10 December Daily Market Report
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  • 1. QE Intra-Day Movement Market Indicators 10,500 10,480 10,460 09 Dec 13 %Chg. 495.9 559,607.4 16.9 6,465 40 20:18 517.7 555,846.7 15.2 6,219 41 16:19 (4.2) 0.7 11.3 4.0 (2.4) – Market Indices 10,440 10,420 9:30 10 Dec 13 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.6% to close at 10,496.9. Gains were led by the Industrials and Banking & Financial Services indices, gaining 0.9% and 0.8% respectively. Top gainers were Qatar Cinema & Film Dist. Co. and Zad Holding Co., rising 4.3% and 3.0% respectively. Among the top losers, Mannai Corp. fell 4.0%, 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 14,997.65 2,609.86 2,494.22 3,419.22 1,931.43 2,010.05 2,377.86 1,473.17 5,955.93 3,066.14 0.6 0.6 0.8 0.9 0.4 (0.5) 0.0 0.7 (0.0) (0.0) 1.0 1.0 1.4 1.1 (0.0) 0.6 0.8 0.8 (0.4) (0.1) 32.6 29.5 28.0 30.2 44.1 24.7 21.1 38.3 27.5 23.2 N/A 13.2 13.4 12.4 13.1 13.8 9.7 20.0 22.6 15.9 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.5% to close at 8,399.4. Gains were led by the Ind. Inv. and Petrochem. Ind. indices, rising 2.4% and 0.9% respectively. ANB Insurance gained 9.8%, Astra Ind. Group was up 6.0%. Abu Dhabi Nat. Hotels Abu Dhabi 2.50 6.8 8.9 41.2 Astra Industrial Group Saudi Arabia 53.00 6.0 944.5 35.9 Dubai: The DFM index gained marginally to close at 3,101.9. The Services index rose 0.8%, while the Real Estate & Cons. index was up 0.6%. Al Salam Bank - Sudan surged 14.5%, while Gulf Navigation Holding was up 3.9%. Saudi Arabian Mining Saudi Arabia 32.00 3.9 5,801.2 (1.2) SPIMACO Saudi Arabia 61.25 2.9 197.9 40.2 Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,019.4. The Services index gained 3.1%, while the Real Estate index was up 1.0%. National Takaful Co. surged 14.4%, while Abu Dhabi Nat. Hotels gained 6.8%. Saudi Ceramic Co. Saudi Arabia 115.25 2.2 355.0 56.3 GCC Top Losers Exchange Kuwait: The KSE index declined marginally to close at 7,756.1. The Insurance index fell 1.2%, while the Consumer Goods index was down 0.7%. Warba Insurance declined 6.6%, while KIPCO Asset Management was down 6.4%. Comm. Bank of Dubai Dubai 4.20 (4.5) 730.1 40.0 Mannai Corp. Qatar 86.40 (4.0) 0.0 6.7 Oman: The MSM index fell 0.1% to close at 6,761.2. Losses were led by the Bank. & Inv. and Ind. indices, declining 0.3% and 0.2% respectively. A'Sharqiya Inv. Holding fell 3.6%, while Al Jazeera Ser. Fin. was down 2.4%. SADAFCO Saudi Arabia 87.50 (3.3) 62.9 35.1 Sharjah Islamic Bank Abu Dhabi 1.46 (2.0) 844.1 58.7 Burgan Bank Kuwait 0.57 (1.8) 994.2 10.9 Bahrain: The BHB index rose 0.1% to close at 1,207.7. The Industrial index gained 1.0%, while the Commercial Banking index was up 0.2%. Aluminum Bahrain rose 1.0%, while National Bank of Bahrain was up 0.8%. ## # Close Vol. „000 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 Exchange Top Gainers Close* 1D% Vol. „000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. „000 YTD% Qatar Cinema & Film Dist. Co. 43.80 4.3 0.1 (23.0) Mannai Corp. 86.40 (4.0) 0.0 6.7 Mazaya Qatar Real Estate Dev. 11.57 (1.5) 1,336.2 5.2 (6.6) Zad Holding Co. 69.00 Doha Insurance Co. 3.0 0.5 17.3 25.75 Commercial Bank of Qatar 2.8 1.2 4.9 174.30 QNB Group 1.7 481.5 33.2 71.10 1.6 492.5 0.3 Qatar Islamic Insurance 57.90 65.4 (1.3) 63.8 9.5 (1.0) 1,270.2 36.3 Close* 1D% Val. „000 YTD% 11.60 0.9 99,782.2 38.9 174.30 Masraf Al Rayan (1.4) 134.00 33.80 Al Meera Consumer Goods Co. 1.7 83,731.7 33.2 Close* 1D% Vol. „000 YTD% Vodafone Qatar 11.60 0.9 8,686.0 38.9 Mazaya Qatar Real Estate Dev. 11.57 (1.5) 1,336.2 5.2 Masraf Al Rayan 33.80 (1.0) 