1. QE Intra-Day Movement
Market Indicators
10,380
10,370
10,360
02 Dec 13
%Chg.
269.1
554,367.8
9.1
4,138
41
18:17
268.2
554,177.1
9.2
4,133
40
15:19
0.3
0.0
(1.1)
0.1
2.5
–
Market Indices
10,350
10,340
9:30
03 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 gained marginally to close at 10,371.4. Gains were led by the
Telecoms and Consumer Goods & Services indices, rising 0.3% each. Top
gainers were Qatari Investors Group and Mannai Corp., rising 2.5% and 2.3%
respectively. Among the top losers, Qatar Navigation fell 1.1%, while Al Ahli
Bank declined 1.0%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,818.34
2,582.12
2,449.38
3,403.13
1,925.82
1,984.16
2,380.40
1,449.22
6,005.99
3,053.44
0.1
0.0
(0.1)
0.2
(0.5)
0.3
(0.6)
0.3
0.3
0.4
(0.0)
(0.0)
0.1
0.0
(0.9)
(0.5)
0.6
(0.3)
0.4
0.7
31.0
28.2
25.7
29.5
43.7
23.1
21.2
36.1
28.6
22.7
N/A
13.1
13.1
12.3
13.0
13.6
9.8
19.7
22.8
15.9
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Vol. ‘000
Saudi Arabia: The TASI index fell 1.3% to close at 8,229.2. Losses were led
by the Real Estate Dev. and Ind. Inv. indices, declining 3.2% and 2.1%
respectively. Dar Al Arkan declined 7.5%, while Allianz Saudi Fransi fell 4.5%.
Nat. Marine Dredging
Abu Dhabi
9.55
14.9
0.1
(4.5)
Nat. Bank of Fujairah
Abu Dhabi
4.75
11.0
2.5
4.4
Dubai: The DFM index gained 0.3% to close at 2,994.9. The Banking index
rose 1.8%, while the Transportation index was up 0.3%. Mashreq Bank gained
13.5%, while Gulf Navigation Holding was up 8.7%.
Gulf Cable & Electrical
Kuwait
0.87
4.8
206.5
(31.0)
Qatari Investors Group
Qatar
40.40
2.5
893.0
75.7
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 3,919.8. The
Services index gained 4.2%, while the Industrial index was up 1.8%. Nat.
Marine Dredging surged 14.9%, while Abu Dhabi Ship Building gained 14.4%.
Abu Dhabi Nat. Energy
Abu Dhabi
1.30
2.4
198.3
(4.4)
GCC Top Losers
Exchange
#
Kuwait: The KSE index declined 0.1% to close at 7,718.3. The Technology
index fell 3.0%, while the Telecommunication index was down 1.0%. Kuwait
Cable Vision declined 7.1%, while Automated Systems Co. was down 5.8%.
Dar Al Arkan
Saudi Arabia
9.20
(7.5)
56,115.4
11.5
Najran Cement Co.
Saudi Arabia
24.95
(4.0)
1,808.6
32.0
Oman: The MSM index rose 0.2% to close at 6,771.4. Gains were led by the
Services & Insurance and Ind. indices, rising 0.4% and 0.3% respectively.
National Gas Co. rose 10.0%, while National Securities Co. was up 8.6%.
Gulf Pharma. Industry
Abu Dhabi
3.10
(3.1)
33.9
12.7
Methanol Chem. Co.
Saudi Arabia
14.30
(3.1)
3,108.9
7.1
Saudi Arabian Mining
Saudi Arabia
29.60
(3.0)
1,488.2
(8.6)
Bahrain: The BHB index declined 0.3% to close at 1,198.0. The Services
index fell 1.2%, while the Industrial index was down 1.0%. Gulf Finance House
declined 3.3%, while Bahrain Telecommunications Co. was down 2.0%.
Qatari Investors Group
Mannai Corp.
