1. QE Intra-Day Movement
Market Indicators
10,500
10,480
10,460
10,440
9:30
12 Dec 13
11 Dec 13
%Chg.
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
284.6
559,458.1
9.9
4,078
39
21:13
366.8
558,115.9
9.8
4,436
39
17:17
(22.4)
0.2
1.3
(8.1)
0.0
–
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.3% to close at 10,486.2. Gains were led by the Real
Estate and Telecoms indices, gaining 0.7% and 0.5% respectively. Top gainers
were Widam Food Co. and Qatar General Ins. & Rein. Co., rising 4.7% and
2.4% respectively. Among the top losers, Zad Holding Co. fell 1.2%, while Gulf
Warehousing Co. declined 0.7%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,982.41
2,610.14
2,485.82
3,436.90
1,933.51
2,026.25
2,370.57
1,462.46
5,983.87
3,077.36
0.3
0.3
0.2
0.3
0.5
0.7
0.2
0.5
0.3
0.4
0.9
1.0
1.1
1.7
0.1
1.4
0.5
0.1
0.1
0.3
32.4
29.6
27.5
30.8
44.3
25.7
20.7
37.3
28.1
23.7
N/A
13.2
13.3
12.5
13.1
13.9
9.7
19.9
22.7
16.0
Close#
1D%
Vol. ‘000
35.70
5.6
3,433.5
(25.0)
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index fell 0.1% to close at 8,387.6. Losses were led
by the Hotel & Tourism and Building & Construction indices, declining 0.6%
and 0.5% respectively. Tourism Ent. fell 5.7%, while FIPCO was down 3.8%.
Saudi Enaya Coop. Ins.
Saudi Arabia
Emaar Properties
Dubai
7.36
5.1
48,774.2
96.3
Dubai: The DFM index gained 1.9% to close at 3,157.9. The Real Estate &
Construction index rose 4.3%, while the Transportation index was up 1.3%.
Dubai Nat. Ins. & Rein. gained 6.3%, while Emaar Properties was up 5.1%.
Aramex
Dubai
2.89
4.7
1,055.7
44.5
Abu Dhabi Nat. Energy
Abu Dhabi
1.40
4.5
1,540.7
2.9
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,000.9. The
Real Estate index gained 3.1%, while the Energy index was up 1.8%.
Insurance House rose 13.4%, while Union Cement Co. was up 7.6%.
Arabtec Holding Co.
Dubai
2.74
4.2
61,273.2
47.3
GCC Top Losers
Exchange
Kuwait: The KSE index fell 0.6% to close at 7,704.34. The Oil & Gas index
declined 2.5%, while the Basic Material index was down 1.0%. Nat. Petroleum
Services Co. fell 9.1%, while The Energy House Co. was down 5.2%.
Albaraka Banking
Bahrain
0.69
(4.2)
10.5
(7.4)
Comm. Bank of Kuwait
Kuwait
0.70
(4.1)
0.0
(1.4)
Oman: The MSM index declined marginally to close at 6,749.8. Losses were
led by the Ind. and Bank. & Inv. indices, falling 1.1% and 0.1% respectively.
Oman Refreshment Co. declined 8.5%, while Voltamp Energy was down 1.7%.
IFA Hotels & Resorts
Kuwait
0.28
(3.4)
477.2
(19.6)
Combined Group Cont.
Kuwait
1.24
(3.1)
0.0
(15.1)
Gulf Cable & Electrical
Kuwait
0.86
(2.3)
38.2
(31.7)
Bahrain: The BHB index fell 0.1% to close at 1,206.7. The Investment index
declined 0.8%, while the Services index was down 0.1%. Al Baraka Banking
Group declined 4.2%, while Nass Corporation was down 1.9%.
Widam Food Co.
Close*
1D%
Vol. ‘000
YTD%
55.50
Qatar Exchange Top Gainers
4.7
530.6
(5.6)
Qatar General Ins. & Rein. Co.
49.50
2.4
Aamal Co.
15.55
United Development Co.
23.50
Mannai Corp.
##
#
Close
1D% Vol. ‘000
YTD%
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
YTD%
Zad Holding Co.
