The QE index in Qatar declined 0.9% due to losses in the real estate and industrial indices. Mesaieed Petrochemical and Qatar German Co. for Medical Devices dropped the most, falling 10.0% and 5.5% respectively. Trading volume fell 6.4% from the previous day but was 14.2% higher than the 30-day average. Regional indices also declined, with Saudi Arabia down 0.8% and Dubai down 1.9%. The Qatari central bank capped bonuses for bank board members and reported that fixed deposits grew 30% while demand deposits increased.

1. QE Intra-Day Movement
Market Indicators
11,800
11,750
11,700
11,650
Market Indices
11,600
11,550
9:30
3 Mar 14
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.9% to close at 11,664.0. Losses were led by the Real
Estate and Industrials indices, declining 1.9% and 1.4% respectively. Top losers
were Mesaieed Petrochemical Holding and Qatar German Co. for Med. Dev.,
falling 10.0% and 5.5% respectively. Among the top gainers, Qatar General Ins.
& Reins. Co. rose 5.3%, while Al Khaleej Takaful Group rose 4.0%.
27 Feb 14
%Chg.
739.0
669,607.5
14.5
11,238
40
13:26
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
797.6
683,473.6
15.5
11,354
41
17:23
(7.3)
(2.0)
(6.4)
(1.0)
(2.4)
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,871.10
2,929.59
2,842.45
3,908.16
2,023.18
1,981.71
2,863.49
1,584.03
6,784.76
3,342.79
(0.9)
(0.9)
(0.9)
(1.4)
0.3
(1.9)
1.9
(0.8)
(1.1)
(0.9)
(0.9)
(0.9)
(0.9)
(1.4)
0.3
(1.9)
1.9
(0.8)
(1.1)
(0.9)
13.8
13.2
16.3
11.7
8.9
1.5
22.6
9.0
14.1
10.1
N/A
14.6
14.6
14.8
14.1
19.6
6.9
21.3
26.0
18.6
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index fell 0.8% to close at 9,020.0. The Real Estate
Dev. Index declined 1.4%, while Building & Construction index was down
1.3%. Saudi Airlines Catering fell 3.9%, while Taiba Holding was down 3.8%.
Knowledge Eco. City
1D%
Saudi Arabia
20.10
8.6
15,224.3
13.6
Qatar Gen. Ins.&Reins.
Qatar
49.50
5.3
0.5
3.3
Dubai: The DFM index declined 1.9% to close at 4,105.9. The Investment &
Financial Services index fell 3.8%, while Services index was down 3.1%.
International Fin. Advisers Co. declined 5.9%, while Dubai Inv. Co. fell 4.8%.
Qatar Navigation
Qatar
93.70
2.4
83.4
12.9
BBK
Bahrain
0.46
1.8
12.2
7.5
Abu Dhabi: The ADX benchmark index fell 1.7% to close at 4,857.8. The Real
Estate index declined 3.4%, while the Inv. & Fin. Serv. index was down 3.2%.
United Arab Bank fell 9.6%, while Nat. Marine Dredging Co. was down 7.6%.
Comm. Bank of Dubai
Dubai
6.90
1.5
10.0
45.6
GCC Top Losers
Exchange
Kuwait: The KSE index declined 1.9% to close at 7,493.7. The Technology
index fell 3.5%, while the Real Estate index was down 3.0%. Flex Resorts &
Real Estate Co. fell 17.7%, while Jeeran Holding Co. declined 9.1%.
United Arab Bank
Abu Dhabi
7.85
(9.6)
0.2
21.7
Nat. Marine Dredging
Abu Dhabi
8.32
(7.6)
18.0
(3.3)
Oman: The MSM index fell 0.3% to close at 7,097.2. Losses were led by the
Financial and Services Indices falling 0.8% and 0.2% respectively. Oman &
Emirates Inv. Holding declined 7.0%, while Dhofar Insurance was down 5.5%.
Dubai Investments
Dubai
3.36
(4.8)
22,533.4
34.9
Deyaar Development
Dubai
1.25
(4.6)
52,860.3
23.8
Nat. Bank of Abu Dhabi
Abu Dhabi
14.80
(4.2)
612.4
6.5
Bahrain: The BHB index declined 0.4% to close at 1,364.9. The Services
index fell 0.9%, while the Investment index was down 0.7%. Khaleeji
Commercial Bank declined 9.2%, while Al Salam Bank was down 2.1%.
