Investment Trends — Africa and Middle East is a monthly report that key investment activities, which have taken place in Africa and the Middle East and North Africa (MENA) region in a particular month. The report covers all the major investments news across various sectors, which are summarized and presented in a concise manner, so that the reader gets only the relevant information in minimal possible time. The report acts as a snapshot of investment activities for readers who do not have time to follow the daily news and extract the required information. In order to book your subscription, please visit www.indalytics.com

1. Investment Trends Africa and Middle East INDALYTICS ADVISORS
November 2011
November 2011
Page 1 © 2011, Indalytics Advisors
Indalytics.com I info@indalytics.com I © 2011, Indalytics Advisors

2. Investment Trends Africa and Middle East November 2011
About Investment Trends Africa and Middle East
Investment Trends Africa and Middle East is a monthly report that key investment activities, which
have taken place in Africa and the Middle East and North Africa (MENA) region in a particular month.
The report covers all the major investments news across various sectors, which are summarized and
presented in a concise manner, so that the reader gets only the relevant information in minimal possible
time. The report acts as a snapshot of investment activities for readers who do not have time to follow
the daily news and extract the required information.
The reports are ideal for:
Organizations / CEOs who are planning to invest, or want to know the latest investment
activities taking place in Africa and MENA region
Consulting firms / Consultants who help organizations to set-up their businesses in
Africa and MENA region
Analysts / Market research firms who track the investment activities for their end clients
Other readers who follow the region for updating their knowledge
In order to book your annual subscription of Investment Trends Africa and Middle East, mail us at
subscription@indalytics.com, or visit us at www.indalytics.com.
Page 2 © 2011, Indalytics Advisors

3. Investment Trends Africa and Middle East November 2011
Catalyst Handling and Water Jetting. Post
In this Report acquisition, RISAL's current shareholder,
Saudi Arabia based A.A.Turki Group of
Companies (ATCO), which operates in
governmental, industrial and consumer
October 2011 issue of Investment Trends sectors, will retain a 49% stake in the
Africa and Middle East focuses on the key company.
investment activities that have taken place in
the African continent, as well as the Middle
East and North Africa (MENA) region.
Iraq is poised to become a major investment
opportunity for companies in energy sector,
as its approved US$37 billion (Dh135.9
Key investment activities in the region are as billion) program is expected to be started.
follows: The country currently has the third largest oil
reserves in the world and pumps 2.75 million
barrels per day of crude. However, because
of its underdeveloped infrastructure, it has to
Energy and Natural Resources import approximately 30% of the petrol for
domestic consumption, and is also unable to
meet half of its electricity demand.
High oil prices are leading to increased
investing in the MENA region .
Oil producing nations in the region are It is expected that the country would be able
expected to invest approximately US$525 to increase its transformation of crude oil to
billion over 2012 2016 on energy products. fuels by 900,000 barrels per day once the
Saudi Arabia is expected to lead the proposed projects get completed. In order to
investments with approximately US$141 build up its infrastructure of processing crude
billion, which will be followed by the UAE, oil, Iraq is further expected to open gateways
which is having a budget of approximately for companies in energy sector.
US$76 billion.
China is planning to invest US$2.5 billion in
Global private investment firm Energy Capital geology and mineral resources projects in
Group is acquiring 51% stake in Saudi Arabia- South Africa through Foreign Direct
based Oil & Gas industrial cleaning and Investment (FDI) route. China has emerged as
environmental services company, Redland an important export destination for South
Industrial Services Arabia Ltd, (RISAL). RISAL Africa, which currently exports approximately
primarily operates in four key areas, namely: US$5.5 billion worth of minerals to China
Waste Management, Chemical cleaning,
Page 3 © 2011, Indalytics Advisors

4. Investment Trends Africa and Middle East November 2011
every year. The investments will be used in copper cathodes and copper in concentrates,
the projects, which will help both the for the full-year 2011.
countries to increase their trade, as well as
jobs in the sector.
Financial Services
Emerging markets investment firm,
Renaissance Group, is planning to invest in
The Saudi insurance market, which is the
mineral resources in East Africa region. The
largest in the MENA region, has witnessed a
firm, which has a portfolio of US$750 million
growth of 12% in Gross Written Premiums
from SAR14.6 billion (US$3.9 billion) in 2009
estate projects, is now considering mining
to SAR16.4 billion (US$4.4 billion) in 2010. As
deals in Kenya and Uganda.
the sector has high market potential, many
new companies are investing in it to increase
their presence. One such company is AXA
Cooperative Insurance Company in Saudi
investors due to its reserves of gold, base Arabia, which has signed a contract with
metals, diamonds, ferrous minerals, a variety Wasilah Insurance Agency.
of gemstones, and coal. Renaissance Group
already has invested in a coalmine in
Mozambique.
Under the contract, Wasilah will exclusively
market,
products in the Kingdom. Wasilah will sell
Further, Australian firm Base Resources has insurance through its main branch in Riyadh.
also recently announced that it was investing It will then open up around 10 point of sales
US$310 million in mineral sands mining in the next 3 years in the three main cities of
project in Kwale at the Kenyan Coast. the Kingdom. It will target primarily the retail
and SME customers of AXA.
Hong Kong-listed unit of state-owned China
Minmetals Group, Minmetals Resources South African banking sector is attracting
Limited, is planning to buy Congo-focused investments from all parts of the world.
copper miner Anvil Mining Limited for Second largest US lender, JPMorgan Chase &
Kinsevere Co., which has been operating in South Africa
Stage I HMS plant in Congo has produced since 1998, is now expanding its corporate
16,538 tons of copper in concentrate form in banking services in the nation. The bank will
2010. The company now expects to produce
36,000 38,000 tons of copper, in form of offer them lending, as well as treasury and
Page 4 © 2011, Indalytics Advisors

