1. QE Intra-Day Movement
Market Indicators
10,450
10,400
10,350
10,300
9:30
20 Nov 13
18 Nov 13
%Chg.
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
909.0
555,297.7
29.7
11,132
41
13:28
641.0
556,445.3
19.7
7,986
41
29:9
41.8
(0.2)
51.0
39.4
0.0
–
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.2% to close at 10,336.1. Losses were led by the
Transportation and Real Estate indices, declining 1.0% each. Top losers were
Qatar Cinema & Film Distr. Co. and Zad Holding Co., falling 9.9% and 3.9%
respectively. Among the top gainers, Medicare Group rose 10.0%, while
Vodafone Qatar gained 5.2%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,767.96
2,575.49
2,448.84
3,404.36
1,893.97
1,942.68
2,352.48
1,464.50
5,959.90
2,988.43
(0.2)
(0.3)
(0.5)
(0.1)
(1.0)
(1.0)
0.8
0.9
(0.2)
0.1
1.2
1.1
0.6
1.4
1.7
2.9
(0.3)
1.4
0.9
2.3
30.5
27.8
25.6
29.6
41.3
20.5
19.8
37.5
27.6
20.1
N/A
13.0
13.1
12.4
12.8
13.3
9.6
19.9
22.6
15.5
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index fell 0.3% to close at 8,337.3. The Retail index
declined 1.1%, while the Media & Publishing index was down 1.0%. Yamamah
Saudi Cement Co. fell 3.5%, while Bank AlJazira was down 2.5%.
United Arab Bank
Abu Dhabi
7.45
14.6
20.2
141.9
Vodafone Qatar
Qatar
10.61
5.2
6,846.7
27.1
Dubai: The DFM index gained 1.1% to close at 2,888.2. Gains were led by the
Banking and Telecommunication indices, rising 2.1% each. Mashreq Bank
rose 11.1%, while Agility was up 5.6%.
Taiba Holding Co
Saudi Arabia
42.60
4.4
2,090.3
71.4
MEDGULF
Saudi Arabia
32.00
3.9
1,531.5
41.8
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 3,839.5. The
Services index gained 1.1%, while Banking index was up 0.8%. United Arab
Bank and Gulf Medical Projects Co. surged 14.6% each.
Arriyadh Dev. Co.
Saudi Arabia
28.00
3.7
2,421.5
22.5
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.1% to close at 7,876.5. The Telecom index
rose 1.1%, while the Banking index was up 0.7%. Kuwait Real Estate Holding
Co. gained 8.2%, while Pearl of Kuwait Real Estate Co. was up 7.0%.
Aramex
Dubai
2.59
(3.7)
2,462.3
29.5
Union National Bank
Abu Dhabi
4.92
(3.5)
2,139.1
70.5
Oman: The MSM index rose 0.1% to close at 6,780.1. The Services index
gained 0.2%, while the Financial index was up 0.1%. Areej Vegetable Oils &
Deriv. rose 10.0%, while Alizz Islamic Bank was up 0.9%.
Yamamah Saudi Cem.
Saudi Arabia
63.00
(3.5)
701.1
32.6
Bank Al-Jazira
Saudi Arabia
35.10
(2.5)
472.7
34.5
Kuwait Food Co.
Kuwait
2.46
(2.4)
10.0
41.4
Bahrain: The BHB index declined 0.5% to close at 1,193.2.The Commercial
Banks index fell 0.9%, while Investment index was down 0.3%. Bahrain Family
Leisure Co. declined 3.5%, while Ahli United Bank was down 2.2%.
##
#
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)
Medicare Group
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
54.70
Qatar Exchange Top Gainers
10.0
1,925.4
53.2
Qatar Cinema & Film Distr. Co.
43.90
(9.9)
3.5
(22.9)
6,846.7
27.1
Zad Holding Co.
65.80
(3.9)
8.3
11.9
Doha Insurance Co.
