Credit Quality Overview

Dubai Economic Update Dubai: Real GDP growth Emirates NBD 5.0% 5.0% 4.6% 4.1% 4% 3.5% 3.5% 3.0% Highlights Dubai's economy expanded 4.6% in 2013 as manufacturing, hospitality and transport and logistics expanded robustly. The construction sector also contributed positively to growth for the first time since 2008, albeit marginally at 1.3% y-o-y GDP growth expected to accelerate to 5% in 2014 on the back of continued growth in tourism and hospitality, boosting trade, transport and associated services as well as a faster recovery in the construction sector Infrastructure spending ahead of Expo 2020 will remain the main driver of growth in the construction sector, although the delivery of recently launched residential developments will also contribute over the next few years % y/y 6% 2% 0% -2% -4% Composition of Dubai GDP Other Dubai GDP by Sector (%) - 2013 5% Hosp. 5% Financial servcs. 11% Trade 29% Transport, comm. 15% Manuf. 14% Constr. & RE 21% -4.3% -6% 2008 2009 2010 2011 2012 2013 2014f 2015f Source: Dubai Statistics Centre, Emirates NBD Research Dubai's fastest growing sectors -10 -15 -20 2505 10 0 -5 15252 Manuf Fin. Serv. 15 2010 % yly 2011 Trans. & Comm. Hospitality Trade Constr. & RE 2012 2013 Source Dubai Statistics Centre, Emirates NBD Research Source: Dubai Statistics Centre, Emirates NBD Research 5

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