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June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2016
Saudi Banking Sector - 1Q-2016The Saudi banking sector’s balance sheet in 1Q-2016 stood at SAR 2,225bn, depicting a jump of 2.8%YoY and 0.7%QoQ. Total loans weighed in at 65.5% of the total assets, whereas deposits accounted for 85% of total liabilities. The banking sector balance sheet has grown at a 10-year CAGR of 11.3%.
The Saudi banking sector has a total of 12 listed banks and other non-listed banks. In term of balance sheet size, National Commercial Bank (NCB), with assets of over SAR 453.3bn is the biggest bank in the Kingdom, accounting for 20.6% of the total market, followed by Alrajhi bank with an assets base of SAR 323.3bn (14.7% of market share). Samba and Riyadh Bank both account for more than 10% each of the total banking assets.
Out of the total 12 banks, 4 banks namely Bank Alrajhi, Bank Alinma, Bank Albilad and Bank Aljazira are Shariah compliant banks, accounting for 24.3% of the total banking assets. Alrajhi is the biggest Shariah compliant bank in the Kingdom, controlling almost 60.4% of the total market share.
Acting Head of Research
Talha Nazar +966 11 [email protected]
Saudi banking Sector Balance Sheet Growth
Banking Sector-Assets Breakdown-1Q-2016
Total Banking Asset Market Share-1Q-2016
Saudi banking Sector Balance Sheet Growth-1Q-2016
Banking Sector- Liabilities & Capital Breakdown-1Q-2016
Sharia Compliant Banks Assets Market Share-1Q-2016
Source: SAMA
Source: Bloomberg
0%
5%
10%
15%
20%
25%
30%
-
500
1,000
1,500
2,000
2,500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
In B
n SA
R
Saudi Banking Assets-LHS % Growth-RHS
2%
7%
10%
13%
60%
4%
1% 3%
Cash In Vault
Deposits with SAMA
SAMA Bills
Foreign Assets
Loans to Private Sector
Loan to Gov & Quasi-Gov
Fixed Assets
OtherAssets
NCB
Al Rajhi
Samba
Riyad
SAAB
Saudi Fransi
ANB
Saudi Hollandi
SAIB
Alinma
Aljazira
Albilad
21%
15%
11%
10%
9%
8%
8%
5%
4%
4% 3% 2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
-
500
1,000
1,500
2,000
2,500
Q1-2015 Q1-2016
In B
n SA
R
Saudi Banking Assets-LHS % Growth (YoY)-RHS
74%
3%
14%
9%
Deposits
Foreign Liabilities
Capital accounts
Other Liabilities
61% 17%
12%
10%
Al Rajhi
Alinma
Aljazira
Albilad
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2016
Deposits
The Saudi banking deposits have grown steadily along with
the growth in the money supply. Deposits and Money supply
showed 10 Year CAGR of 10.5% and 10.4% respectively. Deposit
in 1Q-2016 stood at SAR 1.61tn, as compared to SAR 1.62tn
in 1Q-2015, depicting a fall of -0.59%YoY. The fall in deposits
is primarily due to the drawdown by the government as it has
looked to balance its budget deficit. Demand deposits in 1Q-
2016 stood at SAR 985.3bn showing a fall of -6.2%YoY.
Out of the total deposit, demand deposit account for 61.2% of
the total deposits, whereas time and savings deposit account
for only 25.6% of the total deposits.
A further breakdown of the deposits show that almost 77%
of the total deposits are held by individuals,21% are held by
government entities.
93.1% of the demand deposits are held by business and
individuals whereas the rest 6.9% are held by the government.
In case of time and Savings deposits nearly 54.4% are held
by business and individuals, whereas 45.6% are held by
government entities.
