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Property Beat – Monthly MENA Sector Review 15 March 2010

March 15th, 2010  Initial signs of pickup in demand February 2010 Rental yield expansion to 6.5%, highest level in 9M, implies pickup in demand, supported by official and industry figures Prices up 6% in February despite tightened liquidity, driven by cash buyers of smaller/more affordable units looking for higher returns Aldar is our preferred play...

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HC Securities & Investment Received a Preliminary Agreement for Investment Banking in Syria

February 8th, 2010 HC Securities & Investment “HC” received a preliminary agreement for Investment Banking services in Syria from the Syrian Commission on Financial Markets & Securities. This expansionary move is a result of HC’s distinctive experience in Investment Banking; over the past few years, HC completed more than 16 Mergers & Acquisitions and Equity...

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Egypt Macro – Ahead of the MPC Meeting

February 2nd, 2010 HC Research expects the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) to leave interest rates on hold at its next meeting, scheduled on 4 February. Money supply growth, rising commodity prices, and positive pass-through of producer prices all point to high consumer prices Unwinding of the carry trade between USD and...

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Property Beat – Monthly MENA sector review

January 12th, 2010 Initial signs of rental stabilization December 2009 Dubai rentals stabilize in November and December 2009 (+2%,+1%) while take-up ratio continued to decline (4.3 months in December 2009 from the peak of 10.8 months in December 2008), a sign the market is reaching equilibrium Tightened liquidity (mortgage values down to 21% in November...

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Ahead of the MPC Meeting

December 23rd, 2009 HC Research expects the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) to leave interest rates on hold at its next meeting, scheduled on Thursday, 24 December. The CBE’s focus has shifted from stimulating growth to targeting inflation, indicating an end to the interest rate cutting cycle.    Money supply growth, rising...

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HC Stated That TMGH Comes on Top of The Egyptian Real-Estate Companies

December 7th, 2009 HC preferred exposure is Cairo as it is best placed to benefit from underway sector transformation. Further structural reforms key to unlock long-term potential of the sector. TMG is HC’s top pick on EGP28bn backlog, exposure to Cairo, and hospitality business. Egyptian property sector is undergoing a transformation driven by new integrated...

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Sector Report ــ Abu Dhabi Real Estate

December 3th, 2009 In the Money — Liquidity concerns overstated, particularly in the case of Abu Dhabi (AD), given strong government support and solid fundamentals. HC sees recent sell off as a bargain buying opportunity Its preferred exposure is Aldar, largely on valuation (trading at 0.75x BV and 0.3x NAV vs. Sorouh at 1.0x BV...

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Risk of Dubai Debt Default Overstated

December 1st, 2009 The announcement on November 25th that Dubai World, Dubai’s flagship holding company, was going to ask all its creditors and those of its large scale developer Nakheel to stand still and extend debt maturities for six months until 30 May 2010, as the company undergoes restructuring (Nakheel has a USD3.5 billion bond...