1. QE Intra-Day Movement
Market Indicators
10,900
10,880
10,860
10,840
Market Indices
10,820
10,800
9:30
09 Jan 14
520.3
574,369.8
8.5
5,425
40
18:19
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 0.4% to close at 10,873.1. Gains were led by the Telecoms
and Transportation indices, gaining 1.7% and 0.4% respectively. Top gainers
were Al Meera Consumer Goods Co. and Qatar General Ins. & Rein. Co. rose
4.7% each. Among the top losers, Al Ahli Bank fell 3.2%, while Islamic Holding
Group declined 1.9%.
08 Jan 14
400.7
572,011.1
8.2
4,524
39
25:8
%Chg.
29.8
0.4
3.5
19.9
2.6
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,535.13
2,689.32
2,553.28
3,613.44
1,951.17
2,009.56
2,432.27
1,521.09
6,078.15
3,181.33
0.4
0.3
0.1
0.3
0.4
(0.1)
0.4
1.7
0.2
0.5
3.1
2.5
3.3
1.3
3.6
0.4
3.3
4.9
0.8
2.4
4.8
3.9
4.5
3.2
5.0
2.9
4.1
4.6
2.2
4.8
N/A
13.6
13.4
13.1
13.2
13.8
10.0
20.7
23.1
16.5
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index rose 0.3% to close at 8,677.9. Gains were led
by the Telecomm. & Info. Tech. and Hot. & Tour. indices, rising 0.9% and 0.8%
respectively. Petro Rabigh rose 4.0%, while United Int. Trans. was up 3.5%.
Drake & Scull Int.
1D%
Vol. ‘000
YTD%
Dubai
1.63
8.7
217,002.4
13.2
Abu Dhabi Nat. Ins. Co.
Abu Dhabi
6.40
8.5
3.0
8.5
Dubai: The DFM index gained 1.8% to close at 3,504.7. The Banking index
rose 3.2%, while the Real Estate & Construction index was up 1.9%. Al Salam
Sudan surged 14.7%, while Al Salam Bank – Bahrain gained 9.1%.
Sharjah Islamic Bank
Abu Dhabi
2.02
5.8
19,151.4
31.2
Nat. Marine Dredging
Abu Dhabi
8.60
4.8
6.2
0.0
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,417.8. The
Insurance index gained 2.5%, while the Inv. & Fin. Ser. index was up 2.4%.
Gulf Medical Projects Co. surged 14.8%, while Nat. Takaful Co. gained 14.4%.
Al Meera Consumer
Qatar
142.20
4.7
616.7
6.7
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.1% to close at 7,668.8. The Technology
index rose 3.5%, while the Consumer Services index was up 1.2%. Kipco
Asset Management Co. and Zima Holding Co. gained 8.6% each.
Investbank
Abu Dhabi
2.66
(8.0)
75.4
(1.1)
Ithmaar Bank
Bahrain
0.23
(4.2)
272.5
0.0
Oman: The MSM index rose 1.0% to close at 7,156.2. Gains were led by the
Financial and Industrial indices, gaining 1.0% and 0.9% respectively. Oman
United Insurance rose 5.8%, while Galfar Engineering & Con. was up 5.4%.
Al Ahli Bank
Qatar
57.40
(3.2)
32.4
4.4
Saudi Hollandi Bank
Saudi Arabia
41.70
(2.8)
287.6
(0.2)
Arab National Bank
Saudi Arabia
31.00
(2.5)
651.6
0.6
Bahrain: The BHB index gained 0.1% to close at 1,263.4. The Services index
rose 0.2%, while the Commercial Banking index was up 0.1%. Al Salam Bank
gained 6.5%, while Seef Properties was up 2.5%.
Qatar Exchange Top Gainers
Close*
1D%
Vol. ‘000
YTD%
Al Meera Consumer Goods Co.
142.20
4.7
616.7
6.7
Qatar General Ins. & Rein. Co.
44.50
4.7
11.7
(7.1)
Doha Insurance Co.
27.95
3.5
35.7
Qatar International Islamic Bank
68.00
3.2
655.7
Qatar & Oman Investment Co.