68.20
(1.2)
3.1
16.0
Gulf Warehousing Co.
40.70
(0.7)
1.9
21.5
Qatar Exchange Top Losers
0.5
7.6
2.3
187.5
14.3
Al Ahli Bank
56.00
(0.7)
9.8
14.3
1.9
1,378.0
32.0
Doha Bank
57.00
(0.5)
118.0
23.0
87.30
1.0
0.1
7.8
Mazaya Qatar Real Estate Dev.
11.52
(0.5)
502.0
4.7
Close*
1D%
Val. ‘000
YTD%
11.47
0.1
43,335.8
37.4
174.00
0.3
33,929.2
32.9
12.6
Close*
1D%
Vol. ‘000
YTD%
Vodafone Qatar
11.47
0.1
3,770.2
37.4
Vodafone Qatar
United Development Co.
23.50
1.9
1,378.0
32.0
QNB Group
Barwa Real Estate Co.
30.90
0.0
1,043.0
12.6
Barwa Real Estate Co.
30.90
0.0
32,237.6
Masraf Al Rayan
33.70
0.6
555.1
35.9
United Development Co.
23.50
1.9
32,020.3
32.0
Widam Food Co.
55.50
4.7
530.6
(5.6)
Widam Food Co.
55.50
4.7
29,239.3
(5.6)
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%
10,486.23
3,157.85
4,000.94
8,387.61
7,704.34
6,749.75
1,206.70
0.3
1.9
0.4
(0.1)
(0.6)
(0.0)
(0.1)
0.9
4.8
1.6
1.7
(0.8)
(0.3)
0.8
1.1
7.2
3.9
0.7
(1.0)
0.3
(0.2)
25.4
94.6
52.1
23.3
29.8
17.2
13.2
Exch. Val. Traded
($ mn)
147.14
314.75
130.62
1,144.04
67.93
37.85
1.16
Exchange Mkt.
Cap. ($ mn)
153,627.2
72,132.0
113,804.7
457,133.7
109,502.9
24,249.7
49,714.0
P/E**
P/B**
13.4
18.6
11.2
17.1
16.6
10.6
8.1
1.8
1.3
1.4
2.1
1.2
1.6
0.9
Dividend
Yield
4.4
2.8
4.5
3.5
3.7
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 0.3% to close at 10,486.2. The Real Estate
and Telecoms indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
62.80%
63.95%
(3,290,707.46)
Non-Qatari
 Widam Food Co. and Qatar General Ins. & Rein. Co. were the
top gainers, rising 4.7% and 2.4% respectively. Among the top
losers, Zad Holding Co. fell 1.2%, while Gulf Warehousing Co.
declined 0.7%.
Buy %*
37.20%
36.04%
3,290,707.46
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday rose by 1.3% to 9.9mn
from 9.8mn on Wednesday. However, as compared to the 30day moving average of 12.7mn, volume for the day was 21.9%
lower. Vodafone Qatar and United Development Co. were the
most active stocks, contributing 37.9% and 13.9% to the total
volume respectively.
Ratings and Global Economic Data
Ratings Updates
Company
Arab Banking Corp.
(ABC)
Bank of Bahrain &
Kuwait (BBK)
Agency
Market
Type*
Fitch
Bahrain
LT IDR/ VR
Fitch
Bahrain
LT IDR/ SR floor
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
BB+/bb+
BBB-/bbb-

–
–
BBB-/BBB-
BBB/BBB

–
–
Source: News reports (* LT – Long Term, ST – Short Term, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, VR - Viability Rating)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
12/12
US
US Treasury
Monthly Budget Statement
12/12
US
US Census Bureau
Retail Sales Advance MoM
November
-$135.2B
-$140.0B
-$172.1B
November
0.70%
0.60%
12/12
US
US Census Bureau
0.60%
Retail Sales Ex Auto MoM
November
0.40%
0.20%
12/12
US
0.50%
US Census Bureau
Retail Sales Ex Auto and Gas
November
0.60%
0.30%
12/12
0.60%
US
US Census Bureau
Retail Sales Control Group
November
0.50%
0.30%
0.70%
12/12
US
Department of Labor
Initial Jobless Claims
7-December
368K
320K
300K
12/12
US
Department of Labor
Continuing Claims
30-November
2791K
2743K
2751K
12/12
US
Bureau of Labor Stat.
