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Kuwait Financial Centre “Markaz” MENA REAL ESTATE RESEARCH Research Highlights: A weekly market commentary

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

Markaz Research is available on: Bloomberg - Type “MRKZ” <Go> Thomson Research, Reuters Knowledge ReutersRealEstate.com Nooz Zawya Investor ISI Emerging markets Anis Patrick Jabre Assistant Manager +965 2224 8020 ajabre@markaz.com 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

Real Estate Market Commentary 27-Nov-11 to 03-Dec-11

Abu Dhabi: It was reported that Abu Dhabi is in the process of forming a regulatory agency which would monitor escrow, mortgage and other related laws to protect foreign investors, according to Ozone Real Estate. This is expected to lead to an upsurge in home sales as overseas and domestic buyers gain more confidence. The panel discussion between Abu Dhabi government officials and businessmen on promoting public and private sector partnership, at Abu Dhabi Chamber of Commerce and Industry highlighted the issue where high rents and operating costs as well as financing difficulties were constraining private sector economic activity. In the Q4-11 Corporate Occupier Conditions report, JLL indicated that rentals for Grade A office property in Abu Dhabi stand at USD475/Sqm per annum, USD622/Sqm in Doha, USD439/Sqm in Dubai and USD280/Sqm in Jeddah. Dubai: It was reported that some real estate agents have started charging commission fees to both buyers and sellers after real estate transactions fell over two thirds and prices more than halved from the peak levels of 2008. According to Land Department data, value of real estate sales in Dubai declined 85% in the first 10 months of 2011 compared to the same period in 2008. It was reported that real estate companies are trying to influence valuation firms to value their portfolios at pre-crisis levels (before 2008). Companies had opted not to get their holdings valued due to sharp fall in their valuations after the crisis. However, as the market saw some recovery this year, real estate companies are demanding higher valuations for their properties, at par with levels seen before the economic crisis. Competition among valuation companies amid squeezing valuation fees was cited as a reason for increased ability of real estate players to influence these firms. According to a recent report by Mercer ranking 220 cities around the world, Dubai (ranked 74) offers the best quality of life to expatriate workers among six GCC states moving one spot ahead from its 2010 ranking of 75. Abu Dhabi follows at 78th place improving five spots from its 2010 ranking of 83. Muscat and Doha were next at 101 and 106 respectively compared to their 2010 ranking of 100 and 110 respectively. Bahrain lost two spots from 2010 ranking of 111. Kuwait City ranked at 120 climbing up two spots from its 2010 ranking of 122. Riyadh moved from 158, in 2010 ranking, to 157. Qatar: Property consultancy DTZ reported that Qatari real estate market is on an upsurge for the past two years. Vacancy rate in West Bay, Doha‟s central business district with a total office space of 1.4mn sq m, stands at a low 8%.In contrast, JLL estimated the vacancy rate in Doha have increased significantly to 20% due to completion of development projects. Commercial property rentals in Doha are one of the highest among comparable properties in the Middle-East. Lebanon: It was reported by Credit Libanais Bank that the number of real estate transactions in Lebanon declined 14.5% Y-o-Y as of October 2011. Number of transactions declined to 66,143 from 77,360 during the same period in 2010. Value of transactions also moved in line with the volume (dropped 10.8% Y-o-Y to USD6.84 Bn). Political disputes and


MENA REAL ESTATE RESEARCH regional turmoil were cited as the main reasons for sluggish real estate activity. Another set of statistics released by Lebanon‟s Order of Engineers reported a 7.6% Y-o-Y contraction in construction permits to 11.5 Mn Sqm in October 2011 from 12.5 Mn Sqm as of October 2010, confirming slowdown in Lebanon‟s real estate market. Please refer to charts to note section for the trend.

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.

Developments sourced from various sources including news portals like Gulfbase, Zawya, Reuters, Bloomberg, Trade“Markaz” Arabia, Business 2 Kuwait Financial Centre 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


MENA REAL ESTATE RESEARCH Charts to note: Chart 1: Lebanon Value and Volume of Real Estate Transactions '000s 100

USD Mn 10.0

94.3

90

83.6

81.7

80

9.0

9.5

67.0

70 60

6.8

50.1

50

4.0

3.0

3.1

20

7.0

5.0

4.2

30

8.0 6.0

6.8

6.5

40

66.1

2.0

10

1.0

0

0.0

2006

2007 2008 Volume of Transactions- LHS

2009

2010 YTD-Oct-2011 Value of Transactions

Source: General Directorate of Land Registry and Cadastre, Credit Libanais Economic Research Unit

500

450

3.00

400

2.50

350

2.00

300

1.50

200

250 150

1.00

100

0.50

50

Construction Permits (avg. sqm)

May-11

Mar-10

Jan-09

Nov-07

Sep-06

Jul-05

May-04

Mar-03

Jan-02

Nov-00

Oct-99

Aug-98

Jun-97

Apr-96

0

Feb-95

0.00

Cement Deliveries (tons - '000s)

3.50

Dec-93

Construction permits (Mn sqm)

Chart 2: Construction permits and cement deliveries – Lebanon

Cement Deliveries (avg.tons)

Source: Banque Du Liban * 12 M rolling averages – for seasonal adjustment

Kuwait Financial Centre “Markaz”

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Apartment

Land

Total No.

