The QE Index in Qatar rose 0.5% led by gains in the telecom and real estate indices. Ooredoo and Gulf International Services were the top gainers rising 3.0% and 2.6% respectively. Regional markets were also up with Saudi Arabia leading gains rising 2.3% while Oman declined 1.6%. Earnings reports saw profit increases at Jarir Marketing and SHUAA Capital while declines at United Power. French and German economic data was mixed with wholesale prices declining in Germany.

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.5% to close at 13,478.1. Gains were led by the Telecoms and Real Estate indices, rising 2.1% and 0.8%, respectively. Top gainers were Ooredoo and Gulf International Services, rising 3.0% and 2.6%, respectively. Among the top losers, National Leasing fell 2.0%, while Qatari Investors Group declined 1.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 2.3% to close at 10,377.9. Gains were led by the Transport and Insurance indices, rising 3.8% and 3.6%, respectively. AXA-Cooperative Ins. gained 9.7%, while Mediterranean Gulf was up 9.4%.
Dubai: The DFM Index gained 1.9% to close at 4,708.7. The Services index rose 4.0%, while the Financial & Investment Services index was up 3.1%. Takaful Al-Emarat Ins. rose 9.0%, while Islamic Arab Insurance was up 6.1%.
Abu Dhabi: The ADX benchmark index rose 1.0% to close at 4946.8. The Real Estate index gained 2.9% while the Industrial index was up 2.3%. Arkan Building Mat. rose 11.1%, while Sharjah Cement and Ind. Dev. was up 5.3%.
Kuwait: The KSE Index fell 0.2% to close at 7,557.2. The Basic Material index declined 1.8%, while the Telecom. index fell 1.2%. Real Estate Asset Management declined 8.5%, while Kuwait Business Town Real Est. fell 7.0%.
Oman: The MSM Index declined 1.6% to close at 7,198.7. Losses were led by the Financial and Industrial indices, falling 2.6% and 1.1%, respectively. Galfar Engineering and Con. fell 8.8%, while Al Anwar Holding was down 8.0%
Bahrain: The BHB Index declined 0.1% to close at 1,465.2. The Services index fell 0.2%, while the Commercial Banks index declined 0.1%. Ithmaar Bank fell 2.6%, while Seef Properties was down 1.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Ooredoo
130.90
3.0
68.0
(4.6) Gulf International Services 120.00 2.6 181.3 145.9 Widam Food Co. 62.30 2.1 31.8 20.5 Medicare Group 127.00 2.0 57.3 141.9 Mannai Corp. 115.90 1.7 44.1 28.9
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group
19.99
1.1
2,194.8
17.6 Masraf Al Rayan 53.10 (0.2) 1,136.9 69.6
United Development Co.
27.95
0.5
1,075.4
29.8 Vodafone Qatar 20.50 (0.2) 973.5 91.4
Doha Bank
57.90
(0.7)
807.8
(0.5)
Market Indicators 13 Oct 14 12 Oct 14 %Chg.
Value Traded (QR mn)
557.5
552.7
0.9 Exch. Market Cap. (QR mn) 726,112.2 723,278.1 0.4
Volume (mn)
10.3
11.4
(9.2) Number of Transactions 5,623 5,862 (4.1)
Companies Traded
42
43
(2.3) Market Breadth 22:16 0:43 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return
20,102.48
0.5
(2.6)
35.6
N/A All Share Index 3,415.08 0.4 (2.3) 32.0 16.7
Banks
3,336.43
0.2
(2.5)
36.5
15.9 Industrials 4,479.95 0.2 (2.3) 28.0 15.9
Transportation
2,305.19
0.1
(1.0)
24.0
14.8 Real Estate 2,727.74 0.8 (3.0) 39.7 24.1
Insurance
4,063.62
0.3
(1.3)
73.9
12.8 Telecoms 1,632.82 2.1 (2.3) 12.3 23.1
Consumer
7,449.51
0.2
(1.6)
25.2
27.8 Al Rayan Islamic Index 4,542.05 0.1 (3.2) 49.6 19.4
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Mediterranean & Gulf Ins.
Saudi Arabia
65.12
9.4
1,310.7
86.6 Almarai Co. Saudi Arabia 81.82 8.6 1,556.7 55.8
Saudi Airlines Catering Co.
