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The Commercial Bank of Qatar (Q.S.C.)

Qatar Construction Sector1st Edition 2012

Inspired by Qatar, we believe everything is possible

Dear Investor,

Qatar continues to be a magnet for investment due to its impressive economic performance in the face of continued

global economic uncertainty.

On the back of a strong GDP growth of 19% in 2011, decelerating to a forecast 6% in 2012, Qatar’s GDP would reach

USD 197bn. Qatar also boasts the highest per capita income growth in the world, expected to reach USD 112k by 2016.

This has led to Qatar witnessing a construction boom since 2006 (ongoing construction related contracts have tripled in

value).

Qatar’s successful bid to host the 2022 FIFA World Cup led the Government to plan for high levels of investment in

infrastructure and real estate development - approximately USD 225 bn between 2011 and 2016, of which USD

125 bn has been unveiled for construction and energy projects alone. Spending directly related to preparations for the

2022 World Cup will amount to an estimated USD 80 bn, encompassing commercial and infrastructure projects and

therefore the construction boom in Qatar is expected to continue, albeit with different priorities and involving new

players.

This sector report highlights the changing pace of the Qatari economy and construction sector segments in comparison

with other GCC countries and provides detailed information on current projects and expected investments. For each

industry segment, we present a proprietary summary timeline of key projects. To take into account the challenges,

especially the tender phase and ramp up of projects, but also the opportunities for additional growth to be generated

thanks to the improved infrastructure and expertise based in Qatar, we have designed several scenarios of investment

in infrastructure and real estate; these scenarios are based on our proprietary model taking into account the expected

timeline, phasing and costs of most known major construction projects. In the final section of the report we provide

summary profiles of certain local and international companies which are actively participating in transforming Qatar.

2012 is, for most players, a year of preparation to take on new projects with new partners, new financings and new

clients. Investors in Qatar have therefore numerous opportunities to tap into the growth ahead, which creates new

employment opportunities and continues to help position Qatar as a major economic force.

Do not hesitate to call on Commercialbank for investment, strategic or financing solutions; we are inspired by Qatar, we

believe everything is possible.

We hope you will find our initial coverage of the construction sector of interest, in addition to Commercialbank

Capital’s future research publications.

Alex Carre de Malberg Dr. Abdulaziz A Al-Ghorairi

Global Head Senior Vice President & Chief Economist

Commercialbank Capital Commercialbank Capital

Foreword

We are inspired by Qatar and the entrepreneurial ambition of our founders, who believed everything and anything is possible.

Constrained only by our imaginations, we apply our creativity and capability to help our customers fulfil their goals. We aim to grasp the opportunities our vibrant and dynamic economy offers to serve our community better.

Everything is possible is our promise. It is what we believe in and what drives everything the Bank does. Where there’s a way, we’ll find it.

1. Executive Summary 4 1.1 Growth Drivers 72. FIFA World Cup 2022: The Game Changer 93. Challenges and Market size 12 3.1 Challenges 12 3.2 Construction Sector: Mapping market size under three scenarios 124. Construction Sector 155. Transportation 18 5.1 Roads 20 5.2 Railways 23 5.3 New Doha International Airport 26 5.4 New Doha Port 286. ICONIC PROJECTS 30 6.1 The Pearl-Qatar 30 6.2 Msheireb 31 6.3 Lusail City 32 6.4 Seef Lusail 337. Retail & Leisure 34 7.1 Doha Festival City (DFC) 35 7.2 Lagoona Mall 35 7.3 Katara 36 7.4 Cinemas 36 7.5 Hotels & Tourism 378. Social Infrastructure 40 8.1 Education 40 8.2 Healthcare 419. Energy and Utilities 44 9.1 Energy 44 9.2 Solar Energy 47 9.3 Utilities 4710. Building Materials 52 10.1 Cement 52 10.2 Steel 55 10.3 Aluminum 5611. Methodology and Assumptions 5812. Company Profiles 5913. Abbreviations 8614. Disclaimer 87

Table of Contents


PO Box 3232, Doha, State of Qatar

Telephone: +974 4449 0000

Facsimile: +974 4449 0070

www.cbq.qa

April 2012Commercialbank Capital

Economic Research

Dr. Abdulaziz A Al-Ghorairi Rajat Gupta, CFASenior Vice President and Chief Economist Associate, Investment BankingDirect Tel: +974 4420 2663 Direct Tel: +974 4420 [email protected] [email protected]

Qatar’s construction sector prospects seem increasingly bright following its successful bid to stage the FIFA 2022 World cup. The country is set to spend up to USD 150 bn on infrastructure projects over the next five to six years in preparation for the World Cup.

• Budget: The Qatar government has reportedly allocated a significant 40% of its budget between now and 2016 to infrastructure projects, including USD 11.1 bn for the setting up of a new international airport, USD 5.5 bn for a deepwater seaport, and USD 1 bn for a transport corridor in the capital, Doha. The government plans to spend USD 20 bn on roads, while stadium construction for the World Cup is expected to cost just under USD 4 bn, with the first stadia venue to be built by 2015. According to German legal and financial adviser Dr. Nicola Ritter, USD 48 bn will be spent to build air-conditioned stadia, USD 77 bn on facilities for soccer fans and players from across the world, and USD 33 bn for developing Lusail City. Qatar has also allocated USD 50 bn to upgrade its transport infrastructure, including new rail and metro systems.

• Qatar on fast track: Qatar has been one of the fastest growing economies in the world over the past few years (real GDP grew at a CAGR of 23% between 2003 and 2010). The country’s economy was the most resilient in the GCC region during the global recession, largely due to capacity expansion and government initiatives to spur the financial sector.

• Visionary leadership: The Emir of the country has been instrumental in transforming Qatar into a power house within the region. In addition, the - Emir-led government has ensured political stability within the country, despite unrest in the other parts of the Middle East. The government has also allowed 100% foreign ownership in some sectors, and this is likely to improve liquidity in the form of Foreign Direct Investment (FDI). Qatar’s political and economic developments are both leading the country strongly along the path to achieving its Vision 2030.

• Diversifyingstrategy:the Qatar Government has put in place a well-planned strategy for long-term growth sustainability. The government initiated this strategy by focusing on its inherent strength, and increasing the export capacity of LNG. As this production-led growth peaks in 2012, the government is focusing on the non-hydrocarbon sector to push for post-2012 growth. The accumulation of wealth from the hydrocarbon sector has been re-invested in diversify its revenue base. The wealth is re-invested through Qatar Petroleum in the hydrocarbon sector, and the Qatar Investment Authority (QIA) in the non-hydrocarbon sector. In the initial years of growth, the government re-invested wealth to acquire foreign assets. However, the government has now started focusing on investing domestically to provide a boost to the non-hydrocarbon sector.

• DualGovernmentfundingandPPPmodel:Government spending has increased, as also the adoption of the PPP (Public Private Partnership) model in Qatar, especially in the hydrocarbon sector. According to National Development Strategy (NDS), the expected investment by the private sector is around USD 130 bn. Cheap lending as well as government’s initiatives will boost the confidence of the private sector, which will benefit the construction sector and the economy in the long term.

1. Executive Summary

4 - CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT

Doha

Al Khawr

Al Khuwayr

Madinat ash Shamal

Ras Laffan Industrial City

Qatar

Exhibit1:KeyProjects

Source: Commercialbank Capital Research

DohaCulturalVillage(KATARA)Project Value: USD 82 mnRefer: Section 7.3

DohaFestivalCityProject Value: USD 1.7 bnCompletion Date: Q4-14Refer: Section 7.1

Education City Project Value: USD 6.6 bnCompletion Date: Q2-12Refer: Section 8.1

Lusail Mixed-Use Project Value: USD 33 bnCompletion Date: 2018Refer: Section 6.3

MsheirebProject Value: USD 5.5 bnCompletion Date: Q4-17Refer: Section 6.2

NewDohaInt’lAirport(NDIA)Project Value: USD 11.1 bnCompletion Date: 2015Refer: Section 5.3

NewDohaPort(PhaseI)Project Value: USD 7 bnCompletion Date: Q1-16Refer: Section 5.4

Qatar National MuseumProject Value: USD 434 mnCompletion Date: 2014Refer: Section 7.5

PearlGTLProject Value: USD 6.6 bnCommencement in Q4-11Refer: Section 9.1

PearlQatarProject Value: USD 5 bnCompletion Date: Q3-13Refer: Section 6.1

Sidra Medical and Research CenterProject Value: USD 7.9 bnCompletion Date: Q4-12Refer: Section 8.2

9

1 7

2 8

3 9

4 10

5 11

6

2

113

7

56

8

1

104

CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT - 5

Exhibit1.1:KeyProjectsinDoha

Source: Commercialbank Capital Research 1. QatarNationalConventionCenter

Refer: Section 82. DohaInternationalAirport Refer: Section 5.33. MuseumofIslamicArt Refer: Section 7.54. Lagoona Mall Refer: Section 7.25. Lusail City Refer: Section 6.3

6. MsheirebProject Refer: Section 6.27. QatarFoundation Refer: Section 88. Education City Refer: Section 8.19. Sidra Medical Refer: Section 8.210. ThePearlQatar Refer: Section 6.1


Exhibit 2: Segmentation of Construction Sector


* Residential and commercial buildings are not covered in this report, except for iconic projects.

1.1 Growth Drivers Robustmacroeconomicenvironment Qatar has witnessed robust growth in GDP over the past few years, which is driven by significant increase in LNG export

capacity. According to IMF, Qatar’s economy grew by 19% in 2011, higher than 17% growth in 2010. In 2012, real GDP growth rate is projected to be 7.6%, with real hydrocarbon GDP slowing down to 3%, while non-hydrocarbon sector is expected to grow by 9.6%.

Diversificationatfullstream The government launched the National Development Strategy (NDS) to achieve the targets of Vision 2030. The strategy

is to leverage the hydrocarbon sector revenues to build the non-hydrocarbon sector and a more sustainable economic base.

FIFAWorldCup2022–TheGameChanger The successful bid to host the FIFA World Cup 2022 has been a big achievement for Qatar. The construction sector

has since witnessed a spate of new project announcements. The government has also allocated USD 20 bn towards the development of the tourism sector. We believe that winning the bid for World Cup 2022 will be the main driver for the construction sector, as the government will remain committed to ensuring that projects are completed on time to host the world biggest sporting event.

Wellregulatedandcapitalizedbankingsector Recently, the government of Qatar has completed the two year capitalization program. In August 2011, the central bank

has lowered its interest rates to kick start lending to private sector. The sector has optimum capital ratios that will enable them to extend lending to the construction sector in general and private sector in particular.

Qatar eyes 2020 Olympics In 2010, Qatar won the bid to host the world’s largest sporting event, the FIFA World Cup 2022. The country is now on

the path of creating history as it has been accepted as an applicant city to host the Olympics and the Paralympics in 2020.

Construction

Transportation Buildings*Energy & Gas Utilities

Roads

Railways

Airport

Port

Oil & Gas

Solar Energy

Utilities

Retail

Hospitality

Social Infrastructure


Exhibit3:Keyprojectstimeline


Oil & Gas

Pearl GTL Project Value: USD 6.6 bnCommencement in Q4-11

Lagoona MallProject Value: USD 348 mn

Completion Date: 2011

Energy Utilities Roads Railways Airport Port

Cities Hospitality Education Healthcare Stadiums Entertainment Retail

2011 2013 2015 2018 2022

Urjuan Mixed-Use Development

Project Value: USD 10 bnCompletion Date: Q3-14

Water Recycling Plant Project Value: USD 5 bnCompletion Date: Q2-14

Doha Festival CityProject Value: USD 1.7 bnCompletion Date: Q4-14

Qatar National MuseumProject Value: USD 434 mn

Completion Date: 2014

Doha Dukhan RoadProject Value: USD 1 bnCompletion Date: Q4-14

Qatar National Railway System (Phase I)


Qatar Entertainment CityProject Value: USD 3 bnCompletion Date: 2015

New Doha International Airport

Project Value: USD 11.1 bnCompletion Date: 2015

New Doha Port (Phase I)Project Value: USD 7 bnCompletion Date: Q1-16

12 Stadiums Project Value: USD 4 bnCompletion Date: 2020

Sidra Medical Research Centre

Project Value: USD 7.9 bnCompletion Date: Q4-12

Education City Project Value: USD 6.6 bnCompletion Date: Q2-12

Pearl Qatar Project Value: USD 5 bnCompletion Date: Q3-13

Solar Power ComplexProject Value: USD 1 bnCompletion Date: Q3-18

Barzan Gas Development


MsheirebProject Value: USD 5.5 bnCompletion Date: Q4-17

Lusail Mixed-Use Project Value: USD 33 bnCompletion Date: 2018


Qatar’s integral links with sporting activities in the recent past have resulted in the overall development of the country. The year 2010 can be marked as a year of extraordinary achievements for Qatar. In 2010, the country reached a milestone in its LNG production capacity, apart from winning the bid to host the largest football sporting event in the world. We believe that both these developments transformed the country’s future growth trajectory.

Qatar has participated as well as organized several sporting events during the past few years. In January 2011, the country hosted the Asian Football Confederation’s (AFC) Cup for the second time. In addition, Qatar hosted the 2006 Doha Asian Games, which will help in the planning and implementation for the 2022 event.

Exhibit4:ListofmajoreventsorganizedbyQatarinthepasttwoyears

Events Sport Frequency Year

Arab Boxing Championship For Men Boxing Yearly 2011

Qatar Int. Endurance Race Endurance Yearly 2011

Grand Prix Men and Women Fencing Tournament Fencing Yearly 2011

AFC Cup of Nations Football 4 years 2011

Commercialbank Qatar Masters Golf Yearly 2012

2011 Sail the Gulf-2010 Sailing Yearly 2011

Exxon Mobil Open Tennis Championship 2011 Tennis Yearly 2011

Qatar Int. Table Tennis Championship Volleyball Yearly 2011

Qatar Athletics Diamond League Athletics Yearly 2010

Asian Clubs Basketball Championship Basketball Yearly 2010

World (9) Balls Billiard Championship Billiard and Snooker Yearly 2010

Qatar 10th Int. Open Bowling Championship Bowling Yearly 2010

International Grand Prix and Golden Shirt Cycling Championship Cycling Yearly 2010

1st Int. Women Handball Championship Handball 2 Years 2010

World Clubs Handball Championship Handball 2 Years 2010

World Formula Sailing Championship Sailing Yearly 2010

Qatar Classic Squash Championship 2010 Squash Yearly 2010

GCC 4th Women Table Tennis Championship Table Tennis Yearly 2010

Arab Wrestling Championship Wrestling Yearly 2010

Commercialbank Qatar Moto GP Motorbike Yearly 2012

Source: Qatar Tourism Authority

Winning the bid for the World Cup 2022 has been an extraordinary achievement, as it is one of the biggest sporting events in the world. Qatar is the first country in the Middle East to get this honor. According to officials, the FIFA World Cup is expected to draw around half a million visitors, almost a third of Qatar’s current population. The impact of Qatar winning its bid for the 2022 FIFA World Cup would be profound for the state, its people and the region.

The dynamic vision of both, HH the Emir, Sheikh Hamad bin Khalifa Al-Thani and HH Sheikha Mozah bint Nasser Al-Missned has resulted in economic developments that has transformed Qatar internationally. In addition, this has resulted in successfully winning the bid to host World Cup 2022, which is laudable from all aspects. According to reports that the FIFA World Cup in South Africa had added between 0.5% and 2.2% to the country’s GDP (depending on which infrastructure projects one considers); and overall had created in excess of 300,000 jobs since 2006 - a 2.7% contribution to employment figures. We believe that the impact of the World Cup 2022 preparations will be much larger on the GDP of Qatar compared to other countries that have hosted the event in the past.

2. FIFA World Cup 2022: The Game Changer


Aspire Academy for Sports Excellence was founded in 2004 by HH Sheikh Jassim Bin Hamad Al Thani, to create a world-class institution for educational sport that would develop athletes in Qatar. Worldwide, Aspire is known for its state-of-the-art sports science, and produce graduates who would become Qatar’s most admired civic leaders. It covers an area of approximately 290,000 sqm. Aspire has an enviable list of world-class sporting facilities, including a 200m athletics track, an Olympic-sized swimming and a diving pool, a gymnastics hall, two multi-purpose sport halls, table tennis courts, fencing strips, squash courts, a bespoke goalkeeping training area, and fitness rooms.

Aspire has an astonishing eight full-sized football fields, including an international standard artificial grass indoor pitch. The Academy also has 20 classrooms for subjects ranging from English language to Physics and Biology. Aspire’s dormitory has 128 rooms and eight suites, which can house up to 255 students.

Currently, there are approximately 200 student athletes, in grades 7 through 12, who specialize in football, athletics, squash, table tennis, sailing, judo, gymnastics, swimming, tennis, fencing, rowing, shooting and golf. Aspire has a team of over 300, including instructors, trainers and educators of different nationalities.

The iconic Aspire Dome has the capacity to host 10 different sporting events simultaneously in a climate-controlled arena, making it the largest multi-purpose sports facility of its kind in the world. It has 13 sports venues and seven performance enhancement laboratories under the same roof. It can seat a total of 15,000 spectators. Aspetar is the first specialized Orthopedic and Sports Medicine Hospital in the Gulf region, situated within the Aspire zone. It provides high-quality medical treatment for sports-related injuries in a state-of-the-art facility, staffed by some of the world’s leading sports medicine practitioners and researchers. In 2009, Aspetar was officially accredited by F-MARC as a FIFA Medical Centre of Excellence. Aspetar provides a full range of services from injury prevention to injury management and performance improvement.

Aspire: Venue for Asian Games in 2006


Al-Khuwayr

0 km 30

Ras Laffan

Dukhan

Umm Bab

Al-Jamaliyah

Mesaieed

Madinat al-Shamal

Al-Khor

Umm SalalLusail

Al-Wakrah

Al-RayyanDoha

QATAR

Abu Samrah

2

3

121

6

5

4

1.LusailIconicStadium

4.Al-WakrahStadium

7. Education City Stadium

10. Sports City Stadium

2. Shamal Stadium

5. Al-Rayyan Stadium

8.QatarUniversityStadium

11.KhalifaInternationalStadium

3. Al-Khor Stadium

6.DohaPortStadium

9.Al-GharafaStadium

12. Umm Salal Stadium

Location: Al-DaayenCapacity: 86,250Value: USD 662 mnMatches planned: Opening match, group matches, and round of 16, quarter-final, semi-final and final

Location: Al-WakrahCapacity: 45,120Value: USD 286 mnMatches planned: Group matches and round of 16

Location: Al-RayyanCapacity: 45,350Value: USD 287 mnMatches planned: Group matches and round of 16

Location: Al-KhorCapacity: 45,330Value: USD 251 mnMatches planned: Group matches and round of 16

Location: Al-ShamalCapacity: 45,120Value: USD 251 mnMatches planned: Group matches

Location: Al-RayyanCapacity: 44,740Value: USD 135 mnMatches planned: Group matches

Location: DohaCapacity: 43,520Value: USD 300 mnMatches planned: Group matches and round of 16

Location: Al-RayyanCapacity: 68,030Value: USD 71 mnMatches planned: Group matches, round of 16, quarter-finals and semi-finals

Location: Al-KhorCapacity: 45,330Value: USD 251 mnMatches planned: Group matches and round of 16

Location: DohaCapacity: 44,950Value: USD 202 mnMatches planned: Group matches, round of 16 and quarter-final

Location: Al-RayyanCapacity: 44,740Value: USD 135 mnMatches planned: Group matches

Location: UmmSalalCapacity: 45,120Value: USD 251 mnMatches planned: Group matches, round of 16 and quarter-finals.

Source: MEED

Qatar’sWorldCupstadiums


3. Challenges and Market size

3.1 Challenges The prospects of Qatar’s construction sector are bright, underpinned by significant investment by the government over

the next decade. Despite the bright outlook, Qatar is likely to face certain challenges as it prepares for the FIFA World Cup 2022. The government will continue to remain under pressure to complete the projects on time to meet the deadlines and guidelines set by the FIFA authorities.

Globalslowdown Qatar is not completely immune to the global environment; therefore, uncertainty around the global economies will

have a limited impact on Qatar in general, and the construction sector in particular. The global slowdown will impact private sector participation, as the credit environment becomes tighter and more difficult in such scenarios. In addition, hydrocarbon prices will decline, having a direct impact on Qatar’s GDP, resulting in lower growth. We believe the government of Qatar will continue to step in with support to ensure projects are completed on time in case private sector participation deteriorates.

Shortage of skilled/unskilled labor The shortage of both technical staff and labor will continue to one of the biggest challenges for the sector. These projects

require people who have “applied similar principles to creating efficient, cost effective, high tech systems in other countries like Germany, Ireland and Australia”. The companies operating in the construction sector have learned from their previous experience (the Asian Games); however, the scale and magnitude of the projects for the World Cup 2022 will be a whole new experience for both the companies, as well as for Qatar. Shortage of schools for children and the lack of a well-publicized clampdown on alcohol in Doha are some of the other problems that are currently being resolved.

Shortage of raw materials The construction sector is likely to witness shortages in raw materials between 2013 and 2017, as the period is expected

to be the peak for the sector. The government will ensure that the shortages in raw materials do not lead to unexpected rise in prices. Both of these factors will lead to delays in execution of the projects. Therefore, the sector will have to bridge the gap during this period by mutual agreements with the companies in Saudi Arabia and the UAE.

3.2 Construction Sector: Mapping market size under three scenarios The indicators for the construction sector outlook look solid, as much of the investment is backed by government or

semi-government entities. The news of Qatar hosting the FIFA World Cup 2022 has further brightened the outlook of the sector. The rapid increase in population over the past few years has resulted in increasing demand for infrastructural development in Qatar. All these factors will collectively lead to ample opportunities for construction activity in Qatar. Within the construction sector, we remain buoyant on the transportation, retail and hotel and tourism sectors.

The transportation sector is the biggest beneficiary of the massive investment by the government, as it plays a vital role in the infrastructural development of the country. The improvement in the transportation network will also be essential as the country prepares for the FIFA World Cup 2022. The tourism authority of Qatar has done a commendable job over the past few years by organizing and participating in conferences and exhibitions. This has resulted in the influx of tourists, thereby boosting the hotel sector. The rapid increase in population, as well as inflow of tourists, will boost the retail sector. As a result, the country is witnessing massive investments in shopping malls to address the shortages in the retail space.

We have forecasted the Qatar construction sector market size until 2020, as we believe that the majority, if not all the projects will be completed by the end of the projected period. We have assumed USD 225 bn investment as our base for total investment, which is provided by the NDS. Based on our assumptions, we have assumed additional investments in the construction sector as a percentage of the GDP. The additional investments have been assumed in two phases, the first phase will be from 2013 to 2017, while the second phase is from 2018 to 2020.


The following is a brief summary of the methodology adopted to arrive at the market size:

1. Initially, the list of projects ongoing and planned was compiled from various relevant sources. However, we decided to take data from one source due to inconsistency from various sources. This data was further classification as per the construction sector. The value of each project was divided in quarters based on the completion date to arrive at the actual value invested in a particular year until 2020.

2. We have assumed additional investments between 2013 and 2017 based on the announced investments of USD 225 bn by NDS.

3. Finally, we have assumed a percentage of the GDP that will be re-invested in construction to further upgrade the infrastructure sector. The forecast for GDP is taken from IMF until 2016. This constant rate as a percentage of GDP has been differentiated based on two phases, the first from 2013 to 2017 and second from 2018 to 2020.

In order to arrive at the total market size, we have added the contributions from three approaches as described above. This methodology was adopted to build three scenarios in our analysis to arrive at a market size. In each scenario, contribution from first two points remains the same while contribution from third point varies for three different scenarios:

Exhibit5:Spendingpatternsbasedondifferentscenarios–forecast(USDbn)

Source: NDS and Commercialbank Capital Research

Best CaseIn this case, we have assumed a higher percentage of GDP that will be invested over and above the planned investment by the government. Based on this assumption, we arrive at a market size of USD 315 bn.

Base CaseIn this case, we have assumed a lower percentage of GDP that will be invested over and above the planned investment by the government. Based on this assumption, we arrive at a market size of USD 270 bn.

Worst Case

In this case, we have made two assumptions. First, we have assumed that there will no additional investment and secondly we have assumed that around 15% of the planned projects will be cancelled going forward. Based on this assumption, we arrive at a market size of USD 191 bn.

2012

34

138

170

188

185

249

284

191

270NDS: USD 225 bn

315

2015

350

300

250

200

-

50

100

150

Base Case

2018 2020

Worst Case Best Case


Major Projects

AIRPORTNew Doha International Airport (NDIA) will be able to handle 24 mn passengers per year and will have 42 contact gates, six of which will be dedicated to the Airbus A380 superjumbo. When construction started in 2004, the new airport was scheduled to open in 2008.

