ANZ Greater China Economic Insight Incl Regional Chartbook - 14 May 2013
Saudi Economic Chartbook Economic Chartbook - 2n… · In March 2018 SAMA official foreign currency...
Transcript of Saudi Economic Chartbook Economic Chartbook - 2n… · In March 2018 SAMA official foreign currency...
Hans-Peter Huber, PhD Chief Investment Officer Riyad Capital 6775 Takhassusi St. – Olaya Riyadh 12331-3712 rccioof�[email protected]
Saudi Economic Chartbook
*This report is Issued by Riyad Capital
Second Quarter 2018
Saudi Economic Chartbook Second Quarter 2018
Page 1
Saudi Economy Rebounding in Q1 2018
Our GDP Tracker model
indicates a rebound of the
Saudi economy in Q1 2018
due to a positive oil sector
contribution.
source: GASTAT, RC
Saudi Economy Rebounding Due to Oil Sector
The Saudi economy rebounded in Q1 2018 based on our GDP tracker model
(see figure below). This is due to the oil sector which positively contributed to
growth. Meanwhile, various indicators of the Non-oil economy point towards
a slowdown in the first quarter.
Official foreign currency reserves at SAMA continued to stabilize above
1800bln SAR in Q1 2018, a process which had already started in Q4 2017 and
which is the result of an improving current account balance and regular
foreign funding by the Saudi government.
Fiscal non-oil revenues in Q1 2018 jumped by 20bln SAR compared to Q1
2017 due to higher tax income resulting form the recent fiscal reform
measures. The fiscal expenditure increase of 30bln SAR can be explained by a
higher government payroll and higher social benefits (citizen account).
Saudi Arabia continued to produce crude oil below 10mbd in Q1 2018. Ex-
ports of crude and refined products, however, picked up in the first quarter by
8% compared to previous year’s average. Meanwhile, oil prices have reached
80USD for Brent quality.
3M SAIBOR rates are again above USD LIBOR rates by mid-May. In the course
of the first quarter, SAIBOR rates had been temporarily outstripped by LIBOR
rates causing SAMA to take adequate measures to counter this negative
interest rate spread.
TASI continued its rally until end of April when some profit taking by foreign
investors kicked in who had poured an unprecedented amount of 11bln SAR
into the Saudi market during the months before.
Real GDP growth Overall economy, quarterly, %yoy
Real GDP growth Tracker Overall economy, monthly, %yoy
Table of Contents:
GDP Data ………………….…………. 2
Monetary and Financial
Indicators ………………………….… 3
Fiscal Balance and
Government Debt…………………. 6
Private Spending and
Foreign Trade …............................... 7
Non-Oil Business Climate
Indicators …………………...……….. 8
Inflation Indicators …………….... 9
Real Estate Market …………..... 10
Oil Market …….………………………12
Foreign Exchange and
Interest Rates …….………...……… 13
Saudi Balance of Payments ..….15
Saudi Equity Market ………...... 16
Facts and Figures
at a Glance …….……………............ 18
Saudi Economic Chartbook Second Quarter 2018
Page 2
source: GASTAT source: GASTAT
Real GDP growth Overall economy, quarterly % yoy Real GDP growth Non-oil private sector, quarterly % yoy
Gross Domestic Product (GDP) Overall Economy and Institutional Sectors
For the first quarter of this year our GDP Tracker
model indicates a recovery of the overall economy
after negative growth rates throughout 2017. This is
primarily due to a positive growth contribution
from the oil sector where the impact of the OPEC
output cut agreement on oil production is fading in
2018 while the Non-oil economy most probably
witnessed a further growth slowdown in Q1 2018.