Saudi Arabia
189.93
5.5
140.6
34.2 Advanced Petrochem. Co. Saudi Arabia 57.93 5.2 863.6 42.0
Aramex
Dubai
3.15
5.0
15,774.8
3.6
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Com. Bank Of Kuwait
Kuwait
0.66
(5.7)
19.9
(1.0) Abu Dhabi Nat. Energy Co. Abu Dhabi 1.04 (5.5) 1,944.8 (29.3)
IFA Hotels & Resorts Co.
Kuwait
0.20
(4.8)
0.5
(29.8) National Bank Of Oman Muscat 0.37 (4.1) 510.3 26.4
Aviation Lease & Finance
Kuwait
0.26
(3.8)
1,186.2
(10.5)
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 Losers Close* 1D% Vol. ‘000 YTD%
National Leasing
26.95
(2.0)
172.9
(10.6) Qatari Investors Group 55.60 (1.8) 68.8 27.2
Mazaya Qatar Real Estate Dev.
22.95
(1.5)
554.5
105.3 Gulf Warehousing Co. 50.00 (1.0) 16.3 20.5
Aamal Co.
15.21
(0.7)
14.0
1.4
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
QNB Group
203.80
0.5
121,262.5
18.5 Masraf Al Rayan 53.10 (0.2) 60,340.4 69.6
Doha Bank
57.90
(0.7)
46,420.9
(0.5) Ezdan Holding Group 19.99 1.1 43,488.1 17.6
Industries Qatar
184.50
(0.5)
43,044.7
9.2
Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield
Qatar*
13,478.12
0.5
(2.6)
(1.8)
29.9
153.09
199,390.4
18.2
2.2
3.5 Dubai 4,708.70 1.9 (4.7) (6.6) 39.7 424.94 103,385.9 19.6 1.7 2.0
Abu Dhabi
4,946.79
1.0
(2.6)
(3.1)
15.3
78.05
135,718.6
14.0
1.7
3.4 Saudi Arabia 10,377.94 2.3 (4.4) (4.4) 21.6 2,093.81 564,820.3 20.0 2.5 2.8
Kuwait
7,557.20
(0.2)
(1.2)
(0.8)
0.1
94.96
112,207.7
19.2
1.2
3.7 Oman 7,198.70 (1.6) (3.8) (3.8) 5.3 22.71 26,604.5 10.9 1.6 3.8
Bahrain
1,465.15
(0.1)
(0.4)
(0.7)
17.3
1.20
54,302.1
11.4
1.0
4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
13,30013,35013,40013,45013,5009:3010:0010:3011:0011:3012:0012:3013:00

2. Page 2 of 6
Qatar Market Commentary
 The QE Index rose 0.5% to close at 13,478.1. Telecoms and Real Estate indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.
 Ooredoo and Gulf International Services were the top gainers, rising 3.0% and 2.6%, respectively. Among the top losers, National Leasing fell 2.0%, while Qatari Investors Group declined 1.8%.