Import Price Index MoM
November
-0.60%
-0.70%
-0.60%
12/12
US
Bureau of Labor Stat.
Import Price Index YoY
November
-1.50%
-1.70%
-1.60%
12/12
US
Bloomberg
Bloomberg Consumer Comfort
8-December
-30.9
–
-31.3
12/12
US
US Census Bureau
Business Inventories
October
0.70%
0.30%
0.60%
12/13
US
Bureau of Labor Stat.
PPI MoM
November
-0.10%
0.00%
-0.20%
12/13
US
Bureau of Labor Stat.
PPI YoY
November
0.70%
0.80%
0.30%
12/12
EU
Eurostat
Industrial Production SA MoM
October
-1.10%
0.30%
-0.20%
12/12
EU
Eurostat
Industrial Production WDA YoY
October
0.20%
1.10%
0.20%
12/13
EU
Eurostat
Employment QoQ
3Q2013
0.00%
–
0.00%
12/13
EU
Eurostat
Employment YoY
3Q2013
-0.80%
–
-1.10%
12/12
France
INSEE
CPI EU Harmonized MoM
November
0.00%
0.00%
-0.10%
12/12
France
INSEE
CPI EU Harmonized YoY
November
0.80%
0.80%
0.70%
12/12
France
INSEE
CPI MoM
November
0.00%
0.00%
-0.10%
12/12
France
INSEE
CPI YoY
November
0.70%
0.70%
0.60%
12/13
Germany
Destatis
Wholesale Price Index MoM
November
-0.20%
–
-1.00%
12/13
Germany
Destatis
Wholesale Price Index YoY
November
-2.20%
–
-2.70%
12/13
UK
ONS
Construction Output SA MoM
October
2.20%
1.60%
-0.50%
12/13
UK
ONS
Construction Output SA YoY
October
5.30%
1.30%
8.20%
12/12
Spain
INE
House transactions YoY
October
-10.00%
–
-8.60%
12/13
Spain
INE
CPI Core MoM
November
0.40%
–
0.80%
12/13
Spain
INE
CPI Core YoY
November
0.40%
–
0.20%
12/13
Spain
INE
CPI MoM
November
0.20%
0.20%
0.40%
12/13
Spain
INE
CPI YoY
November
0.20%
0.20%
-0.10%
12/13
Japan
METI
Industrial Production MoM
October
1.00%
–
1.30%
12/13
Japan
METI
Industrial Production YoY
October
5.40%
–
5.10%
12/13
Japan
METI
Capacity Utilization MoM
October
1.20%
–
1.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Page 2 of 6

3. News
Qatar
 QP, QAPCO sign FEED contract with Tecnimont – Qatar
Petroleum (QP) and Qatar Petrochemical Company (QAPCO)
have signed a front-end engineering & design (FEED) contract
with an Italian engineering company, Tecnimont for the Al Sejeel
Petrochemical Complex, which will be built in Ras Laffan
Industrial City. This project will feature one of the world’s largest
mixed feed steam crackers which will produce 2.2mn metric tons
per annum (MTPA) of polymers, including PE and PP resins.
This project is scheduled to be completed in 2018. (QE)
 QAPCO to build new QR1.2bn plant to enhance its debottlenecking capacity – QAPCO is planning to build a new
plant at a cost of QR1.2bn to enhance its de-bottlenecking
capacity. The new plant in Mesaieed Industrial City will help
produce 400,000 MTPA of additional ethylene by 2016.
QAPCO’s Vice-Chairman & CEO Dr. Mohammed Yousef Al
Mulla said the company is planning to increase its installed
ethylene production capacity from the existing 800,000 MTPA to
approximately 1.2mn MTPA. He said QAPCO currently
produces nearly 725,000 MTPA of ethylene from its two debottlenecking plants, EP1 and EP2, both located in Mesaieed.
