1. QE Intra-Day Movement
Market Indicators
10,390
10,380
10,370
10,360
27 Nov 13
%Chg.
317.4
555,026.7
10.5
4,386
38
15:20
422.5
555,390.4
14.8
6,007
41
21:17
(24.9)
(0.1)
(29.0)
(27.0)
(7.3)
–
Market Indices
10,350
10,340
9:30
28 Nov 13
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.2% to close at 10,375.1. Gains were led by the Insurance
and Transportation indices, gaining 0.8% and 0.7% respectively. Top gainers
were Qatar Cinema & Film Dist. Co. and Qatar Gas Transport Co., rising 5.4%
and 1.7% respectively. Among the top losers, Al Ahli Bank fell 6.3%, while
Islamic Holding Group declined 2.0%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,823.59
2,582.45
2,446.53
3,402.94
1,942.49
1,995.09
2,365.07
1,454.25
5,980.53
3,031.88
0.2
0.1
(0.2)
0.1
0.7
0.0
0.8
0.6
0.4
0.1
0.9
0.7
0.3
1.0
3.1
0.7
0.9
(0.2)
(0.1)
1.7
31.0
28.2
25.5
29.5
44.9
23.8
20.4
36.6
28.0
21.9
N/A
13.1
13.1
12.3
13.2
13.7
9.7
19.8
22.7
15.7
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Vol. ‘000
Saudi Arabia: The TASI index rose 0.3% to close at 8,325.3. Gains were led
by the Transport and Multi-Investment indices, rising 3.1% and 1.4%
respectively. MetLife AIG ANB Cooperative Insurance Co. gained 9.9%, while
The National Shipping Co. of Saudi Arabia was up 4.4%.
Nat. Bank of Fujairah
Abu Dhabi
3.73
14.8
1.0
(18.0)
United Real Estate Co.
Kuwait
0.13
6.7
1,054.2
6.7
Ajman Bank
Dubai
2.32
5.0
313.7
63.4
National Shipping Co.
Saudi Arabia
26.20
4.4
4,893.8
36.8
United Int. Trans. Co.
Saudi Arabia
70.75
4.0
592.9
66.9
Dubai: The DFM index gained 1.6% to close at 2,945.9. The Investment &
Financial Services index rose 3.3%, while the Banking index was up 2.1%. Dar
Al Takaful surged 15.0%, while Mashreq Bank gained 8.3%.
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 3,849.8. The
Industrial index gained 2.6%, while the Banking index was up 0.5%. Abu Dhabi
National Co. for B & M rose 12.2%, while Gulf Cement Co. was up 7.1%.
##
#
1D% Vol. ‘000
Oman: The MSM index was closed on November 28, 2013.
Bahrain: The BHB index gained 0.9% to close at 1,208.6. The Services index
rose 1.8%, while the Commercial Banking index was up 1.5%. Ahli United
Bank gained 3.6%, while Bahrain Telecommunications Co. was up 3.3%.
GCC Top Losers
Exchange
Al Ahli Bank
Qatar
52.50
(6.3)
1.2
7.1
Comm. Bank of Kuwait
Kuwait
0.70
(4.1)
0.4
(1.4)
Astra Industrial Group
Saudi Arabia
50.75
(2.9)
322.7
30.1
Ithmaar Bank
Kuwait: The KSE index declined 0.7% to close at 7,785.5. The Technology
index fell 2.3%, while the Telecommunication index was down 1.9%. Kuwait
Real Estate Holding Co. declined 6.9%, while Gulf Petroleum Investment was
down 6.7%.
Close
YTD%
YTD%
Bahrain
0.23
(2.2)
2,533.7
32.4
Kuwait Food Co.
Kuwait
2.42
(1.6)
10.0
39.1
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Gainers
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
Qatar Cinema & Film Dist. Co.
44.25
5.4
0.0
(22.2)
Al Ahli Bank
52.50
(6.3)
1.2
7.1
39.60
(2.0)
112.5
4.2
Qatar Gas Transport Co.
20.85
1,865.1
1.7
36.6
Islamic Holding Group
168.80
1.4
13.1
27.5
Medicare Group
53.50
(0.9)
150.7
49.9
Qatar Insurance Co.
66.50
1.2
114.3
23.3
Qatari Investors Group
39.65
(0.9)
134.3
72.4
Masraf Al Rayan
33.00
0.9
2,542.1
33.1
Mazaya Qatar Real Estate Dev.
