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  • Daily 6 March 2012

    Irfan Ellam

    Head of MENA Equity Research

    +971 4 230 7807

    [email protected]

    Aditya Pugalia

    Analyst

    +971 4 230 7802

    [email protected]

    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

    Research from Emirates NBD

    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

    Research from Emirates NBD

    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 [email protected]

    Research

    Khatija Haque

    Senior Economist +971 4 230 7801 [email protected]

    Nick Stadtmiller

    Head of Fixed Income Research +971 4 230 7804 [email protected]

    Aditya Pugalia

    Research Analyst +971 4 230 7802 [email protected]

    Irfan Ellam

    Head of MENA Equity Research +971 4 230 7807 [email protected]

    Sales & Structuring

    Head of Sales & Structuring

    Sayed Sajjid Sadiq +971 4 230 7777 [email protected]

    Saudi Arabia Sales

    Numair Attiyah +966 1 282 5625 [email protected]

    Singapore Sales

    Supriyakumar Sakhalkar +65 657 5627 [email protected]

    Group Corporate Communications

    Ibrahim Sowaidan

    +971 4 609 4113 [email protected]

    Claire Andrea

    +971 4 609 4143 [email protected]

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