Markets continue its uptrend in 2Q13

Transcription

1 GCC Real Estate 2Q13 Global Research Sector - Real Estate September Q13 Markets continue its uptrend in 2Q13 UAE and Saudi remain the most buoyant markets in 2013 Demand to remain strong particularly for high-quality properties Bahrain Bahrain s office and residential rental markets showed signs of recovery in 2Q13. However, rise in demand remained restricted to high quality properties. The office and residential markets witnessed improved demand, which is expected to translate into higher rents in the next quarter. The residential sales market turned buoyant during the quarter, with many Bahrainis purchasing property for investment purposes. Kuwait Overall traded value of real estate properties grew 36.8%QoQ and 15.9% YoY to KWD1,048.5mn in 2Q13, mainly aided by government spending and improving market sentiments. However, the market witnessed a 13.1%YoY fall in transactions, indicating a decline in demand due to rising prices of land and, thereby, properties. Oman The real estate market has continued to recover in 2Q13, primarily driven by the residential and retail segments. The segments witnessed increased demand during the quarter due to improvements in the economy and consumer confidence. The office market showed signs of stabilization, as rates remained unchanged over the last two quarters. Qatar Qatar s real estate market remained buoyant in 2Q13. The residential market continued to pick up due to an undersupply situation. Residential sales transactions also reached a multiyear high; however, sales prices remained unchanged. On the other hand, office rentals remained unchanged and we expect the trend to continue due to existing oversupply. Saudi Arabia Saudi Arabia s real estate market showed signs of growth across markets in 2Q13 after posting a mixed performance in 1Q13. Housing and hospitality segments remained upbeat, driven by strong government expenditure. However, Riyadh s office market continues to be a concern due to the oversupply situation. While the housing and hospitality segments are expected to maintain the uptrend, the office segment could come under pressure due to new stock of supply in the medium term. Faisal Hasan, CFA Head of Research fhasan@global.com.kw Tel: (965) Hettish Karmani Manager hkumar@global.com.kw Tel: (965) UAE UAE s real estate market remains on the path to recovery, with robust growth in rentals and sales prices across the markets of Dubai and Abu Dhabi. Prices increased 12%YoY in Dubai s residential rental market, while Abu Dhabi s market saw prices rise 10%YoY. In the hospitality segment, Dubai s occupancy levels increased 2 percentage points to 85% in 2Q13, while those of Abu Dhabi rose 8 percentage points to 70%. Office rentals rose up to 8%QoQ in Dubai, while Abu Dhabi saw rates stabilizing during the quarter. Strong economic fundamentals and improving market sentiments continue to drive the real estate market in the country. Global Investment House

2 BHD/sqm/pm BHD/Unit/month Global Research - GCC Bahrain Real Estate Sector Latest Developments Nama International Real Estate announced the launch of its USD300mn Bahrain Bay project in Manama. Bahrain's Municipalities and Urban Planning Affairs Ministry announced plans to implement public projects worth BHD63mn across the kingdom until The projects would comprise central and traditional markets, walkways, parks, and shopping complexes. Durrat Marina entered into a memorandum of understanding (MoU) with CIRCO for sale and marketing of villas, apartments, and retail space in the Durrat Marina project. Seef Properties announced a 3.3% YoY rise in net profit to BHD3.3mn in 1H13 from BHD3.2mn in 1H12. Market Performance Bahrain s real estate market has shown signs of stability in 2Q13 and is poised make a recovery going forward. Overall market sentiment continued to improve owing to recovering economic growth. Rents in Bahrain s office rental market stabilized in 2Q13, after witnessing a decline in the previous years. However, vacancy rates continued to vary substantially across markets. Parking facilities and access remain top priorities for tenants. As a result, the Diplomatic Area continued to suffer more compared to the Seef Area. The market has also witnessed a new trend of tenants preference for international property management, and properties with such facilities generated investor interest during 2Q13. We expect rental rates to go up in the next quarter, mainly for quality properties as we see demand picking up gradually. The residential rental market has seen improvement in demand in 2Q13, mainly in the areas of Reef and Amwaj Islands, driven by the expatriate population. Demand continues to improve in these areas due to easy access to Manama and Saudi Arabia. In contrast, demand for houses in traditionally popular locations of Saar and Budiyaa continued to weaken. Similarly, the residential sales market also witnessed an improved activity, with sales prices going up. It has been noted that demand is driven mainly by Bahrainis. We believe majority of these purchases are for investment purposes. We expect this trend to continue throughout 2013, and thus expect an uptick in sales prices. Office Market Rental Rates Residential Market Rental Rates Q10 2Q11 2Q12 2Q13-2Q10 2Q11 2Q12 2Q13 Office Rent Seef (fitted-out space) 2 Bedroom Apartment Juffair Source: CBRE Source: CBRE September

