1. QE Intra-Day Movement
Market Indicators
11,200
11,150
11,100
11,050
9:30
22 Jan 14
419.9
590,620.8
8.7
4,792
40
24:10
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.3% to close at 11,179.6. Gains were led by the Telecoms
and Banking & Financial Services indices, gaining 1.2% and 0.8% respectively.
Top gainers were Qatari Investors Group and Widam Food Co., rising 7.6%
and 1.9% respectively. Among the top losers, Qatar Insurance Co. fell 1.7%,
while Barwa Real Estate Co. declined 1.5%.
21 Jan 14
432.2
587,937.0
9.2
5,030
41
17:20
%Chg.
(2.8)
0.5
(5.6)
(4.7)
(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
15,973.10
2,766.02
2,662.27
3,676.62
1,955.86
2,065.33
2,520.15
1,572.90
6,051.05
3,234.28
0.3
0.4
0.8
0.3
(0.2)
(0.9)
(1.3)
1.2
0.4
0.6
0.7
0.7
1.3
(0.7)
(0.2)
0.8
1.2
2.9
(0.6)
0.2
7.7
6.9
8.9
5.0
5.2
5.7
7.9
8.2
1.7
6.5
N/A
13.8
13.7
13.3
13.2
14.1
10.1
21.4
23.0
16.7
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index rose 0.3% to close at 8,761.2. Gains were led
by the Petrochemical Industries and Cement indices, rising 1.2% and 1.0%
respectively. Alujain Corp. rose 7.5%, while Atheeb Telecom was up 6.9%.
Investbank
Abu Dhabi
3.40
9.7
731.2
26.4
Qatari Investors Group
Qatar
48.65
7.6
1,121.0
11.3
Dubai: The DFM index gained 0.6% to close at 3,687.3. The Insurance index
rose 8.5%, while the Real Estate & Construction index was up 1.4%. Gulf
General Investment Co. surged 14.8%, while Islamic Arab Ins. gained 14.4%.
Arabtec Holding Co.
Dubai
3.78
7.1
127,201.1
31.7
Atheeb Telecom
Saudi Arabia
15.50
6.9
13,042.8
7.6
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,578.2. The Inv.
& Financial Services index declined 1.1%, while the Energy index was down
0.9%. Gulf Medical Projects fell 9.4%, while National Takaful was down 5.3%.
Bank Albilad
Saudi Arabia
39.90
5.6
999.1
14.0
GCC Top Losers
Exchange
Kuwait: The KSE index declined 0.1% to close at 7,749.4. The
Telecommunication index fell 2.4%, while the Industrial index was down 1.0%.
Al Masaken declined 6.3%, while Contracting & Marine Ser. was down 5.8%.
MEDGULF
Saudi Arabia
Nat. Bank Of Bahrain
Bahrain
Oman: The MSM index rose 0.2% to close at 7,188.0. Gains were led by the
Services and Industrial indices, gaining 0.8% and 0.2% respectively. National
Gas rose 9.8%, while National Securities was up 7.4%.
Solidarity Saudi Takaful
Saudi Arabia
Mobile Telecomm. Co.
Kuwait
Saudi Enaya Coop. Ins.
Saudi Arabia
Bahrain: The BHB index gained 0.2% to close at 1,279.0. The Services index
rose 0.9%, while the Commercial Banking index was up 0.8%. Nass
Corporation gained 4.6%, while Ahli United Bank was up 3.4%.
Qatari Investors Group
Widam Food Co.
Close*
1D%
Vol. ‘000
YTD%
48.65
Qatar Exchange Top Gainers
7.6
1,121.0
11.3
53.00
1.9
Al Ahli Bank
66.00
QNB Group
185.10
2.5
1.5
6.7
20.0
1.5
488.6
7.6
41.00
Gulf Warehousing Co.
70.4
1.5
12.5
(1.2)
##
#
Vol. ‘000
YTD%
1D% Vol. ‘000
YTD%
28.70
(9.2)
2,189.6
(17.8)
0.70
(4.8)
43.4
0.7
23.30
(4.7)
2,140.5
(10.0)
0.64
(4.5)
11,493.5
(7.2)
35.30
(3.3)
1,098.1
(12.4)
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%
Qatar Insurance Co.
