Dear Customer,

Let me begin by wishing you and your family a very successful and fulfilling 2014.

As the end of the landmark 50th year of our franchise in the UAE comes to pass, I would like to take this opportunity to thank you for your continued patronage of Emirates NBD. This past year has been very productive and with your support, we have crossed many significant milestones along the way.

In 2013, Emirates NBD Retail Banking has seen steady growth. This strong showing comes across all our product offerings, segments and channels as reflected by the significant market share that we have gained in the past 12 months.

We focused on strengthening our customer franchise and building platforms for growth, both virtual and physical. With greater social media presence and capabilities, as well as tools like our Customer Relationship Management sales and marketing platform, we are now able to better connect and provide you with the latest and more relevant information.

Our constant efforts to focus on service excellence included strategic branch relocations, reduction of turnaround times for product queries and improved complaint resolutions. All these have resulted in enhancing overall customer satisfaction.

We embarked on a number of new partnerships, products and initiatives. Significant amongst them were the launch of the exclusive Visa Signature Debit Card with exclusive travel, dining and lifestyle privileges and our Wealth Optimizer platform for the customized wealth needs of our Priority Banking customers.

We continued to search for ways to provide more convenient and time-saving channels of banking for our customers. We launched the first Interactive Teller Machine in the region and added new features to our internet banking platform. As a result, we are now one of the most active banks online and our mobile banking application was consistently rated number one.

Our brand value continues to increase steadily, and in 2013, we won nearly 20 industry awards recognizing our business, marketing and product excellence in Retail, including the prestigious Asian Banker “Best Retail Bank in UAE” award.

As we step into 2014, we look forward to new challenges. We renew our commitment to further enhance your banking experiences and meet your changing expectations. Together, we will meet these challenges with the hopes to once again prove why we deserve to be your banking partner of choice.

With best wishes,

Suvo Sarkar

General Manager

Retail Banking & Wealth Management

JANUARY 2014 Vol. 3 - No. 1

News update

>> Abu Dhabi economy is resilient: Moody’s

>> UAE Prime Minister announces Dubai hotel directives

>> UAE’s FDI expected to grow to USD14.4bn in 2014

>> Abu Dhabi to give foreigners freehold property titles

>> UAE consumer spend to reach AED766bn this year

>> UAE’s target of 65% GDP growth achievable, say experts

>> The only way is up for GCC capital markets

>> Egypt targets 4-4.5% growth next year- minister

>> Islamic banking evolves

>> Middle East investment banking fees up 20% in 2013

A home for the holidays To tweet or not to tweet….

Saudi mortgage market set to explode

>> Read more >> Read more>> Read more >> Read more >> Read more

JANUARY 2014 Vol. 3 - No. 1

A global economic recovery in sight C

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REN

CY

CO

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Emerging market currencies under pressure

Events and Promotions

The Emirates NBD Mobile Banking App frees up your time to focus on the things that matter

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A home for the holidays By Alice Johnson

There’s nothing better than escaping on a well-earned break – especially if the holiday home you retreat to is your own second property. There are several hotspots around the GCC where buying a holiday home has become easier and more desirable. Here are the top

destinations from around the region.

Dubai

By far the most popular holiday home destination for GCC residents and nationals is Dubai, UAE. GCC nationals flock to the Emirate every year, because of its proximity to their homes, its accessibility via air and land, its cosmopolitan city status and its varied entertainment options and events. Since Dubai opened up its market to allow non-GCC residents to own freehold property, the city has become a hotspot for holiday home seekers. Areas such as Jebel Ali, the Palm Jumeirah, The world Islands, Emirates Hills, Dubai Marina, Downtown Burj Dubai and the

Arabian Ranches, are open to foreign freehold purchases. Other emirates (including Abu Dhabi and Ajman) are following suit, opening up their property markets to potential holiday home buyers.