3 Office Segments Prime office monthly rent in the Seef area remained unchanged at BHD8/sqm in 2Q13. Outlook The market is expected to gain stability, aided by economic growth and political stability. Residential - Rental Monthly rents for two-bedroom apartments at Juffair stood at BHD600 per unit in 2Q13. Industrial - Rental Rentals remained unchanged in the range of BHD2 3.5/sqm. Rentals are expected to remain stable in Juffair, Reef and Amwaj Island areas, with high quality properties and rising expatriate population. Prices are expected to trend up due to current undersupply in the market. September

4 KWD/sqm Global Research - GCC Kuwait Real Estate Sector Latest Developments Kuwaiti municipal authorities recently asked investors to obtain a special permit for the partition of plots in housing districts or else they could be penalized and deprived of electricity. A joint venture led by Kuwait's Associated Construction has entered into an agreement with the National Bank of Kuwait to fund the KWD98mn Al Amiri Hospital expansion project. M A Kharafi and Sons was awarded USD930mn in damages through arbitration proceedings for the cancellation of the construction of a vacation resort in Libya. Market Performance The overall value of transactions grew 36.8%QoQ and 15.9%YoY to KWD1,048.5mn in 2Q13. The overall rise is ascribed to increased government spending and improving market sentiments. Meanwhile, the volume of transactions also rose 30.4%QoQ, but declined 13.1%YoY. This indicates that rising prices of land and, thereby, properties have pushed up the value of transactions while reducing demand. If this situation persists, the volume could fall further along with a decline in the transaction value, which remains a key cause of concern. The residential segment remained the biggest contributor (47.7%) to overall transactions by value in 2Q13, down from 51.6% in 2Q12. In 2Q13, the number of transactions in the residential segment fell 24.4%YoY, while the value of transactions increased 7.1%YoY. The investment segment remained the second-largest contributor (33.5%) to overall transactions by value, down from 41.1% in 2Q12. During the quarter, the value of transactions in the segment fell 5.4%YoY, while the volume of transactions rose 17.5%YoY. The commercial segment recovered in 2Q13, contributing 15.2% to the overall transactions by value. The value of transactions rose 141.1%YoY, while the volume of transactions increased 537.5%YoY. Average residential land prices 900 Breakdown of transactions by segement (2Q13) Commercial, 15.2% Other, 3.5% Residential, 47.7% 300 Capital Hawalli Farwaniyah Ahmadi Jahraa Investment, 33.5% Source: Industry Sources 4Q12 1Q13 Source: Ministry of Justice September

5 Segments Land Sales Average land sales price increased 18.2%QoQ to KWD699/sqm in 1Q13. Residential Rental Occupancy rates were stable at 90 95% during 1Q13. Average apartment rents increased by almost 2-7%QoQ for 2bedroom apartments Average rents for 3bedroom apartments remained nearly unchanged. Commercial Property Sales Average value per transaction for property sales declined 9%QoQ in 1Q13. Outlook Prices are expected to have increased in 2Q13; however rising prices are expected to result in low demand going forward. The market is expected to have seen an uptrend during 2Q13 which began in 1Q13; existing undersupply in the market may lead to higher prices in the coming quarter. Oversupply in the segment remains a concern and may keep prices stagnant in the coming quarter. September

