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Qatar & KSA are the safest bets
Despite the uncertainties, our estimates allow us to look at Qatar & KSA favorably, which is confirmed through a qualitative assessment – the absence of any adverse news and the presence of a well-agreed upon growth story. As for UAE, while many will argue that its current trading discount to peers is understandable given the conditions on ground are murkier, we hold the view that albeit this might be true to a certain degree, the extent of the discount is just too large. This argument comes with the notion, that once uncertainties are removed, UAE has the capacity to out-pace all regional peers. While Oman may remain beyond an investor’s radar, interest may be developed in Kuwait if any positive feedback regarding the implementation of the Kuwait Development Plan is received.