1. QE Intra-Day Movement
Market Indicators
13 Feb 14
12 Feb 14
%Chg.
11,550
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
761.8
602,979.9
20.0
6,891
41
23:15
751.5
598,850.4
17.7
7,473
38
19:18
1.4
0.7
12.9
(7.8)
7.9
–
11,500
11,450
11,400
9:30
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.5% to close at 11,515.5. Gains were led by the Telecoms
and Industrials indices, gaining 1.8% and 0.8% respectively. Top gainers were
Qatar German Co. for Med. Dev. and Vodafone Qatar, rising 3.2% and 2.9%
respectively. Among the top losers, National Leasing fell 4.1%, while Dlala
Brok. & Inv. Holding Co. declined 2.4%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,546.99
2,863.62
2,813.75
3,719.93
1,994.82
1,986.59
2,734.10
1,588.69
6,496.99
3,291.94
0.6
0.6
0.8
0.8
(1.0)
(0.7)
0.2
1.8
0.2
0.5
2.9
3.1
4.7
1.3
2.8
(0.4)
1.6
1.2
6.1
2.2
11.6
10.7
15.1
6.3
7.3
1.7
17.0
9.3
9.2
8.4
N/A
13.7
14.4
13.7
13.5
13.6
6.3
21.4
24.8
16.9
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.2% to close at 8,929.6. Gains were led
by the Media & Publishing and Agriculture & Food Ind. indices, rising 2.5% and
0.8% respectively. Tihama rose 6.0%, while Fitaihi Group was up 3.4%.
Dubai Investments
Dubai
Tihama
Saudi Arabia
Dubai: The DFM index gained 1.3% to close at 4,098.7. The Investment &
Financial Services index rose 5.0%, while the Services index was up 1.3%.
National Industries Group gained 9.3%, while Dubai Investment was up 7.1%.
Emirates NBD
Bahrain Telecomm. Co.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,892.4. The
Inv. & Fin. Ser. index gained 3.7%, while the Industrial index was up 3.5%.
Arkan Build. Materials surged 14.5%, while Al Wathba Nat. Ins. gained 12.6%.
Vodafone Qatar
Qatar
GCC Top Losers
Exchange
Kuwait: The KSE index declined 0.2% to close at 7,842.6. The Oil & Gas
index fell 1.2%, while the Health Care index was down 0.8%. Pearl of Kuwait
Real Estate Co. fell 8.9%, while First Takaful Insurance Co. was down 6.9%.
Nat. Bank of Fujairah
Abu Dhabi
National Leasing
Oman: The MSM index rose 0.2% to close at 7,173.2. Gains were led by the
Financial and Industrial indices, gaining 0.5% and 0.1% respectively. Oman
Fisheries rose 2.9%, while Sohar Power was up 2.8%.
Bahrain: The BHB index gained 0.2% to close at 1,317.9. The Industrial index
rose 2.5%, while the Services index was up 2.3%. Bahrain Cinema Co. gained
10.0%, while Khaleeji Commercial Bank was up 6.4%.
Qatar Exchange Top Gainers
Qatar German Co. for Med. Dev.
Close*
1D%
Vol. ‘000
YTD%
14.50
3.2
487.0
4.7
Vodafone Qatar
12.36
2.9
Qatar Industrial Manufacturing Co.
52.00
Al Khaliji
21.20
Qatar Islamic Bank
1D%
3.47
7.1
82,793.6
39.4
145.25
6.0
799.8
32.3
Dubai
##
Close#
8.05
3.2
2,123.0
26.8
Bahrain
0.34
3.0
129.0
13.3
12.36
2.9
5,635.2
15.4
Vol. ‘000
YTD%
#
1D%
Vol. ‘000
YTD%
3.25
(24.1)
38,200.6
(31.6)
Qatar
29.45
(4.1)
265.6
(2.3)
Combined Group Cont.
Kuwait
1.18
(3.3)
4.2
(7.8)
Union National Bank
Abu Dhabi
6.63
(2.2)
920.5
12.9
Qatari Investors Group
Qatar
41.00
(2.1)
237.0
(6.2)
Close
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)
Close*
1D%
Vol. ‘000
YTD%
National Leasing
29.45
(4.1)
265.6
(2.3)
Dlala Brok. & Inv. Holding Co.
20.25
(2.4)
293.0
(8.4)
Qatar Exchange Top Losers
5,635.2
15.4
2.8
88.3
2.8
Qatari Investors Group
41.00
(2.1)
237.0
(6.2)
2.1
430.0
6.1
Mazaya Qatar Real Estate Dev.
12.36
(1.8)
328.2
10.6
81.00
2.0
645.9
17.4
Qatar Gas Transport Co.
21.48
(1.6)
919.6
6.1
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Vodafone Qatar
12.36
2.9
5,635.2
15.4
Masraf Al Rayan
40.05
0.3
83,751.2
28.0
United Development Co.
