1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.0% to close at 9,697.5. Losses were led by the
Telecoms and Real Estate indices, declining 1.5% each. Top losers were United
Development Co. and Qatar Insurance Co., falling 2.2% and 1.8% respectively.
Among the top gainers, Qatar German Co. for Med. Dev. rose 2.9%, while
National Leasing gained 1.5%.
GCC Commentary
Saudi Arabia: The TASI index declined 0.3% to close at 8,003.4. Losses were
led by the Telecomm. & Info. Tech. and Petrochem. Ind. indices, falling 0.5%
each. Saudi Ind. Inv. declined 2.5%, while Middle East Spec. Cables fell 2.4%.
Dubai: The DFM index rose 0.3% to close at 2,716.2. The Services index
gained 2.1%, while the Investment & Financial Services index was up 1.8%.
Int. Financial Advisors and Gulf Navigation Holding surged 14.8% each.
Abu Dhabi: The ADX benchmark index gained 0.3% to close at 3,828.4. The
Industrial index rose 6.1%, while the Consumer index was up 4.6%. Int. Fish
Farming Holding Co. and National Bank of Umm Al Qaiwain surged 15% each.
Kuwait: The KSE index declined marginally to close at 7,897.7. The
Technology index fell 1.4%, while the Industrial index was down 0.6%. ACICO
Industries Co. declined 7.7%, while IFA Hotels & Resorts Co. was down 7.0%.
Oman: The MSM index rose 0.1% to close at 6,594.1. Gains were led by the
Industrial and Ser. & Ins. indices, rising 0.3% and 0.1% respectively. Alizz
Islamic Bank rose 2.8%, while Galfar Engineering & Contracting was up 1.9%.
Bahrain: The BHB index declined 0.1% to close at 1,190.9. The Commercial
Banking index fell 0.7%. United Gulf Investment Corp. declined 8.3%, while
Ahli United Bank was down 2.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co. for Med. Dev. 15.80 2.9 53.9 6.9
National Leasing 35.00 1.5 512.9 (22.6)
Gulf International Services 52.50 1.0 294.5 75.0
Widam Food Co. 52.60 1.0 213.4 (10.5)
Qatar National Cement Co. 102.00 0.9 150.1 (4.7)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 21.60 (2.2) 940.5 21.3
Masraf Al Rayan 29.25 (1.4) 802.1 18.0
Medicare Group 50.20 (0.6) 584.5 40.6
National Leasing 35.00 1.5 512.9 (22.6)
Qatar Gas Transport Co. 19.60 (1.0) 459.9 28.4
Source: Bloomberg (* in QR)
Market Indicators 24 Sep 13 23 Sep 13 %Chg.
Value Traded (QR mn) 325.5 301.4 8.0
Exch. Market Cap. (QR mn) 527,965.2 532,559.2 (0.9)
Volume (mn) 6.6 5.0 32.0
Number of Transactions 3,925 2,935 33.7
Companies Traded 34 39 (12.8)
Market Breadth 10:22 20:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,855.49 (1.0) (1.8) 22.5 N/A
All Share Index 2,439.00 (0.9) (1.6) 21.1 12.9
Banks 2,365.55 (1.0) (1.9) 21.4 12.5
Industrials 3,074.21 (0.6) (1.1) 17.0 11.3
Transportation 1,807.92 (0.5) (1.1) 34.9 12.4
Real Estate 1,756.03 (1.5) (2.3) 9.0 13.2
Insurance 2,219.96 (1.2) (1.5) 13.1 9.2
Telecoms 1,447.28 (1.5) (3.0) 35.9 15.2
Consumer 5,889.87 (0.3) (0.5) 26.1 24.2
Al Rayan Islamic Index 2,780.56 (0.8) (1.1) 11.8 14.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
NBQ Abu Dhabi 3.45 15.0 1.0 86.5
Drake & Scull Int. Dubai 1.23 4.2 85,839.9 74.7
MEDGULF Saudi Arabia 27.60 3.0 2,166.6 22.3
Bank of Bahrain & Kuwait Bahrain 0.43 2.4 20.0 19.0
Najran Cement Co. Saudi Arabia 26.50 2.3 2,341.5 40.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
IFA Hotels & Resorts Kuwait 0.53 (7.0) 1.0 20.5
Sharjah Islamic Bank Abu Dhabi 1.40 (6.0) 1,100.0 52.2
