xposed to NTP innovations What if Apple enters Saudi Arabia Should Apple enter Saudi Arabia, it would negatively impact the Apple resellers such as Jarir as the majority of the sales would be transferred to the Apple-branded stores. As such, we highlight 2 key risks to Jarir that would ultimately deter

Such new entrants can then accommodate foreign retailers (such as Inditex), which could question the sustainability of Al Hokair’s franchise model. Jarir: exposed to NTP innovations What if Apple enters Saudi Arabia Should Apple enter Saudi Arabia, it would negatively impact the Apple resellers such

liances. Furthermore, the government emphasis on developing tourism and family entertainments (Six Flags, Sea World) represents a potential threat to Jarir and Extra’s business models which still play an ‘entertaining’ role in Saudi Arabia. e — Such initiatives would result in (1) reducing the number of

es recovery to drive stock price for =ext two quarters, while Careem stake can provide some =ositive headline risk on valuations. • Jarir: We like Jarir for its potential to =ncrease its market penetration having increased its store count by 13% =ince August 2017 while maintaining its premium ROE of