Emerging Markets

EMERGING MARKETS
AFRICA & THE MIDDLE EAST

A CUSHMAN & WAKEFIELD PUBLICATION
2011
INTRODUCTION
To aid our clients, we have undertaken an additional update

of the Emerging Markets report first published in 2006. This
report will review a number of countries across Africa & The
Middle East which are becoming established or beginning to
emerge as office destinations for multi-national companies.
Furthermore, recent events have highlighted the requirement
for up-to-date and relevant information.
Data and intelligence in these markets is often limited and
certainly can be fast changing. We hope that this review
provides a useful summary for those with an interest in the
market or a first step for those who have yet to consider its
potential.
Our international representation is designed to facilitate the
rapid flow of information across borders and is supported by
a comprehensive database of market information and regular
liaison meetings. This allows for the exchange of local market
knowledge and expertise, and for the co-ordination of strategy
for international investment and locational decision-making.
If you require any assistance regarding our capabilities in
Africa & The Middle East, please refer to Corporate Occupier
and Investor Services contact featured on page 36, who will be
happy to discuss how Cushman & Wakefield might help.
SUMMARY
TEN MOST EXPENSIVE LOCATIONS
COUNTRY SUMMARIES - AFRICA

The Peoples Democratic Republic of Algeria
The Republic of Angola
The Republic of Botswana
The Republic of Cameroon
The Republic of Cote dIvoire
Democratic Republic of The Congo
10
The Arab Republic of Egypt
11
The Republic of Ghana
12
The Republic of Kenya
13
Libya
14
The Kingdom of Morocco
15
The Federal Republic of Nigeria
16
The Republic of Senegal
17
Republic of South Africa
18
United Republic of Tanzania
19
Tunisian Republic
20
Republic of Uganda
21
Republic of Zambia
22
Republic of Zimbabwe
23
COUNTRY SUMMARIES - MIDDLE EAST

The Kingdom of Bahrain
24
The Hashemite Kingdom of Jordan
25
The State of Kuwait
26
The Lebanese Republic
27
The Sultanate of Oman
28
The State of Qatar
29
The Kingdom of Saudi Arabia
30
United Arab Emirates - Abu Dhabi
31
United Arab Emirates - Dubai
32
LEASE TERMS
33
TECHNICAL SPECIFICATION & CONTACTS
36
SUMMARY
Despite the turmoil witnessed in global markets over the past 3-4 years, the emerging markets of Africa and the Middle East
continue to offer opportunities of development and economic improvement. Nevertheless, progress is occurring slowly in many
countries, and business can still be difficult to undertake due to poor infrastructure, corruption and a lack of transparency.
However, during a United Nations (UN) conference in May 2011, the Secretary General Ban Ki Moon counteracted these concerns,
stating that the least developed nations of the world should not be seen as poor and weak but as the best reservoir of untouched
potential. Much of this potential continues to lie in the commodity sector, namely in the oil and extractive industries. At the same
time, through increased foreign investment other industries are experiencing rapid growth, ones which are anticipated to help propel
economic growth within the emerging markets.
In parts of North Africa and the Middle East, remarkable change is happening at a more rapid pace than anyone could have predicted,
and the results are both exciting and tragic at the same time. It was a desired improvement in economic prospects that initiated the
first demonstrations in southern Tunisia in early 2011, with people angered by rising food prices and unemployment. These protests
eventually culminated into a significant wave of political activism, resulting in some of the most dramatic changes in the region
since the end of colonialism over 50 years ago. The Arab Spring has touched all parts of the Arab world and has seen previously
autocratic regimes fall against the demands for democratic accountability, civic rights and a more equitable society. It will be quite
some time before the repercussions of these events will settle, and thus awareness and sensitivity are key for any company operating
in these markets.
Corporate reach and societal needs are, of course, not always the same, and the scale and speed of the revolutions in North Africa
and the Middle East will require multinational companies (MNCs) to be wary in how they assess and deal with new regimes. While
these upheavals bring great change and potential, they also bring an instability that was absent with prior governments. Risk factors,
such as political stability, are already crucial considerations for companies seeking to either invest in these markets or when they
already have existing facilities currently in operation. Indeed, these events will create a number of practical, and possibly ethical,
dilemmas for corporate occupiers to address. Many of the countries are currently attempting to establish new administrations,
and thus occupiers must remain pragmatic and be prepared to carry out a much more comprehensive due diligence analysis when
proposing investment opportunities. It is crucial for MNCs to adopt a flexible business plan and be sympathetic of local conditions
when operating within these markets. With a number of these countries socially and politically unstable, companies must be
prepared for situations that may change rapidly. Therefore, occupiers and operators must be able to alter their business models to
acknowledge that the traditional one size fits all approach is unlikely to be applicable in these markets. Flexibility and adaptability
are the key characteristics for companies that successfully operate within Africa and the Middle East.
Many MNCs are, of course, already operating and thriving within Africa and the Middle East, and this necessitates certain real estate
requirements for their businesses. Most office markets remain characterised by a lack of good quality supply, which has helped to
push rents upwards in a number of locations to be among the highest not just within Africa and the Middle East but also on a
global basis. More specifically, these most expensive locations within the region are in Angola and Nigeria, where demand has been
propelled by the traditional drivers of many African markets, namely, access to commodities. According to the World Bank, those 24
African countries whose revenues are primarily oil related have absorbed nearly three-quarters of all foreign direct investment over
the past 20 years, with that percentage continuing to grow over the past 2-3 years despite the economic slowdown.
Nevertheless, an increasing number of countries in Africa have witnessed tremendous growth within the service industries, such
as banking, telecommunications and information technology (IT), all of which are advancing significantly. For example, the IT sector
has almost doubled its foreign direct investment capital into Africa thus far in 2011 compared to the total figure seen in 2010.
Furthermore, in Nigeria the restructuring of the banking sector has brought in an influx of foreign direct investment and the banking
sector is now, with the exception of the oil sector, one of the largest receiving industries of international capital investment.
One of the most intractable barriers to investing in a large number of African countries is, as anticipated, the crippling lack of basic
infrastructure. However, the fact that many African nations are unable to afford large scale infrastructure projects has been seen
as an opportunity by the Chinese government in the aim of fostering closer ties with a number of African countries. In return for
building new roads, railways, hospitals, etc., Chinese companies are investing in Africas plentiful oil, gas and minerals sectors, with
the investment further benefitting the African domestic market. For example, in the Democratic Republic of the Congo, China is
building over 2,400 miles of roads and 2,000 miles of railways, as well as multiple hospitals and schools, all in return for 10 million
tonnes of copper and 400,000 tonnes of cobalt. This trend of Chinese investment into Africa is a fairly new phenomenon, and
consequentially, two-way trade between China and Africa increased in 2010 by over 45% from 2009s volume to reach almost
$115 billion. By comparison, trade figures between China and Africa amounted to just $1 billion in 1992, merely highlighting the
rapid growth in trade between the two regions.
Beyond Chinas influence in emerging markets investment, other countries have maintained their significant level of FDI flows.
The United States, France and the United Kingdom remain some of the top investors into the African markets, together
representing almost 33% of all foreign investment projects since 2008. However, in terms of capital investment, the UAE ranks as
the country bringing the most amount of foreign direct investment into Africa, revealing a shift in trade growth between emerging
SUMMARY
market nations, similar to the situation with China. Indeed, there has also been a rapid increase in FDI flows from the other BRIC
(Brazil, Russia, India and China) nations over the past 2-3 years. Additionally, domestic trade has been on the rise, particularly in
the case of South Africa, which has now joined the other BRIC countries to form the BRICS. South Africa in many ways serves as
the gateway between these countries and the African continent who, like China, are interested in Africas need for infrastructure
improvements in exchange for access to both the commodities and service industries that Africa offers. South Africa joining the
BRICS bloc has opened great opportunities for increased trade between other emerging markets of the world, such as Brazil and
Russia, and the developing African continent. Therefore, the development of South Africa as the primary hub to the wider African
continent will continue. Although it is not the same size from an economic standpoint as the other BRICS countries, it is one of the
more politically and economically stable countries on the African continent. Furthermore, South Africa offers institutional stability
and regulatory efficiency that should ensure the trend of companies using South Africa as a bridge to the rest of the continent will
continue.
In conclusion, many markets within Africa and the Middle East have experienced an even more turbulent time in recent years than
the world at large. As a result, corporates operating in these markets need to be acutely aware of the increased and/or changing
pattern of risk factors and act accordingly. At the same time, there exist many new opportunities for businesses in growing sectors,
such as banking, telecommunications and construction. Many of these countries will require increased investment to assist in their
redevelopment and recovery, and this will also present further opportunities for growth. Therefore, we should expect occupier and
investor demand within Africa and the Middle East to expand over the next few years. There will be locations where growth is more
apparent and where markets are more accessible or transparent, but the opportunities for the pragmatic and the patient are clearly
set to rise.
TEN MOST EXPENSIVE LOCATIONS
The most expensive locations within the Africa and the Middle East region are in the African countries of Angola and Nigeria.
Luanda, the capital city of Angola, is the most expensive market, with Lagos in Nigeria in second place. Due to the combination
of a severe lack of prime space and a strong and steady occupier demand, rents in Luanda have continued to rise over the year.
The economy of Angola is heavily reliant on the extractive industries and is one of the largest producers of rough diamonds in the
world, and a sustained occupier demand closely related to these industries has continued to drive rental levels up. As noted, Lagos
is the second most expensive location in the region, although rents here are less than half of those in Luanda. Here, it is demand
from oil companies coupled with the scarcity of prime space that has fuelled higher rents. The Nigerian economy has also witnessed
significant growth in both banking and telecommunications, and occupier demand from companies within these sectors has merely
exacerbated rental growth.
Conversely, the office markets in the United Arab Emirates are currently characterised by a large oversupply due to significant new
development along with the impact of the global economic slowdown and, consequently, less occupier demand. These markets have
recovered somewhat as a result of being increasingly recognised as the more stable business hubs in light of recent political upheaval
within the region. Indeed, despite rental levels in both Dubai and Abu Dhabi having fallen over the past year, both locations remain
among the most expensive in the wider Africa and Middle East region. Before the economic slowdown and the regional political
unrest, the UAE was already utilised by many companies as a gateway to the wider Middle East region. This trend is expected to
continue and grow as a result of the continued economic and political stability within the UAE.
Region
Country
City
(US$/sq.m/year) June 11
Angola
Luanda
2160.00
Nigeria
Lagos
1080.00
UAE
Dubai (DIFC)
820.56
Qatar
Doha
649.18
UAE
Abu Dhabi
612.58
Algeria
Algiers
480.00
Lebanon
Beirut
400.00
Ghana
Accra
360.00
Libya
Tripoli
360.00
10
Kuwait
Kuwait City
306.23
There often is a distinct polarisation between the quality and transparency of many of the office markets within Africa and the
Middle East. Most of the Middle East countries, as well as South Africa, have relatively transparent office markets with established
legislation, whereas some of the more emergent locations within Africa do not possess any discernable office markets. As a result, it
can be difficult to obtain space when companies decide to locate in these areas. The majority of these markets suffer from both
a limited amount of available supply in addition to a lack of developers able to respond quickly to changes in demand.
In order to operate in these markets, companies will have to undertake a more thorough due diligence procedure to confirm that
insurance, legislation and regulation matters are all as tight as possible. However, this may not guarantee that the property will
meet the minimum standards required by the occupying or investing company, and thus they need to consider the stability and
transparency of the country in which they are operating. For example, certain risks such as the respect, or lack thereof, of business
and private property laws remain some of the highest concerns for companies conducting business in those less transparent
markets. Furthermore, in some countries the states role can be significant; therefore, occupiers and investors need to be aware of
potential unplanned circumstances, such as a government default on payments, although this tends to be closely linked to overall
stable governance. However, an increasing number of locations throughout the region have introduced reforms to ensure that laws
are more clearly enforced, thereby enhancing credibility in terms of attracting inward investment.
These risk factors may be at the upper end of the scale for due diligence and more difficult to ascertain. On the other hand,
other aspects including whether foreign companies or individuals can legally own land or property also need to be clarified.
Additionally, administrative hold-ups and corruption levels can be difficult to ascertain, and thus the impact of these concerns on
a business could not be thoroughly assessed until they are already underway. It is imperative that companies operating across
Africa and the Middle East be aware that one size does not fit all, and understand that preparation and enacting a pragmatic
approach are key to maintaining successful operations in these regions.
THE PEOPLES DEMOCRATIC REPUBLIC OF ALGERIA

