Terms of Use
Please read the following terms
and conditions carefully
The following are the terms and conditions
for use of the Arqaam Capital website (the "Site") and by accessing
this Site you agree to be bound by them. The term "Arqaam Capital"
when used herein refers to Arqaam Capital Limited (registered in
the Cayman Islands) and any or all of its affiliated, controlled or
associated companies worldwide.
Use of Site
Arqaam Capital may in its sole
discretion terminate your access to or use of this Site for any
reason, including without limitation where we believe that you have
not acted in accordance with the terms and conditions of this
Site.
Regulator and
responsibility
Cayman Holding
Company
Arqaam Capital Limited (incorporated in
the Cayman Islands) is registered with the Cayman Islands Monetary
Authority (CIMA) as SIBL exempt from authorization.
Dubai International
Financial Centre
Arqaam Capital Limited (incorporated in
the Dubai International Financial Centre (DIFC)) is authorized and
regulated as a Category 2 firm by the Dubai Financial Services
Authority (DFSA).
Arqaam Group Central Support Services
Limited (incorporated in the DIFC) is exempt from authorization by
the DFSA.
United Arab
Emirates
Arqaam Securities LLC (incorporated in the
United Arab Emirates) is authorized and regulated as a brokerage
firm by the UAE Securities and Commodities Authority
(SCA).
Egypt
Arqaam Securities
Brokerage, S.A.E. (incorporated in Egypt) is authorized and
regulated as a brokerage firm by the Egyptian Financial Supervisory
Authority (EFSA). Arqaam Capital for Promoting,
Underwriting and Financial Advisory of Financial Securities, S.A.E.
(incorporated in Egypt) is authorized and regulated to provide
investment banking services by EFSA. Arqaam Capital Egypt Holding
for Financial Investments, S.A.E. (incorporated in Egypt) is
authorized as a holding company.
South
Africa
Arqaam Capital South
Africa (Pty) Limited (incorporated in South Africa) is authorized
and regulated as a brokerage firm by the Johannesburg Stock
Exchange (JSE) and a financial services provider by the Financial
Supervisory Board (FSB). Arqaam Capital Investment
Management (Pty) Limited (incorporated in South Africa) is
authorized and regulated to manage funds and provide discretionary
portfolio management services by the FSB. Arqaam Capital South
Africa Nominee (RF) (Pty) Limited (incorporated in South Africa) is
authorized and regulated by the JSE and FSB to provide controlled
client (custody) nominee services.
United
Kingdom
Arqaam Capital UK
Investment Management Limited (incorporated in the United Kingdom)
is authorized and regulated by the UK Financial Conduct Authority
(UKFCA) with a full scope AIFMD license.
Under Rule 2.2.3R of
the FCA's Conduct of Business Sourcebook, Arqaam Capital UK
Investment Management Limited ("Arqaam UK") is required to include
on this website a disclosure about the nature of its commitment to
the UK Financial Reporting Council's UK Stewardship Code (the
"Code") or, where it does not commit to the Code, its alternative
investment strategy. The Code is a voluntary code published in July
2010 and updated in September 2012, and sets out several principles
relating to engagement by investors with UK equity issuer to
exercise their stewardship responsibilities. The Code is applied on
a "comply or explain" basis.
Arqaam UK's principal
area of activity is in equity indices and non-equity related
derivative products. Some of the investment activity may have a
very limited exposure to equities for which there is not any
engagement with issuers in which the funds invest and their
management. Therefore, the Code is not perceived as relevant to
Arqaam UK's trading and therefore Arqaam UK has chosen not to
commit to the Code. Should an investment strategy change in such a
manner that the provisions of the Code become relevant, Arqaam UK
will reconsider its position under the Code.
Lebanon
Arqaam Capital Research
Offshore SAL (incorporated in Lebanon) is exempt from
authorisation.
Libya
Arqaam Libya Financial Investments J.S.C.
(incorporated in Libya) is authorized and regulated as an
investment bank by the Libyan Stock Market (LSM).