Jordan

Jordan has the allure of a mix of culture, history and sandy beaches. From the city of Petra carved out of solid rock that dates back to as early as 309 BC to the southern city of Aqaba – Jordan’s only coastal city. The property market is picking up in the country after the 2008 credit crunch, with prices rising by 9% (end Q2, 2013, according to Asteco). Apartment sales prices also saw an average 2% quarter-on-quarter increase (Q2 2013), due to rising land prices. The rise in popularity for holiday home in Jordan has been fuelled by Gulf nationals looking for second homes, as well as Jordanians looking for a good investment. There are new developments cropping up all over Jordan, offering great holiday amenities including swimming pools and gyms, gardens and sports courts.

Lebanon

Beirut has long been known as the ‘party capital’ of the Middle East, with its plethora of nightclubs, bars, restaurants and active nightlife. Holiday homes are popular in Lebanon because of the country’s diversity; history, culture and modern living collide. It’s also one of the only places in the Middle East where you can ski on the mountains in the morning, then relax on

a beach in the afternoon. The holiday home market and visitor numbers in general are marred by sporadic terrorist acts, which often catch the headlines.

Turkey

Since the reciprocity law was removed in May 2012, Turkey has opened up the holiday home market, offering several ‘hot spots’ for second home potential. The removal of the law allows Middle Eastern nationals to buy land for development and property in Turkey. Hot spots such as Kusadasi – a resort town on the Aegean coast – are being developed, offering apartments, golfing villas and beach-side residences. Kusadasi Golf Resort, for example, is a development situated on a hill overlooking the Aegean and a green valley below. The development features apartments with community facilities such as swimming pools, fitness centres, restaurants and cafes.

London

London is a top choice for Middle Eastern nationals looking to buy a second property.

The UK’s capital city is an ever-popular choice for UAE nationals and GCC residents during the summer months, when the Middle Eastern climate proves stifling. According to Savills, investors from the MENA region in fact purchase 5.4% of all prime property in London (divided between re-sales and new-build property.

‘This group of buyers is distinctive in that only a minority (only 39%) are buying a main residence in London, 25% invest to become landlords. A high proportion of Middle Eastern buyers will be buying a second home, often for use during the summer months when London’s climate actually becomes a big attraction. London is now so established as a summer destination for many Middle Easterners, business and social engagements can be conducted as seamlessly in the capital as at home,’ according to the real estate services provider. ‘For many, London offers freedom from the cultural conformity of home. This is reflected in the type of property favoured in London: modern and filled with the latest technology’. © Zawya

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To tweet or not to tweet….By Alice Johnson

Micro-blogging site Twitter has now become recognized as one of the most powerful social media platforms around. But if you’re not careful, brand messages and company information can be ruined in just 140 characters or less. So what’s the best way to use Twitter as a company – how should you utilize it? Alexander McNabb, director, Spot On Public Relations, shares his top tips.

Implement Twitter as an element of a rounded digital strategy

“Twitter is a great platform for real-time communications and information sharing, but it forms a single tactical element of a digital strategy. Implementing Twitter without thinking of the broader digital landscape and how your organization is using tools such as its website, CRM, demand generation and list

management, Facebook and other platforms can result in a lot of wasted time and decisions that have to be rolled back down the line.

Planning that digital strategy means redefining your brand for the online environment, deciding on the tone and personality of that brand and how it’s communicated. After that direction setting strategy, we come to actually implementing the various platforms open to us, for instance YouTube, LinkedIn and Twitter. A Twitter-alone strategy is actually a tactic.

Plan Content

“All too frequently you see brands taking to Twitter (and other online platforms) without having defined a content plan. So they appear, scream ‘talk to me!’ and then have nothing to say. Content planning helps you define the points of reference – and relevance – you are going to offer your customers. Twitter can be used as purely a customer service platform, but that doesn’t create engagement and outreach. An interesting stream of relevant and useful content means you’re more likely to catch the eyeballs you want – and start to craft a tool that can enhance and build your brand and your customer relations.

Don’t outsource Twitter to an agency or junior staffer

“If you are going to open your organization up to Twitter, you need some defined internal pathways so that whoever is managing the account has access to subject matter experts, an agreed escalation path and resources to

manage both the outreach and engagement processes. And you need sound policies and procedures in place, too. If Twitter isn’t important enough to resource internally, it’s probably just setting an outsourced agency up for a fall to farm it out like another tick on a check box. Outsourcing can work, but only with some careful planning and resource allocation. The ideal agency model would be a halfway house, with the agency taking care of the heavy lifting but an in-house resource active and involved with the account. Throwing the management of your Twitter relationships down to a junior member of staff, what has been called a ‘Twintern’ simply won’t work.