Office Market
The principal office areas in Algiers are Hydra, Pins
Maritime and Bab Ezzouar. With the centre of the
city suffering from a lack of space and significant
traffic congestion, higher quality space has emerged
in the more suburban locations of the city. Pins
Maritime, home to the completed Algeria Business
Centre, and Bab Ezzouar are located towards
the international airport, with Hydra located in
the southern part of the city centre. The Bab
Ezzouar submarket has developed more recently
as a prominent business centre, proving to have
higher quality of space and infrastructure as well
as a being at a close proximity to the airport.
Currently, several large developments with more expansive floor plates have been
in progress, with many buildings at or near to completion. With the large amount
of new construction particularly in the Hydra and Pins Maritime areas there
remains a high availability of office supply, and thus rental levels have eased down
over the last year.
Industrial Market
Key Facts
Time Difference (GMT)
+1
Population
35,000,000
Capital City
Algiers
Language (official)
Arabic
Currency
Algerian Dinar (DZD)
GDP ($) billion (2010)
159.43
GDP ($) per capita (2010)
4,495
Ease of Doing Business (2010)
136 of 183
Corruption Perception (2010)
105 of 178
History
Principal Industries - Petroleum, natural gas, light

industries, mining, food processing
Algeria was initially colonised by the French in 1830, ruling from 1848 to1962.
There was a long war of independence between 1954 and 1962 that claimed over
1.5 million lives. Algeria finally gained its independence from France in 1962.
Typical Rents
Offices:
Grade A US$480/sqm/year
Grade B US$240/sqm/year
Industrial:
High Bay Warehouse US$96/sqm/yr

Factory US$72/sqm/yr
Politics
Algeria is a Presidential Republic. The Head of State is President Abdelaziz
Bouteflika, and the Prime Minister is Ahmed Ouyahia. Presidential elections occur
every five years, with the next election due in 2014. Uprisings at the end of 2010
and start of 2011 have resulted in President Bouteflika promising further political
and constitutional reform.
GDP and CPI Growth (2006-2010) %

GDP (% real
change pa)
Consumer prices
(% change pa; av)
Economic Overview
7
6
5
4
3
3
2
1
1
2007
2008
2009
2010
CPI % Change
GDP % Change
2006
The main industrial market includes Oued Smar close to Algiers, as well as the
areas around the ports of Oran and Annaba to the east of the capital. Buildings
are generally older and of poor quality, and the majority of these premises are
large-scale refineries and warehouses. As a result, there is a notable lack of
modern high-bay industrial units. The market has witnessed a decline over recent
years, although the industrial sector particularly from the extractive industry
retains significant importance to the Algerian economy.
Algeria has historically maintained a strong reliance on hydrocarbon and oil

exports. GDP growth has been positive over the past few years, and the current
high price of oil should help to sustain further economic growth in the next year
or so. However, the government is aiming to lessen this industry dependence,
seeking to diversify the economy and stimulate further foreign and domestic
investment. Additionally, the government has begun to undertake large-scale
infrastructure projects, such as constructing new roads and improving railways.
Recently, however, Algeria has struggled to facilitate economic expansion, as
the slowdown within Europe and the recent protests of early 2011 have both
hampered financial services and delayed infrastructure development.
THE REPUBLIC OF ANGOLA

Office Market
The capital city, Luanda, is the major economic centre
of Angola, with the prime areas focused around the
Marginal and the developing Luanda Sul submarkets.
High profile oil and diamond industries in Angola
have resulted in an increasing number of international
companies locating to Luanda, particularly from
the banking and energy sectors. The Angolan office
market has been expanding for a number of years due
to a lack of high quality supply coupled with strong
demand, generally from the prominent extractive
industries. This has resulted in rental levels rising
significantly, making Angola the most expensive
office locations in Africa and also one of the most
expensive from a global perspective. However, substantial office development
and infrastructure improvements have followed the demand momentum, and this
could result in the rate of rental growth slowing over the longer term.
Industrial Market
The principal industrial areas of Angola are located close to the port of Luanda,
the international airport and a growing number of specific industrial zones. The oil
sector has witnessed significant recent growth, and it now dictates much of the
demand within the industrial market, resulting in many owner occupied premises.
However, the growing oil and diamond industry has seen demand for industrial
premises rise and as a result rental levels remain high.
History
Angola achieved independence from Portugal in 1975. Prior to this, Angola had
been a Portuguese colony for over 500 years, and the country had been
a significant source of slaves before slavery was abolished.
Key Facts
+1
Population
19,082,000
Capital City
Luanda
Language (official)
Portuguese
Currency
Kwanza (AOA)
84.39
4,423
163 of 183
168 of 178
Principal Industries - Petroleum and oil, diamonds, iron

ore, uranium, gold, cement
Politics
Typical Rents
Offices:
Grade A US$2,160/sqm/year
Grade B US$1,500/sqm/year
Industrial:
High Bay Whouse

US$180/sqm/year
Economic Overview
GDP (% real
change pa)
Consumer prices
(% change pa; av)
15
25
20
14
GDP % Change
Oil is the major constituent of the Angolan economy, and as a member of OPEC
since 2006, it accounts for more than half of the countrys GDP. Oil production is
expected to continue rising against a backdrop of increasingly high prices, and as
a result, strong economic growth is set to follow. Furthermore, Angola is also one
the largest producers of rough diamonds in the world. High prevailing commodity
prices have been extremely beneficial to the economic development of Angola,
and this is expected to continue for the foreseeable future, the extractive
industries will remain the primary drivers of Angolian economy. However,
corruption and inadequate legislation remain barriers to entry for long term
investment opportunities.
15
13
10
CPI % Change
Angola is a Presidential Republic. The President is Jose E. dos Santos, and the
Vice President is Fernando da Piedade Dias dos Santos. The frequency of
presidential elections is not fixed, and elections have been postponed since
September 2009; however, they are now expected to occur in 2012.
With the new constitution set in 2010, beginning in 2012 the President will now
be limited to serving only two five-year terms.
12
5
11
0
2006
2007
2008
2009
2010
THE REPUBLIC OF BOTSWANA

Office Market
The two main office markets in Botswana are
the capital Gaborone and, to a lesser extent,
Francistown. Current occupier demand comes
primarily from the public sector and a small amount
of international corporates. There is currently
significant activity within the office market in
Gaborone, with major development within the
CBD underway. Multiple large-scale projects such
as the Fairscape Precinct are expected to change
the Gaborone city landscape and substantially
increase the amount of available modern office
space.
The general supply of office stock ranges between various office grades; this is
most prevalent in the Gaborone city centre, where prime stock is surrounded
by lower-rise developments that have not been subjected to the same planning
restrictions. Although prime rental levels have increased over the past few years,
it is anticipated that the sheer scale of new development within Gaborone will
restrict any significant future rental growth.
Key Facts
Industrial Market
+2
Population
2,007,000
Capital City
Gaborone
Language (official)
English, Setswana
Currency
Pula (BWP)
14.86
7,403
52 of 183
33 of 178
The principal industrial areas of Botswana are located along the main railway
line, primarily in Broadhurst, Gaborone West and in Phase 4. With the increasing
development of the mining industry, demand for industrial premises is expected to
increase. Additionally, major infrastructure improvements, such as new roads and
expanded railways, will help to keep the industrial market active over the next few
years.
History
Principal Industries - Diamond mining, minerals,

agriculture, livestock, tourism, textiles
The area that is now Botswana was formerly known as the British Protectorate
of Bechuanaland. Upon gaining indepdence from the Commonwealth in 1966,
the name of country was changed to Botswana.
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$60/sqm/yr
Politics
Botswana is a Parliamentary Republic, whereby the President of Botswana is both
Head of State and Head of Government. The current President is Ian Khama.
Elections are every five years, with the next due in October 2014.
Economic Overview
14
12
10
-2
-4
-6
Consumer prices
(% change pa; av)
2006
2007
2008
2009
2010
CPI % Change
GDP % Change
GDP (% real
change pa)
The Botswanan economy is dominated by the mining and agriculture sectors.

The mining industry accumulates the majority of resource-based income, primarily
from diamonds and, to a lesser extent, copper. The agricultural sector, on the
other hand, provides the most employment for the populace. Economic growth
has been steady over the past few years, and Botswana is now established as
a middle-income country. Additionally, Botswana stands as one of the most
economically successful countries within Africa. The economic outlook anticipates
further positive growth as the mining sector continues to expand, potentially
through the enhanced development of copper and uranium.
THE REPUBLIC OF CAMEROON

Office Market
The office market in Cameroon is concentrated
in the two major cities of Douala and the capital
city Yaound. Due to its proximity to the port and
prominence with the oil industry, Douala is the
historically preferred commercial centre, although
the office market is less established. Conversely,
the capital Yaound is home to a large number of
embassies and is the administrative, governmental and
thus office hub within Cameroon. Most demand from
international occupiers is for the Quartier de Lac
submarket in Yaound. There are a number of ongoing
infrastructure and building developments which
should both bring more modern quality space onto
market as well as improve accessibility within the business areas.
Industrial Market
History
Cameroon first existed under the guise of the German protectorate Kamerun
in 1884. After the First World War, the country was divided, with France given
administration of Eastern Cameroon and the UK given that of Northern
and Southern Cameroons. In 1961, the UK-administered Cameroons held a
referendum on the future of their state. The North voted in favour of joining
Nigeria; Southern Cameroon chose to join the newly-independent previous
French colony of Eastern Cameroon, and together they formed the independent
Federal Republic of Cameroon. In 1972, the country finally became the United
Republic of Cameroon.
Politics
Cameroon is a Presidential Republic. The Head of state is President Paul Biya, and
the Prime Minister is Philmon Yang. The next presidential elections are due in
October 2011. Legislative elections occur every seven years, with the next election
due in 2012.
Key Facts
+1
Population
19,599,000
Capital City
Yaound
Language (official)
French, English
Currency
CFA Franc (XAF)
22.39
1,143
168 of 183
146 of 178
Principal Industries - Petroleum, aluminium production,

agriculture, food processing, textiles
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$54/sqm/year
Factory US$42/sqm/year
Economic Overview
5
3
GDP % Change
Cameroons economy has been dominated by primary commodities as a result

of its modest oil resources and favourable agricultural conditions. However,
following a governmental programme to diversify the economy, tourism has
emerged as a significant contributor. It is an economy that still has many concerns,
with stagnating per capita income, a relatively inequitable distribution of income,
a top-heavy civil service and an unfavourable climate for business enterprise. The
government has been involved with a number of reforms, supported by IMF and
World Bank programmes, to remedy some of these issues, including privatising
some public sector operations, fighting against corruption in preparation for
presidential elections and increasing efficiency in agriculture.
Consumer Prices
(% change pa; av)
GDP (% real
change pa)
CPI % Change
The primary industrial location in Cameroon is in Douala due to its coastal

access and proximity to the railway. Within Douala, the Bonabri province and the
areas around Douala port constitute the major industrial centres. Together, these
two industrial hubs are home to virtually all of the warehousing and industrial
activity within the country.
2
1
1
0
2006
2007
2008
2009
2010
THE REPUBLIC OF COTE DIVOIRE

Office Market
The major business location of Cte dIvoire is
the port city of Abidjan. Here, the primary office
submarket is the Plateau area, which also serves as
the principal centre for political administration and
banking.
However, many occupiers have increasingly
relocated their operations to other areas of
Abidjan, such as Zone 4 and Cocody. Furthermore,
demand levels have been low as a result of the
continued political instability that has blighted
Cte dIvoire for a number of years. There is a
limited amount of development activity underway
in the Plateau submarket, and this should help to slowly increase the provision of
prime stock within the city.
Industrial Market
The principal industrial areas of Cote dIvoire are around the port of Abidjan
in Treichville, the Koumassi district and the Yopougon area of the city. There is
currently a low supply of industrial space, with most industrial buildings defined
as small and largely owner-occupied manufacturing or processing premises.
Key Facts
Population
19,738,000
Capital City
Yamoussoukro
Language (official)
French
Currency
CFA Franc (XAF)
22.78
1,154
169 of 183
146 of 178
History
Cte dIvoire was originally part of the much larger French colony of West Africa.
The country finally gained independence from France in 1960, although it still
retains close links to its former colonial power.
Politics
Principal Industries - Agriculture, food stuffs, oil refining,

wood products, textiles
Cte dIvoire is a Presidential Republic. The Head of State since December 2010
is President Alassane Ouattara. The president is elected by popular vote for a five
year term with no term limits.
Typical Rents
Offices:
Grade A US$240/sqm/yr
Grade B US$120/sqm/yr
Industrial:
High Bay Whouse

US$48/sqm/month
Factory US$36/sqm/month
Economic Overview

GDP (% real
change pa)
Consumer prices
(% change pa; av)
6
2
1
1
2006
2007
2008
2009
2010
CPI % Change
GDP % Change
The economy of Cte dIvoire is highly dependent on cocoa and coffee, which
together represent approximately half of the countrys total GDP. It is also
a significant producer and exporter of palm oil. Due to this economic reliance on
agriculture, Cte dIvoires economy is highly sensitive to fluctuating international
prices. Indeed, the industry has suffered a number of impacts that have stopped
or slowed economic growth most recently the failure of power turbines in 2010
which, inevitably, caused power cuts and significantly slowed activity. Additionally,
social and political factors have held significant influence over the state of the
Cte dIvoire economy, in particular the high corruption levels within the
government, as well as subsequent political turmoil that occurred recently. Future
economic development is highly dependent on political stability, and with the
upheaval seen in the early part of the year, it is anticipated that the economy will
contract over 2011.
DEMOCRATIC REPUBLIC OF THE CONGO