It is now planned for an opening in December 2012. The new terminal is being built by the Sky Oryx consortium of Japan’s Taisei Corporation and Turkey’s TAV. The terminal extension is being built by a joint venture of Belgium’s Six Construct and the local Midmac Contracting. PORTNew Doha Port is to be built at Mesaieed, south of Doha and will replace the existing Doha Port downtown on the city’s Corniche.

The new port will support industrial development to the south of Doha. Completion of the first phase is expected in 2014.

Beijing based China Harbour won contract to execute the onshore excavation works. Firms have been prequalified for the contract to dredge the port’s approach channel. STADIUMSAs of now, Qatar has committed to spending USD 65 bn to build infrastructure to host the 2022 World Cup. As part of the bid process, Qatar committed to providing 12 stadiums, each with a minimum capacity of 45,000.

The direct spending on building stadiums will be 4% of the total planned investment. It will renovate three stadiums and will construct nine new stadiums. Stadiums will be equipped with cooling systems using clean renewable energy resources to achieve the first completely carbon-neutral World Cup. RAILDoha Metro is the first section of Qatar’s USD 25 bn rail plan to be developed and will be a crucial part of Doha’s infrastructure when complete.

The metro will consist of four lines running more than 300 km across the city.

The first phase involves building the Red line, which will run from Doha city to new Doha International airport. In 2009, Germany’s Deutsche Bahn was appointed to develop Qatar’s national railway network. It is currently prequalifying consultants for the preliminary metro designs.

Source: MEED


Qatar has two main focuses in the next decade; first is staging the largest sporting event, and the second is implementing its National Vision 2030, which aims to diversify away from a reliance on hydrocarbons.

Qatar’s ambitions and investment plans are different compared to other GCC countries. Qatar won the right to host the 2022 World Cup, which has imposed a time frame for completing the projects. The infrastructure that the country will build over the next decade will also result in meeting the objectives of the national development plan.

Preparing for the World Cup 2022 will drive spending on sports and transport infrastructure, while the National Vision 2030 will focus on social infrastructure, such as education, healthcare and cultural projects.

Qatar’s construction sector witnessed unprecedented growth between 2005 and 2008, growing at a CAGR of 46%. Sector productivity increased from QAR 8.7 bn in 2005 to QAR 27.5 bn in 2008. Following this, the construction market contracted in 2009 and 2010 on the back of the global crisis. According to a study by Oxford Economics and Global Construction Perspectives, the Qatari construction market is expected to grow by an average of 12.5% a year over the next decade, compared with growth in European countries averaging just 1.7% to 2020.

The sector has not witnessed any major cancellations or projects on hold, unlike its regional peers, including Dubai, Bahrain and Kuwait. The total value of projects put on hold or cancelled stood at USD 460.3 bn at the end of October 2011. In Qatar, the projects put on hold were around 4% of the total market, compared to 59% and 24% in UAE and Kuwait, respectively. The value of such projects in Qatar and Saudi Arabia was insignificant compared to the total size of the market.

With Qatar slated to host a ‘zero carbon’ World Cup in 2022, Qatar Green Building Council (QGBC) has set up a group to foster green infrastructure as a national resource. Qatar is utilizing Leadership in Energy and Environmental Design (LEED) and the Qatar Sustainability Assessment System (QSAS) to this end. A number of projects are targeting LEED Gold or Platinum status. Dr. Alex Amato, Chairman of the Research and Innovation Committee at QGBC, commented: “In line with the environment pillar in Qatar’s National Development Strategy 2011-2016, this interest group complements national and regional efforts to utilize our current and future green infrastructure. This initiative demonstrates the value of green infrastructure investment and reiterates the benefits and need for sustainable investment in this field. This group also wants to encourage the appreciation of Qatar’s natural systems and their role in the landscape architecture profession.”

Exhibit6:Constructionsectorasa%ofnon-hydrocarbonGDPinQatar

Source: Central Bank

4. Construction SectorQ

AR

bn

2007 2008 2009

30.0

25.0

20.0

15.0

0

5.0

10.0

21%

-

19%

17%

15%

13%

11%

9%

7%

5%2010 9M-11

15.9

27.225.5

24.1

17.6

11.4%

14.4%

13.0%

10.8%

9.1%

As % of non-hydrocarbon GDPBuilding and Construction


Exhibit7:GCC-Projectsplannedorunderway(2008–2011)

Source: MEED, Note: Oct end for each year

The total number of projects that were planned or underway in the GCC stood at USD 1,784.7 bn at the end of October 2011. Saudi Arabia has emerged as the largest market for planned or underway projects in the GCC, while UAE became the second largest market because of cancelled or on-hold projects.

Qatar has been in the limelight for various reasons from acquiring international assets to hosting the biggest sporting event in the world. The total number of planned and underway projects in Qatar stood at USD 214 bn at end of Oct-2011. The value of projects has grown at a CAGR of 40% during 2005 and 2011. The growth in projects value during the period is the second largest in the GCC, as Kuwait witnessed a growth of around 43% despite all the cancellations/on hold projects.

The value of the projects under execution stands at USD 59.8 bn with the transportation sector accounting for around 30% of the projects under execution. Within transportation, airport and roads have been the main contributors as they are witnessing a substantial revamp or new additions in facilities.

As of Oct-2011, the total value of projects under execution in Qatar’s energy sector stood at USD 11.2 bn accounting for 19% of all the projects under execution in the country. This indicates that the world’s leading supplier in the hydrocarbon sector has been capitalizing on its core sector to meet the rising global demand in the oil and gas sector. Furthermore, commercial and residential construction projects accounted for 21% of the total projects under execution.

Exhibit8:GCC-Projectsplannedorunderway Exhibit9:ProjectsplannedorunderwayinQatar tillOct-11(USDbn)

Source: MEED Projects Source: MEED Projects

0

250

500

750

1,000

USD

bn

1,250

Bahrain Kuwait Oman Qatar Saudi Arabia UAE

2008 2009 2010 2011

Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE

605.4

167.9

55.5

111.6

214.0

630.3

Oct-05

28.2

Oct-06

116.4

Oct-07

145.3

Oct-08

202.8

Oct-09

204.3

Oct-10

254.9

Oct-11

214.0

USD

bn

30.0

25.0

20.0

15.0

0

5.0

10.0


Exhibit10:Projectsunderexecution(Oct-11)

Source: MEED Projects

Sporting events in Qatar have also been one of the main drivers of the construction sector. The 15th Asian Games were held in the country in 2006 and the preparation for the games resulted in a great deal of construction activity, including the building of a Sports City, which contains stadium and other sports facilities. In January 2011, the country hosted the Asian Football Confederation Cup for the second time. The biggest driver and the game changer for Qatar has been its winning bid to host the football World Cup 2022.

Transportation and building projects account for more than 50% of the projects under execution. These sectors are essential for the infrastructure development of the country. The transportation sector is focusing on modernizing its existing network, while the building sector is transforming the country by building some iconic projects over the next decade. The country is building several start-of-art projects that will transform the country.

As seen in Exhibit 11, the total spending in the construction sector stood at USD 47.7 bn, accounting for 39% of the total spending. In the construction sector, 48.3% was allocated towards the residential and commercial sub-sector, while 10.7% was in industrial and 12.1% in ports.

Exhibit 11: Sector wise spending


Others

Stadiums

Social

Building

Retail

Tourism

Utilities

Energy

Transportation

2.7%

0.0%

9.6%

21.2%

1.7%

2.7%

12.6%

18.7%

30.7%

Transmission12.7%

Storage4.1%

Production30.2%

Processing52.9%

Telecom0.3% Commercial

14.9%

Cultural2.8%

Education4.0%

Retail2.9%

Mixed Use9.2%

Residential33.5%

Chemical6,864

Construction47,690

Water7,629Transport

11,334

Power16,119

Oil3,927

Industrial2,280

Gas26,570

Public1.2%

Healthcare4.0%

Hospitality4.5%

Industrial10.7%

Marine12.1%


The Exhibit 12 focuses on the expected spending over the next four years. The capital spending is expected to grow by about 48% between 2011 and 2014. The majority of the growth is expected in 2013 and 2014, when most of the projects are expected to kick start.

Exhibit 12: Expected increase in capital spending


Exhibit13:Qatar’stop10contractors2011

Company Awards(USDmn) Origin

JGC Corporation 1,700 Japan

Saudi Binladin 1,150 Saudi Arabia

Consolidated Contractors Company 965 Athens Based

Hyundai Heavy Industries 889 South Korea

China Harbour Engineering 880 China

QDVC (Qatari Diar/Vinci Construction) 535 Local/France

Qcon 510 Local

Hyundai Engineering & Construction 434 South Korea

Qatar Building Company 419 Local

Al-Bader Construction & Steel Works 400 Local

Total 7,882


20142013201220112010

Capital spending is expected to increase by 48% between 2011 and 2014

2009

10.0

8.0

6.0

4.0

2.0

0.0

Power & Water Petrochemical Oil & Gas Production Construction Infrastructure


The transportation sector has been at the forefront of public spending plans in the GCC region in general and Qatar in particular. In Qatar, the transportation sector is pacing development and expected growth in the country. In addition, the modernization of the transportation sector in Qatar is essential for successful hosting of the world’s biggest event. The government is significantly focused on developing the country’s road network especially through main highways to ease traffic congestion. We believe that the improvement of the roads network will continue to be an ongoing investment for the government as the growth momentum continues in the region. Exhibit14:Landmarkprojectsintransportationsector

Projects Cost(USDbn) Client Status

Qatar National Railway System 35.0 Qatar Railways Planned Company (QRail)

New Doha International airport(NDIA) - (Phase I) 11.1 NDIA Steering Committee Completion due in 2012Source: MEED Projects

The total revised investment in the GCC transportation sector is USD 298 bn compared to an original budget of USD 281 bn. The total investment in rail projects is USD 95 bn in the region. The GCC countries are focusing on upgrading and developing rail networks within countries and also to connect the region. The GCC governments are also making significant investments in upgrading their airports to meet the rising demand of both passengers as well as freight services. The total planned investment in airports is USD 41.4 bn in the GCC.

During the past three years, Saudi Arabia has awarded about USD 28.3 bn worth of projects, UAE has awarded about USD 11 bn worth of projects and USD 6.1 bn in Qatar. Given the size of projects awarded or in the pipeline, many regional and international contractors are expanding operations in Qatar and Saudi Arabia. The regional contractors are mostly from Kuwait and the UAE as activity within their respective the respective countries have remained subdued.

We believe that Qatar and Saudi Arabia will continue to remain the most dominant markets within the GCC region. Both the countries have announced significant investment plans, especially in rail projects. The Qatari market looks more promising as the government is expected to accelerate the execution of planned projects to ensure timely completion as it prepares for the FIFA World Cup 2022.

Exhibit15:Valueofprojectsannouncedin Exhibit16:Valueofprojectsawardedintransportationsectortransportationsector(USDbn)


5. Transportation

Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE

88.0

32.6

15.7

25.3

54.8

81.6

10

9

6

8

3

5

2

0Bahrain

0.1 0.3 0.2

Kuwait

2.1

4.1

1.0

Oman

1.3

3.7

1.8

Qatar

0.5

1.8

3.8

Saudi Arabia

9.1

10.1

9.1

UAE

4.1

2.5

4.4

2009 2010 2011

USD

bn


5.1 Roads The total planned or projects underway in the GCC countries are valued at about USD 128 bn. The UAE leads the

market with USD 46 bn worth of projects planned or underway. Saudi Arabia is the second largest market with USD 38 bn worth of projects either planned or underway, while Qatar accounts for USD 18 bn worth of projects. Collectively, Kuwait, Oman and Bahrain have USD 27 bn worth of projects planned or underway. We believe that the execution of these projects will be important to reduce over congestion in the GCC.

In the GCC, Qatar was the most active roads market in 2011. Ashghal awarded USD 2.3 bn worth of contracts during the year 2011. The biggest of these was the USD 1 bn construction package awarded to the joint venture of the Saudi Binladin Group and the local Qatari Diar for work on the Dukhan highway. The other big contract that was awarded related to the two road contracts in January, worth an estimated USD 0.52 bn, to a joint venture of Consolidated Contractors Company and the Teyseer Contracting Company for the 12th package of the Doha Expressway.

The investment in Qatar’s roads sector is set to continue, with Ashghal planning to build 136 km of new roads by 2014, providing plenty of opportunities to local and international contractors and material suppliers. The major upgrades in roads infrastructure were undertaken even before the country won the bid to host the FIFA World Cup 2022. Strong economic growth in the past few years have led to a rapid increase in population, thus resulting in significant congestion in the capital city of Qatar, Doha.

The country has allocated USD 20 bn over the next five years to upgrade its road network, of which USD 17.9 bn is planned or underway. Development of roads network is also essential for the overall infrastructure development of the country. The preparation for the World Cup 2022 will also speed up the process of the construction of roads to ensure decreases in traffic congestion, an increase in regional accessibility, and minimize the environmental impact of its transportation network.

Exhibit17:Planned/underwayprojectsinroads(USDbn)


Exhibit18:Roadsprojectawardedin2011(USDmn)

Projects ContractValue CompletionDate EPCContractors

Doha Dukhan Highway: Central Section 275.0 Q1-14 CCC and Teyseer Contracting

Peripheral Roads to Barwa City 152.0 Q2-13 Bin Omran

Doha Expressway: Phase XII: F Ring Road 233.0 Q1-14 CCC and Teyseer Contracting

Doha Dukhan: Al-Mail Roundabout to BaniHajer Roundabout 1,000.0 Q4-14 Qatari Diar and Binladin Group

Nakhilat Shipyard: Phase 4A 45.0 Q3-12 Eversendai Corp.

Doha Expressway: Package 6 85.0 Q4-13 Sinohydro Corporation

Doha Dukhan: Eastern Section 150.0 Q4-14 Qatari Diar and Binladin Group Source: MEED Projects

11.8

2.1

12.7

17.9

37.8

45.7

Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE


Qatar is likely to witness the announcement of USD 7.8 bn worth of projects over the next two years. Qatar is expected to finish its planned roads network by the end of 2016, well ahead of the -World Cup 2022. According to our estimates, the total size of the road and bridges market in Qatar will be USD 26.5 bn at the end of 2020. We believe that new projects will be announced in line with the rising population as well as the trend to own cars in the region resulting in further upgrades in the country’s roads infrastructure.

The government’s USD 20 bn plan also includes investments in improving its sewage networks. USD 362 mn worth of projects has been awarded so far in 2011 for improving sewage networks around the city. The Doha North Sewerage Treatment and Associated Works project is a USD 2.2 bn four-part expansion. The improvement in sewerage networks at the Doha North Project is important as it is likely to witness increase in flows. Doha North will witness projects such as Lusail, the Pearl and Gharaffa, West Bay area, as well as alleviate some of the pressure placed on the existing Doha West Sewerage Treatment Works (STW).

Three major road projects that which are underway further substantiate the five-year plan to upgrade the road network of the country. The Doha Expressway, currently under construction is valued at USD 2 bn, the Dukhan Highway also under construction has been valued at USD 275 mn, and the largest proposed project, the Lusail Highway, which is currently being tendered, has been valued at a significant USD 687 mn.

Timeline:Roadprojects

Ashghal has awarded USD 120 mn project to HBK Contracting. The project comprises of mechanical and electrical refurbishment work with related drainage works, civil and structural works at the existing pumping stations PS3/1, PS8/1, PS8/6, Series 8 Trunk Sewer, PS15, PS23, PS31 and PS44.

Nakilat Shipyard: Phase 4A Project Value: USD 45 mn Completion Date: Q3-12

Doha Dukhan Highway: Central Section

Project Value: USD 275 mnCompletion Date: Q1-14

Doha Expressway: Phase XII: F Ring Road


Doha Dukhan: Al-Mail toBani Hajer


Doha Dukhan: Eastern Section Project Value: USD 150 mn

Completion Date: Q4-14

Peripheral Roads to Barwa CityProject Value: USD 152 mn


Doha Expressway: Package 6Project Value: USD 85 mnCompletion Date: Q4-13

2012 2013 2014 2015 2017


The Public Works Authority (ASHGHAL): The leader in Roads and Sewage developments has undertaken QAR 100 bn worth infrastructure projects in five years.

Proposed Road Network in Greater Doha

Expressways

Artorial RoadsRoads The master plan programme called for a four phase programme to be implemented by Ashghal. This was to have included:

Phase I (2008-11)• Upgrading the Al-Rayyan road from the BaniHajar

roundabout to Souq Waqif• The F-ring arterial road• The east-west corridor and New Doha International

Airport road• The F3 Salwa road freeway, stage I• The F5 central freeway, stage I (Lusail expressway)• The F1 freeway to Al-Shamal

Phase II (2012-16)• The F6 Doha Bay Freeway• The F2 Khalifa Street/Majlis al-Tawoon• The E8 Al-Khor expressway (Lusail North to Lusail South)• The F21 Al-Waab freeway• The Salwa road freeway, stage III• The F5 central Freeway, stage III• The Al-Saad arterial road• The F61 Al-Wahda freeway• The F2 Dukhan freeway (Al-Shamal road to orbital

freeway)• The F6 east-west corridor (from the Orbital freeway to

New Doha port)• The F4 Orbital freeway/E9 Lusail tangential• The F5 Central freeway, stage II• The E12 Western industrial expressway

Phase III (2017-21)• The E2 D-ring extension to New Doha International airport• The A12 E-ring extension to the airport• The E10 Al-Wukair expressway• The E10Al-Waab expressway, stage II

Phase IV (2021-26)• Phase 4 consists of a pumping station for Treated Sewer

Effluent (TSE3)

Source: Ashghal website


5.2 Railways

The GCC region has a planned investment of USD 96 bn in the rail sector. The rail networks have garnered a significant 32% share of the total transportation sector. Qatar is the largest market for the railways sector in the GCC, with a total investment of USD 35 bn. The total investment in the rail sector in Qatar accounted for 53% of the total planned investment in the transportation sector.

Exhibit19:Plannedprojectsinrailways

Source: MEED

35

30

70%

60%

50%

40%

30%

20%

10%

0%

20

25

10

15

5

0Bahrain Kuwait Oman Qatar Saudi Arabia UAE

50% 52%

12%

64%

7.9

17.0

3.0

35.0

15.0

18.0

18%20%

% of Transportation sectorValue of Projects


Exhibit20:OngoingorplannedrailwayprojectsinGCC

Expected Projects Value CompletionDate Coverage

GCC Railway Network USD 30.0 bn 2017 GCC nations

Qatar National Railway System USD 25.0 bn 2015 North-South within Qatar

UAE National Railway Project USD 10.9 bn 2015 Connects All Emirates in the UAE

Dubai Metro USD 10.6 bn 2015 Dubai

Bahrain Rail Masterplan USD 7.9 bn 2025 Bahrain

Abu Dhabi Metro USD 7.0 bn 2020 Key Cities in Abu Dhabi

Kuwait City Rapid Transit USD 7.0 bn 2016 Kuwait City

Saudi Land Bridge USD 7.0 bn 2014 From Jeddah to Riyadh in KSA

Haramain High-Speed Railway USD 7.0 bn 2014 From Mecca to Medina in KSA

Source: Frost and Sullivan, Commercialbank Capital Research

Qatar is the largest market for the railways sector in the GCC, with a planned investment of USD 25 bn. The objective of Qatar’s massive investment plan is to ensure that it can accommodate the movement of thousands of tourists during the tournament. The public transport, which is currently operated by Mowasalat in the form of taxis and buses, will not be adequate to host the FIFA World Cup 2022. In addition, increasing taxis and buses will put additional pressure on new roads and create congestion; therefore, a rail network within the country will be the most viable option for Qatar.

Exhibit21:DetailsofQatarrailproject

Projects AwardDate Value(USDmn)

NDIA - Doha International Airport: Passenger Rail Station Box Q1 2010 120

QRDC - Qatar Integrated Rail Project Q2 2012 20,675

QRDC - Qatar Integrated Rail Project: Automated People Mover in West Bay Q2 2012 2,200

QRDC - Qatar Integrated Rail Project: Doha Metro: Green and Yellow Line Q2 2012 2,000

QRDC - Qatar Integrated Rail Project: Doha Metro: Lusail Light Rail Network Q3 2012 1,158

QRDC - Qatar Integrated Rail Project: Doha Metro: Blue Line Q2 2012 1,000

QRDC - Qatar Integrated Rail Project: Doha Metro: Red Line Q2 2012 1,000

QDREIC - New Doha Airport to New Doha Port Railway Q4 2014 200


Recently, the organization that was responsible for developing the rail network has been restructured with the objective

of expediting the process. A Railways Steering Committee has been established, Chaired by the Prime Minister; will be responsible for coordination of the entire project.

QRail will now look after the rail network project, which was earlier been assigned to Qatar Railways Development Co (QRDC), a 51:49 joint venture between Qatari Diar and DB International (formed in 2009).QRail has started inviting expressions of interest from local and international companies to bid for design and construction contracts for the Doha Metro project.

Recently, QRail has signed a USD 535.4 mn contract with Qatari Diar Vinci Construction (QDVC) for the new phase of works on the Lusail Light Rail Transit system. The contract covers civil engineering works in seven underground stations, the construction of a viaduct over the motorway between Doha and the northern part of the country and preliminary works on an LRT depot and maintenance workshop.


Qatar plans to build a rail network, which is part of the country’s plan to spend USD 35 bn on rail infrastructure. Doha Metro, a 350 km rail network will have four lines, Red Coastal line, Golden Historic line, Green Education line and Blue City line.

Red line: is the first line to be developed and will operate from the NDIA to the West Bay area in central Doha.

Gold line: will operate from east-west route linking NDIA and the airport city with the industrial areas in the west of Doha.

Green line: will be from the industrial areas in the south through central Doha to Education City.

Blue line: will follow the coast road, running from NDIA to West Bay and on to The Pearl and Lusail.

Phase1Underground: 28,952mElevated: 56,170mAt Grade: 44,327mTotal length: 129,449m



Qatar Integrated Rail Project

Doha Metro map

Timeline: Railways

Consultants prequalify for metro. PMC bids invited for West Bay

people-mover

Civil works tender due for West Bay. Construction due to start on

Red Coast

PMC bids invited for Lusail LRT

PMC award due for West Bay

Aecom-Parsons wins PMC for Lusail LRT

Civil works award due for West Bay by September 2012

Testing and commissioning of Red Coast Line to start

GCC Railway Network Project Value: USD 30 bn Completion Date: 2017

Testing and commissioning of freight railway to start by 2016

Entire rail programme will be completed

2011 2013 2016 2017 2026


5.3 New Doha International Airport The aviation sector in the GCC has undergone a major transformation during the past decade. Passenger traffic in the

GCC has grown at a CAGR of around 10% between 2002 and 2010, significantly higher compared to global traffic.

According to the International Air Transport Association (IATA), the Middle East is one of the fastest growing markets in the world with expected annual growth of about around 9% till 2014. A recent Boeing forecast indicates that it expects orders of 2,520 planes from the Middle East carriers by 2030.The total value of projects planned or underway in the GCC is USD 42 bn.

In the GCC, Qatar has an aggressive aviation sector expansion plan to emerge as an aviation hub in the region. The country is also gearing itself to maintain pace with a steady increase in passenger traffic to and to traffic to-and-from Doha. In addition, Qatar Airway’s rising fleet size has also been leading to an increase in transit passengers, putting additional pressure on airport authorities.

Qatar’s current airport is facing increasing congestion and will be replaced by a new airport with significantly larger cargo and passenger facilities, thereby making it an important transportation hub for the people and materials.

Exhibit22:Projectsawarded(USDbn)


The government plans to invest USD 11.1 bn for NDIA which includes two runways and a 140,000 sqm airport terminal. Currently, the airport is handling 14.9 mn passengers a year. At the completion of first phase in March 2012, the airport will be able to handle 24 mn passengers and 750,000 tons of cargo a year.

On completion of the second phase in 2015, the capacity will double to 50 mn passengers per year. The NDIA is also developing its air cargo terminal with an initial handling capacity of 1.4 mn on completion of the first phase. This figure is expected to grow to 2 mn tonnes (mt) at the end of second phase, making it one of the largest cargo terminals in the world. In line with these developments, Qatar Airways is also planning to develop its air cargo business.

