Best Bank in Dubai and UAE | Emirates NBD - APRIL 2013 Vol. 2 - … · 2013-05-29 · >> Dubai’s DIC hires Deloitte team ahead of potential asset sales: Sources ... Ferrari World

News update

>> Equity issuance jumps in Q1 as confidence grows

>> IMF cuts 2013 MENA area growth forecast on oil output, political transition

>> GCC debt relief measures May raise moral hazard: Fitch

>> ENBD mortgage lending activity on pace to double amid Dubai recovery

>> OPEC trims 2013 oil demand growth; Saudi output flat

>> Sukuk issuance to hit USD275bn by 2013-end

>> Middle East banking M&A deals touch USD7bn in 2012

>> Optimism rouses MENA debt market in Q1

>> Dubai’s DIC hires Deloitte team ahead of potential asset sales: Sources

>> ‘Sleeping giant’ debt market awakes in Saudi Arabia

Yachting around the UAE Workplace diversity: Making it work

New wave of Dubai residential units

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

APRIL 2013 Vol. 2 - No. 6

Market meltdown: Overdone? C

UR

REN

CY

CO

RN

ER

Q1-13 data provide little relief

Events and Promotions

Welcome to Privileges and More!

Drive refined luxury starting at just 2.49% p.a.*

1200 1250 1300 1350 1400 1450 1500 1550 1600 1650

1-‐Mar-‐13

8-‐Mar-‐13

15-‐Mar-‐13

22-‐Mar-‐13

29-‐Mar-‐13

5-‐Apr-‐13

12-‐Apr-‐13

19-‐Apr-‐13

Gold party over?

inspire Vol. 2- No. 6

QUICK LINKS

Yachting around the UAE

By Pashma Manglani

There’s nothing quite like renting out a yacht to hit the seas and party on deck with a group of friends or colleagues from work. Most yachts, which can accommodate anywhere from 16 to more than 30 people, come equipped with music systems and charter companies generally provide refreshments, fishing and scuba gear. With bedrooms, a BBQ area and Jacuzzi, some yachts provide the ultimate weekend trip away from a hectic working week.

Jane Daly, managing partner at Eden Yachting, says what’s most popular is a short day-trip around the World islands, Atlantis or the Burj Al Arab, with barbeque and swimming in the clear waters. However, while some people prefer to head out for a quick spin around Dubai’s popular sites, it’s also possible to take this time to do something different and see another side of the Emirates.

Daly shares some of the more unique trip ideas:

Visit Moon Island Get a feel of what it would be like to be on a deserted island on this crescent of sand, which is about 30 miles off shore from Dubai. It’s far enough from Dubai to make you feel like you’re on vacation but close enough so that you can still see a faint outline of the city’s skyscrapers. With it being mostly isolated, it also makes for a great party island when travelling with a large group.

When to visit: As an island, it gets a lot of sun and the peak summer months are probably not the best time to head on out here. Look at going on this trip anytime from November-March, which is also the peak tourist season.

Things to do: It’s a good place to have a barbeque and camp out the night. Many yacht charter companies will provide camping equipment (tents, sleeping bags, etc) but it’s best to check beforehand so you know what to carry with you. While there, you can head on out for a swim to cool off or go diving and spear fishing (again, in most cases the equipment is provided).

Visit the capital city’s islands If you’re from Dubai or any of the Northern Emirates, even cruising alongside the Abu Dhabi Corniche might make for a good day-trip. However, if you have more time on your hands, you can explore a few of the city’s 200 islands off the coastline, many of which are approximately four hours away from the mainland.

When to visit: When heading out to the islands, it’s best to plan a trip anytime from November-March so that it will be cooler.

Things to do: The capital city has several sights to see, including the Yas Island, which houses the Yas Marina Circuit, Ferrari World and Yas Waterworld.

