QE Intra-Day Movement

Market Indicators

10,480

10,460
10,440
10,420
9:30

17 Dec 13

16 Dec 13

%Chg.

Value Traded (QR...
Qatar Market Commentary
 The QE index declined 0.1% to close at 10,468.6. The Real
Estate and Industrials indices led the...
12/20

US

Bureau of Eco. Analysis

Core PCE QoQ

3Q2013

1.40%

1.50%

12/17

EU

Eurostat

Labour Costs YoY

3Q2013

1.0...
demand will continue to remain high in the years to come.
(Peninsula Qatar)
 Italy‟s Ambassador: Sees 16% rise in Italian...
to pull the country out of a 15-year deflationary malaise and
cope with rising welfare costs of its aging population, whil...
contractor in accordance with the criteria established by STC
and under its management and supervision. (Tadawul)
 SEC si...
close to the Mall of Emirates with an investment of AED150mn
and another 272 rooms in Al Garhoud close to the Dubai
Intern...
 NOGA: Bahrain‟s diesel prices for domestic consumption to
almost double in three years – Bahrain’s National Oil & Gas
Au...
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0

1.1%

1.2%
150.4
134.5
122.1

1.1%

Dubai

Daily Index Performance

A...
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17 December Daily Market Report

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17 December Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,480 10,460 10,440 10,420 9:30 17 Dec 13 16 Dec 13 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 202.7 559,363.7 5.1 3,340 38 14:21 354.1 559,604.1 9.7 4,713 39 12:23 (42.8) (0.0) (47.3) (29.1) (2.6) – Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.1% to close at 10,468.6. Losses were led by the Real Estate and Industrials indices, declining 0.4% and 0.3% respectively. Top losers were Commercial Bank of Qatar and Qatar & Oman Investment Co., falling 1.3% and 1.0% respectively. Among the top gainers, Qatar National Cement Co. rose 1.3%, while Doha Bank gained 1.2%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,957.22 2,610.23 2,485.34 3,441.08 1,941.44 1,996.41 2,361.26 1,470.95 5,998.78 3,066.43 (0.1) (0.0) (0.0) (0.3) 0.6 (0.4) (0.0) 0.3 0.4 (0.1) (0.2) 0.0 (0.0) 0.1 0.4 (1.5) (0.4) 0.6 0.2 (0.4) 32.2 29.6 27.5 31.0 44.8 23.9 20.3 38.1 28.4 23.2 N/A 13.2 13.3 12.5 13.1 13.7 9.7 20.0 22.8 15.9 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. „000 YTD% Saudi Arabia: The TASI index rose 0.8% to close at 8,509.7. Gains were led by the Petrochem. Ind. and Bank. & Fin. Ser. indices, rising 1.5% and 1.3% respectively. ANB Ins. gained 9.9%, while Saudi Hollandi Bank was up 5.8%. Dana Gas Abu Dhabi 0.70 9.4 170,418.0 55.6 Saudi Hollandi Bank Saudi Arabia 41.90 5.8 624.7 54.6 Dubai: The DFM index gained 1.1% to close at 3,243.4. The Trans. index rose 2.1%, while the Real Estate & Construction index was up 1.6%. Gulf Navigation Holding gained 8.8%, while Al Salam Bank - Bahrain was up 4.6%. Yanbu Nat. Petrochem. Saudi Arabia 75.25 4.9 1,385.9 59.1 Invest Bank Abu Dhabi 2.60 3.6 555.1 60.5 Abu Dhabi: The ADX benchmark index rose 1.1% to close at 4,139.2. The Energy index gained 6.2%, while the Investment & Financial Ser. index was up 3.2%. Emirates Insurance surged 14.9%, while RAK Properties gained 13.7%. Samba Financial Group 51.75 3.5 952.4 15.8 GCC Top Losers Exchange Kuwait: The KSE index gained 0.4% to close at 7,605.0. The Industrial index rose 0.8%, while the Real Estate index was up 0.1%. Real Estate Asset Management Co. gained 9.4%, while Gulf Franchising Holding was up 9.1%. Saudi Enaya Coop. Ins. Saudi Arabia Al Ahli Bank of Kuwait Oman: The MSM index rose 0.2% to close at 6,821.9. The Banking & Investment and Industrial indices gained 0.2% each. ONIC. Holding rose 1.7%, while Dhofar University was up 1.5%. Bahrain: The BHB index declined 0.1% to close at 1,206.5. The Investment index fell 0.4%, while the Commercial Banking index declined marginally. Al Baraka Banking Group fell 4.2%, while Ithmaar Bank was down 2.2%. Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD% Qatar National Cement Co. 111.50 1.3 1.3 4.2 ## Saudi Arabia # 1D% Vol. „000 YTD% 39.70 (7.0) 3,423.9 (16.6) Kuwait 0.45 (4.3) 36.9 (14.0) Al Baraka Bank. Group Bahrain 0.69 (4.2) 83.0 (7.4) United Real Estate Co. Kuwait 0.12 (3.3) 47.4 (1.7) Ajman Bank Dubai 2.40 (2.4) 3,865.0 69.0 Close 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) Close* 1D% Vol. „000 YTD% Commercial Bank of Qatar 70.20 (1.3) 218.5 (1.0) 12.62 (1.0) 11.9 1.9 Qatar Exchange Top Losers 328.8 24.9 Qatar & Oman Investment Co. 1.2 2.0 23.9 Gulf International Services 61.20 (1.0) 183.6 104.0 0.9 28.1 36.3 Widam Food Co. 54.50 (0.7) 86.5 (7.3) 288.00 0.8 6.1 30.9 Aamal Co. 15.91 (0.7) 161.7 16.9 Doha Bank 57.90 1.2 Gulf Warehousing Co. 41.50 Qatar Navigation 86.00 Qatar Fuel Co. Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD% Vodafone Qatar 11.35 (0.4) 1,199.6 35.9 QNB Group 174.00 0.1 27,977.8 32.9 Barwa Real Estate Co. 30.35 (0.5) 533.1 10.6 Doha Bank 57.90 1.2 18,938.5 24.9 Masraf Al Rayan 33.70 (0.1) 388.5 35.9 Barwa Real Estate Co. 30.35 (0.5) 16,188.2 10.6 United Development Co. 23.24 (0.2) 344.5 30.6 Industries Qatar 167.50 (0.3) 15,915.3 18.8 Mazaya Qatar Real Estate Dev. 11.43 (0.6) 340.1 3.9 70.20 (1.3) 15,407.2 (1.0) Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Commercial Bank of Qatar Close 1D% WTD% MTD% YTD% 10,468.59 3,243.42 4,139.22 8,509.68 7,605.04 6,821.88 1,206.47 (0.1) 1.1 1.1 0.8 0.4 0.2 (0.1) (0.2) 2.7 3.5 1.5 (1.3) 1.1 (0.0) 0.9 10.1 7.5 2.2 (2.3) 1.4 (0.2) 25.2 99.9 57.3 25.1 28.2 18.4 13.2 Exch. Val. Traded ($ mn) 55.67 317.30 280.69 1,806.02 73.67 20.76 7.52 Exchange Mkt. Cap. ($ mn) 153,601.3 70,541.2 115,340.5 464,420.0 108,743.0 24,504.1 49,751.0 P/E** P/B** 13.4 19.2 11.6 17.4 16.4 10.7 8.0 1.8 1.3 1.4 2.2 1.2 1.6 0.8 Dividend Yield 4.4 2.8 4.4 3.5 3.7 3.8 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Data as of December 17, Value traded ($ mn) do not include special trades, if any) Page 1 of 9
