1. QE Intra-Day Movement
Market Indicators
9,740
9,720
9,700
22 Oct 13
%Chg.
326.8
525,059.7
8.8
3,179
40
11:23
293.3
527,529.2
6.0
2,905
37
21:12
11.4
(0.5)
46.3
9.4
8.1
–
Market Indices
9,680
9,660
9:30
23 Oct 13
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 declined 0.3% to close at 9,693.9. Losses were led by the
Banking & Financial Services and Real Estate indices, declining 0.9% and 0.3%
respectively. Top losers were Islamic Holding Group and Gulf Warehousing
Co., falling 3.3% and 2.1% respectively. Among the top gainers, Qatar General
Ins. & Rein. Co. rose 5.5%, while Qatar Electricity & Water Co. gained 2.2%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
13,850.40
2,434.54
2,315.90
3,110.69
1,815.00
1,813.83
2,339.79
1,446.37
5,903.14
2,793.84
(0.3)
(0.4)
(0.9)
0.1
(0.2)
(0.3)
1.6
0.0
(0.2)
(0.2)
(0.3)
(0.4)
(1.6)
(0.4)
1.1
1.3
2.6
1.3
0.2
0.3
22.4
20.8
18.8
18.4
35.4
12.5
19.2
35.8
26.4
12.3
N/A
12.2
12.3
11.4
12.3
13.1
9.7
15.2
22.0
14.8
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index rose 0.1% to close at 8,150.3. Gains were led
by the Retail and Hotel & Tourism indices, rising 2.9% and 2.4% respectively.
Jarir Marketing rose 6.4%, while Saudi Hotels & Resort Areas was up 5.8%.
Arab Banking Corp.
Bahrain
1D%
Vol. ‘000
0.35
7.8
25.0
(25.0)
Jarir Marketing Co.
Saudi Arabia
247.00
6.4
245.0
59.1
Dubai: The DFM index declined 0.8% to close at 2,901.7. The Banking index
fell 1.5%, while the Investment & Financial Services index was down 1.3%.
Oman Insurance Co. declined 10.0%, while Mashreq Bank was down 7.0%.
SHARACO
Saudi Arabia
38.30
5.8
3,820.5
43.4
Qatar Gen. Ins. & Rein.
Qatar
57.90
5.5
0.3
25.9
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 3,873.3. The
Industrial index gained 2.9%, while the Services index was up 1.6%. FOODCO
Holding surged 15.0%, while Arkan Building Materials Co. gained 14.9%.
Abu Dhabi Nat. Hotels
Abu Dhabi
2.50
4.6
400.0
41.2
GCC Top Losers
Exchange
#
Kuwait: The KSE index gained 0.4% to close at 7,906.5. The Consumer
Services index rose 1.2%, while the Oil & Gas index was up 1.0%. Al Deera
Holding Co. gained 7.9%, while Tameer Real Estate Investment was up 7.8%.
IFA Hotels & Resorts
Kuwait
0.40
(5.9)
9.8
12.8
ALAFCO
Kuwait
0.28
(3.4)
1,373.0
(21.1)
Oman: The MSM index rose 0.1% to close at 6,649.0. Gains were led by the
Industrial and Banking & Inv. indices, rising 0.4% and 0.3% respectively.
Sharqiyah Desalination Co. rose 7.4%, while Gulf Inv. Ser. was up 3.2%.
United Electronics Co.
Saudi Arabia
107.50
(2.3)
387.3
29.5
Dubai Islamic Bank
Dubai
4.10
(2.1)
8,394.4
104.0
Sharjah Islamic Bank
Abu Dhabi
1.41
(2.1)
499.5
53.3
Bahrain: The BHB index gained 0.3% to close at 1,200.6. The Investment
index rose 2.0%, while the Commercial Banking index was up 0.1%. Arab
Banking Corp. gained 7.8%, while Khaleeji Commercial Bank was up 4.1%.
##
Close
1D% Vol. ‘000
YTD%
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 Gainers
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
Qatar General Ins. & Rein. Co.
57.90
5.5
0.3
25.9
Islamic Holding Group
40.60
(3.3)
0.8
6.8
19.0
Gulf Warehousing Co.
40.00
(2.1)
35.8
19.4
24.4
Qatar Electricity & Water Co.
