1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.2% to close at 9,628.3. Gains were led by the Industrials
and Banking & Financial Services indices, gaining 1.0% and 0.2% respectively.
Top gainers were Gulf International Services and Qatar German Co. for Med.
Dev., rising 2.0% and 1.6% respectively. Among the top losers, Qatar Industrial
Manufacturing Co. fell 1.8%, while Qatar & Oman Inv. Co. declined 1.6%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.5% to close at 8,008.5. Gains were led
by the Retail and Hotel & Tourism indices, rising 3.0% each. Fawaz Abdulaziz
AlHokair rose 5.7%, while Bupa Arabia for Coop. Insurance was up 5.6%.
Dubai: The DFM index declined 0.2% to close at 2,756.0. The Insurance index
fell 1.3%, while the Transportation index was down 0.8%. Int. Financial
Advisors declined 10.0%, while Mashreqbank was down 7.4%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 3,837.4. The Inv.
& Fin. Services index declined 0.7%, while the Real Estate index was down
0.5%. RAK Ceramic fell 7.4%, while Abu Dhabi Comm. Bank was down 2.4%.
Kuwait: The KSE index declined 0.5% to close at 7,725.8. The Technology
index fell 1.5%, while the Real Estate index was down 1.0%. Kuwait United
Poultry Co. declined 7.6%, while National Industries was down 7.4%.
Oman: The MSM index fell 0.1% to close at 6,640.9. The Industrial and
Services indices declined 0.1% each. Galfar Engineering & Contracting fell
1.2%, while Sharqiyah Desalination Co. was down 0.9%.
Bahrain: The BHB index declined 0.4% to close at 1,189.3. The Industrial
index fell 2.7%, while the Investment index was down 0.3%. Gulf Finance
House declined 3.6%, while Aluminum Bahrain was down 2.8%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 51.10 2.0 127.2 70.3
Qatar German Co. for Med. Dev. 15.29 1.6 3.1 3.5
Industries Qatar 152.10 1.5 203.7 7.9
Mannai Corp. 85.50 1.2 1.0 5.6
Qatar National Cement Co. 102.00 1.0 1.5 (4.7)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 21.50 (0.9) 787.7 20.8
Masraf Al Rayan 28.75 0.0 475.3 16.0
Qatar Gas Transport Co. 19.11 0.5 433.1 25.2
Mazaya Qatar Real Estate Dev. 11.41 (1.0) 218.6 3.7
Vodafone Qatar 9.02 0.0 210.6 8.0
Source: Bloomberg (* in QR)
Market Indicators 01 Oct 13 30 Sep 13 %Chg.
Value Traded (QR mn) 164.2 283.4 (42.1)
Exch. Market Cap. (QR mn) 525,460.3 524,052.9 0.3
Volume (mn) 3.8 7.6 (49.8)
Number of Transactions 2,265 2,849 (20.5)
Companies Traded 39 37 5.4
Market Breadth 9:21 12:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,756.63 0.2 0.5 21.6 N/A
All Share Index 2,423.75 0.2 0.4 20.3 12.0
Banks 2,342.84 0.2 0.2 20.2 12.4
Industrials 3,081.44 1.0 1.7 17.3 10.8
Transportation 1,773.91 0.1 0.2 32.3 12.2
Real Estate 1,739.10 (0.5) 0.5 7.9 13.1
Insurance 2,231.92 (0.1) (0.5) 13.7 9.3
Telecoms 1,436.73 (0.5) (0.3) 34.9 15.1
Consumer 5,844.12 (0.5) (0.9) 25.1 24.0
Al Rayan Islamic Index 2,756.64 (0.1) 0.5 10.8 14.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharma. Industry Abu Dhabi 3.36 8.4 12.0 22.2
Fawaz Alhokair & Co. Saudi Arabia 142.75 5.7 399.6 105.9
IFA Hotels & Resorts Kuwait 0.48 5.2 1.5 33.9
Al Mouwasat Med. Ser. Saudi Arabia 86.25 5.2 210.3 60.5