13.01
2.9
266.9
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)
Qatar Exchange Top Losers
Vol. ‘000
Close*
1D%
YTD%
Al Ahli Bank
57.40
(3.2)
32.4
4.4
Islamic Holding Group
51.00
(1.9)
163.7
10.9
11.8
Dlala Brok. & Inv. Holding Co.
23.70
(1.8)
116.9
7.2
10.2
Doha Bank
63.00
(1.3)
337.5
8.2
Qatar German Co. for Med. Devi.
13.70
(1.1)
5.5
(1.1)
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
Al Meera Consumer Goods Co.
142.20
4.7
86,369.8
6.7
174.50
0.6
80,790.6
1.5
3.2
44,036.3
10.2
Close*
1D%
Vol. ‘000
YTD%
Masraf Al Rayan
33.40
(0.9)
1,049.4
6.7
Qatari Investors Group
50.50
0.6
846.5
15.6
QNB Group
Qatar International Islamic Bank
68.00
3.2
655.7
10.2
Qatar International Islamic Bank
68.00
Al Meera Consumer Goods Co.
142.20
4.7
616.7
6.7
Qatari Investors Group
50.50
0.6
43,981.0
15.6
20.75
0.0
518.3
2.5
Masraf Al Rayan
33.40
(0.9)
35,236.5
6.7
Qatar Exchange Top Vol. Trades
Qatar Gas Transport Co.
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Source: Bloomberg (* in QR)
Close
1D%
WTD%
MTD%
YTD%
10,873.08
3,504.66
4,417.79
8,677.87
7,668.82
7,156.17
1,263.41
0.4
1.8
0.5
0.3
0.1
1.0
0.1
3.1
0.9
1.3
0.7
1.6
3.9
1.2
4.8
4.0
3.0
1.7
1.6
4.7
1.2
4.8
4.0
3.0
1.7
1.6
4.7
1.2
Exch. Val. Traded
($ mn)
163.78
456.51
301.96
1,804.13
109.73
46.17
6.20
Exchange Mkt.
Cap. ($ mn)
157,722.0
73,002.2
125,582.6
476,962.3
109,877.3
25,502.1
50,536.5
P/E**
P/B**
13.9
20.7
12.3
17.6
17.0
11.3
8.2
1.9
1.4
1.5
2.2
1.2
1.7
0.9
Dividend
Yield
4.2
2.5
4.1
3.4
3.7
3.6
3.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 0.4% to close at 10,873.1. The Telecoms and
Transportation 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
53.53%
76.92%
(121,742,559.87)
Non-Qatari
 Al Meera Consumer Goods Co. and Qatar General Ins. & Rein.
Co. were the top gainers, rising 4.2% each. Among the top
losers, Al Ahli Bank fell 3.2%, while Islamic Holding Group
declined 1.9%.
Buy %*
46.47%
23.08%
121,742,559.87
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday rose by 3.5% to 8.5mn
from 8.2mn on Wednesday. However, as compared to the 30day moving average of 11.4mn, volume for the day was 24.4%
lower. Masraf Al Rayan and Qatari Investors Group were the
most active stocks, contributing 12.3% and 9.9% to the total
volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Market
United Wire Factories Co.
(ASLAK)
Currency
Saudi Arabia
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
–
–
24.6
-20.4%
25.0
-19.6%
SR
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date
Market
Source
Indicator
Period
01/09
US
IPSOS Public Affairs
RBC Consumer Outlook Index
January
01/09
US
Department of Labor
Initial Jobless Claims
4-January
01/09
US
Department of Labor
Continuing Claims
28-December
01/09
US
Bloomberg
Bloomberg Consumer Comfort
5-January
01/10
US
Bureau of Labor Stat.
Unemployment Rate
01/10
US
Bureau of Labor Stat.
01/10
US
Bureau of Labor Stat.
01/10
US
01/10
01/10
Actual
Consensus
Previous
51.5
–
49.7
330K
335K
345K
2,865K
2,850K
2,815K
-28.4
–
-28.7
December
6.70%
7.00%
7.00%
Average Hourly Earnings MoM
December
0.10%
0.20%
0.20%
Average Hourly Earnings YoY
December
1.80%
1.90%
2.00%
Bureau of Labor Stat.
