1. QE Intra-Day Movement
Market Indicators
9,780
9,760
9,740
29 Oct 13
%Chg.
298.8
528,428.8
8.7
3,066
36
20:11
348.9
527,524.3
8.2
2,610
39
23:13
(14.4)
0.2
5.3
17.5
(7.7)
–
Market Indices
9,720
9,700
9:30
30 Oct 13
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.2% to close at 9,757.1. Gains were led by the Industrials
and Real Estate indices, gaining 1.0% and 0.8% respectively. Top gainers were
Qatar Islamic Insurance and Gulf International Services, rising 2.2% and 1.6%
respectively. Among the top losers, Doha Bank fell 1.3%, while Doha Insurance
Co. declined 1.0%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
13,940.67
2,446.35
2,316.37
3,183.23
1,821.80
1,810.08
2,294.10
1,441.34
5,879.92
2,798.94
0.2
0.2
(0.2)
1.0
0.7
0.8
0.4
(0.4)
0.0
0.4
1.1
1.0
0.9
1.9
0.9
0.3
(1.3)
0.9
0.2
0.6
23.2
21.4
18.8
21.2
35.9
12.3
16.8
35.3
25.9
12.5
N/A
12.2
12.3
11.5
12.3
13.1
9.4
15.2
22.3
14.8
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index rose 0.4% to close at 8,005.5. Gains were led
by the Telecomm. & Info. Tech. and Hotel & Tourism indices, rising 2.2% each.
Saudi Telecom Co. rose 7.4%, while Advanced Petrochem. Co. was up 7.0%.
Saudi Telecom Co.
1D%
Saudi Arabia
47.70
7.4
8,815.8
10.2
Advanced Petrochem.
Saudi Arabia
39.80
7.0
1,328.2
51.9
Dubai: The DFM index gained 0.9% to close at 2,915.6. The Investment &
Financial Services index rose 1.7%, while the Banking index was up 1.2%.Int.
Financial Advisors gained 3.1%, while ALMADINA was up 2.7%.
Nat. Petrochemical Co.
Saudi Arabia
23.30
5.0
1,713.7
16.5
Saudi Airlines Catering
Saudi Arabia
126.00
4.6
241.5
61.5
Abu Dhabi: The ADX benchmark index fell 0.4% to close at 3,841.9. The
Industrial index declined 1.6%, while the Banking index was down 0.7%. Al
Ain Al Ahlia Ins. Co. fell 6.3%, while Int. Fish Farming Holding was down 4.2%.
SADAFCO
Saudi Arabia
92.25
4.2
70.6
42.5
GCC Top Losers
Exchange
Kuwait: The KSE index declined 0.4% to close at 7,920.8. The Oil & Gas
index fell 1.0%, while the Consumer Goods index was down 0.9%. IFA Hotels
& Resorts Co. declined 12.5%, while Kuwait United Poultry was down 7.1%.
IFA Hotels & Resorts
Kuwait
Zamil Ind. Investment
Oman: The MSM index gained 0.1% to close at 6,663.7. The Banking &
Investment index rose 0.2%, while Serv. & Ins. index gained marginally.
A'Sharqiya Inv. Holding Co. rose 5.2%, while Sweets of Oman was up 4.9%.
Bahrain: The BHB index fell 0.1% to close at 1,198.3. The Insurance index
declined 0.4%, while the Commercial Banking index was down 0.2%. Al-Ahlia
Insurance Co. fell 3.6%, while Nass Corporation was down 2.5%.
##
Vol. ‘000
YTD%
#
1D%
Vol. ‘000
0.40
(12.5)
7.4
(1.3)
Saudi Arabia
44.90
(5.1)
500.3
42.5
Nat. Bank of Abu Dhabi
Abu Dhabi
12.60
(4.2)
2,397.5
34.6
Gulf Pharma. Industry
Abu Dhabi
3.15
(3.1)
54.6
14.5
Banque Saudi Fransi
Saudi Arabia
32.00
(3.0)
853.5
8.8
Close
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 Islamic Insurance
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
56.80
Qatar Exchange Top Gainers
2.2
0.6
(8.4)
Doha Bank
54.60
(1.3)
24.2
17.8
82.7
92.0
Doha Insurance Co.
