The QE index rose 2.3% led by gains in the Consumer Goods & Services and Banks & Financial Services indices. Islamic Holding Group and Zad Holding Co. were the top gainers rising 10.0% and 9.6% respectively, while Qatar General Ins. & Rein. Co. fell 4.1%. Volume fell 35.1% but was 34.9% higher than the 30-day average. Regional indices were mixed with Saudi Arabia and Dubai rising while Abu Dhabi fell. Interest rates in Qatar are expected to remain low tracking US rates due to its pegged exchange rate.

1. QE Intra-Day Movement
Market Indicators
11,700
11,600
11,500
Market Indices
11,400
11,300
9:30
6 Mar 14
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 2.3% to close at 11,607.0. Gains were led by the Consumer
Goods & Services and Banks & Financial Services indices, gaining 3.9% and
3.1% respectively. Top gainers were Islamic Holding Group and Zad Holding
Co., rising 10.0% and 9.6% respectively. Among the top losers, Qatar General
Ins. & Rein. Co. fell 4.1%, while Salam Int. Investment Co. declined 0.4%.
5 Mar 14
%Chg.
992.6
662,160.80
17.2
10,775
42
38:3
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
1,209.2
646,339.2
26.6
15,444
42
4:37
(17.9)
2.4
(35.1)
(30.2)
0.0
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,911.92
2,940.33
2,851.27
3,966.23
2,017.21
2,010.70
2,826.24
1,494.18
7,027.46
3,372.15
2.3
2.3
3.1
1.2
0.7
2.1
1.6
1.8
3.9
1.9
(0.7)
(0.6)
(0.6)
0.0
0.0
(0.4)
0.5
(6.5)
2.4
(0.1)
14.0
13.6
16.7
13.3
8.5
3.0
21.0
2.8
18.1
11.1
N/A
14.8
14.7
15.1
14.0
19.9
6.8
20.6
30.6
18.5
Close#
1D%
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index gained 1.0% to close at 9,248.8. Gains were
led by the Real Estate Development and Retail, indices rose 1.7% each.
Makkah Const. and Dev. Co. gained 9.9%, while Pharmaceutical was up 9.7%.
Makkah Cons. & Dev.
Saudi Arabia
78.00
9.9
2,588.2
20.9
SPIMACO
Saudi Arabia
73.50
9.7
4,189.4
13.1
Dubai: The DFM index gained 1.3% to close at 4,153.6. The Real Estate &
Construction rose 1.7%, while the Banking index was up 1.2%. Commercial
Bank of Dubai gained 3.7%, while Almadina was up 3.5%.
Nat. Marine Dredging
Abu Dhabi
Abdullah Al Othaim
Saudi Arabia
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,896.9. The
Banking index declined 1.9%, while the Energy index was down 1.0%.
Ooredoo fell 9.9%, while Invest Bank was down 5.4%.
Ezdan Holding Group
Qatar
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.4% to close at 7,507.4. The Technology
index rose 2.3%, while the Telecommunication index was up 1.2%.
Contracting & Marine Services Co. gained 6.3%, while Al Mudon was up 5.9%.
Investbank
Abu Dhabi
3.31
(5.4)
2.6
23.0
Gulf Cable & Elect. Ind.
Kuwait
0.75
(5.1)
300.5
(11.8)
Oman: The MSM index declined 0.2% to close at 7,118.1. Losses were led by
the Financial and Industrial indices, fell 0.3% each. Oman Textile Holding
declined 3.6%, while Oman and Emirates Inv. Holding was down 3.2%.
First Gulf Bank
Abu Dhabi
16.80
(4.2)
6,177.3
16.2
Qatar Gen. Ins. & Rein.
Qatar
47.00
(4.1)
2.5
(1.9)
Atheeb Telecom
Saudi Arabia
14.75
(3.0)
9,022.1
2.4
Bahrain: The BHB index gained 0.3% to close at 1,373.3. The Services index
rose 1.7%, while the Industrial index was up 0.8%. Bahrain Telecom. Co.
gained 3.8%, while Nass Corporation was up 3.3%.
