1. QE Intra-Day Movement
Market Indicators
10,380
10,360
10,340
10,320
03 Dec 13
%Chg.
287.7
552,029.0
9.9
4,244
39
8:28
269.1
554,367.8
9.1
4,138
41
18:17
6.9
(0.4)
9.2
2.6
(4.9)
–
Market Indices
10,300
10,280
9:30
04 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 declined 0.3% to close at 10,336.5. Losses were led by the
Transportation and Industrials indices, declining 1.2% and 0.9% respectively.
Top losers were Qatar Navigation and Medicare Group, falling 2.3% and 1.7%
respectively. Among the top gainers, Dlala Brok. & Inv. Holding Co. rose 2.2%,
while Vodafone Qatar gained 2.1%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,768.48
2,571.44
2,443.96
3,374.16
1,902.67
1,968.24
2,388.10
1,463.02
5,962.78
3,044.70
(0.3)
(0.4)
(0.2)
(0.9)
(1.2)
(0.8)
0.3
1.0
(0.7)
(0.3)
(0.4)
(0.4)
(0.1)
(0.8)
(2.0)
(1.3)
1.0
0.6
(0.3)
0.4
30.5
27.6
25.4
28.4
42.0
22.1
21.6
37.4
27.7
22.4
N/A
13.0
13.1
12.2
12.9
13.5
9.8
19.9
22.6
15.8
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index gained marginally to close at 8,231.1. Gains
were led by the Build. & Cons. and Hotel & Tourism indices, rising 0.9% and
0.4% respectively. ANB Ins. gained 10.0%, while Saudi Ceramic was up 3.1%.
IFA Hotels & Resorts
Kuwait
1D%
Vol. ‘000
0.27
3.8
125.3
(23.9)
Saudi Ceramic
Saudi Arabia
109.50
3.1
186.7
48.5
Dubai: The DFM index fell 0.3% to close at 2,986.6. The Investment &
Financial Services index declined 1.1%, while the Transportation index was
down 0.8%. Mashreq Bank fell 10.0%, while Al Salam Group was down 1.9%.
Saudi British Bank
Saudi Arabia
40.80
2.5
256.7
36.5
Sahara Petrochem. Co.
Saudi Arabia
19.15
2.4
5,514.1
41.3
Abu Dhabi: The ADX benchmark index gained 0.3% to close at 3,930.4. The
Energy index rose 1.3%, while the Telecomm. index was up 0.9%. Methaq
Takaful Ins. Co. surged 14.8%, while Abu Dhabi Ship Building gained 14.5%.
Vodafone Qatar
Qatar
11.59
2.1
3,663.3
38.8
GCC Top Losers
Exchange
1D% Vol. ‘000
YTD%
Kuwait: The KSE index rose 0.2% to close at 7,737.2. The Consumer Goods
and Health Care indices gained 1.8% each. Palms Agro Production Co. surged
17.2%, while National Petroleum Services Co. gained 10.0%.
United Arab Bank
Abu Dhabi
6.40
(4.6)
56.7
107.8
Nat. Mobile Telecomm.
Kuwait
1.74
(3.3)
1.5
(25.6)
Oman: The MSM index gained 0.1% to close at 6,781.3. Gains were led by
the Ind. and Services & Ins. indices, gaining 0.4% and 0.1% respectively.
National Gas Co. gained 9.6%, while National Securities Co. was up 9.2%.
Salhia Real Estate Co.
Kuwait
0.37
(2.6)
23.5
0.0
SPIMACO
Saudi Arabia
59.00
(2.5)
228.6
35.0
Qatar Navigation
Qatar
85.00
(2.3)
147.0
34.7
Bahrain: The BHB index fell 0.1% to close at 1,196.8. The Commercial
Banking index declined 0.2%, while the Services index was down 0.1%.
Ithmaar Bank fell 2.2%, while Seef Properties was down 1.3%.
Qatar Exchange Top Gainers
Dlala Brok. & Inv. Holding Co.
##
#
Close
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%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
21.89
2.2
40.4
(29.6)
Qatar Navigation
85.00
(2.3)
147.0
34.7
53.50
(1.7)
117.9
49.9
Vodafone Qatar
11.59
2.1
3,663.3
38.8
Medicare Group
Masraf Al Rayan
33.65
1.1
980.3
35.7
Qatar Cinema & Film Dist. Co.
