1. QE Intra-Day Movement
Market Indicators
11,800
11,750
11,700
11,650
11,600
16 Feb 14
%Chg.
1,030.8
614,276.8
16.0
7,486
38
20:14
778.6
604,679.4
19.6
6,729
38
25:11
32.4
1.6
(18.3)
11.2
0.0
–
Market Indices
11,550
11,500
9:30
17 Feb 14
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 1.5% to close at 11,724.2. Gains were led by the Industrials
and Telecoms indices, gaining 4.5% and 2.0% respectively. Top gainers were
Industries Qatar and Qatar Navigation, rising 7.4% and 3.5% respectively.
Among the top losers, Gulf Warehousing Co. fell 5.2%, while Islamic Holding
Group declined 1.9%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,846.89
2,912.09
2,802.86
3,912.23
2,035.97
2,028.00
2,739.06
1,624.64
6,587.34
3,362.32
1.5
1.4
(0.2)
4.5
1.8
(0.1)
0.2
2.0
0.5
1.1
1.8
1.7
(0.4)
5.2
2.1
2.1
0.2
2.3
1.4
2.1
13.6
12.5
14.7
11.8
9.6
3.8
17.2
11.8
10.7
10.7
N/A
14.0
14.3
14.4
13.8
13.9
6.3
21.9
25.1
17.3
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Vol. ‘000
Saudi Arabia: The TASI index declined 0.3% to close at 8,939.9. Losses were
led by the Agri. & Food Industries and Industrial Inv. indices, falling 1.0% and
0.9% respectively. SPIMACO and Saudi Vitrified Clay Pipes fell 2.6% each.
Nat. Bank of Fujairah
Abu Dhabi
4.11
25.7
3,390.0
(13.5)
Industries Qatar
Qatar
193.10
7.4
1,921.9
14.3
Dubai: The DFM index gained 0.8% to close at 4,224.0. The Services index
rose 1.7%, while the Banking index was up 1.5%. Al Salam Bank - Bahrain
surged 15.0%, while GGICO was up 7.9%.
Investbank
Abu Dhabi
Saudi Enaya Coop. Ins.
Saudi Arabia
Abu Dhabi: The ADX benchmark index declined 0.2% to close at 4,880.0. The
Banking index fell 0.6%, while the Consumer Staples index was down 0.4%.
Finance House fell 8.1%, while National Takaful Co declined 7.6%.
Al Baraka Group
Bahrain
GCC Top Losers
Exchange
Kuwait: The KSE index fell 0.5% to close at 7,793.7. The Technology index
declined 2.1%, while the Insurance index was down 1.7%. Al-Safat Tec
Holding Co. fell 7.4%, while Kuwait Insurance Co. was down 6.5%.
Gulf Warehousing Co
Qatar
Sharjah Islamic Bank
Abu Dhabi
Oman: The MSM index declined 0.4% to close at 7,151.4. Losses were led by
the Industrial and Services indices, falling 0.3% each. United Power declined
7.5%, while National Aluminium Products was down 4.5%.
SPIMACO
Ithmaar Bank
Nat. Mobile Telecomm.
Bahrain: The BHB index gained 0.7% to close at 1,332.6. The Commercial
Banking index rose 1.0%, while the Investment index was up 0.7%. Al Salam
Bank gained 9.8%, while Al Baraka Banking Group was up 3.5%.
##
YTD%
3.45
5.8
311.5
28.3
36.80
4.0
1,245.8
(8.7)
0.89
3.5
77.3
19.6
#
Close
1D% Vol. ‘000
YTD%
39.80
(5.2)
4.2
(4.1)
2.03
(2.9)
2,534.6
31.8
Saudi Arabia
65.50
(2.6)
370.0
0.8
Bahrain Brse
0.22
(2.2)
899.6
(4.3)
Kuwait
1.82
(2.2)
4.4
3.4
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%
Close*
1D%
Vol. ‘000
YTD%
Industries Qatar
193.10
7.4
1,921.9
14.3
Gulf Warehousing Co.
39.80
(5.2)
4.2
(4.1)
43.95
(1.9)
18.6
(4.5)
Qatar Exchange Top Losers
95.10
3.5
400.3
14.6
Islamic Holding Group
158.00
3.2
189.6
18.5
Masraf Al Rayan
39.00
(1.6)
904.6
24.6
62.10
3.2
797.0
18.3
Aamal Co.
14.84
(1.1)
18.3
(1.1)
Qatar Electricity & Water Co.