source: GASTAT, RC source: GASTAT
Real GDP growth Oil-sector, quarterly % yoy Nominal GDP growth Non-oil private sector, quarterly % yoy
GDP deflator Non-oil private sector % yoy
CPI inflation % yoy
Figure 2:
Nominal and Real GDP Non-Oil Private Sector
Figure 1:
Real GDP Overall Economy and Oil Sector
Figure 3:
Monthly GDP Tracker of Overall Economy
Figure 4: GDP Deflator and CPI Inflation
Real GDP growth Overall economy, quarterly, %yoy
Real GDP growth Tracker Overall economy, monthly, %yoy
Saudi Economic Chartbook Second Quarter 2018
Page 3
source: SAMA source: SAMA
Monetary base, % yoy Aggregate M3, % yoy
Monetary Aggregates, Credit and Commercial Banks’ Deposits
The narrow monetary aggregates (monetary base
and M1) witnessed low single-digit growth rates on
a yearly basis while the broad monetary aggregates
M2 and M3 were broadly unchanged, primarily due
to no growth in overall customer deposits. Credit to
the private sector still exhibited negative growth on
a year-on-year basis by March 2018 but marginally
increased in the first three months of the year.
Banks’ claims on private sector, % yoy, l.h.sc.
source: SAMA source: SAMA
Banks’ claims on private sector, % mom, r.h.sc.
Aggregate M1, % yoy Aggregate M2, % yoy
Banks’ overall customer deposits, % yoy, l.h. sc.
Banks’ overall customers deposits, % mom, r.h.sc.
Figure 2:
Growth Rate Monetary Aggregates M2 and M3
Figure 1:
Growth Rate Monetary Base and Aggregate M1
Figure 4: Growth of Commercial Banks’ Deposits
Figure 3:
Growth of Credit to the Private Sector
Saudi Economic Chartbook Second Quarter 2018
Page 4
source: SAMA source: SAMA
Claims on the private sector as % of total bank deposits Claims on the government as % of total bank deposits
Marginally higher loans to the private sector and
most recently a small decline in customer deposits
drove the private sector loan-deposit-ratio to 87.9%
in March. Meanwhile, the government’s local bond
issues during Q1 2018 were entirely absorbed by
the banks which increased their sovereign debt
holdings by 20bln SAR causing the government sec-
tor loan-deposit-ratio to rise close to 20%.
source: SAMA source: SAMA
Gross foreign assets as % of total assets Excess liquidity as % of total assets
(Excess liquidity = banks’ current and other deposits at
SAMA + SAMA bills)
Commercial Banks Key Ratios
Net foreign assets as % of total assets
Figure 1:
Private Sector Loan-Deposit-Ratio
Figure 2:
Government Sector Loan-Deposit-Ratio
Figure 3:
Foreign Assets to Total Assets Ratio
Figure 4:
Excess Liquidity to Total Assets Ratio
Saudi Economic Chartbook Second Quarter 2018
Page 5
source: SAMA
source: SAMA source: SAMA
Total foreign currency reserves at SAMA, in bln SAR, l.h.sc. Total government deposits at SAMA, in bln SAR, l.h.sc.
In March 2018 SAMA official foreign currency re-serves jumped by 27bln SAR which was most likely due to a 6bln USD capital inflow as a result of the increase in the government’s syndicated USD-loan.
In the first quarter 2018 foreign reserves overall declined gradually by 11 bln SAR after an increase of 42bln SAR in Q4 2017. Overall, foreign currency re-serve managed to stabilize above 1800bln SAR.
Total foreign currency reserves at SAMA, in bln SAR Total government deposits at SAMA, in bln SAR
source: SAMA
SAMA Balance Sheet: Key Elements of Assets and Liabilities
Figure 1:
Foreign Currency Reserves at SAMA
Figure 2:
Government Deposits at SAMA
Figure 3:
Foreign Currency Reserves at SAMA - the long Term
Figure 4:
Government Deposits at SAMA – the long Term
Monthly change in foreign currency reserves at SAMA, in
bln SAR, r.h.sc.
Monthly change in total government deposits at SAMA,
in bln SAR, r.h.sc.
