MENA-2 TUESDAY MORNING ROUND-UP

Egypt

Protesters reject PM offer of cabinet reshuffle Gas pipeline station blown up UAE officials to discuss USD3 billion package in Egypt GB Auto releases volume indicators for 2Q2011, ahead of results release Mobinil might reduce planned investments of EGP3 billion SODIC begins negotiations with Ministry of Housing for middle-income housing plot SVC begins operations at its clinker plant

Saudi Arabia

Bank Albilad 2Q2011 earnings jump 47.3% Q-o-Q on strong revenues SAIB 2Q2011 earnings stabilise; loan growth disappoints Riyad Bank 2Q2011 earnings recover on strong revenues, normalising costs Al Rajhi Bank 2Q2011 results: growth momentum sustaining, earnings bounce back Samba 2Q2011 results: earnings surprise positively, slow, but steady loan growth SHB 2Q2011 earnings rise sharply; loan growth recovers Kayan reports non-operational net loss of SAR16 million in 2Q2011 JCC raises local cement selling prices by 20%

EFG Hermes Research

MENA Strategy - Go With The Flow: MENA Flows Remain Weak; Global Rotation into Bonds from Equities Continues - June Issue 11 July 2011 Advanced Petrochemical Company (Advanced) - 2Q2011 Earnings Positively Surprises; Reiterate Neutral - Flash Note 11 July 2011 Yanbu National Petrochemical Company (YANSAB) - 2Q2011 Results Positively Surprise at All Levels; Reiterate Buy - Flash Note 11 July 2011

Agenda
Saudi Arabia Sat 6 August >> Etihad Atheeb AGM and EGM

Egypt News
Protesters reject PM offer of cabinet reshuffle Prime Minister Essam Sharaf said on 11 July 2011 that he would reshuffle his cabinet within a week, but crowds protesting at slow reforms and foot-dragging in prosecuting former President Hosni Mubarak said that they were not satisfied. Protesters rejected Sharaf's statement on state television, in which he also said he had asked Interior Minister Mansour el-Essawy to speed up measures to restore security and order in Egypt. Sharaf said he had also decided to reshuffle provincial governors to meets public aspirations. Four days of protests in Cairo's Tahrir Square have brought traffic in the heart of the capital to a standstill. Separate protests by hundreds of people are also under way in the Mediterranean city of Alexandria and the city of Suez. Many Egyptians say remnants of Hosni Mubarak's regime in the police and judiciary are trying to delay trials of those accused of crimes before the January 25 uprising. Protesters who listened to Sharaf's speech on loudspeakers at Tahrir Square immediately rejected his gesture. Protesters in Alexandria put up a banner reading "We reject Sharaf's statement," and said they were considering escalating their protests. (Reuters) Gas pipeline station blown up Saboteurs blew up an Egyptian gas pipeline distribution station in northern Sinai on 11 July 2011 that supplies natural gas to Israel, the official MENA news agency reported. Egypt also sells gas to Jordan and

other countries. The explosion was the fourth attack this year on pipelines in Sinai that supply gas to Israel and Jordan. Saboteurs blew up an Egyptian gas pipeline distribution station in northern Sinai on 11 July 2011 that supplies natural gas to Israel, the official MENA news agency reported. Egypt also sells gas to Jordan and other countries. The explosion was the fourth attack this year on pipelines in Sinai that supply gas to Israel and Jordan. Nile television reported that flames from the blast near the town of Al-Arish could be seen up to 20 kilometres (km) away. It gave no details on the causes of the explosion or the extent of the damages.

In parallel, shareholders in Israel's East Mediterranean Gas Company (EMG) are pushing ahead with legal claims against Egypt for USD8 billion in damages from contract violations in gas supplies, a company official has said. The decision comes after saboteurs in the Sinai Peninsula last week blew up for the third time this year a part of the Egyptian pipeline that feeds gas to Israel and Jordan. Nimrod Novik, a member of the EMG board, told Reuters on 11 July 2011 that shareholders from the United States (US), Thailand and Israel had met a few days ago and decided to "seek protection from the international court of arbitration in Washington." Novik said that the Egyptian government's failure to deliver contractual quantities has already caused Egypt a loss of nearly USD500 million as well as serious problems to the Israeli energy market, which gets about 40% of its gas from EMG. (Reuters, Ahram Online) UAE officials to discuss USD3 billion package in Egypt Officials from the United Arab Emirates (UAE) will visit Cairo this month to discuss a USD3 billion package of support for Egypt's economy, which has been hit by political turmoil, Egypts Finance Minister Samir Radwan said on 11 July 2011. "We had a USD3 billion package from the Emirates last week. They are coming to discuss the details in the third week of this month," Radwan told Reuters. Asked if the funds could include budgetary support, Samir stated that some of the cash could be used for that purpose, but added, "That is what they are coming to discuss." He did not give a precise date for the visit. Radwan did not give details on other budget financing plans. When asked if Egypt would consider returning to the international markets with a Eurobond, he said, "We shall see." (Reuters)

