1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.9% to close at 9,785.9. Losses were led by the
Telecoms and Industrials indices, declining 1.7% and 0.9% respectively. Top
losers were Gulf Warehousing Co. and Qatar Electricity & Water Co., falling
2.3% and 1.9% respectively. Among the top gainers, Zad Holding Co. rose
1.2%, while Al Khaleej Takaful Group gained 1.1%.
GCC Commentary
Saudi Arabia: The TASI index was closed on September 22, 2013.
Dubai: The DFM index gained 0.6% to close at 2,681.5. Gains were led by the
Banking and Insurance indices, rising 2.2% and 1.6% respectively. Mashreq
Bank surged 15.0%, while Agility gained 14.5%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 3,809.0. The
Consumer index declined 4.3%, while the Telecommunication index was up
0.4%. Agthia Group fell 6.3%, while Union National Bank was down 2.5%.
Kuwait: The KSE index declined marginally to close at 7,845.9. Losses were
led by the Oil & Gas and Telecommunication indices, falling 3.5% and 1.8%
respectively. National Petroleum Services Co. declined 8.3%, while Union Real
Estate Co. was down 7.9%.
Oman: The MSM index fell 0.3% to close at 6,581.5. The Banking &
Investment index declined 0.7%, while the Industrial index was down 0.3%.
Oman Education Training Inv. fell 5.3%, while Al Batinah Dev. Inv. Holding
was down 3.2%.
Bahrain: The BHB index declined 0.3% to close at 1,195.1. The Industrial
index fell 3.5%, while the Commercial Banking index was down 0.1%.
Aluminum Bahrain declined 3.5%, while National Bank of Bahrain fell 1.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 66.00 1.2 8.5 12.2
Al Khaleej Takaful Group 40.45 1.1 7.5 10.3
Qatari Investors Group 29.90 0.7 166.2 30.0
Mannai Corp 84.00 0.6 0.2 3.7
Qatar Islamic Insurance 57.30 0.5 7.7 (7.6)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 21.95 (1.1) 730.0 23.3
Qatar Gas Transport Co. 19.75 (0.8) 251.4 29.4
Industries Qatar 152.20 (0.9) 219.6 7.9
Masraf Al Rayan 29.50 (0.7) 215.4 19.0
Medicare Group 49.80 (0.4) 192.3 39.5
Source: Bloomberg (* in QR)
Market Indicators 22 Sep 13 19 Sep 13 %Chg.
Value Traded (QR mn) 157.4 319.2 (50.7)
Exch. Market Cap. (QR mn) 533,091.8 537,350.8 (0.8)
Volume (mn) 3.1 6.5 (51.9)
Number of Transactions 2,454 3,736 (34.3)
Companies Traded 39 39 0.0
Market Breadth 8:27 26:8 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,981.80 (0.9) (0.9) 23.6 N/A
All Share Index 2,460.91 (0.8) (0.8) 22.2 13.0
Banks 2,396.60 (0.6) (0.6) 22.9 12.7
Industrials 3,080.49 (0.9) (0.9) 17.3 11.3
Transportation 1,813.05 (0.9) (0.9) 35.3 12.4
Real Estate 1,782.89 (0.8) (0.8) 10.6 13.4
Insurance 2,250.36 (0.1) (0.1) 14.6 9.3
Telecoms 1,467.09 (1.7) (1.7) 37.8 15.5
Consumer 5,906.15 (0.3) (0.3) 26.5 24.3
Al Rayan Islamic Index 2,797.38 (0.5) (0.5) 12.4 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dana Gas Abu Dhabi 0.63 6.8 112,605.4 40.0
Deyaar Development Dubai 0.70 5.7 311,651.1 99.1
Kuwait Projects Co. Kuwait 0.56 3.7 303.6 50.8
Mabanee Co. Kuwait 1.12 1.8 363.1 4.4
ALAFCO Kuwait 0.29 1.8 64.3 (19.7)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Mobile Tel. Co. Kuwait 1.92 (4.0) 2.6 (17.9)
Aluminum Bahrain Bahrain 0.55 (3.5) 153.9 26.2
Union National Bank Abu Dhabi 5.02 (2.5) 180.0 73.7
Gulf Warehousing Co. Qatar 40.50 (2.3) 2.6 20.9
Ajman Bank Dubai 1.93 (2.0) 606.2 35.9
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%
Gulf Warehousing Co. 40.50 (2.3) 2.6 20.9
Qatar Electricity & Water Co. 156.90 (1.9) 30.2 18.5
