1. QE Intra-Day Movement
Market Indicators
10,400
10,380
10,360
10,340
30 Dec 13
%Chg.
273.8
555,606.3
7.2
3,694
42
22:16
256.7
554,565.2
7.7
3,684
40
20:19
6.7
0.2
(6.1)
0.3
5.0
–
Market Indices
10,320
10,300
9:30
31 Dec 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 rose 0.1% to close at 10,379.6. Gains were led by the Industrials
and Banking & Financial Services indices, gaining 0.5% and 0.1% respectively.
Top gainers were Islamic Holding Group and Gulf Warehousing Co., rising
2.1% and 1.7% respectively. Among the top losers, Al Khaleej Takaful Group
fell 4.5%, while Vodafone Qatar declined 3.3%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,830.05
2,587.57
2,443.72
3,500.09
1,858.40
1,953.06
2,336.18
1,453.79
5,948.12
3,036.14
0.1
0.1
0.1
0.5
(0.4)
(0.3)
(0.4)
(0.4)
0.0
(0.0)
(0.1)
(0.1)
(0.3)
0.6
(0.9)
(0.4)
0.2
(0.4)
(0.1)
(0.8)
31.1
28.4
25.4
33.2
38.7
21.2
19.0
36.5
27.4
22.0
N/A
13.1
13.1
12.7
12.6
13.4
9.6
19.8
22.6
15.8
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index rose 0.8% to close at 8,605.3. Gains were led
by the Transport and Petrochemical Industries indices, rising 1.9% and 1.6%
respectively. ANB Insurance gained 9.9%, while Bawan Co. was up 9.8%.
Petro Rabigh
1D%
Vol. ‘000
Saudi Arabia
25.40
4.7
10,935.2
4.7
Saudi Telecom Co.
Saudi Arabia
55.50
3.7
1,883.9
3.7
Dubai: The DFM index gained 1.1% to close at 3,369.8. The Inv. & Fin.
Services index rose 3.6%, while the Telecommunication index was up 1.7%.
Comm. Bank of Dubai gained 9.0%, while Dubai Fin. Market was up 6.0%.
National Shipping Co.
Saudi Arabia
29.10
3.2
3,015.4
3.2
National Indus. Co.
Saudi Arabia
34.40
2.7
1,047.4
2.7
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,290.3. The
Consumer index gained 3.5%, while the Industrial index was up 1.5%. Union
Cement Co. surged 14.6%, while Union Insurance Co. gained 10.5%.
Bank Al-Jazira
Saudi Arabia
38.50
2.4
595.0
2.4
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.1% to close at 7,549.5. The Health Care
index rose 2.2%, while the Technology index was up 0.9%. KIPCO Asset
Management Co. gained 8.6%, while Taiba Kuwaiti Holding Co. was up 7.7%.
MEDGULF
Saudi Arabia
34.00
(2.6)
898.6
(2.6)
Astra Industrial Group
Saudi Arabia
52.00
(1.9)
223.6
(1.9)
Oman: The MSM index rose 0.6% to close at 6,872.4. Gains were led by the
Financial and Industrial indices, gaining 0.8% and 0.7% respectively. ONIC
Holding rose 6.5%, while Oman United Insurance was up 4.6%.
Saudi Real Estate Co.
Saudi Arabia
34.10
(1.4)
703.9
(1.4)
Saudi Fisheries
Saudi Arabia
30.50
(1.3)
1,237.4
(1.3)
United Electronics Co.
Saudi Arabia
97.50
(1.3)
82.0
(1.3)
Bahrain: The BHB index gained 1.6% to close at 1,248.9. The Industrial index
rose 5.3%, while the Investment index was up 1.4%. United Gulf Bank rose
8.7%, while Al Salam Bank was up 8.5%.
##
#
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)
Islamic Holding Group
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
46.00
Qatar Exchange Top Gainers
2.1
21.6
21.1
Al Khaleej Takaful Group
36.50
(4.5)
84.8
(0.5)
10.71
(3.3)
1,882.0
28.3
Qatar Exchange Top Losers
Gulf Warehousing Co.
