Start your banking journey with the leading bank in the region.
Find a suitable account and applyDiscover the benefits of being our customer by browsing through our banking packages.
Learn more about banking packagesLearn all about how to use your account's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
All our cards offer you an exciting range of rewards and benefits.
Find a suitable card and applyGet the most out of your credit card by exploring its different benefits.
Learn all about how to use your card's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
Here's how to make the most out of your loan with us.
Visit our dedicated support center for answers to all your banking-related questions.
Our various FX products and services help you conduct your international transactions easily.
Our wide range of transfer options make it easier for you to send money locally and internationally.
Learn all about how you can seamless use our services to transfer money.
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Know more about our Wealth servicesLife is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
Everyday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Start your banking journey with the leading bank in the region.
Find a suitable account and applyDiscover the benefits of being our customer by browsing through our banking packages.
Learn more about banking packagesLearn all about how to use your account's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
All our cards offer you an exciting range of rewards and benefits.
Find a suitable card and applyGet the most out of your credit card by exploring its different benefits.
Learn all about how to use your card's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
Here's how to make the most out of your loan with us.
Visit our dedicated support center for answers to all your banking-related questions.
Our various FX products and services help you conduct your international transactions easily.
Our wide range of transfer options make it easier for you to send money locally and internationally.
Learn all about how you can seamless use our services to transfer money.
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Know more about our Wealth servicesLife is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
Everyday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
Start your Priority Banking journey and live your success
Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Last week was another negative one for most markets, as participants are finally taking into account the harsh reality of a backdrop combining high inflation, radical monetary tightening and inevitably, risks to economic growth. Cyclical assets lost another -2 to -3% across regions, and defensive assets did not shine, with gold correcting by almost -4%, now negative year-to-date. The fixed income universe was to some extent supported by risk aversion, with the safest segments being close to flat over the week. Crypto assets tumbled, which probably had some contagion effect on US stock markets. Fear, Uncertainty and Doubt dominate.
Let’s start with the bad news. Even after a -20% correction on major risk markets, behavioral indicators are not in full panic territory, and if valuation metrics are reasonable, they are not a “no brainer” bargain. There is an unanswered multi-trillion dollar question: will the Fed be able to effectively fight inflation, without ruining the economic recovery? Adding the war in Ukraine and China’s concerns to the picture, the jury is out and will remain so for months. It means that the short-term is absolutely unpredictable.
There are however reasons to be confident in the medium-term. First, a -mild- recession in the world’s largest economies is possible, but it wouldn’t necessarily be a nightmare for markets. It would calm down inflation for sure and reverse policy responses, and it is arguably at least partially priced-in by some markets. Second, the behavior of interest rates and inflation expectations interestingly suggest that we may approach the perception of “peak hawkishness” from central banks. This is not a catalyst in itself, but it’s better than the opposite. We thus have kept our positioning unchanged. Stay safe.
Cross-asset Update
Psychology has always been a key factor affecting investment decisions. At the January market top sentiment was very bullish in spite of sky-high valuations and of some seasoned investors, like GMO’s founder Jeremy Grantham and hedge fund manager Ray Dalio, having made calls of market bubbles for some time. Who could, after all, have suspected that all that could go wrong would indeed go wrong in the subsequent few months? After a five-month fall, investor mood has finally turned and commentaries of more downside are rife. Indeed, in the good old times at current levels, with equity valuations back at the historical averages and a fall of at least 20% on the major indices, one would have bought the large dip trusting that some form of stimulus measure or the other would have saved the day. And, isn’t it true that such a drop without a recession in sight is a great buying opportunity?