Neither the CIMA, DFSA, SCA, EFSA, JSE,
FSB, UKFCA, LSM nor any other regulatory authority have reviewed or
verified any of the information contained in this Site, nor have
any of them any responsibility for it. If you do not understand any
of the contents of this Site, you should contact a legal or
financial advisor.
Purpose
Any information, communication or document
provided by Arqaam Capital is provided for informational purposes
only. Nothing contained in any communication or document
constitutes investment, legal, tax or other advice or guidance and
should be disregarded when considering or making investment
decisions. In preparing any communication or document, Arqaam
Capital did not take into account the investment objectives,
financial situation and particular needs of any particular
person. Accordingly, before acting on any communication or
document, investors should independently evaluate their investments
and strategies and make their own determination of whether it is
appropriate in light of their own financial circumstances and
objectives.
Accuracy of
information
The information contained on this
Site or any communication or document from Arqaam Capital is based
on current trade, statistical and other public information we
consider reliable. We do not represent or warrant that such
information is accurate or complete and it should not be relied
upon as such. Any opinions expressed reflect judgement at the date
of issue of the relevant report and are subject to change without
notice. Any mention of market rumours has been derived from the
markets and is not purported to be fact or reflect our opinions.
Arqaam Capital has no obligation to update, modify or amend this
document or to otherwise notify a recipient thereof in the event
that any opinion, forecast or estimate set forth herein, changes or
subsequently becomes inaccurate. Any pricing is indicative and does
not, and is not intended to, constitute either an offer to buy or
sell nor a representation that a purchase or sale can be effected
at that price. Past performance is not indicative of future
results. Arqaam Capital may, where permitted by law, act upon
material available on the Site prior to its publication on the
Site. In accordance with Regulation AC of the 1934 Exchange Act,
the views expressed in this research report accurately reflect the
research analysts' personal views about the subject securities or
issuers and are subject to change without notice. No part of the
research analysts' compensation is related to the specific
recommendations or views in the research report.
Sales and Marketing Restrictions
The restrictions in this section apply to
all communications by or from Arqaam Capital, including all matters
on this Site, on any email, letter, facsimile, SWIFT or other
communication sent by or from Arqaam Capital and in any Arqaam
Capital document.
-
No communication by Arqaam Capital should be construed as a
solicitation or offer, or recommendation, to acquire or dispose of
any investment or to engage in any other transaction, or to provide
any investment advice or service unless expressly provided to the
contrary in an Arqaam Capital document in accordance with its
terms. In particular, no communication by Arqaam Capital is or is
intended to amount to an offer of securities within the meaning of
DIFC Law No. 12 of 2004 (the DIFC Markets Law) or the equivalent
laws, rules and regulations in any other jurisdiction.
-
Any communication by Arqaam Capital containing an offer or an
invitation to subscribe for or purchase securities, or otherwise
including an investment communication, is directed at and being
distributed only to investors or prospective investors who meet
certain qualifications and to whom any investment or service may be
offered or promoted without breach of any applicable laws. No
communication by Arqaam Capital shall constitute an offer or
invitation to subscribe for, or purchase, any securities in any
jurisdiction in which it is unlawful to make to such person such an
offer or invitation without compliance with any registration or
other legal requirements. The distribution of any such
communication in certain jurisdictions may be restricted and,
accordingly, persons into whose possession such communication comes
are required to inform themselves about, and observe, such
restrictions.
-
Any communication by Arqaam Capital is directed at
Professional Clients and not Retail Clients (within the meaning of
DFSA rules or the equivalent in any other jurisdiction) and any
investment or financial product to which any Arqaam Capital
document relates will only be made available to a Professional
Client who Arqaam Capital is satisfied meets the regulatory
criteria to be a Client, within the meaning of the DFSA or
equivalent rules (a "Relevant Person"). If you are not a Relevant
Person, you must not rely or otherwise act on any Arqaam Capital
communication.