11.60
(0.9)
522.6
5.5
Qatar Electricity & Water Co.
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Masraf Al Rayan
33.00
0.9
2,542.1
33.1
Masraf Al Rayan
33.00
0.9
83,995.8
33.1
Vodafone Qatar
11.10
0.8
2,096.7
32.9
Qatar Gas Transport Co.
20.85
1.7
38,700.4
36.6
Qatar Gas Transport Co.
20.85
1.7
1,865.1
36.6
Vodafone Qatar
11.10
0.8
23,239.5
32.9
Barwa Real Estate Co.
30.15
0.5
557.9
9.8
Industries Qatar
168.20
(0.2)
19,441.8
19.3
Mazaya Qatar Real Estate Dev.
11.60
(0.9)
522.6
5.5
Barwa Real Estate Co.
30.15
0.5
16,780.7
9.8
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
10,375.06
2,945.91
3,849.84
8,325.28
7,785.48
6,726.29
1,208.55
0.2
1.6
0.3
0.3
(0.7)
N/A
0.9
0.9
1.9
0.5
(0.1)
(0.7)
(0.7)
0.6
5.5
0.8
0.1
3.5
(2.0)
0.8
0.6
24.1
81.6
46.3
22.4
31.2
16.8
13.4
Exch. Val. Traded
($ mn)
87.17
397.14
94.89
1,076.36
100.45
N/A
1.77
Exchange Mkt.
Cap. ($ mn)
152,465.8
70,205.0
110,441.3
452,393.4
110,460.3
24,072.2#
49,472.1
P/E**
P/B**
13.3
17.4
10.7
17.1
17.1
10.6
8.1
1.8
1.2
1.3
2.1
1.3
1.6
0.9
Dividend
Yield
4.4
3.0
4.7
3.6
3.6
3.9
4.0
#
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Nov. 26, 2013)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 0.2% to close at 10,375.1. The Insurance and
Transportation indices led the gains. The index rose on the back
of buying support from Qatari shareholders despite selling
pressure from non-Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
76.39%
71.80%
14,572,735.46
Non-Qatari
 Qatar Cinema & Film Dist. Co. and Qatar Gas Transport Co.
were the top gainers, rising 5.4% and 1.7% respectively. Among
the top losers, Al Ahli Bank fell 6.3%, while Islamic Holding
Group declined 2.0%.
Buy %*
23.62%
28.20%
(14,572,735.46)
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday declined by 29.0% to
10.5mn from 14.8mn on Wednesday. Further, as compared to
the 30-day moving average of 11.2mn, volume for the day was
6.0% lower. Masraf Al Rayan and Vodafone Qatar were the most
active stocks, contributing 24.2% and 20.0% to the total volume
respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Market
Sudatel Telecom Group
(STG)
Currency
Abu Dhabi
Revenue
(mn) 3Q2013
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
Net Profit (mn)
3Q2013
% Change
YoY
123.7
17.3%
–
–
-5.8
-69.4%
USD
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
11/28
EU
Eurostat
Business Climate Indicator
11/28
EU
Eurostat
Economic Confidence
November
0.18
0.05
-0.08
November
98.5
98.0
11/28
EU
Eurostat
97.7
Industrial Confidence
November
-3.9
-4.4
11/28
EU
-5.0
Eurostat
Consumer Confidence
November
-15.4
-15.4
-14.5
11/28
11/29
EU
Eurostat
Services Confidence
November
-0.8
-3.5
-3.7
EU
Eurostat
CPI Estimate YoY
November
0.90%
0.80%
0.70%
11/29
EU
Eurostat
CPI Core YoY
November
1.00%
0.90%
0.80%
11/29
France
Insee
PPI MoM
October
-0.20%
–
0.30%
11/29
France
Insee
PPI YoY
October
-1.40%
-0.80%
-0.70%
11/29
France
Insee
Consumer Spending MoM
October
-0.20%
0.20%
-0.10%
11/29
France
Insee
Consumer Spending YoY
October
-0.10%
0.20%
-0.10%
11/28
Germany
Destasis
Import Price Index MoM
October
-0.70%
-0.30%
0.00%
11/28
Germany
Destasis
Import Price Index YoY
October
-3.00%
-2.60%
-2.80%
11/28
Germany
Destasis
CPI Saxony YoY
November
1.40%
–
1.10%
11/28
Germany
Destasis
CPI MoM
November
0.20%
0.10%
-0.20%
11/28
Germany
Destasis
CPI YoY
November
1.30%
1.20%
1.20%
11/29
Germany
Destasis
Retail Sales MoM
October
-0.80%
0.50%
-0.20%
11/29
Germany
Destasis
Retail Sales YoY
October
-0.20%
1.40%
0.30%
11/28
UK
Lloyds Bank
Lloyds Business Barometer
November
50
–
63
11/29
UK
GfK
GfK Consumer Confidence
November
-12
-10
-11
11/29
UK