Underemployment Rate
December
13.10%
–
13.10%
US
US Census Bureau
Wholesale Inventories MoM
November
0.50%
0.40%
1.30%
US
US Census Bureau
Wholesale Trade Sales MoM
November
1.00%
0.70%
1.10%
01/10
US
Bloomberg
IBD/TIPP Economic Optimism
January
45.2
46
43.1
01/09
EU
European Commission
Services Confidence
December
0.2
-0.5
-0.9
01/09
EU
European Commission
Business Climate Indicator
December
0.27
0.22
0.31
01/09
EU
European Commission
Economic Confidence
December
100
99.1
98.4
01/09
EU
European Commission
Industrial Confidence
December
-3.4
-3
-3.9
01/09
EU
European Commission
Consumer Confidence
December
-13.6
-13.6
-15.4
01/09
EU
ECB
ECB Announces Interest Rates
9-January
0.25%
0.25%
0.25%
01/09
France
Ministry of the Economy
Trade Balance
November
-5680M
-4600M
-4826M
01/10
France
INSEE
Industrial Production MoM
November
1.30%
0.40%
-0.50%
01/10
France
INSEE
Industrial Production YoY
November
1.50%
0.90%
-0.30%
01/10
France
INSEE
Manufacturing Production MoM
November
0.20%
0.20%
0.30%
01/10
France
INSEE
Manufacturing Production YoY
November
1.60%
1.50%
0.50%
01/09
Germany
Bundesbank
Industrial Production SA MoM
November
1.90%
1.50%
-1.20%
01/09
Germany
BAFA
Industrial Production WDA YoY
November
3.50%
3.00%
1.10%
01/09
UK
ONS
Trade Balance
November
-£3238
-£2300
-£3496
01/09
UK
Bank of England
Bank of England Bank Rate
9-January
0.50%
0.50%
0.50%
01/10
UK
ONS
Industrial Production MoM
November
0.00%
0.40%
0.30%
01/10
UK
ONS
Industrial Production YoY
November
2.50%
3.00%
3.20%
01/10
UK
ONS
Manufacturing Production MoM
November
0.00%
0.40%
0.20%
01/10
UK
ONS
Manufacturing Production YoY
November
2.80%
3.30%
2.60%
01/10
UK
ONS
Construction Output SA MoM
November
-4.00%
0.80%
2.00%
01/10
UK
ONS
Construction Output SA YoY
November
2.20%
7.50%
5.10%
01/10
UK
NIESR
NIESR GDP Estimate
December
0.7%
–
0.8%
01/10
Spain
INE
Industrial Output WDA YoY
November
2.70%
2.20%
-1.40%
01/09
China
Nati. Bureau of Statistics
CPI YoY
December
2.50%
2.70%
3.00%
Page 2 of 6

3. 01/09
China
Nati. Bureau of Statistics
PPI YoY
December
-1.40%
-1.30%
-1.40%
01/10
China
Nati. Bureau of Statistics
Trade Balance
December
$25.64B
$32.15B
$33.80B
01/10
China
Nati. Bureau of Statistics
Exports YoY
December
4.30%
5.00%
12.70%
01/10
China
Nati. Bureau of Statistics
Imports YoY
December
8.30%
5.00%
5.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group: $30bn Qatar spend, mega GCC region projects
to drive Gulf growth in 2014 – According to a report by QNB
Group, Qatar’s project spending estimated at $30bn this year
and large-scale projects across the GCC will drive the region’s
growth in 2014. In the short term, the GCC region will drive the
MENA region’s growth, mainly through heavy spending on
infrastructure. In the GCC region, many countries including
Saudi Arabia and Kuwait have huge project spending outlay this
year. Dubai’s successful bid for the World Expo 2020 and a
number of new real estate developments will boost project
spending in the UAE. The Saudi government alone is spending
in excess of $50bn on infrastructure projects through its budget,
which excludes significant project spending by the private sector
and state-owned companies. The report also said greater
integration into the global economy of the MENA region (exGCC region) through increased trade openness and enhanced
competitiveness could raise long-term growth prospects. QNB
Group estimates that real GDP growth in the GCC region stood
at 3.7% in 2013, compared with 1.2% in the rest of MENA. This
is relatively sluggish compared with the historical average
MENA growth of around 5% or higher. (Gulf-Times.com)
 Kahramaa studying N-power plant feasibility – Qatar’s
Minister of Energy & Industry HE Dr. Mohammed bin Saleh al
Sada said Qatar General Electricity & Water Corporation
(Kahramaa) is finalizing the preliminary studies to study the
feasibility of establishing a nuclear power plant. He said Qatar is
considering using nuclear energy in electricity production in
collaboration with other GCC countries. Al Sada also hoped that
Qatar’s goal of reducing the rate of electricity consumption per
capita by 20% and water by 35% over the next five years will be
met. (Qatar Tribune)
 RasGas plans to convert more vessels to LNG – With the
International Maritime Organization (IMO) deciding to regulate
maritime transport’s emissions from January 2015, RasGas is
planning to convert over a dozen of its diesel-powered energy
carriers into LNG-powered vessels. The IMO’s regulations to cut
the emission rate of ships will force thousands of ship owners to
convert their vessels into cleaner LNG-powered engines.
