Global MENA Financial Assets Fund quarterly report 30 June 2016.pdf · Global MENA Financial Assets...

Global MENA Financial Assets Fund

Investment Update

Second Quarter 2016


Investment Update – Second Quarter 2016

1Global Capital Management Limited

(a subsidiary of Global Investment House K.P.S.C.)

Contents

Portfolio Review and Financial Highlights 2

Fund Summary 3

Economic Overview 4

NAV and Portfolio Summary 11

Portfolio Company Updates 13





Portfolio Review and Financial Highlights

Global MENA Financial Assets (“GMFA” or the “Company”) was incorporated in July 2008 with a shareholder capital of

USD 497.6 million. As of 31 March 2016, the Company has distributed USD 76.05 million cumulatively, and has a net asset

value of USD 286 million. These distributions represent 15.2 percent of contributed capital, and the current net asset value is

57.20 percent of contributed capital. Therefore, the Company’s Total Value to Paid in Capital (TVPI) is presently 72.7

percent.

GMFA’s net asset value represents an eleven company portfolio valued at USD 165.18 million, plus USD 122.48 million of

cash and other assets, out of which USD 86mn is escrowed for investment in a food and beverage company. All of the

portfolio companies are privately held except for Jordan Trade Facilities Co. and Bindar Trading and Investment Co.,which

are listed on the Amman Stock Exchange.

GMFA’s investment mix is distributed between 55% in banking and consumer finance sectors, 21% in consumer retail, 12%

in the insurance sector, and 12% in the real estate sector. This is consistent with our strategy for diversification from financial

services sectors as approved by the Company’s AGM in August 2011.

The Company’s term is till 2020 and subject to two one-year extensions as decided by the Company’s Board.

The Second Quarter

During the first quarter, the Company’s net asset value dropped from USD 286.03 million as of 31 March 2016 to USD 280.47

million as of 30 June 2016. This is mainly due to a drop in the share value of Jordan Trade Facilities Co. which is listed on the

Amman Stock Exchange. This asset is expected to be exited in the 3rd

quarter of 2016.

In June 2016, the Company’s Board has approved the distribution of USD 20 million which will be distributed to the

shareholders of the Company by August 2016, following finalization of the 2016 Annual Report.





Fund Summary

Year of Incorporation 2008

Capital Contribution USD 497.6 million

Total Distribution USD 76.05 million

Term in Years 12+1+1

Quarterly NAV (June 2016) USD 280.47 million

Domicile Guernsey

Auditor KPMG

Structure Company structure limited by shares,

Investment Manager: Global Capital Management Ltd.

Investment Focus (Type) Financial and Non-financial sectors

Investment Focus (Geography) MENA, Turkey and Emerging Markets





Global Economic Overview The markets observed a recovery in oil prices from mid-February as the non-OPEC production slowed down, mainly in

Nigeria and Canada, resulting in a fall in oversupply of oil. Financial markets also observed a recovery in the first half of the

year, as there was a broad expectation that the United Kingdom would remain part of the European Union post referendum.

However, the unexpected turn of events caught the financial markets by surprise, as the Brexit vote moved for an exit,

resulting in a sharp decline in equity prices worldwide, particularly with UK equities being weaker. The British Pound also

declined by about 10 percent in nominal effective terms between mid-June and mid-July, with other currencies having limited

changes. The vote results also had an effect on the equity valuations of UK and European banks, having been lowered by the

referendum. From a macroeconomic perspective, the repercussions of the outcome are yet to be quantified as events are still

unfolding. Nevertheless, the Brexit vote has left much of the region in economic, political and institutional uncertainty, which

will have a negative effect on many advanced European economies.

Geopolitical tensions, domestic conflict and terrorism continue to affect several economies across regions like the Middle

East, whilst other global factors like climate change and health issues like the Zika virus affect areas across Africa and South

America.

In the United States, a stronger US Dollar has emerged. The US Dollar Index appreciated by 1.6% in the second quarter. The

impact of Brexit will not be seen immediately due to the currently existing lower long-term interest rates and monetary policy

normalization which will offset larger corporate spreads and faltering of consumer confidence. Oil prices witnessed a recovery

in the second quarter of the year. Furthermore, the MSCI World index, which measures the performance of large and mid-cap

companies across 23 developed markets, appreciated by 1.03 percent during 2Q’16 after a 4.1 percent decline during the

previous quarter. US Markets also continued their growth trend into the second quarter, albeit at a slower pace, with the S&P

500 slowing down its growth to just short of 2 percent whilst the Dow Jones Industrial Average grew at 1.4 percent in the

period April to June.

The European markets were on a path of continued growth, had it not been for the EU referendum. Nevertheless, the 2016

growth is expected to be slightly higher than expected projections, given the performance of the first half of the year. Issues

like faltering in consumer and business confidence, and legacy issues of the banking sector continue to pose risks to the

forecast.

The Asian economies looked more positive, with both Japan and China showing better performance in the first quarter of the

year. However the appreciation of the Japanese Yen is expected to slow down growth over 2016 and 2017, but if the

supplementary budget for the fiscal 2016 is passed providing more fiscal support, Japan could witness a higher growth in

2017. China on the other hand is supported by the authorities to achieve their growth targets through policy support. Lending

rates have been cut five times over 2015 with infrastructure spending seeing a growth together with credit growth. China is

not currently affected by the Brexit vote, having limited exposure in finance and trade with the United Kingdom, however, if

the growth rate in the European Union is affected, the impact on China could be significant.

Index 1Q’16 2Q’16

S&P 500 2.3% 1.9%

Dow Jones Industrial Average 3.1% 1.4%

US Dollar Index -4.1% 1.6%

US inflation rate reached 1 percent in May of 2016, slowing slightly from a 1.1 percent rise in April. Figures came below

market expectations of 1.1 percent as inflation for food and transportation services slowed while energy cost fell at a faster

pace. Yet, core inflation accelerated slightly to 2.2 percent. The US economy expanded an annualized 1.1 percent on quarter in

the first three months of 2016, higher than a second estimate of 0.8 percent, according to final figures released by the Bureau





of Economic Analysis. Consumer spending increased more than anticipated and the negative impact from trade came lower

than expected while the drag from business inventories was larger. US unemployment rate went up to 4.9 percent in June 2016

after falling by to 4.7 percent in the previous month. According to the Bureau of Labor Statistics, the number of unemployed

people increased by 347,000 to 7.8 million. These increases largely offset declines in May and brought both measures back in

line with levels that had prevailed from August 2015 to April 2016.

