1. QE Intra-Day Movement
Market Indicators
11,850
11,800
11,750
18 Feb 14
%Chg.
955.6
620,136.9
20.5
6,570
39
25:10
611.4
613,260.4
14.0
5,513
38
19:18
56.3
1.1
46.3
19.2
2.6
–
Market Indices
11,700
11,650
9:30
19 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 1.1% to close at 11,822.8. Gains were led by the
Transportation and Insurance indices, gaining 3.3% and 2.5% respectively. Top
gainers were Qatar Navigation and Qatar Gas Transport Co., rising 4.1% and
3.1% respectively. Among the top losers, Doha Insurance Co. fell 10.0%, while
Qatar National Cement Co. declined 5.1%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
17,007.92
2,941.05
2,839.41
3,904.38
2,107.96
2,067.12
2,832.76
1,616.45
6,645.70
3,375.12
1.2
1.2
1.7
(0.1)
3.3
1.5
2.5
0.5
0.6
0.5
2.8
2.7
0.9
5.0
5.7
4.1
3.6
1.7
2.3
2.5
14.7
13.7
16.2
11.6
13.4
5.8
21.3
11.2
11.7
11.2
N/A
14.2
14.5
14.5
14.3
14.2
6.9
21.7
25.4
17.4
Close#
1D%
Vol. ‘000
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.1% to close at 8,967.6. Gains were led
by the Real Estate Dev. and Industrial Inv. indices, rising 1.6% and 1.1%
respectively. Saudi Marketing Co. rose 9.8%, while WAFA Ins. was up 4.7%.
Arab Banking Corp.
Bahrain
0.44
10.0
1,010.0
17.3
NMDC
Abu Dhabi
9.90
6.5
20.8
15.1
Dubai: The DFM index declined 0.6% to close at 4,152.4. The Banking index
fell 1.4%, while the Transportation index was down 1.0%. Int. Financial
Advisors declined 7.9%, while Al Madina was down 2.9%.
Qatar Navigation
Qatar
99.90
4.1
556.8
20.4
Gulf Cable & Electrical
Kuwait
0.82
3.8
206.1
(3.5)
Abu Dhabi: The ADX benchmark index gained 0.3% to close at 4,883.2. The
Telecommunication index rose 1.3%, while the Industrial index was up 1.2%.
Al Khazna Insu. Co. surged 12.5%, while Union Insu. Co. gained 11.1%.
DP World
Dubai
18.45
3.7
177.5
4.2
GCC Top Losers
Exchange
Close
1D% Vol. ‘000
Kuwait: The KSE index fell 0.1% to close at 7,797.3. The Consumer Goods
and Technology indices declined 1.0% each. NAFAIS Holding Co. fell 6.0%,
while Al Safat Tec Holding Co. was down 5.9%.
Qatar National Cement
Qatar
114.40
(5.1)
97.1
(3.9)
Co for Cooperative Ins.
Saudi Arabia
33.00
(2.7)
489.8
(6.3)
Oman: The MSM index rose 0.4% to close at 7,189.2. Gains were led by the
Services and Financial indices, gaining 0.4% and 0.3% respectively. Gulf
International Chemicals rose 7.1%, while Port Serv. Corporation was up 4.6%.
Ithmaar Bank
Bahrain
0.22
(2.3)
5,005.7
(6.5)
Dana Gas
Abu Dhabi
0.87
(2.2)
41,148.9
(4.4)
Union National Bank
Abu Dhabi
6.55
(2.2)
485.0
11.6
Bahrain: The BHB index gained 0.8% to close at 1,358.1. The Investment
index rose 2.6%, while the Commercial Banks index was up 0.4%. Arab
Banking Corp. gained 10.0%, while Bahrain Islamic Bank was up 2.6%.
##
Qatar Navigation
Qatar Gas Transport Co.
Close*
1D%
Vol. ‘000
YTD%
4.1
556.8
20.4
1,897.1
10.4
3.1
1D%
Vol. ‘000
YTD%
(10.0)
1,014.4
(0.8)
114.40
Qatar National Cement Co.
Qatar Exchange Top Losers
Close*
24.80
Doha Insurance Co.
22.35
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)
99.90
Qatar Exchange Top Gainers
#
YTD%
(5.1)
97.1
(3.9)
192.50
2.8
788.7
11.9
Islamic Holding Group
42.50
(3.3)
25.1
(7.6)
Barwa Real Estate Co.