191.20
2.6
230.8
5.1
Ezdan Holding Group
16.72
(0.9)
22.1
(1.6)
Qatar Exchange Top Vol. Trades
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
Industries Qatar
193.10
7.4
373,499.9
14.3
31.50
0.0
68,760.4
5.7
152.10
2.4
67,590.5
10.9
Qatar Navigation
Al Meera Consumer Goods Co.
Medicare Group
Close*
1D%
Vol. ‘000
YTD%
Vodafone Qatar
12.53
(0.2)
3,121.6
17.0
Barwa Real Estate Co.
31.50
0.0
2,170.3
5.7
Industries Qatar
193.10
7.4
1,921.9
14.3
Ooredoo
Masraf Al Rayan
39.00
(1.6)
904.6
24.6
Commercial Bank of Qatar
74.10
0.4
52,656.3
4.7
Medicare Group
62.10
3.2
797.0
18.3
Medicare Group
62.10
3.2
48,793.1
18.3
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Barwa Real Estate Co.
Close
1D%
WTD%
MTD%
YTD%
11,724.20
4,224.01
4,880.00
8,939.88
7,793.69
7,151.35
1,332.63
1.5
0.8
(0.2)
(0.3)
(0.5)
(0.4)
0.7
1.8
3.1
(0.3)
0.1
(0.6)
(0.3)
1.1
5.1
12.0
4.4
2.0
0.5
0.9
3.0
13.0
25.3
13.7
4.7
3.2
4.6
6.7
Exch. Val. Traded
($ mn)
310.64
680.02
205.38
1,654.58
110.70
30.66
7.87
Exchange Mkt.
Cap. ($ mn)
168,680.4
84,148.1
135,228.2
488,999.1
112,885.3
25,570.4
51,107.4
P/E**
P/B**
14.9
17.8
13.2
17.9
16.3
11.0
9.2
2.0
1.6
1.7
2.2
1.2
1.6
0.9
Dividend
Yield
4.0
1.9
3.7
3.3
3.7
3.6
3.6
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 1.5% to close at 11,724.2. The Industrials
and Telecoms indices led the gains. The index declined on the
back of selling pressure from non-Qatari shareholders despite
buying support from Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
70.78%
70.17%
6,206,505.02
Non-Qatari
 Industries Qatar and Qatar Navigation were the top gainers,
rising 7.4% and 3.5% respectively. Among the top losers, Gulf
Warehousing Co. fell 5.2%, while Islamic Holding Group declined
1.9%.
Buy %*
29.22%
29.82%
(6,206,505.02)
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday fell by 18.3% to 16.0mn
from 19.6mn on Sunday. However, as compared to the 30-day
moving average of 12.1mn, volume for the day was 32.2%
higher. Vodafone Qatar and Barwa Real Estate Co. were the
most active stocks, contributing 19.5% and 13.6% to the total
volume respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Agency
Market
Emaar Properties
(Emaar)
Moody's
Dubai
Type*
Old Rating
Rating Change
Outlook
Outlook Change
Ba3/Ba3
CFR/PDR
New Rating
Ba1/Ba1
–
Stable
–
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, CFR – Corporate Family Rating, PDR – Probability of Default Rating)
Earnings Releases
Company
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
–
–
94.3
-29.2%
113.9
-18.2%
–
–
50.9
8.9%
34.0
20.9%
465.7
17.1%
–
–
92.2
-17.1%
10328.0
25.3%
–
–
2568.0
21.2%
48.2
160.3%
–
–
-17.4
9.6%
AED
3183.8
12.4%
–
–
420.7
0.3%
Bahrain
BHD
30.4
-9.1%
–
–
8.3
200.1%
Bahrain
BHD
8.8
3.0%
11.2
-3.5%
2.9
856.5%
Market
National Gas &
Industrialization Co. *
RAK Insurance *
Gulf Medical Project Co.
