1. QE Intra-Day Movement
Market Indicators
9,850
9,800
9,750
9,700
9:30
31 Oct 13
30 Oct 13
%Chg.
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
381.3
533,105.7
8.0
5,388
38
26:11
298.8
528,428.8
8.7
3,066
36
20:11
27.6
0.9
(7.2)
75.7
5.6
–
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.8% to close at 9,837.5. Gains were led by the Insurance
and Industrials indices, gaining 1.6% and 1.2% respectively. Top gainers were
Qatar Insurance Co. and QNB Group, rising 2.6% and 2.1% respectively.
Among the top losers, Widam Food Co. fell 1.6%, while Mazaya Qatar Real
Estate Dev. declined 1.5%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,055.51
2,466.67
2,337.58
3,220.11
1,830.07
1,823.05
2,331.58
1,438.50
5,891.43
2,813.42
0.8
0.8
0.9
1.2
0.5
0.7
1.6
(0.2)
0.2
0.5
1.9
1.8
1.8
3.1
1.4
1.0
0.3
0.7
0.4
1.1
24.2
22.4
19.9
22.6
36.5
13.1
18.7
35.1
26.1
13.1
N/A
12.5
12.6
11.7
12.4
12.5
9.6
19.9
22.3
14.7
Close#
1D%
Vol. ‘000
0.37
4.3
0.5
2.9
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.5% to close at 8,044.5. Gains were led
by the Agri. & Food Ind. and Transport indices, rising 1.4% and 1.2%
respectively. City Cement Co. gained 3.8%, while MEDGULF was up 3.6%.
IFA Hotels & Resorts
Kuwait
City Cement Co.
Saudi Arabia
24.90
3.7
2,189.7
44.3
Dubai: The DFM index gained 0.2% to close at 2,922.2. The Insurance index
rose 1.2%, while the Investment & Financial Services index was up 0.5%.
Oman Insurance Co. gained 14.9%, while Agility was up 14.7%.
MEDGULF
Saudi Arabia
29.10
3.6
1,763.8
29.0
Saudi Public Transport
Saudi Arabia
21.90
3.5
5,005.9
32.7
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 3,845.7. The
Insurance index gained 1.9%, while the Industrial index was up 1.6%. Al Ain Al
Ahlia Insurance Co. surged 15.0%, while Eshraq properties Co. gained 9.2%.
United Real Estate Co.
Kuwait
0.12
3.4
211.8
0.0
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.3% to close at 7,946.4. The Technology
index rose 2.4%, while the Consumer Services index was up 1.1%. Kuwait
Hotels Co. gained 8.2%, while KIPCO Asset Management Co. was up 8.1%.
NBQ
Abu Dhabi
3.00
(4.8)
0.1
62.2
Ahli United Bank
Kuwait
0.73
(2.7)
150.0
(2.1)
Oman: The MSM index rose 0.2% to close at 6,674.1. The Industrial index
gained 0.7%, while all other indices ended in green. National Gas Co. rose
9.7%, while A'Sharqiya Investment Holding Co. was up 5.5%.
Al Hassan G I Shaker
Saudi Arabia
74.25
(2.3)
213.6
15.1
Mabanee Co.
Kuwait
1.22
(1.6)
461.6
13.7
National Ind. Co.
Saudi Arabia
27.40
(1.4)
2,941.3
(1.1)
Bahrain: The BHB index gained 0.3% to close at 1,201.8. The Comm.
Banking index rose 0.6%, while the Hotel & Tourism index was up 0.1%.
Bahrain Family Leisure gained 4.8%, while Nat. Bank of Bahrain was up 3.2%.
##
#
Close
1D% Vol. ‘000
YTD%
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Insurance Co.
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
63.50
Qatar Exchange Top Gainers
2.6
309.2
17.7
Widam Food Co.
48.25
(1.6)
77.7
(17.9)
11.38
(1.5)
455.3
3.5
Qatar Exchange Top Losers
QNB Group
166.00
2.1
142.8
26.8
Mazaya Qatar Real Estate Dev.
