1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.7% to close at 12,855.6. Gains were led by the
Telecoms and Real Estate indices, rising 2.5% and 1.9%, respectively. Top
gainers were Qatar Oman Investment Co. and Vodafone Qatar, rising 6.5% and
5.6%, respectively. Among the top losers, Ahli Bank fell 3.0%, while Gulf
Warehousing Co. declined 1.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.1% to close at 8,720.4. Gains were led
by the Insurance and Hotel & Tou. indices, rising 4.5% and 3.3%, respectively.
Bupa Arabia for Coop. Ins. and Trade Union Coop. Ins. were up 9.9% each.
Dubai: The DFM Index declined 2.2% to close at 4,186.1. The Real Estate &
Construction index fell 3.9%, while the Services index was down 3.7%.Emaar
Properties Co. declined 10.0%, while Emirates NBD was down 4.3%
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,666.0. The
Consumer index declined 7.3%, while Services index was down 2.6%. Al Ain
Al Ahlia Insurance fell 10.0%, while Abu Dhabi Ship Building was down 9.5%.
Kuwait: The KSE Index rose 0.1% to close at 6,756.8. The Technology index
gained 2.5%, while the Oil & Gas index rose 1.1%. Arkan Al-Kuwait Real
Estate Co. gained 9.4%, while Housing Finance Co. was up 8.3%.
Oman: The MSM Index fell 1.1% to close at 6,432.3. Losses were led by the
Financial and Industrial index, falling 1.6% and 1.3%, respectively. Global
Financial Inv. fell 9.9%, while the Oman & Emirates Inv. was down 7.7%
Bahrain: The BHB Index declined marginally to close at 1,428.4. The
Industrial index fell 1.8%, while the other indices ended in green and flat.
Aluminium Bahrain was down 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Oman Investment Co. 15.97 6.5 149.8 27.6
Vodafone Qatar 17.25 5.6 1,424.7 61.1
Al Meera Consumer Goods Co. 213.90 5.6 200.6 60.5
Widam Food Co. 64.30 5.4 50.1 24.4
Barwa Real Estate Co. 46.40 3.5 2,230.9 55.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 46.40 3.5 2,230.9 55.7
Mazaya Qatar Real Estate Dev. 20.81 1.3 1,927.2 86.1
Vodafone Qatar 17.25 5.6 1,424.7 61.1
Ezdan Holding Group 17.15 0.9 1,134.0 0.9
Masraf Al Rayan 45.90 (0.1) 1,088.3 46.6
Market Indicators 01 Dec 14 30 Nov 14 %Chg.
Value Traded (QR mn) 780.5 802.6 (2.8)
Exch. Market Cap. (QR mn) 703,454.6 698,143.6 0.8
Volume (mn) 13.5 14.4 (6.0)
Number of Transactions 7,402 8,316 (11.0)
Companies Traded 40 40 0.0
Market Breadth 28:10 2:38 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,173.94 0.7 (3.6) 29.3 N/A
All Share Index 3,275.97 0.7 (3.3) 26.6 15.6
Banks 3,296.46 0.6 (3.4) 34.9 15.3
Industrials 4,220.43 (0.0) (3.9) 20.6 14.7
Transportation 2,331.91 (0.6) (2.5) 25.5 13.7
Real Estate 2,531.55 1.9 (4.1) 29.6 22.1
Insurance 3,793.76 0.7 (2.3) 62.4 11.6
Telecoms 1,428.38 2.5 (1.2) (1.7) 19.8
Consumer 7,319.22 1.8 (1.5) 23.1 29.4
Al Rayan Islamic Index 4,329.08 1.3 (3.4) 42.6 18.0
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Co. for Coop. Ins. Saudi Arabia 63.95 6.0 810.8 81.7
Vodafone Qatar Qatar 17.25 5.6 1,424.7 61.1
Al Meera Con.Goods Qatar 213.90 5.6 200.6 60.5
National Shipping Co. Saudi Arabia 34.89 5.4 1,073.6 23.7
