Post on 14-Dec-2020
transcript
Daily 6 March 2012
Irfan Ellam
Head of MENA Equity Research
+971 4 230 7807
mohammedie@emiratesnbd.com
Aditya Pugalia
Analyst
+971 4 230 7802
adityap@emiratesnbd.com
Research from Emirates NBD
Equity Daily
MENA Equities
The Tadawul continued its positive run for the 13th
consecutive day, in what was largely a positive day for GCC equity indices. Dar Al Arkan surged 5.9% in heavy trading after the developer said in a statement that unnamed international and local firms reevaluated its real estate portfolio at a premium of 53% to its book value of SAR 9.7bn. Other notable gainers were Zain Saudi (+8.4%) and Saudi Cement (+3.5%)
The DFM index ended flat in what was a volatile day of trading at the exchange. However on a positive note, the index found support at lower levels indicating that investors are still willing to invest fresh money, albeit at lower levels. Tabreed (+ 14.5%) and Tamweel (+14.8%), however, continued their positive run. Aabar raised its stake in Arabtec in open market according to data on the DFM website.
Barwa Real Estate (-5.4%) dragged the Doha Stock Market lower as the company reported a weak set of numbers. Qatar Telecom, on the other hand, gained +1.3% on its earnings and dividend announcements.
MENA Equity Indices (1d % change)
Source: Bloomberg, Emirates NBD Research
MENA Equity Indices
Index
Last
Price 1d chg
T.Value
(USD mn)
Best
P/E
Best
P/B
Div.
Yield
% above
200d MA
DFM 1,754 0.1 256.0 10.7 0.8 3.0 71.0
ADX 2,625 -15.9 49.6 8.4 1.1 3.8 32.8
Tadawul 7,354 2.5 3,672.8 12.4 1.9 3.1 92.1
ISE 100 59,685 -1216.9 937.1 9.4 1.3 2.5 55.9
EGX 30 5,344 36.4 74.3 8.0 1.2 3.4 73.3
KWSE 6,201 14.4 245.1 - - 3.1 32.4
Bahrain 1,152 4.4 4.6 - - 5.6 12.2
MSM 5,869 21.7 16.4 10.0 1.5 4.7 66.7
DSM 8,723 -18.5 89.6 10.5 1.7 4.2 80.0
MADEX 9,338 -4.9 10.7 13.8 2.6 3.6 50.0
TUSISE 4,744 -10.6 3.0 14.6 - 2.0 60.7
Source: Bloomberg, Emirates NBD Research
-0.2%
-0.1%
-2.0%
0.7%
0.4%
0.4%
0.2%
-0.2%
0.0%
-0.6%
0.0%
-3% -2% -1% 0% 1%
TUSISE
MADEX
ISE 100
EGX 30
MSM
Bahrain Bourse
KWSE
DSM
Tadawul
ADX
DFM
Page 2
Research from Emirates NBD
Global Equities
US stocks declined on mixed macroeconomic data with the ISM Manufacturing data coming in better-than-expected while the factory order data came in weaker. Alcoa (-3.6%), Caterpillar (-2.1%) and Bank of America (-2.0%) led the declines.
European equities declined across the board on weaker-than-expected services and manufacturing PMI data and on China's announcement of a lower growth target of 7.5%. Salzgitter declined -5.4% after saying it may not match 2011 results while Gagfah jumped 27% after settling a sales dispute with the city of Dresden. BP gained +1.6% after reaching a settlement with Maconda oil spill victims in the US.
Asian equities are trading weaker this morning tracking losses in developed market equities overnight. The MSCI Asia Pacific Index was trading -0.7% at the time of writing. BHP Billiton declined -2.5% and ICBC declined -2.6% after a report that Goldman Sachs may sell a big part of its stake in the bank.