-
Arqaam Capital expects it clients to make their own
independent decision as to whether to enter into a transaction and
as to whether that transaction is appropriate or proper for it or
its customers based upon its own judgment. Clients should not rely
on any communication (written or oral) of Arqaam Capital or its
directors, officers and employees as investment advice or as a
recommendation to enter into that particular transaction; it being
understood that any recommendation by Arqaam Capital will be of a
non-specific nature on the basis of general trends and certain
assumptions and without reference to the Client's particular
circumstances. No communication (written or oral) received from
Arqaam capital will be deemed to be an assurance or guarantee as to
the expected results of that transaction.
-
Arqaam Capital is not licensed to conduct Islamic Financial
Business within the meaning of the DIFC Law Regulating Islamic
Financial Business, DIFC Law No. 13 of 2004 or the equivalent in
any other jurisdiction. In particular, Arqaam Capital's license is
not endorsed to permit it to operate an Islamic Window within the
meaning of the DFSA rules and it does not have a Shari'a
supervisory board. In offering or marketing any product, which has
been reviewed by a Shari'a supervisory board, Arqaam Capital cannot
and does not represent or warrant that any such product is Shari'a
compliant.
-
Any foreign collective investment fund ("FCIF") (within the
meaning of DFSA rules) mentioned in any Arqaam Capital
communication is not subject to any form of regulation or approval
by the DFSA. The DFSA has no responsibility for reviewing or
verifying any document or other Arqaam Capital communication in
connection with FCIFs. Accordingly, the DFSA has not approved any
information about FCIFs or any other associated products nor taken
any steps to verify the information set out on this Site or in any
other Arqaam Capital communication, and has no responsibility for
it. Any FCIFs mentioned in any Arqaam Capital communication may be
illiquid and/or subject to restrictions on their resale.
Prospective purchasers of any FCIF units offered should conduct
their own due diligence on the FCIF and consult an authorised
financial adviser.
-
The information on this Site and any communication or
document from Arqaam Capital is only being distributed to investors
who meet certain qualifications and to whom an investment or
service may be offered or promoted in accordance with relevant
country restrictions. This excludes the US except for SEC
registered broker-dealers (or banks in permissible "broker" or
"dealer" capacity) acting on a principal or agency capacity, and
major US institutional investors in accordance with SEC Rules
15a-6(a)(2). In South Africa, Arqaam distributes research as an
authorised Financial service Provider with the Financial Services
Board (Financial Services Provider license number 45209). In
addition to and notwithstanding the generality of the foregoing,
the following restrictions shall apply:
Bahrain: Either Arqaam
Capital documents or communications offering securities (i) will
not be filed with the Central Bank of Bahrain ("CBB"), in which
case they may not be circulated within the Kingdom of Bahrain nor
may any securities be offered for subscription or sold, directly or
indirectly, nor may any invitation or offer to subscribe for any
securities be made to persons in the Kingdom of Bahrain or (ii)
will be filed with the CBB, in which case they may be circulated
within the Kingdom of Bahrain and securities may be offered for
subscription or sold to persons in the Kingdom of Bahrain on a
private placement basis. A private placement does not afford an
investor of the protection of regulations of the CBB applying to
public offerings of securities, and securities offered on a private
placement basis in the Kingdom of Bahrain may only be offered in
minimum subscriptions of US$100,000 and will only available to
"accredited investors" in Bahrain, defined as (a) individuals
holding financial assets (either singly or jointly with their
spouse) of US$1,000,000 or more; (b) companies, partnerships,
trusts or other commercial undertakings, which have financial
assets available for investment of not less than US$1,000,000; or
(c) governments, supranational organisations, central banks or
other national monetary authorities, and state organisations whose
main activity is to invest in financial instruments (such as state
pension funds). In either case, no document or communication will
be reviewed by the CBB and the CBB assumes no responsibility for
the accuracy and completeness of the statements and information
contained in any document or communication or for the performance
of an entity or its promoters.
Cayman Islands: No Arqaam
Capital document or communication will be an invitation, whether
directly or indirectly, to the public in the Cayman Islands to
subscribe for securities.