Alinma Bank Saudi Arabia 21.72 4.7 42,315.8 45.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Emaar Properties Dubai 9.54 (10.0) 8,373.9 37.4
Mobile Telecom. Co. Saudi Arabia 7.38 (8.3) 62,754.4 (20.6)
Abu Dhabi Nat. Hotels Abu Dhabi 3.01 (7.4) 6.3 (2.9)
Abu Dhabi Nat. Energy Abu Dhabi 0.85 (5.6) 55.6 (42.2)
Yanbu Nat. Petrochem. Saudi Arabia 48.90 (5.5) 2,372.7 (33.7)
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)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 52.50 (3.0) 2.4 24.1
Gulf Warehousing Co. 56.00 (1.8) 60.9 34.9
Qatar Gas Transport Co. 23.33 (1.7) 336.4 15.2
Qatar Islamic Insurance Co. 82.70 (1.5) 11.2 42.8
Qatar Industrial Manufacturing Co. 46.10 (1.1) 0.3 9.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 220.00 1.1 124,816.6 27.9
Barwa Real Estate Co. 46.40 3.5 101,325.2 55.7
Islamic Holding Group 213.00 2.9 76,370.6 363.0
Gulf International Services 101.00 (1.0) 70,193.2 107.0
Industries Qatar 183.00 0.1 53,125.8 8.3
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* 12,855.56 0.7 (3.6) 0.7 23.9 214.37 193,168.6 16.6 2.1 3.6
Dubai 4,186.11 (2.2) (6.9) (2.2) 24.2 141.42 95,028.5 13.1 1.6 2.1
Abu Dhabi 4,666.01 (0.2) (2.7) (0.2) 8.8 118.19 127,557.2 12.6 1.6 3.6
Saudi Arabia 8,720.42 1.1 (3.7) 1.1 2.2 2,225.33 501,762.8 16.0 2.0 3.3
Kuwait 6,756.83 0.1 (3.3) 0.1 (10.5) 65.81 103,258.2 16.6 1.1 4.0
Oman 6,432.32 (1.1) (7.3) (1.1) (5.9) 30.80 24,361.3 9.0 1.4 4.4
Bahrain 1,428.40 (0.0) (0.6) (0.0) 14.4 0.80 53,915.6 10.3 0.9 4.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,600
12,700
12,800
12,900
13,000
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 QSE Index rose 0.7% to close at 12,855.6. Telecoms and
Real Estate indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Qatar Oman Investment Co. and Vodafone Qatar were the top
gainers, rising 6.5% and 5.6%, respectively. Among the top
losers, Ahli Bank fell 3.0%, while Gulf Warehousing Co. declined
1.8%.
 Volume of shares traded on Monday fell by 6.0% to 13.5mn from
14.4mn on Sunday. Further, as compared to the 30-day moving
average of 14.2mn, volume for the day was 4.3% lower. Barwa
Real Estate Co. and Mazaya Qatar Real Estate Dev. were the
most active stocks, contributing 16.5% and 4.2% to the total
volume respectively.
Source: Qatar Stock 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
Ahli United Bank
(AUB)
Fitch Bahrain
LT IDR/ST
IDR/VR/SR
BBB+/F2/bbb/2 BBB+/F2/bbb/2 – Stable –
Arab Banking
Corporation
(ABC)
Fitch Bahrain
LT IDR/ST
IDR/VR/SR
BBB-/F3/bbb-/3 BBB-/F3/bbb-/3 – Stable –
Bank of Bahrain
and Kuwait (BBK)
Fitch Bahrain
LT IDR/ST
IDR/VR/SR/SRF
BBB/F3/bb+/2/BB
B
BBB/F3/bbb-
/2/BBB  Stable –
Gulf International
Bank (GIB)
Fitch Bahrain
LT IDR/ST
IDR/VR/SR
A/F1/bbb-/1 A/F1/bbb-/1 – Stable –
National Bank of
Bahrain (NBB)
Fitch Bahrain
LT IDR/ST
IDR/VR/SR/SRF
BBB/F3/bbb/2/BB
B
BBB/F3/bbb/2/B
BB
– Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency, SRF – Support Rating Floor)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
12/01 US ISM ISM Manufacturing November 58.7 58.0 59.0
12/01 US ISM ISM Prices Paid November 44.5 52.1 53.5
12/01 France Ministry of Economy 3M T-Bill Amount Sold 1-December €3,990M – €3,990M
