Macro Themes 2021

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PUBLIC
January 2021
Report Series
Amír Khan
Samba Financial Group
P.O. Box6038,Dubai
U.A.E
+971 (0) 43824303
amir.khan@samba.com
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Global Macro Themes for 2021
Executive Summary
 After a turbulent year – capped by the economic fallout from Covid-19 – 2021
is likely to be a more predictable one, with a major economic rebound.
However, the hangover from 2020 persists, with a new wave of Covid-19
infections and economic lockdowns. The big fear is that one or more of the new
Covid variants will prove to be resistant to all the current vaccines.
 Despite these near-term fears, the central assumption is that, thanks to the roll
out of multiple vaccines and ultra-accommodative policy settings, the global
economy is set to rebound forcefully this year at around 5%, but to revert to its
long-term average approaching 4% in 2022. That said, growth will likely be
uneven and patchy across countries and sectors in the near-term. China is set
to lead the way with growth of some 9% in 2021, while the US and Eurozone—
which will continue to struggle in Q1—are expected to post growth of 5% and
4.5%, respectively.
 Reflecting these expectations, markets have entered 2021 in a risk-on mode.
Buoyed by Joseph Biden’s victory, Democratic control of the Senate, and the
promise of additional stimulus that this brings, market participants have
embraced the “reflation” trade. With the Fed also confirming its commitment
to extended monetary support, equities have continue to surge. While this has
led to growing calls that the equities markets are overvalued and may even have
entered “bubble” territory, the fact that real or inflation-adjusted rates – which
determine the discount rate applied to expected earnings – are still heavily
negative, gives some comfort that the current rally has further room to run.
 Last year’s pivot from monetary to fiscal policy is set to remain with us in 2021.
This will be particular true for the US, where there are likely to be two major
fiscal initiatives: the first, which has already been unveiled by the new President,
is part of the Covid relief effort and has a price tag of $1.9tn. The second, which
has yet to be detailed, will be under the headline of “Build Back Better” and
represents a major push to improve America’s creaking infrastructure, with a
particular emphasis on green initiatives. A similar narrative could also play out
in Europe, where national governments have been given greater leeway to
increase public spending with the creation of the EU’s €750bn Recovery Fund.
 Within the EM space, the continuation of this “lower for longer” policy setting,
coupled with a weak US dollar, should underpin investment flows into these
markets, drawn by the allure of higher interest in a yield-starved world. EMs
also stand to benefit from China’s ongoing rebound and calmer relations
between China and the US.
 Against this generally constructive global backdrop, MENA economies are set to
do moderately better in 2021. This will be driven by a recovering global
economy, higher oil prices and a potential moderation in geopolitical tensions
at the global and regional level.

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Global macro themes in 2021
Introduction
The year 2020 has been like no other. The global lockdown and
mobility restrictions during the first wave of the Covid-19
pandemic triggered the most severe economic contraction in
modern history. Most economies recovered sharply thereafter,
but a second wave of infections set the economy back again. Yet
with recent progress on vaccines, and the political headwinds
associated with the US election and Brexit now behind us,
prospects for 2021 are starting to look more encouraging.
The markets, meanwhile, have continued to march higher despite
the ongoing threat posed by Covid-19 and the new variants of the
pandemic that have been detected in a number of countries. This
has reinforced the disconnect between markets and the real
economy (see chart) and is to, a large extent, explained by the
flood of liquidity that has been provided by the global central
banks. Additionally, markets have also been willing to look
through any bad news in the belief that policymakers will come
to their rescue and that, with the roll out of vaccines, better
economic times lie ahead.
Against this backdrop, we have identified six macro themes that
we think will set the tone for the markets and global economy in
2021. We will also look at the implications, if any, that these
themes may have for the MENA region.
Theme 1: A vaccine-led recovery but one that will likely be
uneven
The global economy has been on a rollercoaster ride since the
onset of the Covid-19 pandemic at the start of last year. After
contracting sharply during the height of the lockdown measures
in Q2, most major economies rebounded forcefully in Q3 as the
easing of lockdown measures and unprecedented stimulus
helped to revive economic activity, suggesting that the worst of
the hit to the global economy was over. But with lockdown
measures eased perhaps prematurely, a new wave of infections
began to break. Re-imposed lockdowns in various countries led to
further economic constraints and the Q4 data have so far been
poor. The accompanying chart shows how second-wave Covid-19
infections are weighing on European economies, jeopardising
prospects for continued growth in the early period of 2021. The
US may face a similar threat, with Covid-19 numbers there spiking
sharply higher.
