MARCH 2013 Vol. 2 - No. 4 - Emirates NBD · Super 150s: Bespoke suits make a fine statement By...

News update

>> UAE to lead GCC debt issuance in 2013

>> Egypt sets limits on share transfers of local stocks

>> Shareholders approve Aldar-Sorouh merger

>> Abu Dhabi’s Al Jaber, top creditors agree debt terms

>> Emaar plans more projects this year as Dubai economy strengthens

>> Abu Dhabi bourse to list big private firms to lure investors

>> Egypt approves law allowing Islamic bond issues

>> Middle East economies stare down politics, rising oil supplies – Roubini

>> Dubai utility DEWA launches USD1bn 5-year sukuk at 3% - leads

>> GCC markets: more upside?

Super 150s: Bespoke suits make a fine statement

Leadership challenges in a nebulous economic climate

Like global real estate, Dubai property returns to form

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

MARCH 2013 Vol. 2 - No. 4

Global equity shrugs off the sequester C

UR

REN

CY

CO

RN

ER

USD moves into “growth currency” zone

Events and Promotions

Welcome to Privileges and More!

Banking in Chinese Yuan is now within your reach500

510 520 530 540 550 560 570 580

5-‐Oct-‐12 5-‐Nov-‐12 5-‐Dec-‐12 5-‐Jan-‐13 5-‐Feb-‐13 5-‐Mar-‐13

KSE Also Rises

inspire Vol. 2- No. 4

QUICK LINKS

Super 150s: Bespoke suits make a fine statementBy Philip Weiss

Every man and woman in the business world needs at least one high-quality suit that will fall just right and give you the confidence you need in the boardroom.

The benefit of having your suit custom-made means having at least one suit that sets itself apart from the rest. Surprisingly, heading down to high-end designer stores will not always offer you what you need.

What you will walk away with is a brand name rather than quality. Finding a tailor in the United Arab Emirates is like looking for a red bus in London. They are everywhere and will offer a wide selection of materials to really meet your needs.

Buying a tailor-made suit that really fits will usually cost the same or less than one bought in a department store. If you have a specific idea in mind, you can bring a photo of what you want for the tailor to duplicate.

The result will be a one-of-a-kind statement suit. “A statement suit is a style that combines precision cutting with attention to detail,” said Kelly Lundberg, CEO and founder of Style Me Divine, a personal styling and shopping service based in Dubai, “The fit should be impeccable, incorporating subtle style elements in the button and lapel details with superb stitching and clean lines,” she said.

Getting a custom-made suit is a better option for men, as women have more choices in stores, she said.

“Custom tailoring for men will always have the edge when it comes to fit, plus individual touches can be added to give a suit character such as colored linings or extra pockets,” said Lundberg.

“Opting for a tailor-made suit comes down to individual preference and budget. However, women have a fantastic choice of quality off the rack designs both on the high street and in designer boutiques,” she added.

“Suits for women often have intricate detail, a broad color palette and numerous other style options making it easier to find something suited to a particular body shape or taste. Suits for men are not as varied; finding the perfect suit comes down to cut and a great fit,” said Lundberg.

Once you’ve chosen your tailor, the next step is to settle on a suitable fabric. The suit’s fabric will make all the difference when it comes to cost. Many popular designers use fabrics with a grade of 100s or 110s (quality of fabric) to cut costs and increase markups.

As you’re not paying for the brand name, you can opt for higher quality grades and still pay the same price or cheaper. Anything above a grade of 110s is guaranteed to make a respectable-looking and durable suit.

Grades ranging from low 180s to high-end super 180s, however, should be treated as caviar – wonderful but not to be eaten everyday.

The irony is that the finest wools such as super 150s and above don’t necessarily make the best garments. For one thing, these fabrics are hard to tailor because the material shifts so easily when it is sewn. Italian tailors say that the wool is ‘nervous’.

Such wools wrinkle almost as easily as linen and are delicate. They are also not as durable as less-fine wool, and suits made from them have to be dry-cleaned sparingly.

All the custom-made suits worn by Pierce Brosnan in The Thomas Crown Affair were

super 150s – however the tailor, Gianni Campagna from Milan, reportedly calls the fabric ‘high maintenance’. If you stain it, you can only spot-clean it. Or buy a new suit, if you can afford it.