25.40
(2.3)
64.6
3.5
Al Ahli Bank
55.00
(1.6)
14.4
12.2
Qatar Industrial Manuf. Co.
50.40
(1.4)
76.1
(5.1)
Qatar Exchange Top Val. Trades
Vodafone Qatar
10.61
5.2
Dlala Broker. & Inv. Hold. Co.
21.00
2.8
188.4
(32.4)
Qatari Investors Group
40.40
2.3
3,689.6
75.7
Mannai Corp.
87.00
1.6
1.0
7.4
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
Vodafone Qatar
10.61
5.2
6,846.7
27.1
Barwa Real Estate Co.
28.80
(1.4)
168,295.9
4.9
Barwa Real Estate Co.
28.80
(1.4)
5,727.0
4.9
Qatari Investors Group
40.40
2.3
150,834.9
75.7
Qatari Investors Group
40.40
2.3
3,689.6
75.7
Medicare Group
54.70
10.0
101,820.1
53.2
United Development Co.
23.38
(0.6)
2,494.3
31.4
Vodafone Qatar
10.61
5.2
72,275.1
27.1
Qatar Gas Transport Co.
20.19
(1.2)
1,979.1
32.3
United Development Co.
23.38
(0.6)
58,575.9
31.4
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
YTD%
Close
1D%
WTD%
MTD%
YTD%
10,336.13
2,888.24
3,839.45
8,337.32
7,876.51
6,780.09
1,193.17
(0.2)
1.1
0.4
(0.3)
0.1
0.1
(0.5)
1.2
2.2
1.2
0.2
(0.3)
0.3
(0.9)
5.1
(1.2)
(0.2)
3.6
(0.9)
1.6
(0.7)
23.7
78.0
45.9
22.6
32.7
17.7
12.0
Exch. Val. Traded
($ mn)
249.65
155.23
80.75
1,052.42
95.67
17.32
1.39
Exchange Mkt.
Cap. ($ mn)
152,540.3
69,764.2
109,617.1
452,931.8
108,848.0
24,160.2
16,818.1
P/E**
P/B**
13.2
17.0
10.6
17.1
18.2
10.8
8.0
1.8
1.1
1.3
2.1
1.3
1.6
0.8
Dividend
Yield
4.4
3.1
4.7
3.6
3.5
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 0.2% to close at 10,336.1. The
Transportation and Real Estate indices led the losses. The index
declined on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
shareholders.
 Qatar Cinema & Film Distr. Co. and Zad Holding Co. were the
top losers, falling 9.9% and 3.9% respectively. Among the top
gainers, Medicare Group rose 10.0%, while Vodafone Qatar
gained 5.2%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
68.29%
82.94%
(133,119,842.96)
Non-Qatari
31.71%
17.06%
133,119,842.96
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Wednesday rose by 51.0% to
29.7mn from 19.7mn on Monday (November 18, 2013). Further,
as compared to the 30-day moving average of 8.8mn, volume for
the day was 235.8% higher. Vodafone Qatar and Barwa Real
Estate Co. were the most active stocks, contributing 23.1% and
19.3% to the total volume respectively.