Office Market
Kinshasa is the capital city and primary business
centre of the Democratic Republic of the Congo
(DRC). Within Kinshasa, the main commercial office
market is located in Boulevard du 30 Juin, while
the diplomatic, governmental and administrative
centre is focused in Gombe. Recently, other areas
have attracted occupier interest due to the lack of
available modern office space and poor infrastructure
quality within the traditional CBD. Despite improving
political stability, the presence of multinational
corporations remains low. Those who are present
mostly represent the growing telecommunications
and oil sectors. Prime space remains scarce within
Kinshasa, keeping rents high. However, there are a handful of schemes within
the pipeline that should satisfy demand levels for higher-quality space in the
immediate future.
Industrial Market
History
The Democratic Republic of the Congo was originally part of the much larger
Belgian Congo beginning in 1908. The country finally gained its independence
from Belgium in 1960, adopting the name of the Republic of the Congo. In 1965,
Joseph Mobutu seized power of the country, subsequently changing the name of
the country to Zaire. 1994 saw a large inflow of refugees enter the country from
nearby strife in Rwanda and Burundi. This influx, in addition to a civil war, led in
1997 to the toppling of the Mobutu regime. Zaire was consequentially renamed
the Democratic Republic of the Congo (DRC).
Politics
Key Facts
+1
Population
65,966,000
Capital City
Kinshasa
Language (official)
French
Currency
Congolese Franc (CDF)
13.15
199
175 of 183
164 of 178
Principal Industries - Mining, oil refining, mineral

processing, agriculture, cement, textiles
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$84/sqm/yr
The Democratic Republic of the Congo is a Republic. The Head of State is

President Joseph Kabila, and the Prime Minister is Adolphe Muzito. Elections are
determined by popular vote every five years, with the next due in November
2011.

GDP (% real
change pa)
Consumer prices
(% change pa; av)
14
Economic Overview
16
12
14
GDP % Change
The economy of the Democratic Republic of the Congo is slowly recovering

from decades of economic and industry decline. Most export income is sourced
from the mining sector, and therefore, the DRCs economy is highly correlated
with international prices. With the aid of the IMF, the DRC signed The Poverty
Reduction and Growth Facility in 2010, which has brought $12 billion in
multilateral debt relief. In addition, much needed infrastructure improvements
are underway, with most taking the form of public/private enterprises.
18
10
12
8
10
CPI % Change
The principal industrial areas in Kinshasa are Limete and Kingabwa. Both
industrial locations are serviced by the Route Des Poids Lourds, which is one of
the major roads leading to the airport. However, these locations suffer from an
underdeveloped infrastructure. Most of the industrial units are outdated, with
many considered obsolete. Currently, demand remains high for newer and more
modern stock, which has helped to keep rents elevated. Additionally, with little
land available, the development pipeline is largely restricted.
6
4
4
2
0
2
2006
2007
2008
2009
2010
10
THE ARAB REPUBLIC OF EGYPT

Office Market
The main office markets are located in the New
Cairo and Downtown submarkets of the capital
city, Cairo. More recently, the peripheral areas
of Smart Village in 6th October City, New Cairo
and Pyramid Heights to the west have gained
prominence as quality business districts. This is
largely due to the unrest seen in early 2011 in
Cairos city centre, as these areas offer better
security and a higher quality of office space. Over
the next year, a number of delayed development
projects are predicted to resume, which would
provide a significant increase of Grade A office
space to the limited supply. Leasing activity is
expected to improve over the next year as the market provides more certainty.
Industrial Market
The principal industrial areas are Sixth October City and Ramadan City. These
areas are very popular as they provide guaranteed power supply, accommodation,
accessibility and tax breaks for foreign and local companies. All of the units in
Sixth October City were built to meet stringent planning consents. There is a
low supply of high bay warehouses and a higher supply of factories. The industrial
market is beginning to decelerate, with industrial land costing significantly less
than other commercial property types.
Key Facts
+2
Population
81,121,000
Capital City
Cairo
Language (official)
Arabic
Currency
Egyptian Pound (EGP)
218.91
2,699
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98 of 178
History
The area where Egypt now stands was home to one of the great early civilisations.
Since that period, it has at various points been conquered by both the Arabs and
the Ottomans. In 1936, Egypt officially gained independence from the UK after
a relatively short period of colonial rule from 1882.
Principal Industries - Textiles, agriculture, tourism,

chemicals, pharmaceuticals, manufacturing, construction,
cement, metals
Politics
Egypt is a Republic, with an elected Head of State. However, following the
resignation of President Mubarak in February 2011, the Supreme Council of
the Armed Forces (SCAF) headed by Defence Minister Muhammad Hussein
Tantawi assumed control of the government. The Prime Minister as of March
2011 is Essam Abdel Aziz Sharaf, although a new cabinet has yet to be sworn in.
Parliament is currently dissolved; however, Presidential elections were announced
by the SCAF to take place within 6 months now delayed until November (2011).
Typical Rents
Offices:
Grade A US$ 600/sqm/year

Grade B US$ 240/sqm/year
Industrial:
High Bay Whouse

US$72/sqm/year
Economic Overview
Consumer prices
(% change pa; av)
GDP (% real
change pa)
20
18
16
14
5
12
10
8
6
2
4
1
0
11
2
2006
2007
2008
2009
2010
CPI % Change
GDP % Change
The major industries inherent to the Egyptian economy are agriculture

(predominantly in the Nile Valley), tourism and manufacturing. In recent years,
there has been large governmental expenditure on both economic reforms and
infrastructure improvements, in hopes to boost economic fundamentals.
However, the country remains highly dependent on imports, and therefore, the
Egyptian economy suffered greatly under the 2009 global recession. Recovery has
been slow but steady, yet Egypt remains behind its neighbouring countries in both
expansion and living standards. Furthermore, economic growth has slowed due
to the unrest over the past year, and therefore a stronger recovery is anticipated
dependent on a more stable, long-term political environment.
THE REPUBLIC OF GHANA

Office Market
Accra is the administrative and financial capital of
Ghana and, together with the surrounding area
of Greater Accra, it forms the major commercial
centre of the country. The High Street is Accras
traditional CBD, although the area is limited due to
a lack of high quality office space and severe traffic
congestion. Consequently, many companies have
moved further north to the Ridge area, particularly
along Independence Avenue. This has resulted in this
part of the city attracting the majority of new office
development.
However, with a growing office market and steady
demand, these areas that once had high space
availabilities are now beginning to reach full occupancy. Therefore, despite new
space under construction, prime rents have continued to rise.
Industrial Market
Ghana was created out of the larger British Gold Coast colony and, later, the
Trustee Territory of Togoland. The movement for independence grew momentum
after the Second World War, and finally in 1957, it became the first sub-Saharan
country to achieve its full independence.
Politics
Ghana is a Constitutional Presidential Republic and the current President is
John Evans Atta Mills. Presidential elections occur every four years, with the next
election due in 2012.
Economic Overview
As a result of Ghanas abundance of natural resources, the country has
approximately twice the GDP per capita output of some of the poorer countries
in West Africa. Agriculture and natural resources account for approximately
one-third of Ghanas GDP and employ half the population although the services
sector, most notably banking and construction, have developed radidly over the
last few years. Ghanas economic condition is generally reliant on a small number
of key exports within the agriculture/natural resources sectors, namely gold and
cocoa. However, in terms of activity and exports, the economy is expected to
diversify and grow over time due to the increase in oil production within Ghana,
particularly when the offshore Jubilee field begins operation.
Population
24,392,000
Capital City
Accra
Language (official)
English
Currency
Cedi (GHS)
31.31
1,283
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62 of 178
Principal Industries - Cocoa production, mining,

lumbering, light manufacturing, aluminium smelting,
cement, commercial ship building
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$60/sqm/yr

GDP (% real
change pa)
Consumer prices
(% change pa; av)
50
9
8
40
7
6
30
5
4
20
CPI % Change
History
Key Facts
GDP % Change
The principal industrial locations are the North and South Industrial Areas within
Accra. Additionally, there have been industrial developments of new, modern
stock along Spintex Road, which is near to both the port of Tema and the airport.
However, due to a lack of funding and poor city infrastructure, the construction
of new industrial space has been slow. Coupled with steady demand levels and
an advancing market, there is a growing gap between demand and the current low
supply of higher-quality space.
3
2
10
1
0
2006
2007
2008
2009
2010
12
THE REPUBLIC OF KENYA

Office Market
The major commercial centre of Kenya is the
capital city, Nairobi. The office market is relatively
mature, with defined sub-markets and a continuous
development of good-quality space. The traditional
CBD suffers from poor infrastructure levels and
a high crime rate. Consequently, other parts of
the city have emerged as office submarkets
such as the Westlands, Riverside ad Upper Hill
where more space and land are available at less
expensive rates than in the city centre. The steady
development pipeline of prime space has not
managed to keep pace with recent demand levels,
and as a result, rents have continued to climb. Most
new space is let soon after coming onto market. With demand levels expected to
remain steady over the next year or so, rents should remain under pressure.
Industrial Market
Industrial activity in Kenya is focused around the three principal areas of Nairobi,
Mombasa and Kisumu. Within Nairobi specifically, the industrial market is widely
distributed around the city, where the majority of space are owner occupied. The
main warehousing location is adjacent to the international airport, although there
are a number of older-style warehouses alongside the main railway line through
Nairobi. Additionally, there have been some significant developments along the
Mombasa Road, which links Nairobi with Mombasa and also the port.
Key Facts
+3
Population
40,513,000
Capital City
Nairobi
Language (official)
English, Kishwahili
Currency
Kenyan Shilling (KES)
31.41
775
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History
Principal Industries - Tourism, agriculture, forestry, fishing,

financial services
In 1895, Kenya became a British Protectorate and, in 1920, a colony of the UK.
After the Second World War, the initial movement towards independence was
instigated, but in 1952, the Mau Mau rebellion forced a state of emergency, which
was eventually lifted in 1960. In 1963, Kenya achieved independence.
Politics
Typical Rents
Offices:
Kenya is a Presidential Republic. The President is Emilio Mwai Kibaki. Presidential

elections occur every four years, with the next election due in 2012.
Industrial:
High Bay Whouse

US$48/sqm/year
Economic Overview

Consumer prices
(% change pa; av)
GDP (% real
change pa)
20
8
7
12
5
4
3
4
2
1
13
0
2006
2007
2008
2009
2010
CPI % Change
GDP % Change
16
6
The Kenyan economy has recovered from the initial global economic slowdown
and has witnessed a rise in GDP growth last year. The economy remains dominated
by agriculture and tourism, although growth in the service sector particularly
in banking and telecommunications has been more noticeable over the past
year. Inflation will remain the primary concern within the economy, as food prices
may rise further if agricultural output declines. In the longer term, much needed
infrastructural improvements, as well as the continuing famine in the north, may
prove to be major concerns if solutions are not devised relatively quickly.
LIBYA* (see page 36)

Office Market
Most of the existing high-quality office buildings are
clustered to the west of the Medina and the centre
of Tripoli, as well as in the more residential Gargaresh
district. High demand is largely derived from the oil
sector, which has instigated the building of Energy
City a mixed-use commercial centre specifically
for energy companies on the outskirts of Tripoli.
Regarding office developments, the Al-Tadamom Twin
Towers was completed in 2010, adding over 50,000
sq.m of office space to the market. It is the fourth
major office high-rise in Tripoli, joining the
Al Fateh Tower, Corinthia and Five Towers.
Additionally, the Burj Al Baher tower complex and
Tower 69 are ongoing projects due for completion throughout the next few years.
However, the recent unrest in Libya has brought many development projects to a
momentary halt.
Industrial Market
Key Facts
+2
Population
6,355,000
Capital City
Tripoli
Language (official)
Arabic
History
Currency
Libyan Dinar (LYD)
GDP ($) billion (2010) est.
79.21
The Ottoman Turks conquered what is now Libya until Italy invaded in 1911.
Italy was then defeated in the Second World War, and Libya was then passed to
UN administration. The country finally achieved independence in 1951.
GDP ($) per capita (2010) est.
12,100
Unlisted
146 of 178
Politics
At the time of writing, the Libyan government is in a state of interim
administration. A series of protests against the government that began in
June 2011 have lead to the overthrow of the previous Head of State, Colonel
Muammar al-Qadhafi. The rebel force called the National Transitional Council
(NTC) has stepped in as an interim authority. As of the end of August 2011,
Mustafa Abdel Jalil has been appointed as chair of the NTC. Although the conflict
has largely come to an end, pro-Gaddafi forces still pose a threat, and the NTC
continue to aim to achieve further support from the Libyan people.
Principal Industries Oil and gas production, metals,

food processing, textiles, cement
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$60/sqm/year
Economic Overview
GDP % Change
The oil sector continues to be the largest economic industry for Libya, and the
economy depends primarily upon its revenue. Indeed, high profits from energy
exports, coupled with a small population, have resulted in one of the richest per
capita GDPs in Africa. The non-oil industries account for more than 20% of GDP,
having expanded from strictly agricultural processing to include the production
of petrochemicals, iron, steel, and aluminium. Concerning foreign investment, the
current political upheaval has brought many international companies to withdraw
their presence from Libya. The economic outlook for Libya relies heavily on the
country reaching political and economic stability, which would reinstate business
confidence and fuel further FDI growth.
GDP (% real
change pa)
Consumer prices
(% change pa; av)
14
12
10
-1
2006
2007
2008
2009
2010
CPI % Change
Libyas primary industrial centre is in Tripoli, particularly focused within the areas
surrounding the port and airport. Nevertheless, the industrial market is relatively
small, with the majority of activity deriving from the oil sector. There has been
a recent push towards industry diversification, and this should help to expand the
industrial market in the near future.
14
THE KINGDOM OF MOROCCO