Industries Qatar
159.50
1.9
544.9
13.1
Commercial Bank of Qatar
66.30
(1.3)
854.6
(6.5)
Gulf International Services
58.60
1.7
238.8
95.3
Doha Insurance Co.
25.00
(1.0)
229.7
1.8
Qatar & Oman Investment Co.
12.35
1.6
260.8
(0.3)
Aamal Co.
14.25
(0.8)
45.9
4.7
YTD%
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
United Development Co.
22.00
1.0
1,665.6
23.6
Industries Qatar
159.50
1.9
86,373.5
13.1
Commercial Bank of Qatar
66.30
(1.3)
854.6
(6.5)
Commercial Bank of Qatar
66.30
(1.3)
56,411.1
(6.5)
Qatar Exchange Top Vol. Trades
26.80
Industries Qatar
Mazaya Qatar Real Estate Dev.
0.8
599.8
(2.4)
United Development Co.
159.50
Barwa Real Estate Co.
1.9
544.9
13.1
QNB Group
11.38
(1.5)
455.3
3.5
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
1.0
36,516.5
23.6
2.1
23,520.1
26.8
63.50
2.6
19,312.1
17.7
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Insurance Co.
22.00
166.00
Close
1D%
WTD%
MTD%
YTD%
9,837.49
2,922.18
3,845.72
8,044.47
7,946.39
6,674.07
1,201.79
0.8
0.2
0.1
0.5
0.3
0.2
0.3
1.9
0.4
(0.9)
(1.5)
(0.1)
0.1
(0.1)
2.4
5.8
0.1
1.0
2.3
0.4
0.7
17.7
80.1
46.2
18.3
33.9
15.9
12.8
Exch. Val. Traded
($ mn)
104.77
126.95
159.09
1,212.38
130.64
31.30
0.63
Exchange Mkt.
Cap. ($ mn)
146,444.1
70,176.2
111,348.1
433,772.6
110,906.7
23,774.7
16,923.3
P/E**
P/B**
12.6
15.9
10.8
16.4
19.1
10.8
8.2
1.7
1.2
1.3
2.1
1.3
1.6
0.8
Dividend
Yield
4.7
3.1
4.7
3.6
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 7

2. Qatar Market Commentary
 The QE index rose 0.8% to close at 9,837.5. The Insurance 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
63.07%
73.59%
(40,147,499.44)
Non-Qatari
 Qatar Insurance Co. and QNB Group were the top gainers, rising
2.6% and 2.1% respectively. Among the top losers, Widam Food
Co. fell 1.6%, while Mazaya Qatar Real Estate Dev. declined
1.5%.
Buy %*
36.94%
26.41%
40,147,499.44
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday declined by 7.2% to 8.0mn
from 8.7mn on Wednesday. However, as compared to the 30day moving average of 6.5mn, volume for the day was 23.2%
higher. United Development Co. and Commercial Bank of Qatar
were the most active stocks, contributing 20.7% and 10.6% to
the total volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Market
Currency
Revenue
(mn) 3Q2013
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
Net Profit (mn)
3Q2013
% Change
YoY
Saudi Cable Co. (SCC)
Weqaya Takaful Insurance &
Reinsurance Co.