Oil

Oil prices continued on a corrective trend from the last quarter, observing strong growth in 2Q’16. The WTI saw a growth of

26.1 percent and the Brent grew by 25.5 percent QoQ compared to a modest recovery in the previous quarter 3.5 percent for

WTI and 6.4 percent for Brent. The WTI closed at USD 48.33 with the Brent closing at USD 49.68. The spread between WTI

and Brent has widened from USD 1.26 to USD 1.35 in this quarter. According to the Monthly Oil Market Report issued in

July 2016 by OPEC, world oil supply is expected to contract by 1.54 percent YoY in 2016 over 2015 reaching c. 56.03 million

barrels per day. Furthermore, the demand for oil in 2016 remains relatively unchanged compared to 2015 and 2017 is expected

to continue to grow at a similar growth of 1.2 million barrels per day. However, the progress of economic development in the

major economies is expected to influence the demand projections for 2017.

Source: Bloomberg

GCC

2014(A) 2015(A) 2016(P)

Real GDP (%YoY) 3.6 3.3 1.8

Consumer Price Index (%) 2.6 2.5 3.3

Fiscal Balance - % of GDP 4.6 -9.9 -12.3

Current Account - % of GDP 16.5 -1.0 -7.0

Crude Oil Production (mn barrels per day) 17.2 16.1 13.7

Source: IMF and Joint Organizations Data Initiative

30

35

40

45

50

55

March-16 April-16 May-16 June-16

Oil Prices (USD/bbl)

WTI Brent





Country Index 2Q’16 Index

Performance Real GDP growth rate P/E (TTM)

(QoQ) 2015A 2016F 2014 2015

Saudi Arabia Tadawul ↑ 4.46% 3.4% 1.2% 15.2 10.4

Kuwait KSE General ↑ 2.60% 0.9% 2.4% 15.5 12.4

Dubai * DFM General ↓ 1.32% 3.9% 2.4%

12.4 7.9

Abu Dhabi * ADX General ↑ 2.44% 10.6 9.6

Qatar DSM 20 ↓ 4.80% 3.3% 3.4% 15.0 9.6

Bahrain BHSE All Shares ↓ 1.13% 3.2% 2.2% 11.3 8.7

Oman MSM 30 ↑ 5.67% 4.1% 1.8% 10.7 9.0

* Real GDP growth is for UAE

Source: IMF and Zawya

Saudi Arabia

According to the Central Department of Statistics and Information of Saudi Arabia, the consumer price index reached 137.6 as

of May 2016, a 0.2 percent increase from the previous quarter ending in March 2016. As for the inflation rate, it had reached

4.1 percent in May 2016, dropping from 4.3 percent in March 2016. Furthermore, housing and other related utilities prices

increased by around 5 percent, while building and industrials increased by 3 percent and 6 percent respectively. On the other

hand, the Telecom and Media industry prices fell on average by 1 percent during the last quarter.

According to Saudi Arabian Monetary Agency, Money Supply (M2) in Saudi Arabia increased by 0.65 percent to reach SAR

1,569 billion in May from SAR 1,559 billion in April of 2016.

The drop in oil prices had ramifications across the board for the Saudi economy. Real GDP growth is projected to slow down

from 3.4 percent in 2015 to 1.2 percent in 2016. With lower oil prices, some large projects were scaled down or even cancelled

which translated into a decline in the value of fixed capital formation. The market regained strength as Brent oil climbed above

USD 48 per barrel. Crude Oil Production in Saudi Arabia increased to 10.55 million barrels in June from 10.22 million barrels

in March of 2016 according to OPEC.

Saudi Arabia has unveiled its Vision 2030 roadmap with three key themes – a "vibrant society", a "thriving economy" and an

"ambitious nation." The Kingdom plans to value state oil company Saudi Aramco at more than USD 2 trillion ahead of the

sale of less than 5% of it through an initial public offering. Focus is to reduce oil dependency of the country and become

sustainable without it by 2020. Reforms would liberalize the economy to seek higher foreign investments.

Capital market performance in Saudi Arabia was in the green during 2Q’16, as the general index increased by 4.4 percent

QoQ. The sectors that witnessed a significant gain were the Energy/Utility and real estate sectors, as they grew by 7 percent

and 4 percent respectively during the quarter. This however was offset by the worst performing sectors, namely Hotel/Tourism

and Telecom. Both Hotel/Tourism and Telecom sectors did extremely well in April but experience significant declines in the

May and June.

Kuwait

Consumer prices in Kuwait increased by 2.8 percent year-on-year in May of 2016, compared to a 2.9 percent growth in the

previous month. It was the lowest reading since January 2015. Main upward pressure came from: housing services (+6.25





percent); food (+2.07 percent); furnishing equipment (+2.95 percent) and education (+3.48 percent). In contrast, transport cost

fell 1.44 percent and clothing and footwear edged down 0.08 percent. Consumer price index stands at 140.6 as of May 2016.

According to the Global Competitiveness Report published by the World Economic Forum, Kuwait scored 4.59 points out of 7

in the 2015-2016 rankings. Although Kuwait has one of the lowest rankings in the GCC region, it is ranked as number 34 in

the most competitive nations in the world out of 144 countries in 2015-2016.

In 2016, low oil prices and deepening conflicts continue to weigh mightily on the economies of the MENAP region. Oil

exporters are facing another year of heavily reduced oil export revenues, and require ongoing fiscal consolidation and reforms

to cope with these losses and to diversify their economies away from oil. According to OPEC, crude oil production levels in

Kuwait reached 2.95 million barrels in June 2016 having decreased from 3.00 million barrels as of March 2016.

According to the latest report by the Central Bank of Kuwait, Money Supply (M2) witnessed a rise of 6.9 percent since

January reaching KD 34.08 billion at the end of March 2016. However, the trade surplus reached KD 0.40 billion having

declined significantly from KD 1.72 billion of Q1 2015.

Capital market performance in Kuwait was in the green during 2Q’16, as the general index went up by 2.6 percent QoQ. The

sectors that witnessed a significant gain were the technology and health care, as they both grew by approximately 7.7 percent

and 6.4 percent respectively during the quarter. The oil and gas and financials sectors showed steep declines of 8.2 percent and

6.4 percent respectively, followed by a decline in the banking sector of 4.2 percent. Overall, a higher oil price increased

consumer sentiment which was reflected by a small but steady increase in most sectors with the quarter closing on a positive

note.