Ratings and Global Economic Data
Ratings Updates
Company
Agency
Market
Ooredoo Tamweel
Limited
Fitch
Qatar
Ooredoo Tamweel
Limited
Moody‟s
Qatar
Type*
Upcoming trust
certificate program
(Sukuk)
Sukuk issuance
program
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
–
A+(EXP)
–
–
–
–
(P)A2
–
Stable
–
Consensus
Previous
Source: News reports
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
11/20
US
MBA
MBA Mortgage Applications
15-November
-2.30%
–
-1.80%
11/20
US
Commerce Department
CPI MoM
October
-0.10%
0.00%
0.20%
11/20
US
Commerce Department
CPI YoY
October
1.00%
1.00%
1.20%
11/20
US
Nat. Assoc. of Realtors
Existing Home Sales
October
5.12mn
5.14mn
5.29mn
11/20
US
Nat. Assoc. of Realtors
Existing Home Sales MoM
October
-3.20%
-2.90%
-1.90%
11/20
US
Commerce Department
Business Inventories
September
0.60%
0.30%
0.40%
11/20
Germany
Destasis
PPI MoM
October
-0.20%
0.00%
0.30%
11/20
Germany
Destasis
PPI YoY
October
-0.70%
-0.60%
-0.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatari house rents rise steadily – According to the consumer
price index (CPI) figures released by the Ministry of
Development Planning & Statistics, house rents in Qatar have
continued to rise due to increasing demand for housing fuelled
by rising population. Rent inflation stood at 6.2% YoY by
October-end, while the overall consumer inflation was less than
half at 2.8%. Food, textiles, home appliances, medical care and
entertainment have all become costlier in a year, with food
segment rising by 2.6%. The ministry said rising rentals of
residential buildings were the main contributing factor for the rise
in the CPI's "rent, fuel and energy" group. These three items are
clubbed together and have a weight of 32.2% in the CPI basket.
Further, figures showed that rents were slightly up by 0.8% in
October over September. (Peninsula Qatar)
 Euromoney: Qatar emerging as a focal point for global
financials – According to Euromoney, Qatar is emerging as a
focal point for multinational financial institutions, especially for
those operating in the UAE. Euromoney‟s Conference Director
Richard Banks said thanks to its combination of strong
economic growth and stable financial environment, Qatar has
become an important country for institutional investors. (GulfTimes.com)
 NHIC to be sole health insurer from April 2014 – The
National Health Insurance Company (NHIC) will become the
sole insurer of the mandatory insurance coverage for basic
healthcare services in Qatar from April 2014. The Supreme
Council of Health (SCH) has mandated that private insurance
companies can only provide insurance coverage for additional
health services that are not listed in the implementing
regulations. In order to avoid double insurance, the SCH has
advised insurance companies and healthcare providers to begin
realigning their policies to comply with the Health Insurance
Regulations. The SCH told insurance companies to ensure that
these adjustments take effect from April 1, 2014. (Qatar Tribune)
 Doha to review trade policy next year – The Qatari Ministry of
Economy & Commerce‟s Assistant Undersecretary for
Commercial Affairs Meera Al Attiyah said Qatar is reviewing its
trade policy in accordance with the World Trade Organization
(WTO). The policy review would be disclosed at the WTO
meeting to be held from April 22 to 24, 2014. (Peninsula Qatar)
 Ooredoo gears up for debut sukuk – Ooredoo has hired five
banks to arrange the sale of its first dollar-denominated Islamic
bond (sukuk) offering. The banks mandated act as joint lead
managers and bookrunners for the sukuk issue are DBS Bank,
Deutsche Bank, HSBC, QInvest and QNB Capital. Starting from
Page 2 of 6

3. November 22, the Qatari telecom company will embark on
roadshows to meet key investors across the Middle East, Asia
and Europe. The size and pricing of the offering would be
determined later. (Bloomberg)
 Moody's assigns (P)A2 rating to Ooredoo’s Tamweel sukuk;
Fitch rates at A+(EXP) – Moody's Investors Service has
assigned a provisional „(P)A2‟ rating to the Sukuk issuance
program established by Ooredoo Tamweel Ltd, a wholly owned
subsidiary of Ooredoo. The outlook on the rating is Stable.
Meanwhile, Fitch Ratings has assigned Ooredoo Tamweel‟s
(SPV) upcoming trust certificate program (sukuk) an 'A+(EXP)'
expected rating. The rating is in line with Ooredoo's (A+/Stable)
long-term issuer default rating (IDR) and senior unsecured
rating. Ooredoo Tamweel is incorporated in the Cayman Islands
solely to act as the issuer of the certificates and the trustee for
the certificate holders. (Reuters, Bloomberg)
 Ezdan, SAK Group to join hands for Qatari realty project –
Ezdan Holding will soon enter into a partnership with SAK Group
to develop a state-owned land for Ezdan. A proposal to the
effect was approved by Ezdan Holding‟s general assembly.