Taiba Holding Co. Saudi Arabia 44.50 4.2 2,869.4 79.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Aluminum Bahrain Bahrain 0.53 (2.8) 63.3 22.7
Abu Dhabi Comm. Bank Abu Dhabi 4.93 (2.4) 1,093.7 63.8
United Int. Trans. Co. Saudi Arabia 70.75 (2.1) 389.7 66.9
Qatar Ind. Manu. Co. Qatar 49.10 (1.8) 3.0 (7.5)
Commercial Facilities Kuwait 0.29 (1.7) 10.0 (17.4)
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%
Qatar Industrial Manufacturing Co. 49.10 (1.8) 3.0 (7.5)
Qatar & Oman Investment Co. 12.70 (1.6) 15.7 2.5
Widam Food Co. 51.00 (1.5) 79.5 (13.3)
Al Khaleej Takaful Group 39.65 (1.4) 0.3 8.1
Mazaya Qatar Real Estate Dev. 11.41 (1.0) 218.6 3.7
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 152.10 1.5 30,792.5 7.9
QNB Group 167.70 0.5 27,911.6 28.1
United Development Co. 21.50 (0.9) 16,982.1 20.8
Masraf Al Rayan 28.75 0.0 13,645.2 16.0
Medicare Group 48.15 (0.7) 8,519.0 34.9
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* 9,628.30 0.2 0.5 0.2 15.2 45.08 144,291.4 12.0 1.7 4.8
Dubai 2,755.98 (0.2) 0.7 (0.2) 69.9 258.99 67,485.6 16.0 1.1 3.2
Abu Dhabi 3,837.37 (0.1) (0.0) (0.1) 45.9 145.04 110,507.0 10.9 1.4 4.7
Saudi Arabia 8,008.54 0.5 0.3 0.5 17.8 1,119.39 425,019.1 16.7 2.1 3.6
Kuwait 7,725.78 (0.5) (0.7) (0.5) 30.2 119.34 120,547.1 18.6 1.3 3.6
Oman 6,640.86 (0.1) (0.3) (0.1) 15.3 8.50 23,218.7 10.9 1.6 3.9
Bahrain 1,189.29 (0.4) (0.7) (0.4) 11.6 1.43 23,289.2 8.3 0.8 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)
9,560
9,580
9,600
9,620
9,640
9,660
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index rose 0.2% to close at 9,628.3. The Industrials and
Banking & Financial Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Gulf International Services and Qatar German Co. for Med. Dev.
were the top gainers, rising 2.0% and 1.6% respectively. Among
the top losers, Qatar Industrial Manufacturing Co. fell 1.8%, while
Qatar & Oman Inv. Co. declined 1.6%.
 Volume of shares traded on Tuesday declined by 49.8% to
3.8mn from 7.6mn on Monday. Further, as compared to the 30-
day moving average of 8.4mn, volume for the day was 54.6%
lower. United Development Co. and Masraf Al Rayan were the
most active stocks, contributing 20.6% and 12.4% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/01 US Bloomberg Markit US PMI Final September 52.8 53.1 52.8
10/01 EU Eurostat Unemployment Rate August 12.00% 12.10% 12.00%
10/01 France Markit PMI Manufacturing September 49.8 49.5 49.7
10/01 Germany Deutsche Bundesbank Unemployment Rate September 6.90% 6.80% 6.80%
10/01 Germany Markit PMI Manufacturing September 51.1 51.3 51.8
10/01 UK Markit PMI Manufacturing September 56.7 57.5 57.1
10/01 Italy Markit PMI Manufacturing September 50.8 51.1 51.3
10/01 China CFLP Manufacturing PMI September 51.1 51.6 51
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QCB issues T-bills worth QR4bn – The Qatar Central Bank
(QCB) has issued treasury bills worth QR4bn on October 1,
2013. Yield on the 93-day T-bills rose to 0.97% from 0.87% for
91-days and it was up to 1.36% from 1.15% for 182-day T-bills,
while for 273-day notes, yield increased to 1.57% from 1.22%.