1,270.2 36.3 Masraf Al Rayan 33.80 (1.0) 43,173.0 36.3 Barwa Real Estate Co. 30.80 (0.5) 1,133.7 12.2 Industries Qatar 167.80 1.1 37,212.9 19.0 Qatar Gas Transport Co. 21.31 0.8 782.7 39.6 Barwa Real Estate Co. 30.80 (0.5) 34,955.0 12.2 Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Vodafone Qatar QNB Group Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,496.89 3,101.86 4,019.41 8,399.39 7,756.10 6,761.19 1,207.66 0.6 0.0 0.4 0.5 (0.0) (0.1) 0.1 1.0 2.9 2.0 1.9 (0.1) (0.1) 0.8 1.2 5.3 4.4 0.9 (0.4) 0.5 (0.1) 25.6 91.2 52.8 23.5 30.7 17.4 13.3 Exch. Val. Traded ($ mn) 184.62 285.35 178.46 1,395.31 61.52 27.02 0.83 Exchange Mkt. Cap. ($ mn) 153,668.2 72,852.7 113,715.6 457,862.2 109,849.0 24,236.4 49,693.6 P/E** P/B** 13.4 18.3 11.2 17.1 16.9 10.6 8.1 1.8 1.2 1.4 2.1 1.2 1.6 0.9 Dividend Yield 4.4 2.9 4.5 3.5 3.6 3.8 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) Page 1 of 6
  • 2. Qatar Market Commentary  The QE index rose 0.6% to close at 10,496.9. The Industrials and Banking & Financial Services 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 63.30% 74.36% (54,859,825.79) Non-Qatari  Qatar Cinema & Film Dist. Co. and Zad Holding Co. were the top gainers, rising 4.3% and 3.0% respectively. Among the top losers, Mannai Corp. fell 4.0%, while Mazaya Qatar Real Estate Dev. declined 1.5%. Buy %* 36.70% 25.63% 54,859,825.79 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday rose by 11.3% to 16.9mn from 15.2mn on Monday. Further, as compared to the 30-day moving average of 12.3mn, volume for the day was 37.1% higher. Vodafone Qatar and Mazaya Qatar Real Estate Dev. were the most active stocks, contributing 51.3% and 7.9% to the total volume respectively. Ratings, Earnings and Global Economic Data Ratings Updates Company Dubai Islamic Bank (DIB) DIB Sukuk Company Ltd. Agency Market Fitch Dubai Fitch Dubai Type* LT IDR/ ST IDR/ VR/ SR/ SR floor Senior unsecured trust certificates Old Rating New Rating Rating Change Outlook Outlook Change A/F1/bb/1/A A/F1/bb/1/A – Stable – A A – – – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency) (VR – Viability Rating) Global Economic Data Date Market Source Indicator Period 12/10 US NFIB NFIB Small Business Optimism November 12/10 US US Census Bureau Wholesale Inventories MoM October 12/10 US US Census Bureau Wholesale Trade Sales MoM 12/10 France INSEE Industrial Production MoM 12/10 France INSEE 12/10 France INSEE 12/10 France 12/10 Actual Consensus Previous 92.5 92.6 91.6 1.40% 0.30% 0.50% October 1.00% 0.30% 0.80% October -0.30% 0.10% -0.30% Industrial Production YoY October 0.00% 0.30% -0.70% Manufacturing Production MoM October 0.40% 0.20% -0.50% INSEE Manufacturing Production YoY October 0.70% 0.20% -1.20% UK RICS RICS House Price Balance November 58% 60% 57% 12/10 UK ONS Industrial Production MoM October 0.40% 0.40% 0.90% 12/10 UK ONS Industrial Production YoY October 3.20% 3.20% 2.20% 12/10 UK ONS Manufacturing Production MoM October 0.40% 0.40% 1.20% 12/10 UK ONS Manufacturing Production YoY October 2.70% 2.90% 0.70% 12/10 UK ONS Trade Balance October -£2619 -£2800 -£2644 12/10 Italy ISTAT Industrial Production MoM October 0.50% 0.20% 0.20% 12/10 Italy ISTAT Industrial Production WDA YoY October -0.50% -2.20% -2.90% 12/10 Italy ISTAT Industrial Production NSA YoY October -0.50% – 0.20% 12/10 Italy ISTAT GDP WDA QoQ 3Q2013 0.00% -0.10% -0.30% 12/10 Italy ISTAT GDP WDA YoY 3Q2013 -1.80% -1.90% -2.20% 12/10 China National Bureau of Stat. Industrial Production YTD YoY November 9.70% 9.70% 9.70% 12/10 China National Bureau of Stat. Industrial Production YoY November 10.00% 10.10% 10.30% 