##
Vol. ‘000
YTD%
9.99
8.0
4.3
16.2
180.00
6.0
422.2
44.3
16.33
5.4
44.3
(3.9)
#
Close
1D% Vol. ‘000
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)
Islamic Holding Group
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
48.40
Qatar Exchange Top Gainers
10.0
411.4
5.2
Qatar General Ins. & Rein. Co.
47.00
(4.1)
2.5
(1.9)
2.0
1.9
Salam Int. Investment Co.
12.05
(0.4)
620.5
(7.4)
Gulf Warehousing Co.
41.60
(0.2)
2.2
0.2
Zad Holding Co.
70.80
9.6
Ezdan Holding Group
16.33
5.4
44.3
(3.9)
Mesaieed Petrochemical Holding
40.70
4.4
3,613.4
307
Qatar International Islamic Bank
76.50
4.1
174.2
Qatar Exchange Top Losers
24.0
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
Mesaieed Petrochemical Holding
40.70
4.4
3,613.4
307
Qatar National Bank
191.00
3.2
149,412.8
11.0
Barwa Real Estate Co.
32.05
2.4
1,385.3
7.6
Mesaieed Petrochemical Holding
40.70
4.4
144,915.5
307
Masraf Al Rayan
38.60
3.8
1,243.1
23.3
Industries Qatar
194.90
1.0
77,462.1
15.4
Doha Bank
61.50
3.5
1,132.7
5.7
Qatar Fuel Co.
258.50
0.6
73,169.4
18.3
Qatar Insurance Co.
65.40
3.0
918.6
22.9
61.50
3.5
69,080.4
5.7
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Doha Bank
Close
1D%
WTD%
MTD%
YTD%
11,607.03
4,153.64
4,896.87
9,248.82
7,507.43
7,118.12
1,373.27
2.3
1.3
(0.8)
1.0
0.4
(0.2)
0.3
(1.4)
(1.6)
(1.2)
1.6
(2.4)
0.1
0.0
(1.4)
(1.6)
(1.2)
1.6
(2.4)
0.1
0.0
11.8
23.3
14.1
8.4
(0.6)
4.1
10.0
Exch. Val. Traded
($ mn)
272.57
309.46
142.35
2,584.72
95.91
28.06
3.44
Exchange Mkt.
Cap. ($ mn)
181,829.4
84,868.0
130,981.1
503,704.9
109,777.4
25,557.7
51,762.9
P/E**
P/B**
15.3
17.8
13.9
18.5
15.8
10.9
9.8
1.9
1.5
1.7
2.3
1.2
1.6
0.9
Dividend
Yield
4.2
2.0
3.6
3.2
3.8
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 6

2. Qatar Market Commentary
 The QE index rose 2.3% to close at 11,607.0. The Consumer
Goods & Services and Banks & 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.
 Islamic Holding Group and Zad Holding Co. were the top
gainers, rising 10.0% and 9.6% respectively. Among the top
losers, Qatar General Ins. & Rein. Co. fell 4.1%, while Salam Int.
Investment Co. declined 0.4%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
51.17%
54.68%
(34,771,659.89)
Non-Qatari
48.82%
45.31%
34,771,659.89
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday fell by 35.1% to 17.2mn
from 26.6mn on Thursday. However, as compared to the 30-day
moving average of 12.8mn, volume for the day was 34.9%
higher. Mesaieed Petrochemical Holding and Barwa Real Estate
Co. were the most active stocks, contributing 21.8% and 8.0% to
the total volume respectively.