(GMPC) *
Emaar Properties *
Takaful Emarat – Insurance
*
Air Arabia *
United Gulf Investment
Corporation (UGIC) *
Seef Properties *
Currency
Saudi Arabia
SR
UAE
AED
UAE
AED
Dubai
AED
Dubai
AED
Dubai
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
02/17
UK
Rightmove
Rightmove House Prices MoM
February
3.30%
–
1.00%
02/17
UK
Rightmove
Rightmove House Prices YoY
February
6.90%
–
6.30%
02/17
Japan
ESRI
GDP SA QoQ
4Q2013
0.30%
0.70%
0.30%
02/17
Japan
ESRI
GDP Annualized SA QoQ
4Q2013
1.00%
2.80%
1.10%
02/17
Japan
ESRI
GDP Nominal SA QoQ
4Q2013
0.40%
0.80%
0.20%
02/17
Japan
ESRI
GDP Deflator YoY
4Q2013
-0.40%
-0.20%
-0.40%
02/17
Japan
ESRI
GDP Consumer Spending QoQ
4Q2013
0.50%
0.80%
0.20%
02/17
Japan
ESRI
GDP Business Spending QoQ
4Q2013
1.30%
1.80%
0.20%
02/17
Japan
METI
Industrial Production MoM
December
0.90%
–
-0.10%
02/17
Japan
METI
Industrial Production YoY
December
7.10%
–
4.80%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MDPS: Qatar's CPI at lowest level since August 2012 –
According to the Ministry of Development Planning & Statistics
(MDPS), Qatar's Consumer Price Index (CPI) for January 2014
rose up by only 2.3% year-on-year, the lowest level since
August 2012. On a month-on-month based, it rose 0.3% as
compared to December 2013. Food prices were the key factor
behind the slowdown falling 0.7% month-on-month (1.6% year-
on-year, which is the slowest rate of increase since August
2010). Housing and rents (the largest weight of overall inflation
with a 32.2% share) rose 1.0% month-on-month but were steady
at 2.8% year-on-year in January 2014. (Peninsula Qatar, QNB
Group)
 IQCD plans QR5.4bn capital expenditure over five years –
Industries Qatar’s (IQCD) five-year business plan envisages
accumulated capital spend of an estimated QR5.4bn from 2014
Page 2 of 6

3. to 2018. The plan includes completing the construction of all its
current projects, including a 2.0mn MTPA integrated steel mill in
Algeria, and a mixed-feed steam cracker & petrochemical
complex. IQCD’s Chief Coordinator Abdulrahman Ahmad Al
Shaibi said that this expenditure may increase with the
determination of final construction costs for existing projects,
approval of projects currently under evaluation and the
implementation of the group’s 10-year growth strategy. In
2Q2011, the group’s subsidiary, Qatar Steel, commenced work
on its EF5 project consisting of a QR1.2bn green-field steel melt
shop built adjacent to its main facility in Mesaieed Industrial City,
Qatar. Commercial operations at the facility commenced in
February 2014, which is expected to boost the group’s billets
capacity by an additional 1.1mn. (GulfBase.com)
 GWCS’ Logistics Village to be ready by June – The Gulf
Warehousing Company's (GWCS) Chairman Fahad bin Hamad
bin Jassim Al Thani announced that the fourth phase expansion
of GWC's Logistics Village Qatar will be completed by June
2014. Addressing GWC's ordinary annual general assembly,
Fahad said that the logistics village matters a lot for both the
company’s future success as well as the future of logistics
services in Qatar. The original master plan for the logistics
village was completed in April 2013, with all the warehouses and
services fully reserved. The company began the additional
fourth phase expansion, which acts as a complement to the
master. (Peninsula Qatar)
 Qatari LNG exports to Argentina cross $1bn in 2013 –
Argentina's LNG imports from Qatar reached an all-time high of
$1bn in 2013 and are set to increase further over the coming
years. Argentina's Undersecretary for Investment Development
& Trade Promotion, Agustin Wydler said that while imports from
Qatar were huge, Argentina's volume of trade with Qatar
amounted to just around $5mn. He also added that talks are on
with major oil & gas companies in Qatar to boost energy
cooperation between the two countries. About the imbalance of
trade between the two countries, Wydler said that Argentina
imported LNG from Qatar worth around $400mn in 2012 which
grew to more than $1bn in 2013. While the country exporting to
Qatar only around $4-5mn worth of goods. (Gulf-Times)
 GWCS’ AGM approves agenda, 15% cash dividends – The
Gulf Warehousing Company (GWCS) has approved its board’s
proposal in the AGM held on February 16 to distribute a cash
dividend of QR1.5 per share among others. (QE)
 QE suspends trading in IHGS, QNCD shares on February 18
– The Qatar Exchange (QE) has announced trading suspension
in the shares of the Islamic Holding Group (IHGS) and Qatar
National Cement Company (QNCD) on February 18, 2014 due
to their AGM being held on that day. (QE)
International
 Germany, France seek to revive FTT plan – Germany and
France will lead a face-saving bid this week to revive a flagging
project to tax financial transactions (FTT) in 11 Eurozone
countries and allay fears it could hamper economic recovery.
