1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.1% to close at 9,743.7. Losses were led by the
Insurance and Industrials indices, declining 0.7% and 0.5% respectively. Top
losers were Qatar Cinema & Film Dist. Co. and Qatar Electricity & Water Co.,
falling 1.8% and 1.0% respectively. Among the top gainers, Qatar German Co.
for Medical Dev. rose 1.3%, while Medicare Group gained 1.2%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.2% to close at 7,977.3. Gains were led
by the Multi-Inv. and Petrochem. Ind. indices, rising 1.5% and 0.7%
respectively. WAFA Insurance rose 4.0%, while Aseer Trading was up 3.2%.
Dubai: The DFM index gained 0.2% to close at 2,798.3. The Insurance index
rose 2.4%, while the Banking index was up 1.1%. National General Insurance
Co. surged 14.5%, while Emirates NBD gained 3.8%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 3,850.9. The
Inv. & Fin. Ser. index gained 0.8%, while the Industrial index was up 0.5%.
Emirates Driving Co. surged 14.7%, while Gulf Pharma. Industry rose 3.1%.
Kuwait: The KSE index gained 0.1% to close at 7,703.5. The Technology
index rose 1.7%, while the Basic Material index was up 0.4%. Kuwait Building
Materials Manufacturing Co. gained 8.9%, while Hayat Comm. was up 7.7%.
Oman: The MSM index rose 0.1% to close at 6,648.2. Gains were led by the
Ind. and Services & Insurance indices, gaining 0.2% and 0.1% respectively.
Financial Ser. Co. rose 3.8%, while Oman Investment & Finance was up 2.9%.
Bahrain: The BHB index declined 0.4% to close at 1,191.2. The Services
index fell 1.1%, while the Commercial Banking index was down 0.6%. Trafco
Group declined 4.8%, while Bahrain Telecommunications Co. was down 1.8%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co. for Med. Dev. 15.60 1.3 50.4 5.5
Medicare Group 50.80 1.2 746.4 42.3
QNB Group 169.90 0.5 141.8 29.8
Ezdan Holding Group 17.19 0.5 44.2 (5.5)
Barwa Real Estate Co. 26.20 0.4 648.3 (4.6)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Medicare Group 50.80 1.2 746.4 42.3
Barwa Real Estate Co. 26.20 0.4 648.3 (4.6)
Gulf International Services 56.80 0.4 393.6 89.3
United Development Co. 21.93 (0.1) 347.2 23.2
Qatari Investors Group 30.45 (0.3) 285.6 32.4
Source: Bloomberg (* in QR)
Market Indicators 09 Oct 13 08 Oct 13 %Chg.
Value Traded (QR mn) 202.6 167.7 20.8
Exch. Market Cap. (QR mn) 529,887.2 529,984.4 (0.0)
Volume (mn) 4.4 3.7 17.9
Number of Transactions 2,572 2,193 17.3
Companies Traded 39 38 2.6
Market Breadth 15:18 18:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,921.48 (0.1) (0.2) 23.1 N/A
All Share Index 2,449.40 (0.1) (0.1) 21.6 12.1
Banks 2,361.65 0.2 0.0 21.2 12.4
Industrials 3,120.95 (0.5) 0.3 18.8 10.9
Transportation 1,798.53 (0.2) (1.1) 34.2 12.2
Real Estate 1,799.31 0.1 (0.2) 11.6 13.6
Insurance 2,233.71 (0.7) (1.4) 13.8 9.3
Telecoms 1,436.92 (0.3) (1.2) 34.9 15.1
Consumer 5,919.43 0.2 0.4 26.7 24.3
Al Rayan Islamic Index 2,803.58 (0.0) (0.1) 12.7 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Salhia Real Estate Co. Kuwait 0.36 4.3 0.0 (2.7)
Emirates NBD Dubai 5.50 3.8 335.0 93.0
Aseer Trading Co. Saudi Arabia 19.45 3.2 3,108.6 17.5
Gulf Pharma. Industry Abu Dhabi 3.29 3.1 28.8 19.6
Nat. Petrochemical Co. Saudi Arabia 21.75 2.6 555.5 8.7
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Taiba Holding Co. Saudi Arabia 43.10 (5.3) 4,607.1 73.4