32.30
2.2
4,216.6
8.4
Qatari Investors Group
41.50
(2.1)
72.8
(5.0)
Ezdan Holding Group
16.99
1.7
21.5
(0.1)
Gulf International Services
82.00
(1.9)
107.3
34.4
QNB Group
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
Barwa Real Estate Co.
32.30
2.2
4,216.6
8.4
QNB Group
192.50
2.8
149,663.0
11.9
United Development Co.
22.84
0.6
2,362.1
1.0
Barwa Real Estate Co.
32.30
2.2
134,724.2
8.4
Qatar Gas Transport Co.
22.35
3.1
1,897.1
10.4
Doha Bank
66.50
0.8
84,645.0
14.3
Doha Bank
66.50
0.8
1,281.4
14.3
Qatar Navigation
99.90
4.1
55,107.1
20.4
Salam International Investment Co.
14.10
(0.2)
1,232.5
8.4
United Development Co.
22.84
0.6
54,018.4
1.0
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Close
1D%
WTD%
MTD%
YTD%
11,822.78
4,152.39
4,883.18
8,967.62
7,797.26
7,189.22
1,358.14
1.1
(0.6)
0.3
0.1
(0.1)
0.4
0.8
2.7
1.3
(0.2)
0.4
(0.6)
0.2
3.1
6.0
10.1
4.5
2.4
0.5
1.4
4.9
13.9
23.2
13.8
5.1
3.3
5.2
8.8
Exch. Val. Traded
($ mn)
262.41
474.79
140.20
1,674.26
90.10
34.82
12.76
Exchange Mkt.
Cap. ($ mn)
170,289.6
83,319.1
135,700.1
490,786.1
112,924.3
25,675.4
51,486.0
P/E**
P/B**
15.1
17.8
13.2
18.0
15.8
11.1
9.5
2.0
1.5
1.6
2.2
1.2
1.6
0.9
Dividend
Yield
3.9
2.0
3.7
3.3
3.7
3.6
3.5
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 1.1% to close at 11,822.8. The
Transportation and Insurance 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
59.70%
63.52%
(36,471,274.18)
Non-Qatari
 Qatar Navigation and Qatar Gas Transport Co. were the top
gainers, rising 4.1% and 3.1% respectively. Among the top
losers, Doha Insurance Co. fell 10.0%, while Qatar National
Cement Co. declined 5.1%.
Buy %*
40.30%
36.48%
36,471,274.18
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday rose by 46.3% to
20.5mn from 14.0mn on Tuesday. Further, as compared to the
30-day moving average of 12.1mn, volume for the day was
68.9% higher. Barwa Real Estate Co. and United Development
Co. were the most active stocks, contributing 20.5% and 11.5%
to the total volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Revenue
(mn) 4Q2013
% Change
YoY
SR
–
–
315.0
-2.2%
301.0
3.4%
SR
–
–
3,087.8
-25.0%
1,177.4
-33.2%
Saudi
SR
–
–
298.0
-20.3%
309.0
-20.2%
Abu Dhabi
AED
205.3
9.6%
59.7
2.2%
42.2
-16.1%
Abu Dhabi
AED
624.6
2.9%
–
–
68.5
NA
Kuwait
KD
–
–
–
–
76.1
0.8%
Bahrain
BHD
14.3
-0.3%
1.3
-14.7%
3.0
38.2%
Bahrain
BHD
26.0
-5.4%
–
–
6.4
0.8%
Market
Saudi Chemical Co. *
National Industrialization Co.
*
Eastern Province Cement
Co. *
Al Ain Ahlia Insurance
Company (ALAIN) *
Gulf Cement Company
(GCEM) *
National Mobile
Telecommunications Co.