Office Market
The two main office markets in Morocco are
the cities of Casablanca and Rabat. Casablanca is
Moroccos prominent commercial centre, where
the Sidi Maarouf and Downtown areas are the
major office submarkets. Traditionally, strong market
development has been restricted by a lack of
reliable public transport and car parking. However,
two new significant schemes are underway at
the Casablanca Marina, with delivery expected in
2012-2013 at the earliest. The Anfa Place mixeduse project will deliver two buildings of around
16,000 sq.m of prime space in total. Nevertheless,
with the recent economic slowdown and regional
political unrest, demand has fallen, although this should increase as the political
environment stabilises. Rabat is the capital city and the administrative centre
of the country, with the principal office submarkets being the city centre and
Hay Riad. Rabat is a smaller office market than Casablanca, with demand largely
originating from public administration and central government operations.
Key Facts
Industrial Market
Population
32,951,000
Capital City
Rabat
Language (official)
Arabic
Currency
Moroccan Dirham (MAD)
91.20
2,808
114 of 183
85 of 178
History
Principal Industries - Phosphate, mining and processing,

textiles, construction, tourism, food processing
Morocco has largely been an independent state for much of its existence. It was
occupied by the Spanish from 1860, and between 1912 and 1956 the country was
divided into French and Spanish zones. Morocco achieved its independence from
France in 1956 as well as claiming the Spanish zone. Although Morocco annexed
Western Sahara in 1975, Morocco still holds the area, which has now become a
major issue in domestic politics.
Typical Rents
Offices:
(Casablanca)
Industrial:
(Casablanca)
High Bay Whouse

US$60/sqm/yr
Factory US$48sqm/yr
Politics
Morocco has a Constitutional Monarchy. The Head of State is King Mohammed VI,
and the Prime Minister is Abbas El Fasi. Legislative elections occur every 5 years,
with the next election due in 2012, although it may be moved to late 2011 following
a referendum on the new constitution that occurred in July 2011.

Consumer prices
(% change pa; av)
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
15
0.0
2006
2007
2008
2009
2010
Economic Overview
CPI % Change
GDP % Change
GDP (% real
change pa)
Casablanca is the principal industrial area in Morocco, particularly in the Ain Sebaa
district. The main port in Morocco will be the new Tangiers-Med that initially came
into operation in 2007 and is now anticipated to be completed in 2012, offering
considerable container facilities. The industrial market has held up over the last
year despite the economic slowdown, with the market characterised by smaller,
owner-occupied buildings. Nevertheless, the new scheme in Tangiers-Med should
see larger-scale warehousing and logistics facilities appear when development is
complete.
Moroccos economy is embedded in the phosphate industry, which has long

provided a significant source of earnings, as well as the agricultural sector, which
remains crucial for job creation. The government has taken measures to diversify
the economy away from commodity reliance, promoting other services and
industries, such as tourism. Looking forward, GDP growth is expected for next
year as an increase in infrastructure and housing investment should help to boost
performance.
THE FEDERAL REPUBLIC OF NIGERIA

Office Market
Lagos is the primary office market and business
centre in Nigeria, with offices being concentrated
around Lagos Island, which is the hub for commercial
activity within the city. Congestion is a significant
problem in Lagos, and high traffic levels have
encouraged the development of alternative business
areas beyond the CBD. The most important of these
are Victoria Island, Ikoyi and Lekki, of which Victoria
Island is where the majority of conglomerates have
their offices.
There is currently a low supply of both Grade A and
B office space, which has been driving the recent
growth in rental values. However, the market is predicted to ease and over the
next 12 months, due to the weakening global economy. The office quality across
Lagos remains poor although there are a small number of higher specification
premises to be found in Victoria Island. In addition, utilities can be unreliable and
many buildings suffer from frequent electricity shortages, it is therefore important
to seek premises with adequate back-up generators.
The principal industrial areas within Lagos are Agbara, Apapa, Ikeja and Ikorodu. The
industrial units are typically of adequate quality although utilities are unreliable and
can pose problems for larger operators if the property does not have its own
back-up supply. Demand has started to rise in the periphery of the city, to
submarkets such as Ikorodu. The market forecast to remain stable over the
next year as demand levels, although rising, should not push up rental levels too
significantly.
History
Nigeria was formed in 1914 and was a British colony until independence in 1960.
It became a republic in 1963, but its post colonial existence has been blighted
by civil war, coups and military takeovers. Since 1999 civilian rule has been in
operation.
Politics
Key Facts
+1
Population
160,342,000
Capital City
Abuja
Language (official)
English
Currency
Naira (NGN)
193.67
1,222
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Principal Industries - Crude oil, agricultural products,

chemicals, construction materials
Typical Rents
Offices:
(Lagos)
Industrial:
(Lagos)
High Bay Whouse

US$96/sqm/yr
Nigeria is a Presidential Federal Republic. The Head of State is President Umaru

MusaYarAdua. Presidential elections occur every four years, with the next
election due in 2011.
GDP % Change
Nigeria relies heavily on natural resources, with oil and gas significant constituents
of the economy. It is the 11th largest producer of oil in the world, which accounts
for 95% of exports by value as at 2008. One of the major challenges for the
current Government and the economy is bringing stability to the turbulent
Niger Delta region.
Consumer prices
(% change pa; av)
GDP (% real
change pa)
Economic Overview
15
20
12
16
12
CPI % Change
Industrial Market
0
2006
2007
2008
2009
2010
16
THE REPUBLIC OF SENEGAL

Office Market
The principal commercial centre in Senegal is in
the capital city Dakar, where the CBD is located
in the downtown area of Plateau to the south
of the peninsular. This area particularly in the
northern corridor along the Boulevard de Gnral
de Gaulle is the hub for major financial businesses
and large local companies, as well as most of the
administrative operations. Recently, a number of
corporate occupiers have been taking offices in
the north of the peninsular in areas such as Les
Almadies and Ngor. On the development side, a
few larger schemes are soon to reach completion,
which will help to maintain the strong occupier
demand for Grade A office space. With demand steady and a relatively active
market, this new high-quality office space should also help to keep office rents
stable.
Industrial Market
The principal industrial locations are the Route de Rufisque to the south of the
peninsula as well as the areas around the port and along the railway line that
forms part of the Dakar-to-Niger railway. The industrial units tend to be small,
low-quality premises with few modern warehouses available. The traditional focus
of the industrial market has been manufacturing. However, Dakar is gradually
losing its prominence as a manufacturing location, which has affected the amount
of international industrial investment within Senegal.
Key Facts
Population
12,434,000
Capital City
Dakar
Language (official)
French
Currency
CFA Franc (XAF)
12.95
1,042
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History
The area that is now Senegal was first colonised by the French in the 1840s to
become what was known as French West Africa. As with most former colonies at
the time, the country finally gained its independence in 1960 and became what is
now Senegal.
Principal Industries - Agricultural and fish processing,

petroleum refining, phosphate mining, construction
materials
Politics
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$548sqm/yr
Senegal is a Republic with an elected National Assembly. The President is

Abdoulaye Wade, and the Prime Minister is Soulayemane Ndene Ndiaye.
Elections are held every five years with the next one due in 2012.
Economic Overview
GDP (% real
change pa)
Consumer prices
(% change pa; av)
7
6
5
3
3
2
1
0
1
-1
-2
0
2006
17
2007
2008
2009
2010
CPI % Change
GDP % Change
Senegals economy is primarily export-based and reliant on agriculture, phosphate

mining and commercial fishing industries. Assisted by a number of external donors,
government strategies are now concentrated on improving infrastructure, one of
the main steps in improving business and economy. Senegal is a member of the
West African Economic and Monetary Union (WAEMU) and has also benefited
from the Heavily Indebted Poor Countries (HIPC) Programme, which has helped
to cancel two thirds of the countrys debt. With government investment and
industrial output rising, the outlook for the economy is encouraging, and GDP
growth is expected to move up over the next 12 months.
REPUBLIC OF SOUTH AFRICA

Office Market
South Africa has the most developed property market
on the continent. Although Pretoria is the capital,
demand is highest from corporates in the principal
commercial centre, Johannesburg. Other prominent
office submarkets include Sandton, La Lucia Ridge in
Kwa Zulu Natal and Century City in the Western
Cape. However, vacancy has risen since the start of
2011 and is expected to continue upwards for the
remainder of the year. Despite this, it is anticipated
that towards the latter half of 2012, the first signs of
stabilisation may occur. In the long-term, the market
should show a decreasing vacancy pattern as the net
effect of falling speculative development is reflected,
which could, again, lead to a shortage of good quality office supply. The more
centrally located submarkets should experience further growth, while other more
decentralised office locations should see a sluggish market for a longer period of
time.
Industrial Market
Key Facts
The principal industrial locations in South Africa are Pretoria, Johannesburg,

Cape Town and Durban. In the remainder of 2011, the industrial sector is likely
to be far more resilient than others, with new stock coming to market quickly
and a higher availability of zoned and serviced land. Vacancy has stabilised and
is anticipated to decline by the end of the year. Investor demand lies with the
industrial sector as the market offers the security of longer leases with a generally
lower-cost investment not entirely seen in other markets. In addition, leases for
industrial properties place the accountability of additional costs in the hands of
the tenant rather than the landlord, and this often mitigates the landlords risk of
increased investment costs.
+2
Population
49,991,300
History
Principal Industries - Mining, automobile assembly,

manufacturing, metalworking, financial services
Formerly a British Dominion, South Africa became a Republic in 1961. The

country established a system of apartheid that increasingly divided society and
government by race. Global pressure, with South Africa considered and treated as
a pariah state, finally yielded the end of the apartheid system. The first non-racial
elections were held in 1994.
Capital City
Pretoria
Language (official)
11 including English
Currency
Rand (ZAR)
363.70
7,275
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54 of 178
Typical Rents
Offices:
Grade B N/A
Industrial:
High Bay Whouse

US$97/sqm/yr
Factory N/A
Politics
South Africa is a Parliamentary Republic. The Head of State and President is Jacob
Zuma. Elections occur every 5 years, with the next election due in 2014.
Economic Overview
Consumer prices
(% change pa; av)
GDP (% real
change pa)
12
5
10
8
3
6
CPI % Change
4
GDP % Change
South Africa is a middle-income emerging market with an abundant supply of

natural resources and well-developed financial, legal, transport and energy sectors.
Its economy benefited dramatically from hosting the FIFA World Cup in 2010.
Such events have helped South Africa recover from the financial crisis, in which
GDP growth had dropped sharply. Current economic issues revolve around the
continued high unemployment rate and a notably outdated infrastructure. The
economic outlook is for a slow and steady recovery, with GDP growth anticipated
to improve further in 2011 and 2012 as business confidence rises.
1
4
0
2
-1
-2
0
2006
2007
2008
2009
2010
18
UNITED REPUBLIC OF TANZANIA

Office Market
Dar-es-Salaam is the primary city for business and
commercial activity within Tanzania. The principal
office submarkets are the CBD and the Gardens area,
which is located immediately to the east of the city
centre.
Demand has remained strong in Dar-es-Salaam due
to increased urbanisation and a small number of key
high-rise developments that are currently underway.
However, no completions are expected until the end
of the 2011 at the earliest. With prime vacancy low,
high quality space remains scarce. This is expected to
keep the pressure on prime rents, especially if any of
the proposed schemes are postponed or cancelled.
Industrial Market
The industrial market is concentrated around Dar-es-Salaam, which has retained
steady occupier demand. The sector is largely dominated by owner-occupied units
distributed throughout the city. In particular, the port area is the main focus for
the warehousing market.
Key Facts
+3
Population
44,841,200
Capital City
Dodoma
Language (official)
Kiswahili, English
Currency
Tanzanian Shilling (TZS)
23.06
527
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History
Tanzania is comprised of the former German Protectorate of Tanganyika and the
UK Protectorate of Zanzibar. In April 1964 the union of Zanzibar and Tanganyika
took place with the two regions merging to form Tanzania. The country officially
gained its independence away from the UK and Germany, respectively, throughout
the following few years.
Principal Industries Agricultural processing,

manufacturing, diamond, gold and iron mining
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$60sqm/yr
Politics
Tanzania is a Republic. The Head of State is President Jakaya Mrisho Kikwete, and
the Prime Minister is Mizengo Pinda. Elections occur every five years, with the
next election due in 2015.
Economic Overview