Global Economic Data
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
03/06
US
IPSOS Public Affairs
RBC Consumer Outlook Index
March
03/06
US
Bloomberg
Bloomberg Consumer Comfort
2-March
51.8
–
50.4
-28.5
–
-28.6
03/06
US
Federal Reserve
Household Change in Net Worth
4Q2013
$2954B
–
$2276B
03/07
US
US Census Bureau
Trade Balance
January
-$39.1B
-$38.5B
-$39.0B
03/07
US
BLS
Average Hourly Earnings MoM
February
0.40%
0.20%
0.20%
03/07
US
BLS
Average Hourly Earnings YoY
February
2.20%
2.00%
2.00%
03/07
US
BLS
Average Weekly Hours All Employees
February
34.2
34.4
34.3
03/07
US
BLS
Labor Force Participation Rate
February
63.00%
–
63.00%
03/08
US
Federal Reserve
Consumer Credit
January
$13.698B
$14.000B
$15.904B
03/06
EU
European Central Bank
ECB Announces Interest Rates
6-March
0.25%
0.25%
0.25%
03/06
EU
European Central Bank
ECB Marginal Lending Facility
6-March
0.75%
0.75%
0.75%
03/06
EU
European Central Bank
ECB Deposit Facility Rate
6-March
0.00%
0.00%
0.00%
03/06
France
INSEE
ILO Unemployment Rate
4Q2013
10.20%
11.00%
10.30%
03/06
France
INSEE
ILO Mainland Unemployment Rate
4Q2013
9.80%
10.60%
9.90%
03/07
France
Ministry of the Economy
Budget Balance YTD
January
-12.7B
–
-74.9B
03/07
France
Ministry of the Economy
Trade Balance
January
-5732M
-4950M
-5213M
03/07
Germany
Destatis
Wholesale Price Index MoM
January
-0.10%
–
0.30%
03/07
Germany
Destatis
Wholesale Price Index YoY
January
-1.70%
–
-1.30%
03/07
Germany
Deutsche Bundesbank
Industrial Production SA MoM
January
0.80%
0.80%
0.10%
03/07
Germany
Bundesministerium
Industrial Production WDA YoY
January
5.00%
3.90%
3.40%
03/06
UK
Bank of England
Bank of England Bank Rate
6-March
0.50%
0.50%
0.50%
03/06
UK
Bank of England
BOE Asset Purchase Target
March
375B
375B
375B
03/07
UK
Bank of England
BoE/GfK Inflation Next 12 Mths
February
2.80%
–
3.60%
03/07
Spain
INE
INE House Price Index QoQ
4Q2013
-1.30%
–
0.70%
03/07
Spain
INE
INE House Price Index YoY
4Q2013
-7.80%
–
-7.90%
03/07
Italy
ISTAT
PPI MoM
January
-0.20%
–
-0.10%
03/07
Italy
ISTAT
PPI YoY
January
-1.70%
–
-2.10%
03/08
China
NBS
Exports YoY
February
-18.10%
7.50%
10.60%
03/08
China
NBS
Imports YoY
February
10.10%
7.60%
10.00%
03/07
Japan
Ministry of Finance
Official Reserve Assets
February
$1288.2B
–
$1277.1B
03/07
Japan
ESRI
Leading Index CI
January
112.2
112.4
111.7
03/07
Japan
ESRI
Coincident Index
January
114.8
114.6
112.3
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
 Interest rates may remain low in Qatar – According to a report
by QNB Group, interest rates in Qatar are likely to remain low as
the country‟s policy rates tend to track those of the US due to its
pegged exchange rate. QNB Group said that any increase in
short-term interest rates in the Eurozone or the US is still some
way off. With weak growth expected in Europe and the recent
disappointing economic data from the US, the risk of deflation
remains high, which present a strong case for the US Fed and
the European Central Bank (ECB) to refrain from tightening their
monetary policies. Further, QNB Group said that global inflation
was also unlikely to pick up in the short term as weak demand
holds back global energy and food prices. Inflation remains
dangerously low both in the Eurozone and the US, lying well
below the 2% central bank targets. The ECB expects inflation to
be 1.3% over the next year, which gives the ECB reason to take
policy action, but there are a number of additional factors that
add further impetus. The ECB expects real GDP growth to be
just 1.1% in the Eurozone over the next year. Unemployment is
high at around 12% on average, with youth unemployment
above 50% in some peripheral countries. (Gulf-Times.com)
 IMF: Qatar’s GDP growth to remain at 6%; inflation at 3-4%
in 2014 – According to the IMF, Qatar‟s GDP growth could stay
at around 6% in 2014 as the pickup in the public investment
program is roughly offset by a modest decline in its hydrocarbon
output. Public investments are expected to keep growth roughly