Ezdan Holdings‟ CEO Ali Mohamed al-Obaidli said the company
has vast tracts of lands in the country and detailed plans to
develop them are in progress. (Gulf-Times.com)
 Total E&P Qatar, Dopet in Halul project deal – Total E&P
Qatar has signed a QR59mn agreement with Doha Petroleum
Construction Company (Dopet) for integration & construction
works of the Produced Water Treatment and Crude Oil
Desalting (PWT/COD) project at Halul. The PWT/COD Project
aims to improve the specifications of both the crude oil and the
produced water. Total E&P Qatar said with an overall budget of
$60mn, the project outcome is mainly environmental. Following
the detailed engineering phase, the construction work will begin
in November 2013 and the start up is expected in 2015.
Construction activities will take place on Halul Island
simultaneously along with QP and TEPQ ongoing operations.
(Gulf-Times.com)
 QA to launch new service to Edinburgh – Qatar Airways (QA)
said it will begin flights from Doha to Edinburgh by summer
2014. The carrier plans to operate a Boeing 787 Dreamliner on
weekly five flights to the Scottish capital from May 28, 2014.
Meanwhile, QA‟s board has offered to support Qatari
newspapers by encouraging their distribution outside the
country. QA‟s will offer special privileges of transporting Qatari
newspapers - published in both Arabic and English language
dailies - outside the country on daily basis. (Bloomberg,
Peninsula Qatar)
 N-KOM wins shipyard award for second time – NakilatKeppel Offshore & Marine (N-KOM) has won the Ship
Repair/Shipyard Award for the second consecutive year at the
Seatrade Middle East & Indian Subcontinent Awards 2013.
(Gulf-Times.com)
International
 US Fed officials expect tapering to happen soon – According
to minutes of the US Federal Reserve‟s October 29-30 policy
meeting, Fed officials felt they could decide on scaling back the
US central bank's massive asset-purchase program at one of its
next meetings, provided the move is warranted by economic
growth. Minutes also showed that Fed officials discussed on
distinguishing between asset buying and forward interest rates
guidance, including way to enhance rate guidance once they
start to taper bond purchases. Some suggested reducing the
interest paid to banks on excess reserves held at the Fed would
help to hammer home its intention to keep interest rates low.
Others felt that reducing the unemployment threshold on when
the Fed would start to consider raising rates might help.
However, that suggestion appeared to have been countered by
other officials who worried that changing the threshold would
undermine Fed‟s credibility. (Reuters)
 BoE in no hurry to raise interest rates – Minutes of the Bank
of England‟s (BoE) latest policy meeting showed that BoE
policymakers are in no hurry to raise interest rates even as the
UK economy gathers steam. The minutes also showed BoE
policymakers were unfazed by the recent increase in inflation
expectations. However, BoE did see various risks to what it
called Britain's “current sustained recovery”, which was the
rationale for keeping an easy policy. (Reuters)
 PBoC: Boosting forex reserves no longer in China’s favor;
suggests faster tempo for freeing yuan – China's central
bank, the People‟s Bank of China (PBoC) signaled that China
will no longer benefit from increasing its foreign currency
reserves, which now exceed a record $3.7tn. PBoC‟s Deputy
Governor Yi Gang said the marginal cost of accumulating
foreign-exchange reserves has exceeded the marginal gains.