25.25
(1.0)
21.8
2.9
(34.0)
Qatar Exchange Top Losers
Gulf International Services
57.60
1.6
Qatar General Ins. & Rein. Co.
54.00
1.5
9.3
17.4
Dlala Brok. & Inv. Holding Co.
United Development Co.
21.78
1.3
4,901.7
22.4
Ooredoo
Qatar Navigation
86.10
1.3
82.1
36.5
Ezdan Holding Group
20.50
(0.5)
48.3
139.40
(0.4)
52.8
34.0
17.14
(0.3)
31.8
(5.8)
Close*
1D%
Val. ‘000
YTD%
21.78
1.3
106,568.0
22.4
Close*
1D%
Vol. ‘000
YTD%
United Development Co.
21.78
1.3
4,901.7
22.4
United Development Co.
Barwa Real Estate Co.
26.60
0.6
600.2
(3.1)
Industries Qatar
156.50
1.0
37,804.9
11.0
Mazaya Qatar Real Estate Dev.
11.55
0.5
294.6
5.0
QNB Group
162.60
(0.2)
20,897.2
24.2
Qatar Gas Transport Co.
19.01
0.1
291.9
24.6
Qatar Electricity & Water Co.
159.10
1.2
18,087.0
20.2
156.50
1.0
243.1
11.0
Barwa Real Estate Co.
26.60
0.6
15,926.2
(3.1)
Qatar Exchange Top Vol. Trades
Industries Qatar
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%
9,757.11
2,915.60
3,841.86
8,005.49
7,920.79
6,663.72
1,198.29
0.2
0.9
(0.4)
0.4
(0.4)
0.1
(0.1)
1.1
0.2
(1.0)
(2.0)
(0.4)
(0.1)
(0.4)
1.5
5.5
(0.0)
0.5
2.0
0.3
0.4
16.7
79.7
46.0
17.7
33.5
15.7
12.5
Exch. Val. Traded
($ mn)
70.71
123.63
117.55
1,342.05
114.64
25.26
1.91
Exchange Mkt.
Cap. ($ mn)
145,106.5
70,004.0
110,150.6
429,656.8
136,635.7
23,723.4
17,775.0
P/E**
P/B**
12.2
16.4
10.8
16.4
19.1
10.8
8.3
1.7
1.2
1.3
2.1
1.3
1.6
0.8
Dividend
Yield
4.7
3.1
4.7
3.7
3.5
3.9
4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 7

2. Qatar Market Commentary
 The QE index rose 0.2% to close at 9,757.1. The Industrials and
Real Estate indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Qatar Islamic Insurance and Gulf International Services were the
top gainers, rising 2.2% and 1.6% respectively. Among the top
losers, Doha Bank fell 1.3%, while Doha Insurance Co. declined
1.0%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
71.44%
73.74%
(6,840,735.95)
Non-Qatari
28.55%
26.26%
6,840,735.95
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday rose by 5.3% to 8.7mn
from 8.2mn on Tuesday. Further, as compared to the 30-day
moving average of 6.4mn, volume for the day was 34.4% higher.
United Development Co. and Barwa Real Estate Co. were the
most active stocks, contributing 56.6% and 6.9% to the total
volume respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Agency
Commercial Bank of
Dubai (CBD)
Market
Fitch
Dubai
Moody's
Dubai
Majid Al Futtaim
Holding (MAF)
Fitch
Dubai
Abu Dhabi Islamic
Bank (ADIB)
Fitch
Abu
Dhabi
Al Dhafra Insurance
Co. (Al Dhafra)
S&P
Abu
Dhabi
ADIB Sukuk
Company Ltd.
