Cfo Survey 2010

Deloitte Middle East CFO SurveyA front row view of performanceexpectations

Eighty five years in the Middle East June 2010

This quarter’s specialquestions look at therole of the CFO in theMiddle East: how CFOsdivide their time amongthe four dimensions ofStrategist, Catalyst,Steward and Operator

Contents

Key points

The second Middle East CFO Survey

Government: a catalyst for sustained growth

Financing the corporate sector

The need for stronger balance sheets

Financial prospects and plans

The market view

The role of the CFO

A comparison of Deloitte CFO surveys

in the Middle East and abroad

Here to meet your needs

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

With the price of oil hovering in the mid $80 range(well above most governmental budget forecasts), and GDP growth in many Middle Eastern countriesbeing revised upward relative to six months ago, theregion is emerging into economic recovery albeit withcaution and continuing uncertainty.

The current economic climate matches the sentimentsexpressed by Chief Financial Officers (CFOs) in the 1st

Deloitte Middle East Survey–Leading the Way in October2009. Indeed, the overall sentiment of CFOs in theregion looking into 2010 proved to be consistent withviews recently expressed in international news, that havehighlighted the region’s resilience to the crisis*.

In this second survey, conducted in March 2010, results indicate that CFOs have favorable views towardgovernment actions in supporting the economy, thebanking environment beginning to stabilize, and theoutlook for general business activity improving. Whenlooking at their own balance sheets, however, CFOs donot seem to have achieved any significant deleveragingover the past six months so financial risks remain whichshould be monitored and tracked closely.

This quarter’s special questions look at the role of the CFO in the Middle East: how CFOs divide their timeamong the four dimensions of Strategist, Catalyst,Steward and Operator. The results indicate that theyspent considerable time on activities within theirStewardship and Operator spaces during the downturntackling issues such as risk management, cost reduction,cash flow management and accounting but are lookingforward to spending more time as Strategists andCatalysts to position their organizations for the upturnand drive enterprise value. CFOs also reported an almostequal distribution of responsibilities in a number of areasbetween their organization’s management and theboard of directors to an extent that calls into questionthe clarity of the roles and responsibilities between thesetwo groups. Further, CFOs believe they are sufficientlyauthorized and empowered to execute theirresponsibilities as CFOs, which is potentially good newsif their roles and responsibilities reflect a balance of thefour dimensions mentioned above.

Key points from the survey • The majority of CFOs do not see the need for furthergovernment intervention or stimulus measures at thistime, however they believe that governments in theregion have the capacity to do more in the futureshould the need persist.

• CFOs see the markets for external finance as havingimproved over the past six months particularly forbank borrowings and equity raising. However, mostbelieve it is still not a good time to be accessing themarkets for external finance.

• An increasing number of CFOs expect their company’s operating cash flows to increase over the coming 12 months.

• CFOs continue to view company balance sheets as being overleveraged though with little changefor planned levels expected in their own companybalance sheets over the coming 12 months.

• There is an increase in optimism reported by CFOsrelating to the financial prospects for their companyover the coming 12 months with a consistent viewfrom the last survey that growth in demand for thecompany’s products and services will accelerate in the second half of 2010.

• Commercial real estate continues to be viewed asovervalued compared to equities while governmentbonds are perceived as increasingly over valued overthe past six months.

• There is continued optimism around an increase inexpected M&A activity over the coming 12 months.

• A significant number of CFOs are reporting that they direct a number of corporate functions which are outside of the core finance area. This could lead to a lack of focus and underperformance of theirprimary mandate.

• CFOs view the responsibility for performance in anumber of corporate areas as being evenly sharedbetween the Board of Directors and the Management.This insight may raise the following question: Doessufficient clarity exist in these organizations over who is responsible for what and to what extent?

• CFOs expect to invest more time executing asStrategists and Catalysts and less as Operators andStewards over the coming year.

Key points

* The region’s resilience“The Middle East, particularly theenergy-rich Gulf, has been the regionleast hit by the economic downturn,the Paris-based credit insurancegroup Coface said at a conferenceon Tuesday.