Close*
1D%
Vol. ‘000
YTD%
40.40
Qatar Exchange Top Gainers
2.5
893.0
75.7
88.00
2.3
1.5
8.6
1D% Vol. ‘000
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)
Close*
1D%
Vol. ‘000
YTD%
Qatar Navigation
87.00
(1.1)
49.0
37.9
Al Ahli Bank
57.00
(1.0)
3.5
16.3
Qatar Exchange Top Losers
Medicare Group
1.3
3,492.7
35.9
Qatar Insurance Co.
67.00
(1.0)
82.4
24.2
105.00
1.0
50.3
(1.9)
Gulf Warehousing Co.
41.00
(0.7)
25.5
22.4
54.40
Qatar National Cement Co.
0.7
29.2
52.4
Aamal Co.
14.85
(0.7)
22.5
9.1
Close*
1D%
Val. ‘000
YTD%
Vodafone Qatar
11.35
1.3
39,630.8
35.9
9.1
Qatari Investors Group
40.40
2.5
35,695.4
75.7
893.0
75.7
Barwa Real Estate Co.
29.95
0.5
31,150.8
9.1
0.0
491.9
37.4
QNB Group
169.80
(0.1)
27,057.3
29.7
(0.1)
488.6
4.6
Industries Qatar
168.10
0.1
15,587.5
19.2
Close*
1D%
Vol. ‘000
YTD%
Vodafone Qatar
11.35
1.3
3,492.7
35.9
Barwa Real Estate Co.
29.95
0.5
1,042.1
Qatari Investors Group
40.40
2.5
Qatar Gas Transport Co.
20.97
Mazaya Qatar Real Estate Dev.
11.51
Qatar Exchange Top Vol. Trades
Qatar Exchange Top Val. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Close
11.35
Vodafone Qatar
Regional Indices
##
YTD%
Close
1D%
WTD%
MTD%
YTD%
10,371.39
2,994.90
3,919.75
8,229.19
7,718.34
6,771.44
1,198.01
0.0
0.3
0.6
(1.3)
(0.1)
0.2
(0.3)
(0.0)
1.7
1.8
(1.2)
(0.9)
0.7
(0.9)
(0.0)
1.7
1.8
(1.2)
(0.9)
0.7
(0.9)
24.1
84.6
49.0
21.0
30.1
17.5
12.4
Exch. Val. Traded
($ mn)
73.92
255.31
72.98
1,507.05
101.70
75.50
0.32
Exchange Mkt.
Cap. ($ mn)
152,229.4
71,293.6
111,882.5
447,978.9
109,290.5
24,252.4
49,675.9
P/E**
P/B**
13.2
17.7
10.9
16.9
17.0
10.6
8.0
1.8
1.2
1.4
2.1
1.2
1.6
0.8
Dividend
Yield
4.4
3.0
4.6
3.6
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 gained marginally to close at 10,371.4. The
Telecoms and Consumer Goods & Services indices led the
gains. The index rose on the back of buying support from Qatari
shareholders despite selling pressure from non-Qatari
shareholders.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
67.13%
66.56%
1,518,332.63
Non-Qatari
32.88%
33.43%
(1,518,332.63)
Source: Qatar Exchange (* as a % of traded value)
 Qatari Investors Group and Mannai Corp. were the top gainers,
rising 2.5% and 2.3% respectively. Among the top losers, Qatar
Navigation fell 1.1%, while Al Ahli Bank declined 1.0%.
