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June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2017
Saudi Banking Sector – 1Q 2017In 1Q2017, the balance sheet of Saudi Arabia’s banking sector increased 1.9% YoY and 0.5% QoQ to SAR 2,267bn. Total loans accounted for 72.3% of total assets, whereas deposits formed 71.0% of total liabilities. The banking sector’s balance sheet grew at a 10-year CAGR of 10.9%.
The Saudi banking sector has 12 listed banks and other non-listed banks. In terms of the balance sheet size, National Commercial Bank (NCB) (assets of more than SAR 448.7bn) is the biggest bank in the Kingdom, accounting for 20.2% of the total market, followed by Al Rajhi Bank (an asset base of SAR 337.2bn and 15.2% of the market share). Samba (asset base of SAR 231.9bn) accounts for 10.5% while Riyadh Bank (total assets worth SAR 216.3bn) accounts for 9.8% of total banking assets.
Of the 12 banks, Al Rajhi Bank, Alinma Bank, Bank Albilad, and Bank AlJazira are Shariah-compliant banks, accounting for 25.5% of total banking assets. Al Rajhi Bank is the largest Shariah-compliant bank in the Kingdom, accounting for 59.7% of the total market share in 1Q 2017 (down from 60.2% in 4Q 2016) among Shariah banks.
Acting Head of Research
Talha Nazar +966 11 [email protected]
Saudi banking Sector Balance Sheet Growth
Banking Sector – Assets Breakdown – 1Q2017
Market Share of Total Banking Assets – 1Q2017
Saudi Banking Sector Balance Sheet Growth – 1Q2017
Banking Sector – Liabilities & Capital Breakdown – 1Q2017
Asset Market Share of Shariah-compliant Banks – 1Q2017
Source: SAMA
Source: Bloomberg
Saudi Banking Assets-LHS % Growth-RHS
In B
n SA
R
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 2016 1Q 2017
Cash In Vault
Deposits with SAMA
SAMA Bills
Foreign Assets
Loans to Private Sector
Loan to Gov & Quasi- Gov
Fixed Assets
OtherAssets
1%
10% 1%
10%
62%
10%
1%5%
NCB
Al Rajhi
Samba
Riyad
SAAB
Saudi Fransi
ANB
Alawwal Bank
SAIB
Alinma
Aljazira
Albilad
20%
15%
10%
10%
8%
9%
8%
5%
4%
5%3% 3%
Q1-2016 Q1-2017
Saudi Banking Assets-LHS % Growth (YoY)-RHS
In B
n SA
R
1.7%
1.8%
1.9%
2.0%
2.1%
2.2%
2.3%2.3%
-
500
1,000
1,500
2,000
2,500
1.9%
Deposits
Foreign Liabilities
Capital accounts
Other Liabilities 71%
4%
15%
10%
Al Rajhi
Alinma
Aljazira
Albilad
60%19%
11%
10%
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2017
Deposits
Saudi banking deposits and money supply rose steadily at a
10-year CAGR of 8.4% and 8.5%, respectively. Total deposits
declined 0.01% YoY to SAR 1.608tn in 1Q2017 from SAR 1.609tn
in 1Q2016.
Demand deposits advanced 1.1% YoY to SAR 995.9bn in 1Q2017
compared to SAR 985.4bn in 1Q2016.
Of the total deposits, demand deposits account for 61.9% (up
from 60.2% in 4Q2016), whereas time and savings deposits
account for only 28.9%.
The breakdown of deposits shows that almost 78.7% of the
total deposits are held by individuals and 19.7% by government
entities.
Businesses and individuals hold 91.0% of the demand deposits,
while the government holds the remaining 9.0% (up from 6.3%
in 4Q2016).
With regard to time and savings deposits, businesses and
individuals hold nearly 55.6%, while government entities hold
44.4%.
