1. QE Intra-Day Movement
Market Indicators
9,740
9,720
9,700
9,680
9,660
28 Oct 13
%Chg.
348.9
527,524.3
8.2
2,610
39
23:13
267.4
523,835.6
6.0
2,372
38
13:20
30.5
0.7
36.2
10.0
2.6
–
Market Indices
9,640
9,620
9:30
29 Oct 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 0.9% to close at 9,733.2. Gains were led by the Banking &
Financial Services and Industrials indices, gaining 1.0% each. Top gainers were
Qatar Electricity & Water Co. and Qatar Gas Transport Co., rising 2.0% and
1.8% respectively. Among the top losers, Qatar Industrial Manufacturing Co.
fell 2.0%, while Dlala Brok. & Inv. Holding Co. declined 1.9%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
13,906.50
2,440.63
2,321.69
3,153.20
1,809.02
1,794.84
2,284.47
1,446.77
5,877.76
2,786.70
0.9
0.8
1.0
1.0
0.8
0.5
(0.3)
0.5
0.3
0.4
0.8
0.7
1.1
1.0
0.2
(0.6)
(1.7)
1.2
0.2
0.2
22.9
21.1
19.1
20.0
35.0
11.4
16.3
35.8
25.8
12.0
N/A
12.1
12.2
11.5
12.3
13.0
9.4
15.2
21.9
14.6
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index fell 1.1% to close at 7,972.6. Losses were led
by the Retail and Agriculture & Food Industries indices, declining 3.2% and
2.5% respectively. Herfy Food Ser. fell 8.2%, while Fawaz A Alhokair was
down 7.4%.
Boubyan Petrochem.
Dubai: The DFM index declined 0.8% to close at 2,888.4. The Insurance index
fell 4.4%, while the Telecommunication index was down 1.6%. Oman
Insurance Co. declined 10.0%, while Nat. General Insurance was down 9.9%.
Close#
1D%
Kuwait
0.66
4.8
1,858.7
13.8
Abu Dhabi Nat. Hotels
Abu Dhabi
2.40
4.3
400.0
35.6
Arriyadh Development
Saudi Arabia
26.70
3.5
2,797.8
16.8
Invest Bank
Abu Dhabi
2.35
2.2
175.6
45.1
157.20
2.0
35.5
18.7
Qatar Elec. & Water Co.
Qatar
Vol. ‘000
YTD%
Abu Dhabi: The ADX benchmark index fell 0.7% to close at 3,856.7. The
Energy index declined 2.2%, while the Inv. & Fin. Services index was down
2.0%. Int. Fish Farming Holding fell 9.7%, while Nat. Takaful was down 9.5%.
GCC Top Losers
Exchange
Close
1D% Vol. ‘000
Kuwait: The KSE index gained 0.2% to close at 7,955.0. The Basic Material
index rose 1.3%, while the Industrial index was up 0.7%. ACICO Industries Co.
gained 7.1%, while Bayan Investment Co. was up 6.4%.
Herfy Food Services
Saudi Arabia
112.00
(8.2)
304.7
17.3
Fawaz A Alhokair & Co.
Saudi Arabia
125.00
(7.4)
1,081.9
80.3
Jazeera Airways
Kuwait
0.50
(4.8)
2,706.7
54.7
Aswak Al Othaim
Saudi Arabia
127.50
(4.1)
75.3
55.0
United Electronics Co.
Saudi Arabia
103.50
(3.9)
192.6
24.7
Oman: The MSM index rose 0.1% to close at 6,656.4. Gains were led by the
Services & Insurance and Ind. indices, rising 0.3% and 0.2% respectively.
Sweets of Oman rose 5.1%, while National Finance Co. was up 3.2%.
Bahrain: The BHB index gained 0.1% to close at 1,199.4. The Commercial
Banking index rose 0.3%. BMMI and Al Salam Bank gained 1.9% each.
##
#
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)
Qatar Exchange Top Gainers
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
Qatar Electricity & Water Co.
157.20
2.0
35.5
18.7
Qatar Industrial Manufacturing Co.
50.00
(2.0)
39.2
(5.8)
20.60
(1.9)
22.0
(33.7)
Qatar Exchange Top Losers
YTD%
18.99
1.8
558.7
24.4
Dlala Brok. & Inv. Holding Co.
