GulfBase GCC Cap Indices
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
QNBK 135.9 109,396
SABIC 98.06 2,513,945
DSI 0.39 45,711,538
AMLAK 1.09 12,534,009
AIRARABIA 1.12 4,055,524
EEC 18.03 354,774

Saudi Equity Strategy

Source: Al Rajhi Bank

Saudi Economy: on the road to recovery
The Saudi economy, while feeling the pressures of the global recession, is moving steadily on the road to recovery. The government has concentrated its efforts on stabilizing the economy and optimizing resources. This is evident by its 2010 budget which has a planned expenditure of nearly SAR540bn and expected revenues of SAR470bn. We expect the government’s efforts, coupled with the recent firming of oil prices, to provide a boost to the economy, improve the Saudi business environment, and lead to continued long term growth.

Saudi market still looks attractive: we recommend ten key stocks
The TASI, which fell much less than other GCC indices in 2009, has still not recovered to its 2008 highs. The slow recovery has provided an opportunity for value investing. Consequently, many fundamentally good stocks in the TASI are still available at lower valuations. We believe many Saudi companies look attractive when compared to their regional counterparts. In this report we recommend ten key stocks on the basis of strong fundamental parameters such has high revenue growth, high margins and low gearing ratios.

Minimal impact of Dubai crisis
World stock markets tumbled in late November when the news over the debt problems at Dubai World, a government investment company, dented the sentiments of the investors. Dubai World, which is thought to have debts totaling around $60bn, has asked creditors if it can postpone the payments until May. Shares of leading property developers and financial companies in the UAE went into freefall, dropping more than 8% four days after the announcement was made. The financial turmoil in the Gulf was compounded when the Dubai government said that it would not guarantee debts of the troubled company. Concern, however, receded in December when the government of Abu Dhabi offered substantial financial support to Dubai.

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