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TRANSPORTATIONfears, and plunging freight charges. We believe that KSA’s aviation sector may be somewhatshielded due to significant contribution of religious tourism in the overall tourism industry.Nevertheless, sliding freight rates and weakening demand cloud the overall Saudi transportsector’s earnings visibility for 2009 and 2010. Delayed construction of the planned economiccities and industrial projects further worsens our near-to-medium term outlook on the sector.However, with the onset of economic revival, the Government’s initiatives to strengthen its traderelations with other countries and encourage the participation of private sector are likely toprovide a fillip to the sector.JUNE 2009SAUDI ARABIA FACTBOOK98
Media and PublishingOutlook bleak for conventional printmediaThe media and publishing sector comprises companies involved in publishing, printing andadvertising operations. Advertising primarily leans toward print media (84% of total ad-spend)with TV, radio, cinema and outdoor advertising forming the other revenue streams. Online andRadio advertising, which currently contribute to around 1% and 2% respectively of totaladvertising spend, have also seen considerable growth, with many companies opting for lessexpensive web advertisements over traditional print advertisements. At present, the media andpublishing industry in KSA can be termed as under-developed, characterized by low advertisingspending on per capita basis. The industry, however, faces challenges through increasedcompetition from the Internet and anticipated decline in promotional activities by businesses inthe current global meltdown.Ongoing economic downturn toweaken overall advertisementrevenues in 2009KSA’s media sector at present is dominated by Saudi Research and Marketing Group (SRMG),which also owns Saudi Printing and Packaging Company (SPPC). SRMG is majority-owned byKingdom Holding Company and heirs of Prince Ahmad Bin Salman Bin Abdulaziz Al Saud.Media companies experienced healthy revenue growth primarily due to economic growth in theKingdom, fuelled by the Government’s liberalization initiatives.The UAE and Kuwait experienced robust growth in the publishing, printing, and advertisingbusiness mainly benefiting from the greater freedom to the press and economic development ofthe past few years. Ad spends in most of the GCC countries increased substantially during thefirst half of 2008, over the corresponding 2007 period. Advertising expenditure in the GCC grew23.7% YoY to USD3.77bn in 1H-08 from USD3.05bn. Ad spend in KSA was up 11.0% YoY toUSD550mn in 1H-08. Going forward, the companies are likely to cut their advertising andmarketing expenditures due to the ongoing economic slowdown. The advertising spend in theArab markets is expected to come down to an average of annual USD4bn (during 2009-13),compared with USD10bn in 2008.Exhibit 158: Advertising expenditure in GCC (USD bn), 1H-08(USD bn)1.81.51.20.90.60.30.01.5769%0.9242%0.5524%0.3311%11% 0.15 0.120 051%2%Pan Arab UAE KSA Kuwait Qatar Oman BahrainExpenditure (LHS)% growth y-o-y (RHS)80%60%40%20%0%Source: NCBC Research, Company dataKSA’s media sector performed better than GCC peers did on revenue during 2005–2008. Thesector also fared well on RoE with attractive P/E multiple (Exhibit 159 and 160).JUNE 2009SAUDI ARABIA FACTBOOK99
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NCB Capital Research DepartmentJune
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KSA ECONOMY AND NATION 5Outlook and
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KSA: Economy and NationSearching gr
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OUTLOOK AND DIRECTIONat a CAGR of 5
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OUTLOOK AND DIRECTIONpropel growth
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OUTLOOK AND DIRECTIONThe dramatic c
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OUTLOOK AND DIRECTIONExhibit 7: Sov
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OUTLOOK AND DIRECTIONStrong hydroca
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OUTLOOK AND DIRECTIONExhibit 13: KS
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OUTLOOK AND DIRECTIONappropriate po
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OUTLOOK AND DIRECTIONInternational
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History and overviewThe leading GCC
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HISTORY AND OVERVIEWExhibit 25: Bre
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HISTORY AND OVERVIEWExhibit 29: Con
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HISTORY AND OVERVIEWMarket regulati
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HISTORY AND OVERVIEWeconomic condit
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HISTORY AND OVERVIEWExhibit 38: Vol
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Banking and FinancialsLeveraging th
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BANKING AND FINANCIALSExhibit 43: R
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BANKING AND FINANCIALSExhibit 50: A
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PetrochemicalsCost advantage fuelli
Page 48 and 49: PETROCHEMICALSExhibit 55: Compariso
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Page 52 and 53: RetailBetting on increasing consume
Page 54 and 55: RETAILExhibit 69: Revenue of compan
Page 56 and 57: Energy and UtilitiesPrivatizing is
Page 58 and 59: ENERGY AND UTILITIES(PIF) and SECO.
