1. QE Intra-Day Movement
Market Indicators
11,350
11,300
11,250
Market Indices
11,200
11,150
9:30
23 Jan 14
554.7
598,492.4
8.8
5,280
40
21:13
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 1.4% to close at 11,338.4. Gains were led by the Telecoms
and Industrials indices, gaining 5.4% and 1.4% respectively. Top gainers were
Doha Insurance Co. and Ooredoo, rising 8.5% and 6.3% respectively. Among
the top losers, Qatar General Ins. & Reins. Co. fell 2.2%, while Dlala Brok. &
Inv. Holding Co. declined 1.2%.
22 Jan 14
419.9
590,620.8
8.7
4,792
40
24:10
%Chg.
32.1
1.3
1.0
10.2
0.0
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,199.99
2,799.36
2,684.39
3,729.12
1,962.99
2,066.97
2,530.81
1,657.82
6,066.34
3,247.38
1.4
1.2
0.8
1.4
0.4
0.1
0.4
5.4
0.3
0.4
2.1
1.9
2.2
0.8
0.1
0.9
1.6
8.5
(0.3)
0.6
9.2
8.2
9.8
6.5
5.6
5.8
8.3
14.0
2.0
7.0
NA
13.8
13.4
13.5
13.3
14.2
10.1
22.5
23.0
16.7
Close#
1D%
GCC Commentary
GCC Top Gainers##
Exchange
Vol. ‘000
YTD%
Saudi Arabia: The TASI index rose 0.1% to close at 8,772.0. Gains were led
by the Media & Pub. and Transport indices, rising 2.0% & 1.2% respectively.
Allianz Saudi Fransi Coop. Ins. rose 4.8%, while SADAFCO was up 4.6%.
Arabtec Holding Co.
Dubai
4.15
9.8
162,113.7
44.6
Deyaar Development
Dubai
1.38
7.8
183,242.1
36.6
Dubai: The DFM index gained 3.6% to close at 3,819.0. The Inv. & Fin.
Services index rose 5.3%, while the Real Estate & Construction index was up
5.1%. Al Salam Sudan surged 13.9%, while Shuaa Capital gained 11.7%.
United Arab Bank
Abu Dhabi
Ooredoo
Qatar
Abu Dhabi: The ADX benchmark index rose 1.7% to close at 4,655.3. The
Real Estate index gained 5.5%, while the Inv. & Fin. Serv. index was up 1.8%.
Abu Dhabi Shipbuilding surged 14.8%, while United Arab Bank gained 7.2%.
Aldar Properties
Kuwait: The KSE index gained 0.4% to close at 7,778.6. The Technology and
Telecommunication indices rose 1.8% each. Hayat Communications Co.
gained 7.2%, while Kuwait Investment Co. was up 7.1%.
Oman: The MSM index rose 0.2% to close at 7,200.5. Gains were led by the
Financial and Industrial indices, gaining 0.3% & 0.1% respectively. National
Gas rose 7.8%, while Oman & Emirates Inv. was up 7.2%.
Bahrain: The BHB index declined 0.2% to close at 1,277. The Commercial
Banking index fell 0.5%, while the Services index was down 0.1%. Nass
Corporation declined 3.9%, while Ahli United Bank was down 1.3%.
7.45
7.2
537.7
15.5
157.90
6.3
247.2
15.1
Abu Dhabi
3.42
5.9
189,897.2
23.9
GCC Top Losers
Exchange
#
1D% Vol. ‘000
YTD%
MEDGULF
Saudi Arabia
27.30
(4.9)
1,587.0
(21.8)
Petro Rabigh
Saudi Arabia
28.50
(3.7)
6,371.8
17.5
Ajman Bank
Dubai
2.80
(3.4)
4,631.4
12.9
Al-Qurain Petrochem.
Kuwait
0.23
(2.6)
1,032.0
2.7
Advanced Petrochem.
Saudi Arabia
43.00
(2.3)
497.7
5.4
##
Close
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)
Doha Insurance Co.
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
29.95
Qatar Exchange Top Gainers
8.5
431.0
19.8
Qatar General Ins. & Rein. Co.
44.50
(2.2)
1.0
(7.1)
22.86
(1.2)
6.8
3.4
9.3
Qatar Exchange Top Losers
157.90
6.3
247.2
15.1
Dlala Brok. & Inv. Holding Co.
