1. QE Intra-Day Movement
Market Indicators
10,500
10,480
10,460
09 Dec 13
%Chg.
495.9
559,607.4
16.9
6,465
40
20:18
517.7
555,846.7
15.2
6,219
41
16:19
(4.2)
0.7
11.3
4.0
(2.4)
–
Market Indices
10,440
10,420
9:30
10 Dec 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 0.6% to close at 10,496.9. Gains were led by the Industrials
and Banking & Financial Services indices, gaining 0.9% and 0.8% respectively.
Top gainers were Qatar Cinema & Film Dist. Co. and Zad Holding Co., rising
4.3% and 3.0% respectively. Among the top losers, Mannai Corp. fell 4.0%,
while Mazaya Qatar Real Estate Dev. declined 1.5%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,997.65
2,609.86
2,494.22
3,419.22
1,931.43
2,010.05
2,377.86
1,473.17
5,955.93
3,066.14
0.6
0.6
0.8
0.9
0.4
(0.5)
0.0
0.7
(0.0)
(0.0)
1.0
1.0
1.4
1.1
(0.0)
0.6
0.8
0.8
(0.4)
(0.1)
32.6
29.5
28.0
30.2
44.1
24.7
21.1
38.3
27.5
23.2
N/A
13.2
13.4
12.4
13.1
13.8
9.7
20.0
22.6
15.9
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index rose 0.5% to close at 8,399.4. Gains were led
by the Ind. Inv. and Petrochem. Ind. indices, rising 2.4% and 0.9%
respectively. ANB Insurance gained 9.8%, Astra Ind. Group was up 6.0%.
Abu Dhabi Nat. Hotels
Abu Dhabi
2.50
6.8
8.9
41.2
Astra Industrial Group
Saudi Arabia
53.00
6.0
944.5
35.9
Dubai: The DFM index gained marginally to close at 3,101.9. The Services
index rose 0.8%, while the Real Estate & Cons. index was up 0.6%. Al Salam
Bank - Sudan surged 14.5%, while Gulf Navigation Holding was up 3.9%.
Saudi Arabian Mining
Saudi Arabia
32.00
3.9
5,801.2
(1.2)
SPIMACO
Saudi Arabia
61.25
2.9
197.9
40.2
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,019.4. The
Services index gained 3.1%, while the Real Estate index was up 1.0%.
National Takaful Co. surged 14.4%, while Abu Dhabi Nat. Hotels gained 6.8%.
Saudi Ceramic Co.
Saudi Arabia
115.25
2.2
355.0
56.3
GCC Top Losers
Exchange
Kuwait: The KSE index declined marginally to close at 7,756.1. The Insurance
index fell 1.2%, while the Consumer Goods index was down 0.7%. Warba
Insurance declined 6.6%, while KIPCO Asset Management was down 6.4%.
Comm. Bank of Dubai
Dubai
4.20
(4.5)
730.1
40.0
Mannai Corp.
Qatar
86.40
(4.0)
0.0
6.7
Oman: The MSM index fell 0.1% to close at 6,761.2. Losses were led by the
Bank. & Inv. and Ind. indices, declining 0.3% and 0.2% respectively.
A'Sharqiya Inv. Holding fell 3.6%, while Al Jazeera Ser. Fin. was down 2.4%.
SADAFCO
Saudi Arabia
87.50
(3.3)
62.9
35.1
Sharjah Islamic Bank
Abu Dhabi
1.46
(2.0)
844.1
58.7
Burgan Bank
Kuwait
0.57
(1.8)
994.2
10.9
Bahrain: The BHB index rose 0.1% to close at 1,207.7. The Industrial index
gained 1.0%, while the Commercial Banking index was up 0.2%. Aluminum
Bahrain rose 1.0%, while National Bank of Bahrain was up 0.8%.
##
#
Close
Vol. „000
1D% Vol. „000
YTD%
YTD%
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.
43.80
4.3
0.1
(23.0)
Mannai Corp.
86.40
(4.0)
0.0
6.7
Mazaya Qatar Real Estate Dev.