A major bottom is in place not only when there is complete capitulation, for now still absent, but also when all of the bad news is out. As for capitulation, we should maybe expect US equity volatility to reach above 40%, which it did for instance both in early 2018 and in August 2015, even as central banks had investors’ back. But now they don’t, so shouldn’t we be trusting to buy the market only when sentiment sours further, as a safety net is no longer there? As for future bad news still lurking somewhere and waiting to spring to the fore, there is plenty of choice. Inflation is squeezing US consumer confidence, now at recessionary levels, hence neither retail sales nor unemployment should be able to hold at current levels. The Fed’s tightening process still represents a question mark as to the effects of the run-off of the Fed’s balance sheet on markets, considering that the past two episodes of Quantitative Tightening did not end well. China slowdown is developing harsher contours and will affect the global cycle. In summary, we would not sound the all-clear for a major bottom to be in place.
Yet, conditions for a forceful rebound seem to be in place. Market breadth, measuring the degree of investor participation in a market movement, has fallen to levels that in the past saw risk assets react positively. US inflation seems to have peaked, so treasury yields should be capped from here. Although China yesterday reported terrible data, Shanghai is aiming for return to normal life as per official statements by the central authorities. Oversold technical market conditions, US yields and the Chinese outlook should provide the triggers for a rally, still be a bear market one until we get more reassured on the above-mentioned fronts.
Meantime, investors can put money to work but with an eye to downside risks. The potential for gains in equities should for now be more relative than absolute, and investing in high-dividend yielding stocks would be offering some downside protection. On the other hand, peaking bond yields imply that IG bonds are now more appealing and offer some absolute upside potential as well.
Fixed Income Update
The latest bout of bond price movements and macro data releases could mean that we are at the cusp of two types of risk. While markets get more convinced about the peaking the US Treasury yields, thus reducing the interest rate risks, the recent fears of slowdown and recession could indicate that we may be moving on to a credit risk scenario. We had mentioned earlier in our publications that increasing rates could make certain sections of the high yield market vulnerable to refinancing risks leading to an increase in defaults. The record bond issuances in 2020 and 2021 and the resultant decrease in short-term liability insulate the high yield issuers to a large extent for 2022 and the first half of 2023. If the Fed is successful in moderating demand, this could hit the toplines of the issuers leading to a double whammy for the lowly rated B and CCC issuers. While high yield spreads in the developed world have widened YTD significantly, this is not the time to go overweight in the segment. We want to give the clarion call to "Go Up in Quality" within fixed income portfolios for the first time since Q2 2020. The recent sell-off comes as a blessing for investors willing to take a plunge. Tons of short-duration BB-rated bonds are available at attractive yields. This is our preferred segment within High Yield. Doing proper due diligence on cash flow versus EBITDA, working capital conversion cycle, and other leverage and coverage indicators will save investors a lot of heartache in the future.
With treasury yields sliding last week, some segments such as the US Treasuries, Euro-denominated Investment Grade corps, EM Sovereign and GCC Debt posted positive returns ranging from +0.4% to +0.8%. On the other hand, emerging Market Corporate and US High Yield had negative weekly returns due to widening spreads as investors get cautious about credit risk. Asia High Yield was the worst-performing segment yet again due to Sunac missing its grace period for payments. Since March, we had turned very cautious in this segment mainly due to two factors. The first one is the non-declaration of audited FY 2021 results by 40% of the players and decreasing quarterly home sales despite the banks' efforts to loosen lending policy. We believe it will be a long road to recovery for the segment unless we see some bi- bang reforms from the govt and monetary authorities in China.
GCC bond returns, especially in the investment-grade space, were positive due to the movement in the yields. The spreads did increase slightly. However, high yield continued to trade weakly, indicating the risk-off nature of the market. Egypt and Turkey continued to trade weak due to worsening macro backdrops. Egypt bonds' fate remains closely tied to the IMF deal, while Turkey needs to stabilize its currency while gaining the upper hand on inflation which is a challenging task for a central bank that is reluctant to increase rates.