"Middle East countries have shownresilience being able to maintainpositive growth of 1.4 percent in2009," Coface said at a one-daycountry risk conference organisedwith Kuwait-based Arab Investmentand Export Credit Guarantee Corp.

The group has calculated what itcalls the "growth shock" of theglobal financial crisis by taking thepercentage point difference in GDPgrowth between 2007 and 2009.

For the whole world, GDP growthdeclined 5.8 percentage points whileit fell 3.6 percentage points for theMiddle East, just ahead of emergingAsia which fell 3.9 percentagepoints, Coface said.

"Everyone thinks that the best region in the crisis was emergingAsia, but in fact it was the MiddleEast," Coface CEO Jerome Cazes toldAFP in a telephone interview as hecould not attend because of traveldisruption in Europe resulting fromthe volcanic ash cloud from Iceland.

Mideast least hit by globaldownturn, forum April 23, 2010Agence France Press

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

The Deloitte CFOSurvey is the onlysurvey in the MiddleEast for majorcorporate users ofcapital that gaugesattitudes toward thegeneral economicoutlook, financingvaluations, and risk


The second Middle East CFO Survey

This is the second survey for CFOs and Finance Leadersof Middle East companies and it was conducted inMarch 2010. The Deloitte CFO Survey is the only surveyfor major corporate users of capital that gaugesattitudes toward the general economic outlook,financing valuations, and risk.

There were 134 respondents overall representing bothlisted and non listed companies reflecting the followingindustry and annual turnover distribution:

Going ForwardThe value of the survey data increases with the ability to identify trends and possible turning points. In thisregard we are looking forward to the next edition of the Deloitte Middle East CFO Survey and value your ongoing participation.

Participate in Future SurveysIf you would like to participate in an upcoming CFOSurvey we kindly invite you to contact us and inquireregarding participation.

James BabbCFO Program LeaderDeloitte Middle EastTel + 971 (0) 4 331 [email protected]

Financial ServicesIndustry

Telecom, Media& Technology

Real EstateHospitality & Leisure

Energy/Utilities

Manufacturing

Consumer Business& Transportation

36%

6%

20%

12%

10%

17%

Less than $100m

$100m-$499m

$500m-$999m

$1bn-$4.9bn

>$5bn

35%

31%

16%

14%

5%

Survey respondents – Country-wise

Country N0 of respondents

UAE 33

Kuwait 5

Qatar 4

Jordan 24

Egypt 3

Saudi Arabia 14

Syria 6

Sudan 2

Bahrain 5

Lebanon 2

Oman 5

Anonymous* 31

Total 134

*Survey invitees were given the option to provide demographic data,some chose not to disclose this information.

A special note on “Black Swans”The ‘Black Swan Theory’ is definedas an event or occurrence thatdeviates beyond what is normallyexpected of a situation and that isextremely difficult to predict. Thisterm was popularized by NassimNicholas Taleb, a finance professorand former Wall Street trader, in his2007 book The Black Swan. Sincethe first CFO survey was released last October we have witnessed a number of such unexpected events which have had a significanteconomic impact on a local as well as regional and global level.

From earthquakes and volcaniceruptions to increased geopoliticaltensions, CFOs now more than everneed to look ahead and think“outside the box” in terms of theunexpected and how it might impacttheir organizations. Organizationsneed to appraise their ability toabsorb such unpredictable BlackSwan events in a robust way andeven, in a best case scenario, toexploit them as positive opportunities.

For example, how would thefollowing impact your organizationas a result of a periodic or sustained disruption?• No telecommunications?• No air travel? • No distribution of resources orproducts to/from geographiesoutside the home country or the region?

• The collapse of a major market competitor?