Qatar Exchange Top Losers
YTD%
157.50
2.2
22.7
Qatar German Co. for Med. Dev.
15.29
1.9
2.6
3.5
162.80
(2.0)
174.7
Masraf Al Rayan
29.50
0.9
548.3
19.0
Doha Insurance Co.
25.50
(1.9)
71.0
3.9
Qatar Insurance Co.
62.00
0.8
516.4
14.9
Doha Bank
54.40
(1.1)
201.3
17.3
Qatar Exchange Top Vol. Trades
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
Salam International Investment Co.
12.30
(0.8)
3,971.4
(2.8)
Industries Qatar
151.00
(0.2)
61,084.4
7.1
Masraf Al Rayan
29.50
0.9
548.3
19.0
Salam International Investment
12.30
(0.8)
48,997.0
(2.8)
Qatar Insurance Co.
62.00
0.8
516.4
14.9
Qatar Insurance Co.
United Development Co.
21.85
(0.5)
433.6
22.8
QNB Group
151.00
(0.2)
404.3
7.1
Industries Qatar
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Medicare Group
62.00
0.8
31,768.0
14.9
162.80
(2.0)
28,579.7
24.4
50.80
0.2
19,247.1
42.3
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
QNB Group
Close
1D%
WTD%
MTD%
YTD%
9,693.93
2,901.74
3,873.32
8,150.27
7,906.46
6,648.98
1,200.64
(0.3)
(0.8)
0.3
0.1
0.4
0.1
0.3
(0.3)
2.5
0.8
2.1
1.8
(0.3)
0.5
0.9
5.0
0.8
2.3
1.8
0.0
0.6
16.0
78.8
47.2
19.8
33.2
15.4
12.7
Exch. Val. Traded
($ mn)
89.75
214.09
48.22
1,337.40
173.96
27.48
1.76
Exchange Mkt.
Cap. ($ mn)
144,181.4
70,106.3
111,181.9
436,566.0
136,397.0
23,663.3
17,829.8
P/E**
P/B**
12.2
16.9
10.9
16.6
19.1
10.9
8.4
1.7
1.2
1.4
2.1
1.3
1.6
0.9
Dividend
Yield
4.7
3.1
4.7
3.6
3.5
3.9
4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 6

2. Qatar Market Commentary
 The QE index declined 0.3% to close at 9,693.9. The Banking &
Financial Services and Real Estate indices led the losses. The
index declined on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
64.63%
63.26%
4,483,935.70
Non-Qatari
 Islamic Holding Group and Gulf Warehousing Co. were the top
losers, falling 3.3% and 2.1% respectively. Among the top
gainers, Qatar General Ins. & Rein. Co. rose 5.5%, while Qatar
Electricity & Water Co. gained 2.2%.
Buy %*
35.37%
36.74%
(4,483,935.70)
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday rose by 46.3% to 8.8mn
from 6.0mn on Tuesday. Further, as compared to the 30-day
moving average of 6.9mn, volume for the day was 27.8% higher.
Salam International Investment Co. and Masraf Al Rayan were
the most active stocks, contributing 45.2% and 6.2% to the total
volume respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Agency
Aldar Properties
Market
Moody's
Abu
Dhabi
Type*
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
B1/B1-PD/B2
Corporate family rating/
Probability of default
rating/ $1.25bn of
bonds due 2014
Ba1/Ba1PD/Ba2

Positive
–
Source: News reports
Earnings Releases
Company
Revenue
(mn) 3Q2013
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
Net Profit (mn)
3Q2013
SR
–
–
39.5
9.0%
24.6
1.3%
SR
–
–
48.3
7.6%
62.9
20.7%
Saudi Arabia
SR
–
–
318.8
10.7%
185.2
18.9%
Oman
OMR
50.8
8.3%
–
–
8.0
11.1%
Oman
OMR
195.2
–
–
–
11.8
71.0%
Market
Currency
Saudi ORIX Leasing Co.
Saudi Arabia
Taiba Holding Co. (Taiba)
Saudi International
Petrochemical Co.
(SIPCHEM)
Omani Qatari
Telecommunications Co.