Equity Update
The Fed hiked by 50 bps in May with 2 more on the way, and India and the UK are also in synch on monetary policy. The ECB should follow suit later in the year. Inflation at 40-year highs and economic growth slowing with talks of a recession a year down, has led to global equities falling for a 6th straight week. Last week’s 2% fall has YTD equity performance at -16%, with Developed Market equities just slightly better than Emerging Markets. The selloff widened as the outperformers so far, the GCC and Indian equities fell over 5% last week, the latter as inflation over the target range led to an unscheduled rate hike. The unappealing growth-inflation policy mix, probably set to continue till year end, is keeping volatility high across all regions. Europe’s economy is worse affected as the war in Ukraine is at a stalemate, while Asia economies are exposed to the ongoing COVID-19 lockdowns in China. Defensive sectors are in favour globally with consumer staples and healthcare outperforming last week. Do equity prices now more or less reflect the worsening macro-outlook and the hawkish Fed? Valuations are lower for most regions and sectors than historical averages.
Markets may see a rally from oversold levels as Q1 corporate earnings have been stellar and margins have held up, reflecting the ability to pass rising costs onto customers. In the US we still see a buoyant jobs market and strong consumer even as concern over inflation and rising mortgage rates builds. However, we remain cognizant of the very high inflation numbers and guidance from corporates around supply chains constraining production, hence expect rallies to be short lived and equities range bound near term. Food and fuel inflation are key but housing rents, 30 – 40% of the core and headline baskets, are rising faster than at any time since 2006 in the US. European car manufacturers have spoken of essential components shortage from Ukraine. Stellantis CEO said its target to sell only EV’s in Europe by the end of this decade depends on fixing supply-chain problems and if the EU ensures access to enough clean energy, batteries, raw materials and charging infrastructure.
Saudi Aramco, the world’s largest oil producer, has overtaken Apple as the world’s most valuable company. It showed stellar Q1 results, with net income of $39.5bn, an 82% rise on a year ago and in line with oil price gains. Plenty of cash for capex. The UAE and KSA markets gave up some of their gains last week, but are still very much positive for the year with both the Dubai and Abu Dhabi indexes over +10%YTD. Dubai’s residential market sales in April are up 36% y/y propped by off-plan and ready-unit sales reflected in the real estate sector rally.
JP Morgan upgraded the China tech sector as they feel ’significant uncertainties facing the sector should begin to abate on the back of recent regulatory announcements,” The Nasdaq Golden Dragon Index whilst it recovered last week is still down 30% YTD, close to the Nasdaq’s 25% YTD drop. Growth sectors continue to sell off on the higher Treasury 10-year yield. Twitter shares fell as Elon Musk looks into fake/spam accounts which he estimates at 20%, much higher than the 5% earlier disclosed and this could affect his $44bn takeover bid.
Anita Gupta Head of Equity Strategy , [email protected]
Giorgio Borelli Head of Asset Allocation , [email protected]
Maurice Gravier Chief Investment Officer , [email protected]
Satyajit Singh Fixed Income Analyst , [email protected]
This document is prepared by Emirates NBD Bank (P.J.S.C) (“the Bank” or “Emirates NBD”), a public joint stock company incorporated in Dubai, United Arab Emirates (UAE) and licensed to provide various financial services including promotion, financial consultation, securities portfolio management, managing investments of investment funds, etc. Emirates NBD is regulated supervised and controlled by the Central Bank of the UAE (“Central Bank”) and the Securities and Commodities Authority of the UAE (“SCA”), having its head office at Baniyas Road, Deira, PO Box 777, Dubai, United Arab Emirates. This document may be distributed and/or made available by the Bank and its affiliates and subsidiaries, including Emirates NBD Capital KSA CJSC (“ENBD Capital”) (through its website, its branches or through any other modes, whether electronically or otherwise).
Emirates NBD and its affiliates, subsidiaries and group entities, including its shareholders, directors, officers, employees and agents are collectively referred to Emirates NBD Group.
This publication is prepared without regard to the individual financial circumstances and objectives of persons who receive it. Data/information provided in this publication are intended solely for illustrative purposes for the general information or its recipients, irrespective of their customer classification as an Ordinary Investor or Professional Investor under the SCA Regulations.
Any person (hereinafter referred to as “you”, “your”) who has received this document or have access to this document shall acknowledge and agree to the following terms.