6-7% over the medium term, with non-hydrocarbon growth
remaining at about 10%. The fund projected Qatar‟s inflation to
remain benign at 3-4% going forward – a modest increase over
recent years. The anticipated gradual decline in commodity
prices (including food) should help reduce price pressures from
strong economic activity. Fiscal and external balances are
projected to taper down over time due to flat LNG production,
falling crude oil output, expected lower hydrocarbon prices, and
growing nominal expenditures. (Peninsula Qatar)
 ERES reports QR1.07bn net profit in 2013 – Ezdan Holding
Group (ERES) posted a net profit of 1.1 QR billion for 2013,
compared with 275.1 million Qatari Riyals in 2012. EPS was
QR0.40 for the year 2013, compared to QR0.10 in 2012. The
Group also announced that it had recommended a cash
dividend of QR0.31 per share. (QE)
 QNB Group signs three-year sponsorship with AFC – Qatar
National Bank (QNB Group) and the Asian Football
Confederation (AFC) have signed a three-year sponsorship
agreement that sees the Qatari financial institution becoming the
latest AFC Commercial Partner. The agreement between the
two organizations was completed at the start of the 2014
season, which will see QNB Group join the select band of
companies sponsoring events such as the AFC Asian Cup, the
AFC Cup and the AFC Champions League. (Peninsula Qatar)
 Woqod sells 4.8mn LPG metal cylinders in 2013 – Woqod
distributed more than 4.8mn LPG cylinders in 2013, up 200,000
on the previous year, which reflects the rising demand for metal
LPG cylinders due to population growth. Woqod plans to replace
its metal cylinders of 12kg capacity, which are filled with butane
gas for domestic use, with transparent Shafaf cylinders made of
plastic polymers. However, Woqod said it will be implemented
only gradually without affecting the market. According to Woqod,
a large number of customers in Qatar have already moved from
metal to Shafaf cylinders, which are safer and light weight. Total
butane gas sales in Qatar reached 106,746 metric tons (mt) in
2013 compared with 92,435mt in 2012. (Gulf-Times.com)
 QPI acquires stake in Greek power plant – Qatar Petroleum
International (QPI) has completed the acquisition of 25% of Gek
Terna‟s share in Heron II power plant located in Greece. This
marks the first stage of the partnership between QPI and Gek
Terna. In the next stage, QPI will join Gek Terna and GDF Suez
in owning and operating the Greek power plant. The acquisition
marks the first time that a Qatari state-owned company has
invested in a Greek energy asset. (GulfBase.com)
 Qatar Steel signs lighterage contract with EOL – Industries
Qatar‟s (IQCD) subsidiary Qatar Steel has signed a five-year
contract with Eships Oldendorff Logistics (EOL), for lighterage of
capesize vessels for shipping iron ore consignments. (QE)
 Hilton Worldwide plans expansion in Qatar – Hilton
Worldwide has signed a management agreement with First
Qatar Real Estate Development Company (FQREDC) to open a
new hotel, named „Hilton Doha The Pearl Residences‟. The 41storey new hotel with 445 rooms will be located at the exclusive
man-made island, the Pearl-Qatar. The hotel is expected to
open in 2017, which will be the second residence-style property
planned by Hilton Worldwide in the Gulf state. (GulfBase.com)
 GDI doubles its assets in three years – Gulf International
Services‟ (GISS) subsidiary, Gulf Drilling International (GDI),
said that it has doubled its operations from 9 to 18 rigs in three
years. All of these assets are expected to be under contract in
2014, keeping the company‟s utilization rate at 100%. The
company is planning to start operations of three more assets
later in 2014. (GulfBase.com)
 MCCS’ shareholding in Damas reaches 100% – Mannai
Corporation (MCCS) announced that it has acquired another
22.35% share in its subsidiary Zahabi Ltd, a holding company
for Damas incorporated in the Cayman Islands. With this, MCCS
has increased its indirect shareholding in Damas from 81% to