22.43
(0.8)
2,689.5
(0.8)
Industries Qatar
179.20
1.2
75,880.9
6.1
Masraf Al Rayan
40.05
0.3
2,087.3
28.0
Vodafone Qatar
12.36
2.9
69,139.6
15.4
Barwa Real Estate Co.
30.55
(0.5)
1,484.3
2.5
United Development Co.
22.43
(0.8)
60,058.0
(0.8)
Qatar Gas Transport Co.
21.48
(1.6)
919.6
6.1
Qatar Islamic Bank
81.00
2.0
51,948.0
17.4
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%
11,515.50
4,098.67
4,892.41
8,929.60
7,842.62
7,173.24
1,317.94
0.5
1.3
0.5
0.2
(0.2)
0.2
0.2
2.9
4.3
3.6
1.3
0.1
0.9
1.1
3.2
8.7
4.7
1.9
1.1
1.2
1.8
10.9
21.6
14.0
4.6
3.9
5.0
5.5
Exch. Val. Traded
($ mn)
209.21
420.84
224.62
1,504.92
114.13
23.86
4.67
Exchange Mkt.
Cap. ($ mn)
165,578.3
81,685.3
134,448.5
488,112.5
112,590.8
25,589.1
50,868.2
P/E**
P/B**
14.6
17.4
13.2
17.9
16.7
11.1
9.2
1.9
1.5
1.7
2.2
1.2
1.6
0.9
Dividend
Yield
4.0
2.0
3.7
3.3
3.6
3.6
3.7
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 7

2. Qatar Market Commentary
 The QE index rose 0.5% to close at 11,515.5. The Telecoms and
Industrials 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
66.93%
70.16%
(24,605,500.00)
Non-Qatari
 Qatar German Co. for Med. Dev. and Vodafone Qatar were the
top gainers, rising 3.2% and 2.9% respectively. Among the top
losers, National Leasing fell 4.1%, while Dlala Brok. & Inv.
Holding Co. declined 2.4%.
Buy %*
33.07%
29.84%
24,605,500.00
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday rose by 12.9% to 20.0mn
from 17.7mn on Wednesday. Further, as compared to the 30-day
moving average of 11.7mn, volume for the day was 70.7%
higher. Vodafone Qatar and United Development Co. were the
most active stocks, contributing 28.2% and 13.5% to the total
volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
AED
1220.9
12.8%
368.0
55.2%
266.4
37.7%
AED
4900.0
48.5%
188.0
59.6%
185.0
60.9%
–
–
18.6
5.7%
–
–
90.5
32.5%
Market
Abu Dhabi Nationai Hotels *
Drake & Scull International
(DSI)*
Arig* #
National Cement Company
(NCC) *
Renaissance Services *
Currency
Abu Dhabi
Dubai
Dubai
AED
262.0
-5.2%
Dubai
AED
243.1
27.0%
Oman
OMR
268.2
6.5%
OMR
59.9
13.8%
6.6%
–
622.3%
Oman
222.4
–
22.1
Salalah Mills *
4.9
-7.3%
Muscat Gases *
Oman
OMR
9.8
-9.0%
–
–
1.4
3.6%
Oman Textile Holding *
Al Batinah Dev. Inv. Holding
*
Al Hassan Engineering *
Oman
OMR
2.0
2.4%
34.4%
OMR
1.5
-0.2%
10.2%
–
0.8
Oman
0.8
–
-0.1
72.8%
Oman
OMR
61.7
22.7%
–
–
0.6
116.7%
Asaffa Foods *
Oman
OMR
28.5
10.3%
–
–
7.2
-1.0%
Dhofar Cattle Feed *
Oman
OMR
29.5
7.3%
–
–
-3.0
-274.0%
749.3
0.8%
–
–
79.8
-17.4%
0.2
-6.7%
–
–
0.0
4.8%
Aluminium Bahrain (Alba) *
Bahrain
BD
Arab Insurance Group*#
Bahrain
USD
Source: Company data, DFM, ADX, MSM (*Results for the year ended December 31, 2013)(# Calculations in USD)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
02/13
US
US Treasury
Monthly Budget Statement
January
-$10.4B
-$10.0B
$2.9B
02/13
US
US Census Bureau
Retail Sales Advance MoM
January
-0.40%
0.00%
-0.10%
02/13
US
US Census Bureau
Retail Sales Ex Auto MoM
January
0.00%
0.10%
0.30%
02/13
US
US Census Bureau
Retail Sales Ex Auto and Gas
January
-0.20%
0.10%
0.10%
02/13
US
US Census Bureau
Retail Sales Control Group
January
-0.30%
0.20%
0.30%
02/13
US
Department of Labor
Initial Jobless Claims
8-February
339K
330K
331K
02/13
US
Bloomberg
Bloomberg Consumer Comfort
9-February
-30.7
–
-33.1
02/14
US
BLS
Import Price Index MoM
January
0.10%
-0.10%
0.20%
02/14
US
BLS
Import Price Index YoY
January
-1.50%
-1.80%
-1.10%
02/14
US
Federal Reserve
Industrial Production MoM
January
-0.30%
0.20%
0.30%
02/14
US
Federal Reserve
Capacity Utilization
January
78.50%
79.30%
78.90%
02/14
US
Federal Reserve
Manufacturing (SIC) Production
January
-0.80%
0.10%
0.30%
02/14
EU
Eurostat
Trade Balance NSA
December
13.9B
