Emirates NBD Pitch Deck

2500 2000 1500 1000 Price per sq ft (In AED) 500 Dubai Economic Update (cont) Highlights Residential real estate prices have continued to consolidate in Q3 2014, and annual price growth has slowed as expected this year. Mid-range villa prices declined on an annual basis in September for the first time since November 2011. Higher transaction fees and mortgage caps have helped to cool the market. The medium term outlook for residential real estate prices is strong however, with Phidar Advisory forecasting a shortage of residential units in Dubai by the end of 2018. Commercial property lease rates continue to rise in Q3 2014, but at a slightly slower pace. Prime office space prices rose 17.5% y/y in Q3, and secondary commercial space rose 21.1% y/y. Dubai Residential Property Prices No. of licenses in '000s Business Licenses issued* 120 100 80 60 40 20 0 -20 2010 2011 New Licenses ■Renewed 2012 Cancelled Source: DSC, *Licenses issued by DED only (excludes Freezones) 2013 Dubai Commercial Property Lease Rates Jan-06 Sep-06 May-07 Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Mid range villa Mid range apt High end villa Source: Cluttons via Bloomberg, Emirates NBD Research Sep-12 May-13 Jan-14 Sep-14 Lease rates per sq ft (In AED) 500 450 400 350 300 250 200 150 100 50 0 -Low end apt Prime office Secondary office Source: Cluttons via Bloomberg, Emirates NBD Research Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 7 Emirates NBD

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