When picking a material make super 100s and super 120s the mainstay of your wardrobe.

As for the style, nothing is stopping you from trying out the stores first to help you define what statement you want your suit to make.

“For the discerning gentleman it doesn’t get better than Tom Ford. The attention to detail and razor sharp cut is second to none… his suits make a style statement in a classic yet unobtrusive manner,” said Lundberg.

“The slim fit cut to be found at Italian label Zegna is incredibly flattering for men and the fabric used is lightweight yet durable,” she said.

For women, American classic Donna Karan offers sophisticated tailoring with a feminine approach. The fabrics are flattering and comfortable, perfect for the modern multi-tasking woman, while iconic Brit label Vivienne Westwood is all about making a style statement with quirky cuts and detailed hemlines and lapels, added Lundberg. © Zawya

FEATURED

HOME | FEATURED | SUCCESS SECRETS | MARKETS UPDATE | REALTY CHECK | CURRENCY CORNER | NEWS UPDATE | EVENTS & PROMOTIONS


QUICK LINKS

SUCCESS SECRETS

Leadership challenges in a nebulous economic climate By Precious De Leon

Economic uncertainty continues to shape the landscape of business. The last five years have certainly forced many business owners and CEOs to recalibrate strategies for growth to match the ebb and flow of a market in economic slowdown. However, it may be the years to follow that will truly test leadership mettle.

Managing a company during a crisis is “relatively easier” than doing it during an economy that is still trying to find its footing, says Omar Kassim, founder of JadoPado.com, a UAE-based online-only electronics retailer.

Indeed, the management parameters of an economy in a downturn are arguably clearer. In such a scenario, companies often have standard protocols that may include cutting costs and

limiting liabilities by making more cautious plans for growth. But what happens when the market starts to pick up? How do you run a business – small or large – when economic growth seems like it’s just around the corner yet out of your reach?

In a forecast survey conducted by The Wall Street Journal at the end of 2012, about a third of SME owners say economic uncertainty will remain their biggest barrier to long-term growth in the following year. Surely, companies cannot look back at how business was done pre-crisis. The business environment has changed and there are different players and, more importantly, platforms to consider this time around.

“We tackle things through a systematic approach,” says Kassim, who is also the CEO of Al Bogari Holdings, a trading and investment firm. “We look at where there is most potential for growth within the operations, without factoring in what’s going on at the moment in the market.

“Business owners should always look at creating long-term sustainability. Sometimes, you can get caught in the trap of growing faster than the market. But sustainability is about getting your business and the economy to grow at the same pace.”

One of the keys to successful leadership that Kassim has seen from his mentors has been the adoption of utmost transparency in all operations. It helps, he says, to bring more and

better solutions to the table.

And with this in mind, transparency could be the first step to get you prepared for these three challenges you are likely to face in a post-crisis business era:

Human Capital

In a recovering economy, there are going to be more opportunities for experienced talent to entertain ideas of moving to another company. Make it harder for poachers to entice your staff by investing in them without breaking your bank. Put together a clear plan for each individual that includes training and a path for their career growth. This includes management development, as well. In addition, communication is important in making sure that your employees feel like an integral part of the company. Make them feel heard and take action accordingly.

Aside from retaining staff, hiring more talent will also be an important issue in the coming years. Look out for people with entrepreneurial spirit who understand and believe in the core of your business. At the same time, make sure these are talents that take initiative in bringing the business forward by continually innovating within their field.

Start-up and Operating Capital

Always revisit and modify your business plan according to the current trajectory of the company. It will help remind you of your core goals while allowing you to look at what you

need to either get your business started or get it growing. An updated business plan will also allow you to be on top of the amount of capital you require. Stay in tune with what VCs are looking for. Make sure you show investors your company’s potential through knowledge of resources and thorough research.

Also, be aware of changing regulations for business finding. Learn what you are entitled to and adjust your expectations accordingly.

Innovation

This applies both to finding creative ways to boost business and improve operations. While cutting costs to increase profit may not be the best example for innovation, looking for more efficient ways to do business will eventually cut your costs, thereby increasing your bottom line. Continually look for new technologies and services that increase productivity.