12/10 China National Bureau of Stat. Retail Sales YTD YoY November 13.00% 13.10% 13.00% 12/10 China National Bureau of Stat. Retail Sales YoY November 13.70% 13.20% 13.30% 12/10 China People's Bank of China Money Supply M0 YoY November – 0.081 0.08 12/10 China People's Bank of China Money Supply M1 YoY November – 0.09 0.089 12/10 China People's Bank of China Money Supply M2 YoY November – 0.142 0.143 12/10 China National Bureau of Stat. New Yuan Loans November – 580.0B 506.1B 12/10 Japan Bank of Japan Money Stock M2 YoY November 4.30% 4.20% 4.10% 12/10 Japan Bank of Japan Money Stock M3 YoY November 3.40% 3.50% 3.30% 12/10 Japan ESRI Consumer Confidence Index November 42.5 43.0 41.2 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6
  • 3. News Qatar  QCB: Construction sector surged by 9.3% in 2012 – According to the data released by the Qatar Central Bank (QCB), Qatar‘s construction sector rose by 9.3% in 2012 to emerge as one of the fastest growing non-oil sectors. The construction sector has gained nearly QR2.3bn in 2012 to climb to a record high in current prices. However, the report showed that the construction sector‘s share of GDP had edged down to 10.5% in 2012 from 11.2% in 2011. (Bloomberg)  Lasting Iran deal could lead to a Qatar rating upgrade – According to QNB Group, Qatar, which does not face any imminent threat from the US shale gas boom, could expect to get higher ratings if there is a permanent solution for Iran nuclear crisis. QNB‘s Head of Economics Joannes Mongardini said that Qatar‘s non-hydrocarbon sector is expected to grow faster than its oil segment and is expected to witness an additional inflow of 300,000 workers to fill in 240,000 new jobs over the next one to two years. (Gulf-Times.com)  QCB issues 3 and 5-year government bonds, sukuk – The Qatar Central Bank has issued QR4bn worth of government bonds and sukuk with three-year and five-year durations. (QCB press release)  Doha metro stations set for completion by 2018 – The construction work on major underground stations of the Doha Metro Project, which are progressing as scheduled, are expected to be accomplished by 2018. Saad Ahmed alMuhannadi, CEO of Qatar Rail Company said that work on the underground projects is moving along as scheduled and the Lusail Light Rail Transit (LRT) has reached an advanced stage. The Lusail LRT underground station is almost complete with regard to civil engineering works. Other architectural and technical works would be held in another stage in connection with other stations. (Gulf-Times.com)  Kahramaa to upgrade services to higher levels – Minister of Energy and Industry HE Dr Mohamed bin Saleh al-Sada highlighted the need for the Qatar General Electricity and Water Corporation (Kahramaa) to upgrade its services to higher levels in order to meet the expectations of the country‘s residents. He said that this year‘s theme ―Strategic Transformation in Performance‖ reflected the corporation‘s response to the goals and objectives of Qatar National Vision 2030. The QNV has stressed the importance of economic development, increased environmental consciousness, cultural development and capacity building of national human resources. (Gulf-Times.com)  Ooredoo, QNB extends business partnership – Ooredoo and QNB have extended their pioneering business partnership, which helps them provide improved services to their customers. Ooredoo‘s network will ensure continuous availability and uptime for all the banking services covered by QNB‘s extensive network. This will play a vital role in ensuring QNB‘s customers never face service disruptions due to connectivity