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While there will clearly be logistical challenges
associated with the manufacturing and distribution
of vaccines on a wider scale, the breakthrough on
this front is set to boost household confidence and
revive private consumption.
China’s economy continues to power ahead, thanks
to fiscal and monetary support and its early exit
from Covid-related lockdown measures.
Nevertheless, both regions will benefit from progress around
vaccines – not least Pfizer/BionNtech, Moderna and Oxford
University/Astra Zeneca – which have exhibited a high level of
efficacy during test results. Indeed, the initial rollout of these
vaccines, at least among health workers/front-line staff and
vulnerable sections of society, has already started in earnest in
countries like the US and UK. That said, while there will clearly be
logistical challenges associated with the manufacturing and
distribution of such vaccines on a wider scale, the breakthrough
on this front is set to boost household confidence and revive
private consumption. There are also other reasons for optimism:
 The world’s major central banks, led by the Fed, will continue
with their ultra-loose monetary policy settings. According to
the IMF they have already injected an estimated $7.5tn into
global financial markets during the crisis, with more to come.
 The likely continuation of expansive fiscal policies in 2021 –
not least under the new Biden administration in the US – will
also help to backstop growth this year (see below).
 Household balance sheets/incomes held up well during the
pandemic as governments stepped in to compensate for
much of the income losses through their various furlough
and/or fiscal transfer programmes. This support means that
households have entered 2021 with already high savings (see
chart). This pent-up demand should provide a further boost
to private consumption.
 Geopolitical tensions and policy uncertainties are set to ease,
most notably with China-US strains cooling somewhat and a
post-Brexit trade deal now agreed. This should be supportive
of corporate confidence and capex, which has remained in
the doldrums since the onset of the pandemic.
 China’s economy continues to power ahead, thanks to fiscal
and monetary support and its early exit from Covid-related
lockdown measures. Although it was the original source of the
pandemic, its handling of the first wave proved to be much
more effective, allowing confidence and activity, particularly
on the industrial/supply side, to rebound much more quickly
and durably. GDP growth was 6.5% in the final quarter of last
year. China’s revival should underpin growth in East Asian
economies in 2021, and further afield given its hunger for raw
materials.
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As a region that is heavily geared to the global
economic cycle, the Covid-19 pandemic has hit the
MENA region hard.
Taken together, these factors could propel global growth to
around 5% in 2021 (vs -2.8% in 2020), reverting to its long term
average of around 4% thereafter. China is set to lead the way with
growth of some 9% in 2021, while the US and Eurozone—which
will continue to struggle in Q1—are expected to post growth of
5% and 4.5%, respectively.
While DMs and advanced EMs should fare well this year,
populous developing markets could struggle. This will be almost
entirely due to limited access to vaccines, along with issues
around distribution and storage. But even developed markets are
likely to feel the effects of last year for some time to come: a case
in point is the US labour market, which saw >20m job losses
during the pandemic. While around half of these job losses have
been clawed back, the ranks of those that are deemed to be long-
term unemployed continues to rise and this problem is set to
persist as we progress through 2021.
The main risk to the outlook centres on the possibility that the
virus might mutate to such an extent that it becomes resistant to
the current crop of vaccines. There are already signs of more
infectious strains emerging in countries as diverse as the UK,
Brazil and South Africa, though there are as yet no signs that these
strains might be resistant to current vaccines.
Implications for MENA region: As a region that is heavily geared
to the global economic cycle, the Covid-19 pandemic has hit the
MENA region hard. The most obvious channel was the collapse in
oil prices during H1, while the drying up of tourism flows to the
region has also been damaging, especially to the non-oil
producing countries. While the likely improvement in the global
macro backdrop in 2021 represents good news for the region, the
focus on reforms—most notably economic diversification—needs
to be maintained so that the region can become more resilient in
the face of any future economic shocks.
Theme 2: Pivot to fiscal stimulus likely to remain intact
Unlike the period following the global financial crisis, when
monetary policy did most of the “heavy lifting”, the onset of
Covid-19 has seen a marked shift towards greater reliance on
fiscal policy, with the average fiscal deficit of the G7 countries in
2020 estimated to be around 15% of GDP (vs. 2.2% in 2019)
according to the IMF (see chart). This shift has essentially taken
two forms. First, most governments deployed direct transfers to
shield household incomes as the global economy came to an
abrupt halt.