With the commissioning of the third plant (EP3), the total
installed capacity will reach up to 1.2mn MTPA. (Peninsula
Qatar)
 GDI, JX Nippon sign rig deal for offshore Qatar – Gulf Drilling
International (GDI) has signed a contract with JX Nippon Oil &
Gas Exploration Qatar (JX Nippon) to utilize GDI’s “hi-spec
premium” jack-up rig “Al Khor” to drill an exploratory well in
2014. Earlier in May 2011, JX Nippon signed an exploration &
production sharing agreement covering block A (Pre-Khuff) with
Qatar Petroleum. (Gulf-Times.com)
 Next phase of Qatar health insurance scheme to begin by
April – The second phase of the compulsory health insurance
scheme in Qatar is expected to be launched by April next year,
when all Qatari citizens are to be brought under its ambit. Once
fully enforced, the entire population including citizens,
expatriates and visitors will become beneficiaries of the scheme.
(Peninsula Qatar)
 Commercial Bank opens branch at Al Gassar Resort – The
Commercial Bank has opened a new branch at Al Gassar
Resort in Doha. Located on the resort’s Tower 3, the branch
offers a comprehensive range of banking services. Located
across Qatar, Commercial Bank’s branches are now supported
by a network of 151 ATMs besides internet banking and mobile
banking services. (Gulf-Times.com)
 Woqod opens service station in North Mesaieed; plans 30
new fuel stations in Doha – Qatar Fuel (Woqod) has opened a
new service station in North Mesaieed. Set up at a cost of
QR44mn on a total area of 20,000 square meters, the
Mesaieed-North Station is considered one of the largest Woqod
petrol stations. Woqod's Vice-Chairman & Managing Director
Mohammed Khalifa Turki al Sobai said the company is planning
to open at least 30 new petrol stations within Doha area, with a
special focus on the D-Ring Road. Sobai added that there are
26 petrol stations within Doha currently. (Gulf-Times.com, Qatar
Tribune)
 QA increases Sri Lankan flight capacity from January 1 –
Qatar Airways (QA) has announced an increase in the flight
capacity to Sri Lanka. One of QA’s triple-daily-flights to the
capital city Colombo expanded from a narrow-body Airbus 320
to the airline’s flagship wide-body Boeing 777. This increase is
set to start from January 1, 2014. (Bloomberg)
 Qatar plans new center to train key World Cup 2022 staff –
The Qatar 2022 Supreme Committee’s Secretary General
Hassan Al Thawadi said the country is planning to set up a new
center for excellence to train people who will play a key role in
making the Qatar 2022 World Cup a success. The Josoor
Institute will teach courses on a range of topics from managing
major events and the business of football, to creating a culture
of volunteering. (Bloomberg)
 Digicel Asian Holdings signs tower deal with Ooredoo
Myanmar – Digicel Group, YSH Finance and First Myanmar
Investment Company announced that their reorganized
consortium, Digicel Asian Holdings has signed an agreement
with Ooredoo Myanmar to develop, construct and lease
telecommunications towers in Myanmar. (Bloomberg)
International
 QNB Group: US, Eurozone need expansionary monetary
policies – According to QNB Group, deflationary risks in the US
and Eurozone may require more expansionary monetary
policies such as quantitative easing (QE). Lower international
commodity prices and subdued domestic demand have lead to
historically low inflation rates, well below the central banks'
target of 2%. QNB Group says this calls for a continuation of the
unconventional monetary policy to offset the dangers posed by
deflation. In October 2013, inflation in Japan rose above the
inflation in both the US and Eurozone for the first time this
century. Rising Japanese inflation is a direct consequence of
expansionary economic policies introduced this year, which
could help the country escape from the lost decades of low
growth and deflation. Meanwhile, inflation in the US and
Eurozone has fallen to around 1%, the lowest levels since 2009.
