mena's most valuable newly listed co

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MENA's Most Valuable:Newly listed companies

Marwa FarrukhMarket Analyst [email protected]

Sandra El GemayelMarket Analyst [email protected]

Wissam KeyrouzMarket Analyst [email protected]

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Summary

For many years now, the Middle East and North Africa region has undergone a lot of scrutiny due to its political, financial and economic activity. Investors have shown a great deal of interest in the MENAs financial sector and stock markets due to their great confidence in the latters potential growth. As a result of this interest, stock markets have experienced an increase in trading activity and the number of listed companies.

The focus of our project is the newly listed companies in the MENA region. We tracked these companies since their listing date and observed the change in stock prices and overall performance through each companys financial and market data.Consequently, we classified each company according to its performance.

We narrowed down our search to 37 companies based on the following criteria:

Listed on a MENA stock market.Established between the years 2005 and 2011.Listed between January 1, 2009, and May 31, 2011.Minimum required amount of financial data available.

We used both financial and market performance indicators to monitor each company. We calculated Operating Profit Margin

as the financial indicator of the return achieved from the stan- dard operations of the company, and Value Traded/ Market Capital as the market indicator of the companys liquidity. We also considered the price flow of each company starting from the listing date until June 30, 2011, representing market performance and price volatility, and then calculated the percentage change in price.

Each company is accompanied by its profile, a general overview and a summary of the corporate actions which indicate how active it is.

Each ratio is assigned a certain weight according to Zawyas assessment of financial indicators and according to its impor- tance, and classification will be done accordingly. The weights are assigned as follows:

Value Traded/ Market Capital (40%)Operating Profit Margin (50%)Percentage change in price (10%)

We found that our top five companies belong to the Financial Services and Retail sectors and to the Kuwaiti, Syrian, Qatari and Palestinian markets. However, the five lowest raking companies all belong to the Financial Services sector in the Saudi

market.

1

Executive

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COMPANY OVERVIEW& PERFORMANCE


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3

Al Imtiaz Investment Company(ALIMTIAZ.KSE)

Principal Activities:

Establishment Date: 2005Sector: Financial ServicesIndustry: Investment Firms and FundsMarket: Kuwait stock exchange

Direct investment in various sectors; investmentbanking services; asset management services;brokerage services; all in accordance with Islamicprinciples.

Corporate Actions:On June 23, 2011 the company announced that it has agreed with shareholders of Tamdeen Shopping CentersCompany to acquire 15% stake (150 million shares) in the latter for a price of KWD 0.13 per share, which stillawaits the authorities' approval.

On July 6, 2011 National Industries Company announced that it has agreed with the company to exit from itsQAR 40.5 million investment in the portfolio of the latter's 60% owned subsidiary, Barwa Al Khor, during Q2- 2011and that it has received the first payment of QAR 10.125 million.

On July 17, 2011 the company announced that it has acquired 40% stake (60 million shares) in Beyoo Financeand Investment Company for a value of KWD 6.6 million, after receiving the Capital Market Authority's approval.

Listing Date: 04/19/2011


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4

United Insurance Company(UIC.XDSE)


Establishment Date: 2006Sector: Financial ServicesIndustry: InsuranceMarket: Damascus Securities Exchange

Provides life and non-life insurance

Corporate Actions:On April 4, 2010 the company announced that the AGM was held and approved the distribution of 85.76% cashdividends for the year ended December 31, 2009.

On March 23, 2011 the company announced that the AGM approved the distribution of 13% cash dividends forthe year ended December 31, 2010.



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5

Syrian National Insurance Company(NIC.XDSE)



Provides life and non-life insurance services;reinsurance services

Corporate Actions:On April 21, 2011 the company announced that the AGM was held and approved the distribution of 10% cashdividends for the year ended December 31, 2010.



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6

Syria International Islamic Bank (SIIB.XDSE)



Provides life and non-life insurance services;reinsurance services

Corporate Actions:On February 11 , 2010 the bank announced that it has opened three new branches in Syria.