Exhibit23:Airportcontractsawarded(2004–2010)

Projects Value(USDmn) Projectstatus Awarddate

NDIA – Infrastructure Packages 3,550 Execution 2007

NDIA – Passenger Terminal Complex 1,000 Execution 2007

NDIA – Airfield Paving, Tunnel and Detention Ponds Works 932 Execution 2005

NDIA – Concourse C 778 Execution 2009

NDIA – Aircraft Maintenance Hangar 670 Execution 2006

NDIA – Reclamation and Dredging 425 Execution 2005

Total 7,355


Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE

2.7

4.9

7.1

7.311.2

8.2


New Doha International Airport

The government of Qatar began upgrading the NDIA even before winning bid to host the FIFA World Cup 2022 following increase in the number of tourists thanks to initiatives undertaken by the tourism authority of Qatar. Qatar is preparing for the upcoming expected rise in demand as Qatar Airways further enhances its fleet size to move up the international ranking. This will help the airline post an increase in its current flying destinations, making Qatar a hub for major connections across the globe.

Timeline:Airportprojects

Qatar Airways Qatar Airways is a group of companies with diverse interests from core passenger and cargo transportation and airport

to alcohol distribution, sports and hospitality. The group comprises Qatar Airlines, Qatar Duty Free, Qatar Airways Cargo, the Qatar Distribution Company (the only licensed retail distributor of alcohol in Qatar) and Doha International Airport. Since the re-launch of Qatar Airways in 1997, the company has been growing at 30% per year. During this period, the fleet size has increased from four aircrafts to 97 aircrafts in 2011. This figure is expected to reach 110 by the end of 2013. The company has entered into a multi-billion dollar deal with Airbus to supply 80 aircrafts.

Qatar Airways is among the best and the fastest growing airlines in the region winning the award for the Best Airline in the Middle East and Africa at the 2011 Business Traveler Asia Pacific Awards for the second year in a row. In December 2011, the CEO of Qatar Airways was unanimously nominated to serve on the board of governors of the International Air Transport Association, which represents over 90 % of the world’s air transport. This further substantiates Qatar Airways image in the industry and its commitment to being one of the best airlines in the region. The company is rapidly expanding its destinations, as well as flight frequency. In 2011, it has expanded and/or started new flights to various destinations. The company is expected to add 20 new destinations by the end of 2013.

New Doha International Airport (Phase I)

Total Project Value: USD 11.1 bnCompletion Date: 2012

Passenger Capacity: 24 mnCargo Capacity: 750,000 tn

New Doha International Airport (Phase II)

Total Project Value: USD 11.1 bnCompletion Date: 2015

Passenger Capacity: 50 mnCargo Capacity: 2 mn tn

2012 2014 2015 2016 2018


In March 2011, Qatar Airway’s announced a strategic partnership with Qatar Telecom (Qtel) for the migration of its primary IT infrastructure to the Qtel data centre. In September 2011, the company bought a 35% stake at the Luxembourg-based cargo carrier Cargolux, which is in line with its objective to develop its air freight business.

Qatar Space City is a plan of the Government of Qatar to establish a USD 3.3 bn Space City in the Al-Khor area, covering an area of 40,000 sqm. The project will include establishment of a university in cooperation with the US National Aeronautics and Space Administration (NASA), along with a science museum and other tourist attractions. The planned project is expected to be implemented in several phases under the supervision of an official body that would be appointed with the General Authority of Civil Aviation. The concept of the space city project is based on the American Space Museum.

5.4 New Doha Port The GCC ports sector is mostly dominated by the oil and gas sector, as most of the production is exported to the emerging

markets. However, this is set to change in the coming years as the region continues to make significant investments to diversify its economic base.

The new proposed port in Qatar is likely to transform the country into the new trading hub of the region, which is in line with the country Vision 2030. The country can aspire for such goals as it has the required funding thanks to rising hydrocarbon prices in recent years, which has resulted in accumulated surpluses. The main objective of the new port is to replace the existing port, which is struggling to keep up with growing demand owing to the limited land at its disposal.

Currently, the country has three main ports: Port of Doha (Qatar’s main commercial seaport), Port of Ras Laffan (the world’s largest LNG exporting facility), and Port of Mesaieed (Qatar’s main oil export terminal and the main point of entry for aggregates and other building materials). In order to meet the heightened traffic of goods and supplies generated by the country’s economic boom and rising population, the Government of Qatar plans to expand and develop its port infrastructure.

Qatar’s ports are dominated by LNG exports. However, this phenomenon is likely to change over the next few years as the country makes significant investments to diversify its economy away from the hydrocarbon sector. The current planned investments in the sea port sector are aimed at addressing the additional capacity of LNG, while the future expansion plans aim to address the expected rise in demand from the massive development program undertaken by the government.

Exhibit24:Plannedprojectsinseaports($bn)


Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE

2.7

0.8

2.8

2.1

8.6

15.4


Exhibit25:Portcapacity

PortName Capacity YearofCompletion

New Doha Port 6 mn teu 2016

Port of Ras Laffan 6.3 mn m3* NA

Port of Mesaieed 2 mn teu 2014

Source: Commercialbank Capital Research, Note: *Cubic meter

In April 2010, Qatar received bids from about nine consortiums for the major contract of the New Doha Port. In March 2011, the steering committee signed its first contract with the China Harbor Engineering Company (CHEC) for of QAR 3.2 bn, in a four-and-half year deal. The second contract has received bids, and is likely to be awarded soon. We believe that Qatar will have to expedite its process of bidding and awarding and thereafter execution in order to keep pace with its regional peers.

Timeline:Portprojects

An artist impression of the USD 5.5 bn deepwater seaport near Qatar’s industrial city of Mesaieed

2016 2020 2025 2030

New Doha Port (Phase I)Total Project Value: USD 7 bn

Completion Date: 2016Capacity: 6 mn TEU (20-foot

equivalent units)

New Doha Port (Phase III)Total Project Value: USD 7 bn

Start Date: 2030Capacity: NA

New Doha Port (Phase II)Total Project Value: USD 7 bn

Start Date: 2020Capacity: NA


6.1 The Pearl-Qatar The Pearl-Qatar is a Riviera style manmade island developed in an exclusive environment in Doha. It is one of the

largest real estate developments in the GCC, covering 400 hectares (4 mn sqm) of reclaimed land. It is also Qatar’s first international luxury residential development that offers international investors freehold title ownership. It is located 20 km from Doha’s international airport and 350 meters offshore from Doha’s prestigious West Bay District. The first investors took up residency in 2009, and the entire project is expected to be completed by 2013.

The Pearl will house about 40,000 residents and includes luxury apartments, high rise towers, town homes, penthouses and Mediterranean villas, an international yachting hub with three marinas and 700 boats, three 5-star hotels, 2 mn sqf of international retail, restaurants and entertainment hubs, as well as a family destination with schools and community facilities.

United Development Company (UDC) is the project developer overseeing the project’s entire infrastructure and construction of municipal buildings. Dar Al-Handasah (Shair and Partners) is a project manager.

The idea behind Pearl Qatar is to attract as many people as possible from Qatar and the region, as well as from other parts of the world. It will have high-end shops and fine-dining restaurants from countries such as Spain, Italy and the United States. The Pearl-Qatar, with it 40 km of reclaimed coastline and 20 km of pristine beaches, is among the main tourist attractions of Qatar.

There are three retail areas which have their own themes. One of them is the Porto Arabia covering 200,000 sqm, and consists of 385 retail shops, including fashion, jewellery and fine dining. The Medina Centrale, with an area of 600,000 sqm, is set to provide cinemas and supermarkets among others, while the Qanat Quartier will be the cultural destination with its impressive design, allowing people to enjoy parks and art galleries.

Nikki Beach Resort & Spa is a Miami-based resort chain set to open in July 2012. It will be a boutique beachfront resort with 47 luxury villas and spa suites located at Porto Arabia. It is designed by the award winning Singapore based ECO ID Architects with interior design by Gatserelia Design.

6. Iconic Projects

The Pearl, Qatar


6.2 Msheireb Msheireb is an iconic project aimed at displaying innovative development and rediscovering local heritage and culture.

The project is divided into six main character zones namely Diwan Quarter, Heritage Quarter, Retail Quarter, Kahraba Quarter (residence and mix use), Nakheel Quarter (HQ gateway). The project will house 226 buildings to provide homes to 27,637 residents. It will have parks and open spaces spread over approximately 122,217 sqm. The project will have three types of hotels namely Lifestyle hotel, Luxury hotel and Business hotel and a theatre auditorium with a 500 to 700 seating capacity. One of other distinctive features of the project is that it is expected to have underground metro stations to provide links to other parts of country.

The project will be completed in five phases with the first phase due for completion by 2012. The first phase will consist of a multi-use Cultural Forum, central luxury hotel and serviced apartments, offices, a shopping street, townhouses, a primary school and a mosque. Phase 2, 3 and 4 will consist of retail malls, hotels, office apartments and shops.

Exhibit26:DetailsofMsheirebdevelopment

Projects BudgetValue(USDmn) ProjectStatus

Msheireb Properties - Mandarin Oriental Hotel 80 EPC Bid

Msheireb Development: Infrastructure Works: Phase I 142 Execution

Msheireb: District Cooling Plants 50 Execution

Msheireb: Phase 1a 428 Execution

Msheireb: Phase 1b 500 Execution

Msheireb: Phase 2, 3 and 4 4,072 Design

Source: MEED

Msheireb


6.3 Lusail City Lusail City is a modern yet traditional and environmentally

friendly city. The estimated cost of the development is USD 33 bn, which will be executed in phases over the next 10 years.

Lusail City will be located on the east coast of Qatar, approximately 15 km north of the city center of Doha. Lusail City will have residential, commercial and two marinas. It will also have a full array of community needs such as schools, mosque, medical facilities, sports, entertainment, cultural facilities and shopping centers.

The city will have 25,000 residential units which will accommodate approximately 200,000 residents. An estimated 170,000 are anticipated to work at the different districts and expected to attract further 80,000 visitors to the city.

Freehold ownership of Lusail City properties is available to all Qatari and GCC nationals, while foreigners can acquire

property on a 99-year lease basis. The infrastructure of Lusail city is divided into two phase which was further subdivided into construction zones, known as construction package (CP).

There are 16 major CP which are under different stages of development. The entire infrastructure at this stage is planned to be completed by the end of 2013. Similarly, the entire Lusail City will be connected to an extensive natural gas pipeline network.

Exhibit27:LusailCityconstructionprojects

Projects Totalvalue Status Client

Transport

Al-Khor Highway NA Design Public Works Authority (Ashghal)

Lusail Expressway – Phase one USD 350 mn EPC bid Ashghal

Lusail Expressway – Phase two USD 350 mn Design Ashghal

Lusail light-railway transit (LRT) USD 1.8 bn PMC awarded Qatar Railways Development Company (QRDC)

Lusail LRT rolling stock contract USD 1.8 bn EPC bid QRDC

Real Estate

Al-Sidra Golf Residential Development USD 3.5 bn Design Arcapita, Barwa Real Estate Company

Lusail mixed-used development USD 800 mn On Hold Diyar al-Kuwait Real Estate Company

Lusail Entertainment City USD 1.5 bn On hold ADIH, Majid al-Futtaim Group

Sports

Lusail Iconic Stadium USD 662 mn Design Qatar Olympic Committee


Lusail City


6.4 Seef Lusail Seef Lusail, a project under development by Seef Lusail Real Estate Development Company “SEEF”, has appointed DP

Architects as master planners for the project. The developer, SEEF, is a joint venture between Masraf Al Rayan and Qatari Diar that will take on the full development of Seef Lusail. Issa Mohammed Al Kaladari, CEO of Lusail City was appointed as Chairman of SEEF. Khalid Ahmad Fakhroo, Executive Director of Engineering and Real Estate at Masraf Al Rayan, has been appointed as the CEO of SEEF.

Seef Lusail is a 600,000 sqm multi-use development located at the waterfront of Lusail, a distinctive 21st century iconic city which celebrates the special cultural and geographical heritage of Qatar and the Gulf Region

DP Architects is a leading architectural practice in Asia with over 1200 staff and 12 offices worldwide. It has been operating in the Gulf region since 2005 and their key projects in the region include The Dubai Mall, the Address at Dubai Marina, Doha Festival City, Dilmunia Health City in Bahrain and The Eighth Gate in Damascus. The firm was founded with a deep concern for the built environment and the need to create architecture of excellence that enriches the human experience and spirit.

Seef Lusail will feature an interactive 2.3 km waterfront promenade that will include multiple world class attractions that will cater to various age groups and families. The developer, “SEEF” conducted a number of studies on waterfront destinations worldwide in an effort to create an innovative design with a strong emphasis on creating themes throughout Seef Lusail that reflect and compliment Qatar’s traditions and values. Seef Lusail will further add to Qatar’s appeal as an international destination that rivals major global destinations.

The design will take into consideration the climate in Qatar, in order to have a lively and active waterfront all year long.

The hotels in Seef Lusail will cater to the family, business and luxury leisure segments. One of the hotels will be a fully integrated resort and spa providing guests with a unique leisure experience. Discussions and negotiations are underway with global hotels brands that will bring new concepts and ideas to Qatar.

Seef Lusail


The GCC retail sector has undergone a paradigm shift over the past decade on the back of a robust macroeconomic environment. The region has emerged as one of the most attractive destinations for retailers across the globe. Changing consumer behavior and lifestyle, increasing influence of western culture, rising disposable income have led to phenomenal growth in the retail sector. As a result, the retail sector in the GCC is contributing to the overall growth in the non-hydrocarbon sector.

Shopping malls and organized retail stores have gained prominence in the region as they are regarded as one stop entertainment shop for residents and tourists alike. Therefore, the total projects planned or underway for shopping malls in the region is USD 11.1 bn. We believe that Qatar has the potential to attract a bigger share as it prepares for the World Cup 2022 and the government thrust towards becoming a touristic hub in the region.

Exhibit28:Grossleasablearea(GLA)in2010(sqm000’s)

Source: Alpen Capital

The emergence of trade, restaurants and hotels sector as the fourth largest contributor to GDP in 2010 reflects the strong and growing performance of Qatar’s retail industry in recent years. The contribution to GDP has increased from 4.4% in 2006 to reach 5.5% in 2010. The retail sector growth in Qatar has mirrored the economic growth in the country. Qatar’s rapid economic growth has led to one of the highest GDP per capita in the world.

Qatar’s retail sector has evolved over the past few years on the back of rapid growth in population. The sector has benefitted from the rising purchasing power of its residents in recent years. This has led to a shift from unorganized to organized shopping, resulting in shopping malls and complexes. Shopping malls have become an important part of everyday life as they constitute a good source of entertainment for both residents and tourists in the country.

7. Retail & Leisure

Doha Festival City

311

4,0454,234

639571

521

Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE


Exhibit29:Retailfuturesupply2012–2015

Project GLA(sqm) CompletionDate ProjectValue Developer

Gulf Mall 80,000 2012 USD 100 mn Business Trading Company

Ezdan Mall 40,000 2012 USD 50 mn Ezdan Real Estate Company

Doha Festival City 240,000 2014 USD 1.65 bn Bawabat al-Shamal Real Estate

Northgate Mall 100,000 2013 USD 327 mn Equinox

Mirqab Mall 36,000 2013 USD 200 mn H.E. Sheikh Hamad Bin Jassim Al Jaboor Al Thani

Marina Mall 60,000 2015 USD 275 mn Qatar Foundation

Barwa Commercial Avenue Mall 56,600 2012 USD 1,100 mn Barwa Real Estate Company

Barwa Al Doha 55,000 2015 USD 824 mn Barwa Al Doha (Developer)

Source: DTZ Research and MEED Projects

Although, shopping malls and commercial centers have entered the market during the past couple of years, the retail space remained scarce in the country. This has resulted in speculative demand, which has prompted sub-letting at enormously high prices. The prices of sub-letting can vary between QAR 100 to QAR 150 per sqm depending on the location. Surprisingly this phenomenon has become highly common in Doha.

Qatar’s total retail stock was about 630,000 sqm (GLA) at the end of 2010, an increase of around 30% compared to 2009. Based on planned developments, Qatar will add 626,000 sqm (GLA) of new organized retail space by the end of 2012, thus doubling the existing retail capacity. The completion of 433,847 sqm (GLA) of Doha Festival City complex, which is being developed by Al Futtaim will be completed by 2014. The Barwa Commercial Avenue is under construction, which will yield 1 mn sqm of built up area. The first phase of the project will yield around 0.5 mn sqm of GLA. The first phase is about 60% complete and the rest is to be completed by the end of 2012. Both these projects will more than double Qatar’s current GLA upon completion.

The total planned and projects underway in shopping mall are USD 3.1 bn. There are around 10 new malls being planned in Qatar. The total number of projects awarded during the year 2011 is USD 523 mn. Around USD 2 bn worth of projects is to be awarded in the year 2012 and 2013.

7.1 Doha Festival City (DFC) DFC will be the largest mall in Qatar with a mixed use of shopping, entertainment and leisure. The project is owned and

developed by Bawabat Al Shamal Real Estate Company (BASREC). BASREC shareholders include Al-Futtaim Real Estate Services, Qatar Islamic Bank (QIB) and private Qatari companies. DFC will be built on a 433,847 sqm plot with a GLA of around 260,000 sqm, which is located around 15 km north of downtown Doha on Al Shamal Road. DFC will consist of mall and entertainment complex, hospitality and offices and automotive showrooms. The retail section will have four distinct interior zones, namely Water Concourse, Garden Promenade, Rainforest Boardwalk and Fashion Galleria. DFC will be the home to IKEA, Toys R Us, Marks & Spencer and Inter-sport. The first phase of the project, which will include the retail section, is likely to be completed by the fourth quarter of 2012. The remaining sections of the DFC are expected to be completed by the end of fourth quarter of 2014.

7.2 Lagoona Mall Lagoona Mall is a 127,000 sqm two level lifestyle shopping centre with 53,000 sqm of retail shopping, built at an

estimated cost of QAR 1.4 bn. Lagoona is developed by Dar Investment & Development and is leased and managed by Darwish Holding for an initial period of 30 years. The main contractor was Al Seal Contracting & Trading Co and Hill International (project Management) MZ & Partners (Design and Supervision) are the consultant. One of Lagoona’s unique features is a 20,000 sqm European piazza, featuring 5,000 sqm of fine dining which will be home to 20 restaurants with outdoor patios. The shopping center comprises 170 retail stores. Similarly, it also provides parking for over 2,000 vehicles. The mall is the home to luxurious multi brand store, Fifty One East. The store covers an area of 13,000 sqm which is the biggest in the Middle East region.


7.3 Katara Katara is the Cultural Village of Qatar, where cutting edge activities of all fields show the cultural diversity of the world

in one single traditionally Qatari place. It is the largest and the most multidimensional cultural project of Qatar. It covers an area of 1 mn sqm and is located between Doha’s West Bay and the pearl. The approximate cost of the project is USD 82 mn.

Katara hosts international, regional and local festivals, workshops, performances and exhibitions at its prestigious venues such as theatres, libraries, art galleries, museums, an opera house, and a multi-purpose halland Roman-style amphi theatre which is the largest in the Middle East. It also has traditional cafes/restaurants, marinas, handicrafts souq, mosques and playing field for children. Katara has held various performances since its opening in October 2010 which includes Qatar Philharmonic Orchestra, Doha Tribeca Film Festival, Photography Exhibitions (i.e. Our Time, Doharama) and Cultural Performance during AFC Asian Cup Jan 2011.

7.4 Cinemas Recently, Q media announced a deal to acquire 60% stake in Qatar Cinema and Film Distribution Company for nearly

QAR 2 bn. Q media and Qatar Cinema and Film Distribution Company plans to invest more than QAR 1 bn in the next three years to open more than 50 state-of-the-art multiplex facilities.

Exhibit 30: Cinema screens in the region

Source: Various

KATARA - Cultural Village

13

17

38

14

Abu Dhabi

Dubai

Kuwait

Qatar


In the GCC, Qatar has the maximum number of cinemas. The total number of cinemas in Qatar stood at 38 compared to around 30 in Dubai and Abu Dhabi.

Aspire Zone Foundation (AZF) opened the first women cinema in Qatar capital, Doha. All the films for this cinema are provided by Qatar Cinema and Film Distribution Company. Qatar has also launched Doha Film Institute (DFI) to build a strong film industry in Qatar along with strong links to the international film community. World Cinema Foundation has signed a three-year cultural partnership with DFI to restore and preserve international films of cultural significance.

Doha has hosted international film festivals - Tribeca Film Festival Doha and Al Jazeera Documentary Film Festival in the past. Qatar is moving in the right direction to become the main attraction and hosting big events in the coming years. We remain optimistic on the prospects of the entertainment and believe that it will gradually emerge as one of the top entertainment hubs in the GCC.

Timeline:Retailprojects

7.5 Hotels & Tourism Qatar Tourism Authority (QTA) plays an important role in promoting Qatar as an evolving tourist destination. The

company organizes and supervises the development of the tourism industry in Qatar. According to the World Travel and Tourism Council (WTTC), Qatar has one of the fastest growing tourism sectors in the world. The contribution of the travel and tourism sector to GDP is expected to rise 6.4% per annum by 2021 from QAR 3.8 bn or 0.7% of total GDP in 2011. These assumptions are on the back of significant planned investments in the sector and in line with the government’s thrust to become a major tourist destination.

QTA has done a commendable job in organizing and participating in conferences and exhibitions over the years, which has transformed Qatar into a business destination within the region. The increase in the number of business travelers due to the conferences and exhibitions is improving the hotel occupancy rates in Qatar. In terms of revenues, 4 star hotel revenues increased to QAR 182.4 mn in the third quarter of 2011 to QAR 101.9 mn during the same period of previous year. In terms of 5 star hotels, the revenue increased to QAR 385.6 mn in the third quarter of 2011 compared to QAR 304.6 mn of the previous year.

Gulf MallProject Value: USD 100 mn

Completion Date: 2012GLA: 80,000 sqm

Ezdan MallProject Value: USD 50 mn Completion Date: 2012

GLA: 40,000 sqm

Barwa CommercialAvenue Mall

Project Value: USD 1,100 mnCompletion Date: Q2-12

NLA: 56,600 sqm

Marina MallProject Value: USD 275 mn


Barwa Al Doha MallProject Value: USD 824 mn


Doha Festival CityProject Value: USD 1.7 bnCompletion Date: Q4-14

GLA: 260,000 sqm

Lagoona MallProject Value: USD 348 mn


Northgate MallProject Value: USD 327 mn


Mirqab MallProject Value: USD 200 mn


2011 2012 2013 2014 2015


St. Regis Hotels & Resorts is making a landmark entry into the Middle East with The St. Regis Doha. The hotel is part of Al Gassar Resort and is expected to open on 28 February 2012. The hotel is strategically located near the Katara Cultural Village and Doha Exhibition Centre. It will comprise of 336 guest rooms and suites, a cornucopia of signature restaurants, a world-class Remede Spa, and a 1,850 sqm Grand Ballroom with a capacity of accommodating 1,200 guests.

According to the latest figures from QTA, the tourism sector in Qatar is witnessing a steady growth. The report indicated that the occupancy rates have increased by around 4% in the third quarter compared to the same period of the previous year.

The revenues from 4 and 5 star hotels witnessed an increase during the period, indicating strong domestic and regional interest in the sector. This increase was due to the 24% increase in visitors from the GCC region, especially Saudi Arabia as it accounts for around 60% of the total tourist within the region.

According to hotelier Middle East, Qatar has 17 five star and 13 four-star hotels at the end of January 2011. In total, Qatar had around 66 hotels. According to QTA, the total number of hotels is expected to reach 240 by end of 2022. This is a substantial increase in the number of hotels in the next ten years. According to QTA, about 90% of future supply will provide four and five star accommodation.

The total planned and underway projects are USD 2.4 bn. As of now, USD 1.6 bn worth of projects has been awarded. Currently, there are 10,000 hotel rooms and additional 5,500 will be come on stream by the end of this year. By the end of 2013, the total hotel rooms will reach 30,000. Around 5,000 new rooms will come on stream each year through 2022.

Exhibit 31: Qatar growth in hotels (forecast till 2022)

Source: Zawya

Qatar Museums Authority (QMA) has awarded a contract worth USD 434 mn to a South Korean construction firm Hyundai Engineering & Construction to build the National Museum of Qatar designed by the French architect Jean Nouvel over an area of 46,000 sqm in Doha. The construction of the museum is expected to be completed by 2014. Qatar’s

St. Regis Hotel, Doha

No.

of H

otel

s

250

200

150

100

0

50

2008 2009 2010 2022F

51 5866

240


National Museum will be an add-on to the Museum of Islamic Art in Doha designed by IM Pei, which opened in December 2008, as well as the Arab Museum of Modern Art in Doha, which opened last December.

New National Museum of Qatar

The QMA has also announced to open a “Museum of Islamic Art” (MIA) park built upon an area of around 280,000 sqm

with no entrance fees for visitors. The park is designed by Pei Partnership Architects of New York. In addition, they will also provide various facilities like music evenings, paddle boats, film screenings, sports events and art workshops. The plans for building a new Museum of Photography designed by Santiago Calatrava are in progress.