Reliance
This publication may include data/information taken from stock exchanges or other third-party sources from around the world, which Emirates NBD reasonably believes to be reliable, fair and not misleading, but which have not been independently verified. The provision of certain data/information in this publication may be subject to the terms and conditions of other agreements to which Emirates NBD is a party. Opinions, estimates and expressions of judgment are those of the writer and are subject to change without notice. Emirates NBD or any member of Emirates NBD Group makes no representation or warranty and accepts no responsibility or liability for the sequence, accuracy, completeness or timeliness of the information or opinions contained in this publication. Nothing contained in this publication shall be construed as an assurance by Emirates NBD that you may rely upon or act on any information or data provided herein, without further independent verification of the same by you.
The contents of this document are prepared as of a particular date and time and will not reflect subsequent changes in the market or changes in any other factors, including those relevant to the determination of whether a particular investment activity is advisable. Emirates NBD does not undertake any obligation to issue any further publications or update the contents of this document. Emirates NBD may also, at its sole discretion, update or change the contents herein without notice. Emirates NBD or any member of Emirates NBD Group does not accept any responsibility whatsoever for any loss or damage caused by any act or omission by you as a result of the information contained in this publication (including by negligence).
References to any financial instrument or investment product in this document are not intended to imply that an actual trading market exists for such instrument or product. Certain investment products mentioned in this document may not be eligible for sale in some jurisdictions, and they may not be suitable for all types of investors. The information and opinions contained in this publication is provided for informational purposes only and have not been prepared with any regard to the objectives, financial situation and particular needs of any specific person, wherever situated. If you wish to rely on or use the information contained in this publication, you should carefully consider whether any investment views and investment products mentioned herein are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You should also independently verify and check the accuracy, completeness, reliability and suitability of the information and should obtain independent and specific advice from appropriate professional advisers or experts.
Confidentiality
This publication may be provided to you upon request (and not for distribution to the general public), on a confidential basis for informational purposes only, and is not intended for trading purposes or to be passed on or disclosed to any other person and/or to any jurisdiction that would render the distribution illegal.
Solicitation
None of the content in this publication constitutes a solicitation, offer, recommendation or opinion by Emirates NBD to buy, sell or trade in any security or to avail of any service in any jurisdiction. This document is not intended to serve as authoritative legal, tax, accounting, or investment advice regarding any security or investment, including the profitability or suitability thereof and further does not provide any fiduciary or financial advice. This document should also not be used in substitution for the exercise of the prospective investor’s judgment.
Third Party
This publication is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation. It is the responsibility of any person in possession of this publication to investigate and observe all applicable laws and regulations of the relevant jurisdiction. This publication may not be conveyed to or used by a third party without the express consent of Emirates NBD or its affiliates, subsidiaries or group entities distributing this document. You should not use the data in this publication in any way to improve the quality of any data sold or contributed by you to any third party.
Liability
Notwithstanding anything to the contrary set forth herein, Emirates NBD, its suppliers, agents, directors, officers, employees, representatives, successors, assigns, affiliates or subsidiaries shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (a) inaccuracies or errors in or omissions from this publication including, but not limited to, quotes and financial data; or (b) loss or damage arising from the use of this publication, including, but not limited to any investment decision occasioned thereby. Under no circumstances, including but not limited to negligence, shall Emirates NBD, its suppliers, agents, directors, officers, employees, representatives, successors, assigns, affiliates or subsidiaries be liable to you for direct, indirect, incidental, consequential, special, punitive, or exemplary damages even if Emirates NBD has been advised specifically of the possibility of such damages, arising from the use of this publication, including but not limited to, loss of revenue, opportunity, or anticipated profits or lost business.