11.57
(1.5)
1,336.2
5.2
(6.6)
Zad Holding Co.
69.00
Doha Insurance Co.
3.0
0.5
17.3
25.75
Commercial Bank of Qatar
2.8
1.2
4.9
174.30
QNB Group
1.7
481.5
33.2
71.10
1.6
492.5
0.3
Qatar Islamic Insurance
57.90
65.4
(1.3)
63.8
9.5
(1.0)
1,270.2
36.3
Close*
1D%
Val. „000
YTD%
11.60
0.9
99,782.2
38.9
174.30
Masraf Al Rayan
(1.4)
134.00
33.80
Al Meera Consumer Goods Co.
1.7
83,731.7
33.2
Close*
1D%
Vol. „000
YTD%
Vodafone Qatar
11.60
0.9
8,686.0
38.9
Mazaya Qatar Real Estate Dev.
11.57
(1.5)
1,336.2
5.2
Masraf Al Rayan
33.80
(1.0)
1,270.2
36.3
Masraf Al Rayan
33.80
(1.0)
43,173.0
36.3
Barwa Real Estate Co.
30.80
(0.5)
1,133.7
12.2
Industries Qatar
167.80
1.1
37,212.9
19.0
Qatar Gas Transport Co.
21.31
0.8
782.7
39.6
Barwa Real Estate Co.
30.80
(0.5)
34,955.0
12.2
Qatar Exchange Top Vol. Trades
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Vodafone Qatar
QNB Group
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
10,496.89
3,101.86
4,019.41
8,399.39
7,756.10
6,761.19
1,207.66
0.6
0.0
0.4
0.5
(0.0)
(0.1)
0.1
1.0
2.9
2.0
1.9
(0.1)
(0.1)
0.8
1.2
5.3
4.4
0.9
(0.4)
0.5
(0.1)
25.6
91.2
52.8
23.5
30.7
17.4
13.3
Exch. Val. Traded
($ mn)
184.62
285.35
178.46
1,395.31
61.52
27.02
0.83
Exchange Mkt.
Cap. ($ mn)
153,668.2
72,852.7
113,715.6
457,862.2
109,849.0
24,236.4
49,693.6
P/E**
P/B**
13.4
18.3
11.2
17.1
16.9
10.6
8.1
1.8
1.2
1.4
2.1
1.2
1.6
0.9
Dividend
Yield
4.4
2.9
4.5
3.5
3.6
3.8
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)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 0.6% to close at 10,496.9. The Industrials
and Banking & Financial Services indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
63.30%
74.36%
(54,859,825.79)
Non-Qatari
 Qatar Cinema & Film Dist. Co. and Zad Holding Co. were the top
gainers, rising 4.3% and 3.0% respectively. Among the top
losers, Mannai Corp. fell 4.0%, while Mazaya Qatar Real Estate
Dev. declined 1.5%.
Buy %*
36.70%
25.63%
54,859,825.79
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday rose by 11.3% to 16.9mn
from 15.2mn on Monday. Further, as compared to the 30-day
moving average of 12.3mn, volume for the day was 37.1%
higher. Vodafone Qatar and Mazaya Qatar Real Estate Dev.
were the most active stocks, contributing 51.3% and 7.9% to the
total volume respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Dubai Islamic Bank
(DIB)
DIB Sukuk Company
Ltd.