QNB Group
163.00
1.7
149.6
24.5
Ezdan Holding Group
17.20
(1.6)
72.5
(5.5)
Doha Bank
55.30
1.7
27.2
19.3
Qatar General Ins. & Rein. Co.
53.20
(1.5)
2.2
15.7
United Development Co.
21.50
1.5
2,131.6
20.8
Qatar German Co. for Med. Dev.
14.98
(1.4)
60.2
1.4
Qatar Gas Transport Co.
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Medicare Group
48.60
0.6
2,356.2
36.1
Medicare Group
48.60
0.6
113,651.4
36.1
United Development Co.
21.50
1.5
2,131.6
20.8
United Development Co.
21.50
1.5
45,188.6
20.8
Qatar Gas Transport Co.
18.99
1.8
558.7
24.4
Industries Qatar
154.90
1.1
38,045.4
9.9
Qatari Investors Group
31.50
1.3
405.0
37.0
QNB Group
163.00
1.7
23,987.0
24.5
Qatar Islamic Insurance
55.60
(0.4)
354.6
(10.3)
55.60
(0.4)
19,739.6
(10.3)
Qatar Exchange Top Vol. Trades
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Islamic Insurance
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
9,733.19
2,888.40
3,856.69
7,972.59
7,954.97
6,656.40
1,199.37
0.9
(0.8)
(0.7)
(1.1)
0.2
0.1
0.1
0.8
(0.7)
(0.7)
(2.4)
0.0
(0.2)
(0.3)
1.3
4.6
0.4
0.1
2.4
0.1
0.5
16.4
78.0
46.6
17.2
34.1
15.5
12.6
Exch. Val. Traded
($ mn)
95.82
161.20
91.21
1,258.82
112.07
36.00
1.62
Exchange Mkt.
Cap. ($ mn)
144,858.2
69,652.6
111,112.9
426,507.4
136,976.2
23,685.0
17,772.1
P/E**
P/B**
12.2
16.2
10.8
16.3
19.1
10.8
8.4
1.7
1.1
1.4
2.1
1.3
1.6
0.8
Dividend
Yield
4.7
3.1
4.7
3.7
3.5
3.9
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 rose 0.9% to close at 9,733.2. The Banking &
Financial Services and Industrials indices led the gains. The
index rose on the back of buying support from Qatari
shareholders despite selling pressure from non-Qatari
shareholders.
 Qatar Electricity & Water Co. and Qatar Gas Transport Co. were
the top gainers, rising 2.0% and 1.8% respectively. Among the
top losers, Qatar Industrial Manufacturing Co. fell 2.0%, while
Dlala Brok. & Inv. Holding Co. declined 1.9%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
79.17%
75.90%
11,421,851.66
Non-Qatari
20.83%
24.11%
(11,421,851.66)
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday rose by 36.2% to 8.2mn
from 6.0mn on Monday. Further, as compared to the 30-day
moving average of 6.8mn, volume for the day was 20.5% higher.
Medicare Group and United Development Co. were the most
active stocks, contributing 28.7% and 25.9% to the total volume
respectively.
Earnings and Global Economic Data
Earnings Releases
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
Net Profit (mn)
3Q2013
% Change
YoY
–
–
-3.5
-22.1%
-2.9
26.9%
0.1
52.5%
–
–
–
–
–
–
1,741.0
11.0%
1,687.0
11.6%
SR
–
–
-1.0
-9.8%
-1.4
-7.4%
Saudi Arabia
SR
125.0
10.6%
–
–
–
–
Saudi Arabia
SR
76.6
-36.9%
–
–
–
–
Saudi Arabia
SR
203.4
92.1%
–
–
–
–
Saudi Arabia
SR
984.6
46.4%
–
–
–
–
Saudi Arabia
SR
–
–
–
–
-227.0
125.1%
Saudi Arabia
SR
–
–
1.2
76.5%
3.1
408.4%
Saudi Arabia
SR
–
–
11.3
-24.1%
15.3
66.2%
Saudi Arabia
SR
45.4
-20.5%
–
–
–
–
Saudi Arabia
SR
–
–
2.7
106.1%
-4.9
-29.4%
Saudi Arabia
Company
SR
–
–
90.8
95.7%
57.0
436.9%
Saudi Arabia
SR
–
–
27.2
-39.9%
26.6
-26.6%
Saudi Arabia
SR
232.9
141.2%
–
–
–
–
Saudi Arabia
SR
–
–
66.1
7.4%
60.4
19.0%
Saudi Arabia
SR
–
–
21.9
-2.2%
21.8
-8.8%
Saudi Arabia
SR
–
–
9.2
-5.2%
9.1
2.2%
Saudi Arabia
SR
–
–
361.2
13.7%
219.9
1.0%
Oman
OMR
222.4
5.2%
–
–
7.5
11.2%
Oman
OMR
–
–
0.4
NA
0.6
NA
Oman
OMR
4.6
2.3%
–
–
0.5
-11.6%
Bahrain
BHD
–
–
–
–
2.2
13.4%
Market
Currency
Qassim Agriculture Co.