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The transition toward a more activist fiscal policy
has already led to a sharp build-up of public debt.
We feel this transition for now makes sense given
that monetary policy is to a large extent already
“maxed out” in many developed countries.
We think that expansive fiscal policies are set to
remain with us through 2021, though as a
percentage of GDP they will be on a smaller scale
than 2020.
Most of the focus will be on the US, where the new
President has announced a further Covid relief
package to the tune of $1.9 bn. This will in due
course be followed by an infrastructure bill. While
the exact size of this has not been determined, it
will be aimed at upgrading the country’s creaking
infrastructure.
Second, to reduce the likelihood of permanent economic damage
and keep people employed, many governments leveraged the full
weight of their balance sheets to set up credit guarantee and
direct lending schemes to businesses.
This transition toward a more activist fiscal policy has already led
to a sharp build-up of public debt (see chart). A case in point is the
US, where in 2020 the country’s public debt ratio is estimated to
have reached more than 130% of GDP according to the IMF, up
from 105% in 2015. Similarly, Italy’s 2020 ratio is put at 160% of
GDP (up from 135% in 2015) and Japan’s at 260% (from 231%).
While this deterioration in public finances is not without its
concerns, we feel this transition makes sense given that monetary
policy is to a large extent already “maxed out” in many developed
countries. By the same token, ultra-loose monetary policy has
created ideal funding conditions for fiscal expansion. Indeed,
even the IMF – once seen as the bastion of fiscal orthodoxy – has
encouraged countries to continue to expand their fiscal spending
through the current crisis, especially on infrastructure and related
projects.
Given this context, we think that expansive fiscal policies are set
to remain with us through 2021, though as a percentage of GDP
they will be on a smaller scale than 2020. In the US, there are likely
to be two major fiscal initiatives: the first, which has already been
unveiled by the new President, is part of the Covid relief effort
and has a price tag of $1.9tn. The focus is largely on support to
low-income families and the unemployed, as well as more help
for local administrations. The second, which has yet to be
detailed, will be under the headline of “Build Back Better” and
represents a major push to improve America’s creaking
infrastructure, with a particular emphasis on green initiatives.
Democratic control of Congress points to quite a bit of this agenda
being passed this year, though probably less than some expect
given uneasiness about the size of the public debt among some
moderate Democratic senators. Still, the amounts of money
involved should give a vigorous tailwind to US growth in 2021
(with positive spill-overs for various other exporters). Longer
term, the investment in infrastructure should also help to
improve US productivity.
A similar narrative could also play out in Europe, where national
governments have been given greater leeway to increase public
spending with the creation of the EU’s €750bn Recovery Fund.
This move amounts to an important first step towards the
creation of a genuine “fiscal union” and will make borrowing costs
cheaper for individual Eurozone member states.

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The close coordination between fiscal and
monetary policy that was in evidence last year in a
number of countries is set to continue in 2021.
“1
The output gap is an economic measure of the
difference between the actual output of an economy and
its potential output. A negative output gap occurs when
actual output is less than what an economy could
produce at full capacity, while a positive output gap
occurs when actual output is more than its full-capacity
output.”
Likely consequences
Against this backdrop, fears about the potential take-off of
inflation and the management of an expanding debt load are set
to rise as we progress through 2021:
• Potential for rising inflation
With both fiscal and monetary policy set to remain extremely
accommodative this year, markets have started to fret about the
inflationary consequences, especially in the US. The fact that the
US Fed has indicated that it will let the economy “run hot” – i.e. it
will look through any overshoot in inflation beyond its 2% target
to ensure the recovery – supports this narrative. While it is true
that both food and commodity prices have risen recently, we
think that underlying inflation will remain contained for two
reasons: i) overall demand conditions in most economies remain
weak and it will take a while for this to change meaningfully; and
ii) the so-called “1
output gaps” still remain significant in most
countries and a lot of spare capacity needs to be used up before
inflation becomes a real worry.
• Management of an expanding debt load
The close coordination between fiscal and monetary policy that
was in evidence last year in a number of countries is set to
continue in 2021. A key objective behind this is to absorb the
deluge of new government bonds that are coming on to the
market in order to finance increased government expenditure. It
is also aimed at ensuring that government borrowing costs
remain suppressed. While such “financial repression” will largely
be confined to DMs, it is also likely to become more commonplace
among EM countries this year, as these countries seek to explore
new and more innovative ways of financing their fiscal deficits.
