Arqaam Capital is pleased to invite you to its 9th Annual MENA Investor Conference. The event will be held virtually this year. We will host senior management from publicly listed companies across the MENA region, offering investors virtual meetings with corporate C-level management in both 1x1 and small group meetings.

Despite tightening monetary policies globally, we remain constructive on the outlook for GCC markets, as long as long-term global inflation expectations remain well-anchored and higher interest rates do not throw too much cold water on the global recovery.

Higher policy rates support the outlook for the GCC, given the high index weight of banks and the continued USD-pegs. The GCC also benefits from solid commodity and oil prices, continued inflows (mainly Qatar and Saudi Arabia) from passive index inflows, and re-opening as COVID peaks. Oil prices have surged as OPEC+ continues to gradually expand the oil output quota, with actual output below the target since the summer last year. However, governments remain prudent with their fiscal spending plans. Finally, we expect policymakers in Egypt to stay cautious, limiting the tail risks for this market.

In the medium term, the localization of agriculture and manufacturing, growing e-commerce, digitalization, greater 5G penetration, privatization in crucial sectors, enhanced insurance coverage, and modernization in institutional frameworks continue to support to the outlook.

We hope that you will join us and benefit from what is set to be a highly productive conference.

Wafic Nsouli

Head Capital Markets