1. QE Intra-Day Movement
Market Indicators
11,700
11,650
11,600
11,550
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.6% to close at 11,588.2. Losses were led by the
Insurance and Telecoms indices, declining 1.7% and 1.1% respectively. Top
losers were Mesaieed Petrochemical Holding Co. and Doha Bank, falling
10.0% and 9.1% respectively. Among the top gainers, Medicare Group rose
4.0%, while Qatar German Co for Medical Dev. rose 3.6%.
3 Mar 14
%Chg.
651.6
663,033.3
14.4
11,549
41
18:19
Market Indices
11,500
11,450
9:30
4 Mar 14
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
739.0
669,607.5
14.5
11,238
40
13:26
(11.8)
(1.0)
(0.2)
2.8
2.5
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,884.54
2,932.05
2,834.62
3,927.86
2,056.93
2,013.41
2,815.01
1,566.27
6,810.82
3,364.23
0.1
0.1
(0.3)
0.5
1.7
1.6
(1.7)
(1.1)
0.4
0.6
(0.8)
(0.8)
(1.2)
(1.0)
2.0
(0.3)
0.1
(2.0)
(0.7)
(0.3)
13.9
13.3
16.0
12.2
10.7
3.1
20.5
7.7
14.5
10.8
N/A
14.6
14.6
14.9
14.3
19.9
6.8
21.1
26.1
18.7
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index rose 1.4% to close at 9,148.7. Gains were led
by the Real Estate Dev. and Ind. Invest, rising 4.5% and 2.7% respectively.
Saudi Indian Co. for Coop. Ins. rose 9.0%, while MedGulf was up 7.4%.
Nat. Marine Dredging
Abu Dhabi
9.25
11.2
11.0
7.6
MedGulf
Saudi Arabia
33.40
7.4
2,384.7
(4.3)
Dubai: The DFM index gained 0.4% to close at 4,121.0. The Services and
Transportation indices rose 0.9% each. Agility Public Warehousing Co. surged
13.5%, while The National Industries Group gained 6.1%.
Jabal Omar Dev. Co.
Saudi Arabia
43.60
7.1
15,265.0
49.3
Saudi Real Estate Co.
Saudi Arabia
33.90
6.3
7,559.3
(2.0)
Abu Dhabi: The ADX benchmark index rose 1.3% to close at 4,920.4. The
Services and Banking indices gained 1.8% each. Abu Dhabi National Takaful
Co. surged 14.3%, while National Marine Dredging Co. gained 11.2%.
Bank of Sharjah
Abu Dhabi
2.45
6.1
439.1
36.9
GCC Top Losers
Exchange
#
Kuwait: The KSE index gained 0.5% to close at 7,531.8. The Technology
index rose 2.3%, while the Telecommunication index was up 2.2%. Kuwait
Building Materials Manu. Co. rose 8.3%, while Kout Food Group was up 6.8%.
Doha Bank
Qatar
60.90
(9.1)
544.5
4.6
Qatar Gen. Ins.&Reins.
Qatar
47.00
(5.1)
1.0
(1.9)
Oman: The MSM index rose marginally to close at 7,097.5.Gains were led by
the Industrial and Services Indices gaining 0.9% and 0.3% respectively.
Salalah Port Services rose 3.7%, while Dhofar Cattle Feed was up 3.6%.
Mannai Corp.
Qatar
102.10
(4.5)
3.4
13.6
Masraf Al Rayan
Qatar
37.30
(4.2)
1,025.0
19.2
Burgan Bank
Kuwait
0.53
(3.6)
6,955.2
(3.6)
Bahrain: The BHB index gained 0.2% to close at 1,367.8. The Investment
index rose 0.6%, while the Services index was up 0.1%. Arab Banking
Corporation rose 2.0%, while Seef Properties Co. was up 1.6%.