Gulf International Services
73.80
4.1
463.2
21.0
Qatar Islamic Insurance
63.30
(1.1)
51.2
Islamic Holding Group
46.30
2.5
165.6
0.7
Qatar Industrial Manufacturing Co.
53.10
(0.7)
106.1
4.9
Industries Qatar
181.40
1.7
436.2
7.4
Al Ahli Bank
65.60
(0.6)
10.7
19.3
Qatar Exchange Top Vol. Trades
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
QNB Group
188.00
1.6
103,590.4
9.3
Industries Qatar
181.40
1.7
78,740.4
7.4
48.45
(0.4)
50,806.4
10.9
157.90
6.3
38,234.9
15.1
73.80
4.1
33,418.7
21.0
Ooredoo
Close*
1D%
Vol. ‘000
YTD%
Vodafone Qatar
11.55
(0.1)
1,163.0
7.8
Qatari Investors Group
48.45
(0.4)
1,028.6
10.9
188.00
1.6
553.3
9.3
Qatari Investors Group
Barwa Real Estate Co.
32.05
0.2
475.9
7.6
Ooredoo
Gulf International Services
73.80
4.1
463.2
21.0
QNB Group
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Gulf International Services
Close
1D%
WTD%
MTD%
YTD%
11,338.41
3,819.02
4,655.32
8,771.99
7,778.56
7,200.52
1,276.98
1.4
3.6
1.7
0.1
0.4
0.2
(0.2)
2.1
5.8
3.0
0.1
1.5
0.8
0.7
9.2
13.3
8.5
2.8
3.0
5.4
2.3
9.2
13.3
8.5
2.8
3.0
5.4
2.3
Exch. Val. Traded
($ mn)
159.27
808.97
374.19
1,455.03
146.95
68.14
3.50
Exchange Mkt.
Cap. ($ mn)
164,346.0
77,095.8
131,268.5
481,677.9
109,526.6
25,643.1
50,178.8
P/E**
P/B**
14.1
22.5
13.0
17.3
17.2
11.5
8.3
1.9
1.5
1.6
2.2
1.2
1.7
0.9
Dividend
Yield
4.0
2.3
3.9
3.4
3.6
3.6
3.8
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 7

2. Qatar Market Commentary
 The QE index rose 1.4% to close at 11,338.4. The Telecoms and
Industrials indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
41.32%
67.29%
(144,035,515.77)
Non-Qatari
 Doha Insurance Co. and Ooredoo were the top gainers, rising
8.5% and 6.3% respectively. Among the top losers, Qatar
General Ins. & Reins. Co. fell 2.2%, while Dlala Brok. & Inv.
Holding Co. declined 1.2%.
Buy %*
58.68%
32.71%
144,035,515.77
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday rose by 1.0% to 8.8mn
from 8.7mn on Wednesday. However, as compared to the 30day moving average of 10.8mn, volume for the day was 19.1%
lower. Vodafone Qatar and Qatari Investors Group were the
most active stocks, contributing 13.3% and 11.8% 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
Agthia Group*
Abu Dhabi
AED
1512.2
14.0%
158.4
31.6%
160.1
28.4%
Oman Cables Industry*
Oman
OMR
306.1
19.0%
–
–
16.9
42.0%
National Detergent*
Oman
OMR
21.7
3.3%
–
–
1.1
55.5%
Financial Services*
Oman
OMR
1.0
143.6%
–
–
0.5
NA
Oman Cement*
Oman
OMR
56.4
-4.9%
–
–
16.0
-8.3%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
01/23
US
Department of Labor
Initial Jobless Claims
18-January
01/23
US
Bloomberg Indices
Markit US PMI Preliminary
January
326K
330K
325K
53.7
55.0
01/23
US
FHFA
House Price Index MoM
November
54.4
0.10%
0.40%
0.50%
01/23
US
Bloomberg
Bloomberg Consumer Comfort
19-January
-31
–
-31
01/23
EU
Markit
PMI Manufacturing
January
53.9
53.0
52.7
01/23
EU
Markit
PMI Composite
January
53.2
52.5
52.1
01/23
EU
Markit
PMI Services
January
51.9
51.4
51
01/23
EU
EC
Consumer Confidence
January
-11.7
-13.0
-13.5
01/23
France
INSEE