Deposits Growth
Deposit Growth – 1Q2017
Deposits Break Down
Sector-wise Deposits
Demand Deposits Break Down
Times & Savings Deposit Break Down
Source: SAMA
In B
n SA
R
Deposits-LHS Money Supply(M3)-LHS % Growth in deposits-RHS
-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
20
02
2003
20
04
2005
20
06
2007
20
08
2009
20
10
2011
20
12
2013
20
14
2015
20
16
1Q 2
017
Bn
SAR
Demand-LHS Time & Savings-LHS Quasi-Monetary-LHS % Growth (YoY)-RHS
-0.59%
-0.01%
-0.70%
-0.60%
-0.50%
-0.40%
-0.30%
-0.20%
-0.10%
0.00%
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1Q2016 1Q2017
Demand
Time & Savings
Quasi-Monetary 60.6%
28.9%
9.2%
Business and Individuals Government Entities Others
78.7%
19.7%
2%
9%
Business and Individuals Government Entities
91%
Business and Individuals
Government Entities 56%
44%
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2017
Bank Deposits Growth
Deposits Market Share Comparison
Loans Growth
Loans Share According to Maturity Profile Loans Maturity- Growth
Source: SAMA
Source: Company Financials, Bloomberg
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
% Growth 1Q2016 1Q2017
1.8%18.4%
-0.1%
-0.9% -1.7%
11.7%
-3.8%
-7.0% -4.4%-6.8%
-6.1%-8.8%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
0
50
100
150
200
250
300
350
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 19.4%
18.9%
4.8% 5.1%
4.1% 4.9%
4.2% 3.9%
3.0% 3.0%
2.6% 2.6%
15.8% 16.3%
10.6% 10.3%
9.9% 9.3%
8.4% 9.5%
9.0% 8.5%
7.9% 7.9%
NCB
Al Rajhi
Samba
Riyad
Saudi Fransi
SAAB
ANB
Alawwal Bank
Alinma
SAIB
AlJazira
Albilad
1Q-2016
1Q-2017
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Loans % Growth-RHS
In B
n SA
R
1Q-2017 0
200
400
600
800
1,000
1,200
1,400
1,600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1-2017 Q1-2016
Less than 1 Year 1 to 3 Years Over 3 Years
52% 49.9%
20.2% 18.7%
28% 31%
Less than 1 Year 1 to 3 Years Over 3 Years
Q1-2016 Q1-2017
734 702
284 263
390 442
-
200
400
600
800
1,000
1,200
1,400
1,600
In B
n SA
R
Decline7.4%
Growth
13.3%
Decline4.4%
Deposits – Breakdown by Bank
Alinma Bank recorded the highest growth (18.4% YoY) in
deposits, improving its’ market share from 4.1% to 4.9% in
1Q2017. Banque Saudi Fransi stood second, increasing the
deposit base by 11.7% YoY and market share to 9.5% in
1Q2017 from 8.4% in 1Q2016.
Saudi Investment Bank registered the biggest decline of
8.8% YoY in its deposit base, as deposits fell from SAR 71bn to
SAR 64bn and market share from 4.2% to 3.9% in 1Q2017. It
was followed by Riyad Bank, which saw its deposits fall 7.0%
YoY to SAR 154bn, causing its market share to fall to 9.3% in
1Q2017 from 9.9% in the same period of the previous year.
Al Rajhi Bank, the largest Shariah-compliant bank, recorded a
1.8% YoY rise in deposit base and an improvement in market
share from 15.8% to 16.3% in 1Q2017. NCB with deposits of
SAR 314bn (fall of 1.8%YoY) in 1Q-2017, saw it market share
decline to 18.9% from 19.4% in 1Q-2016. Alawwal Bank’s
deposits fell 6.1% YoY in 1Q2017, which reduced its market
share from 5.1% to 4.8%.
Loans
The total loan book of Saudi Arabia’s banking sector
declined 0.1% YoY to SAR 1.41tn toward the end of 1Q2017,
registering a 10-year CAGR of 10.8%.
About 49.9% of the loans extended have a maturity of less
than a year. Loans with a maturity of one to three years
posted a strong decline of 7.4% YoY, due to which its share
contracted from 20.2% in 1Q2016 to 18.7% in 1Q2017.
The high concentration of short-term loans in a rising
interest rate environment makes it easier for the banks to re-
price new loans.
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2017
Sector wise Loans Distribution
Retail Loans-Break down
Real Estate Loans
Bank Market Share
Source: Company Financials
Source: SAMA
Manufacturing
Construction
Commerce
Services
Gov & Quasi Gov
Miscellaneous
12.5%
7%
21.6%
5%3%
50%
Credit Card Includes Retail Loans, acquired through credit cards
Home Renovation Vehicles Others Credit Cards/Total Retail Loans
Q12016 Q12017
10.5% 9.0%
77.6%
3.0%7.9% 8.9%
80.2%
3.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
In B
n SA
R
Retail Corporate % Growth-Total % Growth-Corporate % Growth-Retail
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016 1Q2017
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
Saudi Fransi
Samba
SAAB
ANB
Alawwal Bank
Alinma
SAIB
Aljazira
Albilad
1Q-2017 1Q-2016
18.7%
15.4%
10.7%
8.8%
9.3%
9.2%
8.2%
5.5%
4.2%
4.3%
3.0%
2.6%
18.2%
16.5%
10.1%
9.2%
8.8%
8.6%
8.3%
5.1%
5.2%
4.3%
2.9%
2.8%
Loans Breakdown
The commerce sector is the largest borrower among all
sectors, accounting for 21.6% of total loans, followed by the
manufacturing sector (12.5% of total loans). The construction
sector, which ranks third, witnessed a decline in borrowing due
to which its share fell from 7.5% in 4Q2016 to 7.2% in 1Q2017.