If you prefer to head on out to one of the smaller islands, Daly says that many renters prefer to go near the manmade Lulu Island. While technically a private island owned by real estate developer Sorouh, many residents have claimed to face no security issues when camping onshore. Even if you don’t anchor onshore, many jet-ski rental companies will deliver to the area so it might be worthwhile to head out to indulge in thrilling water sports or go diving and deep-sea fishing.

Relax in RAK For a more relaxing weekend away that still includes the thrills of yachting, head down to Ras Al Khaimah and book a weekend stay at one of the resorts.

When to visit: If you’re planning on checking into one of the resorts, you can take this trip year-round.

Things to do: Visit the Al Hamra Marina, which has a yacht club and total of 200 berths. Stop by at the clubhouse and get a bite to eat and get a chance to meet some other boating enthusiasts.

When cruising along the waters, you’ll find several lagoons and sandy beaches – making it

a great place to spend an afternoon away. Trips to Musandam and Oman can also be arranged from the emirate.

To end the day, check into a luxury hotel – there’s the Al Hamra Fort or the Banyan Tree Al Wadi Resort – and spend your weekend exploring the emirate or whiling away the hours at a luxury resort. © Zawya

FEATURED

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


QUICK LINKS

SUCCESS SECRETS

Workplace diversity: Making it workBy Pashma Manglani

Cultural competence has become a key skill required in today’s offices, and is characterized by diversity.

While this can prove to be a source of conflict, a culturally diverse workforce can be beneficial for a company, says Maria Pearson, executive director of Grow.Me, a consultancy that offers an array of corporate training solutions, including cross-cultural awareness and interpersonal communication and conflict resolution. According to her, when a firm is comprised of people who come from different backgrounds with their own sets of values and beliefs, staff offer alternative approaches to tackling a problem – something that can be helpful in a workplace environment that focuses on employee input.

What is cultural diversity? Pearson is quick to note that people often make the mistake of assuming that cultural diversity is only about nationality. She says it can even mean a difference in age or professional background.

In fact, according to research carried out by Grow.Me, these were the differences that have the most impact in the workplace.

Citing an example, she says that someone from an engineering field can have a very different way of thinking compared to someone working in marketing. Bridging cultural diversity also means bridging the communication gap that can arise in such instances.

At the same time, differences in nationality and languages spoken can also be a dividing factor in the workplace and in bigger companies with more employees; it is not uncommon to see people break up into different groups, based on what they are familiar with or have in common.

Paving the path for better relationships There’s little doubt that employees want to learn about different cultures and for the most part, they seem to recognize the benefits of a diverse workforce. In fact, a study carried out by researcher Badreya Al-Jenaibi in 2012 for the Malaysia Journal of Society and Space revealed that nearly 50% of the more than 400 employees surveyed strongly agreed (while another 45% agreed) that cultural diversity

can act like a “good vehicle for the exchange of ideas.” The majority also said they were interested in learning about their co-workers’ culture and believed that this could help improve relations at the workplace.

According to Pearson, initial steps that should be taken to make the most out of diversity are the following:

Understand your own viewpoint – She says that it’s important to firstly have an understanding of your own views and cultural perspective. The only way to listen to opposing points of views and understand their motivation is by having a clear idea of how they differ from your own views.

Create an open environment – The workplace should be somewhere that people feel comfortable in sharing their views as a differing opinion instead of having a ‘right’ or ‘wrong’ label put up on these. People need to feel comfortable in order to share their thoughts openly and know that they will not be judged for voicing their opinions.

Define your company values – Pearson adds that having the company’s set of values and guidelines are also crucial, as you’re taking into account the employee’s values, sharing your own viewpoint but also giving everyone in the office a formal document that contains the guidelines for what they should be working towards.

Besides working through those initial steps, another area that can help bridge the divide

is learning to become better communicators. For example, says Pearson, people should be asking questions to understand their peers and why they think the way they do. When trying to gauge someone’s opinion, it is important to use inviting language, she explains, saying that phrases like “I’m interested to hear how you see this…” or “what would that look like for you…” are helpful in this context. When someone responds, it is important to listen to their answer instead of trying to make a comment on it immediately, she adds.

