MENA PE Newsletter Year 2013

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1 MENA PE Newsletter Year Tuesday, January, Global economy in In, global economic recovery was, at best, modest, but uneven due to continued divergence in activity development between and within advanced and emerging economies. The US economy strengthened in. Despite government spending cuts and debt defaults weighing on growth, third-quarter GDP growth for the US was.% (second-quarter GDP growth:.5%). The US economy was seen returning to growth due to accommodative monetary policies, higher household net worth, a recovering real estate sector, easier bank lending conditions, and steady improvements in labor market demand. The improvement in the housing sector remains promising. In October, the S&P/Case-Shiller Home Price Index, which tracks property values in metropolitan regions across the US, rose.%, its largest increase since February. The Eurozone reported positive GDP growth in the second quarter of after six quarters of recession. Eurozone s GDP grew.% in the second quarter of and.% in the next quarter. However, growth prospects for the Eurozone remained fragile due to the continuation of fiscal austerity measures and high levels of unemployment, especially among the youth. Japan s GDP grew.% in the third quarter of, translating into an annualized growth rate of.%. Growth in Japan has been boosted by Prime Minister Abe s three arrows of monetary easing, fiscal stimulus, and structural reforms. The extraordinary stimulus policies pursued by Japan helped reinvigorate an economy that suffered two decades of stagnation. In, GDP growth in most developing economies was disappointing, especially following the rapid increase registered in the previous years. Growth rates in China and India are expected to have fallen to 7.% and.8% from.% and.5%, respectively, in. China is likely to have recorded GDP growth below 8% for the second consecutive year. Nevertheless, the Chinese government seems quite comfortable with the current economic performance. Premier Li Keqiang, who took charge in March, promoted the idea of shifting away from a GDP-focused growth model to one that pays more attention to the quality of growth. China s GDP grew 7.8% y-o-y in the third quarter of after slowing to 7.5% y-o -y in the second quarter. Economic activity in India remained slow compared with growth rates registered previously, though GDP growth rebounded to.8% in the second quarter (July September) of from.% in the first quarter. India also faces inflationary pressures. Annual wholesale price inflation was 7% in October. India s central bank hiked its key policy rate in September and October last year due to increasing inflation pressures. The rupee s sharp depreciation during hurt the Indian economy. The depreciation was caused by a large outflow of cheap money, driven largely by investor fears of an early end to the Federal Reserve s stimulus program. MENA is expected to have grown.% in compared with.% the previous year, largely due to subdued oil output (in Libya and other countries) and uncertainties arising from prolonged political transitions. A weak external environment is also believed to have weighed on the growth prospects for the region. In line with the historical trend, GCC countries contributed the most toward MENA growth. Growth in the GCC region was buoyant due to stable oil prices and steady government spending on development. In the GCC region, Qatar, Oman and the UAE are believed to have reported strong GDP growth in. Outlook for The global economy is expected to grow.% in compared with.9% in. Most major economies, except Japan, would record stronger growth rates in. We expect the US economy s recovery to continue in. Although the US Federal Reserve would start tapering and gradually wind down its US$85 billion monthly bond-buying program, the abatement of fiscal policy tightening along with steady improvements in the labor market and a recovering real estate market would drive economic growth. Eurozone s GDP is expected to grow.% in compared with -.% in amid less austerity and continued strong trade across the region. Given the low inflation readings and weak growth prospects, we expect the European Central Bank (ECB) to lend support through lower refinancing rates in. Japan is likely to witness a good first half due to an expected increase in consumption ahead of the hike in sales tax from 5% to 8% in April. However, the hike may dampen economic activity in the latter part of the year. China s growth would slow in, but it is likely to still record one of the strongest growth rates in the world. In, China would focus on the implementation of reforms announced at the Third Plenum, including financial and governing reforms. We maintain a positive view on the MENA region for. The MENA region is expected to register a.8% GDP growth over the next year, partially owing to higher oil production, increased government spending, and the growing non-oil sector. In the GCC region, Qatar is expected to record the strongest growth (5.%), followed by Saudi Arabia (.%) and the UAE (.9%). Growth in the UAE deserves a special mention on expectations of strong non-oil GDP growth and the positive impact of the hosting of the World EXPO. Growth in most transition countries Egypt, Jordan, Morocco, Syria, and Tunisia would remain below par.