As for boosting business, growing your client base will be first and foremost on your agenda. Creativity in marketing has certainly taken another level. It’s harder to catch the attention of consumers who are constantly bombarded with information. But with the combination of talent and tools, plus staying true to your brand, then you should be able to stay in the game. For some business, this may mean weaning off weak customer and partner relationships and putting your focus on your most profitable customers and suppliers. © Zawya



QUICK LINKS

MARKETS UPDATE

Global equity shrugs off the sequesterGlobal markets shrugged off the US sequester fight, close elections in Italy and even China’s signal that it is pulling back infrastructure spending, leaving many analysts to wonder whether financial markets’ rally is coming to an end.

The Dow Jones Index hit record levels, while the Standard & Poor’s index inched closer to its own record on March 6, as investors ploughed funds into the rally and traders repeated the newly-popular investment philosophy – TINA: There Is No Alternative.

Despite concerns of overheating, the S&P 500 Index is trading at 13.6 times estimated 12-month earnings, compared to 14.9 times in October 2007 when the index reached an all-time high, according to Reuters data.

An improved US job market, a fast-growing services sector and the US Federal Reserve’s continued support of the economy has largely offset the embarrassing political fight between the White House and Congress on sequester, or automatic cuts that kicked in as the two parties failed to agree on spending cuts.

Meanwhile, Fed chairman Ben Bernanke has argued that the benefits of keeping interest rates low outweigh the risks.

“While the recent crisis is vivid testament to the costs of ill-judged risk-taking, we must also be aware of constraints posed by the present state

of the economy,” Bernanke said in a speech on March 1.

“In light of the moderate pace of the recovery and the continued high level of economic slack, dialing back accommodation with the goal of deterring excessive risk-taking in some areas poses its own risks to growth... Indeed… a premature removal of accommodation could, by slowing the economy, perversely serve to extend the period of low long-term rates.”

Still, it is unclear whether China’s decision to cool off on infrastructure spending will start weighing on global markets. Domestic spending on affordable housing is set to decline from a 2012 high as Beijing scales back construction targets. Certain transport projects will see growth, but moderation sets the overall tone, analysts note.

The drop in Chinese activity could also lower oil prices, which would hurt Gulf market sentiment, but for now the momentum is largely positive.

The Dubai market has retreated after rising 18.5% year-to-date. It currently stands 15.5%

higher than the start of the year and remains the best performing market in the region. Abu Dhabi (14.1%) and Kuwait (10.5%) have also posted double-digit growth year-to-date, suggesting a region-wide rally that continues to take root.

Kuwait’s price-to-earning ratio is the highest in the region at 16.9 times earnings, but the UAE markets stand at 10.6, still lower than most other regional markets, suggesting more headroom for growth.

CURRENCY

The euro fell against the dollar as the European Central Bank was widely expected to maintain interest rates. In fact, some analysts believe the ECB could cut interest rates in the future to recharge the lackluster Eurozone. The euro has consistently fallen below USD 1.30 this year.

The dollar also gained against the Japanese yen and was at the 94.10 level. The British sterling has fallen nearly 7.5% this year against the dollar and stood at USD 1.5032 on March 6 as the American greenback emerged as the

strongest currency this year.

Oil

Brent crude is down a mere 0.7% for the year, at USD 111.18 per barrel, even after the death of Venezuela’s Hugo Chavez, president of OPEC’s sixth-largest crude producer. Most analysts predict that instability in the Latin American country would only serve to raise crude prices and call upon Saudi spare capacity, benefiting the Gulf region.

GOLD

Gold has fallen 6% year-to-date and currently languishes at USD 1,576.8 per ounce. Market observers believe the sun may have set on the yellow metal for now.© Zawya


Market Mcap % Change P/E (x) P/B(x) D/Yld(%) ROE(%)

USD Bn YTD 13E 12A 12A 12A

Saudi 373.2 2.9 11.1 1.8 4 15.3

Abu Dhabi 78.98 14.1 9.4 1.16 3.88 11.87

Dubai 39.79 15.5 12.08 0.88 3.38 6.27

Kuwait 98.5 10.5 16.9 1.5 2.2 7.4

Qatar 126.8 1.6 11.6 1.7 3 13.6

Bahrain 16.2 3 10.3 0.8 3.5 7.5

Oman 20.6 4.1 8.8 1.6 3.2 16.8

GCC 753 3.1 11.1 1.5 3.3 12.5

Source: Zawya, Reuters, as at March 6, 2013

GULF MARKETS IN 2013 (YTD)

500

510

520

530

540

550

560

570

580

5-‐Oct-‐12 5-‐Nov-‐12 5-‐Dec-‐12 5-‐Jan-‐13 5-‐Feb-‐13 5-‐Mar-‐13

KSE Also Rises


QUICK LINKS

Like global real estate, Dubai property returns to form After being in the doldrums for a few years, the real estate sector in most emerging and developed markets is showing signs of a recovery.

