1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.2% to close at 9,580.8. Losses were led by the Real
Estate and Transportation indices, declining 2.0% and 1.4% respectively. Top
losers were United Development Co. and Barwa Real Estate Co., falling 2.1%
and 2.0% respectively. Among the top gainers, Qatar German Co. for Med.
Dev. and Doha Bank rose 1.5% each.
GCC Commentary
Saudi Arabia: The TASI index fell 0.3% to close at 7,981.1. Losses were led
by the Build. & Cons. and Industrial Investment indices, declining 1.3% each.
WAFA Insurance fell 5.4%, while Filing & Packing Mat. Manu. was down 5.3%.
Dubai: The DFM index gained 0.5% to close at 2,736.9. The Insurance index
rose 1.5%, while the Transportation index was up 1.2%. Gulf Navigation
Holding gained 13.0%, while Mashreq Bank was up 9.2%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 3,838.8. The
Cons. index gained 1.0%, while the Banking index was up 0.3%. FOODCO
Holding surged 14.7%, while National Bank of Umm Al Qaiwain gained 12.5%.
Kuwait: The KSE index declined 1.5% to close at 7,783.3. The Tech. index fell
3.8%, while the Fin. Services index was down 2.4%. Hayat Communications
Co. declined 9.1%, while Al Madar Finance & Investment Co. was down 8.3%.
Oman: The MSM index rose 0.7% to close at 6,660.4. Gains were led by the
Ind. and Banking & Investment indices, rising 0.7% and 0.6% respectively.
Dhofar University gained 6.2%, while Sharqiyah Desalination was up 5.1%.
Bahrain: The BHB index gained 0.1% to close at 1,197.2. The Industrial index
rose 0.9%. United Gulf Investment Corporation gained 4.6%, while Ithmaar
Bank was up 2.1%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co. for Med. Dev. 15.49 1.5 2.0 4.8
Doha Bank 53.90 1.5 106.0 16.3
QNB Group 166.90 1.2 150.7 27.5
Qatar Electricity & Water Co. 156.50 1.0 26.6 18.2
Qatar Fuel Co. 284.50 0.6 11.0 29.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Industries Qatar 147.50 (0.7) 1,059.6 4.6
United Development Co. 21.20 (2.1) 967.8 19.1
Masraf Al Rayan 28.70 (1.0) 754.7 15.8
Qatari Investors Group 29.00 (1.4) 451.1 26.1
Vodafone Qatar 9.00 (0.8) 352.7 7.8
Source: Bloomberg (* in QR)
Market Indicators 26 Sep 13 25 Sep 13 %Chg.
Value Traded (QR mn) 338.5 325.1 4.1
Exch. Market Cap. (QR mn) 522,044.3 521,700.2 0.1
Volume (mn) 6.1 6.6 (7.4)
Number of Transactions 3,128 3,230 (3.2)
Companies Traded 40 39 2.6
Market Breadth 11:23 10:26 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,688.73 (0.2) (2.9) 21.0 N/A
All Share Index 2,412.97 (0.1) (2.7) 19.8 12.8
Banks 2,338.75 0.4 (3.0) 20.0 12.4
Industrials 3,030.66 (0.4) (2.5) 15.4 11.2
Transportation 1,769.83 (1.4) (3.2) 32.0 12.1
Real Estate 1,730.74 (2.0) (3.7) 7.4 13.1