100%. (QE)
 ORDS’ AGM to be held on March 30 – Ooredoo‟s (ORDS)
AGM is scheduled to be held on March 30, 2014 at the Four
Seasons Hotel. In case of lack of quorum, another meeting will
be held on April 6, 2014 at the same place. The AGM‟s agenda
includes discussing the board of directors‟ recommendation of
distributing dividends worth QR4.00 per share for the year 2013,
among others. (QE)
International
 US job growth offers positive sign for weather-beaten
economy – Job growth in the US accelerated sharply in
February despite the icy weather that gripped much of the
nation, easing fears of an abrupt economic slowdown and
keeping the US Federal Reserve on track to continue reducing
its monetary stimulus. The Labor Department said employers
added 175,000 jobs to their payrolls last month after creating
129,000 new positions in January 2014. The unemployment
rate, however, rose to 6.7% from a five-year low of 6.6% as
Americans flooded back into the labor market to search for work.
The report also showed the largest increase in average hourly
earnings in eight months and the payrolls count for December
and January was revised up to show 25,000 more jobs created
during those months than previously reported. (Reuters)
 Banks to return €11.4bn of crisis loans to ECB – European
Banks will return €11.4bn in crisis loans to the European Central
Bank (ECB) next week, more than six times than the amount
that was expected, accelerating the drain of extra cash out of
the Eurozone financial system. The amount banks will repay on
March 12, 2014 beats this week's repayments of €3.0bn. It is the
largest repayment since the end of last year, when banks
Page 3 of 6

4. returned large chunks of the long-term loans they took from the
ECB to ride out a credit crunch in late 2011. This came ahead of
the ECB‟s assessment of banks' balance sheets and in the run
up to the asset-quality review. The speed with which banks have
been repaying back their three-year loans has picked up over
recent weeks as confidence returned and banks began to rely
less on central bank funding. (Reuters)
 ABB wins $30mn order from SEC – ABB has won an order
worth around $30mn from the Saudi Electricity Company (SEC)
to refurbish the flexible alternating current transmission systems
in the eastern operating area. ABB will refurbish two 380 kV
static var compensators located at the existing Shedgum and
Faras Substations, about 300 km east of Riyadh. The project is
scheduled to be completed by 2016. (GulfBase.com)
 China inflation slows to 13-month low – China‟s inflation
slowed to a 13-month low in February, which was more than
estimated, while its factory-gate deflation deepened. The
National Bureau of Statistics found that the consumer price
index rose 2% from a year earlier, compared with the 2.1%
median estimate in a Bloomberg survey. The producer-price
index fell 2%, extending the longest decline since 1999 to 24
months. Decelerating inflation and falling producer prices may
give leaders more impetus to push ahead with the broadest
economic-policy changes since the 1990s, while also allowing
them to loosen credit. China‟s Premier Li Keqiang set an
inflation target of about 3.5% this year, the same goal as in
2013. Meanwhile, China‟s exports fell 18.1% in February from a
year earlier, the biggest drop since the global financial crisis,
while imports rose 10.1%. (Bloomberg)
 IDB to issue short-dated sukuk – The Islamic Development
Bank (IDB) is planning to issue short-dated sukuks of 30, 60 and
90 days maturity in 2014, that are Shari‟ah-compliant. The bank
has also plans to issue 6 and 12 month bonds. (GulfBase.com)
 Oil Movements: OPEC to cut exports as Asian demand
slows – According to Oil Movements, the OPEC will reduce
crude exports this month as refiners in Asia prepare for
seasonal maintenance. The OPEC, which is responsible for
40% of global oil supplies, will decrease its shipments by
400,000 bpd to 24.2mn barrels in the four weeks to March 22.
