Brought to you by Emirates Investment Bank

GCC Wealth Insight Report 2014

2014

Wealth Insight Report

GCC

Contents

GCC Wealth Insight Report 2014

GCC Wealth Insight Report 2014

About this Survey 1 Foreword from the CEO 2 Executive Summary 4 Economic Sentiment 6 Wealth Decisions 16 Financial Allocation Decisions 21 Selecting Banking Partners 29 ElBank Prole 38 Research Background 40

About this Survey

The GCC Wealth Insight Report is based on a survey of High Net Worth Individuals (HNWIs) across the Gulf Cooperation Council (GCC). For the purposes of this study, HNWIs are dened as individuals with US$2 million or more in investable assets. The study was initiated and sponsored by Emirates Investment Bank (EIBank), an independent private and investment banking boutique based in the United Arab Emirates. EIBank chose Ipsos and Brunswick Insight to conduct this study on their behalf in order to ensure the accuracy of the ndings and independence of the analysis.

All data/ndings are sources from Brunswick Insight/IPSOS

Left A traditional architectural element, the Arabian Wind Tower

GCC Wealth Insight Report 2014

GCC Wealth Insight Report 2014

Our focus is on thoroughly understanding each clients unique needs

Foreword from the CEO

An upward view of the iconic Burj Khalifa in the heart of Dubai, UAE

am very pleased to present this inaugural GCC Wealth Insight Report, drawing attention to the GCC economy and its investment community. As a private and investment bank dedicated to growing and safeguarding wealth, we are delighted to lead the conversation on wealth management in the GCC. Our focus is on thoroughly understanding each clients unique needs and designing a wealth strategy that is tailor-made to meet them. We understand that one size does not t all. This survey embodies the varying characteristics, commonalities and differences of views among a truly unique crosssection of society. The rst of an annual series, these results are derived from the voices of wealthy business people and professionals based in the Gulf the entrepreneurs, the executives, the doctors, the lawyers. Most entrepreneurs surveyed made their wealth through a combination of building their own business and inheritance, while almost half are self-made. Entrepreneurs

form the bedrock of growth and opportunity within the region. They grow businesses and boost employment; they are visionaries and they innovate. By building their own businesses, entrepreneurs are supporting their countries growth. As we see in this report, they are focused on wealth creation not simply preservation which indicates they will re-invest in their businesses in the future. We salute this dedication and believe that the attitudes of regional entrepreneurs offer optimistic signs that signify times of great opportunity for all in the region. From these individuals we deliver independent and rich data, data which offers insight into the prosperous, and the prosperity, ofthe Gulf.

KHALED SIFRI CHIEF EXECUTIVE OFFICER EMIRATES INVESTMENT BANK

GCC Wealth Insight Report 2014

GCC Wealth Insight Report 2014

The Gulf has been outpacing other high growth markets

Executive summary

Survey Demographics
Country

13%
Kuwait

13%
Bahrain

13%
Qatar

he GCC Wealth Insight Report has been created to better understand the views of High Net Worth Individuals across the Gulf on the economy, both global and local, nancial challenges and opportunities and decision-making in regards to investments. This report is the inaugural edition and is intended to be repeated annually. This survey was undertaken between November 2013 and January 2014, a time when the GCC was widely recognised as the standout emerging/frontier market. The Gulf has been outpacing other high growth markets and we see this as atrend set to continue. Governments and leaders in the GCC have set the ground work for sustained future growth. This is borne out by anumberof favourable factors within the countries of the GCC the UnitedArab Emirates, Qatar, Kuwait, Saudi Arabia, Oman and Bahrain. These include stable and improving levels of infrastructure, nancial policies, political stability and accessibility as well as a denitive move towards diversication away from the regions reliance on wealth derived from the hydro-carbon industry. Healthcare, tourism, education and housing are also areas of growth, building on the bedrock ofthese encouraging platforms. Specic stand out moments in 2013 include winning Expo 2020, amonumental milestone in Dubais success story and a commendable achievement for the UAE. In addition, the Morgan Stanley Capital International (MSCI) Indices

upgraded the UAE and Qatar from frontier market to emerging market status an achievement six years in the making, as both countries had been denied entry ve times since the rst review in 2005. The UAE and Saudi Arabia have also witnessed an increase in IPO activity along with the introduction of new mortgage laws which helped boost their real estate sector. The region also witnessed discussion onregulation reform in Saudi Arabia regarding the opening up of the equity market to foreign investors, and robust activity in Qatar amidst the preparations for the FIFA World Cup in 2022. As part of the Global Competitiveness Report for 2013-14, Qatar, the UAE and Saudi Arabia were among the top 20 most competitive economies in the world. This progress signalled a clear endorsement from the investment community and brought about renewed condence in the Gulf as a whole. This report validates a number of trends seen in 2013. With more infrastructure spending and higher consumer condence across the

