Latest Research

Valuation update – We update our DCF based 12-month price target for Astra Industrial Group (Astra) to SAR50.0/share from our last price target of SAR38.2/share; indicating an upward revision of 30.9%. It should be noted that the upward revision in 12-month price target is mainly associated (i) readjustment of Iraqi steel plant and (ii) upward adjustment in the company’s overall terminal growth rate to 4.0% on account of higher economic growth in Iraq. Based on the current market price of SAR43.2/ share (as of 19th May 2013) , the stock is offering a potential upside of 15.7% and trading at an updated prospective 2013PE and 2013P/BV of 8.9x and 1.6x, respectively. We, therefore, upgrade our recommendation for the stock to ‘Overweight’.

MERIS (Middle East Rating & Investors Service) has reviewed the national Scale Rating of the New Urban Communities Authority (NUCA) – second corporate bond – and reaffirms the rating of “AAA” with a “Stable” outlook for the Senior Secured Issue. The bond currently amounts to EGP 2.5bn. It is guaranteed by the Ministry of Finance (MoF).An “AAA” rating denotes that the issue represents the strongest creditworthiness and the lowest likelihood of default relative to other domestic issues.

SynopsisThe report presents detailed data on consumption trends in the Soap category in Egypt, analyzing consumption volumes and values at segment level. It also provides indispensable data on distribution channels, profiles of companies active in the Personal Hygiene sector. Furthermore the report enables readers to examine the components of change in the industry by looking at historic and future growth patterns. SummaryCanadean's "Soap Market in Egypt to 2016" provides detailed data on market dynamics in the Egypt Soap category, providing marketers with the essential tools to understand both their own and their competitors' position in the market and the information to accurately identify the areas where they want to compete in the future. This report brings together Canadean Intelligence's research, modeling and analysis expertise in order to develop uniquely detailed market data. This allows domestic and foreign companies to identify the market dynamics that account for Soap sales overall and to discover which categories and segments will see growth in the coming years. Scope"Soap Market in Egypt to 2016" provides you with the following: - Historic and forecast growth dynamics by value and volume.- Historic and forecast segmentation by value and volume.- Distribution channel data by value.- Profiles of companies active in the Personal Hygiene sector. Reasons To Buy- Enhance your understanding of the value and volume growth dynamics of the Soap category in Egypt.- Promote growth in your business with detailed product sales segmentation for both volumes and values, as well as sales by distribution channel at the product category level.- Identify the future pattern of market trends, from winners and losers to category dynamics; and thereby quickly and easily indentify the key areas in which they want to compete in the future.- Familiarize yourself with the competition with uniquely detailed profiles of companies active in Egypt Personal Hygiene se

SynopsisCanadean's "Spinneys Dubai LLC: Retail - Company Profile and SWOT Report" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts,major products and services, swot analysis, business description, and company history. SummaryThis report is a crucial resource for industry executives and anyone looking to access key information about "Spinneys Dubai LLC" The report utilizes a wide range of primary and secondary sources, which are analyzed and presented in a consistent and easily accessible format. Canadean strictly follows a standardized research methodology to ensure high levels of data quality and these characteristics guarantee a unique report. Scope- Examines and identifies key information and issues about "Spinneys Dubai LLC" for business intelligence requirements.- Studies and presents the company's strengths, weaknesses, opportunities (growth potential) and threats (competition). Strategic and operational business information is objectively reported.- The profile also contains information on business operations, company history, major products and services, key employees. Reasons To Buy- Quickly enhance your understanding of "Spinneys Dubai LLC"- Gain insight into the marketplace and a better understanding of internal and external factors which could impact the industry.- Increase business/sales activities by understanding your competitors' businesses better.- Recognize potential partnerships and suppliers. Key HighlightsSpinneys Dubai LLC (Spinneys) operates supermarkets and convenience stores in the UAE. The product portfolio includes groceries, fresh food and frozen products. The stores in the UAE operate under the banner, Spinneys while those in Oman operate under the banner, Al Fair. In addition to retailing, the company has presence in the distribution of consumer products, food services, liquor wholesaling, exporting and logistics. It operates 25 supermarkets an