losses between the bank‘s main office and its branches as well as ATMs nationwide around the clock. (Gulf-Times.com)  Qatar plans higher health, education outlays in budget – Qatar will continue to make higher allocations for health and education in its next budget, in order to reduce its reliance on the hydrocarbon sector and keep inflation under control. At the Euromoney Conference, the Prime Minister & Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa al-Thani said the new phase of growth will require the government to focus more on diversification and expansion in non-oil sectors, which will boost the economic growth. He also emphasized on the private sector‘s active participation in Qatar‘s ongoing economic diversification process. (Gulf-Times.com)  QIF urges QE to tackle liquidity to lure institutional inflow – According to the Qatar Investment Fund (QIF), factors such as the MSCI upgrade, mammoth capital expenditure ahead of FIFA World Cup and a spate of listings augur well for the Qatar Exchange (QE). However, QE must tackle liquidity problems to ensure the entry of more foreign institutional investors. At the Euromoney Conference, QIF chairman Nicholas Wilson said that QE has witnessed more than 22% growth in its key index ever since MSCI announced its decision to upgrade Qatar to ‗emerging market‘ from ‗frontier‘ status. (Gulf-Times.com)  RasGas awards EPC contract to Chiyoda Almana for onshore flow assurance project – The Ras Laffan Liquefied Natural Gas Company (RasGas) has awarded an engineering, procurement & construction (EPC) contract to Chiyoda Almana Engineering for its onshore flow assurance project. This project consists of onshore storage, pumping and loading facilities for mono ethylene glycol (MEG), which prevents the formation of hydrates. This project will include MEG transfer pumps and facilities to load road tankers that will supply MEG to onshore facilities of RasGas, Qatargas and Barzan, as well as the capability to load marine vessels to transport MEG onto offshore back-up tanks on wellhead platforms. (Bloomberg)  L&T Shipbuilding wins $154mn order from HOSC for commercial vessels – India-based Larsen & Toubro (L&T) Shipbuilding has obtained a repeat order worth $154mn from Halul Offshore Services Company (HOSC) for six specialized commercial vessels. This order is for the design, construction and commissioning of four platform supply vessels (PSVs) and two anchor handling towing, supply & standby vessels (AHTSSVs) with 150 MT bollard pull. PSVs will be delivered in 1Q2015, while AHTSSVs will be delivered in 4Q2015. (Bloomberg)  Property deals worth QR868.55mn during December 1-5 – The Real Estate Registration Department at the Qatar‘s Ministry of Justice said real estate transactions worth QR868.55mn were registered during December 1-5, 2013 in Qatar. Properties that were traded include open plots of land, two-floor villas, annexes, houses and residential compounds and buildings that are located in the municipalities of Umm Salal, Al Khor, Doha, Al Rayyan, Al Shamal, Al Daayen and Al Wakra. (Bloomberg)  GWCS‟ BoD to meet on January 19 – The Gulf Warehousing Company‘s (GWCS) board of directors will meet on January 19, 2014 to discuss the company‘s financial results ending on December 31, 2013. (QE)  QA begins 4 weekly flights to Cyprus, could team up with Emirates – Qatar Airways (QA) has launched four weekly flights to Larnaca International Airport in Cyprus that will commence from April 29, 2014. This will be QA‘s first route to Cyprus. Meanwhile, QA‘s CEO Akbar Al Baker suggested that the airline could again team up with the Emirates Airline to increase its leverage when negotiating orders with plane manufacturers. (Bloomberg) Page 3 of 6
