Cfo Survey 2010

Deloitte
Middle East
CFO Survey
A front row view
of performance
expectations

Eighty five years in the Middle East June 2010

This quarter’s special
questions look at the
role of the CFO in the
Middle East: how CFOs
divide their time among
the four dimensions of
Strategist, Catalyst,
Steward and Operator

Contents

Key points 4

The second Middle East CFO Survey 7

Government: a catalyst for sustained growth 8

Financing the corporate sector 9

The need for stronger balance sheets 14

Financial prospects and plans 16

The market view 18

The role of the CFO 23

A comparison of Deloitte CFO surveys 27
in the Middle East and abroad

Here to meet your needs 28

Key points

* The region’s resilience With the price of oil hovering in the mid $80 range Key points from the survey
“The Middle East, particularly the
energy-rich Gulf, has been the region
(well above most governmental budget forecasts), • The majority of CFOs do not see the need for further
least hit by the economic downturn, and GDP growth in many Middle Eastern countries government intervention or stimulus measures at this
the Paris-based credit insurance
group Coface said at a conference
being revised upward relative to six months ago, the time, however they believe that governments in the
on Tuesday. region is emerging into economic recovery albeit with region have the capacity to do more in the future
"Middle East countries have shown
caution and continuing uncertainty. should the need persist.
resilience being able to maintain • CFOs see the markets for external finance as having
positive growth of 1.4 percent in The current economic climate matches the sentiments improved over the past six months particularly for
2009," Coface said at a one-day
country risk conference organised expressed by Chief Financial Officers (CFOs) in the 1st bank borrowings and equity raising. However, most
with Kuwait-based Arab Investment Deloitte Middle East Survey–Leading the Way in October believe it is still not a good time to be accessing the
and Export Credit Guarantee Corp.
2009. Indeed, the overall sentiment of CFOs in the markets for external finance.
The group has calculated what it region looking into 2010 proved to be consistent with • An increasing number of CFOs expect their
calls the "growth shock" of the
global financial crisis by taking the views recently expressed in international news, that have company’s operating cash flows to increase over
percentage point difference in GDP highlighted the region’s resilience to the crisis*. the coming 12 months.
growth between 2007 and 2009.
• CFOs continue to view company balance sheets
For the whole world, GDP growth In this second survey, conducted in March 2010,
declined 5.8 percentage points while
as being overleveraged though with little change
results indicate that CFOs have favorable views toward
it fell 3.6 percentage points for the for planned levels expected in their own company
Middle East, just ahead of emerging government actions in supporting the economy, the
Asia which fell 3.9 percentage
balance sheets over the coming 12 months.
banking environment beginning to stabilize, and the
points, Coface said. • There is an increase in optimism reported by CFOs
outlook for general business activity improving. When
"Everyone thinks that the best
relating to the financial prospects for their company
looking at their own balance sheets, however, CFOs do
region in the crisis was emerging over the coming 12 months with a consistent view
Asia, but in fact it was the Middle not seem to have achieved any significant deleveraging
East," Coface CEO Jerome Cazes told
from the last survey that growth in demand for the
over the past six months so financial risks remain which
AFP in a telephone interview as he company’s products and services will accelerate in
could not attend because of travel should be monitored and tracked closely.
disruption in Europe resulting from
the second half of 2010.
the volcanic ash cloud from Iceland.
This quarter’s special questions look at the role of • Commercial real estate continues to be viewed as
Mideast least hit by global the CFO in the Middle East: how CFOs divide their time overvalued compared to equities while government
downturn, forum April 23, 2010
among the four dimensions of Strategist, Catalyst, bonds are perceived as increasingly over valued over
Agence France Press
Steward and Operator. The results indicate that they the past six months.
spent considerable time on activities within their • There is continued optimism around an increase in
Stewardship and Operator spaces during the downturn expected M&A activity over the coming 12 months.
tackling issues such as risk management, cost reduction, • A significant number of CFOs are reporting that
cash flow management and accounting but are looking they direct a number of corporate functions which
forward to spending more time as Strategists and are outside of the core finance area. This could lead
Catalysts to position their organizations for the upturn to a lack of focus and underperformance of their
and drive enterprise value. CFOs also reported an almost primary mandate.
equal distribution of responsibilities in a number of areas • CFOs view the responsibility for performance in a
between their organization’s management and the number of corporate areas as being evenly shared
board of directors to an extent that calls into question between the Board of Directors and the Management.
the clarity of the roles and responsibilities between these This insight may raise the following question: Does
two groups. Further, CFOs believe they are sufficiently sufficient clarity exist in these organizations over
authorized and empowered to execute their who is responsible for what and to what extent?
responsibilities as CFOs, which is potentially good news • CFOs expect to invest more time executing as
if their roles and responsibilities reflect a balance of the Strategists and Catalysts and less as Operators and
four dimensions mentioned above. Stewards over the coming year.