Developed Market Equity Indices (1d % change)
Source: Bloomberg, Emirates NBD Research
Emerging Market Equity Indices (1d % change)
Source: Bloomberg, Emirates NBD Research
-0.2%
-0.8%
-0.6%
0.1%
-0.4%
-0.8%
-0.6%
-0.9%
-0.4%
-0.1%
-1% 0% 1%
S&P / ASX 200
Nikkei
Stoxx 600
SMI
Cac 40
Dax
FTSE 100
Nasdaq
S&P 500
DJIA
-1.4%
-0.6%
-0.9%
-1.6%
-1.5%
1.5%
-1.4%
-1.2%
1.1%
-0.5%
4.0%
-0.5%
0.3%
-0.5%
-2% -1% 0% 1% 2% 3% 4% 5%
Hang Seng
SHCOMP
KOSPI
Sensex
Nifty
KSE 100
TWSE
Bovespa
Micex
FTSE / JSE Africa
Ho Chi Minh
JSE
KLCI
MEXBOL
Page 3
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MENA News Flow
Telecom
Nawras refinanced a USD 149mn loan facility. The new-five year facility comprises a term loan of USD 87mn and revolving
credit facility of OMR 24mn. Bank Muscat, DBS Bank, Qatar National Bank and The Bank of Tokyo-Mitsubishi were
arrangers. (Bloomberg)
Du reported a 16% drop in full year profits to AED 1.09bn as royalty to the federal government increased 288% to AED
714.6mn. The net profit was ahead of consensus analyst’s expectations of AED 997mn by 9%. Du’s board proposed a
dividend of AED 0.15 per share for 2011. (Bloomberg)
Banking & Finance
Takaful Emarat Insurance started a SAR 20mn equity fund that protects 90% of the capital with an expected rate of return
between 3-5%. The fund is managed by Riyad Capital. (Bloomberg)
UAE bank loans fell for the first time in five months in December 2011. Loans dropped 0.3% m/m while deposits rose 1.5%
m/m. (Bloomberg)
Al Rajhi shareholders approve 2H 2011 dividend of SAR 2 per share. (Bloomberg)
Fitch assigns Doha Bank’s EMTN program ‘A’ rating. (Bloomberg)
Bank Muscat denied plans to open branches in India, Sri Lanka and Mauritius. (Bloomberg)
Emirates NBD raised CNY 750mn from the sale of its first yuan-denominated bond. The three-year bond was said to be
priced to yield 4.875%. (Bloomberg)
Mashreqbank sells USD 50mn 2-year floating rate note. (Bloomberg)
Fitch affirms Riyad Bank and Samba Financial Group at A+ with stable outlook. (Bloomberg)
Bank Nizwa, Oman's first Islamic bank, is likely to launch a OMR 60mn IPO in April. The lender will offer 40% capital as part
of the IPO which will be managed by Oman Arab Bank. (AB)
Petrochemicals
Korea National Oil Corp and GS Energy Co signed an agreement with ADNOC to develop and operate three oil field in UAE
for 30 years. Korea National Oil Co will own 34% of the venture, GS Energy Holding 6% and ADNOC will have the
remaining stake. (Bloomberg)
Maridive & Oil Services reported a 40% y/y decline in net profit to USD 28.7mn while revenues rose 40% y/y to USD
391.3mn. The board recommended one bonus share for every seven held. (Bloomberg)
Real Estate
Emaar Properties launched sale of premium Golf Homes located in Arabian Ranches Golf course. Only 18 villas, each in a
plot area of 17,000 to 27,000 sq.ft are for sale. (Bloomberg)
Barwa Real Estate reported 14.2% decline in full year profits to QAR 1.2bn. The board recommended a dividend of QAR 1
per share. (Bloomberg)
Aabar Investments raised its stake in Arabtec to 5.28%, according to data posted on Dubai's stock exchange. (Bloomberg)
Sharjah Executive Council (SEC) has approved an AED 650,000 housing grant for Emiratis as it moves to meet its
affordable housing shortfall. Up to 394 Emiratis are expected to be approved in the first batch of grants but the number is
expected to triple in the following batches. (AB)
Transportation & Logistics
Saudi Arabia will seek tenders soon for construction of a cross-country railway linking Riyadh with Jeddah. (Bloomberg)
Industrials
Taqa board to discuss potential dividend in its 13 March board meeting. (Bloomberg)
Saudi Arabian Mining Co said it has awarded Hyundai Engineering & Construction Co Ltd a contract worth USD 1.5bn to
build the alumina refinery for its joint venture with Alcoa in Saudi Arabia. (Zawya)
GB Auto reported 26% y/y decline in 2011 profits to EGP 191mn as net finance costs increased 30% to EGP 217mn. Full
year revenue rose 8% y/y to EGP 7.42bn. The net profit missed consensus analysts’ estimates of EGP 208mn by 8.1%.