  • 4. International  US finalizes Volcker rule, curbing Wall Street's risky trades – US banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis. The measure known as the Volcker rule was a late addition to the 2010 Dodd-Frank Wall Street reform law and seeks to ensure that banks can't make speculative trades that are so large and risky that they threaten individual firms or the wider financial system. Banks had hoped to substantially soften the rule, but JPMorgan's $6 billion trading loss in 2012 motivated regulators to devise a tough version. (Reuters)  US budget deal could usher in new era of cooperation – A bipartisan budget deal announced in the US Congress on Tuesday, though modest in its spending cuts, would end three years of impasse and fiscal instability in Washington that culminated in October with a partial government shutdown. However, the agreement faces a challenge from some House conservatives and will require support of the minority Democrats to pass. The backing of President Barack Obama should help round up votes of his fellow Democrats. He urged Congress to quickly pass it. (Reuters)  Europe edges toward plan to close failing banks – Euro zone countries edged toward agreeing a plan to tackle ailing banks on Tuesday but divisions remain about key parts of the reform that is needed to underpin confidence in the bloc's lenders. A draft plan, circulated among EU ministers at a meeting in Brussels, spells out how a new agency may close failing banks chiefly in the euro zone and, crucially, how the cost can be shared out among different national funds in the scheme. Linking these funds will take 10 years, however, and it will fall to countries to cover the costs in the mean time. The new agency to shut banks and a fund to pay for the clean-up will form a second pillar of banking union, as soon as the European Central Bank starts supervising banks late next year. (Reuters)  IATA: Mideast, Asia-Pacific to drive global passenger growth – According to the International Air Transport Association (IATA), emerging economies in the Middle East and Asia-Pacific will see the strongest international passenger growth with a CAGR of 6.3% and 5.7% respectively between 2013 and 2017. By 2017, the total number of passengers is expected to rise to 3.91bn—an increase of 930mn passengers over 2.98bn passengers carried in 2012. The Asia-Pacific region is expected to add around 300mn more passengers by the end of 2017, of which around 75% is expected to be domestic passengers. (Gulf-Times.com) Regional  GCC non-hydrocarbon sector growth tops developed nations “between 1980 and 2009” – According to a research by three senior IMF economists, the GCC region‘s nonhydrocarbon sector growth performance has been above that of other oil producers or advanced economies between 1980 and 2009. Growth in Kuwait, Qatar and the UAE during the period was at par with that of India and China. The sectors that contributed most to non-hydrocarbon growth (and that increased their share in the real GDP) were the manufacturing sector in Bahrain, Oman and Saudi Arabia (driven by petrochemicals), the construction sector in Oman and Qatar and the transportation sector in Kuwait, Oman, Qatar and the UAE. The financial sector also grew strongly in Qatar and the UAE. (GulfTimes.com)  GOIC: Total GCC industrial investment rises to $338bn in 2012 – According to the data released by the Gulf Organization for Industrial Consulting (GOIC), total industrial investments in the