Meanwhile, PBoC‟s Governor Zhou Xiaochuan is considering
the prospect of speeding up currency reforms and giving
markets more room to set the Chinese yuan's exchange rate, as
he underlines broader plans for economic change. Under
Xiaochuan, the central bank has consistently flagged its
intention to liberalize financial markets and allow the yuan to
trade more freely, much before the Communist Party's top brass
unveiled its boldest set of economic and social reforms in nearly
three decades. (Reuters, Bloomberg)
Regional
 IMF: Gulf Arab states may see unemployment rise, need
labor reforms – The IMF said oil exporting Gulf Arab countries
may witness rising unemployment among their citizens in
coming years, unless they change a decades-old habit of relying
on cheap foreign labor. Since the 1970s, millions of mainly lowskilled workers from South and Southeast Asia have supported
the rapid economic growth in the Gulf countries. The IMF
warned that this model is not sustainable in the six GCC states
because of their young, growing populations and high public
wage bills. The IMF said with a rapidly rising youth population,
private-sector job creation for GCC nationals has become a
challenge and unemployment could rise in the coming years,
unless more nationals find jobs in the private sector. The fund
estimated that the GCC labor force could grow 3-4% each year,
adding 1.2-1.6mn more people into the labor market by 2018.
(Reuters)
 APCIORP signs documentary credit insurance policy with
ICIEC – Arab Petroleum Investments Corporation (APICORP)
has signed a Documentary Credit Insurance Policy (DCI Policy)
with the Islamic Corporation for the Insurance of Investment &
Export Credit (ICIEC), a member of the Islamic Development
Bank group. The DCI Policy will help APICORP effectively
manage risks arising from its Letter of Credit (LC) transactions
and LCs of petroleum product exports to ICIEC member
countries. (GulfBase.com)
 Saudi Arabia welcomes US shale, sees no need to cut
output – Saudi Arabian Deputy Oil Minister Prince Abdulaziz
Bin Salman Bin Abdulaziz said the Kingdom remains
unconcerned by surging US shale output, which threatens to eat
into OPEC's market share, and sees no need to cut production
to support prices. He added that the world economy over the
long term will need every contribution of every source of energy
available and the Kingdom welcomes new resources of energy
supplies, as they are needed. (Reuters)
Page 3 of 6

4.  Kingdom second largest market for Islamic funds –
According to Thomson Reuters, Saudi Arabia is the second
largest market for Islamic funds globally with assets under
management (AUMs) exceeding $6bn. The report mentioned
that the Kingdom accounts for 20% of the global Islamic funds
market. (GulfBase.com)
 GE wins SR2.1bn SEC’s turbine contract – General Electric
has won a contract worth around SR2.1bn to supply the Saudi
Electricity Company (SEC) with gas and steam turbines for two
new power plants in Riyadh. Twelve gas units and four steam
turbines will be built and tested within 40 months. (Reuters)
 Bahri Dry Bulk obtains SR420mn financing from Bank
Albilad – Bahri Dry Bulk, a subsidiary of the National Shipping
Company of Saudi Arabia (Bahri), has signed a Shari‟ahcompliant financing facility worth SR420mn with Bank Albilad to
finance 70% cost of building 5 dry bulk vessels. The financing
facility is for a period of 11 years, including a maximum of oneyear grace period. These vessels will be mortgaged to Bank
Albilad as the financing collateral. (Tadawul)
 Arabian Pipes bags SR38mn contract from Saudi Aramco –
The Arabian Pipes Company has won a contract valued
SR38mn to supply welded-steel pipes to Saudi Aramco from its
Riyadh factory. Production and supply of these pipes will be
done during 1Q2014 and the financial impact will appear in
2Q2014. (Tadawul)
 Saudi Gulf Airlines set to enter domestic market – Saudi
Gulf Airlines is gearing up to enter into the Saudi domestic
market by the winter of 2014. This will be the fourth domestic
airline to operate in the Kingdom after Saudi Arabian Airlines,