Dubai International Financial
Centre: Arqaam Capital documents or communications
offering securities will seek to rely on the exempt offer rules
under the Offered Securities Rules of the DFSA. Any such document
or communication is intended for distribution only to persons of a
type specified in those Rules. It must not be delivered to, or
relied on by, any other person. The DFSA has no responsibility for
reviewing or verifying any documents or communications in
connection with exempt offers. The DFSA will not have approved such
document or communication nor taken steps to verify the information
set out in it, and has no responsibility for it. The securities
referred to in such document or communication may be illiquid
and/or subject to restrictions on their resale. Prospective
purchasers of the securities offered should conduct their own due
diligence on the securities and consult an authorised financial
adviser if they do not understand its terms.
Kuwait: Any securities
offered will not have not been licensed in Kuwait by the Ministry
of Commerce and Central Bank of Kuwait or any other relevant
Kuwaiti Government agency. The offering of securities in Kuwait on
a private placement basis or public marketing is restricted by
Decree Law 31 of 1990, as amended, and Ministerial Order No. 113 of
1992, as amended. No private or public offering of these securities
will be made in Kuwait, and no agreement relating to the sale of
securities will be concluded in Kuwait. No marketing or
solicitation or inducement activities will be used to offer or
market the securities in Kuwait.
Qatar: Any offering will
not be filed with, reviewed or approved by the Qatar Central Bank,
any other relevant Qatar or foreign government body or securities
exchange.
Oman: Documents or
communications offering securities will neither constitute a public
offer of securities in the Sultanate of Oman ("Oman") as
contemplated by the Commercial Companies Law of Oman (Sultani
Decree 4/74) or the Capital Market Law of Oman (Sultani Decree
80/98), nor will they constitute an offer to sell, or the
solicitation of any offer to buy non-Omani securities in Oman as
contemplated by Article 6 of the Executive Regulations to the
Capital Market Law of Oman (issued vide Ministerial Decision No
4/2001), and nor will they constitute a distribution of non-Omani
securities in Oman as contemplated under the Rules for Distribution
of Non-Omani Securities in Oman issued by the Capital Market
Authority of Oman ("CMA"). Additionally, no such document or
communication will be intended to lead to the conclusion of any
contract of whatsoever nature within the territory of Oman.
Documents or communications offering securities will only be sent
at the request of the investor in Oman, and by receiving it, the
person or entity to whom it has been issued and sent understands,
acknowledges and agrees that it has not been approved by the CMA or
any other regulatory body or authority in Oman, nor has any
authorisation, license or approval been received from the CMA or
any other regulatory authority in Oman, to market, offer, sell, or
distribute the securities referred to herein within Oman. No
marketing, offering, selling or distribution of any financial or
investment products or services has been or will be made from
within Oman and no subscription to any securities, products or
financial services may or will be consummated within Oman. Arqaam
Capital is not licensed by the CMA in Oman.
Saudi Arabia: Any
document or communication offering securities will include
information given in compliance with the "Offer of Securities
Regulations" as issued by the Board of the Capital Market Authority
Resolution Number 2-11-2004 dated 4 October, 2004 and amended by
resolution of the Board of the Capital Market Authority Resolution
Number 1-33-2004 dated 21 December, 2004 (the "KSA Regulations").
Any such document may not be distributed in the Kingdom of Saudi
Arabia except to such persons as are permitted under the KSA
Regulations. It should not be distributed to any other person, or
relied upon by any other person. Any investor in the Kingdom of
Saudi Arabia or who is a Saudi person (a "Saudi Investor") who
acquires any securities pursuant such offering should note that the
offer such securities will be an exempt offer under subparagraph
(3) of paragraph (a) of article 16 of the KSA Regulations. The
securities will be offered to no more than 60 Saudi Investors and
the minimum amount payable by each Saudi Investor must not be less
than Saudi Riyal 1 million or an equivalent amount. Any such offer
will therefore be exempt from the public offer of the KSA
Regulations. The Capital Market Authority will not take any
responsibility for the contents of any offering document, nor will
it make any representation as to its accuracy or completeness, and
will expressly disclaim any liability whatsoever for any loss
arising from, or incurred in reliance upon, any part of such
document.