14.5B
17.0B
02/14
EU
Eurostat
GDP SA QoQ
4Q2013
0.30%
0.20%
0.10%
02/14
EU
Eurostat
GDP SA YoY
4Q2013
0.50%
0.40%
-0.30%
02/14
EU
Eurostat
Trade Balance SA
December
13.7B
–
16.0B
02/14
France
INSEE
GDP YoY
4Q2013
0.80%
0.60%
0.30%
02/14
France
INSEE
GDP QoQ
4Q2013
0.30%
0.20%
0.00%
02/13
Germany
Destatis
CPI MoM
January
-0.60%
-0.60%
-0.60%
02/13
Germany
Destatis
CPI YoY
January
1.30%
1.30%
1.30%
Page 2 of 7

3. 02/14
Germany
Destatis
GDP SA QoQ
4Q2013
0.40%
0.30%
0.30%
02/14
Germany
Destatis
GDP WDA YoY
4Q2013
1.40%
1.30%
0.60%
02/14
Germany
Destatis
GDP NSA YoY
4Q2013
1.30%
1.30%
1.10%
02/14
UK
ONS
Construction Output SA MoM
December
2.00%
2.00%
-4.00%
02/14
UK
ONS
Construction Output SA YoY
December
6.30%
6.40%
2.00%
02/14
Spain
INE
CPI Core MoM
January
-1.70%
–
-0.10%
02/14
Spain
INE
CPI Core YoY
January
0.20%
0.20%
0.20%
02/14
Spain
INE
CPI MoM
January
-1.30%
-1.30%
0.10%
02/14
Spain
INE
CPI YoY
January
0.20%
0.20%
30.00%
02/14
Italy
ISTAT
GDP WDA QoQ
4Q2013
0.10%
0.10%
0.00%
02/14
Italy
ISTAT
GDP WDA YoY
4Q2013
-0.80%
-0.80%
-1.90%
02/14
China
NBS
PPI YoY
January
-1.60%
-1.60%
-1.40%
02/14
China
NBS
CPI YoY
January
2.50%
2.40%
2.50%
02/14
China
PBC
Money Supply M0 YoY
January
22.50%
9.50%
7.10%
02/14
China
PBC
Money Supply M1 YoY
January
1.20%
8.20%
9.30%
02/14
China
PBC
Money Supply M2 YoY
January
13.20%
13.20%
13.60%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group introduces two insurance products – QNB
Group has introduced two top-of-the-line insurance products,
CritiCare and Insta Protect Plus. The two new products are
being introduced in conjunction with MetLife Alico, adding to
QNB's comprehensive suite of banking services. CritiCare is a
new concept in health protection that provides customers with
an instant lump sum to help them pay for expensive medical bills
or compensate for the loss of income due to 32 different critical
illnesses including heart attack, major cancers and kidney
failure. If the protection element of the product is not used during
the life of the plan, the insured will be entitled to receive
guaranteed 75% cash back. Insta Protect Plus is a solution
designed to cover any unpaid financial liabilities, such as a loan.
The plan is designed to guarantee a one-time, lump-sum
amount of up to $200,000 to its beneficiaries, on the death of the
insured. If the protection element of the product is not used
during the life of the plan, the insured will be entitled to receive a
guaranteed 50% cash back sum. (QNB Group Press Release)
 DBIS reports QR17.2mn net profit in 4Q2013 – Dlala
Brokerage & Investment Holding Company (DBIS) reported a
net profit of QR17.2mn in 4Q2013, an increase of 58.4% QoQ.
Net profit for 2013 amounted to QR5.4mn as compared to
QR26.1mn in 2012. Net brokerage & commission income stood
at QR8.7mn in 4Q2013, reflecting an increase of 21.8% QoQ.
For the FY2013, net brokerage & commission income amounted
to QR29mn, a rise of 19.3% YoY. EPS amounted to QR0.245
for 2013 as compared to QR1.176 in 2012. Meanwhile, DBIS’
board has recommended transferring the year’s profits to
retained earnings. (QE)
 MCGS reports QR89.4mn net profit, recommends 30% cash
dividend – Medicare Group (MCGS) has reported a net profit of
QR89.4mn in 2013 as compared to QR44.8mn in 2012. EPS
amounted to QR3.18 in 2013 vs. QR1.59 in 2012. Meanwhile,
MCGS’ board recommended 30% cash dividend, i.e. QR 3.0 per
share. The company’s ordinary AGM is expected to be held next
April (date yet to be confirmed) (QE)
 QISI posts QR70.9mn net profit in 2013 – Qatar Islamic
Insurance Company (QISI) reported a net profit of QR70.9mn in
2013 as compared to QR58.3mn in 2012. EPS for 2013
amounted to QR4.73 as compared to QR3.89 in 2012.