While for the time being markets have largely remained sanguine
about such developments, the recent experience of Turkey shows
that markets can easily lose confidence if they deem that the
policy path – be it fiscal or monetary –is unsustainable or
misguided.
Implications for MENA region: The MENA region has not been
immune to the economic fallout from Covid-19 and the adverse
impact it has had on individual governments’ public finances. That
said, relative to their DM peers, the fiscal outlays in the MENA
countries have been modest. Indeed, we expect this conservative
fiscal bias in the MENA region to continue through 2021. While
this might reassure the markets it is also likely to constrain the
growth trajectory.

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The MENA region, led by the GCC countries, has
cultivated close trade and investment ties with the
Asia-Pacific countries. This Pivot towards Asia will
help MENA economies to offset the ongoing
weakness in Europe and US, where the second wave
of the virus and/or mutations is hitting these
economies hard.
Theme 3: EMs set to regain their allure
The powerful stimulus delivered by developed markets’ central
banks through a combination of rate cuts and asset purchases –
and the resulting liquidity that this has created – has supported
EMs assets with, for example, EM equities outperforming their
developed market peers during H2 of last year (see chart). The
continuation of this “lower for longer” policy setting, coupled
with a weak US dollar, should underpin investment flows into
EMs, drawn by the allure of higher interest in a yield-starved
world. EMs also stand to benefit from China’s ongoing rebound
and calmer relations between China and the US.
Yet it still makes sense to differentiate between EMs, since some
have significant vulnerabilities that have been exposed by the
pandemic. Even among the larger EMs, structural impediments to
growth have started to become more apparent. A case in point is
China, where an ageing population, rising corporate indebtedness
and problems related to its shadow banking system have
adversely affected the economy’s performance in recent years.
This also applies to varying degrees to Russia, Brazil and India. The
markets have been alert to such challenges for some time now
and we see this leading to greater dispersion in returns: EMs with
stronger fundamentals may disproportionately benefit. Indeed,
Asian currencies backed by stronger fiscal fundamentals have
been more resilient (see chart). Additionally, China and some
other Asian countries have done a better job of containing the
virus and are further ahead in the restart of their economies. This
is another reason that we think they are likely to continue to
outperform in 2021. More broadly, we think that a weaker US
dollar – the result of renewed risk appetite – should support EMs
in 2021.
Implications for MENA region: the MENA region, led by the GCC
countries, has cultivated close trade and investment ties with the
Asia-Pacific countries. From a trade perspective, the fact that the
latter group has done a better job in tackling the virus and
reopening its economies is good news for the MENA region.
Additionally, this reorientation towards Asia will help MENA
economies to offset the ongoing weakness in Europe and US,
where the second wave of the virus and/or mutations is hitting
these economies hard.
NB: Countries highlighted in red are Asian countries
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Theme 4: Commodities rebound set to continue
Despite the economic fallout caused by Covid-19, the
commodities markets – led by industrial metals and copper in
particular – had a good run in 2020 after reaching a low point in
March, not least because of the recovery in the Chinese economy
from Q2 onwards. We expect this upward bias to continue in
2021, thanks to an improving global economy, the rollout of
multiple vaccines and ongoing stimulus. Yet supply may be slow
to come back online. The 2020 price drop wiped out the weaker
marginal suppliers, which will limit the supply response.
Additionally, of the suppliers that remain, it may take consistently
higher prices to convince them to reopen that mine, or hire more
oil rigs, or plant more acreage. We believe that this lagged effect
should support higher commodity prices in 2021.
The oil market is still struggling under the weight of weak demand
and elevated stocks, though market participants are focusing on
the lift to demand that effective vaccines could bring. Prices have
also been buoyed by Saudi Arabia’s unexpected unilateral
decision to cut output by 1m b/d in February. We accept that
demand will likely strengthen materially in H2 assuming vaccine
rollout goes as planned. This will allow OPEC Plus to release more
oil into the market, though it will have to calibrate this very
carefully if stocks are to be drawn down in a meaningful way.
Higher prices are also likely to provide comfort to US shale
producers, which had a very tough 2020, with at least 40
producers going to the wall. On balance, we think Brent will
average $56/barrel this year. The main risk revolves around Iran
and how much additional oil it might bring to markets assuming
the US re-joins the Iran nuclear accord. We anticipate that OPEC
Plus will work hard to convince Iran to only gradually increase its
output, but there is no guarantee that this will be successful.