  2. 2. Qatar Market Commentary  The QE index declined 0.1% to close at 10,468.6. The Real Estate 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. Overall Activity Sell %* Net (QR) Qatari 55.66% 59.17% (7,120,528.56) Non-Qatari  Commercial Bank of Qatar and Qatar & Oman Investment Co. were the top losers, falling 1.3% and 1.0% respectively. Among the top gainers, Qatar National Cement Co. rose 1.3%, while Doha Bank gained 1.2%. Buy %* 44.34% 40.83% 7,120,528.56 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday declined by 47.3% to 5.1mn from 9.7mn on Monday. Further, as compared to the 30day moving average of 12.9mn, volume for the day was 60.4% lower. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 23.5% and 10.4% to the total volume respectively. Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Fitch Saudi Arabia LT Credit rating/ VR SHUAA Capital (SHUAA) Moody’s Dubai Union National Bank (UNB) Moody’s Abu Dhabi Ahli United Bank (AUB) S&P Bahrain Bahrain Telecommunications Co. (Batelco) S&P Bahrain Saudi British Bank (SABB) LT foreign and domestic currency issuer rating LT/ ST deposit ratings/ BFSR/ BCA LT counterparty credit rating##/ ST counterparty credit rating Old Rating New Rating Rating Change Outlook Outlook Change A/A A/A – Stable # B1 B1 – Stable # A1/Prime1/D+/baa3 A1/Prime1/D+/baa3 – Stable # BBB/A-2 BBB+/A-2  Stable – BBB- BB+ Stable – LT counterparty credit rating 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, BFSR – Standalone Bank Financial Strength Rating, BCA – Standalone Baseline Credit Assessment) (#Outlook revised from Negative to Stable) (##Rating raised) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/17 US Bureau of Labor Stat. CPI MoM November 0.00% 0.10% -0.10% 12/17 US Bureau of Labor Stat. CPI YoY November 1.20% 1.30% 1.00% 12/17 US Bureau of Labor Stat. CPI Core Index SA November 235.24 235.179 234.88 12/17 US Bureau of Labor Stat. CPI Index NSA November 233.069 233.13 233.55 12/17 US Bureau of Eco. Analysis Current Account Balance 3Q2013 -$94.8B -$100.2B -$96.6B 12/17 US NAHB NAHB Housing Market Index December 58 55 54 12/18 US MBA MBA Mortgage Applications 13-December -5.50% – 1.00% 12/18 US US Census Bureau Housing Starts MoM September -1.10% – 0.90% 12/18 US US Census Bureau Housing Starts MoM October 1.80% – -1.10% 12/18 US US Census Bureau Housing Starts MoM November 22.70% – 1.80% 12/18 US US Census Bureau Building Permits November 1007K 990K 1039K 12/18 US US Census Bureau Building Permits MoM November -3.10% -4.70% 6.70% 12/19 US Federal Reserve Fed QE3 Pace December $75 $85 $85 12/19 US Federal Reserve Fed Pace of Treasury Pur December $40 $45 $45 12/19 US Federal Reserve Fed Pace of MBS Purchases December $35 $40 $40 12/19 US Department of Labor Initial Jobless Claims 14-December 379K 336K 369K 12/19 US Department of Labor Continuing Claims 7-December 2884K 2770K 2790K 12/19 US Bloomberg Bloomberg Economic Expectations December -11 – -14 12/19 US Bloomberg Bloomberg Consumer Comfort 15-December -29.4 – -30.9 12/19 US Nat. Assoc. of Realtors Existing Home Sales November 4.90M 5.02M 5.12M 12/19 US Nat. Assoc. of Realtors Existing Home Sales MoM November -4.30% -2.00% -3.20% 12/19 US Conference Board Leading Index November 0.80% 0.70% 0.10% 12/20 US Bureau of Eco. Analysis GDP Annualized QoQ 3Q2013 4.10% 3.60% 3.60% 12/20 US Bureau of Eco. Analysis Personal Consumption 3Q2013 2.00% 1.40% 1.40% 12/20 US Bureau of Eco. Analysis GDP Price Index 3Q2013 2.00% 2.00% 2.00% Page 2 of 9
  3. 3. 12/20 US Bureau of Eco. Analysis Core PCE QoQ 3Q2013 1.40% 1.50% 12/17 EU Eurostat Labour Costs YoY 3Q2013 1.00% – 1.50% 1.10% 12/17 EU Eurostat CPI MoM November -0.10% -0.10% -0.10% 12/17 EU Eurostat CPI YoY November 0.90% 0.90% 0.70% 12/17 EU Eurostat CPI Core YoY November 0.90% 1.00% 0.80% 12/18 EU Eurostat Construction Output MoM October -1.20% – -0.50% 12/18 EU Eurostat Construction Output YoY October -2.40% – -0.70% 12/19 EU European Central Bank ECB Current Account SA October 21.8B – 14.9B 12/19 EU European Central Bank Current Account NSA October 26.2B – 15.2B 12/20 EU European Commission Consumer Confidence December -13.6 -15 -15.4 12/20 France INSEE Production Outlook Indicator December -11 – -17 12/20 France INSEE Manufacturing Confidence December 100 99 98 12/20 France INSEE Business Confidence December 94 96 95 12/20 Germany Destatis PPI MoM November -0.10% -0.10% -0.20% 12/20 Germany Destatis PPI YoY November -0.80% -0.80% -0.70% 12/20 Germany GfK AG GfK Consumer Confidence January 7.6 7.4 7.4 12/17 UK ONS PPI Input NSA MoM November -0.70% -0.50% -0.40% 12/17 UK ONS PPI Input NSA YoY November -1.00% -1.00% 0.00% 12/17 UK ONS PPI Output NSA MoM November -0.20% 0.00% -0.30% 12/17 UK ONS PPI Output NSA YoY November 0.80% 0.90% 0.80% 12/17 UK ONS ONS House Price YoY October 5.50% 4.10% 3.80% 12/17 UK ONS CPI MoM November 0.10% 0.20% 0.10% 12/17 UK ONS CPI YoY November 2.10% 2.20% 2.20% 12/17 UK ONS Retail Price Index November 252.1 252.2 251.9 12/17 UK CBI CBI Trends Total Orders December 12 11 11 12/17 UK CBI CBI Trends Selling Prices December 11 5 5 12/18 UK ONS Claimant Count Rate November 3.80% 3.80% 3.90% 12/18 UK ONS Jobless Claims