She points out that the problem with communicating effectively is that individuals have different first languages and this can be a barrier since they might not understand the nuances of speaking in English (as one example of a dominant language in an office) when they communicate with their colleagues at the office. This can lead to misunderstandings if someone interprets a statement as being rude even though the other individual didn’t intend it to be. Pearson says it’s important for people to keep this in mind when communicating with speakers of other languages and to be careful to avoid things that don’t translate well across languages – like sarcasm – in order to get their message across clearly. © Zawya



QUICK LINKS

MARKETS UPDATE

Market meltdown: overdone?Investors were smacked in the face by volatility in April as the S&P 500 and Dow Jones Industrial Average lost 2% each in one week alone. Gold melted and oil lost its nerve, falling 16% from its February high, as investors ran for cover.

The International Monetary Fund dampened investor sentiment by cutting global forecast to 3.3% in its latest report, compared to 3.5% it had projected last year, signaling that global growth is faltering.

“In advanced economies, policy should use all prudent measures to support sluggish demand,” the IMF said, underlining the challenges facing the developed world.

“However, the risks related to high sovereign debt limit the fiscal policy room to maneuver. There is no silver bullet to address all the concerns about demand and debt.”

The fund also noted that the combined gross domestic product of the Middle East and North Africa area is set to grow by 3.1% this year – a cut from the 3.6% it forecast last October.

The fund continues to believe that economies in the Middle East and North Africa “continue to struggle with difficult internal transitions.”

Macroeconomic data from other parts of the world was also less than inspiring. Chinese GDP grew by 7.7% - lower than expected, while U.S. manufacturing data also pointed to

a slowdown.

Markets roiled at the gloomy prospects and traders booked profits after watching equities ramp up in the first quarter, sending commodities crashing in the process.

The Gulf states may not be immune to the wider decline, especially after OPEC cut global demand for crude oil by nearly a quarter of a million barrels per day.

A longer-term decline in crude prices could impact the Gulf’s fiscal cushion but for now regional states can absorb slightly lower prices.

Indeed, cheaper commodities may help jumpstart the global economy. European economies have been especially weighed down by higher fuel import bills, and any decrease in crude and natural gas prices could help turn the global economy around.

For now domestic growth is helping Gulf corporations to offset the challenges facing their regional and international operations.

Gulf investors are also eyeing first quarter

results. Early results primarily from Saudi banks suggest positive momentum building in the region’s largest economy. Aggregated Saudi banks show a rise of 13% in earnings quarter-on-quarter, although it was down 2% year-on-year.

Dubai hit a 40-month high earlier in April and remains the best-performing regional market, up 20.1%. Kuwait was up 19.3% by the third week of April while Abu Dhabi Stock Market also put in a strong performance, rising 17.4% year-to-date.

Oil

Crude oil remained under pressure as Brent benchmark traded below USD100 per barrel — its first dip below the three-figure mark since mid-2012. Lower forecasts from OPEC and International Energy Agency may see prices trending lower for much of the year.

Gold

Gold is going through a fundamental change, and 2013 may well be the year when it posts a negative return for the first time since 2000.

While there may still be some upside to gold if Western economies wallow a little longer in a low-growth environment, the yellow metal’s bull-run seems to be over. Gold, which had slid below USD 1,400 per ounce briefly stood at USD 1,417 by the end of the third week of April.

Dollar

Gold’s loss is dollar’s gain. With Japan making concerted efforts to weaken its currency and the euro in doldrums, the U.S. dollar will continue to gain strength. The greenback is also benefiting from greater capital flows into the U.S. economy. The dollar was near the 100-yen mark by the third week of April, while it stood at USD 1.3061 mark against the euro, trading in a narrow range.© Zawya


1200 1250 1300 1350 1400 1450 1500 1550 1600 1650

1-‐Mar-‐13

8-‐Mar-‐13

15-‐Mar-‐13

22-‐Mar-‐13

29-‐Mar-‐13

5-‐Apr-‐13

12-‐Apr-‐13

19-‐Apr-‐13

Gold party over?

