Arabtec Holding

Recommendations

Date	Research Firm	Action	From	To
24/09/08	Prime Securities			Buy
14/08/08	Beltone Financial			Buy
24/06/08	SHUAA Capital			Buy
09/04/08	TAIB Research	Maintain	Outperform	Outperform
29/02/08	BankMuscat			Buy
24/01/08	TAIB Research			Outperform

	2007	2008	2009
Buy	0	4	0
Outperform	0	2	0

Markaz - The Saudi Investment Bank Saudi Arabia - Markaz - 06 January 2009
Markaz - Gulf Cement Company Kuwait - Markaz - 05 January 2009
Global - Arabtec Holding Company: BUY UAE - Global Investment House - 30 December 2008
Global - Agility: BUY Kuwait - Global Investment House - 30 December 2008
Markaz - Qatar Fuel Company Qatar - Markaz - 24 December 2008
SHUAA Capital - Arabtec Holding: Q3 2008 Results UAE - SHUAA Capital - 24 October 2008
Prime - Arabtec Holding PJSC: STRONG BUY UAE - Prime Securities - 24 September 2008
Global - Technical Analysis: Gulf Finance House Kuwait - Global Investment House - 17 September 2008
Beltone - Arabtec Holding: BUY UAE - Beltone Financial - 14 August 2008
SHUAA Capital - Arabtec Holding: Q2 2008 Results UAE - SHUAA Capital - 30 July 2008
SICO - Nass Corporation: OVERWEIGHT Bahrain - SICO Research - 07 July 2008
SHUAA Capital - Arabtec Holding: BUY UAE - SHUAA Capital - 24 June 2008
SHUAA Capital - Arabtec Holding: POSITIVE outlook UAE - SHUAA Capital - 06 May 2008
TAIB - Arabtec Holding: OVERWEIGHT UAE - TAIB Research - 09 April 2008
BankMuscat - Arabtec Holding PJSC: BUY UAE - BankMuscat - 29 February 2008
TAIB - Arabtec Holding: First Reaction Report UAE - TAIB Research - 24 January 2008

Ras Al Khaimah Company for White Cement and Construction Materials	Maintain
Oman Cement Company	Maintain
Aerated Concrete Industries Company (ACICO)	Downgrade
Al Hassan Engineering Company	Maintain
Fujairah Cement Industries	Maintain