Fitch
Abu
Dhabi
Boubyan Bank (BB)
Fitch
Kuwait
Tamweel
Type*
Old Rating
LT IDR/ ST IDR/ VR/
SR/ SR floor/ Senior
unsecured debt
LT Issuer rating/ BFSR
Subordinated perpetual
$500mn 7.125% capital
notes (hybrid notes)
LT IDR/ ST IDR/ VR/
SR/ SR floor
Unsolicited public
information insurer
financial
strength and
counterparty credit
ratings
Trust certificate
issuance program/
Senior unsecured
certificates
Global foreign & localcurrency deposit
ratings/ BFSR
New Rating
Rating Change
Outlook
Outlook Change
A-/F2/bb+/1/ A/(A-/F2)
A-/F2/bb+/1/
A-/(A-/F2)
–
Stable
–
Baa3/E+
Baa1/D-

Stable

–
BB+
–
–
–
A+/F1/bb/1/A+
A+/F1/bb/1/A
+
–
Stable
–
BBBpi
BBBpi
–
–
–
(A+/F1)/A+
(A+/F1)/A+
–
–
–
Baa2/D
Baa1/D+

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, VR- Viability Rating, BFSR- Standalone Bank Financial Strength Rating)
Earnings Releases
Company
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
Net Profit (mn)
3Q2013
% Change
YoY
–
–
5.4
NA
-7.9
-76.6%
SR
57.2
–
53.3%
–
-8.8
-9.9%
-9.3
-7.7%
SR
–
–
-41.2
-47.3%
-42.8
-45.7%
Saudi Arabia
SR
Saudi Arabia
SR
37.8
–
38.4%
–
-4.2
NA
-7.5
NA
–
–
–
–
9.9
-48.8%
-6.9
NA
–
–
–
–
Market
Currency
Mohammad Al Mojil (MMG)
Saudi Arabia
SR
Al-Ahlia Insurance Co.
Sauid Arabia
SR
Saudi Fisheries Co. (SFC)
Saudi Arabia
Etihad Atheeb Telecom.
Saudi Arabia
Al Alamiya for Coop. Ins. Co.
Anaam Int. Holding Group
Saudi United Cooperative
Insurance Co. (WALA'A)
Alsorayai Trading &
Industrial Group (ATIG)
Sanad Cooperative
Insurance & Reinsurance
Saudi Arabia
SR
National Industrialization Co.
Saudi Arabia
Al-Ahsa Dev. Co. (ADC)
Gulf General Cooperative
Insurance Co. (GGCI)
Abdullah Abdul Mohsin AlKhodari Sons Co.
Saudi Industrial Services Co.
(SISCO)
Knowledge Economic City
Co. (KEC)
Saudi Arabia
Saudi Arabia
SR
Saudi Arabia
SR
62.4%
–
–
SR
283.9%
–
762.2
-20.9%
226.4
-45.7%
SR
–
–
1.2
NA
1.2
NA
–
–
–
–
19.7
-29.9%
12.2
-44.3%
31.1
-5.7%
11.2
-5.7%
1.1
-91.1%
1.7
SR
Saudi Arabia
SR
Saudi Arabia
38.6
37.5
–
Saudi Arabia
Saudi Arabia
Revenue
(mn) 3Q2013
SR
SR
30.7
1.5%
–
–
–
–
–
–
-82.3%
Page 2 of 7

3. Saudi Telecom Co. (STC)
Saudi Re for Cooperative
Reinsurance (EAADA)
Tihama Advertising & Public
Relations Co.
Saudi Aramco Total Refining
& Petro. Co. (SATORP)
Saudi Arabia
–
SR
Saudi Arabia
SR
Saudi Arabia
SR
Saudi Arabia
SR
–
3,377.0
36.7%
3,386.0
73.3%
–
–
–
–
-10.4
NA
-11.7
NA
91.5
27.4%
–
–
–
–
–
–
-14.3
-85.4%
–
–
–
–
27.6
222.2%
1.1
–
-9.2%
–
Tamweel
Dubai
AED
Muscat Gases Co. (MGC)
Oman
OMR
7.2
-7.5%
–
–
Oman Cement Co. (OCC)
Oman & Emirates Inv. Hold.
Co. (OEIHC)
Oman
OMR
39.0
-6.6%
–
–
Oman
OMR
–
–
–
–
3.0
7.9%
–
–
–
0.4
-58.2%
-0.2
-13.4%
36.7
-13.8%
Omani Packaging Co. (OPC)
Oman
OMR
–
Oman Filters Ind. Co. (OFIC)
Bahrain Telecom. Co.
(Batelco)
Oman
OMR
0.4
-33.0%
–
–
–
–
–
–
Bahrain
BHD
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
10/30
US
MBA
MBA Mortgage Applications
25-October
10/30
US
Bureau of Labor Stat.
CPI MoM
September
6.40%
–
-0.60%
0.20%
0.20%
10/30
US
Bureau of Labor Stat.
