June 24th, 2008
Something of Value

Summary

▪Emirates National Bank of Dubai (ENBD)
We are initiating our coverage of Emirates National Bank of Dubai with a “Strong Buy” recommendation, based on a target price of AED16.01/share, which offers 35.1% upside potential to the bank’s current market price.

▪Dubai Islamic Bank (DIB)
We are initiating our coverage of Dubai Islamic Bank with a “Buy” recommendation, based on a target price of AED10.42/share, which offers 26.3% upside potential to the bank’s current market price.

June 24th, 2008

Pioneers Holding is a financial services company with operations in Egypt, Saudi Arabia, Syria and the UAE. The company primarily focuses on brokerage services to both institutional and retail investors. The company also offers asset management and investment banking services. Pioneers Brokerage – Egypt is the largest contributor to the consolidated entity as it generates 66% of revenues and 74% of net earnings.

June 11th, 2008
Summary
▪Major Expansion Plans Underway
EFIC acquired 256,000 square meters of land in Al Ain Al Sokhna through its 99.9% owned subsidiary Suez Company for Fertilizers Production (SCFP) to increase its phosphate fertilizers production capacity to reach 1.7 million tons by the end of 2008, up from its current level of 1.2 million tons, making EFIC one of the biggest phosphate fertilizer producers in the world.   

June 3rd, 2008
1Q08 Consolidated Results: Double Digit Growth
▪Revenues of EGP247.2 million mainly contributed to EIPICO’s local sales of EGP163.7 million
▪A decent GPM of 40.3% and EBITDA margin of 43.1%
▪A net income of EGP65.7 million and a NPM of 26.6%

June 3rd, 2008
1Q08 Consolidated Results: Below Expectations
▪A Drop in sales to EGP6.3 million from EGP101.6 million
▪A decline in margins across the board as the company did not sell any land in 1Q08
▪A net loss of EGP7.6 million in 1Q08