Research from Emirates NBD. Equity Daily. MENA Equities. MENA Equity Indices (1d % change) ADX KWSE. Bahrain Bourse MSM EGX

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1 Equity Daily MENA Equities The Tadawul continued its positive streak for the 11 th consecutive day in a broadbased rally. Al Rajhi Bank (+2.2%) jumped the most in seven weeks while Alinma Bank (+4.9%) reached its highest price in 23 months. Al Khodari Sons Co rallied +2.8% after announcing bonus shares and a cash dividend while Takween Advanced Industries gained 10% on recommending a cash dividend. Dar-Al Arkan (+2.2%) recovered after its statement post the market close last week clarified the issues about fraudlent activities raised in a website. The DFM index saw another day of profit booking led by market heavyweights Emaar Properties (-2.8%), Arabtec Holdings (-3.6%) and DFM (-2.8%). Tabreed (+14.1%) continues to defy broader market movements as the stock has rallied % ytd. Dubai Islamic Bank declined -1.3% after it reduced its dividend payout on advice of the UAE central bank. The ADX index remained in positive territory supported by First Gulf Bank (+4.7%) and the National Bank of Abu Dhabi (+2.2%). Daily 4 March 2012 MENA Equity Indices (1d % change) DFM -1.6% ADX 0.5% Tadawul DSM -0.1% KWSE 0.1% Bahrain Bourse -0.1% MSM 0.1% EGX % ISE % MADEX -0.3% TUSISE -0.7% 0.9% -2% -1% 0% 1% 2% MENA Equity Indices Last T.Value Best Best Div. % above Index 1d chg (USD mn) P/E P/B Yield 200d MA DFM 1, ADX 2, Tadawul 7, ISE , EGX 30 5, Irfan Ellam Head of MENA Equity Research mohammedie@emiratesnbd.com Aditya Pugalia Analyst adityap@emiratesnbd.com KWSE 6, Bahrain 1, MSM 5, DSM 8, MADEX 9, TUSISE 4,

2 Global Equities US stocks rose last week on improved data from the housing sector and jobs market and better-than-estimated monthly sales data from Gap and Ford Motors. Consumer and Financial stocks rose the most among the S&P 500 industry groups with each rising +1.4%. Ford Motors gained +4% while GM rallied +1.5%. JP Morgan (+6.1%) and Bank of America (+3.2%) led the gains among the banking stocks. European equities declined on Friday as Spain raised its budget deficit target for 2012, breaching its commitment with its European partners. Metro lost -2.9% as German retail sales data dropped in January. Commerzbank rose +1.2% after Goldman Sachs raised its rating on the bank. Emerging market equities rallied last week with the MSCI Emerging Market Index gaining +1.2% as macro economic data from the US and China boosted investor sentiments. Foreign investors bought USD 22.6bn of stocks in India, South Korea, Taiwan, Indonesia, Thailand and the Philippines in the first two months of Developed Market Equity Indices (1d % change) DJIA S&P 500 Nasdaq FTSE 100 Dax Cac 40 SMI Stoxx 600 Nikkei S&P / ASX % -0.4% -0.3% -0.3% 0.0% 0.0% 0.1% 0.3% 0.4% 0.7% -1% 0% 1% Emerging Market Equity Indices (1d % change) MEXBOL KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa TWSE KSE 100 Nifty Sensex KOSPI SHCOMP Hang Seng -0.3% 0.3% 0.4% 0.3% 0.2% 0.8% 0.7% 1.1% 0.8% 0.8% 1.1% 1.5% 1.4% 2.7% -1% 0% 1% 2% 3% Page 2