Saudi Economic Chartbook Second Quarter 2018
Page 6
source: MoF source: MoF
Oil revenues
Non-oil revenues
Employee compensation (salaries & wages)
In Q1 2018 fiscal revenues increased by 22bln SAR
vs. Q1 2017, primarily due to significantly higher tax
revenues (VAT, excise tax). Oil revenues were only
marginally higher but don’t include an Aramco divi-
dend to be paid in Q2 2017. Expenditure picked up
by 20bln, exclusively as a result of a higher payroll
and social benefits (citizen account) while capital
spending was marginally lower than Q1 2017.
source: MoF source: MoF
Net deficit/surplus Outstanding local government debt, in bln SAR
Other current expenditure
Quarterly Fiscal Balance and Outstanding Government Debt
Figure 1:
Quarterly Fiscal Revenues (in bln SAR)
Figure 2:
Quarterl Fiscal Expenditure (in bln SAR)
Figure 3:
Quarterly Fiscal Deficit/Surplus (in bln SAR)
Figure 4:
Outstanding Government Debt (End of Quarter)
Capital expenditure
Outstanding foreign government debt, in bln SAR
Saudi Economic Chartbook Second Quarter 2018
Page 7
source: SAMA source: SAMA
Point-of-sales transactions, % yoy
3-Months Moving Average, % yoy
ATM withdrawals, % yoy
Point-of-sales transactions as a proxy for private
consumption recovered in March after a sharp drop
in January due to the introduction of the VAT. ATM
transactions also picked up in the course of Q1
2018. Non-oil exports jumped in March 2018 by
36% yoy which could be explained by petrochemical
exports (65% of Non-oil exports) where higher oil
prices translated into higher product prices.
source: GASTAT source: GASTAT
Non-Oil exports, % yoy Imports, % yoy
3-Months Moving Average, % yoy
Private Spending Indicators and Non-Oil Foreign Trade
Figure 1:
Point-of-Sales Transactions
Figure 2:
ATM Transactions
Figure 3:
Growth of Non-Oil Exports
Figure 4:
Growth of Imports
3-Months Moving Average, % yoy 3-Months Moving Average, % yoy
Saudi Economic Chartbook Second Quarter 2018
Page 8
source: Markit source: Markit
Emirates NBD PMI Composite
6-Months Moving Average
Emirates NBD PMI Output
Purchasing Manager Indices as a proxy for the busi-
ness climate of the Non-oil economy continued their
notable decline which started in January 2018. In
April the Composite index reached a new 9-year low
at 51.4. This slowdown may be explained by the in-
troduction of the fiscal reform measures in January
2018. The most pronounced decline affected New
Orders where the index dropped below 50 in April.
source: Markit source: Markit
Emirates NBD PMI New Orders
Non-Oil Private Sector Business Climate Indicators
Emirates NBD PMI Output Prices
6-Months Moving Average
6-Months Moving Average 6-Months Moving Average
Figure 1:
Purchasing Manager Index Composite
Figure 2:
Purchasing Manager Index Output
Figure 3:
Purchasing Manager Index New Orders
Figure 4:
Purchasing Manager Index Output Prices
Saudi Economic Chartbook Second Quarter 2018
Page 9
source: GASTAT source: GASTAT
CPI inflation, % yoy CPI inflation, % yoy
After a jump in January due to the introduction of
the fiscal reform steps, CPI inflation declined again
below 3% in Spring 2018. This may be explained by
the subdued economic activity which hasn’t generat-
ed any inflationary pressure so far. Food prices are
6% higher yoy due to the introduction of the 5%
VAT while transportation prices have been affected
by the gasoline price increase in January.
source: GASTAT source: GASTAT
CPI inflation, sub-index Transport, % yoy
WPI inflation, % yoy
Consumer and Wholesale Price Inflation
CPI inflation, sub-index Furnishings, household equipment &
maintenance, % yoy
CPI inflation, sub-index Food and beverages, % yoy
CPI inflation, sub-index Housing, water, electricity, gas and
other fuels, % yoy
Figure 1:
Consumer Price Inflation All Items
Figure 2:
Consumer Price and Wholesale Price Inflation
Figure 3:
CPI Inflation Food & Housing
Figure 4:
CPI Inflation Furnishings & Transportation
Saudi Economic Chartbook Second Quarter 2018
Page 10
source: MOJ, RC
The sharp increase in real estate transaction activity
in terms of volumes and number of transactions in
Q4 2017 was followed by a corresponding drop in
Q1 2018. It seems highly likely that this cyclical mar-
ket pattern was mainly caused by the introduction
of the VAT in January 2018. In fact, all sales of resi-
dential and commercial properties are subject to
VAT at the standard rate of 5%.
