1. QE Intra-Day Movement
10,600
10,550
10,500
10,450
Market Indices
10,400
10,350
9:30
02 Jan 14
330.7
561,701.3
7.8
4,496
40
26:12
Market Indicators
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 1.6% to close at 10,545.3. Gains were led by the Real
Estate and Industrials indices, gaining 2.5% and 2.0% respectively. Top gainers
were Qatari Investors Group and Gulf International Services, rising 10.0% and
5.4% respectively. Among the top losers, Islamic Holding Group fell 2.2%, while
Qatar General Insurance & Reinsurance Co. declined 1.9%.
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
Close
1D%
WTD%
YTD%
TTM P/E
1.6
1.3
1.1
2.0
1.3
2.5
0.8
(0.3)
1.4
2.3
1.5
1.3
0.8
2.6
0.4
2.1
1.0
(0.6)
1.2
1.4
1.6
1.3
1.1
2.0
1.3
2.5
0.8
(0.3)
1.4
2.3
N/A
13.3
13.3
12.9
12.8
13.7
9.6
19.7
22.9
16.1
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.1% to close at 8,618.1. Gains were led
by the Real Estate Development and Petrochemical Industries indices, rising
2.2% and 0.6% respectively. ANB Insurance rose 10.0%, while Makkah
Construction & Development Co. was up 8.0%.
Dubai Islamic Bank
Dubai
Sharjah Islamic Bank
Abu Dhabi
Qatari Investors Group
Qatar
Makkah Cons. & Dev.
Saudi Arabia
Abu Dhabi Comm. Bank
Abu Dhabi
Abu Dhabi: The ADX benchmark index rose 1.6% to close at 4,359.2. The
Banking index gained 2.5%, while the Real Estate index was up 0.8%. Sharjah
Islamic Bank rose 10.4%, while Abu Dhabi Ship Building Co. was up 9.5%.
Close#
Oman: The MSM index gained 0.2% to close at 6,889.4. Gains were led by
the Financial and Services indices, gaining 0.3% and 0.2% respectively.
National Mineral Water gained 5.3%, while Al Anwar Holding was up 3.2%.
Aramex
Dubai
Yanbu Nat. Petrochem.
Saudi Arabia
Bahrain: The BHB index fell 0.1% to close at 1,248.0. The Investment index
declined 0.2%, while the Commercial Banking index was down 0.1%. Al Salam
Bank fell 5.0%, while Khaleeji Commercial Bank was down 4.4%.
Bank Nizwa
Qatar Gen. Ins. & Rein.
11.9
10.4
6,806.1
10.4
10.0
748.1
10.0
70.75
8.0
1,044.2
9.7
6.90
Saudi Arabia
17,795.0
1.70
Saudi Enaya Coop. Ins.
11.9
48.05
Exchange
1D%
6.00
GCC Top Losers##
Kuwait: The KSE index was closed on January 2, 2014.
%Chg.
20.8
1.1
7.7
21.7
(4.8)
–
15,066.77
2,622.47
2,471.35
3,568.61
1,883.18
2,002.08
2,353.76
1,449.95
6,029.33
3,105.66
GCC Commentary
Dubai: The DFM index gained 3.0% to close at 3,472.3. The Banking index
rose 7.5%, while the Services index was up 4.2%. Dubai Islamic Bank gained
11.9%, while Emirates NBD was up 4.7%.
31 Dec 13
273.8
555,606.3
7.2
3,694
42
22:16
6.2
1,986.9
6.2
Close#
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
38.80
(3.2)
923.5
(3.7)
2.96
(2.6)
236.5
(2.6)
73.25
(2.0)
411.8
(0.7)
Oman
0.10
(1.9)
25.3
0.0
Qatar
47.00
(1.9)
5.0
(1.9)
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)
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
Qatari Investors Group
48.05
10.0
748.1
10.0
Islamic Holding Group
45.00
(2.2)
99.2
(2.2)
Gulf International Services
64.30
5.4
306.0
5.4
Qatar Gen. Ins. & Rein.
47.00
(1.9)
5.0
(1.9)
Masraf Al Rayan
32.55
4.0
875.4
4.0
Qatar Islamic Insurance
57.10
(1.4)
6.9
(1.4)
Vodafone Qatar
11.02
2.9
1,058.1
2.9
Qatar Electricity & Water Co.