W-o-W -2.4% -27.7%

Value -11.0% -40.3%

No. -69.6% -22.2%

Value -80.6% -30.8%

No.

Value

No.

Value 43.8% 70.4%

-15.5% 35.9%

-2.8% -14.4%

-22.4% -6.9%

60

50

40

30

20

10

-

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

No. of transactions

30 60

25 50

20

40

15

30

10

20

5

10

-

0

No. of transactions

Value Transacted (AED Mn)

Transactions

Value Transacted (AED Mn)

W1-2011 W2-2011 W3-2011 W4-2011 W5-2011 W6-2011 W7-2011 W8-2011 W9-2011 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

No. of Transactions

Villa

W1-2011 W2-2011 W3-2011 W4-2011 W5-2011 W6-2011 W7-2011 W8-2011 W9-2011 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

No. of Transactions

MENA REAL ESTATE RESEARCH

Activity monitor

Dubai Real Estate Transactions (2011) Y-o-Y

Land Transactions

Value transacted (AED Mn)

Villa Transactions

Value transacted (AED Mn)

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300 400

250 350

200 300

250

150 200

100

150

50 100 50

0

No. of transactions

Value Transacted (AED Mn)

W1-2011 W2-2011 W3-2011 W4-2011 W5-2011 W6-2011 W7-2011 W8-2011 W9-2011 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

No. of Transactions

MENA REAL ESTATE RESEARCH

Apartment Transactions

Value transacted (AED Mn)

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.

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Private Residential

Investment

Commercial

Total No.

Value

No.

Value

No.

Value

W-o-W 9.8% 11.5%

-16.7% -12.8%

No. 83.3% -21.4%

Value -5.9% 42.4%

N.A. 0.0%

N.A. -66.3%

19.3% 3.5%

-11.1% 1.4%

250

200

150

100

50

0

180 160 140 120 100 80 60 40 20 0

No. of transactions

70 70

60 60

50 50

40 40

30

30

20

20

10

10

0

0

No. of transactions

Value Transacted (KWD Mn)

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 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 21 Week 22 Week 23 Week 24 Week 25 Week 26 Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 35 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 46

No. of Transactions

Transactions

Value Transacted (KWD Mn)

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 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 21 Week 22 Week 23 Week 24 Week 25 Week 26 Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 35 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 46

No. of Transactions

MENA REAL ESTATE RESEARCH

Kuwait Real Estate Transactions (2011) Y-o-Y

Private Residential Property transactions

Value transacted (KWD Mn)

Source: MOJ, Kuwait

Investment Property transactions

Value transacted (KWD Mn)

Source: MOJ, Kuwait

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Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 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 21 Week 22 Week 23 Week 24 Week 25 Week 26 Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 46 Week 47

Value Transacted (SAR Mn)

120

2,000 100

1,500 80

1,000 60

40

500

20

0

Value Transacted (SAR Mn)

2,500

1,000

500

0

Value Transacted (SAR Mn)

Space (Mn Sq m)

2,500

3,500 45

3,000

40

35

2,000 30

25

1,500

20

15

10

Space (Mn Sq m)

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 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 21 Week 22 Week 23 Week 24 Week 25 Week 26 Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 46 Week 47

Value Transacted (SAR Mn)

MENA REAL ESTATE RESEARCH

KSA Real Estate Transactions (2011)

Riyadh Real Estate Transactions W-o-W Transactions Y-o-Y Space 267.5% 842.6% Residential Value 98.5% 454.0% Space 2227.7% 12130.4% Commercial Value 131.2% 758.0% Space 1091.6% 3794.7% Total Value 113.7% 574.5%

Riyadh – Residential transactions

0

Space (Mn Sq m)

Source: MOJ

Riyadh – Commercial transactions

5

0

Space (Mn Sq m)

Source: MOJ

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Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 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 21 Week 22 Week 23 Week 24 Week 25 Week 26 Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 46 Week 47

Value Transacted (SAR Mn)

40

1,600

35

1,400

1,200

30

1,000 25

800 20

600 15

400 10

200 5

0 0

Value Transacted (SAR Mn)

1,400 14

1,200 12

1,000 10

800 8

600 6

400

4

200

2

0

0

Value Transacted (SAR Mn)

Space (Mn Sq m)

1,800

Space (Mn Sq m)

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 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 21 Week 22 Week 23 Week 24 Week 25 Week 26 Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 46 Week 47

Value Transacted (SAR Mn)