Government: a catalyst for sustained growth

CFOs believe governments continue to have the capacity for additional stimulus measures but that noadditional measures should be taken at this time. This is further corroborated by a recent IMF report calling for governments in the region to maintain the fiscalstimulus steps already in place: “Government investmentprogrammes, especially in infrastructure, will continue to boost domestic demand in the near term in manyeconomies in the Middle East and North Africa. These measures should remain in place to help cement the recovery.” IMF urges GCC to keep fiscal stimulus

steps in place. April 25, 2010 Emirates 24/7

For those CFOs who responded in the positive,the following were prevalent as specificsuggested measures:

• More effective rent regulations to control inflation• Liberalization of residency status and elimination of sponsorship requirements

• Increased support for small and medium sized enterprises

• Improved pace of reforms to reduce governmental bureaucracy

• Completion of the Dubai World restructuring with banks

• Increased levels of foreign investment and ownership percentages

Capacity for additional government stimulus measures

Significantextra scope

15%

10%

Some extrascope

Little or noextra scope

26%

41%

59%

49%

36%

38%

64%

62%

Yes

None

Oct-09

Mar-10

CFOs believe governments continue to have the capacity for additionalstimulus measures but that noadditional measures should be taken at this time

Are there additional government measures which should be taken at this time?

Oct-09

Mar-10


Financing the corporate sector

CFOs’ views on the attractiveness of external fundinghave improved over the last six months for bankborrowings 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 itsattractiveness decline by a net of 6% most likely dueto the numerous credit rating downgrades and debtrestructuring announcements occurring since that time.

How do you currently rate bank borrowing as a source of external funding for companies?

How do you currently rate corporate debt as asource of external funding for companies?

17%

20%

39%

44%

15%

17%

22%

14%

6%

5%

Very attractive

Somewhatattractive

Neither attractivenor unattractive

Somewhatunattractive

Very unattractive

Very attractive13%

11%

Somewhatattractive

34%

36%


23%

16%


20%

31%

Very unattractive11%

6%

Yes

No

47%

49%

53%

51%

Is now a good time for companies to issue debt?

Oct-09

Mar-10

Oct-09

Mar-10

Oct-09

Mar-10


Debt markets closer to recoveryConventional bond activity in the six-nation Gulf Cooperation Council(GCC) tumbled by nearly 70 per cent in the first quarter of this yearcompared with its average in theprevious three quarters, said NCBCapital, an affiliate of NationalCommercial Bank, the largest bank in Saudi Arabia by assets.

The sukuk (Islamic bonds) market inthe region suffered more, with thevalue of their issuance plummetingby around 81 per cent, in sharpcontrast with South-east Asia, wherethe value shot up by nearly 114 percent. While prospects for suchactivities in the GCC remain bleak inthe near term, they are expected tobrighten in the medium- and long-term as regional economies gainsteam on the back of firm oil prices.

"However, we see an encouragingoutlook in the medium- to long-term. The GCC debt market holdssignificant potential given the long-term financing needs of the regionand the size of the current pipeline.But structural risks such as ambiguousinsolvency provisions and a lack ofclarity among sukuk structures, willrequire greater attention than theyhave received to date." According tothe report, the growing optimism thatcharacterised GCC debt marketsduring much of 2009 seems to havelargely evaporated during the firstquarter of 2010 due to uncertaintyand an expected improvement inbank credit.

Oil price surge to trigger GCCbond activity, April 25, 2010Emirates 24/7

Very attractive14%

19%

Somewhatattractive

27%

38%


19%

24%


32%

15%

Very unattractive8%

4%

Oct-09

Mar-10

How do you currently rate equity as a source of financing for companies?

While CFOs view bank borrowings and equity as beingmore attractive as available sources of external financecompared to six months ago, they are not yet ready toaccess the markets. Most CFOs expect the supply andprice of new credit to improve over the course of thesecond half of 2010 and first half of 2011.

Yes

No

73%

67%

27%

33%

Oct-09

Mar-10

Is now a good time for companies to issue equity?

Easilyavailable

4%

9%

Somewhatavailable

22%

36%

Neutral

Somewhathard to get

Very hardto get

13%

11%

49%

30%

11%

15%


Very costly

Fairly costly

Neutral

Fairly cheap

19%

16%

58%

52%

13%

21%

10%

11%

How would you rate the overall cost of newcredit for companies?