The tax is expected to be scaled back from an original plan to
introduce it from January to raise €35bn ($48bn) annually to
make banks pay back some of the money received in the 200709 financial crisis. The idea of a financial transaction tax failed to
win backing globally due to the US opposition, and a panEuropean Union tax or even one covering all 18 Eurozone
countries also found no support. Britain, Ireland, the Netherlands
and Sweden are among countries that have opposed it on
grounds that it would encourage banks and finance firms to
relocate trading activities. (Reuters)
 Hollande offers tax stability to foreign businesses – French
President Francois Hollande appealed to foreign business
leaders to invest in France, offering them simpler and more
stable tax policies as his unpopular government tries to spur
growth and create jobs. Hosting a meeting of 30 heads of
French units of foreign companies, Hollande pledged to
guarantee that taxes on investments would not rise later – as
has happened in the past – and VAT and duty for firms would be
streamlined this year. Hollande, who last month announced
France would phase out €30bn in charges on companies by
2017 to reverse its slide in trade competitiveness, said French
business taxes would be harmonized with those of its neighbors,
especially Germany, by 2020. (Reuters)
 Eurozone regulators gather for detail on ECB bank review
plans – Banks in the Eurozone are about to get greater insight
into the European Central Bank’s (ECB) landmark review of their
books, as national experts and their advisers meet in Frankfurt
to hammer out details of the next phase of the stress tests. The
ECB is carrying out a wide-ranging review of 128 regional banks
in an effort to address lingering doubts about their health before
it becomes their overall supervisor in November 2014. Banks
have already been asked for extensive amounts of data on their
loan books and trading assets for the 'Asset Quality Review', but
know little about the ECB’s methodology and data interpretation.
(ET, Reuters)
 China January FDI rises in sign of confidence – The Chinese
Commerce Ministry stated that China received $10.76bn worth
of foreign direct investments (FDI) in January, up 16.1% from a
year earlier. The ministry said this is a sign that confidence in
the world's second-largest economy remains firm even as
growth cools. The majority of the new investment worth $6.33bn,
went into China's services industry, however, investment in
manufacturing fell 21.7%. (Reuters)
Regional
 CDSI: Kingdom’s inflation falls to 2.9% in January –
According to data released by the Central Department Of
Statistics & Information (CDSI), the Kingdom’s annual inflation
eased marginally to 2.9% in January, the lowest level since April
2007, from 3% in the previous month. Prices of food &
beverages rose 5% YoY in January, but dipped 0.1% from the
previous month, while housing & utility costs climbed 3.7% on
an annual basis and 0.4% MoM. (GulfBase.com)
 Kingdom exports SR96bn oil in January – Saudi Arabia
exported 240mn barrels of oil in January 2014, which amounted
to SR96.4bn. Domestic consumption during the month stood at
58.9mn barrels, or 20% of the total output. The International
Energy Agency (IEA) has predicted that global oil demand would
go up by 1.3mn bpd in 2014, or 92.5 mbpd. The average global
demand is expected to hover around 29.58mn bpd this year due
to over-supply from non-OPEC member countries. Oil
production in the US will increase by 782,000 bpd to reach
8.3mn bpd in 2014. Meanwhile, the US Energy Information
Administration has predicted that oil production in the country
would jump from 7.5mn bpd in 2013 to 8.5mn bpd in 2014.
(GulfBase.com)
 Saudi Aramco likely to restart Yanbu plant by February-end
– Saudi Aramco is expected to restart its 240,000 bpd refinery in
Yanbu around end of February after it was shut down earlier this
month for planned maintenance. The refinery exports around
50,000-75,000 tons of naphtha per month, and the volumes lost
from the maintenance will be offset by large inflows of cargoes
from Europe and the Mediterranean region. Saudi Aramco
operates another 400,000 bpd refinery in Yanbu in partnership
with ExxonMobil, which is running normally. (Reuters)
Page 3 of 6

4.  TAI declares SR17.5mn dividend for 2013 – Takween
Advanced Industries’ (TAI) board of directors has recommended
distributing dividends worth SR17.5mn to its shareholders for
2013. The dividend per share will be SR0.5, representing 5% of
the face value. Those shareholders who are registered with the
Securities Depository Center on the day of the general assembly
will be eligible for this dividend (to be announced later).