A front row view of performance expectations • Deloitte Middle East CFO Survey • 5

The Deloitte CFO
Survey is the only
survey in the Middle
East for major
corporate users of
capital that gauges
attitudes toward the
general economic
outlook, financing
valuations, and risk

6 • Deloitte Middle East CFO Survey • A front row view of performance expectations

The second Middle East CFO Survey

A special note This is the second survey for CFOs and Finance Leaders Going Forward
on “Black Swans”
The ‘Black Swan Theory’ is defined
of Middle East companies and it was conducted in The value of the survey data increases with the ability
as an event or occurrence that March 2010. The Deloitte CFO Survey is the only survey to identify trends and possible turning points. In this
deviates beyond what is normally
expected of a situation and that is
for major corporate users of capital that gauges regard we are looking forward to the next edition
extremely difficult to predict. This attitudes toward the general economic outlook, of the Deloitte Middle East CFO Survey and value
term was popularized by Nassim
Nicholas Taleb, a finance professor
ﬁnancing valuations, and risk. your ongoing participation.
and former Wall Street trader, in his
2007 book The Black Swan. Since There were 134 respondents overall representing both Participate in Future Surveys
the first CFO survey was released
last October we have witnessed
listed and non listed companies reﬂecting the following If you would like to participate in an upcoming CFO
a number of such unexpected industry and annual turnover distribution: Survey we kindly invite you to contact us and inquire
events which have had a significant
economic impact on a local as regarding participation.
well as regional and global level.
Less than $100m 35% James Babb
From earthquakes and volcanic
eruptions to increased geopolitical CFO Program Leader
tensions, CFOs now more than ever
need to look ahead and think
Deloitte Middle East
“outside the box” in terms of the $100m-$499m 31% Tel + 971 (0) 4 331 3211
unexpected and how it might impact
their organizations. Organizations
jbabb@deloitte.com
need to appraise their ability to
absorb such unpredictable Black
$500m-$999m 16% Survey respondents – Country-wise
Swan events in a robust way and
even, in a best case scenario, to
exploit them as positive opportunities. Country N0 of respondents

For example, how would the UAE 33
$1bn-$4.9bn 14%
following impact your organization
as a result of a periodic or Kuwait 5
sustained disruption?
Qatar 4
• No telecommunications?
• No air travel? >$5bn 5% Jordan 24
• No distribution of resources or
products to/from geographies Egypt 3
outside the home country
or the region? Saudi Arabia 14
• The collapse of a major Financial Services
market competitor? Industry 36% Syria 6

Sudan 2
Telecom, Media Bahrain 5
6%
& Technology
Lebanon 2

Real Estate Oman 5
20%
Hospitality & Leisure
Anonymous* 31

Total 134
Energy/Utilities 12%
*Survey invitees were given the option to provide demographic data,
some chose not to disclose this information.

Manufacturing 10%

Consumer Business
17%
& Transportation


Government: a catalyst for sustained growth

Capacity for additional government
stimulus measures
CFOs believe governments continue
Significant 26% to have the capacity for additional
extra scope
41% stimulus measures but that no
additional measures should be
Some extra
scope
59% taken at this time
49%

CFOs believe governments continue to have the
capacity for additional stimulus measures but that no
Little or no 15%
extra scope
additional measures should be taken at this time. This
10% is further corroborated by a recent IMF report calling
for governments in the region to maintain the fiscal
stimulus steps already in place: “Government investment
Oct-09
programmes, especially in infrastructure, will continue
Mar-10
to boost domestic demand in the near term in many
economies in the Middle East and North Africa.
These measures should remain in place to help
Are there additional government measures cement the recovery.” IMF urges GCC to keep fiscal stimulus
steps in place. April 25, 2010 Emirates 24/7
which should be taken at this time?