3 MENA News Flow Telecom Du build 4G/LTE network with Cisco Mobile Internet. (Bloomberg) Orascom Telecom Media and Technology shareholders approved the partial sale of its stake in Mobinil to France Telecom at their EGM. (Reuters) Banking & Finance Dubai Islamic Bank said in a statement that in accordance with UAE central bank advice, it will cut its dividend payment to AED 0.10 per share from AED 0.15 the bank proposed last month. (Bloomberg) Doha Bank is not considering becoming an Islamic lender. The bank is studying converting Islamic assets into commercial assets. (Bloomberg) Gulf Finance House returned to profit for the first time in three years as impairments declined. Profit for 2011 was USD 381,000 after a loss of USD 349mn last year. Impairments declined to USD 8.1mn from USD 255mn. (Bloomberg) Petrochemicals IPIC has signed an USD 850mn three-year syndicated loan, refinancing the USD 850mn, three-year loan it signed in February 2009 to fund the purchase of a 17.6% stake in Oil Search Ltd. (Reuters) Real Estate Al Hokair Group is planning to resume construction on its stalled Al Sahara Kingdom hotel and entertainment project in Dubailand in The Al Sahara Kingdom has been master planned over a 50mn sq ft area in Dubailand. (AB) Moody s upgraded the outlook for Aldar Properties from negative to positive, following its debt deal with the Abu Dhabi government. (AB) Al Khodari Sons Co announced plans to raise its capital by 25%. The company plans to issue one bonus share for every four held and also recommended paying a dividend of SAR 0.5 per share for 2H (Bloomberg) A five-star villa resort located on one of the man made islands on Nakheel s The World development is set to be canceled by Dubai s real estate regulator. Initially due to be completed in mid 2011, the Jasmine Garden beach resort on the Thailand island was one of many island developments on the man made archipelago The World impacted by Dubai's property market downturn. (AB) Transportation & Logistics Drydocks World plans to present on 8 March 2012 the terms to restructure USD 2.2bn of debt along with the steps required to implement the plan along with the associated timeline to all its syndicated lenders. It intends to complete the restructuring by July. (Bloomberg) Emirates Airlines will pay USD 1.6bn in the latest financial year because of higher fuel costs. (Bloomberg) Saudi Public Transport to spend SAR 103mn on new buses. (Bloomberg) Industrials Dubai-based Ducab reported a +39% y/y increase in sales to USD 1.3bn for 2011 and repaid USD 63.9mn debt. The company said sales to the utilities sector increased 25% while sales to the oil, gas and petrochemical sector jumped 250%. (AB) Dubai Electricity and Water Authority raised its budget by 5% to AED 13.2bn to increase spending on powerlines and infrastructure. The utility may sell bonds in 2013 depending on funding strategy and has no plans to offer securities this year. (Bloomberg) Takween Advanced Industries Co said it recommended paying a cash dividend of SAR 1.35 per share for (Bloomberg) Saudi Arabian Amiantit announced the establishment of PWT Saudi Arabia Ltd with a capital of SAR 500,000 to build, operate and maintain water, waste water and desalination plants. Amiantit s unit AmiWater owns 49% in the new company while the remaining 51% stake is owned by PWT of Germany. (Bloomberg) Bahrain s state-owned aluminum producer has asked a court to let it proceed with racketeering claims that it overpaid for raw materials because of bribes directed by Alcoa Inc, the largest US aluminum producer. (AB) Page 3

4 Other Shopping festivals helped hotels in Jeddah and Dubai register growth in revenues and profit during January, according to the latest HotStats survey by TRI Hospital Consulting. Occupancy levels in Jeddah went up by 11.6% to 75.5% and average room rate (ARR) increased by 15.2% to USD , boosting revenue per available room (RevPAR) by 35.2% to USD Occupancy and ARR for the four and five star chain hotels in the Dubai increased by 4.5% and 9.9% to touch 87.7% and USD respectively. (AB) U.S. pro-democracy activists charged with encouraging unrest in Egypt have left Cairo after courts there lifted a travel ban against them. (AB) Abu Dhabi Ports Company (ADPC) said that it would open Khalifa Port and the adjacent industrial zone Khalifa Industrial Zone Abu Dhabi (Kizad) for business in the fourth quarter of this year. (Gulf News) Page 4

