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5 December Daily Market Report

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  • 1. QE Intra-Day Movement Market Indicators 10,420 10,400 10,380 10,360 04 Dec 13 %Chg. 471.4 553,978.1 17.9 5,573 40 26:11 287.7 552,029.0 9.9 4,244 39 8:28 63.9 0.4 80.3 31.3 2.6 – Market Indices 10,340 10,320 9:30 05 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 0.5% to close at 10,389.1. Gains were led by the Real Estate and Transportation indices, gaining 1.5% each. Top gainers were Qatar Cinema & Film Dist. Co. and Qatar Navigation, rising 2.4% each. Among the top losers, Qatar General Ins. & Rein. Co. fell 4.0%, while Widam Food Co. declined 1.7%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,843.65 2,583.42 2,458.63 3,380.92 1,931.71 1,998.51 2,358.94 1,460.90 5,980.01 3,068.07 0.5 0.5 0.6 0.2 1.5 1.5 (1.2) (0.1) 0.3 0.8 0.1 0.0 0.5 (0.6) (0.6) 0.2 (0.3) 0.5 (0.0) 1.2 31.2 28.2 26.1 28.7 44.1 24.0 20.1 37.2 28.0 23.3 N/A 13.1 13.2 12.3 13.1 13.7 9.7 19.9 22.7 15.9 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Arabia: The TASI index rose 0.2% to close at 8,243.7. Gains were led by the Transport and Multi Inv. indices, rising 2.7% and 1.3% respectively. Gulf Union Coop. Ins. gained 7.7%, while Saudi Arabia Refineries was up 4.8%. Sharjah Islamic Bank Abu Dhabi 1.53 9.3 20,468.4 66.3 Gulf Cable & Electrical Kuwait 0.90 4.7 195.0 (28.6) Dubai: The DFM index gained 0.9% to close at 3,013.3. The Insurance index rose 1.8%, while the Transportation index was up 1.7%. National General Insurance Co. gained 10.8%, while Emirates NBD was up 3.2%. Bahri Saudi Arabia 26.90 4.3 3,323.9 40.5 Aswak Al Othaim Saudi Arabia 121.75 3.6 102.3 48.0 Abu Dhabi: The ADX benchmark index rose 0.2% to close at 3,939.6. The Industrial and Investment & Financial Services indices gained 1.4% each. Abu Dhabi Ship Building Co. rose 14.8%, while Sharjah Islamic Bank was up 9.3%. Nat. Mobile Telecomm. 1.80 3.4 23.3 (23.1) GCC Top Losers Exchange Kuwait: The KSE index gained 0.4% to close at 7,764.9. The Telecomm. index rose 1.8%, while the Insurance index was up 1.4%. Aayan Leasing & Investments Co. gained 7.9%, while Metal & Recycling Co. was up 7.5%. Abu Dhabi Nat. Hotels Abu Dhabi 2.34 (10.0) 51.2 32.2 Nat. Marine Dredging Abu Dhabi 8.60 (9.9) 1.2 (14.0) Oman: The MSM index fell 0.2% to close at 6,769.0. Losses were led by the Banking & Inv. and Ser. & Ins. indices, declining 0.3% each. Areej Vegetable Oils & Derivatives fell 5.3%, while Cons. Mat. Ind. & Cont. was down 4.0%. Qatar Gen. Ins. & Rein. Qatar 48.00 (4.0) 6.0 4.3 Gulf Pharma. Industry Abu Dhabi 3.02 (2.6) 2,625.9 9.8 Bank Albilad Saudi Arabia 35.00 (1.7) 449.2 64.5 Bahrain: The BHB index gained 0.1% to close at 1,197.5. The Services index rose 0.3%, while the Commercial Banking index was up 0.2%.Khaleeji Commercial Bank gained 4.4%, while Seef Properties was up 3.3%. ## Kuwait # Close 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) Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 Qatar Cinema & Film Dist. Co. 42.00 2.4 0.3 (26.2) Qatar General Ins. & Rein. Co. 48.00 (4.0) 6.0 4.3 Widam Food Co. 50.80 (1.7) 103.8 (13.6) Qatar Navigation 87.00 2.4 247.7 Mazaya Qatar Real Estate Dev. 11.77 2.3 3,425.3 37.9 7.0 Vodafone Qatar 11.85 2.2 5,805.5 41.9 Ooredoo Barwa Real Estate Co. 30.25 1.9 1,717.4 10.2 Al Ahli Bank Qatar Insurance Co. YTD% 67.00 (0.7) 12.0 24.2 135.50 (0.6) 7.5 30.3 56.70 (0.5) 2.6 15.7 Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.85 2.2 5,805.5 41.9 Vodafone Qatar 11.85 2.2 69,095.4 41.9 Mazaya Qatar Real Estate Dev. 11.77 2.3 3,425.3 7.0 Masraf Al Rayan 34.05 1.2 53,149.3 37.4 Barwa Real Estate Co. 30.25 1.9 1,717.4 10.2 Barwa Real Estate Co. 30.25 1.9 51,507.9 10.2 Masraf Al Rayan 34.05 1.2 1,565.9 37.4 Commercial Bank of Qatar 69.20 0.3 47,872.1 (2.4) Qatar Gas