Much of the leveraged investments that had pumped up real estate prices prior to the global financial crisis have been cleansed from the system and an environment of low interest rates is bringing investors back to the property markets.

Real estate consultant Jones Lang LaSalle expects investments of up to USD 500 billion in real estate globally in 2013 – the highest investment level since 2007.

For high net-worth individuals in the Gulf, which are shrewd real estate investors, the US commercial property sector offers the strongest upside potential, especially as it is expected to grow 15%-20% during the year.

“In Europe, we anticipate that this year will see a similar level of investor activity to last year but with upside potential, particularly from the secondary markets, which are starting to see greater investor interest given their more attractive yields,” said JLL.

“Investment volumes in Asia Pacific are forecast to increase by around 15%, with Asian sovereign wealth funds and pension funds deploying more capital in their home

region.”

Closer to home, Dubai’s real estate market is also coming in from the cold after a few years of hibernation.

The emirate’s real estate market continues to experience higher levels of residential sales and the prime market is now well into an upturn, notes JLL.

“The recovery in prices is most pronounced in the villa sector (where prices increased 24% in 2012, compared to 12% in the apartment sector). Rents have also started to recover (7% for villas and 6% for apartments in 2012). However, the improvement in prices is largely confined to prime established locations, with less established locations seeing little or no growth in values.”

Buoyed by the business optimism, Emaar Properties – the emirate’s flagship real estate company – announced it will launch new projects such as the Dubai Modern Art Museum and Opera House District.

The company delivered 31,230 residential units apart from two million square feet of commercial space, as the real estate market picked up last year.

Emaar says its business strategy includes “taking advantage of the recent buoyancy in Dubai’s real estate market by developing new iconic projects.”

Still, it needs to be put in perspective, as vacancies in Dubai’s prime central business

district (CBD) remain high at around 31%.

“Non-CBD locations have even higher vacancy levels, as much as 80% in some sub-markets,” said JLL. “While the overall office market continues to be tenant-favorable, demand is still concentrated on just a few buildings/locations, and the range of prime buildings in single-ownership is more restricted than the overall vacancy figures would suggest.”

Meanwhile, the emirate’s hospitality property market is also picking up, primarily as instability in other lodging markets in the Middle East and Africa (MENA) flare up, said Ernst & Young in a report on the global travel market.

“Continued unrest in countries such as Egypt, Libya and Syria has enabled leisure destinations, such as Dubai, to benefit from the redirected lodging demand…. An increase in tourism from Chinese leisure travelers is anticipated to boost room rates in popular tourist destinations, such as Dubai, in 2013.”

The emirate ended 2012 with an overall occupancy rate at 83.3%. In addition, RevPAR increased by 6.4% and average room rate also increased by 6.3%, said E&Y.

Analysts expect the global real estate market to pick up even further in the second half of the year as the clouds of economic doom disappear and businesses are more confident of the future. And Dubai is poised to get a lift as the high tide comes in.© Zawya

REALTY CHECK


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

SMS ‘HOME‘ to 4452


QUICK LINKS

USD moves into “growth currency” zone

The US dollar could be the star in the currency firmament this quarter as strengthening US economic data helps the greenback potentially shift from being a safe haven to a growth currency.

According to a report released by Forex.com, a subsidiary of Gain Capital, a strong dollar offers lots of opportunities in the FX world including an extension of USD/JPY strength and GBP/USD weakness during the second quarter. It could also make life harder for the Australian dollar, which is struggling under the dual pressure of lackluster growth at home and in China.

Two events that were expected to have a significant impact on currency values – the haircut for bank depositors approved as part of the Cyprus bank bailout, and the UK budget presented by George Osborne – failed to do much to shake up the status quo.