(Wataniya) *
Bahrain National Holding
Co. (BNH) *
Bahrain Duty Free Shop
Complex (DUTYF) *
Currency
Saudi
Saudi
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
02/19
US
MBA
MBA Mortgage Applications
14-Februay
02/19
US
BLS
PPI Final Demand MoM
January
-4.10%
–
-2.00%
0.20%
0.10%
02/19
US
BLS
PPI Ex Food and Energy MoM
0.10%
January
0.20%
0.10%
02/19
US
BLS
0.00%
PPI Final Demand YoY
January
1.20%
1.20%
02/19
US
1.10%
BLS
PPI Ex Food and Energy YoY
January
1.30%
1.40%
02/19
1.20%
US
US Census Bureau
Housing Starts
January
880K
950K
1048K
02/19
US
US Census Bureau
Housing Starts MoM
January
-16.00%
-4.90%
-4.80%
02/19
US
US Census Bureau
Building Permits
January
937K
975K
991K
02/19
US
US Census Bureau
Building Permits MoM
January
-5.40%
-1.60%
-2.60%
02/19
EU
Eurostat
Construction Output MoM
December
0.90%
–
-0.20%
02/19
EU
Eurostat
Construction Output YoY
December
-0.20%
–
-1.60%
02/19
UK
ONS
Jobless Claims Change
January
-27.6K
-20.0K
-27.7K
02/19
UK
ONS
Average Weekly Earnings 3M/YoY
December
1.10%
1.00%
0.90%
02/19
UK
ONS
ILO Unemployment Rate 3Mths
December
7.20%
7.10%
7.10%
02/19
UK
ONS
Employment Change 3M/3M
December
193K
250K
280K
02/19
Japan
METI
All Industry Activity Index MoM
December
-0.10%
0.10%
0.40%
02/19
Japan
ESRI
Leading Index CI
December
111.7
–
111.3
02/19
Japan
Japan Dep. Store Asso.
Nationwide Dept Sales YoY
January
2.90%
–
1.70%
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
 Doha Metro tunnel work to start in 3Q2014 – The tunnel
boring work for Doha Metro will start in 3Q2014, while the
construction work is progressing on 21 stations. Business
Development Manager Sara al-Muhannadi said 15 tunnel-boring
machines (TBMs) for the metro rail project are now being
manufactured. The delivery of the first train will be in 3Q2017,
followed by the power-on for the first test section in 4Q2017.
Qatar Rail‟s Senior Program Director Markus Demmler said that
the completion of all stations and tunnels will be in 4Q2018 and
the operations are scheduled to start in 4Q2019. (GulfTimes.com)
 Cabinet approves draft law on natural resources – The
weekly Cabinet meeting, chaired by HE the Prime Minister
Sheikh Abdullah bin Nasser bin Khalifa al-Thani, approved a
draft law amending some provisions of Law No 3 of 2007
concerning exploitation of natural resources. As per the
amendment, the Ministry of Environment is allowed to license
any legal entity to extract, transport or exploit soil, sand and
stones and their derivatives, which are used in construction as
per the conditions to be issued by a law from the Minister of
Environment. The Cabinet also approved a draft law exempting
the share of non-Qatari investors in the profits of some
companies and investment funds from income tax, and to refer it
to the Advisory Council. (Gulf-Times.com)
 Mowasalat forms JV with Turkish company – Mowasalat has
signed an agreement with a Turkey-based IT solutions company
Kentkart for providing technological support to its public
transport operations. The new JV will be responsible for creating
new market opportunities, commissioning & operating intelligent
transport systems, and providing technical support &
maintenance for customers. Mowasalat will acquire the facilities,
infrastructure and other resources for the establishment of the
JV. Kentkart will implement and maintain intelligent solution
systems for public transport vehicles, including hardware,
software and other systems. The Turkish company will provide
technical support & training for the staff. (Gulf-Times.com)
 QA unveils FC Barcelona livery on Boeing 777 – Qatar
Airways (QA) and FC Barcelona are taking their partnership to
the skies as the airline introduces FC Barcelona‟s livery for the
first time on a Boeing 777. The aircraft, which features the
distinctive „Barça‟ scarlet and blue or „Blaugrana‟ as it is known
in Catalan, arrived from Bangkok this week to the Doha
International Airport. Building on the concept of “a team that
unites the world”, the design incorporates the colorful Barça flag
draped across the fuselage of a Boeing 777. The aircraft was
sent to Dublin, Ireland where it took a team one week to hand
paint the custom-made design onto the aircraft. Using an
airbrush, the team produced a shading effect to help create the
illusion of the Barça flag moving as the aircraft takes to the
skies. (Gulf-Times.com)
 QE adds QATI’s bonus shares to shareholder accounts –
The Qatar Exchange (QE) announced the addition of the bonus
shares to Qatar Insurance Company‟s (QATI) shareholder
accounts. Now, QATI‟s new capital is worth QR1,605.4mn,
which is distributed over 160,540,380 shares. Shareholders may
trade on these shares from February 19, 2014. (QE)