12/01 France Ministry of Economy 3M T-Bill Average Yield 1-December -0.02% – -0.02%
12/01 France Ministry of Economy 3M T-Bill Bid/Cover Ratio 1-December 3.0 – 3.2
12/01 France Ministry of Economy 6M T-Bill Amount Sold 1-December €1,890M – €1,793M
12/01 France Ministry of Economy 6M T-Bill Average Yield 1-December -0.02% – -0.01%
12/01 France Ministry of Economy 6M T-Bill Bid/Cover Ratio 1-December 3.4 – 3.4
12/01 France Ministry of Economy 12M T-Bill Amount Sold 1-December €1,497M – €1,694M
12/01 France Ministry of Economy 12M T-Bill Average Yield 1-December -0.01% – -0.01%
12/01 France Ministry of Economy 12M T-Bill Bid/Cover Ratio 1-December 4.4 – 4.4
12/01 UK Bank of England Net Consumer Credit October 1.1B 0.9B 0.9B
12/01 UK Bank of England Money Supply M4 MoM October -0.10% – -0.70%
12/01 UK Bank of England M4 Money Supply YoY October -2.60% – -2.50%
12/01 UK Bank of England M4 Ex IOFCs 3M Annualised October 2.50% 3.70% 3.40%
12/01 UK Markit Markit UK PMI Manufacturing SA November 53.5 53.0 53.3
12/01 Spain Markit Markit Spain Manufacturing PMI November 54.7 52.1 52.6
12/01 Italy Markit Markit/ADACI Italy Manufacturing PMI November 49.0 49.4 49.0
12/01 China China Fed. of Logistics Manufacturing PMI November 50.3 50.5 50.8
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 64.63% 67.74% (24,184,418.41)
Non-Qatari 35.37% 32.27% 24,184,418.41

3. Page 3 of 7
News
Qatar
 MDPS: Qatar population rises 9.7% YoY in November –
According to the latest data released by the Ministry of
Development Planning & Statistics (MDPS), the number of people
in Qatar reached 2,269,672 as of November 30, 2014 as
compared with 2,216,500 on October 31, 2014 (2.4% MoM
increase). Population growth in Qatar has been the fastest in the
GCC region, averaging 10.9% last year. As per the latest figures,
the number of males in the country reached 1,697,727 and the
number of females reached 571,945 as of November 30, 2014.
(Gulf-Times.com)
 BRES sells 2 plots for QR5.34bn – Barwa Real Estate
Company (BRES) announced it sold two huge plots of land for
about QR5.34bn that are located in Mesaimeer area. As per the
sale agreement, the first plot of land valued at QR2.63bn will be
handed over to a private Qatari company before 2014-end, while
the second plot worth about QR2.7bn will be delivered by
1Q2015. Through the sale of these properties, the real estate
company aims to enhance its liquidity for meeting financial
obligations and implementing new projects. BRES said that the
buyer is a local company with limited liabilities and does not
belong to any company that is listed in the Qatar Stock
Exchange, nor does it have any conflict of interests with BRES.
(Peninsula Qatar)
 ORDS launches first 4G+ network in Qatar – Ooredoo
(ORDS) has launched its state-of-the-art 4G+ network at the
company’s headquarters in West Bay. With the launch of 4G+,
ORDS’ vast network has become even faster, making Qatar one
of the few nations to have the fastest mobile internet service
available. Using a 4G+ enabled device, ORDS’ customers will
be able to access the superfast 4G+ network for free, taking
advantage of the extra speed and smooth browsing experience.