CPI YoY
0.10%
September
1.20%
1.20%
10/30
US
Bureau of Labor Stat.
1.50%
CPI Core Index SA
September
234.589
234.7
10/30
US
234.3
Bureau of Labor Stat.
CPI Index NSA
September
234.149
234.086
233.88
10/30
10/30
US
Federal Reserve
Fed Pace of MBS Purchases
October
–
40
40
US
Federal Reserve
Fed Pace of Treasury Pur
October
–
45
45
10/30
EU
EC
Business Climate Indicator
October
-0.01
-0.19
-0.19
10/30
EU
EC
Economic Confidence
October
97.8
97.2
96.9
10/30
EU
EC
Industrial Confidence
October
-4.8
-6.5
-6.6
10/30
EU
EC
Consumer Confidence
October
-14.5
-14.5
-14.9
10/30
EU
EC
Services Confidence
October
-3.7
-2.8
-3.2
10/30
Germany
Destasis
CPI Saxony MoM
October
-0.30%
–
0.00%
10/30
Germany
Destasis
CPI Saxony YoY
October
1.10%
–
1.50%
10/30
Germany
Deutsche Bundesbank
Unemployment Rate
October
6.90%
6.90%
6.90%
10/30
Germany
Destasis
CPI MoM
October
-0.20%
0.00%
0.00%
10/30
Germany
Destasis
CPI YoY
October
1.20%
1.40%
1.40%
10/30
Germany
Destasis
CPI EU Harmonized MoM
October
-0.20%
0.00%
0.00%
10/30
Germany
Destasis
CPI EU Harmonized YoY
October
1.30%
1.50%
1.60%
10/30
UK
Lloyds Bank
Lloyds Business Barometer
October
63
–
57
10/30
Spain
INE
GDP QoQ
3Q2013
0.10%
0.10%
-0.10%
10/30
Spain
INE
GDP YoY
3Q2013
-1.20%
-1.20%
-1.60%
10/30
Spain
INE
CPI YoY
October
-0.10%
0.30%
0.30%
10/30
Japan
METI
Industrial Production MoM
September
1.50%
1.80%
-0.90%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Page 3 of 7

4. News
Qatar
 CBQK profit down 45.8% in Q32013 – Commercial Bank of
Qatar’s (CBQK) net profit dropped by 45.8% QoQ (-48.8% YoY)
to QR280.9mn). Net interest income expanded by 39.8% QoQ
(+39.1% YoY) to QR642.8mn, while net fee and commission
income declined by 12.4% QoQ (+8.0% YoY) to QR144.5mn.
Total loans and advances stood at QR64.9bn at the end of Q3
2013, up 33.5% YTD, while customer deposits rose 39.4% YTD
to QR57.7bn. As such the LDR stood at 112.4%. (QE)
 CBQK intends to raise QR2bn Tier 1 perpetual capital notes
– The Commercial Bank of Qatar (CBQK) intends to raise
additional Tier 1 perpetual capital notes worth QR2bn to
enhance its capital adequacy ratios and to support future
growth. The notes are expected to enhance the bank’s capital
adequacy ratio by ~2.2%. This proposed issue will be a local
private placement that is expected to be completed in December
2013. (Company Press Release)
 Ooredoo earns QR2.07bn net profit on NGN, affiliates’ gain
– Growing demand for new products in next generation
networks (NGN) and impressive performances of group
companies in Qatar, Algeria and Iraq have enabled Ooredoo
Group to post a nine-month net profit of QR2.07bn and revenue
of QR25.7bn. The net profit attributable to Ooredoo’s
shareholders represented a 4% YoY decrease, but that includes
foreign exchange losses primarily from Indosat (Indonesia).
Excluding this, the net profit to shareholders stood at the same
level as in 3Q2012 and increased by 12% for the nine months in
2013. Meanwhile, as of September 30, the group’s consolidated
customer base stood at 89.6mn subscribers compared with
89.2mn in the same period last year, representing 0.4% YoY
growth. In September 2013, Ooredoo’s customer base in Qatar
stood at 2.8mn as compared to 2.4mn in the same period in
2012. (Gulf-Times.com)
 AHCS reports QR106.7mn net profit in 3Q2013 – Aamal
Company (AHCS) has reported a net profit of QR106.7mn in
3Q2013, reflecting an increase of 38.4% QoQ (+10.3% YoY).