(Bloomberg)
Food & Retail
Juhayna Food Industries reported 18% y/y decline in 2011 profits to EGP 185.9mn from EGP 227.8mn. (Bloomberg)
Page 4
Research from Emirates NBD
A USD 300mn shopping mall development to open in Lebanon next year will create 1,200 retail jobs, developer Majid Al
Futtaim (MAF) has said. Beirut City Centre, will house a total of 200 stores over three levels and 40 international food and
beverage outlets. (AB)
Other
Dubai plans to raise funds by selling debt based on future revenues at Dubai Duty Free. The Department of Finance is
working with the Investment Corporation of Dubai and is planning to raise at least USD 500mn from the securitization of
receipts. (Reuters)
The Saudi Development Fund provided USD 50mn in credit facilities to Kenana Sugar Co and White Nile Sugar Co.
(Bloomberg)
Saudi Arabia’s HSBC PMI index declined to 59.6 in February from 60 a month earlier. (Bloomberg)
The UAE HSBC PMI eased to 52.0 from 52.4 in January. (Bloomberg)
Libya's stock exchange is to re-open on March 15, just over a year after the country's conflict forced it to close down. (AB)
Page 5
Research from Emirates NBD
Events Calendar
Date Company / Country Event
6-Mar Gulf Navigation Holding Earnings Release
6-Mar Dhofar Insurance Earnings Release
6-Mar Dhofar Poultry Earnings Release
6-Mar Dhofar Power Co Earnings Release
6-Mar Kenya Electricity Generating Co Ltd Earnings Release
6-Mar Commercial Facilities Co Earnings Release
6-Mar Jazeera Airways Earnings Release
6-Mar Tourism Urbanization Earnings Release
6-Mar National Cable & Wire Manufacturing Co Earnings Release
6-Mar Arab Real Estate Development Earnings Release
6-Mar National Poultry PLC Earnings Release
6-Mar Ismailia National Food Industries Earnings Release
6-Mar Union Investment Corp Earnings Release
6-Mar Arab Jordanian Insurance Group Earnings Release
6-Mar Jordan Tanning Earnings Release
6-Mar Al Bilad Securities & Investment Co Earnings Release
6-Mar Nutri Dar Earnings Release
6-Mar Kafaa For Financial & Economical
Investments
Earnings Release
6-Mar Arab Union International Insurance Earnings Release
6-Mar BLC Bank SAL Earnings Release
6-Mar Jordan Press & Publ/ad-Dustr Earnings Release
6-Mar First Jordan Investment Co Earnings Release
6-Mar Shareco Brokerage Earnings Release
6-Mar Jordan Sulpho-Chemicals Earnings Release
6-Mar General Investment Earnings Release
6-Mar International Ceramic Industries Earnings Release
6-Mar Arab Orient Insurance Co Ltd Earnings Release
6-Mar Al-Amal Financial Investment Co Earnings Release
6-Mar Banque Europeenne pour Le Moyen Orient Earnings Release
Page 6
Research from Emirates NBD
SAL
6-Mar Arab Aluminum Co SAE Earnings Release
6-Mar Societe Generale de Banque Jordanie Earnings Release
6-Mar High Performance Real Estate Investments Earnings Release
6-Mar Jordan Himeh Minerals Earnings Release