(Nawras)
Oman Cables Industry
(OCI)*
Saudi Arabia
% Change
YoY
Source: Company data, DFM, ADX, MSM (*Results for nine months ended September 30, 2013)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
10/23
US
MBA
MBA Mortgage Applications
18-October
10/23
US
Bureau of Labor Stat.
Import Price Index MoM
September
-0.60%
–
0.30%
0.20%
0.20%
10/23
US
Import Price Index YoY
September
10/23
US
House Price Index MoM
10/23
EU
Bureau of Labor Stat.
Federal Housing Fin.
Agency
European Commission
0.20%
-1.00%
-1.00%
-0.20%
August
0.30%
0.80%
0.80%
10/23
France
INSEE
Consumer Confidence
October
-14.5
-14.5
-14.9
Production Outlook Indicator
October
-5
-11
10/23
France
-10
INSEE
Business Confidence
October
98
98
10/23
UK
97
BBA
BBA Loans for House Purchase
September
42,990
39,500
38,834
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QATI reports net profit of QR119.3mn in 3Q2013 – The Qatar
Insurance Company (QATI) has reported a net profit of
QR119.3mn for 3Q2013, indicating a decline of 10.8% QoQ
(+6.0% YoY). EPS amounted to QR4.36 for the nine months
ended September 30, 2013 as compared to QR3.81 for the
corresponding period in 2012. (QE)
 MCGS reports net profit of QR9.8mn in 3Q2013 – Medicare
Group (MCGS) has reported a net profit of QR9.8mn in 3Q2013,
indicating a decrease of 53% QoQ. Operating income fell by
18.9% QoQ (+17.0% YoY) to QR90mn in 3Q2013. However, for
the first nine-months of 2013 net income QR55.2mn vs.
QR38.5mn for the corresponding period in 2012. (QE)
 QISI reports net income of QR14.8mn in 3Q2013 – Qatar
Islamic Insurance (QISI) has reported a net income of
QR14.8mn in 3Q2013, reflecting a decline of 20.5% QoQ.
However, for the first nine-months of 2013 net income
QR50.6mn vs. QR45.3mn for the corresponding period in 2012.
(QE)
Page 2 of 6

3.  QNB Group plans to issue dual-tranche dollar denominated
bonds – QNB Group is planning to issue a benchmark-sized,
dual-tranche dollar denominated bonds. The group will issue
three-year floating rate notes with initial price guidance at 140
basis points (bps) over the three-month LIBOR. QNB Group will
also issue a five-year, fixed-rate tranche with initial pricing
guidance of 155 bps over mid-swaps. The group has mandated
HSBC Holdings, Standard Chartered, JP Morgan Chase, Royal
Bank of Scotland and its own investment banking arm for this
sale. (Reuters)
 QNB bags three prestigious GFM awards in US – Qatar
National Bank (QNB) has secured three prestigious awards from
Global Finance Magazine at an awards ceremony held during
the recent IMF and World Bank annual meetings in Washington
DC. QNB was recognized as „Best Investment Bank in Frontier
Markets‟, „Best Investment Bank in Qatar‟, and „Best Bank in
Qatar‟. QNB is the world‟s first recipient of the „Best Investment
Bank in Frontier Markets‟, which is given for the first time by the
Global Finance Magazine. QNB was selected based on the
global franchise that the bank has built, which focuses on
frontier markets in the Middle East, Asia and Africa. (QNB Press
Release & Gulf-Times.com)
 DOHI seeks nod for QR500mn capital hike – Doha
Insurance‟s (DOHI) board of directors has proposed to increase
the company‟s capital to QR500mn from the current QR257.4mn
through an issuance of additional shares to its shareholders.