Boubyan Bank Kuwait 0.60 (3.2) 963.3 (1.6)
Ahli United Bank Bahrain 0.67 (2.9) 969.5 19.4
Mobile Telecomm. Co. Kuwait 0.71 (2.7) 2,974.8 (9.0)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
United Development Co. 21.60 (2.2) 940.5 21.3
Qatar Insurance Co. 59.80 (1.8) 63.5 10.8
Qatar International Islamic Bank 56.30 (1.8) 56.5 8.3
Dlala Brok. & Inv. Holding Co. 21.50 (1.7) 36.3 (30.8)
Ooredoo 140.10 (1.7) 78.3 34.7
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 150.50 (1.0) 59,050.1 6.7
Medicare Group 50.20 (0.6) 29,687.8 40.6
Masraf Al Rayan 29.25 (1.4) 23,554.5 18.0
QNB Group 169.70 (1.1) 20,471.1 29.6
United Development Co. 21.60 (2.2) 20,445.4 21.3
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,697.49 (1.0) (1.8) 0.8 16.0 89.42 145,032.0 12.2 1.7 4.8
Dubai 2,716.16 0.3 1.9 7.7 67.4 316.75 66,438.7 15.8 1.1 3.3
Abu Dhabi 3,828.43 0.3 0.3 2.4 45.4 39.00 109,846.8 10.9 1.4 4.7
Saudi Arabia 8,003.44 (0.3) (0.3) 3.1 17.7 1,154.05 424,123.5 16.7 2.1 3.7
Kuwait 7,897.65 (0.0) 0.6 3.5 33.1 193.11 110,889.3 18.5 1.2 3.6
Oman 6,594.14 0.1 (0.1) (1.5) 14.5 6.61 23,115.3 10.9 1.6 3.9
Bahrain 1,190.85 (0.1) (0.7) 0.2 11.8 2.11 21,805.4 8.3 0.8 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)
9,650
9,700
9,750
9,800
9,850
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index declined 1.0% to close at 9,697.5. The Telecoms
and Real Estate indices led the losses. The index declined on
the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
 United Development Co. and Qatar Insurance Co. were the top
losers, falling 2.2% and 1.8% respectively. Among the top
gainers, Qatar German Co. for Med. Dev. rose 2.9%, while
National Leasing gained 1.5%.
 Volume of shares traded on Tuesday rose by 32.0% to 6.6mn
from 5.0mn on Monday. However, as compared to the 30-day
moving average of 8.5mn, volume for the day was 23.2% lower.
United Development Co. and Masraf Al Rayan were the most
active stocks, contributing 14.3% and 12.2% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/24 US S&P/Case-Shiller S&P/CS 20 City MoM SA July 0.62% 0.80% 0.88%
09/24 US S&P/Case-Shiller S&P/CS Composite-20 YoY July 12.39% 12.40% 12.07%
09/24 US S&P/Case-Shiller
S&P/CaseShiller Home Price Index
NSA
July 162.49 162.69 159.54
09/24 US FHFA House Price Index MoM July 1.00% 0.80% 0.70%
09/24 US Conference Board Consumer Confidence Index September 79.7 79.9 81.8
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar put on watch for upgrade to emerging-market status
at FTSE – According to a report published by FTSE, Qatar’s
stocks may be promoted to secondary-emerging market status
at global index compiler from frontier ranking. Qatar may be
upgraded based on improvements in the settlement processes.
FTSE said further improvements are required in increasing
foreign ownership limits and improving broad market liquidity to
meet secondary emerging eligibility requirements in full.
Moreover, Kuwait is put on watch list for potential inclusion as
secondary-emerging market and Morocco on watch list for
possible demotion from secondary-emerging market status to
frontier due to continued decline in broad market liquidity below
the level sufficient to support sizable global investment. FTSE
has ranked Egypt, UAE as secondary-emerging markets and
Bahrain, Jordan, Oman, Tunisia as frontier markets.