6-Mar Offtec Investment Group Earnings Release
6-Mar National Insurance Co/Jordan Earnings Release
7-Mar Salhia Real Estate Co KSC Earnings Release
7-Mar Zad Holding Co Earnings Release
7-Mar Arab Banking Corp/Jordan Earnings Release
7-Mar Saba'ek Investment Earnings Release
7-Mar Zara Investments Earnings Release
7-Mar Jordan Kuwait Bank Earnings Release
7-Mar Specialized Jordan Investment Co Earnings Release
7-Mar Yarmouk Insurance Co Ltd Earnings Release
7-Mar Premier Business And Projects Co Ltd Earnings Release
7-Mar Jordan French Insurance Earnings Release
7-Mar Arab Cotton Ginning Earnings Release
7-Mar Irbid District Electricity Earnings Release
7-Mar Cairo Amman Bank Earnings Release
7-Mar Unitronics Earnings Release
Source: Bloomberg, Emirates NBD Research
Page 7
Research from Emirates NBD
Major Market Movers
Dubai Financial Market (1d % change)
Abu Dhabi Stock Market (1d % change)
Tadawul (1d % change)
Source: Bloomberg, Emirates NBD Research
Most Active by Value
Dubai Financial Market
Stock Price
(AED) 1d % chg
T. Value
AED mn
DFM 1.24 4.20% 189.50
Dubai Investments 1.00 8.93% 148.22
Tabreed 2.13 14.52% 133.90
Tamweel 1.32 14.78% 96.13
Emaar Properties 3.05 -2.24% 86.92
Abu Dhabi Stock Market
Stock Price
(AED) 1d % chg
T. Value
AED mn
Aldar Properties 1.27 0.79% 43.25
Sorouh Real Estate 1.28 -0.78% 29.66
Rak Cement Co 0.82 2.50% 20.95
First Gulf Bank 21.10 -1.86% 16.39
Methaq Takaful 1.45 -1.36% 13.17
Tadawul
Stock Price
(SAR) 1d % chg
T. Value
SAR mn
Dar Al Arkan 10.00 6.38% 1.53bn
Mobile Telecom 8.95 7.83% 1.02bn
Emaar Economic City 10.70 9.74% 704.19
SABIC 101.25 -0.49% 611.89
Alinma Bank 12.75 -0.78% 584.64
14.8
14.5
8.9
8.5
4.2
-10.0
-5.9
-5.8
-4.8
-4.4
-16.0 -8.0 0.0 8.0 16.0
TAMWEEL DB
TABREED DB
DIC DB
SHUAA DB
DFM DB
AMAN DB
NCC DB
GULFNAV DB
SALAMA DB
DEYAAR DB
9.8
8.4
7.1
4.0
4.0
-3.5
-3.1
-2.3
-2.3
-2.0
-8.0 -4.0 0.0 4.0 8.0 12.0
QTEL DH
WATANIA DH
FOODCO DH
SCIDC DH
ADNH DH
RAKCEC DH
SUDATEL DH
GCIC DH
TAQA DH
NBS DH
9.7
7.8
6.4
5.3
4.7
-4.0
-3.4
-3.2
-2.6
-2.5
-8.0 -4.0 0.0 4.0 8.0 12.0
EMAAR AB
ZAINKSA AB
ALARKAN AB
ALMUTAKAAB
JADCO AB
ACE AB
RJHI AB
TAKWEEN AB
TRDUNIONAB
ALKHLEEJAB
Page 8
Research from Emirates NBD
Major Market Movers
Qatar Stock Exchange (1d % change)
Kuwait Stock Exchange (1d % change)
Egypt Stock Exchange (1d % change)
Most Active by Value
Qatar Stock Exchange
Stock Price
(QAR) 1d % chg
T. Value
QAR mn
Barwa Real Estate 28.90 -5.40% 78.86
Industries Qatar 143.10 1.20% 52.57
Qatar Gas Transport 17.55 0.92% 32.63
Qatar Telecom 167.00 1.27% 28.52
Masraf Al Rayan 26.55 0.19% 23.45
Kuwait Stock Exchange
Stock Price
(KWD fil) 1d % chg
T. Value
KWD mn
Hits Telecom 89.00 4.71% 4.27bn
Al Madina 69.00 2.99% 4.05bn
Mobile Telecom 860.00 0.00% 3.62bn
Abyaar Real Estate 52.00 4.00% 3.39bn
Kuwait Intl Bank 260.00 4.00% 3.21bn
Egypt Stock Exchange
Stock Price
(EGP) 1d % chg
T. Value
EGP mn