5 Events Calendar Date Company / Country Event 4-Mar Taageer Finance Co SAOG Earnings Release 4-Mar National Packaging FAC Earnings Release 4-Mar Al-Salam Bank Earnings Release 4-Mar Qatar Telecom Qtel Q.S.C. Earnings Release 4-Mar Educational Holding Group Earnings Release 4-Mar IFA Hotels & Resorts KSCC Earnings Release 4-Mar Abyaar Real Estate Development Earnings Release 4-Mar Jordan Pipes Manufacturing Earnings Release 4-Mar Bank Al Etihad Earnings Release 4-Mar Jordan Hotel & Tourism Earnings Release 4-Mar Orascom Construction Industries Earnings Release 4-Mar General Lightweight Concrete Industries Earnings Release 4-Mar Travertine Co Ltd Earnings Release 4-Mar Investment House For Financial Services Earnings Release 4-Mar Ghabbour Auto Earnings Release 4-Mar Jordan Project Tourism Development Earnings Release 4-Mar Jordan Trade Facilities Co PLC Earnings Release 4-Mar Jordan International Trading Center Earnings Release 5-Mar Fujairah Building Industries PSC Earnings Release 5-Mar Alliance Insurance Co Earnings Release 5-Mar Commercial Bank International PSC Earnings Release 5-Mar Emirates Integrated Telecommunications Co Earnings Release 5-Mar Abu Dhabi Ship Building Co Earnings Release 5-Mar Ras Al Khaimah Ceramics Earnings Release 5-Mar Oman Agriculture Development Co Earnings Release 5-Mar Sohar Poultry Earnings Release 5-Mar Flexible Ind. Packages Earnings Release 5-Mar Muscat Thread Mills Co Earnings Release 5-Mar Taghleef Industries SAOG Earnings Release Page 5

6 5-Mar Kuwait International Bank Earnings Release 5-Mar City Group Co KSC Earnings Release 5-Mar UMM AL Qaiwain Cement Industries Co Earnings Release 5-Mar National Slaughter House K.S.C.C Earnings Release 5-Mar National Investments Co/Kuwait Earnings Release 5-Mar Afaq For Investment & Real Estate Development Earnings Release 5-Mar Arab Future Investment Co Earnings Release 5-Mar Arab Electrical Industries Earnings Release 5-Mar Jordan Duty Free Shops Co Earnings Release 5-Mar Al-Dawliya Hotels & Malls Earnings Release 5-Mar Arab Jordan Investment Bank Earnings Release 5-Mar Sallies Ltd Earnings Release 5-Mar Specialised Trading & Investment Earnings Release 5-Mar Amad Investment and Real Estate Development Co Earnings Release 5-Mar Industrial Commercial & AGR Earnings Release 5-Mar Middle East Pharmaceutical & Chemical Industries Co Ltd Earnings Release Page 6

7 Major Market Movers Most Active by Value Dubai Financial Market (1d % change) Dubai Financial Market SHUAA DB ARTC DB TAKAFULEDB TAMWEEL DB DARTAKAFDB GGICO DB SALAMA DB AMAN DB DNIR DB TABREED DB Stock T. Value 1d % chg (AED) AED mn Tabreed % Emaar Properties % Arabtec Holdings % DFM % Tamweel % Abu Dhabi Stock Market (1d % change) Abu Dhabi Stock Market WAHA DH WATANIA DH GCIC DH METHAQ DH RAKCEC DH BILDCO DH FGB DH INVESTB DH FOODCO DH UAB DH Stock T. Value 1d % chg (AED) AED mn First Gulf Bank % Aldar Properties % Sorouh Real Estate % Methaq Takaful % Etisalat % Tadawul (1d % change) Tadawul ARCCI AB TAPRCO AB ALKHLEEJAB SIDC AB SAAC AB -6.1 SAPTCO AB UCA AB ALLIANZ AB ENAYA AB TAKWEEN AB Stock T. Value 1d % chg (SAR) SAR mn Alinma Bank % 1.40bn SABIC % Saudi Kayan % Mobile Telecom % Dar Al Arkan % Page 7