UAE

UAE continued to focus on its diversification scheme, and non-reliance on the oil sector. The latest MENA Economic Monitor

Report released in the spring of 2016 shows that the economic growth in the UAE is expected to have a slow recovery

averaging 2.5% between 2016 and 2018. With expected improvements in oil prices, the country will continue to invest in

oilfield development, but also focus on diversifying away from its dependence on hydrocarbon energy. With the expected

implementation of mega projects in anticipation of the Expo 2020 which Dubai will be hosting, and increased international

trade and commerce, the current account surplus is expected to be narrowed to an estimate of just 0.3 percent in 2016. On the

contrary, fiscal deficit is expected to improve over the medium term after widening to about 7.2 percent of GDP in 2016.

The overall macroeconomic policy of the UAE will focus on gradual fiscal consolidation as the economy adjusts to the

previous year’s decline in oil prices, whilst creating a conducive atmosphere for private sector credit growth. The banking

sector has sufficient liquidity and capital buffers to enable the country to withstand severe shocks. The Central Bank is

expected to continue adequate provisioning along with phasing in Basel III liquidity and capital requirements.

Capital market performance staggered in the Dubai market, as the stock market index fell by 1.32 percent in 2Q’16 as opposed

to a growth seen in the previous quarter. The materials sector recovered from a decline in the previous quarter showing a

growth of 16.9 percent. The consumer staples sector showed the largest ascent with a growth of 25.5 percent this quarter,

whilst the transportation and utilities sectors closed the quarter in the green. The other sectors closed in the red with the

insurance sector showing the largest decline of 7 percent in 2Q’16.

In Abu Dhabi, the stock market index continued its upward trend, gaining 2.4 percent QoQ in the second quarter of this year.

The industrials, real estate and insurance sectors showed slight decline between 0.4 and 2.5 percent. The energy sector showed

a strong climb of 5 percent QoQ, followed by the consumer services and banking sectors with a growth of 4 and 3.5 percent





respectively. The telecom sector growth slowed down tremendously from the previous quarter showing a growth of only 2.4

percent.

Source: Bloomberg

Turkey

Although the Turkish economy was able to attain an economic growth of 4 percent for the year 2015 on the whole, this growth

was slowed down in 1Q’16 to an annualized rate of 3.3 percent as a result of slower inventory build-up. Private and public

investment slowed down, offsetting the increase in spending. Private consumption was strengthened mainly as a result of the

30 percent hike in minimum wage levels announced in January, improvement in credit growth and a decline in food prices.

The Lira weakened in the first quarter of the year, but has started to stabilize in the recent months. This has helped abate

inflationary pressures. The Lira appreciated by 2.7 percent against the US Dollar in the quarter ended June 30th

2016. As many

households hold foreign currency deposits, this resulted in a wealth effect. Government spending has been accelerated as a

result of election promises. This is expected to widen the budget deficit to 1.8 percent in 2016. The central bank also loosened

its monetary policy in March and April of 2016.

Exports have seen a slight recovery in the first quarter of the year having seen a decline toward the end of 2015. However,

geopolitical problems in MENA continue, and Turkey`s exports to this region will continue to be weak. However, in the first

four months of 2016, seasonally adjusted numbers point to a trend turn-around. On the positive side, exports excluding gold

and energy increased because of stronger exports to EU and MENA markets. With a likely contraction in Russia`s output and

no resolution of the tensions, exports to Russia is expected to continue to fall in 2016. In addition, the downward trend in

tourism revenues is expected to continue in 2016, because of an expected sharp drop in visitors from Russia and lower arrivals

from Europe. The added instability within the country, as a result of political turmoil and terrorist attacks will continue to have

a negative effect on the influx of tourists.

The Central European region saw a massive flow of refugees on the way from war-torn countries in the Middle East. Turkey is

hosting more than 2.5 million refugees, and the economic impact of refugees has been quite noticeable on several fronts. Most

refugees had left camps by the end of 2014 and started to join the labor market, exerting pressure on unskilled segments in

rural areas close to the Syrian border. Following the dialogue with the EU, refugees were allowed to work legally with some

85

90

95

100

105

110

115


GCC Market Performance

Kuwait Saudi Arabia Bahrain Dubai Abu Dhabi Qatar Oman





limitations starting in January 2016. Some evidence suggests that refugees also brought some small-scale investments into the

Turkish economy. Amid buoyant activity and accommodative macroeconomic policies, inflation remained elevated in Turkey.

Despite the steep ascent witnessed in the first quarter of the year, the Istanbul Stock Market saw a decline over the second

quarter, dropping by 7.7 percent. The textiles leather index was the only sector to experience a strong upward push, with a

growth of 10.16 percent. The electricity sector was the only other sector to end the quarter in green, with a modest growth of

1.6 percent. On the other hand, the chemical petroleum plastic sector fell dramatically by 15.5 percent in the second quarter ,

followed closely by the services, sports and telecommunications sectors.

Source: Bloomberg, World Bank

65,000

70,000

75,000

80,000

85,000

90,000


Istanbul Stock Exchange 100





NAV as of 30th

June 2016

Net Asset Value (USD) 6/30/2016 3/31/2016 % Change

Cash and Equivalents 114,887,382 115,391,523 -0.40%

Escrowed for an F&B Investment-post SPA Signing 81,063,581 81,063,581 -

Obligation for Capital Increase 5,000,000 5,000,000 -

Free Cash 28,823,801 29,327,942 -1.70%

Investments at Fair Value 159,986,444 165,182,743 -3.10%

Listed Investments 35,389,706 40,376,656 -12.40%

Unlisted Investments 124,596,738 124,806,088 -0.20%

Other Assets 8,660,360 7,093,767 22.10%

Total Assets 283,534,186 287,668,033 -1.40%

Less Total Liabilities 3,062,690 1,636,385 87.20%

NAV (In USD) 280,471,495 286,031,649 -1.90%

NAV( per share) 1.286 1.312 -1.90%

Portfolio Summary – June 2016 vs March 2016

Portfolio Company Country Sector Stake Q2 2016 Q1 2016 Movement

Consumer finance sector: 67,585,753 72,567,370 -6.90%

Bindar Trading & Investment Jordan Consumer

Finance 71.00% 14,037,699 14,406,224 -2.60%

Jordan Trade Facilities Jordan Consumer

Finance 87.27% 21,352,007 25,970,432 -17.80%

Al Manar Leasing and Financing Co. Kuwait Consumer

Finance 13.74% 10,781,263 10,779,477 0.00%

Al Soor Financing and Leasing Co. Kuwait Consumer

Finance 12.39% 21,414,784 21,411,237 0.00%

Sports Retail Sector: 33,629,174 33,629,174 0.00%

Olgarlar Spor Malzemeri (SPX) Turkey Retail 70.00% 33,629,174 33,629,174 0.00%

Insurance sector: 18,156,544 18,156,097 0.00%

Emirates Retakaful Insurance Co. Emirates Insurance 20.00% 15,461,902 15,461,902 0.00%

