• Analysis of trends in the local and regional economies

AlShall closely monitors and analyses main trends in local and regional economies, and concludes its own outlook. A thorough economic analysis is conducted in almost all the studies it produces. Parts of this research are published in AlShall’s weekly report.

• Equity research of Kuwait Stock Exchange listed stocks.

AlShall provides two types of equity research to its clients:
– A periodic report that covers all listed companies, where a fundamental analysis is carried out. The reports contain AlShall’s opinion about the expected future performance of the companies. The report helps investors understand and assess their positioning in the market. Moreover, comparative analysis is performed between KSE and regional and international markets.
– More comprehensive research and recommendations about a selected number of stocks.

• AlShall Weekly Economic Report.

Since 1984, AlShall is committed to publishing its weekly economic report “AlShall Weekly Economic Report” which is independent of any external influences, interests and considerations. It is primarily an analytical macro and micro-economic report that through the years has become a news center. It focuses on local issues with relevant regional and international content. The report is so well received by the media that its continuation has become a core commitment. The report covers oil revenues, credit environment, monetary and fiscal trends, demographic changes and other economic statistics. The continuous monitoring and interest in these factors grants the advisory team a strong information base and a clear vision of the outstanding issues.

• AlShall Index.

AlShall Index is the oldest value index in Kuwait and an integral part of AlShall’s Weekly Economic Report. It includes 42 currently listed companies. AlShall issues indices for other markets starting with the Qatar Stock Exchange.

Research Experience List

PROJECT NAME COUNTRY SECTOR SERVICES PERFORMED COMPLETION DATE
KSE Stock Performance Kuwait Financial Services KSE, Arab, and international classification of listed companies 2012
Assessment of a listed real estate economy performance Bahrain Financial Services Economy, sector, stock and company performance 2011
Kuwait Cable Performance Kuwait Industrial Economy, sector, stock and company performance 2011
Equity research of seven companies in the petroleum sector Kuwait Financial Services Equity research of seven companies in the petroleum sector 2010
Education sector study Kuwait Education Prepare a comprehensive report about the trends and prospects of the education sector 2004
Establishment of an insurance company Kuwait Insurance Insurance market survey, feasibility study for establishing an insurance company, legal structuring, soft marketing and capital placement 2003
Feasibility study of Friday Market- BOT Kuwait BOT Economic and market studies. Financial and economical feasibility study of Friday Market – BOT project 2001
Health care sector study Kuwait Health Care Preparing a comprehensive report on the healthcare sector 2000
Automobile financing industry study Qatar Automotive – Financial Services Prepare a comprehensive report about the size, trends and prospects of the automobile financing sector in Qatar 2008
Primary Healthcare sector study Qatar Health Care Prepare a comprehensive report about the trends and prospects of the Primary Healthcare sector in Qatar 2007 & 2010
Feasibility study for a truck transportation company Qatar Logistics Economic, market and financial studies for a listed logistics company to create a new trucking transportation division 2005

Research Examples

Project Example – Establishing Companies and Private Equity Placement

Assignment Establishing, developing corporate strategy, licensing from regulatory authorities, and equity placement of three private sector real estate investment companies.
Client Name Promoters of the three real estate investment companies.
Client’s Activities Investment in real estate in Kuwait and MENA region.
Project Size Collectively exceed USD 250,000,000 (KD 70,000,000)
Assignment Date & Duration 2009, average 6 months per entity
Main Area of Focus AlShall worked with the promoters of each entity to devise corporate concepts, setting the strategy and taking the concept for each company from idea to reality. Primary tasks for each company included setting strategy, conducting a feasibility study, acquiring the licenses, setting the legal & financial structure, soft marketing and placement of the full capital.
Services Provided AlShall worked with the promoters of each entity to develop the company concept and conducted comprehensive feasibility studies including all sub-components such as market research, industry trends, demand quantification, competitors, customers, legal framework; identification and quantification of revenue streams, operating expenses, capital expenditures, capital structure, required rates of return and risks. AlShall built financial models for each entity to incorporate all these elements in pro-forma income statements, balance sheets and cash flows, supported by appropriate scenarios and sensitivity analysis. Furthermore, AlShall acted as the companies’ investment banker by placing all the required capital of each company with strategic and non-strategic investors.
Outcome The capital for each entity was successfully raised; the companies were established and became operational.