Transport Co. 21.10 1.0 933.3 38.3 Mazaya Qatar Real Estate Dev. 11.77 2.3 40,196.2 7.0 Qatar Exchange Top Vol. Trades Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,389.10 3,013.34 3,939.64 8,243.74 7,764.86 6,769.01 1,197.52 0.5 0.9 0.2 0.2 0.4 (0.2) 0.1 0.1 2.3 2.3 (1.0) (0.3) 0.6 (0.9) 0.1 2.3 2.3 (1.0) (0.3) 0.6 (0.9) 24.3 85.7 49.7 21.2 30.8 17.5 12.4 Exch. Val. Traded ($ mn) 185.22 194.71 178.28 1,028.91 81.33 36.16 0.62 Exchange Mkt. Cap. ($ mn) 152,122.4 71,417.9 112,537.1 448,533.9 109,394.6 24,225.3 49,644.1 P/E** P/B** 13.3 17.8 11.0 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 rose 0.5% to close at 10,389.1. The Real Estate and Transportation 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 Sell %* Net (QR) Qatari 72.00% 71.51% 2,351,201.13 Non-Qatari  Qatar Cinema & Film Dist. Co. and Qatar Navigation were the top gainers, rising 2.4% each. Among the top losers, Qatar General Ins. & Rein. Co. fell 4.0%, while Widam Food Co. declined 1.7%. Buy %* 28.00% 28.50% (2,351,201.13) Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Thursday rose by 80.3% to 17.9mn from 9.9mn on Wednesday. Further, as compared to the 30-day moving average of 11.8mn, volume for the day was 51.8% higher. Vodafone Qatar and Mazaya Qatar Real Estate Dev. were the most active stocks, contributing 32.4% and 19.1% to the total volume respectively. Ratings and Global Economic Data Ratings Updates Company Al Ahli Bank of Kuwait (ABK) Industrial Bank of Kuwait (IBK) Kuwait Finance House (KFH) Gulf Bank Commercial Bank of Kuwait (CBK) Ahli United Bank (AUB) Kuwait International Bank (KIB) Agency Market Fitch Kuwait Fitch Kuwait Fitch Kuwait Fitch Kuwait Fitch Kuwait Fitch Kuwait Fitch Kuwait Type* LT IDR*/ ST IDR*/ VR/ SR/ SR Floor LT IDR/ ST IDR/ VR*/SR/ SR Floor LT IDR/ ST IDR/ VR/SR/ SR Floor LT IDR/ ST IDR/ VR/ SR/ SR Floor LT IDR/ ST IDR/ VR/ SR/ SR Floor LT IDR*/ ST IDR*/ VR/ SR/ SR Floor* LT IDR*/ ST IDR*/ VR/ SR/ SR Floor Old Rating A-/F2/ bb+/1/AA+/F1/ bb/1/A+ A+/F1/1/A+ A+/F1/bb-/1/A+ A+/F1/ bb/1/A+ A-/F2/bbb-/1/AA-/F2/b+/1/A- New Rating Rating Change Outlook Outlook Change A+*/F1*/bb+/1 /A+* A+/F1/bb+*/1/ A+ * Stable – * Stable – A+/F1/1/A+ – Stable – A+/F1/ bb/1/A+ A+/F1/bb/1/A+ A+*/F1*/bbb/1/A+* A+*/F1*/b+/1/ A+* – Stable – – Stable – * Stable – * Stable – 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) (*– Ratings revised) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/05 US 12/05 US Challenger, Gray & Christmas IPSOS Public Affairs Challenger Job Cuts YoY RBC Consumer Outlook Index November -20.60% – -4.20% December 49.7 – 12/05 US Department of Labor Initial Jobless Claims 47.0 30-November 298K 320K 321K 12/05 12/05 US Department of Labor US Bureau of Eco. Analysis Continuing Claims 23-November 2744K 2800K 2765K GDP Annualized QoQ 3Q2013 3.60% 3.10% 12/05 US 2.80% Bureau of Eco. Analysis Personal Consumption 3Q2013 1.40% 1.50% 12/05 1.50% US Bureau of Eco. Analysis GDP Price Index 3Q2013 2.00% 1.90% 1.90% 12/05 US Bureau of Eco. Analysis Core PCE QoQ 3Q2013 1.50% 1.40% 1.50% 12/05 US Bloomberg Bloomberg Consumer Comfort 1-December -31.3 – -33.7 12/05 US US Census Bureau Factory Orders October -0.90% -1.00% 1.80% 12/06 US Bureau of Labor Stat. Change in Nonfarm Payrolls November 203K 185K 200K 12/06 US Bloomberg Two-Month Payroll Net Revision November 8K – – 12/06 US Bureau of Labor Stat. Change in Private Payrolls November 196K 180K 214K 12/06 US Bureau of Labor Stat. Change in Manufact. Payrolls November 27K 10K 16K 12/06 US Bureau of Labor Stat. Average Hourly Earnings MoM November 0.20% 0.20% 0.10% 12/06 US Bureau of Labor Stat. Change in Household Employment November 818 735 -735 12/06 US Bureau of Labor Stat. Underemployment Rate November 13.20% – 13.80% 12/06 US Bureau of Labor Stat. Labor Force Participation Rate November 63.00% – 62.80% 12/06 US Bureau of Eco.Analysis Personal Income October -0.10% 0.30% 0.50% 12/06 US Bureau of Eco.Analysis Personal Spending October 0.30% 0.20% 0.20% 12/06 US Bureau of Eco.Analysis PCE Deflator MoM October 0.00% 0.00% 0.10% 12/06 US Bureau of Eco.Analysis PCE Deflator YoY October 0.70% 0.70% 0.90% 12/06 US Bureau of Eco.Analysis PCE Core MoM October 0.10% 0.10% 0.10% 12/06 US Bureau of Eco.Analysis PCE Core YoY October 1.10% 1.10% 1.20% Page 2 of 6
