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6. Saudi risk indicators at 2015 pre-crisis levels > Saudi 5yr CDS is trading at 76 vs 40-210 3yr range; SAR 2yr fwd suggests market is less worried about depeg fears and forward points can be used as a macro hedge 7. Valuations & dividend yields remain attractive > Market trades at a 10% discount (13.5x) to its historic PE (Saudi PE range is 10- 26x). Avg dividend yield is 3.6% with 45 stocks yield more than 4%. Our Middle East Team ready for Calls - Hamdy Hamoudi in London next week 19th-23rd March. Talal marketing in US 23rd-27th April. Marwan in Trading MAR disclosure HOUSE_OVERSIGHT_029465