GDP (% real
change pa)
Consumer prices
(% change pa; av)
14
12
10
5
8
4
6
3
4
19
2007
2008
2009
2010
CPI % Change
GDP % Change
2006
In terms of industrial development, the Millennium Business Park is the most

prominent scheme over recent years. However, there have been a number of
previously obsolete units that recently underwent refurbishments, and this has
increased the limited supply of more modern, well equipped stock.
Tanzania remains one of Africas poorest countries. However, economic growth

has been encouraging over the past year, largely due to the rise in the value of
gold exports, which has resulted in increased production levels. Furthermore,
infrastructure levels are improving, mainly due to the funding from external
donors, and this initiative has also given the construction sector a crucial boost.
The outlook for economic growth is optimistic, while at the same time there
remains concerns regarding inflation, especially if the domestic harvest yields poor
results and food prices are pushed up further.
TUNISIAN REPUBLIC
Office Market
The Tunisian office market consists of four principal
areas: Berges du Lac, Centre Urbain Nord, Avenue
Mohamed and Belvedere. Tunisia has been one of
the most attractive business locations in the region
but is now recovering following the recent political
upheaval. Les Berges du Lac has tended to be the
preferred location for international corporates as
well as many embassies. Although the recent political
unrest pushed rental levels down, currently, rents are
rising on the back of a rising demand against a lack
of supply. In terms of development, the new financial
centre situated at Raoued Nord is nearer to reaching
completion, and will increase the amount of available
prime space within Tunis. Additionally, new Grade A construction around the
Lac de Tunis has made the area a notable business district outside the city centre.
Industrial Market
The principal industrial area of Tunis is located around the airport at
Charguia I and II, although interest has begun moving to other industrial locations
around the city. Submarkets on the periphery of the city, including Ksaq Said,
Manouba and Ben Arous, are sought after due to their cost efficiency and
improving infrastructure.
Key Facts
+1
Population
10,549,100
Capital City
Tunis
History
Language (official)
Arabic, French
Currency
Tunisian Dinar (TND)
Tunisia was a French protectorate from 1881 to 1956. In 1956, Tunisia was granted
independence as a constitutional monarchy, although it became a Republic just
one year later. More recently, Tunisia was the first country in the region to witness
the protests that began in late 2010. These protests served as the catalyst for the
significant political upheaval the Arab Spring, which has resulted in a dramatic
change in the political landscape across North Africa and the Middle East.
44.29
4,199
55 of 183
59 of 178
Principal Industries Petroleum, mining, tourism, textiles,

food/beverages
Politics
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$48sqm/yr
Economic Overview
GDP % Change
Tunisia has a diverse economy, with prominent agricultural, mining, tourism, and
manufacturing sectors. With the global economic downturn, GDP growth declined
as a result of slowing import demand from Europe - Tunisias largest export
market. The country will need to reach even higher growth levels to create
sufficient employment opportunities for an already large number of unemployed
as well as the growing population of university graduates. There are hopes that
developments in manufacturing, and strong growth in the services sector will help
ease any downward pressure on the economy from the slowing export sector.
GDP (% real
change pa)
Consumer prices
(% change pa; av)
5
4
4
3
3
CPI % Change
Tunisia is a Republic. Following the political upheaval, the previous president

Zine el Abidine Ben Ali fled the country. Therefore, an interim government has
been in place since January 2011, lead under President Fouad Mbazaa and the
Prime Minister Beji Caid Essebsi. Elections are to be every five years, although
with the current political situation, the next ones are anticipated to occur before
2014.
2
2
1
0
2006
2007
2008
2009
2010
20
REPUBLIC OF UGANDA
Office Market
Kampala is the capital city and commercial centre of
Uganda. The main office areas are the CBD, Kololo
and Nakasaru submarkets. The beginning of 2010
saw a large speculative pipeline, and by the end of the
year many of the schemes were completed despite
the recent economic slowdown. Consequently, this
has significantly increased the amount of Grade A
space on the market. Traditionally, demand for prime
space has originated from the financial services and
telecoms sectors. However, with the recent economic
slowdown, demand from these sectors has eased with
many companies seeking to consolidate their office
space or move to less expensive premises. This could
result in a rents facing increasing downward pressure over the turn of the year.
Industrial Market
The principal industrial centre is in Kampala. Most development is undertaken
for owner occupation intention, with any excess space typically sublet. Industrial
units are typically of low quality, and while there is a large availability of older
and obsolete factory space, modern and high-quality warehouse units are in
short supply. Rising demand is merely exacerbating the current demand/supply
imbalance, although further developments in the Kampala Industrial and Business
Park (KIBP) should help to improve market stability.
Key Facts
+3
Population
35,425,000
Capital City
Kampala
Language (official)
English
Currency
Ugandan Shilling (UGX)
17.01
509
122 of 183
127 of 178
The area that is now known as Uganda evolved from a region previously called
Buganda. Buganda was ruled by the British and later expanded to include other
areas in the region. Uganda gained its independence in 1962, but since this time,
the country has suffered dictatorships, coups and military occupation. The conflict
between the government and rebel forces finally resolved due to the truce signed
in 2009 and the US sponsored Northern Uganda Recovery Act, initiated in 2010.
Principal Industries Agriculture (coffee, fish, tobacco),

cotton textiles, mining, manufacturing
Politics
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$72sqm/yr
History
Uganda is a Democratic Republic. The Head of State is President Yoweri Museveni.

The Prime Minister is Amama Mbabazi. Elections are held every five years, with the
next elections due in 2016.
Economic Overview
Consumer prices
(% change pa; av)
GDP (% real
change pa)
16
12
14
12
8
10
8
6
4
4
2
2
0
0
2006
21
2007
2008
2009
2010
CPI % Change
GDP % Change
10
The economy has remained largely stable over the past year or so despite the
recent global economic slowdown. Agriculture remains the most important sector
within Uganda in terms of employment but also accounts for a declining proportion
of GDP. As a result, the government is keen to diversify the economy with
improvements in infrastructure as defined in the National Development Plan, which
covers the period from 2010 to 2015. Furthermore, the development of the energy
sector is underway with the opening of the countrys first oil well, developed in the
Lake Albert part of the country. Therefore, the outlook for the Ugandan economy
anticipates continued and steady growth, although rising inflation may be a concern,
particularly concerning food costs if production is affected by adverse weather.
REPUBLIC OF ZAMBIA
Office Market
The main office market in Zambia is located in the
capital city, Lusaka. The market itself is fairly established,
although much of the current office stock is of lower
quality. The most popular areas for new offices are
between the Great East Road and the Mass Media
area, up to Longacres. Occupier demand is for Grade
A, modern and flexible space. As high-quality stock
is limited within the CBD and demand remains high,
rents for prime space have increased substantially over
the past two years. Supply levels are set to remain
low as, despite recent international investment and
development, there is a notable lack of land adequate
for developing Grade A offices. Consequently, with
supply expected to remain low and demand for good quality offices to outstrip
supply, prime rents are expected to increase over the next 12 months.
Industrial Market
History
The area that makes up Zambia today was largely free from colonial rule until
1911, when the establishment of Northern Rhodesia saw the area fall under
the control of the UK. In 1953 an attempt was made to join both Northern and
Southern Rhodesia along with Nyasaland to form the Federation of Rhodesia
and Nyasaland. However, this was to only last 10 years until the collapse of the
Federation in 1963. Consequently, Northern Rhodesia achieved independence
the following year as the newly formed Zambia.
Politics
Key Facts
Population
12,926,000
Capital City
Lusaka
Language (official)
English
Currency
Zambian Kwacha (ZMK)
16.19
1,253
76 of 183
101 of 178
Principal Industries Copper mining & processing,

construction, agriculture, wholesale & retail trade,
chemicals, textiles
Typical Rents
Offices:
Industrial:
High Bay Whouse

US$60/sqm/ yr
Zambia is a Presidential Representative Republic. The Head of State is President

Rupiah Banda. Presidential elections occur every five years, with the next elections
due in October 2011.
Economic Overview
Consumer prices
(% change pa; av)
GDP (% real
change pa)
GDP % Change
Zambia relies heavily on copper mining, although the agriculture, construction

and tourism sectors are becoming increasingly important. The country has
experienced strong economic growth due to high copper prices, privatisation
and increased foreign investment. Additionally, Zambias economy has benefited
through the Heavily Indebted Poor Countries (HIPC) Programme. Zambias
monetary policy is concerned with maintaining sustainable, single-digit inflation
whist retaining the liquidity of capital required for investment in the country.
Furthermore, business reforms are being pursued by the government to
encourage priavte sector development. Partnerships have been fostered with
the growing markets of China and India.
+2
16
14
12
10
CPI % Change
The principal industrial area is the Industrial Node in Lusaka, although new
schemes with improved infrastructure and accessibility are underway in an
effort to facilitate new industrial hubs within Zambia. Furthermore, demand for
industrial units is increasing due to a high manufacturing output. This coupled
with limited speculative development and an already low level of quality units,
means that supply is struggling to meet the strong demand. This is further spurring
occupiers to seek new industrial locations with available land to build suitable
quality units.
0
2006
2007
2008
2009
2010
22
REPUBLIC OF ZIMBABWE
Office Market
The principal office market in Zimbabwe is in the
capital, Harare. The market is well established, with
current office stock ranging between Grades A, B and
C. Demand for office space has continued to decline
over the past years or so as with Zimbabwes
fluctuating currency amidst the recent economic
crisis businesses have scaled down their operations.
Occupiers have begun seeking units away from
the CBD for increased cost efficiency measures.
Investment activity and speculative development
in Zimbabwe are both minimal due to the
hyperinflationary and limiting credit conditions of the
last few years. However, hyperinflation now appears
to have ended as a result of the new legislation on foreign currencies, which has
seen prime rental values rise significantly.
Industrial Market
Key Facts
+2
Population
12,571,000
Capital City
Harare
Language (official)
English
Currency
Zimbabwe Dollar (ZWD)
GDP ($) billion
7.47
595
157 of 183
134 of 178
Principal Industries Mining, steel, chemicals, agriculture
In previous years, the industrial sector witnessed sharp rises in vacancy rates
due to multiple business closures. Currently, with very limited industrial growth
expected and a continued lack of domestic industrial business, market conditions
are anticipated to remain largely the same. Most of the high vacancy in the market
is with large industrial units.
History
The UK annexed Southern Rhodesia from the South African Company in 1923.
With the aid of UN sanctions and a guerrilla uprising, the country finally instilled
free elections in 1979, leading to the countrys full independence as Zimbabwe
in 1980. Robert Mugabe became the first Zimbabwean Prime Minister and
dominated the countrys political system since independence, which brought him
to the role of President in 1987.
Politics
Typical Rents
Offices:
Industrial:
High Bay Whouse/Factory

US$60/sqm/yr
Zimbabwe is a Republic. The Head of State is Robert Mugabe, and the Prime
Minister is Morgan Tsvangirai. Elections are held every five years, with the last
held in 2008. The next elections are due in 2013.
Economic Overview
Year
23
GDP
CPI
2006
-1.6
1,096.68
2007
-5.5
12,562.60
2008
-14.2
14,929,982,122
2009
-1.3
44,654,800,000,000,000
2010
6.8
3.7
Despite political uncertainties, Zimbabwe is currently making a steady recovery

after a decade of economic decline. The country still faces many problems
however, including both a large debt burden and lack of formal employment.
The governments land reform programme has badly damaged the commercial
farming sector, the traditional source of exports and foreign exchange, as well as
the provider of 400,000 jobs. However, the power-sharing government formed in
February 2009 has brought some economic improvements, including the cessation
of hyperinflation by eliminating the use of the Zimbabwe dollar, replacing the
currency with foreign ones and finally removing price controls. Currently, the
economy has registered its first growth in a decade, although further expansion
and recovery will be heavily reliant on further political stability.
THE KINGDOM OF BAHRAIN

Office Market
Bahrain is a key financial hub in the Middle East
due to its strategic location, growing economy
and modern regulatory framework. The majority
of international companies locate in Manama, the
countrys capital. Most of the office stock is located in
downtown Manama, the Diplomatic Area and the Seef
District, the three prime office areas. The increasing
popularity of Manama means that the office stock
is modern but, parking is in severely short supply,
and traffic congestion remains a concern within
the city. Rents for Grade A office space in Bahrain
have fallen as the market remains weak. With the
recent demonstrations and unrest, office demand has
slackened and investment expansion plans put on hold; already burdened with high
availability, this market outlook was inevitable. Despite this, the country has now
reached a period of relative stabilisation, and there is an expectancy that Bahrain
is back to business although the effect on the supply/demand imbalance is not
expected to improve in the immediate future. As a result, rental levels are expected
to move further down over the remainder of 2011.
The industrial market in Bahrain is largely concentrated in the oil and aluminium
sectors, and the main industrial areas are the Bahrain Logistics Zone, Bahrain
Investment Wharf and Bahrain International Investment Park. Despite the overall
poor performance of Bahrains property market, the industrial sector has largely
withstood the pressures that the residential and office markets have faced. Despite
the high availability in certain industrial locations, the market continues to grow.
History
Since the mid 6th century, Bahrain has been under the control of the Islamic
rulers as part of the Arabian Peninsula. The Al-Khalifa family ruled over Bahrain
beginning in the late 18th century, both establishing a constitutional Monarchy and
modernising the country. In the early 1820s, Bahrain became a UK protectorate,
which it remained until 1971 until declaring independence.
Politics
Key Facts
+3
Population
1,262,000
Capital City
Manama
Language (official)
Arabic
Currency
Bahraini Dinar (BHD)
22.95
18,590
28 of 183
48 of 178
Principal Industries Financial services, petroleum

processing/refining, aluminium, ship building & repairing,
tourism
Typical Rents
Offices:
Industrial:
High Bay Whouse/Factory

US$108/sqm/yr
Bahrain is a Constitutional Monarchy. The Head of State is King Hamad bin Isa
Al-Khalifa. The Prime Minister, Khalifa bin Salman Al- Khalifa, is appointed by the
King. The Council of Representatives are voted in every four years, with the next
elections still scheduled to take place in 2014.