GCC, better GDP is forecasted to grow for the region by 3.7% in 2013 and 4.1% in 2014. However, among the Gulfs wealthy, there is a healthy balance of caution as well asoptimism. There is a large appetite for wealth accumulation, a distinct move among GCC based High Net Worth Individuals to creating and growing wealth rather than simply preserving it as we have seen elsewhere following the global nancial crisis. Even as economic health improves after the multitude of ailments that resulted from this crisis, High Net Worth Individuals are more optimistic about longer-term prospects for the Gulf region over the global economy. Most respondents prefer keeping their assets closer to home; identifying and developing investment opportunities within the region is likely to be attractive in the future. The ndings also identify a shift in the relative importance of different investment asset classes. HNWIs expect to increase the proportion of their wealth invested into own business and in realestate.

Gender

SAUDI ARABIA

25%

25%
UAE

13%
Oman

94% 6%
Male Female

Age

10% 51% 29% 10%

25-34 35-44 45-54 55+

Source of Wealth

Real GDP growth rates (%)

Real GDP Bahrain Kuwait Oman Qatar Saudi Arabia UAE GCC
Source: IMF

Avg. 2006-2010 5.9 1.3 6.9 18.1 5.9 2.6 6.0

2011 2.1 6.3 4.5 13.0 8.6 3.9 7.7

2012 4.8 6.2 5.0 6.2 5.1 4.4 5.2

2013E 4.4 0.8 5.1 5.1 3.6 4.0 3.7

2014F 3.3 2.6 3.4 5.0 4.4 3.9 4.1

Inherited

9%

41% 50%
Self-made Combination of the two

Profession

Entrepreneur

24% 36%
Executive

Professional (Lawyer, Doctor, Accountant, Professor)

11% 29%
Other
Base: all answering (80)

GCC Wealth Insight Report 2014

GCC Wealth Insight Report 2014

Economic Sentiment
In recent times, we have witnessed a global recession, political instability and even stagnation in some economies around the world, which have had a signicant effect on investment choices. We asked the regions wealthy about their optimism for the recovery of the local and global economies. We also enquired about how the so-called Arab Spring has affected their choices to gain a deeper insight into their attitudes to investing now, and in thefuture. Overall, the respondents are fairly positive in their future outlook for both the regional and the global economy with almost half expecting the global economic situation to be better in a years time. In the main, positive sentiment towards the global economic situation is based on perceived business growth and stabilisation of developed markets and currencies.

Overall, the respondents are fairly positive in their future outlook for both the regional and the globaleconomy

Left Palatial interiors of Dubais Burj Al Arab hotel, UAE

GCC Wealth Insight Report 2014

GCC Wealth Insight Report 2014

Views of the current economic situation

HNWIs are more likely to say the condition of the global economic situation is improving (30%) rather than worsening (16%) but the predominant view is that the situation is staying the same (54%). Respondents are nearly two times as likely to say the economic situation in the Gulf region is improving (56%) than to say the global economic situation is improving (30%).

Staying the same

Those who say the global economic situation is staying the same are most likely to say this is due to the perceived on-going nancial crisis and slow economic growth in major economies (40%) and political instability, conict and recent wars (30%).
Global economic situation:

54%
Staying the same

% who say

Global economic situation

16%

54%

30%

Worsening
Gulf region economic situation

5%
Worsening

39%
Staying the same Improving

56%

Nearly half of those who say the situation is worsening are concerned about global political stability due to recent conicts and wars (46%).
Base: all answering (80)

Almost a third (31%) say ination and higher product prices are signs ofthe global economic situation gettingworse.
Global economic situation:

Improving
A quarter or more of those who say the global economic situation isimproving attribute it to perceived business growth leading to greater availability of investment opportunities (29%), stabilisation in stock markets and major currencies (25%) and a general perception that the global economy isemerging from recession (25%). I think it is improving because the market is currently active and the real estate sector is becoming more active and vigorous. Oman
Global economic situation:

16%
Getting worse

30%
Improving
Intricate wall design in the Bastakiya area next to Dubai Creek, UAE

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30%

Condence in the global economy is returning

Kingdom Tower, one of the most iconic landmarks of Riyadh, KSA

46%

think the global economic situation isimproving now.