(Bloomberg)
 75% of Corniche road work over; traffic signals to come up
in weeks – The Public Works Authority (Ashghal) said about
75% of the ongoing Doha Corniche renovation project has
already been completed. Ashghal stated that the installation of
traffic signals at the new intersections that replace roundabouts
in and around Doha Corniche will be completed over the next
couple of weeks. The work involves converting roundabouts on
Corniche Street and surrounding areas into signal-controlled
intersections in order to enhance traffic flow to and from West
Bay, and between the north and south of Doha. (Gulf-
Times.com)
 New senior management for QFC Regulatory Tribunal – The
Rt Hon Sir David Keene has been appointed as the Chairman of
the Qatar Financial Center’s (QFC) Regulatory Tribunal.
Meanwhile, Justice Frances Kirkham CBE, will head “Q-
Construct,” a specialist fast-track construction dispute resolution
scheme. Christopher Grout has been promoted from Acting
Registrar to Registrar, who will perform a legal, judicial and
managerial role for the Qatar International Court & Dispute
Resolution Centre (QICDRC). (Peninsula Qatar)
International
 Moody's: Debt limit row, government shutdown unlikely to
hit US rating – Moody's Investors Service said an impasse over
the US government's debt ceiling would be worse for financial
markets than a government shutdown, but neither issue is likely
to hurt the US sovereign credit rating. The rating agency expects
the country to avoid a shutdown as well as increase its debt
limit. However, it also said failure to lift the cap on government
borrowings could theoretically affect all categories of
government spending, including debt service. Meanwhile,
Moody's said at this juncture, it does not foresee a rating cut as
a consequence of these short-term events. Moody's also
expects the US to keep paying the interest on Treasuries in the
event of a debt ceiling standoff. (Reuters)
 OECD warns Eurozone still remains a risk source, sees
growth in 2014 – The Organization for Economic Cooperation
and Development (OECD) said the European common currency
area remains a considerable source of risk, even though the
systemic risk from its debt crisis is scaling back. The OECD's
Chief Economist Pier Carlo Padoan said a positive economic
growth in the Eurozone should return only in 2014, expecting
growth to be still negative this year despite a recovery in many
countries. Padoan said that while pursuing structural fiscal
consolidation in 2014, Eurozone countries should allow
automatic stabilizers to work, and focus on fighting high
unemployment rates. (Reuters)
 Greece, lenders foresee reduced recession of 4.0% in 2013
– Greece and its international lenders have agreed on a joint
forecast that the country's economy will contract by 4.0% in
Overall Activity Buy %* Sell %* Net (QR)
Qatari 62.23% 73.73% (37,434,755.04)
Non-Qatari 37.77% 26.27% 37,434,755.04

3. Page 3 of 6
2013, slightly less than previously projected. The previous
estimate by the European Union, European Central Bank and
International Monetary Fund (lender troika) was that the
economy would shrink by 4.2% in 2013, its sixth straight year of
recession. (Reuters)
 Japan’s PM: Japanese economy on a path of solid growth –
Japanese Prime Minister Shinzo Abe said the country’s
economy is now surely on a solid growth and recovery path. Abe
said that the government will create a robust set of measures to
support and promote this growth path. (Bloomberg)
Regional
 Middle East, Africa shows mixed performance in hotel
occupancy in August 2013 – According to a report by STR
Global, the Middle East & Africa region has reported mixed
performance in hotel occupancy during August 2013. The region
has reported an increase of 3.7% in occupancy rate to 56.1%