(QCB)
 Foreign firms in Qatar must have 30% local stake – The
Prime Minister and Minister of Interior HE Sheikh Abdullah bin
Nasser Al Thani has issued directives that no foreign company
will be allowed to set up operations in the country without having
at least a 30% joint venture with a local company. Any foreign
business setting up operations in Qatar will not be allowed more
than 70% ownership, as it must give at least 30% equity to a
local company. (Peninsula Qatar)
 Qatar Holding buys NYSE Euronext’s 12% stake in QE –
Qatar Holding, the investment arm of the Qatar Investment
Authority, has purchased 12% stake held by NYSE Euronext in
the Qatar Exchange (QE) and is now the sole owner of QE.
However, cooperation between QE and NYSE Euronext will
continue in different fields such as technology and expertise.
(QE)
 CBQK acquires further 3.4% stake in Alternatifbank – The
Commercial Bank of Qatar (CBQK) has acquired a further 3.4%
stake in Turkey-based Alternatifbank through a public tender
offer. Earlier in June 2013, CBQK had purchased 70.84% stake
in Alternatifbank, paying two-times of the book value. The
Turkish company Anadolu Holding, from whom CBQK acquired
the majority stake, continues to own a 25% stake in
Alternatifbank. (Reuters)
 KCBK appoints four banks for debut bond issue – Al Khalij
Commercial Bank (KCBK) has appointed BNP Paribas, HSBC,
the investment banking arm of QNB Group and Standard
Chartered to arrange meetings with fixed income investors
ahead of a potential debut bond issue. These roadshows are set
to begin from October 3. (Reuters)
 Qatari Islamic banks record strong growth rate in GCC
region – According to a report released by the S&P, the GCC
banking system assets have risen by a compound average
growth rate of 6.9% a year since 2009 to reach $1.6tn at the end
of 2012 and the strongest compound average growth rate was
recorded in Qatar, where strong state support and a buoyant
economy helped Islamic banks expand their loans by 32%. S&P
expects Qatari Islamic banks to grow especially fast because of
the country’s large infrastructure needs and investments,
including FIFA 2022 World Cup. (Peninsula Qatar)
 Qatar’s population crosses 2mn mark – The population of
Qatar has breached the 2mn mark on September 30, 2013. The
Qatar Statistics Authority (QSA) said the country’s population
now stands at 2,035,106, which shows around 10% growth over
the corresponding month last year. The country’s male
population has now crossed the 1.5mn-mark, while the women’s
population touched 525,895. The latest population figure is
72,082 more than the previous high of 1,963,124 recorded on
May 31. (Gulf-Times.com)
 Al-Attiyah: Paradigm shift in demand for energy worldwide
– Qatar’s Administrative Control & Transparency Authority
President HE Abdullah bin Hamad al-Attiyah said that there has
been a “paradigm shift” in terms of energy demand with
emerging countries becoming the engine of demand growth to
fulfill the needs of their increasingly wealthy population. Al-
Overall Activity Buy %* Sell %* Net (QR)
Qatari 50.99% 57.12% (10,080,494.82)
Non-Qatari 49.02% 42.87% 10,080,494.82

3. Page 3 of 6
Attiyah added the global economy appears to be in a re-
acceleration process, dismissing concerns that the economic
recession was having a disruptive effect on energy demand in
both the industrialized countries as well as the emerging ones.
He expects global GDP growth to increase as per the IMF
forecast of 3.1%, adding that the growth will be achieved by a
cyclical recovery in Europe and the stabilization of China’s
economy. Al-Attiyah admitted there was some deterioration in
some emerging economies, which was reflected in the
downward pressure on their currencies. (Gulf-Times.com)
 Qatar ranks top in access to water, sanitation and hygiene –
The World Economic Forum’s (WEF) first Human Capital Index
(HCI) has ranked Qatar as the number one country out of the
122 assessed countries, in terms of access to water, sanitation
and hygiene. Qatar is ranked fourth in terms of the quality of the
education system, third in life expectancy, and second in
business impact of non-communicable diseases. The country is
ranked third in its capacity to attract talent, fourth in pay related
to productivity and fifth in staff training. Qatar stands seventh for
business and university R&D collaboration, intellectual property
protection and property rights. (Gulf-Times.com)
 Barwa housing rents to go up next month – According to
sources, the 10% hike in the rents of Barwa’s affordable housing
units in Mesaimeer and Al Sailiya will take effect in November.