SynopsisCanadean's "Industrial Development Company sal: Packaging - Company Profile and SWOT Report" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts,major products and services, swot analysis, business description, and company history. SummaryThis report is a crucial resource for industry executives and anyone looking to access key information about "Industrial Development Company sal" The report utilizes a wide range of primary and secondary sources, which are analyzed and presented in a consistent and easily accessible format. Canadean strictly follows a standardized research methodology to ensure high levels of data quality and these characteristics guarantee a unique report. Scope- Examines and identifies key information and issues about "Industrial Development Company sal" for business intelligence requirements.- Studies and presents the company's strengths, weaknesses, opportunities (growth potential) and threats (competition). Strategic and operational business information is objectively reported.- The profile also contains information on business operations, company history, major products and services, key employees, locations and subsidiaries. Reasons To Buy- Quickly enhance your understanding of "Industrial Development Company sal"- Gain insight into the marketplace and a better understanding of internal and external factors which could impact the industry.- Increase business/sales activities by understanding your competitors' businesses better.- Recognize potential partnerships and suppliers. Key HighlightsIndustrial Development Company s.a.l. (INDEVCO) is a manufacturer of paper, plastic and corrugated packaging products. The company offers its packaging solutions to various industries including agricultural, beverage, construction, food, industrial, paramedical and pharmaceutical, personal care, chemical and petrochemical, soap and detergent, tissue and hygie

Product SynopsisThe Future of the Haircare Market in Egypt to 2017 is the result of Canadean's extensive market research. The report presents detailed analysis on the Haircare consumption trends in Egypt, historic and forecast Haircare consumption volumes and values at market and category level, brand share and distribution channel data. This report brings together Canadean Intelligence's research, modeling and analysis expertise in order to develop uniquely detailed market data. This allows domestic and foreign companies to identify the market dynamics to account for Haircare sales overall and to know which categories and segments are showing growth in the coming years. Introduction and LandscapeWhy was the report written?- This report provides authoritative and granular data on the Haircare market in Egypt and, in doing so fills the gaps in marketers' understanding of trends and the components of change behind them. - Based upon extensive primary and secondary research to provide comprehensive and granular data, this report allows marketers to confidently update their strategic and tactical plans. - Marketers need data on volume and value changes, brand dynamics and distribution trends in order to effectively plan strategies. What are the key drivers behind recent market changes?This report examines the components of change in the market by looking at historic and future growth patterns, including the effects of consumers' behavior on total volumes, values, brands selected and types of product chosen. What makes this report unique and essential to read?The report provides the latest, detailed data on dynamics in Egypt Haircare market, providing marketers with the essential data to understand their own, and their competitors' position in the market and the information to accurately identify where to compete in the future. Key Features and BenefitsDetailed category coverage is provided, covering three product segments that include:  Conditioner, Hair Colo

The Middle East is one of the most water-scarce regions in the world. The region’s challenge is twofold. On one hand, natural water resources are close to zero, and on the other, water consumption rates in the GCC region are one of the highest in the world.   Freshwater resources available in the region are lower than 1% of the total available global freshwater. However, the region is home to almost 6% of the world’s population. Furthermore, its population growth is one of the highest in the world.   Click here to read Abstract  

Among the GCC economies, Saudi Arabia can be addressed as the most aggressive nation with respect to investments in the Power sector. Reasons are multifold. Kingdom of Saudi Arabia struggles to keep pace with the increasing demand for electricity. Factors, which drive the rapid growth in demand of energy, in the Kingdom, are the population growth and high level of urbanization. According to IMF estimates, Saudi population is expected to increase from the current xx million to reach xx million by 2015 and xx million by 2020. Urban conglomerates contribute around xx% of the total population in the Kingdom which is growing at xx% annually. With this powered growth, total power generation of the country will have to be kept in an annual growth rate of xx%. GDP growth of Saudi Arabia is estimated at xx% in 2012. High economic development and activities have accelerated the consumption rate of energy in the Kingdom.   Click here to read Abstract  