  • 3. 12/07 US Federal Reserve Consumer Credit October $18.186B $14.500B $16.293B 12/05 EU European Central Bank ECB Announces Interest Rates 5-December 0.25% 0.25% 0.25% 12/05 EU European Central Bank ECB Deposit Facility Rate 5-December 0.00% 0.00% 0.00% 12/06 France Ministry of the Economy Trade Balance October -4697M -5500M -5636M 12/06 France Ministry of the Economy Budget Balance YTD October -86.0B – -80.8B 12/06 Germany Factory Orders MoM October -2.20% -1.00% 3.10% 12/06 Germany Factory Orders WDA YoY October 1.90% 4.10% 7.80% 12/05 UK Deutsche Bundesbank Bundesministerium fur Wirtscha Lloyds Bank Lloyds Employment Confidence November -14 – -11 12/05 UK Bank of England BOE Asset Purchase Target December 375B 375B 375B 12/06 UK Lloyds TSB Halifax House Prices MoM November 1.10% 0.80% 1.30% 12/06 UK Lloyds TSB Halifax House Price 3Mths/Year November 7.70% 7.30% 6.90% 12/05 Spain INE Industrial Output WDA YoY October -0.70% -0.10% 1.20% 12/06 Japan Ministry of Finance Official Reserve Assets November $1275.4B – $1276.8B Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB to issue QR4bn bonds, sukuk on December 10 – The Qatar Central Bank (QCB) is set to issue three-year and fiveyear government bonds and sukuk worth QR4bn on December 10, 2013. Government bonds valued QR3bn and sukuk worth QR1bn will be issued. (QCB)  QNB holds strategy conference to shape its vision for MENA – QNB Group convened a strategy conference titled “Shaping a MENA Icon” in Dubai. Chaired by Ali Ahmed alKuwari, QNB’s Acting Group Chief Executive, the two-day meeting was attended by QNB’s senior management team, general managers from relevant countries and CEOs from subsidiary companies. The purpose of the meeting was to discuss relevant topics that would enhance the strategic development of the organization and help secure the bank’s vision of becoming a MENA icon. (Gult-Times.com)  Tasweeq, JCCP sign MoU for T&D programs – Qatar International Petroleum Marketing Company (Tasweeq) has signed a memorandum of understanding (MoU) with Japan Cooperation Center, Petroleum (JCCP) for exchange of training & development programs in the oil & gas sector. The agreement was signed by Saad al-Kuwari, CEO of Tasweeq and Masataka Sase, JCCP’s Executive Director. The objective of this deal is to gain access to various technical and non-technical courses organized by JCCP, exposing participants of both organizations to industry best practices and expertise. (Gulftimes.com)  Turkey to import LNG worth $350mn from Qatar – Turkey’s Minister of Energy & Natural Resources Taner Yildiz said the country will import liquid natural gas worth $350mn from Qatar to meet its increasing demand. Turkey has placed an order for five cargoes of LNG from Qatar to meet its energy demand for December, January and February. (Bloomberg)  Turkey: Qatar interested in Afsin-Elbistan power project – Turkish energy minister Taner Yildiz said that Qatar is considering investing in Turkey’s Afsin-Elbistan coal-fired power plant project, from which the UAE dropped out earlier this year. These talks could result in a final deal within the next two to three months. Turkey is keen to make the most of its own coal resources to reduce dependence on imported natural gas. (Gulftimes.com)  ORDS closes inaugural $1.25bn sukuk – Ooredoo (ORDS) has successfully closed its inaugural $1.25bn sukuk under its Trust Certificate Program. This sukuk