In the UK, a triple-dip recession is likely to keep pressure on the pound, which could fall to its lowest level since the global financial crisis in 2009. However, Forex.com research director Kathleen Brooks wrote in a note that she is “mildly bullish” on the GBP.

“Expectations for a very dovish new remit for the Bank of England were unfounded. Combined with signs that the BOE is uncomfortable with the decline in sterling and the rising level of inflation this suggests that we could have put in a medium-term bottom for

GBP/USD at 1.4830,” Brooks wrote.

“In recent days, two things have happened that could limit GBP weakness in the medium-term: One, the flare up of Eurozone concerns and the crisis in Cyprus; and two, the less radical than expected change to the BOE remit, and growing signs that the BOE is uncomfortable with the sharp decline in sterling.”

Thus, the decline to 1.4830 in GBP/USD in the week ended March 15, 2013, could be a medium-term low, while 1.5220, then 1.5280, are near-term resistance levels, she said.

“Overall, from a fundamental perspective we think GBP/USD could stage a modest recovery from here, and from a technical perspective above 1.5125 (daily pivot) is mildly bullish for this cross.”

Eurozone Periphery

This quarter will also likely be pivotal for the

Eurozone as the periphery becomes more vocal in its opposition to austerity, Italian political worries come back to the surface and Cyprus continues to dominate the headlines. This could weigh on the euro and, if the sovereign crisis kicks off once again, it may cause global volatility levels to spike.

“We are most excited about a potential shift in the dollar,” Brooks said, “from being a safe haven to a growth currency. We expect the USD/JPY uptrend to continue, although this quarter the dominating factor is expected to be developments in the US and at the Fed, rather than at the Bank of Japan.

“We think USDJPY could get to 100.00. In Q2, we also expect EUR/USD to grind back to the mid 1.20s as a bullish case for the euro gets harder to justify,” Brooks said.

Although there are risks, particularly in Europe, the global growth outlook will be supported

by a continued recovery in Japan and the US, which is supportive of risk assets.

“But investors need to be on their guard as signs that Italy is being sucked into the sovereign crisis or a slowdown in China, could cause volatility to spike in the coming months,” Brooks said.

Another negative factor for the euro was the PMI data from the Eurozone. France slipped further into recession territory, and German data also missed estimates. These surveys were carried out before the Cyprus crisis blew up, so sentiment could drain further in the weeks to come.

Brooks said: “We pointed out in our Q2 outlook that France could be a risk to watch out for. Its economy has not only slipped behind other core economies, but is looking worse than some peripheral ones.”.© Zawya

CURRENCY CORNER



QUICK LINKS

NEWS UPDATES

UAE to lead GCC debt issuance in 2013The UAE banks are expected to lead the Gulf region for debt issuance this year, international ratings agency Standard & Poor’s said. “Banks in the UAE remained the largest issuers last year, and we forecast robust issuance levels again in 2013 as banks continue efforts to optimize their funding costs,” S&P analysts said in a report.

S&P expects most of the impetus to come from banks in the UAE, the largest issuers in 2012, and Qatar, where issuance has been steadily increasing. – Emirates 24/7

Full story:

Egypt sets limits on share transfers of local stocksEgypt has set limits on the amount of shares local companies can transfer into internationally-traded global depository receipts after a controversial deal involving one of the country’s biggest firms.

Egypt’s financial watchdog made the ruling while a dispute rages over a share offer that is likely to lead to Orascom Construction Industries (OCI) leaving the Egyptian stock market against the government’s wishes. – Reuters

Full story:

Shareholders approve Aldar-Sorouh mergerShareholders of Abu Dhabi’s Aldar Properties and Sorouh Real Estate have approved plans to merge, creating a real estate entity with assets of about USD 13 billion. The boards of the state-linked rivals proposed a merger in January and the deal was expected to be completed by end-June.

More than 50% of the shareholders at both firms’ meetings backed the tie-up. Approval was expected as the deal was supported by the Abu Dhabi government. – Reuters

Full story:

Abu Dhabi’s Al Jaber, top creditors agree debt termsAbu Dhabi conglomerate Al Jaber Group has agreed on terms to restructure nearly USD 4.5 billion in debt with its main creditors, three sources said, with final approval from other lenders expected to end talks which have dragged on for over two years.