(ORDS Press Release)
 QNBK wins two awards from Banker Magazine – The Best
Bank of the year in Qatar, and Best Bank of the year in the
Middle East awards are both presented to QNB by the magazine
for the fourth year in a row. The awards, presented at the
Intercontinental Hotel in London’s Park Lane, mark QNB’s
outstanding performance and continued progress on both a local
and a regional level. The Banker Magazine’s panel of judges
celebrates the best banks in different countries based on their
performance over the past year. (QNB Group Press Release)
 QDB, QTA sponsors 4 start-ups to develop tourism industry
– Qatar Development Bank (QDB) will fund and assist four start-
ups in tourism sector as the country seeks to redefine its role in
the global hospitality sector. In this regard, QDB has entered
into an agreement with the Qatar Tourism Authority (QTA) to
create joint initiatives for promoting the local tourism industry
and achieving the aims of Qatar’s National Tourism Sector
Strategy 2030.. (Gulf-Times.com)
 KCBK’s BoD to meet on December 16 – Al Khalij Commercial
Bank (KCBK) announced that its board of directors will meet on
December 16, 2014 to discuss and approve various business-
related activities. (QSE)
International
 US manufacturing cools, but underlying momentum
remains – Factory activity in the US moderated in November,
but sustained gains in new orders and a rebound in exports
suggested the economy has remained on a firmer footing
despite slowing global growth. The Institute for Supply
Management (ISM) said its index of national factory activity fell
to 58.7 in November as the pace of restocking slowed. The
index had touched a 3-1/2-year high of 59 in October.
Meanwhile, another report from Markit showed the
Manufacturing Purchasing Managers Index in the US fell to a
10-month low of 54.8 in November from a reading of 55.9 in
October. However, this survey has a short history, making it a
less reliable gauge of the US manufacturing activity. Other
reports showed easing manufacturing growth across Asia and
Europe in November. (Reuters)
 IMF: Oil’s drop good for world economy – The International
Monetary Fund’s Managing Director, Christine Lagarde said the
drop in crude oil prices will provide a net boost to the global
economy. Lagarde’s remarks illustrate the benefits and dangers
from the surging US oil production that has reshaped the world’s
geopolitical landscape amid a weaker-than-anticipated global
recovery. Lagarde further added that a 30% decline in oil prices
translates into a 0.8% boost in growth for most advanced
economies and probably 0.6% for the US. (Bloomberg)
 PMI: UK manufacturing grows faster in November despite
lackluster exports – A recent survey showed that
manufacturing activity in Britain unexpectedly picked up a little
speed in November as domestic demand offset falling exports
due to sluggish orders from the Eurozone and emerging
markets. Markit/CIPS' UK Manufacturing Purchasing Managers
Index (PMI) rose marginally to 53.5 from 53.3 in October,
reaching its highest level in four months. Economists taking part
in a Reuters poll had expected the index to weaken slightly to
53.0. Growth in new orders helped push up employment in the
sector to a four-month high. The survey adds to signs that a
slowdown in Britain's economic recovery at the end of 2014 is
unlikely to be sharp. That will be welcome news for UK Finance
Minister George Osborne who is set to deliver a half-yearly
update on the economy on December 3. (Reuters)
 Eurozone factory growth stalls in November as new orders
sink – A recent Markit survey showed manufacturing growth in
the Eurozone stalled in November and new orders fell at the
fastest pace in 19 months despite heavy price cutting, painting a
bleak picture for the coming months. Factory activity declined in
the Eurozone’s three biggest economies of Germany, France
and Italy, adding more worries for policymakers at the European
Central Bank, who are struggling to bolster growth and drive up
inflation. Chris Williamson, Chief Economist at Markit said the
situation in Eurozone manufacturing is worse than previously
thought and there is a risk that renewed rot is spreading across
the region from the core. Markit's final November manufacturing
PMI stood at 50.1, its lowest reading since June 2013 and down
from an earlier flash reading of 50.4 and from 50.6 in October.