YoY in August 2013. The report showed a decrease of 0.8%
YoY in the average daily rate to $154.99, while the revenue per
available room (RevPAR) rose 2.9% YoY to $86.97 in August
2013. STR Global’s Managing Director Elizabeth Winkle said
that Ramadan holidays falling in August 2013 has affected the
performance, especially in the Middle East. The report showed
that the RevPAR for Amman increased 41.4% YoY to $97.69,
Doha (+38.4% YoY to $99.55), Dubai (+33.7% YoY to $145.14)
and Manama, Bahrain (+31.2% YoY to $88.42). (AME Info)
 Saudi oil supply sufficient, ready to meet shortages – Saudi
Oil Minister Ali al-Naimi said the global oil market has enough
supply and prices are at a favorable level, affirming the
willingness of the Kingdom to meet shortages. Saudi Arabia
pumped oil at a record rate of around 10mn bpd in August,
helping to cushion the market from the shutdown of Libya’s
exports and reduced output from other countries including
Nigeria and Iraq. (Gulf-Times.com)
 Apicorp’s net profit surges 31% YoY in 1H2013 – Arab
Petroleum Investments Corporation (Apicorp), a Saudi-based
multilateral bank owned by Arab states, said its net profit grew
31% YoY to $66mn in 1H2013. (GulfBase.com)
 Saudi GDP reaches SR2.66tn in 2012 – According to a report
released by Saudi Arabia’s Central Department of Statistics &
Information (CDSI), the country’s GDP has registered a record
growth to reach SR2.66tn in 2012 as compared to SR1.95tn in
2008. GDP per capita increased from SR76,000 in 2008 to more
than SR91,000 in 2012. The report found that real GDP has
registered a growth of 5.1% in 2012, while the average growth
rate during 2008-2012 stood at 6.3%, higher than the growth
rates prevailing among GCC and G20 countries. The private
sector’s share in the GDP has reached 57.6% during 2008-2012
as compared to 48.9% during 2003-2007. Share of the oil
sector in Kingdom’s GDP has reduced from 29.5% to 22.2%,
which indicates that the Saudi economy has been increasingly
supported by the private and non-oil sectors. The ratio of Saudi
exports of non-oil goods to imports has increased from 28.2% in
2008 to 32.7% in 2012. The volume of non-oil exports has
increased 57% to SR191bn in 2012 as compared to SR121.6bn
in 2008, while imports rose 35.1% to SR583.5bn in 2012.
(GulfBase.com)
 SR900bn invested in 600 Jubail and Yanbu projects – The
Royal Commission for Jubail & Yanbu’s (RCJY) Chairman
Prince Saud bin Abdullah bin Thunayan said RCJY has invested
around SR900bn in the industrial cities of Jubail and Yanbu.
Prince Saud said these investments were focused on setting up
more than 600 plants to produce 92 basic products. With this
expansion, the total number of residents in these cities has
increased to 300,000 people. He also said that RCJY’s share to
the GDP stands at 12%, while its share to the industrial sector is
65%, which is two-thirds of the total industrial sector. He further
said that RCJY has attracted investments worth SR11.72bn for
the Yanbu Project 2 to produce various products such as
titanium dioxide, reinforced iron, solar-related industries,
lubricating and motor oils. (GulfBase.com)
 Al Khodari Sons obtains SR828mn credit facilities from BSF
– Abdullah Abdul Mohsin Al-Khodari Sons Company has
entered into an Islamic credit facilities agreement worth
SR828mn with Banque Saudi Fransi (BSF). This agreement
consists of new credit facilities along with the renewal of existing
outstanding limits. These facilities will provide bonding
commitments and fund the company’s working capital & capex
requirements, of which 41% has been funded under
Morabaha/Tawarroq modes of financing, while the remaining
59% are for multi-bonds and documentary credits. This
agreement will expire on August 31, 2014 and the facilities are
secured by promissory notes and proceeds from the financed