##
Medicare Group
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)
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
4.0
416.5
27.8
Mesaieed Petrochemical Holding
40.10
(10.0)
5,671.6
301.0
4.0
(1.8)
Doha Bank
60.90
(9.1)
544.5
4.6
Qatar Gen. Ins. & Reins. Co.
Qatar Exchange Top Losers
Qatar German Co. for Med. Dev.
13.60
3.6
Ezdan Holding Group
16.70
3.0
1.9
(1.8)
Barwa Real Estate Co.
32.10
2.2
1,057.7
7.7
Mannai Corp.
Qatar Gas Transport Co.
22.00
2.0
753.0
8.6
Masraf Al Rayan
47.00
(5.1)
1.0
(1.9)
102.10
(4.5)
3.4
13.6
37.30
(4.2)
1,025.0
19.2
Close*
1D%
Val. ‘000
YTD%
40.10
(10.0)
230,681.0
301.0
Industries Qatar
194.00
0.7
58,080.4
14.9
19.2
Masraf Al Rayan
37.30
(4.2)
37,951.7
19.2
856.2
12.5
Barwa Real Estate Co.
32.10
2.2
33,850.2
7.7
753.0
8.6
Doha Bank
60.90
(9.1)
33,474.1
4.6
Qatar Exchange Top Vol. Trad.
Close*
1D%
Vol. ‘000
YTD%
Mesaieed Petrochemical Holding
40.10
(10.0)
5,671.6
301.0
Barwa Real Estate Co.
32.10
2.2
1,057.7
7.7
Masraf Al Rayan
37.30
(4.2)
1,025.0
Vodafone Qatar
12.05
(1.0)
Qatar Gas Transport Co.
22.00
1.9
Qatar Exchange Top Val. Trades
Mesaieed Petrochemical Holding
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
1D% Vol. ‘000
YTD%
67.10
Qatar Exchange Top Gainers
Regional Indices
Close
Vol. ‘000
Close
1D%
WTD%
MTD%
YTD%
11,588.24
4,120.95
4,920.42
9,148.73
7,531.78
7,097.54
1,367.83
(0.6)
0.4
1.3
1.4
0.5
0.0
0.2
(1.6)
(2.4)
(0.8)
0.5
(2.1)
(0.2)
(0.4)
(1.6)
(2.4)
(0.8)
0.5
(2.1)
(0.2)
(0.4)
11.6
22.3
14.7
7.2
(0.2)
3.8
9.5
Exch. Val. Traded
($ mn)
178.94
281.01
130.64
2,626.53
101.62
22.59
2.66
Exchange Mkt.
Cap. ($ mn)
182,068.9
84,033.4
136,697.1
499,570.5
110,535.5
25,493.6#
51,682.4
P/E**
P/B**
15.3
17.7
13.1
18.3
15.4
10.9
9.5
1.9
1.5
1.7
2.3
1.2
1.6
0.9
Dividend
Yield
4.2
2.0
3.7
3.2
3.8
3.7
3.7
Source: Bloomberg, Qatar Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)(# as of March 03, 2014)
Page 1 of 6

2. Qatar Market Commentary
 The QE index declined 0.6% to close at 11,588.2. The Insurance
and Telecoms indices led the losses. The index fell on the back
of selling pressure from Qatari shareholders despite buying
support from non-Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
68.33%
72.24%
(25,456,714.40)
Non-Qatari
 Mesaieed Petrochemical Holding Co. and Doha Bank were the
top losers, falling 10.0% and 9.1% respectively. Among the top
gainers, Medicare Group rose 4.0% while Qatar German Co for
Medical Dev. rose 3.6%.