Going on broadcast

“Using Twitter to shout out offers, your good news and retweet positive consumer opinion is the fastest way to ensure the platform will be of no value whatsoever to your company – and even result in negative consumer sentiment. Twitter is a powerful platform for sharing information, news, links and opinion in real time. It’s also a two-way street and is a powerful way to gauge opinion, gain consumer insight, solicit feedback, manage customer service issues and build enduring communities and relationships.

Have proper social media guidelines in place

“It’s actually part of the HR function to ensure a company has social media guidelines

and that all staff are aware of, and have signed up to, these. Many organizations see platforms such as Twitter as a marketing or communications function but their impact can be much wider than that. Particularly here in the Gulf where the organization is the sponsor – and therefore in loco parentis – the company and its staff have some mutual responsibilities and that stretches to social media. So it’s not just the people managing the Twitter account that need to sign up to guidelines – it’s everyone. The Web is full of case studies of company employees committing flubs that have brought the entire organization into disrepute.

That policy should also include empowering people by telling them what they can say as well as telling them what they can’t. © Zawya

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MARKETS UPDATE

A global economic recovery in sight The International Monetary Fund struck a positive tone in its latest World Economic Outlook, suggesting that the global economy was set to post a healthy 3.7% growth rate this year, compared to 3% in 2013.

“The basic reason behind the stronger recovery is that the brakes to the recovery are progressively being loosened,” said Olivier Blanchard, the IMF’s chief economist and director of its research department. “The drag from fiscal consolidation is diminishing. The financial system is slowly healing.”

The IMF raised its forecast for advanced economies by around 2 percentage points, with better than earlier estimated growth in both the United States and Europe.

The U.S. in particular is improving, especially as two key uncertainties for financial markets, namely a budget deal and the beginning of “tapering” by the Fed, have recently been taken off the table.

Despite the optimistic forecast for developed economies, the global markets have had a lackluster start to the year. Dow Jones Industrial Average (down 1%) and the S&P 500 (down 0.2%) have strayed into negative territory early in the year, while the Japanese Nikkei (-2.9%) is also in the red.

The IMF was also optimistic about Chinese

and Indian economic growth, however other emerging markets are not expected to fire on all cylinders.

“Many other emerging market and developing economies have started to benefit from stronger external demand in advanced economies and China,” the IMF said.

“In many, however, domestic demand has remained weaker than expected. This reflects, to varying degrees, tighter financial conditions

and policies since mid-2013, as well as policy or political uncertainty and bottlenecks, with the latter weighing on investment in particular.”

While the Middle East faces its share of regional problems in the shape of Iraq, Syria and much of North Africa, Gulf markets have not missed a beat from last year.

All the Gulf markets have trended up once again, with Dubai market leading the way once again with a 9.4% gain in the first three weeks of the year. Other regional markets such as Qatar (7.7%) and Oman (up 5.2%) have all shown strong momentum this year.

The upbeat mood was further boosted when Qatar’s Mesaieed Petrochemical Holding Co, a unit of state-owned Qatar Petroleum, raised USD 880 million in the Qatari stock market’s first initial public offer (IPO) of shares since 2010.

As valuations in Gulf markets improve, a number of IPO candidates will likely be encouraged to dip their toes in IPO waters and help broaden regional markets.

Currency

The dollar has been steady as markets brace for a Federal Reserve meeting next week which may lead to more monetary tightening. The greenback has been trading in a narrow range against a basket of currencies for much of the week. Meanwhile, the Bank of Japan also retained its plan of a 60-70 trillion yen

stimulus, helping the dollar rise to 104.40 against the yen.

Gold

Wall Street analysts put further pressure on gold as they forecast “more pain” for the yellow metal. It is currently trading at USD1.240 per troy ounce.