GCC region rose from $81bn in 1998 to $338bn in 2012. The number of GCC firms has increased from 7,089 in 1998 to 15,165 in 2012, while the number of workers grew from 559,420 workers in 1998 to 1.34mn workers in 2012. The data showed that most of these investments were in the segments such as chemicals, refined petroleum products, base metals, building materials and food industries. (GulfBase.com)  Bloomberg: Sukuk sales surge to $4.7bn in 3Q2013 – According to the data compiled by Bloomberg, sukuk sales have surged to $4.7bn in 3Q2013. The average yield on Shari‘ahcompliant debt from the GCC region fell 10 basis points to 3.78% in 3Q2013. (Bloomberg)  Stéphane Michel appointed President for Total‟s Middle East, E&P Division – French oil company Total E&P Qatar Managing Director Stéphane Michel has been appointed as the President for the Middle East, Exploration & Production Division. Michel will take on this new assignment in Paris on January 1, 2014 and will be reporting to Arnaud Breuillac, President (E&P) at Total. (Gulf-Times.com)  OPEC trims output to lowest in 2 years as Saudi Arabia cuts – OPEC has reduced its crude oil production in November to the lowest level in two years as the output dropped below the organization‘s 30mn barrels-per-day ceiling for the third month. OPEC pumped 29.63mn bpd last month as compared to 29.83mn bpd in October. According to OPEC‘S monthly report, output from Saudi Arabia fell to a five-month low of 9.63mn bpd last month from 9.71mn bpd in October. (Gulf-Times.com)  CDSI: Saudi non-oil exports stood at SR17.97bn in October – According to a report released by the Central Department of Statistics & Information (CDSI), Saudi non-oil exports stood at SR17.97bn in October 2013, indicating 12.6% YoY. However, Saudi imports have declined by 0.2% YoY to SR44.2bn. The CDSI report showed that petrochemical products have topped the Kingdom‘s list of exports in October and accounted for 31.74% of non-oil exports valued at SR5.7bn. Plastic products ranked second among non-oil exports to SR5.36bn, which is followed by the transport equipment & their parts at 15.02% of the total value of exports. Meanwhile, the report showed that equipment, machinery and electrical utensils have captured the highest value of Saudi imports in October 2013 at SR10.94bn, followed by transport materials at SR8.28bn and ordinary metals & their products at SR5.13bn. The report also showed that the UAE has topped the list of major importers from Saudi Arabia by 14.38% of the total value of exports in October, followed by China at 13.80% and Singapore at 5.61%. (GulfBase.com)  SAGIA: Kingdom ready to invest in Azerbaijan‟s industry – Saudi Arabian General Investment Authority‘s (SAGIA) Head Abdullatif Al Othman said that the Kingdom is ready to invest in Azerbaijan's petrochemical and refining industry. (Bloomberg)  Kingdom to increase its share in IDB‟s subscribed capital by SR902.19mn – Saudi Arabia‘s Deputy Premier & Minister of Defense Crown Prince Salman said that the Kingdom has decided to increase its share in the Islamic Development Bank‘s (IDB) subscribed capital by SR902.19mn. This will bring its total share to SR5.15bn. This new amount will be paid to the bank over a period of 20 years beginning from 2016. This capital increase will enable IDB to meet the growing requirements of its 56-member countries. (GulfBase.com)  Rolls-Royce obtains contract from HDEC for ADMA OPCO – Rolls-Royce has obtained a strategic contract from Korea‘s Page 4 of 6