Buy %*
31.67%
27.77%
25,456,714.40
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday fell by 0.2% to 14.4mn
from 14.5mn on Monday. However, as compared to the 30-day
moving average of 12.4mn, volume for the day was 16.4%
higher. Mesaieed Petrochemical Holding Co. and Barwa Real
Estate Co. were the most active stocks, contributing 39.3% and
7.3% to the total volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
AED
0.0
–
–
–
222.8
47.0%
Abu Dhabi
AED
38.9
17.9%
8.4
55.9%
7.1
5.0%
Oman
OMR
0.0
–
–
–
10.3
139.2%
Market
Flydubai (FZ) *
Emirates
Telecommunications
Corporation (Etisalat) *
Oman National Investment
Corporation Holding (ONIC)*
Currency
Dubai
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
03/04
US
ISM
ISM New York
February
03/04
US
Bloomberg
IBD/TIPP Economic Optimism
March
03/04
EU
Eurostat
PPI MoM
03/04
EU
Eurostat
03/04
UK
Markit
03/04
Spain
03/04
03/04
Actual
Consensus
Previous
57.0
–
64.4
45.1
45.3
44.9
January
-0.30%
-0.10%
0.20%
PPI YoY
January
-1.40%
-1.30%
-0.80%
PMI Construction
February
62.6
63.2
64.6
Spanish Labour Ministry
Unemployment MoM Net ('000s)
February
-1.9
22
113.1
Japan
Bank of Japan
Monetary Base YoY
February
55.70%
–
51.90%
Japan
MHLW
Labor Cash Earnings YoY
January
-0.20%
0.30%
0.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group: Qatar international reserves touch $41.9bn in
January – A new study has shown that Qatar‟s international
reserves surged by 22.2% YoY to reach a total of $41.9bn in
January 2014, reflecting the country‟s strong current account
surplus and lower capital outflows. According to QNB Group, the
country‟s international reserves had stood at $34.3bn in January
2013. While the balance of payments data for 2013 are yet to be
released, the country‟s current account is expected to have
registered a strong surplus due to the large hydrocarbon exports
offsetting growing imports. Qatar‟s foreign reserves have been
rising steadily over the years due to large current account
surpluses. Going forward, QNB Group expects Qatar‟s reserves
to continue rising in 2014. (Gulf-Times.com)
 QNB Group: Qatar’s population growth to be one of world’s
highest – According to a report by QNB Group, Qatar‟s
forecasted average population growth of 10.5% for 2014 will be
one of the world‟s highest rates. Qatar‟s population grew by
10.4% YoY in February to reach 2.12mn. Population growth in
recent months has been driven by the large ramp up in
infrastructure spending in preparation for the 2022 FIFA World
Cup. QNB Group said that the larger population will enable
higher economic growth by boosting aggregate demand and
investment in housing and services. Planned heavy investments
in major projects in 2014 are likely to accelerate economic
growth, which could lead to certain supply bottlenecks, pushing
up prices somewhat. (Gulf-Times.com)
 ORDS reports QR510mn net profit in 4Q2013 - Ooredoo
Group (ORDS) reported a net profit of QR510.0mn for 4Q2013,
up by 51.2% on a QoQ basis due to a drop in FX Losses. The
company's 4Q2013 revenue declined by 3.6% QoQ to reach
QR8,199.8mn. For FY2013, the company's net profit fell by
12.5% YoY to QR2.6bn, despite higher revenue, due to
increased FX losses, SG&A expenses, operating expenses and
net finance costs. FY2013 revenue reached QR33.9bn,
reflecting a modest YoY increase of 1.1%. In line with the
decline in net profit, EPS decreased to QR8.05 in FY2013
compared to QR9.89 in FY2012. Meanwhile, ORDS' BoD
recommended a 40% cash dividend which is to be approved
during the shareholders meeting scheduled to be convened
later. (QE)
Page 2 of 6

3.  IQCD’s AGM to be held on March 10 – Industries Qatar
(IQCD) announced that its AGM will be held on March 10, 2014
at Sharq Hotel in Doha. The AGM‟s agenda includes discussing
the board‟s recommendation of paying a dividend worth QR11
per share, representing 110% of the nominal share value,
among others. (QE)
 GISS’ AGM, EGM scheduled on March 11 – Gulf International
Services Company (GISS) announced that its AGM and EGM
will be held on March 11, 2014 at Sharq Hotel in Doha. The
AGM‟s agenda includes approving the board‟s recommendation
for a dividend payment of QR2 per share, representing 20% of
the nominal share value and 25% bonus shares. The EGM‟s
agenda includes approving the change to the ownership limit of
the Qatar government and wholly-owned government
companies to bring it 2% of the company‟s share capital, among
others. (QE)
 NLCS’ BoD to meet on March 9 – Alijarah Holding Company‟s
(NLCS) board of directors will meet on March 9, 2014 to discuss
routine agenda matters. (QE)
 QE deposits QIMD’s bonus shares – The Qatar Exchange
(QE) announced the addition of bonus shares to the shareholder
accounts of Qatar Industrial Manufacturing Company (QIMD).