“Price performance will continue to suffer as long as risk assets in general and U.S. equities in particular continue to perform strongly, undermining the need for portfolio managers to hold more than a modicum of safe-haven assets,” two Wall Street analysts wrote in a note.

Oil

The positive IMF report boosted crude oil prices, while supply issues in Libya and Iraq also helped Brent crude to trade at USD 108.18 per barrel in the third week.

Oil traders also took note of a report by the International Energy Agency that raised global demand forecast by 1.4% in 2014, or 90,000 bpd. © Zawya

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2012 2013E 2014F 2015FWorld Output 3.1 3 3.7 3.9 Advanced Economies 1.4 1.3 2.2 2.3

United States 2.8 1.9 2.8 3 Euro Area –0.7 –0.4 1 1.4

Middle East, North Africa, Afghanistan, and Pakistan 4.1 2.4 3.3 4.8 Sub-Saharan Africa 4.8 5.1 6.1 5.8 Emerging Market and Developing Economies 4.9 4.7 5.1 5.4

China 7.7 7.7 7.5 7.3India 3.2 4.4 5.4 6.4

GLOBAL GROWTH

Source: International Monetary Fund

Million BPDAmericas 24.1Europe 13.6Asia Oceania 8.2Total OECD 45.9FSU 4.7Europe 0.7China 10.5Other Asia 11.9Latin America 6.8Middle East 8Africa 3.9 Total Non-OECD 46.5TOTAL DEMAND 92.5

GLOBAL OIL DEMAND: 2014

Source: International Energy Agency

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Saudi mortgage market set to explode The Saudi residential financial market could soar 60% over the next five years to reach SAR209.9 billion, according to a real estate consultancy.

“The mortgage law is expected to positively affect the demand for home financing and thus home purchases,” said Colliers International in a new report on the Kingdom’s burgeoning real estate sector. “It is expected that the number of home units, that will require financing over the next five years, will increase by 60%. Growth of the affordable housing sector will further stimulate demand for home finance.”

The consultancy expects the implementation of the new mortgage law to spur demand of 45,000 units each year.

But the challenge will be to ensure a steady supply of affordable housing over the next few years spread across various cities.

Analysts expect the transformational changes occurring in the residential sector will see rapid changes and lead to residential pressures in the interim.

“Real estate prices remain a priority concern for consumers as the youth population seek to own their assets,” noted a Saudi bank in a report. “However, elevated prices have been a major burden for the majority of citizens and the situation is yet to be mended by the

mortgage law.”

Evaluating household credit further shows a 25.2% year-on-year increase for real estate purposes which is expected to continue rising as demand for housing is not projected to be met anytime soon.

Given the pent up demand, it would likely take more than five years for the Saudi Ministry of Housing (MOH) to catch up with demand.

“Current MOH projects would not fill the entire identified gap for all market segments. On the contrary, it might stimulate demand and provide new investment opportunities that previously did not exist,” Collier said.

Saudi Arabia’s Real Estate Development Fund announced that it has approved 10,015 loans worth around SAR 5 billion to construct more than 12,000 new housing units. The loans are already raising activity in key cities. The Ministry of Justice data shows Riyadh led real estate investments with SAR 99 billion worth of investments taking place in the capital in the last Islamic year, compared to SAR 87 billion

in the previous year. Residential real estate transactions accounted for SAR 51 billion during the period. Jeddah was not far behind with SAR 50.6 billion residential transactions and another SAR 39.9 billion of transactions in commercial sector.

Residential prices have risen by as much as 18% in some areas and they are expected to rise further as the market grapples with short-term shortages.

Analysts expect apartment prices to rise faster than villas as they are more affordable and easier to lease.

“The proper implementation of the mortgage law is expected to incentivize developers to build appropriate products in greater quantities, further providing momentum to the residential market,” said Colliers. “Mortgage law is anticipated to have an impact over the medium to long term as consumers adjust payments in their spending patterns.”

Regional investors are paying attention to the Kingdom’s changing real estate landscape. A survey of major MENA real estate investors reveals Saudi residential properties are the third most preferred space in the region after Dubai residential and Dubai hospitality.