Nat'wide
Nationwide House PX MoM
November
0.60%
0.60%
1.00%
11/29
UK
Nat'wide
Nationwide House Px NSA YoY
November
6.50%
6.20%
5.80%
11/28
Spain
INE
GDP YoY
3Q2013
-1.10%
-1.20%
-1.60%
11/28
Spain
INE
GDP QoQ
3Q2013
0.10%
0.10%
-0.10%
11/28
Spain
INE
CPI YoY
November
0.20%
0.20%
-0.10%
11/28
Spain
INS
House Price Index QoQ
3Q2013
-0.40%
–
-2.40%
11/28
Spain
INS
House Price Index YoY
3Q2013
-4.50%
–
-7.60%
11/29
Japan
Markit
Markit/JMMA Manufacturing PMI
November
55.1
–
54.2
11/29
Japan
METI
Industrial Production MoM
October
0.50%
2.00%
1.30%
11/29
Japan
METI
Industrial Production YoY
October
4.70%
6.30%
5.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Page 2 of 6

3. News
Qatar
 Qatar to maintain LNG lead despite US shale gas revolution
– The development of US shale gas extraction to tap previously
inaccessible reserves, the so called US shale gas revolution, is
not proving to be a game changer for Qatar, according to QNB
Group. Fracking techniques, namely the process of forcing
water, chemicals and sand at high pressure into shale rock
deposits to extract high volumes of gas have been refined only
over the last decade to make US shale gas commercially viable.
This has virtually eliminated the need for the US to import
liquefied natural gas (LNG), including from Qatar. The drop in
demand from the US, however, has been replaced by strong
demand from Asia, particularly from Japan after the Fukushima
nuclear accident in March 2011. As a result, QNB Group
expects global LNG demand to remain strong over the next
decade. Qatar is therefore unlikely to lose its leading role in the
global energy market for years to come. (QNB, Gulf-Times.com)
 MARK inches closer to acquire IBB – Masraf Al Rayan
(MARK) and Islamic Bank of Britain (IBB) have announced that
they have reached an agreement on the terms of a
recommended cash offer by Al Rayan (UK) Limited, a wholly
owned subsidiary of MARK for the entire issued and to be
issued share capital of IBB. Earlier on September 30, 2013,
MARK had offered £24.1mn for the acquisition, with each IBB
shareholder entitled to receive 0.53 pence in cash for every IBB
share. (Peninsula Qatar)
 QCB to issue QR4bn T-bills on December 3 – The Qatar
Central Bank (QCB) will issue treasury bills with a maturity of 91
days, 182 days and 273 days on December 3, 2013. The total
amount of this issuance is QR4bn. (QCB)
 Qatar’s Producer Price Index rises by 1.4% – Qatar’s
Producer Price Index (PPI) of the Industrial Sector for 3Q2013
stood at 168.6, showing 1.4% increase over the PPI in 2Q2013.
Released by the Ministry of Development Planning & Statistics
(MDPS), the PPI showed that the “mining” group increased by
1.4%, primarily due to 1.4% price rise seen in the crude oil &
natural gas group. The 2.4% rise in the PPI for the
“manufacturing” group is mainly due to increasing prices in basic
chemicals (3.6%), refined petroleum products (2.4%), and basic
metals (1%). On the other hand, price declines were recorded in
the dairy products and glass & glass products, which went down
by 1% and 0.6% respectively. Similarly, the PPI for “electricity &
water” showed a decrease of 0.7%. The year-on-year
comparison of PPI for 3Q2013 over PPI for 3Q2012 showed a
rise of 1.6%. (Peninsula Qatar)
 QNB launches Al Safwa services – The Qatar National Bank
(QNB) has launched “Al Safwa” services that provide an
innovative gateway and a one-stop solution for both Egyptian
expatriates as well as QNB First Qatari citizens. The service
also builds on the successful acquisition of a controlling stake of
97.12% in its QNB Al Ahli operations in Egypt (formerly NSGB).