 QNCD’s AGM approves 60% cash dividend – Qatar National
Cement Company‟s (QNCD) shareholders have approved the
board‟s proposal to distribute 60% cash dividends from the
company‟s share capital in the AGM held on February 18. (QE)
 QCFS’ AGM to be held on March 24 – Qatar Cinema & Film
Distribution Company (QCFS) announced that its AGM will be
held on March 24, 2014 at Radisson Blu Hotel. In case of lack of
quorum, another meeting will be held on March 31, 2014 at the
same hotel. (QE)
 QFLS’ AGM scheduled on March 4 – Qatar Fuel Company
(QFLS) announced that its AGM is scheduled to be held on
March 4, 2014 at Al-Dana Club. In case of lack of quorum,
another meeting will be held on March 18, 2014 at the same
place. The AGM‟s agenda includes approving the board‟s
recommendation for a cash dividend of 100% of the nominal
value of the share, in addition to the distribution of 30% free
shares (3 free shares for every 10 shares), for FY2013. (QE)
International
 IMF urges stronger growth efforts from G20 –The
International Monetary Fund (IMF) called for the Group of 20
countries to boost growth, warning of risks to the global
economy from deflation in Europe to high volatility in emerging
economies. The IMF said advanced economies, which include
most of the G20 countries are still leading a pickup in economic
growth overall around the world. However, it said more
coordinated work is needed to keep output expanding and boost
demand, as the global economy still struggles to leave behind
the financial crisis that began in 2008. The recovery has been
disappointing with the G20 output still below the longer-term
trend, so a joint action is needed to boost output and to lower
global risks substantially through more balanced growth. (ET)
 Japan trade deficit swells as import costs surge – Japan‟s
trade deficit widened to a record in January 2014 as surging
import costs weighed on Prime Minister Shinzo Abe‟s campaign
to drive a sustained recovery. The Ministry of Finance reported a
shortfall of 2.79tn yen ($27.3bn), exceeding the 2.49tn yen
median estimate. Imports rose 25% from a year earlier and
outbound shipments gained 9.5%. Declines in the yen are
driving up import costs as the nation‟s nuclear reactors remain
shuttered, while exports have seen only limited gains from the
currency‟s slide of more than 20% against the dollar in the past
two years. The trade deficit enabled the Japanese economy to
grow at a less-than-forecast 1% in the fourth quarter,
underscoring the risk that Abenomics may falter after a sales-tax
increase in April. (Bloomberg)
Regional
 Qatar, UAE lead MENA M&A deals – According to a report by
Ernst & Young (E&Y), mergers and acquisitions (M&A) deals in
the MENA region grew 13% in 2013 to reach $50.7bn as
compared to $44.8bn a year ago, with Qatar and the UAE
leading the deal activity. Among the top 10 announced deals in
2013, five of the deals were done by UAE companies and two
by Qatari companies. The trend of telecommunications
representing mega deal values continued in 2013 with Qatar
Foundation buying a 5% stake in Bharti Airtel for $1.3bn. Higher
deal activity was witnessed in 4Q2013 yet the deal value was
lower as compared to 4Q2012. Announced deal volumes
increased by 11% from 107 deals in 4Q2012 to 119 deals in
4Q2013. However, deal values declined by 40% from $13.3bn in
4Q2012 to $8bn in 4Q2013. (Peninsula Qatar)
 GCC rail project to cost $15.4bn – The railway project to
connect the GCC region – linking Kuwait to Muscat – is
estimated to cost around $15.4bn. Abdullah Al Shibli, Assistant
Secretary-General for Economic Affairs at the GCC General
Secretariat, said the length of the track is likely to be 2,117km.
Al Shibli said the rail would start from Kuwait, pass through
Page 3 of 6

4. Saudi Arabia, Bahrain, Qatar and the UAE, and culminate in
Oman. He said the project has been taken up because of its
positive impact on GCC trade and freedom of movement of
people. It would also encourage mutual investment among the
member countries. (Peninsula Qatar)
 STC, Ericsson sign deal to expand broadband service –
Saudi Telecom Company (STC) has signed an agreement to
expand the Evolved Packet Gateway (EPG) network by using
Ericsson SSR 8020 solutions as advanced base packets along
SGSN–MME. Beside its integration with the 4G networks, the
EPG network offers an integrated set of high quality multimedia
applications and broadband telecom services across Saudi
Arabia. Ericsson will mobilize its consultations and expertise in
the area of system integration. The scope of the agreement
covers fitting STC‟s network with state of the art technologies via
multiple platforms and high efficiency tie channels.