that will mature on December 3, 2018 was issued by Ooredoo Tamweel Ltd. and has a profit rate of 3.039%. The net proceeds from this sale will be used by ORDS for general corporate purposes including refinancing of existing indebtedness. (DFM)  Law firm Charles Russell launches office in Qatar – Charles Russell LLP, a leading international law firm based in Bahrain has expanded its operations to Qatar by launching a new office in Doha. The Doha office will provide Qatari clients with specialized services in real estate, construction, banking and sports sectors, along with representation in litigation and arbitration, advice on intellectual property in the region, as well as corporate work and private client counsel. (The Peninsula.com) International  QNB: Chinese economy set for a rebound in 2014 – According to QNB Group, the Chinese economy seems to be taking off again though many feared a hard landing for the country in 2012 and early 2013. Chinese authorities have taken various measures to mitigate some of the risks earlier this year, including concerns about excessive credit. QNB Group expects the Chinese economy to grow at around 8-8.5% in 2014, after the recent announcement of a major reform package and positive economic news. QNB Group said the reforms will be positive for long-term growth, but implementation will be complex. The relaxation of capital controls and liberalization of the exchange rate should help encourage foreign investment. This should also support the continued steady appreciation of the Chinese currency. Overall, QNB believes the Chinese economy is ready for growth next year, after a brief slowdown in 2013. This is part of China’s long-term economic transformation from export-oriented to consumer-based economy. (GulfTimes.com)  WTO signs scaled-down trade pact in Bali – Members of the World Trade Organization reached a scaled-back deal to liberalize global commerce, keeping alive foundering talks with a pact that will still take months, if not years, to fully take effect. The modest deal agreed to by the WTO's 159 members after four days of meeting fell far short of the goal set by negotiators when they launched talks in Doha, way back in 2001. The new agreement could add billions of dollars to the $65 trillion global economy by making it easier for goods to pass through customs. (WSJ)  US Fed’s December tapering odds double in Bloomberg survey – The share of economists predicting the Federal Reserve will reduce its bond buying in December 2013 doubled after a US government report showed back-to-back monthly payroll gains of 200,000 for the first time in almost a year. About 34% of economists surveyed by Bloomberg expect the Federal Page 3 of 6
  • 4. Open Market Committee to begin reducing its bond purchases at its December 17-18 meeting. In November, 53% predicted a tapering in March 2014, as compared to 40% in yesterday’s poll of 35 economists. (Bloomberg)  Bloomberg: China reforms may add less than 0.5% to growth – According to a Bloomberg news survey, China’s latest economic reforms will add less than half a percentage point to its annual growth this decade. Fourteen out of 19 economists surveyed see policies from a Communist Party summit last month boosting the GDP either by a negligible amount or less than 0.5% a year. Ten analysts say China will need a small amount of monetary, fiscal and credit stimulus to meet the government’s bottom line of 7% growth over the next five years. These forecasts dovetail with increasing speculation that policymakers will set the lowest annual growth target since 2004 at a gathering this month. (Bloomberg)  Greek lawmakers approve 2014 budget to map debt-relief course – Greek legislators approved the country’s budget for 2014, which maps a course for the debt-laden country to secure additional debt relief from the euro area and the