Gulf Takaful Insurance Co. Kuwait Insurance 18.23% 2,694,642 2,694,196 0.00%

Banking sector: 6,898,574 7,116,805 -3.10%

Asian Finance Bank Berhard Malaysia Bank 6.67% 6,898,574 7,116,805 -3.10%

Development Finance sector: 14,353,623 14,351,245 0.00%

Industrial Bank of Kuwait Kuwait Development

Finance 2.47% 14,353,623 14,351,245 0.00%

Real Estate sector: 19,362,776 19,362,052 0.00%

Durrat Al Sofouh Emirates Real Estate 42.00% 7,432,718 7,432,616 0.00%

Olgana Emirates Real Estate 8,899,008 8,898,887 0.00%

First Qatar Real Estate Development

Company Qatar Real Estate 2.16% 3,031,050 3,030,548 0.00%

Investment Portfolio (TOTAL) 159,986,444 165,182,743 -3.10%

Net Asset Value 280,471,495 286,031,649 -1.90%





Banking

4%

Consumer

Finance

42%

DFI

9%

Insurance

12%

Real Estate

12%

Consumer

Retail

21%

Qatar

2% Turkey

21%

Jordan

22%

Kuwait

31%

Malaysia

4%

United Arab

Emirates

20%

By Geography

By Sector

Source: Based on 30 June 2016 NAV





Performance Update:

For Q1 2016, the company recorded sales of USD 8.9mn, generating EBITDA of USD 2.6mn. Sales grew by 12% in USD

terms (34% in TL terms) mainly driven by timely invoicing of dealer orders for 2016 summer season. Dealer sales which were

mainly invoiced in March for 2016 were delayed to April/May for 2015 due to operational bottlenecks. Growth in retail channel

(13.3% in TL terms) resulted mainly from new stores and the increasing contribution of Quiksilver to retail sales (-5.4% growth

in USD terms due to significant depreciation of TL against USD in 2016). Planned re-organization of central functions has been

completed in 2016 resulting in a slight drop in EBITDA margin due to extra opex. The management organized internal strategy

review workshops for identifying improvement areas. Project teams have been formed which are led by relevant ExCo

members. The Company has recently signed an exclusive distributorship contract with Jack Wolfskin which is expected to

contribute to revenue in the 2016 Fall/Winter season. Business Strategy:

As part of its business strategy, Olgarlar Management plans to expand into new cities as well as to increase its presence in

existing cities by opening SPX stores to benefit from the high market growth in outdoor and life style categories. The detailed

plan envisages a substantial growth potential in Vault stores (predominantly via own stores), multi-brand shoe retailing concept,

to become a leader in this segment. There are plans to open Routefield Olgarlar’s own brand stores, which focuses on casual

wear for young consumers (Routefield products are currently sold in SPX stores). These stores will sell Billabong and

Quiksilver products along with Routefield and casual shoes. On the distribution side, the Company plans to expand its brand

portfolio. The acquisition of Jack Wolfskin distributorship is the first step of this strategy and it will revitalize the Quiksilver

brand in Turkey, whose distribution rights were acquired in the second half of 2014.

Financial Highlights:

Legal Entity Name Olgarlar Spor Malzemeleri

Initial Investment Date March 2015

Industry Sports Retail

Headquarters Turkey

Company Description

A leading outdoor sports and lifestyle goods retailing and distribution

companies in Turkey, representing around 30 international brands on

an exclusive basis

Fund Ownership % 70%

Fair Value of Investment (100%) USD 48.04mn

FY 2012 FY 2013 FY 2014 FY 2015 Q1 2015 Q1 2016 Change

Net Sales 19,945 23,819 22,585 28,944 7,983 8,942 12.01%

Adj. EBITDA 3,513 5,362 4,613 6,397 2,560 2,579 0.74%

Net Profit 3,053 4,136 3,285 3,920 1,532 1,824 19.06%

Equity 13,097 9,999 12,300 13,475 11,919 15,217 27.67%

Total Assets 17,128 17,508 18,016 21,709 16,402 19,778 20.58%

ROE 23.31% 41.36% 26.71% 29.09% 51.41% 47.95%

ROA 17.82% 23.62% 18.23% 18.06% 37.36% 36.89%

Financial Year ended 31st March Amounts in USD ‘000s





Performance Update:

For the quarter ended 31 March 2016, net interest income remained stable at USD 0.94mn. Due to staff restructuring that

occurred during the last quarter of 2015, staff costs decreased from USD 0.26mn to USD 0.22mn. Provision for bad debt slightly

increased from USD 0.11mn to almost USD 0.15mn. General & administrative expenses increased from USD 0.23mn to USD

0.30mn due to the opening of a new branch in Sport City Street in Amman. Consequently, earnings before tax slightly decreased

from USD 0.75mn to USD 0.66mn. The company recorded net profit of USD 0.50mn compared to net profit of USD 0.56mn.

New financing for Q1 2016 amounted to USD 5.2mn, at the level of Q1 2015. Bindar has completed the opening of a new

branch in Sports City Area, which commenced operation in late December 2015. The branch is strategically located close to car

showrooms.

The Company has secured further facilities from two local banks for USD 4mn during the last quarter of 2015 which is expected

to cover the liquidity need for 2016. The Annual General Assembly approved the cash dividends distribution of USD 1.1mn

representing 4% of the paid up capital and GMFA received its share of the dividend being USD 0.79mn in May 2016. The Board

has appointed an in-house internal auditor which will take over the internal audit function outsourced to PwC, and will report

directly to the Audit Committee.