Qatar Insurance Co.
67.50
0.7
10.0
25.1
Industries Qatar
Ooredoo
136.30
0.7
35.9
31.1
Gulf Warehousing Co.
Qatar Exchange Top Vol. Trades
41.00
(1.4)
0.6
(27.9)
165.90
(1.3)
162.0
17.7
40.50
(1.2)
25.2
20.9
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Vodafone Qatar
11.59
2.1
3,663.3
38.8
Vodafone Qatar
11.59
2.1
42,097.5
38.8
Masraf Al Rayan
33.65
1.1
980.3
35.7
Masraf Al Rayan
33.65
1.1
32,731.2
35.7
Mazaya Qatar Real Estate Dev.
11.50
(0.1)
922.4
4.5
Industries Qatar
165.90
(1.3)
26,905.7
17.7
Qatari Investors Group
40.65
0.6
636.5
76.7
Qatari Investors Group
40.65
0.6
25,897.2
76.7
Barwa Real Estate Co.
29.70
(0.8)
608.3
8.2
Barwa Real Estate Co.
29.70
(0.8)
18,108.0
8.2
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%
10,336.50
2,986.60
3,930.43
8,231.13
7,737.17
6,781.32
1,196.82
(0.3)
(0.3)
0.3
0.0
0.2
0.1
(0.1)
(0.4)
1.4
2.1
(1.1)
(0.6)
0.8
(1.0)
(0.4)
1.4
2.1
(1.1)
(0.6)
0.8
(1.0)
23.7
84.1
49.4
21.0
30.4
17.7
12.3
Exch. Val. Traded
($ mn)
79.01
168.54
114.67
1,078.78
89.33
77.53
0.37
Exchange Mkt.
Cap. ($ mn)
151,587.2
70,997.2
112,345.3
448,434.0
109,144.6
24,273.6
49,678.1
P/E**
P/B**
13.2
17.6
11.0
16.9
17.0
10.7
8.0
1.8
1.2
1.4
2.1
1.2
1.6
0.8
Dividend
Yield
4.4
3.0
4.6
3.6
3.6
3.8
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 10,336.5. The
Transportation and Industrials indices led the losses.
 Qatar Navigation and Medicare Group were the top losers, falling
2.3% and 1.7% respectively. Among the top gainers, Dlala Brok.
& Inv. Holding Co. rose 2.2%, while Vodafone Qatar gained
2.1%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
73.10%
72.20%
2,582,627.90
Non-Qatari
26.89%
27.79%
(2,582,627.90)
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday rose by 9.2% to 9.9mn
from 9.1mn on Tuesday. However, as compared to the 30-day
moving average of 11.3mn, volume for the day was 12.1% lower.
Vodafone Qatar and Masraf Al Rayan were the most active
stocks, contributing 36.9% and 9.9% to the total volume
respectively.
Global Economic Data
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
12/04
US
Bloomberg
Total Vehicle Sales
November
16.31M
15.80M
15.15M
12/04
US
Bloomberg
Domestic Vehicle Sales
November
12.62M
12.10M
11.73M
12/04
US
MBA
MBA Mortgage Applications
29-November
-12.80%
–
-0.30%
12/04
US
US Census Bureau
Trade Balance
October
-$40.6B
-$40.0B
-$43.0B
12/04
US
ISM
ISM Non-Manf. Composite
November
53.9
55.0
55.4
12/04
US
US Census Bureau
New Home Sales
September
354K
425K
379K
12/04
US
US Census Bureau
New Home Sales MoM
September
-6.60%
–
1.60%
12/04
EU
Markit
PMI Services
November
51.2
50.9
51.6
12/04
EU
Markit
PMI Composite
November
51.7
51.5
51.9
12/04
EU
Eurostat
GDP SA QoQ
3Q2013
0.10%
0.10%
0.10%
12/04
EU
Eurostat
GDP SA YoY
3Q2013
-0.40%
-0.40%
-0.40%
12/04
EU
Eurostat
Household Cons QoQ
3Q2013
0.10%
0.10%
0.20%
12/04
EU
Eurostat
Govt Expend QoQ
3Q2013
0.20%
0.10%
0.00%
12/04
EU
Eurostat
Retail Sales MoM
October
-0.20%
0.00%
-0.60%
12/04
EU
Eurostat
Retail Sales YoY
October
-0.10%
1.00%
0.30%
12/04
France
Markit
PMI Services
November
48.0
48.8
50.9
12/04
Germany
Markit
PMI Services
November
55.7
54.5
52.9
12/04
UK
BRC
BRC Shop Price Index YoY
November
-0.30%
–
-0.50%
12/04
UK
Markit
PMI Services
November
60.0
62.0
62.5
12/04
UK
HM Treasury
Official Reserves Changes
November
-$868M
–
-$208M
12/04
Italy
Markit
PMI Services
November
47.2
50.4
50.5
12/04
China
HSBC Bank
HSBC/Markit Services PMI
November
52.5
–
52.6
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar, Turkey sign pact for energy generation – Qatar and
Turkey have signed a MoU on energy generation following a
round of talks between HH the Emir Sheikh Tamim bin Hamad
al-Thani and the Turkish Prime Minister Recep Tayyip Erdogan.