(Tadawul)
 MCC declares SR72.36mn dividend for 2013 – Methanol
Chemicals Company’s (MCC) board of directors has
recommended the distribution of dividends worth SR72.36mn to
its shareholders for 2013. The dividend per share will be SR0.6,
representing 6% of the face value. The eligibility of dividends
shall be for the shareholders registered with the Securities
Depository Center at the closing of the general assembly
meeting’s day (to be announced later). (Tadawul)
 Etihad Etisalat announces results, approves SR962.5mn
dividend for 4Q2013 – Etihad Etisalat Company held its
general assembly meeting and approved its board’s
recommendation for distributing cash dividends worth
SR962.5mn for 4Q2013. The dividend per share will be SR1.25
(12.5% of the nominal share value), in addition to interim
dividends of SR2,733.5mn distributed to shareholders for the 1,
2 and 3Q2013 i.e. SR3.55 per share. The dividends will be paid
to those shareholders, who are registered in the company
shareholder register at the end of trading on the day of the
general assembly. The 4Q2013 dividend brings the total
dividends for entire FY2013 to SR3,696mn, i.e. SR4.8 per
share, representing 55.36% of the net profits in 2013. The
dividend will be paid on February 26, 2014. (Tadawul)
 Saudi hardware retailer Saco plans maiden IPO – The Saudi
Company for Tools & Hardware (Saco) – a pioneer in the
hardware retail & wholesale business and home improvement
superstores in the Kingdom – is set to launch its first IPO soon.
The company has appointed HSBC Saudi Arabia as the
financial adviser, lead manager and underwriter for its planned
IPO. Saco currently operates 21 retail outlets, including 3 Saco
World superstores in 12 cities across the Kingdom. The
company sells over 45,000 different hardware products in stores
ranging from 2,500 to 24,000 square meters. (GulfBase.com)
 Mashreq raises foreign ownership limit to 49% – Dubaibased Mashreq's CEO said that the bank has increased the limit
on foreign ownership to 49% shares, in line with a wider move
by other companies in the UAE to open up to international
investors. Companies and banks in the UAE and Qatar are
reviewing their foreign ownership caps ahead of an upgrade by
the international index compiler MSCI to emerging market status
for these countries in May 2014, which is expected to attract
fresh foreign money. Earlier in September, Mashreq had raised
its foreign ownership limit to 20%. (Gulf-Times)
 MAF launches AED100mn fashion district at Mall of the
Emirates – Majid Al Futtaim Group (MAF) has launched a
fashion district worth AED100mn at its flagship destination, Mall
of the Emirates. The fashion district, spread across 5,000
square meters with 30 new stores, is the first phase of the mall's
AED1bn redevelopment program, which is set for completion by
the end of 2015. Fuad Mansoor Sharaf, Senior Director of
Property Management, Shopping Malls said that Saudi citizens
are the mall's major visitors and customers. (GulfBase.com)
 GMS plans to raise $100mn through London IPO – Abu
Dhabi-based oil services provider Gulf Marine Services (GMS)
intends to raise $100mn in an IPO in London, which is expected
to value the company at more than $1bn. Private equity firm Gulf
Capital currently owns 79% of GMS, which will offer shares in
the IPO through two subsidiaries. Horizon Energy and Al Ain
Capital also have minor holdings. While the price of shares will
be set at a later date, GMS was targeting a market capitalization
of $1bn. Given that a minimum of 25% shares must be listed for
inclusion in FTSE indices, this would indicate the company’s
IPO will be worth at least $250mn. (Reuters)
 ADPC invests AED27m in Al Gharbia Region in 2013 – Abu
Dhabi Ports Company (ADPC) has invested around AED27mn
in the Al-Gharbia region in the UAE during last year. ADPC has
five ports in the region — Marfa, Al Sila, Sir BaniYas, Mugharrag
and Delma. Being the master developer of the non-oil & gas
maritime assets in the Emirate, ADPC is leading an investment
program designed to boost local industries and support the port
communities. The Al-Gharbia region is an area of exceptional
natural beauty occupying a vast area of 60,000 square
kilometers — 60% of the total area of Abu Dhabi, with a
coastline stretching for 350 kilometers. Rich in natural resources
such as palm trees, pearls, oil, gas and solar energy, Al Gharbia
contributes 45% of the Emirate’s GDP. ADPC’s investments in
the region, including AED7.5mn in Mugharrag Port, AED17mn at
Marfa Port and most recently AED2.5mn for the first phase of
development at Delma Port. (GulfBase.com)
 GIH appoints head for $600mn distressed assets –
According to sources, Global Investment House (GIH) has
appointed Orhan Osmansoy to head its $600mn distressed
asset-management business. Osmansoy, a former CEO of Abu
Dhabi-based the National Investor, will lead the Special
Situations Asset-Management Business at GIH, dealing with
distressed assets and restructuring. (GulfBase.com)
 MSM: Oman Oil to offer shares in Businesses – The Muscat
Securities Market (MSM) said that the Oman Oil Company is
planning to sell shares in some of its businesses to the public.