41.50
1.7
6.2
23.9
Vodafone Qatar
Qatar Islamic Insurance
57.90
1.6
21.7
(6.6)
Qatar General Ins. & Reins.
47.90
(2.2)
166.9
4.1
Qatar International Islamic Bank
61.70
1.5
57.0
18.7
Al Ahli Bank
55.00
(1.8)
0.6
12.2
Zad Holding Co.
69.50
1.5
0.2
18.2
Qatari Investors Group
43.70
(1.6)
379.6
90.0
YTD%
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
Vodafone Qatar
10.71
(3.3)
1,882.0
28.3
Masraf Al Rayan
31.30
(0.2)
36,330.3
26.3
Masraf Al Rayan
31.30
(0.2)
1,161.5
26.3
Gulf International Services
61.00
0.2
29,269.9
103.3
Gulf International Services
61.00
0.2
479.0
103.3
QNB Group
172.00
0.0
26,422.9
31.4
Mazaya Qatar Real Estate Dev.
11.18
(0.9)
407.7
1.6
Industries Qatar
168.90
0.9
22,224.4
19.8
Qatari Investors Group
43.70
(1.6)
379.6
90.0
Vodafone Qatar
10.71
(3.3)
20,467.0
28.3
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*#
Dubai#
Abu Dhabi#
Saudi Arabia
Kuwait#
Oman
Bahrain#
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
10,379.59
3,369.81
4,290.30
8,605.34
7,549.52
6,872.38
1,248.86
0.1
1.1
0.3
0.8
0.1
0.6
1.6
(0.1)
1.9
2.5
1.5
(1.0)
1.2
2.1
0.0
14.4
11.4
0.8
(3.0)
0.6
3.3
24.2
107.7
63.1
0.8
27.2
0.6
17.2
Exch. Val. Traded
($ mn)
75.18
451.43
207.81
1,364.20
61.91
44.16
4.11
Exchange Mkt.
Cap. ($ mn)
152,569.5
70,697.0
118,500.1
472,429.1
109,312.9
24,684.6
50,073.5
P/E**
P/B**
13.3
19.9
12.0
17.5
16.7
10.8
8.1
1.8
1.3
1.5
2.2
1.2
1.6
0.9
Dividend
Yield
4.4
2.6
4.2
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 5

2. Qatar Market Commentary
 The QE index rose 0.1% to close at 10,379.6. The Industrials
and Banking & Financial Services indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 Islamic Holding Group and Gulf Warehousing Co. were the top
gainers, rising 2.1% and 1.7% respectively. Among the top
losers, Al Khaleej Takaful Group fell 4.5%, while Vodafone Qatar
declined 3.3%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
60.71%
80.38%
(53,852,956.67)
Non-Qatari
39.29%
19.61%
53,852,956.67
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday declined by 6.1% to 7.2mn
from 7.7mn on Monday. Further, as compared to the 30-day
moving average of 12.7mn, volume for the day was 43.0% lower.
Vodafone Qatar and Masraf Al Rayan were the most active
stocks, contributing 26.1% and 16.1% to the total volume
respectively.