Deposits Growth
Deposit Growth-1Q-2016
Deposits Break Down
Sector-wise Deposits
Demand Deposits Break Down
Times & Savings Deposit Break Down
Source: SAMA
-5%
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Q1-20
16
In B
n SA
R
Deposits-LHS Money Supply(M3)-LHS % Growth in deposits-RHS
Yellow dotted Line Show YoY fall in 1Q-2016 Deposits
9.81%
-0.59%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q1-2015 Q1-2016
Bn
SAR
Demand-LHS Time & Savings-LHS
Quasi-Monetary-LHS % Growth (YoY)-RHS
61.2%
25.6%
13.1%
Demand
Time & Savings
Quasi-Monetary
77%
21%
2%
Business and Individuals
Government Entities
Others
93%
7%
Business and Individuals
Government Entities
54%
46% Business and Individuals
Government Entities
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2016
Bank Deposits Growth
Deposits Market Share Comparison
Loans Growth
Loans Share According to Maturity Profile Loans Maturity- Growth
Source: SAMA
Source: Company Financials, Bloomberg
-1.4%
11.5%
0.6%
16.0%
1.8%
-5.6% -4.9%
0.1%
6.1%
1.7%
9.7%
1.5%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-
50
100
150
200
250
300
350
400
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
1Q-2015 1Q-2016 % Growth
20.5%
16.1%
10.1%
9.9%
8.9%
9.0%
7.8%
4.7%
4.2%
3.7%
3.0%
2.3%
19.4%
15.8%
10.6%
9.8%
9.0%
8.4%
7.9%
5.1%
4.2%
4.1%
3.0%
2.6%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
NCB
Al Rajhi
Samba
Riyad
SAAB
Saudi Fransi
ANB
SAIB
Alinma
Saudi Hollandi
Aljazira
Albilad
1Q-2016 1Q-2015
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
200
400
600
800
1,000
1,200
1,400
1,600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1-2016
In B
n SA
R
Loans % Growth-RHS
Dotted Lines show 1Q-2016growth As compared to 1Q-2015
18.6% 22%
52%56%
30% 30%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1-2015 Q1-2016
Less than 1 Year 1 to 3 Years Over 3 Years
239 284
661 734
382 390
-
200
400
600
800
1,000
1,200
1,400
1,600
Q1-2015 Q1-2016
In B
n SA
R
Less than 1 Year 1 to 3 Years Over 3 Years
Growth
18.9%
Growth
2.2%
Growth
11.0%
Deposit-Banks break down
National Commercial bank with a deposit base of SAR 326bn is
the largest bank , followed by bank AlRajhi with a deposit base
of SAR 265bn.
The highest growth in deposits was witnessed by Bank Albilad,
which during 1Q-2016 posted growth of 16.0% YoY, improving
its market share from 2.3% to 2.6%. Followed by Alinma which
grew its deposit base by 11.5%YoY, resulting in an improved
market share of 4.1%
National Commercial bank showed a decline of 4.9%YoY in its
deposit base, as it fell from SAR 343bn to SAR 326bn in 1Q-2016,
losing market share form 20.5% to 19.4% in the same time period.
Bank Alrajhi the 2nd biggest bank and the largest shariah
compliant bank showed a decline of 1.4%YoY,in 1Q-2016, in its
deposit base, whereas its market share stood at 15.8%.
Saudi Hollandi Bank with a growth in deposit of 9.7%YoY in 1Q-
2016, improved its market share from 4.7% to 5.1%
Saudi Fransi showed the biggest drop of 5.6%YoY in deposits
standing at SAR 142bn, Fransi’s market share dropped to 8.4%
in 1Q-2016 from 9.0% in 1Q-2015
Loans
The Saudi banking sector total loan book towards the end of
1Q-2016, stood at SAR 1.41tn, depicting a jump of 9.8%YoY. Till
2015, the sector loans book registered a 10 year CAGR of 11.6%.
Almost 56% of the loans extended have a maturity of less than
1 year. However, loans with maturity of between 1 to 3 years
posted a strong growth of 18.9%, increasing its share from
18.6% in 1Q-2015 to 21.5% in 1Q-2016.
The high concentration of short term loans in a rising interest rate
environment make it easier for the bank to re price its new loans.
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2016
Sector wise Loans Distribution
Retail Loans-Break down
Real Estate Loans
Bank Market Share
Source: Company Financials
Source: SAMA
12.1%
8%
21.4%
5% 3%
50%
Manufacturing
Construction
Commerce
Services
Gov & Quasi Gov
Miscellaneous
8.2% 8.5%
83.4%
3.0%
11.0% 9.4%
79.6%
3.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
Home Renovation Vehicles Others Credit Cards/Total Retail Loans
Q1-2015 Q1-2016
Credit Card Includes Retail Loans, acquired through credit cards
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
20
40
60
80
100
120
140
160
180
200
2010 2011 2012 2013 2014 2015
In B
n SA
R
Retail Corporate % Growth-Total % Growth-Corporate % Growth-Retail
17.5%
15.9%
10.6%
9.8%
9.3%
9.3%
8.4%
5.2%
4.3%
4.2%
3.2%
2.3%
18.7%
15.3%
10.7%
9.4%
9.1%
8.8%
8.2%
5.5%
4.3%
4.2%
3.0%
2.6%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
NCB
Al Rajhi
Riyad
Samba
SAAB
Saudi Fransi
ANB
Saudi Hollandi
SAIB
Alinma
Aljazira
Albilad
Q1-2016 Q1-2015
Loans Break Up
The sector’s largest borrower is the commerce sector. In 1Q-
2016 lending to commerce sector accounted for 21.4% of
the total loans. Followed by the manufacturing sector which
accounted for 12.1% of the total loans.