Timeline:Hospitalityprojects

New Doha Hilton HotelProject Value: USD 60 mnCompletion Date: Q1-12

Capacity: 320 rooms

Doha Regent HotelProject Value: USD 100 mn


St. Regis Hotel and Residential Tower


Capacity: 320 rooms

Qatar National MuseumProject Value: USD 434 mn

Completion Date: Q2-14Capacity: 220 seats

Mandarin Oriental HotelProject Value: USD 80 mnCompletion Date: Q1-14

Capacity: 160 rooms

Planet Hollywood Hotel Entertainment City


Capacity: 300 rooms

Four Seasons Hotels and Resorts


Capacity: 350 rooms

2011 2012 2013 2014 2015

Crowne Plaza Doha: The Business Park


Capacity: 265 rooms


Social infrastructure development becomes important in the midst of economic development. In addition, it is important in attracting expatriates to work and live in Qatar. These are indirect ways of creating demand, which will support the country’s National Vision 2030 of reaching their target population by the end of 2030. Investments in social infrastructure such as hospitals and education is on the rise as providing adequate education for the growing young population is the backbone of economic diversification. Both the healthcare and education is part of the government’s human development programme. 8.1 Education

The education sector has undergone major transformation over the past two decades. The country has made major investments in improving the quality of its education system. Qatar leads the GCC in terms of education reforms as it ranks among the top five nations globally in terms of quality of primary education. The government established the regulatory body, Supreme Education Council (SEC). The SEC comprises of three institutes, namely Education Institute to develop curriculum and professional training for teachers and staff, Evaluation Institute to assess and monitor the performance of schools and the Higher Education Institute to help outstanding students.

According to a recent study by Qatar’s permanent Population Committee, the number of students is rising by around 4.5% annually. The strong growth in student enrolment has led to reform of Qatar’s primary and secondary schools. Currently, there are 165 independent schools serving around 80,000 students under the new system provided by the SEC. We believe that there are opportunities for the primary and secondary schools due to the rising demand, however, the main challenge would be the exorbitant prices of land. This would be lead to higher pricing structure for new schools, which may be unfavorable when compared to the existing schools.

8. Social Infrastructure

Education City


Exhibit32:UniversitiesinQatar

University/College CountryofOrigin

Qatar University Qatar

Virginia Commonwealth University USA

Northwestern University USA

Weill Cornell Medical College USA

Georgetown University USA

Texas A&M University USA

Carnegie Mellon University USA

HEC Paris Europe

University College London Europe

Stenden University Netherlands

University of Calgary Canada

College of the North Atlantic Canada


One of the most significant changes in the education sector was the establishment of Education City by the Qatar Foundation. Due to the modernization and its world class facilities, it has attracted both universities and students from around the region. Six American universities have opened branches in the Education City.

Apart from these international universities, Qatar University continues to remain the main attraction for local students. The university also underwent series of reform between 2003 and 2007. The university offers 60 degrees from seven different colleges. In addition, the main driver for Qatari people to enroll in the public university is to secure high paying public sector jobs.

Hamad bin Khalifa University is an initiative of Qatar Foundation for Education, Science and Community Development (QF) in honor of His Highness the Emir, HH Sheikh Hamad Bin Khalifa Al-Thani. This new multi-disciplinary university will combine the learning, teaching and research being carried out at the branch campuses of the universities and other academic centers at the Education City.

The total projects planned or underway in Qatar is USD 6.6 bn. Total projects awarded during the year 2011 reached USD 1.2 bn, while it is expected that USD 620 mn worth of projects will be awarded during the fourth quarter of 2011. We believe that the total investment is likely to surpass the USD 6 bn as the development in Qatar will induce more primary and secondary schools and western universities to meet the rising demand in Qatar. Going forward, the government will continue its investment program to further improve its education system, which is important for the overall development of the country. The government intends to bring in modern educational curriculum, which will benefit the development of local population. This is in line with the government’s Vision 2030.

8.2 Healthcare The government thrust on improving its healthcare system, makes in one of the largest spenders on healthcare in the

GCC region. The rapid increase in population during the past five years has resulted in serious shortages for healthcare system in Qatar. Qatar has a total of 9 hospitals and 22 primary healthcare centers. On an average, the government allocated around 10% of the total annual budget toward healthcare and related activities. In the country’s 2011/12 budget, the government has allocated QAR 8.8 bn (USD 2.4 bn) to the healthcare sector, which is around QAR 300 mn higher compared to the previous year.

One of the key elements of human development of Qatar National Vision 2030 is health of the population. Qatar has introduced its National Health Strategy (NHS) 2011-16, in order to align with the Qatar’s National Vision 2030 and its ambition of becoming a regional centre for medical research. The strategy has 35 projects in plan over the next six years which will improve the overall healthcare services and fulfill the needs of world class healthcare system.


Timeline:Healthcareprojects

Qatar spends around USD 137 mn per annum to send patients outside the country for treatment as it lacks quality

healthcare. In order to address this issue, the government is planning to spend USD 8 bn on hospital construction projects by the end of 2016. The country’s public works ministry has approved plans to build eight new hospitals by 2016. The new hospitals will add 5,000 beds to the current capacity. One of the main challenges is attracting skilled professionals to achieve quality healthcare system in the country.

The government has taken several initiatives to improve the quality and services of the healthcare system in Qatar. The government has formed partnerships with various foreign universities, institutions and colleges like University of Calagry Qatar and the Weill Cornell Medical College. The institutions have their campus in Qatar providing healthcare/medical education and nursing training programmes. One of the most ambitious projects in the healthcare sector is the USD 2.5 bn Sidra Medical and Research Centre, USD 1.5 bn Hamad Medical City, and USD 500 mn Al Wakhra Hospital.

Sidra Village: Mazaya Qatar Real Estate Development Company has awarded a $130m contract to China’s Sinohydro to deliver the Sidra Village project in 20 months. Sidra Village comprises 1,165 residential units, including 658 one-bedroom and 507 two-bedroom apartments.

Sidra Medical and Research Centre is one of several initiatives taken by HH Sheikha Mozah bint Nasser Al-Missned. The aim is to become the leading centre for the development of medical science in the Middle East. The three essential missions behind the initiative are patient care, medical education and biomedical research. Sidra Medical and Research Center will be located in Education City. It is owned and funded via a USD 7.9 bn endowment from Qatar Foundation.

Sidra Medical and Research Centre will provide employment to around 5,000 people including doctors, nurses, technical staff, biomedical researchers, administrators and support staff. The centre will also have parking facility for approximately 2,000 vehicles and a residence for 350 nurses.

The medical center will work closely with Weill Cornell Medical College in Qatar and Hamad Medical Corporation in regard to all three missions, raising the standard of health care throughout the country and providing valuable opportunities for training the medical students and clinician. It will also include research in the field of pregnancy health, infertility, genetic abnormalities, the health needs of children, and diseases specific to women. It will be the first hospital in Qatar to have a fully integrated clinical information system as well as the first academic medical center in the region based on the North American model.

Al Wakrah HospitalProject Value: USD 0.5 bnCompletion Date: Q1-11

Capacity: 280 beds

Hamad Medical City Project Value: USD 1.1 bn

Completion Date: Q2-13Capacity: 1,340 Beds

Sidra Medical City (Phase I)Project Value: USD 7.9 bnCompletion Date: Q4-12

Capacity: 380 Beds

2011 2012 2013 2014 2015

New Sidra Medical and Research Centre


Total building area (sqf): Approx. 2,520,000 (hospital and clinic); Approx. 3,600,000 (including structured parking). Phase I consists of 380 beds, not including labor and delivery rooms, and 53 high-risk/ICU obstetric beds. Phase II is planned to expand hospital capacity to approximately 550 beds and double the sizes of the Outpatient Clinic and research facilities.

Qatar Foundation’s Capital Projects Department is overseeing all elements of the design and construction of Sidra Medical and Research Center.

Led by Engineer Saad Al Muhanadi, QF Vice President for Capital Projects, a world class team has been assembled that includes the following entities:

Qatar Petroleum serves as the Client Representative on behalf of Qatar Foundation.

KEO International is the Program /Construction Manager, serving as the link between Qatar Foundation, Qatar Petroleum, the Executive Architect, and all other parties.

Pelli Clarke Pelli, a US architectural firm, is the Design Architect and creator of the actual design of Sidra.

Kurt Salmon Associates is conducting the medical planning and space programming.

A $ 2.3 billion construction contract has been awarded to an international consortium including OHL and Contrack.

Site map: Sidra Medical and Research Center

Entry Road

Exit Road

Hospital Turnaround

Arrival Boulevard

Hospital Arrival Plaza

Sunken Garden

Ramps To Underground Parking

Sculpture Garden

Fire Lane

Healing Gardens Inside Atrium

Mosque Garden

Mosque Promenade

Gazebo & Stair Tower

Bus Stop

Historic House

Waterfall

Clinic Drop-Off

Clinic Gardens

Medical School Connector

North Clinic Drop-Off

VIP Entrance

Morgue Waiting Area

Ambulance Entrance

Emergency Drop-Off

OB / GYN Drop-Off

Helipad

Water Feature

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

Legend


9.1 Energy The gradual recovery in the global economies during the start of 2011 has resulted in steady flow of investments in the

hydrocarbons sector in GCC region. This recovery reassured the region to increase in its production capacity to meet the growing demand. Energy sector plays an important role in the GCC region as it is main source of revenue.

The original planned investment in oil and gas sector within the GCC was around USD 420 bn till 2020. However, the revised planned budget was 4% lower compared to the original planned investments. The revised planned investment in the GCC is around USD 401 bn (refer exhibit 33). The drop in value is due to Kuwait, which has revised its budget downwards by around 30%. Saudi Arabia, on the other hand, has increased its planned investment by around 10% to USD 134.6 bn.

The change in revised investment plans can be attributed to the petrochemical sector, where the Saudi Arabia is considering massive investments over the next decade. Qatar accounts for only 10% of the total planned investments in the oil and gas sector in the GCC.

In the GCC, the amount of contracts awarded is about USD 156.4 bn, which is around 40% of the revised planned investment in the oil and gas sector (refer to Exhibit 34). UAE and Saudi Arabia are by far the largest markets for the oil and gas in the region. UAE has awarded USD 70.2 bn worth of projects, while Saudi Arabia has awarded USD 58.2 bn.

Saudi Arabia, the world’s largest producer of oil, has announced massive investments during the next five years as it wants to capitalize on the rising oil prices. UAE, on the other hand, believes that focusing and investing in the oil and gas sector would be the most appropriate to boost the overall economy, especially after the sharp correction in the real estate sector on the back of global recession.

Exhibit33:Valueofplannedinvestmentsin Exhibit34:Contractsawardedin oilandgasprojects(USDbn) oilandgasprojects


Exhibit35:Naturalgasreserves(Tncf)

Source: Oil and Gas journal 2011

9. Energy and Utilities

Bahrain

8.9

Oman

24.9

Qatar

37.1

Kuwait

64.1

UAE

131.7

Saudi Arabia

134.6

USD

bn

140

120

100

80

60

0

20

40

Russia 1,680

Iran 1,046

Qatar 896

Saudi Arabia 275

U.S. 273

12.7

11.2

58.370.2

3.40.6

Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE


The hydrocarbon sector is the main contributor to the robust growth witnessed during the past few years. In terms of gas reserves, Qatar is the third-largest in the world behind Russia and Iran. It is the world’s largest global supplier of LNG and will become the world’s largest exporter of Gas-to-Liquids (GTL). The government will continue investing further to enhance its capacity to meet the rising demand in the gas sector. However, investments are likely to be much lower compared to past levels.

Since 2006, Qatar has invested around USD 40 bn in the oil and gas sector. In Exhibit 36, majority of this was invested during the year 2006 and 2007 in order to achieve the desired capacity as mentioned above. In the year 2011, total amount of projects awarded in the energy sector was USD 2.9 bn, which is around 25% of the total projects awarded during the year.

Exhibit36:OilandgasprojectsawardedinQatar

Source: Oil and Gas Directory ME-2011 till date

Qatar started operation of mega train-7 (capacity 7.8 mtpa) in July 2009 and had brought another five plants on-stream (46.8 mtpa) till Feb 2011. Qatar transportation company has 52 LNG vessel out of which 9 conventional vessels (145,000 – 154,000 m3), 31Q-Flex vessels (210,000 – 216,000 m3), 14 Q-max Vessels (263,000 – 266,000 m3). In 2011, Qatar achieved its target capacity of 77 mtpa for LNG.

The government’s investment in the energy sector is through Qatar Petroleum (QP), which is the only state owned petroleum company in Qatar. The company operates all oil and gas activities primarily including exploration, production, refining, transport, and storage. It is also involved in sale of crude oil, NGL, LNG, GTL, refined products, petrochemicals and fertilizers. QP accounts for about 50% of the country’s total crude oil output. Qatar petroleum has allocated USD 30.7 bn (2010-2014) for project in crude oil, natural gas, GTL and petrochemicals. However, the budget has been declining in gas sector as the expansion is nearing its completion.

Gas-to-liquids (GTL) projects have received significant attention in Qatar over the past several years. The government had originally set a target of developing 400,000 bpd (64,000 m3/d) of GTL capacity by 2012.

The biggest GTL project in Qatar is Pearl GTL. In February 2007, the same week that Exxon Mobil decided to cancel its GTL plans, Shell held a ground breaking ceremony for its Pearl GTL project. The Pearl plant is 51% owned by Qatar Petroleum, though Shell will act as the operator of the project with a 49% stake.

ORYX GTL is a synthetic fuel plant based in Ras Laffan Industrial City, Qatar, which is a JV between by Qatar Petroleum (51%) and Sasol (49%). The capacity of Oryx GTL is 34,000 bpd of oil.

The facility is expected to use 1.6 bn cubic feet or 45 mn cubic meters per day (m3/d) of natural gas feedstock to produce 3.1mbd (499,000 cmd) of GTL products as well as 120,000 bpd (19,000 cmd) of associated condensate and LPG. Initially, the estimated cost of the project was USD 4 bn, which increased to between USD 12 and USD 18 bn. The Pearl GTL is the first integrated GTL operation in the world, which will have upstream natural gas production integrated with the onshore conversion plant. By 2012, Qatar is likely to have 177,000 barrels per day (28,100 cmd) of GTL capacity from Oryx GTL and Pearl GTL.

USD

bn

25

20

15

10

0

5

2006 2007 2008 2009 2010 2011*

11.0

21.5

0.4 3.17.9 2.9


Timeline:Energyprojects

Timeline:Oilandgasprojects

Ras Laffan Polysilicon PlantProject Value: USD 1.0 bn Completion Date: Q2-13

KAHRAMAA - Facility D IWPPProject Value: USD 2.0 bnCompletion Date: Q4-15

Capacity: 2,000 MW

KAHRAMAA - Solar Power Complex


QEWC / KAHRAMAA – Ras Laffan IWPP ExpansionProject Value: USD 3.0 bnCompletion Date: Q3-14

Capacity: 4,200 MW

2013 2014 2015 2016 2018

Qatargas - Jetty Boil Off Gas Recovery


Barzan Gas Development - Onshore (Phase I)


Barzan Gas Development - Onshore (Phase II)


Oryx - Gas to Liquids Plant (GTL) Phase II


Shell - Petrochemical Complex


Govt of Qatar/Govt of Kuwait - Petrochemical ComplexProject Value: USD 2.0 bnCompletion Date: Q4-17

QP - Al Shaheen Refinery(On Hold)


Ras Laffan Olefins Complex Project Value: USD 6.4 bnCompletion Date: Q2-16

Barzan Gas DevelopmentProject Value: USD 10 bnCompletion Date: Q4-21

2013 2015 2016 2017 2021


9.2 Solar Energy Winning the bid for FIFA World Cup 2022 has given a

further fillip to the solar energy sector in Qatar. In addition to the existing investment in the sector, major investments can be expected in the near term as the country prepares itself for the World Cup 2022. The ideas and concepts conceived from solar power are likely to ensure cooling and power control within the stadiums, which is very essential for the successful hosting of the event. As a result, Qatar is expected to invest about USD 1 bn on alternative energy. As of now, the country has awarded projects worth USD 0.7 bn.

Qatar plans to build 9 new solar powered open-air stadiums

designed by German Architects Albert Speer and Partner GmbH (AS&P), and renovate 3 existing stadiums.

Electricity to cool these stadiums will be generated with photovoltaic panels (PV) and solar thermal collectors installed on the stadiums’ roofs and sides. Cool air will be pumped at spectators’ ankles, backs, and necks, and if permissible, the retractable roof can provide additional shade. Similarly, scientists and engineers at Qatar University have also developed a solar powered gas-filled cloud that will shade spectators and athletes from the roaring sun. In addition, the USD 0.5 mn artificial clouds that can be positioned over any of the stadiums in Qatar and can be maneuvered with a remote control from the ground to keep the passing sun off the field.

Qatar Science and Technology will develop a plant at Ras Laffan Industrial City, which will be one of the first operational polysilicon plants in the region. The plant will produce well over 3,500 tons per annum and has been designed with future expansion in mind.

The solar energy will play an important role in successfully hosting the World Cup 2022 as the world will focus on Qatar’s to see if is able to deliver the cooling standards promised during the bidding stage.

9.3 Utilities The GCC region is undergoing transformational changes in the utility sector due to rapid growth in population,

commercial and industrial growth in the region. The governments of the GCC countries with the exception of Kuwait have embarked on a plan to restructure and privatize the sector.

One of the other major developments in the power sector was the establishment of Power Grid Authority known as the GCC Interconnection Authority. The authority will be responsible for overlooking and monitoring of the GCC Power grid. The Grid’s existing members are Saudi Arabia, the UAE, Kuwait, Bahrain and Qatar (for Phase 1) with Oman joining the alliance for Phase 2. Saudi Arabia can give and receive 1,200 MW, while the UAE 900 MW and Qatar 750 MW to and/or from the grid. Members are expected to maintain a minimum reserve ratio level and negotiations for power trading (which is to commence next year) have already begun. It is estimated that the grid would save USD 5 bn in energy costs for member countries. All six countries have joined in the second phase of the USD 1.4 bn project which was formally initiated in April 2011.

Exhibit37:GCCdesalinationcapacity(000m3/d)

Country 2006 2011 2016

Saudi Arabia 7,410 12,564 17,654

UAE 5,730 9,030 12,330

Qatar 1,197 1,676 2,481

Bahrain 519 1,183 1,977

Kuwait 2,081 3,466 4,617

Oman 377 1,140 2,059

Source: MEED

Prototype: Qatar Solar Power Stadium


The total revised value of investment in the power and water sector in the GCC is USD 221.5 bn compared with USD 216.5 bn planned initially. According to Exhibit 38, the total value of planned investment in Saudi Arabia is USD 96.9 bn, largest market within the GCC. UAE is second largest market with a total investment of USD 57.8 bn. Qatar has a total planned investment of USD 16.8 bn.

Exhibit38:Plannedinvestmentinpowerandwater


The total planned investment in the water sector is USD 42.9 bn. Saudi Arabia is the largest market with planned investment of USD 16.9 bn. The country has awarded around USD 8.3 bn worth of projects, while the remaining is likely to be awarded in the coming years. UAE has planned investment of USD 8.4 bn, while USD 5.2 bn worth of projects has been awarded. Qatar is the third largest market in the GCC with planned investment of USD 6.9 bn.

In 2011 so far, the total value of projects awarded in utility was USD 18.3 bn in the GCC (refer to Exhibit 39). Out of this, USD 10.8 bn worth of projects was awarded in Saudi Arabia, accounting for around 59% of the total value. Kuwait awarded USD 2.7 bn worth of projects, while USD 2.1 bn in the UAE.

Exhibit39:Projectsawardedin2011(USDbn)


USD

bn

100

80

60

40

0

20

Bahrain Kuwait Oman Qatar Saudi Arabia UAE

7 7

27 29

14 1418 17

97 97

5855

Sum of Original Budget Sum of Revised Budget

0.4

0.5

1.9

2.7

10.8

2.1

Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

UAE


In the GCC, Qatar is well placed in terms of meeting the rising demand in the near future. The government is investing in the power sector but in phases to ensure that the there is no excess capacity. Qatar as well as the other GCC nations faces the problem of high consumption of electricity compared to the global averages. One of the main factors could be the subsidies provided by the government of Qatar on the cost of power and water in the country. Electricity and water is free of cost to the nationals, which accounts for around 13% of total population.

Qatar is among the top countries in GCC in promoting Public Private Partnerships (PPPs) in energy and utilities sector. The drive to increase private-sector involvement in the country stepped up in 2000, with the formation of Qatar General Electricity and Water Corporation (QEWC). In Qatar, the power sector plants are owned and operated by QEWC. The company is also responsible for meeting the consumption needs of Qatar. The power-generation segment of QEWC’s business is privatized. However, it sells its products through long-term power and water purchase Agreements (PWPAs) to Kahramaa, which is fully owned by the Qatari government. Kahramaa is the Qatari utilities regulator responsible for transmission and distribution of electricity and water, development of policies and procedures for the management and supervision of the water and electricity sectors in Qatar.

Qatar is planning to privatize the transmission and distribution segment, which would increase the transparency and efficiency within the sector. In the past 20 years, QEWC has continued to expand its production capacity through fully and jointly owned plants. In 3Q 11, the company reached electricity generation capacity of 5,578 MW and water-desalination capacity of 265 million imperial gallons per day (MIGD), representing more than 60% and 70% of Qatar’s total power and water production capacities, respectively.

In 2011, Qatar commissioned the USD 3.9 bn Ras Girtas power plant, which is expected to be one of the major power generation plants in the country located in Ras Laffan Industrial City. The plant is expected to produce 2,730 MW of electricity and 286,404 m3/d of desalinated water. Qatar holds 60% of the plant which is divided between QEWC (45%) and Qatar Petroleum (15%) and rest 40% is being held by Ras Qatar Energy Company. It is a 25 year contract between Ras Qatar and QEWC, according to which Ras Qatar will supply its production to QEWC which in turn will use it to supply to the local network or externally in the context of the GCC Electricity Link-up System.

The total planned investment in power sector is around USD 9.0 bn. Total value of projects awarded was USD 3.7 bn since 2008, out of which USD 3.1 bn was awarded in 2008 and 2009. In 2011, three projects were awarded with a total value of USD 422 mn. The value of projects awarded accounted for around 6% of the total value of projects awarded in Qatar. There were a total of 19 projects awarded in the power sector compared to 338 projects in Qatar.

Exhibit40:Valueofinvestmentinpowersector


USD

bn

1.8

1.5

1.2

0.9

0.0

0.6

0.3

2006 2009 2010 2011

1.7

1.4

0.2

0.4


The total investment in the power sector during 2010 and 2011 (so far) has remained subdued especially as the major capacity is expected to come online in 2011. Power sector investments will continue to remain subdued as Qatar is well placed in terms of meeting the demand requirements. The expected investment in power sector is around USD 5 bn in the next decade. As a result, the excess capacity is likely to sold to other members of the GCC through Kahramaa, especially Sharjah and Kuwait as they are experiencing shortages. This process may be facilitated by the completion of the GCC Interconnection Power Grid. Qatar has already completed the first phase of this project with the remaining two phases set to conclude this year.

In Qatar, more than 75% of the water requirement is dependent on the supply of desalinated water. The average per capita consumption is estimated at 310 liters per person per day. Construction activity (preparation for World cup 2022) and the agricultural sector accounted for more than 70% of water demand in Qatar. Qatar has minimal groundwater reserves with an average rainfall of about 75 millimeters a year. Therefore, it is more than 99% reliant on desalination to meet its domestic demand. The desalination capacity in the region is expected to increase by 24% from current levels to reach 325 MIGD by the end of 2012.

Exhibit41:InvestmentinQatarwatersector


The Kahramaa has invested in water storage construction activity, undertaking a USD 2.75 bn reservoir project capable of holding seven days’ worth of fresh water as a backup for desalinated water supply. The 1.9 bn gallon facility will include a network of reservoirs connected by a 183 km, 2.5 m-wide pipeline linking the Ras Laffan desalination facility in the country’s north and the Ras Abu Fonts plant in the south. Treated wastewater contribution to the water supply is expected to rise from 0.05 bn cubic meters per year in 2011 to 0.065 bn cubic meters per year by 2015. Ensuring that more and more water in the country is re-used, the government of Qatar has formed a joint venture with Singapore’s Darco Water Technologies to build a USD 5 bn wastewater recycling plant for serving the small towns and villages of Qatar. The Public Works Authority (PWA) is responsible for the waste water and drainage projects in the country.

The total planned investment in water sector is around USD 6.9 bn, which has been revised upwards from USD 5.2 bn. Total value of projects awarded was USD 3.8 bn since 2008. In 2011, three projects were awarded with a total value of USD 362 mn. The expected investment in water sector is around USD 3 bn in the next decade.

