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Equity 14 June 2015
Khatija Haque
Head of MENA Research
+971 4 230 7803
Aditya Pugalia
Analyst
+971 4 230 7802
www.emiratesnbdresearch.com
Saudi Arabia: Equity market opens to direct foreign investment Saudi Arabia is opening its stock market to direct investment by foreigners on 15 June
2015. As the largest and most liquid market in MENA, there is understandably significant
interest in and excitement about this event, and for economic reasons the decision is also
timely.
Saudi Arabia is the biggest economy in the GCC, and the 19th largest economy in the
world, with a nominal GDP of USD 753bn in 2014. It is also the most populous nation in
the GCC with 30.8 people, more than half of which are under the age of 30.
With the second largest proven oil reserves in the world, oil remains a key driver of
economic growth in Saudi Arabia, with the hydrocarbons sector accounting for over 40%
of GDP last year, up from 33% of GDP in 2004. Moreover, hydrocarbon revenues account
for around 90% of total budget revenues and have thus been the main driver behind the
substantial fiscal surpluses that have been accumulated over the last decade.
Saudi budget in deficit for the first time in 12 years in 2014… The sharp decline in oil prices since last summer have had an immediate and significant
impact on the fiscal position. The 2014 budget recorded the first deficit in 12 years, at –
SAR65.5bn (-2.3% of GDP), and the deficit is likely to have widened this year to around
12%. In addition to further weakness in oil prices in Q1 2015, government spending has
likely been higher than budgeted year-to-date as a result of one-off bonuses and
disbursements on the accession of King Salman in February and the escalation of military
activity in Yemen and against ISIS.
Given the increased spending on defence, and the difficulty in reducing public sector
wages, some budget cuts are likely to be made on the capital spending front. However,
the government has ring-fenced funding for major infrastructure projects and we expect
those projects already underway to continue. The emphasis in recent years has been on
developing transport, housing, education and healthcare infrastructure, including the
construction of thousands of kilometers of roads, new schools, universities, hospitals as
well as expansion of ports, airports and railways. The 2015 budget allocated substantial
funds for education, healthcare and social services infrastructure.
Tadawul has outperformed its peers so far this year
Source: Bloomberg, Emirates NBD Research
95
100
105
110
115
120
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Tadawul S&P Pan Arab Composite Index MSCI EM Index
Page 2
…but spending can be maintained for some time So far, the government appears to have been drawing down accumulated
reserves in order to fund the budget shortfalls, with SAMA’s Net Foreign Assets
(NFAs) declining by -USD 45.5bn in the year to April. However, the stock of NFAs
remains substantial, at about USD 678bn, or 90% of GDP, which provides a
substantial cushion against low oil prices and should allow the government to
avoid an immediate, sharp fiscal consolidation, which would have a negative
impact on economic growth. Furthermore, Saudi Arabia has no external public
debt, and the stock of domestic debt is low at just 1.6% of GDP (2014). We expect
the government to increase domestic debt issuance and rely less on drawing down
accumulated reserves in order to finance budget shortfalls in 2015.
Current account expected to move into deficit in 2015 It is from an external balance perspective that the decision to open the Saudi
equity market to direct foreign investment is timely. The Kingdom has run a current
account surplus since at least 2006, mainly due to oil revenues. The current
account surplus narrowed to USD 75.6bn in 2014 from USD 134.2bn in 2013, both
on the back of lower oil revenues and a higher deficit on the services balance. In
2015, we forecast a current account deficit of -USD 13.7bn (-2.0% of GDP). An
increase in portfolio investment following the opening of the equity market, while
by no means necessary, would help to offset the current account deficit, which in
the absence of other inward investment in the Kingdom would have put additional
pressure on official FX reserves and reduce maneuverability in terms of running
the budget deficit.
Why is Saudi Arabia an attractive prospect for foreign investment? Although growth is expected to be slower in 2015 – we conservatively forecast
growth of 2.5% - the Kingdom has strong fundamentals including low debt,
substantial accumulated reserves and a young and growing population. The
Tadawul is the largest stock market in MENA, and the seventh largest in the global
emerging market (GEM) universe, with a market capitalization of USD 570bn. With
an average daily value traded of c. USD 2.5bn, it is the fourth most liquid market
among its GEM peers.