Retail Loans
The sector’s retail loans [excluding real estate financing, finance
leasing, and financing against shares (margin lending)] edged
down 0.2% YoY (down 1.1% QoQ) to SAR 348.99bn in 1Q2017.
Loans for vehicles are the biggest constituent of retail loans,
accounting for almost 8.9% in 1Q2017. Loans for home
renovation financing accounted for 7.9% of total retail loans.
Of total retail loans, those acquired through credit cards
accounted for 2.99% in 1Q2017, a jump from 2.95% in 1Q2016.
Real Estate Loans
Starting 1Q2010, real estate loans registered a seven-year CAGR
of 22.3% standing at SAR 212.5bn in 1Q2017. The retail and
corporate sectors accounted for 52.9% and 47.1% of total real
estate loans, respectively.
Corporate-sector real estate loans rose 14.4% YoY to SAR
100.0bn in 1Q2017, whereas retail loan advanced 5.9% YoY
to SAR 112.5bn. However, corporate-sector loans witnessed
a decline in growth from 25.6% YoY in 1Q2016 to 14.4% in
1Q2017.
Bank-wise Market Share in Loans
The sector’s biggest lender, National Commercial bank (NCB),
witnessed a decline in market share to 18.2% in 1Q2017 from
18.7% in 1Q2016. Al Rajhi Bank, with the second largest market
share, witnessed an increase to 16.5% in 1Q2017 from 15.4% in
1Q2016. Alinma Bank was the second biggest gainer in terms
of market share (after Al Rajhi Bank) in the loan market, while
Saudi British Bank (SABB) was the biggest loser.
SABB’s market share accounted for 8.6% in 1Q2017, a drop from
9.2% in 1Q2016.
The market share of Shariah-compliant banks rose to 27.4% in
1Q2017 from 25.3% in 1Q2016. This was primarily led by Al Rajhi.
Among other Shariah-compliant banks, Alinma’s market share
increased from 4.2% in 1Q2016 to 5.2% in 1Q2017. In addition,
Bank Albilad witnessed a marginal increase in market share from
2.6% in 1Q2016 to 2.8% in 1Q2017. However, Bank AlJazira’s
market share declined from 3.0% in 1Q2016 to 2.9% in 1Q2017.
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2017
Bank Loans Distribution
Performing Loans to NPLs
ADR ratio
Source: Company Financials
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
Q1-2016 Q1-2017 % growth
5.9%
22.3%
0.0%
3.6%
-4.2%
3.7%
-4.0%
-7.0%
-6.1%-8.0%
-8.8%-2.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-
50
100
150
200
250
300
In B
n SA
R
NPLs-Industry Average Q1-2017 , 1.3%
NPLs-Industry Average Q1-2016 , 1.1%
Performing Loans-Q1-2017 Non-performing Loans-Q1-2017 % Share of NPLs-RHS
NPLs-Industry Average Q1-2017 NPLs-Industry Average Q1-2016
1.01
%
0.91
%
1.4%
0.96
% 1.2% 1.
40%
1.6%
0.80
%
0.85
%
1.3%
2.4%
1.77
%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
-
50
100
150
200
250
300
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
In B
n SA
R
87% 92
%
90%
91%
85%
83%
83% 93
.3%
74.1
%
87% 91
%
95.2
%
83%
89% 90
%
87%
87%
90%
83% 93
%
75.4
% 88% 93
%
89%
0%
20%
40%
60%
80%
100%
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
Q12017 ADR Q12016 ADR
Among the 12 banks in the sector, five registered a YoY increase in gross loans.
Alinma Bank registered the strongest growth of 22.3% YoY in its loan book in 1Q2017, which helped it increase its market share.
Al Rajhi, with a 5.9% YoY growth in gross loans, was the second best performer. Alawwal Bank, which saw its gross loans declined 8.8% YoY in 1Q2017, was the worst performer, followed by the Saudi British Bank (down 8.0% YoY). Albilad witnessed the slowest growth in loans (3.6% YoY).
Shariah-compliant banks showed an average growth rate of 6.9% YoY in gross loans in 1Q2017.