Saudi Indian Company for
Cooperative Insurance
Emirates Integrated
Telecomm. Co. (EITC)
Saudi Arabia
SR
–
–
-14.4
27.9%
-8.0
-41.3%
Saudi Arabia
SR
66.9
-14.8%
–
–
–
–
Saudi Arabia
SR
22.5
-11.6%
–
–
–
–
Dubai
AED
2,643.0
8.0%
1,064.0
11.2%
474.0
45.0%
Dubai Investments (DI)
Ras Al Khaimah Ceramic
Co. (RAK Ceramics)
Dubai
AED
630.8
11.1%
–
–
161.1
97.8%
Abu Dhabi
AED
922.3
7.1%
90.5
22.1%
72.0
152%
Abu Dhabi Aviation (ADA)
Ras Al Khaimah Poultry &
Feeding Co. (Rapco)
Gulf Pharmaceutical
Industries (Julphar)
Abu Dhabi
AED
392.4
-4.5%
94.7
8.1%
61.5
73.9%
Abu Dhabi
AED
11.8
89.8%
–
–
–
-97.0%
Abu Dhabi
AED
307.0
13.0%
–
–
50.2
17.9%
RAK Properties*
Oman Investment & Finance
Co. (OIFC)**
Gulf International Chemicals
(GIC)*
Port Services Corporation
(PSC)*
Abu Dhabi
AED
170.4
-67.8%
–
–
70.7
-17.9%
Oman
OMR
–
–
–
–
3.2
227.3%
Oman
ONR
2.7
10.7%
–
–
0.3
9.1%
Oman
OMR
19.1
6.9%
–
–
4.9
4.4%
Bahrain Cinema Co. (BCC)
Bahrain
BHD
–
–
–
–
1.5
20.3%
Source: Company data, DFM, ADX, MSM (* results for nine months ended Sept 2013, ** results for
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
10/31
US
US Treasury
Monthly Budget Statement
September
$75.1B
$69.0B
$75.2B
10/31
US
Department of Labor
Initial Jobless Claims
26-October
340K
338K
350K
10/31
US
Department of Labor
Continuing Claims
19-October
2881K
2870K
2850K
10/31
US
Bloomberg
Bloomberg Consumer Comfort
27-October
11/02
US
Bloomberg
Total Vehicle Sales
October
11/02
US
Bloomberg
Domestic Vehicle Sales
October
11.73M
11.90M
11.66M
10/31
EU
Eurostat
Unemployment Rate
September
12.20%
12.00%
12.20%
10/31
EU
Eurostat
CPI Estimate YoY
October
0.70%
1.10%
1.10%
10/31
EU
Eurostat
CPI Core YoY
October
0.80%
1.00%
1.00%
10/31
France
INSEE
PPI MoM
September
0.30%
–
0.10%
10/31
France
INSEE
PPI YoY
September
-0.80%
0.00%
-0.90%
10/31
France
INSEE
Consumer Spending MoM
September
-0.10%
0.30%
-0.30%
10/31
France
INSEE
Consumer Spending YoY
September
-0.10%
0.20%
0.10%
10/31
Germany
Destasis
Retail Sales MoM
September
-0.40%
0.40%
-0.20%
10/31
Germany
Destasis
Retail Sales YoY
September
0.20%
1.10%
0.40%
10/31
Germany
Destasis
Import Price Index MoM
September
0.00%
0.10%
0.10%
-37.6
–
-36.1
15.15M
15.43M
15.21M
Page 2 of 7

3. 10/31
Germany
Destasis
Import Price Index YoY
September
-2.80%
-2.80%
10/31
Germany
GfK
GfK Consumer Confidence
November
7.0
7.2
-3.40%
7.1
10/31
UK
GfK NOP (UK)
GfK Consumer Confidence
October
-11
-8
-10
10/31
UK
Nationwide Building Soc.
Nationwide House PX MoM
October
1.00%
0.70%
0.90%
10/31
UK
Nationwide Building Soc.
Nationwide House Px NSA YoY
October
5.80%
5.10%
5.00%
10/31
Spain
Ministerio de Fomento
Housing Permits MoM
August
-53.70%
–
26.10%
10/31
Spain
Ministerio de Fomento
Housing Permits YoY
August
-27.10%
–
-1.20%
10/31
Spain
Bank of Spain
Current Account Balance
August
2.5B
–
1.6B
10/31
Italy
ISTAT
Unemployment Rate
September
12.50%
12.30%
12.40%
11/01
China
CFLP
Manufacturing PMI
October
51.4
51.2
51.1
11/01
China
HSBC/Markit Manufacturing PMI
October
50.9
50.7
50.2
10/31
Japan
Markit/JMMA Manufacturing PMI
October
54.2
–
52.5
10/31
Japan
Labor Cash Earnings YoY
September
0.10%
-0.40%
-0.90%
10/31
Japan
Housing Starts YoY
September
19.40%
12.10%
8.80%
10/31
Japan
HSBC BANK PLC
Markit/Nomura
Securities Co.,L
Ministry of Health,
Labour & Welfare
Ministry of Land, Infra. &
Tourism
Ministry of Land, Infra. &
Tourism
Construction Orders YoY
September
89.80%
–
21.40%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 S&P Dow Jones indices to upgrade Qatar, UAE to emerging
market status – S&P Dow Jones Indices has decided to
promote both Qatar and the UAE to emerging market status
from frontier market category with effect from September 2014.