Qatar Exchange Top Gainers
Qatar General Ins. & Reins. Co.
##
#
Close
Vol. ‘000
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)
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
49.50
5.3
0.5
3.3
Mesaieed Petrochemical Holding
44.55
(10.0)
6,119.5
344.5
16.7
Qatar German Co. for Med. Dev.
13.13
(5.5)
0.0
(5.2)
429.6
Qatar Exchange Top Losers
Al Khaleej Takaful Group
42.60
4.0
Qatar Cinema & Film Distribution
42.50
3.7
1.8
6.0
Salam International Investment Co
12.48
(3.6)
438.3
(4.1)
Qatar Navigation
93.70
2.4
83.4
12.9
Ezdan Holding Group
16.21
(3.4)
12.5
(4.6)
Qatar Islamic Insurance
68.80
2.4
140.2
18.8
Gulf Warehousing Co.
41.70
(3.0)
6.3
0.5
Close*
1D%
Val. ‘000
YTD%
44.55
(10.0)
275,316.0
344.5
Industries Qatar
192.60
(1.7)
85,199.4
14.0
5.4
QNB Group
191.80
(1.6)
54,303.1
11.5
775.6
6.6
Barwa Real Estate Co.
31.40
(2.8)
33,389.8
5.4
638.4
13.6
334.00
(0.9)
31,576.7
17.6
Qatar Exchange Top Vol. Trad.
Close*
1D%
Vol. ‘000
YTD%
Mesaieed Petrochemical Holding
44.55
(10.0)
6,119.5
344.5
United Development Co.
21.35
(0.2)
1,295.1
(5.6)
Barwa Real Estate Co.
31.40
(2.8)
1,046.8
Qatar Gas Transport Co.
21.58
(0.8)
Vodafone Qatar
12.17
0.4
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Mesaieed Petrochemical Holding
Qatar Fuel Co.
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
11,664.02
4,105.90
4,857.79
9,019.98
7,493.65
7,097.19
1,364.94
(0.9)
(1.9)
(1.7)
(0.8)
(1.9)
(0.3)
(0.4)
(0.9)
(2.7)
(2.0)
(1.0)
(2.6)
(0.2)
(0.6)
(0.9)
(2.7)
(2.0)
(1.0)
(2.6)
(0.2)
(0.6)
12.4
21.8
13.2
5.7
(0.7)
3.8
9.3
Exch. Val. Traded
($ mn)
202.93
340.80
139.38
2,530.80
91.55
28.54
0.78
Exchange Mkt.
Cap. ($ mn)
183,874.2
83,976.5
135,513.0
492,794.3
110,595.0
25,494.6
51,637.5
P/E**
P/B**
15.4
17.6
13.1
18.1
15.3
10.9
9.5
1.9
1.5
1.6
2.2
1.2
1.6
0.9
Dividend
Yield
4.0
2.0
3.7
3.3
3.8
3.7
3.7
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 0.9% to close at 11,664.0. The Real
Estate and Industrials 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
66.27%
72.77%
(47,978,320.69)
Non-Qatari
 Mesaieed Petrochemical Holding and Qatar German Co. for
Med. Dev. were the top losers, falling 10.0% and 5.5%
respectively. Among the top gainers, Qatar General Ins. & Reins.
Co. rose 5.3%, while Al Khaleej Takaful Group rose 4.0%.