A family-owned group with operations in construction, aviation and retail, Al Jaber set up a five-bank creditor committee in 2011 to negotiate a restructuring after it became difficult for the firm to service its debt on maturity. - Reuters

Full story:

Emaar plans more projects this year as Dubai economy strengthensEmaar Properties said it plans to develop several projects this year to continue building its recurring revenue businesses, as the company re-focuses on its home market to capitalize on Dubai’s resurgence as a business and tourism hub.

The group will develop projects such as the Dubai Modern Art Museum and Opera House District in Downtown Dubai, the one million square feet expansion of Dubai Mall, as well as new properties in its Address hotels portfolio, Emaar said in its financial statements posted on the Dubai bourse website. – Zawya Dow Jones

Full story:



QUICK LINKS

Abu Dhabi bourse to list big private firms to lure investorsThe Abu Dhabi stock exchange is looking to list some of the emirate’s large private companies to help boost liquidity on the bourse and ensure its benchmark index better reflects the economy, its chief executive said.

Roadshows for the listings are planned later this year in the Gulf and in London to attract more investors into Abu Dhabi, Rashed al Baloushi, chief executive of Abu Dhabi Securities Market, told reporters.

“These companies are exactly like public joint stock companies but are wearing the hat of private companies. So why can’t they be listed and the index will be more realistic,” Baloushi said. – Reuters

Full story:

Egypt approves law allowing Islamic bond issuesThe Egyptian government approved a draft law that will allow the state to issue Islamic bonds, or sukuk, a move that could help narrow a gaping budget deficit and boost foreign currency reserves that have fallen to critically low levels.

Shaped by Egypt’s first Islamist-led administration, the law will also allow private borrowers to issue sukuk. Egypt has never before issued bonds that adhere to Islamic principles, under which the payment of interest is impermissible.

The law will be referred to the Islamist-dominated upper house of parliament before final approval from president Mohamed Mursi. An earlier version of the sukuk law had been criticized by Islamic scholars, forcing a rethink. - Reuters

Full story:

Middle East economies stare down politics, rising oil supplies – RoubiniMiddle Eastern economies face strong headwinds from regional unrest and new energy discoveries in the US and elsewhere, Nouriel Roubini, the executive chairman of Roubini Global Economics and a well-known market bear, said.

Demand for energy from emerging markets was likely to remain strong, Roubini said at a conference in Dubai, but new supplies of shale gas – a form of energy that is expected to eventually wean the US off imports – and oil discoveries in places like Brazil and Israel may put downward pressure on prices. – Zawya Dow Jones

Full story:

Dubai utility DEWA launches USD1bn 5-year sukuk at 3% - leadsDubai Electricity and Water Authority launched a USD 1 billion Islamic bond, or sukuk, at a profit rate of 3%, arranging banks said in a statement.

The launch price was at the lower end of guidance released earlier, indicating strong investor appetite for the deal. – Reuters

Full story:

GCC markets: more upside?Gulf markets are set to rise 10% to 15% this year on the back of strong economic fundamentals and the return of risk appetite, according to analysts.

“We recommend more focus on large cap stocks, as most had a subdued performance in 2012. Accordingly, large cap stocks such as Etisalat, SABIC, First Gulf Bank, Samba, Almarai, Aldar and Emaar to outperform small cap stocks in 2013,” said SICO in a report. – alifarabia.com

Full story:

.

© Zawya

NEWS UPDATES


http://www.zawya.com/story/TR20121014nL5E8LE0WJ2


QUICK LINKS

Emirates NBD offers youCurrent Accounts andFixed Deposits in Chinese Yuan.

Current Accounts

A variety of features and easy access for total convenienceand flexibility.

> Non-interest bearing account

> Standing Instruction service for setup of periodic payments

> Access to Phone and Online Banking

> Monthly statement of account

Fixed Deposits

Start saving with Emirates NBD Fixed Deposits and earnattractive returns.

> Minimum deposit of CNY 200,000

> Market leading interest rates, depending on the durationof the deposit

> Flexible terms of 1 month, 3 months, 6 months,9 months and 1 year

> Premature withdrawals permitted (with applicablepenalty charges)


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

Banking in Chinese Yuan is now within your reach


QUICK LINKS

Special offers to make your memories sweeter

Enjoy exclusive Privileges and More offers for extraordinary occasions

For detailed list of offers, Visit www.emiratesnbd.com/en/priorityBanking/privilegesAndMore


These offers can be availed by simply presenting your Privileges and More card.