Combined Group Cont. Kuwait 1.28 (3.0) 0.0 (12.3)
Abu Dhabi Nat. Ins. Co. Abu Dhabi 5.50 (2.7) 0.8 1.9
Banque Saudi Fransi Saudi Arabia 34.60 (2.5) 1,253.5 17.7
IFA Hotels & Resorts Kuwait 0.45 (2.2) 2.3 25.5
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%
Qatar Cinema & Film Dist. Co. 49.10 (1.8) 0.1 (13.7)
Qatar Electricity & Water Co. 158.20 (1.0) 1.5 19.5
Qatar Insurance Co. 60.50 (1.0) 45.7 12.1
Doha Insurance Co. 26.00 (1.0) 9.7 5.9
Islamic Holding Group 41.60 (1.0) 2.0 9.5
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Medicare Group 50.80 1.2 37,935.5 42.3
QNB Group 169.90 0.5 24,066.2 29.8
Gulf International Services 56.80 0.4 22,573.7 89.3
Barwa Real Estate Co. 26.20 0.4 17,023.5 (4.6)
Qatar Islamic Bank 67.70 (0.7) 15,923.5 (9.7)
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* 9,743.68 (0.1) (0.2) 1.4 16.6 55.65 145,507.0 12.0 1.7 4.7
Dubai 2,798.33 0.2 (0.9) 1.3 72.5 123.77 68,171.6 16.3 1.1 3.2
Abu Dhabi 3,850.92 0.1 (0.2) 0.2 46.4 66.66 110,408.7 11.0 1.4 4.7
Saudi Arabia 7,977.26 0.2 (0.5) 0.2 17.3 1,063.09 425,674.9 16.4 2.1 3.7
Kuwait 7,703.53 0.1 1.0 (0.8) 29.8 57.14 134,502.9 18.5 1.3 3.6
Oman 6,648.16 0.1 0.0 0.0 15.4 24.77 23,653.0 10.9 1.6 3.9
Bahrain 1,191.17 (0.4) (0.2) (0.2) 11.8 2.62 17,786.2 8.3 0.8 4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,740
9,750
9,760
9,770
9,780
9,790
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index declined 0.1% to close at 9,743.7. The Insurance
and Industrials indices led the losses. The index declined on the
back of selling pressure from Qatari shareholders despite buying
support from non-Qatari shareholders.
 Qatar Cinema & Film Dist. Co. and Qatar Electricity & Water Co.
were the top losers, falling 1.8% and 1.0% respectively. Among
the top gainers, Qatar German Co. for Medical Dev. rose 1.3%,
while Medicare Group gained 1.2%.
 Volume of shares traded on Wednesday rose by 17.9% to 4.4mn
from 3.7mn on Tuesday. However, as compared to the 30-day
moving average of 7.5mn, volume for the day was 41.7% lower.
Medicare Group and Barwa Real Estate Co. were the most
active stocks, contributing 17.1% and 14.9% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
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
Tourism Enterprises Co.
(Shams)
Saudi Arabia SR – – 2.3 4.0% 2.1 4.1%
Banader Hotels Co.
(Banader)
Bahrain BHD – – – – -0.1 320.6%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/09 US MBA MBA Mortgage Applications 4-October 1.30% – -0.40%
10/09 Germany Bundesbank Industrial Production SA MoM August 1.40% 1.00% -1.10%
10/09 Germany BMWi Industrial Production WDA YoY August 0.30% -1.40% -1.70%
10/09 UK BRC BRC Shop Price Index YoY September -0.20% – -0.50%
10/09 UK ONS Industrial Production MoM August -1.10% 0.40% 0.10%
10/09 UK ONS Industrial Production YoY August -1.50% -0.70% -1.10%
10/09 UK ONS Manufacturing Production MoM August -1.20% 0.40% 0.20%
10/09 UK ONS Manufacturing Production YoY August -0.20% 1.00% -0.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar trade surplus expands 2% YoY to QR32.97bn in
August – According to the preliminary estimates released by
the Ministry of Development Planning & Statistics (MDPS),
Qatar’s trade surplus expanded about 2% YoY to QR32.97bn
this August, mainly on robust exports of petroleum gases.