On May 3, 2010 the bank announced that the EGM was held and approved the capital increase by issuing15,000,000 new shares.

On July 29, 2010 the bank announced that the Central Bank of Syria has approved the distribution of 9.22%bonus shares for the year ended December 31, 2009.

On February 16, 2011 the bank announced that the Syrian Commission on Financial Markets and Securities hasapproved the increase in the bank's capital by SYP 2,038,618,500 (4,077,237 shares).

On June 29, 2011 the Syrian Commission on Financial Markets and Securities approved the 5:1 stock split.

On August 23, 2011 the bank announced that the Syrian Commission on Financial Markets has approved thedistribution of 8.16% bonus shares.



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7

Syria Gul Bank (SGB.XDSE)


Establishment Date: 2007Sector: Financial ServicesIndustry: BankingMarket: Damascus Securities Exchange

Provides commercial banking services includingdeposits, loans and credit cards.

Corporate Actions:On September 23, 2010 the EGM was held and approved the capital increase from SYP 5 billion to SYP 7.5billion through a 50% rights issue during the year of 2011.

On September 23, 2010 The EGM was held and approved the capital increase from SYP 7.5 billion to SYP 10billion through a 33.33% rights issue during the year of 2012.

On July 5, 2011 the bank announced that the Syrian Commission on Financial Markets and Securities approvedthe bank's 5:1 stock split.

On August 18, 2011 the bank announced that the Syrian Commission on Financial Markets and Securities hasapproved the 66.67% rights issue.



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8

Qatar National Bank Syria(QNBS.XDSE)



Provides commercial banking services includingdeposits, loans and credit cards; fund managementincluding wealth management.

Corporate Actions:On June 30, 2009 the bank announced it will offer 34% (3.4 million shares) of its capital in an initial publicoffering (IPO) at the price of SYP 500 per share. The IPO will open on July 12, 2009 and will close on August 10,2009.

On May 17, 2010 the bank announced that the EGM was held and approved the increase of Qatar NationalBank's stake in Qatar National Bank - Syria from 49% to 55%.

On September 21, 2010 the company announced that it has received The Credit and Monetary Council'sapproval to increase its capital from SYP 5 billion to SYP 15 billion.

On November 1, 2010 the bank announced that the Syrian Commission on Financial Markets and Securitiesapproved the capital increase by SYP 10 billion through a 66.66% rights issue.

On January 11, 2011 the bank announced that it, along with a consortium of four local banks, has signed a

ten-year, USD 77 million loan with Bena Properties (Syria) to finance the latter's Yasmeen Rotana Hotel projectin Syria.



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Fransabank Syria(FSBS.XDSE)




Corporate Actions:On January 11, 2011 the bank announced that it has offered 36% (1,260,000 shares) of its capital in an initialpublic offering (IPO) at the price of SYP 500. The subscription opened on February 10, 2008 and closed onMarch 13, 2008.

On January 11, 2011 the bank announced that it, along with a consortium of four local banks, has signed aten-year, USD 77 million loan with Bena Properties (Syria) to finance the latter's Yasmeen Rotana Hotel projectin Syria.

On April 19, 2011 the bank announced that the BOD proposed the capital increase from SYP 5.25 billion to SYP10.5 billion, which awaits the EGM and authorities' approvals. The increase is expected to become effective inMay 2012.

On June 13, 2011 the bank announced that it has received the final approval from the Syrian market regulator toincrease its capital by SYP 3.5 billion through issuing 7 million shares.



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10

Byblos Bank Syria(BBS.XDSE)




Corporate Actions:On June 21, 2005 the bank announced that it has offered 15% (600,000 shares) of its capital in an initial publicoffering (IPO) at a price of SYP 575 per share. The subscription opened on July 05, 2005 and closed on July 19,

2005.

On January 12, 2010 the bank announced that the EGM was held and approved the capital increase to SYP 6billion through a rights issue divided.

On May 3, 2010 the bank announced that the AGM approved the distribution of SYP 40 per share cash dividendfor the year ended December 31, 2009.