RasGas has a fleet of 27 LNG carriers, which include 14
conventional carriers, 12 Q-Flex and one Q-Max carrier. The
conventional carriers are already powered by steam plants.
However, using new technology, RasGas is planning to convert
its Q-Flex and Q-Max vessels. Currently, these 13 vessels are
being powered by slow-speed diesel engines, which can use
only heavy fuel or marine gas oil. The idea is to convert them to
be able to use gas, directly vaporized from LNG, as fuel.
(Peninsula Qatar)
 Ashghal to align 7 expressways under QR45bn road
projects – The Public Works Authority (Ashghal) is set to sign
various contracts to launch seven major expressways, carry out
road development and repair work and undertake sewage
projects worth QR45bn expected to be completed over the next
five to seven years. The expressway projects involve 900
kilometers of roads, subways, flyovers and interchanges, which
is part of the road infrastructure scheme connecting places in
Doha and other parts of the country. These projects involve
development and repair of some major roads, along with
building 240 major interchanges, which would convert
conventional traffic lights into multi-level interchanges with
tunnels and flyovers. As for the sewage plan, 221 projects are to
be executed over the next 5-7 years at a cost of QR50bn.
(Peninsula Qatar)
 QIGD postpones its EGM to January 12 – Qatari Investors
Group (QIGD) announced that the necessary quorum for the
EGM on January 8, 2014, was not met and therefore, it will hold
another EGM on January 12, 2014. (QE)
International
 Fischer nominated for Federal Reserve’s vice chairman –
The Obama administration said that the former head of the Bank
of Israel, Stanley Fischer, will be nominated to serve as the Vice
Chairman of the US Federal Reserve. According to a statement
by the White House, Fischer would replace Janet Yellen, who
was promoted to the chairmanship of the US central bank. Lael
Brainard – formerly the US Treasury Department’s international
official – will be on the board, while Jerome Powell is nominated
for a second term. (Bloomberg)
 Fed soothes US debt burden to $77.7bn in 2013 – According
to the data published by the Federal Reserve, Fed pumped
$77.7bn into the US Treasury last year, in part by returning
interest payments made by the government on bonds held by
the central bank. The Fed's balance sheet has ballooned over
the last four years to nearly $4tn as it bought debt securities to
lower interest rates and spark a faster economic recovery.