The company cited Qatar's efforts to raise foreign ownership
limits for stocks, though the limits were still below the levels of
most emerging markets, as well as reforms to settlement
systems and trading facilities. S&P Dow Jones Indices further
stated the UAE‟s current foreign ownership limit of 49% is
satisfactory and it expects that this limit will be relaxed over the
coming years. (GulfBase.com, Reuters)
 EIU: Qatar to keep riyal pegged to dollar – According to the
Economist Intelligence Unit (EIU), the Qatari riyal will remain
pegged to the US dollar and a revaluation is not expected in the
next financial year as well. EIU said the currency is well
supported by Qatar‟s hydrocarbons revenue and foreign assets.
Plans to create a single currency for the Gulf region are unlikely
to be realized over the next five years. Qatar‟s real economic
growth would remain robust, averaging 4.5% during 2012-30 on
a slowing trend. Qatar‟s population will steadily grow to reach
3.4mn by 2030, largely due to immigration. As a result, growth in
real GDP per head will be much slower than headline growth.
Qatar has also moved to 20th position from 21st in the EIU
global ranking on business environment, driven by the rapid
development of its infrastructure, increased availability of
financing, as well as strong policies on tax and trade. Qatar tops
the group of 17 countries in business environment rankings for
EIU‟s forecast period of 2013-17. EIU said Qatar has the lowest
non-performing loan ratio in the region, at around 2%.
Substantial surpluses will enable Qatar to meet its debtobligations easily, despite having borrowed heavily to finance
the development of new gas and petrochemical facilities. (GulfTimes.com)
 QE-listed companies report 6.67% rise in net profit for
9M2013 – The 41 companies listed on the Qatar Exchange (QE)
surpassed their net profitability in the first nine months of this
year. The 41 listed companies have reported a 6.67% growth in
net profits against 1.88% in the comparable period of 2012.
Their cumulative net profits stood at QR30.14bn during JanuarySeptember as compared to QR28.26bn in 9M2012. (GulfTimes.com, QE)
 Qatargas: China, India demand raises LNG prospects –
Qatargas CEO Sheikh Khalid bin Khalifa al-Thani said demand
for cleaner and flexible energy from emerging economies such
as China and India provides brighter prospects for liquefied
natural gas. In 2012, Asia imported an additional 15.6mn tons of
LNG over 2011, which represents a YoY increase of 10%. Due
to its nuclear reactor shutdown, Japan alone represented over
50% of the Asian LNG consumption growth with imports
reaching 87.5mn tons in 2012. Over the next three years, new
LNG receiving terminals with a total capacity of 23mn tons per
year will be added in China. Similarly, India is expanding its LNG
receiving capacity and its gas pipeline network to pave the way
for increased imports over the coming years. About LNG pricing,
the Qatargas CEO said gas prices will remain regionalized for
the foreseeable future and the North American exports will not
attain the scale and pace that would force a significant change
in the current pricing structure in Europe and Asia. (GulfTimes.com)
 Qatar Holding builds small stakes in BofA, Samsung –
According to sources, Qatar Holding has built small stakes in the
Bank of America (BofA) and Samsung Electronics, as the
sovereign wealth fund continues on its strategy of gaining
minority stakes in large global companies. The fund, one of the
world‟s most prolific investors, has a stake worth about $1bn in
Bank of America, while its stake in Samsung is worth around
$200-300mn, sources said. In recent months, Qatar has picked
up minority stakes in companies such as oil giant Royal Dutch
Shell, jewelry maker Tiffany & Co, and German manufacturer
Siemens. (Gulf-Times)
 Credit Suisse exchanges $4.5bn Qatar notes – Credit Suisse
Group, leading Swiss bank, said it has exchanged $4.5bn worth