MDPS said the trade surplus has been achieved despite imports
growing faster than exports. Qatar’s total exports expanded
3.8% to QR40.91bn with double-digit growth in shipments to
China and India. Japan continued to be the top destination for
Qatar’s exports, followed by South Korea, India, China and the
UAE. Similarly, Qatar’s re-exports surged 26.5% to QR332mn
during the review period. Qatar’s exports of petroleum gases
and other gaseous hydrocarbons (LNG, condensates, propane
and butane) witnessed a healthy 17.6% growth to QR26.28bn.
However, non-crude petroleum oils and oils from bituminous
minerals shrank 20.7% to QR2.35bn. MDPS also said the
decline in crude and non-crude petroleum oils was due to
increased domestic consumption. Petroleum gases and other
gaseous hydrocarbons constituted 64.76% of Qatar’s total
exports in August this year as compared to 57.03% in the year-
ago period. (Gulf-Times.com)
 Directive to help Qatar Airways – The Prime Minister and
Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al
Thani has directed all state agencies and institutions to include a
clause in their business contracts with private companies to rely
on Qatar Airways for transport. It is being made mandatory for
private companies that bag government contracts or having any
other business dealings with state sector entities to use national
carrier Qatar Airways for their cargo needs as also for employee
travel. (Peninsula Qatar)
 QIGD reports net profit of QR69.2mn in 3Q2013 – Qatari
Investors Group (QIGD) has reported a net profit of QR69.2mn
in 3Q2013 up 18.9% and 95.3% QoQ and YoY, respectively.
Revenue declined by 12.5% QoQ to QR130.5mn in 3Q2013.
However, revenue increased YoY by 17.4%. Earnings per Share
(EPS) amounted to QR1.45 for the nine months ended
September 30, 2013 versus QR0.80 for the corresponding
period in 2012. (QE)
 QFLS reports net profit of QR370.5mn in 3Q2013 – Qatar
Fuel Company (QFLS) has reported a net profit of QR370.5mn
in 3Q2013, reflecting an increase of 18.9% QoQ (+17.7% YoY).
Revenue rose to QR3.6bn in 3Q2013 from QR3.0bn in 2Q2013..
(QE)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 62.15% 66.78% (9,367,122.13)
Non-Qatari 37.85% 33.22% 9,367,122.13

3. Page 3 of 6
 NLCS net profit declines 75.4% QoQ – National Leasing has
reported a net profit of QR7.5mn in 3Q2013, a decrease of
75.4% QoQ (-85.9% YoY). Income from core business fell by
4.5%QoQ (-79.6 YoY) to QR31.9mn in 3Q2013. Earnings per
share amounted to QR1.69 for the nine months ended
September 30, 2013 versus QR3.66 for the corresponding
period in 2012. (QE)
 IHGS reports net profit of QR2.6mn in 3Q2013 – Islamic
Holding Group (IHGS) has reported a net profit of QR2.6mn in
3Q2013, reflecting an increase of 13.8% QoQ (+82.6% YoY).
Net brokerage and commission income rose by 7.9% QoQ
(+25% YoY) to QR3.5mn in 3Q2013. EPS stood at QR1.75 for
the nine months ended on September 30, 2013 as compared to
QR1.40 in the same period previous year. (QE)
 Emir selects design for Doha Metro stations – Emir HH
Sheikh Tamim bin Hamad al-Thani has selected the design for
the Doha Metro Rail stations during a tour of the Qatar Rail
Company. He chose the final design from among a set of six for
the Metro stations and selected the arch space design, which
the designers said conforms to the Islamic architecture style.
(Gulf-Times.com)
 GDI to purchase standard jack-up drilling unit – Gulf Drilling
International (GDI) has entered into a definitive agreement for
the purchase of a standard jack-up drilling unit, the Vicksburg.