United Arab Emirates:
Nothing shall be deemed to constitute a public offer of securities
in the United Arab Emirates in accordance with the Commercial
Companies Law (Federal Law No.8 of 1984 as (amended)) or otherwise,
nor shall be intended to be a public offer. Documents or
communications offering securities will only be addressed to
persons who are sophisticated investors. Further, no document or
communication is intended to lead to the conclusion of any contract
of whatsoever nature within the territory of the United Arab
Emirates.
Persons into whose possession any
communication or document comes from Arqaam Capital are required to
inform themselves about, and observe, such restrictions and should
not rely upon or otherwise act upon the relevant communication or
document where it is unlawful to make to such person such an offer
or invitation or recommendation without compliance with any
authorisation, registration or other legal requirements.
Research
Arqaam Capital Research Offshore s.a.l. is
our specialist research centre in Beirut, Lebanon, which assists in
the production of research. All our research is published and
distributed (i.e. issued) by Arqaam Capital Limited (incorporated
in the DIFC).
Arqaam Capital will make available to
clients on its research distribution list any proprietary and
non-proprietary research, market information and other publications
that it from time to time prepares and makes available to its
clients. Arqaam Capital endeavours to, but does not warrant that,
all clients on the research distribution list will receive the
research at the same time as all other clients.
Research will only be provided to clients
for information purposes and may not be relied upon, or copied,
distributed or quoted without Arqaam Capital's prior written
consent. Research must not be interpreted as an offer or
solicitation for the purchase or sale of any investment. Arqaam
Capital shall not be liable for any losses a client incurs as a
result of reliance on our research.
While Arqaam Capital takes reasonable care
to ensure that information contained in our research is true and
not misleading at the time of publication, Arqaam Capital does not
make any representation about its accuracy or completeness. Clients
should be aware that information contained in research is subject
to change without notice and without any obligation to inform the
client of that change. Arqaam Capital may own or have a financial
interest in securities which are referred to in our
research.
Arqaam Capital's investment research is
based on the analysis of regional and country economics, industries
and company fundamentals. Arqaam Capital's company research
reflects a long-term (12-month) fair value target for a company or
stock. The ratings bands are:
Buy Total
return > 15%
Hold 0%< Total
return < 15%
Sell
Total return< 0%
In certain circumstances, ratings may
differ from those implied by a fair value target using the criteria
above. Arqaam Capital's policy is to maintain up-to-date fair value
targets on the companies under its coverage, reflecting any
material changes to the analyst's outlook on a company. Share price
volatility may cause a stock to move outside the rating range
implied by Arqaam Capital's fair value target. Analysts may not
necessarily change their ratings if this happens, but are expected
to disclose the rationale behind their view to Arqaam Capital's
clients.
Risk
warnings
Any prices, valuations or forecasts are
indicative and are not intended to predict actual results, which
may differ substantially from those reflected.
The value of an investment may go up as
well as down. The value of and income from any investment may
fluctuate from day to day as a result of changes in relevant
economic markets (including, without limitation, foreseeable or
unforeseeable changes in interest rates, foreign exchange rates,
default rates, prepayment rates, political or financial conditions,
etc.).
Past performance is not indicative of
future results. Any opinions, estimates, valuations or projections
(target prices and ratings in particular) are inherently imprecise
and a matter of judgement. They are statements of opinion and not
of fact, based on current expectations, estimates and projections,
and rely on beliefs and assumptions. Actual outcomes and returns
may differ materially from what is expressed or forecasted. There
are no guarantees of future performance.
Certain transactions, including those
involving futures, options, and other derivatives, give rise to
substantial risk and are not suitable for all investors.
Communications or documents not propose to
identify or to suggest all of the risks (direct or indirect) which
may be associated with the investments and strategies referred to
herein.
Conflict
Arqaam Capital and its affiliates provide
full investment banking services, and they and their directors,
officers and employees, may take positions which conflict with the
views expressed in any communication or document. Our salespeople,
traders, and other professionals may provide oral or written market
commentary or trading strategies to our clients and our proprietary
trading desks that reflect opinions that are contrary to the
opinions expressed in any communication or document. Our asset
management area, our proprietary trading desks and investing
businesses may make investment decisions that are inconsistent with
the recommendations or views expressed in any communication or
document.
