Doha Bank, Drake & Scull, Mobily are MENA top picks at BofA

Bank of America forecasts 17 percent loan growth next year for Doha Bank
Doha Bank, Drake & Scull, Mobily are MENA top picks at BofA
Bank of America forecasts 17 percent loan growth next year for Doha Bank. (Getty Images)
By Bloomberg
Thu 04 Nov 2010 04:41 PM

Doha Bank, Qatar’s third-biggest bank, Dubai-based Drake & Scull International and Saudi Arabia’s Etihad Etisalat Co were named top picks for growth next year in the Middle East and North Africa at Bank of America Merrill Lynch.

The UAE-based First Gulf Bank and Union National Bank as well as Oman-based Bank Muscat SAOG will benefit from QE2, the bank said in a report dated November 2.

QE2 refers to the second round of quantitative easing, or asset purchases, that the Federal Reserve announced yesterday.

Bank of America forecasts 17 percent loan growth next year for Doha Bank. Drake & Scull is “driven by rising construction revenues in Saudi Arabia and Qatar,” while Etihad Etisalat, also known as Mobily, benefits from “rising demand for wireless data and enterprise communication in Saudi Arabia,” the report said.

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