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Jeddah Real EstateOverview Q4 2012

Jeddah

Jeddah

Macroeconomic Overview

2

Indicator 2011 2012 (e) 2013 (f)

Saudi Arabia

Population (millions) 28.4 29.3 30.2

Real GDP Growth (Y-o-Y) 8.5% 6.8% 2.7%

Inflation (% Change) 5.0% 4.5% 3.5%

Budget Surplus (USD billions) 78 103 74

Jeddah

Population (millions) 3.6 3.7 3.8

Cost of Living Index (% change) 2.8 4.9 3.5

Sources: Sama, Jadwa, IHS Global Insights, January 2013, CDS , 2012 (e) estimate : (f) forecast

Economic Highlights – Q4 2012

3

Real GDP in KSA grew by 6.8% in 2012. Despite adifficult global economic environment, higher oilproduction and expansionary fiscal policy have kept theKingdom’s growth elevated.

Retail sales increased by 24% in 2012. This growth isimproving the profitability of retailers and driving theleasing of new stores.

Bank lending rose consistently during 2012 with netcredit issued reaching SAR 125 billion, the highest levelsince 2008. Bank lending to the building andconstruction sector has increased by 138% whichreflects their participation in infrastructure and housingprojects.

The Labour Ministry has signed an agreement to allowSaudi women to work in lingerie shops. This willincrease the employment of Saudi women in the retailsector.

At 4.5% Y-o-Y, inflation is lower than the 5.0%recorded in 2011. This was almost entirely due to lowerincreases in food prices.

Saudi banks are currently enjoying near record levelsof profitability. Lending to the private sector is up by16% over the previous year. Real estate investmentsby Investment Funds have increased by 4% in 2012.

4

The Kingdom of Saudi Arabia is seeing an increased number of large mixed-use complexes, combining components ofoffice, retail, residential and hospitality use, with several such mega projects now underway in Riyadh, Jeddah andMakkah.

Jones Lang LaSalle are providing advice to clients on a number of these projects including Jabal Omar in Makkah (with37 hotels and 90,000 sq m of retail floor space) and the King Abdullah Financial District in Riyadh, the largest urbandevelopment currently under construction anywhere in the world with a project value close to USD 8 billion.

The recent appointment of Mace Group as development managers of the proposed Kingdom Tower is a reminder thatJeddah will also see more complex, mixed use structures over the next 5 years. Kingdom Tower is set to replace Dubai’sBurj Khalifa as the world’s tallest building upon completion in 2018 with a height in excess of 1,000m. The tower willinclude apartments, offices, a hotel (to be managed by Four Seasons) and retail space, serviced by three separatelobbies, in addition to the world’s highest observation deck (on level 157).

As the market becomes more competitive and occupiers have a greater choice of space, two factors that have previouslybeen undervalued in the Saudi market are likely to become more important during 2013, namely environmentalsustainability and the quality of property management.

Although there have been some encouraging recent initiatives, awareness of the benefits of more sustainableconstruction and the day to day operation of real estate remains at a nascent stage in the Saudi market. Recent greenbuilding codes and other initiatives by SEEC (the Saudi Energy Efficiency Centre) and others are starting to raiseawareness, but more needs to be done to demonstrate the financial benefits of green buildings, or progress is likely toremain limited.

Incorporating Sustainability and Property Management into Mixed Use Projects in Saudi Arabia

5

Another trend that we are likely to hear more about is that of effective and pro-active property management as the qualityof property management often plays a key role in an occupier’s final choice of building.

Commercial occupiers are increasingly seeking to understand exactly what they will be getting from their landlord inrespect of the servicing and management of their highly specified new office buildings and whether they are getting valuefor money for the services provided. Driven by the desire of corporate occupiers to manage their occupancy costs moreeffectively, a greater transparency of operating costs will be demanded from the Kingdom’s higher quality developments.

There are three very good reasons why property owners should also address the issue of the on going management oftheir assets. Firstly, the recognition that well managed buildings will generally lease up more quickly and maintain a betterrental profile. Secondly, well managed properties tend to enjoy a higher retention of tenants over the life of the building.Thirdly, owners are increasingly aware that ‘you cannot manage what you cannot measure’. Those landlords able toproperly analyse the true financial performance of their assets and set service charges at a level that equates to operatingcosts, will reduce the risk of a shortfall between those operating costs and the service charge recovered.