Kahramaa has allocated USD 4.3 bn for two main pilot projects. The first, a water production technology independent of power expected to be operational by 2012, will add 0.05 mn m3/d capacity to the system. The second is for a reservoir with 8,000 meter cube holding capacity to service the West Bay and Airport area in Doha.

USD

bn

1.6

1.4

1.2

0.8

0.0

0.6

1.0

0.4

0.2

2007 2008 2009 2010 2011

1.5

0.1

1.2

0.6

0.4


Timeline:Utilitiesprojects

KAHRAMAA - Facility D IWPPProject Value: USD 2.0 bnCompletion Date: Q4-15

Capacity: 60 mmgpd

KAHRAMAA - Water Security Mega Reservoirs


QEWC / KAHRAMAA - RasLaffan IWPP Expansion

Project Value: USD 3.0 bnCompletion Date: Q3-14Capacity: 235 mmgpd

Qatar Transmission Phase VIII Project Value: USD 2.8 bn Completion Date: Q3-12

Qatar Transmission Phase IX Project Value: USD 2.0 bnCompletion Date: Q1-12

Doha North Wastewater Treatment Plant


Doha and Rayyan Sewerage Project Value: USD 0.5 bnCompletion Date: Q2-12

Qatar Transmission Phase IX: Substation Package


2012 2013 2014 2015 2016


10.1 Cement The cement industry has undergone significant expansion during the past few years on the back of massive investments

in the construction sector. The cement sector is the biggest beneficiary of the construction spending in general and the real estate sector in particular. The demand for cement in the GCC countries has given an entry option to new players in the region. In 2005, the region produced 48 mt of cement which further increased to 85 mt in 2010.

Exhibit42:Worldcementproduction

Source: USGS and Commercialbank Capital Research

The two major cement producers in the region are Saudi Arabia and UAE. The UAE registered a CAGR growth of 16.6% from 11 mt in 2006 to 20.3 mt in 2010 (refer to Exhibit 43), which is the highest in the region. The country’s strong growth in production was driven by massive investment in construction during 2003 to 2008. Since then the country has witnessed the highest number of projects on hold or cancelled due to the overall liquidity crisis, which was led by the global recession. Saudi Arabia is the largest producer of cement in the GCC.

During 2006 and 2010, cement production grew at a CAGR of 17.0% to 50.8 mt (refer to Exhibit 43). This healthy growth in production was on the back of massive public spending in the construction sector, especially the real estate sector.

Exhibit43:CementproductionintheGCC


10. Building Materials

MT

3,500

3,000

2,500

1,500

0

1,000

2,000

500

3.0%

2.6%

1.8%

1.4%

2.2%

1.0%2006 2007 2008 2009 2010

2,610

1.8%1.8%

1.9%

2.2%

2.6%

2,810 2,8503,040

3,300

World Production GCC Production as % of World

MT

54.0

45.0

36.0

27.0

0

9.0

18.0

Bahrain Kuwait Oman Saudi Arabia UAE Qatar

2009 2010

0.8 1.0 2.0 2.5 4.0 5.1

50.8

40.0

16.0

20.3

4.2 5.3


Qatar is the third largest cement market in the GCC in terms of both consumption and production capacity. Historically, the cement production in Qatar was below the consumption and the excess demand was accommodated by importing from Saudi Arabia. Qatar National Cement Company (43% owned by Government of Qatar) was the only cement company in Qatar up until 2010, which enjoyed the monopoly in the market. But since 2010, two new companies entered the cement market due to capitalize on the construction activity, namely Al Khalij and Al Jaber Cement Industries.

Exhibit 44: Qatar cement production


The production of cement has increased over the years as the companies gear up for the ongoing construction activity. Currently, the companies are planning to further expand their production to prepare for the massive investment in construction sector. Majority of the construction will come from infrastructure and real estate sector, where cement sector is the direct beneficiary.

Qatar’s contribution to GCC production has increased from 4.9% in 2007 to 6.2% in 2010. We believe that this is likely to increase further as the companies gear to meet the rising demand in the next five years. Qatar’s current production capacity stands at 6.2 mt.

Qatar National Cement Company (QNCC) is the largest cement producer with a production capacity of 4.4 mt and a market share of around 70%. QNCC also announced that it is going to increase it cement capacity by 0.93 mtpa to 5.36 mtpa in the coming years. Al Khalij and Al Jaber have a market share of 24% and 5% respectively in the domestic market.

Cement prices have been volatile in the GCC, especially in the UAE. However, the cement price in Qatar has been cement as it is controlled by the government. Going forward, we do not expect any volatility in the cement price and believe that it will continue to remain stable at current levels.

MT

6.4

5.6

4.8

3.2

0.0

2.4

4.0

1.6

0.8

2007 2008 2009 2010 Current

2.5

3.5

4.2

5.3

6.2


The current production capacity of cement in Qatar is enough to absorb the demand. Going forward, we believe that cement consumption will grow at a CAGR of around 12% from 2011 to 2015 (refer to Exhibit 45). In our view, majority of the projects that are under construction or planned will be completed by the end of 2015.

Exhibit 45: Qatar cement consumption forecast

Source: Commercialbank Capital Research, ConstructionWeek

Based on that assumption, we have forecasted the cement consumption in Qatar. We believe that the consumption will be at its peak in the years 2013 and 2014. Qatari cement companies are unlikely to match this demand, which means that the excess demand will be imported from Saudi Arabia and UAE. The outlook on cement sector in Qatar is positive on the massive investment in the construction sector backed by strong macroeconomic fundamentals.

MT

16.0

12.0

8.0

0.0

4.0

5.5 5.5

15.314.2

12.2

2011 2012 2013 2014 2015


10.2 Steel The global steel industry has witnessed a boom and bust cycle in past few years. In past five years, world steel production

grew at a CAGR of 2.1%, while the GCC grew by 9% in 2010. The contribution of GCC to the world has remained same for the past four years (refer to Exhibit 46), indicating that the region’s capacity expansion is line with global standards.

In the GCC, there are 18 steel companies, engaged in production of raw steel and finished steel products. Steel consumption across the GCC region has increased underpinned by significant investment in the construction sector.

Exhibit46:GCCsteelproduction(‘000MT)

Source: World Steel Association

Exhibit47:GCCsteelproduction(‘000MT)


Saudi Arabia is the largest market in not only GCC but the MENA region. Saudi Arabia’s Hadeed is the world’s 40th largest producer of steel with a production of around 5.0 mt.GCC countries will continue to remain a major consumer of steel products, which constitute 60.0% of the estimated demand as these countries continue to invest in its infrastructure and petrochemical sector to sustain economic growth.

1,500

1,200

600

0

300

900

1.0%

0.8%

0.4%

0.2%

0.6%

0.0%2006 2007 2008 2009 2010 Sep -11

1,2471,347 1,329

1,232

1,417

1,136

World GCC as % of World

0.4%0.4% 0.5%

0.5% 0.5% 0.5%

6,000

4,000

0

2,000

Qatar Saudi Arabia UAE

2009 2010 Sep -11

1,448

1,9701,503

4,6905,015

3,959

90 90 90


In the GCC, Qatar is witnessing the fastest growth in steel production during the past four years. The steel production capacity in Qatar grew at a CAGR of 15%, while it grew by 5.9% in the GCC (UAE, Saudi Arabia and UAE as shown in Exhibit 48). Qatar is increasing its production capacity to meet the rising demand underpinned by the planned investments in the next decade.

Exhibit48:SteelproductioninQatar(‘000MT)


Qatar Steel, which is a wholly owned subsidiary of Industr ies Qatar (70% owned by the Government of Qatar), has

emerged as one of the biggest players in MENA region with an annual production capacity of 2 mt per year. It is the second largest steel producer in the GCC, after Saudi Arabia Hadeed.

Qatar Steel plans to enter new markets such as Egypt, Yemen and the Far East (Korea, China, and Indonesia). The company has decided to expand its steel making capacity by 1.1 mt per annum through a plant adjacent to its existing plant in Mesaieed. The plant is expected to start operations from first quarter of 2013.

10.3 Aluminum

Exhibit49:GCCaluminumsmelters

Country Company CurrentCapacity(mt) FutureCapacity(mt) CompletionYear

Bahrain Alba 0.87 1.4 2014

Qatar Qatalum 0.58 1.2 -

Saudi Arabia Maaden (Phase I) - 0.7 2013

Saudi Arabia Maaden (Phase II) 0.72 2.4 2016

UAE Emal 0.75 1.5 2014

Source: Gulf Aluminum Council

The GCC aluminum sector has become a major non-oil industry sector and contributor to economic growth. Currently, the GCC produces 7% of the world’s global production of aluminum (refer to Exhibit 50). The addition of new smelters and expansions in the pipeline, the region’s production could reach 9 mn metric tons or 13% of global supply by the year 2020. Currently, the GCC building and construction industry consumes up to 400,000 tons of aluminum annually, making it one of the biggest markets for aluminum products in the region.

2,000

1,600

800

0

400

1,200

35%

30%

20%

15%

25%

10%2007 2008 2009 2010 Sep -11

1,147

1,406 1,448 1,503

1,970

Qatar Qatar % of GCC

19.5%

22.8% 23.2%

27.8% 27.1%


Exhibit50:AluminumproductioninGCC(‘000MT)

Source: USGS

The total production of aluminum is likely to increase by 8.4% annually till 2014, which will take the total production to 4.2 mt. The demand for aluminum products in the construction sector is expected to increase at a CAGR of 9%, which means that GCC will continue to import to meet the excess demand on the back of massive investment plans in the construction sector.

Qatar accounts for about 15% of the total production in the GCC. Qatar is expected to grow at a CAGR of 12% between 2010 and 2014, the fastest in the GCC region. We remain optimistic on Qatar Aluminum sector and believe that it will continue to witness strong demand on the back of massive investment plans in Qatar as it prepares for the World Cup 2022.

Qatar Aluminum (Qatalum) is a 50-50 joint venture between Qatar Petroleum and the Norwegian company Hydro Aluminum. The plant has a production capacity of 585,000 mt per year. Qatalum’s complex facilities include a carbon plant, port and storage facilities, as well as a captive power plant. The company is planning to increase the production capacity and export to all countries as company does not have a specific quota.

Dubai Aluminum Company Limited (DUBAL) is one of the largest industrial companies in the UAE, located in Jebel Ali. The company was established by Investment Corporation of Dubai in 1975. DUBAL is currently ranked as the 7th largest global producer in the industry with a current production capacity of 980,000 tons per annum by the end of 2010.

Emirate Aluminum (EMAL) is a 50-50 JV between DUBAL and Mubadala Development Company. EMAL is a green-field smelter development at Al Taweelah, Abu Dhabi. Commissioning of EMAL Phase 1 began in December 2009 and was completed by December 2010. The company’s current production capacity is 750,000 tons per year. The company has USD 4.5 bn expansion plans, which will almost double its capacity to 1.3 mt per year.

45,000

36,000

18,000

0

9,000

27,000

8.0%

7.0%

4.0%

2.0%

6.0%

5.0%

3.0%

1.0%

0.0%2006 2007 2008 2009 2010

33,864

38,04439,584 40,752

36,856

World Production GCC % of World GCC

5.1%4.6% 4.7%

6.0%

6.9%


Methodology• Step1:EconomicindicatorswassourcedfromQatarStatisticsAuthorityandIMF(Forecast)

• Step2:Initially,thelistofprojectsongoingandplannedwascompiledfromvariousrelevantsources.Wedecidedtotakedata from one source due to the inconsistency from various sources.

• Step3:Projectdatawasfurtheranalyzedandcategorizedasfollows: - The data was re-classified based on the sectors that are being discussed and analyzed in this report. The residential

project data was also re-classified in to residential, commercial, hotel and tourism based on description of each project under this category

- We have analyzed the start and end date for each project and calculated the remaining days left on each project. The number of days was divided by 90 to arrive at the remaining quarters left on each project

- The project value was appropriated based on project life. The allocation was done on per quarter basis. For example, if a USD 200 mn project started in Q3-09 and is set for completion in Q3-11, USD 25 mn is allocated per quarter. 2009 project value would be USD 25 mn, 2010 USD 100 mn and allocation for 2011 will be USD 75 mn

• Step4:Wehavetakentheexistingprojectsintheaboveformat.Wehaveaddedfutureinvestmentstotheexistingprojectsbased on the USD 225 bn announced by NDS.

• Step5:Basedonthisassumption,wehavecreatedthreescenarios,whichareBase,WorstandBestcasescenarios.

• Step6:Ineachscenario,wehaveassumeda%ofGDPbasedtwogrowthstages.TheforecastedGDPistakenfromIMFuntil 2016, thereafter a 5% growth in GDP is assumed till 2020. The first growth stage would be from 2013 to 2017, while the second growth stage would be 2018 to 2020

TotalConstructionsize=planned/underwayprojects+plannedbyNDS+additionalinvestmentsasa%ofGDP

Scenario AssumptionIn order to arrive at the total market size, we have added the contributions from three approaches as described above. This

methodology was adopted to build three scenarios in our analysis to arrive at a market size. In each scenario, the base of USD 225 bn remains the same while following assumptions are made for each scenario:

• Basecase:TheoptimumScenario - No projects cancellation or on hold is assumed during the projection period

• Wehaveassumedadditionalinvestmentsasa%ofGDPintwogrowthstages.Thefirstisbetween2013and2017andthesecond is between 2018 and 2020

• Worsecase:Slowdowntoimpacttheoverallprojectsplanned - We have assumed a 15% drop in planned investments by the government due to the adverse effect of global slowdown - No additional investments as a % of GDP

• Bestcase:Optimisticbasedonnewsportingevents - No projects cancellation or on hold is assumed during the projection period - We have assumed additional investments as a % of GDP in two growth stages. The first is between 2013 and 2017

and the second is between 2018 and 2020

Data Limitations • Datadiscrepancieswerewitnessedforvariousprojects.Therefore,wehavetakenthedatafromwhatweperceivedasthe

most reliable source, which has been referred as the source throughout the report

• SinceGDPestimatesbyIMFwereavailabletill2016,wehavetakenaconservativegrowthrateof5%peryearuntil2020.

11. Methodology and Assumptions


PublicCompanies

Arabtec Holding Company 60Atkins WS PLC 61Barwa Real Estate Company 62Chiyoda 63Drake & Skull International 64Ezdan Real Estate Company 65Galfar Engineering 66Hochtief 67Hyundai Engineering and Construction Co. 68Hyundai Heavy Engineering 69JGC Corporation 70Mazaya Qatar Real Estate Development Co. 71Qatar Electricity and Water Company 72Qatar Investor Group 73Qatar National Cement Company 74

PrivateCompaniesAl-Bader Construction Steel Works 75Al Jaber Engineering 75Ashghal 76

Bechtel 76China Harbour Engineering Company 77Consolidated Construction Company 77Habtoor Leighton 78MIDMAC Contracting Company. 78Msheireb Properties 79Qatar Building Company 79Qatar Diar Real Estate Investment Company 80Qatari Diar Vinci Construction Company 80Qatari Engineering and Construction Company 81Qatar Foundation 81Qatar Investment and Project Development Holding Company 82Q. Mobility 82Qatar Steel Company 83Rabban Readymix 83Saudi Binladin Group 84Six Construct Qatar Ltd. 84TAV 84


Construction Sector Report Company profiles

Arabtec Holding PJSC

CompanyOverviewArabtec Holding is one of the major construction companies in the GCC region. It was established in 1975 in the UAE, and has 17 operational subsidiaries as of now. The company was primarily focused on the Dubai market, but the recession led to cancellations and delays, which resulted in a change in its strategy. As a result, the company now operates in Abu Dhabi, Jordan, Qatar, Russia, Saudi Arabia and Syria. Strategic partnerships are playing a key role in Arabtec’s global expansion strategy. In Qatar, Arabtec has partnered with Nasser Bin Khaled Al-Thani & Sons Holding Company for the development of Al Waab City

BusinessDescription• ArabtecoperatesinfourbusinesssegmentsnamelyBuildingconstruction,Precast

and Concrete production, Drainage and Electromechanical corks and Marine construction.

RecentDevelopments• ThejointventureofArabtecandRahejaLtdwasawardedaprojectofAED750mn

to construct three mixed use projects in New Delhi and Gurgaon.• InJune2011,thecompanysignsadealtobuildQatarTradeCentreinDoha.• ThecompanyawardedprojectofAlWaabCityforAED2.5bninDoha.

CompanyFinancialsAED mn unless otherwise mentioned

Y-O-Y CAGR(%)Particulars 2008 2009 2010 9M-11 (%) (2008-10)

Revenue 9,721.7 7,664.7 5,463.7 3,542.1 -13.8 -25.0Total Assets 9,459.7 9,110.5 8,680.1 8,338.0 -9.7 -4.2Shareholder’s Equity 2,117.9 2,728.0 3,102.3 3,179.0 5.3 21.0Total Debt 1,255.5 956.9 737.1 567.4 -34.1 -23.4Cash & CashEquivalents 757.4 634.1 588.1 580.7 -3.2 -11.9Net OperatingMargin (%) 11.0 8.0 7.8 3.9 - -ROE (%) 61.0 23.1 12.1 3.0 - -ROA (%) 13.4 5.3 3.5 1.1 - -EPS (AED) 0.6 0.3 0.2 0.1 -63.5 -43.0Book ValuePer Share (AED) 1.3 1.6 1.8 1.9 5.6 19.4Dividend Per Share (AED) 0 0 0 NA NM 0.0

Market Data

Cmp (aED) 1.6Shares outstanding (mn) 1,495.0market cap (aED mn) 2,421.9market cap (uSD mn) 659.452-week range H/l (aED) 1.8/0.5

Foreign Ownership (%)limit allowed (%) 49.0%Current Exposure 23.0%

Shareholding Pattern

Chairman / V.Chairman / MDmr. Ibrahim Belselah – Chairman

Managementmr. riad kamal – Board member and management, CEo

Key Ratios

p/E (x) 16.2p/BV (x) 0.9Dividend Yield (%) napEG (x)

Price Performance

Segmental Revenues in 2010

Reuters/Bloomberg code:

arTC.Du/arTC DB

Riad Burhan 5%

Const. Holding Co. 5%

Other Investor 35%

Public 55%

Precast 1%

* PE&P 1%

Drainage & Scanff. 4%

Contact 94%

* Plant, Equipment & Electricals

Jan-09 Feb-10

2

4

3

1

0

100

300

200

0Mar-11

Price AED Volume mn


Atkins WS PLC

CompanyOverviewAtkins is one of the world’s leading engineering and design consultancies, and was established in 1938 by Sir William Atkins in London. It provides services to companies in more than 20 different sectors. It has five segments: United Kingdom, North America, Middle East, Asia Pacific and Europe and Energy. The company has over 300 offices around the world and employee strength of 17,700.

BusinessDescription• Thecompany’sareaofexpertiseliesininfrastructuresuchasbuildings,transport

and utilities (including energy and water). It works for national and local governments, and other industrial clients.

• Atkins designs intellectual capital such as management systems and businessprocesses. It also designs physical structures such as office towers, schools, bridges and highways. It also helps in cost and risk planning, feasibility studies and logistics.

RecentDevelopments

• In January 2012, Qatar’s Municipality and Urban Planning Ministry appointedAtkins to help establish and run its Central Planning Office (CPO). The new body will coordinate current and planned, road, metro and other major infrastructure schemes that will underpin Doha’s 2030 vision. The contract will run for three years, with an option to extend to seven years, and is worth about USD 108 mn. A team of 100 consultants from Atkins will join the new government body.

• InNovember2011,Atkinsannouncedafive-yearcontractworthcircaGBP65mnto help transform the roads and drainage systems in the Qatari capital, Doha.

• Atkinsregistereda27%revenuegrowthinfirsthalfof2012.Similarly,itreporteda net profit growth of 19% in the same period.

CompanyFinancialsGBP mn unless otherwise mentioned

Y-O-Y CAGR(%) Particulars 2009 2010 2011 6M-12 (%) (2009-11)

Revenue 1487.2 1387.9 1564.3 842.9 26.9 2.6Total Assets 828.7 875.6 997.8 1049.7 7.6 9.7Shareholder’s Equity -43.5 -84.9 16.3 69.7 -165.3 NATotal Debt 17.1 11.4 53 112.1 -13.4 76.1Cash & Cash Equivalents 78.1 260.3 121.5 138 -60.7 24.7Net Operating Margin (%) 7.0 8.2 6.9 NA - -ROE (%) NA NA NA NA - -ROA (%) 11.1 12.0 7.7 7.7 - -EPS (GBP) 0.9 1.1 0.7 0.36 20.0 -7.1Book Value Per Share (GBP) -0.4 -0.8 0.2 0.67 -165.7 NADividend Per Share (GBP) 0.3 0.3 0.3 0.1 NA 5.6

Market Data

Cmp (GBp) 759Shares outstanding (mn) 104.4market cap (GBp mn) 795.4market cap (uSD mn) 1,251.752-week range H/l (GBp) 831/480.7

Foreign Ownership (%)limit allowed (%) naCurrent Exposure na


Chairman / V.Chairman / MDallan E Cook – Chairman

Managementpeter michael Williams – mD

uwe krueger – CEo

Key Ratios

p/E (x) 9.5p/BV (x) 11.4Dividend Yield (%) 3.8

pEG (x) 0.9

Price Performance



aTkWl./aTk ln

Black Rock Inc 10%

Schroders pic 10%

Newton Investment 6%

Others 74%

Jan-09 Jan-10 Feb-12

500

1000

250

750

0

3

1

2

0Jan-11

Price GBP Volume mn

Energy 6%

UK 58%

North America 17%

Middle East 9%Asia Pacific & Europe 10%


Barwa Real Estate Company

CompanyOverviewFounded in November 2005, Barwa Real Estate Company (Barwa), is a leading real estate and investment company in Qatar with the aim of contributing towards the development of the country in tandem with the Qatari government’s development plan, the Qatar Vision 2030. The company is headquartered in Doha, and has a presence in Qatar, the UK, North Africa and other GCC and European countries.

BusinessDescription• Barwa is engaged in investing, developing and managing domestic as well as

international real estate projects • Barwa’s flagship projects include Barwa Financial District, Barwa Commercial

Avenue, Barwa Al Sadd, Barwa Village, Barwa City, Masaken Al Sailiyah and Musaimeer

• The company has over 40 investments in five segments – Real Estate Qatar,International, Business Services, Infrastructural Services and Financial Services.

• Barwaisengagedinhotelownershipandmanagement,banking,projectfinancing,advisory, advertising and brokerage services

RecentDevelopments• InNovember2011,BarwasignedaleaseagreementwithChinesecompanyDragon

Mart to open a market for Chinese products in Barwa’s Commercial Avenue project.

• InOctober2011,BarwaRealEstateCo.sawthird-quarternetprofit fall71%toQAR 80.5 mn (USD 22.1 mn), as debt and obligations soared.

• USD658.9mnBarwaAlSaddprojectisover99%completedandisexpectedtobeready for handover during Q2, 2012.

• BarwacontractedwithQatarNationalBroadbandCompanytobuildanationwidehigh-speed fiber broadband network, as per which, the latter will install Fiber-to-Home (FTTH) network at Barwa projects through a network of underground telecom ducts and lease it to operators to offer retail telecom services.

CompanyFinancialsQAR mn unless otherwise mentioned


Revenue 1,346.9 1,363.2 1,564.1 2705.1 0.2 7.8Total Assets 24,317.1 34,892.8 73,982.2 65,806.1 1.3 74.4Shareholder’s Equity 4,772.5 5,763.1 13,100.7 11645.0 13.3 65.7Total Debt 12,476.4 20,050.8 24,179.0 28,569.5 -35.6 39.2Cash & CashEquivalents 538.8 1928.0 12,983.1 3,439.2 -72.1 390.9Net OperatingMargin (%) 24.0 -66.5 -278.2 37.9 - -ROE (%) 8.3 15.9 17.1 13.6 - -ROA (%) 1.5 2.6 2.6 2.3 - -EPS (QAR) 1.5 2.9 4.0 2.2 -9.1 66.3Book Value PerShare (QAR) 16.9 19.7 28.9 29.9 13.3 30.6Dividend PerShare (QAR) 0.0 2.0 NA NA NM NM

Market Data

Cmp (Qar) 29.6Shares outstanding (mn) 389.1market cap (Qar mn) 11,654.3market cap (uSD mn) 3,200.652-week range H/l (Qar) 39.2/27.2



Chairman / V.Chairman / MDHitmi ali khalifa al Hitmi – Chairmanmr. mohammed abd al aziz Saad al Saad – V. Chairman

Managementabdulla abdulaziz al Subaie – Board member and GCEo

Key Ratios

p/E (x) 13.2p/BV (x) 2.5Dividend Yield (%) napEG (x) na

Price Performance



BrES Qa/BrES QD

Qatari Diar 45%

Public 55%

Jan-09 Jan-10 Feb-12

60

20

40

0

4

8

2

6

0Jan-11

Price QAR Volume mn

Investing Activities 2%

Real Estate 98%


Chiyoda

CompanyOverviewChiyoda Corporation is an integrated contractor company established in 1948, with a paid up capital of yen 43,396 mn. The company has had its presence in Qatar since 1982. Chiyoda formed a joint venture with Technip for the development of RasGas III-Onshore Package. The company has built various plants and executed numerous projects in over 40 countries in different sectors, including petroleum and natural gas, chemical and petrochemical, pharmaceuticals, environmental conservation and general industries. The company is headquartered in Yokohama, Japan.