Buy %*
33.72%
27.23%
47,978,320.69
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday fell by 6.4% to 14.5mn from
15.5mn on Thursday. However, as compared to the 30-day
moving average of 12.7mn, volume for the day was 14.2%
higher. Mesaieed Petrochemical Holding Co. and United
Development Co. were the most active stocks, contributing
42.3% and 9.0% to the total volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Market
Currency
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
10.1
818.2%
0.0
NA
3.0
NA
KIPCO Asset Management
Co. (Kamco)*
Etihad Airways*
Kuwait
KD
Abu Dhabi
AED
–
–
–
–
62.0
47.6%
Al Noor Hospitals*
Abu Dhabi
AED
–
–
–
–
61.7
2.0%
Source: Company data, DFM, ADX, MSM (*FY 2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
03/03
US
BEA
Personal Income
January
0.30%
0.20%
0.00%
03/03
US
BEA
Personal Spending
January
0.40%
0.10%
0.10%
03/03
US
BEA
PCE Deflator MoM
January
0.10%
0.10%
0.20%
03/03
US
BEA
PCE Deflator YoY
January
1.20%
1.10%
1.10%
03/03
US
Bloomberg Indices
Markit US PMI Final
February
57.1
56.7
–
03/03
US
ISM
ISM Manufacturing
February
53.2
52.3
51.3
03/03
US
ISM
ISM Prices Paid
February
60
57.5
60.5
03/03
US
US Census Bureau
Construction Spending MoM
January
0.10%
-0.50%
1.50%
03/03
US
Bloomberg
Total Vehicle Sales
February
15.27M
15.40M
15.16M
03/03
EU
Markit
PMI Manufacturing
February
53.2
53.0
53.0
03/03
France
Markit
PMI Manufacturing
February
49.7
48.5
48.5
03/03
Germany
Markit
PMI Manufacturing
February
54.8
54.7
54.7
03/03
UK
Markit
PMI Manufacturing
February
56.9
56.8
56.6
03/03
UK
Bank of England
Mortgage Approvals
January
76.9K
74.5K
72.8K
03/03
UK
Bank of England
Money Supply M4 MoM
January
0.30%
1.40%
-1.40%
03/03
UK
Bank of England
M4 Money Supply YoY
January
-0.30%
0.70%
0.10%
03/03
Italy
Markit
PMI Manufacturing
February
52.3
52.9
53.1
03/03
Italy
ISTAT
GDP Annual YoY
5-July
-1.90%
-1.90%
-2.40%
03/03
Italy
ISTAT
Deficit to GDP
5-July
3.00%
3.00%
3.00%
03/03
China
CFLP
Non-manufacturing PMI
February
55
--
53.4
03/03
China
Markit
HSBC/Markit Manufacturing PMI
February
48.5
48.5
49.5
03/03
Japan
Ministry of Finance
Capital Spending YoY
4Q2013
4.00%
4.90%
1.50%
03/03
Japan
Ministry of Finance
Company Profits
4Q2013
0.27
–
0.24
03/03
Japan
Ministry of Finance
Company Sales
4Q2013
0.04
–
0.01
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
 QCB caps bonuses for bank board members – The Qatar
Central Bank (QCB) is capping bonuses for board members of
commercial banks in the country. This is a part of the Emir's
objective to undertake a number of steps to spread the country's
wealth more widely among all Qataris. The maximum annual
bonus for a bank chairman in Qatar has been set at QR2mn
($550,000), while the cap for a board member is QR1.5mn.
Bonuses can only be granted if a bank makes a net profit and
5% of a bank's capital has to be distributed among investors. No
bonuses can be distributed without the QCB's approval. (GulfTimes.com)
 QCB: FDs grow by 30%, demand deposits grow by 19% in
2013 – According to data from the Qatar Central Bank, fixed
deposits (FDs) of individuals in Qatari banks registered a strong
growth of 30% in 2013, while demand deposits registered a 19%
growth. FDs grew to QR94.97bn at the end of 2013 from
QR72.87bn at the end of 2012, whereas demand deposits rose
to QR44bn from QR37bn. Total deposits of banks (excluding
non-resident deposits), including all kinds of deposits from public
sector institutions, private companies and individuals, grew by
23% to QR514.8bn in 2013 from QR417bn in 2012.
(GulfBase.com)
 S&P: Qatar may not issue long-term debt in 2014 – Standard
& Poor‟s (S&P) said that Qatar is not expected to issue any
long-term debt in 2014 even as the Middle East & North Africa
(MENA) region is slated to witness borrowings of around $56bn.
In general, sovereign debt capital markets are relatively
underdeveloped in the GCC and S&P said it does not expect
Abu Dhabi, Kuwait, Qatar, or Saudi Arabia to issue long-term
debt in 2014. S&P viewed that financing these states‟ large
investment programs could result in weaker government
balances, but as long as oil prices remain high, it expects them
to continue to post fiscal surpluses. However, S&P expects that
smaller GCC countries such as Oman and Bahrain to issue
commercial debt in the market. (Gulf-Times.com)
 QTA, QDB offer joint tourism initiatives to woo investors –
The Qatar Tourism Authority (QTA), in partnership with the
Qatar Development Bank (QDB) announced various investment
opportunities for private firms in the country‟s tourism sector.