This publication does not provide individually tailored investment advice and is prepared without regard to the individual financial circumstances and objectives of person who receive it. The appropriateness of an investment activity or strategy will depend on the person’s individual circumstances and objectives and these activities may not be suitable for all persons. In addition, before entering into any transaction, prospective investors should: (i) ensure that they fully understand the potential risks and rewards of that transaction; (ii) determine independently whether that transaction is appropriate given an investor’s investment objectives, experience, financial and operational resources, and other relevant circumstances; (iii) understand that any rates of tax and zakat or any relief in relation thereto, as may be referred to in this publication may be subject to change over time; (iv) consult their advisers on the legal, regulatory, tax, business, investment, financial and accounting implications of the investment; (v) understand the nature of the investment and the related contract (and contractual relationship) including, without limitation, the nature and extent of their exposure to risk; and (vi) understand any regulatory requirements and restrictions applicable to the prospective investor.
Where this publication provides any information about Shariah compliant products, the Bank will not have engaged a Shariah board (or similar body) to determine independently whether or not such products are compliant with Shariah principles. The Bank accepts no liability with respect to the fairness, correctness, accuracy, reasonableness or completeness of any such determination or guidance by any Shariah board that has certified or otherwise approved such products as Shariah compliant. Nothing contained in this publication shall be construed as a recommendation by the Bank to invest in such product. In deciding whether to invest in Shariah compliant products, you should satisfy yourself that investing in such products will not contravene Shariah principles. You should consult your own Shariah advisors as to whether investing in such products is compliant or not with Shariah principles.
Forward Looking
Past performance is not necessarily a guide to future performance and should not be seen as an indication of future performance of any investment activity. The information contained in this publication does not purport to contain all matters relevant to any particular investment or financial instrument and all statements as to future matters are not guaranteed to be accurate. Certain matters in this publication about the future performance of Emirates NBD or members of its group (the Group), including without limitation, future revenues, earnings, strategies, prospects and all other statements that are not purely historical, constitute “forward-looking statements”. Such forward-looking statements are based on current expectations or beliefs, as well as assumptions about future events, made from information currently available. Forward-looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “goal”, “seek”, “believe”, “will”, “may”, “should”, “would”, “could” or other words of similar meaning. Reliance should not be placed on any such statements in making an investment decision, as forward-looking statements, by their nature, are subject to known and unknown risks and uncertainties that could cause actual results, as well as the Group’s plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. Estimates of future performance are based on assumptions that may not be realized.
Risk
Data included in this publication may rely on models that do not reflect or take into account all potentially significant factors such as market risk, liquidity risk, and credit risk. Emirates NBD may use different models, make valuation adjustments, or use different methodologies when determining prices at which Emirates NBD is willing to trade financial instruments and/or when valuing its own inventory positions for its books and records. The use of this publication is at the sole risk of the investor and this publication, and anything contained herein, is provided "as is" and "as available." Emirates NBD makes no warranty of any kind, express or implied, as to this publication, including, but not limited to, merchantability, non-infringement, title, or fitness for a particular purpose or use.
Investment in financial instruments involves risks and returns may vary. The value of investment products mentioned in this document may neither be capital protected nor guaranteed and the value of the investment product and the income derived therefrom can fall as well as rise and an investor may lose the principal amount invested. Investment products are subject to several risks factors, including without limitation, market risk, high volatility, credit and default risk, illiquidity, currency risk and interest rate risk. It should be noted that the value, price or income of securities denominated in a foreign currency may be adversely affected by changes in the currency rates. It may be difficult for the investor to sell or realise the security and to obtain reliable information about its value or the extent of the risks to which it is exposed. Furthermore, the investor will not have the right to cancel a subscription for securities once such subscription has been made. Prospective investors are hereby informed that the applicable regulations in certain jurisdictions may place certain restrictions on secondary market activities with respect to securities.
Before making an investment, investors should consult their advisers on the legal, regulatory, tax, business, investment, financial and accounting implications of the investment. In receiving this publication, the investor acknowledges it is fully aware that there are risks associated with investment activities. Moreover, the responsibility to obtain and carefully read and understand the content of documents relating to any investment activity described in this publication and to seek separate, independent financial advice if required to assess whether a particular investment activity described herein is suitable, lies exclusively with the investor.
