Quarter Highlights MENA Deal Insight 1Q2015

• MENA M&A to maintain healthy growth into 2015: EY

• UAE seen leading mergers in the Middle East region

• 2014 IPOs close on a positive note, IPO delays expected in 2015 due to oil price effects: EY

• Investors Primed for Opening of Saudi Stock Exchange to Foreign Investment

• GCC, Mena firms listing on QE likely

• 62 percent hike in merger and acquisition deals in Qatar

Contents

M&A Trend Analytics ............................. 2

IPO Trend Analytics ................................ 3

PE Trend Analytics ................................4

Top Valued Deals .................................. 5

MENA Deals Pipeline .............................6

Q1

MENA DEALS INSIGHT – 1Q 2015

mena.thomsonreuters.com

Q1 2015 MENA DEALS INSIGHT

2

M&A Trend Analytics

M&A Trend by Deal Value and Volume

M&A Sector Focus –Volume Analysis M&A Geographic Focus –Volume Analysis

Total size of Offerings $ (M) Number of Deals

6,1264,156 1,418.71,0634.32,084.8

69

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

34

5563

50

Health CareAgricultureOil and GasRetailConstructionServicesReal EstateIndustrial Manufacturing

Food and BeveragesFinancial ServicesTransport

3%

6%

6%

9%

12%

12%

21%

22%FranceItalySpainBahrainOmanUKSaudi ArabiaQatar

JordanEgyptUAE

Kuwait

3%

6%

9%

9%

12%12%

18%

19%

Q1 2015 MENA DEALS INSIGHT

3

IPO Trend Analytics

IPO Trend by Deal Value and Volume

IPO Geographic Focus- Volume Analysis IPO Sector Focus- Volume Analysis

Rights Issues Trend by Quarter

Total size of Offerings $ (M) No. of Issues

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

386.51 255929 1691.9 7402

5

10

4

7

2

Total size of Offerings $ (M) Number of Issues

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

11

8

16 1614

516 370.69 362 2,323 604

EgyptSaudi ArabiaIraqKuwait

8

2

1

5

31%

Financial ServicesIndustrial ManufacturingReal EstateLeisure and TourismConstructionAgricultureHealth CareServices

13%

6%

6%

6%6%

13% 19%

Q1 2015 MENA DEALS INSIGHT

4

PE Trend Analytics

Geo Focus - Buy Investments

MENA PE Trend - By Deal Value and Volume

Sector Focus - Buy Investments

50%

Saudi ArabiaTurkeyPalestinian Territories

17%

33%

33%

RetailIndustrial ManufacturingConsumer GoodsFood and BeveragesHealth Care

17%

17%

16%

17%

Deal Values $ (M) Number of Investments

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

37 126 110 46 5.5

14

21

1514

6

Q1 2015 MENA DEALS INSIGHT

5

Mergers & Acquisitions (M&A)

Newly Announced Funds

Aquirer Country Target Country Date Deal Value

Barwa Real Estate Company Q.S.C. Qatar Lusail Golf Development Company Qatar Jan-15 681

Emaar the Economic City Saudi Arabia Ports Development Company Saudi Arabia Mar-15 261

Rocket Internet AG Germany Talabat General Trading and Contracting Company WLL

Kuwait Feb-15 170

Rawabi Holding Company State Holding Al Waab Real Estate

Saudi Arabia Qatar Kuwait

ORYX GTL Limited Qatar Jan-15 136

Zulal Investment Company Jordan A’Saffa Foods SAOG Oman Feb-15 98

*Depicts deals that are complete

Fund Name Investment Focus Geographic Focus Industries of Interest

CedarBridge High Growth II Growth Capital MENA Retail-Education-Healthcare

FourWinds Capital Infrastructure Fund Infrastcructure Egypt Construction 

Jadwa Mechanical Opportunities Fund Growth Capital Saudi Arabia Industrial Manufacturing

Middle East Venture Fund II (MEVF II) Venture Capital Middle East Information Technology

Leap Ventures Fund I Venture Capital MENA Information Technology

*Depicts Funds that are announced

Top Valued Deals

Q1 2015 MENA DEALS INSIGHT

6

Mergers & Acquisitions (M&A)

Top IPOs in Q1 2015

Top Lead Manager in Q1 2015

Aquirer Country Target Country Date Deal Value

Kellogg Company US The Egyptian Company for Foods Egypt Jan-15 94

Al Nour For Dairy Industries Egypt The Arab Dairy Products Company Egypt Feb-15 49

Islamic Corporation for Private Sector Development

Saudi Arabia Tamweel Africa Holding SA Senegal Jan-15 37

Jordan Projects for Tourism Development Jordan Moon Beach Tourism Investment Company Jordan Feb-15 31

Jordan Projects for Tourism Development Jordan Gold Coast Hotel Company Jordan Feb-15 10

*Depicts deals that are In-Process or Confirmed

Issuer Period Country Sector Capital Raised $ (M)

Orascom Construction Limited Mar-15 UAE Construction 185

Orascom Hotels & Development Jan-15 Egypt Leisure anf Tourism 71

Lead Manager Market Share Total Amount ($M)

CI Capital Holding Co S.A.E 37.94% 97

HSBC Bank Middle East Limited 24.12% 61.6

EFG-Hermes Holding Company 24.12% 61.6

Beltone Financial Holding 13.82% 35.34

MENA Deals Pipeline

For further information, contact funds.zawya@thomsonreuters.com

Important NotesMENA includes Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Tunisia and UAE. Transactions are counted within the analysis as per their subscription start (open date). PE Data included funds investing more than 50% of their assets in the MENA Region and managed from the region. Data is correct as of (to mention date of publication). Prepared by MENA Deals Team.

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