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Markaz: Real Estate Research

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Real Estate Market Commentary - 29 Jan to 4 February 2012

Feb 04, 2012
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Kuwait Financial Centre "Markaz"
MENA REAL ESTATE RESEARCH
Research Highlights: A weekly market commentary

Real Estate Market Commentary
29-Jan-12 to 04-Feb-12
Dubai: Periodic Reuters survey on the residential market trend expectations was reported where a 5% median price and rental declines from the current level was estimated for 2012. The survey reportedly indicated that prices would decline by 8% from the current levels before recovering. The expectations were in line with other broker reports estimating a market with stable to marginal price and rental declines. Separately, Knight Frank reported in its reports on prime property market trends that the prices of prime properties declined by 1.3% during Q4-11 and 3% for the year. It had also reported declines in other metro cities across the world like Paris, Monaco, Beijing, Shanghai, Hong Kong, Kuala Lumpur and Singapore for Q4-11. On the commercial market front, RICS published its periodic survey reporting increasing occupier demand & development starts, declining investment inquiries during Q4-11 and negative expectations for rental & capital values for Q1-12 . However, rental expectations worsened and capital value expectations were less negative for Q1-12 compared to Q411. Abu Dhabi: Median price decline expectations in the Reuters survey for 2012 reportedly stood at 11% from the current levels and rentals were expected to decline further by 10% for the year. These expectations too reflects the forecasts outlined in popular broker reports. Jordan: An analysis of the data provided by the MOJ suggests real estate activity grew by 8% Y-o-Y to JD 6.4 Bn in 2011, while the number of transactions increased by 9% to 97,109. Y-o-Y growth in land transactions in Amman was higher than other governorates and stood at 12%, compared to 4% for the country. Apartment sales increased by 19% in Amman and 20% for the country with a higher growth (33%) for large apartments transactions (>150 sqm). Sales to non-nationals recorded an Y-o-Y growth of 33% in value terms and 24% in terms of number of transactions. Number of apartment sale transactions to nonnationals was reported at 2,890, posting a 27% Y-o-Y growth. The growth reportedly was caused partly by the tax and fee exemptions to buyers and the governments decision not to extend the same is expected to result in declines in the transaction levels during 2012. Lebanon: It was reported that the number of real estate transactions declined 11.9 % Y-o-Y to 82,984 and value transacted declined by 6.7% Y-o-Y to USD 8.8 Bn during 2011 due to the positioning of the sector in the real estate cycle. It was also reported that the total number of transactions by non-nationals declined by 20% Y-o-Y to 1,530 due to political instability and regional turmoil in 2011. Construction permits declined by 9% Y-o-Y as well, reflecting the trends in transactions ; however, cement deliveries grew 10% Y-o-Y to 5.7 Mn tons.
Lebanon Property Sales (Y-o-Y % ) 2007 2008 Value of Sale Transactions 33.7% 54.4% Number of Transactions 33.8% 21.8%
Source: Bank Audi, Markaz Analysis

Contents Market Commentary Charts to Note Activity Monitor: Dubai, Kuwait, Riyadh - KSA, Dammam ­ KSA Qatar

Markaz Research is available on: Bloomberg - Type "MRKZ" Thomson Research, Reuters Knowledge ReutersRealEstate.com Nooz Zawya Investor ISI Emerging markets

Venkat Ramadoss ACA, CFA Assistant Manager +965 2224 8548 rvenkateshwaran@markaz.com Bassam N. Al-Othman Executive Vice President +965 2224 8011 bothman@markaz.com M.R. Raghu CFA, FRM Head of Research +965 2224 8280 rmandagolathur@markaz.com Kuwait Financial Centre "Markaz" P.O. Box 23444, Safat 13095, Kuwait Tel: +965 2224 8000 Fax: +965 2242 5828 markaz.com

2009 7.3% 2.3%

2010 36.3% 12.7%

2011 -6.7% -11.9%

MENA: A comparison of published transaction values in major MENA markets for 2011 provides an assessment of the current size of these markets which can be inferred from Chart-1.

Developments sourced from various sources including news portals like Gulfbase, Zawya, Reuters, Bloomberg, Trade Arabia, Business 24/7, Arabian Business, The Peninsula, Gulf News, Property wire, Khaleej Times, Saudi Gazette, KUNA etc and also from published reports of real estate brokers and investment research houses.