 Volume of shares traded on Monday fell by 9.2% to 10.3mn from 11.4mn on Sunday. Further, as compared to the 30-day moving average of 14.9mn, volume for the day was 30.7% lower. Ezdan Holding Group and Masraf Al Rayan were the most active stocks, contributing 21.3% and 11.0% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Gulf Finance House (GFH)
Fitch
Bahrain
LT IDR/ST IDR
–
B-/B
–
Stable
– DP World Limited (DPW) Fitch Dubai LT IDR/ST IDR/SUR BBB-/F3/BBB- BBB-/F3/BBB- – 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, SUR – Senior Unsecured Rating)
Earnings Releases Company Market Currency Revenue (mn)3Q2014 % Change YoY Operating Profit (mn) 3Q2014 % Change YoY Net Profit (mn) 3Q2014 % Change YoY Jarir Marketing Company (JMC) Saudi SR – – 201.1 9.0% 203.0 9.0% SHUAA Capita (SHUAA) Dubai AED 71.8 31.0% – – 26.2 627.8%
Oman Refreshment Co. (ORC)*
Oman
OMR
55.2
5.9%
–
–
7.7
4.9% Salalah Port Services Co. (SPS) Oman OMR 13.2 -0.3% – – 1.2 70.2%
Oman Cables Industry (Oman Cable)*
Oman
OMR
224.5
-1.3%
–
–
12.8
2.9% Majan Glass Co. (MGC) Oman OMR 8.0 38.1% – – 0.3 31.8%
Taageer Finance Company (Taageer)*
Oman
OMR
–
–
–
–
2.8
-7.4% Oman Education and Training Investment Holding Co. (OETI)** Oman OMR 14.2 12.8% – – 0.9 15.0%
United Power Co. (UPC)
Oman
OMR
7.2
-17.9%
–
–
0.5
-36.1%
Source: Company data, DFM, ADX, MSM (* 9M2014 results, ** FY2014 results)
Global Economic Data Date Market Source Indicator Period Actual Consensus Previous
10/13
France
Ministry of the Economy
3M T-Bill Amount Sold
13-October
EU3,992M
–
EU3,998M 10/13 France Ministry of the Economy 3M T-Bill Average Yield 13-October -0.04% – -0.03%
10/13
France
Ministry of the Economy
3M T-Bill Bid/Cover Ratio
13-October
3.2
–
3.3 10/13 France Ministry of the Economy 6M T-Bill Amount Sold 13-October EU1,898M – EU1,990M
10/13
France
Ministry of the Economy
6M T-Bill Average Yield
13-October
-0.03%
–
-0.03% 10/13 France Ministry of the Economy 6M T-Bill Bid/Cover Ratio 13-October 3.4 – 3.9
10/13
France
Ministry of the Economy
12M T-Bill Amount Sold
13-October
EU1,899M
–
EU1,794M 10/13 France Ministry of the Economy 12M T-Bill Average Yield 13-October -0.03% – -0.03%
10/13
France
Ministry of the Economy
12M T-Bill Bid/Cover Ratio
13-October
2.9
–
3.1 10/13 Germany Destatis Wholesale Price Index MoM September 0.10% – -0.20%
10/13
Germany
Destatis
Wholesale Price Index YoY
September
-0.90%
–
-0.60% 10/13 Germany Deutsche Bundesbank 6M Bill Allotment 13-October 1,995M – 1,895M
10/13
Germany
Deutsche Bundesbank
6M Bill Average Yield
13-October
-0.09%
–
-0.09% 10/13 Germany Deutsche Bundesbank 6M Bill Bid-Cover 13-October 2.4 – 2.9
10/13
UK
Lloyds Bank
Lloyds Employment Confidence
September
10.0
–
6.0 10/13 UK London Gold Market Fix. London Gold Market PM Fix 13-October 1,229.0 – 1,219.0 Overall Activity Buy %* Sell %* Net (QR)
Qatari
61.50%
39.11%
124,811,552.93 Non-Qatari 38.50% 60.89% (124,811,552.93)

3. Page 3 of 6
10/13
Italy
Banca D'Italia
3 Year Bond Allotment
13-October
3.500B
–
2.457B 10/13 Italy Banca D'Italia 3 Year Bond Bid/Cover Ratio 13-October 1.5 – 1.7
10/13
Italy
Banca D'Italia
3 Year Bond Average Yield
13-October
0.70%
–
0.52% 10/13 China Nat. Bureau of Statistics Trade Balance September $30.94B $41.10B $49.84B
10/13
China
Nat. Bureau of Statistics
Exports YoY
September
15.30%
12.00%
9.40% 10/13 China Nat. Bureau of Statistics Imports YoY September 7.00% -2.00% -2.40%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted
News
Qatar
 QNB Group: Qatar forex reserves hit all-time high of $43.5bn in August – QNB Group (QNBK) in its latest QNB Monthly Monitor stated that Qatar’s international reserves have risen to an all-time high of $43.5bn in August, up $7.2bn YoY, driven by a strong current account surplus. The latest data showed that the import cover stood at 8.2 months at the end of August 2014, well above the IMF-recommended level of three months for pegged exchange rates. QNBK expects reserves to rise further in 2014 and 2015 due to its continued high current account surpluses. In recent years, Qatar Petroleum has implemented a redevelopment program to steady the production at its oil fields. This heavy investment in existing oil fields such as Bul Hanine, Al Shaheen and Dukhan should lead to