Industries – Chemicals: Third

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 newcomersFaisal 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