However, Tadawul has not been included in the MSCI Emerging Markets Index
because of the restrictions on foreign ownership. Opening the market to direct
investment by foreigners removes the last hurdle towards being included in the
MSCI Emerging Markets index. According to market estimates, if included, Saudi
Arabia could hold a weight of as much as 4.4% in the MSCI Emerging Market
index, which could translate into c. USD5bn of inflows into the Tadawul.
Foreigners currently own an estimated 1% of the market. If the total foreign
ownership in Saudi Arabia were to increase to 5%, the equivalent of the average
foreign ownership level in the UAE and Qatar, then that could translates into
inflows of c. USD 25bn.
How will it work?
Broad Regulations In order to qualify as a Qualified Financial Institution (QFI), the applicant or any of
its affiliates must have a minimum of five years of related experience and have at
least SAR 18.75bn worth of assets under management (AUM). The CMA reserves
the right to reduce the minimum threshold for AUM to SAR 11.25bn.
Each QFI will be able to hold up to 5% at an individual company level and the
aggregate position in the market level (including any SWAP position) has been
capped at 10% of total market value.
Page 3
The Fine Print The CMA has explicitly mentioned that strategic investors will be accounted for in
the maximum allowed foreign ownership limit of 49%. The regulator also said that
it will consider allowing foreigners to participate in IPOs on a case-by-case basis.
The regulator has also approved the Independent Custody Model which in effect
separates the role of the custodian and the broker and allows QFIs to place orders
with multiple brokers without the need to maintain separate cash accounts with
each broker.
The QFIs will be subject to the 5% withholding tax on dividends which will be
collected by the company.
The current settlement cycle of T+0 will continue and hence all transactions by
QFIs will need to be pre-funded.
Individual Stock Limits The aggregate QFI limit for all stocks listed on the Tadawul is 49%. However QFIs
are barred from investing in Makkah Construction & Development, Jabal Omar
Development, Taiba Holding, Knowledge Economic City and National Shipping
Co.
As per latest available data, the following stocks have limited foreign ownership
limits:
Stock Allowed Ownership Limit Current Foreign Ownership
Saudi Hollandi Bank 49% 41.81% Saudi British Bank 49% 41.60% Arab National Bank 49% 40.87% ANB Insurance 49% 40.29% Petro Rabigh 49% 38.59%
The valuation conundrum
The Tadawul is currently trading on a 12-month forward P/E of 16.5x, a 30%
premium to the MSCI Emerging Markets index which is trading at 12.7x 12-month
forward P/E. Similarly on a P/B ratio basis, the Tadawul is currently trading at 38%
premium to the MSCI Emerging Markets index at 2.07x. The premium in valuation