“Investors also expect the Saudi market to perform better in the coming twelve months, even if they remain less optimistic regarding the office sector,” said real estate consultants Jones Lang La Salle in a regional survey. © Zawya

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Come home to happiness with our Home Loan from just 4.49% p.a.

SMS ‘HOME‘ to 4452

Year SAR Mn2008 54,3712009 44,7412010 55,6442011 69,7962012 75,381

Q1 2013 71,357Q2 2013 72,651Q3 2013 79,161

Bank Credit To Building & Construction Sector

Source: Saudi Arabian Monetary Agency

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Emerging market currencies under pressure

Currency traders recently raised their bets in favor of the U.S. dollar to the highest level in six months, in a sign that the American greenback is expected to strengthen in future against major currencies such as the euro and yen.

Data from the U.S. Commodity Futures Trading showed expectations of the dollar rising were

highest since July 23, 2013, on upbeat U.S. economic outlook.

While the latest U.S. employment data saw only 74,000 jobs created, analysts are dismissing it as a temporary blip.

Ben Bernanke, the Federal Reserve Chairman who steered the American economy during its worst crisis in living memory and who ends his eight-year tenure at the end of January, also painted a rosy outlook for the U.S. economy in one of his last speeches.

The dollar has been moving higher against major currencies ever since the U.S. Federal Reserve said it would reduce the pace of its bond-buying program. Indeed, Mr. Bernanke’s final meeting as Fed Chairman could result in a further USD 10 billion reduction in asset purchases per month split evenly between Treasuries and mortgage-based securities.

News of more Fed retrenchment and fresh fears of a Chinese slowdown has led to a sell-off in emerging market currencies, with the Turkish lira, Argentinean peso, Brazil rial and South African rand sliding the most.

Paradoxically, it also led to the yen jump 1% against both the dollar and the euro. The dollar fell to a seven-week low of 101.98 yen and was last at 102.29, while the euro slid to 139.868 against the yen, its weakest level since December 23.

“While the correction in EM currencies was largely anticipated as recovery in mature markets and plans for normalization of U.S.

monetary policy got underway, the pace of adjustment has been very sharp in some markets,” the Institute of International Finance said.

Analysts believe significant developments will transpire across most major developed economies next week and against the backdrop of increasingly disconcerting developments within some emerging markets.

Meanwhile, bond markets continue a modest revival in fortunes, with U.S. 10-year yields back below 2.8%—the lowest level since the “taper-timing” announcement in mid-December. U.S. long-term bond mutual funds have seen a return to net inflows—some USD3.6-billion over the past two weeks, IIF data shows.

The emerging market troubles come at a time of rising prospects for developing economies. Data from Eurozone continued to improve, with continent-wide PMI rising for the fourth consecutive month in January, while the U.K. is also expecting better-than-expected GDP growth.

The European Central Bank President Mario Draghi recently pledged that the bank will take more action to lower market borrowing costs if need be – further boosting investor confidence, although analysts are starting to worry about deflation and a ‘lost decade’ for the region’s unemployed youth.

In Japan, the central bank stuck to its pledge to expand monetary stimulus by USD

671-billion, as the economy makes steady progress. However, new fears of a possible military conflict between Japan and China have gained ground in recent days – further clouding emerging market outlook.© Zawya

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NEWS UPDATES

Abu Dhabi economy is resilient: Moody’sIn a recent report, global ratings agency Moody’s Investors Service has hailed Abu Dhabi’s economic stability and the emirate’s prudent management of its hydrocarbon wealth, maintaining that Abu Dhabi’s credit strengths includes economic resilience to global downturns.

In a report, Moody’s says that Abu Dhabi’s Aa2 rating with stable outlook is primarily supported by the prudent management of the proceeds from its vast hydrocarbon reserves. – Emirates 24/7

Read full article

UAE Prime Minister announces Dubai hotel directivesHis Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued a series of directives on Monday aimed at enhancing and streamlining hotel investment and development in Dubai.