Meanwhile, QISI’s BoD proposed a 37.5% (3 riyals per share)
profit distribution to its shareholders, which needs to be
discussed in the next AGM scheduled on March 12, 2014 in
Ezdan Hotel. (QE)
 NDSQ delivers 11th Qatar-built boat for Milaha – Nakilat
Damen Shipyards Qatar (NDSQ) has delivered the 32m-long tug
Semesma to Milaha, which is the eleventh vessel built in Qatar
by NDSQ. Semesma is part of a 19-vessel order given by
Milaha at the Port of Mesaieed that NDSQ is completing at its
facilities in Ras Laffan. Prior to the delivery of Semesma, NDSQ
had delivered three 28m-long Azimuth Stern Drive (ASD) tugs,
each with a 55-ton bollard pull, one service boat capable of
speeds up to 20 knots, and six 10-ton mooring / tug boats, all
built in Qatar. The ASD tug boat Semesma has a bollard pull of
80 tons and will be used to escort vessels that visit the Port of
Mesaieed. (QE)
 QATI to acquire Antares – Qatar Insurance Company (QATI)
has agreed to acquire Antares Holdings Ltd, the owner of 100%
of Antares Syndicate-1274 at Lloyds in the UK. The deal will be
finalized only after obtaining the necessary approvals from the
concerned authorities, which is expected during 2H2014. (QE)
 Barwa Labor City set to open in summer – The first phase of
Barwa’s upcoming Labor City in the Industrial Area will be ready
by the summer of 2014. The project, named Barwa Al Baraha,
located next to West End Park, houses a huge truck parking
facility that was opened recently. Barwa Real Estate Company’s
CEO Abdullah Al Subai said that about 75% of work for Phase
One has already been completed and the housing units will start
receiving their first occupants by 3Q2014. Al Subai said that
several companies have already booked space for their workers
in the sprawling city that can accommodate 22,000 laborers in
the first phase. All basic amenities such as lighting and toilets
are available and a fuel station has been opened to serve heavy
vehicles and equipment. (Peninsula Qatar)
 QE, EQ launch project to boost SME listing on venture
market – The Qatar Exchange (QE) and Enterprise Qatar (EQ)
have launched a project to enable Qatari small & medium size
enterprises (SMEs) to get listed on the QE Venture Market. A
MoU to this effect was signed between the QE and EQ in Doha,
which outlines the basis of cooperation in implementing the
program. According to the agreement, any Qatari company that
meets both the EQ’s SME criteria and the QE-QFMA rules for
listing on the Qatar Exchange Venture Market will be eligible to
apply for assistance through the program, which will be limited in
scope. Each successful applicant will receive a percentage of
the fees payable to their listing adviser. Both the QE and EQ are
Page 3 of 7

4. currently working with a small number of IPO candidates for
preparing them for the market as soon as possible. The QE,
however, declined to identify the companies for confidentiality
purposes. (QE)
 Qatar replaces Yemen as Thailand’s biggest LNG supplier
in 2013 – Qatar replaced Yemen as Thailand’s biggest supplier
of LNG gas last year as the Southeast Asian country’s imports
of the fuel rose 45%. The average cost was 2.1% higher than in
2012. According to data from the Thailand Customs
Department, State-owned PTT paid $1.1bn for 1.41mn metric
tons of LNG from Qatar, Nigeria, France, Equatorial Guinea and
Egypt last year. According to Bloomberg calculations, that is
equivalent to about $16.45 per million British thermal units, up
from $16.10 in 2012. PTT did not buy any cargo from Trinidad &
Tobago, Peru and Yemen in 2013. The company owns and
operates the Map Ta Phut terminal in Rayong, which has
capacity of 5mn tons a year. (Gulf-Times.com)
 NLCS’ AGM approves agenda, 15% cash dividend – The
National Leasing Holding (Alijarah Holding) has approved its
board's proposal in the AGM held on February 12 to distribute a
dividend of 15% of the nominal value per share at the rate of
QR1.5. (QE)
 QIIB’s EGM approves agenda – Qatar International Islamic
Bank (QIIB), at its EGM on February 12, 2014, changed the
percentage of ownership required for board member from 0.50%
to 0.25%. (QE)
 MARK’s AGM to be held on March 3 – Masraf Al Rayan
(MARK) announced that its AGM is scheduled to be held on
March 3, 2014. The AGM’s agenda includes approving the
recommendation for a cash dividend of QR1.5 per share,
representing 15% of the paid-up capital for FY2013, among
others. (QE)
 ERES’ BoD to meet on March 3 – Ezdan Holding Group’s
(ERES) board of directors will meet on March 3, 2014 to discuss
the company’s financial results ending on December 31, 2013.