On January 11, 2011 the bank announced that it, along with a consortium of four local banks, has signed aten-year, USD 77 million loan with Bena Properties (Syria) to finance the latter's Yasmeen Rotana Hotel projectin Syria.

On June 13, 2011 the Syrian Commission on Financial Markets and Securities approved the 3% bonus sharesfor the year ended December 31, 2010.

On August 4, 2011 the bank announced that the Syrian Commission on Financial Markets and Securitiesapproved the 48.54% rights issue.



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11

Bank o Jordan Syria(BOJS.XDSE)




Corporate Actions:On May 28, 2011 the AGM and EGM were held and approved the 5:1 stock split.

On May 31, 2011 the bank announced that the AGM and EGM were held and approved the bank's capitalincrease to SYP 5 billion, through a secondary offering.



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12

Bank Al-Sharq(SHRQ.XDSE)



Provides commercial banking services; investmentbanking services; asset management services;brokerage services.

Corporate Actions:On December 5, 2010 the bank announced that it has offered 20.5% (512,500 shares) of its capital in an initialpublic offering at the price of SYP 1,000 per share.



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13

Al Aqeelah Taka ul Insurance Company(ATI.XDSE)



Provides Islamic life and non-life insurance services

Corporate Actions:On May 4, 2011 the company announced that the AGM approved the distribution of 5% cash dividends for theyear ended December 31, 2010.

On June 19, 2011 the company announced that the Court of First Instance ruled in favor of Al-Aqeelah LeasingFinance and Investment Company (Kuwait) in which Mr. Hamed Mohammad Abbas Hajiah's shares were frozen,specifically his shares in the company and the dividends received.



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14

Weqaya Taka ul Insurance andReinsurance Company(8220.SSE)


Establishment Date: 2009Sector: Financial ServicesIndustry: InsuranceMarket: Tadawul Stock Exchange

Provides Islamic non-life insurance services;reinsurance services

Corporate Actions:On April 16, 2009 the company announced that it will offer 40% of its shares in an initial public offering that willopen on April 18, 2009 and close on April 27, 2009.



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15

National Petrochemical Company - Saudi Arabia(2002.SSE)


Establishment Date: 2008Sector: Oil and GasIndustry: Investment CompaniesMarket: Tadawul Stock Exchange

Invests in petrochemical, gas, petroleum andindustrial chemicals industries; manufacture ofethylene, high and low density polyethylene,propylene, polypropylene, polystyrene andhexane-1.

Corporate Actions:On June 18, 2009 the company announced that it will offer 240 million shares of its capital in an initial publicoffering at the price of SAR 10 per share. The subscription period will start on July 18, 2009 and will end on July24, 2009.

On April 23, 2011 Saudi Industrial Investment Group announced that its BOD met and discussed the possibilityof a merger with the company.

On May 30, 2011 the company announced that its BOD decided to postpone the study of the merger until theproduction of "Saudi Polymers Company" project begins and can be used to conduct future estimates.



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16

Solidarity Saudi Taka ul Company(8290.SSE)



Provides Islamic non-life insurance services.

Corporate Actions:On February 28, 2010 the company announced that it will offer 40% (22,200,000 shares) of its capital in anInitial Public Offer (IPO) at the price of SAR 10 per share. The IPO will start on March 22, 2010 and will end onMarch 28, 2010.

On October 3, 2010 the company announced that its stock was added to the Tadawul Index according to theclosing price of September 29, 2010.



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17

Knowledge Economic City Company(4310.SSE)


Establishment Date: 2010Sector: Real EstateIndustry: Landlords and DevelopersMarket: Tadawul Stock Exchange

Real estate property investment, development andmanagement of the Knowledge Economic Cityproject.

Corporate Actions:On February 28, 2010 the company announced that it will offer 30% of its shares in an initial public offering

(IPO) that will open on May 9, 2009.On October 3, 2010 the company announced that its stock was added to the Tadawul Index according to theclosing price of September 29, 2010.

On January 19, 2011 the company announced that it will enter a 50:50 limited liability joint venture with SaudiReal Estate Company, to establish a new company with a capital of SAR 50 million.