(Peninsula Qatar)
 India to increase airline seats for Qatar under bilateral pact
– India is set to increase Qatar's entitlement of airline seats
under their bilateral air traffic rights. This move can help in
developing Doha as a major regional hub for westbound traffic
from India. Under the pact, Qatar seeks to enhance its weekly
quota to 72,600 seats from the current 24,800, which was nearly
exhausted. Qatar Airways, is the fifth largest carrier of India's
international traffic, with nearly 4% share of the 45 million
passengers travelling to and from India in 2012-13. (Bloomberg)
 QIBK opens Dar Al Salam Mall branch – Qatar Islamic Bank
(QIBK) has opened a branch at Dar Al Salam Mall in Abu
Hamour as part of its expansion strategy. (Peninsula Qatar)
 Hotel occupancy rises to 57% in 3Q2013 – According to the
data released by Qatar's Tourism Authority, the hotel occupancy
rate in Qatar averaged at 57% in 3Q2013, up from 50% in
3Q2012. This is despite an addition of 600 rooms and a 4.73%
increase in inventory. The total revenue among four and five star
hotels stood at $193mn, indicating an increase of 13.8% YoY.
(Bloomberg)
 Kahramaa’s $3bn project to boost water security – The
Qatar General Electricity & Water Corporation (Kahramaa) is
undertaking a $3bn project designed to provide seven days of
strategic water storage in its network. Kahramaa’s Technical
Director Ahmed al-Naser said the Water Security Mega
Reservoirs project will increase the capacity of water storage in
Qatar by 10 times to about 3,500mn gallons. Kahramaa has also
planned an independent water & power plant (IWPP) with a
power generation capacity of 2,400MW and a desalination
capacity of 130mn gallons per day to meet the growing demand
for water and electricity. The IWPP known as “Facility D” will be
located at the Qatar Economic Zone near Doha. (GulfTimes.com)
 QA, JAL enter into code share agreement – Qatar Airways
(QA) and Japan Airlines (JAL) have entered into a code share
agreement for the first time. The airlines will commence their
code share flights from December 3, 2013 on QA operated
flights between Tokyo and Doha as well as Osaka and Doha.
Meanwhile, QA will place its flight indicator on JAL operated
flights. (Bloomberg)
International
 S&P removes Dutch from triple-A club, lifts outlook for
Spain – S&P’s has cut the Netherlands' credit rating, reducing
the Eurozone club of full triple-A nations to just three, while
rewarding Spain for efforts to reform its public finances. S&P
lowered the Netherlands, which is suffering from an anemic
economy, slumping house prices and falling consumer
confidence, to "AA+" from "AAA". This left Germany,
Luxembourg and Finland as the only members of the 17-nation
euro zone with the top rating from all three leading credit
agencies. However, it raised the outlook for Spanish debt to
Stable from Negative and upgraded bailed-out Cyprus,
highlighting diverging fortunes within the common currency bloc.
(Reuters)
 Moody’s raises Greece to Caa3 on fiscal progress – Moody’s
has raised Greece’s government bond rating to Caa3 from C
with a Stable outlook. Moody’s said it expects Greece to achieve
(and possibly outperform) its target of a primary balance in
2013, and record a surplus in 2014. It also said that a cyclical
recovery in the economy is another reason for the credit grade
increase. Moody’s said the Greek economy is bottoming out
after nearly six years of recession. The ratings company said it
expects the government’s budget focus to remain on savings
generated from structural reform measures as opposed to
further spending cuts. (Bloomberg)
 China’s manufacturing index beats estimates as output
rises – A Chinese manufacturing gauge exceeded analysts’
estimates in November, indicating the nation’s economic
recovery is sustaining momentum amid government efforts to
rein in credit growth. Chinese National Bureau of Statistics and
China Federation of Logistics & Purchasing said the Purchasing
Managers’ Index was 51.4. That’s the same reading as October
Page 3 of 6

4. and was higher than 24 out of 26 estimates in a Bloomberg
News survey that had a median forecast of 51.1. (Bloomberg)
 China sets IPO reform plan signaling end of freeze on
listings – The China Securities Regulatory Commission has
issued a reform plan for IPOs, as the government prepares to lift
a more than one-year freeze on new listings in the country. The
regulator said about 50 companies are expected to complete the
IPO approval preparations and list or be ready to do so by the
end of January. The regulator said there are more than 760
companies in the queue for approval and it will take about a year
to complete an audit of all the applications. (Bloomberg)
 India growth quickens from four-year low as rate increases
loom – Indian economic growth quickened last quarter from a
four-year low on higher factory output, a revival threatened by
looming interest-rate increases to fight rising prices in the nation
of 1.2bn people. The Indian Statistics Ministry said GDP rose
4.8% in the three months ended September from a year earlier,
compared with 4.4 in the previous quarter. The median of 44
estimates in a Bloomberg News Survey was for a 4.6% gain.