Business Strategy:

As part of its business strategy, Bindar is actively seeking to reduce its cost of financing, by establishing strategic partnerships

with international financing organizations, whilst boosting its liquidity position and reducing its duration gap by seeking longer

term financing through bond offerings and securitizing its portfolio. The company is also seeking to expand its geographical

presence to relatively underfinanced areas in the Kingdom, such as: Irbid, Al Zarqa and Aqaba. It also plans to activate its

finance leasing subsidiary and tap into the growing finance leasing market.



Net Interest Income 3,414 4,099 3,747 3,801 930 942 1.29%

Net Profit 1,721 1,944 487 1,165 568 502 -11.62%

Equity 31,218 31,494 31,107 32,243 31,670 32,760 3.44%

Total Assets 46,244 51,721 52,042 56,216 55,359 54,235 -2.03%

ROE 5.51% 6.17% 1.57% 3.61% 7.17% 6.13%

ROA 3.72% 3.76% 0.94% 2.07% 4.10% 3.70%

Legal Entity Name Bindar Trading and Investment

Initial Investment Date July 2008

Industry Consumer Finance

Headquarters Jordan

Company Description

One of the largest consumer finance companies in Jordan providing

financing of vehicles for personal and commercial use, durable assets

and real estate properties

Fund Ownership % 71.00%


Financial Year ended 31st December Amounts in USD ‘000s





Performance Update:

For Q1 2016, the sales reached USD 3.4mn, resulting in a reduction of 28% compared to Q1 2015 which was at USD 4.7mn due

to a one-off leasing transaction of USD 1.8mn in Q1 2015. Net interest income and gross operating income increased from last

year level. However, net profit was lower by 9% as compared to the same quarter in 2015, mainly as a result of increase in

personal expenses and selling, general & administrative expenses, which impacted Q1 2016 performance. During the quarter, the

NPL ratio improved to reach 13.8% from 14.1% recorded in Q4 2015. The external law firm which was commissioned at the

beginning of the last year to follow up on court cases and the conservative lending practices contributed to the improvement.

This also helped reduce provisions for bad debt by 14%. As part of better corporate governance, the board has decided to rotate

the external and internal audit service providers. Accordingly, Deloitte has been engaged for the external and KPMG for internal

audit. The Annual General Assembly, held on April 2016, approved the cash dividends distribution of around USD 2.3mn

representing 10% of the paid up capital.

Business Strategy:

The Central Bank of Jordan had reduced the discount rate during 2015 by 50 bps. The finance cost in the market reduced and

accordingly the Company reduced its lending rate. The management is focusing on improving the quality of the portfolio further

by strengthening the lending policies and expediting the collections, especially by enhancing the capacity of the legal team. The

management is contemplating way and means to qualify for exemption from obtaining the ministry of interior’s approval for

registering the properties financed through the leasing. The longer it takes in securing such approvals the bigger the hurdle in

growth of the leasing business. The fund has received a non-binding offer from a local bank, an existing shareholder who is

looking to consolidate the company’s business. An MOU highlighting the heads of terms was agreed and signed, the financial

and legal due diligence is completed and the offeror is awaiting the regulator’s approval to proceed with the Definitive Sale

Agreement.



Net Interest Income 4,526 6,127 6,928 6,858 1,632 1,633 0.06%

Net Profit 1,994 2,436 2,175 3,201 712 647 -9.13%

Equity 27,909 28,349 28,990 30,060 29,705 30,932 4.13%

Total Assets 49,137 47,585 48,067 55,242 50,169 56,668 12.95%

ROE 7.14% 8.59% 7.50% 10.65% 9.59% 8.37%

ROA 4.06% 5.12% 4.52% 5.79% 5.68% 4.57%

Legal Entity Name Jordan Trade Facilities Company



Headquarters Jordan

Company Description A consumer finance companies in Jordan providing consumer

financing including credit cards and SME financing








Performance Update:

For Q1 2016, the net finance income decreased by 4% over the same period last year mainly due to increase in finance cost from

USD 0.34mn to USD 0.64mn, while lending did not increase commensurately due to difficult market conditions.

In contrast to the growing trend that was witnessed during FY 2015, the loan portfolio reduced by 4.5% during Q1 2016 because

of the dramatic slow-down in sales which were lagging by 57% compared to budget and by 48% compared to last year. The

management has referred this shortage in sales to the revision of financing policies that was decided by the board in Q3 2015,

which resulted in reducing the financing authority limits for the CEO from KD 500k to KD 100k, which lost the company its key

sale advantage of providing quick responses on loan applications.

Business Strategy:

Given the competitive challenges in the retail and corporate segments, the Company is planning to expand its market share in the

SMEs by targeting the car dealers, car rental and taxi offices. Al Manar is further aiming to monetize non-core investments to

reduce the cost of funding.



Net Finance Income 10,241 14,411 12,218 10,522 2,716 2,618 -3.61%

Net Profit 4,187 6,987 7,519 5,169 1,306 1,479 13.25%

Equity 111,900 119,258 121,446 117,279 119,692 119,339 -0.29%

Total Assets 190,631 184,858 154,081 176,940 154,745 175,128 13.17%

ROE 3.74% 5.86% 6.19% 4.41% 4.36% 4.96%

ROA 2.20% 3.78% 4.88% 2.92% 3.38% 3.38%

Legal Entity Name Al Manar Financing and Leasing Company



Headquarters Kuwait

Company Description

An Islamic financial institution providing Islamic Shari'ah compliant

financial products and services across a variety of sectors, including

consumer, real estate and fleet financing








Performance Update:

For FY ended 31 Mar 2016, Al Soor recorded net interest income of USD 43mn compared to USD 37.7mn, for the same period

last year. Total income from operations increased from USD 41.4mn to USD 43.4mn, while net profit decreased to USD 16mn

from USD 28mn mainly due to a one-time impairment on two non performing accounts for USD 5.6mn and lower supplier

income rebate due to fee restrictions imposed by the Central Bank of Kuwait, which was USD 2.8mn less than budgeted.

Al Soor’s portfolio under management has increased to USD 166mn by the end of March 2016, compared to USD 158mn for the

previous year. The Board recommended the distribution of 6% dividend for the financial year ended 31 March 2016. The Central

Bank of Kuwait has advised Al Soor to return certain commission fees which were not explicitly authorized and amounting to

USD 5.7mn, earned from customers. Al Soor is contesting the claim but it is expected that eventually Al Soor may have to refund

such an amount. The Board of Directors has approved the conversion of Al Soor into a holding company, while its subsidiary Al

Mulla International Finance will continue as an operating company. As such Al Soor has ceased offering conventional financing.