74.00
(1.7)
355.5
11.3
Barwa Real Estate Co.
32.00
(1.5)
1,528.4
7.4
Qatar General Ins. & Rein. Co.
45.50
(1.1)
0.6
(5.0)
Commercial Bank of Qatar
74.10
(0.9)
395.9
4.7
Qatar Navigation
90.00
(0.8)
23.1
8.4
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
Vodafone Qatar
11.56
0.8
1,565.4
7.9
QNB Group
185.10
1.5
90,181.5
7.6
Barwa Real Estate Co.
32.00
(1.5)
1,528.4
7.4
Qatari Investors Group
48.65
7.6
53,414.7
11.3
7.4
Qatar Exchange Top Vol. Trades
48.65
QNB Group
Mazaya Qatar Real Estate Dev.
7.6
1,121.0
11.3
Barwa Real Estate Co.
32.00
(1.5)
49,302.6
185.10
Qatari Investors Group
1.5
488.6
7.6
Commercial Bank of Qatar
74.10
(0.9)
29,348.9
4.7
12.15
0.4
455.9
8.7
Qatar Insurance Co.
74.00
(1.7)
26,537.9
11.3
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Close
1D%
WTD%
MTD%
YTD%
11,179.61
3,687.32
4,578.19
8,761.16
7,749.44
7,188.00
1,279.02
0.3
0.6
(0.1)
0.3
(0.1)
0.2
0.2
0.7
2.2
1.3
0.0
1.1
0.7
0.8
7.7
9.4
6.7
2.6
2.6
5.2
2.4
7.7
9.4
6.7
2.6
2.6
5.2
2.4
Exch. Val. Traded
($ mn)
122.25
557.11
239.99
1,837.82
212.56
43.12
3.77
Exchange Mkt.
Cap. ($ mn)
162,184.5
74,613.8
129,718.4
481,067.1
109,488.0
25,609.1
50,275.0
P/E**
P/B**
14.1
21.7
12.8
17.3
17.2
11.4
8.3
1.9
1.5
1.6
2.2
1.2
1.7
0.9
Dividend
Yield
4.1
2.4
3.9
3.4
3.7
3.6
3.8
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 0.3% to close at 11,179.6. The Telecoms 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
52.10%
68.30%
(68,023,031.02)
Non-Qatari
 Qatari Investors Group and Widam Food Co. were the top
gainers, rising 7.6% and 1.9% respectively. Among the top
losers, Qatar Insurance Co. fell 1.7%, while Barwa Real Estate
Co. declined 1.5%.
Buy %*
47.89%
31.70%
68,023,031.02
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday fell by 5.6% to 8.7mn
from 9.2mn on Tuesday. Further, as compared to the 30-day
moving average of 11.1mn, volume for the day was 22.1% lower.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 18.1% and 17.6% to the total volume
respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Arab Banking
Corporation (ABC)
Agency
Market
Moody's
Type*
Bahrain
Not-Prime deposit
ratings/ BFSR
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
Ba1/D
Ba1/D
–
Positive

Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Bank Financial Strength Rating)
Earnings Releases
Company
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
SR
–
–
424.1
14.2%
231.2
10.3%
Saudi Arabia
SR
–
–
498.4
380.2%
1,240.0
1720.9%
Saudi Arabia
SR
123.2
88.1%
–
–
3.1
59.2%
Saudi Arabia
SR
447.0
-19.7%
–
–
4.4
14.6%
Saudi Arabia
SR
–
–
446.0
NA
203.0
612.3%
Abu Dhabi
AED
–
–
–
–
9.6
26.8%
Oman
OMR
–
–
–
–
3.2
2.5%
Market
Currency
Kingdom Holding Co. (KHC)
Rabigh Refining &
Petrochemical Co. (Petro
Rabigh)
Weqaya Takaful insurance &
reinsurance Co.(Weqaya
Takaful)
The Mediterranean & Gulf
Ins. & Reins.