Production Outlook Indicator
January
-5
-9
-11
01/23
France
INSEE
Manufacturing Confidence
January
100
100
100
01/23
France
INSEE
Business Confidence
January
94
95
94
01/23
France
Markit
PMI Manufacturing
January
48.8
47.5
47
01/23
France
Markit
PMI Services
January
48.6
48.1
47.8
01/23
Germany
Markit
PMI Manufacturing
January
56.3
54.6
54.3
01/23
Germany
Markit
PMI Services
January
53.6
54.0
53.5
01/23
UK
CBI
CBI Reported Sales
January
14
25
34
01/24
UK
BBA
BBA Loans for House Purchase
December
46,521
47,300
45,394
01/23
Spain
INE
Unemployment Rate
4Q2013
26.03%
26.00%
25.98%
01/24
Spain
INE
PPI MoM
December
1.10%
–
-0.80%
01/24
Spain
INE
PPI YoY
December
0.60%
–
-0.50%
01/24
Italy
ISTAT
Retail Sales MoM
November
0.00%
0.00%
-0.10%
01/24
Italy
ISTAT
Retail Sales YoY
November
0.10%
–
-1.60%
01/23
China
Markit
HSBC/Markit Flash Mfg PMI
January
49.6
50.3
50.5
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Page 2 of 7

3. News
Qatar
 KCBK’s net profit rises 41.8% QoQ in 4Q2013; declares 10%
cash dividend – Core banking income along with net reversals
drives KCBK's net profit QoQ and YoY. Al Khaliji registered a
net profit of QR152.7mn in 4Q2013 (FY2013: QR550.9mn), an
increase of 41.8% QoQ and 14.2% YoY. FY2013 net income
exceeded our estimate by 6.8% (BBG consensus ex-QNBFS:
QR383mn). Net interest income gained by an impressive 15.5%
YoY to reach QR590.4mn. Headline NIM dropped to 1.71% vs.
1.82% in 2012. However, when we look at the NIM on an
adjusted basis, it appears that KCBK's NIM increased by ~3bps.
Moreover, fees & commissions surprised on the upside, surging
by 95.2% YoY to rest at QR142.8mn (FY2012: QR73.1mn).
Another positive surprise stemmed from FX income. The bank
posted QR26.4mn vs. a loss of QR12.1mn in 2012. On the other
hand, investment income plummeted by 55.2%, reaching
QR174.5mn vs. QR389.7mn in 2012. OPEX ticked up by 2.5%
YoY to reach QR382.8mn (FY2012: QR373.3mn). Thus, the
cost-to-income ratio increased to 40.6% (FY2012: 38.5%).
Finally, a determining factor to KCBK's profitability was a net
reversal of QR11.9mn vs. a net provision of QR61.1mn in 2012.
RoAE slightly gained from 9.3% to 9.7% in 2013 (management's
3-year target: 15%). The bank's loan book surged by 58.8%
(QR20.7bn) while deposits expanded 14.8% (QR19.9bn). Thus,
KCBK’s LDR increased to 104% vs. 75% in 2012. Asset quality
remains intact with the bank ending 2013 with NPL and
coverage ratios of 0.34% and 322.9%, respectively. We expect
KCBK to expand its loan book by 20.2% and 20.1% in 2014 and
2015, respectively. This along with a marginal pick up in NIMs
should translate into bottom-line growth of 10.1% and 14.8% in
2014 (QR606.7mn) and 2015 (QR696.5mn), respectively.
(QNBFS Research, QE)
 QIIK reports QR750mn net profit in 2013; recommends
QR3.75 dividend – Qatar International Islamic Bank’s (QIIK)
annual net profit reached QR750mn for FY2013, growth of
10.5% YoY. Bloomberg consensus estimate was QR732mn.
The bank earned total revenues of QR1.5bn in 2013. EPS
reached QR4.96 in 2013 as compared to QR4.49 in 2012.