Now, the company‟s new capital stands at QR475.2mn, which is
distributed over 47.52mn shares. The shareholders may begin
trading these shares from March 5, 2014. (QE)
International
 Obama’s FY2015 budget claims $5.3tn in deficit reduction;
predicts strongest US growth – The US President Barack
Obama's FY2015 budget aims to keep hopes alive for a major
deficit reduction through its proposed tax hikes and spending
proposals, which could lead to $5.3tn in budget savings over 10
years. The budget request proposes savings of about $1.4tn
over the 2015-2024 period from healthcare savings, closure of
tax breaks for millionaires and immigration reforms. It estimates
that increased investments in infrastructure, education and an
expanded tax credit for the working poor will reduce deficits by
another $127bn over the decade. In total, Obama‟s budget
shows annual deficits staying in the $400-500bn range for much
of the decade, reaching a benign 1.6% of GDP by 2024, despite
the rising cost of healthcare for the retiring baby boomer
generation. Meanwhile, the Obama administration predicted that
the US economy will grow this year at its fastest pace since
2005, helping reduce the annual average unemployment rate.
The administration expects the country‟s GDP to expand 3.1%
in 2014 after rising 1.9% last year. The jobless rate is expected
to average 6.9% in 2014 and 6.4% in 2015, as compared to
7.4% last year. (Reuters, Bloomberg)
 Reuters: China’s trade growth slows further in February –
Growth in China's exports and imports is estimated to have
slowed down in February, causing its trade surplus to shrink by
more than half, a Reuters poll showed. This data reinforces
views that the country‟s economic momentum is weakening as
its leaders prepare to unveil key targets for 2014. Soft
manufacturing numbers for February have heightened concerns
about the extent of the slowdown, thought its services sector
appears to have regained some momentum. Export growth is
expected to ease to 6.8% in February YoY, as compared to
10.6% in January. Import growth will also dip to 8.0% from
10.0%. As a result, the trade surplus is likely to drop to $14.50bn
in February from $31.86bn in January. (Reuters)
 China retains 7.5% growth target for 2014 – China retained a
target for economic growth of about 7.5% in 2014, signaling
limits on the leadership‟s efforts to curb pollution and credit
expansion in the world‟s second-largest economy. Inflation and
money-supply targets also matched those of 2013. These
targets were published in a report that Premier Li Keqiang
delivered to the annual legislature meeting in Beijing. Li Keqiang
said the nation needs stable growth to ensure jobs. Maintaining
a pace of expansion close to last year‟s 7.7% would help sustain
demand for oil and iron ore, as well as support an accelerating
global economy. At the same time, analysts from UBS AG and
Societe Generale SA stated that a lower goal would have been
in line with the government‟s pledge to move away from growth
at all costs. (Bloomberg)
Regional
 Moody’s: Qatar, Kuwait to withstand oil price fall to $90 –
Moody‟s anticipates a gentle fall in oil prices to $90 per barrel by
2020, but Qatar and Kuwait have the most headroom and fiscal
flexibility to withstand such a shock. Moody‟s adverse scenario
in oil prices is driven by the possibility of greater than expected
new global oil & gas capacity on the supply side and slower than
expected commodity demand growth in emerging markets,
particularly reflecting the maturing Chinese economy. In such a
scenario, sovereign credit quality in the GCC region would be
affected to varying degrees, with Bahrain and Oman being most
vulnerable to a potential downgrade of their sovereign ratings
given their high fiscal break-even prices and declining oil
production. (Gulf-Times.com)
 S&P explores credit characteristics of GCC (re)insurers – A
report published by Standard & Poor's titled “Exploring The
Credit Characteristics Of GCC (Re)Insurers” found that low
interest rates and increasing competition for market share are
testing the endurance of insurers and reinsurers in GCC
countries. Around 20 of the 34 (re)insurers in the region have
their risk-based capital assessed as extremely strong, i.e. at the
'AAA' level. S&P assessed 18 Gulf companies‟ competitive
position as adequate, although the range includes six
companies that it considers have strong positions and 10 that it
sees as less than adequate. The average ratio for high-risk
assets to the total adjusted capital is 57%, with some outliers
reaching 100%. Most companies tend to have high exposure to
financial services or real estate sectors, which on an average,
accounted for about 45% of total invested assets.