36%
Yes
For those CFOs who responded in the positive,
38% the following were prevalent as specific
suggested measures:
64%
None • More effective rent regulations to control inflation
62% • Liberalization of residency status and elimination
of sponsorship requirements
• Increased support for small and medium
Oct-09
sized enterprises
Mar-10
• Improved pace of reforms to reduce
governmental bureaucracy
• Completion of the Dubai World restructuring
with banks
• Increased levels of foreign investment and
ownership percentages


Financing the corporate sector

CFOs’ views on the attractiveness of external funding How do you currently rate corporate debt as a
have improved over the last six months for bank source of external funding for companies?
borrowings and equity with increased favorable views
(net) of 17% and 38% compared to the last survey.
This is in contrast to corporate debt which saw its 13%
Very attractive
attractiveness decline by a net of 6% most likely due 11%
to the numerous credit rating downgrades and debt
restructuring announcements occurring since that time.
Somewhat 34%
How do you currently rate bank borrowing as attractive
36%
a source of external funding for companies?

Neither attractive 23%
17% nor unattractive 16%
Very attractive
20%

Somewhat 20%
39% unattractive 31%
Somewhat
attractive 44%

11%
Very unattractive
Neither attractive 15% 6%
nor unattractive 17%

Oct-09

22% Mar-10
Somewhat
unattractive 14%

Is now a good time for companies to issue debt?
6%
Very unattractive
5%
47%
Yes
49%
Oct-09
Mar-10
53%
No
51%

Oct-09
Mar-10


While CFOs view bank borrowings and equity as being Is now a good time for companies to issue equity? Debt markets closer to recovery
Conventional bond activity in the
more attractive as available sources of external finance six-nation Gulf Cooperation Council
compared to six months ago, they are not yet ready to (GCC) tumbled by nearly 70 per
27% cent in the first quarter of this year
access the markets. Most CFOs expect the supply and Yes compared with its average in the
price of new credit to improve over the course of the 33% previous three quarters, said NCB
Capital, an affiliate of National
second half of 2010 and first half of 2011. Commercial Bank, the largest bank
73% in Saudi Arabia by assets.
How do you currently rate equity as a source No
The sukuk (Islamic bonds) market in
of financing for companies? 67% the region suffered more, with the
value of their issuance plummeting
by around 81 per cent, in sharp
contrast with South-east Asia, where
Oct-09 the value shot up by nearly 114 per
14% cent. While prospects for such
Very attractive Mar-10
activities in the GCC remain bleak in
19%
the near term, they are expected to
brighten in the medium- and long-
term as regional economies gain
steam on the back of firm oil prices.
Somewhat 27%
"However, we see an encouraging
attractive
38% outlook in the medium- to long-
term. The GCC debt market holds
significant potential given the long-
term financing needs of the region
and the size of the current pipeline.
Neither attractive 19%
But structural risks such as ambiguous
nor unattractive insolvency provisions and a lack of
24%
clarity among sukuk structures, will
require greater attention than they
have received to date." According to
the report, the growing optimism that
Somewhat 32% characterised GCC debt markets
unattractive during much of 2009 seems to have
15% largely evaporated during the first
quarter of 2010 due to uncertainty
and an expected improvement in
bank credit.
8%
Very unattractive Oil price surge to trigger GCC
4% bond activity, April 25, 2010
Emirates 24/7

Oct-09
Mar-10


How would you rate the overall cost of new How would you rate the overall availability
credit for companies? of new credit for companies?

Easily 4%
19%
Very costly available 9%
16%

Somewhat 22%
58% available
36%
Fairly costly
52%
13%
Neutral
11%
13%
Neutral
21%
Somewhat 49%
hard to get
30%
10%
Fairly cheap 11%
Very hard
11%
to get 15%

Oct-09 Oct-09
Mar-10 Mar-10

How would you characterize the current level of When do you expect to see an improvement in
short-term market interest rates? the supply and price of new credit available for
your business?

10% 2010 H1 5%
Very high
13%

32% 2010 H2 32%
Quite high
35%
2011 H1 41%
Neither high 23%
or low
21%
2011 H2 15%

23%
Quite low
23% 2012 H1 5%

11%
Very low 2012 H2 3%
8%

Oct-09
Mar-10


Are you likely to issue debt over the next Are you likely to issue equity over the next
12 months? 12 months?