Revenue rose by 13.3% QoQ (+18.1% YoY) to QR566.1mn.
(QE)
 WDAM reports QR47.2mn net profit in 9M2013 – Widam
Food Company (WDAM) posted net profit of QR47.2 million for
the nine months period ended September 30, 2013 vs. a net
profit of QR62.1 million for the corresponding period last year.
The company’s Earnings per Share (EPS) amounted to QR2.63
for the period ended September 30, 2013 versus QR3.45 for the
corresponding period in 2012. (QE)
 MRDS reports QR7.7mn net profit in 9M2013 – Mazaya Qatar
Real Estate Development (MRDS) posted a net profit of QR7.7
million for the nine months period ended September 30, 2013
vs. a net profit of QR 4.4 million for the corresponding period last
year. The company’s Earnings per Share (EPS) amounted to
QR0.077 for the period ended September 30, 2013 vs. QR0.044
for the corresponding period in 2012. (QE)
 QGMD reports loss of QR4.9mn in 9M2013 – Qatar German
Company for Medical Devices (QGMD) posted a net loss of QR
4.9 million for the nine months period ended September 30,
2013 vs. a net loss of QR 5.1 million for the corresponding
period last year. The company’s Loss per Share (LPS)
amounted to QR0.43 for the period ended September 30, 2013
versus Loss per Share (LPS) to QR0.44 for the corresponding
period in 2012. (QE)
 QFCA bags Best Financial Centre in Mideast award – The
Qatar Financial Centre Authority (QFCA) has bagged the “Best
Financial Centre in the Middle East” award, instituted by the
Global Investor/ISF magazine. The magazine is regarded as a
prestigious publication in the global asset management
community. (Gulf-Times.com)
 UDCD’s shares traded on special market – Around 1.9mn
shares of the United Development Company (UDCD) were
traded on the special market on October 30, 2013. (QE)
 Hotels in Doha record higher occupancy but yield falls –
According to Ernst & Young (E&Y), Qatar’s hotels witnessed
higher occupancy even as their rooms’ yield fell marginally due
to lower average room rates in dollar terms during the first eight
months of 2013. Doha’s hotels, which registered 65%
occupancy, saw their room’s yield shrink 0.8% during JanuaryAugust 2013 mainly because of the lower average room rate.
On the other hand, Manama, Kuwait, Jeddah, Al Ain, Abu Dhabi
and Dubai witnessed robust gains in hotel rooms’ yield. In Doha,
the hotel room yield settled lower at $166 due to a 2.6% fall in
the average room rate to $254, even as occupancy was up 1%
YTD in August 2013. (Gulf-Times.com)
 Qatar, Bahrain in causeway talks – Qatar and Bahrain have
resumed talks on the proposed 40-kilometer causeway that
would link the two countries and have decided to review the
project’s cost in the wake of rising prices of construction
materials. Linking Al Ishairij in Qatar to Al Askra in Bahrain, the
causeway is proposed to be a cable bridge with a four-lane
road. In addition, there would be an emergency lane and a
pedestrian walkway. Work on the causeway was expected to
begin in 2011 at an estimated cost of $4.5bn. (Peninsula Qatar)
 IBQ launches corporate branch – The International Bank of
Qatar (IBQ) has opened its corporate branch on the Airport
Road. Through this new initiative, IBQ will cater to all its
corporate client needs, by providing a full range of tailored
corporate banking solutions in one convenient location. (GulfTimes.com)
International
 Fed maintains stimulus as US growth stumbles – The US
Federal Reserve extended its support for a softened US
economy, sounding a bit less optimistic about growth as it
announced plans to keep buying $85bn in bonds per month. In
announcing the decision, the Fed agreed to weaker economic
signals that have been partly due to a fiscal fight in Washington
that shutdown much of the US government for 16 days earlier
this month. The central bank noted that the recovery in the
housing market has lost some steam and suggested some
frustration about the slow healing of the labor market. However,
the Fed stated the available data suggests that both household
spending and business fixed investment have advanced, while
the recovery in the housing sector has slowed somewhat in
recent months. (Reuters)
 Portugal vows to cut spending, eyes post-bailout tax cuts –
The Portuguese government has promised to keep cutting state
spending when the EU/IMF bailout ends next year, saying that