Global Economic Data
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
12/31
US
S&P/Case-Shiller
S&P/CS 20 City MoM SA
October
1.05%
0.95%
0.98%
12/31
US
S&P/Case-Shiller
S&P/CS Composite-20 YoY
October
13.61%
13.50%
13.25%
12/31
US
S&P/Case-Shiller
S&P/CaseShiller Home Price Index
October
165.91
165.76
165.61
12/31
US
Conference Board
Consumer Confidence Index
December
78.1
76
72
12/31
UK
Lloyds Bank
Lloyds Business Barometer
December
48
–
50
01/01
CH
China Fed. of Logistics
Manufacturing PMI
December
51
51.2
51.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MDPS: Qatar trade surplus drops 4% in November 2013 as
imports jump – According to the preliminary estimates of the
Ministry of Development Planning & Statistics (MDPS), Qatar’s
trade surplus fell more than 4% YoY to QR30.88bn in November
2013, as its imports witnessed double-digit growth while exports
fell. The country’s total exports were down 0.9% to QR39.83bn
despite a 96% surge in shipments to China. Japan continued to
be the top destination of Qatar’s exports, followed by South
Korea, India, China and Singapore. However, Qatar’s re-exports
surged 70.3% to QR625mn during the review period. The
country’s exports of domestic products fell 1.5% to QR39.21bn
in November mainly on lower shipments of crude products and
other commodities. Petroleum gases and other gaseous
hydrocarbons constituted 60.95% of total exports in November
2013 as compared to 60.6% in November 2012; while crude
petroleum oils constituted 19.28% (19.61%); non-crude
petroleum oils and bituminous minerals 6.32% (5.68%) and
other commodities 13.41% (14.14%). (Gulf-Times.com)
 MDPS: 208,000 expats came to Qatar in 2013 – According to
the data released by the Ministry of Development Planning &
Statistics (MDPS), a record high number of around 208,000
foreign workers, including family members, arrived in the country
last year. The figure should be higher considering that around
23,000 people left the country last month. A vast majority of
these people could have travelled overseas on winter holiday
break, as over 18,500 of them were women. The country’s
population stood at 2.04mn on December 31, 2013 as against
1.83mn by 2012-end. (Peninsula Qatar)
 Ooredoo Maldives expands 3G+ coverage – Ooredoo
(ORDS) Maldives has announced the expansion of its 3G+
network across the island nation. First launched on eight
islands, Ooredoo Maldives’ service is expected to reach at least
28 islands by the year-end. The telecom operator said that the
coverage is now available on 166 islands. It aims to cover 84%
of the population by year-end. (Bloomberg)
 MARK announces nomination for board membership –
Masraf Al Rayan’s (MARK) BoD announced that the nomination
is now open to fill seven seats of its board of directors for 20142016. (GulfBase.com)
 Qatar real estate deals worth QR675.7mn – Real estate sales
deals worth QR675.7mn were registered at the Ministry of
Justice between December 22 and 26, 2013. The Real Estate
Registration Department said properties included open plots,
two-floor villas, annexes, homes and residential buildings in
Umm Salal, Al Khor, Doha, Al Rayyan, Al Shamal, Al Daayen
and Al Wakra.
 Qatar Chamber, Customs plan online clearance mechanism
– The Qatar Chamber, representative body of the private sector,
and the Customs Department are planning to jointly set up an
electronic system whereby the import & export approvals
needed from various agencies can be provided online. The
proposed system will use the Enterprise Resource Planning
(ERP) software to help communication between the involved
parties – the Customs Department, the Qatar Chamber,
importers & exporters, and embassies of the countries
concerned. (Peninsula Qatar)
International
 ECB balance sheet shrinks by €2.1bn in week to December 27 –
The ECB said balance sheet of the bank and the Eurozone's 17
national central banks shrank by €2.1bn to €2.285tn in the week
ending December 27. Gold holdings of Eurozone central banks
were unchanged at €343.92bn. Net foreign exchange reserves
in the Eurosystem of central banks rose by €0.1bn to €207.4bn.