2 MENA PE Newsletter Year Tuesday, January, Global PE activity Global private equity activity was strong in. According to data compiled by research and consultancy firm Preqin,,8 private equity buyout deals worth US$7 B were struck in compared with,85 deals worth US$ B in. Although the number of deals fell %, the value rose.8% to its highest level since 7. Preqin mentioned that the total funds raised by global private equity players rose an encouraging % to US$ B (the highest since the start of the global financial crisis) in from US$8 B the previous year. However, it mentioned that the average time taken for PE funds to achieve a close widened to 8. months in from 7.9 months in, indicating that fund managers are finding it challenging to attract institutional capital. Moreover, the average holding period of PE-backed portfolio companies has risen to 5. years from 5. years in. Yet, Preqin noted that due to the resurgence in the IPO market, the exit environment has improved remarkably with,8 exits worth US$ B in, the highest since. Exhibit : Global PE fundraising (US$ B) Exhibit : Global PE investments (US$ B) Source: Preqin MENA PE activity The MENA PE market ended the year with 9 buy deals compared with an average of 8 during 9. There were six PE exits in versus nine in and eight in. During, PE funds were announced with a target of raising US$7. M compared with US$89.9 M worth of funding in. In MENA, PE deal activity was strong in the first half of ; deals were reported in the first half ( in the first and in the second quarter), followed by in the third quarter and six in the final quarter. PE activity peaked in February with nine buy deals. The UAE and Saudi Arabia remained hot spots of PE activity in. However, PE activity was also strong in Lebanon and Jordan (four deals each). Exhibit : MENA PE deal value (US$ M) - Exhibit : MENA PE deal count (no s) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 8 5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

3 Services Industrial Mfg. Transport Info Tech. Consumer goods Food & Bev. Health Care Oil & Gas Info Tech. Services Health Care Food & Bev. Education Industrial Mfg. Leisure and UAE Egypt Lebanon Morocco Jordan KSA Tunisia UAE Egypt KSA Jordan Lebanon Morocco Tunisia MENA PE Newsletter Year Tuesday, January, Top countries in MENA PE deal activity PE deal activity in MENA was largely concentrated in the UAE, Egypt, and Saudi Arabia. In terms of the number of transactions, the UAE led with 7 deals, followed by Egypt (six), Saudi Arabia (five), Jordan (five) and Lebanon (four). Morocco and Tunisia bagged one deal each. Al Masah Capital which acted through Al Najah Education and Healthcare MENA recorded the maximum number of deals (five) during the year, followed closely by MBC Ventures (four). Gulf Capital, Investcorp, Middle East Venture Fund and STC Ventures recorded three deals each in. In value terms, the UAE led the PE activity in MENA in. The country managed deals worth US$.9 M of the region s US$9.9 M. It was followed by Egypt, Lebanon, and Morocco, registering deals worth US$.7 M, US$.9 M, and US$. M, respectively. However, as the value of just nine of the 9 deals in has been disclosed, it is inappropriate to gauge the most active nation for PE deals in MENA based on deal value. It would be best to use the data related to deal value in conjunction with number of deals to draw an inference. Exhibit 5: Top countries by deal value (US$ M) Exhibit : Top countries by number of deals Top sectors in MENA PE deal activity Services and information technology were the most lucrative sectors for PE investment in. In terms of the number of transactions, information technology led with eight deals, followed by services (six), healthcare (six), and food & beverages (four). Education, industrial manufacturing, and leisure and tourism sectors recorded three deals each. The services sector recorded the highest deal value (US$ M) in, followed by industrial manufacturing (US$ M) and transport (US$.7 M). This conclusion, however, is not reflective of the PE interest in activity in these sectors due to inadequate disclosure of the financial terms of the deals. Exhibit 7: Top sector by deal value (US$ M) Exhibit 8: Top sector by number of deals