As a result, we anticipate that best practice property management and carefully structured service charge clauses, willbecome more evident for prime properties across all real estate asset classes in Jeddah over the next few years.

Incorporating Sustainability and Property Management into Mixed Use Projects in Saudi Arabia (continued)

Talking Points – Q4 2012

Activity continues to shift to North of Jeddah. Mega projects currently underway include King Abdullah General Hospital in Thahbanand King Abdullah Sport City.

“Red Sea Housing Company” has been awarded the contract to develop residential compounds to accommodate staff working on the expansion of the Petrorabigh refinery.

The Ministry of Housing will be implementing a new system called: “Ijarah” in mid of 2013, to protect the rights of tenants and landlords

Al Balad Al Amin has appointed contractors to developing the first stage of Makkah Oasis. This consists of 12 buildings (1,800 residential apartments), targeting the low income sector.

JDRUC has allocated SAR 6 billion to develop 5,000 residential units north of Jeddah in “ Khalij Salman” residential Suburb. This forms part of the 25,000 residential units planned in coming years.

24 shops have now opened in the Jabal Omar project in Makkah. This represents the first stage of the second commercial centre on Ibrahim Al Khalil Street

Ministry of Commerce and industry has selected “Al Muhaidib”group after a bidding process to buy KonouzJeddah, which is one of the “Unregulated Funds” in Jeddah

6

Jeddah Prime Rental Clock Q4 2011 – Q4 2012

*Hotel clock reflects the movement of RevPAR. Note: The property clock illustrates where Jones Lang LaSalle estimate each prime market is within its individual rental cycle as at end of relevant quarter.Source: Jones Lang LaSalle

Q4 2012

7

Q4 2011

Rental GrowthSlowing

RentsFalling

Rental GrowthAccelerating

RentsBottoming Out

Office

Retail

Residential

Hotel*

Rental GrowthSlowing

RentsFalling

Rental GrowthAccelerating

RentsBottoming Out

Office

Retail

Hotel*

Residential

Jeddah Market Overview

Office

Bin Sulaiman

Office Supply & Demand • Around 37,000 sq m was completed in Q4 2012, with the major

additions to stock being Kilani Building (22,000 sq m), FourPoints building (2,830 sq m) on Rawdah Street and Al HomaidiTower on Madinah Road (4,000 sq m).

• This brings the total office stock in areas surveyed by JonesLang LaSalle (see definitions page for details) to approximately623,000 sq m at the end of 2012.

• A major increase is supply (125,000 sq m) is expected in 2013the majority of which will be delivered in Headquarters building(75,000 sq m).

• The office market has witnessed remarkable demand during thelast quarter of 2012, with strong take up recorded across the city.

• The major reason behind this demand is increased governmentexpenditure in sectors such as infrastructure, healthcare andtransportation.

• There is also increased demand from the private sector, withopportunities for new multinational firms and investment banksto enter the market and strong interest from major existingcompanies to expand their business across Jeddah.

• Government initiatives to improve the regulatory environment(such as Sawaed and Nitaqat) will further enhance the demandfor office space in Jeddah.

9

Source: Jones Lang LaSalle, Q4, 2012

467623 623

748840

125

92 40

0100200300400500600700800900

1,000

2011 2012 2013 2014 2015

Total

Stoc

k (00

0's sq

m)

Jeddah Office Stock (2011 – 2015)

Completed Stock Future Supply

10

Major Existing & Future Offices Projects1 Zahran

2 King Road Tower

1 Headquarters

2 Private Offices

3 Al Khair Tower

3 Bin Sulaiman

4 Jameel Square

1

2

3

13

2

4

Existing

Future

4

4 Murjan Tower

4

5

5 Diwan Najyah

5 Jeddah 7575

5

0

200

400

600

800

1,000

1,200

Average Grade A Average Grade B Average (completedGrade A & B Buildings)

Average Rents (Q4 2011 – Q4 2012)

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

Office Rental Performance

• Rents for both Grade A and B office space have increased inQ4 2012.