QDB will provide financing and non-financing support for
investors in six new ventures. Investors have the opportunity to
bid for them until May 2014. QDB will provide 70% of the total
investment for each project, while private investors have to
provide a minimum of 30%. A maximum loan amount of
QR100mn is offered for a tenor of 15 years. QTA‟s Chairman
Issa bin Mohamed al-Mohannadi said the partnership would
help in promoting many SMEs in Qatar. (Gulf-Times.com)
 DHBK AGM approves cash dividend – Doha Bank's (DHBK)
AGM has approved the distribution of cash dividends worth
QR4.5 per share to shareholders. (QE)
 Doha Bank to acquire bank branches in India – Doha Bank‟s
(DHBK) Group CEO R. Seetharaman said that the bank is
exploring opportunities to buy branches of foreign and Indian
banks operating in India. Shareholders of Doha Bank authorized
its board of directors to acquire branches of foreign and Indian
banks in India at the bank's ordinary general meeting.
Seetharaman said instead of taking the organic route, the bank
is planning to take the investment route to grow its operations in
India. In the first phase of DHBK‟s expansion in India, the bank
will aim at acquiring the branches of only foreign banks
operating in India. In the second-phase, the bank will look at
acquiring the branches of Indian banks. (Qatar Tribune)
 QA plans Boeing 787 service to South Africa from May 2014
– Qatar Airways (QA) is planning to increase its operations to
South Africa by increasing weekly flight frequencies to
Johannesburg and by deploying a new Boeing 787 Dreamliner
aircraft from May 1, 2014. Three weekly flights will be added to
the current daily schedule to Johannesburg, bringing the total
frequency on the route to 10 services a week. This coincides
with the start of additional services, where QA will also be
introducing the Boeing 787 Dreamliner on all its flights to South
Africa. (Gulf-Times.com)
 ERES opens board nomination – Ezdan Holding Group
(ERES) announced that the nomination to elect one member for
its board of directors is open until March 12, 2014. (QE)
 Alijarah to add 200 vehicles to Mowasalat fleet – Alijarah
Holding (NLCS) has signed an agreement with Mowasalat
Company to add 200 new vehicles to its existing taxi fleet in
order to take it to 1,000 vehicles. (QE)
 QGRI closes candidacy for board membership – Qatar
General Insurance & Reinsurance Company (QGRI) announced
the closure of nomination for membership of its board of
directors on March 2, 2014, which had begun on February 19,
2014. (QE)
 QIMD approves agenda, 20% bonus shares – The Qatar
Industrial Manufacturing Company‟s (QIMD) AGM has approved
the distribution of 20% free bonus shares for the year ended
December 31, 2013. Meanwhile, the EGM has approved to
increase the company‟s capital from QR396mn to QR475.2mn
by distributing 20% free bonus shares (47,520,000) for nominal
value, i.e. QR10 per share. (QE)
International
 Reuters: US factory, spending data hint at improving
economy – Factory activity in the US rebounded in February
from an eight-month low, while consumer spending rose more
than expected in January, suggesting the economy was
regaining strength after abruptly slowing in recent months.
These signs are also evident in a surprise gain in construction
spending, which should bolster the Federal Reserve's resolve to
keep scaling back its massive monetary stimulus. Reports from
automakers also showed sales edged up from January's
weather-depressed levels. The Institute for Supply Management
said its index of national factory activity rose to 53.2 last month
after slumping in January to 51.3, its weakest reading since
May. (Reuters)
 IMF: 15-20% risk of extended Eurozone low inflation - The
International Monetary Fund (IMF) Chief Christine Lagarde
urged the Eurozone to fight persistently low inflation, warning
that it presents a looming threat to the fragile economic recovery
in the region. Lagarde stated that key risks still threaten the 18nation group even as it emerges from recession and inflation
was running well below the European Central Bank's target rate
of around 2% a year. The IMF boss said the Eurozone was
hampered by unacceptably high unemployment rates, especially
among the young, and by high levels of private and public debt.