QIIK’s board has recommended the distribution of cash dividend
of 37.5% of the nominal value share, QR3.75 per share, to its
shareholders vs. QR3.50 in 2012. (Peninsula Qatar)
 New Port Project crosses 33% completion – The New Port
Project’s (NPP) Executive Director Nabeel Mohamed al-Buenain
said about 33% of the NPP’s construction work has been
completed, which is scheduled for a first phase launch in 2016.
Situated at Mesaieed, 24km south of Doha, the NPP is
estimated to cost QR27bn. Spread over 26.5 square kilometers,
a major part of the project is on reclaimed land. Al-Buenain
added that the construction of the buildings and other areas has
been initiated now, which are expected to be completed by late
2015 or early 2016. The NPP consists of a new seaport, a naval
base for Emiri Navy and the Qatar Economic Zone 3. (GulfTimes.com)
 Al Rayyan Tourism buys St Regis Bal Harbour Resort for
QR776mn – Al Rayyan Tourism Investment Company (ARTIC),
the international subsidiary of Al Faisal Holding Company,
acquired St. Regis Bal Harbour Resort in Miami, Florida for
QR776mn. The transaction is aimed to enhance ARTIC’s
presence in the international hotel market. (Peninsula Qatar)
 Qatar’s Tram Project to be ready by 2016 – The Qatar
Foundation’s President Saad al-Muhannadi said that the
Education City Tram Project is expected to be fully functional by
September 2016. The trial runs of the trams are expected to
begin by first few months of 2016. He said that the project will be
able to serve around 60,000 people, including the inhabitants of
the Education City. It will also have the flexibility to enhance as
the Education City expands. (GulfTimes.com)
 MCGS’ BoD to meet on February 13 – Medicare Group
Holding’s (MCGS) board of directors will meet on February 13,
2014 to discuss the company’s financial results for the period
ending on December 31, 2013. (QE)
 QGRI’s BoD to meet on February 9 – Qatar General Insurance
& Reinsurance Company’s (QGRI) board of directors is
scheduled to meet on February 9, 2014 to discuss the
company’s financial results ending on December 31, 2013. (QE)
International
 Draghi: Europe’s recovery firming with no deflation in sight
– The European Central Bank’s President Mario Draghi said he
sees signs of a ―dramatic‖ improvement in the health of the
euro-area economy and that inflation will gradually return to
target. Draghi said what they have been seeing in the past three
or four months is both the improvement in financial markets and
that their accommodative monetary policy is finally being passed
through to the real economy. He added that the idea is that now
they have low inflation, and it will move gradually back to the
objective‖ of just under 2%. (Bloomberg)
 Central Banks phase out dollar liquidity tenders as crisis
eases – The European Central Bank and global peers will wind
down emergency dollar liquidity facilities that have helped
lenders weather financial turbulence since 2007. ECB said in
view of the considerable improvement in US dollar funding
conditions and the low demand for US dollar liquidity-providing
operations, the ECB, the Bank of England, the Bank of Japan
and the Swiss National Bank jointly decided to reduce the
offering of dollar loans to banks. The ECB will cease to conduct
three-month US dollar liquidity operations as of April this year,
and will conduct one-week US dollar tenders at least until July
31. It will assess the need for further one-week dollar operations
after July. (Bloomberg)
 Lagarde: Eurozone inflation way below target – IMF’s
Managing Director Christine Lagarde told the World Economic
Forum that the Eurozone inflation is "way below target" and
deflation is a potential risk for the bloc. Meanwhile the European
Central Bank (ECB) President Mario Draghi said that the ECB
stood ready to act if inflation went lower than forecast and
reaffirmed that interest rates would remain low or go lower for an
extended period of time. (ET)
 France’s rating affirmed by Moody’s; retains Negative
outlook – France’s Aa1 credit rating was affirmed by Moody’s,
which maintained a Negative outlook based on the continued
reduction in the competitiveness of the nation’s economy.