Change November -36.7K -35.0K -42.8K 12/18 UK ONS Average Weekly Earnings 3M/YoY October 0.90% 0.80% 0.80% 12/18 UK ONS Weekly Earnings ex Bonus 3M/YoY October 0.80% 0.90% 0.80% 12/18 UK ONS ILO Unemployment Rate 3Mths October 7.40% 7.60% 7.60% 12/18 UK ONS Employment Change 3M/3M October 250K 165K 177K 12/18 UK CBI CBI Reported Sales December 34 10 1 12/20 UK GfK NOP (UK) GfK Consumer Confidence December -13 -11 -12 12/20 UK ONS GDP QoQ 3Q2013 0.80% 0.80% 0.80% 12/20 UK ONS GDP YoY 3Q2013 1.90% 1.50% 2.00% 12/20 UK ONS Total Business Investment QoQ 3Q2013 2.00% 1.40% -2.30% 12/20 Spain Nat. Assoc. of Realtors Total Mortgage Lending YoY October -15.50% – -31.90% 12/20 Spain Nat. Assoc. of Realtors House Mortgage Approvals YoY October -23.20% – -30.90% 12/20 Italy Bureau of Eco. Analysis Industrial Orders MoM October -2.50% – 1.70% 12/20 Italy Bureau of Eco. Analysis Industrial Orders NSA YoY October 1.20% – 7.30% 12/20 Italy Bureau of Eco. Analysis Industrial Sales MoM October -0.70% – 0.10% 12/20 Italy Bureau of Eco. Analysis Industrial Sales WDA YoY October -1.30% – -1.00% 12/20 Italy INE Retail Sales MoM October -0.10% 0.00% -0.30% 12/20 Italy INE Retail Sales YoY October -1.60% – -2.80% 12/18 Japan ISTAT Exports YoY November 18.4 18.0 18.6 12/18 Japan ISTAT Imports YoY November 21.1 21.4 26.2 12/19 Japan ISTAT All Industry Activity Index MoM October -0.20% -0.30% 0.50% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  Qatar CPI unchanged in November – According to a report by the Ministry of Development Planning & Statistics (MDPS), the Consumer Price Index that denotes inflation remained unchanged in November at 115.5 as compared to the previous month. However, the index showed an increase of 2.8% when compared to the CPI of November, 2012. With the exception of the group that comprises rent, fuel and energy, all others declined in terms of prices. The index pertaining to rent, fuel, and energy showed an increase of 0.7%. (Gulf-Times.com)  Al Asmakh: Rising housing demand driving up inflation – Al Asmakh Real Estate Development Company said an estimated 25,000 new housing units are expected to come into the market in 2014 as demand would likely soar to a record 20-25% over the same period. Al Asmakh said rising housing demand has already started exerting pressure on rent prices that are in turn, driving up inflation in the country. For example, the rentals of furnished residential units were up 12% in 2013, according to Al Asmakh, over the next five years, developers might add a total of 100,000 housing units to the existing stocks. The housing Page 3 of 9
  4. 4. demand will continue to remain high in the years to come. (Peninsula Qatar)  Italy‟s Ambassador: Sees 16% rise in Italian exports to Qatar – Italy’s Ambassador Guido De Sanctis said the country’s exports to Qatar could reach around €1.2bn this year, reflecting a 16% increase as compared to last year. He expressed his optimism that exports will grow given the many opportunities in the Qatari market. (Gulf-Times.com)  Commercial Bank, Meeza renew IT tie-up – Commercial Bank has renewed its exclusive partnership with Meeza, a Qatar Foundation JV, to provide secure, cloud-based technology solutions to the bank’s enterprise and corporate customers. (Gulf-Times.com)  Qatar Steel International to build iron & steel complex in Bellara – Qatar Steel International and Algerian company Sider have signed a partnership agreement for the construction of an iron & steel complex in Bellara, Jijel, 359 kilometers east of Algiers. The $2bn project is expected to be completed in three years. (Gulf-Times.com)  South Korea‟s Taihan Electric Wire signs $76mn deal with Qatari government to provide high voltage power cables – South Korea-based Taihan Electric Wire has signed a $76mn deal with the Qatari government to provide extra high-voltage power cables. This project was commissioned by Qatar General Electricity & Water Corporation (Kahramaa), which has drawn up plans to invest up to $10bn by 2018 in response to Qatar’s rapidly rising electricity demand. Under the terms of the contract, Taihan Electric Wire will set up an underground power line linking an old substation with a new one in Doha, while connecting substations in Mesaieed. These two projects will each take about 15 months and 19 months to complete after their launch. (Bloomberg)  L&T secures order from Kahramaa – L&T’s Power Transmission & Distribution business has secured 2,935 crore Indian Rupees order from Qatar General Electricity & Water Corporation (Kahramaa). Under the terms of the contract, L&T will supply, construct and commission 18 extra high-voltage substations and 151 kilometers long cabling in Qatar. This project is expected to be completed in 22 months. (Bloomberg)  NBK Automobiles signs pact with MBM Transport – Nasser Bin Khaled (NBK) Automobiles, the distributor of MercedesBenz branded vehicles in Qatar, has signed an agreement with MBM Transport to supply a range of Mercedes-Benz branded commercial vehicles. Under the terms of the agreement, NBK Automobiles will supply MBM transport with luxury commercial vehicles to fulfill various transportation needs, including models such as Travego, Tourismo, MCV, Viano and Sprinter. (GulfTimes.com)  Qatar Airways expands codeshare agreement with US Airways for flights via PHL, starts 4 weekly flights to Hangzhou – Qatar Airways (QA) has expanded its codeshare agreement with US Airways for flights via Philadelphia International Airport (PHL). This agreement will provide millions of Americans the