House Oversight — Estate records
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From: Richard Kahn Sent: 3/14/2018 4:51:41 PM To: jeffrey E. [jeeyacation@gmail.com] Subject: Fwd: Other ways to trade Saudi Attachments: image001jpg01D3BB9285E20D80.jpg; image002jpg01D3BB9285E20D80.jpg; image003jpg01D3BB9285E20D80.jpg; image004jpg01D3BB9285E20D80.jpg; image005jpg01D3BB9285E20D80.jpg; image006jpg01D3BB9285E20D80.jpg; image001jpg01D3BAF1DF43BFOO.jpg; image004png01D3BB6E455E4900.png; image013png01D3BAF2D82BFDDO.png; image014png01D3BAF2D82BFDDO.png; image015png01D3BAF2D82BFDDO.png; image016png01D3BAF2D82BFDDO.png Importance: High Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax eel Begin forwarded message: From: "Ens, Amanda" <IIMM,> Subject: Other ways to trade Saudi Date: March 14, 2018 at 12:48:07 PM EDT To: "rkahn"> Reply-To: "Ens, Amanda" HOUSE OVERSIGHT 029458 GtObblE Saudi trade continues to gain momentum as we head into March 28 FTSE decision, followed by MSCI in June. Our base case is for a positive outcome for both EM index reviews. • Tadawul +5% past 3 sessions printing new 3 year highs, Foreign inflows YTD at $1.35bn • Recent headline on Aramco: Saudi Aramco likely to be delayed to 2019. Delay not all together surprising giving complexity of the transaction, delays in choosing the trading venues, as well as to better align the IPO with potential MSCI / FTSE index inflow timelines • Crown Prince MBS will appear on '60 Minutes' on March 18th, one day before he lands in the US for a 10 day tour, meeting Trump on the 20th. • Reform agenda picking up speed: Women Driving; Entertainment/Movie Theaters; Welfare Programs; Market access reforms & Intl debt issues Saudi Fundamentals are strong (see Jean-Michel Saliba's report from Jan. 29th below): • Growth has bottomed out • OPEC is succeeding at rebalancing the oil market. Fiscal adjustment now sufficient to safeguard stability at cUS$60/bbl. • Equity strategy: remain positive, outlook gains momentum - We retain our positi […]