Agency
Market
Fitch
Dubai
Fitch
Dubai
Type*
LT IDR/ ST IDR/ VR/
SR/ SR floor
Senior unsecured trust
certificates
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
A/F1/bb/1/A
A/F1/bb/1/A
–
Stable
–
A
A
–
–
–
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency) (VR – Viability Rating)
Global Economic Data
Date
Market
Source
Indicator
Period
12/10
US
NFIB
NFIB Small Business Optimism
November
12/10
US
US Census Bureau
Wholesale Inventories MoM
October
12/10
US
US Census Bureau
Wholesale Trade Sales MoM
12/10
France
INSEE
Industrial Production MoM
12/10
France
INSEE
12/10
France
INSEE
12/10
France
12/10
Actual
Consensus
Previous
92.5
92.6
91.6
1.40%
0.30%
0.50%
October
1.00%
0.30%
0.80%
October
-0.30%
0.10%
-0.30%
Industrial Production YoY
October
0.00%
0.30%
-0.70%
Manufacturing Production MoM
October
0.40%
0.20%
-0.50%
INSEE
Manufacturing Production YoY
October
0.70%
0.20%
-1.20%
UK
RICS
RICS House Price Balance
November
58%
60%
57%
12/10
UK
ONS
Industrial Production MoM
October
0.40%
0.40%
0.90%
12/10
UK
ONS
Industrial Production YoY
October
3.20%
3.20%
2.20%
12/10
UK
ONS
Manufacturing Production MoM
October
0.40%
0.40%
1.20%
12/10
UK
ONS
Manufacturing Production YoY
October
2.70%
2.90%
0.70%
12/10
UK
ONS
Trade Balance
October
-£2619
-£2800
-£2644
12/10
Italy
ISTAT
Industrial Production MoM
October
0.50%
0.20%
0.20%
12/10
Italy
ISTAT
Industrial Production WDA YoY
October
-0.50%
-2.20%
-2.90%
12/10
Italy
ISTAT
Industrial Production NSA YoY
October
-0.50%
–
0.20%
12/10
Italy
ISTAT
GDP WDA QoQ
3Q2013
0.00%
-0.10%
-0.30%
12/10
Italy
ISTAT
GDP WDA YoY
3Q2013
-1.80%
-1.90%
-2.20%
12/10
China
National Bureau of Stat.
Industrial Production YTD YoY
November
9.70%
9.70%
9.70%
12/10
China
National Bureau of Stat.
Industrial Production YoY
November
10.00%
10.10%
10.30%
12/10
China
National Bureau of Stat.
Retail Sales YTD YoY
November
13.00%
13.10%
13.00%
12/10
China
National Bureau of Stat.
Retail Sales YoY
November
13.70%
13.20%
13.30%
12/10
China
People's Bank of China
Money Supply M0 YoY
November
–
0.081
0.08
12/10
China
People's Bank of China
Money Supply M1 YoY
November
–
0.09
0.089
12/10
China
People's Bank of China
Money Supply M2 YoY
November
–
0.142
0.143
12/10
China
National Bureau of Stat.
New Yuan Loans
November
–
580.0B
506.1B
12/10
Japan
Bank of Japan
Money Stock M2 YoY
November
4.30%
4.20%
4.10%
12/10
Japan
Bank of Japan
Money Stock M3 YoY
November
3.40%
3.50%
3.30%
12/10
Japan
ESRI
Consumer Confidence Index
November
42.5
43.0
41.2
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
 QCB: Construction sector surged by 9.3% in 2012 –
According to the data released by the Qatar Central Bank
(QCB), Qatar‘s construction sector rose by 9.3% in 2012 to
emerge as one of the fastest growing non-oil sectors. The
construction sector has gained nearly QR2.3bn in 2012 to climb
to a record high in current prices. However, the report showed
that the construction sector‘s share of GDP had edged down to
10.5% in 2012 from 11.2% in 2011. (Bloomberg)
 Lasting Iran deal could lead to a Qatar rating upgrade –
According to QNB Group, Qatar, which does not face any
imminent threat from the US shale gas boom, could expect to
get higher ratings if there is a permanent solution for Iran
nuclear crisis. QNB‘s Head of Economics Joannes Mongardini
said that Qatar‘s non-hydrocarbon sector is expected to grow
faster than its oil segment and is expected to witness an
additional inflow of 300,000 workers to fill in 240,000 new jobs
over the next one to two years. (Gulf-Times.com)
 QCB issues 3 and 5-year government bonds, sukuk – The
Qatar Central Bank has issued QR4bn worth of government
bonds and sukuk with three-year and five-year durations. (QCB
press release)
 Doha metro stations set for completion by 2018 – The
construction work on major underground stations of the Doha
Metro Project, which are progressing as scheduled, are
expected to be accomplished by 2018. Saad Ahmed alMuhannadi, CEO of Qatar Rail Company said that work on the
underground projects is moving along as scheduled and the
Lusail Light Rail Transit (LRT) has reached an advanced stage.