The sale closure is expected to occur in early 2014. GDI will
mobilize the rig to Qatar through a dry tow vessel. The rig will
undergo refurbishment and an upgrade before beginning drilling
operations in 2Q2014. (QE)
 QInvest to focus on three core business lines – QInvest’s
Chief Executive Tamim Al Kawari said the company has
reduced the number of business lines and will be focusing on
three core business lines in future – investment banking, asset
management and investing its own capital. The company will
also work closely with its top shareholder, the Qatar Islamic
Bank. Al Kawari said he has streamlined QInvest's operations
and discontinued a few business lines such as wealth
management and brokerage services. (GulfBase.com)
 Al Meera Bookstore opens its second W H Smith Store in
Ezdan Mall – Al Meera Bookstore Company, which is a
subsidiary of Al Meera Consumer Goods Company, has opened
its second W H Smith Store in Ezdan Mall located at Gharrafah
District. (QE)
 Corniche road to be ready on October 15 after roundabout
conversion – The Public Works Authority (Ashghal) has
announced that the Corniche Street would be completely open
to traffic on October 15, six weeks prior to the originally planned
date, after converting roundabouts into signal-controlled
intersections. Works to convert the internal roundabouts to
intersections will be carried out during November. Roundabouts
that have been converted into signal-controlled junctions on the
Corniche include Museum of Islamic Art, Emiri Diwan, Qatar
National Theatre, Wadi Al Sail, and General Post Office, in
addition to the Grand Hamad Street and Al-Mina intersections.
(Gulf-Times.com)
 Al-Attiyah: Qatar to get 20% energy from renewables by
2024 – Qatar’s Administrative Control & Transparency Authority
President HE Abdullah bin Hamad al-Attiyah said Qatar is
promoting clean energy to generate 20% energy from renewable
energy (RE) sources by 2024. The country will have 1,800MW
of installed RE capacity by 2020. He added Qatar annually
receives solar energy in every square kilometer that is
equivalent to 1.5mn barrels of crude oil and is well placed to
significantly benefit from this sustainable source. He also said
the theory that shale oil & gas revolution will shake up the
conventional energy market is wrong, instead it would just
complement the conventional sector to meet world’s growing
energy demand. (Gulf-Times.com, Peninsula Qatar)
 New city for used car showrooms – A city is being developed
in Qatar to house all the used car showrooms and insurance,
traffic and garage services. A huge parking area is also being
developed for trucks and will have all facilities required by
truckers. The used car city project was highlighted in a meeting
by Barwa Company’s chairman. (Peninsula Qatar)
 West End Park to be ready by 2H2014 – Qatar Property
Management, Century 21’s Chairman Mana Ibrahim al-Mana
said the West End Park will be fully operational by 2H2014.
Located next to the Karwa headquarters, the West End Park
offers sports, shopping, and entertainment, medical and other
facilities mainly for the expatriate workforce. Meanwhile, the
Grand Mall Hypermarket at the West End Park will be open to
visitors tomorrow evening. (Gulf-Times.com, Peninsula Qatar)
 QE to remain closed from October 13-17 – The Qatar
Exchange (QE) will be closed from October 13, 2013 up to and
including October 17, 2013 on the occasion of Eid Al Adha.
Trading on the exchange will resume from October 20, 2013.