Insurance 2,244.15 (0.0) (0.4) 14.3 9.3
Telecoms 1,440.86 0.1 (3.4) 35.3 15.2
Consumer 5,895.98 0.2 (0.4) 26.2 24.2
Al Rayan Islamic Index 2,741.65 (1.1) (2.5) 10.2 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
NBQ Abu Dhabi 3.50 12.5 1.0 89.2
Nat. Marine Dredging Abu Dhabi 9.49 11.6 3.7 (5.1)
Kingdom Holding Co. Saudi Arabia 19.25 4.6 1,438.4 (7.9)
The Co. for Coop. Ins. Saudi Arabia 34.50 4.2 2,458.9 0.2
United Int. Trans. Co. Saudi Arabia 69.25 3.4 333.8 63.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Julphar Abu Dhabi 3.60 (10.0) 55.4 30.9
Nat. Bank of Fujairah Abu Dhabi 3.58 (4.0) 100.0 (21.3)
National Real Estate Kuwait 0.17 (3.4) 2,918.5 41.7
Saudi Fisheries Saudi Arabia 29.90 (2.6) 793.7 (2.0)
Al Abdullatif Ind. Inv. Saudi Arabia 44.20 (2.4) 42.8 39.4
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 Losers Close* 1D% Vol. ‘000 YTD%
United Development Co. 21.20 (2.1) 967.8 19.1
Barwa Real Estate Co. 24.98 (2.0) 351.2 (9.0)
National Leasing 34.35 (1.9) 113.4 (24.0)
Qatar Gas Transport Co. 19.10 (1.8) 350.4 25.2
Gulf Warehousing Co. 40.00 (1.8) 28.1 19.4
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 147.50 (0.7) 156,132.7 4.6
QNB Group 166.90 1.2 25,127.3 27.5
Masraf Al Rayan 28.70 (1.0) 21,761.1 15.8
United Development Co. 21.20 (2.1) 20,523.2 19.1
Medicare Group 48.30 (1.7) 15,757.2 35.3
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,580.77 (0.2) (2.9) (0.4) 14.6 92.96 143,353.4 12.0 1.7 4.8
Dubai 2,736.89 0.5 2.7 8.5 68.7 273.00 67,360.7 15.9 1.1 3.3
Abu Dhabi 3,838.81 0.1 0.7 2.8 45.9 120.32 110,246.8 10.9 1.4 4.7
Saudi Arabia 7,981.07 (0.3) (0.5) 2.8 17.3 1,413.91 423,809.5 16.7 2.1 3.7
Kuwait 7,783.32 (1.5) (0.8) 2.0 31.2 173.26 111,534.3 18.8 1.3 3.5
Oman 6,660.36 0.7 0.9 (0.5) 15.6 23.84 23,306.7 11.0 1.6 3.9
Bahrain 1,197.23 0.1 (0.2) 0.8 12.4 0.46 21,898.2 8.4 0.9 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)
9,560
9,580
9,600
9,620
9,640
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE index declined 0.2% to close at 9,580.8. The Real
Estate and Transportation indices led the losses. The index
declined on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
 United Development Co. and Barwa Real Estate Co. were the
top losers, falling 2.1% and 2.0% respectively. Among the top
gainers, Qatar German Co. for Med. Dev. and Doha Bank rose
1.5% each.
 Volume of shares traded on Thursday declined by 7.4% to 6.1mn
from 6.6mn on Wednesday. Further, as compared to the 30-day
moving average of 8.5mn, volume for the day was 28.4% lower.
Industries Qatar and United Development Co. were the most
active stocks, contributing 17.4% and 15.8% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Saudi Basic
Industries Corp.