opportunity to fly internationally with QA out of PHL, using the seamless connection service on selected codeshare flights operated by US Airways. Qatar Airways will launch daily non-stop flights from Philadelphia to Doha from April 2, 2014. Meanwhile, the airline has started four weekly flights to Hangzhou, China. This is Qatar Airways’ seventh route to China. (Bloomberg)  MCCS‟ BoD met on December 16 to discuss company‟s business – Mannai Corporation’s (MCCS) board of directors met on December 16, 2013 to discuss the progress in the company’s business. (QE) International  QNB Group: Long-term US fiscal outlook unchanged despite budget deal – QNB Group said the recent budget deal approved by the US Congress does not tackle the challenges of the country’s long-term fiscal outlook. The US Congress approved a two-year budget deal last week, further avoiding the spectre of another government shutdown. The group said this marks a positive step by lifting the clouds hanging over the world’s largest economy, but does not change the US long-term fiscal outlook. The budget deal, in fact, only increases discretionary spending marginally in 2014-15 without addressing the long-term rise in non-discretionary spending, like Medicaid, Medicare, Social Security and interest payments. According to QNB Group, the budget deal is unlikely to change the overall long-term fiscal outlook and does not alter its forecast for US economic growth of 1.5% in 2014. (Gulf-Times.com)  Fed to trim monthly asset purchases to $75bn as economy picks up – The Federal Open Market Committee (FMOC) has announced a $10bn reduction in its bond-buying program to $75bn a month. The Fed will cut mortgage bond purchases to $35bn from $40bn. Treasury purchases will go from $45bn a month to $40bn a month. Outgoing Chairman Ben Bernanke said he expected the Fed to take “similar moderate steps” throughout 2014, suggesting the program could end by late next year. However he cautioned that the Fed would halt the cutbacks if the economic indicators worsened. The Fed also made clear that it has no intention of increasing interest rates in the near future and would keep them low "well past" the time when the unemployment rate reaches 6.5%. It is currently 7%. (Guardian, Forbes)  US economy grew at robust 4.1% pace in 3Q2013 – The Commerce Department said the US economy grew at a robust 4.1% annual rate in 3Q2013, much faster than previously estimated. The department said the upward third-quarter revision was largely due to consumer spending that was much stronger than previously estimated. The department’s third and final estimate of gross domestic product growth was sharply higher than the previously estimated 3.6%, as well as the 2.8% initially estimated. (Gulf-Times.com)  S&P pushes EU debt rating down – S&P has downgraded the European Union’s (EU) credit-worthiness by one notch, blaming threats to cohesion including Britain’s role in curtailing budgets and holding a membership referendum. S&P slashed its longterm debt rating from “AAA” to “AA+” for EU. (Peninsula Qatar)  EU finance ministers reach banking union accord – EU finance ministers have reached a banking union accord which will hand Brussels unprecedented new powers to prevent failing banks from wrecking the economy. EU Financial Markets Commissioner Michel Barnier said that they are bringing about revolutionary changes in Europe’s banking system so that taxpayers are not able to foot the bill in banking crises, ending an era of massive bailouts. (Peninsula Qatar)  Japan unveils record budget as Abe grapples with debt – Japan has unveiled a record budget for the next fiscal year, as Prime Minister Shinzo Abe boosts spending on social security, defence and public works while trying to contain growth in the world’s biggest debt burden. Japan’s Finance Minister Taro Aso said government ministers and the ruling coalition adopted the 95.88tn yen budget proposal for the year from April 1. Aso said Japan will issue 41.25tn yen of new revenue bonds, less than 42.9tn yen earmarked in this year’s initial budget. Abe is aiming Page 4 of 9
  5. 5. to pull the country out of a 15-year deflationary malaise and cope with rising welfare costs of its aging population, while containing public debt that is more than twice the size of the economy. His government has pledged to halve the primary balance deficit by fiscal 2015 and achieve a surplus by fiscal 2020. (Gulf-Times.com) the number of automatic teller machines (ATMs) stood at 13,516 in 3Q2013. Further, the report indicated that the volume of money withdrawn through ATMs has exceeded SR161.57bn in 3Q2013. The Saudi banks have issued 17.3mn bank cards in 3Q2013 as compared to 16.9mn cards in 2Q2013. (GulfBase.com)  BoJ keeps stimulus steady – The Bank of Japan (BoJ) has kept its monetary policy steady and maintained its view that the economy is recovering moderately, encouraged by growing signs that the benefits of its massive stimulus are spreading through the broader sectors of the economy. The BoJ voted unanimously to maintain its pledge of increasing base money, or cash and deposits at the central bank, at an annual pace of 60tn yen to 70tn yen. BoJ said Japan’s economy is recovering moderately. (Gulf-Times.com)  IDB plans to establish Islamic Banking Center of Excellence in Kuala Lumpur – The Islamic Development Bank (IDB) plans to establish the Islamic Banking Center of Excellence in Kuala Lumpur, Malaysia, which will enable it to provide a myriad of Islamic banking products and offerings that include research & development in innovation, capacity building, knowledge-sharing and liquidity management. (GulfBase.com)  OPEC cut not needed next year – Oil Ministers from Saudi Arabia, Kuwait and Iraq said the Organization of Petroleum Exporting Countries (OPEC) need not cut production next year to make room for additional supplies from Iran, Libya and US shale oil. Saudi Oil Minister Ali al-Naimi said he is optimistic that the market will stay balanced and stable next year. He added that shale oil is not posing any threat to Saudi Arabia and OPEC. Kuwaiti Oil Minister Mustafa al-Shemali said OPEC can meet the oil demand for years to come and need not make shale oil a scarecrow for OPEC and other producers. Meanwhile, Qatar’s Energy & Industry Minister HE Dr. Mohammed bin Saleh Al Sada said the current energy market prices are appropriate for both the exporting and importing countries. The prices will continue to stay fair in 2014 as well. (Gulf-Times.com, Peninsula Qatar) Regional  GPCA: GCC region‟s petrochemical industry has undertaken positive steps toward achieving environmental sustainability – The Gulf Petrochemicals & Chemicals Association’s (GPCA) Secretary General Dr. Abdulwahab Al Sadoun said the GCC region’s petrochemicals industry has undertaken positive steps toward achieving environmental sustainability in the last two years. Dr. Sadoun said the GCC region’s petrochemicals industry has not only added capacity to their facilities during the 2011-12 period, but also reduced emissions per ton of capacity in their manufacturing units. (GulfBase.com)  S&P: Global Islamic finance sector is booming – According to a report released by S&P, the global Islamic finance sector is booming and the Shari’ah-compliant assets are forecasted to be over $1.4tn and are likely to sustain double-digit growth in the coming 2-3 years. (GulfBase.com)  SAMA: Bank loans, credits stood at SR2.1tn in 3Q2013 – According to a report released by the Saudi Arabian Monetary Agency (SAMA), the volume of bank loans and credits rose to SR2.1tn in 3Q2013. The short-term credits (less than one year) stood at SR586.71bn, while the medium-term (1-3 years) and long term (+ 3 years) loans stood at SR203.15bn and SR317.81bn respectively in 3Q2013. The SAMA report showed that consumer loans have increased to SR326.88bn in 3Q2013 as compared to SR321.16bn in 2Q2013. Meanwhile, credit card loans rose to SR7.97bn in 3Q2013 as compared to SR7.69bn in 3Q2012. The report also revealed that loans allocated for real estate, which fall within consumer loans, have reached SR43.91bn in 3Q2013 as compared to SR41.47bn in 2Q2013, while loans given to purchase car and equipment stood at SR61.31bn in 3Q2013. Other loans stood at SR220.48bn in 3Q2013. Moreover, the report showed that the number of bank branches in the Kingdom has reached 1,735 in 3Q2013, while  Jafza reports 5.5% growth in number of companies since January 2012 – The Jebel Ali Free Zone (Jafza) has reported a 5.5% growth in the number of companies in the Industrial sector since January 2012. This sector in the free zone is forecasted to have generated trade worth AED77bn in 2013. Jafza’s Deputy CEO and Chief Commercial Officer Ibrahim Mohamed Al Janahi said they expect the sector’s growth momentum to pick up significantly over the next five years even as plans to achieve economic diversification in the GCC region gather steam. (GulfBase.com)  ACWA successfully raises SR1.77bn Islamic loan to finance investments in 2014 – ACWA Power International has successfully raised Islamic loan worth SR1.77bn from Banque Saudi Fransi, National Commercial Bank (NCB), Saudi British Bank (SABB) and Samba Financial Group. This five-year Shari’ah-compliant revolving credit facility will enable ACWA Power to help finance investments that include acquisitions and act as a bridge to a sukuk issue in 2014. (GulfBase.com)  SAMAPCO inks SR660mn loan agreement with PIF – The Sahara & Maaden Petrochemicals Company (SAMAPCO) has signed a loan agreement worth SR660mn with Public Investment Fund (PIF). This 14-year loan facility has a grace period of one year and will be used to finance its ethylene dichloride (EDC) and caustic soda projects. (Tadawul)  SABB successfully closes private placement of SR1.5bn Tier II Sukuk – The Saudi British Bank (SABB) has successfully closed its transaction of SR1.5bn Tier II sukuk private placement offer. This sukuk will support the bank’s capital base in light of the Basel III framework and support its growth plans; it will extend the maturity profile of its liabilities while continuing to diversify its funding sources. (Tadawul)  Al Waha to begin periodic prescheduled maintenance from December 24 – The Sahara Petrochemicals Company (SPCO) has announced that its subsidiary Al Waha Petrochemicals Company will conduct periodic prescheduled maintenance from December 24, 2013. This periodic prescheduled maintenance is expected to be carried out for 15 days. According to current polypropylene prices, this maintenance will affect the company’s 4Q2013 profitability by SR12mn. SPCO’s clients will be supplied from the standby inventory available in its warehouse. (Tadawul)  KEC partners with STC for 40 kilometer fiber link project – The Knowledge Economic City Company (KEC) has signed a partnership agreement with Saudi Telecom Company (STC) to link 40 kilometer fiber technology and establish telecommunications infrastructure for KEC and develop it. This agreement has been reached on a build, operate and transfer basis. STC will develop a smart infrastructure network, operate it and then transfer its ownership by the end of the concession period to KEC. Meanwhile, KEC will be responsible for implementing civil works, which will be formulated by a Page 5 of 9