source: MOJ, RC source: MOJ, RC
Total value of quarterly transactions, %yoy
Number of quarterly transactions, %yoy
Real Estate Market: Transaction Activity
Riyadh Region
Makkah Region
Eastern Region
All Other Regions
Total value of quarterly transactions, %yoy
Number of quarterly transactions, %yoy
source: MOJ, RC
Total value of quarterly transactions, %yoy
Number of quarterly transactions, %yoy
Figure 1:
Quarterly Real Estate Transactions Overall Country
Figure 3:
Quarterly Commercial Real Estate Transactions
Figure 4:
Breakdown of Transaction Value by Regions (Q1 2018)
Figure 2:
Quarterly Residential Real Estate Transactions
Saudi Economic Chartbook Second Quarter 2018
Page 11
source: GASTAT source: GASTAT
After a period of consolidation in 2017 residential
real estate prices gradually dropped in Q1 2018.
Commercial property prices continued their down-
turn into 2018 which is primarily due to a protract-
ed decline in commercial land prices. In Q1 2018
property prices of commercial centers saw a decline
after a long period of stability, while shops&galleries
continued their price recovery since Q2 2017.
source: GASTAT source: GASTAT
Residential villas price index
Residential price index Residential land price index
Commercial land price index Commercial price index
Real Estate Market: Price Indices
Residential apartments price index
Commercial centers price index
Commercial shops & galleries price index
Figure 1:
Residential and Commercial Price Indices
Figure 2:
Residential and Commercial Land Price Indices
Figure 3:
Residential Villas and Apartments Price Indices
Figure 4:
Commercial Shops and Centers Price Indices
Saudi Economic Chartbook Second Quarter 2018
Page 12
source: JODI, Bloomberg source: JODI
Saudi Arabian crude oil production, in 1000 bd.
Saudi Arabian total oil refinery output in 1000 bd.
During Q1 2018 Saudi Arabia continued to produce
crude oil below 10mbd. Meanwhile, exports of crude
and refined products picked up in Q1 2018 to overall
9.1 mbd vs. an average of 8.4 for the full year 2017.
OPEC crude output dropped to 31.5 mbd in March
2018 after a peak of 33.6 mbd in 2016 prior to the
output cut agreement. Brent oil prices reached
80USD in May, a level last seen in autumn 2014.
source: JODI, Bloomberg source: Bloomberg
Brent oil price OPEC crude oil production, in 1000 bd
WTI oil price
Oil Market Statistics: Production, Exports, Refinery and Prices
Saudi Arabian crude oil export, in 1000 bd. Saudi Arabian total oil refinery export, in 1000 bd.
Figure 1:
Saudi Crude Oil Production and Exports
Figure 2:
Saudi Crude Refinery Output and Exports
Figure 3:
OPEC Crude Output
Figure 4:
Oil Prices
Saudi Economic Chartbook Second Quarter 2018
Page 13
source: Bloomberg source: Bloomberg, JP Morgan
12-months forward exchange rate USD/SAR
Higher oil prices and a stabilized balance-of-
payment continue to provide strong support to the
USD/SAR peg. As a result, the 12M-FX-forward pre-
mium is trading at levels comparable to the period
of high oil prices 5 years ago. The real and nominal
SAR- exchange rate indices appreciated due to the
recent strength of the USD against major currencies
after a period of extended weakness in 2017.