We believe that fundamentals continue to be attractive for gold
and the precious metals complex more broadly. Sizeable
monetary and fiscal support and a weaker US dollar should be
supportive. That said, gold’s safe haven status is being challenged
by another hard-to-value asset: cryptocurrencies. For the
moment, though, cryptocurrencies’ volatility (not to mention
their complicated creation and ownership structure) is a turn-off
for mainstream investors.
Implication for MENA region: While oil prices have experienced
a meaningful rise recently from the lows seen earlier last year,
and currently stand at around $55/b, most MENA oil producers

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will still run fairly large budget deficits this year relative to their
historic norms. This means that they will continue to tap the
capital markets and draw on their reserves to finance these
deficits. While this is not a new development, it underscores the
longstanding need for these economies to broaden their tax base
and accelerate their diversification efforts.
Theme 5: Geopolitical tensions set to ease somewhat
Geopolitical tensions escalated sharply under the tenure of the
Trump administration. The main pressure point was trade issues
between China and the US, but Washington’s relations with Iran
also deteriorated sharply as the US withdrew from the Iran
nuclear accord. However, with the arrival of Joe Biden at the
political helm in the US, expectations are that geopolitical
tensions will dissipate somewhat.
The chief geopolitical implication of a Biden presidency is likely to
be a more predictable US approach to trade, foreign affairs and
allies. Tensions with Europe, particularly over trade and
contributions to NATO, will likely ease. The heat should also be
taken out of relations with China given what is likely to be a
calmer approach from the Biden administration. That said, US
suspicion of China runs deep and encompasses both political
parties. Washington has long been frustrated by lack of market
access, weak intellectual property protection, state subsidies and,
more recently, claims of industrial espionage. It is also alarmed by
what it sees as a more aggressive Chinese approach over
territorial disputes. For the moment, therefore, it seems that
Biden will not seek to roll back the tariffs on China imposed by the
Trump administration.
Aside from its greater predictability, a Biden administration will
also seek to foster a more “multilateral” foreign policy approach
that contrasts with the “unilateral” style that was espoused by the
Trump regime. This is likely to be evident in two key policy areas
in particular:
 First, the US will re-engage with—and even take the lead
on—efforts to combat global climate change. This was
made plain on the first day of President Biden’s tenure
when he signed an executive order to re-join the Paris
Climate Accord.

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President Trump’s defeat may have come as a
disappointment to hawks in the Gulf who
appreciated his robust approach to Iran. However,
engaging with Iran should improve the political
climate in the Gulf and soften a long-standing
concern among potential foreign investors.
ESG (environmental, social and governance) issues
have become a growing part of investor discourse
over the past five years or more.
Environmental momentum will get a major push
from the US’s decision to re-join the Paris Climate
Accord.
• Second, Biden will look to re-join the Iran nuclear deal that
was agreed in 2015 in collaboration with its European allies.
Israel and the US’s Gulf allies may urge the US not to, but the
current deal lacks teeth without US involvement, and indeed
Iran appears to have pushed ahead with nuclear enrichment
since the US withdrew.
Elsewhere, the recent post-Brexit trade deal between the UK and
EU could also be positive for the global economy. Brexit
uncertainty has been a thorn in the side for both Britain and its
EU trading partners for almost five years.
Implication for MENA region: President Trump’s defeat may have
come as a disappointment to hawks in the Gulf who appreciated
his robust approach to Iran. However, President Biden’s apparent
willingness to re-engage with the Islamic Republic should yield
long-term dividends for the region. Engaging with Iran should
improve the political climate in the Gulf and soften a long-
standing concern among potential foreign investors. (Separately,
the recent announcement of a normalisation in relations between
Qatar and its GCC peers provides a welcome change to the
investment environment.) Second, President Biden is far less
likely to offer support to the US shale industry; indeed, he is more
likely to place curbs on it. This should mean less US interference
in OPEC oil policy decisions, giving greater autonomy to the cartel
and its allies.
Theme 6: ESG to go to mainstream
ESG (environmental, social and governance) issues have become
a growing part of investor discourse over the past five years or
more. But we think that 2021 could be the year when ESG’s
importance is truly cemented. There are number of catalysts that
we think are likely to drive this:
 The EU and China recently released more ambitious
targets for reaching net zero emissions. This will require
major investment to make the transition happen.