Ooredoo 142.20 (1.9) 91.5 36.7
Qatar General Ins. & Reins. Co. 51.40 (1.7) 0.2 11.7
Commercial Bank of Qatar 68.50 (1.2) 127.3 (3.4)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 152.20 (0.9) 33,402.5 7.9
United Development Co. 21.95 (1.1) 16,069.0 23.3
QNB Group 173.40 (0.7) 13,422.2 32.5
Ooredoo 142.20 (1.9) 13,001.1 36.7
Qatar Islamic Bank 68.50 (0.7) 11,719.9 (8.7)
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* 9,785.90 (0.9) (0.9) 1.7 17.1 43.23 146,440.3 12.3 1.7 4.7
Dubai 2,681.47 0.6 0.6 6.3 65.3 207.96 65,918.8 15.6 1.1 3.3
Abu Dhabi 3,809.03 (0.1) (0.1) 2.0 44.8 178.63 109,363.9 10.8 1.4 4.7
Saudi Arabia#
8,024.71 N/A N/A 3.3 18.0 N/A N/A 16.8 2.1 3.6
Kuwait 7,845.88 (0.0) (0.0) 2.8 32.2 198.88 110,950.9 18.4 1.2 3.6
Oman 6,581.46 (0.3) (0.3) (1.6) 14.2 10.61 28,569.7 10.8 1.6 3.9
Bahrain 1,195.07 (0.3) (0.3) 0.6 12.1 1.28 21,868.3 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) (
#
Closed on Sep. 22, 2013)
9,700
9,750
9,800
9,850
9,900
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index declined 0.9% to close at 9,785.9. The Telecoms
and Industrials indices led the losses. The index declined on the
back of selling pressure from non-Qatari shareholders despite
buying support from Qatari shareholders.
 Gulf Warehousing Co. and Qatar Electricity & Water Co. were
the top losers, falling 2.3% and 1.9% respectively. Among the
top gainers, Zad Holding Co. rose 1.2%, while Al Khaleej Takaful
Group gained 1.1%.
 Volume of shares traded on Sunday fell by 51.9% to 3.1mn from
6.5mn on Thursday. Further, as compared to the 30-day moving
average of 8.7mn, volume for the day was 64.1% lower. United
Development Co. and Qatar Gas Transport Co. were the most
active stocks, contributing 23.5% and 8.1% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
News
Qatar
 QNB Group and UDCD sign 10-year loan agreement – The
United Development Company (UDCD) has signed a 10-year
loan facility agreement worth QR1.5bn with QNB Group. The
loan facility has been granted for the purpose of financing
UDCD’s purchase of the remaining residential units at Qanat
Quartier in the Pearl-Qatar Island. (AME Info)
 QNFSP seeks partner for agro-industrial park – The Qatar
National Food Security Program (QNFSP) is looking for a
private-public partnership to develop a massive agro-industrial
park in Qatar. The project, which QNFSP plans to build as a
designated area for country’s food processing industry, will be
located at a strategic area to take advantage of Qatar’s fast
expanding transport infrastructure. (Peninsula Qatar)
 DHBK to benefit from Qatar’s contract financing growth –
Doha Bank’s (DHBK) CEO Dr. R. Seetharaman said the bank is
well placed to benefit from Qatar’s steadily growing contract
financing market that saw the loan book value reach QR19bn in
June 2013. Further, Seetharaman said that the bank intends to
continue its targeted international expansion strategy in Saudi
Arabia and India. DHBK plans to further develop its regional
branch network in the UAE and Kuwait, and position itself at the
center of the infrastructure growth among the GCC economies.
(Gulf-Times.com)
 Qatar to provide 9% of rooms to Gulf region’s hospitality
sector – According to Al Asmakh Real Estate Development
Company (AREDC), Qatar’s hospitality sector, which is slated to
see more than two dozens of luxury hotels, ought to contribute
9% of total future supply of keys within the Gulf region.