looks exaggerated when net earnings downgrade of 13% and a very weak
earnings revision ratio of below 1.0 at 0.3 are taken into account.
Page 4
Tadawul in Charts
Tadawul – Foreign Fund Flows (SAR bn)
Tadawul – Relative to MENA peers (PE)
Tadawul - PE Bands
Source: Bloomberg, Emirates NBD Research
Tadawul & Oil
Tadawul – Relative to EM peers (PE)
Tadawul - Relative Strength Index (RSI)
(1,500)
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
Nov Dec Jan Feb March April May
y = 0.1621x + 12.399R² = 0.0291
4.0
10.0
16.0
22.0
8.0 10.0 12.0 14.0 16.0 18.0
BE
st R
OE
2015
BEst PE 2015
DSM
DFMGI
ADSMI
MADEX
MSM
TadawulISE 100
6000
8000
10000
12000
Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14
Actual Price SAR Px = 10014 @ p/e of 21.00
Px = 9059.9 @ p/e of 19.00 Px = 8106.2 @ p/e of 17.00
Px = 7152.5 @ p/e of 15.00 Px = 6198.9 @ p/e of 13.00
40
60
80
100
120
7000
8000
9000
10000
11000
12000
Jun-14 Sep-14 Dec-14 Mar-15
SASEIDX Index (R1) OPECDALY Index (R2)
y = 0.6917x + 3.0958R² = 0.1543
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
0.0 5.0 10.0 15.0 20.0 25.0
BE
st R
OE
2015
BEst PE 2015
Karachi
Nifty
Jakarta
Taiwan
Vietnam
Bovespa
Kospi ShanghaiJo'burg
Micex
Tadawul
0
10
20
30
40
50
60
70
80
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Page 5
Saudi Arabia in Charts
GDP growth
Purchasing Managers’ Index
Current Account and Fiscal balance
Source: Bloomberg, Haver Analytics, Emirates NBD Research
Oil production and OPEC price
Inflation
SAMA’s Net Foreign Assets
-4
-2
0
2
4
6
8
2012 2013 2014 2015f 2016f
% y
/y
GDP growth Oil sector Non-oil sector
50
52
54
56
58
60
62
64
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
-20
-10
0
10
20
30
2012 2013 2014f 2015f 2016f
% G
DP
30
50
70
90
110
9.0
9.2
9.4
9.6
9.8
10.0
10.2
10.4
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD
mn b
pd
Saudi Arabia (lhs) OPEC oil price (rhs)
0
1
2
3
4
5
6
7
8
Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15
Headline CPI Food Housing
640
660
680
700
720
740
760
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15
US
D b
n
Page 6
Key Indicators
Top Dividend Yielding Stocks
Stock Price (SAR) M. Cap (SAR) BEst Dvd Yld BEst P/E BEst P/B
Eastern Cement 47.97
4.13b 7.30% 13.21 1.80
Saudi Cement 96.36 14.74b 7.03% 13.42 4.74
Arabian Cement 77.96 7.80b 6.94% 11.58 2.46
Etihad Etisalat 33.80 26.03b 6.57% 15.41 1.16
Southern Province Cement 97.99 13.72b 6.54% 12.71 4.48
Yamama Cement 47.63 9.65b 6.48% 13.11 2.60
Yanbu Cement 66.56 10.48b 6.27% 13.06 2.93
Saudi Telecom 66.31 132.62b 6.22% 11.40 1.99
Red Sea Housing 41.80 2.51b 6.22% 10.63 -
Qassim Cement 98.19 8.84b 6.17% 15.93 4.55
Source: Bloomberg, Emirates NBD Only stocks with T12 revenues of more than SAR 250mn have been included.
Stocks with lowest foreign ownership limit room
Stock Allowed Ownership Limit (%) Current Foreign Ownership (%)