 Volume of shares traded on Tuesday declined by 1.1% to 9.1mn
from 9.2mn on Monday. Further, as compared to the 30-day
moving average of 11.2mn, volume for the day was 18.8% lower.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 38.4% and 11.5% to the total volume
respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Agency
Market
Doha Bank (DHBK)
Moody’s
Qatar
Doha Finance
Limited
Moody’s
Qatar
Type*
Old Rating
LT LC & FC deposit
rating/ ST LC & FC
deposit rating/ BFSR/
LT FC subordinated
debt rating/ LT FC
senior program rating/
LT FC subordinated
debt program rating
Backed FC senior
unsecured debt ratings/
Backed FC senior
unsecured debt
program ratings/
Backed FC senior
subordinated debt
program ratings
New Rating
Rating Change
Outlook
Outlook Change
A2/Prime1/D+/Baa2/(P)
A2/(P)Baa2
A2/Prime1/D+/Baa2/(P
)A2/(P)Baa2
–
Stable
–
A2/(P)A2/(P)Ba
a2
A2/(P)A2/(P)
Baa2
–
Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Bank Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating)
Earnings Releases
Company
Market
International Petroleum
Investment Co. (IPIC)
Currency
Abu Dhabi
Revenue
(mn) 1H2013
% Change
YoY
Operating Profit
(mn) 1H2013
% Change
YoY
Net Profit (mn)
1H2013
% Change
YoY
95,700.0
-1.0%
–
–
3,200.0
6.7%
AED
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
12/03
US
Bloomberg
IBD/TIPP Economic Optimism
December
43.1
43.0
41.4
12/03
EU
Eurostat
PPI MoM
October
-0.50%
-0.20%
0.20%
12/03
EU
Eurostat
PPI YoY
October
-1.40%
-1.00%
-0.90%
12/03
UK
BRC
BRC Sales Like-For-Like YoY
November
0.60%
1.10%
0.80%
12/03
UK
Markit
PMI Construction
November
62.6
59.0
59.4
12/03
Italy
Italian Treasury
Budget Balance
November
-7.2B
–
-11.5B
12/03
China
China Fed. of Logistics
Non-manufacturing PMI
November
56.0
–
56.3
12/03
Japan
Bank of Japan
Monetary Base YoY
November
52.50%
–
45.80%
12/03
Japan
Bank of Japan
Monetary Base End of period
November
¥191.6T
–
¥189.8T
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QCB issues QR4bn T-bills – The Qatar Central Bank (QCB)
has issued three treasury bills worth QR4bn on December 3,
2013. Total bids stood at QR8.45bn for all three maturities. Yield
on 91-day T-bills declined to 1.20% from 1.28%, while yield for
182-day T-bills fell to 1.26% from 1.30% and for 273-day notes it
declined to 1.37% from 1.40%. (QCB)
 Moody’s affirms DHBK’s currency deposit ratings at
A2/Prime-1 – Moody’s has affirmed Doha Bank’s (DHBK) global
foreign and local currency deposit ratings at “A2/Prime-1”.
Moody's has also affirmed DHBK’s standalone bank financial
strength rating (BFSR) at “D+”. The outlook on all these ratings
remains Stable. (Moody’s press release)
Page 2 of 6

3.  Strong LNG sector, fiscal footing to boost Qatar economy
in 2014 – According to a report by the Standard Chartered Bank
(StanChart), Qatar’s 2014 economic outlook remains strong due
to factors like strengthening debt dynamics and successful
redirecting of LNG exports to Asian markets to offset market
conditions in North America and Europe. StanChart said while
the LNG-sector dynamics are likely to remain healthy and will
underpin the strong fiscal position, the country’s nonhydrocarbon economy will be the primary growth driver in 2014.
The report said the government’s commitments on infrastructure
for hosting the FIFA 2022 World Cup and its longer-term Vision
2030 objectives have resulted in a significant pick-up in
infrastructure investment in 2013 and expects to continue in
2014. Meanwhile, StanChart said inflation will be a key
challenge for Qatar next year, despite the overall rosy economic
outlook. The bank said that rents are likely to be a key inflation
driver and expects them to begin rising next year. (GulfTimes.com)
 AREDC: Qatar office market to see rent drag in 2014 –
According to a report by the Al Asmakh Real Estate
Development Company (AREDC), Qatar’s office market is still in
its initial stages of growth, which may see a drag in rents in the
coming two to three quarters of 2014. The report said the
current supply of offices, especially in West Bay, C Ring Road,
and Barwa Commercial Avenue, may drag down rental rates
over the next two to three quarters. However, due to ongoing
changes in Doha city centre areas and existing business
dynamics owing to FIFA World Cup 2022, as well as lucrative
opportunities to new businesses within Qatar, the office market
will be positive in the long-term. (Gulf-Times.com)
 Property deals worth QR901.76mn during November 24-28 –
The Real Estate Registration Department at the Qatar’s Ministry
of Justice said real estate transactions worth QR901.76mn were
registered during November 24-28, 2013 in Qatar. Properties
that were traded include open plots of land, two-floor villas,
annexes, and residential buildings that are located in the
municipalities of Umm Salal, Al Khor, Doha, Al Rayyan, Al
Shamal, Al Daayen and Al Wakra. (Bloomberg)
 Hill obtains QR30mn PM contract from RSG – US-based Hill
International has obtained a 30-month contract worth QR35mn
from Real Estate Services Group (RSG) to provide project
management services (PM) for the design & construction of two
mixed-use tower projects in the Lusail District of Doha. It will
provide PM services for a 35-story tower that includes a five-star
hotel, restaurants, villas and apartments, and another 27-story
tower that will feature offices, retail and other commercial uses.