GB Auto releases volume indicators for 2Q2011, ahead of results release GB Auto (Ghabbour Auto) [AUTO.CA] has issued a press release commenting on its 2Q2011 sales volumes ahead of the release of results. According to the press release, the company witnessed a Qo-Q improvement in sales during 2Q2011, but foreign currency exposure, a shift in the sales mix and provisions constrained margins during the quarter. Main highlights for the quarter include: i) Egypt passenger car sales rose 72% Q-o-Q, but declined 16% Y-o-Y to 10,868 vehicles, with indications of increased market share, ii) Iraq passenger car sales increased 7.5% Q-o-Q and 9% Y-o-Y to 6,308 vehicles. June sales were strong, stemming from an improved supply as well as increased Iraqi demand. Management believes that the margin will improve, in line with its previous forecast, iii) two and three-wheelers reported record sales, surging 26.5% Q-o-Q and 64% Y-o-Y to 18,299 units, and iv) commercial vehicle sales remained challenged, as anticipated. Our forecasts for 2Q2011 call for revenue of EGP1.6 billion, up 22% Q-o-Q, but down 10% Y-o-Y. The relatively strong Q-o-Q recovery in 2Q2011, with the exception of commercial vehicles, supports our revenue forecast. We assume a sharp contraction in the EBITDA margin to 8.7% from 10.5% in 2Q2010 (only 143 bps higher Q-o-Q from a very depressed quarter) to reflect adverse FX movements and the changing sales mix. We expect margin pressures and higher finance costs will have pressured net profit, which we forecast at EGP40 million (versus EGP78 million in 2Q2010 and EGP8 million in 1Q2011). Downside risks to our estimates include the reporting of FX losses or provisions, which we typically do not forecast. (Press Release, Wafaa Baddour, Nada Amin) GB Auto: EGP30.78, Rating: Buy, FV: EGP33.4, MCap: USD667 million, AUTO EY / AUTO.CA Mobinil might reduce planned investments of EGP3 billion Mobinils (EMOB.CA) CEO, Hassan Kabbani, has told Al Masry Al Youm that his company may scale down its investment plan, which is set to be proposed to the board of directors (BoD) in August 2011, given uncertainty in Egypt and the lack of government support to the company. Kabbani added that Mobinil plans to invest EGP3 billion. (Al Masry Al Youm) Mobinil: EGP119.72, Rating: Buy, FV: EGP172.0, MCap: USD2,012 million, EMPN EY / EMOB.CA SODIC begins negotiations with Ministry of Housing for middle-income housing plot

Sixth of October Development and Investment Company (SODIC) [OCDI.CA] has begun negotiations with the Ministry of Housing, Utilities and Urban Planning (Ministry of Housing) for the acquisition of a land plot for a new middle-income housing project, Al Mal reported, quoting Ahmed Badrawi, SODICs Chief Business Development Officer, as saying. Badrawi added that the company has reduced its investments in running project to EGP1.3 billion in 2011 in light of the current instability, down from its previously planned EGP2 billion. (Al Mal) SODIC: EGP56.28, MCap: USD343 million, OCDI EY / OCDI.CA SVC begins operations at its clinker plant South Valley Cement (SVC) [SVCE.CA] has completed trial production at its first clinker line, Mist reported, operating at 50% of capacity within two days and set to reach full capacity within the next two weeks. This is expected to significantly reduce the companys cement production costs as it used to outsource clinker. The new lines cost is USD200 million (USD120 million was self financed, while the remaining USD80 million was financed using a loan from HSBC). (Mist)