The Lusail LRT underground station is almost complete with
regard to civil engineering works. Other architectural and
technical works would be held in another stage in connection
with other stations. (Gulf-Times.com)
 Kahramaa to upgrade services to higher levels – Minister of
Energy and Industry HE Dr Mohamed bin Saleh al-Sada
highlighted the need for the Qatar General Electricity and Water
Corporation (Kahramaa) to upgrade its services to higher levels
in order to meet the expectations of the country‘s residents. He
said that this year‘s theme ―Strategic Transformation in
Performance‖ reflected the corporation‘s response to the goals
and objectives of Qatar National Vision 2030. The QNV has
stressed the importance of economic development, increased
environmental consciousness, cultural development and
capacity building of national human resources. (Gulf-Times.com)
 Ooredoo, QNB extends business partnership – Ooredoo and
QNB have extended their pioneering business partnership,
which helps them provide improved services to their customers.
Ooredoo‘s network will ensure continuous availability and uptime for all the banking services covered by QNB‘s extensive
network. This will play a vital role in ensuring QNB‘s customers
never face service disruptions due to connectivity losses
between the bank‘s main office and its branches as well as
ATMs nationwide around the clock. (Gulf-Times.com)
 Qatar plans higher health, education outlays in budget –
Qatar will continue to make higher allocations for health and
education in its next budget, in order to reduce its reliance on
the hydrocarbon sector and keep inflation under control. At the
Euromoney Conference, the Prime Minister & Interior Minister
HE Sheikh Abdullah bin Nasser bin Khalifa al-Thani said the
new phase of growth will require the government to focus more
on diversification and expansion in non-oil sectors, which will
boost the economic growth. He also emphasized on the private
sector‘s active participation in Qatar‘s ongoing economic
diversification process. (Gulf-Times.com)
 QIF urges QE to tackle liquidity to lure institutional inflow –
According to the Qatar Investment Fund (QIF), factors such as
the MSCI upgrade, mammoth capital expenditure ahead of FIFA
World Cup and a spate of listings augur well for the Qatar
Exchange (QE). However, QE must tackle liquidity problems to
ensure the entry of more foreign institutional investors. At the
Euromoney Conference, QIF chairman Nicholas Wilson said
that QE has witnessed more than 22% growth in its key index
ever since MSCI announced its decision to upgrade Qatar to
‗emerging market‘ from ‗frontier‘ status. (Gulf-Times.com)
 RasGas awards EPC contract to Chiyoda Almana for
onshore flow assurance project – The Ras Laffan Liquefied
Natural Gas Company (RasGas) has awarded an engineering,
procurement & construction (EPC) contract to Chiyoda Almana
Engineering for its onshore flow assurance project. This project
consists of onshore storage, pumping and loading facilities for
mono ethylene glycol (MEG), which prevents the formation of
hydrates. This project will include MEG transfer pumps and
facilities to load road tankers that will supply MEG to onshore
facilities of RasGas, Qatargas and Barzan, as well as the
capability to load marine vessels to transport MEG onto offshore
back-up tanks on wellhead platforms. (Bloomberg)
 L&T Shipbuilding wins $154mn order from HOSC for
commercial vessels – India-based Larsen & Toubro (L&T)
Shipbuilding has obtained a repeat order worth $154mn from
Halul Offshore Services Company (HOSC) for six specialized
commercial vessels. This order is for the design, construction
and commissioning of four platform supply vessels (PSVs) and
two anchor handling towing, supply & standby vessels
(AHTSSVs) with 150 MT bollard pull. PSVs will be delivered in
1Q2015, while AHTSSVs will be delivered in 4Q2015.