On March 27, 2011 the company announced that its joint-venture with Saudi Real Estate Company, has signeda purchase agreement regarding a 86,222 square meters parcel of land in Al-Madina Al-Monawara, for a totalvalue of SAR 86,222,000, to build 206 residential villas.

On April 19, 2011 the company announced that it has awarded a SAR 305 million contract to Al Rajhi HoldingGroup's subsidiary, Al Rajhi Construction, to implement infrastructural works for the northern region of Knowl-edge Economic City Company.

On June 1, 2011 the company announced that Al Marifa Al Aqaria, its 50:50 joint venture with Saudi Real EstateCompany, has awarded a SAR 176 million (USD 20.3 million) contract to Al Dar Al Arabia Company, for theconstruction of 206 villas in Medina, which are expected to be



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18

Etihad Atheeb Telecommunication Company(7040.SSE)


Establishment Date: 2008Sector: TelecommunicationsIndustry: General RetailersMarket: Tadawul stock exchange

Manages and operates fixed telecommunicationnetwork; provides wireless telecommunicationservices including voice, data services, Internetservices, Internet telephony and video services.

Corporate Actions:On January 24, 2009 the company announced that it has signed a SAR 200 million (USD 53.4 million) contractwith Etihad Etisalat Company through which the latter's unit, Bayanat Al Oula for Network Services, will supplythe company with services to expand its data transmission

On April 14, 2009 the company announced that Atheeb Group has entered a joint venture with NetSol Technolo-gies Incorporation to establish a new software development and IT services company, under the name of"Atheeb NetSol Limited" (Saudi Arabia).

On July 5, 2009 the company's stock was added to the Tadawul All Shares Index according to the closing priceof July 1, 2009.

On October 24, 2009 the company announced that it has entered an agreement with Mobile Telecommunica-tions Company (Zain) to assure quality services to customers.

On January 16, 2010 the company announced that it has launched mobile 4G services in Saudi Arabia.



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Al Rajhi Company or Cooperative Insurance(8230.SSE)


Establishment Date: 2009Sector: Financial ServicesIndustry: InsuranceMarket: Tadawul stock exchange

Provides Islamic non-life insurance and reinsur-ance services

Corporate Actions:On January 21, 2010 the Saudi Arabian Monetary Agency granted the company ten additional licenses in thefield of transport, personal and labor insurance.

On April 16, 2011 the company announced that it has signed a five-year agency agreement with Al-Rajhi Takafulagency for the sale and marketing of the company's products through the branches of Al Rajhi Bank.



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Al Alamiya or Cooperative Insurance Company(8280.SSE)


Establishment Date: 2009Sector: Financial ServicesIndustry: InsuranceMarket: Tadawul stock exchange

Provides non-life insurance services; reinsuranceservices, all according to Islamic principles.

Corporate Actions:On December 26, 2011 the company announced that it has received the Saudi Arabian Monetary Agency'sapproval to open five points of sale in Saudi Arabia.



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Buruj Cooperative Insurance Company(8270.SSE)




Corporate Actions:On January 31, 2010 the company announced that it has offered 40% (5,200,000 shares) of its capital in aninitial public offering at the price of SAR 10 per share. The subscription opened on October 3, 2009 and closedon October 9, 2009.

On June 8, 2011 the AGM was held and approved the purchase of the insurance portfolio of Saudi Pearl Insur-ance Company.



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22

Gul General Cooperative Insurance Company(8260.SSE)



Provides non-life and life insurance services;reinsurance services.

Corporate Actions:On June 20, 2011 the company announced that it has offered 55% (66,000,000 shares) of its capital in an InitialPublic Offering at a price of AED 1.035 per share.



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Amana Cooperative Insurance Company(8310.SSE)



Provides non-life insurance services.

Corporate Actions:On October 3, 2010 the company's stock was added to the Tadawul Index according to the closing price ofSeptember 29, 2010.



