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Company Focus

Across the Middle East region, companies led by exceptional management teams are seizing the opportunities presented by growth and consumer demand. Energy producing GCC countries are investing billions of US dollars in infrastructure. Companies are merging to effect efficiency and productivity; others are expanding rapidly across the region to take advantage of scale.

Qatar Navigation

The merger of Qatar Navigation with Qatar Shipping Company creates one of the most powerful companies in Qatar. The new company holds 30% of Nakilat, the strategic group handling the export of Qatar’s liquefied natural gas (LNG). Qatar Navigation became one of the largest providers of offshore services in Qatar with a 100% holding in Halul Offshore Services.

The merger supports the Qatari government’s initiative to encourage mergers of companies that can take advantage of business opportunities and be positioned to withstand global economic challenges.

National Bank of Abu Dhabi (NBAD)

NBAD, Abu Dhabi’s largest bank and the second largest in the UAE, commands a 13% market share. NBAD is the prime bank for the Abu Dhabi government, providing it with a very large and secured business at a lower risk profile, compared to its peers.

NBAD has been posting very solid results, in terms of profitability and balance sheet growth, despite the aftermath of the global economic crisis. NBAD is expected to manage its balance sheet prudently and will continue to outperform its peers.

The bank continues to show high profitability; high efficiency; high asset quality, and strong capitalization. NBAD is expanding regionally and internationally, with a focus on specific segments within certain countries. The bank has 27 branches in Egypt focusing on high net worth individuals. In line with the same strategy, NBAD’s branches in London, Paris, Washington, Kuwait, Oman, Bahrain, Sudan, Libya (representative office) and Switzerland focus on corporate and high net worth clients.

Jarir Marketing Co. (Jarir)

Jarir, the leading retailer and wholesaler of office and school supplies, books, printed materials, computer and IT products in Saudi Arabia, has a presence across the Gulf region. The company operates 26 retail showrooms (22 in Saudi, 2 in Qatar, 1 in Kuwait, and 1 in Abu Dhabi) as well as five wholesale showrooms in Saudi Arabia and is expected to operate 45 retail showrooms by 2013.

A major beneficiary of the attractive demographics and rising consumer spending in Saudi Arabia and the GCC, Jarir witnessed impressive growth over the past six years, with its selling space growing at a CAGR of 11%, total sales at 29% and net income at 20% from 2002 until 2008.

Jarir’s value drivers are:

    Leading retailer and wholesaler in an attractive market with further growth potential.
    Solid business model led by a professional and focused management team.
    Expansion plan under way with 19 new retail showrooms to be launched by 2013.

Commercial International Bank (CIB)

CIB has always enjoyed a prime position amongst Egyptian commercial banks, being the largest private bank in Egypt. The bank is more corporate banking focused, but over the past four years, CIB has been witnessing a shift in strategy towards being more focused on retail, SMEs and mortgage financing. With its diversified subsidiaries, which help the group provide commercial banking, capital market, insurance services, mortgage financing services, factoring, leasing, car financing, among many other financial services, CIB has succeeded in becoming a full-service financial group.

Orascom Construction Industries (OCI)

Orascom Construction Industries (OCI), a leading fertilizers producer and construction contractor active in Egypt, Algeria, the UAE and Saudi Arabia consistently produces above average returns delivering high-value projects within budget. OCI has a backlog of USD 6.2 billion of projects spread across the MENA region.

OCI’s latest acquisition of DSM in Europe, has diversified OCI’s nitrogen-based fertilizer business adding synergies that support cross selling between Europe and the Middle East. Furthermore, the recent joint venture with Morgan Stanley aims to establish to support infrastructure public-private-partnerships (PPPs), such as roads, waste water treatment plants, cooling systems and dams - all of which call for OCI’s expertise.

Investors are watching key triggers to monitor OCI’s future performance:

    A strong liquidity position, giving OCI the ability to make further acquisitions
    Potential rise in market price for fertilizers
    Future growth within the construction industry across the MENA region
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