24% 11%
Very likely Very likely
19% 12%

44% 15%
Quite likely Quite likely
44% 25%

12% 22%
No view No view
18% 17%

18% 18%
Quite unlikely Quite unlikely
8% 13%

4% 32%
Very unlikely Very Unlikely
11% 33%

Oct-09 Oct-09
Mar-10 Mar-10

How do you expect operating or free cash flow for
your company to change over the next 12 months?
Most CFOs expect the supply and
Increase by 11% price of new credit to improve over
more than 20% 10%
the course of the second half of
Increase 10-20%
26%
34%
2010 and first half of 2011
45%
Increase by 0-10%
31%

Remain unchanged 12%
from current levels 18%

7%
Decline
7%

Oct-09
Mar-10


The need for stronger balance sheets

How has the level of financial risk on your
balance sheet changed over the past 12 months?
CFOs would do well to continue to
monitor the risks on their balance sheets Increased a lot 13%
9%
Many CFOs still believe that company balance sheets
are overleveraged yet continue to indicate they are Increased a little 45%

looking to increase ﬁnancial leverage in their own 42%
company’s balance sheets over the next 12 months.
CFOs would do well to continue to monitor the 24%
No change
risks on their balance sheets with a view to further 31%
de-leveraging and restructuring debts as liquidity
comes back into the system. Decreased a little 15%
15%

4%
Decreased a lot
3%

Oct-09
Mar-10

Generally speaking, do you think company Do you think cash returns to shareholder ratios
balance sheets are: are relative to normal levels?

49% 14%
Over-leveraged High
51% 14%

42% 44%
Appropriately Normal
leveraged 39% 49%

9% 42%
Under-leveraged Low
10% 38%

Oct-09 Oct-09
Mar-10 Mar-10


Is it a good time to be taking greater risk into What is your aim for your level of financial
your balance sheets? leverage over the next 12 months?

27%
Yes Raise 19%
36% signiﬁcantly 12%
73%
No 45%
64% Raise slightly
48%

Oct-09 23%
Mar-10
No change
28%

13%
Reduce slightly
11%

Reduce
signiﬁcantly 1%

Oct-09
Mar-10


Financial prospects and plans

CFOs are generally more optimistic about the financial When will growth in demand for your company’s
prospects for their company than they were six months products and services accelerate?
ago and expect the demand for the company’s products
and services to accelerate over the coming 12 months.
2010 H1 4%

Compared with six months ago, how do you feel
about the financial prospects for your company? 2010 H2 38%

2011 H1 34%

Significantly 11%
more optimistic 9% 2011 H2 12%

51%
Somewhat
more optimistic 2012 H1 9%
60%

23% 2012 H2 3%
Broadly
unchanged 16%

Somewhat 15%
less optimistic 12%

Significantly
less optimistic 3%

Oct-09
Mar-10


The market view

The majority of CFOs still see commercial real estate as
overvalued relative to equities with government bonds
increasingly less attractive. This suggests that despite the The majority of CFOs still see
overall decline in real estate prices, CFOs expect better
returns in the near term for equities and potentially commercial real estate as overvalued
believe that the sovereign default risk of government
bonds has increased over the last six months but is not relative to equities with government
yet fully reﬂected in the prices.
bonds increasingly less attractive
How do you currently rate commercial real estate How do you currently rate equity valuations?
valuations?

14% 5%
Very overvalued Very overvalued
14% 9%

Somewhat 52% Somewhat 33%
overvalued 50% overvalued 24%

18% 25%
At fair value At fair value
20% 39%

Somewhat 12% Somewhat 32%
undervalued 15% undervalued 24%

3% 4%
Very undervalued Very undervalued
2% 4%

Oct-09 Oct-09
Mar-10 Mar-10


In a year’s time where do you expect major How do you currently rate government
equity indices to be? bond valuations?

14% 3%
Significantly higher Very overvalued
than today 13% 8%

Somewhat higher 58% Somewhat 24%
than today 55% overvalued 27%

20% 48%
Broadly unchanged At fair value
25% 53%

Somewhat lower 5% Somewhat 21%
than today 7% undervalued 12%

Significantly lower 3%
3% Very undervalued
than today 1%

Oct-09 Oct-09
Mar-10 Mar-10

CFO expectations for increases in PIPE deals (private How do you expect private equity acquisition
investment in public equities) may be somewhat over activity in the quoted exchange market to change
estimated given that taking companies private in the key in the next 12 months?
markets of the Middle East is difficult to execute as a
result of a regulatory framework that tends to strongly
protect retail investors. 13%
Increase
significantly
8%