(QE)
 KCBK to announce its 3Q2013 results on October 29 – Al
Khalij Commercial Bank (KCBK) will disclose its quarterly
financial results for the period ending September 30, 2013 on
October 29, 2013. (QE)
 DBIS to publish its 3Q2013 financials on October 28 – Dlala
Brokerage & Investment Holding Company (DBIS) will disclose
its quarterly financial results for the period ending September
30, 2013 on October 28, 2013. (QE)
 QATI to disclose its 3Q2013 financials on October 23 – The
Qatar Insurance Company (QATI) will disclose its quarterly
financial results for the period ending September 30, 2013 on
October 23, 2013. (QE)
 MCGS to publish its 3Q2013 figures on October 23 – The
Medicare Group (MCGS) will disclose its quarterly financial
statements for the period ending September 30, 2013 on
October 23, 2013. (QE)
 QIIK to disclose its 3Q2013 results on October 22 – Qatar
International Islamic Bank (QIIK) will disclose its quarterly
financial statements for the period ending September 30, 2013
on October 22, 2013. (QE)
 QISI to announce its 3Q2013 results on October 23 – Qatar
Islamic Insurance Company (QISI) will disclose its quarterly
financial results for the period ending September 30, 2013 on
October 23, 2013. (QE)
 QGRI to publish its 3Q2013 figures on October 24 – Qatar
General Insurance & Reinsurance Company (QGRI) will
disclose its quarterly financial statements for the period ending
September 30, 2013 on October 24, 2013. (QE)
International
 Obama's Fed pick Yellen puts focus on jobs, stability – The
US President Barack Obama has announced the nomination of
Federal Reserve Vice Chair Janet Yellen to lead the US central
bank. Obama said strengthening the country’s fragile economic
recovery and boosting employment would be Yellen’s priorities,
if she is confirmed as Fed chairman. Yellen, an advocate of the
central bank's aggressive actions to stimulate economic growth
through low interest rates and large-scale bond purchases,

4. Page 4 of 6
would replace Fed Chairman Ben Bernanke, whose second
term ends on January 31. (Reuters)
 OECD indicators point to upturn in developed economies –
According to the Organization for Economic Cooperation and
Development’s (OECD) monthly leading indicators, the outlook
for developed economies improved further in August 2013 as a
nascent recovery in the Eurozone moves on a firmer footing.
The OECD’s leading indicator covering 33 member countries
pointed to growth in line with its long-term trend. The indicator
rose to 100.6 in August from 100.5 in July, reaching its highest
level in over two years. The reading for the US held steady for
the third consecutive month at 100.9, while activity remained
above trend in Japan at 101.0 for the third month running. The
Eurozone saw growth gaining momentum, with a reading of
100.6, up from 100.4 in July. (Reuters)
 Chinese PM: China to pay attention to US debt ceiling – The
Chinese Premier Li Keqiang said his country is paying great
attention to the US debt ceiling crisis, adding his voice to official
concern about default risks in the US economy due to the
wrangling in the US Congress over a borrowing limit. The
remarks indicate increased pressure from China, which is the
biggest foreign holder of US Treasuries at $1.28tn, on US
lawmakers to overcome a political impasse and raise the
country’s borrowing. (Bloomberg)
 Italy’s cabinet approves emergency decree to trim 2013
deficit – The Italian government approved emergency
measures aimed at keeping this year's budget deficit inside the
European Union's ceiling of 3% of GDP. According to Economy
Minister Fabrizio Saccomanni, these measures worth €1.6bn
would correct a deficit that was heading for a marginal overshoot
to 3.1%. The package comprises a €1.1bn cut in spending by
government ministries and local authorities and €500mn of extra
revenues from the sale of public buildings. (Reuters)
 IMF: China has tools to deal with debt levels – Zhu Min, a
deputy managing director at the IMF, said the Chinese
government has enough room to deal with its rising debt levels.