According to earlier reports, the hike was to apply to all tenants
renewing their contracts in October. (Peninsula Qatar)
 MARK to announce its 3Q2013 financial results on October
28 – Masraf Al Rayan (MARK) will disclose its quarterly financial
results for the period ending September 30, 2013 on October
28, 2013. (QE)
 QIIK to announce its 3Q2013 financial results on October 20
– Qatar International Islamic Bank (QIIK) will disclose its
quarterly financial results for the period ending September 30,
2013 on October 20, 2013. (QE)
International
 Rehn: Impact of US shutdown on global economy may not
be excessive – The European Commissioner in charge of
economic and monetary affairs Olli Rehn said the partial
shutdown of the US government will not be excessive impact on
the global economy, if it does not last long. He said it is highly
disappointing that the US government had to face a shutdown
because of a lack of a political agreement. (Reuters)
 Japan unveils $50bn stimulus to cope with tax hike – The
Japanese government announced a new economic stimulus
package worth $50bn to cushion the country’s economy from
the impact of the national sales tax increase. The government
has announced a program to support growth in the short term,
while curbing Japan's huge public debt over time. The
government will raise the sales tax to 8% from 5% in April 2014,
the first major fiscal reform since 1997. The stimulus package,
worth about 5 trillion yen ($50.96bn), will include around 1 trillion
yen in tax cuts. The government will also decide in December
whether to end a special corporate tax for earthquake
reconstruction by April, a year earlier than planned, which would
save companies about 900 billion yen. This would effectively cut
the corporate tax liability for a big company to 35.6% from
38.0% currently. Companies boosting their spending on
infrastructure will get 730 billion yen in tax breaks in the fiscal
year starting April 1. (Reuters)
 Japan will aim to avoid new bond issue to fund stimulus –
The Japanese Finance Minister Taro Aso said he would avoid
issuing fresh government debt to finance a 5 trillion yen
economic package designed to offset the blow from the planned
sales tax hike next April. Aso said he is hoping that the new
package will be financed with resources such as extra tax
revenue. He also said the government should consider lowering
the effective corporate tax rate over the medium to long term for
maintaining Japan's international competitiveness as well as
attracting foreign investment. (Reuters)
 ADB: Asian economies can successfully emerge from Fed's
tapering – According to the Asian Development Bank (ADB),
Asian economies can ride out the storm when the US Federal
Reserve finally begins ending its easy money policy. Updating
forecasts for 2013 and 2014, ADB said growth in the developing
Asia is likely to be slower than it thought three months ago. ADB
reckons that the region will grow at 6.0% in 2013 and 6.2% in
2014, little change from last year's growth of 6.1%. The bank
said the developing Asia's current account surplus is expected
to narrow down to 1.6% of GDP in both 2013 and 2014. While
high external deficits resulted in India and Indonesia suffering
collapses in their currency values during the emerging market
sell-off, ADB took comfort in their levels of reserves. ADB said
widening current account deficits have made both these
economies more susceptible to shifts in market sentiment, but
both countries have sufficient foreign exchange reserves, which
are enough to cover India’s imports for 7 months and
Indonesia’s for 5 months. (Reuters)
 OPEC comfortable with 2014 oil outlook; relaxed about
cost-sensitive shale oil – The Organization of the Petroleum
Exporting Countries’ (OPEC) Secretary General Abdullah al-
Badri said he is comfortable with the crude oil market outlook for
2014. He said the forecasted drop in demand for OPEC oil is not
large, indicating the group may not make big changes to the
output policy at its December meeting. The OPEC expects
demand for its crude to fall to 29.61mn barrels per day (bpd) in
2014, down 320,000 bpd over 2013, due to rising supply outside
the main producer group. Meanwhile, al-Badri said a rise in
output of North American tight oil will not trouble the OPEC as
the new supply will not significantly impact the group’s market