(Reuters)
 Moody’s cuts Japan rating in blow to Abe before elections –
Moody’s Investors Service cut Japan’s credit rating, a setback to
Prime Minister Shinzo Abe a day before today’s election
campaign starts. Moody’s said it has reduced the rating for the
world’s third-biggest economy one level to A1, the same as
Bermuda, Israel, Oman and Czech Republic. The yen dropped
to a seven-year low, then reversed its decline, while Japanese
government bonds (JGB) were little changed. The ratings
agency cited uncertainty over whether Japan will achieve its
deficit-reduction goals and ability to succeed in boosting growth,
two weeks after Abe postponed an increase in the nation’s sales
tax. The Bank of Japan is buying record amounts of JGBs
issued by a government that has already burdened by the
world’s heaviest public debt load. (Bloomberg)
 China to monitor foreign company profits to prevent tax
evasion – China will set up a system to monitor foreign

4. Page 4 of 7
companies’ profits as it looks to eliminate cross-border tax
evasion. Zhang Zhiyong, Deputy Head of the State
Administration of Taxation, said China will seek to have a full
grasp of the profit levels of foreign companies to stop them from
moving their profits out and eroding the tax base. Zhang said
authorities will also tighten the management of tax practices by
Chinese companies abroad. China is expanding efforts to rein in
what authorities say is tax evasion by foreign companies such
as Microsoft Corp., which was required to pay more than
$150mn. (Bloomberg)
Regional
 MEED: Projects worth $2.7tn planned in GCC – According to
MEED, currently some $2.7tn worth of projects are either
planned or underway in the GCC region, laying the foundation
for the long-term, sustainable development of the region that will
support the ambitions of the Gulf’s future generations. The UAE
has been awarded 961 projects totaling $46.7bn in the first ten
months of 2014, making it the largest projects market in the
Middle East. (GulfBase.com)
 Azadea eyes $500mn from stake sale – According to sources,
Azadea Group, a retailer with franchise rights for brands such as
Gap, Zara and Superdry across the Middle East, aims to raise
up to $500mn by selling a minority stake in the business. The
Lebanon-based company which has operations across the wider
Middle East, North Africa, Turkey and Pakistan, expects to fetch
between $400-500mn with a 25% stake offer. (Reuters)
 Saudi cabinet: Oil policy purely economic in motive – The
Saudi cabinet said that the Kingdom’s oil policy is emanating
from economic fundamentals, to achieve the economic interests
of the Kingdom over the short and long-term, as well as the
interests of producers and consumers. Despite the steep fall
since last week, the Saudi cabinet expressed satisfaction over
the OPEC decision, and said that it reflects the cohesion of the
organization and unity, and foresight, which is something that is
of particular importance for the Kingdom. (Reuters)
 Sipchem proposes dividend for 2H2014 – Saudi International
Petrochemical Company’s (Sipchem) board has proposed a
dividend for 2H2014 amounting to SR0.65 ($0.17) per share.
Sipchem's proposed dividend reportedly is in line with what it
paid in the corresponding period of 2013. The proposal is
subjected to shareholders’ approval. (GulfBase.com)
 Al-Eqtisadiah: Saudi Arabia’s reserves exceed SR900bn –
According to Al-Eqtisadiah, Saudi Arabia’s public reserves rose
to SR904.6bn by October 2014 as compared to SR801.8bn in
September 2014, showing an increase of 13% or SR103bn. The
increase is significant as it occurred despite the continuous fall
in oil prices during the past three months as prices plunged from
$115 to nearly $70 per barrel. The Kingdom’s public reserves
increased as a result of accumulating budget surpluses over the
past five years. The Kingdom is expected to report total revenue
of SR1.1tn and a surplus of SR147bn over the projected
SR855bn budget in 2014. (GulfBase.com)
 RCJY signs SR199.73mn contracts to develop Jubail,
Yanbu infrastructure – Royal Commission for Jubail and
Yanbu (RCJY) has signed two contracts to develop intersection
and bridges on Al-Meena Street and school transportation
services in Yanbu industrial city. A third contract provides
engineering studies for the development of the coastal road and
the essential facilities that belong to industrial and residential
areas in Jubail Industrial City. The value of the three contracts
totaled SR199.73mn. (GulfBase.com)
 STC enters into technology partnership with SAP – Saudi
Telecommunication Company (STC) has partnered with SAP to
leverage its network infrastructure. Utilizing the power of SAP’s
Enterprise Resource Planning (ERP) software, the project aims
to support informed decision-making by providing integration
and unified reporting across various applications and functions.
This will result in increasing efficiency, integrating business
processes and strengthening internal controls. (GulfBase.com)
 Saudi Gazette: Transportation projects in Kingdom reach
$81.6bn – According to the Saudi Gazette, the magnitude and
multi-modal scope of Saudi Arabia’s transport investment is
creating huge and exciting project opportunities for developers,
contractors, transport facility operators, and related industries.