(GulfBase.com)
 Tadawul, MYX sign cooperation deal – The Saudi Stock
Exchange (Tadawul) and Bursa Malaysia (MYX) have entered
into a MoU, which will serve to deepen and formalize the
existing cooperation between the two exchanges. The MoU
enables the two parties to share expertise, opens the door for
people skills development and allows both parties to explore
future opportunities in capital market development, particularly in
the area of Islamic finance. (Tadawul)
 Saudi CMA approves NADEC’s capital increase – The Saudi
CMA‟s board has approved the National Agriculture
Development Company‟s (NADEC) request to increase its
capital from SR600mn to SR700mn by issuing one bonus share
for every six existing shares. This increase will be paid by
transferring SR100mn from the retained earnings account to the
company‟s capital. Consequently, the company‟s outstanding
shares will increase from 60mn to 70mn shares. The bonus
shares eligibility is limited to the shareholders who are
registered at the close of trading on the day of the extraordinary
general assembly, which will be determined later. (Tadawul)
 Al Khaleej declares SR30mn dividend for 2013 – Al Khaleej
Training & Education Company‟s board of directors has
recommended the distribution of SR30mn dividends to its
shareholders for 2013. The divided per share will be SR1,
representing 10% 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)
 DHC declares SR70.8mn dividend for 2013 – Dallah
Healthcare Holding Company‟s (DHC) board of directors has
recommended the distribution of SR70.8mn dividend to its
shareholders for 2013. The divided per share will be SR1.5,
representing 15% 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)
 JD plans IPO in US by 2H2014 – Jingdong Inc. (JD), backed by
the Kingdom Holding Company (KHC) and Prince Alwaleed bin
Talal, is planning the largest IPO in the US by a Chinese
company in a decade by 2H2014. JD is the largest online direct
sales company with annual sales of $16.7bn in a market with
sales of $213bn in 2013. (GulfBase.com)
 EFECO wins AED1bn MEP contract at Abu Dhabi Plaza –
Arabtec Holding has announced that its subsidiary, Emirates
Falcon Electromechanical Company (EFECO), has been
awarded a AED1bn contract to carry out mechanical, electrical &
plumbing (MEP) work at the Abu Dhabi Plaza development in
Astana, Kazakhstan. The Abu Dhabi Plaza is a 500,000-square
meter mixed-use development located at the heart of the
Kazakh capital. The development comprises five towers,
featuring 566 luxury residential apartments, 107,000 square
meters of commercial office space, a five-star hotel along with
serviced apartments and a 50,000 square meter retail podium.
The development is under construction by a JV of Arabtec and
Consolidated Contractors Company (CCC), under an AED4bn
contract with Aldar Properties. (DFM)
 NDC inaugurates new jackup rig Hamriyah – The National
Drilling Company (NDC) has inaugurated its new state-of-the-art
jackup rig Qarnin at a ceremony held in Hamriyah Free Zone.
Qarnin is the third rig in a series of six similar drilling rigs being
acquired by NDC and manufactured by Lamprell. Qarnin will join
the two existing rigs – Makasib and Muhaiyimat – which were
received earlier. Construction of the remaining three rigs is
proceeding on schedule and will be received as planned in
2014-15. (GulfBase.com)
 Dubai’s January inflation up marginally – According to the
data released by Dubai Statistics Center, Dubai‟s Consumer
Price Index (CPI) in January rose 0.5% as compared to previous
month, while the annual inflation rate increased to 2.2% over
same period last year. The housing & utility costs – the CPI
heavyweight that accounts for 44% of the index – climbed 3.9%
from a year earlier and 2% from the previous month. Food &
beverage prices, (11% weight), rose 3.7% YoY, but fell 2%
MoM. Education climbed by 4% over last year, but didn‟t change
MoM, while the clothing & footwear group declined by 3% YoY.