  • 5. Hyundai Engineering & Construction (HDEC) to supply the Abu Dhabi Marine Operating Company (ADMA OPCO) with power generation equipment and related services. This will help boost oil & gas processing activities at the Satah Al Razboot offshore project in the UAE. (Bloomberg)  Kingdom plans SR15bn water storage projects – The National Water Company‘s (NWC) CEO Luay Al Musallam said the Kingdom is straining to meet the growing water demand of its population and is planning to implement SR15bn water storage projects. Luay Al Musallam said that Jeddah will be the site for the first storage project that will begin in 2014. (Bloomberg)  Yansab‟s BoD recommends SR2 dividend for 2H2013 – Yanbu National Petrochemicals Company‘s (Yansab) board of directors has recommended a dividend of SR2 per share for 2H2013, which translates to a total dividend of SR3 per share for 2013. The company expects to increase its annual dividend to SR3.5 per share in 2014 and SR4 per share in 2015. (GulfBase.com)  Saudi CMA approves AFG‟s capital decrease request – The Saudi Capital Market Authority‘s (CMA) board of commissioners has approved Aldukheil Financial Group‘s (AFG) request to decrease its capital from SR50mn to SR2mn. (Tadawul)  Saudi CMA approves BNP Paribas‟ amendment its business profile – The Saudi CMA‘s Board of Commissioners has approved BNP Paribas Investment Company‘s request to amend its business profile by including managing investment funds & advising activities. BNP Paribas will now be authorized to conduct deals as a principal, agent that manages investment funds, arranges, advises and handles custody activities. (Tadawul)  DMCC signs MoU with UAB to facilitate account opening process for companies – The Dubai Multi Commodities Centre (DMCC) has entered into a MoU with Sharjah-based United Arab Bank (UAB) to facilitate the process of opening a bank account for companies, while they establish themselves in the DMCC Free Zone. Under this MoU, DMCC and UAB have agreed to collaborate for creating a streamlined process where companies can register in the DMCC Free Zone and open a bank account simultaneously. Meanwhile, UAB has opened a new branch in DMCC‘s Almas Tower. (GulfBase.com)  7.34mn Indian passengers pass through Dubai in 2012 – Dubai Airports Company‘s (DAC) Media Relations Manager Zaigham Ali said that India has emerged as the largest market served from Dubai with 7.34mn passengers passing through it in 2012. The number of Indian passengers who travel to or through Dubai International Airport is expected to reach 8.3mn in 2013. This increase is due to seven Indian and Dubai airlines operating a total of 185 weekly flights from 20 Indian cities to Dubai. (Bloomberg)  MEED: Abu Dhabi‟s project spending to cross $100bn in next seven years – According to MEED, Abu Dhabi‘s project spending could expand to cross $100bn over the next seven years as the government ramps up its efforts to sustain economic gains seen in the last few years. Construction projects have remained the most active sector with projects worth $30bn to be awarded over the next seven years. The oil & gas sector has a project pipeline worth $25bn, while transport & chemicalrelated projects will also see a surge in investments worth $20bn. Similarly, the industrial as well as power & water sectors will be busy with contracts valued at $6bn and $5bn respectively, which will be awarded until 2020. (GulfBase.com)  ADX bets on GIIs, stream of IPOs in 2014 – The Abu Dhabi Securities Exchange‘s (ADX) CEO Rashed Al Baloushi said that ADX is betting with UAE‘s upgrade to emerging market status. He said that an improvement in the Emirate‘s economy will attract more global institutional investors (GIIs) and