oil production stabilizing at about 700,000 bpd. QNBK said that the Qatar’s foreign merchandise trade balance registered a surplus of QR31.5bn in August. The surplus, however declined 3.9% YoY, primarily due to a strong rise in imports (17.5% YoY), boosted by a growing population and large investment spending. Total exports in August stood at QR40.8bn and imports at QR9.3bn. Japan topped the export destination in August, accounting for 24.8% of Qatar’s exports, followed by South Korea (14.8%) and India (13.6%). China was the largest exporter to Qatar (11.8%), followed by the UAE (8.3%) and the US (8.0%). Qatar’s Consumer Price Index (CPI) for August 2014 rose 3.8% YoY. On a MoM basis, it increased 0.8% relative to July 2014. (Gulf-Times.com)
 ORDS records 1mn mobile money deals in Qatar, Tunisia, Indonesia – Ooredoo (ORDS) continues to expand the range of its mobile money services available across its footprint, through the launch of microfinance programs in Tunisia and Indonesia. Currently, ORDS manages more than 1mn transactions a month in Qatar, Tunisia and Indonesia, and has experienced particularly strong growth in Indonesia, till now in 2014. The company has plans to launch these services in Iraq and Myanmar in the coming months. Using this experience, ORDS seeks to expand its mobile money portfolio with the launch of innovative new services. In Tunisia, ORDS has worked with La Poste Tunisienne and Taysir Microfinance to develop a complete solution for mobile microfinance, which enables customers to receive funds on a ‘SMARTcard’ and repay the money directly from their mobile phones. (Gulf-Times.com)
 VFQS to disclose results on November 3 – Vodafone Qatar (VFQS) will disclose its financial statements for 1H2014 on November 3, 2014. VFQS’ financial year runs from 1 April to 31 March of every year. (QE)
 QA launches first A380 flight to London – Qatar Airways (QA) has commenced its Airbus A380 services on the popular Doha-London route, marking another major milestone for the airline. The arrival of the world’s largest commercial airliner on the Doha-to-London service reinforces QA’s presence in the UK, with six flights a day between the two cities in addition to direct services from Doha to Edinburgh and Manchester. QA will add another A380 aircraft on the Doha-London route in December 2014. (Bloomberg)
 QDB plans to enhance scope of Al Dhameen – Qatar Development Bank’s (QDB) Executive Director of Strategy and Business Development Hamad Al-Kubaisi said that the QDB is planning to enhance the scope and coverage of its ‘Al Dhameen’, an indirect lending program for the SMEs. Al Dhameen was launched in 2010 by QDB to encourage banks to finance SMEs that have a short credit history or no collateral. The program does not provide direct finance to SMEs but rather offers the business owner facilities to receive the required financing for a project from a partner bank, through the issuance of guarantees in favor of that bank, under which ‘Al Dhameen’ guarantees 85% of the finance value not exceeding QR15mn. (Gulf-Times.com)
International
 BoE: Eurozone weakness will not dictate policy – The Bank of England’s (BoE) Governor Mark Carney said weakness in the Eurozone will be the sole factor that helps to determine when the BoE raises interest rates. Carney said that weakness in the Eurozone and elsewhere had been a major theme at the International Monetary Fund's meetings in Washington last week. However, Britain's recovery has been driven primarily by domestic factors. Carney said the only difficulty that is caused by Europe is that it provides an additional drag on growth, which doesn't dictate the BoE’s monetary policy. Financial markets have recently pushed back their bets on when the BoE will start raising interest rates, with interest rate future contracts pricing in a first hike in mid-2015. Carney further added that, the BoE had already forecast that Britain's rapid recovery would slow slightly toward the end of 2014, and would continue to keep a close eye on domestic inflation pressures that might come from the labor market. (Reuters)