  6. 6. contractor in accordance with the criteria established by STC and under its management and supervision. (Tadawul)  SEC signs SR1.37bn loan agreement to finance 2,650 MW power plant in Jeddah – Saudi Electricity Company (SEC) has entered into a $366mn loan agreement with the Japan Bank for International Cooperation (JBIC) and two other Japanese banks to help finance the construction of a 2,650 MW power plant in Jeddah. The Japanese-backed financing, which comes with a guarantee from export credit agencies Nippon Export and Investment Insurance (NEXI) and JBIC, has a 12-year lifespan after a 3-year grace period starting December 18, 2013. (GulfBase.com)  NCC receives new chemical tanker “NCC FAJR” in South Korea – The National Chemical Carriers (NCC) has received a new chemical tanker “NCC FAJR” in South Korea. This 75,000 deadweight tonnage (DWT) vessel has been built by Daewoo Shipbuilding & Marine Engineering Company (DSME). This vessel was contracted by NCC to DSME in 2010 for SR247mn. The financial impact of this delivered tanker on NCC’s revenue will appear from 1Q2014. (Tadawul)  SAIB‟s BoD recommends increasing bank‟s capital by 9.1% to SR6bn – The Saudi Investment Bank’s (SAIB) board of directors has recommended increasing the bank’s capital by 9.1% from SR5.5bn to SR6bn, which represents a distribution of 1 bonus share for every 11 shares. This increase in capital is aimed to support the bank’s capital base, which will increase the growth percentages and meet the future increases in the banking activities. Meanwhile, SAIB’s BoD has recommended distribution of dividends worth SR440mn (80 halala per share), representing 8% of the nominal share value for 2013. (Tadawul)  Al Tayyar Travel Group‟s Egyptian subsidiary bags fouryear transportation contract – Al Tayyar Travel Group Holding’s Egyptian subsidiary E-Altayyar Tours Company has inked a four-year transportation contract to carry its employees from various districts in Cairo to the company’s premises. The financial effect of this contract will begin in 2Q2014. The company will provide 39 tourist transport buses with a value of $4bn by group’s self-finance .These buses are in addition to the fleet of E-Altayyar Tours buses. (Tadawul)  ALJ signs SR1.2bn contract to purchase 1.5mn square meter land in KAEC‟s Industrial Valley phase two – Abdul Latif Jameel Group (ALJ) has signed a contract worth SR1.2bn with King Abdullah Economic City (KAEC) to purchase 1.5mn square meter land in KAEC Industrial Valley Phase two. This land will be used for the construction of import, distribution and component manufacture and assembly center. (GulfBase.com)  DHC inaugurates SR100mn specialized pediatrics building – The Dallah Healthcare Holding Company (DHC) inaugurated its SR100mn specialized pediatrics building. This building will have a total capacity of 70 beds and 26 outpatient clinics that include its supporting facilities. (Tadawul)  SABB‟s BoD recommends annual dividend payment – The Saudi British Bank’s (SABB) BoD has recommended paying annual cash dividends worth SR1.1bn (SR1 per share), representing 10% of the nominal share value for 2013. (Tadawul)  Bahri‟s BoD recommends distribution of cash dividend worth SR315mn – The National Shipping Company of Saudi Arabia’s (Bahri) BoD has recommended distribution of cash dividends worth SR315mn (SR 1 per share), representing 10% of the company's capital for FY2013. (Tadawul)  SABIC‟s BoD recommends distribution of dividend worth SR9bn – The Saudi Basic Industries Corporation's (SABIC) BoD has recommended distribution of dividends worth SR9bn (SR3 per share), representing 30% of the face value for 2H2013. (Tadawul)  SIIG‟s BoD recommends SR450mn dividends – The Saudi Industrial Investment Group’s (SIIG) BoD has recommended the distribution of dividends worth SR450mn (SR1 per share), representing 10% of the face value for FY2013. (Tadawul)  Salini Impregilo wins highway construction contract – Italian builder Salini Impregilo has secured a construction contract worth $229.67mn to build part of a highway between Abu Dhabi and Dubai. (Reuters)  Dubai issues law to establish Dubai Islamic Economy Development Centre – UAE’s Prime Minister and Ruler of Dubai HH Shaikh Mohammed bin Rashid Al Maktoum has issued law number 13 of 2013 to establish the Dubai Islamic Economy Development Center. He also issued decree No. 42 of 2013 to form the center’s board of directors that will be chaired by Mohammed Abdullah Al Gergawi. (GulfBase.com)  CBD successfully closes $450mn term loan facility – The Commercial Bank of Dubai (CBD) has successfully closed a $450mn term loan facility. This facility has replaced a three-year $450mn transaction that was concluded in August 2011 and was prepaid in October 2013. This facility, which has a maturity period of 36 months, will be used for general corporate purposes. This transaction carries a margin of 1.25% above LIBOR. Arab Banking Corporation, Bank of New York Mellon, Citibank, Commerzbank Aktiengesellschaft, ING Commercial Banking, JP Morgan Ltd., National Bank of Abu Dhabi, Natixis and Standard Chartered Bank have participated in this facility as mandated lead arrangers. Meanwhile, Commerzbank Aktiengesellschaft, which coordinated this facility, also acted as the documentation agent while Bank of New York Mellon’s London branch acted