BusinessDescription• Chiyodaprimarilyprovidesservicesinthefieldofengineering,procurementand

construction for gas processing, refineries and other industrial plant projects, particularly for Gas Value Chain Projects. It is also involved in painting and insulation works as well as operation, maintenance and engineering consultancy services.

RecentDevelopments• InSeptember2010,ChiyodaawardedanEPCcontractHeliumExtractionUnit

Facilities for RasGas Trains 6/7 and Helium 2 Project Utilities. • TheJVofChiyodaandTechniphaswonEPCfortheRasGasIII-OnshorePackage

for QAR 4.3 bn and expected to be completed by Q2-13.

CompanyFinancialsJPY mn unless otherwise mentioned


Revenue 446,438.0 312,985.0 247,082.0 172,578.0 -6.4 -25.6Total Assets 357,816.0 32,8174.0 353,392.0 339256.0 2.3 -0.6Shareholder’s Equity 145,917.0 149,253.0 155,758.0 159,891.0 4.5 3.3Total Debt 10,058.0 10,039.0 10,233.0 10,195.0 -0.2 0.9Cash & CashEquivalents 38,747.0 43,002.0 33,855.0 27,627.0 30.4 -6.5Net OperatingMargin (%) 1.6 0.5 7.1 9.2 - -ROE (%) 5.7 2.0 5.3 5.7 - -ROA (%) 1.8 0.9 2.3 2.6 - -EPS (JPY) 25.6 11.4 30.8 33.3 59.3 9.7Book Value PerShare (JPY) 561.1 573.6 599.2 614.9 6.2 3.3Dividend PerShare (JPY) 7.5 3.5 11.0 NA NM 21.1%

Market Data

Cmp (JpY) 787.0Shares outstanding (mn) 259.1market cap (JpY mn) 201,491.2market cap (uSD mn) 2,626.052-week range H/l (JpY) 1036.0/566.0

Foreign Ownership (%)limit allowed (%) na Current Exposure na


Chairman / Vice Chairman / MDmr. Yoichi kanno – Executive Vice president

Managementmr. Takashi kubota – president and CEo

Key Ratios

p/E (x) 24.3p/BV (x) 1.3Dividend Yield (%) napEG (x) 1.0

Price Performance



6366.T/ 6366Jp

Mitsubishi Co. 33%

Master Trust Bank 5%

Others 62%

Jan-09 Mar-10

800

1200

600

400

1000

200

6

18

3

129

15

0May-11

Price JPY Volume mn

Others 6%

Engineering 94%


Drake & Scull International PJSC

CompanyOverviewDrake & Scull International (DSI) is a leading construction company in the GCC region and was established in 1966 in Abu Dhabi. DSI was listed on the Dubai Financial Market in 2009. The company has horizontal as well as vertical integration. Under its vertical integration, DSI established Drake and Scull Water and Power and developed telecommunication infrastructure while under horizontal integration, the company established Drake and Scull for Electrical Contracting Kuwait, DSI – Jordan, DSI – Libya, DSI – Thailand and Drake and Scull Contracting.

BusinessDescription• DSIisprimarilyengagedincontractingworkrelatedtotheconstructionindustry,

such as electrical, plumbing, air-conditioning and sanitation work.• The company operates in three major business segments, namely Mechanical,

Electrical and Plumbing (MEP), Water and Power solutions and Civil Contracting. DSI operates in sectors including aviation, rail, healthcare, education, hospitality and district cooling.

RecentDevelopments• DSIhassecuredaseriesofCivil,MEPandW&PprojectsinOman,Egypt,Kuwait,

Saudi Arabia, UAE, Asia and Europe for a combined value of AED 3.4 bn and its backlog stood at AED 7.5 bn at the end of second half of 2011.

• InApril2011,thecompanyacquiredtheInternationalCentreforContractingCo.(ICC) For SAR 128 mn in Saudi Arabia.

• The company recently won a MEP contract for AED 170 mn for Danat AlEmarat (Women and Children’s Hospital) as well infrastructure contract for the construction of a sewerage project for AED 75 mn.

• In June 2011, DSC won a MEP contract for a private residential facility for AED 100 mn in Qatar.

CompanyFinancialsAED mn unless otherwise mentioned


Revenue 1,425.4 2,211.7 1,854.6 2,230.5 81.3 14.1Total Assets 1,449.8 4,400.6 4,870.6 5,586.3 29.8 83.3Shareholder’s Equity 310.9 2,515.4 2,541.8 2,678.3 7.8 185.9Total Debt 261.9 663.4 789.4 732.8 9.8 73.6Cash & CashEquivalents 162.3 1,160.3 705.2 621.2 -7.5 108.4Net OperatingMargin (%) 9.8 9.0 6.3 6.2 - -ROE (%) 69.3 24.1 6.3 5.8 - -ROA (%) 12.7 11.4 3.3 2.8 - -EPS (AED) NA 0.2 0.1 0.1 29.5 NABook Value PerShare (AED) NA 1.1 1.1 1.2 8.5 NADividend PerShare (AED) 0.0 0.1 0.0 NA NM NM

Market Data

Cmp (aED) 0.8Shares outstanding (mn) 2,177.7market cap (aED mn) 1,720.4market cap (uSD mn) 468.4 week range H/l (aED) 1.2/0.7



Chairman / V.Chairman / MDmr. majedSaif al Ghurair – Chairman

Managementmr. khaldoun rashid Tabari – CEo and Vice Chairman

Key Ratios


Price Performance



DSI Du/ DSI uH

KRT2 9%

KRT3 9%

Kahldon Rashid 8%

HSBC 6%

Public 67%

Civil Works 22%

MEP 54%

IWP 24%

Mar-09 May-10

0.5

1.5

1.0

0.0

200

600

400

0Jul-11

Price AED Volume mn


Ezdan Real Estate Company

CompanyOverviewDoha-based Ezdan Real Estate Company (Ezdan) was established in 1960 as Thani Bin Abdulla Housing Group; subsequently, it was transformed into a limited liability company. In 2006, Ezdan’s real estate investments were transferred to a new entity – Iskan Real Estate Company (renamed as Ezdan Real Estate Company). Ezdan was listed on the Qatar Stock Exchange in 2008. The company operates directly and through its subsidiaries – Ezdan Trading and Contracting Company, Ezdan Hotel and Suites and Ezdan Real Estate Investment – in Qatar.

BusinessDescription• Ezdan contributes to infrastructure development in Qatar by complying with

Islamic Shariah guidelines.• Thecompanyisprimarilyinvolvedinrealestatepropertyinvestment,development

and management. Also, Ezdan offers real estate brokerage and business consulting services. The company’s primary focus is on shopping malls and residential properties.

• Ezdan’skeyprojectsincludeEzdanMall1,EzdanMall2andEzdanInternationalSchool

• Ezdan Trading and Contracting Company contracts for buildings, road paving,trading building materials, electricity work and maintenance. Ezdan Hotel and Suites Company offers management services for hotels, suites and restaurants, while Ezdan Real Estate Investment is involved in real estate development.

RecentDevelopments• InJune2011,EzdansoldtwolaborlodgingsforQAR516mn.OneatAlSailiyyah

and other at Al Mesaimeer.• InApril2011,Ezdanannouncedthecommencementofconstructionof itsfirst

commercial center, Ezdan Mall 1 in Al Gharafa, on an area of nearly 66,000 sqm. The company also announced plans to construct the tallest tower worldwide, subject to the procurement of land.

• InMarch2011,EzdanwasintheprocessofsellingalocalrealestateportfoliotoaMalaysian investment fund for a consideration of QAR 1 bn.



Revenue 379.3 472.2 467.6 437.2 33.5 11.0Total Assets 6,921.1 30,060.2 31,924.4 32,853.1 4.5 114.8Shareholder’s Equity 6,487.1 27,284.6 27,402.8 27,604.5 0.5 105.5Total Debt 366.0 2,042.6 3,531.4 4,414.4 45.5 210.6Cash & CashEquivalents 164.9 121.0 674.5 863.7 35.4 102.2Net OperatingMargin (%) 74.6 64.6 37.4 44.6 - -ROE (%) 23.4 51.4 0.4 0.7 - -ROA (%) 22.4 47.0 0.4 0.6 - -EPS (QAR) 1.4 2.5 0.0 0.1 14.3 -81.8Book Value PerShare (QAR) 6.6 4.8 10.3 10.4 0.5 25.1Dividend PerShare (QAR) 0.0 0.0 0.0 NA NM 0.0

Market Data

Cmp (Qar) 22.1Shares outstanding (mn) 2,652.5market cap (Qar mn) 59,256.8market cap (uSD mn) 16,273.5 week range H/l (Qar) 31.2/21.3



Chairman / V.Chairman / MDH. E. Sheikh Thani Bin abdulla Bin Thani al Thani – Chairman

ManagementEng. Hesham al-Sahtari – mD

Key Ratios


Price Performance



ErES.Qa/ErES QD

Public 23%

Al-Tadawul Holding 77%

Investment Pro. 20%

Hotels 12%

Contracting 68%

Jan-09 Feb-10

30

50

20

10

40

0

100

400

200

300

0Mar-11

Price QAR Volume mn


Galfar Engineering

CompanyOverviewGalfar Engineering & Contracting SAOG (Galfar) is Oman’s largest construction company established in 1972. It was listed on the Muscat Securities Market (MSM) in 2007. Galfar has had successful partnerships with international design and construction firms like Petrofac, Snamprogetti, Bechtel, Daewoo etc. for the execution of large scaled projects. Galfar also has operations in Kuwait, India and Libya and has associates in Qatar and Abu Dhabi.

BusinessDescription• GalfarEngineeringprovidesengineering,procurementandconstructionservices

for oil and gas sector. The company also provides electrical, mechanical and civil contracting for infrastructure, environmental, residential and commercial buildings, and leases construction equipment, through a subsidiary.

RecentDevelopments• Galfar awarded the contract for construction of bridge from the Ministry of

Regional Municipalities and Water Resources which has a budgeted value of OMR 1.2 mn.

• In June2011, thecompanywonacontract tobuildapipeline thatwill link therefinery complex of Oman Oil Refineries and Petrochemical Industries (Oman Oil RPI) with the methanol scheme of Oman Methanol Company (OMC).

• In 2010, the company successfully brought on line the Marmul, an expansionproject for the Petroleum Development Oman.

• In March 2010, Galfar Engineering has won two healthcare contracts with acombined value of SAR 50.5 mn.

• Galfar recently awarded projects, including the Development of SalalahInternational Airport, Ras Al Hadd Airport, the Design, Build, Operation and Maintenance of the New Darsait Sewage Treatment Plant.

CompanyFinancialsOMR mn unless otherwise mentioned


Revenue 363.0 410.3 367.4 239.4 -10.0 0.6Total Assets 371.1 368.3 420.7 391.4 2.7 6.5Shareholder’s Equity 84.1 82.7 85.7 85.7 3.1 1.0Total Debt 107.6 98.5 116.7 118.8 10.2 4.2Cash & CashEquivalents 1.9 1.8 1.7 2.0 137.3 -4.8Net OperatingMargin (%) 7.7 1.7 3.2 3.3 19.8 -35.3ROE (%) 31.3 4.6 7.2 3.9 - -ROA (%) 7.3 1.0 1.5 0.8 - -EPS (OMR) 0.1 0.0 0.0 0.0 -3.3 -49.2Book Value PerShare (OMR) 0.3 0.3 0.3 0.3 4.0 1.0Dividend PerShare (OMR) 0.02 0.01 0.01 NA NA -18.9

Market Data

Cmp (omr) 0.34Shares outstanding (mn) 330.0market cap (omr mn) 123.5market cap (uSD mn) 320.752 week range H/l (omr) 0.6/0.3



Chairman / V.Chairman / MDSheikh Dr. Salim Said Hamad al Fannah al-araimi - Chairman

ManagementDr p. mohamed ali - Vice Chairman and managing Director

Key Ratios


Price Performance



GECS.mSm/GECS.om

Salim Hamad 18%

Al Siraj Invest. 13%

Aimmar United 12%

Others 18%

Public 40%

Construction 99%

Jan-09 Jan-10

0.6

0.8

0.4

0.2

0.0

2

8

4

6

0Jan-11 Jan-12

Price OMR Volume mn


Hochtief

CompanyOverviewHOCHTIEF is one of the leading international providers of construction-related services. The company has been listed on the Dow Jones Sustainability Index since 2006. The major shareholders are the Spanish Group ACS with 50.16% and Qatar Holding LLC with more than 10%. The Group has had a presence in Qatar since 2006 and has established five subsidiaries namely as Hochtief ViCon, Hochtief Construction, Streif Baulogistik, Hochtief Facility Management and Hochtief Global Trade.

BusinessDescription• TheGroupofferservicesinthefieldsofdevelopment,construction,concessions

and operation covering the entire life cycle of infrastructure projects, real estate and facilities.

RecentDevelopments• In April 2010, Hochtief Construction formed a joint venture with Lusail Real

Estate Development Company, a subsidiary of Qatari Diar.• TheJVofQatariDiarandHochtiefConstructionwonthecontractfordevelopment

of Lusail City.• ThecompanyinwhichtheHochtiefsubsidiaryLeightonhasa45%sharewonnew

contracts in Qatar and Oman for a combined total of EUR 432.7 mn includes two projects - a shopping mall with office space and a highway

• The company is providing service to a number of project in Qatar such that Barwa Commercial Avenue, Qatar Bahrain Causeway, water supply, Dubai Tower-Doha etc.

CompanyFinancialsEUR mn unless otherwise mentioned


Revenue 18,703.1 18,166.1 20,159.3 15,756.9 10.9 3.8Total Assets 12,064.1 12,502.5 14,986.1 15,108.6 7.8 11.5Shareholder’s Equity 2,826.2 3,264.1 4,264.2 3,953.2 12.4 22.8Total Debt 2,926.8 2,843.5 3,222.7 3,346.3 -5.0 4.9Cash & CashEquivalents 1,787.7 1,769.6 2,451.1 2,058.5 12.2 17.1Net OperatingMargin (%) 0.5 2.8 3.6 2.8 - -ROE (%) 7.4 9.4 11.2 -1.4 - -ROA (%) 1.4 1.6 2.1 -0.4 - -EPS (EUR) 2.3 2.9 4.3 -0.8 -138.0 38.1Book Value PerShare (EUR) 27.6 30.9 40.3 34.9 0.3 20.9Dividend PerShare (EUR) 1.4 1.5 2.0 NA NM 19.5

Market Data

Cmp (Eur) 46.3Shares outstanding (mn) 73.6market cap (Eur mn) 3,556.6market cap (uSD mn) 4,600.552 week range H/l (Eur) 76.9/19.3

Foreign Ownership (%)limit allowed (%) n/aCurrent Exposure n/a


Chairman / V.Chairman / MDmanfred Wennemer – Chairman

ManagementDr. Jur. Frank Stieler - CEo

Key Ratios


Price Performance



HoTG.DE/HoT Gr

Public 37%

ACS 53%

Qatar Holfing Leuxembourg 62%

Services 3%

Americas 29%

Asia Pacific 55%

Europe 11%

Real Estate 2%

Jan-09 Jan-10

80

40

20

60

0

2

5

1

3

4

0Jan-11 Jan-12

Price EUR Volume mn


Hyundai Engineering and Construction Company

CompanyOverviewHyundai Engineering and Construction Company (HECC) was the former parent of Hyundai Group established in 1947, Korea’s largest conglomerate which was broken up under government orders. The company is based in Seoul, South Korea.

BusinessDescription• HECC engages in the construction of hydrocarbon processing plants, such

as gas processing plants and gas field developments, oil refineries and oil field developments, petrochemical plants, fertilizer and chemical plants, oil and gas pipelines, terminals and storage tanks, and liquefied natural gas (LNG) liquefaction plants; and industrial plants, including LNG receiving terminals and supply pipelines, multipurpose water gate facilities, and integrated steel works.

• The company is also involved in the construction of power and desalinationplants, and nuclear power plants, as well as other power projects consisting of transmission, substation, and industrial electricity

• Inaddition,itengagesintherealestateleasingoperations.

RecentDevelopments• HECCcompletestheGTLunitinQatarwhichhasacapacityof1.6bncubicfeeta

day of converting natural gas into sulfur-free liquid fuel.• InDec2010,CompanyawardedtheprojectforconstructionofHamadMedical

City.• In 2011, the company won contract to build a national museum at Qatar. The

estimated cost of project is USD 434 mn.

CompanyFinancialsKWR mn unless otherwise mentioned

Y-O-Y CAGR(%)Particulars 2008 2009 2010 2011 (%) (2008-10)

Revenue 7,271,096.8 9,278,579.5 10,004,557.7 10,104,551.9 1.0 17.3Total Assets 8,143,809.6 8,091,281.4 8,992,579.6 NA NA 5.1Shareholder’s Equity 2,893,093.5 3,025,699.6 3,555,900.6 NA NA 10.9Total Debt 1,304,800.7 972,657.6 955,529.6 NA NA -14.4Cash & Cash Equivalents 698,344.2 1,047,545.5 1,413,286.0 NA NA 42.3Net Operating Margin (%) 6.6 4.5 5.8 NA - -ROE (%) 14.4 15.4 16.1 NA - -ROA (%) 5.0 5.6 6.2 NA - -EPS (KWR) 3,366.0 4,110.0 4,763.0 NA NA 19.0Book Value Per Share (KWR) 26,059.8 27,167.0 31,928.4 NA NA 10.7Dividend Per Share (KWR) 500.0 600.0 700.0 NA NA 18.3

Market Data

Cmp (krW ‘000) 81.9Shares outstanding (mn) 111.4market cap (krW bn) 9,120.0market cap (uSD mn) 8098.652 week range H/l(krW 000) 92.9/49.6



Chairman / V.Chairman / MDkin Jang Su – Corporate Director & Board member

ManagementSon Hyo-Won- Vice president

Key Ratios

p/E (x) 18.4p/BV (x) 2.6 Dividend Yield (%) 0.9pEG (x) na

Price Performance



000720.kS/000720 kS

Korea Finance Company 11.1%

Korea Exchange Bank 8.7%

Woori Bank 7.5%

Others 72.7%

Nuclear 2%

Plant 24%

Power 21%

Civil 21%

Building 32%

Jan-09 Jan-10

20

15

0

40,000

100,000

20,000

80,000

0Jan-11 Jan-12

Price KRW Volume mn

60,00010

5


Hyundai Heavy Industries co. ltd.

CompanyOverviewHyundai Heavy Industries Co. Ltd. (HHI) is the world largest shipbuilding company established in 1972. The company is primarily engaged in heavy industries sector. It is a subsidiary of Hyundai Heavy Industries Group. HHI operates through its affiliates named as Hyundai Samho Heavy Industries, Hyundai Mipo Dockyard, Hyundai Venture Investment, and Hyundai Futures.HHI primarily operates in Korea and has operations across the globe. The company is headquartered at Ulsan, South Korea.

BusinessDescription• HHI’s shipbuilding division (15% global market share) builds containerships,

tankers, bulk/petrochemical carriers, drill ships, and speciality vessels• HHIalsooffersoffshoreconstructionandexplorationservices,andhasexpanded

into robotic systems and large industrial pumps and presses.• HHImakesdieselenginesandenginepartsforindustrialandmarineapplications• Other HHI offerings include electric systems (circuit breakers, switchgear,

transformers) and construction equipment (excavators, forklifts, and loaders).

RecentDevelopments• In 2011, HHI awarded the contract to execute the offshore part of Barzan Gas

Project in Qatar for USD 900 mn.

CompanyFinancialsKRW mn unless otherwise mentioned


Revenue 19,957,080.9 21,142,196.7 22,405,181.3 25,019,600.0 11.7 6.0Total Assets 25,280,400.9 24,872,583.5 28,888,131.1 29,920,500.0 3.6 6.9Shareholder’s Equity 5,595,219.5 9,808,401.2 13,819,032.5 14,719,300.0 6.5 57.2Total Debt 3,314.6 889,556.5 3,447,283.7 3,962,700.0 15.0 NMCash & Cash Equivalents 667,492.2 632,578.2 624,479.5 N/A N/A -3.3Net Operating Margin (%) 11.1 10.5 15.4 N/A - -ROE (%) 40.7 27.9 31.8 N/A - -ROA (%) 10.7 8.6 14.0 N/A - -EPS (KRW) 37,340.0 35,705.0 61,807.0 N/A N/A 14.3Book Value Per Share (KRW) 93,357.2 161,798.2 225,475.4 N/A N/A 28.7Dividend Per Share (KRW) 5,000.0 3,500.0 7,000.0 N/A N/A 55.4

Market Data

Cmp(krW ‘000) 325.0Shares outstanding (mn) 76.0market cap (krW bn) 24,700.0market cap (uSD mn) 21,933.652 week range H/l (krW ‘000) 554.0/235.5



Chairman / V.Chairman / MDmin Gye-Sik– Chairman

Managementoi-Hyun kim– CEoJai-Seon lee – president & CEo

Key Ratios

p/E (x) 6.8p/BV (x) 1.5Dividend Yield (%) 2.2pEG (x) 1.5

Price Performance



009540.kS/009540 kS

Mong-Joon Chung 10.8%

Hyundai Mipo 8.0%

KCC 6.7%

Others 74.5%

Others 1%

Shipbuilding 35%

Offshore & Eng. 15%

Industrial Plants & Eng. 12%

Engine &Machinery 13%

Electro System 14%

Constrauction Equipment 10%

Jan-09 Jan-100

Price KWR Volume mn

600,000500,000400,000300,000200,000100,000

0

4

3

2

1

Jan-11 Jan-12


JGC Corporation

CompanyOverviewJGC Corporation (JGC) established in 1928 and has developed into a globally recognized world leading engineering contractor. Currently the company has a place in one of four largest specialists in LNG projects. The company has the accumulated experience gained from over 20,000 projects performed in approximately 70 countries. JGC maintains a global network of satellite engineering centers to assure successful project execution anywhere in the world.

BusinessDescription• Thecompanymajoractivities includesConsulting,planning,basicanddetailed

design, materials and equipment procurement, construction, commissioning, operation and maintenance services for various plant and facilities

• Investmentinoilandgasfielddevelopmentprojectsandutilitybusiness• Technologydevelopmentservices

RecentDevelopments• In2011,TheCompanyawardedEPCcontracttobuildthegasprocessingfacility

for the Barzan Onshore Project in Qatar.• In2011,TheCompanyacquired40%participating interest inShalegasproject

from Nexen Inc.

CompanyFinancialsJPY mn unless otherwise mentioned


Revenue 450,911.0 414,257.0 447,222.0 389,361.0 -36.2% -0.4%Total Assets 480,279.0 430,176.0 468,502.0 501,118.0 9.2% -1.2%Shareholder’s Equity 224,488.0 246,140.0 264,483.0 280,535.0 11.5% 8.5%Total Debt 24,176.0 23,678.0 21,640.0 8,637.0 -59.1% -5.4%Cash & Cash Equivalents 117,781.0 83,308.0 131,894.0 172,780.0 47.5% 5.8%Net Operating Margin (%) 11.5 10.1 14.2 12.0 - -ROE (%) 14.6 11.5 10.0 11.1 - -ROA (%) 6.7 6.0 5.7 6.2 - -EPS (JPY) 124.8 107.3 100.8 123.2 188.2% -10.1%Book Value Per Share (JPY) 885.6 972.5 1,045.4 1,109.1 11.5% 8.6%Dividend Per Share (JPY) 30.0 21.0 30.0 NA NM 0.0

Market Data

Cmp (JpY) 2,189Shares outstanding (mn) 259.1market cap (JpY mn) 567.1market cap (uSD mn) 7.152 week range H/l (JpY) 2,508.0/1,460.0



Chairman / V.Chairman / MDYoshihiro Shigehisa– Chairman Emerituskeisuke Takeuchi - Chairman& CEo

Managementkoichi kawana– president and Coo

Key Ratios


Price Performance



1963.T/1963 Jp

Japan Trustee 9%

Master Trust Bank of Japan 8%

JGC Trading 5%

Others 79%

Catalyst and fine product8%

Others 3%

Engineering 89%

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10


Mazaya Qatar Real Estate Development

CompanyOverviewMazaya Qatar Real Estate Development (Mazaya Qatar) develops, sells/purchases, rents and manages real estate properties in Qatar. The company was established in 2008 and was listed on the Qatar Exchange in October 2010. Mazaya Qatar undertakes real estate investment and development in accordance with the provisions of the Islamic law in the Middle East.