Qatar won the honors for hosting one of the biggest sporting events in the world on Dec 2nd, 2010, when the country won the bid against five countries (US, Japan, Australia and South Korea) to host 2022 edition of FIFA World Cup. Qatar will hog the limelight during the event and would represent an Arab world that stands for well-developed, modern, diversified, capable and futuristic group. Qatar has hosted FIFA Under-20 World Cup in 1995, Asian Games in 2006, and Gulf Cup of Nations in 1992 and 2004 where it eventually won the cup too. Apart from these, it has hosted several other regional and International sporting events and would like the opportunity to showcase its prowess to host large scale international events. Click here to read Abstract

- FX reserves at the CBJ continue their upward trend for 4th consecutive month in March.- Inflation falls to 6% in April, down from 7.6% in March on lower energy costs.- Exports to Iraq continued to improve in March bringing the total YoY increase in Q1 to 50%.- Yield on Jordan’s 1-year treasuries falls to lowest level since May 2012.- S&P cuts Jordan's sovereign credit rating to BB- from BB.

Includes 3 FREE Quarterly Updates.BMI View: Mobile subscriber numbers continue to post strong growth in Iran, with the country's young population increasingly adopting mobile technology. But accurate data about the size and scope of Iran's telecommunications data is limited - only MTN reports subscriber numbers on a regular basis, and with sanctions weighing heavily on the economy there are few incentives to invest. The government holds a tight control on the market, and as such, network development lacks investment. That said, there is considerable potential for growth, if sanctions are lifted, in both mobile and wireline technology.Key data - MTN revealed that it had 40.502mn subscribers at the end of Q412. - MTN ARPU fell to US$3.9 in the fourth quarter of 2012. - Besides MTN, there has been no new data released by the ITU or other operators, and therefore new data in our Q313 report are based on BMI estimations. - Mobile subscriber numbers saw the pace of growth decline in H213 - averaging 1.65% per quarter in Q312 and Q412 - compared to average q-o-q growth of 3.7% in H112.Risk/Reward Ratings Iran plummeted to the bottom of our regional Risk/Reward Ratings this quarter, with a decline in its Industry Rewards and Country Risks score taking it to 15th out of 15 markets. In terms of Industry Risks, the data market is held back by exclusivity granted to Tamin Telecom for 3G network usage. In terms of Country Risks, continued sanctions are affecting the economy.Key Trends And Developments In February 2013, the government granted Tamin Telecom exclusive rights to 3G network services until 2014, extending the current agreement for one year. We believe this decision will hold back investment in the data market. South Africa's MTN Group announced in February 2013 that it had been cleared of accusations that it bribed Iranian officials in a bid to gain a mobile licence for operations in the country. In April 2013, Iran's government