6 Oman Real Estate Sector Latest Developments Oman-based Alargan Towell Investment Co. (Alargan) entered into an agreement with the Oman Arab Bank to provide housing loan services to customers for all of Alargan s projects in Oman. DSA Architects International has been awarded the contract for the design of Saraya Bandar Jissah's boutique hotel in Oman. The Wave announced the commencement of the construction of Siraj and Reehan Gardens, which comprise 143 apartments and villas. Muttawar Omani Co. launched a USD97.4mn residential project, which would be jointly developed with Global Omani Development and Investment Co. Market Performance Oman s office market continues to show signs of stabilization, as rates remained unchanged in 2Q13. However, the oversupply of mid- to low-quality properties persists. As a result, we expect rental rates for mid- to low-quality office space to trend downward in the coming months. On the other hand, demand for high quality office space remained strong, mainly led by small and fully furnished spaces (within sqm) in prime areas. The market has witnessed some recent projects targeted toward meeting the demand for high quality office space. Thus, the rates for prime quality spaces would remain stable going forward. The residential market continued to see increased demand in 2Q13, aided by improvements in economic performance and consumer sentiment in the country. The launch of various projects, such as the Phase 2 of Muscat Hills and The Wave Marsa 2, clearly reflects the rise in demand. The uptrend in volume of transactions and rental rates continued during the quarter. Moreover, cheaper mortgage options and access to Islamic finance for buying properties continue to drive growth in the segment. The retail market remained on its recovery path, primarily due to an overall improvement in the economy. Consequently, the market saw renewed interest among retailers, with the Oman Shopping Mall already set for an expansion worth USD129mn to add 100 new outlets. September

7 Segments Office - Rental Monthly office rents are expected to remain stable around OMR7 9/sqm. Residential - Rental Monthly rents for two-bedroom apartments are likely to remain around OMR /sqm. Monthly rents for four-bedroom villas are expected to remain around OMR1,000 1,600/sqm. Outlook Rental rates for high quality properties to remain stable, while those for lower grade stock are expected to decline Rental rates are anticipated to increase with a rise in consumer confidence and availability of better mortgage options. September

8 QAR/month QAR/sqm/pa Global Research - GCC Qatar Real Estate Sector Latest Developments Qatar awarded a USD86.4mn contract to UK-based Balfour Beatty for the construction of highways in the country. Ezdan Holding announced it is set to open its QAR1.5bn residential complex before the end of Century 21 Qatar announced a multi-billion riyal mixed-use project with 80,000 residential units for lowincome expats. The first phase of the project is scheduled to be operational during 3Q13. Barwa Commercial Avenue project is ready to open the first office by 3Q13. Qatar's Municipality and Urban Planning Ministry allocated 900 plots for the construction of houses for workers. Market Performance The office rental market remained unchanged in 2Q13, with rentals unchanged from 1Q13. Demand for part-floor leasing options, including separate utilities, services and parking facilities, remained buoyant. Also, demand for fitted office spaces (500 sq m) continued to be strong. Furthermore, demand for high quality properties remained on an uptrend during the quarter. However, the current oversupply situation is expected to keep rental growth muted in the next quarter. The residential rental market improved in 2Q13 after remaining stagnant in 1Q13. This was driven by an undersupply situation, mainly in Pearl Qatar and West Bay areas. Rental rates in Pearl Qatar rose 7%YoY. Similarly, demand for serviced apartments increased due to undersupply, and rise in exhibitions and conferences. Residential sales transactions reached a multi-year high during 2Q13, driven by higher purchases of freehold properties in prime areas such as Pearl Qatar. Despite a rise in transactions, sales prices remained mostly unchanged from 1Q13. Average 2 BR Apartment Rental Rates Average Office Rental Rates 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Al Sadd Najma Bin Bin Omran Mahmoud Pearl Qatar West Bay A Ring Road C Ring Road D Ring Road Old Doha Airport Road 1Q13 2Q13* Source: ASTECO & Global Research, *Estimated 1Q13 2Q13* Source: ASTECO & Global Research, *Estimated September

9 Segments Office - Rental Monthly rental rates remained flat (QAR /sqm) in 2Q13 Residential - Rental Monthly rental rates for apartments were in the range of : - 1 and 2 bedrooms QAR9,000 16,000/month - 3 bedrooms up to QAR19,000/month Residential - Sales Transaction value surged to a multi-year high Average direct sales prices increased to QAR15,000 16,000/sqm Average resale values totaled QAR12,000 15,000/sqm Outlook Rising supply of new stock is expected to counter the rise in demand, thus exerting pressure on rental growth. The current undersupply situation is likely to reverse with the supply of new stock during the year that, in turn, would restrict rental growth is expected to remain muted with incoming supply of new stock; however, some pockets, especially Pearl- Qatar, may witness marginal growth in prices with the launch of new retail properties. September