Alcoholic beverages & tobacco rose by 1.65%, while furniture &
household items and repair rose by 0.98% YoY. The transport
group rose marginally by 0.78%, while the recreation & culture
group by 0.56% YoY. Miscellaneous goods & services increased
by 0.30%, while the restaurants & hotels group rose by 0.06%.
(GulfBase.com)
 Dubai to roll over $10bn crisis debt – According to sources,
Dubai has reached an agreement to roll over $10bn debt
extended by the Central Bank of the UAE during the global
financial crisis. The Emirate had borrowed money five years ago
and the debt is due to mature next month. (GulfBase.com)
 ADPC’s volumes rise steadily in 2013 – Abu Dhabi Ports
Company's (ADPC) Khalifa Port and Zayed Port saw increased
volumes last year with container traffic and RORO (roll on, roll
off vehicles) seeing significant growth in 2013. RORO traffic,
which comes into Zayed Port in the centre of Abu Dhabi has
grown by 11.7% over the last 12 months. The increase reflects
consumer demand and a growing population in the region.
Container traffic at Khalifa Port's container terminal has
increased by 14.6% and its import & export activities are bound
to to grow as the adjacent Khalifa Industrial Zone Abu Dhabi
(Kizad) is now completed. Around 40 national, regional and
international investors have signed lease agreements and
started construction of their facilities in Kizad. (Bloomberg)
 Abu Dhabi’s January inflation edges down to 2.1% –
According to the data released by Statistics Centre–Abu Dhabi,
the Emirate‟s inflation in January edged down to 2.1% YoY.
Housing & utility costs, which account for almost 38% of
consumer expenses, rose 1.5% YoY. (GulfBase.com)
 Dana Gas to increase share capital – Dana Gas has approved
the increase of its share capital by AED101.1mn (101,116,167
ordinary shares), amounting to $20.7mn of convertible Sukuk.
The company has submitted the required application to the Abu
Dhabi Securities Exchange (ADX) to deliver the said ordinary
shares to the relevant convertible Sukuk certificate holders, in
accordance with the ADX‟s applicable procedures. (ADX)
Page 4 of 6

5.  GCEM’s BoD recommends 5% cash dividend – The Gulf
Cement Company‟s (GCEM) board of directors has
recommended the distribution of 5% cash dividends for 2013.
(ADX)
 Kuwait Airways signs contract to buy 25 Airbus jets –
Kuwait Airways has signed a contract with Airbus to buy 25
aircraft and lease 12 more, firming up the order that was
announced late last year. In December 2013, the carrier had
signed a provisional agreement with Airbus to buy 25 aircraft in
a deal worth $4.4bn at list prices. The order includes 10 A350900 and 15 medium-haul A320neo airliners. (Reuters)
 Wataniya’s BoD recommends cash dividend – National
Mobile Telecommunications Company‟s (Wataniya) board has
recommended a cash dividend of 0.125 dinars per share for
2013. (GulfBase.com)
recommended the distribution of 18% cash dividend from the
paid-up capital, i.e. 18 fils per share, to those shareholders who
are registered on the date of the AGM. (Bahrain Bourse)
 DUTYF’s BoD recommends 55% cash dividend – Bahrain
Duty Free Shop Complex‟s (DUTYF) board of directors has
recommended the distribution of 55% cash dividend to its those
shareholders who are registered on the date of the AGM.