(ET)
Page 2 of 5

3.  Latvia becomes 18th Euro-area member – Latvia has become
the 18th member of the Eurozone. Euro adoption will cap a
journey of more than two decades for Latvia, which will become
the fourth former communist country in the currency area after
Slovakia, Slovenia and neighboring Estonia. (Bloomberg)
 Spanish bank support program ends – The Eurozone aid
program for struggling Spanish banks closed as scheduled after
providing some €41bn to get them through the debt crisis. The
European Stability Mechanism Head Klaus Regling said the
support has proven instrumental in recapitalizing and
restructuring Spain's troubled banks, which are today on a
sound footing. (ET)
Regional
 GCC construction materials code to be released soon –
Qatar’s Ministry of Environment Assistant Undersecretary for
Laboratory Affairs Dr. Mohammed Saif Al Kuwari said the first
edition of the Construction Materials Code for the GCC region
will be launched by the end of next year. He said the launch will
take place in Doha in the presence of officials from all GCC
states. The code will contain proposals related to fire safety,
green building techniques, energy conservation, building
maintenance, environment protection and occupational safety at
work sites. (Peninsula Qatar)
 SAMA: Kingdom allots SR68bn for infrastructure
development – According to the Saudi Arabian Monetary
Agency’s (SAMA) figures, Saudi Arabia allocated SR68.4bn for
the development of its infrastructure over the past 10 years.
However, the central bank highlighted that allocations for
infrastructure development during 2004-2013 accounted for only
around 1.2% of the total budgeted spending of nearly
SR4,740bn and 4.3% of the total budgeted capital expenditure
of SR1,566bn. Meanwhile, analysts said that the actual
infrastructure budget could be 10-20% higher than the budget
allocations, in line with a similar increase in overall actual
expenditure. (GulfBase.com)
 SAMA: Saudi commercial banks profits up 9% to SR34bn in
11 months – Profits of the commercial banks in the Kingdom
rose by 9.1% to SR34.1bn in the first 11 months of 2013 as
compared to figures of the same period in 2012. According to
the SAMA report, the accumulated profits of banks are poised to
register a record level of nearly SR36bn by the end of the year,
thus surpassing the highest level registered in 2006 at
SR34.7bn. Meanwhile, banks’ total reserves increased by 17.4%
to reach SR114.8bn in November 2013, whereas their capital
jumped by 0.9% to SR113bn in the comparable periods.
(GulfBase.com)
 Maskan Arabia to double its project portfolio in two years –
Maskan Arabia Investment & Development Company is to
double the size of its project portfolio over the next two years.
The company said that upon completion of its current residential
projects including “Ritaj” – which comprises 292 residential units
– the number of its residential units delivered would reach
around 406 units, well in line with the company’s plan to reach
more than 800 units over the next two years. (GulfBase.com)
 GPC to ramp up production in 1Q2014 – The Global Pipe
Company (GPC) is planning to increase its production to
200,000 tons at its new state-of-the-art factory at Jubail
Industrial City by the end of 1Q2014. With a total investment of
around SR660mn, the factory is a JV between Erndtebrucker
Eisenwerk of Germany and its Saudi partners: Saudi Steel Pipe
Company, Ahmed Hamed Al Khonaini, and the Pan Gulf Holding
Company. GPC’s Managing Director Ahmed Hamad Al Khonaini
said the sophisticated plant has been set up to manufacture
thick-walled steel pipes, targeting mainly the Saudi Arabian and
GCC markets, which were importing these products until now.
(GulfBase.com)
 Saudi construction market to reach SR1.12tn by 2015 – The
National Contractors Committee’s Chairman Fahd bin
Mohammed Al Hammadi said that the total volume of Saudi
Arabia’s construction and contracting market is expected to
reach SR1.12tn by 2015. The construction sector’s total assets
are valued at SR200bn, while the value of government contracts
awarded in 2013 amounted to nearly SR157bn. Firms licensed
to provide contracting & maintenance services reached 3,487,
accounting for 77% of investment licenses in the Kingdom.
