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9 December Daily Market Report
9 December Daily Market Report
9 December Daily Market Report
9 December Daily Market Report
9 December Daily Market Report
9 December Daily Market Report
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9 December Daily Market Report

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  • 1. QE Intra-Day Movement Market Indicators 10,480 10,460 10,440 08 Dec 13 %Chg. 517.7 555,846.7 15.2 6,219 41 16:19 351.8 555,688.8 11.3 4,693 38 24:10 47.2 0.0 35.0 32.5 7.9 – Market Indices 10,420 10,400 9:30 09 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 declined marginally to close at 10,434.1. Losses were led by the Telecoms and Real Estate indices, declining 1.0% and 0.9% respectively. Top losers were Zad Holding Co. and Vodafone Qatar, falling 4.3% and 4.2% respectively. Among the top gainers, Mannai Corp. rose 3.3%, while Doha Bank gained 2.8%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,907.93 2,593.99 2,475.46 3,387.91 1,923.98 2,020.94 2,376.92 1,463.05 5,958.59 3,066.51 (0.0) 0.0 0.4 (0.1) 0.3 (0.9) 0.1 (1.0) (0.1) (0.7) 0.4 0.4 0.7 0.2 (0.4) 1.1 0.8 0.1 (0.4) (0.1) 31.8 28.8 27.0 29.0 43.5 25.4 21.1 37.4 27.6 23.2 N/A 13.1 13.3 12.3 13.0 13.8 9.7 19.9 22.6 15.9 Close# 1D% GCC Commentary GCC Top Gainers## Exchange Vol. ‘000 YTD% Saudi Arabia: The TASI index rose 0.5% to close at 8,359.6. Gains were led by the Multi Inv. and Telecomm. & Info. Tech. indices, rising 1.1% and 1.0% respectively. ANB Ins. gained 9.9%, while Red Sea Hous. Ser. was up 2.9%. Deyaar Development Dubai 0.77 5.3 196,347.6 119.6 Abu Dhabi Nat. Energy Abu Dhabi 1.38 3.8 3,280.6 1.5 Dubai: The DFM index gained 1.5% to close at 3,100.3. The Real Estate & Construction index rose 2.7%, while the Telecomm. Index was up 1.7%. Agility gained 5.6%, while Deyaar Development was up 5.3%. Emaar Properties Dubai 6.94 3.4 31,617.5 85.1 Mannai Corp. Qatar 90.00 3.3 0.4 11.1 Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,001.5. The Consumer index gained 2.0%, while the Energy index was up 1.5%. Abu Dhabi Ship Building Co. surged 15.0%, while National Takaful gained 14.6%. Gulf Pharma. Industry 2.9 23.0 14.5 GCC Top Losers Exchange Kuwait: The KSE index fell 0.2% to close at 7,759.7. The Technology and Basic Material indices declined 0.9% each. Amar Finance & Leasing Co. fell 7.3%, while Future Kid Entertainment & Real Estate Co. was down 7.1%. Vodafone Qatar Qatar 11.50 (4.2) 4,422.4 37.7 IFA Hotels & Resorts Kuwait 0.28 (3.4) 222.4 (21.1) Oman: The MSM index declined marginally to close at 6,768.6. Losses were led by the Ind. and Ser. & Ins. indices, falling 0.3% and 0.2% respectively. ACWA Power Barka declined 3.0%, while Al Jazeera Steel was down 2.3%. Ajman Bank Dubai 2.32 (2.1) 421.2 63.4 ALAFCO Kuwait 0.28 (1.8) 98.7 (23.9) Al Mouwasat Med. Ser. Saudi Arabia 90.00 (1.6) 105.1 67.4 Bahrain: The BHB index rose 0.5% to close at 1,206.1. The Commercial Banking index gained 0.9%, while the Investment index was up 0.4%. Gulf Finance House rose 3.5%, while Ithmaar Bank was up 2.3%. ## Abu Dhabi 3.15 # 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) Mannai Corp. Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 90.00 Qatar Exchange Top Gainers 3.3 0.4 11.1 Zad Holding Co. 67.00 (4.3) 0.2 13.9 Vodafone Qatar 11.50 (4.2) 4,422.4 37.7 Qatar Exchange Top Losers Doha Bank 58.10 2.8 597.4 25.3 Widam Food Co. 51.50 1.6 164.2 (12.4) Qatar & Oman Investment Co. 12.76 (1.1) 36.2 3.0 Al Khalij Commercial Bank 19.94 1.2 250.6 17.4 Qatari Investors Group 40.80 (1.0) 739.1 77.4 Qatar General Ins. & Rein. Co. 50.00 1.0 0.7 8.7 Barwa Real Estate Co. 30.95 (1.0) 2,378.8 12.8 Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.50 (4.2) 4,422.4 37.7 Masraf Al Rayan 34.15 (0.4) 93,701.4 37.8 Masraf Al Rayan 34.15 (0.4) 2,716.5 37.8 Barwa Real Estate Co. 30.95 (1.0) 74,547.3 12.8 Barwa Real Estate Co. 30.95 (1.0) 2,378.8 12.8 Industries Qatar 165.90 (0.3) 59,531.1 17.7 