In their presence, a MoU in energy generation cooperation was
signed between the Qatar Holding and Electric Ortime Company
of Turkey. (Gulf-Times.com)
 QNB Group gets Bank of the Year–Middle East award – QNB
Group has received the prestigious “Bank of the Year–Middle
East” Regional Award from the Banker Magazine in London.
(QNB Group Press Release)
 Qatar expects 1mn visitors for 2022 FIFA World Cup – Qatar
2022 Supreme Committee‟s Secretary General Hassan Al
Thawadi said close to a million visitors are expected to descend
in Qatar to watch the FIFA World Cup in 2022. (Peninsula
Qatar)
 Qatar to set up monitoring committee for building materials,
pricing – Qatar is planning to set up a committee that will
monitor the availability of primary building raw materials and
their pricing. The Cabinet has approved plans to set up the
panel that will have representations from the Ministry of
Development Planning & Statistics and the 2022 Supreme
Committee. The panel at the Ministry of Economy & Commerce
will monitor supplies, availability, pricing and consumption of
primary raw materials. The Cabinet also approved a draft law
that will provide state subsidy to the government-run transport
company, Mowasalat, to help in meeting its costs. (Peninsula
Qatar)
 Commercial hubs planned in Doha, Al Rayan – Qatar‟s
Ministry of Municipality & Urban Planning announced plans to
convert several major areas of Doha and some areas in the
neighboring municipality of Al Rayan into commercial hubs.
Shops, showrooms and offices will be located on both sides of
these proposed hubs, which will be known as commercial
Page 2 of 6

3. streets. Each of these commercial streets may be exclusively
reserved for certain businesses. (Peninsula Qatar)
 QCCI: Qatar private sector to establish a construction firm –
The Qatar Chamber of Commerce & Industry‟s (QCCI) Deputy
Chairman Mohammed Al Kuwari said the private sector in Qatar
is planning to establish a company with QR2bn capital to build
industrial plants and related projects. The ownership of this new
company will be confined to Qatari businessmen first, before
being listed on the Qatar Stock Exchange. He added that the
chamber has already obtained government approval for the new
venture, which will be announced within two months. (Zawya)
 Al Khaliji Bank opens branch in City Center – Al Khaliji Bank
has opened a branch at the Doha City Center Mall as part of its
strategy to expand its network in Qatar. (Gulf-Times.com)
 MERS opens new branch in Al Qutaifiya – Al Meera
Consumer Goods Company (MERS) has opened a new branch
in Al Qutaifiya. The branch opening is in line with MERS‟
strategic expansion plan in the Qatari market. The Al Qutaifiya
branch consists of a ground floor complex that includes Al
Meera supermarket, shopping outlets and restaurants. (GulfTimes.com)
 QA to begin flights to DFW from July 1 – Qatar Airways (QA)
will begin flights to Dallas-Fort Worth (DFW) from July 1, 2014.
This will be the airline‟s second route to the state of Texas in the
US. (Bloomberg)
International
 EU fines banks €1.7bn for rate rigging – EU antitrust
regulators vowed to continue investigating the rate-rigging
incident as they slapped a record €1.7bn penalty on six financial
institutions including Deutsche Bank, RBS and JPMorgan. The
European Commission, along with authorities around the globe
has been examining the manipulation of London interbank
offered rate (LIBOR) and its euro equivalent EURIBOR.