These figures exclude two of OPEC‟s 12 members, Angola and
Ecuador. According to Oil Movements, exports climbed from
January through early March due to winter demand in the
northern hemisphere and stockpile-building in China.
(Bloomberg)
Regional
 Fitch upgrades Saudi Arabia to 'AA' – Fitch Ratings has
upgraded Saudi Arabia's long-term foreign and local currency
Issuer Default Ratings (IDR) to 'AA' from 'AA-'. The outlook for
both ratings is Stable. The country ceiling has been upgraded to
'AA+' from 'AA' and the short-term foreign currency IDR has
been affirmed at 'F1+'. The upgrade of Saudi Arabia's IDRs
reflects the key rating drivers such as the strong sovereign and
external balance sheets. (Gulfbase.com)
 Saudi CMA approves SPMC’s capital increase – The Saudi
CMA‟s board has approved the Saudi Paper Manufacturing
Company‟s (SPMC) request to increase its capital from
SR375mn to SR450mn by issuing one bonus share for every
five existing shares. This increase will be paid by transferring
SR75mn from the retained earnings account to the company‟s
capital. Consequently, the company's outstanding shares will
increase from 37.5mn to 45mn shares. The bonus shares‟
eligibility is limited to those shareholders who are registered in
the shareholders registry at the close of trading on the day of the
extraordinary general assembly, which will be determined later.
(Tawadul)
 Saudi Aramco awards subsea cable contract – Saudi
Aramco has awarded a contract to McDermott International‟s
subsidiary to provide the electrical power supply system in the
Abu Ali and Khursaniyah fields in the Arabian Gulf. The project
includes the installation of two 20-kilometer 230kV subsea
circuits routed offshore to connect land-based facilities. The
cables weigh approximately 95 kilograms per meter. The
project, including hookup and commissioning, is expected to be
completed in 3Q2015. (GulfBase.com)
 Arabsat, Telesat sign deal to utilize Ku-band payload – Arab
Satellite Communications Organization (Arabsat) and Telesat
Canada (Telesat) have signed a strategic commercial
agreement under which Telesat will utilize a lifetime Ku-band
payload on the new satellite Hellas-sat-4. Hellas-sat-4 is
expected to be launched in 2017 and will be located at 39
degrees east. Under the terms of the agreement, Telesat has
acquired the exclusive use of a high powered Ku-band payload
providing coverage of Europe and the Mediterranean region.
(Ameinfo)
 du Telecom joins consortium to build SEA-ME-WE 5 Cable
System – The Emirates Integrated Telecommunications
Company (du Telecom) has signed an agreement to join an
international consortium of several telecom companies to build
South East Asia–Middle East–Western Europe 5 (SEA-ME-WE
5) cable system. SEA-ME-WE 5 is an undersea cable system
with an approximate length of 20,000km from Southeast Asia to
Europe. This mega project will connect 15 countries, which will
branch out to the UAE with a landing station for du Telecom in
Fujairah. (GulfBase.com)
 ANC to invest AED9bn for power plants in Pakistan – UAEbased Arab National Company (ANC) has signed a MoU with
the Private Power & Infrastructure Board (PPIB) to set up two
660 megawatt coal power plants with an investment of
AED9.175bn in Pakistan. According to sources, ANC would also
construct a jetty along with the construction of the power
projects in Gaddani, Baluchistan, which are expected to be
completed in three years. (GulfBase.com)
 DFM declares 5% cash dividend – The Dubai Financial
Market‟s (DFM) AGM has approved its board‟s recommendation
to distribute 5% cash dividends to the shareholders. (DFM)
 Marka set to be DFM’s first new listing in 5 years – The
Dubai Financial Market is about to get its first new listing in five
years after Marka announced its plans to launch a Dh500 million
initial public offering. The UAE-based retailer company would
soon become the country‟s first publicly listed retailer. CAPM
Investment, the lead manager of the IPO, said that the issue will
be a success, given the company's significant growth prospects
and the return of confidence to the financial markets. The UAE
has been starved of fresh listings in recent years. The last IPO
on the DFM was by Drake & Scull, which began trading in March
2009. (Reuters)
 Waha Capital targets acquisitions in UAE healthcare – Waha
Capital is seeking acquisitions in the UAE healthcare market
after Dubai announced mandatory health insurance. Companies
are seeking to capitalize on the rising demand for healthcare
services amid an increase in obesity-related diseases such as
diabetes in the Gulf. According to Booz & Co., obesity-related
diseases may cost the six-nation GCC region $68bn a year by
2022 due to lost output and treatment costs, almost double the
2013 figure. (Gulf-Times.com)
Page 4 of 6

5.  CBD declares AED612mn cash dividend, 10% bonus shares
– The Commercial Bank of Dubai‟s (CBD) AGM has approved
the distribution of 30% cash dividend, amounting to AED612mn.