of notes held by the Qatar Investment Authority for debt that
qualifies as capital under stricter rules. The Zurich-based bank
and Qatari sovereign wealth fund have swapped Tier 1 capital
notes for contingent-convertible bonds on October 23 in a
transaction approved by the Swiss financial regulator. The swap
helps the Swiss bank to meet demands from the regulator to
boost capital reserves that can better absorb losses amid turmoil
such as the meltdown of the US housing market. (GulfTimes.com)
 QNB offers new package for retired Qataris – QNB has
introduced a new package of banking benefits aimed at retired
Page 3 of 7

4. Qataris for providing the best priced financial services. The
program provides a number of benefits that include a 25%
discounted interest rate on QNB credit cards, a 50% discount
on all bank fees, bonus rate on fixed deposits, a discount on
personal & vehicle loan interest rates, and reduced cost car
insurance on QNB vehicle loans. (Gulf-Times.com)
 Doha Bank targets tripling overseas profit share on growth
in Asia – Doha Bank, Qatar‟s fifth-largest lender by assets, aims
to triple its profit from overseas activities to as much as 30% of
net income by 2015 as trade between Gulf countries and Asia
increase. The bank‟s CEO Raghavan Seetharaman said the
bank‟s expansion (excluding acquisitions) is expected to raise
overseas profit from about 10% now to 30%. He said the lender
is seeking branch licenses in India and China, which top its list
of foreign markets to establish a foothold in. Meanwhile, Doha
Bank plans to issue a QR2bn Tier 1 perpetual bond by the end
of March 2014 to bolster lending and fund expansion abroad.
Earlier, it had attracted QR2.8bn in a rights offer in March this
year and in May reiterated plans to sell shares in London. (GulfTimes.com)
 Nakilat appoints new members to the top management team
– Nakilat board of directors has appointed Eng. Abdullah
Fadhalah Al-Sulaiti as Nakilat‟s Managing Director. The board
also has appointed Mr. Muhammad Ghannam as an „Expert‟ in
the Managing Director Office. (QE)
 FIC invites Qataris to invest in German equity market –
Germany is seeking Qatari investors, banks and businesses to
invest in its equity market. In this regard, the German Equity
Forum is being organized November 11 to 13 in Frankfurt. The
event organizer Frankfurt International Consulting (FIC) said by
investing in or partnering with German companies, Qatari
businesses can profit in multiple ways including gaining product
know-how, technology transfer, and employees exchange
programs. Further, FIC said the transfer of technology from
Germany plays a crucial role in achieving Qatar‟s ambitious
National Vision 2030. (Gulf-Times.com)
International
 UK growth forecasts raised by CBI – The Confederation of
British Industry (CBI) raised its forecasts for the economic
growth in the UK, and said it expects business investment and
trade to aid the recovery starting next year. In its quarterly
report, the business lobby expected the UK economy to expand
1.4% this year and 2.4% in 2014, which is up from 1.2% and
2.3% projected earlier in August. The group also said that
unemployment – which the Bank of England has set as the key
indicator for its guidance on policy – will decline to 7.2% by the
end of 2015 from its current 7.7%. (Bloomberg)
 Fitch revises Spain’s outlook to Stable – Fitch Ratings raised
its outlook on Spain‟s rating to Stable from Negative, saying the
nation‟s overhaul of banks has advanced well and its financing
conditions have improved. The rating agency affirmed its BBB
rating, leaving the country at the second-lowest investment
grade. Spain has improved its policy track record, with
improvements to its labor market, pension system and budget, it
said. Fitch said the recovery from the prolonged recession came
sooner than it had forecast, and the adjustment from a current
account deficit to surplus has been faster than expected.