*Terms and Conditions apply.

Special OccasionsReceive a discount of

> 10% on any bookings AED 1,000 to AED 10,000

> 15% on any bookings AED 10,001 to AED 15,000

> 20% on any bookings over AED 15,000

Valid at: Dubai Marina, Dubai

VivaahReceive a discount of

> 25% on local (UAE based) weddings, and a discount of 30% on (offshore) destination weddings

Valid at: Level 14, Emaar Boulevard Plaza Tower 1, Downtown Dubai

Jenny FlowersReceive a discount of

> 10% on a minimum spend of AED 100 to AED 499

Valid at: Oud Metha, Dubai

SugaholicReceive a discount of

> 15% on a minimum purchase of 6 cupcakes and/or a cake box

> 10% on regular cake orders

Valid at: Opposite BurJuman, Karama

Stu Williamson PhotographyReceive a discount of

> 25% on all services

Valid at: Villa 705, Umm Suqeim 2, Jumeirah Beach Road


QUICK LINKS

A unique and rewarding programme, THARAA’ offers you five tiers of membership:

> Bronze > Silver > Gold

> Platinum > Executive

Each tier holds special benefits and is designed to reward you simply by executing trades. Every trading transaction earns THARAA’ Points that may be redeemed for future transactions at your request. All Emirates NBD Securities valued investors* are automatically enrolled into THARAA’.

*Terms and Conditions apply.

Rewardingyou more withevery tradeWelcome to THARAA’, the new loyalty programme by Emirates NBD Securities.


Call (+971) 4 303 22 33 Visit emiratesnbdsecurities.comEmail us at [email protected]


QUICK LINKS

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS OF ACCESS FOR THE PUBLICATION BEFORE THE USE THEREOF. By continuing to access and use the publication, you signify you accept these terms and conditions. Emirates NBD reserves the right to amend, remove, or add to the publication and Disclaimer at any time. Such modifications shall be effective immediately. Accordingly, please continue to review this Disclaimer whenever accessing, or using the publication. Your access of, and use of the publication, after modifications to the Disclaimer will constitute your acceptance of the terms and conditions of use of the publication, as modified. If, at any time, you do not wish to accept the content of this Disclaimer, you may not access, or use the publication. Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by Emirates NBD and shall be of no force or effect. Information contained herein is believed by Emirates NBD to be accurate and true but Emirates NBD expresses no representation or warranty of such accuracy and accepts no responsibility whatsoever

for any loss or damage caused by any act or omission taken as a result of the information contained in the publication. The publication is provided for informational uses only and is not intended for trading purposes. Charts, graphs and related data/information provided herein are intended to serve for illustrative purposes. The data/information contained in the publication is not designed to initiate or conclude any transaction. In addition, the data/information contained in the publication is prepared as of a particular date and time and will not reflect subsequent changes in the market or changes in any other factors relevant to their determination. The publication may include data/information taken from stock exchanges and other sources from around the world and Emirates NBD does not guarantee the sequence, accuracy, completeness, or timeliness of information contained in the publication provided thereto by or obtained from unaffiliated third parties. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which Emirates NBD is a party.

None of the content in the publication constitutes a solicitation, offer or recommendation by Emirates NBD to buy or sell any security, or represents the provision by Emirates NBD of investment advice or services regarding the profitability or suitability of any security or investment. Moreover, the content of the publication should not be considered legal, tax, accounting advice. The 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. Accordingly, anything to the contrary herein set forth notwithstanding, 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 the publication including, but not limited to, quotes and financial data; (b) loss or damage arising from the use of the publication, including, but not limited to any investment decision occasioned thereby. (c) 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 THE PUBLICATION, INCLUDING BUT NOT LIMITED TO, LOSS OF REVENUE, OPPORTUNITY, OR ANTICIPATED PROFITS OR LOST BUSINESS. The information contained in the 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. Anyone proposing to rely on or use the information contained in the publication should independently verify and check the accuracy, completeness, reliability and suitability of the information and should obtain independent and specific advice from appropriate professionals or experts regarding

information contained in the publication. Further, references to any financial instrument or investment product is not intended to imply that an actual trading market exists for such instrument or product. In publishing this document Emirates NBD is not acting in the capacity of a fiduciary or financial advisor.