(QE)
International
 QNB Group: Eurozone may see 0.5%-1.0% growth in 2014,
1.0%-1.5% in 2015 – According to QNB Group’s report, the
Eurozone – which has emerged out of recession – will see 0.5%
to 1% economic growth in 2014 with somewhat stronger growth
(1.0%-1.5%) in 2015. QNB Group said that after the great
recession of 2009-10 and a second recession in 2011-13, most
indicators point to a gradual recovery in 2014. However, the last
two recessions have resulted in some of the highest
unemployment rates on record in a number of Eurozone
countries. Without higher growth and lower unemployment, the
future of the Eurozone may be in jeopardy as the social fabric
keeping the region together may tear apart. Its real GDP growth
stood at 0.3% in 4Q2013, following positive readings in the
previous two quarters. Furthermore, the purchasing managers’
indices (PMIs) for the manufacturing sector of the largest
economies in Europe all signaled stronger growth in January
2014, with the exception of France. The key concern going
forward is to address the Eurozone job crisis through higher and
more labor-intensive growth. With higher economic growth, the
economies in the periphery of the Eurozone will be able to
create jobs and start reducing the large pool of the unemployed.
More importantly, if those jobs are in labor-intensive industries,
like services, for each percentage points of higher growth, there
will be a large number of jobs being created. Higher and more
labor–intensive growth in the periphery of the Eurozone cannot
be achieved though through higher government spending. (GulfTimes)
 Eurozone growth eases pressure on ECB for stimulus – The
Eurozone economy expanded more than forecast in the final
quarter of 2013 – led by Germany and France – easing pressure
on the European Central Bank (ECB) to take action next month
to counter low inflation and spur growth. EU statistics found that
GDP in the Eurozone rose 0.3% after a 0.1% in the third quarter,
which beats the median forecast of 0.2% in a Bloomberg News
survey of 41 economists. For the entire 2013, GDP fell 0.4%.
Meanwhile, the ECB President Mario Draghi put investors on a
month's notice for further economic stimulus, stating that the
central bank needed to get more information on the recovery
before making any decision. Draghi said, the ECB is willing and
ready to act, but maintained its benchmark interest rate at a
record-low 0.25%. (Bloomberg)
 Chinese inflation subdued as producer prices extend
decline – Inflation in China stayed subdued in January 2014,
while factory-gate prices extended the longest drop since 1990s,
in a sign of moderating demand in the world's second-largest
economy. The National Bureau of Statistics said the consumer
price index rose 2.5% from a year earlier, the same pace as in
December. The producer-price index fell 1.6%. The Chinese
economic data is distorted in January and February due to the
shifting of timing of the week-long Lunar New Year holiday,
which began on January 31 this year. (Bloomberg)
Regional
 SEBI issues notice to Etihad on Jet deal – According to
sources, the Securities & Exchange Board of India (SEBI) has
issued a show-cause notice to Etihad Airways, saying it has
violated takeover norms while purchasing 24% stake in Jet
Airways. SEBI issued the notice to Etihad and asked for a
response on why it should not make a tender offer to Jet public
shareholders as part of takeover rules. Etihad has been asked
to respond within 21 days. (Qatar Peninsula)
 Saudi CMA announces listing of Saudi Marketing Company
– The Saudi Capital Market Authority (Saudi CMA) announced
that the listing and trading of the Saudi Marketing Company will
commence on February 16, 2014 in the retail sector with the
symbol 4006, with a fluctuation limit of 10%. (Tadawul)
 Saudi CMA approves Al Rajhi Bank’s capital increase – The
Saudi CMA’s board has approved Al Rajhi Bank’s request to
increase its capital from SR15bn to SR16.25bn by issuing one
bonus share for every 12 existing shares. This increase will be
paid by transferring SR1.25bn from the retained earnings
account to the bank’s capital. Consequently, the bank’s
outstanding shares will increase from 1,500mn to 1,625mn
shares, by an increase of 125mn shares. The bonus shares
eligibility is limited to the shareholders who are registered at the
close of trading on the day of the EGM, which will be determined
later. (Tadawul)
 NADEC to raise capital to SR700mn through bonus shares –
The National Agriculture Development Company’s (NADEC)
board has recommended a capital increase of 16.7% through
bonus shares. The company’s capital will be raised from
SR600mn to SR700mn by issuing one bonus share for every six
shares. The increase will be carried out through capitalization of
SR100mn from the retained earnings account. Consequently,
the company’s share will rise from 60mn shares to 70mn shares.
