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December 30, 2015
الأسهم الخليجية الخاصة – لا تزال في بدايتها
In the GCC, private equity is still at a nascent stage, but had witnessed significant growth between 2002 and 2008. But the onset of global financial crisis stalled growth of the industry. Fundraising had become anemic, despite the sizeable amount of dry powder accumulated over the boom years, and deals had stalled as acquisition finance became expensive and difficult to obtain. Most PE funds in the GCC region have broad sector focus with investments ranging from healthcare to ICT,...
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November 30, 2015
العقارات السكنية للمملكة العربية السعودية – مراجعة المعاملات (الربع الثالث 2015)
During the past decade, Saudi Arabia has witnessed rapid economic development, attributable to elevated oil production and prices, vigorous private sector activity and strong government spending on infrastructure, health, and education. The nominal GDP of KSA grew from USD 754.6bn in 2013 to USD 761.9bn in 2014, and is projected to reach USD 791.6bn in 2016. High population growth coupled with rise in per capita income has fuelled the demand for residential units in the Kingdom, especially in Riyadh and...
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November 26, 2015
إعمار العقارية
Emaar properties PJSC was established in 1997 and has been listed as a Joint stock company on the Dubai Financial market. Emaar has helped in creating large scale master-planned communities as well as establishing competencies in the Hospitality & Leisure, Shopping Malls and Retail segment across the GCC region as well as in International markets. According to Marmore’s report on Emaar Properties, Emaar Properties has been behind the development of some Dubai’s iconic structure such as Downtown Dubai, Arabian ranches,...
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November 22, 2015
صناعة إدارة الأصول في الإمارات العربية المتحدة – لمحة عامة
According to Marmore’s UAE Asset Management report, the UAE asset management industry manages USD 1,264.8mn in assets in about 31 funds as of 21st July, 2015. In terms of products, equity funds lead the pack with 69% share, followed by specialized funds at 20%. Remainder of the assets is spread across money market and fixed income funds. Of the total assets, Islamic funds manage USD 435mn (34.4%) in assets and rest is conventional funds. In terms of the number of funds,...
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November 12, 2015
سابك – انخفاض أسعار النفط تضغط على الخط العلوي
SABIC was established in 1976 by Royal decree, and is currently ranked amongst the world’s largest petrochemicals manufacturer. According to Marmore’s company report on SABIC, the petrochemical segment contributed over 86% to SABIC’s revenue in 2014. The next big segment in terms of revenue is the minerals/metals segment, generating over 5% of the revenue. From 2010-14, the revenue from all the four business segments has grown at CAGR of 6%. Revenue – Remain flat post stellar numbers in 2011 The...
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October 28, 2015
الخدمات المصرفية القطرية – مصارف ذات ميزة أكبر
Qatar banking sector overall accounts for 126% of the country’s nominal GDP in 2014 and banks’ credit to GDP stood at 87%. According to Marmore’s report on Qatar banking, the post-crisis growth in loans, deposits, assets and revenues (2009-2014) has been significantly lower than pre-crisis growth (2003-2008), but the overall size of the sector has increased. Qatar banks witnessed a credit growth of 15.5% in 2014, Loan Loss Provisions (LLPs) decreased by 7% with total provisions amounting to USD 0.65bn...
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September 28, 2015
قانون الرهن العقاري السعودي: التأثير المتوقع مقابل الواقع الحالي
Until the issuance of the Mortgage Law (prior to 2012), the finance sector regulations in Saudi Arabia, in particular the home finance segment was underdeveloped. The lenders were hesitant to provide financing due to ambiguous regulations and challenges associated with enforcing their rights. These risks added to the costs of financing making it expensive for the borrowers. The traditional practice followed by the Saudi banks was to offer home buying loans primarily secured by banks’ automatic deduction of loan repayments...
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July 23, 2015
Solar Energy in the GCC
According to a Ifri-Markaz report published in 2012 called ‘Powering Kuwait into the 21st Century: Alternatives for Power Generation’, it was pointed out that the GCC region is facing gas shortages and Kuwait ranks independency of supply among its policy priorities, renewable, and in particular solar have their own place in the power mix. The paper also called for further fleshing out the renewable energies target in Kuwait with more specifics. Moreover, the concept was highlighted that the gradual introduction...
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July 21, 2015
Innovation using offsets
Offsets, in defense and civil trade, are essentially compensations that a procuring government or buyer seeks from the seller for the purchase of goods and/or services. A practice that originated in the 1950s, offsets have grown in stature over the years and is now evident in about 120 countries around the world, from a mere 20 from approximately 25 years ago. According to Marmore’s report on GCC Offsets, there are broadly two classes of offset programmes, i.e., Direct Offsets (DOs)...
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July 12, 2015
Foreign Ownership Laws in the GCC
With economic diversification and industrial growth becoming a key part of the reforms agenda in the GCC, there is much attention being focused on the foreign ownership regime across the bloc. This note will delve into the foreign ownership laws in the GCC, starting with Kuwait. Kuwait: In 2013, the Kuwaiti authorities issued the new Foreign Direct Investment Law (“FDI Law”) with respect to the promotion of direct investment in Kuwait. According to the new FDI Law, investments into Kuwait...