Estimating that about 29 new luxury hotels are planned within
Doha and adjoining areas of Al Rayyan, Umm Salal, and Al
Wakrah, AREDC said these hotels are likely to deliver around
8,300 new rooms, which is 58% of the existing rooms in the
luxury segment. Qatar secured third place among the GCC
countries in terms of future rooms supply. ARDEC found that
Qatar’s hospitality market would be stable with the average daily
rate across all segments standing at $235 and the revenue per
available room at $150. (Gulf-Times.com)
 Credit Suisse, Qatar JV to start foreign operations –
Aventicum Capital Management, the JV of Credit Suisse Group
and Qatar Holding, is reportedly planning to begin international
operations by the end of the year. The international business will
begin after starting its first fund in July and will be based outside
the Middle East. (Bloomberg)
 Foreign workers sent QR37bn back home in 2012 –
According to a report released by the Qatar Central Bank
(QCB), outward remittances by foreign workers through
exchange houses in Qatar totaled QR37bn in 2012 from
QR36.8bn in 2011. The report showed that exchange houses
had a lion’s share (75%) of the total outward remittances from
Qatar, while local banks accounted for the rest. A bulk of the
outward remittance (66%) by foreign workers was made to
Asian countries in 2012 as compared to 63% in 2011. While
remittance to the GCC countries dropped marginally in 2012,
while it increased by about 2% to the MENA region (outside
GCC). (Gulf-Times.com)
 QNB Group to disclose its 3Q2013 financial results on
October 8 – QNB Group (QNBK) will disclose its 3Q2013
financial results on October 08, 2013. (QE)
 IHGS to disclose its 3Q2013 results on October 9 – The
Islamic Holding Group (IHGS) will disclose the financial results
for 3Q2013 on October 9, 2013. (QE)
 UDCD to disclose its 3Q2013 financials on October 10 – The
United Development Company (UDCD) will disclose the
financial results for its third quarter 2013 on October 10, 2013.
(QE)
International
 Greece resumes talks with its creditors – Greece resumed
talks with its creditors to review progress of the financial
stabilization process of the indebted country. In order to get the
next aid, Greece must finalize plans for various reforms such as
the restructuring of three defense-related industries; complete
furloughs of around 12,500 civil servants by the end of
September; pay back state debt to two state-owned water
companies that will be privatized later. Talks with the European
Commission, the European Central Bank and the IMF (the
lender troika) will continue throughout next week and are
expected to resume again in mid-October. (Economic Times)
 China’s flash September HSBC PMI hits six-month high of
51.2 – Growth in China's manufacturing sector accelerated to a
six-month high in September, as stronger domestic and foreign
demand added to recent signs of a tentative turnaround in the
Chinese economy. The flash HSBC Purchasing Managers'
Index (PMI) climbed to 51.2 this month over a reading of 50.1 in
August. Notably, new export orders jumped to a ten-month peak
of 50.8, up sharply from 47.2 in August. (Reuters)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 63.50% 49.48% 22,074,462.53
Non-Qatari 36.50% 50.52% (22,074,462.53)

3. Page 3 of 5
Regional
 GCC to discuss single fuel price – Oil ministers of the GCC
region countries are expected to discuss steps taken toward
finalizing a single price for the region’s petroleum products
during the 32nd Petroleum Cooperation Committee meeting to
be held in Riyadh next Tuesday. Further, oil ministers will
discuss other issues concerning the joint efforts of the GCC
states in the oil sector as well as the results of their meetings
with various economic partners in other countries and economic
groups. (Bloomberg)
 IDB not to raise funds through US dollar sukuk in 2013 –
The Islamic Development Bank’s (IDB) President Dr. Ahmad
Muhamed Ali said the IDB will not approach international
markets to raise funds through a US dollar sukuk issuance again
in 2013, although it may still issue sukuk through private
placement. The IDB issued its last sukuk offering in May 2013,
which was a 5-year $1bn Sukuk Al Wakalah. Muhamed Ali also
said that the IDB sukuk strategy going forward is to go to market
every year with one major international issuance.