Moody’s said that trend risks triggering a further deterioration in
the government’s financial strength and the nation’s long-term
growth prospects. The debt-to-GDP ratio has risen to 93.6% in
2013 from 90.2% in 2012, and Moody’s expects a further
increase to above 95% by the end of 2014. (Bloomberg)
 Major trade powers pledge free trade in green goods – The
world’s biggest trading powers committed to achieve global free
trade in environmental goods, to boost the fight against climate
change. A joint statement by the US, the EU, China, Japan and
several other developed economies said the agreement would
take effect once a critical mass of members of the World Trade
Organization (WTO) participate in it. The WTO estimates that
the global market in green goods, technologies and services —
Page 3 of 7

4. ranging from solar panels to wind turbines and water recycling
plants — at around $1.4tn. (Gulf-Times.com)
 China expects more capital inflows in 2014 – China’s foreign
exchange regulator said the country’s firmer currency and higher
interest rates could attract more money inflows this year, despite
the possible impact of the US Federal Reserve’s stimulus
tapering. The State Administration of Foreign Exchange’s
(SAFE) Department of International Payments’ Head Guan Tao
said that Chinese authorities are considering a ―Tobin tax‖ on
financial transactions to deter speculative capital flows. A Tobin
tax imposes a small charge on individual currency transactions
to discourage excessive speculation. Guan Tao said Chinese
banks posted a surplus of 1.68tn yuan in their foreign exchange
settlements in 2013, up 210% YoY. The central bank has said
China’s foreign exchange reserves rose by $157bn in 4Q2013 to
$3.82tn. (Gulf-Times.com)
 IEA: US oil production to rise beyond forecasts – The
International Energy Agency (IEA) has estimated that oil
production in the US has risen by a record 992,000 barrels per
day in 2013. The increase has taken production to 7.5mn bpd,
with production in November and December estimated to have
crossed over 8mn bpd. The American oil consumption also rose
last year, by 390,000 bpd, or 2.1%, to 18.9mn bpd. IEA
increased its estimate for oil use in the US during 4Q2013,
although it lowered its estimate for some other countries,
including China. Overall, the global consumption rose 1.4%,
making 2013 the first year since 1999 that the use of oil in the
US rose more rapidly than in the rest of the world. (Qatar
Tribune)
 QNB Group: WTO must harness innovation for growth –
According to QNB Group, the recent trade agreement reached
by the World Trade Organization (WTO) has the potential to
raise long-term global GDP growth. However, the agreement
does not cover many areas that have been under negotiation
since the Doha Round was launched in 2001. Extending the
recent agreement to these areas would reap substantial
dividends for global growth in the future. In particular, more
could be done to leverage the positive impact of recent
innovations in communications technology on global trade. In
early December 2013, the WTO’s 159-member countries
reached their first ever agreement since the institution was
founded in 1995. The most important part of the ―Bali Package‖
relates to trade facilitation, which legally binds members to
simplified customs procedures for reducing costs and increasing
efficiency of customs clearance. The deal also includes
agreement on difficult issues, such as how the WTO handles
food security programs and better access to advanced-world
economies for the least-developed economies. (Peninsula
Qatar)
Regional
 Oil Movement: OPEC to cut exports amid fall in winter
demand – According to Oil Movements, the OPEC will cut crude
shipments through early February as easing growth in Asia adds
to a seasonal slowdown in demand. The OPEC will reduce its
sailings by 210,000 barrels a day (0.9%) to 23.66mn barrels in
the four weeks to February 8. That compares with 23.87mn
barrels in the period to January 11. These figures exclude two
out of OPEC’s 12 members, Angola and Ecuador. (Bloomberg)
 S&P Dow Jones launches Shari’ah Index – S&P Dow Jones
Indices has launched the S&P GCC Composite Shari’ah
Dividend Index, which is designed to measure the performance
of the highest yielding, Shari’ah compliant stocks in the GCC
region. These stocks meet respective liquidity, dividend growth,
and dividend sustainability criteria. The S&P GCC Composite
Shari’ah Dividend Index’s universe is drawn from the S&P GCC
Composite Shari’ah Index, which offers investors a Shari’ahcompliant benchmark for the six GCC states – Bahrain, Kuwait,
Oman, Qatar, Saudi Arabia and the UAE. The S&P GCC
Composite Shari’ah Dividend Index consists of the 30 highest
yielding stocks from the eligible universe, subject to a minimum
of two stocks per country. The index constituents are weighted
by their indicated annual dividend yield. (GulfBase.com)
 Takween signs MoU with Magna – Takween Advanced
Industries has signed a MoU with Magna Steyr Company for
cooperation in regard to manufacture of automotive parts,
components and vehicle assembly in Saudi Arabia. The MoU
will be effective from January 22, 2014 for 12 months from the
date of signing. Takween and Magna will jointly carry out
feasibility and marketing studies for the Saudi automotive
market. The MOU is in line with Takween’s mission to acquire
and develop technology for industrial development and is in
accordance with the Saudi Government’s initiative to develop
downstream industries. (Tadawul)
 CPC plans IPO by June – Saudi-based Construction Products
Holding (CPC) is planning an IPO within the next few months,
possibly paving the way for more listings by family-controlled
Saudi companies. CPC's Chief Executive said that the IPO
would happen before June 2014. The company plans to float
30% of its shares. (GulfBase.com)
 Al Bayan Group signs $70mn syndicated finance with
banks – Al Bayan Group Holding Company announced that it
has recently signed a $70mn syndicated Islamic term financing
facility with a group of leading regional and international banks.