 France faces pressure from peers to tighten spending plans – France faced renewed pressure from its Eurozone peers to tighten spending next year, amid a growing rift over its plans to flout European budget rules. The dispute with France over its planned budget is another problem for the bloc, which is hamstrung by political division, while its economy is slowing. Eurozone countries are required to abide by European Union rules that limit a country's budget deficit to no more than 3% of GDP. France, which has already been given an extra two years to meet deficit targets, announced that it would not bring its deficit down to within EU limits until 2017, four years later than originally pledged, setting up a confrontation with the European Commission. (Reuters)
 PBoC again lowers rate on 14-day Repos; job market better than expected – China’s central bank cut the interest rate it pays lenders on 14-day repurchase agreements for the second time in a month, helping drive borrowing costs lower to support the economy. The People’s Bank of China (PBoC) sold CNY20bn worth of contracts at 3.4%, which compares with 3.5% in a similar auction on October 9. The monetary authority last cut the rate on 18 September 2014 from 3.7%. Data compiled by Bloomberg shows the cost of one-year interest-rate swaps fell seven basis points to 3.18%, the lowest since May 2013.. Meanwhile, the PBoC’s Governor Zhou Xiaochuan said China's labor market is performing better than expected and the

4. Page 4 of 6
economy is likely to grow around 7.5% in 2014. Zhou also said China's central bank would continue to implement prudent monetary policies. (Bloomberg, Reuters)
 India’s CPI slows down to 6.46% in a boost for Rajan – India’s retail inflation slowed more than economists had estimated after the Reserve Bank of India’s (RBI) Governor Raghuram Rajan maintained one of Asia’s highest interest rates for a fourth straight meeting. The Statistics Ministry said consumer prices rose 6.46% YoY in September, the slowest pace since the index was created in January 2012, as compared to 7.73% in August. The median of 42 analysts in a Bloomberg survey had expected a 7.11% gain. Rajan said while the RBI seems all set to achieve its 8% Consumer Price Index (CPI) target for January, its goal of 6% a year later is still in doubt. Lower inflation or a narrower budget deficit may lead to sustainable growth and boost India’s credit rating after Standard & Poor’s raised its outlook to stable from negative last month. (Bloomberg)
Regional
 Saudi Arabia, UAE to prop up Egypt with $5bn aid boost – According to Egyptian media, Saudi Arabia and the UAE are set to send $5bn to Egypt to bolster its foreign currency reserves. Cairo will receive the massive deposits in two installments in October 2014, to cover the fall in reserves that will result from a major repayment to Qatar in November 2014. Cairo is due to pay off $2.5bn worth of bonds to Doha next month. The bond purchase had been agreed when Egypt's government had strong ties with Qatar. UAE will pay $3bn to Egypt under the deal, while Saudi Arabia will hand over $2bn. The sums will be loaned to Egypt in two installments, the first of which will arrive in late October. The loans are set to mature over a period of between three and five years. (Bloomberg)
 Swicorp, Nesaj successfully close Al-Dhawahi Fund – Swicorp, a Saudi Arabia-based investment banking, private equity and asset management firm, announced the successful closing of a private placement subscription for the Al-Dhawahi Real Estate Development Fund (Al-Dhawahi Fund) after raising SR78.1mn in equity, along with structuring a SR68mn loan facility from a local bank. The fund was established by Swicorp in partnership with Nesaj Development Company, a subsidiary of the Al-Fozan Group. Nesaj will develop and sell 133 mid- income villas in Dammam. The skeleton construction phase has been completed so far with some villas beginning the finishing work. The fund is expected to return money to investors by the end of 2015 or beginning of 2016. (GulfBase.com)
 Al-Eqtisadiah: Saudi land prices down 9% – According to the Al-Eqtisadiah daily, Saudi Arabia’s land prices dropped by 9% to reach an average price of SR524 per square meter in Dul Qaada of the current Hijri year as compared to SR573 per square meter in Shawwal. The drop in land prices comes on the back of reported news on the possible imposition of fees on white (vacant) land. The Eastern region has topped other regions of having the most expensive price of lands at SR1, 118 per square meter, while the Al-Qasim region was the cheapest at nearly SR136 per square meter. (GulfBase.com)