Business Strategy:

As part of its business strategy, Al Soor is actively seeking to reduce its cost of financing, by establishing strategic partnerships

with local banks and selling its receivables portfolio while shifting the focus of its portfolio from big ticket corporate loans to

small ticket retail loans. It is also shifting the portfolio to Islamic finance rather than conventional finance in order to avoid the

cap on interest rate imposed by the Central Bank on conventional loans. The company is in the process of transforming into a

holding company and deregistering from the Central Bank in order to reduce excessive compliance and reporting to the Central

Bank. Its subsidiary, Al Mulla International Finance Co (AMIFIC) will be the main financing operating entity.


FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Change

Net Interest Income 22,274 25,455 28,865 37,740 43,068 14.12%

Net Profit 7,081 11,214 15,314 27,978 15,959 -42.96%

Equity 247,538 253,297 270,840 272,655 264,049 -3.16%

Total Assets 412,319 445,207 503,977 575,947 592,837 2.93%

ROE 2.86% 4.43% 5.65% 10.26% 6.04%

ROA 1.72% 2.52% 3.04% 4.86% 2.69%

Legal Entity Name Al-Soor Financing and Leasing Company KSCC



Headquarters Kuwait

Company Description A closed Kuwaiti shareholding company offering consumer finance,

trade finance, and supplementary home improvement finance



Financial Year ended 31st March Amounts in USD ‘000s





Performance Update:

For the quarter ended 31 March 2016, net finance income reached USD 0.4mn, compared to USD 0.9mn achieved in Q1 2015,

which was mainly due to shrinkage in net interest margins. Non-interest income, comprising of investment income, trade finance

and fee, also dropped from USD 3.5mn to USD 2.5mn. Total income from operations decreased from USD 4.4mn to USD

2.9mn. Bad debt provisioning for the first quarter dropped from USD 0.7mn to USD 0.4mn. On the whole, the bank posted a net

profit of USD 0.2mn for the year ended 31 March 2016 against a net profit of USD 0.9mn for 2014, registering a decrease of

77%. This was mainly due to a decline in interest margin and provisioning on a major loan to an industrial group. The increase in

total assets of USD 61mn in Q1 2016 is mainly attributable to an increase of interest bearing debt of USD 50mn. The capital

adequacy ratio as of March 2016 stood at 25.4%, compared to the regulatory requirement of 8%. The potential acquirer of

GMFA and QIB’s stake has informed us of the cessation of their interest in buying 67% stake in AFB through a formal letter.

While they have not categorically mentioned the reason, in discussions with them it came out that the terms of the revised

shareholder agreements could not be agreed between them and the other two non-selling shareholders. The idea now is to

manage the shareholders differences, restore QIBs support to the bank, recruit permanent CEO, stabilize and then look to exit.

Business Strategy:

The management is currently restructuring the organization to ensure that all new staff goes through proper training and accounts

are handled efficiently by the experienced staff. Given that the exit transaction is not going through, the shareholders need to

work in harmony and recruit a new CEO replacing the interim CEO, and stabilize the business over the next two years before

considering exit options again. At the insistence of the Board, sourcing efforts have been increased. Management is currently

working on 23 new accounts totaling RM 831 million (circa USD 206mn) at different stages of potential financing facilities. Out

of these potential facilities, an Indicative Term Sheet for financing totaling RM 431 million (circa USD 107mn) has been issued.

In addition, 6 accounts or RM 148 million (USD 37mn) facilities have already been approved and are ready for utilization in due

course.



Net Finance Income 8,868 7,782 4,525 1,543 896 418 -53.35%

Net Profit -2,298 2,229 4,283 122 917 193 -78.95%

Equity 158,291 144,498 141,019 114,500 133,783 125,404 -6.26%

Total Assets 940,562 880,987 818,258 587,918 915,688 648,822 -29.14%

ROE -1.45% 1.54% 3.04% 0.11% 2.74% 0.62%

ROA -0.24% 0.25% 0.52% 0.02% 0.40% 0.12%

Legal Entity Name Asian Finance Bank


Industry Banking

Headquarters Malaysia

Company Description

One of the three licensed foreign Islamic banks operating in Malaysia

offering full range Shari’ah compliant banking products for retail and

corporate clients








Performance Update:

For the period ended March 2016, the gross written premium stood at USD 3.2mn compared to USD 4.8mn for Q1 2015. The

insurance operations recorded a deficit of USD 577k compared to a deficit of USD 556k for the same period last year. Despite the

insurance portfolio operations showing deficit during the year, the company management is positive about the expected year end

results for the insurance operations. The Company recorded investment losses of USD 462k, compared to an income of USD

354k for the same period last year. The decrease in investment returns was on account of drop in the equity capital markets in the

GCC.

It is expected that the investment portfolio will return to profitability during the year as one of the investments distributed cash

dividends (during Q2 2016), and the equity markets are showing a better performance in the second half of the year. Also, the

company is expected to receive the dividends from a new real estate funds at around 8% p.a.. On the whole, GTIC recorded net

loss of USD 630k for Q1 2016 compared to profit of USD 241k for the same period last year.

Business Strategy:

GMFA continues to emphasize on the management to enhance the quality of the insurance portfolio, in addition to improving top

line by introducing new products, increasing client base, achieving cost reduction, and improving portfolio quality.



Gross Premiums 17,918 18,027 14,752 14,128 4,880 3,201 -34.41%

Net Profit / Losses -6,136 -593 1,820 -1,310 241 -630 -361.41%

Equity 44,040 44,066 45,010 40,393 42,930 39,775 -7.35%

Total Assets 45,896 45,977 46,767 42,417 44,837 41,903 -6.54%

ROE -13.93% -1.35% 4.04% -3.24% 2.25% -6.34%

ROA -13.37% -1.29% 3.89% -3.09% 2.15% -6.01%

Legal Entity Name Gulf Takaful Insurance Company


Industry Insurance

Headquarters Kuwait

Company Description

A closed Shari’ah compliant shareholding company offering motor,

property, general accident insurance, re-insurance products and

insurance appraisals; having the largest medical provider’s network in

Kuwait, including over 74 hospitals, clinics, pharmacies and labs.