179.50
(1.3)
10.5
(1.3)
Al Khaleej Takaful Group
37.50
2.7
24.8
2.7
Ooredoo
136.10
(0.8)
11.5
(0.8)
YTD%
Qatar Exchange Top Gainers
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
United Development Co.
23.15
2.4
1,296.3
2.4
Industries Qatar
172.30
2.0
84,253.0
2.0
Vodafone Qatar
11.02
2.9
1,058.1
2.9
Qatari Investors Group
48.05
10.0
34,692.8
10.0
Masraf Al Rayan
32.55
4.0
875.4
4.0
United Development Co.
23.15
2.4
29,812.5
2.4
Qatari Investors Group
48.05
10.0
748.1
10.0
Masraf Al Rayan
32.55
4.0
28,169.7
4.0
Barwa Real Estate Co.
30.60
2.7
701.8
2.7
173.00
0.6
24,463.8
0.6
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait#
Oman
Bahrain
QNB Group
Source: Bloomberg (* in QR)
Close
10,545.27
3,472.29
4,359.20
8,618.12
7,549.52
6,889.38
1,247.98
1D%
1.6
3.0
1.6
0.1
NA
0.2
(0.1)
WTD%
1.5
5.0
4.1
1.6
(1.0)
1.5
2.1
MTD%
YTD%
1.6
3.0
1.6
1.0
NA
0.8
(0.1)
1.6
3.0
1.6
1.0
NA
0.8
(0.1)
Exch. Val. Traded
($ mn)
90.82
440.95
218.51
1,842.40
NA
29.68
1.64
Exchange Mkt.
Cap. ($ mn)
154,243.2
72,237.3
119,717.7
472,362.4
109,312.9
24,729.3
50,055.7
P/E**
P/B**
13.5
20.5
12.2
17.5
16.7
10.8
8.1
1.8
1.4
1.5
2.2
1.2
1.6
0.9
Dividend
Yield
4.3
2.6
4.1
3.4
3.7
3.8
3.9
#
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Dec. 31, 2013)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 1.6% to close at 10,545.3. The Real Estate
and Industrials 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
68.77%
76.05%
(24,084,129.42)
Non-Qatari
 Qatari Investors Group and Gulf International Services were the
top gainers, rising 10.0% and 5.4% respectively. Among the top
losers, Islamic Holding Group fell 2.2%, while Qatar General
Insurance & Reinsurance Co. declined 1.9%.
Buy %*
31.23%
23.95%
24,084,129.42
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday rose by 7.7% to 7.8mn
from 7.2mn on Tuesday. However, as compared to the 30-day
moving average of 12.3mn, volume for the day was 36.7% lower.
United Development Co. and Vodafone Qatar were the most
active stocks, contributing 16.7% and 13.6% to the total volume
respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Agency
Market
Type*
A.M.
Best
Saudi
Arabia
A.M.
Best
Bahrain
Mediterranean &
Gulf Insurance &
Reinsurance Co.
(MEDGULF)
Mediterranean &
Gulf Insurance &
Reinsurance Co.
(MEDGULF)
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
FSR/ ICR
–
A/a
–
Stable
–
FSR/ ICR
–
A/a
–
Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, ICR – Issuer Credit Rating, SR – Support Rating, LC – Local Currency)
Earnings Releases
Company
Market
Advanced Petrochemical
Co. (Advanced)
Currency
Saudi Arabia
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
–
–
160.4
31.3%
161.3
37.9%
SR
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
01/02
US
Department of Labor
Initial Jobless Claims
28-December
339K
344K
341K
01/02
US
Department of Labor
Continuing Claims
21- December
2,833K
2,900K
2,931K
01/02
US
Bloomberg Indices
Markit US PMI Final
December
01/02
US
Bloomberg
Bloomberg Consumer Comfort
29- December
01/02
US
ISM
ISM Manufacturing
01/02
US
ISM
ISM Prices Paid
01/02
US
US Census Bureau
01/04
US
01/04
US
01/02
55
54.7
54.7
-28.7
–
-27.4
December
57
56.8
57.3
December
53.5
53.0
52.5
Construction Spending MoM
November
1.00%
0.60%
0.90%
Bloomberg
Total Vehicle Sales
December
15.30M
16.00M
16.31M
Bloomberg
Domestic Vehicle Sales
December
11.65M
12.59M
12.62M
EU
Markit
PMI Manufacturing
December
52.7
52.7
51.6
01/03
EU
European Central Bank
M3 Money Supply YoY
November
1.50%
1.50%
1.40%
01/02
France
Markit
PMI Manufacturing
December
47.0
47.1
48.4
01/02
Germany
Markit
PMI Manufacturing
December
54.3
54.2
52.7
01/02
UK
Markit
PMI Manufacturing
December
57.3
58.4
58.1
01/03
UK
Nationwide Building Soc.
