MENA-1 THURSDAY MORNING ROUND-UP

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UAE
DSI wins AED80 million contract in Sharm El Sheikh Bank deposits rise 2.1% M-o-M in April 2011 Nakheel s CEO resigns after five years of service

Kuwait
NBK and Boubyan arrange KWD48 million financing for Al Khorayef Group Prime Minister Sheikh Nasser faces questioning next week KIPCO eyes acquisitions in the MENA region Agility shareholders approve dividend payout for 2010, cancel capital hike plan

Qatar
Sheikh Saud Bin Nasser Al Thani named new CEO of Qatar Telecom Doha International Airport to launch terminal for foreign airlines Al Meera inks international supply agreement with Casino Group Al Khaliji Commercial Bank to seek credit rating before bond sale Qatar Airways to complete acquisition of 35% stake in Cargolux today

Agenda
Qatar Sun 12 June >> Vodafone Qatar AGM & EGM Mon 13 June >> Zad Holding EGM

UAE News
DSI wins AED80 million contract in Sharm El Sheikh Drake & Scull International (DSI) [DSI.DU] announced yesterday that it had been awarded an AED80 million contract for a hospitality contract in Sharm El Sheikh, Egypt. The contract entails the engineering, supply, installation, and commissioning of complete main MEP works for the project, which is being developed by a regional and prominent real estate company. The project is expected to be completed in February 2012. (Company Disclosure) Drake & Scull: AED1.00, Rating: Buy, FV: AED1.27, MCap: USD594 million, DSI UH / DSI.DU Bank deposits rise 2.1% M-o-M in April 2011 UAE banks overall deposits rose 2.1% M-o-M in April 2011. Bank deposits increased to AED1.13 trillion from AED1.11 trillion in March, according to data by the Central Bank of the UAE. Lending rose 0.6% to AED1.05 trillion, leading to a loans-to-deposits ratio of 93.4% in April, down from 98.3% as at 31 December 2011. (Bloomberg) Nakheel s CEO resigns after five years of service Nakheel announced yesterday that its Chief Executive Officer (CEO), Chris O Donnell, will step down by midJune, after five years in the post. Nakheel said that O Donnell has decided to leave the company after completing

his contract terms. O Donnell will be temporarily replaced by the current Chief Financial Officer (CFO), Sanjay Manchanda, until a replacement is found. (Zawya Dow Jones)

Kuwait News
NBK and Boubyan arrange KWD48 million financing for Al Khorayef Group National Bank of Kuwait (NBK) [NBK.KW] said on 8 June 2011 that it led, along with Boubyan Bank (BOUK.KW), a consortium of five regional and Kuwaiti banks to arrange a KWD48 million syndicated loan for Al Khrayef Group. The proceeds from the facility, which is comprised of equal Islamic and conventional tranches, will be used to finance the New Gathering Centre 16 in West Kuwait, NBK said in an emailed statement. The final maturity date of the syndicated loan is December 2017. (Zawya Dow Jones) National Bank of Kuwait: KWD1.18, Rating: Buy, FV: KWD1.30, MCap: USD14,295 million, NBK KK / NBK.KW Prime Minister Sheikh Nasser faces questioning next week Prime Minister Sheikh Nasser Al-Mohammad Al-Sabah will face the questioning motion filed by three MPs during a private session on 14 June 2011, according to parliamentary insiders. On another note, the parliament s legislative committee is set to meet on 9 June 2011 with Deputy Prime Minister Sheikh Ahmad Al-Fahad AlSabah and will continue working over the weekend on its report regarding the constitutionality of his questioning so that the issue can also be debated on 14 June 2011, according to other sources. (Kuwait Times) KIPCO eyes acquisitions in the MENA region Kuwait Projects Co. (KIPCO) [KPRO.KW] is eyeing acquisitions in the Middle East and North Africa (MENA) region, Chief Financial Officer (CFO) Pinak Maitra said. We re always looking at acquisitions, if the price is right, we d do something, Maitra said in an interview on 8 June 2011. (Bloomberg) Agility shareholders approve dividend payout for 2010, cancel capital hike plan Agility (AGLT.KW) shareholders approved a cash dividend payout proposal for 2010 of KWD0.04 per share. Shareholders also cancelled a previous decision made in 2008 to increase the company s capital by 25%, Agility said in a statement posted on the Kuwait bourse website. (Zawya Dow Jones)

Qatar News
Sheikh Saud Bin Nasser Al Thani named new CEO of Qatar Telecom Sheikh Saud Bin Nasser Al Thani has been appointed as the new Chief Executive Officer (CEO) of Qatar Telecom (Qtel) [QTEL.QA], replacing Nasser Marafih, who will remain as CEO of the Qtel Group, the company said in a statement. Sheikh Al Thani has previously served as director of human resources and general services and has been at Qtel for 21 years. Sheikh Al Thani will be responsible for the company s domestic operations in Qatar. Marafih, who previously held the dual-role of Group CEO and head of the telecom operator s domestic business, will remain as CEO of the Qtel Group with responsibility for driving efficiencies and growth across all the group companies, the statement explained. Waleed Al-Sayed, who has previously served as director of customer services, has been named Chief Operating Officer (COO) of Qtel Qatar. (Zawya Dow Jones) Qatar Telecom: QAR150.40, Rating: Buy, FV: QAR174.50, MCap: USD6,060 million, QTEL QD / QTEL.QA Doha International Airport to launch terminal for foreign airlines Doha International Airport (DIA) announced that it is planning to open its new Terminal B before the end of June, The Gulf Times reported. Terminal B, which will be dedicated to foreign airlines, is spread over an area of 2,000 square metres (sqm). (The Gulf Times) Al Meera inks international supply agreement with Casino Group Al Meera Consumer Goods Company (MERS.QA) announced that it has signed an international supply agreement with Casino Group, a French retail chain, that will see Al Meera exclusively selling Casino-branded products in Qatar, the company said in a statement to the Qatar Exchange. The agreement will also provide a global business structure to source Al Meera s private label products. (Qatar Exchange) Al Khaliji Commercial Bank to seek credit rating before bond sale Al Khaliji Commercial Bank (KCBK.QA) announced that it will seek a credit rating in 2011 and may issue bonds by 1Q2012, Bloomberg quoted the bank s Chief Executive Officer (CEO), Robin McCall, as saying. Al Khaliji has

recently announced that it has ended a proposed merger with International Bank of Qatar (IBQ). Now that the merger is off, we will move to obtain a rating. Then we will see when is the most suitable time to tap the market based on our own requirements, McCall explained. (Bloomberg) Qatar Airways to complete acquisition of 35% stake in Cargolux today Qatar Airways announced that it will sign today a deal to acquire a 35% stake in Cargolux Airlines International SA, Bloomberg quoted a spokeswoman for Europe s largest freight-only carrier as saying. The agreement involves the acquisition of a holding owned by the Luxembourg state. Qatar Airways will start commercial cooperation with Cargolux, the spokeswoman added. The carriers may take reciprocal bookings via code sharing and could operate flights for each other, Qatar Airways Chief Executive Officer (CEO), Akbar Al Baker, was quoted as saying. (Bloomberg)
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