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

Oct-09

Mar-10

Oct-09

Mar-10

How would you characterize the current level ofshort-term market interest rates?

Very high

Quite high

Neither highor low

Quite low

Very low

10%

13%

32%

35%

23%

21%

23%

23%

11%

8%

Oct-09

Mar-10

5%

32%

41%

15%

5%

3%

2010 H1

2010 H2

2011 H1

2011 H2

2012 H1

2012 H2

When do you expect to see an improvement inthe supply and price of new credit available foryour business?


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

11%

10%

26%

34%

45%

31%

12%

18%

7%

7%

Increase bymore than 20%

Increase 10-20%

Increase by 0-10%

Remain unchangedfrom current levels

Decline

11%

12%

15%

25%

22%

17%

18%

13%

32%

33%

Very likely

Quite likely

No view

Quite unlikely

Very Unlikely

Most CFOs expect the supply andprice of new credit to improve over the course of the second half of 2010 and first half of 2011

How do you expect operating or free cash flow foryour company to change over the next 12 months?

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

Very likely24%

19%

Quite likely44%

44%

No view12%

18%

Quite unlikely18%

8%

Very unlikely4%

11%

Oct-09

Mar-10

Oct-09

Mar-10

Oct-09

Mar-10


13%

9%

45%

42%

24%

31%

15%

15%

4%

3%

Increased a lot

Increased a little

No change

Decreased a little

Decreased a lot

The need for stronger balance sheets

Many CFOs still believe that company balance sheets are overleveraged yet continue to indicate they arelooking to increase financial leverage in their owncompany’s balance sheets over the next 12 months.CFOs would do well to continue to monitor the risks on their balance sheets with a view to further de-leveraging and restructuring debts as liquidity comes back into the system.

Generally speaking, do you think companybalance sheets are:

Over-leveraged49%

51%

Appropriatelyleveraged

Under-leveraged

42%

39%

9%

10%

How has the level of financial risk on yourbalance sheet changed over the past 12 months?

CFOs would do well to continue tomonitor the risks on their balance sheets

Oct-09

Mar-10

Oct-09

Mar-10

Do you think cash returns to shareholder ratiosare relative to normal levels?

High

Normal

Low

44%

49%

42%

38%

14%

14%

Oct-09

Mar-10


Is it a good time to be taking greater risk intoyour balance sheets?

Yes

No73%

64%

27%

36%

Oct-09

Mar-10

19%

12%

45%

48%

23%

28%

13%

11%

1%

Raisesignificantly

Raise slightly

No change

Reduce slightly

Reducesignificantly

What is your aim for your level of financialleverage over the next 12 months?

Oct-09

Mar-10

11%

9%

51%

60%

23%

16%

15%

12%

3%

Significantlymore optimistic

Somewhatmore optimistic

Broadlyunchanged

Somewhatless optimistic

Significantlyless optimistic


Financial prospects and plans

CFOs are generally more optimistic about the financialprospects for their company than they were six monthsago and expect the demand for the company’s productsand services to accelerate over the coming 12 months.

Compared with six months ago, how do you feelabout the financial prospects for your company?

When will growth in demand for your company’sproducts and services accelerate?

4%

38%

34%

12%

9%

3%

2010 H1

2010 H2

2011 H1

2011 H2

2012 H1

2012 H2

Oct-09

Mar-10


How do you currently rate commercial real estatevaluations?

How do you currently rate equity valuations?

14%

14%

52%

50%

18%

20%

12%

15%

3%

2%

Very overvalued

Somewhatovervalued

At fair value

Somewhatundervalued

Very undervalued

5%

9%

33%

24%

25%

39%

32%

24%

4%

4%

Very overvalued

Somewhatovervalued

At fair value

Somewhatundervalued

Very undervalued

The market view

The majority of CFOs still see commercial real estate asovervalued relative to equities with government bondsincreasingly less attractive. This suggests that despite theoverall decline in real estate prices, CFOs expect betterreturns in the near term for equities and potentiallybelieve that the sovereign default risk of governmentbonds has increased over the last six months but is notyet fully reflected in the prices.