(GulfBase.com)
 Saudi car rental sector to grow 20% to reach SR2.4bn in two
years – According to the Jeddah Chamber of Commerce &
Industry’s (JCCI) Head of Transport & Car Rentals Committee Al
Bassami, the value of car rental market is poised to grow by
20% to reach SR2.4bn in the next two years. Al-Bassami said
that the expected growth rests on a number of factors including
population growth, the growing numbers of pilgrims and visiting
businessmen, coupled with the development seen in the
Kingdom’s oil and non-oil sectors. Car rentals for individuals
capture more than 70% of the overall sector’s activity, whereas
the remaining 30% covers contractual rental deals with
governmental and private sector agencies. (GulfBase.com)
 SAGIA grants 224 licenses in 2013 – The Saudi Arabian
General Investment Authority (SAGIA) granted 224 licenses in
2013 and the value exceeds total foreign investments approved
over the past 10 years. SAGIA’s Secretary General Adnan Al
Sharqi said that the number of visas given to foreign investment
ventures so far exceeded 310,000, while the number of Saudi
employees stood at 90,000. He added that SAGIA stopped the
activities of 849 foreign companies out of 9,000 that had been
licensed since the authority was set up. Further, he said that the
minimum capital requirement had been lowered for most
sectors. For instance, the authority sets the minimum capital to
the retail sector at SR20mn and real estate at SR30mn.
(GulfBase.com)
 SEC signs SR3bn contracts for installing 2 transformers,
380KV supply lines – The Saudi Electricity Company (SEC)
have signed five contracts worth SR3.03bn to construct two
transformers and 380KV supply lines as part of its efforts to
meet the country’s growing power requirements. SEC’s CEO Ali
bin Saleh Al Barrak said that the two transformers would be
established in Hail and Jaeema. The two plants would supply
1,520MW of power after their completion in 28 months. He
added that the three supply lines would link the power
generating plants in Rabigh, Yanbu and Madinah, which would
be completed in 29 months. (GulfBase.com)
 MA'ADEN restarts $10.8bn aluminum production line; starts
up rolling mill plant of its unit – The Saudi Arabian Mining
Company (MA'ADEN) has restarted one of the two potlines at its
new aluminum smelter. One of the smelting potlines in the
$10.8bn aluminum plant at Ras Al Khair – a JV between
MA'ADEN and US based Alcoa – was shut in October 2013 due
to problems encountered during production ramp-up. MA'ADEN
said that the ramp-up of the first potline production is expected
to reach full production capacity within 2Q2014. The plant’s two
lines have a combined production capacity of 740,000 tons a
year of aluminum. Meanwhile, MA'ADEN announced the
preliminary launch of a rolling mill plant of its subsidiary, Maaden
Rolling Company (MAC), which is 74.9% owned by Maaden and
25.1% owned by Alcoa. The rolling mill is designed to produce
380,000 tons per year of aluminum sheets, which will be used in
Page 3 of 5

4. the manufacture of aluminum cans and other products.
(Tadawul, GulfBase.com)
 Injaz Development, AREIC sign deal for Dammam project –
Riyadh-based Injaz Development has signed an agreement with
Almutlaq Real Estate (AREIC), part of Almutlaq Group, to
promote the latter’s residential project in Dammam. Under the
agreement terms, Injaz will handle sales & marketing activities
for AREIC’s residential development. The 92,531-square meter
Al Nada Project is located in a fully built-up luxurious residential
area that enjoys a network of wide streets in addition to lighting,
electricity and sanitation among others. (GulfBase.com)
 SHUAA Capital appoints new GM – SHUAA Capital has
appointed Houssem Haj Amor as the new General Manager
(GM) effective from December 31, 2013. (ADX)
 RAK Airways suspends operations until further notice –
RAK Airways has announced the suspension of all its operations
starting January 1, 2014 until further notice. The airline said that
the decision to suspend operations was taken following
increased pressure on the carrier’s performance due to
deteriorating market conditions, increased operating costs and
the impact of the regional political instability on the overall
aviation industry. (GulfBase.com)
 Almarai receives approval for restructuring of JV – The
Almarai Company has announced regarding restructuring of
International Pediatric Nutrition Company, a JV between Almarai
and Mead Johnson Nutrition that the statutory procedures and
the necessary approvals from the relevant authorities to
complete the acquisition of IPNC are still under process. Almarai
will announce later any developments in this regard.