Qatar Gas Transport Co. 21.14 0.4 777.6 38.5 Vodafone Qatar 11.50 (4.2) 52,310.7 37.7 Qatari Investors Group 40.80 (1.0) 739.1 77.4 Doha Bank 58.10 2.8 34,385.8 25.3 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% 10,434.10 3,100.33 4,001.47 8,359.55 7,759.65 6,768.59 1,206.07 (0.0) 1.5 0.3 0.5 (0.2) (0.0) 0.5 0.4 2.9 1.6 1.4 (0.1) (0.0) 0.7 0.6 5.2 3.9 0.4 (0.3) 0.6 (0.2) 24.8 91.1 52.1 22.9 30.8 17.5 13.2 Exch. Val. Traded ($ mn) 142.16 337.33 124.09 1,174.42 97.87 26.08 0.73 Exchange Mkt. Cap. ($ mn) 152,635.5 72,841.9 113,731.5 454,981.5 109,977.8 24,181.9 49,682.6 P/E** P/B** 13.3 18.3 11.2 17.2 17.0 10.6 8.0 1.8 1.2 1.4 2.1 1.2 1.6 0.8 Dividend Yield 4.4 2.9 4.5 3.5 3.6 3.8 4.0 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6
  • 2. Qatar Market Commentary  The QE index declined marginally to close at 10,434.1. The Telecoms and Real Estate indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Zad Holding Co. and Vodafone Qatar were the top losers, falling 4.3% and 4.2% respectively. Among the top gainers, Mannai Corp. rose 3.3%, while Doha Bank gained 2.8%. Overall Activity Buy %* Sell %* Net (QR) Qatari 74.35% 78.82% (23,162,032.30) Non-Qatari 25.65% 21.17% 23,162,032.30 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday rose by 35.0% to 15.2mn from 11.3mn on Sunday. Further, as compared to the 30-day moving average of 12.0mn, volume for the day was 26.2% higher. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 29.1% and 17.9% to the total volume respectively. Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus 12/09 France Banque De France Bank of France Bus. Sentiment November 12/09 Germany Destatis Labor Costs WDA YoY 3Q2013 12/09 Germany Destatis Labor Costs SA QoQ 3Q2013 12/09 Germany Destatis Trade Balance October 12/09 Germany Destatis Current Account Balance 12/09 Germany Deutsche Bundesbank 12/09 Germany 12/09 Germany 12/09 Germany 12/09 12/09 Previous 101 98 100 1.60% – 2.00% -0.30% – -0.30% 17.9B 18.3B 20.3B October 19.1B 17.1B 20.0B Exports SA MoM October 0.20% -0.50% 1.60% Deutsche Bundesbank Imports SA MoM October 2.90% 1.10% -1.90% Industrial Production SA MoM October -1.20% 0.70% -0.70% Industrial Production WDA YoY October 1.00% 3.10% 0.60% China Deutsche Bundesbank Bundesministerium fur Wirtscha National Bureau of Stat. CPI YoY November 3.00% 3.10% 3.20% China National Bureau of Stat. PPI YoY November -1.40% -1.50% -1.50% 12/09 China National Bureau of Stat. New Yuan Loans November – 580.0B 506.1B 12/09 China People's Bank of China Money Supply M0 YoY November – 0.081 0.08 12/09 China People's Bank of China Money Supply M1 YoY November – 0.09 0.089 12/09 China People's Bank of China Money Supply M2 YoY November – 0.142 0.143 12/09 Japan ESRI GDP SA QoQ 3Q2013 0.30% 0.40% 0.90% 12/09 Japan ESRI GDP Annualized SA QoQ 3Q2013 1.10% 1.60% 3.60% 12/09 Japan ESRI GDP Consumer Spending QoQ 3Q2013 0.20% 0.10% 0.70% 12/09 Japan ESRI GDP Business Spending QoQ 3Q2013 0.00% 0.00% 0.90% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  QCB, QFCRA, QFMA jointly launch strategic plan for Qatar’s financial sector regulation – The Qatar Central Bank (QCB), the Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Financial Markets Authority (QFMA) have jointly launched a strategic plan for the future of financial sector regulation in Qatar. The plan will establish a framework for regulating Qatar’s financial sector by laying a roadmap of strategic priorities for the 2014-2016 period. This strategic plan is a comprehensive document that contains six mutually reenforcing goals, each of which is supported by specific work plans among QCB, QFCRA and QFMA. These goals include: enhancing regulation by developing a consistent risk-based micro-prudential framework, expanding macro-prudential oversight, strengthening the financial market infrastructure, enhancing consumer & investor protection, promoting regulatory cooperation and building human capital. This strategic plan will position Qatar as