(SABIC)
Fitch
Saudi
Arabia
Capital II B.V.'s
proposed $1bn 2.625%
guaranteed bonds
Senior Unsecured/
Senior Unsecured
– A+(EXP)/A+ – – –
United Arab Bank
(UAB)
Moody's
Abu
Dhabi
Global Foreign & Local-
Currency Deposit
Ratings/ Standalone
BFSR
(Baa1/Prime-
2)/ D+ (baa3)
(Baa1/Prime-
2)/ D+ (baa3)
– Stable –
Emirates
Telecommunications
Corp. (Etisalat)
Fitch
Abu
Dhabi
LT FC IDR A+ A+ – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, FC- Foreign Currency, IDR- Issuer Default Rating, BFSR- Bank Financial Strength Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/26 US Department of Labor Initial Jobless Claims 21-September 305K 325K 310K
09/26 US Department of Labor Continuing Claims 14-September 2823K 2818K 2788K
09/26 US BEA GDP Annualized QoQ 2Q2013 2.50% 2.60% 2.50%
09/26 US BEA Personal Consumption 2Q2013 1.80% 1.90% 1.80%
09/26 US Bloomberg Bloomberg Consumer Comfort 22-September -28.1 – -29.4
09/26 US NAR Pending Home Sales MoM August -1.60% -1.00% -1.40%
09/26 US NAR Pending Home Sales YoY August 2.90% 6.30% 8.50%
09/27 US BEA Personal Income August 0.40% 0.40% 0.20%
09/27 US BEA Personal Spending August 0.30% 0.30% 0.20%
09/27 US BEA PCE Core MoM August 0.20% 0.10% 0.10%
09/27 US BEA PCE Core YoY August 1.20% 1.30% 1.10%
09/27 EU EU Economic Confidence September 96.9 96.0 95.3
09/27 EU EU Industrial Confidence September -6.7 -7.0 -7.8
09/27 EU EU Consumer Confidence September -14.9 – -15.6
09/27 EU EU Services Confidence September -3.3 -4.6 -5.2
09/27 France INSEE GDP QoQ 2Q2013 0.50% 0.50% -0.10%
09/27 France INSEE GDP YoY 2Q2013 0.40% 0.30% -0.50%
09/27 France INSEE Consumer Spending MoM August -0.40% -0.30% 0.40%
09/27 France INSEE Consumer Spending YoY August -0.10% 0.00% -0.20%
09/27 Germany Destasis CPI MoM September 0.00% 0.00% 0.00%
09/27 Germany Destasis CPI YoY September 1.40% 1.50% 1.50%
09/26 UK ONS Current Account Balance 2Q2013 -13.0B -11.0B -21.8B
09/26 UK ONS GDP QoQ 2Q2013 0.70% 0.70% 0.40%
09/26 UK ONS GDP YoY 2Q2013 1.30% 1.50% 0.20%
09/27 UK GfK NOP (UK) GfK Consumer Confidence September -10 -11 -13
09/27 UK Nationwide Building Soc. Nationwide House PX MoM September 0.90% 0.50% 0.70%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 50.22% 41.10% 30,858,147.38
Non-Qatari 49.78% 58.90% (30,858,147.38)

3. Page 3 of 7
09/27 UK Lloyds Bank Lloyds Business Barometer September 57 – 54
09/27 UK ONS Index of Services MoM July 0.20% 0.50% 0.00%
09/27 Spain INE Retail Sales YoY August -4.20% -- -1.70%
09/26 Italy ISTAT Retail Sales MoM July -0.30% -0.10% -0.20%
09/26 Italy ISTAT Retail Sales YoY July -0.90% -2.80% -3.00%
09/27 Italy ISTAT Economic Sentiment September 83.3 – 82.0
09/27 Italy ISTAT Business Confidence September 96.6 93.4 93.4
09/27 China NBS Industrial Profits YTD YoY August 12.80% – 11.10%
09/27 Japan MIC Natl CPI YoY August 0.90% 0.80% 0.70%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QCB to issue QR4bn T-bills on October 1 – The Qatar
Central Bank (QCB) is set to issue treasury bills with a maturity
of 93 days, 182 days and 273 days on October 1, 2013. The
total amount of this issuance adds up to QR4bn. (QCB)
 QEWS inks $450mn financing deal for RAF A2 desalination
plant – Qatar Electricity & Water Company (QEWS) has signed
a $450mn financing deal with QNB Group (QNBK), Barwa Bank,
Masraf Al Rayan (MARK) and Qatar Islamic Bank (QIBK) to fund
the construction of a desalination plant at Ras Abu Fontas. This
plant will have a capacity to produce 36mn imperial gallons per
day (MIGD), representing 10% of Qatar’s water production.