(Bloomberg)
 Property deals worth QR868.55mn during December 1-5 –
The Real Estate Registration Department at the Qatar‘s Ministry
of Justice said real estate transactions worth QR868.55mn were
registered during December 1-5, 2013 in Qatar. Properties that
were traded include open plots of land, two-floor villas, annexes,
houses and residential compounds and buildings that are
located in the municipalities of Umm Salal, Al Khor, Doha, Al
Rayyan, Al Shamal, Al Daayen and Al Wakra. (Bloomberg)
 GWCS‟ BoD to meet on January 19 – The Gulf Warehousing
Company‘s (GWCS) board of directors will meet on January 19,
2014 to discuss the company‘s financial results ending on
December 31, 2013. (QE)
 QA begins 4 weekly flights to Cyprus, could team up with
Emirates – Qatar Airways (QA) has launched four weekly flights
to Larnaca International Airport in Cyprus that will commence
from April 29, 2014. This will be QA‘s first route to Cyprus.
Meanwhile, QA‘s CEO Akbar Al Baker suggested that the airline
could again team up with the Emirates Airline to increase its
leverage when negotiating orders with plane manufacturers.
(Bloomberg)
Page 3 of 6

4. International
 US finalizes Volcker rule, curbing Wall Street's risky trades
– US banks will no longer be able to make big trading bets with
their own money after regulators finalized on Tuesday a rule
shutting down what was a hugely profitable business for Wall
Street before the credit crisis. The measure known as the
Volcker rule was a late addition to the 2010 Dodd-Frank Wall
Street reform law and seeks to ensure that banks can't make
speculative trades that are so large and risky that they threaten
individual firms or the wider financial system. Banks had hoped
to substantially soften the rule, but JPMorgan's $6 billion trading
loss in 2012 motivated regulators to devise a tough version.
(Reuters)
 US budget deal could usher in new era of cooperation – A
bipartisan budget deal announced in the US Congress on
Tuesday, though modest in its spending cuts, would end three
years of impasse and fiscal instability in Washington that
culminated in October with a partial government shutdown.
However, the agreement faces a challenge from some House
conservatives and will require support of the minority Democrats
to pass. The backing of President Barack Obama should help
round up votes of his fellow Democrats. He urged Congress to
quickly pass it. (Reuters)
 Europe edges toward plan to close failing banks – Euro
zone countries edged toward agreeing a plan to tackle ailing
banks on Tuesday but divisions remain about key parts of the
reform that is needed to underpin confidence in the bloc's
lenders. A draft plan, circulated among EU ministers at a
meeting in Brussels, spells out how a new agency may close
failing banks chiefly in the euro zone and, crucially, how the cost
can be shared out among different national funds in the scheme.
Linking these funds will take 10 years, however, and it will fall to
countries to cover the costs in the mean time. The new agency
to shut banks and a fund to pay for the clean-up will form a
second pillar of banking union, as soon as the European Central
Bank starts supervising banks late next year. (Reuters)
 IATA: Mideast, Asia-Pacific to drive global passenger
growth – According to the International Air Transport
Association (IATA), emerging economies in the Middle East and
Asia-Pacific will see the strongest international passenger
growth with a CAGR of 6.3% and 5.7% respectively between
2013 and 2017. By 2017, the total number of passengers is
expected to rise to 3.91bn—an increase of 930mn passengers
over 2.98bn passengers carried in 2012. The Asia-Pacific region
is expected to add around 300mn more passengers by the end
of 2017, of which around 75% is expected to be domestic
passengers. (Gulf-Times.com)
Regional
 GCC non-hydrocarbon sector growth tops developed
nations “between 1980 and 2009” – According to a research
by three senior IMF economists, the GCC region‘s nonhydrocarbon sector growth performance has been above that of
other oil producers or advanced economies between 1980 and
2009. Growth in Kuwait, Qatar and the UAE during the period
was at par with that of India and China. The sectors that
contributed most to non-hydrocarbon growth (and that increased
their share in the real GDP) were the manufacturing sector in
Bahrain, Oman and Saudi Arabia (driven by petrochemicals),
the construction sector in Oman and Qatar and the
transportation sector in Kuwait, Oman, Qatar and the UAE. The
financial sector also grew strongly in Qatar and the UAE. (GulfTimes.com)
 GOIC: Total GCC industrial investment rises to $338bn in
2012 – According to the data released by the Gulf Organization
for Industrial Consulting (GOIC), total industrial investments in
the GCC region rose from $81bn in 1998 to $338bn in 2012.