MENA REAL ESTATE RESEARCH Charts to note:
Chart 1: Real Estate value transacted ­ MENA market Comparison­ 2011
50

40

38.9

Value (USD Bn)

30

29.1

20 11.6 10 9.9 9.0 8.8

8.1

6.8

5.8

0

Dubai

Riyadh

Abu Dhabi

Kuwait

Jordan Lebanon Dammam Dubai*

Qatar

Dubai* - After removing the outliers Source: Dubai Land Department, MOJ - Kuwait, MOJ - KSA, MOJ ­ Qatar, MOJ ­ Jordan, Bank Audi ­ Lebanon

Chart 2: Construction Permits and Cement Delivery growth - Lebanon
2007 100% 2008 78.9% 2009 2010 2011

Y-o-Y Change (%)

80% 60% 40% 20% 14.7%

3.4% 0%
-20%

7.7%

16.7%

23.1% 6.1%

10.4%

-11.2%

-8.8%

Construction Permits (% Y-o-Y)
Source: Bank Audi ­ Lebanon, Markaz analysis

Cement Delivery (% Y-o-Y)

Kuwait Financial Centre "Markaz"

2

MENA REAL ESTATE RESEARCH
Chart 3: Lebanon Real Estate transaction trends 2000­2011
10
Value transacted (USD Bn)

100

8
7 6

80
70 60

5
4 3

50
40 30

2
1 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 No. of transactions ('000s)

20
10 0

Value transacted (USD Bn)

Source: Bank Audi ­ Lebanon, Markaz analysis

Kuwait Financial Centre "Markaz"

No. of transactions ('000s)

9

90

3

Villa

Land

Total

No. of Transactions

No. of Transactions

10

15

20

25

30

35

20

40

60

Apartment

Transactions

10

30

50

Villa Transactions

Land Transactions

Activity Monitor

No. No. No. No. Value Value Value Value

5

W-o-W

265.9%

233.3%

100.5%

-32.2% -7.7%

13.2%

82.7%

79.3%

No. of transactions

Dubai Real Estate Transactions (2011 & 2012)

No. of transactions

Y-o-Y

-20.3% 26.7%

71.4%

73.4%

76.5%

145.9%

102.3%

169.3%

Value transacted (AED Mn)

Value transacted (AED Mn)

W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W45-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012 W05-2012
W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W45-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012 W05-2012

1,000 900 800 700 600 500 400 300 200 100 0

Value Transacted (AED Mn)

10

20

30

40

50

60

70

0

Kuwait Financial Centre "Markaz"

Value Transacted (AED Mn)

MENA REAL ESTATE RESEARCH

4

No. of Transactions

Apartment Transactions

100

300

400

500

200

600

-

No. of transactions Value transacted (AED Mn)

W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W45-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012 W05-2012

0

Source: Dubai Land Department Note: 1) The above table/chart represents transactions as per the registration date and not the transaction date 2) Outliers identified are removed for better clarity.
Value Transacted (AED Mn)

100

300

400

500

200

600

Kuwait Financial Centre "Markaz"

MENA REAL ESTATE RESEARCH

5

Total

No. of Transactions

No. of Transactions

100

200

300

150

250

50

0

30

40

50

60

70

Private Residential

Investment

Commercial

10

20

0

Source: MOJ, Kuwait

Source: MOJ, Kuwait

Transactions

No. -35.3% -95.6% -50.0% -42.3%

No.

No.

No.

Value -36.3%

Value

Value

Value -33.3% -24.9%

W-o-W
-35.6%

No. of transactions

Investment Property transactions

Private Residential Property transactions

Kuwait Real Estate Transactions (2011 & 2012)

No. of transactions

Y-o-Y
-6.5%

-23.1%

-97.0% 32.1%

-66.7%

-25.0%

-25.0%

58.8%

Value transacted (KWD Mn)

Value transacted (KWD Mn)

W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W35-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012

W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W35-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012

0
40 50 60 70

30

Value Transacted (KWD Mn)

10

20

Kuwait Financial Centre "Markaz"
20 40

Value Transacted (KWD Mn)

60

80

0

100

120

140

160

180

MENA REAL ESTATE RESEARCH

6

Total

No. of Transactions

No. of Transactions

100 500

200

300

350

450

150

250

400

1,000

1,500

2,500

3,000

2,000

50

0 0

Source: MOJ

Source: MOJ

Residential

Commercial No. No.

No.

Value

Value

Value

Riyadh ­ Residential transactions

Riyadh ­ Commercial transactions

Riyadh Real Estate Transactions W-o-W Transactions Y-o-Y

KSA Real Estate Transactions (2011 & 2012)

No. of Transactions

3.7%

-32.4% 17.2% 19.0%

91.7%

22.1%

No. of Transactions

101.2%

-21.1% 17.7%

-33.9%

-36.8%

-17.5%

Value Transacted (SAR Mn)

Value Transacted (SAR Mn)

W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012 W05-2012 W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012 W05-2012

0

500

1,000

1,500

2,000

2,500

0
2,000 2,500 3,000 3,500

Kuwait Financial Centre "Markaz"

Value Transacted (SAR Mn)

500

1,000

1,500

Value Transacted (SAR Mn)

MENA REAL ESTATE RESEARCH

7

Total

No. of Transactions
No. of Transactions

100

200

300

600

400

500

0

120

160

180

100

140

20

40

60

80

0

Source: MOJ

Source: MOJ

Residential

Commercial No. No.