QNBK, who is the conventional mandated lead arranger, will
provide $162mn conventional debt tranche, conventional
standby facility and conventional interest rate hedging worth
$18mn. Moreover, QNBK will also act as the global &
conventional facility agent, global onshore & offshore security
trustee, onshore & offshore account bank and coordinating &
documentation bank for QEWS. Barwa Bank, MARK and QIBK
will be the mandated lead arrangers and will provide $90mn
each under the Islamic facility tranche. QIBK will also act as the
Islamic facility agent and Islamic security trustee. This plant will
start its operations from June 2015. (QE, Reuters)
 GHC creates JV with QAI to set up aircraft component
repair facility in Doha – Gulf Helicopters Company (GHC) and
US-based Quality Aviation Instruments (QAI) have entered into
a joint venture agreement to set up component repair facilities in
Doha. This agreement covers the repairs of accessories,
avionics and instruments. These new facilities will enable QAI to
accelerate service, reduce downtime and costs for its
customers. These repair shops will be certified by the US
Federal Aviation Administration and the European Aviation
Safety Agency, and are expected to begin their operations by
late 2013 or early 2014. These new facilities will focus on
component repairs for Agusta Westland AW139, Bell,
Eurocopter and Agusta medium and light platforms. (QE)
 Qatar plans to curb price rise in consumer goods – Qatar’s
Consumer Protection Department has started executing a plan
that aims to check the price increase in food and other
consumer goods. Implementation of the plan has begun with the
department collecting the price lists of restaurants for reference
and comparison. These lists will help fix approved prices in
restaurants and enable the authorities to take suitable action in
case of violations. If the prices charged by restaurants are
higher than the ones approved, then such eateries will be
penalized. In addition, it is also mandatory for all eateries to
prominently display their prices. The plan will be implemented in
stages and the next phase will include various consumer goods.
(Gulf-Times.com)
 QFCRA grants Category 1 license to ICICI Bank’s QFC
branch – The Qatar Financial Centre Regulatory Authority
(QFCRA) has awarded the “Category 1 license” to India-based
ICICI Bank for its QFC Branch in Doha. ICICI Bank’s President
Vijay Chandok announced the status of the upgraded branch,
which had been operating as a “Category IV” entity since March
21, 2007. (Gulf-Times.com)
 Real estate deals rise 54.5% during September 15-19 –
According to a report released by Ezdan Holding, the combined
value of 299 real estate deals inked during September 15 to 19
reached QR1.33bn up 54.5% compared to QR859.5mn during
the previous week. The value of daily rate of transactions stood
at QR265.6mn as compared to QR172mn in the previous week.
The report also forecasted that real estate transactions will
witness further recovery during the coming weeks. (Peninsula
Qatar)
 QIGD to disclose its 3Q2013 results on October 10 – Qatari
Investors Group (QIGD) will disclose its 3Q2013 financial results
for the period ending September 30, 2013 on October 10, 2013.
(QE)
 QCFS to disclose its 3Q2013 results on October 10 – Qatar
Cinema & Film Distribution Co (QCFS) will disclose its 3Q2013
financial results for the period ending September 30, 2013 on
October 13, 2013. (QE)
 Qatar is key growth area for Mashreq Bank – Mashreq
Bank’s CEO Abdul Aziz Al Ghurair said Qatar is a key growth
area for the bank and remains central to its expansion plans.
(Peninsula Qatar)
International
 House Republicans push Obamacare delay as shutdown
nears; US Treasury sales would continue functioning – The
US government lurched toward a partial shutdown on October 1
as House Republicans planned to attach a delay of Obamacare
to a bill to keep the government open and Senate Democrats
said they will reject the proposal. These developments
dramatically raise the likelihood of a shutdown, since the policy
divide is wide, because congressional Democrats and President
Barack Obama say they won’t accept any of the Republican
conditions. Meanwhile, the US Treasury will continue selling
debt in the event of a government shutdown next week, while
economic reports from the Commerce Department will be
suspended and the Bureau of Labor Statistics will stop
operations. Contingency plans for the federal agencies were
released on September 27 ahead of a shutdown that will start
from October 1 unless the US Congress acts. The Senate voted
to finance the government through November 15, after removing
the statement to choke off funding for President Barack
Obama’s health care law, putting pressure on the House to
avoid a shutdown. (Bloomberg)
 US Fed Governor Stein proposes data-linked reduction in
asset purchases – Prof Jeremy Stein, one of six governors of
the US Federal Reserve’s board said the Fed should create a

4. Page 4 of 7
mechanical rule for linking reductions in its asset purchases to
the labor market data. He said his personal preference would be
to make future step-downs in asset purchases be completely
determined by a labor market indicator such as the
unemployment rate or the cumulative payroll growth over some
period. Prof Stein said it was important that the so-called
“tapering” of asset purchases be as transparent and predictable
as possible. To reduce uncertainty, he suggested a rule that
would leave the Fed no discretion about how to taper asset
purchases. (Financial Times)
 ECB liquidity-boost urgency seen fading even on cash drop
– The need for a further cash injection into the Eurozone’s
banking system may be fading as stress in the region eases.