• Grade A rents average has increased to SAR 1,092 per sq mp.a., while Grade B rents average have also increased to SAR690 per sq m p.a. The average city-wide rent increased slightlyto SAR 890 SAR per sq m p.a.

• Rental rates are witnessing upward pressure due to thecontinuous migration of companies from southern areas to thenorth. As an example, Baeshen, a major FMCG company inJeddah, are relocating to the Private Offices project in the north.This relocation accounts for one of the largest deals this quarter(2,500 sq m)

• A number of major occupiers have also expanded within theirexisting buildings. Examples include Al Muhaidib, Bin Laden,Honeywell and Hewlett Packard.

• The strongest demand is currently for office space of between400 and 600 sq m, which represents higher demand for largerunits than earlier in 2012.

• Vacancy has dropped from 16% last quarter to 12% this quarterdue to take up exceeding new supply. Vacancies are expected todecline further in the first quarter of 2013, until more of thesupply in the pipeline becomes ready for lease.

11

Source: Jones Lang LaSalle, Q4 2012

SAR

per s

q m p.

a.

Office Market Summary

Indicator Level Comment / Outlook

Current Office Stock (CBD) 623,000 sq mIncludes Grade A & B buildings within the CBD. Increase in stock inQ4 2012 is due to the completion of Kilani and Al Homaidi Towers.Total city-wide stock is estimated to be around 1.8 million sq m GLA.

Future Supply (2013-2015) 258,000 sq m Major future supply will be available on major roads such as Madinahand Prince Sultan.

CBD Vacancy 12% The vacancy rate has decreased, due tocontinued strong demand.

Average CBD Rental

Average – Grade A Rental

Average – Grade B Rental

SAR 890 per sq m p.a.

SAR 1,092 per sq m p.a.

SAR 690 per sq m p.a.

Marginal increases in Q4 2012 with prospectsfor stable rental levels in 2013.

12


Residential

Corniche Dreams Tower

Residential Supply

14

Source: Jones Lang LaSalle, Q 42012

• Approximately 16,000 units were completed in projectsmonitored by Jones Lang LaSalle during 2012. This new supplyhas all been in small projects comprising less than 20-40 units,with no major projects completed.

• A further 4,000 additional residential units are expected to becompleted during the first half of 2013. Once again the majorityof this new supply will be in small projects comprising less than40 units.

• Kinan Real Estate Development has sold almost 75% of thesecond phase in its Masharif project off-plan, and is receivinginterest in the final stage.

• Aayan Real Estate Development will complete its Diyar Jaddah 2project located in South Obhor in the first quarter of 2013.

• Ewan has commenced construction of the second phase of its AlFaridah Residential Project (460 units) as well as commencingthe infrastructure work for the third and fourth phases.

• A number of major high-rise towers located on the Corniche, areexpected to complete during 2013 including Al Jawhara Tower,developed by Damac and the Beach Tower.

• Diyar Jeddah Fund has progressed with the servicing of rawland in its new subdivision “Diyar Jeddah 2”, located east ofJeddah.

• Apart from a small number of government mega projects, themajority of new residential supply is coming from individualsand small developers undertaking small scale projects.

719 735 735754

778

19 24

25

660680700720740760780800820

2011 2012 2013 2014 2015

Total

Unit

s (in

thous

ands

)

Jeddah Residential Stock (2011 – 2015)


15

Major Existing & Future Residential Projects1 Diyar Al-Bahar

2 Farsi Towers

1 JDURC

2 Fareeda

3 Corniche Dreams

1

213

23 Masharef

4 PPA

5 Lamar

6 Jawhara3

456

Existing

Future

7

7 Kingdom Tower

4

Jeddah Gate4

• The average asking price for apartments has increased by 7% inQ4 to SAR 4,150 per sq m.

• The average sale price of apartments has increased in all areasmonitored by Jones Lang LaSalle, with the greatest increases inthe East. It should be noted that this data does not include highend waterfront projects and apartments eg Jeddah Gate.

• Due to affordability reasons, we see higher demand forapartments than villas in Jeddah, which resulted in higher pricesfor apartments throughout 2012, more than villa prices.