 Environmental momentum will get a major push from
the US’s decision to re-join the Paris Climate Accord.
This is significant given that US is the second largest
polluter in the world after China. Green infrastructure is
at the heart of President Biden’s spending plans, while
the European Green Deal and its recent fiscal spending
plan is also focused on making the European economy
more environmentally sustainable.
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• Both equity and bond investors are increasingly mindful of a
company’s (or country’s) ESG credentials. Indeed, the major
ratings agencies now include ESG criteria in their risk
assessment metrics. This trend is only going to harden as
younger, more ESG-aware investors come of age.
Implications for the MENA region: With data suggesting that the
MENA countries – and specifically the GCC nations – are some of
the worst polluters in the world on a per capita basis, more effort
needs to be made to promote environmental awareness in these
countries. This is clearly difficult given their high reliance on
hydrocarbons production and exports, and petrol is still heavily
subsidised in some. In addition, the spin-off industries from cheap
energy (steel, petrochemicals, cement, fertilisers) also have large
carbon footprints and the GCC will therefore have to work hard
to enhance its ESG credentials. That said, countries such as Saudi
Arabia and the UAE are pushing ahead with major renewable
energy projects. Corporate governance has also improved
markedly in the region over the past decade or so, and the
empowerment of women has been a notable dynamic.
Concluding thoughts/market implications
Most would agree that 2021 is likely to be a more predictable year
and one that sees a major economic rebound. However, the
hangover from 2020 persists, with a new wave of Covid-19
infections and economic lockdowns. The big fear is that one or
more of the new Covid variants will prove to be resistant to all the
current vaccines.
For the moment, markets seem to be focusing on the promise of
better times to come. Buoyed by Joe Biden’s victory, Democratic
control of the Senate, and the promise of additional stimulus that
this brings, market participants have embraced the “reflation”
trade. With the Fed also confirming its commitment to extended
monetary support, equities have continue to surge. Some warn
that a bubble is in the making, but we are reasonably sanguine,
noting that real Treasury yields (that is, inflation protected) are
still heavily negative. Given that real bond yields determine the
discount rate applied to expected earnings, negative real yields
would appear to justify stretched price-earnings ratios in the
S&P500 and other markets. Meanwhile, the pivot from “growth”
stocks (such as internet and technology) to “value” (financials,
energy and materials) has also got underway in earnest in the
belief that a recovering global economy is likely to benefit the
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From a geographical perspective, we welcome the
recovery of the Chinese economy since Q2 of last
year and feel that it will continue to provide a
powerful tailwind to the global economy in 2021.
From a geographical perspective, we welcome the recovery of the
Chinese economy since Q2 of last year and feel that it will
continue to provide a powerful tailwind to the global economy in
2021. This will be most keenly felt in Asia-Pacific countries whose
supply chains are closely linked to the Chinese economy, but
many other raw materials’ producers will also benefit. Among the
DMs, the US stands out to us, especially given the ambitious
agenda of the incoming President to increase fiscal spending to
backstop growth in the short-term and to increase overall
efficiency of the economy in the long-term through infrastructure
and green investment. In Europe, while the renewed lockdowns
owing to the second wave present a clear worry in the near-term,
we are more optimistic about the region further out, as
vaccination programmes gain traction and former headwinds,
such as Brexit, become a thing of the past.

January 2021
Public
13
Disclaimer
This publication is based on information generally available to the public
from sources believed to be reliable and up to date at the time of
publication. However, SAMBA is unable to accept any liability
whatsoever for the accuracy or completeness of its contents or for the
consequences of any reliance which may be place upon the information
it contains. Additionally, the information and opinions contained herein:
1. Are not intended to be a complete or comprehensive study or to
provide advice and should not be treated as a substitute for specific
advice and due diligence concerning individual situations;
2. Are not intended to constitute any solicitation to buy or sell any
instrument or engage in any trading strategy; and/or
3. Are not intended to constitute a guarantee of future performance.
Accordingly, no representation or warranty is made or implied, in fact or
in law, including but not limited to the implied warranties of
merchantability and fitness for a particular purpose notwithstanding the
form (e.g., contract, negligence or otherwise), in which any legal or
equitable action may be brought against SAMBA.
Samba Financial Group
P.O. Box 833, Riyadh 11421 Saudi Arabia

Macro Themes 2021

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