Deutsche Bank, which is yet to be fined by the US and UK
regulators on separate investigations, received the highest fine
of €725.4mn. RBS were fined for its involvement in both the
EURIBOR and LIBOR cartels. JPMorgan, Citigroup, Societe
Generale and RP Martin were also fined. Swiss bank UBS and
Britain's Barclays avoided fines of €2.5bn and €690mn
respectively for revealing the existence of the cartel.
(Bloomberg)
 OPEC agrees to maintain output cap at 30mn bpd – Energy
ministers from the OPEC countries have agreed to maintain the
group‟s target for crude oil output unchanged at 30mn barrels
per day. Venezuela‟s Energy Minister Rafael Ramirez said
maintaining the current target for the 12-nation group will ensure
stability in oil prices. The UAE‟s Oil Minister Suhail Mohammed
al-Mazrouei said the cap adequately matches demand and is
unlikely to change much in 2014. Saudi Arabia‟s Oil Minister Ali
al-Naimi said OPEC will hold its next meeting on June 11, 2014.
Further, Al-Naimi said there is no need for Saudi Arabia to cut its
own production level. Meanwhile, a Bloomberg survey found
that the Kingdom had produced 9.65mn bpd last month. (GulfTimes.com)
 Osborne tells Cabinet to cut budgets by £1bn – The UK
Chancellor of the Exchequer George Osborne has written to
ministers saying he will cut the amount of money their
departments can spend in the next three years by £1bn each
year. The Treasury in London said the government will reduce
central departmental spending over the three years through
2015-2016. The annual reserve of £3bn will be cut by £1bn in
2013-14, with cuts to resource budgets over the following two
years. (Bloomberg)
 Moody’s boosts Spain’s credit rating outlook on growth
prospects – Moody‟s has increased Spain‟s credit rating
outlook to Stable from Negative amid evidence of a sustained
economic rebalancing and improving growth prospects. Spain‟s
Baa3 rating, the lowest-investment grade ranking, was also
affirmed by New York-based Moody‟s. (Bloomberg)
 E&Y: Global Islamic banking assets to reach $1.72tn in 2013
– According to E&Y‟s World Islamic Banking Competitiveness
Report 2013-14, global Islamic banking assets held by
commercial banks are expected to reach $1.72tn in 2013,
growing over $1.54tn in 2012. This includes both pure-play
Islamic banks and windows of conventional banks. The report
showed that Qatar, Indonesia, Saudi Arabia, Malaysia, the UAE
and Turkey (QISMUT) represented 78% of the international
Islamic banking assets held by commercial banks, excluding
Iran. Further, the E&Y report also showed that Islamic banks
now serve approximately 38mn customers globally, two third of
whom reside in QISMUT. Meanwhile, the biggest challenges for
Islamic banks are: finding ways to become the mainstream form
of banking in their home markets, building regional brands and
taking a more socially responsible approach to differentiate
themselves from conventional banks. E&Y expects the
industry‟s growth to remain moderate in 2014, as several Islamic
banks contemplate large-scale operational transformation.
(GulfBase.com)
Regional
 IATA: Mideast carriers post fastest freight growth in
October – The International Air Transport Association (IATA)
said Middle East carriers, driven by Qatar Airways, Emirates and
Etihad, recorded the fastest growth in air freight in October.
IATA said Middle Eastern airlines recorded a rise in freight ton
kilometers (FTKs) in October in line with the trend so far in 2013
(12.3%). This is the fastest rate of expansion among all regions.
IATA said the trend is likely to continue with October data
showing a record high increase in exports orders from the UAE,
which bodes well for steady growth in the region‟s trade
volumes. IATA said global air freight markets improved in
October after a brief pause in September. Global FTKs were up
4.0% YoY in October, a rebound from the 0.3% contraction in
September. (Gulf-Times.com)
 Saudi economy expands 3.1% in 3Q2013 – According to the
latest data from the Central Statistics Office, Saudi Arabia's
economy expanded at an annual rate of 3.1% in 3Q2013, which
is only half as fast as it grew a year ago. The annual inflationadjusted growth slowed to 2.1% during 1Q2013, followed by a
rise of 2.7% in 2Q2013, which continued to grow as output
increased in 3Q2013. Meanwhile, according to Reuters, Saudi
real GDP grew 1.1% QoQ in July-September 2013, reversing
the decline seen in the previous quarter. (Reuters)
 Saudi PMI rises to 57.1 in November – The Saudi Arabian
Purchasing Managers‟ Index (PMI) compiled by the Saudi British
Bank (SABB) and HSBC rose to 57.1 in November 2013 from
56.7 in October. This signals an improvement in overall
operating conditions in the Saudi non-oil producing private
sector companies. The rate of expansion was up slightly from
the previous month, but remained below the series average,
whereas new orders increased robustly. In order to meet the
higher business requirements, non-oil producing private sector
companies have hired additional workers in November. The rate
of job creation increased in November as compared to October,
but has remained below the long-run series average.