(GulfBase.com)
 SPA: Private investments in Saudi ports reach SR5.5bn –
According to a report released by the Sea Ports Authority (SPA),
the volume of private sector investment in Saudi sea ports
reached SR5.5bn, while revenues exceeded SR3bn annually.
The report also mentioned that the SPA recently signed about
30 contracts with private sector firms on container, general
cargo and bulk grain terminals, as well as frozen goods, ship
repair services, and re-export zones. (GulfBase.com)
 SAGIA cancels licenses of 62 foreign companies – The
Saudi Arabian General Investment Authority (SAGIA) has
canceled investment licenses of 62 foreign companies operating
in the Kingdom, as well as prevented them from amending or
transferring ownership of municipal registers or sponsorship.
SAGIA did not rule out canceling other licenses in future under
the comprehensive revision of the foreign investment market
being carried out by the authority. (GulfBase.com)
 DMCC becomes UAE's largest free zone – The Dubai Multi
Commodities Centre (DMCC) Executive Chairman Ahmed Bin
Sulayem said the center is now the largest free zone in the UAE
with over 7,330 active registrations. He added that DMCC is
also the UAE's fastest growing free zone with an average of 200
companies choosing to join it every month and a 94% retention
rate. Further, Sulayem said that the center is on its way to
achieve the target of 10,000 companies by 2015, at which point
it anticipates to be at almost full capacity. In terms of
demographics, one third of DMCC member companies are from
South Asia, a third from the Middle East, and a third are from
Western Europe and North America. (GulfBase.com)
 Abu Dhabi-based Senaat hires HSBC, JPMorgan for share
sale – According to sources, Abu Dhabi holding group Senaat
has hired HSBC Holdings and JPMorgan Chase & Company for
a share sale. Senaat has appointed the banks as joint book
runners for an IPO in 2013. (Bloomberg)
 Dubai Financial Market Chief Essa Kazim appointed as DIFC
governor – The Dubai Financial Market CEO Essa Kazim has
been appointed as the governor of the Dubai International
Financial Centre (DIFC). Starting on January 1, Essa Kazim will
replace Abdullah Saleh as the governor of the Emirate’s
financial free zone. (Bloomberg)
 Emirates SkyCargo’s phase one terminal in DWC ready by
December 2013 – Dubai World Central (DWC) has stated that
the construction of Emirates SkyCargo's new terminal at DWC's
Al Maktoum International Airport is progressing as scheduled,
with the phase one of the terminal on track for completion in
December 2013. Upon completion of the first phase, the
terminal will be equipped to handle 700,000 tons of cargo and
can be expanded by an additional 300,000 tons in the second
phase. (AME Info)
 DMCC plans to build One JLT Tower – The Dubai Multi
Commodities Centre is planning to build “One JLT”, a glass-box
style building in the heart of the DMCC Free Zone. One JLT
tower is said to be a key part of the free zone's strategy to cater
to the demand of large regional and multinational companies.
(AME Info)
 Al Habtoor to announce its biggest project – Dubai-based Al
Habtoor Group is set to announce its biggest project to date in
the coming weeks. Al Habtoor Group’s Chairman Khalaf Ahmad
Al Habtoor said the group will hold a press conference over the
coming weeks to unveil the project. (GulfBase.com)
 Emaar to start sale of Palma villas in Arabian Ranches –
Dubai-based Emaar Properties is set to open the online
registration for “Palma” villas on September 25, 2013. Sales will
be held in Dubai and Abu Dhabi on September 28. Palma will
feature 121 villas with Spanish architecture. (Bloomberg)
 NPS Energy seeks $700mn in sell-off – Dubai-based oil
services firm NPS Energy has reportedly placed itself for sale,
hoping to fetch up to $700mn after a deal to be bought by Aker
Solutions fell apart last year. Norway's oil services company
Aker had agreed to buy NPS Energy for about $460mn in May
2012, including $110mn in debt, but the deal collapsed in
November after the two parties failed to reach a final agreement.