The 94.25% increase in DOHI‟s capital will be realized through
additional shares issued at the rate of 9 shares for every 10
shares. In total, 24,260,000 additional shares will be issued at a
par value of QR10 per share in addition to a premium of QR8 a
share. DOHI said that existing shareholders will be given priority
in subscription on the day before its EGM. DOHI‟s Chairman
Sheikh Nawaf Nasser bin Khalid al-Thani said the proposed
capital increase was aimed at boosting the company‟s credit
ranking and the solvency margin. (Gulf-Times.com)
 Qatari Investors Group signs an agreement to double Al
Khaleej Cement’s production capacity to 14,000 tons/day –
Al Khaleej Cement, the industrial arm of Qatari Investors Group
(QIGD), has finalized an agreement to expand the production
line of the company. This project will double the clinker
production capacity to 12,000 tons/day and the cement
production capacity to 14,000 tons/day and will be completed
with the cooperation of the Danish company, FLS, for the
importation of the industrial equipment and machinery; and the
Chinese company CNBM International for the carrying out of the
civil works. The project will cost QR700 million with production
commencing 20 months following the commencement of work
on the project. (QE)
 ORDS makes two new appointments for its subsidiaries –
Ooredoo (ORDS) has approved two new appointments at the
CEO level for two of its international operations. Ross Cormack,
the former CEO of Nawras has been named as the CEO for
Ooredoo Myanmar, the newest operation of the group. Greg
Young will take on the role of CEO for Nawras, with effect from
October 23. Ross Cormack was instrumental in the original bid
for gaining a telecoms license in Oman in 2004, and has led the
company since then. Greg Young is a telecom professional with
nearly 30 years of experience in the telecom industry. Prior to
joining Nawras, he worked as the CEO of Sri Lanka Telecom.
(Bloomberg)
 NLCS’ BoD to meet on October 27 – Alijarah Holding (NLCS)
has announced that its board of directors will hold a meeting on
October 27, 2013 to discuss routine agenda matters. (QE)
 BRES to disclose its 3Q2013 financials on October 27 –
Barwa Real Estate Company (BRES) will disclose its quarterly
financial results for the period ending September 30, 2013 on
October 27, 2013. (QE)
International
 ECB: Bank review to be more credible than before – The
European Central Bank‟s (ECB) Director General for Financial
Stability, Ignazio Angeloni said the ECB‟s probe into the health
of European banks will be more credible than its previous
exercises, because the institution itself will have to deal with the
outcome. The ECB released details of a three-stage asset
review, which it is running as a condition for taking over lender
supervision. As part of Europe‟s attempt to sever the link
between fragile banks and debt-laden states, the institution has
set a threshold of 8% capital-to-assets ratio for those lenders.
(Bloomberg)
 Spain ends two-year recession – Spain emerged from a twoyear long recession in 3Q2013, strengthened by the
government‟s efforts to repair the nation‟s finances and reduce
the 26% jobless rate. Spain‟s GDP expanded 0.1% from
2Q2013 and fell 1.2% from a year ago. The latest data matched
the median estimate of 37 economists in a Bloomberg News
monthly survey. (Bloomberg)
 China’s HSBC flash PMI hits 7-month high in October –
According to the data released by Markit/HSBC survey, strong
new orders have driven the fastest expansion in China's
manufacturing sector in seven months. The flash Markit/HSBC
Purchasing Managers Index (PMI) stood at 50.9 in October,
above September's final reading of 50.2. New orders rose to
51.6, the highest in seven months and well above the 50 mark
separating expansion from contraction. HSBC economist Qu
Hongbin said China's growth recovery is becoming consolidated
into the fourth quarter following the bottoming out in the third
quarter. (Reuters)
 Japan plans to use extra tax revenue for stimulus spending
– The Japanese Prime Minister Shinzo Abe said the government
is planning to use higher-than-expected tax revenue to fund the
economic stimulus spending, rather than rely on issuing new
debt. In early December, the government will announce details
of a five trillion yen economic stimulus package meant to offset
the drag from an increase in the sales tax next April. (Reuters)
Regional
 QNB Group: Saudi non-oil sector continues to grow
strongly – According to a report by QNB Group, the non-oil
sector in Saudi Arabia will continue to grow strongly powered by
government-led infrastructure and mining projects. The report
points out that Saudi Arabia had the second best economic
growth performance among G-20 countries in 2012 (6.8%) and
the third highest real GDP growth rate in 2008-12 (6.1%), just
below the growth rates of China and India. QNB Group forecasts
a slight slowdown in Saudi‟s real GDP growth to 4% in 2013 as
oil production declines due to weakening global demand, but it is
expected to pick up to 4.4% in 2014 due to a slight recovery in
the oil sector and continued strong non-oil activity. Saudi
inflation is expected to remain moderate over the medium-term.