(GulfBase.com)
 RAK properties decides early settlement of term loan of
$22.3mn to IDO – RAK Properties’ management has decided
for the early settlement of the IDO (Investment & Development
Office Government of Ras Al Khaimah) 2014 Term Loan
amounting to $22.3mn which is due in July 2014, and to pay an
early settlement fee. This early settlement is a part of the cash
flow planning and in order to save the finance cost of the
company. (ADX)
 ZAC develops water-cooled centrifugal chiller – Zamil Air
Conditioners (ZAC) has successfully commissioned the first ever
water-cooled Turbocor Centrifugal Chiller in the Middle East.
This innovative chiller was designed by Geoclima, a strategic
business unit of Zamil Air Conditioners and a leading Italian
manufacturer of air conditioning systems. The water cooled
chiller ranges in capacity from 370 tons up to 1,300 tons, and
comes with an array of features. (GulfBase.com)
 Kuwait’s budget surplus drops 15% as spending rises –
Kuwait’s finance ministry said the country’s provisional budget
surplus shrank 15% in the first six months of the current fiscal
year mainly due to a sharp jump in expenditure. Kuwait posted a
preliminary budget windfall of KD10.7bn in the period ending
September 30, 2013, as compared to KD12.6bn in September
30, 2012. Kuwait’s fiscal year runs from April 1 to March 31. The
main reason for the sharp drop in surplus is a 50% jump in
spending to KD5.1bn from KD3.4bn a year ago. Revenues
remained almost unchanged at KD15.8bn as compared to
KD16bn a year ago. Oil income, which makes up around 95% of
total revenues, dropped slightly to KD15bn in the current year
from KD15.4bn in FY2012-2013. (Peninsula Qatar)
 Bupa Arabia signs reinsurance deal with Bupa Insurance –
Bupa Arabia for Cooperative Insurance has signed a
reinsurance agreement with Bupa Insurance Limited to reinsure
part of the written premium related to its customers outside the
Kingdom and their dependents. The ceded premium is
estimated at SR70mn which represents around 3% of the 2012
annual written premium. The agreement is expected to have an
impact during 1H2014. Bupa Arabia will seek its shareholders’
approval during the upcoming general assembly meeting.
 STC reviews its investment in the BGSM Group – STC has
conducted a review of its investment in the BGSM Group
including the manner in which this investment is being managed
and how joint control has been effectively exercised. As a result
of this review, the STC has created an amendment to the BGSM
shareholders’ agreement on December 31, 2013 with respect to
certain operational matters of the Aircel Group. Consequently, it
has been concluded that it is no longer appropriate for STC to
account for its interest in the Aircel Group using the equity
method. The financial impact of this agreement will be disclosed
in the 4Q2013 results, which are likely to be announced on
January 19, 2014. (GulfBase.com)
 SCC’s BoD recommends SR112.5mn dividends – The Saudi
Ceramic Company’s (SCC) BoD has recommended the
distribution of dividends worth SR112.5mn (SR3 per share),
representing 30% of the face value of the shares for the period
2013. Those shareholders who are registered with the Securities
Depository Center (Tadawul) will be eligible. The date of
dividend distribution will be announced later. (GulfBase.com)
 UAE ranks 5th in ease of getting building permits –
According to World Bank Statistics for 2014, the UAE was
ranked fifth in the global ranking for ease of getting building
permits. By jumping up 13 ranks, Dubai officials expect a boom