Flynas and Al Maha of Qatar Airways. In winter 2014, Saudi Gulf
Airlines is planning to operate three to four daily flights to
Jeddah and Riyadh departing from Dammam airport. In the
second phase, the airline plans to expand its domestic network
to Madinah, Qassim, Abha and Tabuk, targeting most of the
domestic routes and expanding further to the international
network across the Middle East and Africa. (GulfBase.com)
 Dar Al Arkan sukuk’s guidance at tight levels to curve –
Saudi Arabian property firm Dar Al Arkan has launched a
$300mn, three-year sukuk offering at 6%. The sukuk al-wakala
will mature on November 25, 2016. (Reuters)
 Etihad, Jet Airways finalize strategic tie-up deal – Etihad
Airways and Jet Airways announced that they have closed the
transaction for the subscription of a 24% equity stake by Etihad
Airways in the Indian airline. All requisite Indian regulatory
approvals had been obtained as on November 12. Jet Airways
has allotted 27,263,372 equity shares of a face value of INR10
($0.16) each at a price of INR754.74 per equity share on a
preferential basis to Etihad Airways. (GulfBase.com)
 Emirates reviews A380 engine options as Rolls-Royce takes
on GE-Pratt – Emirates is exploring new engine options for a
batch of 50 additional superjumbos, which could be an
opportunity for Rolls-Royce Holdings to unseat a General
Electric and Pratt & Whitney‟s joint venture that powers its
existing jets. The company said the selection is under
consideration and will be made soon. (Bloomberg)
 DFM Chairman expects IPO backlog flooding the market –
The Dubai Financial Market‟s (DFM) Chairman Essa Kazim said
the stock exchange is working toward encouraging private,
family businesses to list on DFM and Nasdaq Dubai. He said the
current environment is favorable for unleashing an IPO backlog
of recent years flooding into the market. DFM‟s online survey
shows 76% of its investors are ready to participate in IPOs
within the next 12 months with a focus on government
companies, private, family businesses. (Bloomberg)
 Nakheel to sell 500 residential land plots – Dubai-based
developer Nakheel said it will offer more than 500 plots in Al
Furjan project in Dubai. Plot prices will be in the range of
AED1.1mn to AED3.3mn, and their sizes will range around
4,800-13,000 square feet. (Bloomberg)
 ADX: Abu Dhabi, Saudi Bourses to seek cross-listings –
According to a statement by the Abu Dhabi Securities Exchange
(ADX), Saudi Bourse and ADX are exploring opportunities for
technology, market data sharing, cross-listings, collaboration on
market development. (Bloomberg)
 Aldar to start sukuk roadshow on November 21 – Aldar
Properties said it will begin its roadshows for a benchmark-sized
Islamic bond from November 21, 2013. Aldar has hired five
banks to arrange the bond sale, which are the National Bank of
Abu Dhabi, First Gulf Bank, Dubai Islamic Bank, Standard
Chartered and Goldman Sachs. Aldar will hold investor
meetings in the UAE, Singapore, London, Hong Kong and
Switzerland. (Reuters)
 Empower bags Al Habtoor City project – Emirates Central
Cooling Systems Corporation (Empower) has signed a deal with
the Al Habtoor Group to supply 17,500 refrigeration tons (RT) of
district cooling to the $3bn mixed-use Al Habtoor City project.
Empower will deliver the district cooling service in three phases
starting from May 2015. (GulfBase.com)
 Metito plans sewage treatment plant – Dubai-based water
management company, Metito will provide water solutions for
ADNOC‟s Ruwais Housing Complex. Metito will provide a new
sewage treatment plant catering for the current needs as well as
the long-term future expansion plans of ADNOC‟s site at the Al
Ruwais housing complex. (GulfBase.com)
 Abu Dhabi residential property values up 14% – According to
the Cluttons, the residential property values across Abu Dhabi‟s
freehold market soared during the 3Q2013 registering a 14.4%
YoY growth on the back of a growing population and prompt
project handovers. However this reflects the performance of a
small segment of the capital‟s overall residential landscape.