(ET)
 Wages fall in Japan weakening the battle against deflation –
Japanese wage earners' total cash earnings fell in January for
the first time in three months, in a sign the government may be
struggling to convince companies to pay higher salaries. The
0.2% decline in total cash earnings in January followed a 0.5%
annual rise in December and could temper some policymakers'
optimism that Japan can convincingly escape deflation. The
Bank of Japan considers wage growth crucial to meet its 2%
Page 3 of 6

4. inflation target in roughly two years, which most economists
believe is too ambitious. Prime Minister Shinzo Abe's
government had publicly lobbied companies to raise wages and
help boost domestic demand, but the decline in January shows
firms are reluctant to heed the call. (Reuters)
 Obama’s 2015 budget seeks $60 billion tax credit expansion
– The US President Barack Obama will strike a populist tone in
his 2015 budget plan, proposing to pay for an expansion of a
popular tax credit for the working poor by eliminating tax breaks
claimed by wealthy Americans. The White House said the
proposal to expand the popular US government poverty
reduction program – the Earned Income Tax Credit – would cost
$60bn, a modest amount in a budget in which the president has
$1.014tn in spending to parcel out. Obama would pay for the tax
credit expansion by closing tax loopholes used by wealthy
investors or employees of professional service companies. The
president's budget request is just two-tenths of a percent higher
than his 2014 budget of $1.012tn, since both amounts were set
in a congressional budget deal in January. (Reuters)
Regional
 Qudurat Holding formed to invest in Saudi infrastructure –
Abdulaziz Alsaghyir Holding Company and Abdul Mohsen Al
Hokair Trading Group have entered into a partnership to form
„Qudurat Development Holding Company‟ for investing in
infrastructure projects and related services in Saudi Arabia.
Hisham Alsaghyir has been named as the Chairman of the new
company. Qudurat will primarily focus on airport management
and operations, water, and renewable energy. The new holding
company has earmarked SR5bn in the first three years of its
operation to implement technical-related projects in the
infrastructure sector. (GulfBase.com)
 Saudi CMA approves Othaim’s capital increase – The Saudi
CMA‟s board has approved the Abdullah Al Othaim Markets
Company‟s (Othaim) request to increase its capital from
SR225mn to SR450mn by issuing one bonus share for each
existing share. This increase will be paid by transferring a total
of SR225mn from the statutory reserve account, the voluntary
reserve account and the retained earnings account to the
company's capital. Consequently, the company's outstanding
shares will increase from 22.5mn to 45mn shares. The bonus
shares eligibility is limited to those shareholders who are
registered at the close of trading on the day of the extraordinary
general assembly, which will be determined later. (Tadawul)
 Saudi CMA approves Al Khaleej Training’s capital rise – The
Saudi CMA‟s board has approved the Al Khaleej Training &
Education Company‟s request to increase its capital from
SR300mn to SR350mn by issuing one bonus share for every six
existing shares. This increase will be paid by transferring
SR50mn from the retained earnings account to the company's
capital. Consequently, the company's outstanding shares will
increase from 30mn to 35mn shares. Eligibility of these bonus
shares is limited to those shareholders who are registered at the
close of trading on the day of the extraordinary general
assembly, which will be determined later. (Tadawul)
 Al-Futtaim to take control of Kenyan motor firm – Al-Futtaim
Group stated that it is about to take control of the Kenyan car
retailer, CMC Holdings after 91% of CMC‟s shareholders
accepted its $87.91mn offer. This means Al-Futtaim will hold
533mn shares in CMC, which distributes Ford, Suzuki,
Volkswagen and other leading vehicle brands in the region.