He said while the debt accumulation by companies and local
government is way too high, the central government has a lot of
policy buffer, including $3.5tn foreign reserves, to resolve the
problems. Zhu said the government has already taken actions to
curb borrowing, reducing the chances for an economic hard
landing. (Bloomberg)
 Bank of Korea maintains rate for 5th month to support
rebound – The Bank of Korea kept its benchmark interest rate
unchanged for the fifth month, in order to bolster a rebound that
the IMF said will be slower than previously forecast. The central
bank has kept the seven-day repurchase rate at 2.5% after a cut
in May 2013. All 18 economists surveyed by Bloomberg News
predicted the outcome. (Bloomberg)
Regional
 IPOs in MENA fell 45.3% YoY in 3Q2013; lower liquidity
limits pick-up – According to a report by Ernst & Young (E&Y),
the IPOs in the MENA region fell 45.3% YoY in 3Q2013, but is
expected to pick up, although the relatively lower levels of
liquidity in the exchanges remain the key challenge. The report
said through these maiden offers, companies in the MENA
region raised $138mn in 3Q2013. (Gulf-Times.com)
 India set to be MENA’s top trading destination by 2030 –
According to a report released by HSBC, India is set to become
the top trading destination for the MENA region by 2030. India
will be the UAE’s top export destination accounting for 14% of
exports, and Saudi Arabia’s second largest export destination
accounting for 18.5% of exports. India is already Egypt’s number
one export destination and will maintain that position through to
2030, accounting for 15.4% of exports. (Gulf-Times.com)
 Saudi 3Q2013 crude output seen highest since 1981 –
According to sources, Saudi Arabia pumped more than 10mn
bpd of crude oil for the third consecutive month in September,
producing at the highest quarterly level since 1981. Saudi Arabia
pumped 10.12mn bpd last month, down from 10.19mn in
August. Saudi Arabia supplied 10.05mn bpd to markets in
September, accounting for inventory movements, compared with
10.07mn in August. (Gulf-Times.com)
 ANB reports SR589mn net profit in 3Q2013 – The Arab
National Bank (ANB) has reported a net profit of SR589mn in
3Q2013, reflecting a decrease of 18.0% QoQ (+2.9% YoY). EPS
stood at SR2.34 for the nine months ended on September 30,
2013 as compared to SR2.29 on September 30, 2012. Total
assets stood at SR137.9bn on September 30, 2013 over
SR125.3bn on September 30, 2012. Loans & advances rose by
2.9% YoY to SR86.1bn, while customer deposits were up by
7.1% YoY to SR105.2bn. (Tadawul)
 Bank AlJazira reports SR189mn net profit in 3Q2013 – Bank
AlJazira has reported a net profit of SR189mn in 3Q2013,
indicating an increase of 13.2% QoQ (+45.4% YoY). EPS for the
nine months ended on September 30, 2013 stood at SR1.67 as
compared to SR1.34 on September 30, 2012. Total assets stood
at SR55.5bn on September 30, 2013 over SR47.8bn in
September 30, 2012. Loans & advances rose by 25% YoY to
SR35.4bn, while customer deposits were up by 15.6% YoY to
SR45.6bn. (Tadawul)
 BSF reports SR685mn net profit in 3Q2013 – Banque Saudi
Fransi (BSF) has reported a net profit of SR685mn in 3Q2013,
reflecting a decrease of 10.2% QoQ (+3.5% YoY). EPS stood at
SR2.36 for the nine months ended on September 30, 2013 as
compared to SR2.44 on September 30, 2012. Total assets stood
at SR168bn on September 30, 2013 over SR155bn in
September 30, 2012. Loans & advances rose by 10.1% YoY to
SR112.6bn, while customer deposits were up by 6.9% YoY to
SR125bn. (Tadawul)
 S&P: Saudi insurance market risks greater market share
concentration – According to a report published by S&P, the
insurance market in Saudi Arabia has a risk of greater market
share concentration. The size and efficiency of a small number
of large Saudi insurers will remain a competitive advantage that
should see them steadily increase both their earnings and
market share. The report said the dominant insurance
companies are likely to see their financial strength stabilize or
even improve, following the enforcement of actuarial pricing,
which was introduced by the Saudi Arabian Monetary Agency
(SAMA) earlier in 2013. However, this will leave many smaller,
often loss-making local insurers under an increasing obligation
to consider their diminishing list of strategic options. Unless they
can lower their cost base, their relative lack of economies of
scale means that some smaller insurers could be priced out of
the market if they rigorously apply actuarial-based tariffs.