BusinessDescriptionMazaya Qatar develops residential, commercial and industrial projects. The company’s service and operations include: • Realestatedevelopment• Projectmanagementandconsultancy• Propertyvaluation• Strategicpartnership• Realestatebrokerage• Masterdevelopments• Assetsandfacilitymanagement• Marketingmanagementandconsultancy• Realestateportfolioandfundmanagement• Realestatemarketresearch

Mazaya Qatar has also been involved in projects covering architecture, professional building and engineering. Its flagship projects include: Housing Complex for Qatar National Convention Centre’s employees, Sidra Residential Compound (Sidra Medical and Research Center), and Marina Mall Shopping Center.

RecentDevelopments• In June 2011, the company announced that it has joined the list of founding

members of the Qatar Green Buildings Council. • InOctober2011,thecompanyreceivedthe‘BestRealEstateInvestmentStrategy’

award at the 2011 Arabian Business Achievement Awards in Qatar



Revenue NA 36.4 29.5 20.1 -31.9 -25.7Total Assets NA 527.8 1,181.7 1101.4 -6.8 44.5Shareholder’s Equity NA - 1030.3 1077.9 4.6 NMTotal Debt NA 515.6 138.0 0.0 -100.0 -100.0Cash & CashEquivalents NA 241.2 678.2 332.1 -51.0 17.3Net OperatingMargin (%) NA 67.3 50.9 -29.8 - -ROE (%) NA 7.1 2.9 4.6 - -ROA (%) NA 6.9 2.5 4.3 - -EPS (QAR) NA 0.3 0.2 0.5 206.3 25.7Book Value PerShare (QAR) NA NA 10.3 10.8 4.9 NADividend PerShare (QAR) NA NA NA NA NA NA

Market Data

Cmp (Qar) 7.7Shares outstanding (mn) 100.0market cap (Qar mn) 782.0market cap (uSD mn) 214.8 52 week range H/l (Qar) 10.5/7.4



Chairman / V.Chairman / MDrashid Fahadal naimi – Chairman

ManagementSerajSalehal Baker – CEo

Key Ratios

p/E (x) nap/BV (x) 0.8Dividend Yield (%) napEG (x) na

Price Performance



mrDS.Qa/mrDS QD

Others 27%

Qatar Foundation 21%

Qatar Investment 17%

Al Mazaya Holding CO. 5%

Public 30%

Others Income 17%

Rental Income 2%

Financing Activities 81%

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Qatar Electricity and Water Company

CompanyOverviewDoha-based Qatar Electricity and Water Company (QEWC) is an electricity and water company. Established in 1990, the company owns and manages power generation plants and water desalination stations to provide electricity and water in the State of Qatar. The Qatari government owns a 43% stake in the company, while the remaining is held by institutions and private individuals. Currently, QEWC’s operations are limited to Qatar; however, the company intends to extend its footprint in other regional markets.

BusinessDescription• QEWC is primarily engaged in the production of electricity and water. The

company’s power plants and desalination stations have the capability to meet the country’s requirement for electricity and water.

• QEWC has consistently increased its production capacity over the past twodecades by establishing new plants and enhancing output of existing projects. The company’s projects include major ventures such as Mesaieed A Power Station (2,007 MW) and Ras Girtas (2,730 MW).

• Followingthecompletionofongoingprojects,thecompany’scontributiontototalpower generation and water desalination capacity in Qatar is expected to increase to more than 60% and 70%, respectively.

RecentDevelopments• In October 2011, QEWC posted a 10% drop in third quarter net profit to

QAR 328.2 mn (USD 90.1 mn) compared with QAR 364.8 mn posted in the year earlier period.

• InAugust2011,QEWCwasassignedaratingofA1byMoody’s.• In July 2011, the company signed an agreement with Oman Power and Water

Procurement Company to start the construction of the Sur Independent Power Project in Oman. Once completed, the project would have a total capacity of 2,000 MW.


Y-O-Y CAGR(%)Particular 2008 2009 2010 9M-11 (%) (2008-10)

Revenue 2,272.9 2,650.9 3,430.2 3,209.3 53.1. 22.8Total Assets 13,587.6 18,048.0 22,123.4 21816.9 13.6 27.6Shareholder’s Equity 1,307.6 3,589.7 3,938.4 3,717.1 42.7 73.5Total Debt 8,289.9 12,054.8 14,416.7 14,229.1 8.2 31.9Cash & CashEquivalents 1,614.9 2,307.0 2,074.2 2,185.6 -9.5 13.3Net OperatingMargin (%) 33.4 35.9 40.0 44.8 - -ROE (%) 30.2 38.6 31.6 45.8 - -ROA (%) 6.6 6.0 5.8 6.6 - -EPS (QAR) 7.6 9.5 11.6 10.0 48.8 23.9Book Value PerShare (QAR) 13.1 35.9 37.6 34.8 37.9 69.6Dividend PerShare (QAR) 4.5 5.0 6.0 6.0 20.0 15.5

Market Data

Cmp (Qar) 141.3Shares outstanding (mn) 100.0market cap (Qar mn) 14,180.0market cap (uSD mn) 3,894.252-week range H/l (Qar) 154.9/116.0



Chairman / V.Chairman / MDmr. abdullah bin Hamad al-attiyah – Chairman

Managementmr. Fahad Hamad al-mohannadi – General managermr. abdul Sattar al-rasheed – CEo

Key Ratios


Price Performance



QEWC.Qa/QEWS QD

Govt. of Qatar 43%

QP 11%

QNB 6%

QIC 1%

Public 39%

Lease Income 15%

Electricity 53%

Water 32%

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Qatar Investor Group

CompanyOverviewQatar Investor Group formerly known as Gulf Holding Company (Q.S.C.), is primarily engaged in the production and sale of cement. The company is also involved in building factories, importing/exporting cement, investing in shares and real estate, and installing and maintaining solutions for mechanical, electrical and electronic security equipment. Incorporated in May 2006, the company has diversified its business into various new sectors across the Gulf. Al-Khalij operates through its affiliate Qatari Investors Group that owns 19 entities (as of June 30, 2011).

BusinessDescription• Al-Khalij’sindustrialandinvestmentoperationsaremanagedthroughitsaffiliate

Qatari Investors Group. The company reports revenues under two operating segments: cement (accounted for 82.3% of total revenues in 1H 2011) and contract and service income (17.1%). The company’s product portfolio includes ordinary portland cement, sulphate resistance cement, portland slag cement and building material. Under its Green Field Cement Project, the company has a clinkerisation unit that has a guaranteed daily capacity of 5,000 metric tons (production is based on modern rotary kiln technology that adopts nature friendly environment protection strategies).

RecentDevelopments• Al-Khalij Cement Co., Al-Khalij Holding’s subsidiary, obtained a conformity

certificate with specified requirements of the Qatar Construction Specification from the Ministry of Environment, Quality and Conformity Department.

• In May 2011, the company obtained a conformity certificate for technicalrequirements in the fields of construction and building products manufacturer/supplier.



Revenue 11.0 26.6 158.9 194.2 22.3 170.1Total Assets 1,674.8 2,667.9 3,489.3 3056.1 -12.4 7.0Shareholder’s Equity 874.2 1,852.3 1928.4 1935.8 0.4 2.2Total Debt 571.2 679.9 1410.8 986.6 -30.1 20.5Cash & Cash Equivalents 507.7 150.5 708.6 115.9 -83.7 -12.2Net Operating Margin (%) -149.1 -20.8 12.1 10.8 - -ROE (%) 3.9 5.3 3.8 3.8 - -ROA (%) 2.7 3.3 2.3 2.3 - -EPS (QAR) 0.4 0.6 0.6 0.6 5.3 1.7Book Value Per Share (QAR) 10.9 14.9 15.5 15.6 0.4 2.2Dividend Per Share (QAR) 0.0 0.0 0.5 0.5 0.0 NM

Market Data

Cmp (Qar) 15.2Shares outstanding (mn) 124.3market cap (Qar mn) 1,889.7market cap (uSD mn) 519.052 week range H/l (Qar) 18.9/13.0



Chairman / V.Chairman / MDHE abdulla nasser al-misnad – Chairman and mDH.E. Sh. Hamad Bin Faisal al-Thani –Vice Chairman

ManagementHE abdulla nasser al-misnad – Chairman and mD

Key Ratios

p/E (x) 23.8p/BV (x) 1.0Dividend Yield (%) 3.3pEG (x) na

Price Performance



kHCD.Qa/kHCD QD

Others 23%

Public 77%

Contract & Service 23%

Cement 77%

Price ‘QAR Vol mn

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Qatar National Cement Company

CompanyOverviewEstablished in 1965, Qatar National Cement Company (QNCC) is a Qatar-based public shareholding company operating in the construction materials sector. Headquartered in Doha, QNCC has setup manufacturing units at Umm Bab and Mekenis in Qatar. The company was established to produce ordinary Portland cement in the country. Subsequently, the company began production of: • Sulphateresistantcement• Calcinedandhydratedlimeand• Washedsand

BusinessDescription• In 1969, QNCC commenced commercial cement operations from the first

production line based on Semi Dry Process with a capacity of 100,000 tpa. The second and third lines, with the same capacities each, were set-up and commercialized in 1974 and 1976, respectively. Through the years, the company has ramped up three additional cement plants in Qatar. In 1978 and 1985, the company diversified into Calcined Lime and Hydrated Lime, respectively. In 2003, QNCC purchased a washed sand plant and is periodically upgraded / expanded.

RecentDevelopments• ThecompanycommencedtrialoperationsatitsQAR22mncalciumcarbonate

plant based in Umm Bab. The plant would specialize in producing calcium carbonate for usage in water treatment operations and have a production capacity of 250 tons per day. QNCC signed an agreement with Kahramaa to purchase calcium carbonate for 25 years.

• QNCC signed an agreement with Stream Industrial Engineering Company toconstruct a calcium carbonate plant on turn-key basis. The Ras Girtas power station at Ras Laffan would be one of the supporting stations for the plant.



Revenue 1,413.0 1,519.1 1,090.2 989.6 -9.2 -19.3Total Assets 2,853.1 2,526.2 2,607.8 2618.8 0.4 1.8Shareholder’s Equity 1,642.5 1,922.9 2,159.7 2315.0 7.2 9.7Total Debt 874.4 489.5 324.1 163.9 -49.4 -42.1Cash & CashEquivalents 4.6 54.3 99.8 254.6 155.1 116.6Net OperatingMargin (%) 17.3 20.7 41.5 42.7 - -ROE (%) 25.2 23.4 22.9 19.9 - -ROA (%) 16.6 15.5 18.2 17.0 - -EPS (QAR) 8.4 8.5 9.5 9.1 -4.3 3.5Book Value PerShare (QAR) 33.5 39.2 44.0 47.2 7.3 9.8Dividend PerShare (QAR) 2.9 5.5 5.5 6.0 10.0 4.9

Market Data

Cmp (Qar) 112.0Shares outstanding (mn) 49.1market cap (Qar mn) 5499.0market cap (uSD mn) 1483.3 52-week range H/l (Qar) 118.0/95.5



Chairman / V.Chairman / MDSalem Bin Butti al-naimi – Chairman and mDmr. Sulaiman khalid al mana – Vice Chairman

Managementmohammad ali al Sulaity – General manager

Key Ratios


Price Performance



QanC.Qa/QnCD QD

Govt. of Qatar 43%

Public 57%

Cement 100%

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Projects

ProjectName Description

AlShaqabAcademy The company got the contract for Design, Supply and Installation of Standing Seam Roof System and Ceiling Soffit in the Academy. The budgeted cost of QAR 114 mn.

Logistic Village Qatar The company awarded the contract for Design Supply & Erection of three warehouses including civil, structural & finishing works. The estimated cost of project is QAR 53 mn.

Projects


BarwaFinancialDistrict It is a joint venture project with Bouygues and Midmac Contracting situated in Doha’s new business district in West Bay with approximately built up area of 700,000 sqm. The project cost is USD 1.3 bn and will be completed by March 2013.

PublicWorksAuthority The project includes refurbishment and upgrading (Ashghal) works for various foul and storm water pumping stations

including civil, mechanical, and electrical and HVAC works. The project cost is USD 53.2 mn and it will be completed by January 2014.

Key Personnel

Board of Directorsahmed E. Seddiqi al Emadi – Chairman

Managementpeter Ward - General manager

Key Personnel

Board of Directorsmohammed Sultan alJaber – ChairmanHisham Hadid – DirectorJaber Sultan alJaber – Director

Managementosama Hadid – managing Directoramr nadim – Executive manager, Constructionalex Calfat – Executive manager, Engineering

Al-Bader Construction Steel Works

CompanyDescriptionAl-Bader forms an integral part of the Al Aafaq Group of Companies. Established in 1997, Al-Bader Construction & Steel Works is a Civil Engineering Contractor and supplier of fabricated structural steel. The Company provides construction services for residential, commercial and industrial requirements and also experts in steel construction business particularly in pre-engineered building.

AlJaber Engineering (JEC)

CompanyDescriptionAlJaber Engineering (JEC) is a leading general contractor established in 1995 in Qatar. JEC has executed several large-scale turnkey projects in different sectors including Highways, Roads and Infrastructure, Oil and Gas, Petrochemical and Industrial, Power Generation, Sewage Treatment Plants and Pumping Stations. The company’s primary activities are Civil and electromechanical contracting for industrial, petrochemical, oil and gas, infrastructure and building projects etc., engineering and business consultancy services and construction machinery and equipment.


Projects


Ashghal-Dohaand ASHGHAL plans to expand the sewerage system inRayyan Sewerage Doha. The extension of the facility in Doha will

manage the flow from approx. 500,000 people in Ain Khalid, Musaimeer, HBK and West Abu Hamour areas enhancing the local urban environment. The budgeted value of project is USD 500 mn and will be completed in Q2-2012.

Ashghal–Doha,Lusail The project will construct a 450 km long highway,andDukhanExpressway 53 interchanges and 12 intersections. Construction will

start in Q2/2012 and is expected to complete in Q4/2015. The estimated budget for project is USD 1,000 mn.

Ashghal-Hamad The project will cover an area of 450,000 sqm and willMedical City comprise three hospital, a National Health Authority

office building, residential buildings, educations center, and recreational facilities. The estimated budget for the project is USD 200 mn and it is expected to be completed by Q2/2013.

Projects


NewDohaInternational Bechtel is the leading consultant and advisor for theAirport(NDIA),Qatar project. The company also won EPC and PMC contract.

The airport will have capacity of 50 mn passengers, 2 mt of cargo and 320,000 aircrafts per year. The estimated cost of the project is USD 11 bn and is expected to be complete in Q1-15.

QRDC-QatarIntegrated The company is the PMC bidder. The project willRailProject,Qatar include construction of a 345 km long railway line and

associated facilities. The EPC will be awarded in Q1-13 and expected to be completed in Q2-20. The estimated cost of the project is USD 20.6 bn.

Key Personnel

Managementnasser ali abdullah mawlawi – president and General managerSaad ahmad al-misnad – Director, Infrastructure affairsmohammad ali Darwish – Director, asset affairskhaled mohammed al Emadi –Quality, Safety and Environment managerabdulhamid ali radwani – acting manager, Building affairsJamal Shareeda al kaabi –acting manager, Drainage and road DesignZayed mansour al khayarin – CEo

Key Personnel

Board of Directorsriley Bechtel – Chairman and CEoadrian Zaccaria – Vice Chairmanandy Greig – DirectorSteve Bechtel – DirectorBill Dudley – DirectorScott ogilvie – Directorpeter Dawson – DirectorJohn mcDonald – Directormike adams – Directormichael Balley – DirectorJack Futcher – Director

Ashghal

CompanyDescriptionAshghal was established in 2004 on the basis of the Emiri Decree No.1 issued by HH the Emir Sheikh Hamad Bin Khalifa Al-Thani to supervise all infrastructures related projects as well as public amenities in the State. The Emiri Decree focused on quality and perfection of projects as per international specifications and standards. There has been a rapid increase in construction projects in the last few years, such as the Olympics Village, Doha International airport, Al Asiri Interchange, Gharafa Interchange, Salwa International highway.

Bechtel

CompanyDescriptionBechtel is an engineering, construction and project management company. The company has executed 23,000 projects in 140 countries since its inception. The company’s primary activities include engineering, procurement and construction for oil and gas, infrastructure, buildings, petrochemical, mining and metals, power and utilities projects and engineering consultancy services. The company earned USD 27.9 bn revenue in 2010 and had an order book of USD 21.3 bn.


Projects


NewDohaPort The company awarded the project of New Doha Port have a budgeted value of USD 879 mn and expected to complete in Q-23. The first phase will give the port a capacity of two million 20-foot equivalent units (containers) per year for 2014.

Projects


NDIA-Doha The new airport will have capacity of 50 mn passengers,InternationalAirport 2 mt of cargo and 320,000 aircraft landings and takeoffs

each year. It will be three times the size of the existing airport in Doha and will cover an area in excess of 22 square km. The EPC contract is awarded to CCC along with several contractors including JEC, Al jJaber Trasport, Arabian Benmco contracting co, Bechtel co, CAT International, CCM, FKI Logistex, Gulf Contracting co.etc. The budgted cost of project is USD 2.8 bn and will complete in Q4-12.

QP-RasLaffanPort The company won an EPC contract for the projectExpansion - Berths and along with other contractors. The project will expandPortInfrastructure capcity to facilitate export of about 77 mn tons of LNG

and will have capacity of 5,000 ships.The estimated value of project is USD 1.9 bn and expected to complete in Q1-12.

Key Personnel

Board of DirectorsSun Ziyu– Chairman Wang Jiayin – Board of memberSun Guoqiang – Board of memberZong Yuanyuan – Board of memberZhu lixiang – Board of member

Managementmo Wenhe – presidentWang Jiayin – Vice presidentWang Bo – Vice president and Chief Economistlin Yichong – Vice president

Key Personnel

Board of DirectorsSaid T. khoury – Chairman and presidentTawfic S. khoury – Director, ExecutiveVice presidentSamer S. khoury – Director, Executive Vice president, operationsSuheil H. Sabbagh – Director, Group Human resourcesmahmoud Zeibak – advisor & Board Directormohammed Seoudi – advisor & Board Director

China Harbour Engineering Company Ltd.

CompanyDescription China Harbour Engineering Company Ltd. (CHEC) is a world-renowned international contractor that is a subsidiary of China Communications Construction Company Ltd (CCCC).CHEC is focused on basic infrastructure construction, such as Marine Engineering, Dredging and Reclamation, Road and Bridge, Railways, Airports, Complete Plant, and other works. CHEC Headquarters are located in Beijing, China and has 40 overseas branches. The company provides services in five core areas named as survey and design, marine engineering, road and bridge construction, dredging and reclamation, and port machinery manufacturing.

Consolidated Construction Company

CompanyDescriptionConsolidated Contractors Company (CCC) was established in 1952 and is ranked as the largest contractor in the Middle East. The (CCC) provides services for oil and gas, and petrochemical segment, pipelines, building and civil engineering segment, marine segment, and roads. It specializes in providing EPC solutions such as project development, start up, and operation and maintenance. In addition CCC offers services to industries, government ministries, national oil companies, and private clients. The operations of the company are spread across several countries in the Middle East, Africa, Europe, Asia, Caribbean, South and Central America. The company is headquartered in Athens, Greece.


Projects


DuhailandUmmQarn The Duhail Water Station project covers construction Reservoirs of six concrete reservoirs, a pump house, associated

buildings, road works and installation of a 15.9 km water distribution pipeline. The Umm Qarn Water Station project includes the construction of three concrete reservoirs, a pump house, associated buildings, road works, landscaping and installation of 700 meter water distribution pipeline.

DohaCityCentre The project includes the construction of five towersExpansion with a direct link to the existing Doha City Centre. The

project is divided into three phases and has a total built-up area of around 330,000 sqm. The budgeted value of the project is USD 325 mn.

Projects


QatarFoundation The project will cover an area of about 29000 sqmHeadquarter which consist a 14-story building and three-four story

study center. The estimated cost of project is USD 275 mn and expected to complete in Q3-13.

NDIASC-Expansionof The project include construction of a five-storeyNDIA-Phase3 passenger terminal consist of gross floor area of 127,000

sqm, 100 room hotel, two-track people moving system and a commercial area etc. The estimated cost of project is USD 687 mn and expected to complete in Q2-13.

Key Personnel

Board of Directorsraid T. Sadik – Chairmanlaurie Voyer – CEo & managing Directormohammed al Habtoor – DirectorHamish Tyrwhitt – DirectorTony Saadie – Executive General managerSuheil al rayes – General manager, BuildingDale Burtenshaw – General manager Infrastructure

Key Personnel

Board of DirectorsChairman - HE Sheikh Hamad Bin abdullah Bin khalifa al-Thanimohamed ali m.k. al-kubaisi – Board managerraghib H. kublawi – Director

Managementmohammed ali mohammed – managing Director khamis al-kubaisiragheb H kublawi – General manager

Habtoor Leighton

CompanyDescriptionThe Habtoor Leighton Group (HLG) is one of the leading diversified international contractors in the MENA region and was formed in 2007 following the merger of Al Habtoor Engineering with Gulf Leighton. HLG focus on five major sectors namely Infrastructure, Building, Rail, Oil and Gas and Mining. Habtoor Leighton operates through three separate business units: United Arab Emirates, Qatar and Bahrain, and New Markets and each business unit comprise a number of divisions. The company major activity includes civil contracting for buildings and infrastructure projects, electromechanical, engineering consultancy and offshore contracting for the oil and gas sector, mining, and real estate property management. In 2009, Al Habtoor Leighton established Al Habtoor GETTCO Qatar, a holding company with subsidiaries in civil contracting, electromechanical and plumbing services. Leighton Holdings holds 45% stake, Al Habtoor Group 27.5% and Riad Toufic 27.5% in the Group.

MIDMAC

CompanyDescription MIDMAC Contracting Co. W.L.L. (MIDMAC) is one of the largest Qatari contracting organizations established in 1975.The company operated as a wholly owned subsidiary of Qatar Investment and Project Development Company as QIPCO acquired major stock in 2005.The company major activity includes civil and electromechanical contracting for buildings, infrastructure, oil and gas, water and petrochemical projects; production of asphalt and concrete blocks; manufacture of reinforced steel bars; leasing of construction equipment; interior and landscape design services. The company has an annual turnover approximately USD 350 mn.


Projects


MsheirebProperties The project will spread over 750,000 sqm consist of- Musheireb 226 buildings, 13,700 parking lots, retail, cultural and

entertainment areas. The project will provide home to 27,637 residents. Mshereib properties and Turner International Middle East formed a joint venture, TIME Qatar, which will be an independent project management company. The estimated value of project is USD 5.5 bn and expected to complete in Q4-16.

MsheirebProperties The project will include demolition of old structure-OldDohaFacelift in area like Al Bida, Wadi sail, Jaidah tower etc. and

construction of new villas and towers (18 storey). The construction project will be awarded in Q3-12 and expected to complete in Q2-15. The estimated cost of project is USD 270 mn.

Projects


GFH-EnergyCity The company awarded the EPC contract for EnergyQatar-Phase1 City which includes the construction of ECQ

headquarters, Infrastructure & installation works, Education centre, Shipping centre, Oil and gas producers centre etc. The estimated cost of the project is USD 58 mn and expected to complete in Q1-2015.

PrimaryRoutesProject: The company awarded EPC contract for theDohaExpressway: construction of 3.5 km long road which is the part ofPackage6 Doha expressway. The budgeted cost of the project is

USD 200 mn and expected to complete in Q4-2013.