(Bloomberg)
 Regulators to ease bank rule to help economic recovery –
According to sources, global regulators will make it easier for
lenders to feed credit to the economy by relaxing a new rule
designed to limit risk on banks balance sheets. The rule is
among the final elements of a global accord on bank capital,
known as Basel III, which forms the world's core regulatory
response to the 2007-09 financial crisis that saw
undercapitalized lenders being rescued by taxpayers. The
Central bankers from the Group of 20 leading economies and
other countries will meet in Basel, Switzerland to endorse the
final version of the so-called leverage ratio that banks will have
to comply with from January 2018. (Bloomberg)
 ECB toughens talk on inflation, money market rates – The
European Central Bank (ECB) forcefully underlined its
determination to take further action should the Eurozone’s
inflation risk turns into deflation or rising money market rates
threaten the bloc's fragile recovery. After leaving its interest
rates at a record low on January 9th, the ECB toughened its
pledge to keep its policy loose, while firmly reiterating its
expectation for rates to remain at current levels for an extended
period. ECB’s President Mario Draghi said that the Governing
Council strongly emphasized that it will maintain an
accommodative stance of the monetary policy for as long as
necessary. (Reuters)
 China’s 2013 trade crosses $4tn – China’s annual trade
passed the $4tn mark for the first time in 2013. The General
Administration of Customs (GAC) announced that exports from
the country rose 7.9% to $2.21tn, while imports increased 7.3%
Page 3 of 6

4. to $1.95tn. The trade surplus stood at $259.75bn, up 12.8%
from 2012. Total trade came to $4.16tn, showing an increase of
7.6%. GAC’s spokesman Zheng Yuesheng said that it is likely
that China has already overtaken the US to become the world’s
largest trading country in 2013 for the first time. The traditional
leading markets of the EU, US and Japan accounted for 33.5%
of China’s trade, down 1.7 percentage points, suggesting that
emerging markets’ share of business was rising. (Peninsula
Qatar)
Regional
 Oil Movements: OPEC to cut exports to lowest in four
months – According to Oil Movements, the Organization of
Petroleum Exporting Countries (OPEC) will reduce its crude
shipments to the lowest level since September 2013 as
refineries trim imports before conducting maintenance during
spring. OPEC will reduce shipments by 390,000 barrels a day,
or 1.6%, to 23.71mn barrels in the four weeks to January 25.
That compares poorly with 24.1mn barrels in the period up to
December 28. These figures exclude two of OPEC’s 12
members: Angola and Ecuador.
 IATA: Middle East carriers post record air freight growth –
According to the International Air Transport Association (IATA),
better demand in Europe and solid trade growth with the Gulf
region helped the Middle Eastern carriers to report the strongest
annual freight demand growth of 16.5% in November 2013. In
comparison to the Middle Eastern carriers, the European
carriers witnessed 8% growth in freight demand, followed by
Asia-Pacific (4.9%) and North America (2.5%), as against the
global average of 6.1%. Meanwhile, African and Latin American
airlines saw a contraction of 1.2% and 0.1% respectively. IATA
said that carriers in the Middle East have benefited from
improvements in advanced economies, including better demand
in Europe, as well as solid economic and trade growth in the
Gulf area. (Gulf-Times.com)
 ANB reports SR536.6mn net profit in 4Q2013 – The Arab
National Bank (ANB) has reported a net profit of SR536.6mn in
4Q2013, reflecting a decline of 8.9% QoQ (+26.3% YoY). EPS
stood at SR2.97 for the period ended on December 31, 2013 as
compared to SR2.79 in December 31, 2012. Total assets at the
end of December 2013 stood at SR137.9bn as compared to
SR136.6bn in December 2012. Loans & advances rose by 2.5%
YTD to SR 88.5bn, while customer deposits were down by 1.1%
YTD to SR106.4bn. (Tadawul)
 Bank Albilad reports SR213.7mn net profit in 4Q2013 – Bank
Albilad has reported a net profit of SR213.7mn in 4Q2013,
reflecting a growth of 8.4% QoQ (+36.4% YoY). EPS stood at
SR1.82 for the period ended on December 2013 as compared to
SR2.35 in December 31, 2012. Total assets at the end of
December 2013 stood at SR36.3bn as compared to SR29.8bn
in December 2012. Loans & advances rose by 28.3% YTD to
SR23.4bn, while customer deposits were up by 22.6% YTD to
SR29.1bn. (Tadawul)
 Saudi Aramco to buy $2bn stake in S-Oil – According to
sources, Saudi Aramco will buy a $2bn stake in South Korea’s
S-Oil Corporation. Saudi Aramco will buy almost all of Hanjin
Energy Co’s stake in S-Oil. According to data compiled by
Bloomberg Saudi Aramco currently owns 35% of S-Oil, followed
by Hanjin’s 28.4%. Meanwhile, Saudi Aramco will provide 100%
of its crude cargoes sold under long-term contracts. (GulfTimes.com)
 Kingdom plans to sell shares of Satorp, Sadara in IPO –
Saudi Petroleum & Mineral Resources Minister Ali Al Naimi said
that the government plans to sell shares of Saudi Aramco Total
Refining & Petrochemical Company (Satorp) and Sadara
Chemical Company to citizens at cost rate in an IPO. Satrop – a
JV between Saudi Aramco and France’s Total – involves a total
capital investment of SR52.87bn. (GulfBase.com)
 Saudi oil output up in December – According to industry
sources, Saudi Arabia produced 9.819mn bpd of crude oil in
December 2013, up from 9.745mn bpd in November 2013. The
Kingdom also raised its supply to the market to 9.897mn bpd in
December from 9.448mn bpd in November. (GulfBase.com)
 DSFH plans hospital, university project in Dubai – Dr.