Saudi Hollandi Bank 49% 41.81%
Saudi British Bank 49% 41.60%
Arab National Bank 49% 40.87%
ANB Insurance 49% 40.29%
Petro Rabigh 49% 38.59%
Source: Tadawul, Emirates NBD
Page 7
Key Economic Forecasts
National Income 2012 2013 2014 2015f 2016f
Nominal GDP (SAR bn) 2752.3 2791.3 2798.4 2630.6 2902.7
Nominal GDP (USD bn) 734.0 744.3 746.2 701.5 774.1
GDP per capita (USD) 25135 24811 24150 22040 23612
Real GDP Growth (% y/y) 5.4 2.7 3.5 2.5 3.0
Hydrocarbon 5.1 -1.6 1.5 -0.6 0.0
Non- hydrocarbon 5.5 6.4 5.0 4.9 5.4
Monetary Indicators (% y/y)
M2 13.9 10.9 10.0 8.0 9.0
Private sector credit 16.4 12.5 13.4 11.5 13.5
CPI (average) 2.9 3.5 2.7 3.0 3.5
External Accounts (USD bn)
Exports 388.2 375.7 342.1 245.8 274.8
Of which: hydrocarbons 342.5 342.5 298.7 185.2 209.9
Imports 141.8 153.3 158.5 169.6 181.4
Trade balance 246.4 222.3 183.6 76.3 93.3
% GDP 33.6 29.9 24.6 10.9 12.1
Current account balance 163.6 134.2 75.6 -13.7 2.3
% GDP 22.3 18.0 10.1 -2.0 0.3
SAMA's Net foreign Assets 647.6 716.7 724.3
Fiscal Indicators (% GDP)
Budget balance 13.6 6.5 -2.3 -11.8 -8.8
Revenue 45.3 41.4 37.3 26.2 27.0
Expenditure 31.7 35.0 39.7 38.0 35.8
Public debt 5.4 3.6 2.2 1.6
Source: Haver Analytics, Emirates NBD Research
Page 8
Stocks
Company
Price
LLC
Market Cap
(USD mn)
PE
2014
BEst
PE
2015
ROE
2014
BEst
ROE
2015
PB
2014
ROA
2014
Dvd
Yld
2014
BEst
DvdYl
d 2015 RSI
Avg Value
Traded
3m (USD
mn)
Telecom Sector
Saudi Telecom 66.31 35063.9 12.0 11.6 18.8 18.3 2.2 12.3 5.3 6.0 36 15.4
Etihad Etisalat 33.80 6939.7 - 16.6 -4.3 8.7 1.7 -1.9 8.5 5.9 28 79.1
Zain KSA 11.23 1735.5 - - -20.8 -20.9 1.3 -4.9 0.0 - 41 26.7
Average 12.0 14.1 -2.1 2.0 1.7 1.8 4.6 5.9
Petrochemical Sector
Sabic 102.01 81393.5 10.7 15.1 14.6 11.4 1.5 6.9 6.6 4.8 47 141.6
Safco 121.80 13387.8 14.8 16.5 39.4 35.1 6.0 34.5 5.0 5.3 59 17.8
NIC 23.73 4218.3 16.6 13.9 9.1 9.0 1.5 2.2 3.8 4.8 38 26.8
Saudi Kayan
Petrochemical Co
11.54 4579.6 - - -0.3 -0.8 1.2 -0.1 0.0 0.0 37 41.1
Saudi International
Petrochemical Co
32.47 3148.2 16.1 19.0 10.3 10.4 1.6 3.6 4.7 3.9 51 4.4
Yanbu National
Petrochemical Co
51.40 7536.9 10.8 18.4 16.2 9.8 1.7 10.9 6.3 5.4 43 13.9
Saudi Industrial
Investment Group
26.78 3203.7 12.3 11.7 14.2 13.2 1.7 3.6 3.9 4.8 43 16.8
Advanced Petrochem 58.03 2514.4 8.8 16.8 32.4 23.1 2.8 21.3 7.5 4.7 55 13.8
Sahara Petrochem Co 15.06 1743.3 17.3 20.5 6.6 5.5 1.1 4.5 5.6 4.1 28 25.0
Rabigh Refining
trochemical Co
23.08 5314.0 23.3 19.4 7.4 10.1 1.7 1.6 0.0 3.8 38 24.5
Average 14.5 16.8 15.0 12.7 2.1 8.9 4.3 4.2
Retail Sector
Jarir Marketing Co 229.07 5435.6 22.4 23.4 58.9 61.3 12.3 32.0 3.3 3.6 50 7.1
Fawaz Abdulaziz Al
Hokair & Co
101.47 5627.5 24.5 20.0 34.7 38.5 7.8 17.0 1.5 2.9 38 7.0
Abdullah Al Othaim
Markets Co
108.92 1298.9 22.1 19.9 24.4 23.6 5.0 9.9 1.7 1.8 63 4.5
Mouwasat Medical
Services Co
143.20 1869.9 25.7 25.0 25.1 24.0 6.0 15.1 1.6 1.9 60 2.3
Dallah Healthcare Holding