(GulfBase.com)
 Stanton, Pi Slice team up to boost funding for MENA microfinance firms – Stanton Chase Middle East has teamed up with
Pi Slice to increase funding for micro-finance institutions in the
MENA region. As part of this partnership, Stanton Chase and Pi
Slice have launched a „lending page‟ to encourage the wider
community toward micro-lending. Individuals in the GCC and the
broader Middle East region can view a list of unique microfinanced projects and choose to provide support to the project of
their choice. Through this, motivated individuals and companies
can help MENA‟s micro-finance institutions to build a
sustainable future for small entrepreneurs, as well as create a
favorable ecosystem for development at the macro level.
(GulfBase.com)
 NCB Capital appoints first woman CEO – According to
sources, Saudi-based National Commercial Bank (NCB) has
appointed Sarah Al-Suhaimi as the Chief Executive of its
investment banking arm, NCB Capital. Sarah Al-Suhaimi is the
first woman to head an investment bank in the kingdom. She
was the head of asset management and chief investment officer
at Jadwa Investment in Saudi Arabia. She will replace Tariq
Linjawi, as the head of NCB Capital. Some Saudi women have
risen to key roles in financial institutions, such as Lama
Ghazzaoui, who is chief accountant at NCB. (GulfBase.com)
Page 3 of 6

4.  Schneider Electric achieves ISO50001:2011 certification –
Schneider Electric has become the first company in Saudi
Arabia to be awarded the prestigious ISO50001:2011
certification with accreditation, marking a double conformity for
its processes in energy management system (EnMS). ISO
50001:2011 stipulates the guidelines for using energy more
efficiently through the development of EnMS. Schneider Electric
identified its operation services at Schneider Electric EPS Ltd‟s
main office located in Riyadh as the largest consumer of
electrical energy and chose to get the site certified by the end of
2013. (GulfBase.com)
 Kingdom plans oil-to-chemicals plant at Yanbu with SABIC
– Saudi Oil Minister, Ali al-Naimi said that Saudi Arabia is
planning to build a plant at Yanbu that can turn crude oil directly
into chemicals without refining the oil, in collaboration with Saudi
Basic Industries Corp (SABIC). Chemical companies usually
process refined oil products into petrochemicals such as
ethylene and propylene, that are then used to make plastics and
other products. (GulfBase.com)
 AKC's BoD recommends 4.8% dividend – Al-Khabeer
Capital‟s (AKC) board of directors has recommended the
distribution of dividend payment of 4.8% per share before
deduction of any dues. (GulfBase.com)
 Metlife AIG ANB receives SAMA authorization – MetLife AIG
ANB Cooperative Insurance Company announced that it has
received SAMA‟s authorization to practice insurance business in
the Kingdom. (Tadawul)
 UAE banks’ assets cross AED2tn – According to the data
from the UAE Central Bank, the combined assets of all the UAE
banks crossed AED2tn for the first time at the end of 2013,
maintaining the country‟s top position in the Arab banking
sector. The combined assets of the UAE‟s 23 national banks
and 28 foreign units soared to an all-time high of AED2,025.8bn
at the end of December 2013 from AED1,991bn at the end of
November. Deposits swelled by nearly AED5bn to
AED1,278.9bn in December from AED1,273.5bn in November.