The bonus shares are limited to the shareholders who are
registered in the Securities Depository Center at the close of
trading on the day of the EGM, which will be determined later.
(Tadawul)
Page 4 of 7

5.  EPCC declares SR301mn dividend for 2013 – The Eastern
Province Cement Company’s (EPCC) board has recommended
distribution of dividends worth SR301mn to its shareholders for
FY2013. The dividend per share will be SR3.5, representing
35% of the face value. Those shareholders who are registered
with the Securities Depository Center on March 19, 2014 are
eligible for this dividend. (Tadawul)
 Saudia targets to reach 200 destinations worldwide – The
Saudi Arabian Airlines (Saudia) is planning to expand its
operations to around 200 destinations worldwide with minimum
connections. Saudia’s CEO Abdul Aziz Al-Hazmi said that the
company wants to strengthen its presence in Europe, North
America, Asia, especially in China and Indonesia as well as
enter new markets in Russia, Mexico, Japan, Vietnam, Taiwan
and Czech Republic. He said Saudia joined SkyTeam – a 19member global alliance of airlines in May 2012 – as part of its
efforts to offer high quality services to passengers. He added
that Saudia has set out a strategy to capture a market share of
22mn from 28.5mn domestic passengers by 2020. (Zawya)
 Rexam acquires majority stake in Saudi UAC – UK-based
Beverage cans maker Rexam acquired a 51% stake in Saudibased United Arab Can Manufacturing Co. (UAC) – a supplier to
the Coca-Cola Co. – for $122mn as part of its strategy to
expand in emerging markets. Rexam stated that UAC’s plant in
Dammam has an annual capacity of 1.8bn cans. The deal is
expected to close in 3Q2014. (GulfBase.com)
 Saudi-Singaporean JV banks on flagship product – Mawj
Telecom and TreeBox Solutions, the first Saudi-Singaporean
joint venture firm, will launch its first flagship project and is
hoping to generate $75mn from expected 1.5mn customers.
Mawj Telecom’s Chairman Sheikh Abdullah Zaid Al-Meleihi said
that the Mawj-OnTalk is a secure mobile communications
solution that provides safe means for users to conduct voice
calls, instant messaging and attachments on mobile devices.
(GulfBase.com)
 Saudi non-oil exports up 9.2% to SR19.9bn – According to a
report released by the Central Department of Statistics &
Information (CDSI), non-oil exports from Saudi Arabia rose by
9.2% to reach SR19.93bn in December 2013 as compared to
December 2012. The CDSI report stated that imports dropped
by 6.5% to SR49.15bn in the comparable periods. Exports of
chemical products stood first, capturing 32.33% of total non-oil
exports at the value of SR6.44bn, followed by plastic products
(32.33%) at SR6.44bn and transport equipment (12.80%).
Machines & electric equipment topped the highest value of
Saudi imports during December at SR12.64bn, capturing
25.72% of total imports, followed by transport equipment at
SR9.51bn (19.35%), mineral products at SR5.59bn (11.37%).
(GulfBase.com)
 Egypt awards oil & gas contract to Dana Gas – The Egyptian
oil ministry has awarded oil & gas exploration deals to UAEbased Dana Gas, Ireland’s Petroceltic International and Italy’s
Edison. The ministry said that these agreements will bring in
investment of at least $265mn for exploring eight new wells in
Northern Sinai on the Mediterranean Sea and Nile Delta.
(GulfBase.com)
 Air Arabia to launch flights to Cairo – Air Arabia has
announced plans to strengthen connectivity between the UAE
and Egypt with the launch of non-stop services to Cairo, the
Egyptian capital city. The new service from the carrier's primary
hub in Sharjah International Airport marks Air Arabia's fifth
destination in Egypt and the 90th destination worldwide. From
February 27, Air Arabia will offer three weekly flights to Cairo,
which will depart from Sharjah on Tuesday, Thursday and
Saturday. (Bloomberg)
 Deyaar raises foreign ownership to 25% – Dubai-based
Deyaar Development announced that its board has
recommended allocating 49% of its share capital, which is open
to non-UAE nationals, to GCC and foreign investors, provided
that the share of capital owned by foreigners does not exceed
25%. The board also resolved that the company's share capital
is sufficient currently. With the UAE joining the MSCI Emerging
Markets Index, it is expected that many global investors and
institutions will adjust their emerging market allocations to the
UAE. The move has been forecast to attract AED1bn of new
capital into listed companies. (GulfBase.com)
 TI'ME plans new hotels in UAE, Qatar, Egypt – TI’ME Hotels