Gulf Union Cooperative
Insurance Co.
Etihad Etisalat Co. (Mobily)
Al-Baha Investment &
Development Co. (ABDICO)
Al Rajhi Co. for Cooperative
Insurance (ARCCI)
Arabia Insurance
Cooperative Co. (AICC)
United Cooperative
Assurance Co. (UCA)
The Mediterranean & Gulf
Cooperative Insurance &
Reinsurance Co.
(MEDGULF Saudi Arabia)
Sadara Basic Services Co.
National Agriculture
Marketing Co. (Thimar)
Middle East Specialized
Cables Co. (MESC)
Arabian Shield Cooperative
Insurance Co.
Arabian Pipes Co. (APC)
Saudi Arabia
SR
Saudi Arabia
SR
Saudi Arabia
SR
Saudi Arabia
Alujain Corporation
Najran Cement Co. (NCC)
AXA Cooperative Insurance
Co.
Saudi Chemical Co. (SCC)
Dallah Healthcare Holding
Co. (DHC)
Saudi Industrial
Development Co. (SIDC)
Kingdom Holding Co. (KHC)
Oman Oil Marketing Co.
(OOMC)*
The Financial Corporation
Co. (FINCORP)**
Gulf Mushroom Products
Co. (GMPCO)*
Gulf Hotels Group (GHG)
Revenue
(mn) 3Q2013
Source: Company data, DFM, ADX, MSM (* Nine month ended on September 30, 2013; **Six months ended on September 30, 2013)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
10/29
US
Bureau of Labor Stat.
PPI MoM
September
-0.10%
0.20%
0.30%
10/29
US
Bureau of Labor Stat.
PPI Ex Food and Energy MoM
September
0.10%
0.10%
0.00%
10/29
US
Bureau of Labor Stat.
PPI YoY
September
0.30%
0.60%
1.40%
Page 2 of 6

3. 10/29
US
Bureau of Labor Stat.
PPI Ex Food and Energy YoY
September
1.20%
1.20%
1.10%
10/29
US
US Census Bureau
September
0.40%
0.50%
0.10%
10/29
US
S&P/Case-Shiller
August
164.53
–
162.39
10/29
US
US Census Bureau
Retail Sales Ex Auto and Gas
S&P/CaseShiller Home Price Index
NSA
Business Inventories
August
0.30%
0.30%
0.40%
10/29
US
Conference Board
Consumer Confidence Index
October
71.2
75.0
80.2
10/29
France
INSEE
Consumer Confidence
October
85
86
85
10/29
UK
Bank of England
Net Consumer Credit
September
0.4B
0.7B
0.6B
10/29
UK
Bank of England
Money Supply M4 MoM
September
0.60%
0.50%
0.70%
10/29
UK
Bank of England
M4 Money Supply YoY
September
2.60%
2.50%
2.10%
10/29
Spain
INE
Retail Sales YoY
September
2.20%
–
-4.40%
10/29
China
National Bureau of Stat.
Leading Index
September
99.64
–
99.89
10/29
Japan
MIC
Jobless Rate
September
4.00%
4.00%
4.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 KCBK’s weak 3Q2013 profitability due to muted gains from
investment securities – KCBK posted a net profit of
QR107.7mn in 3Q2013, dropping by 32.3% QoQ (-7.6% YoY).