Loans grew at the same rate to AED1,177.3bn from
AED1,173.7bn in this period. The report showed that the banks‟
combined shareholders equity edged up to AED268.4bn from
AED267.6bn. Capital adequacy stood at as high as 16.9% at the
end of 2013. (GulfBase.com)
 du Telecom refinances its debt facilities – Emirates
Integrated Telecommunications Company (du Telecom)
announced signing of three separate financing deals amounting
to $1.17bn. These deals are a combination of refinancing
existing debt facilities on more favorable terms, coupled with an
additional $250mn of new facilities to finance future capital
expenditure. The move lowers the company's funding costs,
saving approximately $9mn over the loan term due to the
favorable margins agreed. (GulfBase.com)
 Dubai RTA to start work on AED2bn water canal in 2014 –
Dubai‟s Road & Transport Authority (RTA) will take up a number
of large infrastructure projects in 2014, including the AED2bn
water canal project linking the Business Bay in Dubai with the
Arabian Gulf. RTA‟s Chairman & Executive Director, Mattar Al
Tayer, said that the Dubai Water Canal project will pass through
the heart of Dubai in a course extending three kilometers. Other
mega projects taken up are: the Al Ittihad Bridge Project
estimated to cost around AED1bn, and the Dubai Tram project,
which will bring in a quantum shift in Dubai‟s public transport
experience in 4Q2014. (GulfBase.com)
 DFM declares 5% cash dividend – The Dubai Financial
Market‟s (DFM) AGM approved the board‟s suggestion of
distributing 5% cash dividends amounting to AED399.8mn,
which represents 140% of the net profit in 2013. (DFM)
 Etisalat SmartHub signs IPX deal with Aicent – Emirates
Telecommunication Corporation‟s (Etisalat) Etisalat Smarthub
has signed a major agreement with Aicent to offer a seamless
LTE roaming experience. Smarthub includes the Middle East‟s
first IPX for mobile operators and the region‟s largest portfolio of
internet content. It connects their leading global multi-service
IPXs allowing subscribers to roam seamlessly between
international operator networks, while enjoying high quality voice
and mobile data services. (GulfBase.com)
 UAB’s AGA, EGA approve cash, scrip dividends – The
United Arab Bank‟s (UAB) AGA has approved AED149.5mn
cash dividend and AED149.5mn scrip dividend (both 15% of the
paid-up share capital). In case of non-approval from the central
bank, a lower distribution of AED150mn cash dividend (15.06%
of the bank‟s paid up capital) and 10% bonus shares worth
AED99.6mn, will be paid. (ADX)
 ADCM’s unit secures AED786mn loan – Integrated Alternative
Finance, a wholly-owned subsidiary of Abu Dhabi Capital
Management (ADCM), has secured a bridging facility worth
AED786mn to fund its acquisition of prime property, 1 Palace
Street, London. The facility, provided in January 2014, is the
largest of its kind in recent years and was provided by Omni
Capital. (GulfBase.com)
 Etisalat’s BoD proposes final dividend – Etisalat‟s board of
directors has proposed a final dividend of 35 fils per share to be
distributed for 2H2013, bringing the full dividends for the entire
2013 to 70 fils per share. This dividend will to be paid on April
13, 2014 to the registered shareholders. (ADX)
 Zain finalizes $800mn, five-year loan facility – The Mobile
Telecommunications Company (Zain) has finalized an $800mn,
five-year loan facility from various banks. Zain said that the
money would be used to meet the needs of the company across
all its markets. According to sources, the loan's amortizing
structure would see Zain repay both interest and principal during
the lifetime of the loan, as opposed to a bullet facility where it
would only pay interest during the tenure. Zain has an existing
$867mn debt facility maturing in March 2014. (GulfBase.com)
 Oman expects large rise in gas output in next 5 years –
Oman‟s Undersecretary for Oil & Gas, Salim Al-Aufi, said that
the country expects a significant increase in its natural gas
output over the next five years, but marginal improvement in oil
production. Oman aims to raise its gas output to an average of
120mn cubic meters per day (mcm/d) from 2014 through 2018,
showing a gain of 17.65%. In 2013, gas production rose to an
average of 102mcm/d, up 3.7% from 2012. The planned start-up
of BP‟s Khazzan tight gas project in 2017 will provide a big
boost to supplies, adding about 28mcm/d to gas output by 2018.