(Bloomberg)
 MEED: Volume of canceled projects in Saudi Arabia
estimated at SR735bn – According to a report by the MEED
Page 3 of 6

4. GCC Projects Index, the volume of canceled projects in Saudi
Arabia is estimated to be SR735bn, while other delayed projects
stood at SR626.25mn. However, the Kingdom has been ranked
second at the GCC level with the biggest project growth index at
31% in 2013, jumping over the SR3.75tn mark in November.
The report indicated the five biggest contracts in the region were
awarded in Saudi Arabia. Meanwhile, the Kingdom is expected
to spend around SR3tn on future projects by 2030.
(GulfBase.com)
 Riyadh the most sought after city in Kingdom – According to
the real estate index released by Saudi Ministry of Justice,
Riyadh is ranked as the most sought after city with real estate
transactions worth SR99bn. This index recorded 43,476 real
estate deals in Riyadh with SR47bn worth of commercial
transactions and around SR51bn worth of residential
transactions, covering a total area of 227 square meters. Jeddah
ranks second in this index with SR50.6bn residential
transactions
and
SR39.9bn
commercial
transactions,
representing 40,132 deals spread over 90 square meters.
(GulfBase.com)
 SIPCHEM signs MoU with Sahara to begin due diligence for
merger – The Saudi International Petrochemical Company
(SIPCHEM) has entered into a MoU with Sahara Petrochemical
Company to begin confirmatory due diligence and continue the
non-binding negotiations for their proposed business merger.
Both companies have agreed that the proposed merger will be
implemented by way of an exchange of shares where, Sahara
will become a subsidiary of SIPCHEM. Accordingly, based on
the agreed exchange ratio, SIPCHEM will issue 300,574,575
new shares to Sahara's shareholders in exchange for all issued
shares in Sahar. So, following completion of the proposed
merger, the total number of the company's issued shares will be
667,241,241 shares with capital of SR6.67bn. Sipchem currently
has 366,666,666 shares with capital of SR3.67bn. (Tadawul)
 SEC awards 9 contracts worth €130mn to Alstom SA – The
Saudi Electricity Company (SEC) has awarded nine contracts
worth €130mn to Alstom Saudi Arabia Transport & Power Ltd.
(Alstom SA). These contracts include: turnkey installation of six
new 110 kV gas insulated substations, turnkey supply of a Static
VAR Compensator for Quwayyah 132 kV substation, supply of
four auto transformers for the Ashbliyah substation, installation
of three complete automation and protection systems for three
380 kV substations, a fiber optic telecom system and civil works
modifications of Madina‟s distribution substation, installation of a
turnkey telecom system to connect the Al Mashaaer 380 kV
substation to SEC‟s telecoms network. (GulfBase.com)
 SAAC offers to sale its stake in CPIC – The Saudi Arabian
Amiantit Company (SAAC) has offered to sale its 5.4975% stake
in China-based Chongqing Polycomp International Corporation
(CPIC) in order to create liquidities and value for the
shareholders of the group. SAAC had bought this stake between
2001 and 2005. SAAC has appointed Grand Avenue Capital to
identify buyers. (Tadawul)
 Sahara Petrochem’s BoD recommends SR372.97mn
dividend – The Sahara Petrochemical Company‟s board of
directors has recommended the distribution of dividends worth
SR372.97mn (SR0.85 per share), representing 8.5% of the face
value. (Tadawul)
 UAE PMI rises to 58.1 points in November – The HSBC UAE
PMI rose to 58.1 points in November 2013 from 56.3 points in
October. The survey showed that business activity growth in the
UAE‟s non-oil private sector accelerated to a record high in
November, with both output and new orders increasing sharply.