projects. (Tadawul)
 CPC opens $15mn marble factory in China – Saudi-based
Construction Products Holding Company (CPC) has opened its
wholly-owned high quality marble factory in China through its
Global New Material Technology Company with an investment
of $15mn. CPC is expanding its production capacity in major
emerging markets to deliver its innovative building technologies
to the growing number of customers based in China, Saudi
Arabia and the GCC region. This new factory comprises 66,000
square meters of space and is expected to produce 400,000
square meters of interior & exterior flooring, wall panels and
interior decorations for all types of buildings. CPC International’s
Chief Operating Officer Riad Kiwan said that 50% of the
factory’s production will be allocated for domestic consumption
in China and 50% will be exported to Saudi Arabia and GCC
countries. (AME Info)
 EPCC to begin operating its new production line from
October 1 – The Eastern Province Cement Company (EPCC)
has announced that the commercial operation of its new
production line of specialized types of cement will begin from
October 1, 2013. EPCC expects this new production line will
result in an increase of profits by SR15mn in 2014. (Tadawul)
 Mobily signs MVNO agreement with Etihad Jawraa – The
Etihad Etisalat Company (Mobily) has entered into a mobile
virtual network operator (MVNO) agreement with Etihad Jawraa
Telecommunications & Information Technology Company
(Etihad Jawraa). Under this agreement, Etihad Jawraa will use
Mobily’s network infrastructure to provide mobile services to its
retail customers as a MVNO, after obtaining the necessary
license from competent authorities. (Tadawul)
 Al Mouwasat Medical Services obtains SR106.1mn loan
facility from MoF – Al Mouwasat Medical Services has
obtained a SR106.1mn loan facility from the Saudi’s Ministry of
Finance (MoF) to build a hospital with 175 beds in Riyadh. The
company will repay these funds in 20 equal installments, after a
grace period of five years. Saudi Fransi Bank has provided
SR10.1mn guarantee for the facility. (Bloomberg)
 New Companies Law to be enacted within 2013 – The UAE’s
Minister of Economy Sultan bin Saeed Al Mansouri said that the
new Commercial Companies Law will be enacted before the end
of 2013. This proposed law was passed by the Federal National
Council in May 2013 and is now waiting for the final clearance
from the UAE Cabinet. (GulfBase.com)

4. Page 4 of 6
 Dubai working on rules to avert another property bubble –
Dubai's Supreme Fiscal Committee Chairman Sheikh Ahmed
bin Saeed al Maktoum said the government is working on new
rules to protect its real estate market and prevent any excessive
rise of property prices that could end in a crash. The bursting of
a property bubble in 2009-2010 caused prices to plunge by
more than 50%, pushing Dubai close to a debt default. The
Emirate’s market has recovered strongly in 2013, with apartment
prices up by about 20% over a year earlier, but the International
Monetary Fund has warned of the danger of another bubble.
(Gulf-Times.com)
 Dubai not negotiating with Abu Dhabi to refinance its $20bn
loan – Dubai's Supreme Fiscal Committee Chairman Sheikh
Ahmed bin Saeed al Maktoum said that the Emirate is currently
not negotiating with Abu Dhabi to refinance its $20bn worth of
crisis-related debt, which is due in 2014. This consists of $10bn
loan from the UAE Central Bank and $5bn loan each from the
National Bank of Abu Dhabi and Al Hilal Bank. The central
bank’s loan is due to mature in February 2014, and the
commercial banks’ debt will mature in November 2014. Earlier in
2009, Dubai had borrowed $20bn from Abu Dhabi and the
federal government when its real estate market crashed and
state-linked companies struggled with their debt.