as the facility agent. (DFM)  Emirates boosts superjumbo fleet to 44 planes – Dubaibased Emirates Airline has boosted its fleet of Airbus A380s to 44 planes, taking delivery of another two of the superjumbos which went straight into service on Saturday. The airline said it has received delivery of its 43rd and 44th A380 aircraft with a double delivery from Airbus' Finkenwerder facility in Hamburg, Germany. (Peninsula Qatar)  Deyaar‟s “Fairview Residency” project achieves 80% completion, scheduled for handover in March 2014 – Deyaar Development has announced that its “Fairview Residency” project has achieved 80% completion and is scheduled for handover in the beginning of March 2014. This 18 floored residential project features 172 units that includes stylish studios, spacious one and two bedroom apartments. (DFM)  Flora Group Hotels plans to establish four new properties for AED750mn over 2014-2016 – The Flora Group Hotels plans to establish four new properties with an investment of more than AED750mn during the 2014-2016 period in Dubai. The company expects to offer a portfolio of at least 11 hotels by 2016 in Dubai, which will increase its total inventory from over 780 rooms to more than 1,700 rooms. This expansion plan includes an AED400mn investment on a luxury property project at Dubai’s downtown in Burj Khalifa Master Community, which will offer fully-serviced apartments with world-class facilities and will be a premium accommodation choice for both business and leisure travelers. The construction work will begin in 2013 and the hotel is expected to be completed in 4Q2016. Moreover, Flora will develop two other four star properties of 186 rooms at Al Barsha Page 6 of 9
  7. 7. close to the Mall of Emirates with an investment of AED150mn and another 272 rooms in Al Garhoud close to the Dubai International Airport for AED200mn. Both these projects are expected to open by 2016-end. (GulfBase.com)  Abraaj Capital acquires 80% stake in Turkish dairy products maker Yorsan – Abraaj Capital has picked up a 80% stake in Turkish dairy products maker Yorsan. The company will carry out this transaction through its Turkish subsidiary Dairy Fresh. (Reuters)  Emaar approves plan to convert bonds into shares – Dubaibased Emaar Properties has approved a plan to convert bonds into shares. The company said holders of convertible bonds will receive 18.7mn new shares in the company. Emaar had issued $500mn, five-year convertible bonds in 2010. (GulfBase.com)  MAF unveils ambitious $5bn expansion plan – Majid Al Futtaim Holding (MAF) has unveiled an ambitious five-year expansion plan worth $5bn that will enable it to double its business to $12bn by 2018. MAF’s CEO Iyad Malas said the group will invest $1bn every year over the next five years to further expand its presence in the Middle East region. Malas also added that the funding for this expansion will be met from the MAF’s own revenue streams and through the capital market. (GulfBase.com)  IW sells 50% stake in Miami Beach‟s Fontainebleau hotel – Istithmar World (IW) has sold its 50% stake in Miami Beach’s Fontainebleau hotel back to South Florida’s Turnberry. (GulfBase.com)  Pacific Ventures to develop AED500mn “Pacific Emerald” – Pacific Ventures will develop a “Pacific Emerald” project worth AED500mn. This project will include 27 premium villas as well as 43 upscale townhouses and a further 26 opulent houses. Pacific Ventures will begin construction work on this project in January 2014 and is forecasted to be completed after two years of its launch. (GulfBase.com)  Arabtec denies market, media speculations regarding acquisition of DSI – Dubai-based Arabtec Holding has announced that the recent market and media speculations regarding an acquisition of Drake & Scull International (DSI) are baseless. (DFM)  PPLM bags contract to renovate, manage and operate Abu Dhabi airport's hotel & lounges – The Plaza Premium Lounge Management (PPLM) has won a contract to renovate, manage and operate Abu Dhabi airport's hotel & lounges in Terminals 1 and 2. These renovated lounges will offer added privacy and luxury, where passengers will be able to enjoy personalized services and facilities. (GulfBase.com)  Etihad in talks on $413mn Alitalia investment – According to sources, Abu Dhabi-based Etihad Airways is in early-stage talks over a possible $413mn investment in Alitalia, which could help rescue the loss-making Italian airline. (Peninsula Qatar)  Etihad Airways, Latvia‟s AirBaltic begin 4 weekly flights on Riga-Abu Dhabi route – Etihad Airways and Latvian carrier AirBaltic have begun direct four weekly flights on Riga and Abu Dhabi route. AirBaltic will operate an Airbus A319 aircraft on this route. (GulfBase.com)  Etihad, Aegean sign codeshare agreement – Etihad Airways has inked a codeshare agreement with Greece’s Aegean Airlines. Under the terms of the agreement, Aegean will launch four weekly flights between Athens and Abu Dhabi, while Etihad will place EY flight code in its new flight. Further, Etihad will place its flight code on other flights operated by Aegean to 16 Greek destinations as well as to 10 more cities in Europe. (Bloomberg)  Etihad Airways appoints Joan Mwanki as new General Manager for Kenya operation – Etihad Airways has appointed Joan Mwanki as its new General Manager for its operations in Nairobi, Kenya. Mwanki will increase the awareness of the Etihad Airways brand as well as develop and further grow the relationships with the key travel trade and corporate customers across East Africa. (GulfBase.com)  Fitch