BofA Merrill Lynch Global Research.*Market cap as % of MSCI EM represents and artificially constructed benchmark weight
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allocation in Saudi MSCI Saudi market cap as % of MSCI EM (rhs) %
GEM funds allocation to Saudi Arabia remains relatively
with earnings estimates having posted their longest
Saudi trades on 12mth FWD EV/EBITDA multiples of 9x
justified by the market’s higher ROE’s (Saudi’s long term P/B premium
we expect much of the capital expenditure
the government has pledged approximately US$2bnn
we nevertheless see material opportunities for Saudi real
we believe this shortfall will likely intensify given
we continue to prefer the consumer staples and the
we believe that the consumer will likely become more value
we see significant potential for the travel & tourism
develop local industrial capabilities and create jobs
downstream chemicals second largest focus of NTP; significant increase
we feel more confident in highlighting the sectors that we see
we believe significantly more detail is still required
but high level benefits becoming evident
which is due to come online in 2016 and ramp up to 2.5 bcf/d by
up from 50% currently. This implies that