Marmore Articles

According to Marmore’s Qatar residential real estate report, the developmental activities in the country are expected to lead to huge influx of expatriates in the coming years, which along with the youthful demographics will lead to increase in demand for...

Acording to Marmore’s Kuwait economic themes report, Kuwait continues to be extremely reliant on oil for revenues. On an average, hydrocarbon revenues accounted for c.80% of overall revenues in the past five year period (2009-2014). While part of the oil...

With the second lowest fiscal breakeven oil price (USD 57.8 per barrel) and the presence of ample fiscal reserves and buffer (172 per cent of GDP), Qatar is expected to withstand the current environment of low oil prices better than...

According to Marmore’s UAE economic themes report, Hydrocarbon sector is expected to contribute positively to real growth in 2016 as the phased increase in oil production happens. UAE had earlier set a target to raise its production capacity by 30%...

Energy Prices Reform The government of KSA over the past few decades used perks such as lower energy prices, food & water subsidies and absence of taxes for individuals and domestic corporations to distribute the oil wealth to its citizens....

Price-to-earnings multiple for Qatar has fallen by 25% and currently stands at 11.1x. Qatar market is relatively undervalued when compared to the markets of Saudi Arabia and Kuwait. Investor interest in the market waned post 2014 owing to poor international...

Instead of analyzing the index we are going to  analyze performance on a stock level and measure the divergence from the recorded all-time highs (ATH) of the respective stocks since fundamentally sound stocks (good top and bottom line growth, sound...

Valuation: Positive  Price-to-earnings multiple for UAE fell by 13% in 2015 and currently stands at 10.4x. The fall has been the most in Dubai index, wherein, the P/E multiple contracted by 25% from 12.4x at the start of year to...

Majority of the sectors underperformed during 2015, with Media & Publication, Transport, Energy and Utilities and Real Estate being the exceptions. According to Marmore’s KSA stock market outlook 2016, Saudi construction and cement were the worst hit sectors as they...

  For the year 2015, Egypt declined 24%, due to faltering reforms and forex shortage, while Tadawul’s TASI index declined 17%. All MENA indices ended in red for the year 2015, with most witnessing double digit declines. Oil price fall,...