Saudi Arabia News

Bank Albilad 2Q2011 earnings jump 47.3% Q-o-Q on strong revenues Bank Albilads (1140.SE) 2Q2011 earnings rose by 47.3% Q-o-Q to SAR82 million (EPS: SAR0.27). Earnings were strongly ahead of our expectations, recovering on higher revenues and normalising operating costs. The banks 2Q2011 revenues rose 9.6% Q-o-Q, supported by a recovery in both net interest income and non-interest income. We estimate that the rise in net interest income was mainly supported by loan growth, while non-interest income is likely to have been driven by higher fee and forex income. The banks non-interest income has been on a steady uptrend on higher fee and forex income. Loan growth momentum strengthened during the quarter, with net loans rising 3.1% Q-o-Q, stronger than the 2.7% Q-oQ growth seen in 1Q2011. Deposits declined by 1.2% Q-o-Q, however, as the bank likely had to shed deposits to protect net interest spreads. The balance sheet remained liquid, with the banks loans-todeposit ratio standing at 75% in 2Q2011. (Company Disclosure, Murad Ansari) Bank Albilad: SAR18.85, Rating: Buy, FV: SAR16.00, MCap: USD5,625 million, ALBI AB / 1120.SE SAIB 2Q2011 earnings stabilise; loan growth disappoints The Saudi Investment Banks (SAIBs) [1030.SE] 2Q2011 earnings came in at SAR208 million (EPS: SAR0.38), flat Q-o-Q, and marginally below our estimates of SAR216 million. We await the release of detailed results to analyse the trends on operating and provisioning costs. However, we believe that operating costs are likely to have normalised after the bank reported relatively higher operating costs in 1Q2011. SAIBs total revenues grew by 2.5% Q-o-Q to SAR425 million. With net loans remaining broadly flat Q-o-Q, the 1.8% Qo-Q increase in net interest income suggests that net interest spreads edged up marginally. Non-interest income growth was stronger at 4.9% Q-o-Q, however, and likely to have been driven by stronger fee income. We also expect broking income to be higher Q-o-Q on the back of healthy trading volumes at the Tadawul stock exchange. SAIBs net loans declined 0.5% Q-o-Q to SAR30.6 billion during the quarter. Deposits declined by 5.0% Q-o-Q to SAR36.1 billion, with the bank likely shedding deposits to protect net interest spreads. SAIB also shed some of its investments, which declined by almost 5.0% Q-o-Q, in line with the decline in deposits. (Company Disclosure, Murad Ansari) SAIB: SAR18.7, Rating: Buy, FV: SAR 23.7, MCap: USD10,257.5 million, SIBC AB / 1030.SE Riyad Bank 2Q2011 earnings recover on strong revenues, normalising costs Riyad Bank (1010.SE) has reported 2Q2011 earnings of SAR836 million (EPS: SAR0.56), up 12.8% Q-o-Q and 12% ahead our SAR746 million estimate. A stronger-than-expected recovery in revenues primarily drove the earnings miss. Operating costs appear to have normalised, while provisioning costs remained stable on a Q-o-Q basis. Riyads total revenues increased by 2.8% Q-o-Q to SAR1,570 million, almost 6% ahead of our estimates. Net interest income rose 8.4% Q-o-Q, which was largely driven by an improvement in net interest spreads, in our view. Decline in deposits is likely to have led to lower funding costs, leading to an improvement in net interest spreads. Non-interest income, although down 7% Q-o-Q, was broadly flat on a Y-o-Y basis and 9% ahead of our estimates. After a spike in 1Q2011, operating costs are estimated to have declined by 8.5% Q-o-Q in 2Q2011, in line with our expectations. Provisioning costs were broadly stable on a Q-o-Q basis, and at an annualised rate of 59bps, were 32% lower compared to 2010s 86bps. Riyads net loans grew by 1.1% Q-o-Q to SAR110.6 billion. However, growth was slower than the 3.1% Q-o-Q growth reported in 1Q2011. Deposits declined 0.6% Q-o-Q after strong growth in 1Q2011. We believe that deposit