(GulfBase.com)
 DIA’s passenger traffic increases 23.8% to 5.9mn in August
– According to a traffic report released by Dubai Airports
Company (DAC), the monthly passenger traffic at the Dubai
International Airport (DIA) reached 5.9mn in August 2013,
reflecting an increase of 23.8% YoY (+16.4% YTD). This
increase in August has made it the busiest month in terms of
passenger traffic in DIA’s history. This surge was due to a strong
growth in almost all the markets and the effect of Ramadan and
Eid holidays. The report found that Eastern Europe had topped
among the regions in terms of traffic growth with 82%, followed
by Australasia (45%) and Asia Pacific (40.4%). DIA’s aircraft
movement during August has reached 31,198, indicating an
increase of 11.5% YoY. GulfBase.com)
 Dubai government’s sukuk bonds lead global ranking –
According to the data compiled by Bloomberg, seven of the top
ten best-performing government sukuk bonds in the world this
quarter are from Dubai. This is due to its economy gathering
steam, powered by steady rise in bank profits, tourist numbers
and real estate prices. Dubai's $650mn notes due in May 2022
have returned 5.3%, the most among 33 Shari’ah-compliant
sovereign bonds tracked by Bloomberg. The average return on
these notes was 1.3%. (GulfBase.com)
 Emirates may issue bonds in early 2014 to raise $4.5bn –
The Emirates Airline’s Senior Vice President for Corporate
Treasury Brian Jeffery said that the airline may issue bonds as
early as January or February 2014 to raise $4.5bn for the
purchase of 21 new planes in FY 2014. The airline has to raise
$22bn over the next four years at an average of $5.5bn per year
to finance its aircraft deliveries. (Reuters)
 Arabtec, Samsung Engineering launch new MENA EPC
company – Dubai-based Arabtec Holding and South Korea-
based Samsung Engineering Company have launched a new JV
EPC company, “Arabtec-Samsung Engineering”, which will
operate in the MENA oil & gas, power and related infrastructure
sectors. This new JV will be headquartered in Abu Dhabi and its
40% stake will be owned by Arabtec and Samsung Engineering
each, while the remaining 20% is owned by Tasameem Property
Investment. This company will engage in a range of sectors from
hydrocarbon (hydrocarbon processing, refining, petrochemicals
and fertilizers) to industrial and related infrastructure projects
(power plants, water treatment, environmental, metallurgy and
industrial projects). (GulfBase.com)
 GPS obtains gas compression contract from Apache
Energy – The Global Process Systems (GPS) has obtained a
contract from an Australian firm Apache Energy Ltd. for its
Varanus Island Compression Project. This contract involves
installation of two gas compression modules and associated
utility systems to support enhanced well deliverability from the
John Brookes Field, in the north-western region of Australia.
(AME Info)
 Abu Dhabi’s power demand to grow slightly in 2013 – The
Abu Dhabi Water & Electricity Authority’s (ADWEA) Director
General Abdulla Saif Al Nuaimi said that the demand for electric
power in athe Emirate will grow slightly in 2013 as compared to
a growth of 9% in 2012. Al Nuaimi said that the expansion of
Mirfa power plant is expected to be completed by 2Q2016,
which will generate 1,600 MW electricity and 52.5mn imperial
gallons of water. He also said that the construction work on
Shuwaihat power plant is expected to be completed by 1Q2014
and will add 1,647 megawatt of electric power. (GulfBase.com)
 SEHA collaborates with Musanada to build AED103mn
SKMC Dialysis Centre – The Abu Dhabi Health Services
Company (SEHA) has collaborated with the Abu Dhabi General
Services (Musanada) to construct AED103mn Sheikh Khalifa
Medical City (SKMC) Dialysis Centre. The construction will
commence once an approval is obtained from the Abu Dhabi
Executive Council. (AME Info)
 TAQA plans AED1.7bn IPO for Moroccan power unit – The
Abu Dhabi National Energy Company (TAQA) is planning an
IPO worth AED1.7bn for its Moroccan power unit, Jorf Lasfar
Energy Company in a bid to expand its output in the country.
TAQA has met with Attijariwafa Bank, Banque Centrale
Populaire and Societe Generale, and has spoken with the
Moroccan regulators on the potential IPO, but has not given a
time frame for the sale. (Bloomberg)
 MREI, Gulf Related refinance AED248mn debt with NBAD –
The Mubadala Real Estate & Infrastructure (MREI) and Gulf
Related, a UAE-based real estate developer have successfully
refinanced a AED248mn debt with the National Bank of Abu
Dhabi (NBAD) of their joint project, “The Galleria” on Al Maryah
Island. This eight-year loan facility will strengthen the project’s
capital structure, reduce its borrowing cost and generate over
50% in annual interest expense savings. The debt facility
represents 60% of the total project cost of the project.