Nationwide House PX MoM
December
1.40%
0.70%
0.70%
01/03
UK
Nationwide Building Soc.
Nationwide House Px NSA YoY
December
8.40%
7.10%
6.50%
01/03
UK
Markit
PMI Construction
December
62.1
62.0
62.6
01/03
Spain
INE
CPI EU Harmonised YoY
December
0.30%
0.40%
0.30%
01/03
Spain
INE
CPI YoY
December
0.20%
–
0.20%
01/02
Italy
Markit
PMI Manufacturing
December
53.3
51.7
51.4
01/03
Italy
ISTAT
CPI EU Harmonized MoM
December
0.30%
0.30%
-0.30%
01/03
Italy
ISTAT
CPI EU Harmonized YoY
December
0.60%
0.60%
0.70%
01/02
China
Markit
HSBC/Markit Manufacturing PMI
December
50.5
50.5
50.8
01/03
China
China Fed. of Logistics
Non-manufacturing PMI
December
54.6
–
56.0
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
 QNB Group: Qatar’s real GDP growth may pick up to 6.8%
this year – QNB Group expects Qatar’s real GDP growth to pick
up to 6.8% in 2014 as the implementation of large infrastructure
projects accelerates and the fast-growing population boosts
domestic demand. QNB said that the acceleration will be due to
large infrastructure projects such as the Lusail real estate
development, the new Doha Port, the new Hamad International
Airport and the Doha Metro Rail project. The non-hydrocarbon
sector will continue to be the key growth driver, which is
expected to grow from 42% of nominal GDP in 2012 to more
than 50% by 2015. The Ministry of Development Planning &
Statistics stated that Qatar’s economic growth accelerated at a
buoyant pace of 6.2% in 3Q2013 as compared to 3Q2012. QNB
Group said that this growth was spurred by double-digit growth
in trade, restaurants & hotels; construction; transport &
communication; financial, real estate & business services; as
well as domestic services. The hydrocarbon sector expanded to
a better-than-expected 1.8% YoY in 3Q2013 due to LNG
facilities coming back to full operational capacity after
maintenance over last year. Meanwhile, the non-hydrocarbon
sector grew 9.5% YoY 3Q2013, driven by a strong growth in
services. (Gulf-Times.com)
 MPHC’s shareholders to get 4 month profit share – HE the
Minister of Finance, Ali Shareef Al Emadi said that Mesaieed
Petrochemical Holding Company’s (MPHC) shareholders will
soon be eligible for a profit share for the first four months since
the firm’s establishment in September 2013. The profits will be
distributed after MPHC’s results are announced in March or
April. Ali Shareef Al Emadi said that the company earned a net
profit of around QR1.6bn in 2012. MPHC, a wholly-owned
subsidiary of Qatar Petroleum and an umbrella entity for QChem I, Q-Chem II and Qatar Vinyl Company, is offering
323.19mn ordinary shares (26% stake) at QR10.2 a piece
(including QR0.2 listing fees). (Gulf-Times,com)
 Msheireb Downtown Doha achieves major DC milestone –
Msheireb Properties, a subsidiary of Qatar Foundation,
announced that its flagship project Msheireb Downtown Doha
(MDD) has opted to install energy-efficient District Cooling (DC)
technology to cool its buildings instead of using power-intensive
conventional air-conditioning system. Further, Msheireb
Properties announced that its flagship project has achieved
permanent 11 kilovolt (kv) power connection in its first DC plant
in partnership with Qatar General Electricity & Water
Corporation (Kahramaa), which is now operational. This
represents a major milestone for MDD as the permanent power
connection will enable the operation of efficient water-cooled
chillers in the DC plant, which will supply the Diwan Amiri
Quarter with chilled water. This plant will be part of a larger
district cooling system comprising two plants (DCP-1 and DCP2). The total capacity of the district cooling system will be 29,250
TR, which is sufficient to serve the cooling needs of the entire
MDD development. (Gulf-Times.com, Peninsula Qatar)
 Industries Qatar clarifies regarding QAFCO expansion
projects – Industries Qatar has clarified that the group's
fertilizer JV, Qatar Fertiliser Company, is unaware of the
projects referred to in certain sections of the media as
contributing projects for the proposed chemicals and
petrochemicals production boost in Qatar. The group reiterates
its disclosure policy whereby the Qatar Exchange will be
informed of any confirmed projects by an official announcement.