0

20

40

60

80

100

120

140

1-‐Feb-‐13

8-‐Feb-‐13

15-‐Feb-‐13

22-‐Feb-‐13

1-‐Mar-‐13

8-‐Mar-‐13

15-‐Mar-‐13

22-‐Mar-‐13

29-‐Mar-‐13

5-‐Apr-‐13

12-‐Apr-‐13

19-‐Apr-‐13

Brent below USD 100


QUICK LINKS

New wave of Dubai residential units Some of Emaar’s Burj Vista units were being reportedly ‘flipped’ hours after the developer launched the project, highlighting rapid activity in the emirate’s latest real estate developments.

While the Dubai Land Department and developers frown upon quick-fire flipping of property these days, it certainly shows that the emirate’s property market has enough buyers to generate interest.

And there is likely more activity on the way. Real estate consultant Jones Lang La Sales says the emirate is likely to see 40,000 new Dubai residential units come on stream over the next three years, of which 28,000 is expected in 2013 alone.

“For the first time since mid 2008, all sectors of the Dubai real estate market are positioned in the recovery stage of their market cycle,” the consultancy noted in its latest report. “However, the positive performance remains largely concentrated in the best quality projects in prime locations with secondary locations and poor quality projects continuing to experience high vacancy rates and stable or even falling rental values.”

Other analysts appear to concur with that assessment. Real estate broker Asteco reported recently that selling prices for apartments grew 27% and 24% for villas in 2012.

Apartment and villa rental prices have also

risen 10% year-on-year – but they still remain 26% below their January 2009, putting the growth in perspective.

“An initial glance might suggest that many of the conditions that led to the unsustainable growth in real estate prices in Dubai in 2006 and 2007 have returned. However, there are important differences as the Dubai market has matured,” said Alan Robertson, CEO of Jones Lang La Salle ME.

Other parts of the real estate market are showing robust growth too. With Dubai becoming the second busiest airport in the world, developers are looking to take a second look at some of the retail and tourism opportunities they had shelved a few years ago.

Nearly 400,000 square meters of new retail space is expected to come on line by 2015 as existing malls plan expansions and new large-shopping centers are announced, including The Avenue by Meeras, and extensions to Al Ghurair Centre and Dragon Mart.

Meanwhile, the Dubai office market is showing some signs of picking up, although it continues to suffer from oversupply. Close to 1 million square meters of office space could come to the market this year, but some of it could still be postponed as the market remains largely subdued.

Centrally-located affordable developments in Jumeirah Lake Towers and Tecom are seeing renewed interest from companies, which are looking to upgrade to better offices, according to brokers.

Dubai’s fresh impetus on construction, renewable energy, telecoms and financial services could further see a new wave of tenants coming into the market and energize the parched commercial real estate sector.

The Dubai property market continues to make a steady and confident recovery, underpinned by a fundamental improvement in the wider economy, but some analysts are already recommending caution.

“The excesses of the last speculative boom will hopefully be replaced by a period of slower but more sustained growth in demand and prices,” notes JLL analyst.© Zawya

REALTY CHECK


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

SMS ‘HOME‘ to 4452

Location %Dubailand 19

Business Bay 9Dubai Sports City 9Jumeirah Village 9

Dubai Marina 6IMPZ 6

Dubai Investment Park 5Jumeirah Lake Towers 5

Dubai Silicon Oasis 4Dubai Waterfront 4Palm Jumeirah 3Jumeirah Park 3

Burj Dubai Downtown 3Al Jadaf 3Tecom 2

Al Barsha 1Others 7

Breakdown of future Dubai residential completions

Source: Jones Lang La Salle


QUICK LINKS

Q1-13 data provide little relief

High liquidity and loose monetary policies continue to fuel a return to risk in most asset classes across the world, while first-quarter economic data have failed to provide a clear direction to the markets.