The total construction cost of these two towers is expected to be
QR1bn. (Bloomberg)
 Hamad airport commences operations – Hamad International
Airport (HIA) has commenced operations with Qatar Airways
receiving its first cargo shipment at the new airport on December
1. This new cargo terminal has the capacity to move 5,700
shipments simultaneously and can handle 1.4mn tons of cargo
per annum by 2015. This is an increase of 75% from the
capacity of current airport. (Bloomberg)
 QA plans 4 weekly flights to Istanbul from May 2014 – Qatar
Airways (QA) is planning to operate four weekly passenger
flights to Istanbul’s Sabiha Gökçen Airport from May 2014. QA
currently operates 10 weekly flights to Istanbul’s Ataturk Airport
and four weekly flights to Ankara. So, this will be QA’s third
destination in Turkey. (Bloomberg)
International
 Japan plans 18.6tn yen economic package to support
growth – According to sources, Japan is planning an 18.6tn yen
package to counter the impact of a sales-tax bump in April, as
Prime Minister Shinzo Abe tries to sustain a recovery in the
country’s economy. The steps will include 5.5tn yen in fiscal
spending and the government will use tax revenue to fund the
package, forgoing new bond sales. (Bloomberg)
 Australia’s economy expands slower than forecast –
Australia’s economy expanded slower than economists forecast
last quarter after households boosted savings, suggesting the
central bank may need to do more to spur spending as a mining
investment boom wanes. Australian government data showed,
third-quarter GDP advanced 0.6% from the prior three months,
when it rose a revised 0.7% as compared to economists’
forecast for a 0.7% gain. Growth was 2.3% from a year earlier the third-straight quarter below 2.5% and less than economists’
estimates for a 2.6% expansion. (Bloomberg)
 ECB to hold back, new projections key to next move – The
European Central Bank is likely to hold off any fresh policy
action tomorrow, but new forecasts will be in focus for signs of
prolonged price weakness that could lead it to act again next
year. After surprising the markets last month with a cut in rates
to a new record low, ECB President Mario Draghi said the
Eurozone may experience a prolonged period of low inflation
and that the ECB was ready to consider using all available
policy tools. He said this month’s ECB staff projections would
give a fuller picture of how long that prolonged period would last.
(Gulf-Times.com)
 Russia slashes 2013 growth forecast again – Russia has
once again sharply lowered its growth forecast amid fresh
indications that the nation would remain one of the emerging
world’s worst performers for years to come. Russia’s Economy
Minister Alexei Ulyukayev said factors ranging from
disappointing investments levels to slowing consumer demand
and industrial production meant that Russia would achieve 1.4%
growth this year, instead of 1.8% forecasted just weeks ago.