(QE)
 DHBK’s BoD will meet on January 20 – Doha Bank’s (DHBK)
board of directors will be holding a meeting on January 20,
2014 to discuss its financial results ending on December 31,
2013 and discuss the proposal of profit distribution for
FY2013.(QE)
 QIBK’s BoD will meet on January 19 – Qatar Islamic Bank’s
(QIBK) board of directors will be holding a meeting on January
19, 2014 to discuss its financial results ending on December 31,
2013. (QE)
 QATI’s BoD scheduled to meet on January 18 – The Qatar
Insurance Company’s (QATI) board of directors will hold a
meeting on January 18, 2014 to discuss its financial results
ending on December 31, 2013 and also the proposal of profit
distribution for FY2013. (QE)
 MARK’s BoD to meet on January 27 – Masraf Al Rayan
(MARK) has announced that its board will meet on January 27,
2014 to discuss the company’s financial results ending on
December 31, 2013. (QE)
International
 US economic growth gauge at highest since April 2010 – A
measure of future US economic growth rose last week to its
strongest since April 2010, while the annualized growth rate
stayed steady. The Economic Cycle Research Institute said its
Weekly Leading Index increased to 132.9 in the week ended
December 27 from 131.9 the previous week. The index's
annualized growth rate was 1.8%, the same as a week earlier.
The previous week's figure was originally reported at 1.9%.
(Reuters)
 Ben Bernanke: 2014 could be better year for US economy;
Fed no less committed to stimulus after cut to QE – Federal
Reserve Chairman Ben Bernanke said factors which have kept
the economy from accelerating appear to be abating, and he
predicted stronger growth in 2014. Bernanke said Americans'
finances have improved and the outlook for home sales is
brighter. He also expects less drag from federal spending cuts
and tax increases. Meanwhile, he said the Federal Reserve is
no less committed to highly accommodative policy now that it
has trimmed its bond-buying stimulus. (ET)
 Fed could trim bond-buying more sharply in future –
Philadelphia Fed President Charles Plosser said the Federal
Reserve could well consider cutting its bond-buying by more
than a $10bn monthly increment in the future, floating $25bn as
a hypothetical amount. The US central bank trimmed its
quantitative easing program to $75bn per month, from $85bn, at
a much anticipated policy meeting earlier, reducing its
extraordinary support for the US economy. (Reuters)
 Bank of Korea: Will stabilize financial markets if needed –
Bank of Korea Governor Kim Choong-soo said the central bank
will carry out appropriate measures to stabilize local financial
markets if needed, echoing the finance ministry's warning that
volatility in the foreign exchange market has to be curbed. He
said that they will strengthen their monitoring for offshore flows
and when needed will carry out stabilizing measures for financial
and foreign exchange markets. (ET)
Regional
 CDSI: Saudi non-oil exports rose 14.5% to SR50.69bn in
3Q2013 – According to a report by the Central Department of
Statistics & Information (CDSI), Saudi Arabia’s non-oil exports
rose by 14.5% to reach SR50.69bn in 3Q2013 as compared to
3Q2012. The CDSI report showed that the Saudi non-oil imports
Page 3 of 6

4. increased by 3.9% to reach SR153.84bn in 3Q2013 as
compared to SR148.03bn in 3Q2012, but were down by 8% as
compared to 2Q2013. Referring to the 2012 figures, the CDSI
report said that the Saudi exports’ value reached SR1.45tn,
rising 6.5% as compared to 2011. Non-Arab and Islamic Asian
countries received the highest portion of Saudi exports worth
SR784.39bn (53.9% of total). Japan had the highest share at
SR192.2bn, followed by China at SR188.22bn. Further, in the
GCC region, Bahrain was the biggest importer from Saudi
Arabia at SR39.12bn, followed by the UAE at SR38.92bn.