5. Africa Investment Trends November 2011
foreign exchange services. Due to the will be used to invest in the startup
increasing attractiveness in the sector, other companies operating in Information and
multinational banks such as BNP Paribas SA, Communications Technology (ICT), mobile
Citigroup Inc, and Barclays Plc are also and digital media. The investments will be
expanding their corporate banking services in used either during the initial US$15000
the country. funding stage or beyond.
Nigerian banking sector is expected to Housing, Infrastructure & Real Estate
witness increased mergers and acquisitions
activity in future. The sector is having lowest
price-to-book value ratio in three years. As China
the acquirers are finding valuations in the
infrastructure and housing sectors. China will
sector more realistic than before, they are
be investing its resources in the country to
considering acquiring Nigerian banks to
build approximately 50,000 homes in next
expand in the oil-rich country.
four years, which would be worth US$5
billion. Bahrain is expected to witness
increase in Chinese investments as the
Nigeria based Sterling Bank Plc has announced political turmoil in the MENA region is
buying Equitorial Trust Bank Plc. As a result, settling down, and the member countries are
coming up with investor-friendly policies to
consideration of buying the government- attract foreign investment.
rescued Sterling Bank earlier, might
reconsider the option. Similarly, another
failed Nigerian bank, Oceaninc Bank is being
Financing of the first public-private-
acquired by the major African lender,
Ecobank Transnational Inc. Also, Access Bank
sector has been completed by a consortium
Plc is planning to acquire Intercontinental
led by Samsung Engineering. With Invest AD
Bank Plc.
and United Utilities as partners of Samsung
Engineering, the Muharraq Wastewater
Treatment Plant, involves a greenfield 100,000
One of the early stage and seed investment m3/day wastewater treatment plant and a 15
companies in MENA region, Oasis500, has kilometers deep gravity sewer conveyance
secured a US$1 million investment from system under an availability based concession
Turkey-based venture capital fund, Timar
Ventures. The investment, which constitutes was Macquarie Capital, which arranged a
the first round funding of the Oasis500 US$22 million financing solution for 22 years
Ventures 1, the investment arm of Oasis500,
Page 5 © 2011, Indalytics Advisors

6. Investment Trends Africa and Middle East November 2011
through its teams in the UAE and South projects by the end of quarter ending
Korea. September 2011, up from EGP31.9 billion
(US$5.3 billion) at the end of 2010.
In order to prepare itself for the 2022 FIFA
World Cup, Qatar is expected to invest Egyptian private equity firm Citadel Capital
approximately US$80-100 billion by 2016 in will be funding a five-year project to improve
infrastructure. The government is planning to transport links between Kenya and Uganda.
invest approximately US$45 billion budget for The firm will invest US$234 million in Rift
developing the country's rail and road Valley Railways, which operates 2,352 km of
networks, including US$824 million for 13 track linking the Indian Ocean Kenyan port of
large infrastructure projects across the Mombassa to the Ugandan capital Kampala,
country through its Public Works Authority, for a 25-year concession period. The funding
Ashghal. The projects include the Lusail will be a mix of both new debt, as well as
Highway (US$687 million), the Dukhan equity.
Highway (US$300 million), the Doha
expressway (US$27 million), a 3-lane highway
in Barwa City, and the Najma road.
Metals and Mining
Egypt still remains as a promising investment
Bahrain based United Steel Company (SULB),
destination, despite the political disturbances.
a joint venture between Gulf United Steel
The country, which refused International
Monetary Fund (IMF) loan of EUR2.2 billion
Yamato Kogyo Co. Ltd. (49%), has acquired
(US$3.1 billion) shortly after the revolution, is
Saudi Arabia based United Gulf Steel Mill
expected to grow at a fast pace.
Company Limited (UGS), in an attempt to
turn it around to a profit making entity. UGS,
which is facing financial difficulties, has an
Egypt's biggest listed property developer annual manufacturing capacity of 450,000 tons
Talaat Moustafa Group (TMG) is planning to of light & medium sections and beams. The
invest approximately EGP18 billion (US$3
billion) on its two main projects over next integrated facility in the Kingdom of Bahrain.
three years. TMG will invest EGP6 billion
(US$1 billion) each year on its flagship
Madinaty and Rehab developments. The
Oman
company has been investing in projects,
investment arm, Takamul Investment
despite the political disturbances. It had
Company SAOC, is planning to establish a
EGP33.6 billion (US$5.6 billion) invested into
specialty steel products plant at Sohar, Oman.
Page 6 © 2011, Indalytics Advisors

