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BUILDING AND CONTRUCTION2008. The UAE, the region’s largest market, has suffered a near 40.0% drop, highlighting theeffects of the global crisis on development work across the region.Exhibit 127: GCC construction sector contracts awarded value in 2008 (USD bn)Q1 Q2 Q3 Q4 2008 totalBahrain 0.39 0.49 0.44 0.72 2.04Kuwait 0.28 0.97 3.5 0.16 4.91Oman 0.17 0.5 4.9 0 5.57Qatar 5.97 6.6 0.75 0.4 13.72KSA 2.57 2.75 3.85 0.36 9.53UAE 23.4 21.2 23.3 14.1 82.00GCC 32.78 32.51 36.74 15.74 117.77Source: MEEDAt the listed company level, KSA has a large and diversified construction sector with strongrevenue growth historically, although top lines have suffered in the current crisis. RoE has beenon par with GCC peers with a P/E range of around 20x.Exhibit 128: Revenues of GCC building and constructioncompanies, 2005–2008 (USD mn)6000Exhibit 129: Comparison of RoE and P/E of GCC companies,200835500030UAE40003000ROE(%)2520KSA200015Oman100002005 2006 2007 2008KSA UAE Oman KuwaitKuwait10P/E5-10 0 10 20 30 40 50 60 70Source: Gulfbase, ReutersThe companies list is not exhaustive.Source: Gulfbase Reuters, The companies list is not exhaustiveSize of the bubble represents market cap. as on 31 Dec 2008JUNE 2009SAUDI ARABIA FACTBOOK83