(GulfBase.com)
 SAIB reports SR326.8mn net profit in 4Q2013 – The Saudi
Investment Bank (SAIB) has reported a net profit of SR326.8mn
in 4Q2013, reflecting an increase of 325.4% QoQ (+33.1%
YoY). EPS stood at SR2.34 for the period ended December 31,
2013 as compared to SR1.66 in the same period last year. Total
assets at the end of 2013 stood at SR80.5bn, growing 36.3%
YoY. Loans & advances were up by 39.7% YoY to SR47.5bn,
while customer deposits rose by 41.2% YoY to SR57.0bn.
(Tadawul)
 Saudi Zakat revenue exceeds SR25bn in 2013 – The
Department of Zakat & Income Tax stated that its revenues for
2013 exceeded SR25bn, showing an increase of 6% as
compared to 2012, when revenues reached SR12.8bn. The
department stated that zakat returns will be paid to those who
deserve it through the Social Security Department in the Ministry
of Social Affairs. Tax returns from non-oil foreign companies
reached SR12.3bn. (GulbBase.com)
 Iktifaa to invest in Sudan agriculture – The Saudi agricultural
company Iktifaa’s chairman Mohamed Ibn Saeed Al-Atiya stated
that the company will establish agricultural and animal projects
in Sudan’s state of Sennar and the Northern state to produce
grain and cattle feed. Al Atiya said that the company would grow
wheat, corn, and oilseeds such as sunflower and peanuts, along
with investing in cattle fattening projects. He added that the
Chairman of Iktifaa’s board of directors, Prince Abdel Aziz Ibn
Mashaal Ibn Abdel Aziz directly instructed the company to invest
in Sudan within the framework of King Abdalla Ibn Abdel Aziz
initiative for achieving Arab food security. (Bloomberg)
 Dubai Duty Free earns record AED700mn sales in
December 2013 – Dubai Duty Free (DDF) has set a new
monthly sales record of AED700mn in December 2013. DDF
said that 2013 recorded 11.4% growth in sales, which grew to
$1.8bn. DDF’s operations on its 30th anniversary on December
20 also set a new daily sales record of AED111.88mn through
215,000 transactions, showing 40% YoY growth. The duty-free
operations recorded a staggering total of 25,973,819 sales
transactions in 2013, which averaged at 71,161 sales
transactions per day. From a category point of view, perfumes
retained their position as the best selling category with an
increase of 16% YoY. Sales of perfumes reached AED1.06bn,
an increase of over AED148mn over the previous year.
Perfumes contribute 16% toward the total sales for DDF.
(GulfBase.com)
 ARIG signs deal to sell 51% shares in Arima Insurance
Software – The Arab Insurance Group (ARIG) has entered into
an agreement to sell 51% of its shareholding in its wholly-owned
subsidiary, Arima Insurance Software to Lebanon-based
BSynchro Holding, for a net consideration of $1,250,000. Arima
is engaged in the development of insurance-related software
and has a share capital of $250,000 and shareholders' equity of
$570,977 as on December 31, 2012. (Tadawul)
 Saudia to privatize four major units in 2014 – Saudi Arabian
Airlines’ (Saudia) Vice President for Public Relations Abdullah Al
Ajhar said that four major units will be privatized in 2014. The
units included Prince Sultan Aviation Academy, Saudia Private
Airline, Medical Services, which include a 400-bed hospital and
Saudi Airlines Real Estate Development Company. He noted
that up to 80% of these units will be privatized in 2014. Saudia
also plans to purchase 35 new aircraft to step up services in the
domestic sector. (GulfBase.com)
 SEC to sell local currency sukuk – The Saudi Electricity
Company (SEC) has chosen two banks – HSBC's Saudi
Arabian unit and Banque Saudi Fransi – to arrange roadshows
ahead of a riyal-denominated Islamic bond issue. The
Kingdom's monopoly utility company said it would offer the
sukuk to investors between January 9 and February 27. The
issue’s value was not given; the company said the value would
be determined at the end of the offer period after assessing the
market demand. (GulfBase.com)
 DI expects AED800mn profits, up 149.5% – Dubai
Investments’ Chief Executive Khalid bin Kalban said that the net
profit would be over AED800mn at the end of 2013, a 149.5%
increase over the AED320.6mn profit posted in 2012. The stateowned conglomerate, in which Dubai’s sovereign fund the
Investment Corporation of Dubai owns 11.5% stake, has
interests in several sectors such as property and manufacturing.