a leader in the regional financial sector and will support Qatar’s ambition to be a global financial center. (QCB)  QNB to offer benefits-packed salary account campaign – QNB has launched its new fully enhanced salary account campaign, which offers different packages along with multiple benefits and most competitive interest rates to customers. According to Heba al-Tamimi, QNB Group’s Retail Banking General Manager, this campaign is innovatively designed to cater to each customer's specific needs. Customers can also benefit from the lowest interest rates in Qatar on personal loans of 3.45% along with vehicle loans at 1.99%. To ensure that this offer will benefit all customers, mortgage loans will also be part of the campaign. Customers will receive as much as QR10,000 in cash back in addition to the very low interest rate of 3.75% when they transfer their mortgage loans to us. (QNB Group Press Release, Gulf-Times.com)  MMUP embarks on several urban projects in 2013 – The Ministry of Municipality & Urban Planning (MMUP) has embarked on several projects in 2013 to improve its performance & services, boost Qatar’s comprehensive construction plan and develop different municipalities in Qatar. Page 2 of 6
  • 3. MMUP has completed a feasibility study on a draft project of Bus Rapid Transit System. The ministry has prepared a draft strategy for housing workers and laying guidelines for the development of coastal areas. The ministry has also adopted a national heritage strategy and the preparation of master plans for the Doha Port in collaboration with the Public Works Authority (Ashghal). Moreover, the Ministry has contributed to the 2022 FIFA World Cup project by preparing master plans for stadiums areas and locating 92 exercise playgrounds in Qatar. The ministry has also provided support to the Qatar Olympic Committee by preparing the general plan for the Olympic Park in Lusail City. The total number of new projects for land distribution in coordination with the Department of Urban Planning has reached 5,942 in 2012-2013. (Bloomberg)  Ambitious plan for high-speed broadband – The Qatar National Broadband Plan launched yesterday has laid out a 10year plan with four ambitious targets for 2016 that will help ensure that the opportunities offered by broadband technology are realized and maximized. The first of the four goals for 2016 stipulates that all residents of Qatar shall have the ability to choose between a minimum of two broadband retail providers. The second target is that 95% of households shall have the ability to access affordable and high-quality broadband service of at least 100 Mbps for downloads and 50 Mbps for uploads. Under the third goal, all businesses, schools, hospitals and government institutions shall have high-quality access to at least 1 Gbps effective symmetrical speeds. The fourth target is to expand digital literacy to all of the mainstream population, in conjunction with guarantees of users’ digital privacy, protection of personal data and freedom of opinion and expression. (GulfTimes.com)  Gulf firms bid for Occidental Petroleum Middle East unit – Three state-owned Gulf firms are considering a joint bid to acquire minority stake in Occidental Petroleum Corp’s Middle East & North Africa unit. The deal is expected to be worth around $8-10bn. Sources said Abu Dhabi’s Mubadala Development Co, Qatar Petroleum and Oman Oil Co have formed a consortium and have picked Citigroup to advise them. (Gulf-Times.com)  EQ to launch Tadqeeq to offer 70% subsidized audit services for SMEs – Enterprise Qatar (EQ) is set to launch its latest initiative “Tadqeeq”, which will offer 70% subsidized audit & bookkeeping services for start-ups and small & medium enterprises (SMEs) in Qatar. Tadqeeq is EQ’s third initiative in a series of subsidized services. (GulfBase.com)  Qatar Rail to award rail design contract in 4Q2014 – Qatar Rail’s Deputy CEO Hamad Ibrahim Al Bishri said that the company will award a contract for the