would allow it to start lightening the tax burden by 2015, while
continuing its budget consolidation. The government said it
wanted to reduce and streamline public spending across the
board, while continuing to reduce the numbers of public sector
workers. (Reuters)
Regional
 Saudi Aramco evaluates bids for projects in Ras Tanura,
Jizan – The Saudi Arabian Oil Company (Saudi Aramco) is
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5. evaluating bids from Asian and European engineering
companies to construct a new cleaner fuels plant in Ras Tanura
and a power plant for a new oil refinery in Jizan. Japan's JGC
Corporation, South Korea-based Daewoo E&C, Samsung
Engineering, Hyundai Engineering, Spain's Tecnicas Reunidas,
Italy’s Maire Tecnimont, Daelim Industrial and SK E&C have
placed their bids for the Ras Tanura clean fuels and aromatics
project. For the power plant project in Jizan, 14 companies are
bidding for four packages to build the integrated gasification
combined cycle unit. (Reuters)
 STC’s BoD recommends SR1bn dividends – The Saudi
Telecom Company’s (STC) board of directors has
recommended the distribution of dividends worth SR1bn (SR0.5
per share). STC’s shareholders who are registered with the
Securities Depository Center as on November 4, 2013 will be
eligible for this dividend. The dividend will be distributed on
November 19, 2013 through Saudi Fransi Bank branches.
(Tadawul)
 Mobily’s BoD recommends SR924mn dividends – Etihad
Etisalat Company’s (Mobily) board has recommended the
distribution of dividends worth SR924mn (SR1.2 per share).
Mobily’s shareholders who are registered with the Securities
Depository Center as on November 4, 2013 will be eligible for
this dividend. The dividend will be distributed on November 12,
2013. (Tadawul)
 SALAMA obtains SAMA approval for insurance products –
The SALAMA Cooperative Insurance Company has obtained a
temporary approval from the Saudi Arabian Monetary Agency
(SAMA) to extend the use of its Motor-Comprehensive and
Motor-TPL insurance products for another three months.
(Tadawul)
 UAE Central Bank unveils mortgage lending framework –
The Central Bank of the UAE has issued new regulations on
mortgage lending, which defines the eligibility of various
categories of borrowers based on the loan-to-value (LTV) ratio.
UAE nationals may borrow up to 80% of their property’s value
provided it is worth less than AED5mn. On properties worth
more than AED5mn, the maximum loan is limited to 70%. UAE
nationals buying a second property will be limited to a loan of up
to 65% of property’s value and for expats, the limits are lower.
For owner occupiers, the limit is 75% of the property’s value that
is valued less than AED5mn and 65% for homes valued higher.
Separately, the maximum LTV for mortgages on off-plan
properties has been set at 50% regardless of the purpose or
category of the purchaser. The maximum term for a mortgage
loan is set at 25 years and the maximum age for the borrower at
the end of the term is set at 70 for UAE nationals and 65 for
expats. The central bank has also stipulated that the debt ratio
should not exceed 50% of the monthly income. Maximum
financing has been set at 8x annual income for UAE nationals
and at 7x annual income for expats. (Gulfbase.com)
 WB: UAE tops Ease of Doing Business rankings – According
to a report released by the World Bank (WB), the UAE has
topped the Middle East region in the latest Ease of Doing
Business rankings, while Saudi Arabia is ranked second. The
report placed the UAE at 23rd spot in the overall world ranking,
while Saudi Arabia ranked 26th. Following them in the global
business rankings are: Bahrain ranked at 46th, Oman at 47th,
Qatar at 48th, Tunisia at 51th, Kuwait at 104th, Lebanon at
111th, Jordan at 119th and Egypt at 128th rank. The WB report
has judged 189 countries based on 10 criteria such as ease of
starting a business, paying taxes, etc. (GulfBase.com)
 DP World handles 14.2mn TEUs in 3Q2013 – DP World Ltd
stated that it has handled 14.2mn twenty-foot equivalent units
(TEUs) across its global portfolio of container terminals in
3Q2013, with gross container volumes rising 2.4%. The
company has handled 3.6mn TEUs in the UAE, indicating an
increase of 5.4%. meanwhile, the volumes for the nine months
ended on September 30, 2013 exceeded 10mn TEUs.