CFO expectations for increases Increase
somewhat
64%

65%
in PIPE deals (private investment
in public equities) may be No change
13%

24%
somewhat overestimated
Decrease 11%
somewhat
3%

Oct-09
Mar-10


CFOs believe their company’s equity
values are being increasingly priced
fairly by the market compared to six
months ago which may further
underpin the commencement
of an economic upturn


There was strong growth in the value of mergers and Interestingly, CFOs believe their company’s equity values
acquisition (M&A) activity in the Middle East in the first are being increasingly priced fairly by the market
quarter of 2010, with deals up 138 per cent in value and compared to six months ago which may further
33 per cent in volume terms over the previous quarter. underpin the commencement of an economic upturn.

According to the latest M&A Report from Zephyr, the
Do you believe that your equity is mispriced by
M&A database published by Bureau van Dijk (BvD), the
the market?
$8.5 billion (Dh31.2bn) worth of deals recorded in the
region over the just concluded three-month period was
more than double the $3.59bn worth of deals
5%
concluded in Q4 2009. Very overvalued
4%
Source: UAE leads as M&A value doubles (Emirates 24/7) 4/4/10

Somewhat 17%
CFO expectations in October 2009 for increasing M&A overvalued 20%
activity in the region were right on the mark and with
an economic upturn now in focus in the region,
20%
continuing increases in M&A activity in terms of value At fair value
40%
as well as number of transactions should be expected.

Somewhat 48%
Over the next 12 months how do you expect undervalued 25%
levels of M&A to change?
10%
Very undervalued
11%

Increase 18%
significantly 10%
Oct-09

66% Mar-10
Increase
somewhat
63%

13%
No change
24%

Decrease 2%
somewhat
2%

Decrease 1%
significantly

Oct-09
Mar-10


Most CFOs ideally
believe they should
be spending a larger
proportion of their
time in their roles of
strategist and catalyst
for improvements,
instead of the traditional
roles as operator and
steward of the business

The role of the CFO

Average % of time spent
35%

30%
30%
25% 28%
27% 27%
26%
25% 25%
24% 23% 23%
20% 22%
21%

15%

10%

5%

0%
Steward Operator Catalyst Strategist Roles

Last year
Coming year
Ideal

Most CFOs ideally believe they should be spending a protecting and preserving assets in getting the financial
larger proportion of their time in their roles of strategist basics right. Economic conditions have had a huge
and catalyst for improvements, instead of the traditional impact on the role of the CFO within the organization.
roles as operator and steward of the business. As an There has been a swing away from the broader roles of
average, only 46% of the time spent in their role last strategist and catalyst towards the steward and operator
year was to provide strategic insight and act as a catalyst roles – tracking financial performance, preserving
for improvement, with the other 54% was spent on financial health and reining in spending.


Which functions report to you in your roles as CFO?

3% 25% 33% 49% 18% 17% 13% 62%

97%

13%
30%
31%

37%
75%

31%

53%
28%
51%

38% 37% 27%

23%

11%

Accounting Strategy Systems/IT HR Investor Risk Treasury Marketing
relations management
Direct report
Indirect report
No report

CFOs have stated a wide range of functional “administrative” responsibilities which are often a set of
responsibilities and reporting lines which calls into disparate “catch all” activities further sapping the time
question “how much is too much?” before the and focus of the CFO. CFOs should consider shifting
performance within the core finance function begins to reporting responsibility for functions such as IT, HR and
suffer. It is an increasingly challenging environment for Marketing away and using the freed up time and
today’s CFOs to keep pace with the process of changes resources to focus on raising the performance of the
and deliver consistently high performing financial core finance activities to new levels in their organizations.
leadership. On top of these functions can be added


Where does the responsibility for performance lie? As a result of many of the events associated with the
recent downturn, most CFOs believe the influence of
the board is growing as directors more actively involve
Financial performance 15% 34% 51% themselves in issues that affect corporate performance.
The majority of CFOs see performance in all of the
areas as significantly being shared with the board to
Shareholder value 27% 54% 19%
the extent that calls into question “who is responsible
for what exactly and why?”.
Corporate social
25% 53% 22%
responsibility
CFO’s would do well for their organizations by proposing
a process of regular board assessments which would
Political and stakeholder
26% 63% 11% enable the board to examine its structure, processes and
relationships
mandate to ensure they are properly positioned to
address current and future priorities. Assessment
exercises can help the board better understand the
Boards aggregate skills and expertise of directors and identify
Shared
areas of weakness. They can also help improve the
Management
interaction of directors and communications among
them as well as with management.

