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infrastructure and significant opportunities in the downstream petrochemical arena. Buy-rated names with access to these themes include: Al Hammadi, Savola, Al Othaim, STC, Zain KSA and SABIC. Partial NTP success & MSCI inclusion could drive rerating The Saudi market trades on a 12m fwd P/E of c.13x, a
Page: HOUSE_OVERSIGHT_016111 →Pierce, Fenner & Smith Incorporated
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Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
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OrganizationBank of America Merrill Lynch Banco Multiplo S.A.
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OrganizationMerrill Lynch KSA Company
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