Includes 3 FREE Quarterly Updates.Oman continues to develop itself into a regional powerhouse for the shipping and transhipment of dry bulk goods such as iron ore. To this end a new port is being constructed at Duqm and new cargo terminals at Salalah and Sohar. The new Duqm port will also boast a new oil refinery. Further port developments include the announcement that all cargo operations are to be moved from the Muscat port of Sultan Qaboos to Sohar by 2013. All of this is aided by Oman's position on the Arabian Sea, outside the Persian Gulf, enabling it to offer shorter shipping lines than ports within the congested body of water. On the macroeconomic side growth in the Omani ports sector will be supported by an expanding GDP and rising private consumption. Headline Industry Data - 2013 container throughput at Salalah forecast to reach 4.00mn twenty-foot equivalent units (TEUs) on growth of 8.2%, and to average 7.0% growth to 2017. - 2013 total tonnage throughput at Sohar forecast to reach 59.31mn tonnes, an expansion of 35.0% as commercial operations are transferred from the Port of Sultan Qaboos at Muscat. - 2013 Oman total trade real forecast at 4.3%, and to average 1.7% per annum to 2017. Key Industry Trends Oman Backs Port Of Salalah Importance: The development of the port of Salalah in Oman has been identified as a key element in the growth prospects of Oman's wider economy. The Omani authorities have identified the importance of the port's development as a means to strengthen the nation's logistics infrastructure, helping boost the nation's emerging reputation as a key hub in global trade. Port of Duqm To Offer Bunkering Services: The Port of Duqm has confirmed that it plans to begin offering bunkering services by the close of 2013. The provision of bunkering services has been identified by the port authority as an integral part of its effort to carve out a reputation for the port as a world-class maritime gateway. Port Of Salalah Un

Lebanon's B1 government bond rating reflects the country's very high debt burden, continued high fiscal and external deficits, a challenging political environment, and slower economic growth that will make debt consolidation more difficult. After four consecutive years of high GDP growth between 2007 and 2010, growth prospects have slowed to just 1%-2% annually, which is below the growth rate among rating peers.

Moody's assigns a standalone bank financial strength rating (BFSR) of C to Al Rajhi Bank (ARB), which maps to a baseline credit assessment (BCA) of a3. The a3 standalone credit assessment reflects ARB's (i) robust commercial franchise as the largest Islamic bank globally, (ii) leading market position in Saudi retail banking and (iii) robust financial fundamentals, in particular its high profitability and capital metrics. However the bank is facing increased competition in the Islamic banking sector and the bank's overseas expansion and aggressive lending growth over the past five years could weigh on asset quality indicators in future.

Limassol, May 15, 2013 -- Moody's Investors Service has today changed to negative from stable the outlook on the long-term local-currency Ba3 deposit ratings of the three largest Lebanese banks: Bank Audi SAL, Blom Bank SAL and Byblos Bank SAL. Concurrently, Moody's has changed to negative from stable the outlook on the three banks' B1 long-term foreign-currency deposit ratings, and their long-term national scale ratings (NSRs) of Aa1.lb for Bank Audi and Blom Bank and Aa2.lb for Byblos Bank.

Limassol, May 15, 2013 -- Moody's Investors Service has today confirmed Dubai Islamic Bank's ('DIB') long-term issuer rating of Baa1 and bank financial strength rating (BFSR) of D-, mapping to a standalone credit assessment of ba3. The long-term rating of DIB's sukuk programme, issued through DIB Sukuk Limited, was also confirmed at (P) Baa1. All long-term ratings now carry a stable outlook. The short-term rating was also confirmed at Prime-2.

Synopsis The report provides market analysis, information and insights into Lebanon’s cards and payments market, including:- Current and forecast values for each category of Lebanon’s cards and payments industry including debit cards, credit cards, prepaid cards and charge cards- Comprehensive analysis of the industry’s market attractiveness and future growth areas- Analysis of various market drivers and regulations governing Lebanon’s cards and payments industry- Detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by various bankers and other institutions in the market- Comprehensive analysis of consumer attitudes and their buying preferences for cards- Competitive landscape of Lebanon’s cards and payments industry Summary After the debit and credit card categories, prepaid cards is the most popular card payment category in Lebanon. Indeed, in 2012, the category held the third-largest industry share of 8.0%. The total number of prepaid cards in circulation increased significantly during the review period, from 107,007 in 2008 to 157,522 in 2012, at a CAGR of 10.15%. Over the forecast period (2012?2017), this category is expected to post a CAGR of 15.43%, rising from 177,714 cards in 2013 to 315,449 in 2017. Demand is increasing due to the diversity of payment functions for prepaid cards. Both credit and charge cards are major revenue sources for financial institutions. Annual fees, interest on cash advances and value added services all contribute to the generation of profit. The categories held respective industry shares of 23.5% and 7.6% in 2012. Relatively low penetration rates are encouraging the entry of new operators and in 2011, CSC Bank (CSC) established an agreement with JCB International (JCBI) to issue JCB cards in Lebanon. Increasing levels of competition are expected to lower interest rates on credit limits and consequently encourage consumers to use more cards.