Co
143.00 1799.7 41.6 38.8 11.9 13.3 4.8 9.3 0.8 1.0 70 3.5
Aldrees Petroleum
anTransport Services
64.49 679.9 16.6 17.5 22.5 23.0 3.5 10.8 3.9 3.3 47 4.4
Average 25.5 24.1 29.6 30.6 6.6 15.7 2.1 2.4
Industrials Sector
Saudi Arabian Mining Co 44.90 13677.9 22.2 26.4 5.8 6.6 1.3 1.8 0.0 0.0 49 80.6
Saudi Chemical Co 80.55 1344.8 12.8 - 18.6 - 2.3 9.6 6.6 - 61 9.9
Saudi Pharmaceutical
Indust & Med Applia
46.44 1471.9 11.6 18.5 8.9 8.6 1.2 7.4 4.4 3.5 46 9.0
Average 15.5 22.5 11.1 7.6 1.6 6.3 3.7 1.7
Page 9
Stocks
Company
Price
LLC
Market Cap
(USD mn)
PE
2014
BEst
PE
2015
ROE
2014
BEst
ROE
2015
PB
2014
ROA
2014
Dvd
Yld
2014
BEst
DvdYl
d 2015 RSI
Avg Value
Traded
3m (USD
mn)
Real Estate Sector
Jabal Omar Development
Co
76.75 18772.4 116.8 - 4.6 - 5.2 2.4 0.0 - 46 45.2
Makkah Construction &
Development Co
93.75 4043.2 34.5 - 6.1 - 1.9 5.9 - - 20 6.0
Dar Al Arkan Real Estate
Development Co
9.07 2577.4 15.3 13.4 3.3 4.0 0.5 2.3 0.0 1.7 36 110.5
Emaar Economic City 16.08 3615.0 26.6 27.5 4.7 5.8 1.2 2.5 0.0 - 53 51.0
Taiba Holding Co 44.10 1739.9 5.0 17.3 32.4 9.1 1.5 25.4 3.2 3.7 50 25.6
Arriyadh Development Co 22.70 805.3 13.3 16.8 11.2 10.4 1.6 9.0 4.9 4.4 35 14.3
Knowledge Economic City
Co
27.82 2442.8 - - -0.9 - 1.8 -0.8 0.0 - 42 65.3
Average 35.3 18.7 8.8 7.3 2.0 6.7 1.3 3.3
Banking Sector
Al Rajhi Bank 65.34 28381.1 12.2 16.0 17.0 16.0 2.0 2.3 3.4 3.1 48 53.1
National Commercial
Bank
66.18 35330.5 12.7 16.4 20.1 17.9 2.4 2.1 2.6 2.3 38 24.0
Samba Financial Group 28.11 14825.4 9.3 11.5 13.6 12.0 1.2 2.4 3.5 3.4 38 10.9
Riyad Bank 17.70 13998.9 11.7 12.0 12.5 12.1 1.4 2.1 4.3 4.4 47 17.5
Banque Saudi Fransi 38.03 12245.4 10.7 12.6 14.2 12.9 1.4 2.0 3.3 2.1 43 2.7
Alinma Bank 23.81 9479.2 24.0 25.0 7.3 7.8 1.7 1.8 2.5 2.0 43 185.5
Saudi British Bank/The 35.95 13998.9 13.7 12.1 17.4 16.2 2.2 2.3 1.8 2.2 42 3.9
Arab National Bank 33.81 9065.9 10.6 11.2 14.5 14.6 1.5 1.9 3.3 2.8 36 2.7
Bank AlJazira 29.82 3146.4 19.4 13.1 9.6 14.0 1.8 0.9 0.0 0.6 34 12.5
Bank AlBilad 36.77 4852.9 20.6 21.1 15.7 13.3 3.0 2.1 0.0 1.0 24 8.7
Saudi Investment
Bank/The
24.32 4194.3 10.8 12.3 13.0 11.0 1.3 1.6 3.1 3.1 29 5.3
Saudi Hollandi Bank 46.00 6873.1 11.7 13.4 18.1 17.9 2.0 2.1 2.9 1.8 43 2.2
Average 14.0 14.7 14.4 13.8 1.8 2.0 2.6 2.4
Transportation Sector
National Shipping Co of
Saudi Arabia/The
53.00 5485.8 21.5 22.6 7.8 - 1.7 3.7 2.9 2.2 57 17.6
Saudi Public Transport Co 27.99 906.6 29.3 - 6.9 - 2.0 4.8 3.1 - 37 33.8
Average 25.4 22.6 7.4 - 1.9 4.2 3.0 2.2
Agriculture Sector
Savola 73.86 10464.9 20.8 19.6 21.1 19.2 4.2 8.1 2.9 3.1 43 11.1
Almarai 91.35 14558.4 27.3 26.9 15.9 18.8 4.2 7.1 1.3 1.3 55 7.9
Saudi Airline Catering 160.74 3454.7 23.3 19.6 54.9 53.1 12.4 37.4 3.6 4.3 39 13.6
Average 23.8 22.1 30.6 30.4 7.0 17.5 2.6 2.9
Page 10
Stocks
Company
Price
LLC
Market Cap
(USD mn)
PE
2014
BEst
PE
2015
ROE
2014
BEst
ROE
2015
PB
2014