The emirate will need to double its hotel supply to accommodate the 20 million visitors it expects by 2020, a target that is outlined in the Dubai Tourism Vision for 2020, announced last year. – Gulf News

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UAE’s FDI expected to grow to USD14.4bn in 2014Foreign direct investment (FDI) in the UAE is expected to grow by 20% this year to USD 14.4 billion from AED 12 billion in 2013, Abdullah Al Saleh, Undersecretary of the UAE Ministry of Economy, Foreign Trade Sector, told media. – Gulf News

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Abu Dhabi to give foreigners freehold property titlesForeigners can own property in Abu Dhabi on a freehold basis in designated investment zones, the emirate announced, seeking to attract more investors to its real estate sector.

Residential units in the zones will be registered under Abu Dhabi’s freehold law, with property ownership deeds issued to investors, a statement from the Abu Dhabi Municipality said. – Reuters

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UAE consumer spend to reach AED766bn this yearAs more people have money to spend and the local economy continues to grow, consumer expenditure in the UAE is expected to top AED 766 billion this year, up by seven per cent from 2013, according to Euromonitor International, a London-based market intelligence firm.

The forecast expenditure for 2014 will account for more than half (58%) of the UAE’s gross domestic product (GDP) for 2011, which was estimated at USD 360 billion. – Gulf News

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UAE’s target of 65% GDP growth achievable, say expertsThe UAE’s targets to increase the gross national income per capita by 65% and to boost the number of citizens employed in the private sector tenfold by 2021 are achievable, experts said.

“The UAE, which aims to become the economic, tourist and trade gateway for more than two billion people, is very capable of achieving the world’s highest per capita income and strengthening the presence of citizens in the private sector tenfold,” Dr. Mohammad Abdul Latif Khalifa, professor of business administration and Secretary-General of the Ras Al Khaimah Executive Council, told Gulf News. _ Gulf News

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The only way is up for GCC capital marketsGulf markets had a stellar year in 2013, and valuations suggest the markets have headroom to go even higher in 2014.

Dubai was the star performer last year, rising 108% as the emirate saw a spate of good news, vastly improved economic fundamentals and strong inflow of capital and investments surging back into the economy. – alifarabia.com

Read full article

Egypt targets 4-4.5% growth next year- ministerEgypt is targeting growth of between 4 and 4.5% next fiscal year, its planning minister said on Sunday, as the army-backed government pushes on with plans to stimulate the economy.

“The investment plan for the 2014/2015 financial year is still under study and it aims to achieve a growth rate that ranges between 4-4.5%,” Ashraf al-Arabi said in remarks carried by state news agency MENA. – Reuters

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Islamic banking evolvesAsset growth within GCC Islamic banks is expected to outpace that of conventional banks, with Qatar posting the fastest asset growth in the region, according to credit ratings agency Standard and Poors (S&P). However, the profitability of Sharia-compliant lenders is narrowing, said the firm. – Gulf Business

Read full article

Middle East investment banking fees up 20% in 2013Investment banking fees in the Middle East grew 20% last year, data compiled by Thomson Reuters showed, as capital markets activity continued to recover gradually from the global financial crisis.

Total fees rose to USD 722 million in 2013, the highest since 2010, from USD 603 million in 2012 - though they were still only about half of their 2007 record high of over USD 1.4 billion. – Reuters

Read full article. © Zawya

NEWS UPDATES

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Truth: You always wish to spend more time with your family

Reality: The Emirates NBD Mobile Banking App frees up your time to focus on the things that matter

Take full control of your finances on the go> View account transaction history & scheduled payments

> Check loan details, outstanding amount & next installment

> Manage your credit card, view limits & outstanding balances

> Add & delete beneficiaries for your bills & pay them instantly

> Transfer funds to Emirates NBD, EIB, other banks in the UAE & abroad

> Request cheque books

> And much more…

The Emirates NBD Mobile Banking App is available for iPhone, Blackberry and Android platforms.

To download

> visit emiratesnbd.com/en/mobile

> Scan this QR code

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Truth: Your smart decisions are what make you a winner

SMS ‘SMART’ to 4452Call (+971) 800 100 Visit emiratesnbd.com/en/priorityBanking

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Smart S@ver Account can be opened in AED, USD, GBP and EUR. This promotion is valid from January 1st to March 31st, 2014.

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