growth in 1Q2011 was supported by bonus payments to employees, which were made towards the end of the quarter. Riyads balance sheet remains liquid, however, with the bank loans-to-deposit ratio at 84%. (Company Disclosure, Murad Ansari) Riyad Bank: SAR24.55, Rating: Buy, FV: SAR30.0, MCap: USD36,825 million, RIBL AB / 1010.SE Al Rajhi Bank 2Q2011 results: growth momentum sustaining, earnings bounce back Al Rajhi Bank (Al Rajhi) [1120.SE] has announced a 8.4% Q-o-Q increase in 2Q2011 earnings to SAR1,843 million (EPS: SAR1.23), in line with our expectations. Revenues were broadly in line with estimates, while provisioning costs were slightly higher than our expectations. Al Rajhis net interest income grew by 5.5% Q-o-Q, supported by loan book expansion and a marginal improvement in net interest spreads, in our view. We expect net interest spreads to improve slightly this year as the bank continues to build-up its consumer loan book. Non-interest income was broadly stable on a Q-o-Q basis. While the cost breakup is currently unavailable, we believe that operating costs declined by 12% Q-o-Q after a strong increase in 1Q2011 on employee bonuses. On the other hand, provisioning costs are estimated to have edged up slightly Q-o-Q in 2Q2011, which was been driven by stronger Q-o-Q growth in retail lending during the quarter, in our view. Provisioning guidelines on retail are generally more stringent, and banks are required to make provisions on any overdue payments. Al Rajhis net loans grew 2.9% Q-o-Q in 2Q2011, carrying on the steady growth momentum that built up over 2010. We believe that the incremental loan growth was mainly driven by consumer loan book expansion. Deposit growth of 3.7% Q-o-Q in 1Q2011 was stronger than anticipated. We had expected Al Rajhis deposits to remain stable Q-o-Q after a strong surge in 1Q2011. (Company Disclosure, Murad Ansari) Al Rajhi: SAR75.5, Rating: Neutral, FV: SAR85.0, MCap: USD113,250 million, RJHI AB / 1120.SE Samba 2Q2011 results: earnings surprise positively, slow, but steady loan growth Samba Financial Group (Samba) [1090.SE] has reported 2Q2011 earnings of SAR1,103 million (EPS: SAR1.22), down 1.8% Q-o-Q but 9% ahead of our SAR1,013 million estimate. The biggest surprise came from strong cost control, while it appears that the impact of bonus payments to employees has been offset by lower provisioning costs during 2Q2011. Sambas revenues declined 3.9% Q-o-Q to SAR1,635 million, mainly due to lower non-interest income. Samba had booked strong investment gains in 1Q2011. Net interest income recovered 6.0% Q-o-Q in 2Q2011, which was due to an improvement in net interest spreads, in our view. This is a strong recovery in, our view, considering that net interest spreads were on a steady decline trend over the last three quarters. We believe that the improvement in spreads was due to the deployment of liquidity in higher-yielding investment securities. While detailed results are currently unavailable, we estimate that Sambas operating costs rose by only 3% Q-o- in 2Q2011Q. This is surprising as we had expected a strong surge in operating costs on employee bonuses that were to be booked in 2Q2011. Some of the impact of higher operating costs was also offset by a strong decline in provisioning costs, which we estimate declined 65% Q-o-Q during 2Q2011. Sambas NPL coverage stood at 118% as at end-2010, and the bank could have released some of the provisioning in 2Q2011, with asset quality indicators appearing to remain stable. Sambas net loans grew by 1.3% Q-o-Q to SAR82.4 billion, with the run-rate similar to that reported in 1Q2011. While loan growth momentum was slower compared to peers, we are encouraged by the steady recovery so far in 2011 after the banks loan book contracted by almost 18% in 2008-2010. Deposit growth was strong in 2Q2011, rising 3.2% Q-o-Q to SAR138.8 billion. The banks loans-to-deposit ratio declined, falling to 59.4% in 2Q2011 versus 60.5% in 1Q2011. (Company Disclosure, Murad Ansari) Samba: SAR49.5, Rating: Buy, FV: SAR66.0, MCap: USD44,550million, SAMBA AB /1090.SE SHB 2Q2011 earnings rise sharply; loan growth recovers Saudi Hollandi Banks (SHBs) [1040.SE] 2Q2011 earnings rose sharply, rising 19.6% Q-o-Q to SAR263 million (EPS: SAR0.80). Earnings were 11% ahead of our estimates at SAR237 million. Net interest spreads were stable on a Q-o-Q basis, while revenues grew 2.1% Q-o-Q, supported by higher noninterest income and a decline in operating and provisioning costs. We estimate that trading and fee income likely drove the improvement in non-interest income. Net interest spreads are estimated to have remained broadly stable on a Q-o-Q basis. Operating and provisioning cost trends are normalising. We estimate that operating costs declined by 8.0% Q-o-Q after a surge in 1Q2011 on one-off employee bonuses. On the other hand, asset quality indicators appear to be healthy and supporting a steady decline in provisioning costs. We continue to see earnings getting support in 2011 from strong operating costs and credit quality control. After a sharp contraction in 1Q2011, net loans grew sharply, rising 6.0% Q-o-Q in 2Q2011. We believe that the banks continued focus on