The number of GCC firms has increased from 7,089 in 1998 to
15,165 in 2012, while the number of workers grew from 559,420
workers in 1998 to 1.34mn workers in 2012. The data showed
that most of these investments were in the segments such as
chemicals, refined petroleum products, base metals, building
materials and food industries. (GulfBase.com)
 Bloomberg: Sukuk sales surge to $4.7bn in 3Q2013 –
According to the data compiled by Bloomberg, sukuk sales have
surged to $4.7bn in 3Q2013. The average yield on Shari‘ahcompliant debt from the GCC region fell 10 basis points to
3.78% in 3Q2013. (Bloomberg)
 Stéphane Michel appointed President for Total‟s Middle
East, E&P Division – French oil company Total E&P Qatar
Managing Director Stéphane Michel has been appointed as the
President for the Middle East, Exploration & Production Division.
Michel will take on this new assignment in Paris on January 1,
2014 and will be reporting to Arnaud Breuillac, President (E&P)
at Total. (Gulf-Times.com)
 OPEC trims output to lowest in 2 years as Saudi Arabia cuts
– OPEC has reduced its crude oil production in November to the
lowest level in two years as the output dropped below the
organization‘s 30mn barrels-per-day ceiling for the third month.
OPEC pumped 29.63mn bpd last month as compared to
29.83mn bpd in October. According to OPEC‘S monthly report,
output from Saudi Arabia fell to a five-month low of 9.63mn bpd
last month from 9.71mn bpd in October. (Gulf-Times.com)
 CDSI: Saudi non-oil exports stood at SR17.97bn in October
– According to a report released by the Central Department of
Statistics & Information (CDSI), Saudi non-oil exports stood at
SR17.97bn in October 2013, indicating 12.6% YoY. However,
Saudi imports have declined by 0.2% YoY to SR44.2bn. The
CDSI report showed that petrochemical products have topped
the Kingdom‘s list of exports in October and accounted for
31.74% of non-oil exports valued at SR5.7bn. Plastic products
ranked second among non-oil exports to SR5.36bn, which is
followed by the transport equipment & their parts at 15.02% of
the total value of exports. Meanwhile, the report showed that
equipment, machinery and electrical utensils have captured the
highest value of Saudi imports in October 2013 at SR10.94bn,
followed by transport materials at SR8.28bn and ordinary metals
& their products at SR5.13bn. The report also showed that the
UAE has topped the list of major importers from Saudi Arabia by
14.38% of the total value of exports in October, followed by
China at 13.80% and Singapore at 5.61%. (GulfBase.com)
 SAGIA: Kingdom ready to invest in Azerbaijan‟s industry –
Saudi Arabian General Investment Authority‘s (SAGIA) Head
Abdullatif Al Othman said that the Kingdom is ready to invest in
Azerbaijan's petrochemical and refining industry. (Bloomberg)
 Kingdom to increase its share in IDB‟s subscribed capital
by SR902.19mn – Saudi Arabia‘s Deputy Premier & Minister of
Defense Crown Prince Salman said that the Kingdom has
decided to increase its share in the Islamic Development Bank‘s
(IDB) subscribed capital by SR902.19mn. This will bring its total
share to SR5.15bn. This new amount will be paid to the bank
over a period of 20 years beginning from 2016. This capital
increase will enable IDB to meet the growing requirements of its
56-member countries. (GulfBase.com)
 Rolls-Royce obtains contract from HDEC for ADMA OPCO –
Rolls-Royce has obtained a strategic contract from Korea‘s
Page 4 of 6

5. Hyundai Engineering & Construction (HDEC) to supply the Abu
Dhabi Marine Operating Company (ADMA OPCO) with power
generation equipment and related services. This will help boost
oil & gas processing activities at the Satah Al Razboot offshore
project in the UAE. (Bloomberg)
 Kingdom plans SR15bn water storage projects – The
National Water Company‘s (NWC) CEO Luay Al Musallam said
the Kingdom is straining to meet the growing water demand of
its population and is planning to implement SR15bn water
storage projects. Luay Al Musallam said that Jeddah will be the
site for the first storage project that will begin in 2014.