Crude oil and condensates production is expected to average at
950,000-960,000bpd over the five-year period, rising less than
2% in average. The non-OPEC oil producer averaged 942,000
bpd in 2013, up 2.5% from 2012. (GulfBase.com)
 Takatuf Oman signs IJV with Petrofac – Takatuf Oman – the
human capital solutions provider for Oman Oil Company (OOC)
– has signed an Incorporated Joint Venture (IJV) agreement
with Petrofac to establish the Centre of Excellence. Beginning its
operations in 2016, this will be the largest technical training
center in Oman. Using the latest technologies, the new facility
will train Oman‟s energy and energy-related workforce to
international standards across a number of disciplines.
(GulfBase.com)
Page 4 of 6

5.  Al Maha renews OMR83mn contract with Oman Air – Al
Maha Petroleum Products Marketing Company (Al Maha) has
renewed its contract worth OMR83mn to supply 50% of Oman
Air‟s aviation fuel needs at Muscat airport until 2016. The
contract comes into effect from April 1, 2014. Al Maha already
supplies half of Oman Air‟s fuel at Muscat airport.
(GulfBase.com)
share. Out of this, 10 fils per share has already been paid during
3Q2013 and the remaining 10 fils will be paid in March 2013.
Further, the company‟s AGM approved its board
recommendation for a 5% bonus share issue, awarding one
share for every 5 shares currently held by shareholders.
(Bahrain Bourse)
 PDO produces 1.25mn bpd of oil in 2013 – Petroleum
Development Oman (PDO) said that it has recorded an average
production of 1.25mn barrels of oil equivalent per day in 2013
and added 317mn barrels of oil reserves. Further, the total
developed reserves of natural gas increased by 1.3tn cubic feet
in 2013. PDO is executing 16 enhanced oil recovery (EOR) field
developments and trials. In 2013, PDO had ongoing production
from four major EOR developments at Marmul, Qarn Alam,
Harweel and Amal West. Meanwhile, the polymer project in
Marmul has reached the milestone of 1mn cubic meters (6.3mn
barrels) of incremental oil recovery in December 2013.
(GulfBase.com)
 Bank Dhofar signs deal with Haya Water – Bank Dhofar has
signed a strategic agreement with Haya Water to have its new
point-of-sale (POS) devices displayed at Haya Water‟s outlets.
Through these new POS machines, retailers can now process
payments using wireless GPRS technology for all payments
made through credit cards, debit cards and smart chip cards.