However, the Spanish economy will remain weak, growing 0.5%
in 2014, less than the government‟s 0.7% estimate. (Bloomberg)
 US Fed to test banks for interest rate rise, housing collapse
– The Federal Reserve said it will examine how the biggest US
banks will react to a jump in long-term interest rates and another
housing crash during the next round of stress-test scenarios
designed to monitor the US financial system‟s ability to
withstand economic shocks. The central bank will gauge bank
resilience against declines in the prices of high-risk, high-yield
loans and debt, and some high-priced real estate markets
around the country. The Fed is using these tests to encourage
the 30 biggest US banks to build capital cushions against
economic turmoil. The Fed also inserted a test for large trading
and clearing banks on counterparty default. Meanwhile, the 18
bank holding companies tested previously have increased their
aggregate Tier 1 common capital to $836bn in 2Q2013 from
$392bn in 1Q2009, the Fed said. Their Tier 1 common ratio has
more than doubled to a weighted average of 11.1% from 5.3%.
(Bloomberg)
 Inflation risk seen when Fed unwinds balance sheet – The
Federal Reserve Bank of Philadelphia President Charles
Plosser said inflation will be a concern as the US Fed unwinds
its balance sheet following unprecedented asset purchases.
Plosser said over $2 trillion of excess reserves have been
created, which are sitting on the balance sheets of the banks.
These reserves will become inflationary when they start to flow
out of the banking system, which can worries about inflation.
The Fed‟s preferred gauge of inflation, the personal
consumption expenditures index, rose 1.2% in August, but it has
not breached the 2% target since March 2012. (Bloomberg)
 Ukraine rating Cut to Greek level by S&P as devaluation
seen – Ukraine‟s debt rating was cut to the same junk level as
Greece by Standard & Poor‟s, which said the government is
struggling to weather a shortage of foreign currency, increasing
the likelihood of a hryvnia devaluation. The rating company
lowered Ukraine‟s long-term sovereign credit rating one step to
B-, six levels below investment grade, with a negative outlook.
That leaves the eastern European nation on par with Greece
and Belize, both of which have restructured debt in the past
several years. S&P said “devaluation of the Ukrainian hryvnia
has become more likely. The potential magnitude of this has
also increased in light of the government‟s defense of the
exchange rate through the depletion of foreign-currency
reserves.” (Bloomberg)
 RBS avoids break-up by creating a £38bn internal bad bank
– The Royal Bank of Scotland (RBS) is to create an internal
“bad bank” to fence off its riskiest assets, as part of a raft of
measures designed to heal its relationship with the British
government and speed up its eventual privatization. The
government is keen to offload its stakes in RBS and Lloyds
Banking Group as soon as possible, after pumping a combined
£66bn ($106bn) into these banks to keep them afloat during the
2008 financial crisis. Britain began selling shares in Lloyds at a
profit earlier this year, but a sale of its 81% stake in RBS is
much further off, with taxpayers still sitting on a paper loss of
nearly £14bn at current prices. The government stopped short of
ordering a formal break-up of the bank, which had been
advocated by the former Bank of England Governor Mervyn
King, and by Nigel Lawson, a former UK finance minister. They
had argued that the break-up would leave the bank better
placed to lend and support the UK economy, but opponents said
it would be too expensive and complicated. (Gulf-Times.com)
Regional
 Acwa Power plans to go public, to invest $3bn in solar
plants – Saudi-based Acwa Power is planning for a stock
market listing and expects to invest over $3bn in solar plants
over the next five years. (GulfBase.com)
 Kingdom plans to expand its port capacity to meet rising
demand – The Saudi Ports Authority‟s (SPA) General Manager
Musaed Al Darees said that the Kingdom is planning to expand
Page 4 of 7

5. its ports handling capacity by around 29mn tons in order to meet
the steady rise in trade demand. The expansion, which will be
launched shortly, will raise the combined capacity of the
Western Red Sea port of Jeddah and other sea ports to nearly
500mn tons per year from its current 471mn tons.