75%

Views on future Economic Prospects

of respondents say they are very optimistic (16%) or somewhat optimistic (59%) about the economic prospects for the global economy over the next ve years.

87%

of HNWIs say they are very optimistic (56%) or somewhat optimistic (31%) about prospects for the region over the next ve years. There is higher optimism and a greater intensity of feeling towards economic prospects in the Gulf.

think it will be better in one year.

Economic prospects for the global economy

% who say

25%

59%

16%

% who say the global economic situation is...

+16% -18% +2%

Economic prospects for the Gulf economy

13%

31%

56%

46% 30%

54% 36% 16% 18%

Somewhat pessimistic Somewhat optimistic Very optimistic
Base: all answering (80)

Now Improving In 1 year Better

Now Staying the same In 1 year About the same

Now Worsening In 1 year Worse

Base: all answering (80)

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Global Economy: Drivers & Challenges

The main reasons volunteered for optimism about ve year prospects for the global economy are positive economic signs and greater nancial stability among major economies (26%) and greater political stability globally (17%). 12% believe there is a perception that a full recovery will be a gradualprocess. 10% have some concern about the sustainability of the recovery in the major economies.
Al Faisaliah, one of the most distinctive skyscrapers in Saudi Arabia

Main reason for being very or somewhat optimistic

% who say
Positive economic signs and stability from the major global economies 26% Greater political stability and resolution of wars / conicts 17% Financial markets perceived as cyclical 12% Government and business policy reform is stabilising economies 10% Better global opportunities (market openness and greater collaboration) Investors in the Arab region are increasing their global investments Rapid growth in Asian and emerging market economies Other

9% 3% 3% 9%

No clear change in conditions / recovery will take more time 12% Concern about sustainability of major economies / not out of trouble 10% Volatility / stagnation in some markets may affect global progress

7%

Positive drivers

Potential challenges
Base: all who say they are optimistic about global economy (58)

Prospects for the global economy:

16%
Very optimistic

59%
Somewhat optimistic

I am optimistic due to the stability in dollar rates and many other global opportunities. UAE

Alamy

Qatar, Doha Perfume Bottle Monument

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Prospects for the Gulf Economy: Optimism vs Pessimism

Among those who are at least somewhat optimistic about ve year prospects for the Gulf region, the main reasons are an abundance of oil resources (23%), opportunities for investments through international events in the region (21%) and the presence of strong and stable economies (21%).
Gulf economy:

Ancient door latch securing a carved wooden door at the Riffa Fort in Bahrain

I think the Gulf regionhas a high likelihood of growth. After Expo 2020 job opportunities and building developments will make the economy stronger than before. UAE

Very optimistic

56%

Somewhat optimistic

31%

50% 40%

Of those who are pessimistic about prospects for the Gulf region:

say this is due to say the prospects for the negative impact of the region are correlated conicts in the Arab world with, and therefore reliant on the region. on, the U.S. and Western economies.

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Wealth Decisions
The world in recent years has experienced troubled times, both economically and politically. Recent events have reshaped the investment landscape and the impact on investors has been clearly seen, with a more cautious approach taken. In the survey, respondents were asked about their views on how the global downturn and the Arab Spring have impacted their banking and investment decisions.

HNWIs are now increasingly aware of investment risk and are paying closer attention to underlying risks before making any decisions. In a positive move, of those respondents who say the global downturn has affected their decisions, 21% say the impact was shortlived and their behaviour is returning back to normal.

Left Inspiring chandelier and dome of the Sheikh Zayed Grand Mosque in Abu Dhabi, UAE

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Views on how Global downturn has affected Banking & Investment decisions
Decisions have been affected by global downturn: % who say the global downturn has affected decisions...
34% No

66% Yes

Before making any investment decision, I now look at the amount of risk unlike in the past when we used to go into any kind ofinvestment. Kuwait

Those who have been affected by local economic conditions tend to say their investment decisions have been affected in a similar way to those affected by the global downturn. The effects most often mentioned are an increased awareness of risk (21%) and a limitation or reduction in the size of some investments (18%).

% who say local economic conditions have affected decisions...