Retail Loans
The sectors retail loans (does not include Real estate financing,
Finance leasing and Financing against shares (Margin lending))
in 1Q-2016 stood at SAR 334bn, depicting a jump of 6.4% YoY,
2.2% QoQ.
Home renovation is the biggest constituent of retail loans,
accounting for almost 11.0% in 1Q-2016. Loans for vehicle
financing accounted for 9.4% of the total retail loans.
Out of the total retail loans, loans acquired through credit cards
accounted for 3.1% of the total retail loans in 1Q-2016, a jump
from 3.0% in 1Q-2015.
Real Estate Loans
Real estate loans since 2009, has showed a 6 Year CAGR of
21.3%, standing at SAR 171.1bn in 2015. In 4Q-2015, retail
sector accounted for 54.8% of total real estate loans, whereas
corporate sector accounted for 45.2% of the real estate loans.
However, corporate sector real estate loans growth in 4Q-
2015, stood at 54.1% YoY, as compared to retails sector, which
witnessed a jump of 8.5%.
Bank Market Share in Loans
The sector biggest lender is National Commercial bank (NCB),
with a market share of 18.7% in 1Q-2016,this is an improvement
from 17.5% in 1Q-2015. NCB was also biggest gainer in terms of
its loans market share
Followed by Alrajhi, with a market share of 15.3% in Q1-2016,
Alrajhi has shown a drop in its market share from 15.9% in 1Q-
2015. Alrajhi was the biggest loser in terms of its loans market
share.
Saudi Fransi accounted for 8.8% in 1Q-2016, a drop from 9.3%
in 1Q-2015.
Market share for Shariah compliant banks stood at 25.3% in 1Q-
2016, as compared to 25.6% in 1Q-2015. The drop was primarily
due to bank Alrajhi, which as mentioned earlier showed a
drop in its market share in 1Q-2016. Bank Albilad was the only
shariah compliant bank, which improved its market share from
2.3% in 1Q-2015 to 2.6% in 1Q-2016.
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2016
Bank Loans Distribution
Performing Loans to NPLs
ADR ratio
Source: Company Financials
6%
9%
7%
27.8%
5% 3.5%
16.7%
10%
4.9%
8%
16.5%
9%
0%
5%
10%
15%
20%
25%
30%
-
50
100
150
200
250
300
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
In B
n SA
R
Q1-2015 Q1-2016 % growth
1.6%
0.70%
1.0%
1.37%
0.9% 0.9%
1.5%
0.9% 0.8%
1.1% 1.1%
0.72%
NPLs-Industry Average Q1-2016 , 1.1%
NPLs-Industry Average Q1-2015, 1.1%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
-
50
100
150
200
250
300
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
In B
n SA
R
Performing Loans-Q1-2016 Non-performing Loans-Q1-2015 % Share of NPLs-RHS
NPLs-Industry Average Q1-2016 NPLs-Industry Average Q1-2015
84% 89% 90% 87% 87% 90%
83%
93.6%
76%
87% 93%
89%
0%
20%
40%
60%
80%
100%
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
Q1-2016 ADR Q1-2015 ADR
Bank Albilad showed the strongest growth in its loan book as it registered an increase of 27.8%YoY in 1Q-2016, which as mentioned earlier helped it in gaining more market share.
NCB with a growth of 16.7%YoY in its gross loans was the second best performer.
Saudi Fransi showed the lowest growth of 3.5%YoY in its gross loans, followed by Bank Aljazira with witnessed a growth of 4.9% YoY .
Shariah compliant banks showed a cumulative growth of 8.1%YoY, in Q1-2016, in its gross loans.
Non-Performing Loans
The sector non-performing loans ratio in 1Q-2016 stood at 1.15% as compared to 1.12% in 1Q-2015. Whereas NPL coverage ratio improved to 181% in Q1-2016 from 170% in Q1-2015.
Alinma and SAIB with 0.7% NPL ratio, are best in the industry, Alinma and SAIB has NPL coverage of 178% and 211% respectively in 1Q-2016. However, its should be noted that Alinma showed a drop in its NPL coverage which in 1Q-2015 stood at 205%
Bank Albilad has the highest NPL ratio of 1.6%, however its NPL coverage ratio stood at 176% in 1Q-2016.
Arab Nationa Bank showed the greatest improvement in its NPL coverage as it improved from 225% in 1Q-2015 to 234% in 1Q-2016.
Alrajhi showed the biggest drop in its NPL coverage ratio, as it went down from 205% in 1Q-2015 to 163% in 1Q-2016.