Net profit declined primarily on the back of a significant drop in
investment gains. Gains from investment securities
(representing 33% of net operating income) was the thrust of
profitability in 2Q2013, expanding by 365.5% QoQ (-10.3% YoY)
to reach QR93.9mn vs. QR20.2mn in 1Q2013 (QR104.6mn in
2Q2012). However, in 3Q2013 gains plunged by 81.8% QoQ (71.1% YoY). The bank’s net interest income dropped by 10.6%
QoQ (+8.5% YoY). Moreover, TTM NIMs was flattish in 9M2013,
reaching 1.99% vs. ~2.04% in 1H2013 (1.79% at the end of
2012). Net fees and commissions remained under pressure,
dropping by 21.8% QoQ (+62.9% YoY) likely due to heavy
competition in the corporate sector. Nevertheless, KCBK’s
RoAE marginally deteriorated in 9M2013 to 9.7% vs. 10.2% in
1H2013 (9.3% at the end of 2012). Loans significantly expanded
QoQ and YTD. Al Khaliji’s loan book grew by 7.2% QoQ
(+22.6% YTD). On the other hand, deposits receded by 4.7%
QoQ (+2.4% YTD). As such, the LDR rested at 89.9% vs. 79.9%
in 2Q2013 (75.1% at the end of 2012). Moreover, KCBK’s
investment portfolio expanded by 12.1% QoQ (-9.3% YTD).
Asset quality remains healthy. KCBK’s NPL ratio improved QoQ
to 0.37% vs. 0.40% in 2Q2013 (0.45% at the end of 2012).
Moreover, the bank remains more than adequately capitalized
with a Tier-1 ratio and CAR of 17.5% and 18.9%, respectively.
We maintain our target price of QR18.40/share and rate the
stock a Market Perform. (QNBFS Research, QE)
 ZHCD reports net profit declines 70.6% QoQ in 3Q2013 –
Zad Holding Company (ZHCD) has reported a net profit of
QR13.2mn in 3Q2013, reflecting a decline of 70.6% QoQ (48.4% YoY). Earnings per share amounted to QR4.81 for nine
months period ended September 30, 2013 versus QR4.15 for
the corresponding period in 2012. Revenue of the company fell
by 15.3% QoQ (+30.5% YoY) to QR152.1mn. (QE)
 QE: More foreign investment to boost IPOs – The Qatar
Exchange (QE) has submitted proposals to the government for
higher limits on foreign ownership of listed stocks. This could in
turn encourage more companies to make initial public offers of
their shares. QE’s Chief Executive Rashid bin Ali al-Mansoori
said the exchange believes increased exposure to international
investments might lead to an increase in initial public offerings
over the medium term, thus helping in the much-needed
deepening of the equity market. He cited analysts’ estimates
that Qatar would gain a weight of about 0.45% points in MSCI’s
emerging markets index, which would cause global fund
managers to funnel around $500mn to $1bn more funds to the
market. Al-Mansoori added that Qatari companies that were
most likely to enter MSCI’s emerging market index would have
to consider whether changing their foreign ownership limit would
maximize the benefits of inclusion. (Gulf-Times.com)
 Qatar FM: 2014 budget to focus on development – Qatar’s
Finance Minister HE Ali Sherif al-Emadi said the country’s
budget for 2014 will lay strong emphasis on implementing the
country’s strategy for development. He said the proposed
budget for 2014 was sent to all the ministries three weeks ago to
enable them to study it carefully. (Gulf-Times.com)
 QE to become full member of WFE – Qatar Exchange is
slated to become a full member of the World Federation of
Exchanges (WFE), a leading international securities market
organization. It is expected that the Qatar bourse will be granted
full membership in the WFE during the meetings of the general
assembly that are currently underway. QE, Bahrain bourse and
the Dubai Financial Market are affiliates; while other Gulf
bourses such as Abu Dhabi and Saudi Arabia are full members.