prompt a stream of IPOs in 2014. (Bloomberg)  Abu Dhabi soon to have permanent cruise terminal – The Abu Dhabi Tourism & Culture Authority‘s (TCA Abu Dhabi) Director General Mubarak Al Muhairi said that the Emirate is moving closer to have a permanent cruise terminal built at Mina Zayed. This cruise terminal will boast of a dedicated cruise stopover beach and other amenities. (Bloomberg)  IDB begins work to issue industrial licenses for firms – The Industrial Development & Regulation Bureau (IDB) has begun its work for issuing licenses to the firms intending to start manufacturing activities in Abu Dhabi. This agency will also regulate the Emirate‘s manufacturing sector, which is a key element in Abu Dhabi‘s economic diversification strategy under the Abu Dhabi Vision 2030. The agency will also approve applications for gas connections to industrial consumers and formulate policies for creating an environment conducive for setting up of a knowledge-based economy. (GulfBase.com)  Abu Dhabi plans to double its rig count by 2018 – Abu Dhabi Marine Operating Company‘s (ADMA-OPCO) CEO Ali Al Jarwan said the Emirate is planning to more than double its rig count as more oil wells will be developed. The number of rigs will be increased from 40 rigs to 88 rigs by 2018, which is part of the Emirate‘s plan to raise its oil output by 35% in 2018. (GulfBase.com)  Bahrain expects 20,000 trade visitors to attend BIAS – Bahrain‘s Ministry of Transportation expects 20,000 trade visitors to attend the Bahrain International Airshow 2014 (BIAS). These visitors also include around 100 companies and governmental, military and civil delegations from over 25 countries. (GulfBase.com)  Emaar launches Vida Residence, The Hills – Emaar Properties has launched Vida Residence, The Hills in Dubai that will feature 136 serviced apartments. (GulfBase.com)  Depa appoints new independent directors – Depa Ltd. has appointed Roderick Maciver and Fahad Al Nabet as the company‘s independent non-executive directors. (GulfBase.com)  EITC‟s BoD approves new board member – Integrated Telecommunications Company‘s (EITC) directors has approved the appointment of Masood as the new board member who will represent Development Company. (DFM) Emirates board of Mahmood Mubadala Page 5 of 6
  • 6. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 150.8 132.8 0.7% 0.5% 0.6% 0.4% 0.1% 120.4 0.0% 0.1% S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Yen Close ($) 1D% WTD% YTD% Global Indices Performance 1,262.18 1.8 2.7 (24.7) DJ Industrial 20.40 2.7 4.6 (32.8) S&P 500 109.38 (0.0) (2.0) (1.6) 4.32 2.6 4.4 0.7 3.2 46.5 136.00 (0.2) (2.2) (21.4) 1.38 0.2 0.4 4.3 102.85 (0.4) (0.1) 1.64 0.1 0.6 1.13 0.3 0.5 RUB BRL 26.1 131.13 CHF USD Index Dubai Oman Source: Bloomberg GBP AUD Bahrain Jul-13 (0.1%) Abu Dhabi QE Index Oct-11 May-12 Dec-12 Kuwait Aug-10 Mar-11 Qatar (0.0%) (0.5%) Saudi Arabia Jan-10 1.3% 18.6 NASDAQ 100 STOXX 600 DAX FTSE 100 CAC 40 Nikkei Close 1D% WTD% YTD% 15,973.13 (0.3) (0.3) 21.9 1,802.62 (0.3) (0.1) 26.4 4,060.49 (0.2) (0.0) 34.5 314.91 (0.7) (0.5) 12.6 9,114.44 (0.9) (0.6) 19.7 6,523.31 (0.6) (0.4) 10.6 4,091.14 (1.0) (0.9) 12.4 15,611.31 (0.2) 2.0 50.2 1.2 MSCI EM 1,012.32 (0.0) 1.0 (4.1) 3.1 SHANGHAI SE Composite 2,237.49 (0.0) 0.0 (1.4) HANG SENG 0.92 0.4 0.5 (12.0) 23,744.19 (0.3) 0.0 4.8 79.97 (0.2) (0.4) 0.2 BSE SENSEX 21,255.26 (0.3) 1.2 9.4 7.2 Bovespa 50,993.02 (0.3) 0.1 (16.3) 1,409.85 (0.2) 1.4 (7.7) 32.72 0.43 (0.1) 0.4 (0.0) 0.9 (11.3) Source: Bloomberg RTS 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 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 6 of 6