The value of the total announced transportation projects in the
country currently stands at $81.6bn, making it one of the top
transport markets in the GCC region, along with the UAE. As an
initiative to contribute to the development of this rapidly
expanding sector and highlight the wealth of existing and future
opportunities that the Saudi Arabia and wider GCC have to offer,
Riyadh Exhibitions Company is set to organize Saudi Logitrans
2015 – the International Exhibition for Transport, Logistics and
Freight from January 25- 28, 2015 at the Riyadh International
Convention and Exhibition Center. (GulfBase.com)
 CEO: Sadara chemical complex 75% complete – Sadara
Chemical Company (Sadara) CEO, Ziad Al Labban said that the
construction of the $20bn Sadara chemical complex in Jubail
Industrial City II, Saudi Arabia, has reached 75% and is
proceeding as per schedule. (Gulfbase.com)
 Saudi CMA approves offering of Muscat Capital IPO Fund –
Saudi Arabian Capital Market Authority’s (CMA) Board of
Commissioners have given approval to Muscat Capital LLC for
offering Muscat Capital IPO Fund. (Tadawul)
 Trade Union secures SAMA’s temporary approval for
insurance products – Trade Union Cooperative Insurance
Company (Trade Union) has obtained Saudi Arabian Monetary
Agency’s (SAMA) temporary approval to use insurance products
for three months for the following products: Motor
Comprehensive-Private & Commercial and Motor Third Party
Liability. (Tadawul)
 UCA obtains SAMA’s temporary approval for insurance
products – United Cooperative Assurance Company (UCA) has
obtained Saudi Arabian Monetary Agency’s (SAMA) temporary
approval to use insurance products for three months for the
Motor All Risks Commercial & Private and Motor Third Party
Liability products. (Tadawul)
 Al Alamiya secures SAMA’s temporary approval for
insurance products – Al Alamiya for Cooperative Insurance
Company (Al Alamiya) has obtained Saudi Arabian Monetary
Agency’s (SAMA) temporary approval to use insurance products
for three months for the following products: Comprehensive
Motor Insurance and Motor Third Party Liability Insurance.
(Tadawul)
 SAICO secures SAMA’s temporary approval for insurance
products – Saudi Arabian Cooperative Insurance Company
(SAICO) has obtained Saudi Arabian Monetary Agency’s
(SAMA) temporary approval to use insurance products for three
months for the following products: Renewal of temporary
approvals for Motor Third party Liability. (Tadawul)
 Dubai World debt deal receives 70% creditor agreement –
According to sources, around 70% of state-owned
conglomerate, Dubai World creditors have agreed, subject to
approval, to the revised terms of the debt restructuring
presented at a meeting in London. The plan requires the
approval of 67% of the creditors to use a local law called Decree
57, which was brought in to help facilitate the original

5. Page 5 of 7
restructuring. However, if 75% approval is reached, it could use
the more rapid UK scheme of arrangement, which will force the
rest of the creditor group to accept the new terms. (Reuters)
 Emirates NBD Capital eyes top positions on Bloomberg
league tables – Emirates NBD Capital, an investment banking
arm of Emirates NBD Group made its mark as a global player in
dollar Sukuk issuance by topping the global league in 1H2014.
According to league tables published by Bloomberg, ENBD
Investment Bank arranged ten dollar Sukuk issuances
aggregating to AED19.8bn for 1H2014. ENBD Capital had a
strong 2H2014, arranging Sukuk issuance for Indonesia,
Goldman Sachs, DIFC and Flydubai among others.
(GulfBase.com)
 Dubai Airports eyes $32bn new airport – Dubai Airports is
building a $32bn greenfield airport at the upcoming Dubai World
Central, 30 kilometers (km) off the present international airport.