However, around 20% of its paid-up capital has already been
distributed as interim dividend. (Bahrain Bourse)
 ABC appoints Group CEO – Bahrain-based Arab Banking
Corporation (ABC) has appointed Ray Ferguson as the Group
Chief Executive Officer, effective from 2Q2014. (GulfBase.com)
set
to
sell 71.2mn
shares
– Oman
 Omantel
Telecommunications Company (Omantel) announced that the
first phase of its share allocation will begin next week. This
announcement follows the Ministry of Finance‟s intention to sell
part of the government's 19% share in Omantel, which is equal
to 142.5mn shares of equity capital. The first stage includes
offering the company‟s 71.25mn shares for subscription by
Omani individuals and institutions, which meet the eligibility
requirements. The minimum subscription at this phase will be
2mn shares. (Bloomberg)
 UBAR’s BoD recommends 15% cash dividend – UBAR
Hotels & Resorts‟ board of directors has recommended a cash
dividend of 15% on the company‟s paid-up share capital,
amounting to 15 baizas per share for the year ended December
31, 2013. (MSM)
 AUB’s net profit jumps 72.6% in 2013 – Ahli United Bank
(AUB) reported a 72.6% increase in the net profit to $579.4mn
for 2013 as compared to $335.7mn in 2012. This included an
exceptional non-recurring gain of $212.9mn due to the sale of its
29.4% stake in Ahli Bank Qatar. The net profit increased by 8%
QoQ to $77.2mn in 4Q2013 from $71.5mn in 4Q2012. The
operating income increased by 12.9% from $848.7mn to
$958.3mn in 2013, driven largely by a rise in net interest income
and fee income. The bank‟s total assets grew by $2.8bn to
reach $32.7bn by the end of 2013. Loans & advances grew to
$17.3bn from $16bn as of December 31, 2012. Meanwhile, the
bank‟s board has recommended a cash dividend of $0.045 per
share and a 5% bonus share issue for 2013. (Bloomberg,
Reuters)
 NBK Bahrain’s net profit rises by 24% in 2013 – The National
Bank of Kuwait‟s (NBK) Bahraini unit reported a 24% YoY
growth in its net profit to $114mn in 2013 from $92mn the
previous year. NBK Bahrain‟s total assets increased by 41%
YoY to $7.75bn for the period ending December 2013 as
compared to $5.5bn a year earlier. Customer deposits surged
114% YoY to $4.5bn at the end of 2013 as compared to $2.1bn
at the end of 2012. (GulfBase.com)
 Batelco signs MoU for broadband network – Batelco and the
Ministry of State for Communications have signed a MoU to
explore the opportunity of building a National Broadband
Network using Batelco‟s existing optic fiber network across
Bahrain. Building the National Broadband Network is part of the
National Telecommunications Plan adopted by the Cabinet of
Ministers. The plan includes the provision of a countrywide
access to ultrafast broadband services using optic fiber.
(Bahrain Bourse)
 BNH’s BoD recommends 18% cash dividend – The Bahrain
National Holding Company‟s (BNH) board of directors has
Page 5 of 6

6. Daily Index Performance
1.1%
0.8%
1.0%
0.4%
0.1%
(0.1%)
(0.5%)
QE Index
Mar-12
Oct-12
May-13
S&P Pan Arab
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
1,311.60
(0.8)
(0.5)
8.8
21.53
(1.9)
0.2
10.6
110.47
0.0
1.3
5.96
3.9
158.00
Global Indices Performance
Close
1D%
WTD%
YTD%
16,040.56
(0.6)
(0.7)
(3.2)
S&P 500
1,828.75
(0.7)
(0.5)
(1.1)
(0.3)
NASDAQ 100
4,237.95
(0.8)
(0.1)
1.5
7.7
37.2
STOXX 600
334.94
0.1
0.5
2.0
1.4
1.4
24.9
DAX
9,660.05
0.0
(0.0)
1.1
133.00
1.1
1.1
(2.0)
FTSE 100
6,796.71
0.0
2.0
0.7
DJ Industrial
1.37
(0.2)
0.3
(0.1)
CAC 40
102.31
(0.0)
0.5
(2.8)
Nikkei
GBP
1.67
(0.0)
(0.4)
0.7
MSCI EM
CHF
1.13
(0.1)
0.5
0.5
SHANGHAI SE Composite
AUD
0.90
(0.3)
(0.4)
0.9
USD Index
80.14
0.2
0.0
RUB
35.65
0.6
1.4
BRL
0.42
0.1
(0.3)
(1.3)
Yen
Dubai
Aug-11
(0.6%)
Qatar
(1.0%)
Jan-11
0.3%
0.0%
Bahrain
131.0
0.5%
Kuwait
143.9
Saudi Arabia
Jun-10
1.5%
169.9
Abu Dhabi
180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
Oman
Rebased Performance
4,341.10
0.2
0.0
1.1
14,766.53
(0.5)
3.2
(9.4)
959.09
0.0
0.2
(4.3)
2,142.55
1.1
1.3
1.3
HANG SENG
22,664.52
0.3
1.6
(2.8)
0.1
BSE SENSEX
20,722.97
0.4
1.7
(2.1)
8.5
Bovespa
47,150.83
1.2
(2.2)
(8.5)
1,306.00
(2.8)
(2.8)
(9.5)
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
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