MENA REAL ESTATE RESEARCH

Dammam Real Estate Transactions Transactions W-o-W Y-o-Y Space 203.8% 960.6% Residential Value 67.0% 597.6% Space 221.6% 1480.2% Commercial Value 106.0% 466.5% Space 212.4% 1165.8% Total Value 83.0% 530.1%

Dammam – Residential transactions

Space (Mn Sq m)

Source: MOJ

Dammam – Commercial transactions

Space (Mn Sq m)

Source: MOJ

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400 1,400

350 1,200

300

250 1,000

200 800

150 600

100 400

50 200

0 0

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

No. of Transactions

MENA REAL ESTATE RESEARCH

Qatar Real Estate Transactions (2011)

Value transacted (QAR Mn)

Source: MOJ

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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 security‟s 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 Markaz‟s 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 Markaz‟s 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.

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Kuwait Financial Centre “Markaz” MENA REAL ESTATE RESEARCH

Markaz Research Offerings Economics

Sectors

MENA Unrest (Apr-11) Kuwait Development Plan (Mar-11) Kuwait Investment Sector (Sept-10) The New Regulations on Kuwait Investment Sector (Jun-10) Kuwait Capital Market Law (Mar-10) The “Vicious Square” Monetary Policy options for Kuwait (Feb-08) To Leap or To Lag: Choices before GCC Regulators (Apr-07) GCC for Fundamentalists (Dec-06) GCC Leverage Risk (Nov-06)

Infrastructure

GCC GCC GCC GCC GCC GCC

Capital Markets

Power (2011) Airports (2011) Ports (2011) Water (2011) Roads & Railways (2011) ICT (2011)

MENA Real Estate MENA Market Outlook Kuwait Qatar Syria

KSA Egypt Algeria

Abu Dhabi Lebanon

Periodic Research Real Estate Strategic Research MENA Real Estate Perspectives Weekly Real Estate Market Commentary International Real Estate Market Outlook U.S.A. Banking

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

Dubai Jordan

Strategic Research KSE 15 Index (Sept-11) How is the GCC preparing for a AA+ World? (Sept-11) GCC Outlook 2H11 (Aug-11) What to expect in 2011 (Jan-11) The Golden Portfolio (Sept-10) Persistence in Performance (Jun-10) What to expect in 2010 (Jan-10) What is left for 2009? (Sept-09) Missing the Rally (Jun-09) This Too Shall Pass (Jan-09) Fishing in Troubled Waters (Dec-08) Down and Out: Saudi Stock Outlook (Oct-08) Mr. GCC Market-Manic Depressive (Sept-08) Global Investment Themes (June-08) To Yield or Not To Yield (May-08) China and India: Too Much Too Fast (Oct-07) A Potential USD 140b Industry: Review of Asset Management Industry in Kuwait (Sep-07) A Gulf Emerging Portfolio: And Why Not? (Jun-07) Derivatives Market in GCC (Mar-07) Managing GCC Volatility (Feb-07) Periodic Research Annual GCC Market Outlook Quarterly Thought Speaks GCC Equity Funds GCC Corporate Earnings GCC Equity Research Statistics Monthly Market Review Weekly MENA Market Intelligence KSE Market Review International Market Update Daily Markaz Daily Morning Brief Markaz Kuwait Watch Daily Fixed Income Update Company Research (See the list attached)


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)

To obtain a print copy, kindly contact: Kuwait Financial Centre “Markaz” Media and Communications Department Tel: +965 2224 8000 Ext. 1814 Fax: +965 2249 8740 Postal Address: P.O. Box 23444, Safat, 13095, State of Kuwait Email: info@markaz.com markaz.com/research

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)

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 Int‟l Islamic bank (Nov-08) Qatar Insurance Co. (Nov-08) Doha Bank (Aug-08) QEWC (July-08)

Bahrain

Morocco  Maroc Telecom (Mar-10) Egypt

      

      

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)

Markaz Company Research Coverage MSCI Arabian Markets MSCI Arabian Markets Conventional Islamic

Markaz Research is available on: Bloomberg Type “MRKZ” <GO>, Thomson Financial, Reuters Knowledge, Zawya Investor & Noozz.

Qatar

Sidi Kerir Petrochemicals (Jul-10) Egypt Kuwait Holding (Mar-10) Commercial Int‟l Bank (Oct-08) Orascom Telecom (Sep-08) Mobinil (Sep-08) Telecom Egypt (Aug-08) EFG-Hermes (Jun-08)

Local Index

Saudi Arabia

60%

64%

78%

Kuwait

83%

92%

56%

Qatar

92%

90%

95%

UAE

79%

25%

58%

Bahrain

58%

74%

23%

Oman

63%

100%

50%

Egypt

62%

100%

45%

Jordan

39%

0%

32%

Morocco

50%

70%

24%

MENA

79%

93%

63%


MENA Real Estate Market Commentary 05122011