(GulfBase.com)
 Dubai plans floating Emirates IPO to raise capital –
According to sources, Dubai authorities are said to be
considering an IPO for Emirates Airline as part of its ambitious
capital-raising plans. Investment Corporation of Dubai CEO
Mohammed Al Shaibani said that the state-controlled companies
in the Emirate could potentially float the IPO on the London
Stock Exchange. He further added that several entities in Dubai
can also go public, which can aid in raising capital if needed. Al
Shaibani stated that Emirates, along with Dubai Airports,
budget carrier flyDubai and aluminum smelter EMAL were
among those entities that could be sold at some point to raise
funds. (GulfBase.com)
 DIB declares 25% cash dividend – Dubai Islamic Bank‟s (DIB)
AGM has approved the distribution of a 25% cash dividend for
the year 2013. (GulfBase.com)
 Majid Al Futtaim plans mall with Dubai Holding – Dubaibased Majid Al Futtaim Properties (MAF) is planning to invest
AED275mn over the next two years to build a mall as part of a
project operated by Dubai Holding, the investment vehicle of the
Emirate's ruler. MAF had bought 1mn square feet of land in
Dubai's International Media Production Zone, which is run by
TECOM Investments, a unit of Dubai Holding. MAF‟s Chief
Executive, George Kostas, said that the investment will cover
the cost of buying the land and building the first phase of the
mall. The project will be completed in two or three phases and is
expected to be fully ready in the next 5-10 years. (Reuters)
 Lamprell sells INSPEC division to Intertek for $66.2mn –
Dubai-based Lamprell has sold its International Inspection
Services (INSPEC) division to Intertek for $66.2mn cash to
reduce its debt and focus on its core business. INSPEC carries
out inspections for infrastructure-intensive industries including
desalination and energy projects. Lamprell will use part of the
proceeds to pay a substantial part of a secured debt facility put
in place in 2013. (Reuters)
 ARMX’s BoD recommends 11.5% cash dividend – The board
of directors of Aramex (ARMX) has recommended the
distribution of 11.5% cash dividend to its shareholders for the
year ended December 31, 2013. (DFM)
 Orient declares AED81mn cash dividend, to raise capital by
AED95mn – The Orient Insurance Company‟s (Orient) AGM
has approved its board recommendation to allocate 20% of
share capital to distribute cash dividends worth AED81mn to the
shareholders. Meanwhile, the EGM has approved the board
recommendation to increase the company‟s capital from
AED405mn to AED500mn by integrating part of the general
reserve into the capital. (DFM)
 Etihad reviews business model for investment in Alitalia –
Etihad Airways‟ CEO James Hogan said that the airline is
currently in the final phase of due diligence on its possible
investment in Italian carrier, Alitalia. Hogan assured that Etihad
is currently reviewing the business model, and will only commit
to Alitalia if the Italian carrier can become profitable. He added
that such partnerships are part of Etihad's long-term strategy to
build a global network. (Bloomberg)
 Rosette, GoExport sign partnership deal – Kuwait-based
Rosette Group and Swiss export & import company, GoExport,
have signed a partnership agreement. This enables the two
companies to exchange international experience to achieve high
level of fast moving consumer goods (FMCG) business services
in the region. (GulfBase.com)
 TAQA group to buy two Indian power plants – A consortium
led by Abu Dhabi National Energy Company (TAQA) has agreed
to acquire two hydroelectric plants in India, making TAQA the
largest private operator of such power plants in India. The
consortium agreed to purchase the Baspa Stage II and Karcham
Page 4 of 6

5. Wangtoo plants in the northern state of Himachal Pradesh, from
Jaiprakash Power Ventures, a subsidiary of Jaypee Group.
Under the proposed deal, Taqa will hold a 51% stake in the
consortium worth $616mn and will have control of operations &
management of both the facilities. The remaining equity will be
held by Canadian institutional investors (39%) and IDFC
Alternatives‟ India Infrastructure Fund II (10%). The consortium
will also acquire the assets‟ non-recourse project debt.