Soliman Fakeeh Hospital (DSFH) is planning to build a hospital
and medical university project worth AED1bn in Dubai Silicon
Oasis. Based in Jeddah, DSFH is a leading private hospital in
the Middle East with a total capacity of 600 beds. The new
hospital is to be completed by 2017, while the medical university
will be ready by 2019, which are expected to offer 4,000 new
jobs. An agreement regarding this was signed by DSFH’s
President & Chairman Mazen Fakeeh and Dubai Silicon Oasis
Authority’s Vice Chairman & CEO Mohammed Al Zarooni.
(GulfBase.com)
 Sahara Petchem’s unit to restart operations – Al Waha
Petrochemicals Company, an affiliate of Sahara Petrochemical
Company has announced that the scheduled maintenance of Al
Waha’s plant has been completed and it has started the
necessary steps to restart the operation and plant units.
(Tadawul)
 SAFCO announces correction to cash dividend distribution
for 2H2013 – The Saudi Arabia Fertilizers Company (SAFCO)
has announced a correction related to the distribution of cash
dividends to its shareholders for 2H2013. The eligibility of
dividends shall be for the shareholders registered in the
registers of the Securities Depository Center (Tadawul) as on
March 24, 2014. (Tadawul)
 Almarai acquires IPNC – Almarai Company has acquired the
entire share capital of the International Pediatric Nutrition
Company (IPNC) from its JV partner Mead Johnson Nutrition.
(Tadawul)
 Arabian Pipes signs revised contract with Hanwha E&C –
Arabian Pipes Company has signed a revision of a contract it
had earlier made with Hanwha Engineering & Construction
Company (Hanwha E&C). This revised contract increases the
total amount from SR49mn to SR61mn due to a rise in contract
quantity supplied from Jubail factory. It also extends the contract
delivery period to be during 3Q2014 and 4Q2014 and the
financial impact is expected to be visible after that. (Tadawul)
 Bahri receives new 26,000 DWT general cargo vessel – The
National Shipping Company of Saudi Arabia (Bahri) has
received the delivery of a new 26,000 DWT general cargo
vessel. The ship, named Bahri Jeddah was built by Hyundai
MIPO in South Korea. This is the fifth vessel delivered from a
batch of six vessels that were contracted with this shipyard in
2011 for a total value of SR1,543mn. The last general cargo
vessel remaining under construction at Hyundai MIPO is
expected to be delivered during 1H2014. The financial impact of
the delivered vessel will materialize during 1Q2014. (Tadawul)
 Saudi CMA approves SAIB’s capital increase through
bonus shares issue – The Saudi Capital Market Authority
(Saudi CMA) has approved the Saudi Investment Bank’s (SAIB)
request to increase its capital from SR5.5bn to SR6bn through
issuance of one bonus share for every 11 existing shares. This
capital increase will be paid by transferring an amount of
SR500mn from its retained earnings account to the bank’s
capital. Consequently, SAIB is increasing its outstanding shares
Page 4 of 6

5. from 550mn shares to 600mn 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
by the bank's board, and should be held within six months from
the approval date. (Tadawul)
 Aggregate money supply in UAE up 3.8% to AED62.8bn in
October 2013 – The UAE Central Bank announced that the
money supply aggregate M0 increased by 3.8% from
AED60.5bn at the end of September 2013 to AED62.8bn at the
end of October 2013. The money supply aggregate M1
increased by 2% from AED354.4bn in September to
AED361.5bn in October. Similarly, the money supply aggregate
M2, increased by 5.1% from AED955.0bn in September to
AED1,003.5bn in October. Meanwhile, the money supply
aggregate M3 increased by 2% from AED1,199.6bn in
September to AED1,223.1bn in October. Total bank deposits
increased by 1.2% during October 2013 to reach AED1,285.1bn,
as a result of an increase in resident deposits by 2%.