(Bloomberg)
 Yansab‟s BoD recommends SR2 dividend for 2H2013 –
Yanbu National Petrochemicals Company‘s (Yansab) board of
directors has recommended a dividend of SR2 per share for
2H2013, which translates to a total dividend of SR3 per share
for 2013. The company expects to increase its annual dividend
to SR3.5 per share in 2014 and SR4 per share in 2015.
(GulfBase.com)
 Saudi CMA approves AFG‟s capital decrease request – The
Saudi Capital Market Authority‘s (CMA) board of commissioners
has approved Aldukheil Financial Group‘s (AFG) request to
decrease its capital from SR50mn to SR2mn. (Tadawul)
 Saudi CMA approves BNP Paribas‟ amendment its business
profile – The Saudi CMA‘s Board of Commissioners has
approved BNP Paribas Investment Company‘s request to
amend its business profile by including managing investment
funds & advising activities. BNP Paribas will now be authorized
to conduct deals as a principal, agent that manages investment
funds, arranges, advises and handles custody activities.
(Tadawul)
 DMCC signs MoU with UAB to facilitate account opening
process for companies – The Dubai Multi Commodities Centre
(DMCC) has entered into a MoU with Sharjah-based United
Arab Bank (UAB) to facilitate the process of opening a bank
account for companies, while they establish themselves in the
DMCC Free Zone. Under this MoU, DMCC and UAB have
agreed to collaborate for creating a streamlined process where
companies can register in the DMCC Free Zone and open a
bank account simultaneously. Meanwhile, UAB has opened a
new branch in DMCC‘s Almas Tower. (GulfBase.com)
 7.34mn Indian passengers pass through Dubai in 2012 –
Dubai Airports Company‘s (DAC) Media Relations Manager
Zaigham Ali said that India has emerged as the largest market
served from Dubai with 7.34mn passengers passing through it in
2012. The number of Indian passengers who travel to or through
Dubai International Airport is expected to reach 8.3mn in 2013.
This increase is due to seven Indian and Dubai airlines
operating a total of 185 weekly flights from 20 Indian cities to
Dubai. (Bloomberg)
 MEED: Abu Dhabi‟s project spending to cross $100bn in
next seven years – According to MEED, Abu Dhabi‘s project
spending could expand to cross $100bn over the next seven
years as the government ramps up its efforts to sustain
economic gains seen in the last few years. Construction projects
have remained the most active sector with projects worth $30bn
to be awarded over the next seven years. The oil & gas sector
has a project pipeline worth $25bn, while transport & chemicalrelated projects will also see a surge in investments worth
$20bn. Similarly, the industrial as well as power & water sectors
will be busy with contracts valued at $6bn and $5bn
respectively, which will be awarded until 2020. (GulfBase.com)
 ADX bets on GIIs, stream of IPOs in 2014 – The Abu Dhabi
Securities Exchange‘s (ADX) CEO Rashed Al Baloushi said that
ADX is betting with UAE‘s upgrade to emerging market status.