Both the current account surplus and the fiscal surplus are
projected to narrow down in 2013 and 2014, as lower oil prices,
production, higher government infrastructure spending and
higher imports. Further, the report said that the outlook for the
Saudi banking sector remains positive as loan growth is set to
pick up due to brighter profitability prospects with interest rates
trend going up. (GulfBase.com)
Page 3 of 6

4.  HSBC shuffles senior banking roles in MENA region –
HSBC Holdings has shuffled the roles of some senior bankers in
the MENA region. Jonathan Robinson, currently the head of
project finance for MENA and a managing director, will take on
the role as the banking head for the region. He will replace Paul
Skelton, who will become the regional head of commercial
banking. Both appointments are effective from January 1, 2014.
(Bloomberg)
 SEC signs 8 contracts to construct new sub-stations – The
Saudi Electricity Company (SEC) has signed eight contracts
worth SR3.2bn for the construction of new sub-stations to meet
the rising demand for electricity in the Kingdom. SEC‟s CEO Ali
bin Saleh Al-Barrak said these projects will raise the level of
electrical services provided by the company and increase its
reliability by providing stable and uninterrupted usage. These
contracts include the construction of sub-stations in Riyadh,
Jeddah and Qassim to meet the power demand in these areas.
The construction of these projects is expected to be completed
over the next one year. (GulfBase.com)
 Marafiq, SABIC implement various projects in Kingdom –
The Power & Water Utility Company for Jubail & Yanbu
(Marafiq) will construct a water desalination plant worth
SR850mn for Sadara Chemical Company in Jubail. Based on
the reverse osmosis system (ROS), this plant will serve
petrochemical complexes that will be operated by Sadara.
Marafiq has also begun implementing other projects in Jubail
that include: an SR372mn ROS desalination plant (4),
expansion of water pump station for SR120mn, construction of a
new water pump station in Matarafiyya area for SR100mn, an
SR420mn rent-to-own housing program, and developing its
headquarters at a cost of SR140mn. Meanwhile, the Saudi
Arabian Basic Industrial Corporation (SABIC) is implementing an
industrial rubber project worth SR12bn for Al Jubail
Petrochemical Company, a port berth project for petrochemical
products for SR1.3bn, styrene butadiene acryl project worth
SR2.25bn for the Arabian Petrochemical Company. SABIC is
also implementing the expansion project of Saudi Arabian
Fertilizer Company (SAFCO) at SR2bn, another project for the
National Methanol Company (Ibn Sina) at SR1.9bn, and SABIC
staff housing project at Jalmouda District at the cost of SR3.5bn.
(GulfBase.com)
 JMC’s BoD recommends 50% capital increase to SR900mn,
distribute SR150mn dividend – Jarir Marketing Company‟s
(JMC) BoD has recommended to increase the company‟s capital
by 50% to SR900mn. JMC will issue 300mn bonus shares by
offering 1 bonus shares for every 2 shares owned. This increase
will be done through a capitalization of SR300mn from the
statutory reserve & retained earnings account. JMC will utilize
this capital to manage the recent and future expansions of its
branches. These bonus shares are limited to those shareholders
who are registered with the Securities Depository Center
(Tadawul) at the close of trading on the EGM day, which is to be
determined later. Moreover, JMC‟s BoD has recommended the
distribution of dividends worth SR150mn (SR2.5 per share),
representing 25% of the face value to its shareholders. JMC‟s
shareholders who are registered with the Securities Depository
Center on October 30, 2013 will be eligible for this dividend,
which will be distributed on November 7, 2013. (Tadawul)
 Dubai, Abu Dhabi consumer prices rise in September –
According to the latest government data, consumer prices in
Dubai rose 1.9% YoY in September, which is the fastest pace
since December 2009. Meanwhile, Abu Dhabi‟s inflation
accelerated to 1.8% in September from 1.4% in August, the
highest level since April 2012. In Dubai‟s case, higher inflation
was driven by a jump in housing and utility costs, which account
for 44% of consumer expenses in the Emirate. (Gulf-Times.com)
 CBD reports AED752mn net profit for 9M2013 – The
Commercial Bank of Dubai (CBD) has reported a net profit of
AED752mn for the nine months ended on September 30, 2013,
indicating an increase of 1.1% YoY. Net interest income rose by
3% YoY to AED1.04bn. Total assets were AED42.3bn as at
September 30, 2013, reflecting an increase of 7.4% YTD. Loans
& advances rose by 11.9% YTD to AED30.4bn, while customer
deposits stood at AED28.7bn, up 2.4% YTD. (Bloomberg)
 UAE PM appoints new DFM Chairman – The UAE Prime
Minister HE Shaikh Mohammed bin Rashid AI Maktoum has
issued a decree to appoint Essa Kazim as the new Chairman for
the Dubai Financial Market. (DFM)
 Fitch: Doubling of property transaction fees in Dubai to
limit speculative buying – Fitch Ratings said the doubling of
property transaction fees in Dubai will limit speculative buying,
which is reinforced by planned caps for mortgage lending. This
could help contain rising property risk for UAE banks as the real
estate sector recovers. The banks have built up capital buffers
since the 2008 property crisis, which give them some protection
against asset-quality problems. Fitch also said that the new 4%
property registration fee effective from October 6 should help
property prices recover at more sustainable levels in Dubai.