Co.(MEDGULF)
Saudi Ind. Investment Group
(SIIG)
Insurance House Co. (IH)*
Saudi Arabia
Oman Chlorine Co. (OCHL)*
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
01/22
US
MBA
MBA Mortgage Applications
17-January
01/22
UK
ONS
Jobless Claims Change
December
01/22
UK
ONS
ILO Unemployment Rate 3Mths
November
01/22
UK
ONS
Employment Change 3M/3M
01/22
Japan
METI
01/22
Japan
01/22
Japan
Actual
Consensus
Previous
4.70%
–
11.90%
-24.0K
-32.0K
-34.3K
7.10%
7.30%
7.40%
November
280K
256K
250K
All Industry Activity Index MoM
November
0.30%
0.30%
-0.40%
ESRI I
Leading Index CI
November
111.1
–
109.8
ESRI
Coincident Index
November
110.7
–
110.4
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
 MEED: $32bn Qatar construction market GCC’s third largest
– According to a report released by MEED, Qatar’s civil
construction market is now valued at $32bn, making it the GCC
region’s third largest. Saudi Arabia is the region’s largest civil
construction market, with $81bn worth of contracts under
construction. The UAE market is the second largest with $66bn
worth of contracts under construction. The report said the overall
GCC civil construction market has returned to growth with a total
of $59bn worth of contracts awarded last year, a level not seen
since 2008. The report said historically, the civil construction
market has been the largest sector among GCC projects, driven
by booming economies and growing populations. (GulfTimes.com)
 Qatar plans to complete New Doha Port soon – Qatar is
planning to advance the completion of its mammoth QR27bn
New Doha Port coming up near Mesaieed by 2020 rather than
the original deadline of 2030, as the country prepares to host the
FIFA World Cup in 2022. HE the Transport Minister Jassim Seif
Ahmed al-Sulaiti stated that attempt is being made to merge the
first and second phases of the project with an aim to complete
the third phase of a total container capacity of 6mn twenty-foot
equivalent units (TEUs) containers by 2020 itself. As per the
original plan, the first phase was slated to become operational
by 1Q2016 with a capacity of 2mn TEUs, 2mn TEUs expected to
be operational by 2022 and another 2mn TEUs by 2030. (GulfTimes.com)
 MPHC raises QR3.2bn in Qatar’s first IPO since 2010 – Qatar
Petroleum’s (QP) unit Mesaieed Petrochemical Holding
Company (MPHC) has raised QR3.2bn in the first IPO in Qatar
since 2010. All the 323.19mn shares offered, representing
25.7%, have been successfully sold. QP said the stock would
start trading on the market next month. (Reuters)
 Ashghal lines up projects to develop Al Ruwais City – The
Public Works Authority (Ashghal) is working on several projects
to develop Al Ruwais City in the north of the country to provide
necessary services to residents. A general hospital, a primary
health centre, three schools and two kindergartens are among
the projects. It also includes the development and expansion of
the port, and construction of three docks for dhows and fishing
boats. Some facilities are being built for ministries and
government organizations to cater to local residents so they
need not come to Doha. (Peninsula Qatar)
 DOHI reports net profit of QR28mn in 4Q2013 – Doha
Insurance Company (DOHI) reported a net profit of QR28mn in
4Q2013, reflecting an increase of 854.8% QoQ. Net profit for
2013 amounted to QR67mn, rising 11.2% YoY. Net premiums
rose by 14.6% QoQ to QR21.9mn in 4Q2013, while it was up
marginally YoY to QR106.3mn in 2013. EPS amounted to
QR2.60 in 2013 as compared to QR2.34 in 2012. Meanwhile,
DOHI’s board of directors has proposed dividend distribution of
20% from the share par value i.e. QR2.00 for each share to its
shareholders. (QE)
 Qatar Shipping secures QR1.55bn in ship refinancing –
Qatar Shipping, a subsidiary of Milaha, has secured a 12-year
QR1.55bn fixed-term ship financing facility with a consortium of
banks. The consortium includes Bank of Tokyo Mitsubishi Ltd.,
Mizuho Bank Ltd., Sumitomo Mitsui Banking Corporation Europe
Ltd., Sumitomo Mitsui Trust Bank Ltd., Mitsubishi UFJ Trust &
Banking Corporation, Shinsei Bank Ltd., Development Bank of
Japan Inc. and Standard Chartered Bank. Proceeds from the
facility will be utilized by all four JV partners to refinance existing