(Gulf-Times.com)
 QCB’s real estate price index rises in September – The
Qatar Central Bank’s (QCB) real estate price index for 3Q2013
indicates that the real estate market is on a recovery path. After
reporting a drop for two successive months, the index rose to a
new high of 178.6 points in September 2013. The index reached
a peak in 2013 with 183.9 points and 190.4 points in April and
May respectively, before dropping to 178.8 points in June. The
index further slipped to 174.3 points in July and rose marginally
to 176.9 in August. According to the Ministry of Justice, the
value of real estate transactions between July 29 and August 25
stood at QR1.46bn. (Peninsula Qatar)
 Mowasalat to have 2,000 more taxis in two years – According
to the new CEO of Mowasalat, Khaled al-Hail, at least 2,000
new taxis will hit the roads in the next two years, apart from the
2,500 taxis that are currently in service. Referring to the fleet
strengthening program, al-Hail said “Al Million”, Qatar’s first
Karwa franchisee, would add 150 new cars to its 500-strong
fleet. He said one of the three companies short listed for taxi
franchisee operations in 2012 did not meet the terms and
Mowasalat terminated the pact. He said the tenders for selecting
three new franchisees were floated earlier this month and the
process will be completed in three months. Meanwhile,
Mowasalat is planning to set up a unified call center for all taxis
in Qatar. (Gulf-Times.com, Peninsula Qatar)
 Cargo operations at HIA from December 1 – Qatar Airways
CEO Akbar al-Baker said cargo operations at Hamad
International Airport (HIA) will begin on December 1. The
terminal spreads over 77,000 square meters across two levels
Page 3 of 6

4. and will have a cargo handling capacity of 1.4mn tons per year
by 2015. It can handle 5,700 cargo shipments at a time. (GulfTimes.com)
 QA joins oneworld global alliance – Qatar Airways has joined
oneworld, a premier global alliance of airlines, which will
significantly expand the carrier’s worldwide reach and
strengthen its competitive offering. QA will be offering
oneworld’s full range of services and benefits, which include
frequent flyer privileges and rewards across the global alliance.
(Gulf-Times.com)
 QA expects delivery of A350 aircraft by 2H2014 – Qatar
Airlines’ (QA) CEO Akbar al Baker said the company expects
Airbus to start delivering 80 A350 aircraft by 2H2014. The A350,
designed to compete with Boeing's 787 Dreamliner and the
larger Boeing 777, staged its maiden flight in June 2013.
(Reuters)
International
 Britain aims to be first Western country to issue sovereign
sukuk – British Prime Minister David Cameron made a bid to
position London as a leading hub for Islamic finance, by
announcing plans for Britain to become the first Western country
to issue a sovereign sukuk, (Islamic bond). The planned issue
worth around £200mn is expected next year, which is much
smaller than an originally planned sukuk, but would provide the
much-needed liquidity management tool for Britain's six Islamic
lenders and could encourage local firms to consider issuing
sukuk. Britain's efforts to promote itself as a leading Islamic
finance hub come as competition heats up among other financial
centers in Asia, led by Malaysia. Britain first announced plans
for a sovereign sukuk five years ago but that issue never
materialized as the country's Debt Management Office decided
the structure was too expensive. The new proposal is less than
a fifth of the size of the original one. (Reuters)
 IMF: BoJ’s policy working, still has room to boost stimulus
– The International Monetary Fund's Mission Chief to Japan
Jerry Schiff said the Bank of Japan's massive stimulus is
working. Schiff said there is still room to increase purchases of
government bonds and exchange-traded funds if a further boost
was needed. Schiff said there is no need for the central bank to
offer additional stimulus for now with the Japan’s economy in
good shape. (Reuters)
 IMF: Tighter global funding to weigh on emerging Asia –
The IMF said tightening external funding conditions will likely
weigh on growth in emerging Asia, although weaker currencies
and robust domestic demand may offset some of the pain. IMF
Asia-Pacific Department Director Anoop Singh said a faster than
expected tightening of global funding conditions could
substantially affect Asia, with a larger impact on economies with
weaker fundamentals and higher exposures. Singh said
countries like India and Indonesia, which are reliant on foreign
capital inflows and already experiencing elevated inflationary
pressures, will likely need to tighten monetary policy further.