design of high speed railway worth $35bn in 4Q2014. The first phase of this project will be completed in 2019, while the final phase covering long distance rail lines to Bahrain and Saudi Arabia will be completed by 2029. (Bloomberg)  EC Harris: Qatar, UAE, Kingdom lead the pack in international retail expansion – According to the Retail International Program Expansion Index compiled by EC Harris, Qatar, the UAE and Saudi Arabia are leading the way in terms of international retail expansion. Qatar has topped the GCC region ranking 7th, the UAE has moved to 11th position in 2013 from 15th in 2012, while Saudi Arabia was placed at 13th position in this index. The study showed that Qatar is proving particularly attractive as new shopping center developments are allowing retailers to realize their expansion ambitions. Qatar currently provides approximately 300 square meters of organized retail accommodation per 1,000 people, while most European countries have an average of 200 square meters. This index is based on five factors that include: quality of infrastructure, capability of the construction supply chain, legal framework, quality of project delivery and business environment. (Bloomberg)  Qatar real estate deals worth QR5.8bn in November – Qatar’s real estate transaction market witnessed deals worth QR5.8bn in November 2013. Al Rayan and Doha Municipality recorded the highest transaction value registering QR2.1bn and QR1.8bn respectively, equivalent to 67% of the overall transaction value across seven municipalities. Al Rayyan also registered the highest number of deals, recording 319 transactions in November, followed by Al Wakra municipality with 264 transactions. Meanwhile, Al Khor and Al Shamal municipalities recorded the least number of deals with 51 and 36 transactions during the same month. (Peninsula Qatar) International  US Fed members express diverging views on QE3 tapering – The Dallas Federal Reserve Bank’s President Richard Fisher said the US Federal Reserve should begin trimming its massive bond-buying program next week, and spell out a clear path for phasing it out altogether. Fisher urged to reduce the QE3 at the earliest opportunity, saying that the cost of the Fed's $85bn monthly asset-purchase program far exceeds its benefits. However, St. Louis Federal Reserve’s President James Bullard suggested the central bank could begin in a small way and reassess in the first half of 2014. Bullard stated that a small taper might recognize labor market improvements, while still providing the Fed committee the opportunity to carefully monitor inflation during the first half of 2014. (Reuters)  US households’ total worth rose by $1.92tn in third quarter – According to the Federal Reserve, net worth for US households and non-profit groups rose by $1.92tn in the third quarter to reach $77.3tn, indicating 2.6% rise over the previous three months. US consumers have been cleaning up their balance sheets for more than four years with the help of gains in employment, stock prices and home values. A recovering housing market has helped improve the household wealth. The S&P/Case-Shiller National Home-Price Index rose 11.2% YoY in the third quarter. Meanwhile, Company finances are also improving, as the value of liquid assets on non-financial business balance sheets jumped by $114.5bn to a record $1.93tn in the third quarter. (Bloomberg)  After WTO Bali deal, hopes grow for Trans-Pacific Partnership deal – The trade ministers from 12 countries are in talks to try to finalize the Trans-Pacific Partnership (TPP) just days after the first World Trade Organization trade reform deal was pushed through in Bali. The expectations are growing for an ambitious trade pact between a dozen nations around the Pacific Rim to be wrapped up over the next 2-3 months. This agreement would establish a free-trade bloc stretching from Vietnam to Chile and Japan, benefiting 800mn people and almost 40% of the global economy. Further, it would go beyond tariffs on physical trade and try to regulate sensitive areas such as government procurement as well. (Gulf-Times.com)  Europe bid to cut deal to close failing banks – European countries are seeking an agreement before this year-end on how to close failing lenders as a part of an ambitious plan to create a single banking framework and fix broken banks. EU finance ministers are trying to resolve ongoing differences during the ongoing talks. Eurozone ministers along with their EU counterparts will be joined outside the currency bloc to strike a deal. (Gulf-Times.com) Page 3 of 6