This raises the risk for the US and the Eurozone, which could
push them into their own deflation trap with lost decades of low
growth. In the US, the Fed is currently maintaining its asset
purchase program of $85bn per month. Recent comments by
Fed officials indicate that Fed Governors are considering
slowing down the pace of asset purchases, the so-called “QE
tapering”. However, according to QNB Group, slowing inflation
could delay the start of QE tapering. The Fed is already likely to
postpone tapering QE until early next year, until the political
impasse over the budget and debt ceiling is resolved. (Qatar
Tribune)
 China widens access to OTC market – The Chinese State
Council announced that the country will liberalize access to its
over-the-counter (OTC) market to all qualified small & mediumsized enterprises (SMEs). Acting under the State Council’s
instructions, the China Securities Regulatory Commission will
soon eliminate approval procedures for applicant companies
with 200 or fewer shareholders. The announcement also said
institutional investors such as brokerages, insurance companies,
investment funds and foreign funds will be encouraged to
participate. The move to ease access to the OTC market follows
announcements that regulators will allow China's IPO market to
restart in early 2014. (Qatar Tribune)
 China to remove price, turnover guidelines for IPOs – The
China Securities Regulatory Commission (CSRC) said it will
stop its involvement in IPO pricing, in line with its commitment to
let the market play a decisive role in pricing assets. While there
was never a formally published cap on IPO pricing, regulators
earlier used to intervene in the pricing and timing of new issues
whenever they saw it necessary. (Qatar Tribune)
 Japan nudges up 2014 fiscal growth forecast – According to
sources, Prime Minister Shinzo Abe's government has decided
Page 3 of 6

4. to raise Japan's real GDP growth forecast to 1.3% for the fiscal
year starting March 2014 from the 1% forecast previously. The
government's growth forecast underpins its expectation for tax
revenue and is part of the annual budget review. The
government projects about 50 trillion yen in tax revenue for the
coming fiscal year based on the revised growth forecast. The
increase in the sales tax next year is expected to curb
consumption, but the government upgraded its growth forecast
based on an expected return from fiscal stimulus aimed at
countering the tax hike. The national sales tax is set to rise to
8% in April and could rise to 10% in 2015 if the Abe
administration presses ahead with its fiscal consolidation plan.
(ET)
 Ireland leaves EU, IMF bailout – Ireland’s Finance Minister
Michael Noonan said the country has successfully completed its
EU/IMF bailout, becoming the first euro zone member state to
do so. Ireland sought emergency help three years ago to keep
its finances under control and has met the terms of the program,
implementing austerity to bring down its budget deficit and
rebalance the economy. (Reuters)
Regional
 IATA: Middle East airlines set to post $1.6bn net profit in
2013 – According to report by the International Air Transport
Association (IATA), Middle East airlines are expected to return a
net profit of $1.6bn in 2013, increasing to $2.4bn in 2014. The
aviation authority said margins will also continue to improve in
the region - from 3.8% in 2013 to 4.7% in 2014. IATA said the
improvements are being driven by the region’s hubs, particularly
in the Gulf, which continue to expand in support of growing longhaul connectivity. (Bloomberg)
 Saudi inflation edges up to 3.1% YoY due to higher food,
housing costs – According to the data released by the Central
Department of Statistics & Information (CDSI), Saudi’s inflation
in November 2013 has edged up to 3.1% YoY due to higher
food and housing costs. The prices of food & beverages rose
5.4% YoY (+0.6% MoM) in November, while housing & utility
costs increased 3.5% YoY (+0.2% MoM). Analysts polled by
Reuters in September had forecasted the Saudi average
inflation to climb to 3.8% in 2013 and 3.9% in 2014.
(GulfBase.com)
 SAMA issues first real estate financing license to Riyad
Bank – The Saudi Arabian Monetary Agency (SAMA) has
issued the first license for real estate financing and lease
financing to Riyad Bank. SAMA said that a number of banks and
companies have applied over the past few months for licenses
to practice real estate financing and other related financing
operations in the Kingdom. (GulfBase.com)
 SWCC plans to build world’s largest solar desalination
plant in Al Khafji – Saudi-based Saline Water Conversion
Corporation (SWCC) is planning to build the world’s largest
solar-powered water desalination plant in Al Khafji Governorate.