ROA
2014
Dvd
Yld
2014
BEst
DvdYl
d 2015 RSI
Avg Value
Traded
3m (USD
mn)
Cement Sector
Saudi Cement 96.36 3896.0 13.6 13.4 33.5 32.7 4.6 24.3 6.3 7.0 50 3.3
Yamama Cement Co 47.63 2543.1 14.5 13.3 17.6 18.2 2.6 16.1 6.3 6.5 31 5.7
Yanbu Cement Co 66.56 2750.7 12.1 12.8 23.5 21.9 2.8 18.7 6.5 6.3 43 2.9
Arabian Cement Co/Saudi
Arabia
77.96 2053.1 12.0 11.5 21.3 20.3 2.4 15.9 6.4 6.8 39 10.8
Southern Province
Cement Co
97.99 3630.3 14.6 13.0 36.5 33.3 5.2 28.8 4.6 6.4 39 1.2
Qassim Cement Co/The 98.19 2327.8 14.2 15.7 28.4 27.9 4.1 25.8 6.7 6.2 71 3.0
Northern Region Cement
Co
22.25 1067.9 19.0 16.0 9.4 12.3 1.9 6.7 9.0 4.5 38 4.4
Najran Cement Co 27.56 1246.6 18.5 15.9 12.5 13.3 2.2 8.1 - 5.5 31 6.3
Eastern Province Cement
Co
47.97 1091.5 12.7 13.4 16.4 12.7 2.1 14.8 - 6.8 27 3.5
City Cement Co 24.85 1238.5 19.4 21.7 11.1 10.4 2.2 10.5 4.4 5.1 35 7.8
Average 15.1 14.7 21.0 20.3 3.0 17.0 6.3 6.1
Construction & Building Materials Sector
Zamil Ind Investment Co 61.95 975.9 10.8 10.6 15.5 20.1 1.6 4.0 4.3 3.3 41 6.4
Saudi Ceramic 83.54 1099.9 12.8 13.2 19.2 17.6 2.3 10.7 1.9 3.0 35 7.8
Average 11.8 11.9 17.4 18.9 2.0 7.3 3.1 3.2
Insurance Sector
Bupa Arabia for
Cooperative Insurance Co
241.47 2546.5 22.0 23.9 34.3 31.9 6.4 30.3 - - 62 7.3
Co for Cooperative
Insurance/The
93.83 2446.5 8.9 15.7 30.1 25.7 2.4 25.0 2.9 2.2 53 12.4
Average 15.4 19.8 32.2 28.8 4.4 27.6 2.9 2.2
Energy Sector
Saudi Electricity Co 18.63 19942.5 17.1 24.0 6.3 5.1 1.0 1.2 4.7 3.9 35 19.8
Hotels Sector
Al Tayyar Travel Group 101.18 5359.6 16.0 15.3 44.0 38.2 6.3 19.3 1.7 3.3 31 16.0
M Investments Sector
Kingdom Holdings 22.05 21245.4 78.7 - 2.7 - 2.1 1.9 2.8 - 52 4.6
Source: Bloomberg, BEst – Bloomberg Estimate
Page 11
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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 [email protected]
Tim Fox
Head of Research & Chief Economist +9714 230 7800 [email protected]
Research
Khatija Haque
Head of MENA Research +9714 230 7803 [email protected]
Athanasios Tsetsonis
Sector Economist +9714 230 7629 [email protected]
Aditya Pugalia
Analyst +9714 230 7802 [email protected]
Jean-Paul Pigat Anita Yadav Edward Bell
MENA Economist Head of Fixed Income Research Commodity Analyst +971 4 230 7807 +971 4 230 7630 +9714 230 7701 [email protected] [email protected] [email protected]
Sales & Structuring
Group Head – Treasury Sales
Tariq Chaudhary +971 4 230 7777 [email protected]
Saudi Arabia Sales
Numair Attiyah +966 11 282 5656 [email protected]
Singapore Sales
Supriyakumar Sakhalkar +65 65785 627 [email protected]
London Sales
Lee Sims +44 (0) 20 7838 2240 [email protected]
Egypt
Shahinaz Foda +20 22 726 5050 [email protected]
Corporate Communications
Ibrahim Sowaidan
+9714 609 4113 [email protected]
Claire Andrea
+9714 609 4143 [email protected]
Investor Relations
Patrick Clerkin
+9714 230 7805 [email protected]