Non-Performing Loans
The sector’s non-performing loan ratio in 1Q2017 stood at 1.27% compared to 1.15% in 1Q2016. The NPL coverage ratio improved to 177% in 1Q2017 from 170% in 1Q2016.
Riyad Bank and SAMBA, with NPL ratios of 0.80% and 0.85%, respectively, are the best in the industry. The NPL coverage of Riyad Bank and SAMBA stood at 251% and 181%, respectively, in 1Q2017.
Alawwal Bank had the highest NPL ratio of 2.40% and its NPL coverage ratio stood at 135% in 1Q2017. Riyad Bank registered the greatest improvement in NPL coverage from 144% in 1Q2016 to 251% in 1Q2017, while Saudi Investment Bank posted the biggest drop in NPL coverage ratio from 211% in 1Q2016 to 94% in 1Q2017.
Advances to Deposit Ratio
The industry ADR ratio remained flat at 86.1% in 1Q2017 as total gross loans declined 1.2% while deposits saw a similar decline.
Saudi Investment Bank posted the highest ADR of 95.2%, followed by Riyad Bank at 93.3% in 1Q2017. Samba recorded the lowest ADR of 74.1% in 1Q2017 compared to 75.4% in 1Q2016.
Notably, the Saudi Arabian Monetary Agency (SAMA) increased the regulatory ADR limit to 90% from 85%.
June 2016
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q1-2017
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%
0.20%
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 Alawwal Bank
SAIB
Q12016 Q12017
10%
60%
36%
44%
23%
68%
-10%
1%
45%
8%
17%
36%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
-
100
200
300
400
500
600
700
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
IN M
n SA
R
Q12016 Q12017 % Change
1.21
%
1.20
%
1.08
%
1.04
%
2.03
%
1.07
%
1.62
%
1.08
%
1.11
%
1.03
%
1.12
%
1.15
%
1.28
%
1.35
%
1.27
%
1.22
%
2.36
%
1.23
%
1.62
%
1.28
%
1.35
%
1.24
%
1.37
%
1.43
%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
Q1-2016 Q1-2017
1Q 2016
1Q 2017
43.1%
33.2%
17.9%
3.6%
2.1%
42.5%
30.3%
17.8%
4.0%5.3%
Retail
Corporate
Treasury
Investment Services and Brokerage
Others
(1,000)
-
1,000
2,000
3,000
4,000
5,000
6,000
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
In M
N S
AR
Retail Corporate Treasury OthersInvestment Services and Brokerage
NIM
Of the 12 banks, only three posted a decrease in its net interest margin (NIM).
Saudi Investment Bank recorded the greatest drop in NIM from 0.51% in 1Q2016 to 0.38% in 1Q2017, followed by NCB (0.43% to 0.32%). Al Rajhi Bank registered the largest increase in NIM. Its NIM rose by 0.27% in 1Q2017 to 0.47% from 0.20% in 1Q2016. Overall, the sector’s return on savings and time deposits increased 19% YoY in 1Q2017 compared to 103% YoY in 4Q2016.
NCB reported the highest cost of SAR 861mn in 1Q2017 on savings deposits compared to SAR 961mn in 1Q2016, a decrease of 10.4% YoY. The highest jump in return on deposit was posted by Banque Saudi Fransi at 68.3% YoY.
NCB recorded the highest return on time and savings deposits at 1.30%, followed by SAIB at 1.05%.
Saudi British Bank’s return on time and saving deposits of 0.48% was the lowest in the market, followed by Albilad (0.59%).
Operating Income Breakdown
The sector posted an operating income of SAR 21.6bn in 1Q2017 compared to SAR 20.9bn in 1Q2016, depicting a 3.3% YoY jump.
Retail accounted for 43.1% of the total operating income in 1Q2017 compared to a share of 42.5% in 1Q2016. Retail income increased 4.8% YoY.
The corporate sector’s contribution advanced 2.9% from 30.3% in 1Q2016 to 33.2% in 1Q2017. Earnings from the corporate sector stood at SAR 7.2bn.
Treasury income rose 4.0% YoY, whereas investment income declined 8.3% YoY. Other income contracted 58.3% YoY.
NCB, with an operating income of SAR 4.9bn, contributed 22.5% to total sector earnings in 1Q2017, followed by Al Rajhi’s contribution of 17.9% (earnings of SAR 3.9bn).
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, CAIA+966 11 [email protected]
Analyst
Jassim Al-Jubran +966 11 [email protected]
Analyst
Waleed Al-jubayr+966 11 [email protected]
Analyst
Muhanad Al-Odan+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
Mansour Hamad Al-shuaibi +966 12 [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]