(GulfBase.com)
 Bahri sells its Saudi Tabuk vessel for SR29.2mn – The
National Shipping Company of Saudi Arabia (Bahri) has sold its
general cargo vessel “Saudi Tabuk” for SR29.2mn to scrapping
after the vessel completed its useful life. This sale generated a
net gain of SR18.3mn after deducting its book value and
expenses associated with the sale. The financial impact of this
transaction will be reflected in 4Q2013. (Tadawul)

5. Page 5 of 6
 Al-Khodari obtains SR24mn water maintenance contract –
Abdullah A. M. Al-Khodari Sons Company has entered into a
contract worth SR24mn with the Ministry of Water & Electricity
(General Directorate of Water in Qassim) for the operation &
maintenance of water projects in Assyah, Qassim and its
ancillaries. The contract is for 60 calendar months from the date
of site handing over and its financial impact is expected to be
visible in 4Q2013. (Tadawul)
 DCCI: Kingdom is largest destination for Dubai’s exports –
According to the data released by the Dubai Chamber of
Commerce & Industry (DCCI), Saudi Arabia was the largest
destination for Dubai’s exports during January-August 2013. The
cumulative total exports and re-exports of DCCI members rose
5% during January-August 2013 to AED189.3bn. Qatar was the
second biggest destination Dubai’s exports with a share of 16%,
followed by Kuwait (12%), rest of the UAE (9%), Oman (6%) and
Bahrain (3%). (GulfBase.com)
 ePay system generated AED4bn during January-September
2013 – According to the data released by Dubai Smart
Government, more than AED4bn revenue was generated
through the ePay system during January-September 2013,
reflecting an increase of 23% YoY. The number of transactions
rose 35% YoY to 3.4mn transactions. The data showed that
ePay has been contributing to huge direct and long term
revenues in terms of government expenses. (GulfBase.com)
 MBR City’s District One project to be sold in next five years
– India-based developer Sobha Group’s Chairman PNC Menon
said that the company’s $7bn Mohammed Bin Rashid (MBR)
City’s District One project will be sold over the next five years.
The first phase of this project will be completed by June 2016,
while the entire project will be completed in seven years.
(GulfBase.com)
 Union Properties swaps Marriott hotel for debt owed to
Emirates NBD – Union Properties’ General Manager Ahmed Al
Marri said that the company has swapped its Marriott Hotel for
the debt owed to Emirates NBD. Al Marri also said that the
Courtyard by Marriott was about 60% completed when it was
handed over to the Dubai-based bank. Earlier, the company’s
Renaissance Dubai Hotel was sold to a developer after being
about 78% completed. (Bloomberg)
 NBAD plans Asia push for debt markets business – National
Bank of Abu Dhabi’s global banking Senior General Manager
Mark Yassin said the bank is planning to expand its debt capital
markets business into Asia to help companies secure funding
from the MENA. NBAD will hire staff to drive the Asia business
and be based in Singapore, which will be the bank’s wholesale
banking hub for the region. (Gulf-Times.com)
 ADWEA shortlisting bidders for Mirfa power plant – The Abu
Dhabi Water & Electricity Authority’s (ADWEA) Director General
Abdulla Saif Al Nuaimi said that it is in the final stage to shortlist
bidders for its Mirfa power plant. This power plant will meet the
growing demand for power and water in the Emirate.
(GulfBase.com)
 Etihad to begin daily flights to Los Angeles, purchase 5
Boeings from Air India – Etihad Airways will begin daily non-
stop flights from Abu Dhabi to Los Angeles from June 1, 2014,
subject to regulatory approvals. This will be Etihad’s fourth
destination in the US after Chicago, New York and Washington
DC. The airline will also provide 28 return flights per week
between the UAE and the US. Moreover, Etihad is set to
increase the frequency of its flights to Jakarta from seven fights
per week to daily two flights. Meanwhile, Etihad will purchase 5
Boeing 777-200 aircraft from Air India. (GulfBase.com, Reuters,
Bloomberg)
 Dana Gas, Crescent Petroleum achieve continuous oil
production in Khor Mor Field – Dana Gas and Crescent
Petroleum have achieved continuous oil production in their
major operations in the Kurdistan Region of Iraq over the last
five years. They are jointly operating the Khor Mor Field on
behalf of the Pearl Consortium and are currently producing an
average of 80,000 barrels of oil equivalent per day (boepd), who
has a total cumulative production capacity of 100mn boepd. The
daily production of this oil field includes 335mn cubic feet of gas
per day and 14,100 barrels of condensate, with an LPG capacity
of over 1,000 tons per day. Dana Gas and Crescent have
together produced 402bn cubic feet of gas and 20mn barrels
equivalent of liquids since October 2008. The output is supplied
to local power stations to generate 1,750 MW of new electricity
which will be supplied locally. (GulfBase.com)
 Aldar in talks to raise $1.5bn bridge loan – Aldar Properties is
in talks with two banks to raise a bridge loan of up to $1.5bn,
which will have an option to convert into a bond. Aldar will
probably use these funds to meet its other financial obligations.
