NBK Capital: MENA in Focus (08-Jan-14)

In Focus 1: Increased M&A Appetite in the MENA Telecoms Industry in 2013The year 2013 witnessed a strong recovery in regional stock markets, especially in the UAE on the back of improved sentiment in Dubai (partially driven by the Expo 2020), major recovery in the real estate market, improved consumer confidence, and a pick-up in economic growth. The economic rebound was also noticeable within the telecoms transaction space, with M&A deals resuming across regional markets during the year. In this section, we present an overview of the transactions that took place during 2013 based on geography, acquisition type, and transaction multiples. We conclude with a brief overview of the M&A players within the MENA telecoms industry. In Focus 2: GCC Markets Deliver Strong Results in 2013In this section, we review the performance of the Gulf Cooperation Council (GCC) stock markets in 2013 in terms of returns and liquidity. The analysis compares the MSCI GCC Countries Index (MSCI GCC) with the MSCI World Index (MSCI World) and the MSCI Emerging Markets Index (MSCI EM). We also look at how GCC markets performed in comparison to G-7 markets and emerging markets (EM) in terms of market-cap-to-gross domestic product (GDP) ratio, price-to-earnings (P/E) ratio, and dividend yield.

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