• The average sale price of villas in the locations monitored byJones Lang LaSalle remained stable at SAR 4,500 per sq m inQ4. Average villa prices are however still higher than in Q4 2011.

• This average disguises considerable variation between differentdistricts. Sale prices for villas continued to increase in theWestern districts of Jeddah during Q4, while the North and NorthEast districts have seen prices decline due to more new supply.

• The Western region (closest to the Red Sea) remains the primelocation for villas with the price exceeding SAR 6,300 per sq mfor selective locations.

Residential Sale Prices


16


SAR

per s

q m

SAR

per

sq m

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

West North North-East

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

Villa - Average Sales Prices

0

1,000

2,000

3,000

4,000

5,000

6,000

West East South

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

Apartment - Average Sales Prices

• Rentals for apartments have increased faster than those forvillas during 2012, recording an increase of 8%.

• In Q4 2012 there was a small decrease in rents in projects thatwe monitored in the West. Rents for projects in the South andEast registered small increases due to higher demand, to reachSAR 28,800 and 34,800 per year respectively

• Apartment rents on the Corniche (West) are higher than those insurrounding neighborhoods, however, these projects witnesseda slight decrease in the rents during Q4 2012.

• Rents in high income North Western areas such as Al Hamra, AlZahra, and Al Rawdah have shown moderate performanceduring 2012.

• Villa rents decreased by 7% in the preferred Northern regions ofJeddah in Q4 2012 to an average of SAR 108,000 p.a. Villarents in residential areas such as South Obhour, North Obhour,Zahrah and Golden Beach remain higher than surroundingneighborhoods.

• Average villa rents also decreased in the West (by 5%) to reachSAR 181,000, while rents in the North West increased marginallyto average SAR 76,000.

• Villas in residential compounds have shown continuous strongperformance in terms of rents and occupancy, due to thepreferences of many expatriate families to live in gatedcommunities. The limited availability of such products in themarket has also contributed to the growth in rentals.

Rental Performance


17


SAR

p.a.

SAR

p.a.

0

50,000

100,000

150,000

200,000

250,000

West North North-East

Villa - Average Annual Rent

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

0

10,000

20,000

30,000

40,000

50,000

60,000

South East West

Apartment - Average Annual Rent

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

Residential Market Summary


Current Residential Stock 735,000 units Based on National Housing Census (2010) and units completed inlocations monitored by Jones Lang LaSalle during 2011 and 2012.

Future Supply (2012-2015) 67,000 additional units in all projects

New affordable housing stock built by JDURC, PPA and the Ministry ofHousing may increase this figure.

Average 3 Bed Apartment Rent SAR 38,000 p.a.

Apartment rents expected to increase furtherthroughout 2013 due to higher demand for apartmentsfor lease from expatriates.

Average 3 Bed Apartment Sale Price SAR 4,150 per sq m Increases in middle priced units will escalate average

prices.

Average 4 Bed Villa Rent SAR 122,000 p.a. Rents are expected to remain stable despite significantadditions to supply.

Average 4 Bed Villa Sale Price SAR 4,500 per sq m Average villa sale price has remained stable in Q4 butis expected to increase over the coming year

18


Retail

Galleria

Retail Supply & Demand• There were only a relatively small number of stock completions

during 2012 including 10,000 sq m completed in community retailat Le Bateau.

• At the end of the fourth quarter, the total stock of mall basedretail space in Jeddah stayed constant at 780,000 sq m.Flamingo Mall on Prince Majid road is the next major mallexpected to be completed in early 2013.

• We are witnessing strong demand from retailers for locations tothe North and North East of Jeddah to service the residentialgrowth planned in this area.

• There also remains demand from retailers for malls located in thecity center, such as Tahliyah, due to high population andworkforce catchments in central Jeddah.

• Mall operators continue to refresh their tenant mix and replaceexisting tenants with better quality brands to maintain highfootfall. Examples include Roshan Mall which has brought in anew Belgium chocolate brand called Bodiga, Basateen Mall witha new watch brand called Swiss Time and Tahliya Centre withH&M.