7. Africa Investment Trends November 2011
The project, costing approximately US$30 Indian mobile telecommunications company
million is promoted by Gulf Steel Specialty Bharti Airtel Limited will be investing
Industry LLC, which is a joint venture approximately US$100 million over next
between Takamul and Singapore-based Global three years in Rwanda. The investment, which
Steel Industries Pte Ltd (subsidiary of BH is by far the largest by any Indian company,
Global Marine Limited, Singapore). The plant will be used to operate 2G and 3G GSM
will have a capacity of 60,000 tons per annum, services in Rwanda. Bharti Airtel had acquired
and will manufacture specialty steel wires and the Sub-Saharan business of Kuwait-based
other related steel products. mobile telecommunications company Zain
Group in 2010. Post Rwanda, the company
will now have presence in 17 countries across
Africa.
Telecommunications
Due to increase in its subscribers in Gulf and
Egypt, Middle East pay-TV operator OSN is
Global information technology company, IBM planning to invest over US$1 billion in
Corporation, recently opened up its new programming and populating its new high
branch office at Luanda, Angola, as a part of definition Arabic entertainment channel
its strategy of expanding its footprint in the Yahala! HD. The investments will be done for
emerging markets of Africa. The Luanda office acquiring content for Yahala! HD, which is
is expected to complement IBM's other expected to provide 300 hours of OSN
branch offices in the region, and help it deliver produced programming in its maiden year.
solutions and services to its growing clientele
in Africa.
Others
IBM has opened similar branches in Dar-e-
Salaam, Tanzania and Dakar, Senegal, in the
Professional services firm Price Waterhouse
first half of 2011. The company is currently
Coopers is opening its China Desk in South
serving number of clients in the region, across
Africa. The desk will act as a point of contact
various industries such as government,
between Chinese companies entering South
telecommunications, finance, and oil & gas. In
Africa, and vice versa. It will offer business
Angola, the company is working with one of
solutions to potential investors in South
the major banks to help them transform their
Africa, and will also facilitate joint ventures
banking technology infrastructure.
and business opportunities between the two
countries. The desk will have Mandarin-
speaking staff, which will provide expertise
and skills to Chinese investors.
Page 7 © 2011, Indalytics Advisors

8. Investment Trends Africa and Middle East November 2011
FAW South Africa (FAW SA), a joint Bahrain
venture between Chinese vehicle Babyshop, is planning to invest approximately
manufacturer, FAW and a local South African AED250million (US$68 million) per year over
company, is expected to start construction of next five years, in order to increase its
a US$100-million truck and passenger car footprint across the MENA region. Babyshop
plant in the Eastern Cape, South Africa, in is expected to add 33 new outlets to its global
Q1-2012. The venture, funded by China portfolio, and increase its retail space by
FAW, will have a plant, producing 5,000 250,000 square feet by mid of 2012.
trucks annually, along with light commercial
vehicles and passenger cars. in UAE portfolio and two in Kenya.
Page 8 © 2011, Indalytics Advisors

9. Investment Trends Africa and Middle East November 2011
Companies Mentioned in this Report
A.A.Turki Group of Companies Invest AD
Access Bank Plc JPMorgan Chase & Co.
Anvil Mining Ltd. Macquarie Capital
AXA Cooperative Insurance Company Minmetals Resources Ltd.
Babyshop Oasis500
Barclays Plc Oceaninc Bank
Base Resources Oman Oil Company
BH Global Marine Ltd. OSN
Bharti Airtel Ltd. Price Waterhouse Coopers
BNP Paribas SA Redland Industrial Services Arabia Ltd.
China Minmetals Group Renaissance Group
Citadel Capital Rift Valley Railways
Citigroup Inc Samsung Engineering
Ecobank Transnational Inc Sterling Bank Plc
Energy Capital Group Takamul Investment Company SAOC
Equitorial Trust Bank Plc. Talaat Moustafa Group
FAW South Africa Timar Ventures
First Rand United Gulf Steel Mill Company Ltd.
Global Steel Industries Pte Ltd United Steel Company
Gulf Steel Specialty Industry LLC United Utilities
Gulf United Steel Holding Company Wasilah Insurance Agency
IBM Corporation Yamato Kogyo Co. Ltd.
Intercontinental Bank Plc
Page 9 © 2011, Indalytics Advisors

10. Investment Trends Africa and Middle East November 2011
Disclaimer
The information contained in this report is of a general nature and is not intended to address any particular
information, there can be no guarantee that such information is accurate as of the date it is received or that it will
continue to be accurate in the future. Indalytics Advisors Private Limited does not guarantee that the information
contained in this report is authentic and reliable. No one should act upon such information without appropriate
professional advice after a thorough examination of the particular situation.
In order to book your annual subscription of Investment Trends Africa and Middle East, mail us at
subscription@indalytics.com, or visit us at www.indalytics.com.
Publication Volume: IT11-011
Publication Date November 2011
© 2011 Indalytics Advisors Private Limited
For further information, please contact info@indalytics.com
Page 10 © 2011, Indalytics Advisors