  • 4.  Greece nudged to push through economic overhaul – European governments prodded Greece to scale back the stateowned defense industry and plug holes in its 2014 budget, while indicating that aid will keep flowing to the recession-hit country. EU finance ministers said €1bn ($1.37bn) worth of delayed payments may be unlocked before the end of December. (Bloomberg) Regional  UK to waive off visa for Qatari nationals – Qataris as well as UAE and Oman nationals can travel to the UK without a visa, starting from January 1, 2014. These visitors will only be required to register online through the Electronic Visa Waiver (EVW) at least 48 hours in advance before embarking on their flight. Like an e-ticket, the printed copy of the EVW should be presented to immigration authorities when entering or exiting the UK. (Gulf-Times.com)  Moody's: Diverging prospects for GCC and MENA banks – According to Moody's Investors Service, the outlook for banks across the MENA region has signaled a diverging trend. Moody's stated that the outlook is split between the buoyant operating environment for banks in the Gulf countries, and the unsettled socio-political environment that weighs on banking operations in rest of the MENA region. Moody's said that the outlook for Qatar, Kuwait, Oman, Saudi Arabia and the UAE is stable, given the rating agency's expectations of high fiscal surpluses and increased public spending, which will continue to underpin the banks' high loss absorption capacity and sound funding. Meanwhile, Moody's expects GCC banks' ratings to remain broadly stable for 2014, with a real GDP growth forecasted around 3-5% in 2014 and oil prices remaining above fiscal breakeven levels. Further, Moody's forecasts a robust average credit growth of around 10% across the GCC region that reflects high growth in non-oil sectors. The buoyant GCC region economies will lead to improving asset quality for the region’s banks. (GulfBase.com)  Julius Baer acquires Merrill Lynch's IWM Mideast businesses – Switzerland’s Julius Baer has acquired US-based Merrill Lynch's International Wealth Management (IWM) businesses that are based in the UAE, Bahrain and Lebanon. With this, Julius Baer will gain a foothold in Beirut and Manama, and strengthen its existing presence in Dubai. (Bloomberg)  SEBC: Saudi investments in Egypt expected to reach SR8.5bn – The Saudi-Egyptian Business Council’s (SEBC) Chairman Abdullah bin Mahfouz said the volume of Saudi investments in Egypt during July-December 2013 is expected to reach SR8.5bn. These investments will mainly be in housing, minerals, pharmaceuticals and agriculture sectors. Mahfouz said the commercial and investment exchanges between the two countries in 2013 have accounted for 40% of the Arab economic trade. (GulfBase.com)  Saudi Arabia produces 9.745mn bpd in November – According to sources, Saudi Arabia has produced 9.745mn barrels of crude oil per day (bpd) in November 2013 as compared to 9.75mn bpd in October 2013. The Kingdom has supplied the global market with 9.448mn bpd in November, which is down from 9.7mn bpd in October 2013. (GulfBase.com)  Kingdom to spend SR34bn to develop a beach into tourist site – The Saudi Commission for Tourism & Antiquities’ (SCTA) Vice President Hamad Alsimaeel said that the Kingdom will spend SR34bn to develop the Al Uqair beach located on the eastern coast into a tourism destination. Alsimaeel