Faisal Al Azmeh,
Ali Yavuz Birdal
& team
Bank of America
Merrill Lynch
Unranked last year, Bank of America Merrill Lynch returns to the roster in third place. This year the three-member crew is co-captained by newcomers Faisal Al Azmeh, who is headquartered in Dubai, and Istanbul-based Ali Yavuz Birdal. The analysts added coverage of two companies last year, bringing their total to nine. In September they downgraded Saudi Arabian Mining Co. — known as Ma'aden — from buy to sell, at 33 riyals, citing increasing operational risks and project delays. In April technical difficulties forced the company to suspend ammonia production at its Ras al-Khair facility for several weeks, and by the end of May, the stock had slid 7.3 percent, to 30.60 riyals. During the same period the sector dipped 3.5 percent. — Katie Gilbert