(Bloomberg)
 S&P sees Islamic finance flourishing next year – According
to a report by S&P, growth of the global Islamic finance market
has continued unabated this year, despite the uncertain
recovery elsewhere in the world’s financial markets. S&P’s
Regional Head of Eastern Europe, Middle East & Africa Zeynep
Holmes said S&P believes that global Shari’ah-compliant
assets, which are estimated at around $1.4tn, are likely to
sustain double-digit growth in the coming 2-3 years. Islamic
finance remains a demand-driven market with scarce supply,
which is still hampered by a limited range of financial centers
and their various regulatory frameworks. The S&P report said it
is only a matter of time before Islamic finance achieves critical
mass, as the pool of assets broadens, enhancing liquidity. The
report said starting from 2014, the regulatory efforts needed to
accommodate Islamic finance and the establishment of
additional industry bodies at national levels will take centre
stage. (Peninsula Qatar)
Regional
 Reuters: Mideast fund managers more cautious on equities
– According to a survey conducted by Reuters, fund managers
in the Middle East are showing signs of becoming more cautious
toward some equity markets as change looms in the global
economic environment. The Reuters monthly survey showed
that 47% out of 15 managers expect raising their overall equity
allocation to the region in the next three months, while the rest
expect maintaining it steady. The survey also showed a rise in
the proportion of managers who expect to decrease their
allocations to fixed income in the Middle East over the next three
months from 19% in October to 33% in November. (Reuters)
 GCC countries plan a navigation maintenance hub for
shipments – Countries in the GCC region are planning to set up
a common navigation maintenance hub for the better integration
of cargo movements within the GCC waters. Ports across the
region will work in tandem to handle the huge pressure expected
from the heavy volume of shipments during the next few years.
GCC countries are set to witness a huge volume of cargo
movements with $3tn worth of development works projected in
the Middle East over the coming years. The contract for this
project is expected to be signed in the coming months.
(GulfBase.com)
 Saudi investments on aquaculture projects to reach
SR60bn – The Saudi Ministry of Agriculture’s Undersecretary for
Fishery Affairs Jabir Al Shihri said that investments on
aquaculture projects will be increased from SR20bn to SR60bn
in order to produce 1mn tons of fish products over the next 16
years. (GulfBase.com)
 SCC’s Turkish unit signs deal to supply SR132mn power
equipment – The Saudi Cable Company’s (SCC) Turkish
subsidiary, Demirer Kablo has signed a contract to supply
132kV power cables and related materials worth SR132mn.