debt facilities on four LNG vessels - S/S “Fuwairit”, S/S “Lusail”,
S/S “Al Thakhira” and S/S “Al-Deebel”. The four vessels are
owned by JV companies, wholly-owned by vessel sponsors:
Qatar Shipping Company (the largest shareholder), Mitsui
O.S.K. Lines, Nippon Yusen Kabushiki Kaisha and Kawasaki
Kisen Kaisha – all chartered to Ras Laffan Liquefied Natural
Gas Company in Qatar on a long-time charter basis. (QE)
 QR1bn real estate deals last week – Real estate sale
transactions worth QR1bn were registered between January 12
and 16 at the Ministry of Justice in Qatar. The Real Estate
Registration Department at the ministry said that traded
properties included open plots, two-floor villas, annexes,
residential buildings, houses and shops in Umm Salal, Al Khor,
Al Shamal, Doha, Al Rayyan, Al Daayen and Al Wakra.
(Peninsula Qatar)
 QIIK’s EGM to be held on February 9 – Qatar International
Islamic Bank (QIIK) announced that its EGM will be held on
February 9, 2014 at Sheraton Hotel, Doha. The agenda of the
EGM is to consider the recommendation of QIIK’s board to
amend the clause related to board membership requirements to
change the percentage of ownership required for board
members from 0.50% to 0.25%. (QE)
 CBQK opens candidacy for board directorship – The
Commercial Bank of Qatar’s (CBQK) board of directors
announced the candidacy for its board directorship for the next
three years is open, beginning from January 26, 2014 until
February 9, 2014. (QE)
 ACSI in talks with Qatar to open HQ in Doha – The Arab
Coalition of Services Industries (ACSI) Chairman Talal Abu
Ghazaleh said the coalition has given a proposal to Qatar to set
up its head office in Doha. Ghazaleh said that talks with officials
at the Ministry of Business & Trade in Qatar regarding setting up
the headquarters of ACSI in Doha are in final stages and he
hopes to get a positive response soon. (Qatar Tribune)
 Mahindra Holiday & Resorts to enter Doha – India-based
Mahindra Holiday & Resorts India Ltd is set to launch its Doha
operations on January 24. Part of the $162bn Mahindra Group,
the entry of Club Mahindra brand of resorts in Qatar presents
greater interest for communities as its resorts are spread across
the globe. (Peninsula Qatar)
International
 Treasury: US debt ceiling to bind by February – The Obama
administration warned the US Congress that the government
would likely run out of borrowing authority needed to help pay its
bills by late February 2014, if lawmakers do not swiftly raise the
federal debt ceiling. Previously, the administration had projected
the borrowing authority could last until early March, but the
Treasury Department said it now believed Congress had a more
narrow window in which to act. (Reuters)
 EU trims 2030 climate goals – The European Union has
scaled back its long-term climate and energy ambitions,
proposing less stringent targets than in the past, because of
tougher economic conditions and the need to curb rising energy
costs. The European Commission said that EU governments
should adhere to a single binding target to reduce carbon
dioxide emissions by 2030 to 40% lesser volumes than 1990
levels. (Gulf-Times.com)
 UK jobless data dips, BoE in no rush to hike rates – British
unemployment fell to within a whisker of the Bank of England’s
(BOE) level for considering an increase in interest rates, but the
central bank stressed it would be in no rush to act. The
unemployment rate dropped to 7.1% in the three months to
Page 3 of 6

4. November, a fraction above the 7% level, which is the bank’s
threshold for thinking about raising interest rates from their
current all-time low of 0.5%. (Qatar Tribune)
 EU issues framework for shale gas exploitation – The
European Commission has issued recommendations to ensure
that clear environmental safeguards are in place when the
controversial technique of "fracking" is used to tap shale gas
reserves. Environment Commissioner Janez Potocnik said with
a number of European countries looking to begin drilling for
shale gas, the Commission is responding to calls for minimum
principles to address environmental and health concerns and
give operators and investors the predictability they need.