Performance Update:

For the quarter ended March 2016, the Company recorded gross premium of USD 46.9mn compared to USD 51.9mn for Q1

2015. The Combined ratio (highlighting insurance expenses/losses as a % of earned premium) for Q1 2016 stood at 112%. The

retakaful operations recorded a deficit of USD 2mn, due to a delay in the process of policies renewal most of which occurred in

April. As of April the company recorded a gross premium of USD 51.9mn and Combined Ratio stood at 99.45% as the

participant fund showed a surplus of USD 127k.

On the shareholders operations side, despite the results for Q1 2016 showing losses of USD 51k, during April 2016, the

company recorded a net profit of USD 532k, which helped improve shareholder’s equity of the company from USD 117.5mn in

Dec 2015 to USD 118mn in April 2016. Operating expenses remained in line with the budget. Investment income was

diversified, although returns were affected by a drop in market value of equities. On the liquidity side, Participants’ cash and

investment balances stood at USD 34mn.

Business Strategy:

The GMFA team is working closely with Dubai Group who is a 51% shareholder in Emirates Re, on various exit strategies

including efforts for obtaining on shore license in UAE from Insurance authority, which would enable the IPO prospects and

discussions with various Investment Banks and M&A advisors for attracting a strategic investor for potential acquisition.


FY 2012 FY 2013 FY 2014 FY 2014* FY 2015 Q1 2015 Q1 2016 Change

Gross Contributions 63,764 67,265 67,054 81,989 62,682 51,977 46,950 -9.67%

Net Profit

(shareholders) 789 9,129 37,294- 1,160 -2,497 108 -51 -147.22%

Equity 160,201 164,897 129,959 121,160 117,502 122,347 117,451 -4.00%

Total Assets 169,406 177,034 143,343 123,030 120,319 245,945 292,756 -1.57%

ROE 0.49% 5.54% -28.70% 0.96% -2.13% 0.35% -0.17%

ROA 0.47% 5.16% -26.02% 0.94% -2.08% 0.15% -0.07%

Legal Entity Name Emirates Retakaful Insurance Co.

Initial Investment Date January 2010

Industry Insurance

Headquarters United Arab Emirates

Company Description

Al Fajer was the first re-takaful company in Kuwait. Al Fajer Re

moved its operations to Dubai (DIFC) under the name of Emirates Re

with a paid up capital of USD 120mn. The idea was to separate the

core reinsurance business from the legacy investments. Al Fajer

shareholders are now issued pro rata shareholding in Emirates Re.



Financial Year ended 31st March for Al Fajer Financial Year ended 31st December for Emirates Re

* 2014 was the first operating year for Emirates Re. Under the DFSA, the company has a new set of financials based on the new business model which included the wakala fees for

Shareholders’ funds in lieu of management of insurance portfolio. Also, the balance sheet was consolidated between the shareholders fund and the retakaful fund balance sheet. (The

figures reflect 13 months from 1 Dec 2013 to 31 Dec 2014).

Amounts in USD ‘000s





Performance Update:

For FY 2015, net interest income stood at USD 44.3mn, recording a decline of 4.2% over FY 2014. Even though the economy

witnessed financial instability, the bank managed to gain a net profit of USD 30.5mn. This was a decrease of around 16% from

FY 2014 net income, due to a decrease in provisions for bad debt of around USD 4mn and a slight decrease in interest income,

which was owed to a decrease in the amount of financing available. During the year, the industrial loans increased by 16% due

to an increase in the demand for loans in the wake of a slow but positive growth in the Kuwaiti industrial sector. IBK approved

the financing for 26 projects in sectors such as oil and gas extraction, food and beverage, paper manufacturing, printing and

publishing, with total commitments amounting to USD 190mn, as compared to USD 167mn for FY 2014.

The NPL to gross loan ratio decreased from 1.2% for FY 2013 to 1.09% to FY 2015. GMFA holds an insignificant minority

stake of 2.5%, which limits any meaningful engagement with management of the Company. For FY 2015, IBK’s Board

recommended the distribution of 30% of the share capital as a dividend. GMFA has received USD 500k of dividends.

Business Strategy:

By the end of 2015, the Bank completed its first strategic plan for the years (2015-2017), which focused on creating growth in its

major credit activities, expanding client base, and enhancing profitability while maintaining financial strength and soundness.

The Bank has adopted new systems to enhance the methods of evaluation and measurement of credit risk. It also emphasized the

promotion of its products through various marketing campaigns and field visits to industries, promoting the industrial loans

services and commercial credit facilities, in addition to the continuous follow-up on the industrial projects, aimed at boosting the

Bank’s development role. Fitch Ratings re-affirmed IBK’s Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook,

showing the solid positioning of the bank even though the overall economy has recently been volatile.


FY 2012 FY 2013 FY 2014 FY 2015 Change

Net Interest Income 55,059 49,975 46,261 44,316 -4.20%

Net Profit 29,954 32,170 36,669 30,541 -16.71%

Equity 749,965 789,163 778,831 750,859 -3.59%

Total Assets 2,376,497 2,319,271 2,277,075 2,052,590 -9.86%

ROE 3.99% 4.08% 4.71% 4.07%

ROA 1.26% 1.39% 1.61% 1.49%

Legal Entity Name Industrial Bank of Kuwait


Industry Development Finance Sector

Headquarters Kuwait

Company Description

An initiative of the Government of Kuwait for the purpose of

supporting industrial projects in Kuwait, providing medium and long-

term financing for the establishment, expansion, and modernization

of the industrial sector in Kuwait




http://www.ibkuwt.com/ibk/web/en





Performance Update:

The real estate market in Qatar has been positive over the past years and shows continuing improvement. The news of Qatar

hosting 2022 world cup has buoyed the overall investment sentiment in Qatar. First Qatar is one of the leading developers in

the prestigious Pearl Qatar (http://thepearlqatar.com) project and has commenced construction on January 14th, 2014, on the

Panorama Hilton Residence, as part of Phase 3 of the Qatar Pearl master-development project. It is expected that the Panorama

Hilton Residence will be completed within 3 years. First Qatar has sold two parcels in the Viva Bahriya section, and

developed and sold the La Riviera building in the Porto Arabia section of Pearl Qatar. The Company commenced construction

on January 14th, 2014, on the Panorama Hilton Residence, as part of Phase 3 of the Qatar Pearl master-development project. It

is expected that the Panorama Hilton Residence will be completed within 3 years.