ABC Islamic Bank has been appointed as the initial mandated
lead arranger and bookrunner, while the Guidance Financial
Group acted as financial adviser to Al Bayan. The new
financing facility is Al Bayan’s debut syndication in the regional
debt market, which will be used for general corporate purposes.
(GulfBase.com)
 NBF reports AED393.1mn net profit in 2013 – The National
Bank of Fujairah (NBF) has reported a net profit of
AED393.1mn, reflecting an increase of 29% in 2013 as
compared to AED305.8mn in the previous year. EPS stood at
AED0.36 in 2013 as compared to AED0.28 in 2012. Loans &
advances worth AED14.3bn were up 17.5% from AED12.2bn.
Customer deposits worth AED15.0bn were up 24.6% in 2013
from AED12.0bn in 2012. Meanwhile, NBF’s board of directors
has recommended cash dividends of 12.5% of paid-up capital, a
growth of 25% from 2012. (Bloomberg)
 UAB reports 35% rise in net profit in 2013 – The United Arab
Bank (UAB) has reported a net profit of AED552mn, reflecting
an increase of 35% in 2013. Loans & advances increased by
40% to AED15.29bn in December 2013 from AED10.88bn in
December 2012. Further, customer deposits recorded growth to
reach AED15.03bn, surging 49% in the same period.
Meanwhile, UAB’s board of directors has proposed a cash
dividend of 20% of paid-up capital worth AED199.3mn and a
scrip dividend of 10% of paid-up capital, amounting to
AED99.6mn. (GulfBase.com)
 SIB reports AED307.1mn net profit in 2013 – Sharjah Islamic
Bank (SIB) has reported a net profit of AED307.1mn in 2013 as
compared to AED272mn in 2012, achieving a 12.9% increase.
The board of directors proposed a 10% cash dividend worth
AED242.5mn. SIB’s total assets grew by 18.6% to reach
AED21.7bn. Customer deposits rose AED566.5mn to reach
AED11.9bn, achieving 5.0% growth since December 2012.
(Zawya)
Page 4 of 7

5.  UAE sets rules for covered warrants – The UAE’s financial
market regulator has issued rules allowing the issuance and
trading of covered warrants, a step toward developing its
equities market. The Securities & Commodities Authority set
conditions for banks and other companies to issue listed,
tradable instruments that give investors the right to trade stocks
and securities at specified prices. The conditions include a
licensing regime for issuers of covered warrants and disclosure
requirements. The SCA also ordered studies of best
international practices so that regulations on bond listing on the
country's securities markets can be implemented in the first half
of this year. (Reuters)
 UAE's first independent solar project planned in RAK –
Utico has called for pre-qualifications for a 40MW solar power
project to be built at Ras Al Khaimah. The project, the first of its
kind in the UAE, will go a long way in bringing sustainability and
providing affordable power to consumers in the region. Further,
Utico also closed a well-participated pre-qualification process for
a 100,000 cubic meters per day desalination plant. Over 20
companies participated in the tender process for the first-ever
private independent water project in the world with a take-or-pay
model. (Bloomberg)
 Dubai Group completes $6bn debt restructuring,
announces new CEO – Dubai Group has reached a final
agreement with its lenders on debt restructuring worth $6bn
after three years of talks. The group said that lenders agreed to
extend the maturity for secured debt to December 2016, and for
partially secured and unsecured loans to December 2024. A
further $4bn of related party debt has been subordinated to the
claims of the bank creditors. The company also announced a
management change, with Ahmed Al Qassim being appointed
as the Chief Executive Officer, succeeding Fadel Al-Ali, who
becomes chairman. (Bloomberg)
 Emaar replaces CEO – According to sources, Emaar
Properties has replaced its Group Chief Executive Low Ping late
last year, appointing Abdulla Lahej as her successor. (Reuters)
 SHUAA Capital successfully concludes sale of 3.5mn
treasury shares – SHUAA Capital has successfully concluded
the sale of 3.5mn treasury shares within the deadline as
required by the Securities & Commodities Authority. (DFM)
 RTA announces upgrades worth AED1b in Business Bay,
Zabeel – Road upgrades worth AED1bn have been announced
by the Roads and Transport Authority (RTA) that will ease traffic
in Business Bay and Zabeel areas. The project, which is part of
the expanding Parallel Roads network, has been endorsed by
HH Shaikh Mohammad Bin Rashid Al Maktoum, Ruler of Dubai.