20


770 780 780 863 959

83 96

75

-

200

400

600

800

1,000

1,200

2011 2012 2013 2014 2015

Total

Stoc

k ('00

0 sq m

)

Jeddah Retail Stock (2011 – 2015)


21

Major Existing & Future Retail Projects 1 Red Sea mall

2 Arab Mall

1 Le Prestige

2 Galleria

3 Andalus Mall

1

3

2

3 Sairafi 2

4 Flamingo

1

2

4

3

Existing

Future

4 Le Beteau

5 Stars Avenue

4 5

0250500750

1,0001,2501,5001,7502,0002,2502,500

Community Regional Super Regional

Average Retail Rentals

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

Rental Performance – Estimated Rental Value (ERV)• Overall ERV’s remain stable across all types of retail centre, with

a slight decrease on average in Regional shopping malls. Theaverage ERV is approximately SAR 2,400 per sq m p.a. inQ4 2012.

• Most of the newer shopping malls have high occupancy rates.Demand is strong and all centres under construction havemanaged to prelease a significant proportion of their space.Increased take up in Central Park has kept the market widevacancy rate around 4% in Q4 2012.

• Mall rents are expected to remain stable over the first half of2013.

• Competition to attract new tenants to Regional malls hasresulted in a decline in average rentals from SAR 2,398 per sq mto SAR 2,367 per sq m, although the The majority of recent dealshave however been in regional malls, with their lower rents andthe availability of new space attracting tenants.

• Entertainment options and F&B retailers continue to be a majorsource of attraction and differentiation between malls in Jeddah.

• Due to very little completion during 2012, under constructionprojects (eg La Prestege and Flamingo Mall) are experiencingcontinued demand and seem to prelease significant spacebefore opening.

22


• Strip retail centers continue to perform well across the city due tohigh demand from customers. We see future opportunities forthis product, especially towards the north and north east ofJeddah.

SAR

per s

q m p.

a.

Retail Sector Summary


Current Retail Space* (GLA) 780,000 sq m Only Le Bateau, which has added approximately 10,000 sq m of retailspace during 2012, mainly fine dinning.

Future Supply* (2012 – 2015) 255,000 sq m Next major centre (Flamingo Mall) expected to open beginning of 2013.

Average Estimated Rental Value SAR 2,400 per sq m p.a.

Average rental for line store in major malls is expected to remain stable, although market may become more fragmented with not all centres able to maintain current rental levels.

Average Regional Mall Vacancy 4% Vacancies have remained stable over Q4 2012 due to

no new completion during the Q4 2012.

* Retail Supply comprises space within major malls over 10,000 sq m GLA

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Hotel

Rocco Forte Hotel

Hotel Supply

• There have been no major supply additions to the Jeddahmarket over the past three years.

• The Four Points Sheraton was expected to open in 2012.However the project is currently on hold.

• 2013 should see the opening of the Holiday Inn ExpressMadinah Road and the likely reopening of the formerWestin Hotel, although the date of this reopening is notconfirmed.

• 2014 should witness the opening of the Rocco Forte andElaf Galleria on Tahlia Road. The Dusit Thani overlookingthe Obhur Creek, Park Inn by Radisson Madinah Road andthe Kempinski on the North Corniche are also expected toenter the upscale market in 2014.

• These additions will increase the total hotel room supply inJeddah to around 13,200 quality hotel rooms by the end of2014, an increase of 17% on the current stock of rooms.

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*Current Stock Increases by 190 as the Westin is expected to re-open.Source: Jones Lang LaSalle Hotels

Jeddah Current Stock & Future Supply (2012 – 2014)

*

11,310 11,50012,052

552

1,197

8,500

9,500

10,500

11,500

12,500

13,500

2012 2013 2014

No. o

f Roo

ms

Current Supply

26

Major Existing & Future Hotels

1

2

1 Hilton

2 Park Hayat

1 Four Seasons

Existing

Future

34

5

2 Kempinski

3 Grand Hyatt

4 Rosewood

5 Rocco Forte

3

3

2

1

4 Rotana

Trading Performance• Jeddah remained one of the best performing markets in the

Middle East in terms of Occupancy during 2012.

• The upward trend in performance continued in Q4 with themarket reflecting strong growth in both occupancies and AverageDaily Rates (ADR).