improving its presence in the mid-market and consumer segment is beginning to pay off and leading to a recovery in net loans. Deposits, which had declined Q-o-Q along with net loans in 1Q2011, also recovered strongly, rising 3.1% Q-o-Q. (Company Disclosure, Murad Ansari) SHB: SAR29.4,Rating: Buy, FV: SAR35.0, MCap: USD9,723.9 million, AAAL AB / 1120.SE Kayan reports non-operational net loss of SAR16 million in 2Q2011 Saudi Kayan Petrochemical Company (Kayan) [2350.SE] has released 2Q2011 headlines results showing a non-operational net loss of SAR16.01 million versus net losses of SAR1.8 million in 2Q2010 and SAR8.33 million in 1Q2011. The increase in net losses is mostly attributable to a higher Zakat provision, the company said in a statement to the Saudi stock exchange. The company remains in the trial production stage and is scheduled to begin commercial operations on 1 October 2011. (Tadawul) JCC raises local cement selling prices by 20% Al-Jouf Cement Company (JCC) (3091.SE) has announced the liberalisation of selling prices for local cement after the Ministry of Commerce and Industrys decision to suspend the renewal of its export licences. JCC has raised local prices to SAR240-260/tonne, up from SAR200/tonne (the local price cap that was previously imposed by the government for exporting companies). (Tadawul)

Morocco News
Mortgage loans rise by 8.7% Y-o-Y in Morocco Mortgage loans in Morocco grew 8.7% Y-o-Y in 1H2011 to MAD 198.4 billion from MAD 182.4 billion in 1H2010. The FOGARIM, a mortgage fund for low or seasonal-income groups, rose 4.9% Y-o-Y in 1H2011. (LEconomiste)

EFG Hermes Research

MENA Strategy - Go With The Flow: MENA Flows Remain Weak; Global Rotation into Bonds from Equities Continues - June Issue 11 July 2011 Middle East & Africa (MEA) Flows Continue to be Pressured: Outflows from MENA country funds eased M-oM to USD30.5 million. The vast bulk of outflows came from Gulf country funds, led by Saudi Arabia (and followed closely by Qatar, Kuwait and the UAE). Outflows from Egypt stabilised at modest levels, while Morocco, in a break from the usual trend, saw sharp net redemptions. MEA-dedicated funds fared worse, with outflows continuing at a brisk pace. Net redemptions totalled USD112 million and were spread more or less evenly across all regions. GEM Funds Jump Back into Egypt in May: GEM funds markedly increased their exposure to the MEA in May to 0.82% of their portfolio (from historic lows in April). The increase was led entirely by a higher allocation to Egypt, while off-benchmark exposure remained unchanged. As a result, most GEM funds raised their overweight position in Egypt (relative to the MSCI Emerging Market Index) to 0.11%. Meanwhile, cash allocations resumed their downward trend, falling to 2.30% from 2.62% in April. Asia ex-Japan and GEM Funds Support Revival in Emerging Equity Inflows: Emerging equity funds saw improved inflows in June, led by a revival of interest in Asia ex-Japan funds, and continued robust inflows into diversified GEM funds. The improvement was selective, however, with Latin America and EMEA funds continuing to see brisk net redemptions. Inflows into frontier market funds improved substantially M-o-M, but remain low in absolute terms. Rotation into Bond Funds from Equity Funds Continues: Last months rotation into bond funds from equity funds continued in June, although at a much slower pace. Equity fund outflows fell by a third M-o-M as Asia ex-Japan funds enjoyed a sharp turnaround in inflows and developed market funds (particularly North America) saw weaker net redemptions. Developed Europe equity funds saw outflows increase substantially on increasing Eurozone debt fears. Bond fund inflows halved M-o-M as North America funds attracted substantially lower inflows relative to May; the region recorded two consecutive weeks of outflows for the first time this year. Emerging bond fund inflows were unchanged in June across all regions. (Fahd Iqbal, Simon Kitchen, Ahmed Difrawy, Ahmed Hesham Hassan)