The positive relationship between equities and high-yielding FX seems to have been reinstated after breaking down earlier this year. The timing of this development suggests that it may be a result of the Bank of Japan stimulus package and diminishing signs of an early end to QE3 from the US Fed.

USDJPY a coiled spring

The US dollar has remained in the limelight recently, as the yen continues to look weak but clinging tenaciously to the USD 99 level, and US economic numbers for the first quarter failing to inspire markets.

Bank of Japan governor Haruhiko Kuroda testified in Parliament that the banknote rule suspension, to allow for the enormous quantitative easing program announced in April, is only temporary, and analysts are questioning whether the two years allocated to the QE initiative are enough.

“We doubt this will dramatically alter the direction of USDJPY (bias is still higher in our view,) since QE has to end at some stage, although we believe that will be far out into the future for Japan. The dips in USDJPY have been shallow; buyers are coming in at 99.00, which suggests to us that we could explode through 100.00 in the near term, especially since we have seen a pick-up in volatility in this cross in recent days,” Forex.com research director Kathleen Brooks wrote in a note.

The US economy, meanwhile, grew at an annualized rate of 2.5% in the first quarter of the year. Consumer spending during that time rose at a 3.2% rate but government spending cuts had a negative effect on growth.

Analysts had estimated a 3% growth so the shortfall was disappointing for the USD. Due to negative employment indicators in Europe the EUR was not able to capitalize on USD weakness. On the other hand the USD was able to advance versus the JPY as deflation continues to grow.

Jobless claims in the United States fell more than expected. The non-farm payroll data will to be published could solidify the perception of a US recovery.

Shrugging off Spain

The EUR appears to have shrugged off weak labor market data for the first quarter from Spain, which showed that the unemployment rate surged to 27.16% from 26.02% in the fourth quarter of last year.

“Obviously, the economic tragedy in Spain is not of that much interest to FX traders right now. EUR is moving higher with overall bullish sentiment in the FX market. EURUSD is testing a crucial level at 1.3065 – the base of the daily cloud. This is a bullish development for this cross and opens the way to 1.3210 highs from earlier this month,” Brooks said.

Spain said its economy is worsening and that it will take two years longer than first thought to meet Europe’s deficit target. Madrid said it expects its economy will shrink 1.3% this year, instead of the 0.5% figure it projected earlier. The government said it expects the Spanish economy will begin to grow again in 2014.

At the same time, Spain – the fourth largest economy in the euro currency bloc – said its deficit would fall this year to 6.3% of its national economy. That is a sharp improvement over last year, but still more than double the 3% target set by the European Union. Spain said it would not meet the European target until 2016, two years later than promised in 2012.

GBP and GDP

First quarter GDP data released in the UK showed the economy gained 0.3% compared

with the fourth quarter of 2012. A contraction in GDP would have given the UK two consecutive quarters of negative output and plunged the country back into recession.

The services sector provided the largest contribution to growth, adding 0.6% over the quarter. UK production data also showed a small upward increase boosted by a sharp rise in mining and quarrying, which rose by 3.2%. This sector performed poorly in Q4 2012 as a result of extended maintenance to the North Sea oil fields, thus Q1 was boosted by production coming back online.

However, UK GDP growth has been broadly flat in the past 18 months, and analysts do not expect a massive impact on the GBP.

Cabinet minister Ken Clarke warned that the economy was likely to be just “keeping its head above the water” until after the next general election. Clarke said the UK was “slowly getting out of it” but it could be three years before growth figures were back to normal.© Zawya

CURRENCY CORNER



QUICK LINKS

NEWS UPDATES

Equity issuance jumps in Q1 as confidence growsA jump in equity issuance in the Gulf during the first quarter of this year, and a growing pipeline of initial public offers for coming months, indicate investors’ confidence and their appetite for risk are increasing.