The AGM also approved the distribution of 10% bonus shares of
the bank's capital amounting to AED204mn for 2013. (DFM)
 MASQ reports AED1.8bn net profit – Mashreq Bank (MASQ)
has reported a net profit of AED1.8bn in 2013 as compared to
AED1.3bn in 2012. The net interest income grew to AED2.4bn in
2013 from AED1.9bn in 2012. Total assets of the bank stood at
AED89.65bn at the end of 2013 as compared to AED76.38bn a
year earlier. EPS amounted to AED10.68 as of December 31,
2013 as compared to AED7.76 a year earlier. Customer
deposits stood at AED54.2bn at the end of 2013 as compared to
AED42.4bn at the end of 2012, while loans & advances stood at
AED44.3bn against AED36.2bn. Meanwhile, the bank‟s AGM
has approved the board‟s recommendation to distribute 40%
cash dividends to its shareholders. (DFM)
around $2bn of gas gathering and water pipelines, wellhead
production facilities and export pipelines for the development of
the southern sector of Block 61. (GulfBase.com)
 SISCO appoints new Chairman, Vice Chairman – Al Shurooq
Investment Services Holding Company (SISCO) has appointed
Mohammed Ali Abdul Amir Sultan as the company‟s new
Chairman and Bader Abdullah Al Sumait as the new Vice
Chairman. (MSM)
 OFO declares 50% dividends – The Oman Fiber Optic
Company‟s (OFO) AGM has approved the distribution of 35%
cash dividend (i.e. OMR350 per share) and 15% stock dividend
for 2013. (MSM)
 SMNP’s BoD recommends 20% cash dividend – SMN Power
Holding‟s (SMNP) board of directors has recommended the
distribution of 20% cash dividend (200 baiza per share) for
2013. (MSM)
 FGB to issue $1.07bn sukuk in Malaysia – According to RAM
Ratings, the First Gulf Bank‟s (FGB) funding unit, FGB Sukuk
Company II Ltd., will issue $1.07bn sukuk program in Malaysia.
RAM rated the program at 'AAA' with a stable outlook, based on
the bank's size and the likelihood of government support, as the
Abu Dhabi ruling family owns 64% of the firm. FGB follows
numerous other institutions seeking to find funding in Malaysia's
sukuk market. Funds from the program will go toward expanding
the bank's day-to-day business. (GulfBase.com)
 Abu Dhabi, Serbia sign $1bn loan deal – The Department of
Finance in Abu Dhabi (DoF) and the Republic of Serbia have
signed an agreement to provide the latter with a loan of $1bn.