Meanwhile, total bank loans and advances decreased by 1.7%
to reach AED1,157.8bn, while total bank assets increased by
4.1% to reach AED1,986.6bn, at the end of October 2013.
(GulfBase.com)
 GCAA signs ASA deal with India – The UAE’s General Civil
Aviation Authority (GCAA), signed the Air Services Agreement
(ASA) with the Government of India, which allows scheduled
flights of any type of service (passenger or cargo) between the
two countries. The agreement was signed by the GCAA’s
Director-General Saif Mohammed Al Suwaidi and the Ministry of
Civil Aviation of India’s Joint Secretary Dr. Prabhat Kumar. Al
Suwaidi said that GCAA continues to explore new horizons for
mutual air transport agreements to promote the UAE’s local
carriers and boost the local economy. Such ASA deals are in
line with the directions of the UAE Government to enhance
international cooperation through air transport. (GulfBase.com)
 DFM to be closed on January 12 – The Dubai Financial
Market (DFM) will be closed on January 12, 2014 on the
occasion of the Prophet’s birthday. The trading will resume on
January 13, 2014. (DFM)
 Dubai rentals surge, downtown rent up over 100% – Rentals
in Dubai increased significantly during 2013 as downtown rent
jumped by more than 100%, while other locations also
witnessed 30% rise. With the iconic Burj Khalifa and the world’s
largest shopping mall as its centerpiece, the residences in the
downtown area ranked among Dubai’s most sought after
locations during 2013. Evidently, the Dubai Land Department
(DLD) is planning to limit rent hikes when tenants change and
also update its rental price index. According to DLD’s General
Director Sultan Bin Mejren, while there are caps on increases for
existing occupiers, Dubai currently has no controls on increases
for new tenants. (GulfBase.com)
 Dubai plans new rules to control properties speculation –
The Dubai Land Department (DLD) General Director Sultan Bin
Mejren said that Dubai is planning new rules to control
speculation on properties sold before they are built after home
prices climbed by more than 30% last year. He said that the real
estate authority plans to complete a review of off-plan
transactions in 1Q2014 and may introduce new regulations in
2Q2014. Mejren said that the home prices this year may rise 3540%. (GulfBase.com)
travelers wishing to visit destinations such as Mauritius,
Bangkok, Shanghai and Sydney, the chance to experience a
seamless Emirates A380 experience connecting through
Emirates’ Dubai hub. (GulfBase.com)
 Dubai Group appoints new CEO – Dubai Group has appointed
Ahmed Al-Qassim as its chief executive, who previously worked
at its biggest creditor. Qassim was a director of investment
banking at Emirates NBD since February 2013, and has also
held various roles at General Electric and Mubadala
Development Company. (GulfBase.com)
 Kuwait’s inflation drops to 2.6% in November – According to
the report released by the National Bank of Kuwait, the
consumer price index (CPI) edged down to 2.6% YoY in
November, from 2.7% in October. This small move masked
some notable changes within the sub-components: another
sharp fall in food price inflation was almost offset by a rise in
core price pressures. It is expected that core pressures to
continue to edge higher. However, the overall inflation rate is still
forecast to average at a modest 3.0% throughout 2014, up from
2.6% in 2013. The report noted that food price inflation fell to
2.4% YoY from 3.5% in October, its sixth consecutive monthly
decline. Given the component's large weight in the CPI (18%),
this move subtracted some 0.2% points from the overall inflation
rate in November. (Bloomberg)
 Bank Dhofar appoints HR Head – Bank Dhofar has appointed
Nasser bin Said Al Bahantah as Deputy General Manager –
Head of Human Resources. Nasser has a bachelor’s degree in
business administration and a Global Executive Graduate
Certificate in human resources leadership. Nasser has 22 years
of experience as a HR professional. (MSM)
 Bahrain’s LT/LCR IDR credit rated BBB/BBB+ by Fitch;
outlook stable – Fitch has affirmed Bahrain’s long-term (LT)
foreign currency Issuer Default Rating (IDR) at “BBB” and local
currency IDR at “BBB+” with a Stable outlook. The ratings on
Bahrain's senior unsecured foreign and local currency bonds
have also been affirmed at “BBB” and “BBB+”, respectively.