Among the 19 economists surveyed by Bloomberg News, 11
said there is no requirement for another long-term refinancing
from the European Central Bank (ECB), even after excess cash
in the region’s financial system fell to the lowest level since
December 2011. Eurozone banks are repaying their three-year
loans made at the height of the sovereign debt crisis. While that
has been draining cash, ECB President Mario Draghi has
backtracked from an earlier signal that excess liquidity should
stay above €200bn. Instead, the ECB has pledged to keep
interest rates at or below current levels for an extended period,
helping to keep the cost of bank funding down. (Bloomberg)
 Italian government teeters as coalition allies walk out over
Berlusconi – Italian Prime Minister Enrico Letta’s government
teetered on the brink after allies of former leader Silvio
Berlusconi, led by Deputy Premier Angelino Alfano announced
their intention to quit the cabinet. The nation’s leaders stopped
short of pulling the plug on the five-month-old administration,
invoking procedure and scheduling a meeting between Letta
and President Giorgio Napolitano. Letta’s government has been
torn apart by the legal troubles facing Berlusconi, whose criminal
tax-fraud conviction subjects him to expulsion proceedings in the
parliament. Berlusconi said in a statement he has lost faith in the
government and called on the five ministers from his People of
Liberty Party to step down. (Bloomberg)
 Maersk calls bottom of trade cycle – Maersk, the world’s
leading container shipping company has called the bottom of the
global trade cycle, predicting that the world will come out of the
funk induced by the Eurozone crisis in the coming two years.
Maersk Line said it believed the downturn in trade had bottomed
out and predicted that demand for global containers would grow
by 4-6% in 2014 and 2015, up from recent forecasts of 2-3% for
2013. Maersk is one of the best corporate indicators of global
trade as it carries 15% of all seaborne containers. (Financial
Times)
Regional
 QNB Group forecasts GCC region capex to rise to 8.2% of
GDP – QNB Group has forecasted that the capital expenditure
(capex) in the GCC region will rise to 8.2% of the GDP in 2013,
up from 7.1% in 2012, as more projects get underway. This will
be the second highest level on record after 2009, which was a
distorted figure because the extremely low oil prices reduced the
regional GDP by 19% that year, although most capital projects
continued on schedule. Rail schemes such as the Doha, Riyadh
and Abu Dhabi metros and the high speed inter-city rail network
under construction in Saudi Arabia will boost the GCC region’s
capital spending going forward. (Bloomberg).
 Saudi provides $100mn loan to Pakistan to finance Neelum
Jhelum hydro-power project – Saudi Arabia is set to provide
$100mn loan to Pakistan for its $2.6bn Neelum Jhelum
hydropower project. The Kingdom had already provided $81mn
to Pakistan for this project, which is expected to generate 969
MW of electricity. Pakistan is also in talks with the Kuwait Fund
for Arab Economic Development (KFAED), the Abu Dhabi Fund
for Development, Exim Bank of Korea, Exim Bank of China, and
the Qatar government to raise another $475mn for this project.
