Renaissance Services of Oman offers a "unique" way for investors to profit from spending in the oil and gas sector, Deutsche Bank said in a note to investors yesterday.
The Middle East and North Africa (Mena) was likely to see one of the highest growth rates globally in upstream capital expenditure programmes, from which Renaissance stood to benefit, Deutsche Bank said. So-called capex programmes, or money spent on acquisitions and upgrades of equipment, property or industrial buildings, had been one of the more resilient in the Middle East, the bank said.
Shares in Renaissance, which provides services to the oil and gas sector, rose the most in more than three weeks as Deutsche Bank initiated coverage of the stock with a "buy" recommendation.
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