(Gulf-Times.com)
 OECD countries’ inflation cools in October – The
Organization for Economic Cooperation & Development (OECD)
said inflation among advanced countries slowed marginally to
1.3% in October from 1.5% in September. OECD said CPI has
dropped from a yearly peak of 2% in July as energy prices fell
and the increase in food prices slowed in October. Concerns
about a possible destructive deflationary spiral have pushed the
European Central Bank into cutting its main interest rate by a
quarter of a percentage point to a record low of 0.25%. The
Eurozone’s inflation fell to 0.7% in October, below the 1.1%
registered by Japan. (Gulf-Times.com)
Regional
 IMF: Riyadh must boost private sector to meet surge in
jobseekers – The International Monetary Fund’s Deputy
Managing Director Min Zhu said Saudi Arabia needs to
strengthen its private sector to satisfy demand for jobs by its
young population and reduce its dependence on oil exports. The
Kingdom has realized that high unemployment among young
people is its biggest challenge in coming decades, but it has
struggled to turn private-sector growth into jobs for Saudis. Min
Zhu said the Saudis also face a challenge in reducing
dependence on their main energy markets such as China. He
said the global credit expansionary cycle is ending, which
means the Middle East needs to seek more growth drivers from
Page 3 of 6

4. inside the economy rather than from external demand. (Qatar
Tribune)
 Global crude market well balanced – The Saudi Arabian Oil
Minister Ali al-Naimi said the global crude oil market is in
equilibrium and inventories are in a good position. Al-Naimi said
he is satisfied with the current crude prices as well as supply
and demand levels. Meanwhile, demand for OPEC’s crude is
expected to remain near the current levels in 2014. So in their
December 4 meeting in Vienna, OPEC ministers are expected to
stick to their output ceiling of 30mn barrels per day. (Bloomberg)
 Saudi Aramco raises crude price premiums for Asia – The
Saudi Arabian Oil Company (Saudi Aramco) has raised its
premiums used to set official selling prices for light crudes to
Asian customers for January and increased differentials on all
grades for US buyers. Saudi Aramco said it raised the monthly
formula differential for Arab Light for Asia to a two-year high,
boosting the premium by 30 cents a barrel, to $3.75 more than
the average of Oman and Dubai grades, the Gulf benchmarks.
Saudi Aramco trimmed differentials for Arab Medium and Arab
Heavy crude to Asia, the only cuts it announced for January.
(Gulf-Times.com)
 Alstom SA, BEMCO to establish Alstom Arabia Power
Factory Ltd – Alstom Saudi Arabia Transport & Power Ltd
(Alstom SA) has entered into a JV agreement with Arabian
Bemco Contracting Company (BEMCO) to establish “Alstom
Arabia Power Factory Ltd”. Alstom and BEMCO will hold 50%
stakes in the new company. In the phase one, a world class
manufacturing facility will be established in Saudi Arabia for
power generation components with an initial investment of
SR240mn. In the second phase, Alstom SA and BEMCO will
expand the scope of this facility to other power generation
equipment as well. Located in King Abdullah Economic City, the
new factory will train and employ hundreds of Saudi nationals.
(Bloomberg)
 Al-Khodari Sons renews credit facilities with NCB – Abdullah
A. M. Al-Khodari Sons Company has renewed its existing
Islamic credit agreement worth SR443.96mn with the National
Commercial Bank (NCB). These credit facilities comprise 39%
Murabaha financing, 61% multi-bonds and documentary credit.
The facilities are secured by promissory notes and contract
proceeds from the financed projects. The agreement will expire
on September 30, 2014; however, the credit limits will mature
over the life of the prospective financed projects, ranging from 1
to 2 years. (Tadawul)
 SABIC opens technical center in Shanghai – Saudi Basic
Industries Corporation’s (SABIC) Chairman Prince Saud Bin
Abdullah Bin Thunayan has inaugurated the SABIC Technical
Center (STC) in Shanghai. The new center worth $100mn will
serve as the Greater China Head Office for all Shanghai-based
employees that include R&D and supporting functions.