Management plans to open properties in Ajman, Luxor, Qatar
and Abu Dhabi over the next 18 months, taking the group’s
portfolio to 11 properties. In 2014, the mid-scale TI’ME group will
take over the management of the 154-room TI’ME Tut Hotel in
Luxor, Egypt as well as the TI’ME Capital Hotel Apartments in
Ajman, UAE, with 120 apartments in March. Later in 2015, the
42-storey Al Jawhara TI’ME furnished apartments will open in
Abu Dhabi, and in Qatar, the nine-storey TI’ME Rako Hotel will
open its doors in the industrial belt of Wakra. (Bloomberg)
 Emirates signs codeshare deal with Jetstar – Emirates and
Jetstar Airways announced a codeshare agreement that is set to
open up new destinations for the UAE national carrier across
Australia, New Zealand and South East Asia. Emirates’ code will
now be placed on a number of routes operated by Jetstar. The
alliance is expected to give passengers access to 27 new routes
and six new destinations such as Bali in Indonesia, Byron Bay in
Australia, Dunedin in New Zealand and Siem Reap in
Cambodia. Emirates Skywards members will be able to earn
miles for flights on Jetstar-operated routes having the Emirates
code, as well as be able to use their miles to buy reward flights
on any Jetstar service. (GulfBase.com)
 Dubai records 15.2% rise in passenger traffic in 2013 –
Dubai International Airport completed the year 2013 with a
15.2% rise in passengers as compared to 2012, as the domestic
economic growth and increased tourist numbers fuelled the
gains. According to the figures released by Airports Council
International, Dubai handled 66mn passengers last year, while
Abu Dhabi and Sharjah airports saw growth of 12.4% and 12%
respectively. Registering a 10.1% YoY growth, Middle East
airports were ahead of the airports in the Asia-Pacific region,
which recorded only 7.2% growth during the year. The Middle
East saw a 10.5% growth in December 2013 as compared to
December 2012 figures. (Bloomberg)
 RAK Properties appoints deputy CEO – RAK Properties has
appointed Paul Ashton as Deputy Chief Executive Officer. (ADX)
 ADNH’s BoD approves 5% dividend – Abu Dhabi National
Hotels’ (ADNH) board of directors has recommended the
distribution of cash dividends equivalent to 5% of the company's
share capital, amounting to AED50mn. This recommendation
will be presented for approval at the company's AGM. (ADX)
 S&P affirms Kuwait ratings at AA/A-1, outlook stable –
Standard & Poor's (S&P) affirmed Kuwait's long-term and shortterm foreign and local currency sovereign credit ratings at AA/A1, with a Stable outlook. S&P said that Kuwait has abundant
resources that have made it wealthy and enable it to build strong
external and fiscal balance sheet positions. S&P said that the
stable outlook balances in its view of Kuwait's very strong fiscal
and external positions against its non-transparent political
system, the region’s geopolitical tensions and the undiversified
Page 5 of 7

6. economy in which the real GDP per capita growth has been
weak. (Reuters)
 KFH acquires Safat Tower in KD11mn debt settlement deal
– Kuwait Finance House (KFH) has acquired Al-Safat
Commercial Tower in a final debt settlement of KD11mn deal
with a client. KFH’s acting CEO Anwar Al-Ghaith stated that the
tower will be transferred to the bank's investment portfolio as
one of its assets. Al-Ghaith emphasized on the tower’s
importance, which enjoys a strategic location in Al-Qibla area in
the center of the capital. In addition, the property consists of 31
storeys with high occupancy ratio. (Bloomberg)
 SPS proposes 25% cash dividend – Salalah Port Services’
(SPS) board of directors proposed a cash dividend of 25% on
the paid-up equity capital for the financial year ended December
31, 2013. The dividend is subject to approval by the
shareholders at the AGM to be held on March 26, 2014. (MSM)
 Al Batinah Hotels’ BoD recommends 7% bonus shares for
2013 – Al Batinah Hotels Company’s board has recommended
bonus shares of 7% for the year ended December 31, 2013,
which is subject to the approval by its shareholders. The audited
financial statements and other reports will be presented to the
company’s shareholders for approval in the AGM, which will be
held on March 9, 2014 at Sohar. (MSM)
dividend of 36% of its nominal value of shares (of which 14 fils
per share was already distributed as interim dividend for 2013)
to its shareholders registered on the date of the AGM. (Bahrain
Bourse)
 ARIG not to distribute dividends for 2013 – The Arab
Insurance Group’s (ARIG) board of directors decided not to