 

Project Example – Feasibility Study

Assignment Establishing an Islamic Bank – Cham Bank, Damascus, Syria
Client Name Kuwaiti Real Estate Holding (formerly known as Kuwait National Real Estate Services Company).
Client’s Activities Private sector company with real estate activities in Kuwait and the MENA region.
Project Size USD 175,000,000 (KD 50,000,000)
Assignment Date & Duration 2004, 5 months.
Main Area of Focus Carrying out a financial feasibility, developing economic and market studies, and making a final submission of the BOT proposal to the Municipality of Kuwait.
Services Provided Conducted a comprehensive feasibility study including all sub-components such as market research, industry trends, supply and demand quantification, competitors, customers, legal framework, identification and quantification of revenue streams, operating expenses, capital expenditures, capital structure, required rates of return and associated risks. AlShall built financial models for each entity to incorporate all these elements in pro-forma income statements, balance sheets and cash flows, supported by appropriate scenarios and sensitivity analysis.
Outcome Consultancy mandate fully executed and BOT competition won by the client.

 

Project Example – Feasibility Study, Strategic Planning, Establishing Companies and Private Equity Placement.

Assignment Establishing an Islamic Bank – Cham Bank, Damascus, Syria
Client Name Promoters of Cham Bank
Client’s Activities Islamic commercial, investment and retail operations
Project Size USD 105,000,000 (KD 30,000,000)
Assignment Date & Duration 2005, 20 months.
Main Area of Focus AlShall worked with promoters to envision the concept and take it from idea to reality by introducing the Islamic banking concept to the regulatory authorities in Syria, undertaking the feasibility, preparing the entry strategy, identifying risks, securing the required licenses, setting the legal and financial structure of the new entity, and placing the entire required equity capital through a private placement.
Services Provided AlShall conducted a comprehensive feasibility study including all sub-components such as market research, industry trends, supply and demand quantification, competitors, customers, legal framework, identification and quantification of revenue streams, operating expenses, capital expenditures, capital structure, required rates of return and associated risks. As part of the feasibility, AlShall developed the bank’s entry strategy to the Syrian market in terms of size of capital to be deployed, customer segments to be targeted, value proposition and operating model. Finally, AlShall raised the required equity capital through a private placement. Two third of the new bank’s capital was allocated to strategic investors and non-strategic investors while the remaining third was allocated to Syrian small investors via an oversubscribed public placement.
Outcome The capital issue was successfully closed and the bank became operational.

 

Project Example – Feasibility Study, Strategic Planning, Establishing Companies and Private Equity Placement.

Assignment Establishing a private sector oil and gas company – AlDorra Petroleum Services K.S.C.C.
Client Name Promoters of AlDorra Petroleum Services Company
Client’s Activities Kuwait-based investment holding with operating subsidiaries within the oil services industry across the MENA region
Project Size USD 42,000,000 (KD 12,000,000)
Assignment Date & Duration 2006, 13 months
Main Area of Focus AlShall worked with promoters to envision the corporate concept and take the concept from idea to reality. Primary tasks included setting the strategy, identifying risks, conducting a feasibility study, acquiring the licenses, preparing the legal and financial structure, and placing 100% of the required equity capital.
Services Provided AlShall conducted a comprehensive feasibility study including all sub-components such as market research, industry trends, supply and demand quantification, competitors, customers, legal framework, identification and quantification of revenue streams, operating expenses, capital expenditures, capital structure, required rates of return and associated risks. Finally, AlShall raised the required equity capital through a private placement with both strategic and non strategic investors. At a second stage, AlShall successfully negotiated and acquired, on behalf of promoters and the company, four oil services companies that formed the nucleus of the new company.
Outcome The capital was successfully raised and the company established.