Fitch has simultaneously affirmed Bahrain's Country Ceiling at
“BBB+” and short-term foreign currency IDR at “F3”. Fitch’s
affirmation and the stable outlook indicate that Bahrain's
external position is stronger than its “BBB” rated peers. A
current account surplus of around 10% of GDP is estimated for
2013, which will be the 10th consecutive year of surplus.
(Reuters)
 FEB inks $34mn facility with Dutch firm – Bahrain-based First
Energy Bank (FEB) has signed a $34mn Murabaha facility with
Kore Coal Finance, a Dutch-based subsidiary of Sapinda
Holding. The financing will assist Sapinda in enhancing its
investments in an internationally operating resource company,
which owns coal mining assets in South Africa. This Islamic
facility supplements the recently concluded conventional profit
participation note of EUR55mn raised by Kore Coal Finance with
a similar objective. The Murabaha facility has been structured on
the basis of an attractive return and will be repaid by October
2016. FEB’s Head of Investment Management Tarun Puri said
that the bank seeks to further diversify into asset classes that
can generate similar sustained income streams. The bank has
an authorized share capital of $2bn and a paid-up capital of
$1bn. (GulfBase.com)
 Emirates launches daily A380 service to Switzerland –
Emirates Airline has launched A380 service to Zurich in
Switzerland, bringing the number of destinations it serves with
its popular A380 to 25. The new A380 service to Zurich provides
Page 5 of 6

6. Rebased Performance
Daily Index Performance
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.6%
1.2%
0.8%
0.4%
1.0%
0.3%
QE Index
Close
1D%
WTD%
YTD%
16,437.05
(0.0)
(0.2)
(0.8)
S&P 500
1,842.37
0.2
0.6
(0.3)
(3.2)
NASDAQ 100
4,174.67
0.4
1.0
(0.0)
(8.9)
(9.0)
STOXX 600
329.95
0.5
0.7
0.5
(0.2)
3.9
1.2
DAX
9,473.24
0.5
0.4
(0.8)
1.4
0.5
1.7
FTSE 100
6,739.94
0.7
0.1
(0.1)
4,250.60
0.6
0.1
(1.1)
15,912.06
0.2
(2.3)
(2.3)
Oct-12
S&P Pan Arab
May-13
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%
Global Indices Performance
1,248.45
1.7
0.9
3.5
DJ Industrial
20.16
2.9
0.0
3.5
107.25
0.8
0.3
3.95
(4.5)
127.75
138.88
1.37
0.5
0.6
(0.5)
CAC 40
104.18
(0.6)
(0.6)
(1.1)
Nikkei
GBP
1.65
0.0
0.4
(0.4)
MSCI EM
CHF
1.11
0.5
0.3
(1.1)
SHANGHAI SE Composite
AUD
0.90
1.1
0.6
0.9
USD Index
80.66
(0.4)
(0.2)
RUB
33.06
(0.5)
(0.4)
BRL
0.42
1.0
0.6
(0.2)
Yen
Dubai
Mar-12
0.1%
Abu Dhabi
Aug-11
Qatar
Jan-11
0.1%
Oman
0.0%
0.5%
0.4%
Bahrain
124.9
Kuwait
137.6
1.8%
Saudi Arabia
Jun-10
2.0%
156.2
970.15
0.7
(1.0)
(3.2)
2,013.30
(0.7)
(3.4)
(4.9)
HANG SENG
22,846.25
0.3
0.1
(2.0)
0.8
BSE SENSEX
20,758.49
0.2
(0.4)
(1.9)
0.6
Bovespa
49,696.45
0.8
(2.5)
(3.5)
1,395.91
0.5
(3.2)
(3.2)
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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Page 6 of 6