58% No 43% Yes

The Arab Spring and events that followed have affected investment decisions for nearly half (46%) ofrespondents
Half who say the Arab Spring affected their investment decisions are hesitant to make new investments in affected countries.
% who say they have been impacted by the ArabSpring

Of those who say their decisions have been affected by the global downturn:

say they are now more cautious and conscious of the risks related to their investments.

38% 13%

of respondents say they have also focused oninvestments in the Gulfregion.

say the impact of the downturn was short-lived and their behaviour has now returned to normal.
Distinctive blue-green spheres of the Kuwait Towers

21%

46% Yes 54% No

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Financial Allocation Decisions

The investment world is becoming increasingly complex with a wider and deeper pool of choices, whether geographical or selecting asset classes in order to deliver the desired return. HNWIs are presented with many investment opportunities and a number of inuencers come into play, whether they be political, geographical oreconomic. In the survey, respondents were asked whether they are global investors or if they prefer to keep their assets closer to home. The results

have shown that investors are becoming increasingly condent in the region, whilst some investors still continue to invest globally as a method of diversication and seeking stability from developed markets. In a signicant shift and in contrast to the years of global downturn, HNWIs are now overwhelmingly more focused on wealth generation than preservation. Nine in ten say they are currently more focused on growing their wealth while only 10% are focused on preserving wealth.

Left Circular light suspended above the central space in the Qatar Museum of Islamic Art

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Investing: Globally vs Locally

Entrance to the Sultan Qaboos Grand Mosque in Muscat, Oman

HNWIs are nearly twice as likely to say they prefer to invest in assets closer to home rather than globally.
A Global investor B Prefer to keep assets closer to home

24%
Prefers Global Investment:

of those who say they are a global investor say that developed markets have greater stability than their home markets (24%) and global investment allows them to diversify or manage their risk (24%).

17%

say they are a global investor to take advantage of global investment opportunities.

A 36%

36%

I feel its safer to have investments in different parts of the world. UAE

B 64%

HNWIs who prefer to keep assets closer to home are most likely to volunteer their main reasons as condence in the local economy and investments seen as stable and secure (47%), a general preference for keeping business interests close to home (22%) and a perception of greatercontrol in managing investmentsthemselves(14%).

I feel safer in my country and my investments are more local than international. Qatar

Assortment of traditional coffee pots for sale in Souq Waqif, Qatar

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Canada

7%

Europe/EU

Global Investors
Global investors volunteer adiverse range of countries and regions of interest as destinations for investment
17% of respondents said they would invest in the gulf region without specifying a country, whilst 10% said they would invest in Asia without specifying acountry. When asked to say which regions global investors prefer, the countries or regions mentioned most often are: the UAE (28%), China (21%) Europe (21%), the U.S. (17%) and India (17%). The main motivation for their choice tends to be based on a safe and secure investment environment or perceived economic prosperity and growth potential in the market.

17% 17%
India

US

21%

UAE 28% Turkey 17% Saudi Arabia 14% Egypt 10% Oman 7% Kuwait 7% Iran 7%

21%

China

35%

Other

Australia

7%

The U.S. is safe on the political level. Kuwait

There is no major competition in the Middle East, which increases my investment opportunities, unlike in Europe & USA. Qatar

The EU markets have huge chances to ourish within 3-5 years. UAE

I personally feel that the Asian market will grow gradually, within 3-5 years it would be better to invest in Hong Kong, Malaysia and Singapore. UAE

Note: Percentages of response categories add up to more than 100% due to the allowance of multiple responses on this question. Base: all who say they are global investors (29)

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Current allocation of wealth

HNWIs say about a third (34%) of their wealth is invested in their own businesses and a further quarter (25%) is invested in real estate. Most HNWIs spread their wealth across a range of investments; very few HNWIs (2%) invest all their wealth into one investment category.

Accumulation vs Preservation
Nine in ten (90%) of those surveyed are currently more focused on growing their wealth while only 10% are more focused on preserving their wealth.
% who say
A Growing B Preserving

B 10% A 90%

% who say
My own business 34% Real estate (as an investment) 25% Cash / deposits 16% Direct investment or private equity Gold / precious metals Stocks Bonds Other

8%
6%

6% 2% 4%
Base: all answering (80)

Future allocation of wealth

Two thirds expect to increase investments in their own business (65%) and real estate (65%) in the near future. Two in ve expect to increase their investments in cash or deposits (41%) and direct investment or private equity(40%).