The majority of CFOs still seecommercial real estate as overvaluedrelative to equities with governmentbonds increasingly less attractive

Oct-09

Mar-10

Oct-09

Mar-10

14%

13%

58%

55%

20%

25%

5%

7%

3%

Significantly higherthan today

Somewhat higherthan today

Broadly unchanged

Somewhat lowerthan today

Significantly lowerthan today


In a year’s time where do you expect majorequity indices to be?

How do you currently rate government bond valuations?

Very overvalued3%

8%

Somewhatovervalued

24%

27%

At fair value48%

53%

Somewhatundervalued

21%

12%

Very undervalued3%

1%

Decreasesomewhat

13%

8%

64%

65%

13%

24%

11%

3%

Increasesignificantly

Increasesomewhat

No change

How do you expect private equity acquisitionactivity in the quoted exchange market to changein the next 12 months?

CFO expectations for increases in PIPE deals (private investment in public equities) may be somewhat overestimated

Oct-09

Mar-10

Oct-09

Mar-10

Oct-09

Mar-10

CFO expectations for increases in PIPE deals (privateinvestment in public equities) may be somewhat overestimated given that taking companies private in the keymarkets of the Middle East is difficult to execute as aresult of a regulatory framework that tends to stronglyprotect retail investors.


CFOs believe their company’s equityvalues are being increasingly pricedfairly by the market compared to sixmonths ago which may furtherunderpin the commencement of an economic upturn


Over the next 12 months how do you expectlevels of M&A to change?

18%

10%

66%

63%

13%

24%

2%

2%

1%

Decreasesomewhat

Increasesignificantly

Increasesomewhat

No change

Decreasesignificantly

There was strong growth in the value of mergers andacquisition (M&A) activity in the Middle East in the firstquarter of 2010, with deals up 138 per cent in value and33 per cent in volume terms over the previous quarter.

According to the latest M&A Report from Zephyr, theM&A database published by Bureau van Dijk (BvD), the$8.5 billion (Dh31.2bn) worth of deals recorded in theregion over the just concluded three-month period wasmore than double the $3.59bn worth of dealsconcluded in Q4 2009.

Source: UAE leads as M&A value doubles (Emirates 24/7) 4/4/10

CFO expectations in October 2009 for increasing M&Aactivity in the region were right on the mark and withan economic upturn now in focus in the region,continuing increases in M&A activity in terms of valueas well as number of transactions should be expected.

Interestingly, CFOs believe their company’s equity valuesare being increasingly priced fairly by the marketcompared to six months ago which may furtherunderpin the commencement of an economic upturn.

Do you believe that your equity is mispriced bythe market?

Very overvalued5%

4%

Somewhatovervalued

17%

20%

At fair value20%

40%

Somewhatundervalued

48%

25%

Very undervalued10%

11%

Oct-09

Mar-10

Oct-09

Mar-10

Most CFOs ideallybelieve they should be spending a largerproportion of their time in their roles ofstrategist and catalyst for improvements,instead of the traditionalroles as operator andsteward of the business


The role of the CFO

Most CFOs ideally believe they should be spending alarger proportion of their time in their roles of strategistand catalyst for improvements, instead of the traditionalroles as operator and steward of the business. As anaverage, only 46% of the time spent in their role lastyear was to provide strategic insight and act as a catalystfor improvement, with the other 54% was spent on

protecting and preserving assets in getting the financialbasics right. Economic conditions have had a hugeimpact on the role of the CFO within the organization.There has been a swing away from the broader roles ofstrategist and catalyst towards the steward and operatorroles – tracking financial performance, preservingfinancial health and reining in spending.