These materials will be delivered over a period of 12 months
from the date of receipt of the letter of credit. The financial
impact of this contract will appear in 3Q2014. (Tadawul)
 Sumitomo Chemical expects approval for Rabigh II project
expansion in 1H2014 – Japan-based Sumitomo Chemical
Company’s President Masakazu Tokura said the company
expects to win project finance approval for the expansion of
Rabigh II project in Saudi Arabia in 1H2014. This $7bn project
will be operational in 2016. (GulfBase.com)
 Invensys signs deal to set up R&D center in DTV – UKbased Invensys has signed an agreement to set up a R&D
center in automation & control systems for oil & gas, energy and
construction sectors in Dhahran Techno Valley (DTV) located at
King Fahd University of Petroleum & Minerals. (GulfBase.com)
 ADC signs credit facilities deal with Saudi Fransi Capital –
Al Ahsa Development Company (ADC) has entered into an
agreement for credit facilities (on draft) for guarantee with Saudi
Fransi Capital to ensure the portfolio securities owned by ADC
and the limited facilities at the company to participate in the
IPOs. ADC has announced that the purpose of this agreement is
to increase the sources of income for the company and its
financial impact is expected in 1Q2014. (Tadawul)
 Mobily extend talks with EATC shareholders until January
30, 2014 – The Etihad Etisalat Company (Mobily) has extended
talks
with
four
shareholders
in
Etihad
Atheeb
Telecommunication Company (EATC) until January 30, 2014. If
concluded, this deal will give Mobily a majority control in EATC
and enable it to provide fixed-line services directly and attract
customers with bundled packages of internet, television and
phone calls. (GulfBase.com)
 JMC’s BoD recommends 50% capital increase through
bonus shares – Jarir Marketing Company’s (JMC) board of
directors has recommended increasing the company’s capital by
50% to SR900mn through the issue of bonus shares. JMC will
issue 30mn additional shares and offer one bonus share for
every two shares owned. (Tadawul)
 LG Electronics appoints Shaker Co as distributor – LG
Electronics has appointed the Shaker Company as a nonexclusive distributor for its LED lighting products in Saudi Arabia
for a period of two years. The financial impact of this agreement
is expected to be visible in 1Q2014. (Tadawul)
 SABIC opens technical center in Bangalore – Saudi Basic
Industries Corporation’s (SABIC) Chairman of the Board of
Directors Prince Saud Bin Abdullah Bin Thunayan opened
$100mn worth SABIC Technical Center in Bangalore. The newly
opened center is the latest of SABIC technical centers in Asia,
which will have around 300 scientists, engineers and technicians
working for it in India. (GulfBase.com)
 ANB Insurance receives approval from Saudi CMA – The
MetLife-AIG ANB Cooperative Insurance Company (ANB
Insurance) has received approval from Saudi Capital Market
Authority (CMA) to be exempt from the requirements of
disclosing its interim financial results for 2013. However, the
company shall disclose its annual audited financial statements
for 2013 according to the listing rules requirements. (Tadawul)
Page 4 of 6

5.  SACO obtains SAMA’s approval for insurance products –
The Saudi Arabian Cooperative Insurance Company (SAICO)
has obtained a temporary approval from the Saudi Arabian
Monetary Agency (SAMA) to use its insurance products for six
months. (Tadawul)
 UAE to participate in WTO conference – The UAE will
participate in the 9th Ministerial Conference of the World Trade
Organization (WTO), which will take place on December 3 in
Bali, Indonesi. (GulfBase.com)
 Kingston Holdings signs JV deal with Glen Dimplex –
Sharjah-based Kingston Holdings and Ireland’s Glen Dimplex
entered into JV named “Xpelair Middle East” to provide
customers with access to full range of Glen Dimplex products.
The total investment for this production unit is estimated to be
$33mn. Apart from the Middle East and Africa region, this JV will
cover India, Sri Lanka, Nepal, Bangladesh, and Maldives as
well. (GulfBase.com)
 DEL signs MoU with Nord Stream AG – Dolphin Energy Ltd
(DEL) has entered into a five-year MoU with Nord Stream AG to
exchange operational & maintenance knowledge, and expertise
regarding high pressure gas networks and subsea pipeline
systems. This MoU will also explore opportunities where both
the companies can lend support to each other’s Emergency
Pipeline Repair System, which is essential to ensure minimum
disruption to gas throughput in the event of pipeline repairs.
(GulfBase.com)
 IPIC seeks $2bn refinancing loan – According to sources, the
International Petroleum Investment Company (IPIC) is arranging
for a $2bn refinancing loan. This loan will be split between a
three-year facility worth $1bn paying a margin of 40 basis points
(bps) over LIBOR and a five-year facility worth $1bn paying a
margin of 50 bps over LIBOR, with both tranches paying
utilization fees on top. This facility, which is expected to be
completed as a club loan, will be provided by around 12 banks.