(GulfBase.com)
 RTA signs AED2.09bn deal with Serco Group to renew
Dubai Metro O&M contract – The Roads & Transport Authority
of Dubai (RTA) has entered into AED2.09bn deal with UK-based
Serco Group to renew the contract for the operation &
maintenance (O&M) of Dubai Metro. Valid until September
2019, this contract will be renewable for another two years and
marks a 23.5% reduction in the worth of the operation and
maintenance contract made for the previous five years.
(GulfBase.com)
 Mashreq Bank’s net profit rises 34% YoY in 9M2013 –
Mashreq Bank has posted a 34% rise in its nine-month net
profit. Profit for the first nine months of 2013 stood at AED1.3bn
versus AED970mn in the same period last year. (GulfTimes.com)
 Dubai Holding to repay $1.04bn bonds – Dubai Holding will
repay bonds worth $1.04bn that are maturing in January 2014
from its available funds. Following this repayment, Dubai
Holding’s Commercial Operations Group will have only one
bond outstanding, which is the $805mn issue maturing in 2017.
(Reuters)
 Jumeirah Group raises $1.4bn unsecured syndicated loan –
The Jumeirah Group has successfully raised an unsecured
syndicated loan worth $1.4bn to help fund its expansion. This
loan, which is due in 2019, is priced at 2.75% above LIBOR. The
lead-arrangers for this facility were Abu Dhabi Commercial
Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and
Standard Chartered. Jumeirah was advised by Rothschild for
this loan. (Reuters)
 Julphar expects 19% YoY sales growth for 2013 – Gulf
Pharmaceutical Industries’ (Julphar) CEO Dr. Ayman Sahli said
that the company expects nearly 19% YoY growth in sales for
2013. Julphar is projected to achieve a sales target of around
AED1.4bn as compared to AED1.18bn achieved in 2012. Sahli
also said that the company’s new manufacturing facility in Saudi
Arabia is in advanced stages and is expected to begin
production by mid-2016. (GulfBase.com)
 Avolon acquires two A320 aircraft for Etihad – Ireland-based
Avolon has acquired two A320 aircraft for delivery to Etihad
Airways as part of a sale and leaseback transaction. This deal is
financed by Abu Dhabi National Leasing. Etihad has received
the first aircraft, while the second is scheduled to be delivered in
December 2013. (Bloomberg)
 NBAD sees 2013 loan growth at 10-15% – The National Bank
of Abu Dhabi’s (NBAD) CEO Alex Thursby said the bank
expects a loan growth of around 10-15% in 2013. (Reuters)
 Abraaj’s Stanford Marine hires banks for listing – Stanford
Marine Group, a part of private equity firm Abraaj Group, has
hired banks to help arrange for a stock market listing in London,
as regional private equity firms tap overseas stock markets to
exit investments. Deutsche Bank and Goldman Sachs have
been picked to arrange the listing of the oil & gas services firm
scheduled for 1Q2014. (Gulf-Times.com)
 CBO to issue 5-year GDBs worth OMR100mn – The Central
Bank of Oman (CBO) has announced the new issue of five-year
government development bonds (GDB) worth OMR100mn.
These bonds will carry a coupon rate of 3% per annum. This
Page 5 of 7

6. issue will be open for subscription from November 10, 2013 to
November 18, 2013, and the auction will be held on November
19, 2013. The interest on these new bonds will be paid on May
25 and November 25 every year until the maturity date on
November 25, 2018. (GulfBase.com)
 Oman to spend $50bn on infrastructure projects – Oman’s
Ministry of Commerce & Industry’s Undersecretary Ahmed bin
Hassan Al Dheeb said the Sultanate will spend more than $50bn
from private and public sectors to boost the Sultanate’s
economy. He said that the country is estimated to spend $20bn
on various transportation infrastructure projects that include: the
Oman National Railway project, the on-going and planned
airports in Sohar, RAs Al Hadd, Duqm and Adam, expansion of
Muscat and Salalah airports and work on the Batina coastal
Road and expressways. Al Dheeb said that approximately
$17bn worth of projects will be implemented in the oil & gas
sector, while another $13bn worth of investments will be made
in the manufacturing & industrial sector. (Bloomberg)
increases in both
(Gulfbase.com)
loan
volumes
and
loan
margins.