TMG Holding 4.95 1.64% 69.81
Orascom Tele Media 1.54 -2.53% 57.58
Comm Intl Bank 25.29 2.02% 51.96
Palm Hills Development 2.26 0.89% 33.62
EFG Hermes 16.21 5.53% 24.51
Source: Bloomberg, Emirates NBD Research
2.6
1.4
1.3
1.2
0.9
-5.4
-4.1
-2.6
-2.0
-1.6
-8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0
KCBK QD
QATI QD
QTEL QD
IQCD QD
QGTS QD
BRES QD
UDCD QD
KHCD QD
NLCS QD
DHBK QD
9.8
9.6
8.9
8.6
7.7
-7.7
-7.3
-7.3
-7.1
-7.1
-10.0 -5.0 0.0 5.0 10.0 15.0
MUNTAZAHKK
IIC KK
KGL KK
SOKOUK KK
FIRSTDUBKK
GPI KK
ABAR KK
GFH KK
EKTTITABKK
PEARL KK
5.5
2.3
2.0
1.7
1.6
-2.5
-1.6
-1.5
-1.4
-1.4
-5.0 -3.0 -1.0 1.0 3.0 5.0 7.0
HRHO EC
EGTS EC
COMI EC
AMOC EC
TMGH EC
OTMT EC
MOIL EC
AIND EC
GMCI EC
UNIP EC
Page 9
Research from Emirates NBD
Foreign Ownership Limits
Stock Allowed Owned Stock Allowed Owned Stock Allowed Owned
Dubai Al Buhairah Ins. Co. 25.00 2.98 SCIDC 15.00 1.95
Air Arabia 49.00 20.68 Al Khazna Ins. Co. 25.00 0.80 Sorouh Real Estate 15.00 11.96
Ajman Bank 49.00 1.97 Aldar Properties 40.00 10.59 Sudan Telecom 100.00 80.40
Arabtec Holdings 49.00 7.76 Bank of Sharjah 30.00 17.36 UAQ Cement 49.00 8.21
Aramex 49.00 35.24 Comm. Bank Intl 20.00 19.60 Union Cement 49.00 3.02
Drake & Scull Intl 49.00 17.43 Dana Gas 49.00 62.66 UNB 40.00 6.32
DFM 49.00 3.84 Eshraq Properties 49.00 26.72 United Arab Bank 49.00 45.07
Dubai Investments 20.00 3.08 Finance House 20.00 9.33 United Insurance Co. 25.00 0.00
Dubai Islamic Bank 15.00 2.22 First Gulf Bank 25.00 13.63 Waha Capital 49.00 5.08
DNIR 25.00 0.06 Foodco Holding 49.00 1.43 Qatar
Emaar 49.00 9.45 Green Crescent Ins. 25.00 14.58 Al Khaliji 24.96 23.70
Du 22.00 0.34 Gulf Cement Co. 49.00 18.84 Al Khalij Holding 23.25 6.14
Emirates NBD 5.00 1.81 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.80
GGICO 49.00 0.91 Gulf Medical Projects 49.00 8.60 CBQ 19.15 17.07
Gulf Navigation 20.00 3.36 JULPHAR 49.00 31.00 Doha Bank 18.83 7.11
National Cement Co. 25.00 1.04 Insurance House 25.00 0.50 Gulf Intl Services 17.50 9.63
TABREED 49.00 5.73 ASMAK 49.00 0.04 Industries Qatar 7.50 6.59
Shuaa Capital 49.00 18.52 Investbank 20.00 0.41 Masraf Al Rayan 49.00 16.35
TAKAFUL 25.00 17.35 METHAQ 25.00 19.10 National Leasing 25.00 11.67
Takaful House 25.00 3.58 NBAD 25.00 2.55 QEWS 25.00 7.92
Tamweel 40.00 4.74 RAK Bank 20.00 15.51 Qatar Gas Transport 24.69 12.28
Union Properties 15.00 3.03 NMDC 5.00 1.47 Qatar Insurance Co. 17.89 9.04
Abu Dhabi Qatar Telecom 100.00 87.11 QIIB 19.71 2.75
ADCB 49.00 3.44 RAK Properties 49.00 27.07 Qatar Islamic Bank 20.59 4.58
BILDCO 25.00 7.08 RAK Poultry & Feeding 49.00 14.66 Qatar National Bank 11.36 4.06
AD National Hotel 25.00 1.34 RAK Cement Co. 49.00 21.97 Qatar Navigation 25.00 6.52
ADNIC 25.00 0.09 RAK Ceramics 49.00 9.65 Qatar Telecom 100.00 22.96
AD Ship Building 25.00 4.30 RAK Co for White Cement 49.00 3.87 United Development 25.00 20.52