Advances to Deposit Ratio
The industry ADR ratio showed an improvement in Q1-2016 as it stood at 86.3% as compared to 79.2% in 1Q-2015. The jump in ADR is partially due to flattish growth of 0.5%YoY in deposits and 9.4%YoY increase in loans
Riyadh bank had the highest ADR of 93.6% in 1Q-2016, whereas Samba has the lowest ADR of 76% in 1Q-2016 as compared to 77% in 1Q-2015.
It should be noted that SAMA ( Saudi Arabian Monetary Agency) increased the regulatory ADR limit from 85% to 90%.
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2016
NIMS
Absolute Cost on Saving and Time Deposits
Lending rates
Operating Income BreakdownCompany-wise Operating Income
Source: Company Financials
Source: Company Financials, Bloomberg
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
1.00%
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
Q1-2015 Q1-2016
43%
97%
165%
374%
101%
65%
22%
160%
120% 105%
128% 95%
0%
50%
100%
150%
200%
250%
300%
350%
400%
-
100
200
300
400
500
600
700
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
IN M
n SA
R
Q1-2015 Q1-2016 % Change
1.21% 1.15% 1.08% 1.04%
1.17% 1.07%
1.53%
1.08% 1.10% 1.03%
1.12% 1.15%
1.21% 1.09% 0.99% 0.95% 1.12% 0.94% 1.59% 1.03% 0.95% 0.94% 0.97% 1.02%0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
Q1-2015 Q1-2016
Q1-2016
Q1-2015
42.1%
30.9%
17.7%
4.0% 5.3%
39.3%
32.5%
20.0%
4.8% 3.3%
Retail
Corporate
Treasurey
Investment Services and Brokerage
Others
(1,000)
-
1,000
2,000
3,000
4,000
5,000
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Saudi Hollandi
SAIB
In M
N S
AR
Retail Corporate Treasurey Investment Services and Brokerage Others
NIMs Under PressureThe sector as a whole saw a drop in its net interest margins.
Saudi Fransi’s NIMs at 0.43% were the lowest in the sector in Q1-2016, followed by Alrajhi as NIMs declined to 0.50%.The lowest fall was witnessed by Samba as its NIMs declined from 0.77% in 1Q-2015 to 0.7% in 1Q-2016. Overall the sector showed an increase of 81% on return on savings and time deposits.
NCB reported the highest cost of SAR 802mn on savings deposit, as compared to SAR 656mn, depicting a jump of 22.3%. NCB recorded the highest return on time and savings deposit with 0.84%.
The highest jump in return on deposit was seen by Bank Albilad standing at 374%YoY.
SAAB return on time and saving deposit, of 0.38% was lowest in the market, closely followed by Bank Alinma and Bank Albilad with returns of 0.39%.
Operating Income BreakdownThe sector in 1Q-2016 posted operating income of SAR 20.8bn against SAR 20.2bn in 1Q-2015, depicting a jump of 3.2% YoY.
Retail, in 1Q-2016, accounted for 42.1% of the total operating income, as compared to 39.3% in 1Q-2015. Retail income showed a jump of 10.6%YoY.
Corporate, with a fall of -2.1% YoY, declined in contribution from 35.2% to 30.9%. Earnings from corporate sector stood at SAR 6.57bn.
Treasury and Investment income showed a decline of -8.7%YoY and -13.9%YoY.
Other income showed an increase of 63.0%YoY.
NCB with an operating income of SAR 4.7bn, contributed 22.5% to the total 1Q-2016 sectors earnings, followed by Alrajhi with earnings of SAR 3.7bn, contributing 17.7% to the sectors earnings.
Asset Management | Brokerage | Corporate Finance | Custody | Advisory
Head Office: King Fahad Road, P.O. Box: 20438, Riyadh 11455, Saudi Arabia، Tel: 011 2256000 - Fax: 011 2256068
Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37
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Disclaimer
AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business.
1. Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated “Overweight” will typically provide an upside potential of over 10% from the current price levels over next twelve months.
2. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months.
3. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months.
4. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.
The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations.
Acting Head of Research
Talha Nazar +966 11 [email protected]
AnalystSultan Al Kadi+966 11 [email protected]
Analyst
Jassim Al-Jubran +966 11 [email protected]
Analyst
Waleed Al-jubayr+966 11 [email protected]
General Manager – Brokerage Services &
sales
Alaa Al-Yousef+966 11 [email protected]
AGM-Head of international and institutional
brokerage
Luay Jawad Al-Motawa +966 11 [email protected]
AGM- Head of Western and Southern Region Investment Centers & ADC
Brokerage
Abdullah Q. Al-Misbani +966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
Central Region
Sultan Ibrahim AL-Mutawa +966 11 [email protected]
AGM-Head of Qassim & Eastern Province
Abdullah Al-Rahit +966 16 3617547 [email protected]