23%

27%25%

26%

22%24%

28%

21%

25%

Average % of time spent

0%

5%

10%

15%

20%

25%

30%

35%

StrategistCatalystOperatorSteward Roles

23%

30%

27%

Last year

Coming year

Ideal


3%

97%

25%

37%

38%

33%

31%

37%

49%

28%

23%

18%

31%

51%

17%

30%

53%

13%

13%

75%

62%

27%

11%

Accounting Strategy Systems/IT HR Investor relations

Risk management

Treasury Marketing

CFOs have stated a wide range of functionalresponsibilities and reporting lines which calls intoquestion “how much is too much?” before theperformance within the core finance function begins tosuffer. It is an increasingly challenging environment fortoday’s CFOs to keep pace with the process of changesand deliver consistently high performing financialleadership. On top of these functions can be added

“administrative” responsibilities which are often a set ofdisparate “catch all” activities further sapping the timeand focus of the CFO. CFOs should consider shiftingreporting responsibility for functions such as IT, HR andMarketing away and using the freed up time andresources to focus on raising the performance of thecore finance activities to new levels in their organizations.

Which functions report to you in your roles as CFO?

Direct report

Indirect report

No report

15%

27%

25%

26%

34%

54%

53%

63%

51%

19%

22%

11%

Financial performance

Shareholder value

Corporate socialresponsibility

Political and stakeholderrelationships


As a result of many of the events associated with therecent downturn, most CFOs believe the influence of the board is growing as directors more actively involvethemselves 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 the extent that calls into question “who is responsiblefor what exactly and why?”.

CFO’s would do well for their organizations by proposinga process of regular board assessments which wouldenable the board to examine its structure, processes andmandate to ensure they are properly positioned toaddress current and future priorities. Assessmentexercises can help the board better understand theaggregate skills and expertise of directors and identifyareas of weakness. They can also help improve theinteraction of directors and communications amongthem as well as with management.

Like any evaluation process, the benefits achievedthrough the board’s assessment will only be as good as the review process. Good assessment programs are supported by a director education program thataddresses the needs of directors identified through the evaluation process.

Additionally, many boards find their evaluations are most effective and productive when the process is led by an independent, outside facilitator. Some companiesgo further and disclose, at a very high level, the results ofthe process to stakeholders. While a regular performanceevaluation can help the board demonstrate itscommitment to fulfilling its fiduciary responsibilities, not acting on the assessment’s findings andrecommendations could expose the board and directors to a liability risk.

Where does the responsibility for performance lie?

Boards

Shared

Management

Do you feel you have the required amount ofauthority (support from the Board and CEO) to be effective in these roles?

Strategist

Catalyst

Operator

72% 28%

Steward

75% 25%

85% 15%

84% 16%

Yes

No


Interestingly, the majority of CFOs feel they have therequired amount of authority to be effective in all fourdimensions of their CFO role. 38% reported previouslyas having a direct reporting line with the strategyfunction with another 37% having an indirect reportingline. This is somewhat consistent with the 72% of CFOsabove who feel they are sufficiently authorized toexecute their roles as strategists. Authority as a catalystis really determined by the dynamism and personality ofthe CFO to play a leading role and become accepted byother members of the management team to deliverenterprise value throughout the organization.

What is the frequency with which you have met with the Board of Directors and/or committeesthereof in the past 12 months?

Zero

Monthly

Quarterly

Semi-annual

Annual

5%

22%

50%

13%

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’soutlook 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 changedfinancial attitudes • • •Focused on cost reduction •Goverment should take action to improve economy • •Bad time for additional risk on balance sheet • •

BahrainManamaAl Zamil Tower, GovernmentAvenue, P.O.Box 421, ManamaKingdom of BahrainTel +973 (0) 17 214 490Fax +973 (0) 17 214 550

EgyptSaleh, Barsoum & Abdel AzizCairo95 C, Merghany StreetHeliopolis 11341, Cairo, EgyptTel +20 (0) 2 2290 3278Fax +20 (0) 2 2290 3276

AlexandriaMadinet El SayadlaBuilding No 10Smouha, AlexandriaTel +20 (0) 3 426 4975Fax +20 (0) 3 426 4975