(Reuters)
 Bank Muscat reports OMR102.5mn net profit for nine
months ended on September 30 – Bank Muscat’s net profit for
the nine months ended on September 30, 2013 stood at
OMR102.5mn as compared to OMR104.2mn on September 30,
2012. Net interest income from conventional banking stood at
OMR163.83mn for nine months of 2013 compared to
OMR168.28mn for the same period of 2012. Loans & advances
rose 7% YoY to OMR5.74bn, while customer deposits increased
11.5% YoY to OMR5.5bn for the nine months ended on
September 30, 2013. (MSM)
 SFBFS Group to construct indoor water park – Sayyid Fatik
bin Fahr al-Said Group (SFBFS) has entered into an agreement
with the Arabian Malaysian Development Company to construct
the biggest indoor water park, “Majarat Oman” at Al Sawadi
beach. This OMR40mn park will be completed by 1Q2016.
(Bloomberg)
 ASBB’s shareholders approve merger with BMI Bank – The
shareholders of Al Salam Bank – Bahrain (ASBB) have
approved the board of director’s recommendation to merge with
BMI Bank through the exchange of ASBB’s shares. ASBB’s
Chairperson Sheikha Hessa bint Khalifa Al Khalifa said that after
this merger, the group will have total assets of BHD1.8bn, equity
of over BHD285mn and total customer deposits in excess of
BHD1.2bn. (Bahrain Bourse)
 Investcorp purchases 100,000 preference shares –
Investcorp Bank has purchased 100,000 of its preference
shares for an aggregate $106mn. (Bahrain Bourse)

6. 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
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&PPan Arab S&P GCC
0.2%
(0.1%)
0.1%
(0.4%)
0.1%
0.1% 0.2%
(0.8%)
(0.4%)
0.0%
0.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,305.80 (1.0) (0.4) (22.1) DJ Industrial 14,802.98 0.2 (1.8) 13.0
Silver/Ounce 21.87 (2.0) 0.6 (27.9) S&P 500 1,656.40 0.1 (2.0) 16.1
Crude Oil (Brent)/Barrel (FM
Future)
109.06 (1.0) (0.4) (1.8) NASDAQ 100 3,677.78 (0.5) (3.4) 21.8
Natural Gas (Henry
Hub)/MMBtu
3.70 (0.1) 4.0 8.1 STOXX 600 305.13 (0.6) (1.5) 9.1
North American Spot LPG
Propane Price
110.00 (0.6) 0.5 22.9 DAX 8,516.69 (0.5) (1.2) 11.9
North American Spot LPG
Normal Butane Price
145.38 1.1 1.1 (16.0) FTSE 100 6,337.91 (0.4) (1.8) 7.5
Euro 1.35 (0.4) (0.3) 2.5 CAC 40 4,127.05 (0.2) (0.9) 13.3
Yen 97.34 0.5 (0.1) 12.2 Nikkei 14,037.84 1.0 0.1 35.0
GBP 1.60 (0.8) (0.3) (1.9) MSCI EM 1,005.69 (0.3) (0.2) (4.7)
CHF 1.10 (0.7) (0.3) 0.6 SHANGHAI SE Composite 2,211.77 0.6 1.7 (2.5)
AUD 0.94 0.2 0.1 (9.1) HANG SENG 23,033.97 (0.6) (0.5) 1.7
USD Index 80.38 0.4 0.3 0.8 BSE SENSEX 20,249.26 1.3 1.7 4.2
RUB 32.38 (0.0) 0.6 6.1 Bovespa 52,547.71 0.4 (0.6) (13.8)
BRL 0.45 0.2 0.3 (7.0) RTS 1,461.00 (0.7) 1.2 (4.3)
140.0
125.9
114.5