Synopsis The report provides market analysis, information and insights into Egypt’s cards and payments market, including:- Current and forecast values for each category of Egypt’s cards and payments industry including debit cards, credit cards, prepaid cards and charge cards- Comprehensive analysis of the industry’s market attractiveness and future growth areas- Analysis of various market drivers and regulations governing Egypt’s cards and payments industry- Detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by various bankers and other institutions in the market- Comprehensive analysis of consumer attitudes and their buying preferences for cards- Competitive landscape of Egypt’s cards and payments industry Summary Egypt’s card industry witnessed strong growth during the review period (2008–2012). In volume terms, the overall industry recorded an impressive CAGR of 14.07%, rising from 9.1 million cards in 2008 to 15.4 million in 2012. The industry is forecast to grow at a CAGR of 6.48% over the forecast period (2013–2017), from 16.5 million cards in 2013 to 21.3 million in 2017. The prepaid cards category recorded the highest growth rate of all card categories with a CAGR of 37.55% during the review period, growing from 385,500 cards in 2008 to 1.3 million in 2012. This category is expected to register a strong CAGR of 19.16% over the forecast period, rising from 1.6 million cards in 2013 to 3.2 million in 2017. In 2012, the debit card category held the highest market share of 79.3% in terms of number of cards in circulation, followed by the credit card category with a market share of 12.3%. The prepaid cards category held the lowest market share of 8.3% in 2012. Scope - This report provides a comprehensive analysis of Egypt’s cards and payments industry- It provides current values for Egypt’s cards and payments industry for 2012 and forecast figures for 2017-&nb

The Lebanese economy started the year 2013 with an activity similar to the one observed since the onset of the Arab Spring which had undoubtedly adverse spillover effects on Lebanon in the realms of investment, tourism and foreign trade. But within the context of some mitigating factors as well, the Lebanese economy didn’t fall into a recessionary trap, with economic growth slowing down but remaining positive on the overall.

A material error that subdues FV estimates of listed firms In standard DCF models, analysts discount two sets of free cash flow (FCF) to estimate the present fair equity value of a firm, namely 1) explicit forecasting horizon FCF and 2) terminal FCF. Terminal FCF is typically estimated using the constant growth FCF discount model, in which the analyst assumes that FCF will grow at a terminal constant growth rate (g) and discount these FCFs using terminal WACC or cost of equity (COE). While the methodology is correct, we noted that most analysts/fund managers set terminal WACC/COE independently from g and in most cases the spread between WACC/COE and g is a large positive number. These are two major errors in valuation and are neither justified by theory nor by historic evidence.

GB Auto (AUTO) posted a 1Q13 net income of EGP47.3m vs. a profit of EGP18.2m in 1Q12 and declining QoQ by 37.7%. The bottom-line is more or less in line with our estimate of EGP43.6m and is 14% higher than consensus expectations. The YoY growth is attributed to a low comparable base, given last year’s political and economic conditions, along with logistical issues faced. The QoQ dip is due to seasonality factors (with 1Q usually being a slow quarter) and with continued uncertainty in the political and economic spectrum.

This is the fourth annual report in Invesco’s series of Middle East Asset Management Studies. It explores the differences between Sovereign Wealth Fund (SWF) profiles, as identified in the model originally developed in 2011. Invesco has sought to compare and contrast investment and development SWFs, examining investment preferences and asset allocations. Continuing the focus in the institutional space, Invesco discuss the emergence of the GCC state pension fund market, a vital segment for the asset management industry.