International Monetary Fund. Under the bailout condition from the European Commission, the IMF and the European Central Bank, Greece posting a primary surplus will qualify it for additional debt relief. The government and lender troika have been locked in talks since September 2013, with both the sides disagreeing over fiscal measures needed for achieving the 2014 budget projections. The lender troika will send a negotiating team back to Athens in January 2014, though technical discussions will continue in Athens next week. The government’s surplus before interest costs will be at €812mn this year, which will rise to €2.96bn in 2014, or 1.6% of GDP. The country’s GDP is expected to expand 0.6% in 2014 after contracting 4% this year. Public debt is seen peaking at 176% of GDP this year. (Bloomberg) Regional  S&P affirms Kingdom’s ratings at AA-/A-1+ – S&P has affirmed Saudi Arabia’s long and short-term foreign and local currency sovereign credit ratings at “AA-/A-1+” with a Positive outlook. These ratings are supported by the Kingdom’s strong external and fiscal position that has been built over several years. By managing high oil revenues prudently, the government has virtually eliminated its general government debt, generating additional fiscal space for countercyclical policies. (Bloomberg)  Saudi bank loans cooling to healthy levels – Saudi Arabian banks are scaling back their lending as the withdrawal of domestic stimulus slows down economic growth. Bank loan growth to the private sector stood at 13% in October 2013, the slowest rate of expansion since May last year. While it was the sixth straight monthly drop in growth, credit expansion in the Kingdom remains faster than in the UAE and Kuwait. According to a Bloomberg survey, the winding down of almost $800bn in stimulus measures introduced since 2008 and restrictions on foreign workers are forecast to trim the economic growth this year to 4.2%, from 5.1% in 2012. Growth in the Saudi economy stood 3.1% in the third quarter, as compared to 5.7% a year earlier. (Gulf-Times.com)  ICD partners with PIF, PIB to launch specialized Ijara Co in Palestine – The Islamic Corporation for the Development of the Private Sector (ICD) has partnered with the Palestine Investment Fund (PIF) and the Palestine Islamic Bank (PIB) to launch a specialized Ijara company, “Palestine Ijara Company”. This news company will offer asset-based Ijara financing to SMEs in various sectors such as agri-business, construction, education, healthcare and tourism. The financing ranging from $100,000 to $1mn per transaction, aims to support SME operations and in turn create new job opportunities in Palestine. (GulfBase.com)  JEC appoints new CEO, completes piling work for Kingdom Tower – The Jeddah Economic Company (JEC) has appointed Mounib Hammoud as the company’s new CEO. Hammoud brings with him an extensive experience of around 20 years in urban planning and real estate development in the MENA region. Meanwhile, JEC has announced the completion of piling work for the Kingdom Tower. This tower will give Jeddah and Saudi Arabia a unique modern landmark of a world class standard. (GulfBase.com)  ATMC obtains SAMA’s approval for insurance products – The Alinma Tokio Marine (ATMC) has obtained a temporary approval from the Saudi Arabian Monetary Agency (SAMA) to use its insurance products for six months. (Tadawul)  Fitch affirms Ras Al Khaimah’s ratings at A – Fitch Ratings has affirmed its “A” rating for long-term foreign and local currency issuer default ratings (IDRs) of Ras Al Khaimah with a Stable outlook. Fitch has also affirmed the Emirate’s short-term foreign currency IDR at “F1”, while the country ceiling is affirmed at “AA+”. These ratings balance the advantages of RAK's membership of the UAE, its low debt and strong fiscal current surplus against weaknesses in data