 Al Othaim, AGAD United sign MoU – Abdullah Al Othaim Markets Co. (Al Othaim) has signed a non-binding MoU with AGAD United Company, a sister company of ALBAIK Food Systems Company for Investment to establish a limited liability company with a share capital of SR100mn. The purpose of the company will be to obtain license rights to open, operate and manage the (Al Baik) restaurants in the Al Qassim region. Under the terms of the MoU, the share of Al Othaim will be 25% of the new company’s share capital, while the share of AGAD
Company will be 75%. The duration of the MOU will be 90 days from its signature date. Unless both parties agreed in writing to extend the MOU duration, the MOU should expire either by signing the final JV agreement that will establish the company or by the end of its duration. (Tadawul)
 STC relaunches business service for enterprises – Saudi Telecom Company (STC) announced the relaunch of business service for enterprises. STC, which competes with Zain KSA and Etihad Etisalat Company (Mobily), will reintegrate Awal IT Services into the overall STC B2B strategy by relaunching the brand under a new identity, STC Advanced Solutions. STC Advanced Solutions offerings will include cloud computing services, managed services, systems integration, and M2M services. (GulfBase.com)
 Mobily appoints deputy CEO – Etihad Etisalat Company (Mobily) has appointed Serkan Okandan as its deputy Chief Executive Officer. Okandan is currently serving as the CFO of UAE-based Etisalat and has been appointed to support its daily operations. Okandan would remain as the finance head of Etisalat. (Reuters)
 SAIB reports SR371mn net profit in 3Q2014 – The Saudi Investment Bank (SAIB) reported a net profit of SR371.2mn in 3Q2014 as compared to SR325.4mn in 3Q2013, reflecting an increase of 14.07% YoY. EPS as of September 30, 2014 amounted to SR1.77 as against SR1.6 a year earlier. The bank’s total assets stood at SR90.55bn at the end of September 2014 as against SR70.8bn a year ago. Loans & advances stood at SR57.57bn, while customer deposits stood at SR69.7bn. (Tadawul)
 Vela vessel transferred to Bahri ownership – The National Shipping Company of Saudi Arabia (Bahri) announced that ‘Homam Star’, a VLCC vessel in the Vela fleet, has been transferred to Bahri's ownership on October 13, 2014 for a cash consideration of SR379.84mn, and its name was changed to ‘Farha’. The remaining Vela vessels shall be transferred to Bahri on a staggered basis as per the vessel delivery schedule by the end of 2014. (Tadawul)
 BSF reports SR926mn net profit in 3Q2014 – Banque Saudi Fransi (BSF) reported a net profit of SR926mn in 3Q2014 as compared to SR685mn in 3Q2013, reflecting an increase of 35.18%. EPS as of September 30, 2014 amounted to SR2.21 as against SR1.77 a year earlier. The bank’s total assets stood at SR183.2bn at the end of September 2014 as against SR168bn a year ago. Loans & advances stood at SR118.2bn, while customer deposits stood at SR131.9bn. (Tadawul)
 Cabinet approves AED49.1bn budget – The Council of Ministers has adopted the draft union budget for 2015, at an estimated amount of AED49.1bn, an increase of AED2.9bn (6.3%) from the financial year 2014. Dubai’s Ruler and Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed Bin Rashid Al Maktoum confirmed that the directives of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan to provide prosperity, security and a decent life for citizens at all levels remain a clear priority. (GulfBase.com)
 QPPS, Obeikan Publishers sign MoU – Qindeel Printing and Publishing Services (QPPS), an investment project of Mohammed bin Rashid Al Maktoum Foundation, has signed a MoU with Obeikan Publishers, a subsidiary of Obeikan Investment Group, to strengthen cooperation between the two sides to enhance the status of the printing & publishing sector, and translation services in the region. (GulfBase.com)
 Agility’s subsidiary wins contract worth $82.5mn – Agility Defense & Government Services, a wholly-owned subsidiary of