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Arab Weavers Union Company(ARWU.ASE)


Establishment Date: 2006Sector: Industrial ManufacturingIndustry: Basic Materials and Industrial ProductsMarket: Amman stock exchange

Manufacture of carpet, polypropylene yarn andpaper tubes and cans.

Corporate Actions:On April 4, 2011 the company announced the distribution of 3% cash dividends.



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Ubour Logistic Services(TRUK.ASE)


Establishment Date: 2009Sector: TransportIndustry: Transportation ServicesMarket: Amman stock exchange

Provides international and local land transportationservices of cargo.

Corporate Actions:On February 28, 2011 the company announced the capital increase from JOD 3 million to JOD 6.5 million



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Ammoun International Multilateral Investment(AMON.ASE)


Establishment Date: 2007Sector: Financial ServicesIndustry: Investment Firms and FundsMarket: Amman stock exchange

Investment in companies involved in agriculture,real estate, industrial, travel and tourism andfinancial services.

Corporate Actions:On June 4, 2011 the company announced that it has acquired a 33% stake in Aragen Company.



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Alisraa Investment and Islamic Finance Company(ISRA.ASE)


Establishment Date: 2008Sector: Financial ServicesIndustry: Investment Firms and FundsMarket: Amman stock exchange

Provides personal and commercial financingproducts including loans and credit and smartcards; private equity investments; investmentbanking including investment advisory services;funds management; real estate and propertymanagement and financing; all according toIslamic principles.

Corporate Actions:On June 25, 2008 the company announced 33.33% of its capital for public offering

On July 13, 2010 the company announced that it has acquired a stake in Jordan Saudi Emirates InvestmentsCompany for a total value of JOD 750,000.

On April 17, 2011 the company announced the distribution of 15% cash dividends.



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Jordan Masaken or Land and IndustrialDevelopment Projects(MSKN.ASE)


Establishment Date: 2008Sector: Real EstateIndustry: Landlords and DevelopersMarket: Amman stock exchange

Real estate investment and development com-pany.

Corporate Actions:On April 4, 2011 the company announced the acquisition of 500,000 of Falcon for Investment and FinancialServices share capital at a price of JOD 1 per share.

On June 6, 2011 Falcon for Investment and Financial Services announced that it has acquired a 20% to 51%stake in the company.

On June 20, 2011 the company announced that its fully owned subsidiary, Masaken Al Hejaz Investment andReal Estate Development Company, plans to secure a JOD 4.5 million loan from a Jordanian Bank.

On June 21, 2011 the company announced that the Ministry of Industry and Trade has approved the company'sregistration for the Trade Mark "Masaken Capital".

On July 19, 2011 the company's fully owned subsidiary, Masaken Al Hejaz Investment and Real Estate Develop-ment



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Sura or Development and Investment(SURA.ASE)



Real estate investment and development of hotelsand other property.

Corporate Actions:On April 4, 2011 Amman Stock Exchange decided to suspend trading in the company's shares, effective April 4,2011, until the latter discloses its financial statements for the year ended December 31, 2010.



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Alentkaeya or Investment andReal Estate Development(ENTK.ASE)



Real estate property investment, developmentand management.

Corporate Actions:On October 22 , 2008 the company announced that it has offered 66.11% (5,950,000 shares) of its capital forpublic subscription.

On August 30, 2010 the Jordan Securities Commission approved the capital increase by 1,503,370 sharesthrough a secondary offering. The new shares will get listed on Amman Stock Exchange effective September 2,2010.

On June 7, 2011 the company, along with four other companies, has submitted a tender offer to Southern OilCompany (Iraq) to provide oil and gas pipelines for a value of USD 87,429,271, USD 67,635,856, and USD66,537,865. If approved, the company will make a 5% profit on the value of the tender.

On June 15, 2011 the company announced that it has been awarded the exclusive right to distribute Kenwoodradios in Iraq.

On June 22, 2011 the company announced that it has been awarded the exclusive right to distribute EURODairy products in the Middle East.



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Al-Sa weh or Financial Investments Company(SFWA.ASE)


Establishment Date: 2005Sector: Financial ServicesIndustry: Securities Brokers &Traders,Investment Banking

Market: Amman stock exchange

Provides brokerage services; financial advisoryservices.