share. (Gulf-Times.com, Reuters)
Regional
 GCC Islamic banks grow faster than conventional
counterparts – S&P said Islamic banks in the GCC region are
growing faster than their conventional counterparts and their
share of banking assets are surging ahead for the foreseeable
future, but their advantage in profitability is disappearing. S&P
has attributed the increase in asset growth to overall supporting
environment for Islamic banks in the GCC region. But Islamic
banks’ advantage in profitability has been shrinking, and it may
continue to fall towards the levels of conventional banks. The
ratio of net Islamic banking income to average earning assets
dropped to 3.4% last year from 4.0% in 2008. S&P has
attributed the increase in asset growth to overall supporting
environment for Islamic banks in the GCC region. According to
S&P, GCC Islamic banks outgrew their conventional peers
between 2009 and 2012. Their asset bases showed a CAGR of
17.4% as compared to 8.1% CAGR for conventional banks,
while their net lending and customer deposits grew by 18.2%
and 19.9% respectively, as compared to 8.1% and 10% for
conventional banks. (Bloomberg)
 GACA completes second tranche of SR15.2bn sukuk – The
General Authority of Civil Aviation (GACA) has successfully
completed the issue of its second tranche of sukuk worth
SR15.2bn. This issue was oversubscribed by almost double by
a total of 31 government funds, local banks, insurance and
investment companies. Launched on September 24, the sukuk
will finance the expansion of King Abdulaziz International Airport

4. Page 4 of 6
in Jeddah and King Khalid International Airport in Riyadh.
(GulfBase.com)
 RCJY inks five contracts to develop facilities in Yanbu,
Jubail and Ras Al Khair – The Royal Commission for Jubail &
Yanbu (RCJY) has signed five contracts worth SR862.4mn to
develop infrastructure facilities in the industrial cities of Yanbu,
Jubail and Ras Al Khair. The first contract is for the construction
of a security system for Jubail 2, while second contract is to
build roads, water & sewage networks in Ras Al-Khair.
(GulfBase.com)
 APC sells IESC’s shares to APICORP for SR168.75mn –
Arabian Pipes Company (APC) has sold its shares held in the
Industrialization & Energy Services Company (IESC) to Arab
Petroleum Investments Corporation (APICORP) for
SR168.75mn. With this sale, APC has earned a profit of
SR56.25mn and expects the financial impact to be visible during
4Q2013. (Tadawul)
 UAE’s insurance sector largest in GCC – According to a
report by Moody's, UAE’s insurance industry has generated over
$7.2bn revenues in 2012, which accounts for 45% of the total
premiums written in the GCC region. This has positioned the
UAE as the largest sector in the six-nation bloc. Moody’s said
the UAE has seen a CAGR of 17% over the last six years. At
2% of its GDP, the UAE’s insurance penetration is now higher
than most of the GCC countries, albeit modest when compared
with advanced economies. (GulfBase.com)
 Barclays starts closing accounts of retail customers in UAE
– Barclays has started closing the accounts of some of its retail
customers in the UAE. Barclays had announced in September
that it will sell its retail bank in the Emirates due to the
challenges faced by foreign banks in the Gulf region in
competing against cash-rich local rivals who find it easier to
meet stricter rules on risk. (Bloomberg)
 DED records 15% rise in number of licenses issued in
August – Dubai’s Department of Economic Development (DED)
has recorded an increase of 15% YoY in the number of licenses
issued in August 2013, which reflects rising investor confidence
in Dubai. DED has issued 1,148 licenses in August 2013, as
compared to 996 licenses in August 2012. The licenses issued
in the tourism sector rose 29% YoY, which is the highest among
all the sectors. The licenses issued in the professional sector
increased 17% YoY, which is followed by the commercial sector
with 15% YoY. The total number of licenses amended stood at
4,430, while the total number of renewed licenses reached
6,399 in August 2013. Meanwhile, the annual statistical report
on the Gulf Common Market, Saudi Arabian citizens have been
investing heavily in different sectors in the UAE. The economic
departments of different Emirates have issued a total of 30,425
trade licenses to GCC nationals between 2000 and 2012.