Al Hassan Shaker (Shaker) posted impressive results in Q1 2013, exceeding our expectations on all profit lines. The solid performance was attributable to the LG segment, which achieved higher sales volume and better profit margins. We believe Shaker will continue to benefit from the boom in the construction and housing sectors in Saudi Arabia. Thus, we have raised our target price to SAR92.7 per share, and maintain our Overweight rating on the stock.

The rating actions reflect (1) continued asset quality pressures (2) an increasing reliance on volatile investment income and (3) the current organisational complexity and overall risk profile inconsistent with global peers. Today's rating action concludes the review for downgrade initiated for Kuwait Finance House on 7 November 2012.

The Sukuk market has seen a dramatic rise, fall and rise again over the past decade. From its humble beginnings in 1990 with the first ringgit sukuk issuance by Shell for $33 million (125 million ringgit), it has grown to become a market worth $110 billion in annual issuances. This is, of course, marginal relative to conventional fixed income markets, which saw approximately $2.12 trillion worth of Eurobonds alone in 2011. While the sukuk market has come some way, the road to even matching the magnitude of conventional issuances is a long one.

A report issued by KFH-Research mentioned that the total value of Sukuk for the week that ended on May 12th 2013 reached USD 3.1 billion. Sovereign Sukuk and Ringitt continue to be on top. Dana Gas Company issued Sukuk worth USD 950 million, while Al-Baraka Bank in Turkey issued Sukuk worth USD 200 million.

The first quarter report of the Corporation shows that the New Insurance Commitments during the first quarter of 1434H was USD 645 million, registering an increase of 6% as compared to the first quarter of last year. The current commitments of first quarter of 1434H stand at USD 3.1 billion, compared to USD 2.344 billion at the end of the first quarter of last year, indicating an increase of 32% and an achievement of 97% of the year’s target. This increase is attributed to the increase of DCIP business in new markets. Overall, the new commitments under DCIP gained a 79% increase compared to same period last year.

Omantel continues to exhibit growth in midst of increasing competition & pricing pressure. Capital investment plans well supported by strong FCF & low debt position on the balance sheet. Remains a defensive play with high dividend yield of c7% (2013e). We reiterate our Hold rating with a target price of RO 1.39 for the stock & recommend accumulation at lower levels.

Includes 3 FREE Quarterly Updates.We expect the UAE's defence spending to increase by a very significant 13.6% annually to AED157.9bn in 2017; this will reflect an increase of a total of 88.8% over our five-year forecast period. It will take defence spending per capita to AED18,209. Notably, at a time when defence budgets in developed states are under pressure from fiscal constraints, we expect the share of national gross domestic product (GDP) accounted by the UAE's defence sector to continue climbing. It has risen from 5.1% in 2008, to stand at 6.0% in 2012. This is forecast to rise to 7.3% by the end of our 2017 forecast period. The push to establish itself as a key regional defence hub and the ongoing modernisation of defence equipment, as the country seeks to enhance its technological capabilities, will be major drivers of defence expenditure growth. However, the country's ability to support this growth will be predicated on greater state investment and this will be informed by a robust economic growth outlook over our forecast period; we are forecasting average annual real GDP growth of 3.7% to 2017. BMI's UAE Defence & Security Report examines the country's strategic position in the Middle East and the wider world. It provides an overview of the contemporary geopolitical challenges facing the country, and the challenges it may face in the future, especially in the context of tensions with Iran and of the Arab Spring. In addition, the report examines the trends occurring in the country's current and future defence procurement, and the order of battle across its armed forces. The general conclusion is that the UAE will continue to invest heavily in defence procurement, spending more than all the other countries in the Gulf Cooperation Council with the exception of Saudi Arabia and so giving itself a capability edge over many of its neighbours in spite of the relatively modest size of its armed forces. In particular, the UAE and its Gulf Cooperatio