said the Al Uqair Development Company has attracted investments worth SR17bn to develop the beach, while general investment in the Al Uqair area was expected to reach SR34bn. Tourists are expected to begin to visit this area by early 2017. Alsimaeel said this project will create 37,700 direct jobs and 56,000 indirect and seasonal jobs. (Bloomberg)  Al Khabeer Capital acquires majority stake in EPIL – Al Khabeer Capital has acquired a majority shareholding in UAEbased Express Publishing & Investment Ltd (EPIL). Shuaa Capital has acted as the sell-side advisor for EPIL on this transaction, while Vinson & Elkins has acted as a legal advisor to Al Khabeer. (GulfBase.com)  Dabbagh Group plans to sell 19% stake in Petromin – Dabbagh Group Holding Company is planning to sell a 19% stake in its lubricants business, Petromin Corporation ahead of a potential IPO of the unit in 2015. Dabbagh Group will use the proceeds from this stake sale to repay the debt incurred for buying its stake from India's Hinduja Group. This 19% stake is being offered to a small group of Saudi and Gulf-based investors. (Reuters)  Mobily establishes information security center in Jeddah – The Etihad Etisalat Company (Mobily) has inaugurated its latest data & information security center in Jeddah. This move is a part of Mobily’s expansion plans to establish a number of data centers across the Kingdom. Mobily currently runs 38 data centers spread across the Kingdom and is now working on its ambitious plan to construct 56 data centers on an area that covers 65,000 square meters with a total output of 152,104 kW. (GulfBase.com)  AIG commissions Tanmiya factory – The Astra Industrial Group (AIG) has commissioned its Tanmiya factory and said the commercial production will commence from December 10, 2013. The company expects the production to increase gradually in 2014. The financial impact of this activity will be visible in 1Q2014 results. (Tadawul)  Al Khodari Sons agrees with Abdullah Fouad to postpone equipment auction – Abdullah A M Al Khodari Sons Company has agreed with Abdullah Fouad Holding Company to postpone the auction of equipment and machinery to 1Q2014, due to expectations for achieving better financial results. Al Khodari Sons will temporarily re-use some of the equipment and machinery in some projects to accelerate the work on these projects. (Tadawul)  Jumeirah Group signs management deal for luxury resort in Muscat – The Jumeirah Group has entered into a management agreement with Saraya Bandar Jissah to operate a luxury resort in Muscat. This new resort, which consists of 206 rooms, has another 106 rooms currently under construction that are expected to be ready by 2017. (GulfBase.com)  Abraaj completes 15 exits through its funds in 2013 – The Abraaj Group has successfully completed 15 exits through its funds in 2013. This exit activity has enabled Abraaj to realize approximately $700mn for its investors in 2013 and $1.7bn from 30 investee companies since the beginning of 2012. These exits have taken place across 17 countries in Africa, Latin America, Asia and the Middle East. Abraaj continues to be one of the most active investors in these markets, committing close to $1bn across 20 countries. (GulfBase.com)  ADAC in talks to provide connectivity to new Midfield Terminal project – The Abu Dhabi Airports Company’s (ADAC) CEO Tony Douglas said the company is in talks with the Department of Transport to get road and railway connectivity to the new Midfield Terminal project. Douglas said that ADAC is also planning to provide space for a light rail or metro, once the project is ready. (Bloomberg) Page 4 of 6