(GulfBase.com)
 Al Hilal signs OMR20mn finance deal with Muttawar Omani
– Al Hilal Islamic Banking Services has signed an agreement
with Muttawar Omani Company to provide project finance wroth
around OMR20mn for the construction of the Lamar Bausher
project. Lamar Bausher is a high-end mixed-use project with 357
residential units and self-sustaining commercial units spread
over a total area of 80,350 square meters. (GulfBase.com)
 GICI’s BoD recommends 10.5% cash dividend – Gulf
International Chemicals‟ (GICI) board of directors has
recommended the distribution of 10.5% cash dividends (10.5
baizas per share) to all its shareholders for the year ended
December 31, 2013. (MSM)
 Bank Muscat plans $1.3bn Islamic Bond Program – Bank
Muscat plans to establish a $1.3bn Islamic bond program in
2014, and expects to conduct the first sukuk issue by an Omani
bank in September 2014. The bank will seek its shareholder
approval for the sukuk program at a meeting on March 19 and
the regulatory approval thereafter. Sukuk tranches will be of
varying maturities and currencies; which will be issued in
international markets through both public subscriptions and
private placements. (Gulf Business)
 GFH signs agreements with Wadhwa, Adani – Bahrain-based
Gulf Finance House (GFH) has signed two development
agreements for real estate development in India. The flagship
investment of GFH in India is the Energy City and Mumbai IT &
Telecom City (India Project) developments in New Mumbai,
which is spread over an area of 1,200 acres. The first
agreement has been signed with Wadhwa Group, where GFH
and Wadhwa have appointed Hafeez Contractor as the master
planner for the Phase 1 of the India Project, with an expected
value of $4bn. The second agreement has been signed with
Adani Infrastructure & Developers, for exploring development
opportunities in various infrastructure and real estate projects in
India. Adani will be partnering with Asiastar City Holdings to
develop the Phase 2 of GFH's India Project. (Bahrain Bourse)
 Ithmaar posts $79.3m loss after provisions – Bahrain-based
Ithmaar Bank has reported a net loss of BHD29.9mn for 2013 as
against a net loss of BHD10.1mn the year before. The results
include a loss of BHD25.4mn for the quarter ended December
31, 2013, as against a loss of BHD4.2mn for the same period of
the previous year. Ithmaar Bank's Chairman Prince Amr Al
Faisal said the positive story for last year is that total income
mainly comprises increased recurring income, whereas income
in 2012 included certain one-off items. The impairment
provisions for last year worth BHD30.9mn, represent a 51.9%
increase compared with BHD20.4mn for 2012. (Bloomberg)
 GIH appoints Orhan Osmansoy as unit CEO – Global
Investment House (GIH) has appointed Orhan Osmansoy as the
Chief Executive Officer to head the Special Situations Asset
Management unit of the company. (Bahrain Bourse)
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
0.0%
(0.4%)
139.7
127.2
(1.2%)
(0.4%) (0.3%)
(0.8%)
(0.8%)
(0.9%)
(1.6%)
QE Index
May-13
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
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,350.58
1.8
1.8
12.0
DJ Industrial
16,168.03
(0.9)
(0.9)
(2.5)
21.43
0.9
0.9
10.1
S&P 500
1,845.73
(0.7)
(0.7)
(0.1)
111.20
2.0
2.0
0.4
NASDAQ 100
4,277.30
(0.7)
(0.7)
2.4
6.86
46.0
46.0
57.9
330.36
(2.3)
(2.3)
0.6
111.50
(0.4)
(0.4)
(11.9)
DAX
9,358.89
(3.4)
(3.4)
(2.0)
122.50
0.4
0.4
(9.8)
FTSE 100
6,708.35
(1.5)
(1.5)
(0.6)
STOXX 600
1.37
(0.5)
(0.5)
(0.1)
CAC 40
101.45
(0.3)
(0.3)
(3.7)
Nikkei
GBP
1.67
(0.5)
(0.5)
0.7
MSCI EM
CHF
1.13
(0.3)
(0.3)
1.1
SHANGHAI SE Composite
AUD
0.89
0.2
0.2
0.2
USD Index
80.08
0.5
0.5
0.1
RUB
36.58
2.0
2.0
11.3
BRL*
0.43
0.0
0.0
0.9
Yen
(1.9%)
Dubai
Oct-12
Oman
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(1.7%)
(1.9%)
Qatar
(2.4%)
Abu Dhabi
(2.0%)
Saudi Arabia
Jun-10
160.3
Source: Bloomberg (*Market closed on March 03, 2014)
4,290.87
(2.7)
(2.7)
(0.1)
14,652.23
(1.3)
(1.3)
(10.1)
950.68
(1.6)
(1.6)
(5.2)
2,075.24
0.9
0.9
(1.9)
HANG SENG
22,500.67
(1.5)
(1.5)
(3.5)
BSE SENSEX
20,946.65
(0.8)
(0.8)
(1.1)
Bovespa*
47,094.40
0.0
0.0
(8.6)
1,115.06
(12.0)
(12.0)
(22.7)
RTS
Source: Bloomberg (*Market closed on March 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
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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
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