Intellectual property
This publication has been developed, compiled, prepared, revised, selected, and arranged by Emirates NBD and others (including certain other information sources) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Emirates NBD and such others. All present and future rights in and to trade secrets, patents, copyrights, trademarks, service marks, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, shall, as between the investor and Emirates NBD, at all times be and remain the sole and exclusive property of Emirates NBD and/or other lawful parties.
Except as specifically permitted in writing, you should not copy or make any use of the content of this publication or any portion thereof or publish, circulate, reproduce, distribute or offer this publication for sale in whole or in part to any other person over any medium including but not limited to over-the-air television or radio broadcast, a computer network or hyperlink framing on the internet or construct a database of any kind. Except as specifically permitted in writing, you shall not use the intellectual property rights connected with this publication, or the names of any individual participant in, or contributor to, the content of this publication, or any variations or derivatives thereof, for any purpose. This publication is intended solely for non-commercial use and benefit, and not for resale or other transfer or disposition to, or use by or for the benefit of, any other person or entity. By accepting this publication, you agree not to use, transfer, distribute, copy, reproduce, publish, display, modify, create, or dispose of any information contained in this publication in any manner that could compete with the business interests of Emirates NBD. Furthermore, you should not use any of the trademarks, trade names, service marks, copyrights, or logos of Emirates NBD or its subsidiaries in any manner which creates the impression that such items belong to or are associated with you, except as otherwise provided with Emirates NBD’s prior written consent. You shall have no ownership rights in and to any of such items.
IMPORTANT INFORMATION ABOUT UNITED KINGDOM
This publication was prepared by Emirates NBD Bank (P.J.S.C) in the United Arab Emirates. It has been issued and approved for distribution to clients by the London branch of Emirates NBD Bank (P.J.S.C) which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority in the UK. Some investments and services are not available to clients of the London Branch. Any services provided by Emirates NBD Bank (P.J.S.C) outside the UK will not be regulated by the FCA and you will not receive all the protections afforded to retail customers under the FCA regime, such as the Financial Ombudsman Service and the Financial Services Compensation Scheme. Changes in foreign exchange rates may affect any of the returns or income set out within this publication.
IMPORTANT INFORMATION ABOUT SINGAPORE
This publication was prepared by Emirates NBD Bank (P.J.S.C) in the United Arab Emirates. It has been issued and approved for distribution to clients by the Singapore branch of Emirates NBD Bank (P.J.S.C) which is licensed by the Monetary Authority of Singapore (MAS) and subject to applicable laws (including the Financial Advisers Act (FAA) and the Securities and Futures Act (SFA). Any services provided by Emirates NBD Bank (P.J.S.C) outside Singapore will not be regulated by the MAS or subject to the provisions of the FAA and/or SFA, and you will not receive all the protections afforded to retail customers under the FAA and/or SFA. Changes in foreign exchange rates may affect any of the returns or income set out within this publication. Please contact your Relationship Manager for further details or for clarification of the contents, where appropriate. For contact information, please visit www.emiratesnbd.com.
IMPORTANT INFORMATION ABOUT EMIRATES NBD CAPITAL KSA CJSC
Emirates NBD Capital KSA CJSC (“ENBD Capital”), whose registered office is at P.O. Box 341777, Riyadh 11333, Kingdom of Saudi Arabia, is a Saudi closed joint stock company licensed by the Saudi Arabian Capital Market Authority (“CMA”) under License number 37-07086 dated 29/08/2007G (corresponding to 16/08/1428H) to deliver a full range of quality investment products and related support services to individuals and institutions in the Kingdom of Saudi Arabia. ENBD Capital is subject to Capital Market Law, and Implementing Regulations in the Kingdom of Saudi Arabia
ENBD Capital’s contact details are T +966 (11) 299 3900 and F +966 (11) 299 3955.
This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Investment Funds Regulations issued by the Capital Market Authority.
The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective subscribers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities offered. If you do not understand the contents of this document, you should consult an authorised financial adviser.
Copyright © 2024