New orders were at 66.9, also the highest level since the survey
started in August 2009 and well up from 64.6 in October. Growth
in new export orders picked up to a record high of 59.3 points
from 58.9 points in October. Meanwhile, employment creation
across the UAE's non-oil private sector rose to a five-month high
of 53.6 points in November from 52.7 in October.
(GulfBase.com)
 StanChart: UAE economy poised to gain new momentum in
2014 – According to a report by the Standard Chartered Bank
(StanChart), the UAE economy is poised to gain new
momentum in 2014 led by three key sectors that include non-oil
sector investments, buoyant trade & services sector and the
booming tourism industry. This will primarily drive the upswing in
the UAE‟s GDP from 4.4% in 2013 to 4.5% in 2014. Abu Dhabi‟s
non-oil project spending is estimated to reach $34bn in 2014 in
line with the Emirate‟s long-term diversification goals. StanChart
said that Dubai‟s core trade & services sector will continue to
benefit from strong regional dynamics, while Dubai‟s tourism
sector is likely to have another strong year. The number of
tourists arriving in Dubai reached 5.5mn in 1H2013, indicating
11% YoY growth. Dubai‟s hotels have reported 7.9mn visitors in
9M2013, reflecting an increase of 9.8% YoY. StanChart expects
the UAE‟s inflation to pick up to around 4.2% in 2014 as the
major housing component reflects better market conditions. The
bank believes that the hydrocarbon sector is unlikely to directly
contribute to real GDP growth in 2014. (GulfBase.com)
 UAE, China study ways to cooperate in new energy
resources – The China Council for the Promotion of
International Trade„s (CCPIT) Vice President Sheliv said that the
UAE and China are working out ways to expand cooperation in
the fields of new energy resources, high-end technology and
service trade. (GulfBase.com)
 GVI to invest AED200mn in Turkish realty projects – UAEbased Green Valley International Real Estate (GVI) is planning
to invest AED200mn in real estate projects in Turkey. The
company has launched three projects to tap the growth
potential. These projects include a compound with 80 villas in
Bursa equipped with all facilities, a compound with 30 villas in
Sabanja and a compound with 15 buildings, encompassing 105
residential apartments in Bursa. (Bloomberg)
 UAB sets up Turkey desk in UAE – The United Arab Bank
(UAB), a Commercial Bank affiliate, has set up a dedicated desk
to support Turkish businesses in the UAE, in its quest to
become their preferred local bank in the Emirates. This mutual
relationship with the Turkish business community will also
support UAE businesses when they trade in the Turkish market.
(Gulf-Times.com)
 Dubai Municipality to build 5 residential parks, public
square projects – Dubai Municipality will begin work on five
residential parks and public squares projects worth AED17mn in
Dubai. (Bloomberg)
 Nakheel awards construction contracts worth AED174mn –
Dubai-based developer Nakheel has awarded contracts worth
AED174mn for the construction of two new beachfront projects
on Palm Jumeirah. Nakheel has AED135.5mn contract to the
United National Engineering Company (UNEC) to construct 170
apartments and a swimming pool in Azure Residences, while Al
Ghurair Contracting & Engineering Works has been awarded
AED38.7mn contract to build Club Vista Mare project. The Azure
Residences project will have a timeline of two years, while Club
Vista Mare project will be completed in 18 months.
(GulfBase.com)
 Emirates NBD AM forms advisory partnership with Jupiter
AM – Emirates NBD Asset Management Ltd. (Emirates NBD
Page 4 of 6

5. AM) has partnered with UK-based Jupiter Asset Management to
get advice on four global funds as its assets under management
surge. Emirates NBD AM‟s Senior Executive Officer David
Marshall said that Jupiter AM will advice on funds worth
AED400mn spread across the bank‟s four funds. Marshall said
that the bank will benefit from Jupiter‟s global expertise, which
should boost its assets over the next 12 to 18 months.