Do you feel you have the required amount of Like any evaluation process, the benefits achieved
authority (support from the Board and CEO) through the board’s assessment will only be as good
to be effective in these roles? as the review process. Good assessment programs
are supported by a director education program that
addresses the needs of directors identified through
Strategist 72% 28%
the evaluation process.

Additionally, many boards find their evaluations are
Catalyst 75% 25%
most effective and productive when the process is led
by an independent, outside facilitator. Some companies
Operator 85% 15%
go further and disclose, at a very high level, the results of
the process to stakeholders. While a regular performance
evaluation can help the board demonstrate its
Steward 84% 16% commitment to fulfilling its fiduciary responsibilities,
not acting on the assessment’s findings and
recommendations could expose the board and
Yes directors to a liability risk.
No


Interestingly, the majority of CFOs feel they have the What is the frequency with which you have met
required amount of authority to be effective in all four with the Board of Directors and/or committees
dimensions of their CFO role. 38% reported previously thereof in the past 12 months?
as having a direct reporting line with the strategy
function with another 37% having an indirect reporting
line. This is somewhat consistent with the 72% of CFOs Zero 5%
above who feel they are sufﬁciently authorized to
execute their roles as strategists. Authority as a catalyst
is really determined by the dynamism and personality of Monthly 22%
the CFO to play a leading role and become accepted by
other members of the management team to deliver
Quarterly 50%
enterprise value throughout the organization.

Semi-annual 13%

Annual 10%


A comparison of Deloitte CFO surveys
in the Middle East and abroad

Middle East Austria Belgium Ireland Netherlands Singapore Spain Sweden United Kingdom

More optimistic about company’s
outlook than previously reported • • • • • •
Optimistic about the timeline
for recovery • • • •
Pessimistic about the timeline
for recovery • • • •
Tough credit conditions • • • • • • •
Maintaining lower gearing levels • • • •
Positive outlook for M&A activity • • • • • • • •
Market is undervalued • • •
Equity is attractive source of funding • • • •
Corporate debt/financing not attractive • • • •
Corporate debt/financing attractive •
Recession has fundamentally changed
financial attitudes • • •
Focused on cost reduction •
Goverment should take action
to improve economy • •
Bad time for additional
risk on balance sheet • •


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ABT Building Tel +971 (0) 4 331 3211
Fax +962 (0) 6 5502210 Yemen
P.O. Box 182 Fax +971 (0) 4 331 4178
Dammam 31411, Saudi Arabia Sana’a
Kuwait Sana’a Trade Center
Tel +966 (0) 3 887 3937 Fujairah
Kuwait City Eastern Tower Algeria Street
Fax +966 (0) 3 887 3931 Al-Fujairah
Fahad Al-Salem Street P.O. Box 15655
Salhia Complex Insurance Co. Building
Jeddah Sana’a, Yemen
P.O. Box 23049 P.O. Box 462
Saudi Business Center Tel +967 (0) 1 448 374
Safat 13091, Kuwait Fujairah, UAE
Madinah Road Fax +967 (0) 1 448 378
Tel +965 2243 8060 Tel +971 (0) 9 222 2320
P.O. Box 442, Jeddah 21411
Fax +965 2245 2080 Fax +971 (0) 9 222 5202
Saudi Arabia For Mauritania and Libya
Tel +966 (0) 2 657 2725 inquiries, contact the ME
Lebanon Ras Al-Khaimah
Fax +966 (0) 2 657 2722 Representative Office.
Beirut Ras Al-Khaimah
Arabia House Sudan Insurance Building
131 Phoenicia Street Khartoum Al-Nakheel
P.O. Box 11-0961 Burj Al-Fateh Complex P.O. Box 435
Riad El-Solh, Beirut Nile Street, P.O. Box 13043 Ras Al-Khaimah, UAE
1107 2060 Lebanon Khartoum, Sudan Tel +971 (0) 7 227 8892
Tel +961 (0) 1 364 700 Tel +249 (0) 183 720555 Fax +971 (0) 6 574 1053
Fax +961 (0) 1 367 087 Fax +249 (0) 183 720556

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