5. Page 5 of 6
Agility Public Warehousing Company (Agility) has been awarded a contract by UK Ministry of Defense for the management of household moves for the UK forces and Ministry of Defense personnel for the period between: October 2014 to April 2016. The total estimated revenue of the contract is approximately $82.5mn during the term of the contract. (DFM)
 CBK to sell $416mn bond – Commercial Bank of Kuwait (CBK) announced plans for a $416mn bond sale that would boost its capital reserves, with the transaction set to close around the end of October 2014. CBK, which is preparing to convert into an Islamic bank, will issue the subordinated bond to boost its Tier 2 or supplementary capital. The bond will have a ten-year lifespan, with an option for the issuer to redeem it after the fifth year, and will be priced at 2.25% over Central Bank of Kuwait’s discount rate. (Reuters)
 RAECO to invest OMR3mn in solar energy projects – Rural Areas Electricity Company (RAECO) is planning to invest OMR3mn in solar energy projects. RAECO CEO Salim Al Magdheri said that the investments are aimed at realizing the target for 25% contribution of renewable energy to total electricity capacity. He further added that the directive of the Authority for Electricity Regulation has stated that renewable energies should account for 25% of the total capacity available. (GulfBase.com)
 NBO CCO resigns – National Bank Of Oman (NBO) announced that Chief Compliance Officer (CCO), Mr. Mansoor Al Raisi has resigned from his position for personal reasons. His resignation was accepted. (MSM)
 Batelco, Ericsson ink 4G upgrade deal – Bahrain based telecom company, Batelco, and Ericsson, a global IT company, have signed a new agreement aimed at upgrading Batelco’s 4G network to provide faster mobile broadband, superior voice quality and a set of new services. The new network enhancement program is designed to meet the growing customer demand for increasingly powerful mobile services. Also, the network will be expanded to cover new areas across the country. (GulfBase.com)
 Cluttons: Bahrain’s retail sector set to drive real estate growth – According to Cluttons’s Bahrain Winter 2014 Commercial Outlook Report, the retail market saw significant growth during the first three quarters, with a rising number of mega malls in the Bahrain. The report states that the rapidly expanding retail sector has also boosted the requirement for warehouse space across most of the kingdom's main industrial estates. However, some developers are now focusing their attention on either smaller neighborhood retail centers or mixed- use schemes, with a retail element. The report predicts that neighborhood retail will drive Bahrain's commercial real estate growth. (GulfBase.com)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg, *$ adjusted returns. (#Market closed on 13 October)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Sep-10 Sep-11 Sep-12 Sep-13 Sep-14
QE Index S&P Pan Arab S&P GCC
2.3%
0.5%
(0.2%) (0.1%)
(1.6%)
1.0%
1.9%
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
2.4%
3.2%
Saudi Arabia
Qatar
Kuwait
Bahrain
Oman
Abu Dhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD%
Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,235.87 1.0 1.0 2.5 DJ Industrial 16,321.07 (1.3) (1.3) (1.5)
Silver/Ounce 17.49 0.5 0.5 (10.2) S&P 500 1,874.74 (1.6) (1.6) 1.4
Crude Oil (Brent)/Barrel (FM
Future)
88.89 (1.5) (1.5) (19.8) NASDAQ 100 4,213.66 (1.5) (1.5) 0.9
Natural Gas (Henry
Hub)/MMBtu
3.87 0.4 0.4 (10.9) STOXX 600 321.56 0.2 0.2 (10.0)
LPG Propane (Arab Gulf)/Ton 95.00 0.3 0.3 (24.9) DAX 8,812.43 0.5 0.5 (15.3)
LPG Butane (Arab Gulf)/Ton 113.00 0.2 0.2 (16.8) FTSE 100 6,366.24 0.4 0.4 (8.6)
Euro 1.28 1.0 1.0 (7.2) CAC 40 4,078.70 0.34 0.3 (12.8)
Yen 106.86 (0.7) (0.7) 1.5 Nikkei# 15,300.55 0.0 0.0 (8.5)
GBP 1.61 0.1 0.1 (2.9) MSCI EM 991.49 0.2 0.2 (1.1)
CHF 1.06 1.0 1.0 (5.8) SHANGHAI SE Composite 2,366.01 (0.3) (0.3) 10.5
AUD 0.88 1.0 1.0 (1.6) HANG SENG 23,143.38 0.2 0.2 (0.8)
USD Index 85.53 (0.4) (0.4) 6.9 BSE SENSEX 26,384.07 0.6 0.6 26.4
RUB 40.50 0.3 0.3 23.2 Bovespa 57,956.53 5.7 5.7 11.3
BRL 0.42 0.9 0.9 (1.3) RTS 1,076.58 1.2 1.2 (25.4)
193.7
159.8
143.8