(GulfBase.com)
mechanism could help fund managers to raise assets under
management by tapping into a wider client pool and provide a
geographically diverse range of products to their investors. This
plan is part of a bilateral agreement that was signed between
the two central banks, aimed at building closer economic ties
with a focus on Islamic finance. (GulfBase.com)
 IDB plans to invest $27.3mn in Kingdom’s dairy market –
The Irish Dairy Board Cooperative Limited (IDB) is planning to
invest $27.3mn in Saudi Arabia by acquiring 75% stake in Al
Wazeen Trading. IDB is also planning to develop a new cheese
manufacturing plant at this facility, which will produce a range of
fresh white cheeses that appeal to local market tastes. This new
facility will initially supply dairy products to Saudi Arabian
market. This facility will also include an Innovation Hub for
continued R&D on white cheese technologies. (Bloomberg)
 Mashreqbank signs partnership deal with UNB for
AED392mn syndicated contracting facility – Mashreqbank
has entered into a partnership agreement with the Union
National Bank (UNB) to raise a syndicated contracting facility
worth AED392mn for the expansion of Midfield Terminal
Complex at Abu Dhabi International Airport. (Bloomberg)
 STC signs deal with Wataniya to fully acquire BRAVO – The
Saudi Telecom Company (STC) has entered into an agreement
with Wataniya Group to acquire the full ownership of the Public
Telecommunications
Company
(BRAVO).
Under
this
agreement, Wataniya will pay SR244mn to settle STC‟s dues
and transfer all the assets of Bravo to STC. This acquisition will
enable STC to extract synergies by bundling offerings and
significantly improve the quality of service to its customers.
(Tadawul)
 Ashmore in talks to sell 65% stake in GEMS – UK-based
Ashmore Group is in talks to sell its 65% stake in Saudi-based
Global Environmental Management Services (GEMS). This sale
is likely to raise $250-350mn. Ashmore has appointed the Bank
of America Merrill Lynch to assist with this sale process.
(Reuters)
 City Cement’s BoD recommends SR189mn dividends – The
City Cement Company‟s board of directors has recommended
the distribution of dividends worth SR189mn (SR1 per share).
The company‟s shareholders who are registered with the
Securities Depository Center as on November 5, 2013 will be
eligible for this dividend, which will be distributed on November
20, 2013. (Tadawul)
 SAICO obtains SAMA’s approval for insurance product –
The Saudi Arabian Cooperative Insurance Company (SAICO)
has obtained a temporary approval from the Saudi Arabian
Monetary Agency (SAMA) to use its Motor Third Party Liability
insurance product for three months. (Tadawul)
 GGCI receives SAMA’s approval to use insurance products
– The Gulf General Cooperative Insurance Company (GGCI)
has obtained a temporary approval from SAMA to use Motor
Comprehensive – Commercial, Motor – Comprehensive and
Motor TPL insurance products for three months. (Tadawul)
 Aldar eyes rentals, smaller projects post-merger – Aldar
Properties, Abu Dhabi‟s leading real estate developer, will focus
on rental income and smaller projects instead of large
developments in order to avoid the risk of becoming
overstretched again, a senior executive said. The company‟s
Chief Development Officer said after the merger with Sorouh,
Aldar will focus more on earning income from malls, hotels and
other rental properties owned by it, along with building small
developments. Last year, Aldar merged with its smaller rival
Sorouh Real Estate to create a large business with $13bn worth
of assets. (Gulf-Times.com)
 UAE, Malaysia work on fund passporting mechanism to
facilitate fund sales – The Bank Negara Malaysia‟s Governor
Zeti Akhtar Aziz said that the central banks of Malaysia and the
UAE are working on a fund passporting mechanism that will
facilitate sale of funds from one country to the other. This
 UNB reports AED450.3mn net profit in 3Q2013 – The Union
National Bank has reported a net profit of AED450.3mn in
3Q2013, indicating a decline of 14.8% YoY. EPS stood at
AED0.5 for the nine months ended on September 30, 2013 as
compared to AED0.51 for the nine months ended on September
30, 2012. The bank‟s net interest income rose by 5.6% YoY to
AED595.4mn. However, total assets at the end of September
2013 stood at AED85.8bn, reflecting a YTD decrease of 1.5%.