8 Major Market Movers Most Active by Value Qatar Stock Exchange (1d % change) Qatar Stock Exchange CBQK QNBK MARK NLCS DHBK QTEL QATI GISS UDCD KHCD Stock T. Value 1d % chg (QAR) QAR mn Barwa Real Estate % United Development % Industries Qatar % Doha Bank % Masraf Al Rayan % Kuwait Stock Exchange (1d % change) Kuwait Stock Exchange SANAM KK -6.2 MUNSHAATKK -6.9 GFH KK -6.9 KPAK KK -8.3 SOKOUK KK-8.6 GFC KK STRATEGIKK GIH KK AAYANRE KK KSHC KK Stock T. Value 1d % chg (KWD fil) KWD mn Agility % 4.64bn Al Safat Energy % 3.61bn Abyaar Real Estate % 3.24bn Gulf Finance House % 2.69bn Ekttitab Holdings % 1.98bn Egypt Stock Exchange (1d % change) Egypt Stock Exchange PRCL EY ELEC EC ESRS EC EGTS EC AIND EC NRPD EC OTMT EC HRHO EC SKPC EC UNIP EC Stock T. Value 1d % chg (EGP) EGP mn TMG Holding % Orascom Tele Media % Mobinil % Orascom Telecom % Ezz Steel % Page 8

9 Foreign Ownership Limits Stock Allowed Owned Stock Allowed Owned Stock Allowed Owned Dubai Al Buhairah Ins. Co SCIDC Air Arabia Al Khazna Ins. Co Sorouh Real Estate Ajman Bank Aldar Properties Sudan Telecom Arabtec Holdings Bank of Sharjah UAQ Cement Aramex Comm. Bank Intl Union Cement Drake & Scull Intl Dana Gas UNB DFM Eshraq Properties United Arab Bank Dubai Investments Finance House United Insurance Co Dubai Islamic Bank First Gulf Bank Waha Capital DNIR Foodco Holding Qatar Emaar Green Crescent Ins Al Khaliji Du Gulf Cement Co Al Khalij Holding Emirates NBD Gulf Livestock Co Barwa Real Estate GGICO Gulf Medical Projects CBQ Gulf Navigation JULPHAR Doha Bank National Cement Co Insurance House Gulf Intl Services TABREED ASMAK Industries Qatar Shuaa Capital Investbank Masraf Al Rayan TAKAFUL METHAQ National Leasing Takaful House NBAD QEWS Tamweel RAK Bank Qatar Gas Transport Union Properties NMDC Qatar Insurance Co Abu Dhabi Qatar Telecom QIIB ADCB RAK Properties Qatar Islamic Bank BILDCO RAK Poultry & Feeding Qatar National Bank AD National Hotel RAK Cement Co Qatar Navigation ADNIC RAK Ceramics Qatar Telecom AD Ship Building RAK Co for White Cement United Development Agthia Group RAK National Ins Vodafone Qatar Page 9

10 Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD USDTRY EURAED GBPUSD USDEGP GBPAED USDJPY USDSAR JPYAED USDCAD USDQAR CADAED AUDUSD USDKWD AUDAED USDCHF USDBHD CHFAED EURGBP USDOMR TRYAED USDCNY USDMAD INRAED Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR USD 2 yr USD LIBOR USD 5 yr GBP LIBOR USD 10 yr EURIBOR EUR 2 yr JPY LIBOR EUR 5 yr CHF LIBOR EUR 10 yr Commodities & Fixed Income Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps) CRB CMDT Index - - ADGB Abu Dhabi Gold DUGB Dubai Silver QATAR Qatar Oil (WTI) BHRAIN Saudi Arabia Oil (Brent) EGYPT Bahrain Aluminium TURKEY Egypt Copper MOROC Turkey Tin (LME) BTUN Morocco Zinc (LME) US Tsy 2 yr US Tsy 10 yr Page 10

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12 Emirates NBD Research & Treasury Contact List Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai Tim Fox Head of Research & Chief Economist timothyf@emiratesnbd.com Research Khatija Haque Senior Economist khatijah@emiratesndb.com Irfan Ellam Head of MENA Equity Research Mohammedie@emiratesnbd.com Nick Stadtmiller Head of Fixed Income Research nicholass@emiratesndb.com Aditya Pugalia Research Analyst adityap@emiratesnbd.com Sales & Structuring Head of Sales & Structuring Sayed Sajjid Sadiq sayeds@emiratesnbd.com Saudi Arabia Sales Numair Attiyah attiyahn@emiratesnbd.com Singapore Sales Supriyakumar Sakhalkar sakhalkars@emiratesnbd.com Group Corporate Communications Ibrahim Sowaidan ibrahims@emiratesnbd.com Claire Andrea clairea@emiratesnbd.com Page 12