The deal will contribute toward strengthening cooperation ties
between the UAE and Serbia. It will also encourage private and
public sectors within the UAE to look for investment
opportunities in Serbia. (GulfBase.com)
 Kuwaiti exports jump 9.1% to KD8.5bn – According to the
provisional foreign trade statistics, Kuwait recorded exports
worth KD8.5bn with a 9.1% increase and imports worth KD2.1bn
with a 10.4% increase in July-September 2013 as compared to
July-September 2012. The country‟s balance of trade stood at
KD6.4bn, while it was KD5.8bn in July-September 2012,
indicating 8.7% increase. In the same period, volume of trade
increased 9.4% over 3Q2012. (GulfBase.com)
 Kuwaitis lead GCC property purchases in Oman – According
to a report, Kuwaiti nationals stood first with the acquisition of
1,850 properties in Oman, in a huge rush among GCC nationals
to buy real estate in the Sultanate. The Emiratis were second
with 1,211 properties, followed by Qataris with 261, Bahrainis
with 117 and Saudi nationals with 82. The properties bought in
the North Batinah governorate represented half of that owned by
GCC nationals. It was followed by Dhofar governorate, Muscat,
South Sharqiyah, South Batinah and Dhakilyah. (GulfBase.com)
 Kuwait-US trade volumes reach $15.2bn in 2013 – The
outgoing US Ambassador to Kuwait, Matthew Tueller said that
Kuwait-US trade volumes have grown by 167% from $5.7bn in
2009 to $15.2bn in 2013. Over this period, exports from the US
have grown by 33%. This development has translated into more
than 13,000 American jobs, and represents better healthcare,
infrastructure, and higher education opportunities for Kuwaitis.
(GulfBase.com)
 BP awards contract for Khazzan gas project – BP has
awarded Jacobs Engineering a contract for process and
infrastructure work on the Greenfield Khazzan project in Oman.
Under the contract terms, Jacobs will provide engineering,
procurement & construction management services in relation to
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
144.9
1.8%
1.2%
132.0
2.3%
2.4%
1.3%
1.0%
0.4%
0.6%
0.3%
0.0%
(0.6%)
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
1,339.98
(0.8)
1.0
11.1
20.91
(2.7)
(1.5)
7.4
109.00
0.8
(0.1)
(1.6)
4.77
(2.7)
1.6
9.9
109.00
2.3
(2.9)
(13.7)
128.63
1.2
(0.6)
(5.8)
Global Indices Performance
Close
1D%
WTD%
YTD%
16,452.72
0.2
0.8
(0.7)
S&P 500
1,878.04
0.1
1.0
1.6
NASDAQ 100
4,336.22
(0.4)
0.7
3.8
333.06
(1.3)
(1.5)
1.5
DAX
9,350.75
(2.0)
(3.5)
(2.1)
FTSE 100
6,712.67
(1.1)
(1.4)
(0.5)
DJ Industrial
STOXX 600
1.39
0.1
0.5
1.0
103.28
0.2
1.5
(1.9)
GBP
1.67
(0.2)
(0.2)
0.9
MSCI EM
CHF
1.14
0.3
0.2
1.7
SHANGHAI SE Composite
AUD
0.91
(0.2)
1.6
1.7
USD Index
79.72
0.1
0.0
RUB
36.45
0.7
1.6
BRL
0.43
(0.7)
0.1
1.0
Yen
(0.8%)
Dubai
Dec-13
Oman
May-13
Bahrain
Oct-12
Abu Dhabi
QE Index
Mar-12
Kuwait
Aug-11
Qatar
(1.2%)
Jan-11
(0.2%)
Saudi Arabia
Jun-10
3.0%
166.8
CAC 40
Nikkei
4,366.42
(1.1)
(0.9)
1.6
15,274.07
0.9
2.9
(6.2)
966.72
(0.4)
0.0
(3.6)
2,057.91
(0.1)
0.1
(2.7)
HANG SENG
22,660.49
(0.2)
(0.8)
(2.8)
(0.4)
BSE SENSEX
21,919.79
1.9
3.8
3.5
10.9
Bovespa
46,244.07
(1.8)
(1.8)
(10.2)
1,158.87
(0.5)
(8.6)
(19.7)
Source: Bloomberg
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
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
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
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