10 Saudi Arabia Real Estate Sector Latest Developments Jeddah Development and Urban Regeneration Co announced plans to build 67,000 housing units in two new residential districts to be located in the eastern and northern periphery of Jeddah. The Saudi housing ministry signed a SR1.06bn contract for the first housing project in Riyadh to build 7,000 housing units along with schools, community centers, roads, and parks. The Saudi government has budgeted almost SAR16bn for the 513 infrastructure and service projects in the Taif governorate and affiliated provinces. The Saudi government cancelled the contract to develop the USD30bn Jizan Economic City through a joint venture between Saudi Binladin Group and Malaysia-based MMC Corp. The governor of Madinah announced plans to develop a new pilgrim city to be built on an area of 1.6million sqm along Hijrah Road to accommodate 200,000 visitors that travel to the city for Haj and Umrah. Fawaz Abdulaziz Alhokair Co raised Shari'ah-compliant financing facilities worth SAR4.6bn (USD1.2bn) to fund real estate projects. The first phase of the low-cost housing project of Makkah Oasis was completed and would be handed over to 500 families. Market Performance The office rental market continued its mixed performance from 1Q13 to 2Q13; Jeddah s market remained upbeat, while Riyadh s market deteriorated further. Average prime office rent in Jeddah remained stable at the level of SAR1,500/sqm/pa; whereas on a YoY basis, rents grew 3.4% during the quarter. Stability in rents was impacted by a decline in vacancy rate, which stood at 16% at the end of 2Q13 compared to 21% at the start of Jeddah s market continues to witness improved interest from the government and private sectors and thus we expect vacancy rates to decline going forward. Conversely, in Riyadh s market, prime rents declined 2.6%QoQ and 7.5%YoY to the level of SAR1,850/sqm/pa. The current oversupply situation continues to boost the vacancy rate that was at 18% by the end of 2Q13, up from14% a year earlier. Going forward, the major concern for both markets remains the supply of new stock that could significantly hurt rental prices. The residential sales market in Saudi Arabia maintained its uptrend in 2Q13. In Jeddah, villa prices increased around 2%QoQ to the level of almost SAR4,650/sqm; the Western districts maintained their dominance with prices near the level of SAR6,600/sqm. Meanwhile, apartment prices started showing signs of stability as prices remain at the level of SAR4,150/sqm. On the other hand, Riyadh s market saw prices of villas and apartments rising during 2Q13. Average villa prices rose around 2%QoQ to the level of SAR4,300/sqm, whereas the average price for apartments grew almost 4%QoQ to SAR2,860/sqm. An emerging trend witnessed during 2013 is new supply from individual and small-scale projects; we expect this trend to continue. Similar to the sales market, the residential rental market also continued its robust performance. The market in Riyadh witnessed growth of 8%QoQ in villa rents and 6%QoQ in apartment rents. Jeddah s market saw villa rents rise almost 4%QoQ, whereas apartment rents remained mostly stable. In the hospitality segment, Jeddah maintained its strong performance, while Riyadh showed signs of stability. In Jeddah, ADR will have increased around 9%YoY to USD235 in 2Q13, with occupancy levels expected to have reached 80%. In Riyadh, ADR is expected to have declined marginally YoY to USD270 in 2Q13, with occupancy rate almost stable at 64%. September

11 Jeddah office supply (in '000 sqm) 1, Completed Future supply Source: Jones Lang LaSalle Jeddah average villa selling prices (SAR/sqm) Riyadh office supply (in '000 sqm) 4,000 3, , , ,000 3,361 1,500 3,066 2,526 1,000 1,897 1, Completed Future supply Source: Jones Lang LaSalle Riyadh average villa selling prices (SAR/sqm) 5,000 5,000 4,500 4,600 4,500 4,500 4,500 4, ,500 4,000 4,236 3,900 4,112 4,200 4, ,000 3,500 3,500 3,000 2,500 3,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13* 2,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13* Source: Jones Lang LaSalle, *Estimated Jeddah hotel performance Source: Jones Lang LaSalle, *Estimated Riyadh hotel performance % % 75% % 73% 79% 68% 71% 80% 78% 75% 70% 65% % 60% 62% 57% 70% 65% 63% 60% 55% * 60% * 50% ADR (USD) - LHS ADR (USD) - LHS Occupancy (%) - RHS Source: Jones Lang LaSalle, *YTD March, 2013 Source: Jones Lang LaSalle, *YTD March, 2013 September