(Bloomberg)
 Saudi IT&C spending to increase 12% to SR51.4bn in 2014 –
The International Data Corporation’s (IDC) Saudi Arabian
Director Abdulaziz Al Hilail said the spending on Information
Technology & Communication (IT&C) sector in the Kingdom is
estimated to increase 12% to reach SR51.4bn by 2014. The
volume of spending on software & IT services, which currently
stands at 34% of the overall IT&C spending, is expected to rise
40% by 2017. He said that Saudi Arabia is still in early stages to
shift to the third platform for IT&C services, which would make it
completely dependent on cloud computing, mobility, social
networking, and business analysis. (GulfBase.com)
 SATORP begins shipment of refined products from Jubail –
Saudi Aramco Total Refining & Petrochemical Company
(SATORP) has started shipping refined products from its Jubail
complex in Saudi Arabia. France-based Total, which owns
37.5% stake in SATORP JV, will lift the next shipment of diesel
cargo in late September. Saudi Aramco had earlier loaded the
first shipment of heavy fuel oil at the Jubail oil terminal on
September 23. SATORP has been producing commercial-grade
fuel oil and diesel since September 13. (GulfBase.com)
 Sipchem completes first phase of utility units of EVA &
LDPE plant in Jubail – Saudi International Petrochemical
Company (Sipchem) has announced the beginning of operations
of its utility units, offsite units and initial operation of some
process units of 200 kilo tons per annum (KTPA) ethylene vinyl
acetates (EVA) & low density poly ethylene (LDPE) plant owned
by International Polymers Company at its complex in Jubail
Industrial City. Hence, the company has completed the first
phase, which includes installation and testing of major
equipment & pre manufactured modules prior to the completion
of basic preparations for initial start-up, expected during
4Q2013. (Tadawul)
 STC to sell its Indonesian unit to XL Axiata – The Saudi
Telecom Company (STC) has reached an agreement with
Malaysia-based XL Axiata to sell its Indonesian subsidiary, PT
Axis Telekom (AXIS). This transaction will value AXIS at an
enterprise value of SR3.24bn on a cash-free and debt-free
basis. Under this agreement, the existing debt of AXIS with its
lenders and vendors will be settled before handover.
(GulfBase.com)
 Saudi Hollandi’s board approves sukuk to increase capital –
Saudi Hollandi Bank’s (SHB) board of directors has approved
the company’s plan to issue sukuk to private investors for
increasing its capital. SHB has not announced the amount it
plans to raise from this offer. Earlier in November 2012, the
bank had sold Islamic bonds worth SR1.4bn to boost its Tier 2
capital. (GulfBase.com)
 KAEC to begin land plots sale in Beach Community 2 – The
King Abdullah Economic City (KAEC) has announced that the
sale of land plots in Beach Community 2 will begin on
September 29, 2013. The first sales event will be held at Al
Faisaliah Hotel in Riyadh between September 29 and October 1,
followed by an event at Hilton Al Qasr in Jeddah during October
5-7. (AME Info)
 Smart Link completes first phase of NCC project – Smart
Link BPO Solutions & Contact Centers has successfully
completed the first phase of the National Contact Center (Amer)
project for Saudi Arabia’s e-government program, “Yasser”.

5. Page 5 of 7
Smart Link has set up the latest technologies and multi-channel
contact center systems for the mega distributed infrastructure
project in Riyadh and Jeddah, which will be operated by
qualified Saudi nationals. (GulfBase.com)
 Dubai issues new resolution on property fees – The Dubai
Executive Council’s Chairman Shaikh Hamdan bin Mohammed
bin Rashid Al Maktoum has issued a new resolution on land
fees for 2013 for regulating the fees collection and evaluating
registrations of real-estate transactions, and other services
provided by the Dubai Land Department. This new resolution
states that fees applied on property sales will be divided equally
between both the parties of the contract. The resolution also
states that the lease-to-own contracts will be subject to a
registration fee of 2% on the property’s value, which will be paid
by the owner. If it is a lease, then another 2% of the property
value (+0.25% of lease finance) will be paid by the lesser,
unless agreed otherwise. Under this new resolution, the Land
Department may collect the defined fees on registration of
“musataha” structure contracts, exit contracts, donation in kind
contracts, wills, mortgage, debt conversion, family waqf and
leaser heir’s rights. (GulfBase.com)
 Dubai to double real estate fee to fight speculation – Dubai’s
Land Department Director General Sultan Butti Bin Mejren said
the Emirate will double the registration fee charged on real
estate transactions in an effort to prevent excessive speculation
in its property market. The fee will increase to 4% from 2% on
October 6. Warehouses and industrial property will be excluded
from the increase. This will affect the quick selling of property
and will limit the flipping of property and protect the market.