This move will further enable Dubai Airports to secure its
position as the world’s aviation hub. The proposed new airport
will become the world’s largest aviation facility on completion
and will have five A380-compatible runways, all of which will be
simultaneously operational, with a length of 4.5km each. The
other features include 200 aircraft stands for wide bodied
aircraft, four concourses connected via six airport trains to two
terminals, which in turn, will be linked to the city’s metro
network. Once completed, the mega hub will have a total annual
capacity exceeding 200mn passengers and 12mn tons of
freight. (GulfBase.com)
 Reidin.com: Dubai residential property prices up 24.2% –
According to a report by Reidin.com, sales price indices, the
residential property prices in Dubai and UAE, posted solid
growth in October 2014 with a 24.2% YoY increase. The Dubai
Residential Property Sales Price Index for all residential property
increased by 1.6 points, from 295.9 to 297.5, representing an
increase of 0.54% in October 2014. The apartment sales prices
in the emirate increased 26.9% YoY, while the villa sales prices
posted an annual growth of 14.4%. As per the report, the
residential property prices in Dubai's rental market increased by
0.5 points, from 104.5 to 105, which represents an increase of
0.41% in October 2014. On the other hand, rental prices
increased 17.8% YoY. The apartment rental prices increased
0.43% on a MoM basis and increased 20.2% YoY. The villa
rental prices, too, posted a jump increasing 0.29% MoM and
6.6% YoY. (GulfBase.com)
 Cluttons: Economic growth driving Abu Dhabi commercial
property demand – According to a report released by Cluttons,
the continued expansion of Abu Dhabi’s economy, led by the
hydrocarbon sector, is translating into increased demand for
office and industrial space across the emirate. As per the report,
top-tier rents in Abu Dhabi’s office market have held steady
once more in 4Q2014, with Grade A and super prime space
continuing to command a high level of interest from a wide
range of opportunistic occupiers, who view the current rates of
circa AED1,850 per square meter (per sqm) to AED 2,000 per
sqm as fair value. The report revealed that most Grade A
schemes are operating at close to full occupancy. This strong
demand is being transferred to the secondary and tertiary
markets, pockets of which have recorded an upward creep in
rents for the first time in 18 months. (GulfBase.com)
 ADNIC CEO to step down – Abu Dhabi National Insurance
Company (ADNIC) announced that its CEO, Walid Sidani, will
be stepping down from his role on December 1, 2014 after
leading the company’s modernization and expansion efforts over
the past six years. (GulfBase.com)
 TDIC seeks to complete financing for Abu Dhabi mall – Abu
Dhabi's Tourism Development & Investment Company (TDIC) is
in the process of completing the financing to allow it to build the
largest shopping mall in the emirate. According to sources, a
funding deal is expected to be finalized by the end of January
2015, allowing building work to start either by March or April
2015. (Reuters)
 Raysut Cement costs to rise 3% on gas price hike – Raysut
Cement Company said that its costs will increase by 3% in 2015
due to Oman's plans to introduce higher gas prices from
January 1, 2015. The company will try to offset the impact of
higher gas prices by making other cost reductions, improving
efficiency and restructuring its own prices. Earlier, Rival Oman
Cement also warned that the price hikes, which will increase by
an unspecified amount every year for both companies, would
add OMR2.1mn to its own costs in 2015. (MSM)
 Oman SEZ authority floats tenders for port infrastructure
work – According to sources, Oman's special economic zone
(SEZ) authority has floated two tenders for infrastructure
development and other related works at the Duqm port in Oman.
One of the tenders is new, while the other one is just an
extension of the submission date. The first one is for building
roads, commercial gates and inspection zone, while in the case
of the other tender, the bids submission date has been extended
until December 23, 2014 for the construction of roads,
infrastructure and a building at the berth area of the port. The
scope of work includes provision of facilities at the customs
area, internal roads, two helipads, earthworks, potable water
network, sewerage network, pump stations and street lighting,