source: Bloomberg source: Bloomberg, JPMorgan
SAR Real (CPI-adjusted) trade-weighted exchange rate index
SAR Nominal trade-weighted exchange rate index
Foreign Exchange: Forward Rates and Effective Exchange Rate Index
12-months forward exchange rate USD/SAR
SAR Nominal trade-weighted exchange rate index
SAR Real (CPI-adjusted) trade-weighted exchange rate index
Figure 1:
12-Months Forward Exchange Rate SAR/USD
Figure 2:
SAR Nominal and Real Effective Exchange Rate
Figure 3:
12-Months Forward Exchange Rate SAR/USD in
the Long Term
Figure 4:
SAR Nominal and Real Effective Exchange Rate in the
Long Term
Saudi Economic Chartbook Second Quarter 2018
Page 14
source: Bloomberg source: Bloomberg
3-months SIBOR (Saudi Interbank Offered Rate)
5-year Swap rate SAR
In February 2018 3M USD LIBOR exceeded the 3M
SAIBOR rate which caused SAMA to suspend its
term repo facility and unilaterally increase its key
interest rates prior to the FED in March. Meanwhile
SAIBOR rates are again slightly above LIBOR rates.
SAR-USD yield spreads at the longer-end of the
curve also notably narrowed with 5-year Swap rates
exhibiting a small 60 bp difference in May 2018.
source: Bloomberg source: Bloomberg
30-year maturity Reverse repo rate SAMA
5-year maturity 3-months SAIBOR (Saudi Interbank Offered Rate)
5-year Swap rate USD 3-months US LIBOR (London Interbank Offered Rate)
Interest Rates: Money Market, Capital Market and Central Bank Rates
3-months SAIBOR (Saudi Interbank Offered Rate)
3-months US LIBOR (London Interbank Offered Rate)
Figure 1:
3-Months SAIBOR vs. USD LIBOR
Figure 2:
5-Year Swap Rate SAR vs. USD
Figure 3:
KSA USD-Bonds Yield Spread to US Treasuries
Figure 4:
Central Bank Rate and 3-Months SAIBOR
10-year maturity
SAMA official repo rate
Saudi Economic Chartbook Second Quarter 2018
Page 15
source: SAMA source: SAMA
Current account balance, quarterly in bln SAR Foreign workers’ remittances, quarterly in bln SAR
(remittances outflow as part of Current account balance)
The balance of payment (net change in foreign re-
serve assets) witnessed a surplus in Q4 2017 for the
first time in three years. This was the result of a pos-
itive current account and financial account balance
with the unexplained part of the balance-of-
payment, the error and omissions, being reasonably
contained. For Q1 2018 we may expect a slight defi-
cit according to monthly SAMA data (see page 5).
source: SAMA source: SAMA
Saudi Balance of Payments
Figure 1:
Current Account Balance
Figure 2:
Foreign Workers’ Remittances
Figure 3:
Financial Account Balance
Figure 4:
Contribution to Balance of Payments
Current account balance
Errors & omissions
Financial account balance
Net change in foreign
reserve assets
Financial account balance (excluding changes in foreign
reserve assets), quarterly in bln SAR
(+ capital inflows, - capital outflows)
Saudi Economic Chartbook Second Quarter 2018
Page 16
source: Bloomberg source: Tadawul
Tadawul All-share index Average daily trading value for Tadawul, in mln SAR
TASI continued its rally into the second quarter,
reaching 8000 in the month of April. This rally was
accompanied by rising trading volumes. Daily aver-
age traded value achieved almost 5 bln SAR in April
after an average of 3.3bln throughout 2017. In late
April and beginning of May, foreign investors, who
had previously injected a net amount of about 11bln
SAR in 2018 so far, started to take some profits.