(Gulfbase.com)
 Saudi CMA approves Maceen Capital’s capital increase
request – The Saudi Capital Market Authority Board (Saudi
CMA) has approved Maceen Capital’s request for increasing its
capital from SR50mn to SR100mn. (Tadawul)
 UAE MoF signs deal with Netherlands to protect
investments – The UAE’s Ministry of Finance (MoF) has signed
an agreement with the Netherlands for protecting and
encouraging investments in the Netherlands. This agreement
aims to create a suitable investment environment for both
countries and protect them from any non-commercial and
political risks. (Bloomberg)
 Cluttons: HNWIs eye Dubai as real estate recovery drives
inward investment – According to a report by Cluttons, Dubai
is poised to enjoy heightened investor interest as its real estate
recovery drives further inward investment, particularly from the
GCC region and the Middle East. High net worth individuals
(HNWIs) from Manama and Muscat favor Dubai over London as
their primary global real estate investment destination. Cluttons
said the property market is unlikely to overheat since average
residential values remain well below the market peak despite
recent gains. The report argued that the recent steps taken by
the UAE Central Bank such as federal mortgage caps and the
Dubai Land Department doubling the property registration fees
from 2% to 4% are expected to dampen any speculation.
(GulfBase.com)
 Damac successfully raises $348mn through GDRs – Damac
Real Estate Development Ltd has successfully raised $348mn
through an issue of Global Depositary Receipts (GDR) on the
London Stock Exchange. These GDRs were priced at $12.25
each. Damac sold 28.39mn shares, which value the company at
$2.65bn. (Reuters)
 Al Mazaya to expand investments in Dubai – Al Mazaya
Holding’s acting CEO Ibrahim Al Saqabi said the company’s
strategic plan over the next five years includes expanding
investments in the Dubai market. Al Saqabi said that the World
Expo 2020 is expected to significantly increase foreign capital
inflows, and provide 300,000 jobs over the next six or seven
years. (Peninsula Qatar)
 Emirates begin A380-800 on Dubai-Los Angeles route –
Emirates Airline has increased the seat capacity on its Dubai
Los Angeles route by replacing Boeing 777-200LR with an
Airbus A380-800. This service will increase the airline’s capacity
to 489 seats as compared to up to 266 onboard the Boeing 777.
With this, Emirates now flies the longest A380 route in
operation. (Bloomberg)
 Taqa’s Moroccan unit to issue IPO next week – Moroccan
power company Jorf Lasfar Energy Company (JLEC), which is
owned by Abu Dhabi National Energy Company (Taqa), has
received the go-ahead from the Moroccan market regulator for a
share sale next week to raise 1.5bn Moroccan dirhams. JLEC
will sell 2.25mn new shares in the offering at 447 Moroccan
dirhams each, raising around 1bn Moroccan dirhams. (GulfTimes.com)
 IMF: Strong buffers and oil prices strengthen Kuwait’s GDP
growth – The International Monetary Fund’s (IMF) Executive
Board has concluded the Article IV consultation with Kuwait,
which showed that high oil prices and increased production have
enabled the government to continue to post high fiscal and
external surpluses and build strong buffers. Kuwait’s overall real
non-oil GDP growth is projected to gain modestly to 3% in 2013,
driven by the rising domestic consumption and a pick-up in
public investment. However, a slight reduction in oil production
will bring down total real GDP growth below 1%. Meanwhile,
IMF has forecasted the overall average consumer price inflation
(CPI) at 3% in 2013, and fiscal and external surpluses as a
percentage of GDP to be at 27% and 39% respectively. Further,
IMF said Kuwait’s monetary policy has remained
accommodative and its bank credit growth has picked up. Gross