which will help achieve full-fledged operations as per the
schedule. (GulfBase.com)
 IRENA: Electricity subsidy set to surpass value of Omani
LNG exports by 2018 – The International Renewable Energy
Agency (IRENA) has warned that the economic value of natural
gas and diesel subsidized by the Omani government for
electricity generation purposes is projected to exceed the value
of Omani gas exports by 2018. In 2012, the average subsidy
amounted to around 41.5% of the overall costs of producing and
supplying electricity. In areas served by the Rural Areas
Electricity Company, the subsidy averaged 79%, dropping to
39.2% within the Main Interconnected System (covering the
northern half of Oman). The subsidy averaged 52.7% within the
Salalah System (serving consumers in Dhofar Governorate). As
a result, the total economic subsidies for electricity production in
Oman, which are the sum of financial subsidies and the indirect
price subsidies, amounted to a staggering $2.6bn for the year
2012. (GulfBase.com)
 L&T HE ships world’s largest heat recovery unit – Larsen &
Toubro Heavy Engineering (L&T HE), a joint venture with Zubair
Corporation has successfully delivered the world’s largest Heat
Recovery Boiler for Gasification plant to Schmidtsche Schack,
Arvos Group, Germany for the Reliance Pet Coke Gasification
Project. The project comprises 10 sets each of heat recovery
boilers, high pressure steam drums and associated high
pressure piping. The first lot of equipment was flagged off from
the facility in Sohar in the presence of a team from Schmidtsche
Schack, Arvos Group, and the board members from L&T HE. It
is the first of ten such deliveries. (GulfBase.com)
 AUB converts subordinated debt into 118.61mn shares –
Ahli United Bank (AUB) has converted $100mn of International
Finance Corporation’s (IFC) subordinated debt by issuing
118.61mn ordinary shares at a conversion price of $0.8431 per
share to IFC. Following the conversion, IFC, along with the IFC

6. Page 6 of 7
Capitalization Fund will hold a 5.16% stake in AUB . (Bahrain
Bourse)
 IIFM to develop trade, corporate finance contracts –
Bahrain-based International Islamic Financial Market (IIFM) will
develop contract templates for Shari’ah-compliant corporate
finance and trade finance transactions, as the industry body
expands its mandate. The new standards would help broaden
the scope of IIFM, as the body works to harmonize industry
practices. (Reuters)
 Ibdar Bank in $100mn Islamic financing deal with Ethiopian
Airlines – Ibdar Bank has finalized a $100mn deal with
Ethiopian Airlines for the lease of four Bombardier Q400
NextGen planes, the first Shari’ah-compliant transaction in
Africa's aviation sector. Under terms of the 12-year deal, Ibdar
will lease the Canadian-built aircraft to Ethiopian Airline with an
option for four additional planes. The bank financed $22mn of
the deal through equity, with $78mn secured through a funding
agreement with Export Development Canada. (Reuters)

7. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
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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. QNBFS accepts no liability
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg, *$ adjusted returns.
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Oct-10 Oct-11 Oct-12 Oct-13 Oct-14
QSE Index S&P Pan Arab S&P GCC
1.1%
0.7%
0.1%
(0.0%)
(1.1%)
(0.2%)
(2.2%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,212.09 3.8 3.8 0.5 DJ Industrial 17,776.80 -0.3 -0.3 7.2
Silver/Ounce 16.47 6.5 6.5 (15.4) S&P 500 2,053.44 -0.7 -0.7 11.1
Crude Oil (Brent)/Barrel (FM
Future)
72.54 3.4 3.4 (34.5) NASDAQ 100 4,727.35 -1.3 -1.3 13.2
Natural Gas (Henry
Hub)/MMBtu
3.91 (7.9) (7.9) (10.1) STOXX 600 345.64 0.0 0.0 -4.6
LPG Propane (Arab Gulf)/Ton 68.00 (9.8) (9.8) (46.2) DAX 9,963.51 0.3 0.3 -5.6
LPG Butane (Arab Gulf)/Ton 89.50 (6.3) (6.3) (34.1) FTSE 100 6,656.37 -0.2 -0.2 -6.2
Euro 1.25 0.1 0.1 (9.3) CAC 40 4,377.33 0.2 0.2 -7.7
Yen 118.40 (0.2) (0.2) 12.4 Nikkei 17,590.10 1.1 1.1 -4.0
GBP 1.57 0.5 0.5 (5.0) MSCI EM 985.08 -2.0 -2.0 -1.8
CHF 1.04 0.1 0.1 (7.4) SHANGHAI SE Composite 2,680.16 -0.2 -0.2 24.6
AUD 0.85 (0.2) (0.2) (4.8) HANG SENG 23,367.45 -2.6 -2.6 0.3
USD Index 87.95 (0.5) (0.5) 9.9 BSE SENSEX 28,559.62 0.1 0.1 34.8
RUB 51.65 4.4 4.4 57.1 Bovespa 52,276.58 -3.8 -3.8 -6.2
BRL 0.39 0.4 0.4 (7.5) RTS 958.33 -1.6 -1.6 -33.6
184.7
139.0
127.4