Advanced Petrochemical Company (Advanced) - 2Q2011 Earnings Positively Surprises; Reiterate Neutral - Flash Note 11 July 2011 2Q2011 Beats Expectations, Earnings Rise 19% Q-o-Q; Maintain Neutral: Advanced reported today a strong set of results for 2Q2011 that came in well ahead of our forecasts and consensus estimates. Net income grew 19% Q-o-Q to SAR156 million versus our estimated SAR111 million. According to the company, the significant growth Q-o-Q is due to higher volumes and prices during the quarter. We will likely revise our 2011 estimates to incorporate higher-than-expected 2Q2011 results once full financials are made available. Our current fair value (FV) of SAR36.0/share implies limited upside potential, hence we reiterate our Neutral rating on the stock. Revenue Implies Higher PP Net Back, Probably in Europe: Revenue in 2Q2011 of SAR743 million, up 11% Qo-Q and versus our estimated SAR663 million, implies that Advanced operated at above nameplate capacity (possibly due to inventory sales) and saw a higher PP netback, which we believe could have resulted from higher European sales. Average PP prices in Europe were USD2,300/tonne during 2Q2011 versus USD1,622/tonne in Asia. We had expected Advanceds EBITDA margin to be squeezed as PP prices in Asia increased slightly, while naphtha prices were around 9% higher during the quarter. However, the companys EBITDA margin actually increased to 29% from 28.4% as the PP-naphtha spread was supported by higher European PP netback, in our view. Valuation Attractive; Risk of Higher Feedstock Prices in 2012 Remains: Advanced currently trades at an estimated 2011 P/E of 11.5x, in line with the global and regional peer average. However, we expect revisions to earnings estimates post-2Q2011 results, which could make current valuations more attractive. Our major concern remains Advanceds full exposure to propane feedstock, which naturally increases its risk profile compared to other diversified chemicals plays in the region (please refer to our last update 2Q2011 Preview: Chinas Destocking Healthy, Valuations Attractive, published on 30 June 2011). (Yousef Husseini, Ahmed Shams El Din) Yanbu National Petrochemical Company (YANSAB) - 2Q2011 Results Positively Surprise at All Levels; Reiterate Buy - Flash Note 11 July 2011 Earnings Higher-than-Expected, Up 34% Q-o-Q to SAR964 Million: Yansab reported today headlines of 2Q2011 figures that came in significantly stronger than our expectations and consensus estimates. Net income was significantly ahead of our estimated SAR674 million and Bloomberg consensus estimates of SAR765 million. Operating income grew 29% Q-o-Q to SAR1,084 million versus our estimated SAR795 million. We believe the beat was mostly driven by: i) higher-than-expected operating rates as the earnings release attributed the Q-o-Q growth to higher sales volume, ii) higher MEG volumes in Yansabs revenue mix, and iii) higher polymers net back in Europe. Yansab Remains Our Top Pick; Reiterate FV of SAR60/Share and Buy Rating: The strong set of results supports our view that Yansab remains significantly undervalued by the market at current levels. Our fair value offers 22% upside potential, hence we reiterate our Buy rating. Yansab currently trades at an estimated 9.4x P/E in 2011, well-below its regional and global peers. We believe valuations are even more attractive as we expect strong earnings revisions post-2Q2011 results. Expect Strong Earnings Revisions: We expect positive earnings revisions post-strong 2Q2011 results and given that chemicals prices have started to rebound in Asia from their low levels in June 2011. We had previously expected basic chemicals prices in Asia to rebound from their low levels by end of June 2011 due to cost pressures in Europe and Asia, and as China's destocking wave started to fade. Polymers Prices Rebound, As Expected: We expect the recent rebound to continue as several scheduled shutdowns in China should help tighten supply. This bodes well for Yansab, as its high operating leverage makes it one of the largest beneficiaries of higher polymer prices within our coverage. (Ahmed Shams El Din, Yousef Husseini)
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