(Gulf-Times.com)
 DMCA launches new marine craft licensing service – The
Dubai Maritime City Authority (DMCA) has launched a new
marine craft licensing service in Dubai to enable a vibrant
maritime industry in line with its Dubai Maritime Sector Strategy
(MSS). MSS aims to develop, regulate and promote the
maritime industry in the Emirate to position Dubai as a leading
international maritime hub. (GulfBase.com)
 DSCE signs MoU with China Sonangol to set up oil refinery
– The Dubai Supreme Council of Energy’s (DSCE) Chairman
Shaikh Ahmed bin Saeed Al Maktoum has inked a MoU with
China Sonangol Group to set up a crude oil refinery in Dubai.
This new refinery will process refined products for domestic and
international markets. Noor Investment Group will act as the
financial advisor to DSCE. This new refinery will further boost
the total refining capacity in the UAE. (GulfBase.com)
 MAF to delay investing in Egypt, Syria – Dubai-based Majid
Al Futtaim Holding’s (MAF) Senior Vice-President for Retail
International Development Younus Al Mulla said the company
will not pursue investments in Egypt and Syria until stability
returns among them. MAF was in advanced talks to buy Egypt’s
supermarket chain Metro from the family-owned Mansour
Group. (Peninsula Qatar)
 Emirates REIT plans to offer IPO within 2013 – Emirates
REIT, the UAE’s first real estate investment trust, is planning to
offer an initial public offer (IPO) on the NASDAQ Dubai
exchange before the end of 2013. (GulfBase.com)
 Dana Gas: Egypt’s output capacity hike depends on
government payments – Dana Gas’ CEO Patrick Allman-Ward
said the company is willing to increase output capacity in Egypt
if the government pays sufficient money that it is owed for
production in the North African country. He added that
receivables collected currently are not enough to allow the
company to go ahead with the funding plan that it had originally
put in place for 2013. (Gulf-Times.com)
 Mubadala’s income rises to AED2.1bn in 1H2013 – Abu
Dhabi-based Mubadala Development Company (Mubadala) has
reported that its total comprehensive income increased to
AED2.1bn in 1H2013 as compared to AED1.1bn in 1H2012.
However, revenues decreased to AED14.8bn in 1H2013 as
compared to AED16bn in 1H2012, while the operating income
decreased to AED614mn from AED2.3bn. (AME Info)
 ADNOC delivers 2mn barrels of crude to South Korean
storage facilities – South Korea's Energy Ministry said that the
Abu Dhabi National Oil Company (ADNOC) has delivered 2mn
barrels of crude oil to storage facilities in South Korea. These
storage facilities were leased by ADNOC in 2012 to store 6mn
barrels. The ministry also said that the remaining 4mn barrels
are scheduled to be delivered within six months. (GulfBase.com)
 Etihad unveils European HQ in Berlin – Etihad Airways has
opened its new European headquarters (HQ) in Berlin to
enhance its presence in the German domestic market and
strengthen its strategic relationship with Air Berlin. This new
office will house 35 employees working in Etihad Airways’
European sales & marketing teams, and will have reservations &
ticketing counters. (GulfBase.com)
 National Air Cargo signs MoU with Etihad Rail – Etihad Rail,
the developer and operator of the UAE's national railway
network, announced the signing of a Memorandum of
Understanding (MoU) with National Air Cargo. The agreement
will see National Air Cargo incorporating rail transport into its
offerings to meet the needs of its clients in the UAE as well as in
Gulf markets via Etihad Rail's connection to the GCC-wide
railway network. The MOU will allow for the diversification of the
range of business solutions available to National Air Cargo's
clients, with freight-forwarding capabilities to now include a mix
of sea, air and rail transport. (GulfBase.com)
 ADNPM orders AED200mn tissue manufacturing machine –
The Abu Dhabi National Paper Mill (ADNPM) has placed an
order worth AED200mn with Finland-based METSO to purchase
UAE's first PM3 NTT tissue manufacturing machine. To be
delivered by 2Q2015, this machine will increase ADNPM’s
current tissue paper production capacity of 63,000 tons to
90,000 tons per annum. (AME Info)
 Kuwait's oil exports to South Korea fall 13% in August –
According to the data released by the Korea National Oil
Corporation (KNOC), Kuwait's crude oil exports to South Korea
fell 13% YoY to 9.76mn barrels or 315,000 barrels per day (bpd)
in August 2013. Kuwait has supplied 13.9% of South Korea's
total crude oil imports in August. However, the data showed that
crude oil sales to South Korea have increased by 1.6% YoY to
91.63mn barrels or 377,000 bpd over January-August 2013.