(GulfBase.com)
 Nakheel plans $1.1bn of early debt repayments in 2014 –
Dubai-based developer Nakheel is planning to repay up to
AED4bn of bank debt due in 2015 within 2014 as the firm
benefits from a rebound in the emirate’s property sector.
Nakheel was taken over by the government as part of a rescue
plan worth AED56.9bn completed in 2011, following the real
estate collapse in the Emirate. However, the property market
rebounded in 2013, with prices rising 22% over 2012.
(Bloomberg)
 ATIC to invest up to $10bn in Global Foundries'
semiconductor factory – Abu Dhabi's Advanced Technology
Investment Company (ATIC) – controlled by Mubadala – is
planning to invest up to $10bn over the next two years in Global
Foundries' New York semiconductor factory. ATIC’s Chief
Executive Ibrahim Ajami said that ATIC has received
commitments from Mubadala for an additional $9-10bn for the
expansion of ATIC’s facility in New York. The New York factory
has the capacity to produce 300mm wafers at around 60,000 a
month. The wafers are used to create integrated circuits, which
are at the heart of all electronic devices. Further, Ajami added
that ATIC is planning to invest in Global Foundries' chip
manufacturing facilities in Germany and Singapore. (GulfTimes.com)
 Musanada expects 30% growth in maintenance services in
2014 – Abu Dhabi based property services company Musanada
expects to increase its maintenance services by 30% during
2014. Musanada has received 600 government buildings,
bringing the total number supervised by Musanada to 3,300
across various sectors such as health, education, mosques and
other buildings. Musanada took full responsibility for the
maintenance, rehabilitation, cleanliness, janitorial services for
these buildings. Musanada handles 3,300 buildings in Abu
Dhabi, Al Ain and the Western Region. Further, Musanada offer
concierge services and hospitality to 2,000 government
buildings. Musanada’s Director of Facilities Management
Engineer Hilal Al Balushi stated that comprehensive
maintenance of major government buildings supervised by
Musanada was worth AED67mn in 2013 as compared to
AED39mn in 2012. (GulfBase.com)
Page 4 of 6

5.  KOC to increase crude production to 3.15mn bpd by 2015 –
The Kuwait Oil Company’s (KOC) CEO Hashim S. Hashim
announced that the company is seeking to raise its crude oil
output by up to 3.15mn bpd by 2015 through the drilling of
around 250-300 oil wells. Hashim said that the KOC is working
on its planned strategy that aspires to produce 4mn bpd by 2020
and maintain that level of production through 2030. He added
that implementation of many giant projects in the foreseeable
future would enable the company to achieve this goal.
(Bloomberg)
 NCSI: Oman’s oil production rises 2.5%, exports up 9.7% –
The National Centre for Statistics and Information’s (NCSI)
statistics report showed that the Oman’s oil production rose by
2.5% during January-November 2013 as compared to JanuaryNovember 2012. The average daily production of crude oil and
condensates rose by 2.8% at the end of November 2013 as
compared to November 2012, while the average price per barrel
witnessed a slight decrease of 3.9%. The January-November
period recorded an average of $105.40 per barrel, as compared
to $109.69 per barrel in the same period last year. Omani oil
exports to Indian markets recorded remarkable growth of
177.2% until the end of November 2013 as compared to
November 2012. On the other hand, other Omani oil importing
markets showed a growth of 68.6% which resulted in the rise of
the balance of Omani oil exports total by 9.7% until the end of
November 2013. Further, in terms of domestic production and
import of natural gas, the NCSI report revealed a 4% rise in
production and imports until the end of November 2013,
reaching 35,840mn cubic meters, as compared to 34,476mn
cubic meters in November 2012. (GulfBase.com)
different units will be carried out until all units are stabilized to
ensure that they are operating normally. (GulfBase.com)
 Al Madina Takaful gets CMA’s approval to be first Takaful
provider in Oman – Al Madina Insurance Company (Al Madina
Takaful) has received approval from the Capital Market Authority
to be the first Takaful provider in Oman. The company
announced that all insurance policy agreements that are current
will be replaced by Takaful policy agreement with effect from
January 01, 2014. Moreover, the company will commence
issuing Takaful policies with effect from January 01, 2014.