First Qatar recorded a net profit of USD 4.3mn for FY 2015 vs USD 13.3mn for FY 2014. The drop in net profit is mainly due

to a one time recovery during 2014 of a disputed amount through an out of court settlement for USD 11.7mn. Also, during

2015, there was a one-time refund from a contractor through an out of court settlement for USD 4mn which helped improve

net profit. Rental income has dropped to a minimal amount as the Company has sold most of its yielding real estate assets.

Business Strategy:

As part of its business strategy, First Qatar aims to complete the development of Hilton Panorama at the Abraj Quartier

precinct of The Pearl-Qatar. The construction work of the Hilton Panorama Residence was officially launched in May of 2016.

First Qatar is also currently evaluating the best use of lands in Oman.



Net Rental Income 1,076 889 402 28 7 3- -144.73%

Net Profit -5,804 442 13,332 4,330 148- 1,405- 849.12%

Equity 170,220 173,009 174,786 177,975 175,147 177,490 1.34%

Total Assets 191,932 203,634 205,172 213,215 185,385 219,234 18.26%

ROE -3.41% 0.26% 7.63% 2.43% -0.34% -3.17%

ROA -3.02% 0.22% 6.50% 2.03% -0.32% -2.56%

Legal Entity Name First Qatar Real Estate Development Company

Initial Investment Date January 2012

Industry Real Estate

Headquarters Kuwait

Company Description Established in 2004 to invest and develop real estate projects,

especially in Qatar








Investment Update:

GMFA acquired a 42% equity stake in Durrat Al Sufouh (“DAS”), as a result of debt settlement agreement reached and signed

between Financial Assets Bahrain (GMFA subsidiary) and Abyaar Real Estate Development Company (“Abyaar”) in

December 2014. The underlying assets of Durrat Al Sufouh comprised of a residential apartment building in Dubai

Investment Park (“Al Reem Building”), with a basement, ground and six upper floors spanning over a built up area of 156,228

sq. ft. The property has a ground floor retail accommodation of 8,007 sq. ft., 100 residential apartments, a restaurant and

several retail units on the ground floor. The premise is currently fully leased to NMC Hospital staff. NMC Hospital is one of

the largest private healthcare providers in the UAE and has a branch in DIP, which started operations in July 2014.

The partners of the Company are currently seeking to sign a long term lease agreement with NMC Hospital which will in turn

enhance the exit prospects from the Company. The value of Al Reem Building is expected to boost, supported by anticipated

rise in the economic activity and increase in tenants in the Dubai Investment Park area due to its proximity from the Dubai

Expo 2020 site. Al Reem Building was initially valued by Cluttons prior to signing of the Debt Settlement Agreement and was

revalued by Cluttons as of 31 March 2016 at USD 7.43mn representing an increment of 9.5% over its prior valuation and

carried accordingly in GMFA’s accounts. The Investment Manager is targeting to exit its stake in the Company at an

appropriate price and if required also exercise the option to resell its stake back to Abyaar in 2017, in accordance with the

Debt Settlement Agreement. The course of action pertaining to the exercise of such option will be based on the indicative

value of its stake in the option year and on the overall UAE real estate market conditions.

Legal Entity Name Durrat Al Sufouh

Initial Investment Date December 2014 (In lieu of Wakala settlement)



Company Description Fully-leased residential building in Dubai Investment Park

Fund Ownership % 42%

Fair Value of Investment USD 7.43mn





Investment Update:

Olgana Tower is located within the district of Al Sufouh and Tecom master development plan and is adjacent to Media City

and Knowledge Village in Dubai, UAE. As part of the Debt Settlement Agreement signed in December 2014 between

GMFA’s subsidiary Financial Assets Bahrain and Abyaar Real Estate Development Co. (“Abyaar”), GMFA has received

ownership of 5 units in the Olgana Tower (“the Tower”). The Tower is located within the district of Al Sufouh and Tecom

master development plan and is adjacent to Media City and Knowledge Village in Dubai, UAE. Abyaar is currently

developing Olgana Tower at the Acacia Avenues – Dubai with 139 villas & apartments available at the 43-story tower. One,

two, three and four bedroom sky villas and apartments are available. A private community with luxurious facilities, Acacia

Avenues features a luxurious resident-only health club. The club is fully equipped with aerobic and cardio-vascular

equipment, swimming pools, tennis courts and play areas. A café and several nearby shops provide day-to-day amenities. The

pedestrian-friendly avenues are ideal for jogging and bicycle rides.

The expected completion date for Olgana Tower is end of 2017 and

the tower construction has reached 19th floor as of March 2016.

Abyaar has been able to secure fresh financing for the project from a

UAE bank which will help accelerate its completion. Abyaar has

recently delivered to its clients the adjacent Hiliana Tower which is a

28 story tower that is adjacent to the Olgana Tower. Abyaar will

now be fully focused on completing the construction of Olgana

Tower after having completed the Hiliana Tower. Abyaar has

transferred to GMFA 10 off plan units in February 2016 as per the

Debt Settlement Agreement. The units range between one, two, and

three bedrooms and the larger town house duplexes with areas

ranging from 947 sq.ft (one bedroom) to 5,837 sq.ft (town house

duplex).

Three additional units that are expected to be transferred before end of 2016. The units were initially valued by Cluttons prior

to signing the Debt Settlement Agreement., and were revalued by Cluttons as of 31 March 2016 and carried accordingly in

GMFA’s accounts. The units were classified as “assets held for sale” in the 31 March 2015 accounts, but due to the decline in

UAE real estate property prices and low liquidity in the off plan market ,the units are now classified as“ investments at fair

value”. The Investment Manager is targeting to exit the units if a suitable price is offered. As part of the Debt Settlement

Agreement, the Investment Manager also has the option to resell the units back to Abyaar during the period from April 2017

till 30 April 2018 and will decide on the course of action regarding the exercise of such option based on the indicative value of

the units during the option period and the overall UAE real estate market conditions.

Legal Entity Name Olgana Tower

Initial Investment Date (In lieu of Wakala settlement)



Company Description Residential building under construction in Al-Sufouh area in Dubai,

expected to be completed in 2Q 2017

Fund Ownership 5 Units

Fair Value of Investment USD 8.89mn

A Photo of Olgana Tower: (Right side)

A Photo of Olgana Tower: (Right side)





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