This plant will have a capacity to produce 30,000 cubic meters
when completed. (GulfBase.com)
 JOGMEC to renew deal with Saudi Aramco to store crude –
The Japan Oil, Gas & Metals National Corporation (JOGMEC) is
planning to renew an agreement with the Saudi Arabian Oil
Company. This agreement will allow the Middle Eastern
producer to store crude oil in tanks on Okinawa Island. Saudi
Aramco will lease tanks that have a capacity of about 1mn
kiloliters, which is 200,000 kiloliters higher than the current
volume. (Bloomberg)
 PCMC awards contract to YME for SWRO 4 desalination
plant – The Petroleum, Chemicals & Mining Company Ltd.
(PCMC) has awarded a contract to Yokogawa Middle East
(YME) to supply the control system for the SWRO 4 desalination
plant, which is being built by the Power & Water Utility Company
for Jubail & Yanbu. This plant will utilize reverse osmosis
membranes to desalinate seawater and produce 100,000 cubic
meters of potable water per day. The desalinated water from this
new plant will be provided to the Jubail area. The plant will begin
operations by the end of September 2014. (GulfBase.com)
 Moody's: UAE’s bond rating reflects its large hydrocarbon
endowment – According to a report released by the Moody's
Investors Service, the UAE’s “Aa2” government bond rating with
a Stable outlook reflects the country's large hydrocarbon
endowment and growth performance of its non-oil economy. The
report showed that the UAE's policy framework is sound and the
country’s economy has demonstrated its resilience against
downturns in global economic cycles. Moody's said the UAE's
fiscal strengths are largely derived from Abu Dhabi’s Aa2 rating
that has a Stable outlook. The report showed that UAE's
dynamic non-oil economy has strongly recovered due to growth
in trade, logistics and tourism, and the real non-oil GDP is
expected to grow 4.8% in 2014. Meanwhile, the report
highlighted that the UAE winning the bid to host the World Expo
2020 has signaled renewed investment in Dubai's infrastructure
and housing. Further, Moody's expects the upcoming maturities
to pose little refinancing risk, and forecasts that the UAE's
vulnerability to external risks will be very low; since the
government's large current account surpluses will reinforce its
reserve buffers. (Bloomberg)
 VHFL opens 5 oil pipelines to Fujairah Port – The Vopak
Horizon Fujairah Ltd. (VHFL) has opened five oil tanker berth
pipelines that connect its terminals to the Port of Fujairah. This
will significantly strengthen speed and efficiency of operations
for VHFL’s customers and strengthen the global hub status of
the Port of Fujairah. (GulfBase.com)
 Dubai consumer prices climb 2.3% YoY in November –
According to the latest data released by the Dubai Statistics
Centre (DSC), the Emirate’s consumer prices rose by 2.3% YoY
in November 2013. The data showed that housing & utility costs
(accounting for 44% of consumer expenses), increased 3.1%
YoY, while food & beverage prices jumped 4.3% YoY (+2.3%
MoM). This rise in CPI was also driven by the hotels &
restaurants group (4% rise), and water, electricity & gas group
(3% rise). Meanwhile, the CPI declined for the transport group
by 55%, miscellaneous commodities & services by 18%,
communications by 6%, furniture & household goods by 1%,
while prices of other groups have remained stable. Analysts had
forecast the UAE’s average inflation to accelerate to 1.5% in
2013 and 2.3% in 2014 from 0.7% in 2012. (GulfBase.com)
 Vopak, ENOC to add crude storage at Fujairah port – Royal
Vopak and the Emirates National Oil Company (ENOC), have
partnered for a fuel-storage terminal in the UAE, which may add
more crude oil tanks to boost business at the site outside the
Strait of Hormuz. ENOC’s CEO Saeed Khoory said the
companies are studying plans for enabling tankers to dock at the
Port of Fujairah and crude to flow by pipeline to the adjacent
Vopak Horizon terminal. Fujairah Ports’ General Manager
Captain Mousa Murad said the port is in talks with Vopak
Horizon and other storage operators about building crude
storage capacity. Murad added that the port will build loading
points capable of serving large crude tankers by mid-2016, if
terminal operators agree to add more tanks. Murad said the Abu
Dhabi pipeline, currently operating at about 50% of its capacity,
may boost trading at Fujairah. (Gulf-Times.com)
Page 4 of 6