(Reuters)
 China rates stabilize as central bank resumes injecting cash
– China's money rates stabilized after the central bank resumed
open market operations on Tuesday morning for the first time
since October 15, easing worries that the authorities were
preparing to dramatically tighten monetary policy. The central
bank injected 13bn yuan into the markets via open market
operations. It leaves the People's Bank of China (PBOC) on
track to inject a net 13.1bn yuan into money markets this week
barring any offsetting drains at the next open market operations
on Thursday. (Reuters)
 RBI raises repo rate by 25 bps – The Reserve Bank of India
(RBI) raised its policy interest rate for the second time in two
months, warning that inflation is likely to remain elevated, and
rolled back an emergency measure put in place to support the
slumping rupee. The central bank lifted its policy repo rate by 25
basis points (bps) to 7.75%, in line with the expectations of most
analysts in a recent Reuters’ poll, despite the risks to an
economy beset by sluggish growth. (Times of India)
Regional
 Construction of Gulf Rail Network to begin in late 2014 –
World Bank's Resident Advisor to GCC Secretariat Ramiz Al
Assar said that the construction of the $15.5bn rail network
linking six Gulf Arab states will begin by late 2014. An
overseeing authority for this project has been set up. He said
that detailed engineering & design (DED) work will be completed
by early 2014. (Reuters)
 GS: OPEC crude production to decline in 2013 due to Libya
disruptions – Goldman Sachs Group (GS) said that the crude
production of the Organization of Petroleum Exporting Countries
(OPEC) will decline in 2013 higher than its previous estimates
due to renewed disruptions in Libya. GS expects OPEC’s output
in 2013 to decline by 760,000 barrels per day (bpd) over 2012,
as compared to its previous projection of an annual loss of
570,000 bpd. The supply reduction will keep Brent futures well
supported at $110 per barrel despite accumulating oil
inventories
amid
weaker-than-expected
fuel
demand.
(Bloomberg)
 Bahri receives new vessel from Hyundai MIPO – The
National Shipping Company of Saudi Arabia (Bahri) has
received its new vessel “Bahri Jazan”, which is specialized ship
to carry general cargo. Built by Hyundai MIPO in South Korea,
the ship has a capacity of 26,000 deadweight tonnage (DWT).
This is the fourth vessel delivered among the six ordered by
Bahri in 2011 for a total value of SR1.5bn. The financial impact
of this delivered vessel will materialize in 4Q2013. Bahri expects
the remaining two general cargo vessels to be delivered during
1H2014. (Tadawul)
 SVCP’s BoD recommends SR22.5mn dividends – Saudi
Vitrified Clay Pipe Company’s (SVCP) board of directors has
recommended the distribution of dividends worth SR22.5mn
(SR1.5 per share). SVCP’s shareholders who are registered
with the Securities Depository Center as on October 31, 2013
will be eligible for this dividend. (Tadawul)
 SSPC wins two contacts from Saudi Aramco – The Saudi
Steel Pipe Company (SSPC) has won two pipe production
contracts from Saudi Aramco, which are to be completed by
2H2014. The first contract includes the supply of oil country
tubular goods steel pipes worth SR168mn, while the second
contract is for supplying induction bending worth SR6mn. These
pipes will be produced at SSPC’s factories in Dammam Second
Industrial City and the raw material will be supplied by the Saudi
Iron & Steel Company. The financial impact will be positive for
these contracts during the 4Q2014 and 1Q2015. (Tadawul)
 Saudi Hollandi gets shareholder nod for capital-boosting
sukuk – Saudi Hollandi Bank has received approval from
shareholders to issue an Islamic bond for boosting its capital.
(Reuters)
 UAE Central Bank caps mortgages to cool property market
– The Central Bank of the UAE has capped the size of
mortgages that banks can offer to avoid a repeat of a property
bubble that caused values to plummet after 2008. Foreigners
can borrow 75% of the value of their first home, which has to be
worth AED5mn or less, while UAE nationals can get 80% of the
Page 4 of 6

5. value of their first home. The central bank has also capped the
limit for homes that are worth more than AED5mn at 65% for
foreign nationals and 70% for UAE nationals. The regulator
capped mortgages for second homes and investment properties
at 60% of the value regardless of the price. (Bloomberg)
 DIA’s passenger traffic rises 13.1% in September –
According to the figures released by the Dubai Airports
Company (DAC), passenger traffic at Dubai International Airport
(DIA) in September 2013 rose 13.1% YoY to 5.4mn. Further, the
traffic surged 16% YoY to 49.3mn passengers for the nine
months ended on September 30, 2013. Aircraft movements
totaled 30,746 in September, indicating a rise of 10.2% YoY.
Meanwhile, the passengers per aircraft movement stood at 193.