quality and the macroeconomic environment. (Reuters)  DED: Dubai’s 4Q2013 business outlook improves remarkably – According to a survey conducted by Dubai’s Department of Economic Development (DED), the Emirate’s overall business outlook for 4Q2013 has improved remarkably, since many businesses are looking forward to expand over the next 12 months expecting increased sales volumes and profits. This quarterly survey covering 508 companies in Dubai has revealed that the overall Business Confidence Index (BCI) has increased 17.3 points YoY in 3Q2013. Dubai’s BCI stood at 141.6 points in 3Q2013, indicating a rise of 17.3% QoQ due to improved economic activity expected in 4Q2013, owing to the festival season and seasonal tourist inflows. The business outlook for 4Q2013 has improved remarkably with 58% of respondents expecting an improvement in business conditions. Meanwhile, real estate & construction companies are expecting new projects in the regional market, which will boost the overall business activity in the Emirate. The survey also showed that 57% of the transportation companies expect better business in 4Q2013 due to higher demand from all major sectors. (GulfBase.com)  ICD acquires Atlantis Hotel from Istithmar World – The Investment Corporation of Dubai (ICD) has acquired Atlantis Hotel from Istithmar World. This hotel was established in 2008 as a JV between Istithmar World and Kerzner International. The value of acquisition of the 1,539-room iconic hotel located on Palm Jumeirah Island was not disclosed. (GulfBase.com)  Arabtec wins $1bn construction contract in Al Ain – Dubaibased Arabtec Holding along with its JV partners has won a contract worth $1bn to build a hospital in Al Ain in the UAE. This new hospital will be built by 2018 under the AED3.3bn contract that has been awarded by the Abu Dhabi General Services Company. (Reuters)  Musanada signs 2 contracts for Abu Dhabi-Dubai Road project – The Abu Dhabi General Services Company (Musanada) has signed two contracts for the implementation of Abu Dhabi-Dubai Road project. This 62-kilometer road is an extension to the Mohammad bin Zayed Street from Saih Shuaib area to Khalifa Industrial Zone Abu Dhabi (KIZAD). The project’s Page 4 of 6
  • 5. phase one includes 34 kilometers of road and three key junctions to be implemented by Ghantoot Transport & General Contracting Establishment at a cost of AED1.297bn. The phase two, which will be implemented by Tristar Engineering & Construction and Salini Costruttori at a cost of AED840mn, consists of 28 roads and three key intersections between Al Ajban Street and Al Sweihan Road. Both the projects will be completed within a span of 30 months from the date of the commencement. (Bloomberg)  DFM accredits Al Dhabi BS&IC to provide margin trading – The Dubai Financial Market (DFM) has accredited Al Dhabi Brokerage and Securities & Investment Company (Al Dhabi BS&IC) to provide margin trading, which takes the total number of DFM brokerage firms providing this service to 11. Margin trading allows brokerage companies to fund a percentage of the market value of securities traded. (DFM)  Oman Air signs code share deal with Turkish Airlines – Oman Air has signed a code share agreement with Turkish Airlines that will cover all services between Oman and Istanbul. This agreement will allow passengers to benefit from the products and services that are offered by both Oman Air and Turkish Airlines on Muscat-Istanbul routes. (GulfBase.com)  S&P upgrades GIB from BBB- to BBB with Positive outlook – S&P has upgraded the Gulf International Bank’s (GIB) Stand Alone Credit Profile (SACP) from “BBB-“to “BBB”. The outlook on the rating has also been upgraded from Stable to Positive. Meanwhile, GIB’s long-term and short-term issuer credit ratings were affirmed at “BBB+/A-2” respectively. (GulfBase.com)  KFED signs