He said that an improvement in the Emirate‘s economy will
attract more global institutional investors (GIIs) and prompt a
stream of IPOs in 2014. (Bloomberg)
 Abu Dhabi soon to have permanent cruise terminal – The
Abu Dhabi Tourism & Culture Authority‘s (TCA Abu Dhabi)
Director General Mubarak Al Muhairi said that the Emirate is
moving closer to have a permanent cruise terminal built at Mina
Zayed. This cruise terminal will boast of a dedicated cruise
stopover beach and other amenities. (Bloomberg)
 IDB begins work to issue industrial licenses for firms – The
Industrial Development & Regulation Bureau (IDB) has begun its
work for issuing licenses to the firms intending to start
manufacturing activities in Abu Dhabi. This agency will also
regulate the Emirate‘s manufacturing sector, which is a key
element in Abu Dhabi‘s economic diversification strategy under
the Abu Dhabi Vision 2030. The agency will also approve
applications for gas connections to industrial consumers and
formulate policies for creating an environment conducive for
setting up of a knowledge-based economy. (GulfBase.com)
 Abu Dhabi plans to double its rig count by 2018 – Abu Dhabi
Marine Operating Company‘s (ADMA-OPCO) CEO Ali Al
Jarwan said the Emirate is planning to more than double its rig
count as more oil wells will be developed. The number of rigs
will be increased from 40 rigs to 88 rigs by 2018, which is part of
the Emirate‘s plan to raise its oil output by 35% in 2018.
(GulfBase.com)
 Bahrain expects 20,000 trade visitors to attend BIAS –
Bahrain‘s Ministry of Transportation expects 20,000 trade
visitors to attend the Bahrain International Airshow 2014 (BIAS).
These visitors also include around 100 companies and
governmental, military and civil delegations from over 25
countries. (GulfBase.com)
 Emaar launches Vida Residence, The Hills – Emaar
Properties has launched Vida Residence, The Hills in Dubai that
will feature 136 serviced apartments. (GulfBase.com)
 Depa appoints new independent directors – Depa Ltd. has
appointed Roderick Maciver and Fahad Al Nabet as the
company‘s
independent
non-executive
directors.
(GulfBase.com)
 EITC‟s BoD approves new board member –
Integrated Telecommunications Company‘s (EITC)
directors has approved the appointment of Masood
as the new board member who will represent
Development Company. (DFM)
Emirates
board of
Mahmood
Mubadala
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
150.8
132.8
0.7%
0.5%
0.6%
0.4%
0.1%
120.4
0.0%
0.1%
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Yen
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
1,262.18
1.8
2.7
(24.7)
DJ Industrial
20.40
2.7
4.6
(32.8)
S&P 500
109.38
(0.0)
(2.0)
(1.6)
4.32
2.6
4.4
0.7
3.2
46.5
136.00
(0.2)
(2.2)
(21.4)
1.38
0.2
0.4
4.3
102.85
(0.4)
(0.1)
1.64
0.1
0.6
1.13
0.3
0.5
RUB
BRL
26.1
131.13
CHF
USD Index
Dubai
Oman
Source: Bloomberg
GBP
AUD
Bahrain
Jul-13
(0.1%)
Abu Dhabi
QE Index
Oct-11 May-12 Dec-12
Kuwait
Aug-10 Mar-11
Qatar
(0.0%)
(0.5%)
Saudi Arabia
Jan-10
1.3%
18.6
NASDAQ 100
STOXX 600
DAX
FTSE 100
CAC 40
Nikkei
Close
1D%
WTD%
YTD%
15,973.13
(0.3)
(0.3)
21.9
1,802.62
(0.3)
(0.1)
26.4
4,060.49
(0.2)
(0.0)
34.5
314.91
(0.7)
(0.5)
12.6
9,114.44
(0.9)
(0.6)
19.7
6,523.31
(0.6)
(0.4)
10.6
4,091.14
(1.0)
(0.9)
12.4
15,611.31
(0.2)
2.0
50.2
1.2
MSCI EM
1,012.32
(0.0)
1.0
(4.1)
3.1
SHANGHAI SE Composite
2,237.49
(0.0)
0.0
(1.4)
HANG SENG
0.92
0.4
0.5
(12.0)
23,744.19
(0.3)
0.0
4.8
79.97
(0.2)
(0.4)
0.2
BSE SENSEX
21,255.26
(0.3)
1.2
9.4
7.2
Bovespa
50,993.02
(0.3)
0.1
(16.3)
1,409.85
(0.2)
1.4
(7.7)
32.72
0.43
(0.1)
0.4
(0.0)
0.9
(11.3)
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
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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
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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,
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