(GulfBase.com)
 ONIC’s BoD recommends 20% cash dividend – Oman
National Investment Corporation Holding‟s (ONIC) board of
directors has recommended a cash dividend of 20% (20 baizas
per share). (MSM)
 OCCI’s AGM approves 15% cash dividend – Oman Chromite
Company‟s (OCCI) AGM has approved the board‟s proposal to
distribute 15% cash dividends at the rate of 150 baizas per
share. (MSM)
 ASBB launches Al Salam Asia REIT Fund; declares 5%
dividend – Al Salam Bank Bahrain (ASBB) announced the
launch of Al Salam Asia REIT Fund, the first Shari‟ah-compliant
Asian REIT fund. ASBB will be the sponsor and seed investor
for the Fund, which will be managed by B&I Capital. The fund‟s
portfolio will consist of 15 to 35 positions, diversified through
active country and sub-sector allocation within the Asian REIT
asset class. Meanwhile, ASBB‟s AGM has approved the board‟s
recommendation to distribute 5% dividends or 5 fils per share
(excluding treasury shares), amounting to BHD7,446,790 for the
year ended December 31, 2013. (DFM, Bahrain Bourse)
 Waqf Fund proposes external Shari’ah appraisal for Islamic
banks – Bahrain-based Waqf Fund, a non-profit body set up by
the central bank, has proposed mandatory external Shari‟ah
audits for Islamic financial institutions to help strengthen
compliance. Regulators around the world are increasing their
scrutiny of Islamic finance, including the boards of Shari‟ah
scholars who rule on whether activities follow religious
principles. The Waqf Fund is backed by 21 institutions such as
banks and mostly focuses on educational initiatives. While the
proposal is for Bahrain, it may have an impact on Islamic finance
across the globe. The Waqf Fund will develop a framework for
external Shari‟ah audits with a team of audit firms, scholars and
the Accounting and Auditing Organization for Islamic Financial
Institutions. (GulfBase.com)
 Batelco’s AGM approves BHD31.7mn cash dividends, 5%
bonus shares – Bahrain Telecommunication Company‟s
(Batelco) AGM has approved the board‟s recommendation for a
cash dividend of BHD31.7mn for 2013, at a value of 20 fils per
Page 5 of 6

6. Rebased Performance
Daily Index Performance
180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.4%
1.3%
1.2%
144.1
0.8%
131.3
0.4%
0.5%
0.2%
0.4%
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
(0.6%)
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
1,334.34
(1.2)
0.6
10.7
21.17
(1.2)
(0.3)
8.7
109.30
(1.7)
0.2
7.92
15.5
109.25
Global Indices Performance
Close
1D%
WTD%
YTD%
16,395.88
1.4
0.5
(1.1)
S&P 500
1,873.91
1.5
0.8
1.4
(1.4)
NASDAQ 100
4,351.97
1.7
1.0
4.2
68.7
82.4
STOXX 600
337.15
2.1
(0.3)
2.7
(2.0)
(2.5)
(13.6)
DAX
9,589.15
2.5
(1.1)
0.4
121.75
(0.6)
(0.2)
(10.3)
FTSE 100
6,823.77
1.7
0.2
1.1
4,395.90
2.4
(0.3)
2.3
14,721.48
0.5
(0.8)
(9.6)
DJ Industrial
1.37
0.1
(0.4)
0.0
102.21
0.7
0.4
(2.9)
GBP
1.67
(0.0)
(0.5)
0.6
MSCI EM
CHF
1.13
(0.5)
(0.8)
0.6
SHANGHAI SE Composite
AUD
0.90
0.1
0.3
0.4
Yen
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Qatar
(0.8%)
Jan-11
Kuwait
(0.4%)
Saudi Arabia
Jun-10
1.6%
166.5
CAC 40
Nikkei
956.19
0.6
(1.1)
(4.6)
2,071.47
(0.2)
0.7
(2.1)
HANG SENG
22,657.63
0.7
(0.8)
(2.8)
USD Index
80.17
0.1
0.6
0.2
BSE SENSEX
21,209.73
1.3
0.4
0.2
RUB
36.10
(1.3)
0.7
9.8
Bovespa*
47,094.40
0.0
0.0
(8.6)
BRL*
0.43
0.0
0.0
0.9
1,184.22
6.2
(6.6)
(17.9)
Source: Bloomberg (*Market closed on March 04, 2014)
RTS
Source: Bloomberg (*Market closed on March 04, 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