GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,945 -0.59
Med Cap4,006 -0.97
Small Cap5,141 -0.81
Micro Cap8,473 -1.26

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Ticker Price Volume
QNBK 165.1 81,246
BKMB 0.47 2,120
EEC 20.5 668,029
SABIC 93.75 4,032,395
RIBL 10.7 798,378
ALMARAI 69.25 148,436
AUB 0.66 600,000

UAE Cement Sector

Source: Global Investment House

• Manufacturers focusing on cost control measures
With external factors such as cement demand outlook being very bleak majority of the cement players in the region are looking at internal measures to prop up their business and survive. Cement manufacturers in UAE are firing multiple kilns to control their energy costs.

• UAE cement capacity to increase by 19% by 2011
UAE current cement capacity at 34mtpa (20mtpa of listed cement manufacturers and remaining of the unlisted cement companies) is expected to increase to 40.6mtpa (24.5mtpa of the listed and 16.1mtpa of the unlisted companies) by 2011. Such a growth in capacity would give rise to multiple problem provided economic revival comes up with the continuation of the big ticket projects.

• Realization prices to decline
Average realization prices as of 9M-2009 have declined on an average of 6% in GCC when compared to 2008. Countries with relatively stable prices are Saudi Arabia and Oman while the rest have witnessed a major fall. In UAE, cement manufacturers witnessed a fall of 7.4% during 9M-2009, which we expect to go down further by 4% in the last quarter, ending the year with a drop of 11.4% during 2009.

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