Consumer prices
(% change pa; av)
GDP (% real
change pa)
Economic Overview
Bahrain has one of the most diversified economies of the Middle East and has also
benefited from a Free Trade Agreement (FTA) with the USA since 2006. However,
Bahrain continues to rely on oil for much of its revenue, accounting for 60% of its
exports and 11% of GDP. Despite improving economic conditions following the
global financial crisis, Bahrain is still faced with has economic problems to address,
and this was most evident with the demonstrations and unrest in early 2011.
Currently, one of the more prominent issues is the high level of unemployment,
to which the government took action by increasing the cost of employing foreign
labour.
GDP % Change
8
3
6
5
2
4
CPI % Change
Industrial Market
3
1
2
1
0
0
2006
2007
2008
2009
2010
24
THE HASHEMITE KINGDOM OF JORDAN

Office Market
The majority of international companies locate
in Amman, the countrys capital. The main office
markets are located in the 5th to the 6th Circle,
including Sweifieh, Chmeissani, Mecca Street and Deir
Ghabar, and the prominent economic districts are
Shmeisani and Abdali. Demand is predominantly from
the multinational companies due to its location for
business within the Gulf region. There is currently
high supply of both Grade A and B office space that
is outpacing the rate of demand. With rates falling
and a sluggish market, development plans have been
delayed or cancelled, although a few projects will have
reached completion in 2011. However, there have
already been tentative signs of initial market stabilisation.
Industrial Market
The industrial market in Jordan is concentrated around the capital Amman and
the Red Sea port of Aqaba. The port is the primary hub for industrial activity,
and distribution facilities are emerging largely along the main route northwards
towards Amman.
Key Facts
+2
Population
6,258,000
Capital City
Amman
Language (official)
Arabic
Currency
Jordanian Dinar (JOD)
22.8
3,570
111 of 183
50 of 178
History
Principal Industries Petroleum, petrochemicals, textiles,

furniture, food processing, fertiliser
Britain ruled over the semi-autonomous region of Transjordan from the early 1920s
until its independence in 1946. The country adopted the name Jordan in 1950. In the
six day war of 1967 the Israeli army took over the Eastern part of Palestine, the West
Bank and the old town of Jerusalem which they proclaimed as their capital; but it was
not until1988 that Jordan handed over its claims to the area. In 1989 King Hussein
reinstituted parliamentary elections and initiated a process of political liberalisation.
King Abdallah II assumed the throne following his fathers death and undertook
an aggressive reform programme. Recent protests in Jordan over corruption,
unemployment and high food prices have put pressure on the government to reform.
Politics
Typical Rents
Offices:
Industrial:
High Bay Whouse N/A

Factory N/A
Jordan is Constitutional Monarchy. The Head of State is King Abdallah II.

The Prime Minister is Marouf al-Bakhit. The monarchy is hereditary; the Prime
Minister is appointed by the monarch.
Economic Overview
Consumer prices
(% change pa; av)
16
14
12
10
-2
2006
25
2007
2008
2009
2010
CPI % Change
GDP % Change
GDP (% real
change pa)
Jordan has one of the smallest economies in the Middle East combined with
insufficient supplies of water, oil, and other natural resources. Unemployment, and
inflation are fundamental problems, but King Abdallah II, since assuming the throne
in 1999, has undertaken some broad economic reforms including privatisation,
opening the trade regime and eliminating fuel subsidies. Jordans conservative
banking sector has been largely protected from the worldwide financial crisis in
comparison to its export industries. Tourism activity dropped by around 5% in
the first half of 2011 in a reflection of the current unstable nature of the wider
region. However construction and real estate activity witnessed a notable growth
compared to the same period of 2010.
THE STATE OF KUWAIT

Office Market
The principal office submarkets are located in
Shuwaik and Kuwait Free Trade Zone (KFTZ). Rental
levels have declined significantly over the last two
years as the artificially high prices were unsustainable
and have dramatically decreased. Furthermore,
demand levels have fallen as a result of the global
economic crisis and remain low. This has led to
occupiers cost cutting and rationalising the space
they occupy. Consequently, there has been an increase
in second hand and sublease space. With a number
of completions expected for this year the market
could suffer from an oversupply of space. Therefore,
with demand levels still subdued, further pressure
on rental levels is expected over the next 6-12 months. Looking further into the
future, the government is expected to take measures to restrict development and
reduce the high vacancy levels.
Industrial Market
The industrial market in Kuwait is small and is concentrated on the Shuwaik
and the Al Ahmadi parts of the country. The continuing importance of oil to the
domestic economy is reflected in the dominance of the sector on the industrial
market. Most industrial buildings are owner occupied and are associated to the
refineries and operations of the companies within the oil sector.
Key Facts
Time Difference (GMT) -
+3
Population
3,678,000
Capital City
Kuwait City
Language (official)
Arabic
History
Currency
Kuwaiti Dinar (KWD)
126.1
The current ruling family has been in control of Kuwait since 1756. In 1899 the
country signed a special treaty of friendship with the UK, where the UK would
oversee foreign relations and defence issues whilst Kuwait retained independence
on internal affairs. Kuwait assumed complete independence from the UK in 1962.
In 1990, Iraq invaded Kuwait and occupied the country for more than six months
until 1991, when it was liberated by an international military coalition.
35,220
74 of 183
54 of 178
Principal Industries Petroleum, petrochemicals, textiles,

furniture, food processing, fertiliser
Politics
Grade B N/A
Industrial:
High Bay Whouse N/A
Economic Overview
GDP % Change
Kuwait is very dependant on the oil and gas industry as it is the worlds 4th
largest oil exporters and holds 9% of world oil reserves. Such dependency on
one particular industry makes the economy potentially volatile despite currently
high oil prices. The government had done little to diversify but economic reforms
are being put in place. In May 2010 a privatisation bill allowed government to sell
assets to private investors and in January 2011 a development plan with pledges
to spend $130 billion through diversification over five years was put in place.
Consumer prices
(% change pa; av)
GDP (% real
change pa)
8
12
10
4
8
2
6
0
CPI % Change
Kuwait has a Constitutional (Hereditary) Emirate. The Head of State is Amir

Sabah Al-Ahmad Al-Jabir Al-Sabah. The Prime Minister, Nasser Al-Mohammed AlAhmed Al-Sabah resigned in March 2011. The Amir appoints the Prime Minister
and Deputy Prime Ministers.The next election is scheduled for May 2013
(previous election May16th 2009)
Typical Rents
Offices:
4
-2
2
-4
-6
2006
2007
2008
2009
2010
26
REPUBLIC OF LEBANON
Office Market
The main office submarket is the CBD of Beirut.
However, as a result of the high rents within the CBD,
occupiers have started to relocate away from the
CBD area in order to obtain lower rental rates. This
highlights the prevailing trend of occupiers following
the global economic slowdown, where cost cutting
and space rationalisation remain key trends.
However, within the CBD most space is typically of
Grade B quality. The majority of demand for prime
office space is coming from multinationals, local
banks and insurance companies, who are looking for
good quality Grade A space, which remains scarce.
Therefore, rents for prime space should hold firm in the short term, although any
further deterioration within the economy may see rents come under growing
pressure.
Industrial Market
There is little discernable industrial activity within Lebanon. The majority of
modern warehousing stock is found within to the Port of Beirut, which consists
mostly of the Logistics Free Zone that was established in 2007.
Key Facts
+2
Population
4,228,000
Capital City
Beirut
Language (official)
Arabic
History
Currency
Lebanese Pound (LBP)
39.15
9,262
113 of 183
127 of 178
Principal Industries Banking, tourism, food, agriculture,

textiles, mineral & chemical products
Grade B N/A
Industrial:
High Bay Whouse N/A

Factory N/A
Economic Overview

GDP (% real
change pa)
Consumer prices
(% change pa; av)
14
10
12
10
6
8
6
4
2
2
0
27
2007
2008
2009
2010
CPI % Change
GDP % Change
2006
Politics
Lebanon is a Parliamentary Democracy. The Head of State is President Michel
Sulayman. The Prime Minister is Nagib Mikati. Legislative elections occur every six
years, with the next election due in 2014.
Typical Rents
Offices:
Lebanon became independent in 1943 although it was formed under a French

mandate in 1920. Since declaring independence, the country has faced considerable
instability due to internal and neighbouring conflicts. A civil war began in 1975
between Christian groups, PLO, and Muslim military forces, which lasted for 25 years.
In 1990 the conflicting parties accepted the Taif Accord, and since then, Lebanon has
made progress towards rebuilding its political institutions.
The Lebanese economy has slowed over the past year, with domestic political
problems resulting in government spending faltering. Economic activity has eased in
line with continuing tensions, and this was highlighted by the fall in tourist numbers
that was seen in the first quarter of 2011, with numbers down by over 13%. Tourism
remains one of the most important components of the Lebanese economy with
financial services and construction. The economy is expected to slow further with
government spending and and the effects of the nearby Syrian crisis on potential
tourist numbers to Lebanon itself.
THE SULTANATE OF OMAN

Office Market
The capital city of Muscat is the prominent business
area of Oman. Within the Muscat area, the main
office submarkets are Ruwi CBD, Al Khuwair, Shati
al Qurum and Qurum. These submarkets have seen
an increase in office developments over recent
years as the traditional CBD suffers from outdated
infrastructure, a lack of adequate parking facilities and
severe traffic congestion.
Although demand has remained relatively stable over
the first half of the year, prime office rents in Muscat
have declined by a third year-on-year and now stand
at OMR 10 sq m/month. High supply levels of current
stock and the significant amount of additional space due to enter the market is
expected to cause further rental decline over the year. The market is expected
to see oversupply and sluggish demand, particularly for secondary office space
throughout the remainder of 2011 and in 2012.
Industrial Market
Key Facts
The industrial sector within Oman largely consists of the extractive industries, with
the oil and gas sectors dominating the market. The majority of warehousing and
industrial space is built for owner occupation.
History
Oman has been independent (from Portugal) since 1650 and is therefore the oldest
independent country in the Middle East. However, in the late 18th century it signed
a series of friendship treaties with Britain with increasing dependence on British
political and military advisors. It maintains strong links with the UK. The current
Sultan (Qaboos bin Said) has ruled since 1970.
+4
Population
2,782,000
Capital City
Muscat
Language (official)
Arabic
Currency
Omani Rial (OMR)
46.87
17,280
57 of 183
41 of 178
Principal Industries Crude oil production and refining,

natural and liquefied natural gas (LNG) production,
construction, agriculture, fishing
Politics
Typical Rents
Offices:
Grade A US$316sqm/year
Industrial:
High Bay Whouse

US$54/sqm/yr
In response to the recent uprisings in 2011, where demonstrations occurred in