12 Segments Office - Rental Vacancy rate dropped to 16% in 2Q13 from 20% in 2Q12 in Jeddah; vacancy rate increased to 18% in 2Q13 from 14% in 2Q12 in Riyadh Monthly rental rates rose 3.4%YoY in Jeddah and fell 7.5%YoY in Riyadh Residential - Rental Monthly rental rates for villas rose 8%QoQ in Riyadh and 4% in Jeddah Monthly rental rates for apartments increased 6%QoQ in Riyadh and stabilized in Jeddah Residential - Sales Average sales prices grew in the range of 2 4%QoQ across areas in Jeddah and Riyadh Hospitality Occupancy rate expected at 80% in Jeddah and 64% in Riyadh ADR is believed to have risen 9% in Jeddah, whereas it fell 0.5% in Riyadh Outlook Government expenditure would continue to keep demand high in Jeddah, leading to higher rents and lower vacancy rates; however, the new incoming supply of stock is expected to negatively impact the markets of Jeddah and Riyadh in the medium term Monthly rental rates are expected to increase with rising demand for quality properties The rising expatriate population is expected to push apartment and villa sales prices up with demand for quality properties remaining high Delay in projects is expected to prevent supply of new stock in the market, thus boosting the hospitality segment in Jeddah and Riyadh; Jeddah would continue to witness uptrend, whereas Riyadh is expected to bottom in the near term September

13 UAE Real Estate Sector Latest Developments Mubadala Development Co awarded a contract worth USD197.7mn to the joint venture between Dubaibased Al Futtaim and UK-based Carillion to build a five-star hotel located on the Al Maryah Island in Abu Dhabi. Dubai-based Deyaar announced plans to launch two projects in 2013: the first (worth USD136mn) is located in Dubai s Business Bay area, while the second is yet to be finalized. Emaar Properties would form a joint venture each with Dubai Holding and Meraas Holding to build two multibillion dollar projects in Dubai. The Zayed Housing Programme approved housing loans and grants totaling AED165mn to 329 Emiratis and beneficiaries for April Diamond Developers announced the commencement of the construction of the Dubai Sustainable City project in July; the first 100 villas and townhouses are scheduled to be delivered by the end of UAE s president approved development and housing projects, including construction of new homes and refurbishment of villas, worth AED800m. Abu Dhabi s government awarded Aldar Properties a contract to construct 996 villas in the emirate. Abu Dhabi's Tourism Development & Investment Co sold the first phase of Saadiyat Beach Residences to Mubadala Pramerica Real Estate Investors. Market Performance As seen in 1Q13, the office market saw a stable-to-rising trend during 2Q13. Average rent for Grade A office space in Abu Dhabi stabilized at AED1,540/sqm with vacancy rates hovering at 37 38%. Meanwhile, Dubai s office market improved during the quarter with rental prices of specific high-quality office spaces growing 8%QoQ; rental prices ranged from AED1,685/sqm to AED2,600/sqm, while vacancy rates remained stable at 31%. Demand for highquality stock remains strong, while that for lower grade buildings is dull, leading to declining rentals and rising vacancy rates. The residential sales market continued to grow in 2Q13 driven by robust economic fundamentals and improving market sentiments. Rental and sales prices increased across most segments in Dubai and Abu Dhabi. In 2Q13, 3,400 residential units (mainly apartments) were added to the Dubai market. The REIDIN Residential Sale Index indicated an improvement of 16%YoY in Dubai s market, while the REIDIN Rental Indices registered a 12%YoY rise in rents for villas and apartments. Meanwhile, almost 2,300 residential units were added to the Abu Dhabi market in 2Q13. The average sales price for properties in Investment Areas rose 5%QoQ to AED11,500/sqm. However, the improvement was primarily restricted to prime properties in Investment Areas. The hospitality segment s uptrend continued in 2Q13; RevPAR and occupancy levels rose in the Abu Dhabi and Dubai markets. The Abu Dhabi market added 600 branded rooms during 2Q13, while Dubai saw a major opening of the Oberoi hotel. The occupancy level in Abu Dhabi rose to 70% (YTD May) from 62% during the same period in RevPAR grew 11%YoY, but average daily rates (ADR) declined 2%YoY due to oversupply. Occupancy rates in Dubai improved to 85% (YTD May) from 83% during the same period in At the same time, ADR rose 5%YoY to AED267. September