The September figures also showed that the air freight volumes
rose 1.8% YoY at 196,823 tons, while the cargo traffic during the
first nine months totaled at 1.78mn tons, up 6.6% YoY.
(GulfBase.com)
 Emirates NBD seeks acquisition targets in Turkey –
Emirates NBD’s CEO Rick Pudner said the bank is seeking
acquisition targets in Turkey as the lender scouts for
opportunities beyond its home market. Emirates NBD plans 20%
of its revenues to come from overseas markets over the next
five years. (Reuters)
 DSI’s German unit wins two water treatment projects in
Romania, Turkey – Germany-based Passavant Roediger, a
wholly-owned subsidiary of Drake & Scull International (DSI),
has obtained two major water treatment projects worth
AED152mn in Romania and Turkey. Passavant Roediger will
undertake
engineering,
procurement,
construction
&
commissioning works for the extension and modernization of
waste water treatment plants in Campina and Plopeni in
Romania. The company will also undertake the development of
an activated sludge plant with chemical removal and anaerobic
stabilization capabilities in Adiyaman, Turkey. (DFM)
 GEMS plans to raise $500mn from debut sale of perpetual
Islamic bonds – Global Education Management Systems
(GEMS) is planning to raise $500mn from the debut sale of
perpetual Islamic bonds to fund its expansion and tap demand
for Shari’ah-compliant assets. Morgan Stanley, Abu Dhabi
Islamic Bank and Credit Suisse Group will help GEMS to
manage the sale of these bonds, which have no maturity date.
The company will begin meetings with fixed-income investors
this week. (Bloomberg)
 Air Arabia to begin flights to China in 2014 – Air Arabia’s
CEO Adel Abdullah Ali said that the airline will begin flights from
Sharjah to several cities in China in 2014. (Bloomberg)
 NBAD reports AED1bn net profit in 3Q2013 – The National
Bank of Abu Dhabi (NBAD) has reported a net profit of AED1bn
in 3Q2013, reflecting a fall of 8% YoY. EPS stood at AED0.8 for
the nine months ended on September 30, 2013 as compared to
AED0.7 for the nine months ended on September 30, 2012. The
bank’s net interest income rose by 5.1% YoY to AED1.6bn.
Total assets at the end of September 2013 stood at
AED345.1bn, reflecting a YTD increase of 14.8%. Loan &
advances rose by 10.9% YTD to AED182.5bn, while customer
deposits were up 20.6% YTD to AED229.5bn. (ADX)
 Finance House reports AED80.2mn net profit for 9M2013 –
The Finance House (FH) has reported a consolidated net profit
of AED80.2mn for the nine months ended on September 30,
2013, indicating an increase of 10.4% YoY. FH’s net interest
income for this period stood at AED92.7mn. Net loans &
advances rose by 5.2% YoY to AED1.4bn, while customer
deposits were up 16% YoY to AED1.89bn. (ADX)
 ADNOC likely to skip term diesel exports in 2014 –
According to sources, the Abu Dhabi National Oil Company
(ADNOC) is likely skip its term diesel exports in 2014 for a
second consecutive year. ADNOC could instead make offers in
the spot market since domestic demand is taking up most of its
available diesel supply. (Reuters)
 Aldar eyes rentals, smaller projects post-merger – Aldar
Properties’ Chief Development Officer Gurjit Singh said the
company will focus on rental income and smaller projects
instead of large developments in order to avoid the risk of
becoming overstretched again. Gurjit Singh said the postmerger firm will focus more on earning income from malls,
hotels and other rental properties which it owns, along with
building small phased developments. He said the company is
looking at a larger and more expansionary recurring income
theme. (Reuters)
 Abu Dhabi hotel guest numbers grow by 14% YoY during
9M2013 – According to the data released by Abu Dhabi Tourism
& Culture Authority (TCA Abu Dhabi), the Emirate has seen
hotel guest numbers grow by 14% YoY during JanuarySeptember 2013. Abu Dhabi has attracted 2mn guests during
January-September and 226,002 guests in September 2013,
indicating an increase of 19% YoY. Hotel revenues rose by 18%
YoY to AED3.7bn, while food & beverage income has
contributed AED1.5bn during January-September 2013. The
data also showed that the revenue per available room (RevPAR)
increased 6% YoY to AED285. Meanwhile, the average room
rates for January-September declined 2% YoY to AED419.
