 0.5 DSI 1.11 690.6 19.7 13.2 5.9 6.0 1.1 2.4-1.4 45 5.6 OCIC 397.16 11605.7 - - -17.7-5.9-3.3 0.0-91 0.0 Average 18.8 21.3-2.9 6.6 2.4-0.4 1.2 1.2 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 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