MSM’s Director General Ahmed Saleh Al Marhoon said that one
of its businesses is expected to be listed in the market this year.
Oman Oil has numerous subsidiaries that are diversified in oilrelated sectors. Al Marhoon said that some GCC countries are
selling shares in state-owned companies to spur stock-market
trading and citizens’ participation in the economy. (Bloomberg)
 OUIS’ BoD recommends 35% cash dividend – Oman United
Insurance Company’s (OUIS) board of directors has
recommended a cash dividend of 35% of the paid-up capital i.e.
35 baizas per share. Meanwhile, the company’s AGM is
scheduled on March 30, 2014. (GulfBase.com)
 Dolphin gas imports to cease once Omani output rises –
According to a top official of the Ministry of Oil & Gas, Oman
aims to phase out imports of Qatari gas supplied via the Dolphin
network once the projected jump in domestic gas production is
deemed sufficient enough to meet demand. The Ministry’s
Under-Secretary Salim al Aufi said that imports of natural gas
through the Dolphin network – averaging 5-7mn standard cubic
meters per day (mmscmd) – represent just a small percentage
of the total domestic production of around 85 mmscmd.
(Bloomberg)
 UGIC not to distribute dividends for 2013 – The United Gulf
Investment Corporation’s (UGIC) board of directors has decided
not to distribute dividends to its shareholders for the financial
year ended December 31, 2013. (GulfBase.com)
 SEEF’s BoD recommends 10% cash dividend – SEEF
Properties Company’s board of directors recommended a cash
dividend of 10% (i.e 10 fils per share) to its shareholders, who
are registered on the date of the AGM. (Bahrain Boursse)
 BMMI’s BoD recommends cash dividend – Bahrain Maritime
& Mercantile International Company’s (BMMI) board of directors
Page 4 of 6

5. recommended a cash dividend of 50 fils per share (of which 20
fils per share was already distributed as interim dividend) to its
shareholders, who are registered on the date of the AGM.
(Bahrain Bourse)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.5%
1.5%
143.6
1.0%
130.6
0.8%
0.5%
0.7%
0.0%
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%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,328.79
0.8
0.8
10.2
DJ Industrial*
16,154.39
0.0
0.0
(2.5)
21.69
1.0
1.0
11.4
S&P 500*
1,838.63
0.0
0.0
(0.5)
109.18
0.1
0.1
(1.5)
NASDAQ 100*
4,244.03
0.0
0.0
1.6
5.54
0.0
0.0
27.4
STOXX 600
334.56
0.4
0.4
1.9
155.00
0.0
0.0
22.8
DAX
9,656.76
(0.1)
(0.1)
1.1
138.50
0.0
0.0
1.5
FTSE 100
6,736.00
1.1
1.1
(0.2)
1.37
0.1
0.1
(0.3)
CAC 40
101.92
0.1
0.1
(3.2)
Nikkei
GBP
1.67
(0.2)
(0.2)
0.9
MSCI EM
CHF
1.12
0.2
0.2
0.2
SHANGHAI SE Composite
AUD
0.90
(0.0)
(0.0)
1.3
USD Index*
80.14
0.0
0.0
RUB
35.25
0.2
0.2
BRL
0.42
(0.2)
(0.2)
(1.1)
Yen
Dubai
Oct-12
(0.2%)
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(0.4%)
(0.5%)
Oman
(0.3%)
(1.0%)
Qatar
(0.5%)
Saudi Arabia
Jun-10
2.0%
168.5
4,335.17
(0.1)
(0.1)
0.9
14,393.11
0.6
0.6
(11.7)
964.29
0.7
0.7
(3.8)
2,135.42
0.9
0.9
0.9
HANG SENG
22,535.94
1.1
1.1
(3.3)
0.1
BSE SENSEX
20,464.06
0.5
0.5
(3.3)
7.2
Bovespa
47,576.33
(1.3)
(1.3)
(7.6)
1,347.41
0.3
0.3
(6.6)
Source: Bloomberg (*Market closed on February 17, 2014)
RTS
Source: Bloomberg (*Market closed on February 17, 2014)
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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