Corporate Actions:No Corporate actions



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Al Meera Consumer Goods Company(MERS.DSM)


Establishment Date: 2005Sector: RetailIndustry: General RetailersMarket: Qatar stock exchange

Ownership and operation of supermarkets andhypermarkets.

Corporate Actions:On March 29, 2010, the company announced that the AGM was held and approved the distribution of 45% cashdividends for the year ended December 31, 2009.

On November 25, 2010 the company announced that it has signed a QAR 2 billion financing agreement withMasraf Al Rayan to finance its development and expansion plans.

On April 18, 2011 the company announced the distribution of 50% cash dividends for the year ended December31, 2011.

On July 14, 2011 the company announced that it has acquired Giant Stores and Al Oumara Bakery Company.



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Green Crescent Insurance Company(GCIC.ADSM)


Establishment Date: 2008Sector: Financial ServicesIndustry: InsuranceMarket: Abu Dhabi Stock Exchange

Provides health insurance services.

Corporate Actions:On June 1, 2008 the company announced that it will offer 55% (137.5 million shares) of its capital to the public.

On June 27, 2010 the company announced that it has signed a memorandum of understanding with Al NoorHospitals to develop a Chronic Illness Management program.

On March 8, 2011 the company has signed a service level agreement with Dubai Health Authority, to provide thecompany's members with access to DHA Public Hospitals and Primary Health Care Centers.



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Insurance House(IH.ADSM)


Establishment Date: 2011Sector: Financial ServicesIndustry: InsuranceMarket: Abu Dhabi Stock Exchange


Corporate Actions:On June 20, 2011 the company announced that it has offered 55% (66,000,000 shares) of its capital in an InitialPublic Offering at a price of AED 1.035 per share.



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Al-Taka ul Palestinian Insurance Company(TIC.PSE)


Establishment Date: 2007Sector: Financial ServicesIndustry: InsuranceMarket: Palestine Stock Exchange


Corporate Actions:On May 22, 2011 the company announced the distribution of 5% cash dividends.

Listing Date:5/4/2011


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Global United Insurance Company(GUI.PSE)


Establishment Date: 2010Sector: Financial ServicesIndustry: InsuranceMarket: Palestine Stock Exchange


Corporate Actions:No Corporate Actions.



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GlobalCom Telecommunications(GCOM.PSE)


Establishment Date: 2006Sector: TelecommunicationsIndustry: Telecommunications ServicesMarket: Palestine Stock Exchange

Provides Internet services, voice over Internetprotocol and international calling services.

Corporate Actions:On April 25, 2010 the EGM was held and approved the increase of the company's capital to USD 15 million.

On March 3, 2011 the company announced that it has been exempt from paying income taxes for a 5-yearperiod, followed by a 50% income tax reduction for the following 12 years.



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Wataniya Palestine MobileTelecommunications Company(WATANIYA.PSE)


Establishment Date: 2007Sector: TelecommunicationsIndustry: Telecommunications ServicesMarket: Palestine Stock Exchange

Operates and manages GSM mobile telecommuni-cations network.

Corporate Actions:On January 10, 2011 the company announced that it has raised a total of USD 50.3 million through an InitialPublic Offering at a price of USD 1.30 per share.



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Grand Investment Capital(GRCA.CASE)


Establishment Date: 2007Sector: Financial ServicesIndustry: Securities Brokers and TradersMarket: Egyptian Stock Exchange.

Provides brokerage services; asset managementincluding fund, wealth and portfolio management;investment banking services including investmentadvisory on mergers and acquisitions, initial publicoffering and underwriting.

Corporate Actions:On June 23, 2010 the AGM was held and approved the distribution of EGP 0.2 per share cash dividends for theyear ended March 31, 2010.

On August 22, 2010 the company announced the change in its name from Grand Holding Company for Finan-cial Investments to Grand Investment Capital.