Moreover, the data showed that guest nights stood at 6.2mn,
reflecting an increase of 25% YoY, while the average length of
stay was up 10% to 3.13 nights, and hotel occupancy rose 8%
to 68% from January-September 2013. (Bloomberg)
 Oman appoints Bank Muscat to sell 19% stake in Omantel –
Oman’s Ministry of Finance has appointed Bank Muscat to
arrange a secondary share sale of its 19% stake held in the
Oman Telecommunications Company (Omantel). The
government is planning to sell this stake to raise around
$600mn, which will help boost its non-oil income and fund its
rising public expenditure. (Reuters)
 TS&RB obtains OMR2.1mn contract from Simplex
Infrastructures – The Technical Services & Rock Blasting
Company (TS&RB) has obtained a subcontract worth
OMR2.1mn from Simplex Infrastructures to undertake drilling &
blasting works at Batinah Expressway’s Package 3. This project
has to be completed in 24 months from the date of work order.
(GulfBase.com)
 BBK reports BHD9.3mn net profit in 3Q2013 – The Bank of
Bahrain & Kuwait (BBK) has reported a net profit of BHD9.3mn
in 3Q2013, indicating 6.4% rise YoY. Net interest income
declined 0.4% YoY to BHD16.9mn in 3Q2013. EPS for the nine
months ended September 30, 2013 stood at BHD0.037 as
compared to BHD0.035 for the corresponding period in 2012.
Total assets at the end of September 2013 rose 6.1% YTD to
BHD3.3bn. Loans & advances rose by 7.4% YTD to BHD1.6bn,
while customer deposits were up 4.3% YTD to BHD2.3bn.
(Bahrain Bourse)
 Capinnova Investment Bank disinvests from Oasis Mall –
Bahrain-based Capinnova Investment Bank has disinvested its
investment in the Oasis Mall after earning a total return on
invested capital of 37%. (GulfBase.com)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
150.0
1.6%
130.0
0.9%
0.8%
115.4
110.0
0.1%
0.1%
0.0%
(0.8%)
Mar-11
QE Index
Oct-11
May-12 Dec-12
S&P Pan Arab
Jul-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
1,345.05
(0.6)
(0.4)
(19.7)
DJ Industrial
22.53
0.1
(0.1)
(25.7)
109.01
(0.5)
1.9
(1.9)
3.56
(1.6)
(3.1)
3.9
116.50
(0.1)
1.1
30.2
143.00
(1.8)
(1.3)
(17.3)
Euro
1.37
(0.3)
(0.4)
4.2
Yen
98.19
0.5
0.8
13.2
Nikkei
GBP
1.60
(0.6)
(0.7)
(1.3)
MSCI EM
1,036.76
CHF
1.11
(0.3)
(0.7)
1.8
SHANGHAI SE Composite
2,128.86
AUD
0.95
(1.0)
(1.1)
(8.8)
HANG SENG
22,846.54
USD Index
79.61
0.5
0.5
(0.2)
BSE SENSEX
RUB
32.07
0.4
0.8
5.1
Bovespa
BRL
0.46
(0.2)
0.2
(6.1)
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
Oman
Aug-10
Bahrain
80.0
(0.7%) (0.8%)
(1.1%)
Kuwait
(1.6%)
Qatar
90.0
Saudi Arabia
100.0
Jan-10
0.2%
126.1
120.0
Dubai
139.9
Abu Dhabi
140.0
Source: Bloomberg
Close
1D%
WTD%
YTD%
15,680.35
0.7
0.7
19.7
S&P 500
1,771.95
0.6
0.7
24.2
NASDAQ 100
3,952.34
0.3
0.2
30.9
320.77
0.4
0.2
14.7
DAX
9,022.04
0.5
0.4
18.5
FTSE 100
6,774.73
0.7
0.8
14.9
4,278.09
0.6
0.1
17.5
14,325.98
(0.5)
1.7
37.8
0.2
0.9
(1.7)
(0.2)
(0.2)
(6.2)
0.2
0.7
0.8
20,929.01
1.7
1.2
7.7
54,538.80
(1.0)
0.7
(10.5)
1,491.56
(0.1)
(0.0)
(2.3)
STOXX 600
CAC 40
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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Page 6 of 6