From credit perspective, the UAE‟s central bank is planning to
impose maximum loan-to-value limits for residential mortgages.
Impaired loans have slightly declined to 7.5% on an average in
1H2013 for the nine largest banks, from 7.8% in 2012. Fitch
further said that it is likely that non-performing loans have
peaked. The more upbeat operating environment and a return of
market confidence in the UAE should prevent any further widescale asset-quality deterioration in the short term. Oversupply in
the real estate sector could lead to asset-quality issues, but
Fitch expects medium to long-term nature of major new projects
to reduce this risk. (Reuters)
 Arabtec wins AED196mn tower contract from Tiara Hotel –
Arabtec Holding has won a contract worth AED196mn to
construct two mixed-use towers for Tiara Hotel on Palm
Jumierah. The work on these towers will begin in 1Q2014.
(Reuters)
 DAMAC Properties urges for non-resident mortgage in
Dubai – DAMAC Properties Company‟s Managing Director Ziad
El Chaar has called upon UAE banks to provide non-resident
mortgage and support the resurgence in the real estate market.
El Chaar said that banks must increase their lending to
encourage international buyers to engage in property ownership
in Dubai. (GulfBase.com)
 Drydocks World signs alliance deal to manage NSC
Holding’s 56 vessels – Drydocks World & Maritime World has
entered into a strategic alliance agreement with Germany-based
NSC Holding to manage 56 vessels. (GulfBase.com)
 ADCB reports AED874.2mn net profit in 3Q2013 – The Abu
Dhabi Commercial Bank (ADCB) has reported a net profit
attributed to equity holders of AED874.2mn in 3Q2013,
reflecting an increase of 47.1% YoY. Net interest income
decreased 5.2% YoY to AED1.2bn in 3Q2013. EPS amounted
to AED0.43 for the nine months ended September 30, 2013 as
compared to AED0.34 for the corresponding period in 2012.