affirms Kuwait at AA – Rating agency Fitch Ratings has affirmed its “AA” on long-term foreign and local currency issuer default ratings (IDRs) of Kuwait. The outlook on long-term IDRs is Stable. Meanwhile, Fitch has also affirmed Kuwait’s Country Ceiling “AA+” and short-term foreign currency IDR at “F1+”. These ratings are primarily supported by its exceptionally strong sovereign balance sheet that results from oil-related budget and current account surpluses. (Reuters)  ALAFCO closes refinancing of Airbus A320-200 aircraft – Aviation Lease & Finance Company (ALAFCO) has closed the refinancing of an Airbus A320-200 aircraft that is leased to Royal Jordanian Airline. Arab Banking Corporation (ABC) acted as the sole lead arranger for this transaction. This aircraft has been leased to Royal Jordanian since its delivery in 2006. Meanwhile, the lease of this aircraft has been extended to 2018. (GulfBase.com)  Technip wins $400mn consultancy services contract from KOC – Technip has won a consultancy services contract worth $400mn from Kuwait Oil Company (KOC) to construct its new oil & gas infrastructure facilities as well as upgrade its existing facilities. This five-year contract has an option for an additional period of one year. (GulfBase.com)  Noor to sell its stake Meezan Bank for $190mn – Kuwaitbased Noor Financial Investment Company (Noor) will sell its entire stake in Pakistan’s Meezan Bank for $190mn. (Bloomberg)  Bank Dhofar to meet Bank Sohar to discuss proposed merger – Bank Dhofar said it is seeking to meet Bank Sohar to discuss a proposed merger. (Reuters)  BP, OOC ink MoU to develop world's first acetic acid manufacturing plant – UK’s British Petroleum (BP) has entered into a non-binding MoU with Oman Oil Company (OOC) to develop the world's first acetic acid manufacturing plant, using BP's revolutionary new SaaBre process. This MoU covers joint economic evaluation and a detailed feasibility study for a proposed 1mn ton per year acetic acid plant in the Special Economic Zone in Duqm. The move is anticipated to lead to a joint venture investment with startup expected in 2019. (GulfBase.com)  Fitch: Bahrain‟s banking sector performed reasonably well since 2011 despite political uncertainty – According to the report released by Fitch Ratings, Bahrain’s banking sector has been performing reasonably well since 2011 despite the political uncertainty and the low level social unrest. Fitch expects modest profit growth in 2014, barring any significant escalation of social unrest. The agency forecasts economic growth to pick up to 5.5% in 2013. The debt to GDP is expected to rise to 46.5% by the end of 2014. The report showed that the Kingdom is highly dependent on subsidies from its GCC region to support government spending and indirectly banks' financing of government-sponsored projects. Bahraini banks have maintained adequately liquid balance sheets. The average loans/deposits ratio across Fitch-rated Bahraini banks has reduced to 75% in 1H2013. (Reuters) Page 7 of 9
  8. 8.  NOGA: Bahrain‟s diesel prices for domestic consumption to almost double in three years – Bahrain’s National Oil & Gas Authority (NOGA) has announced that the price of diesel for domestic consumption will almost double in three years. The prices will be up from 100 fils at present. Under a gradual fourphased plan, domestic consumers will pay 120 fils per liter from January 15, 2014. Meanwhile, diesel prices will further increase by another 20 fils to reach 140 fils with effect from January 1, 2015. The consumers will pay 160 fils per liter from January 1, 2016 and 180 fils per liter from January 1, 2017. (GulfBase.com)  GFH Capital successfully completes acquisition of prime UK-based residential property – GFH Capital has successfully completed the acquisition of a prime UK-based residential property in line with its global investment strategy. This property is a Grade II listed building that overlooks the Queens Gate Gardens. (GulfBase.com)  GFH appoints permanent CEO – Gulf Finance House (GFH) has appointed Mr Hisham Alrayes as the permanent CEO of the company. Mr Alrayes has been working as the acting CEO since March 2012. (Bahrain Bourse) Page 8 of 9
  9. 9. 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.1% 1.2% 150.4 134.5 122.1 1.1% Dubai Daily Index Performance Abu Dhabi Rebased Performance 0.8% 0.8% 0.4% 0.4% 0.2% 0.0% QE Index 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 Source: Bloomberg (*Data as of December 17, 2013) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,203.30 1.2 (2.9) (28.2) DJ Industrial 16,221.14 0.3 3.0 23.8 19.43 1.0 (1.4) (36.0) S&P 500 1,818.32 0.5 2.4 27.5 111.77 1.3 2.7 0.6 NASDAQ 100 4,104.74 1.1 2.6 35.9 4.35 2.1 (0.1) 27.0 STOXX 600 321.14 0.5 3.7 14.8 125.25 0.2 (4.0) 39.2 DAX 9,400.18 0.7 4.4 23.5 136.38 0.3 5.3 (22.7) FTSE 100 6,606.58 0.3 2.6 12.0 1.37 0.1 (0.5) 3.6 104.10 (0.1) 0.9 20.0 GBP 1.63 (0.2) 0.2 0.5 MSCI EM CHF 1.12 0.2 (0.8) 2.1 SHANGHAI SE Composite AUD 0.89 0.6 (0.5) (14.2) USD Index 80.58 (0.1) 0.5 RUB 32.99 0.1 0.4 BRL 0.42 (1.1) (1.8) (13.8) Yen Oman Jul-13 Bahrain May-12 Dec-12 (0.1%) Kuwait Oct-11 Qatar* Jan-10 Aug-10 Mar-11 (0.1%) Saudi Arabia (0.4%) CAC 40 Nikkei 4,193.77 0.4 3.3 15.2 15,870.42 0.1 3.0 52.7 988.26 (0.2) (0.2) (6.3) 2,084.79 (2.0) (5.1) (8.1) HANG SENG 22,812.18 (0.3) (1.9) 0.7 1.0 BSE SENSEX 21,079.72 1.8 1.8 8.5 8.1 Bovespa 51,185.74 (0.9) 2.3 (16.0) 1,429.91 (0.1) 2.7 (6.4) 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 9 of 9

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