source: Tadawul source: Tadawul
Tadawul: Saudi Equity Market Statistics
10-Weeks Moving Average
Retail Mutual funds
High Net Worth Individuals total (HNWI and IPI) Corporates
Government related entities (GRE) Foreign investors total (incl. GCC)
Figure 1:
Tadawul All-Share Index
Figure 2:
Tadawul Total Trading Value
Figure 3:
Weekly Net Purchase by Ownersip (in bln SAR)
Figure 4:
Weekly Net Purchase by Ownersip (in bln SAR)
Saudi Economic Chartbook Second Quarter 2018
Page 17
source: Bloomberg source: Bloomberg
TASI quarterly EPS in SAR, l.h.sc
By the end of April TASI showed a positive perfor-
mance of 15.4% (including dividends) since the be-
ginning of 2017. Q1 earnings for TASI picked up by
34% vs. Q4 2017 but were 7% below the same peri-
od last year. As a result of the recent strong rally,
TASI experienced a PE-multiple expansion at a trail-
ing and forward earnings basis bringing the market
valuation gradually above its long-term average.
source: Bloomberg source: Bloomberg
PE ratio TASI, 12-months trailing earnings
Long-term average
TASI 4Q trailing EPS in SAR, r.h.sc.
PE ratio TASI, 12-months forward earnings
Long-term average
Tadawul: Saudi Equity Market Statistics
Figure 1:
Performance TASI Sectors April 2018YTD
Figure 2:
Quarterly Earnings TASI
Figure 3:
Valuation TASI: PE-Ratio Trailing
Figure 4:
Valuation TASI: PE-Ratio Forward
Performance in % YTD, including dividends
Saudi Economic Chartbook Second Quarter 2018
Page 18
Economic Facts and Figures at a Glance
We expect Saudi economic growth to recover in 2018 by +1.7% after a contraction of -0.7 in 2017. This rebound is the result of a positive contribution by the oil sector, where the output cut 2017 is fad-ing, and a continued recovery of the Non-oil econo-my fuelled by an expansionary budget in 2018. Due to higher than expected oil revenues the budget deficit will shrink distinctly below its budgeted tar-get of 195 bln SAR.
Based on the latest outlook of the IMF, global eco-nomic growth is expected to accelerate to 3.9% in 2018 after 3.8% in 2017. This growth acceleration is expected to be broad based, but primarily driven by emerging economies.
Oil, Inflation and Interest Rates GDP and Fiscal Indicators
Tadawul Equity Market External Balance
Global Economy GDP Growth Rates
source: GASTAT, MOF, RC source: Bloomberg, SAMA, RC
source: SAMA, RC
source: Bloomberg
source: IMF
P/E-ratio = Price/ Earnings-ratio , P/B-ratio = Price / Book-ratio
all ratios on trailing basis except 2017 forecast (consensus forward-ratios)
2013 2014 2015 2016 2017 2018f
Real GDP Growth
Overall economy 2.7 3.7 4.1 1.7 -0.7 1.7
Non-oil Private sector 7.0 5.4 3.4 0.1 0.7 1.8
Government sector 5.1 3.7 2.7 0.6 1.7 2.0
Oil sector -1.6 2.1 5.3 3.6 -3.0 1.5
Fiscal Balance and Government Debt
Fiscal Balance in bln SAR 180 -71 -362 -311 -238 -165
Fiscal Balance in % GDP 6.4 -2.5 -14.8 -12.9 -9.3 -6.0
Government debt in bln SAR 60 44 142 317 443 558
Government debt as % GDP 2.1 1.6 5.8 13.1 17.3 20.1
2013 2014 2015 2016 2017 2018f
Oil Prices and Production (yearly average)
Brent price (USD pb) 108.7 99.5 53.7 44.1 54.8 67.0
WTI price (USD pb) 98.0 92.9 48.8 43.3 50.9 63.0
OPEC Basket price (USD pb) 105.9 96.2 49.5 40.7 52.4 65.0
KSA oil production (mln bd) 9.6 9.7 10.2 10.5 9.9 10.0
Inflation and Interest Rates (year end)
CPI Inflation (yearly average) 3.51 2.24 1.22 2.05 -0.84 3.10
3M SIBOR SAR 0.96 0.86 1.55 2.04 1.90 2.65
Reverse Repo Rate 0.25 0.25 0.50 0.75 1.50 2.50
Official Repo Rate 2.00 2.00 2.00 2.00 2.00 2.75
2013 2014 2015 2016 2017 2018f
Trade and Current Account
Trade Balance in bln SAR 835 690 166 209 382 546
Trade Balance in % GDP 29.8 24.3 6.8 8.6 14.9 19.7
Current Account in bln SAR 508 277 -213 -90 57 216
Current Account in % GDP 18.1 9.8 -8.7 -3.7 2.2 7.8