  • 5.  Etihad to begin 14 weekly flights to India, announces new appointments – Etihad Airways will increase its flights to Indian cities such as Mumbai, New Delhi, Kochi, Bangalore, Chennai and Hyderabad from seven weekly flights to 14 weekly flights. Flights to Mumbai and New Delhi will begin with an immediate effect, while flights to Hyderabad will commence in October 2014. The airline will also introduce larger aircraft on selected routes. Meanwhile, Eithad has appointed Adam Philips as the VP–Commercial Strategy & Planning, Craig Thomas as the VP– Asia Pacific North & the Indian Subcontinent in Bangkok and Alan Glover as the Manager Sales Victoria. (Bloomberg)  Oman to review foreign investment law to check misuse – Oman’s Minister of Commerce & Industry Dr Ali bin Masoud Al Sunaidy said the Sultanate is in the process of reviewing its foreign investment law in an apparent move to check misuse of facilities available to overseas investors. The ministry is also carrying out a door-to-door scrutiny to check whether joint venture companies are complying with the regulations that are applicable to foreign investors. (GulfBase.com)  Oman signs deal with Nortal Gulf to develop OSS project – Oman’s Ministry of Commerce & Industry has signed an agreement with Estonia’s Nortal Gulf Company to develop the One Stop Shop (OSS) business & technology transformation project. This project will take a step further toward the development of eGovernment and support the eTransformation plan. This project is expected to improve business processes through providing over 66 eServices available through mobile applications or the website. Meanwhile, Nortal Gulf has signed four agreements with four Omani SMEs to allocate 10% of the OSS project. (GulfBase.com)  GHG signs deal with ACG to construct BHD3mn spa complex – Gulf Hotels Group (GHG) has signed an agreement with Almoayyed Contracting Group (ACG) to construct a new spa complex worth BHD3mn in the Gulf Hotel Bahrain. This new two-storey 3,100 square meter spa will have separate male and female facilities, and will feature hydro pools, Hammam, sauna, experience showers, treatment rooms and relaxation areas on both floors. This spa will also feature a terrace with outdoor relaxation areas and refreshment services. (Bahrain Bourse)  Gulf Air becomes first full service carrier to operate daily flights to Al Maktoum – Gulf Air has become the first fullservice network carrier to operate daily flights to Al Maktoum International Airport at Dubai World Central (DWC). This new service is an addition to the airline’s current operation of 51 weekly flights. (GulfBase.com)  FEB appoints new CEO – The First Energy Bank’s (FEB) board of directors has appointed Mohamed Shukri Ghanem as the new CEO of the bank. Ghanem had joined FEB in 2008 and was initially appointed as the Deputy CEO/ Head of Investment & Business Development. He assumed the position of Acting CEO of the bank in December 2010. Prior to joining FEB, Ghanem worked for eight years with the Arab Banking Corporation. (GulfBase.com) 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 80.0 149.9 132.2 1.0% 120.0 0.5% 1.5% 1.5% 0.5% 0.5% 0.3% 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 Dubai Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,240.41 0.9 0.9 (26.0) DJ Industrial 16,025.53 0.0 0.0 22.3 19.86 1.8 1.8 (34.6) S&P 500 1,808.37 0.2 0.2 26.8 109.39 (2.0) (2.0) (1.5) NASDAQ 100 4,068.75 0.2 0.2 34.7 4.21 1.7 1.7 22.9 STOXX 600 317.15 0.2 0.2 13.4 130.25 2.6 2.6 45.5 DAX 9,195.17 0.2 0.2 20.8 136.25 (2.0) (2.0) (21.2) FTSE 100 6,559.48 0.1 0.1 11.2 1.37 0.2 0.2 4.1 103.27 0.3 0.3 19.0 GBP 1.64 0.5 0.5 1.1 CHF 1.12 0.2 0.2 2.8 AUD 0.91 0.1 0.1 (12.3) USD Index 80.13 (0.2) (0.2) RUB 32.76 0.1 0.1 BRL 0.43 0.5 0.5 (11.6) Yen Oman Jul-13 Bahrain May-12 Dec-12 Abu Dhabi QE Index Oct-11 (0.0%) (0.2%) Kuwait Aug-10 Mar-11 (0.0%) Qatar (0.5%) Saudi Arabia Jan-10 2.0% 4,134.10 0.1 0.1 13.5 15,650.21 2.3 2.3 50.6 MSCI EM 1,012.76 1.1 1.1 (4.0) SHANGHAI SE Composite 2,238.20 0.0 0.0 (1.4) HANG SENG 23,811.17 0.3 0.3 5.1 0.5 BSE SENSEX 21,326.42 1.6 1.6 9.8 7.3 Bovespa 51,165.38 0.4 0.4 (16.1) 1,412.08 1.5 1.5 (7.5) 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 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

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