 BCFC reports BHD3.2mn net profit in 3Q2013 – Bahrain
Commercial Facilities Co. (BCFC) has reported a net profit of
BHD3.2mn in 3Q2013, reflecting an increase of 2% YoY. EPS
stood at 60 fils for the nine months ended on September 30,
2013 versus 59 fils for the corresponding period in 2012. Net
interest income rose 24.3% YoY to BHD4.2mn. Total assets at
the end of September 30, 2013 stood at BHD223mn, while loans
& advances were up 14.2% YoY to BHD171.9mn. (Bahrain
Bourse)
 Oman plans first part of $15bn rail network in 4Q2014 – The
Oman Transportation Ministry’s Assistant Director General
Salim bin Said bin Salim Alami said the Sultanate is planning to
begin the construction of first part of $15bn rail network by
4Q2014. This 2,244-kilometer long rail network will link Buraimi,
bordering the UAE, to six major settlements in Oman including
the industrial city of Sohar. This project will connect to a planned
rail network across the GCC region, and eventually to Yemen.
Oman expects the railway network to be fully operational by
2018. (Reuters)
 Bank Sohar posts OMR18.1mn net profit for 9M2013 – Bank
Sohar has posted a net profit of OMR18.1mn for the first nine
months of 2013, indicating a growth of 15.2% YoY. Net interest
income improved 4.2% YoY to OMR30.4mn. Gross loans
increased by 7.8% YoY to OMR 1.253bn as on September 2013
over OMR 1.16bn at the end of September 2012. Net loans &
advances grew by 7.6% to OMR 1.22bn. Meanwhile, customer
deposits stood at OMR1.32bn in September 2013, down 6.8%
YoY. (Gulfbase.com)
 Majan College’s BoD recommends a dividend of 30 baiza
per share – Majan College’s board of directors has
recommended to approve the distribution of 30% of paid-in
capital as cash dividends (30 baiza per share). The BoD has
also decided to repurchase the Majan’s shares (Treasury stock)
of up to 10% of the paid-in capital after obtaining the necessary
approvals from respective authorities and the extraordinary
general meeting. (MSM)
 AUB’s net profit rises 8.6% in 3Q2013 – Ahli United Bank
(AUB) has reported a net profit of $99.1mn in 3Q2013, indicating
an increase of 8.6% YoY. EPS stood at 9.2 cents for the nine
months ended on September 30, 2013 versus 4.8 cents for the
corresponding period in 2012. The bank’s net interest income
rose 16.1% YoY to $188.8mn. Total assets at the end of
September 30, 2013 stood at $31.8bn, reflecting an increase of
6.5% YTD. Loan & advances rose by 7.7% YTD to $17.2bn,
while customer deposits were up 21.8% YTD to $22.2bn.
(Bahrain Bourse)
 GIB’s net income rises 4.6% to $101.5mn – The Gulf
International Bank (GIB) reported a consolidated net income
after tax worth $101.5mn for the nine months ending September
30, 2013, rising 4.6% YoY. Net income after tax in the third
quarter was $40.9mn. Total income stood at $211.2mn, up 9%
YoY, as growth was recorded in all income categories with the
exception of foreign exchange and trading income. Net interest
income came in at $119.7mn for the nine months, up 10% YoY.
The YoY increase in net interest income principally reflected
Page 6 of 7

7. Rebased Performance
Daily Index Performance
1.4%
0.9%
0.7%
0.4%
0.2%
0.1%
0.0%
(0.1%)
Source: Bloomberg
Asset/Currency Performance
Dubai
Oman
Bahrain
Kuwait
Qatar
Abu Dhabi
(0.4%)
(0.4%)
Saudi Arabia
(0.7%)
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Gold/Ounce
1D%
WTD%
YTD%
DJ Industrial
Silver/Ounce
Close
S&P 500
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
NASDAQ 100
STOXX 600
DAX
FTSE 100
Euro
CAC 40
Yen
Nikkei
GBP
MSCI EM
CHF
SHANGHAI SE Composite
AUD
HANG SENG
USD Index
BSE SENSEX
RUB
Bovespa
BRL
RTS
Source: Bloomberg
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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