Arqaam Capital may have or seek investment
banking or other business relationships for which it will receive
compensation from the companies that are the subject of any
communication or document.
Facts and views presented in any
communication or document have not been reviewed by, and may not
reflect information known to, professionals in other Arqaam Capital
business areas, including investment banking personnel.
Emirates NBD PJSC owns 8.32% of the issued
share capital of Arqaam Capital and Commercial Bank International
PJSC owns a 6.35% stake.
Forward Looking
Statements
Any statements in any document or
communication that are not historical facts are forward-looking
statements. These forward-looking statements are based on current
expectations, estimates and projections, and rely on beliefs and
assumptions. Words such as "expects", "targeted", "anticipates",
"should", "intends", "plans", "believes", "seeks", "estimates",
"forecasts", "projects", variations of such words and similar
expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions which are difficult to predict. Therefore, actual
outcomes and returns may differ materially from what is expressed
or forecasted in such forward-looking statements.
No
warranty
Although Arqaam Capital has taken all
reasonable care to ensure that the information provided on this
Site is accurate, we give no warranties of any kind. ALL CONTENT
AND THE WEB SITE ITSELF ARE PROVIDED "AS IS" WITHOUT ANY WARRANTY
OF ANY KIND. ARQAAM CAPITAL MAKES NO REPRESENTATIONS OR WARRANTIES
AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY
EXPRESSLY DISCLAIMS ANY AND ALL EXPRESS, IMPLIED AND STATUTORY
REPRESENTATIONS AND WARRANTIES OF ANY KIND TO USER AND/OR ANY THIRD
PARTY INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO ACCURACY,
TIMELINESS, COMPLETENESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT, AND/OR FREEDOM FROM COMPUTER VIRUS.
Opinions and any other content on the Site are provided by us for
personal use and informational purposes only and are subject to
change without notice. Nothing contained on the Site constitutes
investment, legal, tax or other advice and is not to be relied on
in making an investment or other decision. You should obtain
relevant and specific professional advice before making any
investment decision.
No
liability
Arqaam Capital will accept no liability in
any event including (without limitation) negligence for any damages
or loss of any kind, including (without limitation) direct,
indirect, incidental, special or consequential damages, expenses or
losses arising out of, or in connection with your use or inability
to use the Site, or in connection with any error, omission, defect,
computer virus or system failure, or loss of any profit, goodwill
or reputation, even if expressly advised of the possibility of such
loss or damages, arising out of or in connection with the access
of, use of, performance of, browsing in or linking to other sites
from this Site. We do not exclude our duties or liabilities under
the DFSA or other rules. We reserve the right to modify, suspend or
discontinue, temporarily or permanently, the Site or any part of
it, with or without notice, at any time. You agree that we shall
not be liable to you or to any third party for any such
modification, suspension or discontinuance of the Site.
Copyright
The entire content of this Site is subject
to copyright with all rights reserved and the information held is
for your own personal use only. You may reproduce this information
in hard copy solely for your personal use. The information may not
otherwise be reproduced, distributed or transmitted to any other
person or incorporated in any way into another document or other
material. The information and software on this Site may not be
taken out of context or presented in an unfair, misleading or
discriminating manner. You agree not to remove any copyright notice
or other notice signifying Arqaam Capital or any third party's
intellectual property rights. Except as expressly provided herein,
nothing contained on this Site shall be deemed or construed to
confer any license or right, expressly, by implication, estoppel or
otherwise, under any of Arqaam Capital's intellectual property
rights.
Trade marks and Service
marks
Our logos, trade marks and service marks
on this Site may not be used without our prior written
consent.
Translations
This Site and any Arqaam Capital document
or communication may be translated into other languages. Any such
translation shall have the same meaning as the English language
version. To the extent that there is any inconsistency between the
English language version and any translated version, the English
language version will prevail, except, to the extent (but only to
the extent) required by the laws of any jurisdiction.
Governing
law
English law governs these terms and
conditions and you agree that the English Courts shall have
exclusive jurisdiction to determine any matter or dispute in
connection with or arising out of this Site and these terms and
conditions.