2013 2014 2015 2016 2017 04/18
Key Figures (period end)
Total Return in % 30.2 0.7 -14.6 8.2 3.7 15.4
P/E-ratio 16.4 18.2 15.9 17.2 17.0 15.2
P/B-ratio 2.0 2.1 1.6 1.7 1.6 1.8
RoE 12.2 11.5 10.2 9.7 9.5 11.6
2013 2014 2015 2016 2017 2018f
World 3.3 3.4 3.2 3.2 3.8 3.9
Advanced Economies 1.2 1.8 2.1 1.7 2.3 2.5
USA 1.5 2.4 2.6 1.5 2.3 2.9
Euro Area -0.4 0.8 2.0 1.8 2.3 2.4
Japan 1.6 0.3 1.1 0.9 1.7 1.2
United Kingdom 1.7 2.9 2.2 1.9 1.8 1.6
Emerging Market Economies 5.0 4.7 4.3 4.4 4.8 4.9
China 7.7 7.3 6.9 6.7 6.9 6.6
India 6.9 7.2 8.0 7.1 6.7 7.4
Russia 1.3 0.7 -2.8 -0.2 1.5 1.7
Brazil 2.7 0.1 -3.5 -3.5 1.0 2.3
Saudi Economic Chartbook Second Quarter 2018
Page 19
Disclaimer
The information in this report was compiled in good faith from various public sources believed to be reliable. Whilst all reasonable care has been taken to ensure that the facts stated in this report are accurate and that the forecasts, opinions and expectations contained herein are fair and reasonable, Riyad Capital makes no representa-tions or warranties whatsoever as to the accuracy of the data and information provided and, in particular, Riyad Capital does not represent that the information in this report is complete or free from any error. This report is not, and is not to be construed as, an offer to sell or solicitation of an offer to buy any financial securities. Accordingly, no reliance should be placed on the accuracy, fairness or completeness of the information contained in this report. Riyad Capital accepts no liability whatsoever for any loss arising from any use of this report or its contents, and neither Riyad Capital nor any of its respective directors, officers or employees, shall be in any way responsible for the contents hereof. Riyad Capital or its employees or any of its affiliates may have a financial interest in securities or other assets referred to in this report.
Opinions, forecasts or projections contained in this report represent Riyad Capital's current opinions or judgment as at the date of this report only and are therefore subject to change without notice. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or projections which represent only one possible outcome. Further such opinions, forecasts or projections are subject to certain risks, uncertain-ties and assumptions that have not been verified and future actual results or events could differ materially.
The value of, or income from, any investments referred to in this report may fluctuate and/or be affected by changes. Past performance is not necessarily an indicative of future performance. Accordingly, investors may receive back less than originally invested amount.
This report provide information of a general nature and do not address the circumstances, objectives, and risk tolerance of any particular investor. Therefore, it is not intended to provide personal investment advice and does not take into account the reader’s financial situation or any specific investment objectives or particular needs which the reader’s may have. Before making an investment decision the reader should seek advice from an inde-pendent financial, legal, tax and/or other required advisers.
This research report might not be reproduced, nor distributed in whole or in part, and all information; opinions, forecasts and projections contained in it are protected by the copyright rules and regulations.
Riyad Capital is a Saudi Closed Joint Stock Company with a paid up capital of SR 200 million , with commercial
registration number (1010239234), licensed and organized by the Capital Market Authority under License No.
(07070-37), Head Office: 6775 Takhassusi Street – Olaya, Riyadh 12331-3712 , Saudi Arabia (“KSA”). Website:
www.riyadcapital.com
*This report is Issued by Riyad Capital