On September 16, 2010 the BOD met and approved the sale of the company's 7% stake in its fully ownedsubsidiary, Grand Investments for Leasing.

On February 14, 2011 the company announced that its assets were not affected by the recent political events,however its brokerage business activities were stopped. The company will resume its brokerage activities onceThe Egyptian Exchange reopens.

On March 24, 2011 the company announced that none of its shareholders' assets, or any of its assets werefrozen as a result of the authorities' decisions.



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Company Name Operating Proft Margin

Al Imtiaz Investment Company 0.347

Al Meera Consumer Goods Company 0.288

Global United Insurance Company 0.191

Syria International Islamic Bank 0.176Syrian National Insurance Company 0.124

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According to the results, four of the top five companies are part of the Financial Services sector and oneis part of the Retail sector. On the other hand, the companies are divided amongst the Kuwaiti, Syrian,Qatari and Palestinian Markets.

COMPANY RANKINGS


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Ammoun International Multilateral Investment will not be considered one of the top five performing companiessince both operating income and revenues are negative.

Appendix 2:Company Rankings

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Company Name TotalChange in

Price10%

ValueTraded /MarketCapital

40%

OperatingProft

Margin50%

Ammoun International Multilateral Investment (*) 0.673 -0.360 0.003 1.416Al Imtiaz Investment Company 0.347 -0.086 0.000 0.712

Al Meera Consumer Goods Company 0.288 2.633 0.001 0.049Global United Insurance Company 0.191 -0.008 0.000 0.383Syria International Islamic Bank 0.176 0.306 0.006 0.286Syrian National Insurance Company 0.124 0.800 0.000 0.089United Insurance Company - Syria 0.114 0.283 0.000 0.172Al-Taka ul Palestinian Insurance Company 0.111 -0.045 0.000 0.231Knowledge Economic City Company 0.100 -0.214 0.001 0.243National Petrochemical Company - Saudi Arabia 0.070 0.697 0.002 0.000Arab Weavers Union Company 0.046 0.265 0.000 0.038Al-Sa weh or Financial Investments Company 0.043 -0.159 0.019 0.102Jordan Masaken or Land and Industrial Development Projects 0.022 0.190 0.007 0.000Fransabank Syria 0.022 0.008 0.000 0.042Syria Gul Bank 0.022 -0.340 0.000 0.111Byblos Bank Syria 0.017 -0.384 0.000 0.111Alisraa Investment and Islamic Finance Company -0.034 -0.341 0.000 0.000Sura or Development and Investment -0.052 -0.524 0.001 0.000Bank o Jordan - Syria -0.055 -0.588 0.000 0.007Green Crescent Insurance Company -0.082 -0.530 0.002 -0.058Grand Investment Capital -0.091 0.407 0.004 -0.267Qatar National Bank - Syria -0.098 0.249 0.001 -0.246Al Rajhi Company or Cooperative Insurance -0.147 -0.477 0.002 -0.201Wataniya Palestine Mobile Telecommunications Company -0.165 -0.146 0.000 -0.301Bank Al-Sharq -0.166 0.126 0.000 -0.358Al Aqeelah Taka ul Insurance Company -0.535 -0.296 0.000 -1.012Al Alamiya or Cooperative Insurance Company -0.626 -0.301 0.006 -1.197Etihad Atheeb Telecommunication Company -0.721 -0.500 0.176 -1.483Ubour Logistic Services -1.059 -0.669 0.005 -1.989Insurance House -1.325 -0.261 0.001 -2.599GlobalCom Telecommunications -2.064 -0.584 0.001 -4.013Alentkaeya or Investment and Real Estate Development -2.134 0.552 0.103 -4.462Solidarity Saudi Taka ul Company -4.161 0.615 0.009 -8.453Buruj Cooperative Insurance Company -4.351 -0.165 0.009 -8.677Weqaya Taka ul Insurance and Reinsurance Company -11.452 -0.416 0.040 -22.853Gul General Cooperative Insurance Company -12.146 0.170 0.013 -24.336

Amana Cooperative Insurance Company -21.392 1.974 0.013 -43.190


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