(GulfBase.com)
 Property transactions in Dubai cross AED5bn mark in
single day – According to the data released by the Dubai Land
Department (DLD), total real estate transactions in the Emirate
has crossed AED5bn mark on a single day. This was due to
investors rushing in to register their properties to save the 2%
transfer fee that will be levied with effect from October 6, 2013,
which helped them save more than AED60mn in two days. DLD
has recorded land deals worth AED2bn, while transactions
worth AED1.7bn were registered for apartments and villas. The
data also showed that mortgages on land, apartment & villas
stood at AED515.5mn and AED904.8mn respectively. The total
transaction value has crossed AED165bn YTD. (GulfBase.com)
 DAC could shut down DIA – Dubai Airports Company’s (DAC)
CEO Paul Griffiths said that Dubai International Airport (DIA),
which is being expanded to handle 90mn passengers a year,
could be shut in coming decades to focus traffic on the new
under construction with as much as twice that capacity. DIA will
not retain its existing base if the two hubs affect the flight take-
off at its new Al Maktoum International Airport site. Griffiths said
that DIA is evaluating plans to accelerate the construction of Al
Maktoum and make room for top clients like Emirates Airlines to
move in before 2025, and lift its capacity to 200mn travelers a
year. (Reuters)
 Al Habtoor wins AED275mn contract from Jafza – Al Habtoor
Leighton has won a AED275mn contract from Jebel Ali Free
Zone (Jafza) for the construction of next phase of Jafza One –
Jafza Convention Centre complex in Jebel Ali, Dubai. This
contract includes completing the fit-out for one of the twin-towers
and the associated external road works. The work on the
commercial tower and external roads has already begun, which
is scheduled to be completed by the end of 2014. (AME Info)
 Emirates begins New York-Milan flight, begins A380 service
to Brisbane – Emirates Airlines has begun transatlantic flights
between Milan and New York by deploying a Boeing 777-
300ER, and has deployed a brand new A380 aircraft for service
between Dubai and Brisbane. (AME Info)
 Al Hilal Bank prices $500mn sukuk – Abu Dhabi government-
owned Al Hilal Bank priced its debut $500mn five-year sukuk
issue. The transaction priced at par with a profit rate of 3.267%
and a spread of 170 basis points over mid-swaps. The spread
had tightened significantly from the initial price thoughts, which
had indicated a spread of 190 bps over the benchmark.
(Reuters)
 ADPC signs 10-year deal with Emal for export of aluminum
products – The Abu Dhabi Ports Company (ADPC) has entered
into a 10-year agreement with Emirates Aluminum Company
(Emal) to handle export logistics for finished aluminum products
from Emal. The volume of exported goods will increase
gradually from 600,000 metric tons (MT) in 2014 to 750,000 MT
from 2015 onwards. This agreement covers the handling of
operations and transport logistics for the finished products from
Emal’s production site to the container freight station & export
terminal at Khalifa Port. (GulfBase.com)
 SEBI approves Etihad’s proposal to purchase 24% stake in
Jet Airways – The Securities Exchange Board of India (SEBI)
has approved Etihad Airways’ proposal to purchase 24% stake
in India-based Jet Airways. However, this deal will still require
the approval from the country’s Cabinet Committee on
Economic Affairs. (Bloomberg)
 Etihad begins daily flights to Vietnam’s commercial capital
– Etihad Airways has begun daily flights to the Ho Chi Minh City
in Vietnam. This service will be the first ever commercial
passenger service between Abu Dhabi and Vietnam's
commercial capital. (AME Info)
 IMF: Kuwait’s non-oil GDP expected to increase 3% in 2013
– According to a report released by the International Monetary
Fund (IMF), Kuwait's non-oil GDP is expected to grow modestly
at 3% in 2013, due to steady increase in its domestic
consumption. The IMF expects the country’s non-oil sector to