Includes 3 FREE Quarterly Updates.The UAE is expected to continue to see strong growth in 2013, across all of its freight modes. The country is rapidly developing one of the world's top logistics markets through investments in ports, airports, rail and free trade zones. These are utilised by the country's air freight and logistics companies, which are becoming a familiar presence throughout the world, serving the globe from their UAE hubs.Headline Industry Data - 2013 Jebel Ali and Port Rashid total tonnage throughput growth forecast at 5.7% and to average 4.8% per annum to 2017. - 2013 air freight tonnes through Dubai airport forecast to grow by 8.8% and to average 6.5% to 2017. - The UAE's total trade real growth in 2013 forecast to be 7.0% and to average 5.7% over the medium term to 2017.Key Industry Trends Record Quarter For Etihad Cargo: Etihad Cargo, the freight-carrying wing of UAE-based airline Etihad Airways, has released another record quarterly performance report for Q113, following its strongest annual results yet in 2012. The company continues to outperform the global industry, in common with the other Gulf airlines, and BMI believes that this growth will continue over the course of the year, as the company continues to increase both its carrying capacity and the routes on which it operates.GCC Rail Network Offers Opportunities For Aramex: BMI believes that the new rail network being developed in the UAE, and in the wider GCC, will offer considerable benefits to the emirates once it becomes operational in 2017, not only for the mining and petrochemicals industries, but also for freight and logistics companies working in the region. Major companies are already signing up to use the railway once it is completed, and we project that it will see rapid growth in logistics volumes when it begins operations.ADPC, Agility Sign MoU To Reduce Freight Rates: Abu Dhabi Ports Company (ADPC) and Kuwait's logistics company Agility have signed a memo

Includes 3 FREE Quarterly Updates.BMI View: Algerian authorities appear committed to healthcare development programme, the 2010-2014 tranche of which envisages the construction of more than 150 new hospitals and numerous other facilities. This expansion of medical services will provide an impetus for pharmaceutical consumption growth, which should also benefit from an expansion of private healthcare that is of increasing appeal to the country’s growing middle class. However, we caution that cost-containment pressures are likely to prioritise generic and locally and regionally imported medicines over novel drugs. Headline Expenditure Projections: - Pharmaceuticals: DZD246.75bn (US$3.17bn) in 2012 to DZD272.62bn (US$3.63bn) in 2013; +10.5% in local currency and +14.6% in US dollar terms. Forecast slightly up from Q213 on account of new historical data. - Healthcare: DZD680.12bn (US$8.74bn) in 2012 to DZD732.41bn (US$9.77bn) in 2013; +7.7%  in local currency and +11.7% in US dollar terms. Forecast slightly down in relation to Q213, on account of lower historical figures and less favourable macroeconomic factors. Risk/Reward Rating: Having been ranked 14th in Q213, Algeria now occupies a much improved ninth position out of the 30 countries surveyed in the Middle East and Africa (MEA) region. The new Risk and Reward assessment tool is more transparent and more sensitive in regards to potential rewards. Algeria's score for its Industry Rewards variable is now slightly higher than previously, indicating the country’s favourable longer-term standing in terms of its pharmaceutical market development. Key Trends And Developments: - According to Algeria Press Service (APS) reports from April 2013, hypertension currently effects as many as 49% of those aged 60 and over. Forecasts compiled by the Ministry of Health, Population and Hospital Reform in collaboration with the World Health Organization (WHO) show that, by 2015, some 1.6mn people aged 60 and