Key Personnel

Board of DirectorsHH Sheikha moza bint nasser – Chairperson HE abdullha al-kubaisi – Vice Chairpersonrashid al-naimi – DirectorSaad al muhannadi – Directornorman lyle – non - Executive Director

ManagementIssa m. al mohannadi – CEoC S Chandrasekaran – CFoJohn rose – Development Directormohammed masoud al-marri – projects Director

Key Personnel

Board of Directormohammed Tayyeb Hashim mustafawi – Chairmanabdulhamid mohammed Tayyeb Hashim mustafawi – Vice Chairmanabdulhakim mohammed Tayyeb Hashim mustafawi – Directorkhaled mohammed Tayyeb Hashim mustafawi – Directoradel mohammed Tayyeb Hashim mustafawi – Directorahmad mohammed Tayyeb Hashim mustafawi – Director

Managementali mohammed Tayyeb Hashim mustafawi – managing Director

Msheireb Properties

CompanyDescriptionMsheireb Properties is a subsidiary of Qatar Foundation for Education, Science and Community Development. The company was set up in April 2007 and it was formerly known as Doha Land. Msheireb primarily activities include Real estate property investment, development and management and management of hotels. Msheireb Properties is a supporter of Qatar Foundation’s objectives and ideals which will create leading edge urban living concepts that build on traditional Arabian architecture and design and contribute to the social and cultural heritage of Doha. The company is working with some of the world’s leading master planners, architects, engineers and designers to create and regenerate cities to serve the immediate needs of communities and in the future.

Qatar Building Company

CompanyDescriptionQatar Building Company was founded in 1971 as a general civil engineering and building contractor. The company major activities includes civil contracting for infrastructure, building sand heavy industries, manufacture of asphalt and concrete products; distribution, leasing and maintenance of heavy construction equipment’s and spare parts; manufacture of precast pipes and pipelines installation. The company has a capacity of 400 cubic meter of concrete per hour and 800 tonnes of asphalts pavements per hour.


Projects


QatariDiarRealEstate Lusail Devalopment is a megaproject divided intoInvestmentCompany thirteen district. The project include residential,(QDREIC)-Lusail spaces, parks, beaches and recreational areas. The Development value of poject USD 45 bn and expected to complete in

Q4-15.

QRDC-Qatar QDREIC (51%) formed a joint venture with DeutscheIntegratedRailProject Bahn (49%) namely Qatar Railway Development

Company to develop the railway system in Qatar. The project’s estimated cost is USD 21 bn and is expected to be completed in Q2-20. The bidders for the PMC are Bechtel Corporation, Fluor Corporation, Parsons Brinckerhoff International.

Projects


Lusail Light Rail The company won EPC contract for Light Rail TransitNetwork- Underground System (LRT) construction project in Lusail City whichStations (8 nos.) will cover civil engineering work in eight underground

stations. The budgeted value of the project is USD 725 mn and expected to complete in Q3-14.

DohaNorthSewerage QDVC won EPC contract in the joint venture with VinciTreatment and Construction Grand Projects (40%) and EntreposeAssociated WorksPS70 (30%). The pumping station will have a capacity ofandPumpingMain 900,000 (m3/d).The estimated cost of project is USD 500CP682/2 mn and expected to complete in Q2-12.

Sheraton The contract includes design construction of an underground two level car park have a capacity of 1,986 cars, a 66 kv sub-station for Kahramaa, two 11 kv sub stations and a tunnel. The estimated cost of project is USD 335 mn and expected to complete in Q3-13.

Key Personnel

Board of DirectorsHE Youssef Hussein kamal – ChairpersonHE khaled mohammad abdullah al attiyah – Vice Chairpersonrashid al-naimi – DirectorSaad al mohannadi – Directornorman lyle – non – Executive Director

Managementmohammed ali al-Hedfa – CEoGhanem Bin Saad al-Saad – managing DirectorWaleed Bangash – CFo

Key Personnel

Board of DirectorsYoussef ahmad al Hammadi – ChairpersonSerge moulene – Vice Chairpersonraoul Dessaigne – Directoralain Bonnot – DirectorGhanim Hassan al-Ibrahim – DirectorHassan al Derham – Director

ManagementYanick Garillon – CEoThibaut peniguet – CFoHamad al-Bishri – Deputy CEo Stephan Van Dyk – Human resources DirectorClaude michas – Head of procurement and logistics

Qatari Diar Real Estate Investment Co.

CompanyDescriptionQatari Diar Real Estate Investment Company (QDREIC), a real estate company established in 2005, is a wholly owned subsidiary of Qatar investment Authority. It is also involved in some of the state’s largest infrastructure schemes, including Qatar’s national rail network and the Friendship Bridge, a causeway linking Qatar with Bahrain. Qatari Diar also enters into a joint venture with Vinci, France named as Qatari Diar Vinci Construction to develop schemes. Qatari Diar major activities include Real estate property investment, development, management and brokerage services, ownership and management of hotels and resorts, design and construction management, conventional and Islamic direct investment in various sectors including real estate, investment banking services, initial public offerings and underwriting and offer advertising.

Qatari Diar Vinci Construction

CompanyDescription Qatari Diar Vinci Construction (QDVC) is a joint venture with 51% held by Qatari Diar Real Estate Investment Company (QDRIC) and 49% by Vinci Construction Grands Projects established in 2007 in France. The main objective is contracting and construction work along with any associated services related to large selected design and build projects. The company primary activities include civil contracting for infrastructure, buildings and heavy projects; marine and electromechanical contracting; engineering consultancy and landscaping services.


Projects


Qatargas - Jetty Boil-off The company awarded the Qatar gas, a recovery projectGasRecovery to recover and collect boil off gas at each port berth.

This project will recover the equivalent of some 0.6 mn tonnes a year of LNG, which is enough natural gas to power more than 40000 home. The budgeted value of the project is USD 1,000 mn and expected to complete in Q4-13.

Projects


Qatar foundation The Qatar Foundation for Education, Science &- Education City Community Development will cover an area of

45 hectares. The project also consist a number of sub projects. The estimated cost of the project is USD 6.6 bn and it is estimated to complete in Q2-12.

QatarFoundation Qatar Foundation is planning to construct an - Aerospace City Aerospace City in Al Khor which will cover an area of

40,000 sqm. The project will include expertise from NASA, and will also include a research facility keen to satellite and space sciences. The estimated cost of project is USD 3.3 bn and expected to complete in Q2-17.

Key Personnel

Board of DirectorsHH Sheikh ahmad Bin Jabor Bin mohammed al Thani– Chairman

Managementmazen abu nabaa – managing Directorrafique ahmed – DGm operationsHossam abdelmajeed – DGm projectsHaitham Elsaka – manager, maintenance & logistics

Key Personnel

Board of DirectorsHH Sheikha mozah bint nasser al-missned – ChairpersonSaif ali al-Hajari – Vice ChairpersonHH Sheikh Dr. Hamad Bin nasser al-Thani – DirectorHE abdullah Hussain al kubaisi – DirectorDr. mohammad FathySaoud – DirectorHassan al-Derham – DirectorHE Sheikhabint abdulla al- misnad – DirectorDr. Jordan J Cohen – Directorahmed Zewail – Director

Qatar Engineering and Construction Company

CompanyDescriptionQatar Engineering & Construction Company (Qcon) is the leading National EPC & Maintenance Contractor in the Oil & Gas, Petrochemical, Fertilizer and Power industries. Formally known as MECON, the company was established in 1975. The company major activities includes EPC Projects, construction, pre-commissioning, commissioning, start-up services, Medium and Heavy Steel Fabrication, Fabrication offshore structures, including topside production facility etc.Qcon operates through its three divisions:

•IndustrialProjects•MaintenanceServices•MechanicalFabrication

Qatar Foundation

CompanyDescriptionThe Qatar Foundation is a privately owned organization that invests in the country’s education, scientific research and community development through joint ventures and partnerships. Foundation established the Qatar Science and Technology Park to enhance scientific research capabilities. The Park is a free zone for technology-based companies involved in aircraft operations, oil and gas, petrochemicals, ICT and water. The Foundation also established, the Qatar National Research Fund, which provides financial support to researchers in the public, academic or corporate fields. The Qatar Foundation developed the Qatar National Convention Center to provide space for exhibition.


Projects


Lusailproject Q. Mobility has signed an agreement with Qatari Diar to provide high quality street fixture elements, bicycle racks, benches, lights poles, intelligent transportation management systems, guard rails, safety barriers, noise barriers and rail furniture etc. for Lusail projects

Education City The company is in the process of signing a corporate agreement with Education City for the design, manufacture, installation, and maintenance the street furniture of the city.

Key Personnel

Managementanas Ismael al keilani – managing Directoramit kumar Singh – Deputy CFoIbrahim almalki – Executive Director of International projectsTareq addasi – Senior International Business Development Director

Key Personnel

Board of DirectorsHH Sheikh abdulla Bin khalifa al-Thani – ChairpersonHH Sheikh Suhaim abdulla al-Thani – Director raoul Dessaigne – Director HH Sheikh Hamad Bin abdulla Bin khalifa al-Thani – CEoHH Sheikh Fahad Bin abdulla al-Thani – Director mohammed ali mohammed khamis al-kubaisi – Director

Qatar Investment and Projects Development Holding Company

CompanyDescriptionQatar Investment and Projects Development Holding Company (QIPCO) invest in companies that operate in real estate, construction, oil and gas, trading, financial services, health care, electrical engineering and electronics manufacturing, and industrial systems solutions. The company formed a joint venture named as Investment house with Qatar National Bank to access financial sector. QIPCO has also established Joint Venture Companies with renowned International Partners like Siemens, ThyssenKrupp and Emcor. The company has a number of subsidiaries in different segment as follow:

• Real Estate Sector: Torando Company, Villagio Mall, Al Bustan Real Estate Company, Asas Real Estate Company.

• Contracting Sector: Midmac Contracting Co., Black Cat Engineering & Construction Co.

• TradingandServiceSector: Manani Corporation• FinanceSector: Investment House

QIPCO has strategic shareholding in following companies:

• Qatar Airways• International Bank Of Qatar• Mazaya Qatar• Qatar Finance House• Qatar National Bank

Q. Mobility

CompanyDescriptionQ. Mobility is the first infrastructure solution provider established in 2010 in Qatar. The company is a semi-government organization, focused on development of transportation, airport, rail, metro, road, pedestrian, and beautification solutions for all nations in the Middle East. The infrastructure investments in the Middle East are expected to exceed two trillion dollars in the next ten years. The company major business lines includes Infrastructure solution, Airports, Metro train, Bike system, Urban Planning and City Development, Street Furniture, Street Way finding and Signage and Intelligent Traffic System.


Projects


QASCO - Meltshop The project include construction of Rolling mills,Upgrade Electric arc furnace, Ladle furnace, De-dusting system

etc. which will expand the capacity of 1,100,000 tpa. M.N. Dastur & Company on PMC contract for the project.The estimated value of project is USD 1 bn and expected to complete in Q1-13.

QASCO/Essar - Mesaieed The project will be executed in two phases. TheSteelPlant first is scheduled to result in the commissioning of an

HBI plant by the first half of 2008, the second to yield flat rolled steel products at a later stage. The project is currently on hold. The estimated value of USD 1.3 bn.

Projects


Al Udeid Air Base The project includes construction of runway measures 15,000 long along with shelters that can accommodate 100 aircraft. The company will provide ready mix concrete in the construction of Al Udeid Air Base.

DohaAirport The company currently supplying the ready mix concrete in the construction of 12 new departure terminals at Doha International Airport.

ShellGTLProjectat The Joint Venture of Rabban Readymix andRas Laffan Medgulf have supplied over 750,000 cubic mt. into

the project from the Site based facility established at Ras Laffan.

Key Personnel

Board of DirectorsHE Youssef Hussein kamal – ChairpersonHE Dr mohammed Saleh al-Sada – Vice Chairpersonabdulrahman ahmad al-Shaibi – Directornasser mubarak Shafi al-Shafi – Directorali Hasan al muraikhi – Directormohammed Hitmi ahmed al-Hitmi – DirectorFahed Hamad al mohannadi – DirectorIdris Gamil – Director

Key Personnel

Board of Directorskhaled bin mohammed al rabban – ChairpersonHamad khaled al rabban – Director nasser Bin khaled al rabban – Director mohammed khalid al rabban – Director khalifa khaled al rabban – Director

ManagementClive Cash – CEoFred Greger – General manager

Qatar Steel Company

CompanyDescriptionQatar Steel Company (QS) was established in 1974 as a joint venture between Government of Qatar and two Japanese companies, Kobe Steel (20%) and Tokyo Boeki (10%). Later on, the company was fully acquired by Industries Qatar in 2003, which is 70% owned by Qatar Petroleum, while the remaining is public. The company is involved in manufacturing and distribution of iron and stainless steel products. Its manufacturing plant is in Mesaieed and sales and marketing office is located in Doha. It also operates a UAE based subsidiary - Qatar Steel Company FZE Dubai and has stake in four associates, Qatar Metal Coating Company (50%), United Stainless Steel Company (25%), Gulf Industrial Investment Company (25%) and South Steel Company (20%). The company has production capacity of 800,000 tons annually.

Rabban Readymix

CompanyDescriptionRabban Readymix is a leading ready mixed Concrete company based in Doha. The company was founded by Mr. Khalid Al Rabban. The company product portfolio includes ready mix concrete and ready mix mortars and plasters. The company provide ready mix product in the construction of well-known building such that Gulf mall, Villagio, Landmark, Barwa City Buildings, Doha Airport, Al Fardan Towers etc.


Projects


DohaConventionCentre The company has been awarded a contract to build phaseand Tower in Qatar IIB of the Doha Convention Centre and Tower in Qatar

in a joint venture with Midmac Contracting Co. The share of Six Construct for this contract is approximately USD 338 mn. The project is expected to complete in end 2012.

NewDohaInternational The company has been awarded a contract to buildAirport(NDIA) Phase III of the New Doha International Airport (NDIA)PassengerTerminal Passenger Terminal Complex in joint venture with theComplex Midmac Contracting Co. Six construct’s share for this

contract is approximately USD 375 mn. The project is expected to complete in Q4-12.

Projects


SAGIA-Jazan JEC will cover an area of 40,000 sqm and will be dividedEconomic City into four distinct area named as Heavy Industries,

Secondary industries, Human capital (Education area, mosque etc.) and lifestyle (Hotel, Marina etc.). The budgeted value of project is USD 27 bn.

PPA-KingAbdullah The project will cover an area of 3,300,000 sqm whichFinancialDistrict includes retail financial, residential and cultural facilities.

The budgeted value of project is USD 7.8 bn.

Key Personnel

Managementarshad ali Faizi – Head of personnelpierre Sironval – project DirectorJohan Vindevogel – Façade and roof manager - Head of EnvelopeTanghy Vandestraete – project manager

Key Personnel

Board of DirectorsBakr Bin mohammed Binladin – ChairpersonYehia mohammed awad Binladin – Vice Chairmanmutaz al Sawwaf – DirectorHenry Serkissian – Directorabu Bakr Salim al Hamid – Directorahmed mohammed awad Binladin – Director

Six Construct Qatar Ltd.

CompanyDescription Six Construct Qatar Ltd. operates as a subsidiary of BESIX Group. Six Construct Qatar Ltd. engages in construction of convention center and tower. The company is based in Doha, Qatar.

Saudi Binladin Group

CompanyDescriptionSaudi Binladin is a contractor company established in 1931 by Mohammed Binladin. The company major activities includes Civil and electromechanical contractors for buildings, infrastructure and heavy industries projects, production of cement, steel, marble, granite, ready mix and precast concrete etc., distribution and leasing of heavy equipment, real estate investment, domestic and international transportation of goods. SBG services also include turnkey consultation, solution, and implementation in the field of network and software and hardware systems. The company has played a key role in developing Saudi Arabia infrastructure and operates one of the largest fleet in of heavy machinery in the world. The company has constructed more than 5,000 km road throughout the kingdom. Bakr Mohammed Awad Binladin hold 23.58% stock and Omar Sheikh Mohammed bin Awad bin Laden hold 10.23% stake in the company.


Projects


NewDohaInternational TAV Construction entered into a joint venture withAirport Terminal the Taisei - Japan-based construction company toBuilding And build three concourses in the New Doha InternationalConcourses (A-B-C) Airport terminal and the expansion package. The project

includes total built-up area of 5.4 mn sqf and is expected to handle 24 mn passengers per year.

Key Personnel

Board of Directorsali Haydar kurtdarcan – ChairpersonHamdi akin – Vice Chairmanmustafa Sani Sener – Director

TAV Construction

CompanyDescriptionTAV construction is a joint venture of Tepe Construction and Akfen Construction. The company was founded in 1997 to execute the Build-Operate-Transfer Project of the Istanbul Ataturk International Airport and the Multi-Storey Car Park. The company is specialized in the construction of airports, passenger terminals, highly competent in installation of all high-tech systems within these structures. The company has seven branches and two subsidiaries named as TAV Muscat LLC and TAV Qatar LLC outside of Turkey. The company has a project portfolio of approximately 10.5 bn.


AED

AFC

ASHGHAL

AZF

Bn

BOT

Bpd

CAGR

CEO

cmd

COMCAP

CP

DFC

DFI

EPC

EUR

FDI

GBP

GCC

GDP

GLA

GTL

IATA

IMF

IWPP

JPY

JV

KAHRAMAA

km

KRW

LNG

LRT

MENA

MEP

MIA

MIGD

mn

mmgpd

MOU

MSM

mt

mtpa

MW

m3

m3/d

NASA

NDIA

NDS

NGL

NHS

NLA

OMR

PMC

PPP

PV

PWA

PWPA

QAR

QDREIC

QEWC

QF

QIA

QMA

QNCC

QP

Qrail

QRDC

QTA

Qtel

SEC

STW

sqf

sqm

TEU

tn

tpa

TSW

UAE

USD

WTTC

- United Arab Emirates Dirham

- Asian Football Confederation

- Public Works Authority

- Aspire Zone Foundation

- Billion

- Build, Operate and Transfer

- Barrels Per Day

- Compound Annual Growth Rate

- Chief Executive Officer

- Cubic Meters Per Day

- Commercialbank Capital

- Construction Package

- Doha Festival City

- Doha Film Institute

- Engineering, Procurement and Construction

- European Union Currency

- Foreign Direct Investment

- Pound Sterling

- Gulf Cooperation Council

- Gross Domestic Product

- Gross Leasable Area

- Gas to Liquid

- International Air Transport Association

- International Monetary Fund

- Independent Water and Power Project

- Japanese Yen

- Joint Venture

- Qatar General Electricity & Water Corporation

- Kilometer

- South Korean Won

- Liquefied Natural Gas

- Light Rail Transit

- Middle East and North Africa

- Mechanical, Electrical & Plumbing

- Museum of Islamic Art

- Million Imperial Gallons Per Day

- Million

- Million gallons per day

- Memorandum of Understanding

- Muscat Securities Market

- Million Tons

- Million Tons Per Annum

- Mega Watt

- Cubic Meters

- Cubic Meters Per Day

- National Aeronautics and Space Administration

- New Doha International Airport

- National Development Strategy

- Natural Gas Liquid

- National Health Strategy

- Net Leasable Area

- Omani Riyal

- Project Management Company

- Public Private Partnership

- Photovoltaic Panels

- Public Works Authority

- Power and Water Purchase Agreements

- Qatari Riyal

- Qatari Diar Real Estate Investment Company

- Qatar Electricity and Water Corporation

- Science and Community Development

- Qatar Investment Authority

- Qatar Museum Authority

- Qatar National Cement Company

- Qatar Petroleum

- Qatar Railways Company

- Qatar Railways Development Company

- Qatar Tourism Authority

- Qatar Telecom

- Supreme Education Council

- Sewerage Treatment Works

- Square Feet

- Square Meter

- 20-foot Equivalent Units

- Tons

- Tons Per Annum

- Treated Sewer Effluent

- United Arab Emirates

- United States Dollar

- World Travel and Tourism Council

13. Abbreviations


14. Disclaimer

Commercial Bank (referred to hereinafter as we), Commercial

Registration No. 49621, a single-person company regulated by the

laws of Qatar, has issued this Document. This Document does not

constitute an offer or invitation to subscribe for or sell or purchase any

securities, and this Document shall not form the basis of any contract

or commitment whatsoever. We may, from time to time, to the extent

permitted by law, participate or invest in any other transactions with

the issuers of the securities, perform services for or solicit business

there from, and/or make transactions in the securities or options

therewith. We may, to the extent permitted by the relevant applicable

laws or regulations, make transactions in the securities before this

Document is published to recipients on our website. Information and

opinions contained herein have been compiled or arrived by us from

sources believed to be reliable, but we have not independently verified

the contents of this Document. Accordingly, no representation or

warranty, express or implied, is made by us as to fairness, accuracy,

completeness or correctness or correctness of the information and

opinions contained herein. We accept no liability for any losses or

damages arising from reliance on or use of this Documenting making

any securities transactions. This Document shall not be relied upon

or used in substitution for the exercise of independent judgment.

We shall have no liability whatsoever in respect of any inaccuracy in

or omission from this Document or any other relevant document

prepared by us for, or sent by us to, any person, and any such person

shall be solely responsible for conducting their own investigation and

analysis of the information contained or referred to in this Document

and of evaluating the merits and risks involved in the securities

forming the subject matter of this Document or any other relevant

document. It is understood that information, opinions and estimates

set out in this Document or any other relevant document, constitute

our own judgment and may be subject to change at any time without

prior notice. Past performance is not indicative of future results. This

Document is being furnished to you solely for your information

and may not be sent to any other person. This Document or any

other relevant document may not be distributed in any jurisdiction

outside Qatar where its distribution may be restricted by law in

such jurisdiction. This Disclaimer is unconditional and it does not

require any consent from any recipient and all limitations mentioned

hereinabove shall automatically apply to any possible recipient who

receives this Document or any other relevant document.

Data and pictures have been taken from the following source:

• MEEDprojects,websiteandMagazine

• ConstructionWeekMagazine

• OxfordBusinessGroup–Qatar2011

• Websitesofcompaniesprofiled.Reuters/Bloomberg/Zawya

انتفاء المسؤوليةلقد قام البنك التجاري لالستثمار )ُيشار له هنا الحقًا بالضمير نحن(، سجل تجاري رقم 49621، شركة شخص واحد مؤسسة بموجب قوانين دولة قطر، باصدار هذا المستند. أوراق مالية وال أو لبيع أو شراء أي ال يشكل هذا المستند عرضًا أو دعوة لالكتتاب نقوم أن لنا يحق نوعه. أيًا كان التزام أو ألي عقد أساس أي المستند يشكل هذا أو االستثمار في أي معامالت المسموح به قانونًا، باالشتراك ، من وقٍت آلخر وللحد ، تزويدهم بالخدمات والحصول منهم على أعمال أخرى مع مصدري األوراق المالية تجارية و/أو إجراء معامالت معهم في األوراق المالية أو الخيارات . يجوز لنا ، وللحد المسموح به بموجب القوانين والتعليمات السارية ذات الصلة ، إجراء معامالت في األوراق المالية قبل نشر هذا المستند للمتلقين في موقعنا االلكتروني. تم تجميع ُيعتقد مصادر من عليها والحصول المستند هذا في الواردة واآلراء المعلومات بموثوقيتها لكننا لم نقم بمراجعة محتويات هذا المستند بصفة مستقلة. بناءًا على ذلك ، فإننا لم نصدر أي إقرارات أو ضمانات ، صريحة أو ضمنية، بشأن معقولية، دقة، اكتمال، صحة أو حداثة المعلومات واآلراء الواردة في هذا المستند. ال نتحمل أي مسؤولية عن أي خسائر أو أضرار تنشأ من استعمال هذا المستند أو االعتماد عليه في إجراء أي معامالت أوراق مالية. ال يجوز استعمال هذا المستند أو االعتماد عليه كبديل التخاذ الحكم المستقل. ال نتحمل أي مسؤولية ايًا كان نوعها بشأن أي عدم دقة أو حذف من هذا المستند أو من أي مستند آخر ذي صلة تم إصداره أو إرساله من قبلنا ألي شخص ويكون أي شخص من هذا القبيل مسؤوالً لوحده عن إجراء تحقيقه وتحليله الخاص للمعلومات الواردة أو المشار إليها في هذا المستند وتقييم المزايا والمخاطر المتعلقة باألوراق المالية التي تشكل موضوع هذا المستند أو أي مستند آخر ذي صلة. من المعلوم أن المعلومات، اآلراء، والتقديرات الواردة في هذا المستند في للتغيير تخضع قد وأنها الخاص حكمنا تشكل ، صلة ذي آخر مستند أي أو أي وقت دون إشعار مسبق. األداء السابق ليس مؤشرًا على النتائج المستقبلية. تم تزويدكم بهذا المستند ألغراض العلم فقط وال يجوز إرساله ألي شخص آخر . ال يجوز توزيع هذا المستند أو أي مستند آخر ذي صلة في أي اختصاص آخر خارج دولة قطر إذا كان توزيعه محظور قانونًا في ذلك االختصاص. انتفاء مسؤوليتنا بموجب المتلقي وسوف هذا النص غير مشروط وال يتطلب الحصول على أي موافقة من تسري كافة القيود المذكورة أعاله تلقائيًا على أي متلقي يتسلم هذا المستند أو

أي مستند آخر ذي صلة.


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