RTA’s Chairman of the Board Mattar Al Tayer said that the
project includes construction of several roads, bridges and
tunnels to ensure smooth traffic flow on the parallel roads, and
alleviate congestions in the neighborhood. (Bloomberg)
 Emirates starts double daily flights to Moscow – Emirates
Airlines announced that it will serve its Moscow route with a
double daily A380 service from August 1, 2014. This second
A380 replaces the existing Boeing 777 operation and increases
the route’s seat capacity by 15%. (GulfBase.com)
 Dubai Exports opens new Mumbai office – Dubai Exports
(DE), the export promotion agency of Dubai Department of
Economic Development, opened an overseas office in Mumbai,
India. The new office will work in coordination with the
representative office of the Department of Tourism & Commerce
Marketing in Mumbai. Exports and re-exports to India were
valued at AED24bn and AED31bn respectively during the first
nine months of 2013. Pearls, precious metals and stones,
copper, iron & steel, plastics and aluminum were some of the
top commodities exported to India through Dubai.
(GulfBase.com)
 Dubai adds 2,950 hotel rooms in 2013 – Dubai’s hospitality
market registered only a slight drop in revenue per available
room (RevPAR) performance in November 2013, despite the
year witnessing an addition of 2,950 new branded hotel rooms in
the city. According to Ernst & Young’s Middle East Hotel
Benchmark survey, Dubai’s hospitality market has rapidly
absorbed this influx of new supply and continued to perform
exceptionally well, with RevPAR declining by just 0.3%. Dubai’s
new hotel supply included major five-star hotel openings such as
the Ocean View Hotel, the Ritz Carlton’s extension on Jumeirah
Beach, Sofitel Palm Jumeirah, Anantara Plam Jumeirah, Oberoi
and Conrad. In November, Dubai’s overall average occupancy
decreased by 5.1% as compared to November 2012, however,
average daily rate increased by 5.6%. (GulfBase.com)
 CBI seeks shareholder nod for $300mn rights issue –
Commercial Bank International (CBI) said that it would convene
a shareholder meeting on February 20, 2014 to get approval for
a 50% capital increase through a rights issue. The lender, 40%
owned by the Qatar National Bank, is aiming to raise AED1.1bn
by issuing 787.9mn shares at the price of AED1.4 per share.
The price is a 36.1% discount to its closing price of AED2.19 on
Thursday. The rights issue, which has received regulatory
approval, will increase the bank's paid-up capital to AED2.36bn.
(Reuters)
 Dana Gas announces convertible sukuk – Dana Gas has
announced that the period for conversion of its convertible sukuk
issued on May 8, 2013 commenced on October 31, 2013 and
will expire 25 trading days prior to October 31, 2017. Sukuk
holders shall have the right to convert all or part of their
convertible sukuk into ordinary shares at Dana Gas during the
conversion period. Meanwhile, the Company has applied to the
competent authorities for an increase in its capital to reach
AED6,703.1mn after the increase. (ADX)
 Etihad to raise Dublin service to double-daily – Etihad
Airways will increase its Abu Dhabi–Dublin service from 10
flights per week, to double daily from July 15, 2014. This 40%
frequency boost will provide 8,988 seats each week between the
capital cities of the UAE and Ireland. Etihad Airways will operate
a Boeing 777-300 ER, configured to carry 380 passengers and
an Airbus A330-200, configured to carry 262 passengers.