Loan & advances rose by 5.6% YTD to AED60.6bn, while
customer deposits were up 1.3% YTD to AED64.3bn. (ADX)
 Hill International gets 2-year contract extension from
ADNOC – US-based Hill International has received a two-year
contract extension worth $13.3mn to continue providing project
management consultancy services for the new headquarters
complex of the Abu Dhabi National Oil Company (ADNOC).
ADNOC‟s new headquarters is expected to be completed by
January 2015. (Bloomberg)
 NBAD plans to establish 8 new banking hubs – The National
Bank of Abu Dhabi (NBAD) is planning to establish eight
banking hubs in Abu Dhabi, Mumbai, Lagos, Singapore, Hong
Kong, London, Paris and Washington DC in order to achieve its
plans for domestic and international expansion. (Bloomberg)
 NBF plans to open trade finance offices in Africa – The
National Bank of Fujairah (NBF) is planning to open trade
finance offices in Africa as part of its foreign business expansion
plan. NBF is also planning to expand its current network of 14
branches in the UAE with a few new ones in 2014.
(GulfBase.com)
 Etihad temporarily suspends flights to Tripoli – Etihad
Airways has temporarily suspended its three weekly passenger
flights and two weekly cargo flights to Tripoli airport in Libya due
to safety & operational challenges. (Bloomberg)
 Etihad Rail enters into MoU with RSA Logistics – Etihad Rail
has entered into MoU with RSA Logistics. This MoU will pave
way for RSA to use Etihad‟s rail network for its transport needs
in the UAE as well as cross-border services in other GCC
countries. (GulfBase.com)
 RAKBANK appoints new CEO – The National Bank of Ras Al
Khaimah‟s (RAKBANK) CEO Graham Honeybill has resigned
from his position effective October 31, 2013. Peter William
England, the CEO Designate, will take over as the CEO of the
bank from November 1, 2013. (ADX)
 Gulf Bank reports KD24.1mn net profit for 9M2013 – The
Gulf Bank has reported a net profit of KD24.1mn for the nine
months ended on September 30, 2013, reflecting an increase of
7.6% YoY. At the end of September 30, 2013, the bank‟s total
assets stood at KD5.06bn, while deposits were at KD4.2bn.
(GulfBase.com)
 HSBC Bank Oman reports OMR12.7mn net profit in 9M2013
– HSBC Bank Oman has reported a net profit of OMR12.7mn for
Page 5 of 7

6. the nine months ended on September 30, 2013, indicating
19.8% YoY growth. The bank‟s net interest income rose 34.8%
YoY to OMR36mn. Loan & advances declined 16.4% YoY to
OMR1.02bn, while customer deposits were up 3.2% YoY to
OMR1.93bn for the nine months ended on September 30, 2013.
(MSM)
 BQCA decides to redesign 40 kilometer strategic artery –
The Bahrain-Qatar Causeway Authority‟s (BQCA) board has
decided to redesign the 40-kilometer strategic artery between
the two countries. The redesigned blueprint will be ready when
work on the project begins. (GulfBase.com)
 AUB looks for acquisitions to expand in Middle East –
Bahrain-based Ahli United Bank‟s (AUB) CEO Adel El-Labban
said that the bank is looking for acquisitions in its existing
markets as well as among new ones in order to develop its
network across the Middle East region. (GulfBase.com)
Page 6 of 7

7. Rebased Performance
Daily Index Performance
1.2%
0.8%
0.8%
0.5%
0.3%
Bahrain
Kuwait
Abu Dhabi
Asset/Currency Performance
0.2%
0.1%
Oman
Source: Bloomberg
Qatar
0.0%
Saudi Arabia
0.2%
1D%
WTD%
Dubai
0.3%
0.4%
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Gold/Ounce
YTD%
DJ Industrial
Silver/Ounce
Close
S&P 500
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
NASDAQ 100
STOXX 600
DAX
FTSE 100
Euro
CAC 40
Yen
Nikkei
GBP
MSCI EM
CHF
SHANGHAI SE Composite
AUD
HANG SENG
USD Index
BSE SENSEX
RUB
Bovespa
BRL
RTS
Source: Bloomberg
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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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,
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