(Bloomberg)
 New station on Dubai Metro’s Red Line starts this month –
Dubai’s Roads & Transport Authority (RTA) announced its plan
to operate a new metro station named “Energy” on the Red Line
of Dubai Metro. The Energy station will be opened on
September 30, 2013 with around 2,500 passengers expected to
be benefiting from using the station on a daily basis. (AME Info)
 Gulf Navigation’s board recommends sale of oil
supertanker – Dubai-based Gulf Navigation’s board has
recommended selling the company’s very large crude carrier
(VLCC). The board is also seeks shareholders’ approval for its
business plans, capital increase and an increase in shareholding
limit for foreign investors. (WSJ)
 DLA-E awards $550mn fuel supply contract to Supreme
Group – Dubai-based Supreme Group has won a contract for
fuel supply and storage for the Defense Logistics Agency–
Energy (DLA-E). The two-year contract valued at around
$550mn is for the delivery of jet fuel, diesel and motor gasoline
to ten US Forward Operating Bases (FOBs) and one Defense
Fuel Supply Point in Afghanistan. The contract is expected to
commence on October 1, 2013. (AME Info)
 Real Madrid scraps $1bn UAE soccer resort plan – Spanish
soccer club, Real Madrid has canceled its planned project to
build a $1bn soccer resort in the UAE after the project’s
organizer defaulted on payments and did not provide
guarantees. Luxembourg-based RAK Marjan Island Football is
the project organizer. (Bloomberg)
 Oman to award OMR60.3mn project tenders – Oman is set to
award tenders worth OMR60.3mn for several infrastructure
projects in the shipping, housing and telecommunication
sectors. The major ones include: construction of Sinaw-Mahut-
A'Duqm (Part II), infrastructure works at Harmoul Marina at
Sohar Industrial Port and consultancy services for constructing

4. Page 4 of 5
500 housing units with internal roads in the Wilayat of A'Suwaiq
in the Governorate of North Al Batinah. (GulfBase.com)
 Galfar plans to increase capital through right issue – Oman-
based Galfar Engineering & Contracting has announced plans to
increase its capital to $13.8mn through a rights issue. The issue
will offer 49.5mn shares to shareholders at 0.28 rials per share.
The rights issue to offer 1.5 rights for every 10 shares held, will
be closing on September 26. Oman Arab Bank is the financial
advisor and issue manager, while Oman Arab Bank and the
National Bank of Oman are the collecting banks.
(GulfBase.com)

5. 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
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (* Closed on Sep. 22, 2013)
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
0.0%
(0.9%)
(0.0%)
(0.3%) (0.3%)
(0.1%)
0.6%
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia*
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,326.05 0.0 0.0 (20.8) DJ Industrial 15,451.09 0.0 0.0 17.9
Silver/Ounce 21.78 0.0 0.0 (28.2) S&P 500 1,709.91 0.0 0.0 19.9
Crude Oil (Brent)/Barrel (FM
Future)
109.22 0.0 0.0 (1.7) NASDAQ 100 3,774.73 0.0 0.0 25.0
Natural Gas (Henry
Hub)/MMBtu
3.68 0.0 0.0 7.4 STOXX 600 314.20 0.0 0.0 12.3
North American Spot LPG
Propane Price
109.88 0.0 0.0 22.1 DAX 8,675.73 0.0 0.0 14.0
North American Spot LPG
Normal Butane Price
134.75 0.0 0.0 (23.7) FTSE 100 6,596.43 0.0 0.0 11.8
Euro 1.35 0.0 0.0 2.5 CAC 40 4,203.66 0.0 0.0 15.5
Yen 99.36 0.0 0.0 14.5 Nikkei 14,742.42 0.0 0.0 41.8
GBP 1.60 0.0 0.0 (1.5) MSCI EM 1,013.17 0.0 0.0 (4.0)
CHF 1.10 0.0 0.0 0.5 SHANGHAI SE Composite 2,191.85 0.0 0.0 (3.4)
AUD 0.94 0.0 0.0 (9.6) HANG SENG 23,502.51 0.0 0.0 3.7
USD Index 80.43 0.0 0.0 0.8 BSE SENSEX 20,263.71 0.0 0.0 4.3
RUB 31.81 0.0 0.0 4.2 Bovespa 54,110.03 0.0 0.0 (11.2)
BRL 0.45 0.0 0.0 (7.4) RTS 1,462.92 0.0 0.0 (4.2)
140.6
126.1
114.3