non-performing loans have declined to 4.6% in June 2013 from
5.2% at the end of 2012. Further, IMF expects the economic
outlook to improve further in 2014, where non-oil growth is
expected to increase to 4.4% supported by public capital
spending, in turn pushing the average inflation to 3.5%. (IMF
press release)
Page 4 of 6

5.  Kuwait Airways may issue bonds or sukuk – Kuwait Airways’
adviser Amani Bourseli said the airline may issue bonds or
sukuk to finance a deal with Airbus for buying 25 new aircraft
and lease 12 other new planes. The adviser added that part of
this will be from the company’s capital and the rest will be
financed through loans. Bonds or sukuk will be issued
depending on the decision taken by the board of directors. (GulfTimes.com)
 Zain not in talks to buy Canar from Etisalat – Kuwaiti
telecoms company Zain said it would not enter any negotiations
to buy Sudanese telecom operator, Canar. Earlier, a source had
said that the UAE’s Etisalat could resurrect talks to sell its
Sudanese subsidiary to Zain. (Gulf-Times.com)
 Oman Air signs repair deal with Bombardier Aerospace –
Oman Air has signed an eight-year repair agreement with
Bombardier Aerospace to perform all maintenance work on
Rolls Royce Trent 700 inlet cowls for its Airbus A330 aircraft
fleet. The airline currently operates seven A330s along with
another three A330s to be delivered in 2014. (GulfBase.com)
 SBJ appoints Atkins to supervise infrastructure works –
The Saraya Bandar Jissah (SBJ) has appointed UK-based
Atkins to supervise the infrastructure works for the $600mn
project in Oman. Atkins Oman will manage the progress of these
works on site and supervise the contractor. The phase one of
this work is nearing completion following 12 months of
scheduled work. (Bloomberg)
 Bahrain reviews subsidies that cause over-consumption –
Bahrain’s Central Bank Governor Rasheed al-Maraj said the
country will revamp those subsidies that have led to excessive
consumption of energy and foods. He stated that the
government is very much aware of the unsustainable levels of
consumption in energy and some foods, and has realized the
need to direct subsidies toward the needy, which is now getting
reflected in its programs. al-Maraj said the changes may begin
as early as this month and will include certain mitigations for
preventing higher inflation, which stood at 3.8% in October. alMaraj expects inflation to be close to the IMF’s forecast of 2.7%
by the year-end. (Bloomberg)
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
1.3%
149.0
0.6%
0.7%
130.0
0.0%
0.0%
118.1
(0.7%)
0.3%
0.2%
(0.1%)
(0.3%)
(1.3%)
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
Dubai
Oman
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
1,223.42
0.3
(2.4)
(27.0)
DJ Industrial
19.13
(0.2)
(4.3)
(37.0)
112.62
1.0
2.7
1.4
3.83
(0.3)
1.0
11.8
STOXX 600
123.25
2.7
5.3
37.7
137.00
(0.2)
(0.2)
(20.8)
1.36
0.3
(0.0)
3.0
102.51
(0.4)
0.1
18.2
GBP
1.64
0.2
0.1
0.8
CHF
1.11
0.5
0.2
1.2
AUD
0.91
0.3
0.3
(12.1)
USD Index
80.59
(0.4)
(0.1)
RUB
33.26
0.1
0.4
BRL
0.42
(0.8)
(1.7)
(13.7)
Yen
Bahrain
Jul-13
Kuwait
May-12 Dec-12
Abu Dhabi
QE Index
Oct-11
Qatar
Jan-10 Aug-10 Mar-11
Saudi Arabia
(1.3%)
(2.0%)
Close
1D%
WTD%
YTD%
15,914.62
(0.6)
(1.1)
21.4
S&P 500
1,795.15
(0.3)
(0.6)
25.9
NASDAQ 100
4,037.20
(0.2)
(0.6)
33.7
319.13
(1.5)
(1.9)
14.1
DAX
9,223.40
(1.9)
(1.9)
21.2
FTSE 100
6,532.43
(1.0)
(1.8)
10.8
4,172.44
(2.6)
(2.9)
14.6
15,749.66
0.6
0.6
51.5
MSCI EM
1,002.71
(1.1)
(1.5)
(5.0)
SHANGHAI SE Composite
2,222.67
0.7
0.1
(2.0)
HANG SENG
23,910.47
(0.5)
0.1
5.5
1.0
BSE SENSEX
20,854.92
(0.2)
0.3
7.4
9.0
Bovespa
50,348.89
(1.7)
(4.1)
(17.4)
1,372.44
(1.9)
(2.2)
(10.1)
Source: Bloomberg
CAC 40
Nikkei
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
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