4 MENA PE Newsletter Year Tuesday, January, MENA PE exit deals MENA witnessed six PE exits in. No PE firm disclosed the exit value of its sale. In June, Ithmar Capital announced a partial exit from its investment in Al Noor Medical Company through an initial public offering (IPO). Al Noor Medical Company, the largest integrated private healthcare service provider in Abu Dhabi, successfully closed its IPO and subsequently listed on the London Stock Exchange. In October, Abraaj Group announced its full exit from Opalia Pharma (Opalia), a Tunisia-based pharmaceutical company. Abraaj sold its entire stake in Opalia to Recordati, an Italy-based international pharmaceutical company for an undisclosed amount. Abraaj had invested in Opalia in 9 through the Al Kantara Fund. In April, Standard Chartered PE exited its investment in Hassan Mohammed Jawad & Sons (Jawad Business Group). Standard Chartered PE had made a mezzanine investment worth US$75 M in Jawad Business Group in January. Jawad Business Group is one of the largest and most diversified mid-market retailers in the GCC region, with approximately 55 stores in Bahrain, the UAE, Qatar, Kuwait, Saudi Arabia, and Oman as well as India. The company s main franchises include Accessorize, Monsoon, The White Company, Mango, Bhs, Pumpkin Patch, Hush Puppies, Chili s, Lakeland, Dairy Queen, Costa Coffee, Burger King, and Papa John s Pizza. In February, GrowthGate Capital announced the sale of its investment in Roots Steel International, a leading steel fabricator in Saudi Arabia, obtaining a record return in excess of x in less than five years. Exhibit 9: MENA PE exit deals during Company Name Date Company Nation Deal Value (US$ M) Sector Fund/Company Name Roots Steel International February Saudi Arabia NA Industrial Mfg. GrowthGate Jawad Business Group April Bahrain NA Retail Standard Chartered PE Sama Educational Co May Kuwait NA Education Al-Isra for Education and Investment Kuwait Investment Opportunities Fund June Jordan NA Education The Jordan Fund Al Noor Medical Co June UAE NA Health Care Ithmar Fund II Opalia Pharma October Tunisia NA Health Care Al Kantara Fund

5 MENA PE Newsletter Year Tuesday, January, MENA fund raising activity In, PE funds were announced in MENA with a target of raising US$7. M. NBK Capital Equity Partners Fund II was the largest private equity fund launched in. Targeting US$ M of commitments, NBK Capital Equity Partners Fund II was launched with the objective of investing in growth opportunities in middle market companies across MENA. It managed to achieve a first close with US$7 M in capital commitments. The final closing of the fund is expected during. Tunisia Energy Fund was the second-biggest private equity fund. Managed by Amen Capital, a Tunisian asset management firm, the fund aims to invest in renewable energy infrastructure with the objective to support the Tunisian policy on renewable energy. Berytech Fund II was another large private equity fund launched in. The fund aims to invest in potential innovative startups and small and medium (SME) businesses. Exhibit : Fund raising in MENA during Fund Name Status Announced Date Fund Manager Target Size (US$ M) NBK Capital Equity Partners Fund II Investing July, NBK Capital 7. Tunisia Energy Fund Announced NA Amen Capital.9 Berytech Fund II Announced June 5, Berytech 5. Swing Fund Raising Feb, Capsa Capital Partners. Nomou Jordan Fund Announced NA GroFin Advisory. Nomou Oman Fund Announced NA GroFin Advisory 5. Bidaya Fund Investing Jan, Cairo Financial Holding 9. Al Mal Food & Beverage Fund Fund Raising Dec 8, Al Mal Capital. Tunisian Development Fund II Fund Raising Feb, United Gulf Financial Services North Africa. Startup Factory Seed Fund Fund Raising Feb, United Gulf Financial Services North Africa.5 Preqin s data suggests that global PE funds raised US$ B in compared with US$8 during. At the height of the buyout boom, PE funds received around US$ B a year. 5