(MSM)
 Oman’s 2014 budget sees slowdown in spending, economic
growth seen at 5% – Oman’s Financial Affairs Minister Darwish
al-Balushi said that the country’s 2014 budget plan will reduce
growth in state spending as the government grapples with
increasing pressure on its finances. Al Balushi’s budget plan
marks a shift toward more cautious fiscal policy. Oman had
boosted expenditure sharply between 2011 and 2013, spending
on welfare programs, public sector wages and job creation,
which had put state finances under pressure. The International
Monetary Fund warned that Oman has to reform its spending
and find new revenue sources over the next few years to avoid
ballooning budget deficits. Oman’s spending in 2014 is projected
at OMR13.5bn, up just 5% from the original plan in the 2013
budget, which envisaged a 29% leap over 2012. Revenues in
2014 are estimated at OMR11.7bn, up 4.5% from the 2013 plan.
Al Balushi said that the government planned to borrow
OMR400mn in 2014, including OMR200mn overseas from
commercial banks and insurance companies. He predicted 5%
economic growth for both 2013 and 2014, but with the private
sector playing an increasing role, non-oil activity is expected to
expand 7.3% in 2014 after 5.6% in 2013. (Gulf-Times.om)
 Bank Nizwa plans 25 new branches in five years – Omanbased Bank Nizwa is planning to open up to 25 new branches
over the next five years. The bank opened its latest branch in
Ghubra, which is the seventh in its network. Bank Nizwa’s CEO
Jamil el Jaroudi said that as part of its strategic plan, the bank
hopes to open 4-5 branches every year for the next five years.
(Bloomberg)
 Sohar Refinery shuts down for 5-10 days – Oman’s Sohar
Refinery will undergo a temporary shutdown due to an
emergency situation in the Sour Water Stripper unit. The
shutdown is expected to start at on Wednesday and the
maintenance works are expected to be completed within 5-10
days. During this period, frequent shutdowns and restarts of
Page 5 of 6

6. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
151.5
136.5
2.4%
1.6%
1.6%
1.6%
123.6
0.8%
0.1%
0.2%
0.0%
0.0%
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
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait*
Jan-11
(0.1%)
Qatar
(0.8%)
Saudi Arabia
Jun-10
3.0%
3.2%
Source: Bloomberg, (*Market closed on January 02, 2014)
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,237.01
1.0
1.9
2.6
DJ Industrial
16,469.99
0.2
(0.1)
(0.6)
20.16
0.7
0.4
3.5
S&P 500
1,831.37
(0.0)
(0.5)
(0.9)
106.89
(0.8)
(4.7)
(3.5)
NASDAQ 100
4,131.91
(0.3)
(0.6)
(1.1)
4.34
0.3
0.4
(0.1)
STOXX 600
327.64
0.6
(0.0)
(0.2)
123.00
(2.0)
(3.5)
(2.6)
DAX
9,435.15
0.4
(1.6)
(1.2)
138.25
0.5
(0.9)
1.3
FTSE 100
6,730.67
0.2
(0.3)
(0.3)
1.36
(0.6)
(1.2)
(1.1)
CAC 40
4,247.65
0.5
(0.7)
(1.1)
104.86
0.0
(0.3)
(0.4)
Nikkei*
16,291.31
0.0
0.7
0.0
GBP
1.64
(0.2)
(0.4)
(0.8)
MSCI EM
CHF
1.10
(0.7)
(1.5)
(1.4)
SHANGHAI SE Composite
AUD
0.89
0.4
0.8
0.3
USD Index
80.79
0.2
0.5
RUB
33.20
0.3
1.9
BRL
0.42
0.6
(1.7)
(0.8)
Yen
979.49
(1.1)
(1.8)
(2.3)
2,083.14
(1.2)
(0.9)
(1.6)
HANG SENG
22,817.28
(2.2)
(1.8)
(2.1)
0.9
BSE SENSEX
20,851.33
(0.2)
(1.6)
(1.5)
1.0
Bovespa
50,981.09
1.3
(0.6)
(1.0)
1,442.73
0.0
(0.2)
0.0
Source: Bloomberg
RTS*
Source: Bloomberg (*Market closed on January 03, 2014)
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,
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Page 6 of 6