14 AED 000/an AED 000/an AED/Sqm AED/Sqm Global Research - GCC Avg. Dubai Office Rent (AED/sqm) Avg. Abu Dhabi Grade A Office Rent (AED/sqm) 1,600 1,400 1,334 1,750 1,700 1,700 1,200 1,000 1,069 1,036 1,036 1,040 1,118 1,650 1,600 1, ,550 1,540 1,540 1,540 1, , Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1,450 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Source: Industry Sources & Global Research Source: Industry Sources & Global Research Dubai Res. Selling Prices (AED/sqm) Abu Dhabi Res. Selling Prices (AED/sqm) 16,000 14,000 12,000 10,000 8,000 6,000 12,000 11,500 11,000 10,500 10,000 4,000 2,000-3Q12 4Q12 1Q13 2Q13 9,500 9,000 8,500 3Q12 4Q12 1Q13 2Q13* Source: ASTECO Apartment Villa Apartment Source: ASTECO, *Estimated Dubai Hotel Performance (Year to May) Abu Dhabi Hotel Performance (Year to May) % % % 82% 80% 78% 76% % 60% 50% 40% 30% 20% 10% % % ADR (USD) Occupancy (%) ADR (AED) Occupancy (%) Source: Jones Lang LaSalle Source: Jones Lang LaSalle September

15 Segments Office - Rental During 2Q13, stock totaling 312,000 sqm was added to Dubai and 49,000 sqm to Abu Dhabi. Vacancy rates remained stable in 2Q13 at 31% in Dubai and 37 38% in Abu Dhabi. Monthly rental rates ranged between AED1,685 and AED2,600/sqm in Dubai and AED1,200 and AED1,540 /sqm in Abu Dhabi. Residential - Rental Monthly rental rates for villas and apartments in Dubai surged 12%YoY. Monthly rental rates for villas and apartments in Abu Dhabi are expected to have risen 10%YoY. Residential - Sales Average sale prices of properties rose 16%YoY and 5%QoQ in Dubai and Abu Dhabi, respectively. Retail - Rental Monthly rental rates increased, but remained range bound between AED970 /sqm and AED5,700/sqm in Dubai and between AED500/sqm and AED4,500/sqm in Abu Dhabi. Hospitality Abu Dhabi added 600 new rooms. The occupancy rate was 85% in Dubai and 70% in Abu Dhabi. ADR increased 5%YoY in Dubai, but declined 2%YoY in Abu Dhabi. RevPAR grew 7.5%YoY in Dubai and 11%YoY in Abu Dhabi. Outlook Rental rates are expected to rise mainly in quality office spaces, while lower grade office stock would continue to face pressure on rents; vacancy rates are expected to remain stable in the coming quarter. Demand for prime quality properties is expected to rise, leading to higher rental rates; however, the rest of the market would continue to face pressure, with addition of new stock. Sale prices are expected to rise, but the increase would be restricted to prime and newly developed properties. Rise in demand, driven by higher footfalls and increased consumer spending, is expected to push rental rates higher in Dubai; however, the rates in Abu Dhabi are expected to be stable as retailers remain cautious about expansion in the near term. Increase in number of visitors is expected to lead to higher occupancy and ADR levels in Dubai; Abu Dhabi is expected to witness continued downward pressure due to increasing supply in September

16 Market Cap. Current Price Absolute Performance (%) 52 Week Performance (LC) UAE USD mn LC mn LC 1M 3M 12M High Low Rak Properties 316 1, (3.2) Union Properties 501 1, Deyaar Holding 739 2, Aldar Properties 5,437 19, (2.3) Emaar Properties 9,453 34, (0.5) (4.0) Kuwait Injazzat Real Estate (1.0) (6.7) Abyaar Real Estate (9.8) (22.5) Al Mazaya Holding (10.8) (19.4) National Real Estate (7.5) (9.7) Comm. Real Estate (5.1) (12.3) United Real Estate (1.7) (1.7) Salhia Real Estate Mabanee 2, , , Saudi Arabia Saudi Real Estate 934 3, (9.3) (8.8) Taiba Holding 1,384 5, (12.4) Makkah Construction 2,923 10, (7.6) Emaar Economic City 2,357 8, Dar Al Arkan 2,721 10, (3.6) Qatar United Development 2,046 7, (6.2) Barwa Real Estate 2,714 9, (4.7) (4.3) (10.7) Ezdan Real Estate 12,310 44, (12.4) Bahrain Seef Properties (2.3) Oman Sahara Hospitality N/A N/A N/A All current prices are in local currency based on August 27, 2013 close unless otherwise mentioned. Source: Reuters & Global Research September

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