(Bloomberg)
Regional
 SABIC expects to enter US shale market this year – Saudi
Basic Industries’ (SABIC) Chief Executive Mohamed al-Mady
said the company is in talks with several large US-based firms to
invest in the US shale gas industry, and expects to enter that
market this year. Last year al-Mady had said SABIC planned to
build a new shale gas cracker in the US. (Peninsula Qatar)
 HGISC declares SR87.5mn dividends for FY2013 – Al
Hassan Ghazi Ibrahim Shaker Company’s (HGISC) broad has
recommended the distribution of dividend worth SR87.5mn to its
shareholders for FY2013. The dividend per share will be SR2.5,
representing is 25% of the face value of the share. (Tadawul)
 Al Qahtani Aviation to buy $1.99bn Bombardier aircraft –
Dammam-based Al Qahtani Aviation Company has signed a
purchase agreement with Bombardier Aerospace for 16 CS300
aircraft with options for an additional 10 CS300 jetliners. The
aircraft will be operated by SaudiGulf Airlines. Al Qahtani
Aviation Company and SaudiGulf Airlines are both owned by
Abdel Hadi Abdullah Al-Qahtani & Sons Group of Companies.
Based on the list price of the aircraft, the firm order for the 16
CS300 aircraft is valued at approximately $1.21bn. If all the 10
options are exercised, the order value would increase to
$1.99bn. (GulfBase.com)
 UAE, New Zealand agree to boost cooperation – The UAE
and New Zealand have agreed to accelerate cooperation in the
field of renewable energy particularly among Pacific Island
countries. The Ministry of Foreign Affairs and Abu Dhabi Future
Energy Company (Masdar) have signed a partnership
arrangement with New Zealand’s Ministry of Foreign Affairs &
Trade during the Abu Dhabi Sustainability Week. Potential
project financing comes from a $54mn pledge by the New
Zealand government and a $50mn grant for the UAE-Pacific
Partnership Fund, which is endowed by the Abu Dhabi Fund for
Development. (GulfBase.com)
 Dubai Chamber sees new laws, 5% GDP growth in 2014 –
The Dubai Chamber of Commerce & Industry has announced
that 2013 was a record year in many ways for the chamber and
its members, and it expects 2014 will be another successful year
as well. The chamber’s President & CEO Hamad Buamim said
the chamber anticipates 5% GDP growth in both 2013 and 2014.
Buamim expects that the new laws such as the Companies Law,
the Arbitration Law and the Bankruptcy Law will be introduced in
2014. He added that other laws including the Labor Law are also
under discussion. (GulfBase.com)
 S&P: UAE banking sector has good prospects in 2014 –
According to a report released by S&P, banks in the UAE have
good prospects in 2014 because of healthy economic growth
and an upbeat corporate sector. S&P’s Credit Analyst Engin
Timucin said real estate prices have been inching upward since
late 2012, particularly in Dubai, and banks’ credit losses are
gradually decreasing. He added that over the past six months,
they have also seen signs that credit growth is picking up. He
expects these trends to provide banks with another year of
strong financial performance, and support their stable rating
outlooks in the sector. Engin added they believe the key risk
factor to watch over the next 24 months will be developments
relating to certain large restructured transactions. The report
said asset quality of the UAE banks are set to improve over the
course of 2014 with the decline in non-performing loan (NPL)
ratios and improving coverage ratios supported by asset and
profit growth. Most UAE banks’ NPL ratios have been stabilizing
over the past 12 months, after a significant deterioration in asset
quality over the past few years. The banks continue to generate
strong pre-provision earnings and increase their coverage of
reported NPLs, and the incidence of new NPLs has slowed
substantially. (Bloomberg)
 Arabtec expands, opens regional HQ in Belgrade – Arabtec
Holding announced that it intends to open a regional
headquarters in Belgrade, Serbia to drive its expansion into the
Balkan Region. The regional headquarters will serve as a launch
pad for Arabtec’s planned expansion into the wider Balkan
region. Arabtec is already in advanced discussions with
developers regarding projects in the Balkan region where the
company is ideally-placed to undertake construction activities.