Page 60 and 61: ENERGY AND UTILITIESincrease the ut
Page 62 and 63: AGRICULTURE AND FOODare Herfy, Al-B
Page 64 and 65: AGRICULTURE AND FOODExhibit 91: Ave
Page 66 and 67: TELECOM AND ITline penetration stan
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Page 70 and 71: INSURANCEExhibit 103: Country wise
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Page 74 and 75: Multi-investmentLight at the end of
Page 76 and 77: MULTI-INVESTMENTExhibit 114: Revenu
Page 78 and 79: Industrial InvestmentFacing the imp
Page 80 and 81: INDUSTRIAL INVESTMENTExhibit 122: R
Page 82 and 83: Building and ConstructionHealthy pi
Page 84 and 85: BUILDING AND CONTRUCTIONThe buildin
Page 86 and 87: BUILDING AND CONTRUCTIONSaudi Aramc
Page 88 and 89: REAL ESTATE AND DEVELOPMENTExhibit
Page 90 and 91: REAL ESTATE AND DEVELOPMENTsection
Page 92 and 93: REAL ESTATE AND DEVELOPMENTExhibit
Page 94 and 95: TRANSPORTATIONRoad transportRoad tr
Page 96 and 97: TRANSPORTATIONNational Shipping Com
Page 100 and 101: MEDIA AND PUBLISHINGExhibit 159: Re
Page 102 and 103: MEDIA AND PUBLISHINGExhibit 166: Av
Page 104 and 105: HOTEL AND TOURISMSeparately, leisur
Page 106 and 107: HOTEL AND TOURISMIn 2008, the secto
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Page 112 and 113: BANKS AND FINANCIAL SERVICESAl Rajh
Page 114 and 115: BANKS AND FINANCIAL SERVICESBanque
Page 116 and 117: BANKS AND FINANCIAL SERVICESAlinma
Page 118 and 119: BANKS AND FINANCIAL SERVICESSABBAls
Page 120 and 121: BANKS AND FINANCIAL SERVICESBank Al
Page 122 and 123: BANKS AND FINANCIAL SERVICESBank Al
Page 124 and 125: PETROCHEMICAL INDUSTRIESSaudi Basic
Page 126 and 127: PETROCHEMICAL INDUSTRIESSaudi Kayan
Page 128 and 129: PETROCHEMICAL INDUSTRIESSaudi Indus
Page 130 and 131: PETROCHEMICAL INDUSTRIESRabigh Refi
Page 132 and 133: PETROCHEMICAL INDUSTRIESYanbu Natio
Page 134 and 135: PETROCHEMICAL INDUSTRIESNama Chemic
Page 136 and 137: PETROCHEMICAL INDUSTRIESMethanol Ch
Page 138 and 139: CEMENTSaudi CementAlso known asSCCP
Page 140 and 141: CEMENTSouthern CementAlso known asS
Page 142 and 143: CEMENTYanbu CementAlso known asYCCP
Page 144 and 145: PriceSR46.5Pricing / Valuation as o
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RETAILJarir Marketing CoAlso known
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RETAILAldrees PetroleumAlso known a
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RETAILAhmed H. Fitaihi CoAlsoknown
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RETAILNational AgricultureAlsoknown
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ENERGY AND UTILITIESSaudi ElectricA
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AGRICULTURE & FOOD INDUSTRIESSavola
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AGRICULTURE & FOOD INDUSTRIESNation
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AGRICULTURE & FOOD INDUSTRIESQassim
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AGRICULTURE & FOOD INDUSTRIESSaudi
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AGRICULTURE & FOOD INDUSTRIESFood P
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AGRICULTURE & FOOD INDUSTRIESHalwan
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AGRICULTURE & FOOD INDUSTRIESTabuk
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TELECOMMUNICATIONSaudi TelecomAlso
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TELECOMMUNICATIONZain KSAAlso known
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INSURANCETawuniyaAlso known asTawun
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INSURANCESABB TakafulAlso known asS
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INSURANCEAl Sagr CompanyAlso Known
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INSURANCEBupa Arabia for Coop InsPr
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INSURANCESaudi IAIC Co-op.Also know
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INSURANCESanad InsuranceAlso known
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INSURANCESaudi Fransi Coop.Also kno
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PriceSR28.4Pricing / Valuation as o
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INSURANCESaudi Indian Co.Also known
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INSURANCESaudi Arabian Co-opAlsokno
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INSURANCEAllied Co-operativeAlso kn
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MULTI-INVESTMENTKingdom Holding CoA
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MULTI-INVESTMENTAl-Baha InvestmentA
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INDUSTRIAL INVESTMENTAlsoSaudi Arab
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INDUSTRIAL INVESTMENTSaudi Pharma.A
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INDUSTRIAL INVESTMENTSaudi Paper Mn
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INDUSTRIAL INVESTMENTAstra Indl Gro
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INDUSTRIAL INVESTMENTAlsoSaudi Indl
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INDUSTRIAL INVESTMENTAlso known asF
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BUILDING & CONSTRUCTIONSA Amiantit
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BUILDING & CONSTRUCTIONAl-Babtain P
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BUILDING & CONSTRUCTIONSaudi Cerami
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BUILDING & CONSTRUCTIONArabian Pipe
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BUILDING & CONSTRUCTIONME Specializ
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BUILDING & CONSTRUCTIONSaudi Indust
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REAL ESTATE DEVELOPMENTDar Al Arkan
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REAL ESTATE DEVELOPMENTMakkah Const
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REAL ESTATE DEVELOPMENTTaiba Holdin
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REAL ESTATE DEVELOPMENTSaudi Real E
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TRANSPORTNational ShippingAlso know
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TRANSPORTUnited InternationalAlso k
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MEDIA AND PUBLISHINGSaudi ResearchA
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MEDIA AND PUBLISHINGTihamaAlso know
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PricePricing / Valuation as on May
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