• Occupancy rates in Q4 averaged 79%, recording a significant 8percentage point increase over Q4 2011. This is the highest levelof occupancy over the past 5 years.

• Average room rates (ADR) have also registered a notableincrease of 9.3% over last year. The ADR stood at USD 223 in2012, having increase steadily every year since 2008.

• The combination of improving occupancies and higher roomrates has resulted in a 22% growth in RevPAR over last year.The 2012 RevPAR of USD 177 is the highest recorded for thepast 8 years.

• The strong performance of the hotel sector reflects the continuedattractiveness of Jeddah as a leisure destination for Saudifamilies.

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Source: STR Global

Hotel Performance (2008 – 2012)

69%70%

65%

69%

80%

50%

55%

60%

65%

70%

75%

80%

85%

100

120

140

160

180

200

220

2008 2009 2010 2011 2012

Occu

panc

y

ADR

(USD

)ADR Occupancy

Hotel Market Summary

28


Current Hotel Supply 11,500 rooms There have been no major additions to the Jeddah hotel supply since2009.

Future Supply (2012–2014) 1,750 units

While a number of new hotel projects have been announced in the city, themajority of these are experiencing delays with some being put on hold.2012 was expected to witness the opening of two hotels, neither of whichhas actually been delivered.

2012 Occupancy 79%Notable increase in occupancies in 2012. Positive trendfollowing up on the increase in occupancy levels of 2011.

2012 ADR USD 223Positive growth in 2012 average rates resulting in asignificant improvement in RevPAR levels in the city.

Definitions and MethodologyResidential:

• The supply data is based on the National Housing Census (2010) andour quarterly survey of major projects and stand alone developments inselected areas of:

• Completed building refers to a building that is handed over forimmediate occupation.

• Residential performance data is based on two separate baskets one forrentals in villas and apartments and another basket for salesperformance for both villas and apartments. The two baskets coverprojects in selected locations across Jeddah.

Retail:

• Retail supply data covers floor space of organised malls over 10,000sq m. Classification of Retail Centres is based upon the ULI definitionas published in Retail Development, 4th Edition published by ULI.

• Rent represents the quoted average rent for the major shopping mallsin Jeddah Retail supply relates to the Gross Lettable Area (GLA) withinretail malls.

Office:

• The supply data is based on our quarterly survey of the Grade A & Boffice space located in the Jeddah CBD, defined as Prince Sultan,Tahlia, Al-Malek, Ibrahim Al Jaffali, Madinah, King Abdullah andRowdah Streets.

• Completed building refers to a building that is handed over forimmediate occupation.

• Prime Office Rent represents the top open-market rent that could beexpected for a notional office unit of the highest quality and specificationin the best location in a market, as at the survey date (normally at theend of each quarter period). The Prime Rent reflects an occupationallease that is standard for the local market. It is a face rent that does notreflect the financial impact of tenant incentives, and excludes servicecharges and local taxes.

Hotels:

• Hotel room supply is based on existing supply figures provided by SaudiCommission for Tourism and Antiques as well as future hoteldevelopment data tracked by Jones Lang LaSalle Hotels. Room supplyincludes all graded supply and excludes serviced apartments.

• STR performance data is based on monthly survey conducted by STRGlobal.

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Market Sector Districts Covered North (Villa) North Obhor and South ObhorWest (Villa) Basateen, Shatie, MohammadiaNorth-East (Villa) Asfan, Salhia, KassaratWest (Apt) Zahra, Rowdah, Salamah, HamraEast (Apt) Al Marwah, Safa, Al Manar, NaseemSouth (Apt) Waziria, Shafa, Madaen Al Fahad, Ajaweed

www.joneslanglasalle-mena.com

COPYRIGHT © JONES LANG LASALLE IP, INC. 2013This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the priorwritten consent of Jones Lang LaSalle IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation ismade, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not acceptany liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.

Peter [email protected]

Craig PlumbHead of [email protected]

John HarrisCo-HeadRiyadh [email protected]

Fayyaz AhmadAssociate Director, AdvisorySaudi Arabia [email protected]

David MacadamHead of [email protected]

Diyaa AyoubSenior Research AnalystSaudi Arabia [email protected]

Gabriel MatarDirector, [email protected]

Contacts:

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