% who say

Likely allocation of excess wealth

If HNWIs had an additional and unexpected $1million excess income, the average % they would invest in each investment category is:
Real estate (as an investment) 37% My own business 27% Direct investment or private equity 11% Cash / deposits Gold / precious metals Stocks Bonds Other

My own business Real estate Cash / deposits Direct investment or private equity Gold / Precious metals Stocks Bonds Other

65%

15%

3%

18%

65%

20%

3% 13%

41%

26%

11%

21%

40%

19%

3%

39%

35%

21%

6%

38%

8%
8%
18%

38%

9%

36%

3% 1% 6%
Base: all answering (80)

11%

39%

4%

46%

29%

28%

1%

43%

Increase

Keep the same

Decrease

No answer
Base: all answering (80)

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Selecting a banking partner

There are estimated to be well over 150 banks operating across the GCC, some specialist, some international, all with varying capabilities and services. We wanted to understand what the main drivers were behind selecting a banking partner. There are practical, logical as well as emotional reasons which HNWIs take into consideration when it comes to choosing a banking partner: most prefer local banks; some choose customer service over location, and others spread their risk using several, separate banks. The overwhelming majority consider (i) level of service, (ii) brand and reputation and (iii) fees as the most important factors that come into play when selecting a banking partner. More than half of the respondents prefer a local bank to help manage their wealth, and almost the same percentage would like their bank to include an investment banking offering. Security, trust and the depth of local understanding inuenceHNWIs.

Left Shade umbrellas lining the courtyard of Al-Masjid Al-Nabawi in Medinah, Saudi Arabia

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Factors when selecting a banking partner for wealth management

The factors that are most often mentioned as most important for selecting a bank as a partner for wealth management tend to cluster into a few broader categories: reputation and stability of the bank, customer experience or accessibility, nancialperformance and governance and products or services.

Factors in selecting a local banking partner

% who say
% very / somewhat unimportant % very / somewhat important
2% 6% 1% 1% 23% 83% 41% 38% 34% 44% 44% 38% 98% 94% 76% 100% 100% 99% 94% 85% 82% 72%

It must be a bank with a reputable history and whose nancial and managerial stability are guaranteed. UAE

Level of service Bank reputation and brand Fees and pricing Investment expertise and global access Who the shareholders / board members are

6% 1% 5% 11% 15% 4% 11% 19% 4% 15%

% who say

Who the relationship manager is Family & friends recommendations

29%

10%

19%

Reputation & stability Customer experience & accessibility

Reputation of the bank 38% Financial position stability and security 28% High standard & speed of banking services 18% Geographical presence regional / international 18% Track record / experience 15% Customer service 15%
Collection of Omani bijoux jewels made from silver and precious stones

Very unimportant

Somewhat unimportant

Somewhat important

Very important
Base: all answering (80)

Financial performance & governance Products & services

Financial performance / ROI Management strength & stability Transparency Facilities offered Offer good rates Do not trust partnerships with banks

9% 8% 6% 5% 5% 3%

Level of service, brand and reputation and fees are rated as the most important factors in selecting a local banking partner.

Other 19%
Base: all answering (80)

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More than half of respondents prefer a local bank to help manage their wealth
Prefer local bank to manage their wealth:

71%

Global presence and access to global opportunities are most often mentioned as reasons for using an international bank

of respondents say the main bank currently helping them manage their wealth is a local bank.

say they prefer an international bank to help manage their wealth.

36%

of those who prefer an international bank to help manage their wealth:

17% say they think an international bank has greater security and stability than a local bank.

More than one in ten say that international banks offer better services (14%) and have a greater depth of knowledge and expertise (14%).

%
% who say they prefer a local bank or an international bank to help manage their wealth
A Local B International C None

A 59% B 36%

The main reasons volunteered by HNWIs who have a preference for a local bank to help manage their wealth are perceived security and trust (38%), a better understanding of the local regulations or market (28%) and easier access to banking services (19%).

C 5%
Base: all answering (80)

Ancient doorway decorated with stone carvings, Riffa Fort inBahrain

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61%

Managing personal wealth and business banking

I think risk should be divided between banks when it comes to personal and business wealth. Bahrain

Reasons for using separate bank

prefer to use separate banks to manage their wealth and business banking.

33%

of HNWIs who prefer to use separate banks for their business and personal banking say they do so to spread risk.

think using separate banks allows them to take advantage of the offers, benets and services that are available.