framework deal with SFD to boost Egyptian SMEs – The Khalifa Fund for Enterprise Development (KFED) has entered into a framework agreement with Egypt’s Social Fund for Development (SFD) to boost opportunities for small & micro-sized enterprises (SMEs) in Egypt. Under this agreement, the UAE will provide AED736mn through KFED to SFD for catalyzing the establishment of SMEs. This agreement aims to create a mutually beneficial framework for cooperation between KFED and SFD through investments in projects. This framework will develop impoverished areas throughout the country, with a focus on expanding social funding programs for women and youth for enhancing job opportunities and generating income. (GulfBase.com)  Khalifa Port handles 1mn containers – Abu Dhabi’s Khalifa Port has handled 1mn containers since it began its commercial operations a year ago. The port has the capacity to handle 2.5mn twenty foot equivalent units (TEUs) with its 6 super panamax ship-to-shore cranes, 30 automated stacking cranes and 20 straddle carriers. This capacity will be further developed as the trade increases and the market demand rises. (GulfBase.com)  Abu Dhabi Ship Building expects $272mn deal – Abu Dhabi Ship Building Co, the state-linked builder of commercial and naval vessels, is expected to sign an AED1bn contract with the UAE. The contract to build two navy ships may be signed this year. According to Muhammad Shahid Razzaq Head of Finance, the company is also negotiating for a higher valued deal that could be finalized in 2014. (Gulftimes.com)  ADNOC to buy gasoline from BP, Total SA for 2014 – The Abu Dhabi National Oil Company (ADNOC) has agreed to buy gasoline from UK-based BP and France’s Total SA for 2014. ADNOC will buy about 18 cargoes of gasoline from January to April 2014. (Bloomberg)  Air India signs deal with Etihad to sell five Boeing 777s – Air India has signed a deal to sell its five wide-body Boeing 777 aircraft to Etihad Airways. These planes have an average age of six years and are likely to be delivered to Etihad by March 2014. (Bloomberg)  KPNC awards KD72mn contract to AMEC – The Kuwait National Petroleum Company (KPNC) has awarded a five-year contract worth KD72mn to UK-based AMEC to provide for Kuwait’s Mina Al Ahmadi, Mina Abdullah and Shuaiba refineries. Under this contract, AMEC will be responsible for services that include feasibility studies, front-end engineering design (FEED), project management services and training of Kuwaiti engineers. The contract follows KNPC’s plans to increase Kuwait’s refining capacity under Kuwait’s Clean Fuels Project. (Bloomberg) Page 5 of 6
  • 6. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.9% 149.3 0.8% 0.5% 130.4 118.5 0.4% 0.4% 0.2% 0.2% 0.1% 0.0% S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Yen Close ($) 1D% WTD% YTD% Global Indices Performance 1,229.05 0.3 (1.9) (26.6) DJ Industrial 19.51 0.6 (2.4) (35.7) S&P 500 111.61 0.6 1.8 0.5 4.14 4.1 9.3 0.8 9.5 41.1 139.50 0.5 0.5 (21.0) 1.37 0.3 0.8 3.9 102.91 1.1 0.5 1.63 0.1 (0.1) 1.12 0.5 1.6 RUB BRL 20.9 127.00 CHF USD Index Dubai Source: Bloomberg GBP AUD Oman Jul-13 Bahrain May-12 Dec-12 Abu Dhabi QE Index Oct-11 Kuwait Aug-10 Mar-11 (0.2%) Qatar (0.4%) Saudi Arabia Jan-10 1.2% 18.6 NASDAQ 100 STOXX 600 DAX FTSE 100 CAC 40 Nikkei Close 1D% WTD% YTD% 16,020.20 1.3 (0.4) 22.3 1,805.09 1.1 (0.0) 26.6 4,062.52 0.7 0.1 34.5 316.50 0.7 (2.7) 13.2 9,172.41 1.0 (2.5) 20.5 6,551.99 0.8 (1.5) 11.1 4,129.37 0.7 (3.9) 13.4 15,299.86 0.8 (2.3) 47.2 0.6 MSCI EM 1,002.20 0.4 (1.6) (5.0) 2.6 SHANGHAI SE Composite 2,237.11 (0.4) 0.7 (1.4) HANG SENG 0.91 0.4 (0.1) (12.4) 23,743.10 0.1 (0.6) 4.8 80.32 0.1 (0.5) 0.7 BSE SENSEX 20,996.53 0.2 1.0 8.1 7.2 Bovespa 50,944.27 0.3 (2.9) (16.4) 1,390.61 2.1 (0.9) (8.9) 32.72 0.43 (0.7) 1.3 (1.2) 0.2 (12.0) 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