5.  KEF partners with Elematic to set up plants in UAE, India –
KEF Holdings has entered into a partnership agreement with
Finland-based Elematic to set up integrated manufacturing
plants in the UAE and India. Under the first phase of this
agreement, an investment worth AED200mn will be made to set
up the first integrated factory in India for the fabrication and
supply of concrete elements. These include columns, beams,
hollow-core slabs, architectural cladding panels, graphic
concrete panels, aggregate finished panels and staircases. In
the second phase, KEF and Elematic will work together to
introduce graphical concrete to UAE and India. (GulfBase.com)
 Ozonegroup to open its office in Dubai – Bangalore-based
real estate company Ozonegroup is planning to open its
representative office in Dubai soon. This new office will cater to
the increasing demand from Gulf-based NRIs for Ozone
branded projects in India. (GulfBase.com)
 AGI plans to invest $170mn in Pak oil & gas sector – The Al
Ghurair Investment (AGI) is planning to invest $170mn in the oil
& gas sector in Pakistan. AGI will construct a refinery in
Pakistan that will have a capacity to refine 100,000 barrels per
day. (Bloomberg)
 Nakheel to make AED218mn sukuk profit payment –
Nakheel will make a profit payment of AED218mn against its
sukuk worth AED4.4bn to all sukuk holders on December 15,
2013. (GulfBase.com)
 Abu Dhabi’s November inflation driven by higher food
prices – According to the data released by the Statistics Centre
Abu Dhabi (SCAD), higher food prices was the key driver for the
jump in Abu Dhabi’s consumer prices in November 2013.
Inflation edged up 1.8% YoY in November 2013. The data
showed that the prices of food & beverages, clothing & footwear,
furnishings & household equipment groups rose by 3.8% each,
while restaurant & hotel prices were up 3.7%. The November
data also showed that prices of vegetables rose by 7.6%, coffee,
tea & cocoa by 6.1% and fruits by 2.7%. (Bloomberg)
 Al Noor Hospitals eyes Dubai acquisitions after insurance
law – Abu Dhabi-based Al Noor Hospitals Group is considering
expanding in Dubai after the Emirate announced its plans to
make health insurance mandatory. The group’s Chief Strategy
Officer Sami Alom said compulsory insurance makes the Dubai
market even more attractive and the expansion in Dubai will be
most likely done through acquisitions. (Gulf-Times.com)
 NBK largest contributor to finance Az Zour North power
plant – The National Bank of Kuwait (NBK) said that it is the
largest contributor in a consortium of various commercial banks
that is financing the Az Zour North power plant. This consortium
includes the Japan Bank for International Cooperation, Nippon
Export & Investment Insurance, Bank of Tokyo Mitsubishi,
Sumitomo Mitsui Banking Corporation and the Standard
Chartered Bank. (Bloomberg)
 Oman signs deal with Total E&P Oman, Petrogas Kahil to
develop onshore, onshore blocks – The Omani government
has signed production sharing agreements with Total
Exploration & Production Oman Petroleum (Total E&P Oman)
and Petrogas Kahil LLC for developing offshore and onshore oil
blocks. A production sharing agreement has been signed with
Total E&P Oman to develop the offshore block 41 that is spread
across 23,850 square kilometers off the northern coast. Total
E&P Oman will begin with conducting exploratory studies, which
will be followed by drilling of a test well. The total investment
envisaged for both phases will be around $133mn and the
exploration program is expected to begin with seabed coring in
2014. Meanwhile, Oman has signed another production sharing
agreement with Petrogas Kahil to develop the onshore block 55
that is spread across 7,564 square kilometers. Under this
agreement, both Total E&P Oman and Petrogas Kahil will
conduct geological and geophysical studies followed by drilling
of exploration wells. (GulfBase.com)
 S&P affirms Bahrain’s ratings at BBB/A-2 – S&P has affirmed
its “BBB/A-2” rating on the Bahraini economy with a Stable
outlook. These ratings are supported by the ongoing economic
recovery that would limit the increase in Bahrain's sovereign
debt. Meanwhile, S&P has forecasted Bahrain's per capita GDP
growth for 2014-2017 at 1%, which is low as compared to its
peers at similar wealth levels. The net general government debt
is forecasted to increase to 12% of the GDP by 2017.