grow 4.4% in 2014 on the back of public capital spending, which
will drive inflation to 3.5%. The report found that the non-oil
economy has recovered considerably, rising 2.2% in 2012 from
0.9% in 2011, after Kuwait posted a negative growth during
2008-10. Meanwhile, growth in the oil sector has continued
robustly in 2012 with crude production reaching its capacity,

5. Page 5 of 6
projecting a growth of 6.2% as compared to 6.3% in 2011. The
report showed that Kuwait has benefited from high oil prices that
have generated high fiscal and external current account
surpluses. The implementation of Development Plan 2011-2014
has fallen behind and a large increase in public-sector wage bill
has undermined the government’s efforts to encourage Kuwaitis
to join the private sector. (GulfBase.com)
 Islamic banks to gain 20% market share in Oman – The
Central Bank of Oman’s (CBO) Executive President HE Hamoud
Bin Sangour Al Zadjali said Islamic banks are expected to win
10-20% of the total banking market in the country in future. He
added that the CBO is completing the organizational and
regulatory chart for the Islamic banks, which will control the first-
of-its-kind banking services in the country. (Oman Tribune)
 Alizz Islamic Bank launches its operations – Alizz Islamic
Bank officially has opened for business, offering customers a full
range of Shari’ah-compliant personal and business banking
solutions. Alizz Islamic Bank said it is planning to open three to
four more branches in 2014, which is in addition to the first
flagship branch in Central Business District (CBD) area in
Muscat. (Bloomberg)
 Oman Housing Bank okays loans worth OMR73.2mn – The
Oman Housing Bank (OHB) has approved a total of
OMR73.2mn (1,885) subsidized housing loans from January 1
to August 31, 2013 to citizens in various governorates across
the country. (Bloomberg)
 AMGI will soon offer IPO of 66.7mn shares – Al Madina
Insurance Company (AMGI) will soon offer an initial public offer
for its 66.7mn shares with a face value of 100 baisas, which is a
part of its efforts to change its status to a Shari’ah compliant
takaful firm. According to takaful regulations, an insurance
company has to be a public firm before functioning as a takaful
company. The company, which has a paid up capital of
OMR10mn, will increase it to OMR16.67mn through the share
offer. (GulfBase.com)
 OFM’s BoD approves cash dividend, appoints new
Chairman and Deputy Chairman – The Oman Flour Mills
Company’s (OFM) board of directors has approved to distribute
a cash dividend of 25% of the paid-up capital to its shareholders
(OMR0.025 per share). The BoD has appointed Mrs. Manal
Mohammed Al Abdwani as the new Chairman and Sheikh Salah
Hilal Al Mawali as the new Deputy Chairman for the board.
(MSM)

6. 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*Market closed on October 01, 2013)
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
0.5%
0.2%
(0.5%)
(0.4%)
(0.1%) (0.1%)
(0.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,287.65 (3.1) (3.7) (23.1) DJ Industrial 15,191.70 0.4 (0.4) 15.9
Silver/Ounce 21.19 (2.4) (2.8) (30.2) S&P 500 1,695.00 0.8 0.2 18.8
Crude Oil (Brent)/Barrel (FM
Future)
107.94 (0.4) (0.6) (2.9) NASDAQ 100 3,817.98 1.2 1.0 26.4
Natural Gas (Henry
Hub)/MMBtu
3.56 1.8 1.6 3.8 STOXX 600 312.86 0.8 0.2 11.9
North American Spot LPG
Propane Price
108.25 1.4 2.1 20.9 DAX 8,689.14 1.1 0.3 14.1
North American Spot LPG
Normal Butane Price
140.00 1.4 1.4 (19.1) FTSE 100 6,460.01 (0.0) (0.8) 9.5
Euro 1.35 (0.0) 0.0 2.5 CAC 40 4,196.60 1.3 0.2 15.3
Yen 98.00 (0.3) (0.2) 13.0 Nikkei 14,484.72 0.2 (1.9) 39.3
GBP 1.62 0.1 0.3 (0.4) MSCI EM 996.34 0.9 (0.4) (5.6)
CHF 1.10 (0.1) 0.0 1.1 SHANGHAI SE Composite* 2,174.67 0.0 0.7 (4.2)
AUD 0.94 0.9 0.9 (9.6) HANG SENG* 22,859.86 0.0 (1.5) 0.9
USD Index 80.14 (0.1) (0.2) 0.5 BSE SENSEX 19,517.15 0.7 (1.1) 0.5
RUB 32.23 (0.5) (0.3) 5.6 Bovespa 53,179.46 1.6 (1.0) (12.8)
BRL 0.45 0.1 1.8 (7.5) RTS 1,438.04 1.1 0.4 (5.8)
138.4
125.5
114.3