JordanAmmanJabal Amman, 190 Zahran Streett, P.O. Box 248 Amman 11118, JordanTel +962 (0) 6 5502200Fax +962 (0) 6 5502210

KuwaitKuwait CityFahad Al-Salem StreetSalhia ComplexP.O. Box 23049Safat 13091, KuwaitTel +965 2243 8060Fax +965 2245 2080

LebanonBeirutArabia House131 Phoenicia StreetP.O. Box 11-0961 Riad El-Solh, Beirut 1107 2060 LebanonTel +961 (0) 1 364 700Fax +961 (0) 1 367 087

OmanMuscatMBD Area, MuscatInternational CenterP.O. Box 258, RuwiPostal Code 112Sultanate of OmanTel +968 (0) 2481 7775Fax +968 (0) 2481 5581

QatarDohaKaamco BuildingSheikh Sehim StreetP.O. Box 431, Doha, QatarTel +974 (0) 442 3991Fax +974 (0) 442 2131

Saudi ArabiaDeloitte & Touche Bakr Abulkhair & Co. RiyadhAl-Salam Building Main Olaya RoadP.O. Box 213Riyadh 11411, Saudi ArabiaTel +966 (0) 1 463 0018Fax +966 (0) 1 463 0865

Al KhobarABT BuildingP.O. Box 182Dammam 31411, Saudi ArabiaTel +966 (0) 3 887 3937Fax +966 (0) 3 887 3931

JeddahSaudi Business CenterMadinah RoadP.O. Box 442, Jeddah 21411Saudi ArabiaTel +966 (0) 2 657 2725Fax +966 (0) 2 657 2722

SudanKhartoumBurj Al-Fateh ComplexNile Street, P.O. Box 13043Khartoum, SudanTel +249 (0) 183 720555Fax +249 (0) 183 720556

SyriaDamascusFardos9 Fardos StreetP.O. Box 12487Damascus, SyriaTel +963 (0) 11 221 5990Fax +963 (0) 11 222 1878

Rawda38 Rawda Street P.O. Box 12487Damascus, SyriaTel +963 (0) 11 331 1212Fax +963 (0) 11 332 2304

United Arab EmiratesAbu DhabiBin Ghanem TowerHamdan StreetP.O. Box 990Abu Dhabi, UAETel +971 (0) 2 676 0606Fax +971 (0) 2 676 0644

Dubai1001 City Tower 2Sheikh Zayed RoadP.O. Box 4254Dubai, UAETel +971 (0) 4 331 3211Fax +971 (0) 4 331 4178

FujairahAl-FujairahInsurance Co. BuildingP.O. Box 462Fujairah, UAETel +971 (0) 9 222 2320Fax +971 (0) 9 222 5202

Ras Al-KhaimahRas Al-KhaimahInsurance Building Al-NakheelP.O. Box 435 Ras Al-Khaimah, UAETel +971 (0) 7 227 8892Fax +971 (0) 6 574 1053

SharjahCorniche Plaza 2Al Buhairah CornicheP.O. Box 5470, Sharjah, UAETel +971 (0) 6 574 1052Fax +971 (0) 6 574 1053

Palestinian Self-Ruled AreasRamallahAl Mashreq, Insurance BuildingP.O. Box 447, Ramallah Palestinian Controlled TerritoriesTel +972 (0) 2 295 4714Fax +972 (0) 2 298 4703

East Jerusalem 8, Al-Zahar StreetJerusalem Cinema BuildingPalestinian Controlled TerritoriesTel +970 (0) 2 628 3581Fax +970 (0) 2 627 6057

Gaza CityNe’ma Tower, Saied Ala’as StreetP.O.Box 4056, Gaza StripPalestinian Controlled TerritoriesTel +970 (0) 8 282 6707Fax +970 (0) 8 282 3746

YemenSana’aSana’a Trade CenterEastern Tower Algeria StreetP.O. Box 15655Sana’a, YemenTel +967 (0) 1 448 374Fax +967 (0) 1 448 378

For Mauritania and Libya inquiries, contact the MERepresentative Office.

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Cfo Survey 2010