6 KSA Oman Tunisia Industrial Mfg. Power and Utilities Financial Services Healthcare Info Tech. Transport MENA PE Newsletter Year Tuesday, January, MENA IPO activity MENA witnessed 7 IPOs worth US$8. M in. In terms of volume, Tunisia led with eight IPOs, followed by Saudi Arabia (five) and Oman (four). In terms of offer size, Saudi Arabia-based Northern Region Cement Co raised the maximum sum of US$ M in January. The other two large offerings were Bawan Company (US$ M in December) and Sembcorp Salalah Power and Water Company (US$8 M in September). Sector-wise, the maximum (six) IPOs were reported in financial services (two each from Saudi Arabia, Oman, and Tunisia). It was followed by industrial manufacturing, power & utilities, transport, and information technology (two IPOs each). The healthcare, consumer goods, and food & beverages sectors recorded one IPO each. Investor appetite for AlJazira Takaful Taawuni Company, and Sembcorp Salalah Power and Water Company was significant; the shares of these two companies were oversubscribed 9.x and 8.x, respectively. Exhibit : IPO Value & Volume, by country Exhibit : IPO Value & Volume, by sector 9 9 Value (US$ M) No. of IPOs Value (US$ M) No. of IPOs Exhibit : Major IPOs closed in MENA during Company Name IPO Close Company Nation Size (US$ M) Sector Advisors % Return # Northern Region Cement Co January Saudi Arabia. Industrial Mfg. ANB Invest.5% Bawan Co December Saudi Arabia. Industrial Mfg. Saudi Fransi Capital 7.% Sembcorp Salalah Power and Water Co September Oman 8. Power and Utilities HSBC Bank 9.8% National Medical Care Co February Saudi Arabia 97. Healthcare Riyad Capital.9% One Tech Holding April Tunisia 5. Information Tech. Tunisie Valeurs.% ; Note: # represents stock performance from the date of listing till Dec, In terms of funding, global IPO activity was strong in. Ernst & Young s data suggests that US$. B was raised through 8 IPOs during compared with US$9. B through 87 IPOs in.

7 MENA PE Newsletter Year Tuesday, January, Appendix : MENA PE deals during Company Name Date Company Nation Deal Value (US$ M) Sector Fund/Company Name El Cinema January Egypt NA Information Tech. MBC Ventures Al Wasita Emirates for Services & Catering February, UAE NA Services Qatar First Investment Bank Manzil Health Care Services February, UAE NA Health Care TVM Healthcare MENA Fund I TravelerVIP.com February, UAE NA Information Tech. BECO Capital OCB Oilfield Services February, UAE NA Oil & Gas Gulf Capital Equity Partners II Kharabeesh February, Jordan NA Media MBC Ventures Zeytouneh February, Jordan NA Information Tech. MBC Ventures DUPLAYS Sports Services February 9, UAE.8 Services The Wamda Capital Fund Orchidia Pharmaceutical February, Egypt NA Health Care Intaj Capital II Hungry Bunny February, Saudi Arabia NA Food & Beverages Specialist Orthopedic Surgery & Physical Rehabilitation Clinic International Investment Bank / Tharawat March UAE NA Health Care Healthcare MENA Limited Epicerie.ma April, Morocco. Information Tech. Maroc Numeric Fund Techno Group Investment Holdings Co April, Egypt NA Health Care Gulf Capital Equity Partners II Acadox April 7, Saudi Arabia NA Information Tech. STC Ventures Fund Dream Works Spa April, UAE NA Services CedarBridge Partners Fund I Cedar Books May, Lebanon. Information Tech. Middle East Venture Fund Shahiya.com May, Lebanon.5 Services Middle East Venture Fund Shawarmanji May, Lebanon. Food & Beverages Middle East Venture Fund Cooper Nursery May UAE NA Education Al Najah Education Wysada.com June, Jordan NA Information Tech. MENA Venture Investments Al Yusr Industrial Contracting Co June 7, Saudi Arabia NA Oil & Gas Gulf Opportunity Fund I Egygloves June Egypt. Industrial Mfg. Bidaya Fund Star International School June UAE NA Education Al Najah Education Chef Middle East July, UAE NA Food & Beverages Gulf Capital Equity Partners II Zoomaal July, Lebanon NA Services The Wamda Capital Fund / Sawari Ventures I Propertyfinder July 7, UAE NA Information Tech. BECO Capital Plastic Electromechanic Co July, Tunisia NA Industrial Mfg. Abraaj Capital Little Scholars Academy July UAE NA Education Al Najah Education Swipe n tap August, Egypt.7 Services The Vodafone Egypt Fund / Technology Dev Fund II Agzakhana September, Egypt NA Health Care The Vodafone Egypt Fund Careem September 9, UAE.7 Transport STC Ventures Leejam Sports Co September 5, Saudi Arabia NA Leisure and Tourism Gulf Opportunity Fund 7