No.

Value

Value

Value

Dammam ­ Residential transactions

Dammam ­ Commercial transactions

Dammam Real Estate Transactions Transactions W-o-W Y-o-Y

No. of Transactions

110.3% 87.8% 54.6%

91.2%

80.2%

47.4%

No. of Transactions Value Transacted (SAR Mn)

-7.9%

-33.9%

-35.0%

-61.5%

-50.4%

-29.4%

Value Transacted (SAR Mn)

W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012 W05-2012

W01-2011 W02-2011 W03-2011 W04-2011 W05-2011 W06-2011 W07-2011 W08-2011 W09-2011 W10-2011 W11-2011 W12-2011 W13-2011 W14-2011 W15-2011 W16-2011 W17-2011 W18-2011 W19-2011 W20-2011 W21-2011 W22-2011 W23-2011 W24-2011 W25-2011 W26-2011 W27-2011 W28-2011 W29-2011 W30-2011 W31-2011 W32-2011 W33-2011 W34-2011 W36-2011 W37-2011 W38-2011 W39-2011 W40-2011 W41-2011 W42-2011 W43-2011 W44-2011 W46-2011 W47-2011 W48-2011 W49-2011 W50-2011 W51-2011 W52-2011 W01-2012 W02-2012 W03-2012 W04-2012 W05-2012

0
400 1,200 600 800

0

Kuwait Financial Centre "Markaz"
1,000

Value Transacted (SAR Mn)

200

Value Transacted (SAR Mn)

200

400

600

800

1,000

1,600

1,800

1,200

1,400

MENA REAL ESTATE RESEARCH

8

No. of Transactions

100

250

300

350

400

150

200

50

0

Source: MOJ

Qatar Real Estate Transactions (2011)

No. of transactions Value transacted (QAR Mn)

Week 1 Week 2 Week 3 Week 4 Week 5 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17 Week 18 Week 19 Week 20 Week 22 Week 23 Week 24 Week 25 Week 28 Week 29 Week 31 Week 32 Week 33 Week 34 Week 36 Week 38 Week 40 Week 41 Week 42 Week 43 Week 44 Week 47 Week 48 Week 49 Week 51 Week 52

Kuwait Financial Centre "Markaz"

Value Transacted (QAR Mn)

1,000

1,400

1,200

0

200

600

800

400

MENA REAL ESTATE RESEARCH

9

MENA REAL ESTATE RESEARCH

Disclaimer This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz) and its subsidiaries. Markaz is regulated by the Capital Markets Authority and the Central Bank of Kuwait. The report is owned by Markaz and its subsidiaries and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz and its subsidiaries. Any user after obtaining Markaz and its subsidiaries permission to use this report must clearly mention the source as "Markaz and its subsidiaries ". The report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but no representation or warranty, expressed or implied, is made that such information and data is accurate or complete, and therefore should not be relied upon as such. Opinions, estimates and projections in this report constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinion of Markaz and its subsidiaries and are subject to change without notice. Markaz and its subsidiaries has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. This report may not consider the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors are urged to seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and to understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each securitys price or value may rise or fall. Investors should be able and willing to accept a total or partial loss of their investment. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily indicative of future performance. Kuwait Financial Centre S.A.K (Markaz) and its subsidiaries may seek to do business, including investment banking deals, with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of Markaz and its subsidiaries, Markaz and its subsidiaries has not reviewed the linked site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to Markazs and its subsidiaries own website material) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through this report or Markazs and its subsidiaries website shall be at your own risk. For further information, please contact ,,Markaz at P.O. Box 23444, Safat 13095, Kuwait; Email: research@markaz.com; Tel: 00965 1804800; Fax: 00965 22450647.