(GulfBase.com)
 Kuwait expects budget spending to slow in FY2015 – Kuwait
is planning to raise its budget spending by 3.2% next fiscal year
as compared to the current year's plan, indicating a much slower
rise than the past decade's double digit average. The major oil
producer country expects to spend KD21.86bn in its draft budget
for the fiscal year starting in April, up by KD681.9mn from the
FY2014’s plan. That is well below the average annual spending
rise of 19.2% over the last decade. (Reuters)
 APC, KOC sign SR1.03bn deal to operate 400 oil wells – Al
Khorayef Petroleum Company (APC) has signed a significant
contract worth SR1.03bn with the Kuwait Oil Company (KOC) to
operate around 400 oil producing wells in Kuwait. Top officials
from KOC, APC and its Kuwaiti subsidiary, AlKhorayef Company
for Sale, Maintenance & Repair of Oil Production Equipment,
took part in the signing ceremony. (Bloomberg)
 Sakana Housing goes into liquidation – The Industry &
Commerce Ministry's Business Investors Centre announced that
Bahrain-based Sakana Holistic Housing Solutions has gone into
voluntary liquidation. Abdulhakim Al Mutawa, Jamal Hijres,
Page 5 of 7

6. Muhammed Wasif Ijlal and Ziad Azzam have been appointed
liquidators. The company, which had a paid-up capital of
BHD20mn, specialized in property development, home finance
and property consulting. It offered services to Bahrainis,
expatriates living in the country, GCC residents and nonresidents. (GulfBase.com)
 Bahrain’s Work Ministry invested BHD50mn in 2013 –
According to a report by the Information Affairs Authority,
Bahrain’s Work Ministry completed around BHD50mn worth of
sewage and construction projects in 2013. Work to improve the
efficiency of the dual biological treatment process at the Tubli
Waste Water Treatment Plant was the most expensive sewage
project at BHD8.75mn. The report also indicated that the
building of the Survey. (Bloomberg)
Page 6 of 7

7. 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
3.2%
140.0
2.4%
127.6
1.6%
0.8%
1.7%
1.4%
0.4%
0.1%
0.2%
0.0%
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%
1,270.07
0.5
1.3
5.3
DJ Industrial
15,879.11
(2.0)
(3.5)
(4.2)
19.92
(0.6)
(2.0)
2.3
S&P 500
1,790.29
(2.1)
(2.6)
(3.1)
107.88
0.3
1.3
(2.6)
NASDAQ 100
4,128.17
(2.1)
(1.7)
(1.2)
5.19
(6.6)
18.0
19.4
STOXX 600
324.75
(2.4)
(3.3)
(1.1)
152.38
(0.1)
10.8
20.7
DAX
9,392.02
(2.5)
(3.6)
(1.7)
154.50
(0.6)
2.7
13.2
FTSE 100
6,663.74
(1.6)
(2.4)
(1.3)
1.37
(0.1)
1.0
(0.5)
CAC 40
102.31
(0.9)
(1.9)
(2.8)
Nikkei
GBP
1.65
(0.9)
0.4
(0.5)
MSCI EM
CHF
1.12
0.3
1.7
(0.2)
SHANGHAI SE Composite
AUD
0.87
(1.0)
(1.1)
(2.6)
USD Index
80.46
0.0
(0.9)
RUB
34.55
1.4
3.0
BRL
0.42
(0.2)
(2.1)
(1.5)
Yen
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(0.2%)
Qatar
(0.8%)
Saudi Arabia
Jun-10
3.6%
4.0%
162.9
4,161.47
(2.8)
(3.8)
(3.1)
15,391.56
(1.9)
(2.2)
(5.5)
949.90
(1.5)
(2.3)
(5.3)
2,054.39
0.6
2.5
(2.9)
HANG SENG
22,450.06
(1.2)
(3.0)
(3.7)
0.5
BSE SENSEX
21,133.56
(1.1)
0.3
(0.2)
5.1
Bovespa
47,787.38
(1.1)
(2.8)
(7.2)
1,364.11
(1.3)
(2.3)
(5.4)
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
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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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Page 7 of 7