Emirates NBD and its group entities (together and separately, “Emirates NBD”) does and may at any time solicit or provide commercial banking, investment banking, credit, advisory or other services to the companies covered in its reports. As a result, recipients of this report should be aware that any or all of the foregoing services may at times give rise to a conflict of interest that could affect the objectivity of this report.

The securities covered by this report may not be suitable for all types of investors. The report does not take into account the investment objectives, financial situations and specific needs of recipients.

Data included in the publication may rely on models that do not reflect or take into account all potentially significant factors such as market

DISCLAIMER



QUICK LINKS

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. In receiving the publication, you acknowledge and agree that there are risks associated with investment activities. Moreover, you acknowledge in receiving the publication that the responsibility to obtain and carefully read and understand the content of documents relating to any investment activity described in the publication and to seek separate, independent financial advice if required to assess whether a particular investment activity described herein is suitable, lies exclusively with you. You acknowledge and agree that past investment performance is not indicative of the future performance results of any investment and that the information contained herein is not to be used as an indication for the future performance of any investment activity. You acknowledge that the 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 you 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 acknowledge and agree that you may not copy or make any use of the content of the publication or any portion thereof. Except as specifically permitted in writing, you shall not use the intellectual property rights connected with the publication, or the names of any individual participant in, or contributor to, the content of the publication, or any variations or

derivatives thereof, for any purpose.

YOU AGREE TO USE THE PUBLICATION SOLELY FOR YOUR OWN NONCOMMERCIAL 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. YOU AGREE NOT TO USE, TRANSFER, DISTRIBUTE, OR DISPOSE OF ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION IN ANY MANNER THAT COULD COMPETE WITH THE BUSINESS INTERESTS OF EMIRATES NBD. YOU MAY NOT COPY, REPRODUCE, PUBLISH, DISPLAY, MODIFY, OR CREATE DERIVATIVE WORKS FROM ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION. YOU MAY NOT OFFER ANY PART OF THE PUBLICATION FOR SALE OR DISTRIBUTE IT OVER ANY MEDIUM WITHOUT THE PRIOR WRITTEN CONSENT OF EMIRATES NBD. THE DATA/INFORMATION CONTAINED IN THE PUBLICATION MAY NOT BE USED TO CONSTRUCT A DATABASE OF ANY KIND. YOU MAY NOT USE THE DATA/INFORMATION IN THE PUBLICATION IN ANY WAY TO IMPROVE THE QUALITY OF ANY DATA SOLD OR CONTRIBUTED TO BY YOU TO ANY

THIRD PARTY. FURTHERMORE, YOU MAY 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 OR, EXCEPT AS OTHERWISE PROVIDED WITH EMIRATES NBD’S PRIOR WRITTEN CONSENT, AND YOU ACKNOWLEDGE THAT YOU HAVE NO OWNERSHIP RIGHTS IN AND TO ANY OF SUCH ITEMS. MOREOVER YOU AGREE THAT YOUR USE OF THE PUBLICATION IS AT YOUR SOLE RISK AND ACKNOWLEDGE THAT THE PUBLICATION AND ANYTHING CONTAINED HEREIN, IS PROVIDED “AS IS” AND “AS AVAILABLE,” AND THAT EMIRATES NBD MAKES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE PUBLICATION, INCLUDING, BUT NOT LIMITED TO, MERCHANTABILITY, NON-INFRINGEMENT, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE. You agree, at your own expense, to indemnify, defend and hold harmless Emirates NBD, its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns from

and against any and all claims, damages, liabilities, costs, and expenses, including reasonable attorneys’ and experts’ fees, arising out of or in connection with the publication, including, but not limited to: (i) your use of the data contained in the publication or someone using such data on your behalf; (ii) any deletions, additions, insertions or alterations to, or any unauthorized use of, the data contained in the publication or (iii) any misrepresentation or breach of an acknowledgement or agreement made as a result of your receiving the publication.

DISCLAIMER


MARCH 2013 Vol. 2 - No. 4 - Emirates NBD · Super 150s: Bespoke suits make a fine statement By...

Documents

Transcript of MARCH 2013 Vol. 2 - No. 4 - Emirates NBD · Super 150s: Bespoke suits make a fine statement By...