distribute dividends to its shareholders for the financial year
ended December 31, 2013. (Bahrain Bourse)
 BFM’s BoD recommends 10% cash dividend – Bahrain Flour
Mills Company’s (BFM) board of directors recommend a cash
dividend of 10% of paid-up capital (i.e 10 fils per share) to its
shareholders registered on the date of the AGM. (Bahrain
Bourse)
 BMI Bank’s net profit soars to $8.8mn – Bahraini retail bank
BMI Bank has reported a net profit of $8.8mn for FY2013, thus
registering an increase of 577% as compared to a net profit of
$1.3mn in FY2012. The bank posted a net profit of $6.5mn post
provisions for 4Q2013 as compared to a net profit of $0.3mn
during the same period in 2012. The total income stood at
$61.4mn as compared to $56.2mn reported during the
corresponding period in 2012. Total assets at the end of 2013
stood at $1.9bn. Net interest income for 2013 increased by
10.7% to $45.6mn from $41.2mn in 2012. (Bloomberg)
 Oman Gas Company begins operations in Sur – The Oman
Gas Company (OGC) announced the beginning of its operations
in the Wilayat of Sur. OGC’s CEO Eng. Yousuf Bin Mohammed
al Ojaili said that the Wilayat of Sur is the sixth regional district
of the company’s operations and the gas supply station is the
second largest among the other gas supply stations managed
by the company. (GulfBase.com)
 NCSI: Oman's top-end hotels see 11% revenue rise in 2013
– According to figures released by the National Centre for
Statistics & Information (NCSI), top end hotels in Oman have
posted 11% increase in revenues for 2013 as compared to
2012. The combined revenues of 31 four-star and five-star
hotels reached OMR149.3mn as compared to OMR134.5mn in
2012. Five-star hotels held the bigger portion of the revenue split
with OMR102.2mn. The NCSI also revealed that the total
number of hotel guests increased by 10.8% in 2013, totaling
614,000 guests against 554,000 in 2012. (Bloomberg)
 Oman’s GDP grows 2.6% in 9M2013 – The preliminary data
available for the first nine months of 2013 (January-September)
pointed to a modest YoY nominal GDP growth of 2.6% in Oman.
The growth in nominal GDP reflected a marginal 1.0%
contraction in the petroleum sector and 7.8% increase in the
non-petroleum sector. Oil production in Oman rose by 2.3% to
343.8mn barrels during 2013 from 336.2mn barrels during 2012.
Omani crude oil prices in the international markets averaged
$105.5 per barrel during 2013 as compared to $109.6 per barrel
during 2012. The average inflation based on CPI for the Oman
stood at 1.1% during 2013 as compared to 2.9% in 2012.
Despite overall low inflation witnessed in 2013 so far, the
pressure on prices could be mainly seen from two commodity
groups: Food, beverages & tobacco and educational services.
The provisional data on Oman’s fiscal position pointed to a
surplus of OMR401mn during 2013 as compared to a small
deficit of OMR80.6mn during 2012. (Bloomberg)
 Inovest not to distribute dividends for 2013 – Inovest’s board
of directors decided not to distribute cash dividends to its
shareholders for the financial year ended December 31, 2013.
(Bahrain Bourse)
 Alba’s BoD recommends 36% cash dividend – Aluminum
Bahrain’s (Alba) board of directors recommended a cash
Page 6 of 7

7. Daily Index Performance
142.9
130.0
1.5%
1.3%
1.0%
0.5%
0.5%
0.5%
0.2%
0.2%
0.2%
0.0%
QE Index
Oct-12
May-13
S&P Pan Arab
Dec-13
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
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
1,318.69
1.2
4.1
9.4
21.48
4.8
7.3
10.3
109.08
0.3
(0.4)
5.54
4.4
155.00
138.50
Global Indices Performance
Close
1D%
WTD%
YTD%
16,154.39
0.8
2.3
(2.5)
S&P 500
1,838.63
0.5
2.3
(0.5)
(1.6)
NASDAQ 100
4,244.03
0.1
2.9
1.6
(5.8)
27.4
STOXX 600
333.32
0.6
2.5
1.5
4.0
(5.7)
22.8
DAX
9,662.40
0.7
3.9
1.2
3.4
(7.2)
1.5
FTSE 100
6,663.62
0.1
1.4
(1.3)
DJ Industrial
1.37
0.1
0.4
(0.4)
CAC 40
101.80
(0.4)
(0.5)
(3.3)
Nikkei
GBP
1.67
0.5
2.0
1.1
MSCI EM
CHF
1.12
0.1
0.6
0.0
SHANGHAI SE Composite
AUD
0.90
0.6
0.8
1.3
USD Index
80.14
(0.2)
(0.7)
RUB
35.17
(0.0)
1.2
BRL
0.42
0.7
(0.2)
(1.0)
Yen
Dubai
Mar-12
Abu Dhabi
Aug-11
Kuwait
Jan-11
(0.2%)
Qatar
(0.5%)
Saudi Arabia
Jun-10
165.5
Oman
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
Bahrain
Rebased Performance
4,340.14
0.6
2.6
1.0
14,313.03
(1.5)
(1.0)
(12.1)
957.31
1.2
2.1
(4.5)
2,115.85
0.8
3.5
(0.0)
HANG SENG
22,298.41
0.6
3.1
(4.3)
0.1
BSE SENSEX
20,366.82
0.9
(0.0)
(3.8)
7.0
Bovespa
48,201.11
0.8
0.3
(6.4)
1,343.20
1.6
0.1
(6.9)
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
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