Oman, the Sultan pledged to create more government jobs, implement reforms and
grant more powers to the Council of Oman.
Economic Overview
GDP % Change
Oman relies heavily on oil resources and, as a result of the diminishing levels of
reserves, the government has developed a strategy that focuses on diversification,
industrialisation, and privatisation. With the prevailing price of oil remaining high
over the past year, this has enabled the Sultanate to move ahead with its attempt to
move the economy away from its high dependence on both oil and gas. The outlook
for the economy is positive, in line with oil prices that are expected to remain high
throughout the remainder of 2011.
GDP (% real
change pa)
Consumer prices
(% change pa; av)
14
14
12
12
10
10
CPI % Change
Oman has an Absolute Monarchy. The Head of State is Sultan Qaboos bin Said Al
Said, who is also the Prime Minister. The monarch is hereditary. Elections occur for
the legislative branch every four years, with the next election due in 2011.
0
2006
2007
2008
2009
2010
28
THE STATE OF QATAR

Office Market
The main office market is in Qatars capital city
of Doha. Within Doha itself, many major local
companies and corporates have relocated from the
more traditional areas to what is now the new CBD,
West Bay (The Diplomatic District). Vacancy has
increased significantly in the West Bay area, as more
development projects have reached completion,
which has had a compressing effect on rental levels.
High quality Grade A space however has become
increasingly limited as several international firms have
taken space over the last six months. Landlords of
prime office buildings generally remain reluctant to
let to multi-tenants, preferring to hold out for single
tenants or government departments. Although government entities provide the
major proportion of current office demand, we will see an increasing number
of construction, engineering and professional services companies setting up in
Doha. These companies will expand their regional operations, to service both
the large amount of infrastructure work being undertaken and the preparations
in advance of the 2022 World Cup.
Key Facts
Industrial Market
+3
Population
1,759,000
Capital City
Doha
Language (official)
Arabic
Currency
Qatari Riyal (QAR)
GDP ($) billion (2010) est.
128.6
GDP ($) per capita (2010) est.
75,060
50 of 183
19 of 178
Although the market is dominated by the oil and gas sector there are a number
of other industries that continue to impact upon Qatars industrial market
including construction, trade and logistics. In Qatar land is generally owned
by local nationals, however, there are no major private landlords dominating
industrial ownership.
History
Principal Industries Crude oil production/ refinement,

financial services
As across the GCC region, oil was the catalyst for growth during the 1970s.
Since then, the economy has become increasingly diversified and Government
investment continues to be a crucial driver. The country has a central location
at the hub of Middle East, Asian, and European trade.
Typical Rents
Offices:
Grade B N/A
Industrial:
Doha Industrial Area

N/A
Politics
Qatar has been ruled by the Al Thani family since the mid-1800s. The family
continued to hold power following the declaration of independence in 1971.
The head of state is the Emir, and the right to rule Qatar is passed on within
the Al Thani family.
Economic Overview
Consumer prices
(% change pa; av)
GDP (% real
change pa)
18
20
16
15
12
10
10
5
8
6
4
-5
2
0
-10
2006
29
2007
2008
2009
2010
CPI % Change
GDP % Change
14
Current economic policy focuses on developing Qatars natural gas reserves, as

well as increasing private and foreign investment in non-energy sectors, despite
oil and gas accounting for more than 50% of GDP and approximately 85%
of export earnings. Proved oil reserves of 15 billion barrels are predicted to
enable output at current levels for 57 years. Diversification and the expansion
of the services sector, funded by Qatars hydrocarbon wealth, will continue to
provide opportunities for growth. Robust economic growth, and improvement
in consumer lending are likely to be the key drivers of near-term growth. Over
the longer-term, the economy will benefit from infrastructure spending, the
long-term visibility of which has been reinforced by the successful 2022 World
Cup.
THE KINGDOM OF SAUDI ARABIA

Office Market
The main office market is in the capital city of Riyadh.
Within Riyadh the principal office space provision is
concentrated on the King Fayad Road and
Al Olaya Road, which collectively are known as the
Golden Belt. There are also a number of secondary
CBD areas, including the Mecca, Tahliya, Dhabab,
Al Maather and Al Siteen Roads. Additionally, the
recent development of the King Abdullah Financial
District has shifted the prime office centre more
northwards, with a number of recent large-scale
office developments reaching completion. Supply
levels are continuously increasing and are moving
ahead of demand. This has pushed vacancy rates
higher, particularly in the CBD areas, where traffic congestion have made conditions
difficult for occupiers. Due to the oversupply of Grade A space, it is predicted
that rents for such space will move down over the next 12 months. Landlords are
tentatively looking towards incentives in order to retain occupier interest, which is
a measure not previously considered in the Saudi office market. This will become
increasingly relevant as more completions reach the development pipeline.
The industrial market in Riyadh is largely located to the north and east of the
city. The market is small and largely consists of operators from the oil and gas
sectors. However, the light industrial and logistics market is growing with demand
for multimodal locations with access to/or linked to air, sea and rail hubs. There is
generally a poor supply of quality industrial premises but the potential for a growth
of research parks may change this.
History
In 1927, the UK recognised the independence of Saudi Arabia, and in 1932, the
modern day Saudi Arabia was created through the unification of the Kingdoms
Hijaz and Nejd. From that point, descendants of the Ibn Saud family have ruled over
the country.
Politics
Key Facts
Population
27,488,000
Capital City
Riyadh
Language (official)
Arabic
Currency
Saudi Riyal (SAR)
447.8
16,500
11 of 183
50 of 178
Principal Industries - Crude oil production, petroleum

refining, petrochemicals, financial services, construction
Typical Rents
Offices:
Industrial:
High Bay Whouse N/A

Factory N/A
Saudi Arabia has a Monarchy with no elected legislature. The Head of State is King
Abdullah bin Abdul Aziz Al Saud. The monarchy is hereditary, and the current ruler
acceded to the throne in 2005.
Economic Overview
Consumer prices
(% change pa; av)
GDP (% real
change pa)
5
12
10
4
GDP % Change
Saudi Arabia is a largely oil-based economy, holding over 20% of the worlds proven
oil reserves. The petroleum sector accounts for roughly 80% of budget revenues,
45% of GDP and 90% of export earnings. About 40% of GDP comes from the
private sector. However, the government is working to encourage further growth
in the private sector, particularly in power generation, telecommunications, natural
gas and petrochemicals, it hopes to stimulate economic diversification and thus
reduce the dependency on oil. Saudi Arabia joined the World Trade Organisation
(WTO) in 2005 and has established six economic cities where it plans to promote
foreign investment through spending $373 billion between 2010 and 2014 on
infrastructure and social development.
+3
8
3
6
2
CPI % Change
Industrial Market
4
1
2006
2007
2008
2009
2010
30
UNITED ARAB EMIRATES - ABU DHABI

Office Market
Regional unrest has highlighted the UAEs stable
position compared to other Middle East countries.
Growth and trade levels have improved in 2011 and
Abu Dhabis economy is forecast to perform well
throughout the remainder of the year. As better
quality product is delivered to the office market there
should be increased interest from the private sector,
however government entities are likely to remain the
largest source of demand in the capital. The imminent
delivery of new supply is likely to apply further
downward pressure on the commercial office market.
As Abu Dhabi becomes more affordable there should
be more new activity in the market. Rental declines
should improve competition and an increasing number of tenants upgrading their
space is expected as new supply is delivered. There remains limited Grade A
space and future supply will benefit from existing flight to quality demand.
Therefore, developers and landlords will face stronger competition to retain and
attract new tenants. Abu Dhabi Island and the CBD submarket remain heavily
congested and without adequate parking and dated infrastructure, rents in these
submarkets are anticipated to fall further.
Key Facts
+4
Population
7,512,000
Capital City
Abu Dhabi
Language (official)
Arabic
Currency
UAE Dirham (AED)
297.6
44,170
40 of 183
28 of 178
Industrial Market
Abu Dhabis industrial market consists of two major areas: Mussafah, the more
historically popular area, and the Industrial City of Abu Dhabi (ICAD), which
comprises a large proportion of undeveloped industrial land. Average industrial
unit rents in the capital are approximately 25-30% higher than those of Dubai.
History
Principal Industries Petroleum, petrochemicals,

manufacturing, commercial ship repair, construction
materials, textiles, fertilisers, cement
The UAE was founded in 1971 when six of the Trucial States merged. Previously,
the states were under signed agreements with the UK to control their defence
and foreign affairs.
Typical Rents
Offices:
Grade A US$463sqm/yr
Industrial:
US$163/sqm/yr
Politics
The UAE is a Federal Constitutional Monarchy with specified powers delegated to
the federal government and other powers given to member Emirates.The Head
of State is the President, Sheikh Khalifa bin Zayed Al Nahyan. The Prime Minister
is Sheikh Mohammed bin Rashid Al Maktoum. These positions are elected through
the Federal Supreme Council (FSC) for five year terms. The next elections are
due in late 2011.

Consumer prices
(% change pa; av)
16
10
14
12
10
-2
-4
0
2006
31
2007
2008
2009
2010
Economic Overview
CPI % Change
GDP % Change
GDP (% real
change pa)
12
Emirates NBD, the UAEs largest bank, recently raised its GDP forecast by 0.6%,
with an expectation that the economy will expand by 4.6%, up from 1.4% last
year. However, the debt levels accumulated by both the Abu Dhabi and Dubai
government related entities is significant and concerns regarding the scale of the
debt and repayment are apparent. However, the continuation of high oil prices
will assist the authorities in debt reduction and the further implementation to
diversify investments away from the traditional oil and gas sectors.
UNITED ARAB EMIRATES - DUBAI

Office Market
The recent regional unrest has highlighted the
UAEs stable environment, and this has resulted in
steady demand levels and a growing economy. More
specifically, the Dubai Free Zone locations, particularly
Dubai International Financial Centre (DIFC) and
Dubai Media City, have seen sustained demand over
the year, attracting new and established companies
looking to upgrade their space. Although activity has
improved, these new entrants to the market generally
have small space requirements (roughly 3-5,000
sq ft). Prime rents have begun to stabilise although
secondary buildings and locations will continue to see
further rental declines as occupier demand in these
areas remains low. Supply levels remain high and more space is expected to enter
the market before the end of the year. Recent legislation changes have recently
been introduced such as the DREC (Dubai Real Estate Corporation) taking full
control of government buildings. RERA (Real Estate Regulatory Authority) has
also announced that a significant number of development projects, which have not
commenced construction, will be cancelled. This should help stabilise supply in the
medium term and provide greater transparency to the market.
Due to its strategic location and infrastructure, Dubai has witnessed continued
demand for light industrial/logistics space. Rental rates are not standardised and
vary from one location to another. Higher rents tend to be in the older, well
located premises as they provide good access to occupiers existing client base and
benefit from good infrastructure levels.
History
The UAE was founded in 1971 when six of the Trucial States merged. Previously,
the states were under signed agreements with the UK to control their defence and
foreign affairs.
Politics
The UAE is a Federal Constitutional Monarchy with specified powers delegated to
the federal government and other powers given to member Emirates. The Head of
State is the President, Sheikh Khalifa bin Zayed Al Nahyan. The Prime Minister is
Sheikh Mohammed bin Rashid Al Maktoum. These positions are elected through the
Federal Supreme Council (FSC) for five year terms. The next elections are due in
late 2011.
+4
Population
7,512,000
Capital City
Abu Dhabi
Language (official)
Arabic
Currency
UAE Dirham (AED)
297.6
GDP ($) per capita
44,170
40 of 183
28 of 178
Principal Industries Petroleum, petrochemicals,

manufacturing, commercial ship repair, construction
materials, textiles, fertilisers, cement
Typical Rents
Offices:
Industrial:
US$85/sqm/yr

Consumer prices
(% change pa; av)
GDP (% real
change pa)
The UAEs large hydrocarbon wealth gives it one of the highest GDP per capita
in the World. According to the IMF, the UAEs non-hydrocarbon GDP growth is
projected to increase from 2.1% in 2010 to 3.3% in 2011, led by strong tourism,
logistics, and trade in Dubai. However, a large surplus in the property market
is expected to continue to weigh on property prices, investment and growth in
the near term. The debt levels accumulated by Dubai government related entities
is significant and concerns regarding the scale of the debt and repayment are
apparent. As a result, fiscal restraint in terms of government spending is expected
to continue until 2013 at the earliest.
GDP % Change
Economic Overview
12
16
10
14
12
10
-2
-4
CPI % Change
Industrial Market
Key Facts
0
2006
2007
2008
2009
2010
32
AFRICA LEASE TERMS
Algeria
Egypt
Libya
Morocco
Tunisia
Angola
Dem. Rep.
of The
Congo
Cote
dIvoire
Nigeria
1-5 years
3-5 years
1-3 years
3-6-9 years
1-3 years
1-5 years
9-24 months
Negotiable
2-5 years
Annual
At expiry
otherwise
except for annual
increases no
set review as in
Europe/UK
3 years
At lease expiry
(increases are not set
as in Europe/UK)
n/a
Unlikely during term

of contract
Depends upon
lease length but
typically every
three years
n/a
Annual Index
To Inflation
Typically 5-10%
may depend on
the currency that
the rental is paid in
US% rental uplifts
being lower
Escalation
rate is
7-10%
If payment in USD
should restrict
annual increases
but if rent paid
in local currency
then annually
5-10% negotiable
and agreed in
lease
Typically 10%
Negotiable, however
typically agreed at
between 5-10%
n/a
No
n/a
Subject to
negotiation
Rent
Deposits
Between 3-6 month

deposit sub to
negotiation
3-6 months
(negotiating
advantage)
3 months but
landlords will seek
6 months
3 months
3 months
None, unless
furnished
3 months rent
without attracting
interest
Negotiable
dependant
on lease length
Entire rental
contract
payment
preferred up
front
Statutory Right
To Renewal
We do not
understand there
to be any statutory
requirements
No, but can be

negotiated
May be negotiable
but not a
statutory right
No statutory
rights negotiable
No statutory rights negotiable
No statutory
instrument for
renewal, however
it can be part of the
lease agreement
Tacit agreement
but clauses can be
inserted into lease
No
Vat Payable
On Rent
Normally set at
21% with a reduced
rate at 14% and a
special reduced rate
at 7%
Tenant
n/a
No
n/a
None
No, but there is a