(Bloomberg)
 CBB: Bahrain's economy bouncing back on Positive
outlook – According to the Central Bank of Bahrain’s (CBB)
data, Bahrain's economy is bouncing back on Positive outlook
and profits of major local banks are expected to grow by 7-10%.
The data showed that the overall volume of bank deposits
soared by 10%, while loans grew by 5-7%. Meanwhile, a
tangible improvement in the security situation has provided a
major boost for the Bahraini economy. (GulfBase.com)
 ADS Securities seeks license to operate in UK – ADS
Securities’ Managing Director Philippe Ghanem said the
company is planning to gain a license to operate in the UK in
2014. He said that ADS has become one of the first Middle East
brokers to start pricing the Chinese Yuan currency for customers
in the region. (GulfBase.com)
 Etihad to fly daily to Perth from July 15, 2014 – Etihad
Airways will begin daily flights to Australian city of Perth from
July 15, 2014. The airline will fly an Airbus A330-200 aircraft
with 262 seats on this route. (Bloomberg)
 Tunisia to receive KFAED’s KD25mn loan to improve its gas
network – The Constituent Assembly of Tunisia has approved
receiving a 20-year loan worth KD25mn from the Kuwait Fund
for Arab Economic Development (KFAED) to improve Tunisia’s
natural gas network. This loan aims to implement and develop
the transport networks and distribution of natural gas produced
domestically. This project will benefit 25 Tunisian cities. This
loan that bears an interest rate of 2.5% per year has a grace
period of four years and will be amortized in 32 semi-annual
installments. (Bloomberg)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.9%
2.1%
0.7%
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
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,238.80
1.1
0.8
(26.1)
DJ Industrial
15,755.36
0.1
(1.7)
20.2
19.71
1.0
1.0
(35.1)
S&P 500
1,775.32
(0.0)
(1.6)
24.5
108.83
0.1
(2.5)
(2.1)
NASDAQ 100
4,000.98
0.1
(1.5)
32.5
4.36
(1.0)
5.2
27.1
STOXX 600
309.75
(0.2)
(2.1)
10.8
130.50
(0.6)
2.8
45.0
DAX
9,006.46
(0.1)
(1.8)
18.3
129.50
(3.4)
(7.2)
(26.6)
FTSE 100
6,439.96
(0.1)
(1.7)
9.2
1.37
(0.1)
0.3
4.2
103.21
(0.2)
0.3
19.0
GBP
1.63
(0.3)
(0.3)
0.3
MSCI EM
CHF
1.12
(0.0)
0.3
2.9
SHANGHAI SE Composite
AUD
0.90
0.3
(1.5)
(13.8)
USD Index
80.21
0.0
(0.1)
RUB
32.87
0.2
0.5
BRL
0.43
0.0
(0.2)
(12.2)
Yen
Dubai
Jul-13
Abu Dhabi
QE Index
May-12 Dec-12
(0.6%)
Oman
(1.4%)
Oct-11
(0.1%) (0.0%)
(0.1%)
Bahrain
(0.7%)
Jan-10 Aug-10 Mar-11
0.4%
0.3%
Kuwait
120.5
1.4%
Qatar
132.6
Saudi Arabia
150.7
CAC 40
Nikkei
4,059.71
(0.2)
(1.7)
11.5
15,403.11
0.4
0.7
48.2
990.48
(0.1)
(1.2)
(6.1)
2,196.08
(0.3)
(1.8)
(3.2)
HANG SENG
23,245.96
0.1
(2.1)
2.6
0.6
BSE SENSEX
20,715.58
(1.0)
(1.3)
6.6
7.7
Bovespa
50,051.18
(0.1)
(1.8)
(17.9)
1,391.85
(0.1)
0.1
(8.8)
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.
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