in construction. Ranked first for the Ease of Construction
Permits was Hong Kong, followed by Georgia, Singapore, and
Bahrain in at 4th. The ease of doing business index is an index
created by the World Bank. (GulfBase.com)
 MOTC cancels a tender for terminal building at Ras Al Hadd
airport – The Ministry of Transport & Communications (MOTC)
has cancelled a tender package for selecting a contractor to
construct the terminal building at Ras Al Hadd airport. The date
for opening the bid was fixed on December 9, but the
participating contracting firms have been informed that the
tender has been cancelled. (GulfBase.com)
 Oman’s budget expenditure poised to rise 5% – Oman’s
budget for 2014 has projected an expenditure of OMR13.5bn,
indicating a 5% growth over the 2013 budget estimate at
OMR12.9bn. Revenues are projected at OMR11.7bn, indicating
a 4.5% growth over last year's revenues of OMR11.2bn. The
Omani government has calculated the crude oil price for budget
calculation at $85 per barrel. The Minister Responsible for
Financial Affairs Darwish bin Ismail Al Balushi will soon brief on
the main features of the state budget for 2014, which include the
estimated expenditure and revenues, as well as various
economic and developmental projects. Meanwhile, according to
data by the National Centre for Statistics & Information, Oman's
budget surplus for the first 10 months of 2013 surged to reach
OMR543.9mn, despite a marginal fall in oil prices in international
markets. (Bloomberg)
 Batelco signs agreement with CWC – The Bahrain
Telecommunications Company (Batelco) has agreed with Cable
& Wireless Communications Plc (CWC) to unwind the previous
transfer of a 25% shareholding in Compagnie Monegasque de
Communication SAM (CMC) from CWC to Batelco. CWC has
repaid the $100mn paid by Batelco to CWC upon completion of
the Islands business disposal and Batelco has retransferred to
CWC the 25% shareholding in CMC. All option arrangements
between CWC and Batelco in relation to CMC have terminated.
(GulfBase.com)
Page 4 of 5

5. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
2.0%
149.1
135.8
1.6%
1.6%
1.1%
1.2%
0.8%
123.2
0.6%
0.8%
Abu Dhabi*
1D%
WTD%
YTD%
16,576.66
0.0
0.6
0.0
S&P 500*
1,848.36
0.0
0.4
0.0
0.0
NASDAQ 100*
4,176.59
0.0
0.5
0.0
0.5
0.0
STOXX 600*
328.26
0.0
0.2
0.0
0.0
(1.0)
0.0
DAX*
9,552.16
0.0
(0.4)
0.0
0.0
(2.2)
0.0
FTSE 100*
6,749.09
0.0
(0.0)
0.0
CAC 40*
S&P Pan Arab
Jul-13
S&P GCC
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 (*Data as of December 31, 2013)
Close ($)
1D%
WTD%
YTD%
1,200.90
(0.4)
(1.0)
(0.4)
DJ Industrial*
19.36
(0.6)
(3.6)
(0.6)
110.80
0.0
(1.2)
4.34
0.0
126.25
136.50
1.38
0.1
0.1
0.1
105.25
(0.1)
0.1
(0.1)
GBP
1.66
0.1
0.5
0.1
CHF
1.12
0.2
0.0
0.2
AUD
0.89
(0.3)
0.2
(0.3)
Yen
Dubai*
Oman
Gold/Ounce
Kuwait*
Close
Oct-11 May-12 Dec-12
Source: Bloomberg
Asset/Currency Performance
0.1%
Bahrain*
QE Index
Saudi Arabia
0.0%
Jan-10 Aug-10 Mar-11
0.1%
Qatar*
0.3%
0.4%
USD Index
80.11
0.1
(0.4)
0.1
RUB
32.86
(0.0)
0.8
(0.0)
BRL*
0.42
0.0
(1.0)
0.0
Source: Bloomberg (*Market closed on January 01, 2014)
Global Indices Performance
4,295.95
0.0
0.4
0.0
16,291.31
0.0
0.7
0.0
MSCI EM
1,002.66
(0.0)
0.5
(0.0)
SHANGHAI SE Composite*
2,115.98
0.0
0.7
0.0
HANG SENG*
23,306.39
0.0
0.3
0.0
BSE SENSEX
21,140.48
(0.1)
(0.3)
(0.1)
Bovespa*
51,507.16
0.0
0.5
0.0
1,442.16
0.0
(0.2)
0.0
Nikkei*
RTS*
Source: Bloomberg (*Market closed on January 01, 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
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Page 5 of 5