20% witholding tax
included
in rent.
Inclusive
5%
Assignment/
Sub-Letting
Subject to
landlords consent
and contractual
negotiation
With consent
of the landlord
Permitted only
with landlords
consent subject to
negotiation
Negotiable
Permitted only
with landlords consent
(subject to negotiation)
No assignment
or subleasing
rights
Negotiable and
varies depending on
contract
Negotiable
Typically allowed
Negotiable - where
the tenant has
added to the value
of the property the
landlord will expect
to keep the fit-out
Can be
negotiated
- stipulated
in lease
Subject to
negotiation
however the
landlord may be
willing to take
over the tenants
fit out
Negotiable
Subject to negotiation
however the landlord
may be willing to take
over the tenants fit-out
n/a
Original condition
allowing for
reasonable
wear and tear
Leave in clean and

habitable condition
Not usually
necessary
n/a
No code of
practice. Gross
internal and
any other
advantageous
method for
landlord
No code of
practice as
such
No code of practice.
Gross internal area and
any other advantageous
method for landlord
n/a
Subject to
agreement between
parties, but rents
typically quoted as
an aggregate
amount, not usually
on a per unit basis
Gross internal
area
No established
measuring
practice
Typical Lease
Length
Frequency
Of Rent Reviews
Tenants Building
Reinstatement
Responsibilities
At Lease End
Measuring
Practice
33
Based on lease
expiry
There is no code of
practice as such
AFRICA LEASE TERMS
Senegal
Ghana
Zimbabwe
Kenya
Tanzania
Botswana
South Africa
Zambia
3-5 years
5 years
3,5 or 10 years
Typically 2-5 years

renewable
1-5 years is typical,

renewable
2 years
3 years
Minimum 5 years 3
months, typically that or
6 years. Needs to be over
5 years to avoid being a
protected tenancy
Frequency
Of Rent Reviews
Rent would normally

be reviewed at renewal
by negotiation or
according to a formula
Every two years on

expiration
n/a
Rent reviews rare, but

arbitration clauses with
market rent possible
For longer
leases, ie
over 5 years
End of lease
To market every 5 years

in respect of longer leases
3 yearly but
negotiable
Annual Index
To Inflation
On short term leases

it is common that
there is no indexation.
For longer term
contracts 5-8%
By agreement only
Unknown due
to political
instability
5-10% for leases in Kshs,

3% for USD
n\a
7-10%
All leases subject to

annual increase of 8-12%
n/a
1-3 months
Legislation in one
months deposit, rent
is collected two years
in advance, no need
for deposit
1 month
3 months
3 months
1-3 months
Negotiable, but normally

equal to 2 months rental
Negotiable and
dependant on
terms of lease
There may be a lease

provision allowing for
the contract to be
renewable, either on
terms to be agreed at
the time or according
to a formula
No
No
None, can be stated in

the lease
None, although
negotiable
No
No
n/a
Vat Payable
On Rent
18%
n/a
15%
No
20% of the rent
10%
14%
Inclusive
Assignment/
Sub-Letting
Possible by negotiation
Depends on terms
of tease
Yes, with consent
Possible, subject to
negotiation
No
Yes
Normally yes, subject to

landlord approval
Negotiable with landlords

consent
Tenants Building
Reinstatement
Responsibilities
At Lease End
Tenant delivers back

to the landlord in the
state of the premises
at the commencement
of the contract,
fair wear and tear
excepted
Usually stated, hardly

practiced
By arrangements
in lease
As per lease, along UK

lines
Depends on lease
agreement
Dependent on
Lease
Negotiable, but
responsibility of tenant
with exception of wear
and tear
Negotiable
Measuring
Practice
Floor area expressed

in sq.m
Standard
internationally
accepted
measuring practices
Local measuring
standard, internal
only, no common
areas
RICS or SAPOA
Usable area =
lettable area
RICS Code
Normally
Offi ce and industrial

space is measured with
the BOMA method (Gross internal area)
Gross internal
area
Typical Lease
Length
Rent
Deposits
Statutory Right
To Renewal
34
THE MIDDLE EAST LEASE TERMS
Bahrain
Jordan
Kuwait
Lebanon
Qatar
UAE
1-3 years
4-5 years fixed term with

fixed annual rents for
the term
5 year leases
3-6 years
1-3 years
1-3 year lease
Reviews at market on expiry,

but leases will sometimes have
stepped rents
n/a
Rent fi xed for first 5 years and then law

allows landlord to increase rent by 100%.
Usually an amicable agreement is reached but
if not can go to court for arbitration
3 years
Reviews at market on expiry,

but lease will sometimes
have stepped rents
Review at market
on expiry
No
On renewal the rent is

reviewed in accordance
with the Central Banks
rate of inflation
No
No, but rents

occasionally
escalated at an
annual percentage
None
No
Typically 10%
Payable either at 6
monthly or quarterly in
advance
Varies between 1-3 months at outset of

contract but due to the weakness in real
estate law, landlords are seeking more in
respect of deposits
Not usual
Typically 1 months rent
1 month
No statutory instrument for

renewal, however, this can be
negotiated into the lease
Tenant can renew for as

long as they want
Lease contracts generally ask for either party

to inform each other 3 months prior to lease
ending if either party wishes to terminate.
Strength is with the tenant as seeking to
remove a tenant who does not wish to leave
can be problematic unless there are good
grounds
None
No statutory instrument for

renewal, however, this can be
negotiated into the lease
Yes, dependant on
terms of lease
Vat Payable
On Rent
No
n/a
No
Yes - 10%
No
No
Assignment/
Sub-Letting
Negotiable
No rights of assignment
or to sublet without
Landlords consent
Negotiable subject to approval of replacement

tenant. Sitting tenant will look to recoup some
of his investment by selling internal dcor and
in certain cases if a prominent
location.
No - landlords prefer
right of pre-emption
Negotiable, but
difficult to obtain
Negotiable, but
difficult to obtain
Tenants Building
Reinstatement
Responsibilities
At Lease End
Original condition allowing

for reasonable wear and tear.
Rarely enforced and landlords
usually take ownership of fi
xtures and fittings
The tenant may be

requested to reinstate at
the end of the term
Original condition but generally tenant will

leave his decoration or seek to sell it. Schedule
of dilapidations virtually unheard of
Technically required
but landlords prefer
to take ownership of
fixtures
Original condition allowing

for reasonable wear and
tear. Reinstatement of
partitions is
required
Original condition
allowing for
reasonable wear
and tear
Measuring
Practice
Subject to agreement between

parties
n/a
Landlord provides measurement and charges

rent on that area. Can be disputed and usually
comprimised reached
Gross external
Subject to agreement
between
parties
n/a
Typical Lease
Length
Frequency
Of Rent Reviews
Annual Index
To Inflation
Rent
Deposits
Statutory Right
To Renewal
35
TECHNICAL SPECIFICATION & CONTACTS
OUR RESEARCH SERVICES

This report has been prepared based on data collected through our own research as well as information available to us from public
and other external sources. In respect of all external information, the sources are believed to be reliable and have been used in good
faith. However, Cushman & Wakefield cannot accept responsibility for their accuracy and completeness, nor for any undisclosed
matters that would affect the conclusions we have drawn. Certain of the assumptions and definitions used in this research work
are given within the body of the text. Information on any other matters can be obtained from the European Research Group of
Cushman & Wakefield.
Cushman & Wakefield research staff are located throughout the world with the EMEA service co-ordinated in London, the Americas
in New York and Asia in Shanghai. Research provides a strategic advisory and supporting role to clients and other departments within
the firm with extensive and continuously updated information systems covering property, economic, corporate and social trends.
Consultancy projects are undertaken on a local and international basis. We provide in-depth advice and analysis, producing detailed
market appraisals on current and future trends for developers, investors and occupiers. We also advise on location and investment
strategies and portfolio performance.
SOURCES
Foreign and Commonwealth office

Economist Intelligence Unit
CIA World Factbook
The World Bank

Transparency International
FT Markets
Exchange rates calculated as at 30th June 2011.

This report was written by: Barrie David and Erin Can of European Research Group, London.
The design and organisation of this report was undertaken by Michelle Mejia.
CORPORATE OCCUPIER AND INVESTOR SERVICES
Corporate Occupier and Investor Services (CIS) creates comprehensive solutions for real estate portfolios, aligning real estate
strategies to our clients overall business priorities. Our clients range from multinational corporations to owners/occupiers of single
assets, in local markets and across the globe. CIS adds value as a trusted advisor, leveraging all services to span the entire life cycle
of our clients real estate.
For more information on our capabilities in Africa & The Middle East please contact:
Alisa Zotimova
Head of Alliance Program & New Markets, EMEA
LONDON
Tel: +44 (0)207 152 5136
alisa.zotimova@eur.cushwake.com
Further information and copies of this report are available from Natalie Ray.
Telephone:
Email:
+44 (0)207 152 5537

natalie.ray@eur.cushwake.com
For industry-leading intelligence to support your real estate and business decisions,
go to Cushman & Wakefields Knowledge Center at cushmanwakefield.com/knowledge
* At the time of publication, the United Nations has announced the changing of The Great Socialist Peoples Libyan Arab Jamahiriyas official name to Libya, enacted
on August 3rd, 2011 by the National Transitional Council, Libyas interim government. Cushman & Wakefield have included all up-to-date information at the time of
press (September 2011); however, it is crucial to note that, at the time of publication, the political, social and economic conditions of Libya remains in a state of flux.
36
2011 Cushman & Wakefield

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AFRICA & THE MIDDLE EAST

To aid our clients, we have undertaken an additional update

TEN MOST EXPENSIVE LOCATIONS

COUNTRY SUMMARIES - AFRICA

The Republic of Angola

The Republic of Botswana

The Republic of Cameroon

The Republic of Cote dIvoire

Democratic Republic of The Congo

The Arab Republic of Egypt

The Republic of Ghana

The Republic of Kenya

The Kingdom of Morocco

The Federal Republic of Nigeria

The Republic of Senegal

Republic of South Africa

United Republic of Tanzania

COUNTRY SUMMARIES - MIDDLE EAST

The Hashemite Kingdom of Jordan

The State of Kuwait

The Lebanese Republic

The Sultanate of Oman

The State of Qatar

The Kingdom of Saudi Arabia

United Arab Emirates - Abu Dhabi

United Arab Emirates - Dubai

TECHNICAL SPECIFICATION & CONTACTS

TEN MOST EXPENSIVE LOCATIONS

THE PEOPLES DEMOCRATIC REPUBLIC OF ALGERIA

Algerian Dinar (DZD)

GDP ($) billion (2010)

GDP ($) per capita (2010)

Ease of Doing Business (2010)

Corruption Perception (2010)

Principal Industries - Petroleum, natural gas, light

High Bay Warehouse US$96/sqm/yr

GDP and CPI Growth (2006-2010) %

Algeria has historically maintained a strong reliance on hydrocarbon and oil

THE REPUBLIC OF ANGOLA

GDP ($) billion (2010)

GDP ($) per capita (2010)

Ease of Doing Business (2011)

Corruption Perception (2010)

Principal Industries - Petroleum and oil, diamonds, iron

High Bay Whouse

GDP and CPI Growth (2006-2010) %

THE REPUBLIC OF BOTSWANA

GDP ($) billion (2010)

GDP ($) per capita (2010)

Ease of Doing Business (2011)

Corruption Perception (2010)

Principal Industries - Diamond mining, minerals,

High Bay Whouse

GDP and CPI Growth (2006-2010) %

The Botswanan economy is dominated by the mining and agriculture sectors.

THE REPUBLIC OF CAMEROON

CFA Franc (XAF)

GDP ($) billion (2010)

GDP ($) per capita (2010)

Ease of Doing Business (2011)

Corruption Perception (2010)

Principal Industries - Petroleum, aluminium production,