22%

% who say
Spread / reduce risk 33% To take advantage of offers / benets / services 22% Quality of service / Different services offered 16% Prefer to keep personal and business nance separate More convenient
The anchor mooring bow of an Omani shing Dhow

8% 8% 6%

Take advantage of range of experience

% who say

Other 14% Not specied

8%
Base: all who say they prefer to use separate banks (49)

I prefer to use separate banks to manage my personal wealth and business banking

61%

I prefer to use the same bank to manage my personal wealth and business banking

39%

Separate Banks

Same bank
Base: all answering (80)

The crystalline honeycomb facade of the Al Bahr Towers in Abu Dhabi, UAE

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84% say they would be interested in a bank that offers investment banking advisory services
% who say
A Very interested

Importance of Relationship Managers

One in ten (11%) say they always rely on their relationship manager to make investment decisions on their behalf, while 51% say they rely on their relationship manager only sometimes. Most HNWIs tend to prefer being involved in investment decisions related to their wealth.

B Somewhat interested C Not so interested D Not at all interested

B 35% A 49%

Of those respondents who say they are more focused on growing their wealth, half (51%) say they are very interested in this type of offer.

say they always or sometimes rely on their relationship manager to make investment decisions.

62%

Most (85%) say they have used a relationship manager to make investment decisions on their behalf.

% who say they rely on their relationship manager

C 10% D 6%
Always Sometimes Rarely Never
The majestic Al Bithnah Fort in the rugged Hajar Mountains leading to Fujairah, UAE

11% 51% 23% 15%

Base: all answering (80)

Archways of the Museum of Islamic Art looking across Dohas West Bay, Qatar

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ElBank Prole

About Emirates Investment Bank:

t Emirates Investment Bank, we combine the best of a boutique private bank with cutting edge investment banking advisory services all aimed at puttingour clients rst. Independent, well-capitalised and with a strong, supportive shareholder base of prominent UAE business families, we serve as a bridge between our clients and valuable investment solutions.

With both international experience and regional expertise, our team of experienced professionals engage with clients to fully understand their regional and global opportunities. We apply the highest regulatory standards and internationally recognised best practices while maintaining a exible and personal approach that recognises the individuality of each client.

We offer highly customised services through two primary business lines: Investment Banking Our professional nancial advisory team provide our clients with innovative investment banking services including Mergers & Acquisition (M&A), balance sheet restructuring as well as access to regional capital markets. Private Banking We work closely with a select yet diverse client base of High Net Worth individuals and institutions to bring them tailor-made wealth planning services and investment solutions sourced from all over the world.

Emirates Investment Bank reception featuring pieces from the banks private art collection

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Research background

n total, 80 HNWIs were included in the GCC Wealth Insight Survey from the United Arab Emirates (n=20), the Kingdom of Saudi Arabia (n=20), Bahrain (n=10), Oman (n=10), Qatar (n=10) and Kuwait (n=10). Interviews were held in each country, and conducted face-to-face in Arabic andEnglish among the national populationas well as expatriates. Participants were asked for theirviews on a variety of topics linked to nancial issues and investing, including: n The current and future economic situation globally and in the Gulf region

n Allocation of assets currently and in the short term future n Selection of banking partner for managing wealth The eldwork took place throughout the GCC during November 2013 and January 2014. For this survey, Ipsos undertook the role of conducting face to face interviews and data collection. Brunswick Insight then led the data analysis and presented the nal conclusion of ndings.
Note: Where responses do not add up to 100% this may be due to multiple responses, computer rounding or exclusion of dont know responses.

Partner Proles
Ipsos is a leading market research company operating globally with expertise in developing, managing and co-ordinating international research. Ipsos Observer is a division of Ipsos which specialises in eld and tab projects and delivers high quality eldwork, data delivery and omnibus research in the Middle East and internationally. Ipsos strictly adheres to the ESOMAR code on market and social research, which sets out global self-regulation codes for market research companies. Brunswick Insight is the practice within Brunswick Group, a leading global nancial PR agency, which focuses on using opinion research to help clients better understand their relationships with stakeholders and communicate more effectively. Insight use a range of qualitative and quantitative research techniques to help companies and organisations develop more effective communications strategies.

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Emirates Investment Bank pjsc P O Box 5503, Dubai, UAE 15th Floor, Festival Tower, Festival City T +971 (0) 4 231 7777 F +971 (0) 4 231 7788 www.eibank.com