(GulfBase.com)
 DGCA: Jazeera Airways registers 21% rise in passengers in
August – According to the figures provided by Kuwait’s
Directorate General for Civil Aviation (DGCA), Jazeera Airways
has registered an increase of 21% YoY in the number of
passengers flown in August 2013. This increase was supported
by the rise in passengers travelling on 11 routes that serve the
cities of Dubai, Bahrain, Beirut, Amman, Riyadh, Istanbul,
Mashhad and Egypt’s Sharm El Sheikh, Luxor, Assiut and
Sohag. (GulfBase.com)
 OEIHC’s BoD approves to subscribe in SAOG’s IPO – Oman
& Emirates Investment Holding Company’s (OEIHC) board of
directors has approved to subscribe in the IPO of Sembcorp
Salalah Power & Water Company (SAOG). SAOG will offer 1mn
shares at a value of OMR1.59mn. (MSM)
 Bahrain’s TRA awards spectrum for next-generation
networks – The Telecommunications Regulatory Authority of
Bahrain (TRA) has awarded radio spectrum for next-generation
networks to Bahrain Telecommunications Company (Batelco),

5. Page 5 of 6
Kuwait's Mobile Telecommunications Company (Zain Group)
and Viva Bahrain (STC Bahrain). Viva Bahrain has received six
lots of this spectrum, while Batelco got four, and Zain Group two
lots of the spectrum. (Reuters)
 Gulf Opportunity Fund gets 30% stake in Saudi car rental
firm – The Investcorp Bank’s Gulf Opportunity Fund has
obtained 30% stake in a Saudi Arabian car rental firm, Theeb
Rent-a-Car Company (Theeb). Under this agreement, the Gulf
Opportunity Fund will be represented on Theeb’s board and will
play an active role in making decisions on governance and
future exit strategies. (GulfBase.com)
 Investcorp acquires Paper Source – Bahrain-based
Investcorp Bank has acquired Paper Source Inc, a US-based
multi-chain retailer offering a premium selection of gifts,
stationary and crafting supplies, from Los Angeles-based private
equity firm Brentwood Associates. The terms of this transaction
were not disclosed. (Bahrain Bourse)

6. 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
(0.3%)
(1.0%)
(0.0%) (0.1%)
0.1%
0.3% 0.3%
(1.4%)
(0.7%)
0.0%
0.7%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,323.35 0.0 (0.2) (21.0) DJ Industrial 15,334.59 (0.4) (0.8) 17.0
Silver/Ounce 21.71 0.2 (0.3) (28.5) S&P 500 1,697.42 (0.3) (0.7) 19.0
Crude Oil (Brent)/Barrel (FM
Future)
108.64 0.4 (0.5) (2.2) NASDAQ 100 3,768.25 0.1 (0.2) 24.8
Natural Gas (Henry
Hub)/MMBtu
3.59 (1.4) (2.5) 4.8 STOXX 600 313.20 0.2 (0.3) 12.0
North American Spot LPG
Propane Price
105.38 (2.0) (4.1) 17.7 DAX 8,664.60 0.3 (0.1) 13.8
North American Spot LPG
Normal Butane Price
133.25 0.0 0.1 (23.0) FTSE 100 6,571.46 0.2 (0.4) 11.4
Euro 1.35 (0.1) (0.4) 2.1 CAC 40 4,195.61 0.6 (0.2) 15.2
Yen 98.75 (0.1) (0.6) 13.8 Nikkei 14,732.61 (0.1) (0.1) 41.7
GBP 1.60 (0.2) (0.0) (1.5) MSCI EM 1,010.56 (0.6) (0.3) (4.2)
CHF 1.10 (0.2) (0.3) 0.3 SHANGHAI SE Composite 2,207.53 (0.6) 0.7 (2.7)
AUD 0.94 (0.4) (0.0) (9.6) HANG SENG 23,179.04 (0.8) (1.4) 2.3
USD Index 80.56 0.1 0.2 1.0 BSE SENSEX 19,920.21 0.1 (1.7) 2.5
RUB 31.86 0.2 0.2 4.4 Bovespa 54,431.05 (0.3) 0.6 (10.7)
BRL 0.45 0.0 0.7 (6.7) RTS 1,446.41 (0.3) (1.1) (5.3)
139.3
125.7
114.2