Total assets stood at AED174.7bn as on September 30, 2013,
declining 3.4% YTD. Loans & advances declined 2.4% YTD to
AED120.2bn, while customer deposits rose 2.6% YTD to
AED112bn. (ADX)
Page 4 of 6

5.  RAKBANK reports AED377.4mn net profit in 3Q2013 – The
National Bank of Ras Al Khaimah (RAKBANK) has reported a
net profit of AED377.4mn in 3Q2013, indicating an increase of
2.1% YoY. Net interest income rose by 3.7% YoY to
AED588.9mn. EPS stood at AED0.68 for the nine months ended
on September 30, 2013 as compared to AED0.62 at the end of
September 30, 2012. Total assets at the end of September 2013
stood at AED28.9bn, up 5.9% YTD. Loans & advances rose by
2.3% YoY to AED20.8bn, while customer deposits declined
2.1% YoY to AED20.3bn at the end of September 2013. (ADX)
 Etisalat signs various partnership agreements – The
Emirates Telecommunications Corporation (Etisalat) has signed
various partnership agreements with Fujairah Municipality,
AirWatch, Germany-based SAP and NetComm Wireless Ltd. to
enhance and strengthen its strategic partnership, services,
special offers and projects. Etisalat has also entered into a
partnership agreement with Dubai Courts to offer a cloud-based
managed web security solution. (GulfBase.com)
 Etihad to begin double-daily flights to Colombo – Etihad
Airways will begin double-daily flights between Abu Dhabi and
Colombo from February 16, 2014. The airline currently operates
seven flights per week to the Sri Lankan capital. (Bloomberg)
 NBK reports KD198.6mn net profit for 9M2013 – The National
Bank of Kuwait (NBK) has reported a net profit of KD198.6mn
for the nine months ended on September 30, 2013 as compared
to KD228.9mn for the corresponding period in 2012. The bank‟s
total assets at the end of September 30, 2013 stood at KD19bn,
indicating an increase of 15.5% YoY. Loans & advances rose by
9.3% YoY to KD10.5bn, while customer deposits were up 16%
YoY to KD10bn. (GulfBase.com)
 NBO reports OMR31.2mn net profit for 9M2013 – The
National Bank of Oman (NBO) has reported a net profit of
OMR31.2mn for the first nine months of 2013, indicating an
increase of 2% YoY. Net interest income rose 11% YoY to
OMR55.3mn. Total assets for the nine months ended on
September 30, 2013 stood at OMR3bn, reflecting a YoY
increase of 19%. Loans, advances & financing activities for
customers increased 12% YoY to OMR2.1bn, while customer
deposits & unrestricted investment accounts were up 15% YoY
to OMR2.2bn. (MSM)
 Gulf Air signs MoU with DAC to begin flights to Al Maktoum
– Gulf Air has entered into a MoU with Dubai Airports Company
(DAC) to begin flights to Al Maktoum International at Dubai
World Central (DWC). The airline is planning to operate a daily
service linking DWC to its home base in Bahrain from December
8, 2013. Gulf Air already operates 51 flights per week to Dubai
International. (GulfBase.com)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
150.0
1.0%
140.0
139.3
130.0
116.5
110.0
0.3%
0.1%
0.0%
(0.5%)
100.0
0.3%
0.1%
127.9
120.0
0.4%
0.5%
(0.3%)
90.0
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
1,333.42
(0.5)
1.3
(20.4)
DJ Industrial
22.55
(0.7)
2.8
(25.7)
107.80
(2.0)
(1.9)
(3.0)
3.66
(1.2)
(1.6)
6.7
114.50
(0.7)
(0.9)
27.9
147.13
(2.5)
(3.4)
(15.0)
Euro
1.38
(0.0)
0.7
4.4
Yen
97.38
(0.8)
(0.3)
12.3
Nikkei
GBP
1.62
(0.4)
(0.0)
(0.6)
CHF
1.12
0.3
1.0
2.6
AUD
0.96
(0.9)
(0.6)
(7.4)
USD Index
79.26
0.0
(0.5)
(0.6)
RUB
31.75
0.2
(0.2)
4.0
BRL
0.46
(0.3)
(0.4)
(5.9)
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
Dubai
Jul-13
Oman
May-12 Dec-12
Abu Dhabi
QE Index
Oct-11
Bahrain
Mar-11
Kuwait
Aug-10
Qatar
Jan-10
(0.8%)
Saudi Arabia
(1.0%)
80.0
Source: Bloomberg
Close
1D%
WTD%
YTD%
15,413.33
(0.4)
0.1
17.6
S&P 500
1,746.38
(0.5)
0.1
22.5
NASDAQ 100
3,907.07
(0.6)
(0.2)
29.4
318.99
(0.6)
0.2
14.1
DAX
8,919.86
(0.3)
0.6
17.2
FTSE 100
6,674.48
(0.3)
0.8
13.2
STOXX 600
CAC 40
4,260.66
(0.8)
(0.6)
17.0
14,426.05
(2.0)
(0.9)
38.8
MSCI EM
1,033.47
(1.1)
(0.8)
(2.1)
SHANGHAI SE Composite
2,183.11
(1.2)
(0.5)
(3.8)
HANG SENG
22,999.95
(1.4)
(1.5)
1.5
BSE SENSEX
20,767.88
(0.5)
(0.6)
6.9
Bovespa
55,440.03
(1.8)
0.1
(9.0)
1,494.96
(1.6)
(1.4)
(2.1)
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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