Includes 3 FREE Quarterly Updates.BMI View: Bahrain's consumer electronics market is limited by the small size of the population, which means that devices are mostly distributed via regional hubs. Despite its small size there are considerable opportunities in Bahrain due to high incomes in the country and the propensity of the local population to spend on consumer electronics equipment. In 2012 the market received an additional boost from increases in public sector salaries. This was a government response to public unrest, which we expect to benefit the market in 2013. Smartphones and tablets are the fastest-growing device categories in the market, although big-ticket items such as LED and 3G TV sets will also provide strong impetus to the market's expected expansion. While there are many positive features to Bahrain's market, it should be noted that civil unrest and the political outlook remain downside risks to our outlook. Headline Expenditure Projections Computer Sales: The market will increase from US$221mn in 2012 to US$251mn in 2013. Over our forecast period to 2017 we expect that tablets and notebook hybrids will dominate the consumer market, while demand from SMEs will also support growth. AV Sales: The largest sector of the consumer electronics market will be driven by demand for flat-screen TV sets, taking the value of the overall market to US$446mn by 2017 from US$349mn in 2012. The launch of next-generation games consoles in Q4 2013 could result in a small boost to sales. Handset Sales: We predict a rise from US$97mn in 2012 to US$86mn in 2013. The smartphone market is the fastest-developing segment of Bahrain's consumer electronics market, with vendors such as Samsung and Nokia vying for supremacy while global challengers such as Apple and Huawei maintain a strong presence. Key Trends And Developments The mobile handset market is booming and attracting the attention of a range of vendors. Since 2011 Nokia has lost its position of dominance, whic

Includes 3 FREE Quarterly Updates.Political uncertainty will continue to affect the Egyptian economy in 2013 as the country continues upon its rocky transitional period towards democracy. This uncertainty will, in turn, continue to affect the shipping sector as a worsening economic position will impact on the country's imports through the ports. Further, Egypt is struggling to maintain foreign reserves as foreign investment has dried up since the ouster of President Mubarak as investors wait to see what the future holds. In light of this, a Qatari plan to invest in a new industrial and ports complex near the Suez Canal will come as a relief to the sector. The presence of the waterway in Egyptian territory provides an important source of income in fees and associated businesses to the Egyptian economy; those ports expected to see strongest growth in 2013 are those located near to the canal, such as East Port Said. Headline Industry Data - 2013 total tonnage throughput at El Dekheila is forecast to grow by 3.4% to 25.22mn tonnes, and to average 4.4% per annum to 2017. - 2013 East Port Said container throughput growth forecast at 8.6% to reach 3.69mn twenty-foot equivalent units (TEUs), and to average 9.1% to 2017. - 2013 Egyptian trade forecast to contract by 0.2%, and to average growth of 5.5% over the medium term. Key Industry Trends Shippers Condemn Suez Canal Hike: In March The Asian Shipowners' Forum (ASF) criticised a planned hike in Suez Canal tolls, to come in to effect from May 1 2013. The ASF has made a submission to the Suez Canal Authority (SCA) asking it reconsider the toll increase, which the SCA has said will be in the range of 3-5%, depending on the type of ship. Unrest Brings Downside Risk To East Port Said Forecast: BMI's 2013 throughput growth forecast for the Egyptian port of East Port Said, the largest container-handling facility in the country, is jeopardised by the political unrest in the country. Operations At Sokhna

Includes 3 FREE Quarterly Updates.The Qatar Real Estate Report examines the commercial office, retail, industrial and construction segments throughout the country in the context of a robust economy and an optimistic outlook for the construction industry, which support the expansion potential of the commercial real estate market. With a focus on the principal cities of Doha, Al-Khor and Al-Wakra, the report covers rental market performance in terms of rates and yields over the past 24 months and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the government fed construction boom on a market which is moving its way up the regional ranks. The 2022 World Cup presents an obvious bonanza for the sector, although it stands to reason that much growth will be organic Qatari demand, as flows of retail-minded tourists are more likely to be directed to the UAE (primarily Dubai). Despite our in-country sources having limited information on vacancy rates, it is clear that the current effect of hosting the 2022 World Cup is an increase in demand and an improving construction pipeline. In spite of seeming overwhelming optimism for the market, it is not without its hurdles. In particular, the market dynamics of the office sector have the potential for oversupply to become a dominant trend as with other states in the region. In addition, Qatari dependence upon the hydrocarbons sector has the potential to result in an uninspiring industrial real estate sector without diversification.