Equity issuance by Middle Eastern companies, comprising both IPOs and follow-on issues of shares, climbed to USD 2.3 billion in the first quarter from USD 453 million a year earlier, according to Thomson Reuters data. – Thomson Reuters

Full story:

IMF cuts 2013 MENA area growth forecast on oil output, political transitionA pause in oil production growth amongst exporting countries and ongoing political transition in some oil importing nations will drag on the economies of the Middle East and North Africa region this year, the International Monetary Fund said.

In its latest World Economic outlook, the fund said it now expects the combined gross domestic product of the Middle East and North Africa area to expand by 3.1% this year. In October, it forecast growth of 3.6%. – Thomson Reuters

Full story:

GCC debt relief measures May raise moral hazard: FitchGovernment schemes to forgive citizens’ debt in some Arab Gulf countries raises the specter of moral hazard and could lead to irresponsible borrowing and lending, Fitch Ratings says in a note.

Kuwait’s parliament approved debt relief for that country’s citizens earlier this month, and other countries may follow, but such plans “need to be coupled with regulation to deter reckless borrowing and lending to stave off negative implications for banks and sovereigns,” according to Fitch. – Zawya Dow Jones

Full story:

ENBD mortgage lending activity on pace to double amid Dubai recoveryMortgage lending at Emirates NBD , Dubai’s biggest bank, is on track to double this year compared to 2012 as demand for housing surges in the emirate, a top executive said.

While banks have learned their lessons from the emirate’s housing bubble five years ago, demand for home loans has been particularly strong recently, Suvo Sarkar, ENBD ‘s general manager of retail banking, said on the sidelines of a conference in Dubai. – Thomson Reuters

Full story:

OPEC trims 2013 oil demand growth; Saudi output flatOil producer group OPEC has trimmed its forecast for global growth in oil demand in 2013, citing weaker-than-expected consumption in Europe and Japan.

The Organization of the Petroleum Exporting Countries in a monthly report forecast world oil demand will rise by 800,000 barrels per day (bpd) this year, a cut of 40,000 bpd from the previous estimate. – Thomson Reuters

Full story:



QUICK LINKS

Sukuk issuance to hit USD275bn by 2013-endThe volume of sukuk (Islamic bonds) issued by end of the first quarter of 2013 reached USD 34.2 billion, increasing on a quarterly based rate at 21.5%, after an abundant year that witnessed a 54% increase in issuance, Kuwait Finance House (KFH)-Research said Sunday.

Sovereign issuances continue to dominate sukuk issuance, followed by issuances of corporates, then sub-sovereign authorities. The sukuk issuance is expected to reach USD 275 billion by the end of the year, it said. – The Saudi Gazette.

Full story:

Middle East banking M&A deals touch USD7bn in 2012The Middle East posted a strong jump in banking M&A (mergers and acquisitions) deal values in 2012, to nearly USD 7 billion, up from USD 1.5 billion in 2011, according to a study by global consulting firm PwC.

This was a result of six transactions in the period, even as the total number and value of global banking M&A transactions have declined steadily over the past few years, PwC said in a statement, emphasizing that high oil prices and the associated flow of money through the Middle East economy helped banks in some parts of the region to maintain high levels of liquidity. – Gulf News

Full story:

Optimism rouses MENA debt market in Q1Egypt will impose a tax of 0.001% on bank credit, loans and advances, according to a law approved in principle by the upper house of parliament on Wednesday, the state news agency and a lawmaker said.

The law is part of a package of tax reforms that includes a previously announced 0.001% tax on paid by both buyer and seller in all Egyptian stock market transactions. – Thomson Reuters

Full story:

Dubai’s DIC hires Deloitte team ahead of potential asset sales: SourcesDubai International Capital has hired a handful of Deloitte employees to help prepare some of the firm’s investments for possible sale, according to two people familiar with the matter.