(Reuters)
 Etihad adds more seats on Abu Dhabi-Melbourne route –
Etihad Airways has added more seats between Abu Dhabi and
Melbourne in Australia by introducing a Boeing 777-300ER on
this route. Operating from December 1, this larger aircraft will
offer 328 seats in a three-class configuration, offering 36 more
than the Airbus A340-600. (GulfBase.com)
 MOIC, EDB, GIA sign MoU to develop GPTLB – Bahrain’s
Ministry of Industry & Commerce (MOIC), the Bahrain Economic
Development Board (EDB) and the Gemological Institute of
America (GIA) have entered into a MoU to develop Gemstone &
Pearl Testing Laboratory (GPTLB) in Bahrain for research into
the production of natural pearls. Under this MoU, all three
parties will work together to enhance Bahrain’s pearling industry,
with the aim of developing capacity, research, expertise and
technological know-how at GPTLB, and identify further
opportunities for the sector to grow in Bahrain. (GulfBase.com)
 Fitch: Dubai should generate activity; boost confidence
over next few years – According to Fitch Ratings, Dubai's
successful bid for the 2020 World Expo should generate activity
and boost confidence across the Emirate's infrastructure, real
estate and hospitality sectors over the next few years. However,
the ambitious plan of Dubai could throw off the balance of
supply and demand after this expo. Dubai expects 25mn visitors
to visit this expo, which will drive major new construction
projects across a 438-hectare site and significant infrastructure
upgrades. Fitch said that this activity should support rents and
real estate prices up to the event and boost the demand in
construction and hospitality sectors in the Emirate. Fitch expects
government entities to be responsible for infrastructure
improvements, while major developers will handle other projects
such as hotel facilities for visitors. Meanwhile, a well-managed
expo could attract more businesses to the Emirate's free zones
and raise its standing as a travel destination. (GulfBase.com)
(GulfBase.com)
 Dubai proposes UAE to create Shari’ah-compliant
retirement packages for foreign workers – Dubai has
proposed to the UAE Federal Government to create a Shari’ahcompliant retirement savings scheme for foreign workers. This
scheme could help in developing the Islamic funds industry in
the Emirates. (GulfBase.com)
 MEED Projects: Major investment seen in Dubai after 2020
World Expo win – According to MEED Projects, major
investments are expected to be seen in various infrastructure
projects in Dubai after the successful bid of Dubai World Expo
2020. MEED expects the total value of contracts awarded such
as the metro, new airport and construction of the Expo center to
be around $30bn in 2013. (GulfBase.com)
 Emaar Properties bans agents from reselling off-plan
properties – Dubai property developer Emaar Properties has
banned real estate agents from reselling off-plan properties. Any
off-plan property purchase will not be subject to transfer until
handover. (GulfBase.com)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
2.1%
149.1
1.4%
130.8
0.7%
1.6%
118.7
0.9%
0.3%
0.2%
0.0%
0.3%
0.0%
(0.7%)
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
1D%
WTD%
YTD%
Global Indices Performance
1,253.49
0.8
0.8
(25.2)
DJ Industrial
19.99
1.4
0.6
(34.1)
109.69
(1.1)
(1.2)
3.79
0.0
LPG Propane (Arab Gulf)/Ton
116.00
LPG Butane (Arab Gulf)/Ton
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
Euro
Yen
Dubai
Oman*
Source: Bloomberg (*Market closed on November 28, 2013)
Close ($)
Gold/Ounce
Bahrain
Jul-13
Kuwait
May-12 Dec-12
Abu Dhabi
QE Index
Oct-11
Qatar
Jan-10 Aug-10 Mar-11
Saudi Arabia
(0.7%)
(1.4%)
Close
1D%
WTD%
YTD%
16,086.41
(0.1)
0.1
22.8
S&P 500
1,805.81
(0.1)
0.1
26.6
(1.3)
NASDAQ 100
4,059.89
0.4
1.7
34.5
0.5
10.6
STOXX 600
325.16
(0.0)
0.7
16.3
0.0
(3.1)
28.9
DAX
9,405.30
0.2
2.0
23.6
138.75
0.0
(3.0)
(21.4)
FTSE 100
6,650.57
(0.1)
(0.4)
12.8
1.36
(0.1)
0.2
3.0
CAC 40
4,295.21
(0.2)
0.4
18.0
102.44
0.1
1.2
18.1
15,661.87
(0.4)
1.8
50.7
GBP
1.64
0.2
0.9
0.7
MSCI EM
1,018.28
0.6
0.9
(3.5)
CHF
1.10
(0.1)
0.1
1.0
SHANGHAI SE Composite
2,220.50
0.1
1.1
(2.1)
AUD
Nikkei
0.91
0.1
(0.8)
(12.4)
HANG SENG
23,881.29
0.4
0.8
5.4
USD Index
80.68
0.1
(0.0)
1.1
BSE SENSEX
20,791.93
1.3
2.8
7.0
RUB
33.12
(0.1)
1.1
8.5
Bovespa
52,482.49
1.2
(0.6)
(13.9)
BRL
0.43
(0.7)
(2.3)
(12.2)
1,402.93
(0.3)
(2.9)
(8.1)
Source: Bloomberg
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
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