(DFM)
 MAF to invest $2.3bn in Egypt – Dubai-based retailer Majid Al
Futtaim’s (MAF) CEO Iyad Malas said that the company is
planning to invest about $2.3bn in Egypt over the next few
years. MAF plans to expand its shopping mall in Cairo's Maadi
district and build another mall next to Cairo's main airport. The
investment plan is positive for support from Egypt's armybacked government. Further, sovereign wealth funds from
countries such as the UAE, Saudi Arabia and Kuwait are also
looking at opportunities in Egypt. (Reuters)
 Etihad secures US route-sharing deal with JetBlue – Etihad
Airways has secured a route-sharing deal with US-based carrier
JetBlue Airways, starting with 40 JetBlue routes within the US
from New York and Washington. This will extend Etihad’s reach
in the US and nearby markets, since it has codeshare
agreement with American Airlines too. (Reuters)
 Emirates Steel seeks $1.3bn loan to refinance debt, buy
assets – According to sources, Emirates Steel is in talks with
banks for a $1.3bn loan to refinance an existing facility and to
purchase assets from its parent firm, General Holding Corp
(Senaat). The deal will cut the costs of a loan signed in 2010 to
fund an expansion of Emirates Steel's operations, which was
worth $1.1bn, split between a $733mn conventional loan and a
$367mn Shari’ah-compliant loan. (Reuters)
 NBK’s net profit drops 48% YoY in 4Q2013 – The National
Bank of Kuwait’s (NBK) posted a 48% YoY drop to $142mn in its
4Q2013 net profit. Further, net profit for the entire 2013
amounted to $844mn, down from $1.08bn recorded in 2012.
Loans & advances stood at $37.9bn by the end of 2013, up
8.5% YoY, while customer deposits reached $37.1bn, a 10.2%
rise. Meanwhile, NBK's board recommended a cash dividend
worth KD0.03 per share and a bonus share dividend of 5%.
(Reuters)
 KIPCO plans $500mn bond sale – The Kuwait Projects
Company (KIPCO) is planning to issue up to $500mn worth of
medium-term bonds and has hired a group of international
banks to help arrange the sale. KIPCO has chosen three banks
to arrange the sale that would start with roadshows in Asia, the
Middle East and Europe from January 23. (Reuters)
Page 4 of 6

5.  NCSI: Oman’s non-oil exports grow by 8.4% – Oman’s
National Centre for Statistics & Information (NCSI) said that
there was an 8.4% growth in non-oil exports, while non-oil
imports grew at a faster pace of 22.8% in the first eight months
ending August 2013. Goods worth OMR2.333bn were exported
from Oman during this period, as against OMR2.151bn for the
same period in 2012. Similarly, goods worth OMR8.635bn were
imported into Oman by the end August 2013, as against
OMR7.032bn for the same period in 2012. The NCSI statistics
reveal that the UAE stood first in terms of Omani non-oil exports
with OMR427.5mn at the end of August 2013, showing a growth
of 24.3% YoY. The UAE also provided the largest share of nonoil imports with a total of OMR2.394bn, growing 38.6% YoY.