DIC, the private equity arm of the personal investment vehicle of the emirate’s ruler, is recruiting Richard Clarke, Deloitte’s head of transaction services in the Middle East and North Africa, and four other professionals from the audit and consultancy company. – Zawya Dow Jones

Full story:

‘Sleeping giant’ debt market awakes in Saudi ArabiaAfter years in which the growth of Saudi Arabia’s bond market lagged its economy, the market is taking off as local companies rush to issue debt - though low returns are keeping foreign investors on the sidelines.

Traditionally, Saudi companies and other entities have relied on bank loans and retained earnings to finance their expansion. For debt market traders, that has made the Arab world’s biggest economy a case of unfulfilled potential. – Thomson Reuters

Full story:

. © Zawya

NEWS UPDATES


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


QUICK LINKS

It is time to take your daily driving experience to the next level. We offer Priority Banking customers an exclusive opportunity to buy the Mercedes-Benz E-Class of choice with interest rates starting from just 2.49%* flat p.a. combined with a range of exclusive benefits.

Our exclusive Auto Loan offers*:

> 2.49% flat p.a. (4.61% reducing balance) for banking customers with monthly salary of AED 20,000 and above

> 2.89% flat p.a. (5.35% reducing balance) for customers with repayment from another bank

> 2.99% flat p.a. (5.53% reducing balance) for self employed individuals and companies

Exclusive dealer benefits:

> Insurance rate of just 2.75% p.a.

> 3-year warranty

> Best value on trade-ins (all brands accepted)

*Terms and Conditions apply. Limited period offer.

Drive away with our exclusive Auto Loan offers on Mercedes-Benz E-Class from Gargash Enterprises.


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

Drive refined luxury starting at just 2.49% p.a.*


QUICK LINKS

Relax, rejuvenate andre-energize with exclusivespa offers Enjoy exceptional spa and health club Privileges and Moreoffers from our partner merchants.

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


Offers can be availed as many times as you shop at the merchant outlets by simply presenting your Privileges and More card.

*Terms and Conditions apply.

Angsana SpaReceive a discount of

> 15% on all services and get the Privilege Card for just AED 79 (original price AED 159)

Valid at: Dubai Polo & Equestrian Club | Marina Walk, Dubai Marina | Town center (between Meadows & Springs Village) | The Address Montgomerie

Body Talk Spa & Fitness CenterReceive a discount of

> 25% on all treatments and memberships

Valid at: Movenpick Hotel, Jumeirah Beach, Dubai

Kempinski The SpaReceive a discount of

> 20% on all spa treatments and get a complimentary head massage

Valid at: Kempinski Hotel, Ajman

Raffles SpaReceive a discount of

> 20% on all treatments

Valid at: Raffles Hotel, Wafi City, Dubai

Griffins Health Club (JW Marriott)Receive a discount of

> 20% on Couple Griffins Health Club Membership for 12 months plus 4 complimentary one hour massage vouchers (original price AED 6,000)

> 20% on Individual Griffins Club Membership for 12 months plus 2 complimentary one hour massage vouchers (original price AED 3,800)

Valid at: Raffles Hotel, Wafi City, Dubai

Laguna Beach ClubReceive a discount of

> 20% on Health club membership & complimentary service of a personal trainer

Valid at: Kempinski Hotel, Ajman


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

Enjoy greater convenienceand more value with ourForeign Exchange package

At Priority Banking, we enrich your life in more ways than one. Whatever yourForeign Currency needs, be it cash, remittance or savings we provide greatvalue solutions.

For cash> Place your currency order through your Relationship Manager

and collect the Foreign Currency at your convenience from the branch of your choice

For remittance> Enjoy one free Telegraphic Transfer per month, in any foreign

currency, if done through Online and Mobile Banking

For savings> Smart S@ver account, the smarter way to save in EUR, USD and

GBP, entitles you to higher interest rates and preferential rates on Foreign Exchange

Terms and Conditions apply.

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


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


Documents

Best Bank in Dubai and UAE | Emirates NBD - APRIL 2013 Vol. 2 - … · 2013-05-29 · >> Dubai’s DIC hires Deloitte team ahead of potential asset sales: Sources ... Ferrari World