Emirates NBD Investor Presentation

UAE economy rebounding with 8.0% growth in 2022 and 3.4% expected in 2023 UAE GDP Growth 8.0 8.0 % y/y 3.9 3.4 • 4.0 2.4 1.2 1.1 0.0 -4.0 -5.0 -8.0 • 2017 2018 2019 2020 2021 2022 2023f Key contributors of Dubai GDP - Sept 2022 Key Highlights UAE PMI rose to 56.6 in April 2023 with domestic economy driving growth UAE corporate tax will help to further diversify budget revenues Dubai's sale price for villas up 21% and apartments up 19% y/y in Q1-23 Strong demand for off-plan properties, with volume up 84% y/y Office rents up for 8th consecutive quarter, up 21% y/y in Q1-23 Dubai private school enrollments 350 Trade Other Transport Financial Services 24.1 Thousands 326 330 12.8% 14.8 310 11.7 288 289 290 10.7 276 275 267 Manufacturing Real Estate Services 9.3 270 260 252 9.1 250 242 231 Construction 6.1 230 212 Hospitality Government 5.1 210 4.7 190 ICT 4.5 170 0 5 10 15 20 25 30 150 Sep-12 Sep-14 Sep-16 Sep-18 Sep-20 Sep-22 14

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