Kuwait Financial Centre "Markaz"

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Kuwait Financial Centre "Markaz"
MENA REAL ESTATE RESEARCH

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Stress Testing Kuwait Banks (May-11) GCC Banks - Done with Provisions? (Jan-10)
Shelter in a Storm (Mar-09) Banking Sweet spots (Apr-08) Oil & Gas Diworsification: The GCC Oil Stranglehold (Jan-09) Monthly Regional Petroleum Projects Commentary Daily Oil & Gas Bulletin

MENA REAL ESTATE RESEARCH

Markaz Research Offerings Company Research
Saudi Arabia
Al Rajhi bank (Mar-11) Saudi Telecom Co. (Feb-11) Samba Financial Group (Aug-10) Jabal Omar Development (Jul-10) Arabian Cement Co (Jul-10) Yanbu Cement Co. (Jun-10) Emaar Economic City (Jun-10) Qassim Cement Company (Jun-10) Savola Group (May-10) Alinma Bank (May-10) Jarir Marketing (May-10) Bank Al Bilad (May-10) Bank Al Jazira (Apr-10) Makkah Construction (Apr-10) Saudi Cement Company(Apr-10) Southern Province Cement Co(Mar-10) Saudi Electricity Company(Feb-10) Saudi Arabian Mining Co(Feb-10) Yamama Saudi Cement (Feb-10) Etihad Etisalat (Feb-10) Al Marai Company (Dec-09) Arab National Bank (Oct-09) SAFCO (Oct-09) Al Rajhi Bank (Aug-09) Riyad Bank (Jul-09) Sabic (Mar-09) Saudi Investment Bank (Jan-09) Kingdom Holding Co (Dec-08) Saudi Kayan Petro Co. (Aug-08) Banque Saudi Fransi (Jun-08)

UAE Kuwait (For Internal Use Only) Qurain Petrochem. Ind. (Aug-10) Wataniya (Jul-10) Boubyan Bank (June-10) Agility (June-10) Gulf Bank of Kuwait (May -10) National Bank of Kuwait (Mar-10) Al Deera Holding (Aug-09) Kuwait Finance House (Apr-09) Kuwait Financial Centre (Dec-08) Commercial Bank of Kuwait (Oct-08) National Industries Group (Sept-08) Zain (Sept-08) Global Investment House (Sept-08) Kipco (Sept-08) The Investment Dar (Sept-08) Burgan Bank (Sept-08) Automated Systems Co (Aug-08) Al Safat Investment Co (July-08) NBAD (Mar-11) Union National Bank (Sept-10) FGB (Aug-10) Etisalat (Aug-10) Dubai Financial Market (Sept-09) ADCB (Jun-09) DP World (Jun-09) Sorouh Real Estate (Feb-09) Aldar Properties (Feb-09) Gulf Cement Company (Jan-09) Abu Dhabi National Hotels (Dec-08) Dubai Investments (Dec-08) Arabtec Holding (Dec-08) Air Arabia ( Nov-08) Union Properties (Nov-08) Dubai Islamic bank (Oct-08) Emaar Properties (July-08) Dana Gas (July-08)

Qatar Qatar National Bank (Oct-10) Qatar Gas Transport Co. (Sept-10) QISB (Sept-10) Masraf Al-Rayan (Jun-10) Commercial Bank of Qatar (Mar-10) Qatar Telecom (Jun-09) Industries Qatar (Apr-09) United Development Co. (Feb-09) Qatar Fuel Co. (Dec-08) Qatar Shipping Co (Dec-08) Barwa Real Estate Co. (Nov-08) Qatar Intl Islamic bank (Nov-08) Qatar Insurance Co. (Nov-08) Doha Bank (Aug-08) QEWC (July-08)

Oman Bank Muscat (Mar-11) Raysut Cement Company (Sept-10) Shell Oman Marketing (Apr-10) Galfar Engineering & Cont. (Nov-08) Oman Telecommunications (Sept-08) Bank Muscat(Sept-08) Oman cement (Sept-08) National Bank of Oman (Aug-08) OIB (July-08) Jordan Arab Bank (Sept-08) Cairo Amman Bank (Oct-08) Morocco Maroc Telecom (Mar-10) Egypt Sidi Kerir Petrochemicals (Jul-10) Egypt Kuwait Holding (Mar-10) Commercial Intl Bank (Oct-08) Orascom Telecom (Sep-08) Mobinil (Sep-08) Telecom Egypt (Aug-08) EFG-Hermes (Jun-08)

Bahrain Batelco (Aug-10) Al Salam Bank (Aug-10) Gulf Finance House (Oct-08) Esterad Inv. Company (Aug-08) Bahrain Islamic Bank (Aug-08) Ithmaar Bank (July-08) Tameer (July-08)

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Markaz Company Research Coverage MSCI Arabian Markets MSCI Arabian Markets Conventional Islamic Saudi Arabia Kuwait Qatar UAE Bahrain Oman Egypt Jordan Morocco MENA 60% 83% 92% 79% 58% 63% 62% 39% 50% 79% 64% 92% 90% 25% 74% 100% 100% 0% 70% 93%

Local Index 78% 56% 95% 58% 23% 50% 45% 32% 24% 63%

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