(GulfBase.com)
 NGC gets LPG project in Qaryan Steel – The National Gas
Company (NGC) has bagged a LPG project in Saudi Arabia
worth $968,000 from the Qaryan Steel Company. The project is
for the design, supply, fabrication, installation and
commissioning of LPG system. Work on the project is expected
to commence soon, which is expected to be commissioned in
2014. (MSM)
 Topaz acquires two modern anchor handling vessels –
Renaissance’s subsidiary Topaz Energy & Marine has acquired
two large and modern anchor handling towage and supply
vessels (AHTSV) at a price of around $100mn. The vessels, the
Caspian Challenger and the Caspian Endeavour, are built by
Kleven Maritime in Norway in 2008 and 2009, respectively. The
vessels are equipped with dynamic positioning DP2, automated
safe anchor handing capabilities and are currently the most
powerful vessels operating in the Caspian basin at 17,200 BHP
and 190 tons bollard pull. (MSM)
 Bank Dhofar’s net profit rises 3.6% YoY in 4Q2013 – Bank
Dhofar has reported a net profit of OMR9.3mn in 4Q2013,
reflecting a 3.6% increase YoY. The net profit for 2013
amounted to OMR58.4mn as compared to OMR37.7mn in 2012.
Net loans & advances grew 13.7% to OMR1.9bn from
OMR1.67bn at the end of 2012. Deposits were up over the
same period, rising 24.3% YoY to OMR2.03bn. (Reuters)
 NBO’s BoD declares 15% cash & 10% stock dividends – The
National Bank of Oman’s (NBO) board of directors approved its
annual financial statements and recommended a cash dividend
of 15% and stock shares of 10% (1 share for every 10 shares) of
the paid-up capital for year ended on December 31, 2013. This
recommendation is subject to the bank shareholders’ approval
during the AGM proposed to be held in March 2014. (MSM)
 ORPIC forms JV with CLH – The Oman Oil Refineries &
Petroleum Industries Company (ORPIC) has signed an
agreement with Spain-based Compania Logistica de
Hidrocarburos (CLH) for creating a JV that will invest $200mn
for the construction and operation of new logistics infrastructure
in Oman. (Bloomberg)
 Bahrain seeks investments from India – Bahrain has sought
huge investments from Indian firms across various sectors and a
high-profile delegation led by its king is likely to visit India next
month. The Bahrain Economic Development Board’s (BEDB)
Head Kamal bin Ahmed Mohammed said Bahrain also wants to
sign a double taxation avoidance agreement with India, since it
already has an investment protection pact in place. (Qatar
Tribune)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.6%
139.4
0.4%
0.3%
0.3%
0.2%
0.2%
127.0
0.0%
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
Yen
Oman
May-13
Bahrain
Oct-12
Abu Dhabi
QE Index
Mar-12
Kuwait
Aug-11
Qatar
Jan-11
Dubai
(0.1%)
(0.1%)
(0.4%)
Saudi Arabia
Jun-10
0.8%
160.6
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,237.08
(0.3)
(1.4)
2.6
DJ Industrial
16,373.34
(0.3)
(0.5)
(1.2)
19.79
(0.4)
(2.6)
1.7
S&P 500
1,844.86
0.1
0.3
(0.2)
108.27
1.4
1.7
(2.3)
NASDAQ 100
4,243.00
0.4
1.1
1.6
4.91
7.1
11.7
13.0
STOXX 600
336.06
0.1
0.1
2.4
151.25
2.2
9.8
19.6
DAX
9,720.11
(0.1)
(0.2)
1.8
158.00
1.3
5.9
16.4
FTSE 100
6,826.33
(0.1)
(0.0)
1.1
1.35
(0.1)
0.0
(1.4)
CAC 40
104.52
0.2
0.2
(0.8)
Nikkei
GBP
1.66
0.6
0.9
0.1
CHF
1.10
(0.2)
(0.2)
(2.0)
SHANGHAI SE Composite
AUD
0.89
0.5
0.8
(0.7)
USD Index
81.17
0.1
(0.1)
RUB
33.95
0.0
1.2
BRL
0.42
(0.4)
(1.0)
(0.4)
0.0
(0.1)
0.7
0.2
0.5
(2.9)
976.47
0.6
0.4
(2.6)
2,051.75
2.2
2.3
(3.0)
HANG SENG
23,082.25
0.2
(0.2)
(1.0)
1.4
BSE SENSEX
21,337.67
0.4
1.3
0.8
3.3
Bovespa
49,299.66
1.6
0.2
(4.3)
1,391.75
(0.3)
(0.3)
(3.5)
Source: Bloomberg
MSCI EM
4,324.98
15,820.96
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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