(Bloomberg)
 ADNEC’s unit gets approval to list on Casablanca Stock
Exchange – The Abu Dhabi National Energy Company‟s
(ADNEC) Moroccan subsidiary, Jorf Lasfar Energy Company
(JLEC) has received approval to be listed on the Casablanca
Stock Exchange. JLEC will float 2.23mn new shares
(representing 9.47%) at a price of 447.5 Moroccan dirhams with
a nominal value of 100 Moroccan dirhams. Prior this IPO, the
company‟s 4.74% shares were fully subscribed through a private
placement to key Moroccan institutional investors. However,
ADNEC will retain its 85.79% stake in JLEC. ADNEC‟s CEO
Carl Sheldon said that JLEC will use proceeds from this IPO for
investing in their largest electricity generator. (ADX)
 Kuwait awards $105mn EPC contract to Isolux Corsan –
Kuwait has awarded a contract worth $105mn to Spain-based
Isolux Corsan for the engineering, procurement & construction
(EPC) of 172-kilometer long 300 kV transmission lines. This will
be a turnkey contract that will have a maximum execution period
of 22 months. These new transmission lines will connect the
Subiya power plant to several key regions and new cities in
Kuwait. (GulfBase.com)
 Sezad invites bids for building works of Duqm airport –
Oman‟s Special Economic Zone Authority at Duqm (Sezad) has
invited tenders for the main building works of the new airport
project. This new airport is considered to be a new gateway of
Duqm, which is being developed as the Oman‟s next major
industrial and shipping hub. The terminal will have a total gross
floor area of 13,350 square meters, along with a four-kilometer
long runway and a parking space for 200 cars. The tender is
open to local grade one contractors as well as international
contractors, and bids are expected to be submitted by January
19, 2014. (GulfBase.com)
 Galfar wins OMR67.4mn construction contract – Galfar
Engineering & Contracting has won a contract worth
OMR67.4mn to construct a new catering facility at Muscat
International Airport. This project will be completed in two years.
(Bloomberg)
 OTM appoints COO – The Oman Textile Mills Company (OTM)
has appointed Jitendrasingh J. Rajput as the company‟s COO.
Rajput has an extensive experience in the textile industry.
(MSM)
 Seef Properties signs contract with MJG to build 3
restaurants at Seef Mall – Seef Properties has entered into a
contract worth BHD950,000 with Mohammed Jalal & Sons
Company (MJG) to construct three new casual dining
restaurants at Seef Mall in Al Seef. This contract will build three
stand-alone restaurants in a landscaped boulevard adjacent to
the newly refurbished Marks & Spencer outlet. (Bahrain Bourse)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.0%
148.5
0.6%
0.2%
130.0
0.0%
(0.2%)
S&P Pan Arab
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%
1,243.78
1.7
(0.8)
(25.8)
DJ Industrial
15,889.77
(0.2)
(1.2)
21.3
19.69
2.9
(1.5)
(35.1)
S&P 500
1,792.81
(0.1)
(0.7)
25.7
111.88
(0.7)
2.0
0.7
NASDAQ 100
4,038.00
0.0
(0.5)
33.7
3.88
1.3
2.4
13.3
STOXX 600
317.24
(0.6)
(2.4)
13.4
126.50
2.6
8.1
41.3
DAX
9,140.63
(0.9)
(2.8)
20.1
139.00
1.5
1.3
(19.7)
FTSE 100
6,509.97
(0.3)
(2.1)
10.4
1.36
0.0
0.0
3.0
102.36
(0.1)
(0.1)
18.0
GBP
1.64
(0.0)
0.1
0.8
MSCI EM
CHF
1.11
0.2
0.4
1.4
SHANGHAI SE Composite
AUD
0.90
(1.2)
(0.9)
(13.1)
Yen
Dubai
Jul-13
Kuwait
May-12 Dec-12
(0.3%)
Abu Dhabi
QE Index
Oct-11
Qatar
Jan-10 Aug-10 Mar-11
(0.1%)
Saudi Arabia
(0.6%)
0.3%
(0.3%)
Oman
0.2%
Bahrain
118.1
0.1%
CAC 40
Nikkei
4,148.52
(0.6)
(3.4)
13.9
15,407.94
(2.2)
(1.6)
48.2
995.75
(0.7)
(2.2)
(5.6)
2,251.76
1.3
1.4
(0.8)
HANG SENG
23,728.70
(0.8)
(0.6)
4.7
USD Index
80.62
0.0
(0.1)
1.1
BSE SENSEX
20,708.71
(0.7)
(0.4)
6.6
RUB
33.19
(0.2)
0.2
8.7
Bovespa
50,215.79
(0.3)
(4.3)
(17.6)
BRL
0.42
(0.3)
(2.0)
(13.9)
1,364.44
(0.6)
(2.7)
(10.6)
Source: Bloomberg
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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