(Bloomberg)
 Oman plans to release list of companies to be privatized –
Oman’s Minister for Financial Affairs Darwish Al Balushi said
that the Sultanate is planning to release a list of state-owned
companies in January 2014, which are to be privatized. Balushi
said the government owned more than 60 companies across
various sectors, including some well-established firms with good
profits and robust performance. Meanwhile, IMF had predicted
that Oman's state budget could slip into a deficit of 0.9% of GDP
in 2015, widening to 6.8% in 2018. (GulfBase.com)
 Sembcorp Salalah completes IPO for 33.4mn shares –
Sembcorp Salalah Power & Water Company (SAOG) has
successfully completed the IPO for its 33.4mn existing ordinary
shares, representing 35% of the company’s total share capital.

6. Page 6 of 7
These shares were priced at OMR1.59 per share and have
raised OMR53mn, indicating a market capitalization of
OMR152mn. HSBC Bank Oman acted as the issue manager,
while HSBC Bank Middle East was the sole global coordinator
and book-runner. (AME Info)

7. 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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&P Pan Arab S&P GCC
(0.3%) (0.2%)
(1.5%)
0.1%
0.7%
0.1%
0.5%
(2.0%)
(1.4%)
(0.7%)
0.0%
0.7%
1.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,336.65 0.9 0.8 (20.2) DJ Industrial 15,258.24 (0.5) (1.2) 16.4
Silver/Ounce 21.79 0.3 0.0 (28.2) S&P 500 1,691.75 (0.4) (1.1) 18.6
Crude Oil (Brent)/Barrel (FM
Future) 108.63 (0.5) (0.5) (2.2)
NASDAQ 100
3,781.59 (0.2) 0.2 25.2
Natural Gas (Henry
Hub)/MMBtu 3.50 0.5 (4.9) 2.2
STOXX 600
312.18 (0.3) (0.6) 11.6
North American Spot LPG
Propane Price 105.75 1.7 (3.8) 17.5
DAX
8,661.51 (0.0) (0.2) 13.8
North American Spot LPG
Normal Butane Price 138.00 0.0 2.4 (21.8)
FTSE 100
6,512.66 (0.8) (1.3) 10.4
Euro 1.35 0.2 (0.0) 2.5 CAC 40 4,186.77 0.0 (0.4) 15.0
Yen 98.24 (0.8) (1.1) 13.2 Nikkei 14,760.07 (0.3) 0.1 42.0
GBP 1.61 0.6 0.8 (0.7) MSCI EM 999.88 (0.3) (1.3) (5.2)
CHF 1.10 0.5 0.5 1.1 SHANGHAI SE Composite 2,160.03 0.2 (1.5) (4.8)
AUD 0.93 (0.5) (0.8) (10.4) HANG SENG 23,207.04 0.4 (1.3) 2.4
USD Index 80.52 0.0 0.1 0.9 BSE SENSEX 19,727.27 (0.8) (2.6) 1.5
RUB 32.33 0.1 1.6 5.9 Bovespa 53,738.92 (0.1) (0.7) (11.8)
BRL 0.44 (0.5) (1.9) (9.1) RTS 1,432.87 (1.3) (2.1) (6.2)
137.7
125.6
114.2