Capital value growth for villas was just shy of 20%, while
apartment values surged by 17.4% during 3Q2013.
(GulfBase.com)
 Oman signs highway deals worth OMR535mn – Oman‟s
Ministry of Transport & Communications has signed 13 road
transport deals worth OMR535mn with private companies. The
deals include construction of highways, overpasses and bridges.
(Bloomberg)
 TDC successfully issues first private sukuk in Oman – Tilal
Development Company (TDC) has successfully completed the
issuance of its Sukuk Al Ijarah worth OMR50mn ($130mn),
which is the first sukuk by the private sector in Oman. Al Madina
acted as the principal advisor, joint lead arranger & lead
manager for TDC‟s Sukuk Al Ijarah. The sukuk proceeds will be
utilized for the expansion of TDC‟s flagship project – the Tilal
Complex, which includes the largest mall in Oman, Muscat
Grand Mall. (GulfBase.com)
 Bank Nizwa opens branch in Salalah – Bank Nizwa has
inaugurated its first branch in Salalah. With this new branch, the
total number of Bank Nizwa‟s branches has increased to six.
The bank is witnessing sustainable growth in its market share
and continues to service more customers across Oman.
(GulfBase.com)
Page 4 of 6

5.  Meethaq opens new branch at Sultan Qaboos University –
Meethaq, the Shari‟ah-compliant window of Bank Muscat, has
opened a new branch in Sultan Qaboos University on 19
November 2013. Further, Meethaq is planning to open branches
in all major cities and towns across Oman. (GulfBase.com)
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
1.6%
148.5
130.6
118.8
1.1%
1.2%
0.8%
0.4%
0.4%
0.1%
0.1%
0.0%
(0.3%) (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
Dubai
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,248.20
(2.1)
(3.2)
(25.5)
DJ Industrial
15,900.80
(0.4)
(0.4)
21.3
19.91
(2.3)
(4.3)
(34.4)
S&P 500
1,781.37
(0.4)
(1.0)
24.9
107.80
0.4
(0.6)
(3.0)
NASDAQ 100
3,921.27
(0.3)
(1.6)
29.9
3.62
(0.3)
1.8
5.7
322.91
0.1
(0.1)
15.5
119.75
1.1
0.9
33.8
DAX
9,202.07
0.1
0.3
20.9
142.50
(0.2)
(0.7)
(17.6)
FTSE 100
6,681.08
(0.3)
(0.2)
13.3
STOXX 600
1.34
(0.9)
(0.4)
1.8
100.35
0.4
0.2
15.7
Nikkei
GBP
1.61
(0.1)
(0.2)
(1.0)
CHF
1.09
(0.8)
(0.7)
(0.6)
AUD
0.93
(1.2)
(0.9)
(10.7)
USD Index
81.14
0.5
0.4
RUB
32.90
0.6
1.0
BRL
0.44
(0.0)
2.4
(9.4)
Yen
Oman
Jul-13
Abu Dhabi
QE Index
May-12 Dec-12
Bahrain
Oct-11
Kuwait
Jan-10 Aug-10 Mar-11
(0.5%)
Qatar
(0.8%)
Saudi Arabia
(0.4%)
4,268.30
(0.1)
(0.5)
17.3
15,076.08
(0.4)
(0.6)
45.1
MSCI EM
1,019.57
(0.5)
1.4
(3.3)
SHANGHAI SE Composite
2,206.61
0.6
3.3
(2.8)
HANG SENG
23,700.90
0.2
2.9
4.6
1.7
BSE SENSEX
20,635.10
(1.2)
1.1
6.2
7.8
Bovespa*
53,032.90
0.0
(0.8)
(13.0)
1,447.20
(0.5)
0.2
(5.2)
Source: Bloomberg
CAC 40
RTS
Source: Bloomberg (*Market closed on November 20, 2013)
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
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6