8 MENA PE Newsletter Year Tuesday, January, Appendix : MENA PE deals during (continued) Company Name Date Company Nation Deal Value (US$ M) Sector Fund/Company Name Theeb Rent a Car Co - Al Ahsa September, Saudi Arabia NA Transport Gulf Opportunity Fund GlamBox.ME October, UAE. Consumer Goods STC Ventures / MBC Ventures AlQasr Touristic Investment October, Jordan NA Leisure and Tourism Foursan Capital Partners I Shakespeare and Co. November, UAE NA Food & Beverages Express Publishing and Investment Limited Conceive Gynecology & Fertility Centre NBK Capital Equity Partners Fund II December, UAE NA Industrial Mfg. AlKhabeer Capital December, UAE NA Health Care Healthcare MENA Limited Fitness One December, Jordan NA Leisure and Tourism Intaj Capital II Appendix : IPO raisings in MENA during Company Name IPO Close Company Nation Size (US$ M) Sector Advisors % Return # Northern Region Cement Co January Saudi Arabia. Industrial Mfg. ANB Invest.5% Landor February Tunisia 7. Food & Beverages Finor -.9% National Medical Care Co February Saudi Arabia 97. Healthcare Riyad Capital.9% Aetech March Tunisia. Information Tech. Mena Capital Partners -.% New Body Line April Tunisia 8. Consumer Goods BDO Tunisie -9.% One Tech Holding April Tunisia 5. Information Tech. Tunisie Valeurs.% AlJazira Takaful Taawuni Co May Saudi Arabia 8. Financial Services Aljazira Capital 5.% Syphax Airlines May Tunisia 5.5 Transport MAC -5.% MetLife AIG ANB Co-op Insurance Co June Saudi Arabia. Financial Services Saudi Fransi Capital 5.% Hannibal Lease June Tunisia. Financial Services MAC -.% Sharqiyah Desalination Co June Oman. Power and Utilities Oman Arab Bank 9.% Sembcorp Salalah Power and Water Co September Oman 8. Power and Utilities HSBC Bank 9.8% Best Lease September Tunisia.7 Financial Services BNA Capitaux.5% City Cars November Tunisia 7. Transport Axis Capital Bourse.% Al Madina Insurance Co November Oman. Financial Services Bank Muscat -7.% Takaful Oman Insurance December Oman. Financial Services National Bank of Oman NA Bawan Co December Saudi Arabia. Industrial Mfg. Saudi Fransi Capital 7.% ; Note: # represents stock performance from the date of listing till Dec, Kindly note that the Al Masah Capital MENA PE Newsletter for Year also includes some of the deals which went unreported previously in the monthly newsletters due to delayed updating by Zawya. 8

9 MENA PE Newsletter Year Tuesday, January, Al Masah Capital Management Limited Level 9, Suite 9 & 97 ETA Star - Liberty House Dubai International Financial Centre Dubai-UAE P.O.Box 588 Tel: Fax: Website : Disclaimer: This report is prepared by Al Masah capital Management Limited ( AMCML ). AMCML is a company incorporated under the DIFC Companies Law and is regulated by the Dubai Financial Services Authority ( DFSA ). The information contained in this report does not constitute an offer to sell securities or the solicitation of an offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended for professionals with appropriate investment knowledge and ones that AMCML is satisfied meet the regulatory criteria to be class ified as a Professional Client as defined under the Rules & Regulations of the appropriate financial authority. Moreover, none of the report is intended as a prospectu s within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve risks. Past results do not guarantee future performance. We accept no liability for any loss arising from the use of material presented in this report. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or red istributed without our prior written consent. Copyright Al Masah Capital Management Limited 9

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