Agthia Group 25.00 8.43 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.43
Source: Bloomberg, Emirates NBD Research
Page 10
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Other Asset Classes
Currencies
Close %1d chg 1 year fwd Close %1d chg Close %1d chg
EURUSD 1.3217 +0.14 1.3256 USDTRY 1.7705 +0.14 EURAED 4.8545 +0.13
GBPUSD 1.5865 +0.19 1.5820 USDEGP 6.0310 -0.00 GBPAED 5.8269 +0.21
USDJPY 81.5600 -0.31 81.1015 USDSAR 3.7503 +0.00 JPYAED 0.0450 +0.22
USDCAD 0.9946 +0.54 1.0033 USDQAR 3.6397 -0.02 CADAED 3.6930 -0.52
AUDUSD 1.0671 -0.58 1.0254 USDKWD 0.2784 +0.24 AUDAED 3.9192 -0.58
USDCHF 0.9122 -0.22 0.9063 USDBHD 0.3770 -- CHFAED 4.0257 +0.23
EURGBP 0.8331 -0.06 0.8379 USDOMR 0.3850 -- TRYAED 2.0745 -0.14
USDCNY 6.3069 +0.13 6.3067 USDMAD 8.4445 -0.08 INRAED 0.0737 -0.67
Rates
Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps)
EIBOR 0.9750 1.5363 1.7138 1.9863 USD 2 yr 0.5525 2.9
USD LIBOR 0.2428 0.4746 0.7432 1.0544 USD 5 yr 1.1250 3.0
GBP LIBOR 0.7235 1.0459 1.3681 1.8756 USD 10 yr 2.0890 3.0
EURIBOR 0.5210 0.9340 1.2420 1.5720 EUR 2 yr 1.0565 2.1
JPY LIBOR 0.1443 0.1957 0.3359 0.5537 EUR 5 yr 1.5330 2.0
CHF LIBOR 0.0675 0.0917 0.1517 0.3670 EUR 10 yr 2.2415 1.7
Commodities & Fixed Income
Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps)
CRB CMDT Index - ADGB 5.5 14 1.0590 -0.6 Abu Dhabi 131.2 +0.7
Gold 1706.50 -0.36 DUGB 6.396 14 4.4420 +1.3 Dubai 379.5 -0.5
Silver 33.98 -2.33 QATAR 5.15 14 1.3100 +0.2 Qatar 132.5 +0.7
Oil (WTI) 106.72 +0.02 BHRAIN 6.273 18 5.0830 +1.3 Saudi Arabia 132.5 +0.5
Oil (Brent) 123.80 +0.12 EGYPT 5.75 20 6.5770 -29.3 Bahrain 368.6 -4.0
Aluminium 2243.75 -1.84 TURKEY 7.25 15 3.3460 -10.7 Egypt 605.8 -4.2
Copper 8501.00 -0.89 MOROC 5.375 17 4.1910 +1.9 Turkey 229.0 -0.8
Tin (LME) 22978.00 -2.96 BTUN 4.5 20 5.5870 +1.4 Morocco 245.0 +2.5
Zinc (LME) 2063.00 -1.63 US Tsy 2 yr 0.2935 +2.0
US Tsy 10 yr 2.0104 +3.7
Source: Bloomberg, Emirates NBD Research
Page 11
Research from Emirates NBD
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Page 12
Research from Emirates NBD
Emirates NBD Research & Treasury Contact List
Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai
Tim Fox
Head of Research & Chief Economist +971 4 230 7800 timothyf@emiratesnbd.com
Research
Khatija Haque
Senior Economist +971 4 230 7801 khatijah@emiratesndb.com
Nick Stadtmiller
Head of Fixed Income Research +971 4 230 7804 nicholass@emiratesndb.com
Aditya Pugalia
Research Analyst +971 4 230 7802 adityap@emiratesnbd.com
Irfan Ellam
Head of MENA Equity Research +971 4 230 7807 Mohammedie@emiratesnbd.com
Sales & Structuring
Head of Sales & Structuring
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Supriyakumar Sakhalkar +65 657 5627 sakhalkars@emiratesnbd.com
Group Corporate Communications
Ibrahim Sowaidan
+971 4 609 4113 ibrahims@emiratesnbd.com
Claire Andrea
+971 4 609 4143 clairea@emiratesnbd.com