1. QE Intra-Day Movement
Market Indicators
10,250
10,200
10,150
10,100
9:30
14 Nov 13
13 Nov 13
%Chg.
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
378.8
549,780.1
9.8
5,791
40
22:14
475.2
545,965.8
11.6
5,927
41
23:17
(20.3)
0.7
(15.2)
(2.3)
(2.4)
–
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.8% to close at 10,212.4. Gains were led by the Industrials
and Banking & Financial Services indices, gaining 1.3% and 0.6% respectively.
Top gainers were Qatari Investors Group and Vodafone Qatar, rising 7.2% and
2.1% respectively. Among the top losers, Al Ahli Bank fell 3.6%, while Zad
Holding Co. declined 0.9%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,591.18
2,548.58
2,435.02
3,356.75
1,861.57
1,888.47
2,359.31
1,443.98
5,906.62
2,922.25
0.8
0.7
0.6
1.3
0.3
0.5
(0.2)
0.3
0.1
1.1
2.4
2.2
3.2
2.5
(0.6)
2.2
1.1
1.2
0.1
2.6
29.0
26.5
24.9
27.8
38.9
17.2
20.2
35.6
26.5
17.4
N/A
12.9
13.1
12.2
12.6
12.9
9.7
19.9
22.4
15.2
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.2% to close at 8,317.2. Gains were led
by the Media & Publishing and Industrial Investment indices, rising 1.6% and
1.1% respectively. Al Abdullatif Industrial Investment Co. rose 5.9%, while
Alujain Corporation was up 3.7%.
Qatari Investors Group
Dubai: The DFM index gained 0.4% to close at 2,824.9. The Real Estate &
Construction index rose 1.2%, while the Services index was up 0.9%. National
General Insurance Co. gained 6.7%, while Al Salam Bank - Sudan was up
4.3%.
Close#
1D%
Qatar
35.15
7.2
1,616.0
52.8
Al Abdullatif Ind. Inv.
Saudi Arabia
43.40
5.9
1,668.0
36.9
Aramex
Dubai
2.70
3.8
490.4
35.0
Union National Bank
Abu Dhabi
4.99
3.5
1,227.6
72.7
Deyaar Development
Dubai
0.70
3.1
23,123.8
97.7
##
#
Vol. ‘000
YTD%
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 3,794.6. The
Consumer index gained 2.0%, while the Energy index was up 1.6%. Abu
Dhabi National Co. for B. & M. rose 11.5%, while RAK Cement was up 5.4%.
GCC Top Losers
Exchange
1D% Vol. ‘000
YTD%
IFA Hotels & Resorts
Kuwait
0.26
(8.8)
545.0
(26.7)
Kuwait: The KSE index declined 0.2% to close at 7,903.7. The Insurance
index fell 2.0%, while the Health Care index was down 1.3%. First Takaful
Insurance Co. declined 16.7%, while IFA Hotels & Resorts was down 8.8%.
Abu Dhabi Nat. Hotels
Abu Dhabi
2.22
(7.5)
100.4
25.4
Emirates NBD
Dubai
5.17
(4.3)
315.8
81.4
Oman: The MSM index declined marginally to close at 6,762.3. However, all
sub-indices ended in green. Al Sharqiya Investment Holding Co. fell 2.7%,
while Dhofar Insurance Co. was down 2.0%.
Al Ahli Bank
Qatar
54.00
(3.6)
1.0
10.2
ALAFCO
Kuwait
0.28
(3.5)
195.9
(22.5)
Close
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)
Bahrain: The BHB index was closed on November 14, 2013.
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
YTD%
35.15
7.2
1,616.0
52.8
Al Ahli Bank
54.00
(3.6)
1.0
10.2
Vodafone Qatar
9.80
2.1
1,530.2
17.4
Zad Holding Co.
68.00
(0.9)
0.6
15.6
Industries Qatar
167.40
1.7
383.0
18.7
Qatar & Oman Investment Co.
12.40
(0.8)
37.4
0.1
National Leasing
31.15
1.3
487.9
(31.1)
Qatar Industrial Manufacturing Co.
50.50
(0.8)
58.6
(4.9)
Masraf Al Rayan
31.65
1.1
843.4
27.7
Al Khaleej Takaful Group
38.60
(0.5)
1.0
5.3
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
35.15
7.2
1,616.0
52.8
Industries Qatar
167.40
1.7
63,406.8
18.7
9.80
2.1
1,530.2
17.4
Qatari Investors Group
35.15
7.2
55,267.1
52.8
United Development Co.
23.37
1.0
1,515.4
31.3
QNB Group
173.50
1.0
40,500.7
32.5
Masraf Al Rayan
31.65
1.1
843.4
27.7
United Development Co.
23.37
1.0
35,306.2
31.3
Barwa Real Estate Co.
27.40
0.2
574.3
(0.2)
Masraf Al Rayan
31.65
1.1
26,591.6
27.7
Qatar Exchange Top Gainers
Qatari Investors Group
Qatar Exchange Top Vol. Trades
Qatari Investors Group
Vodafone Qatar
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain#
Qatar Exchange Top Losers
Close
1D%
WTD%
MTD%
YTD%
10,212.40
2,824.88
3,794.61
8,317.16
7,903.74
6,762.33
1,204.02
0.8
0.4
0.3
0.2
(0.2)
(0.0)
N/A
2.4
(2.5)
(1.5)
0.7
(0.5)
0.1
(0.2)
3.8
(3.3)
(1.3)
3.4
(0.5)
1.3
0.2
22.2
74.1
44.2
22.3
33.2
17.4
13.0
Exch. Val. Traded
($ mn)
104.04
151.32
71.12
1,224.10
76.25
24.39
N/A
Exchange Mkt.
Cap. ($ mn)
151,024.6
68,127.1
109,238.5
452,629.7
109,151.4
24,070.4
16,863.5
P/E**
P/B**
13.1
14.8
10.5
17.0
18.2
10.8
8.1
1.8
1.1
1.3
2.1
1.3
1.6
0.8
Dividend
Yield
4.5
3.2
4.8
3.6
3.5
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) ( Data as of November 12)
Page 1 of 7

2. Qatar Market Commentary
 The QE index rose 0.8% to close at 10,212.4. 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.
Overall Activity
Sell %*
Net (QR)
Qatari
60.92%
74.65%
(52,013,897.69)
Non-Qatari
 Qatari Investors Group and Vodafone Qatar were the top
gainers, rising 7.2% and 2.1% respectively. Among the top
losers, Al Ahli Bank fell 3.6%, while Zad Holding Co. declined
0.9%.
Buy %*
39.08%
25.35%
52,013,897.69
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday declined by 15.2% to
9.8mn from 11.6mn on Wednesday. However, as compared to
the 30-day moving average of 7.3mn, volume for the day was
34.9% higher. Qatari Investors Group and Vodafone Qatar were
the most active stocks, contributing 16.4% and 15.5% to the total
volume respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Agency
Market
A.M.
Best
Dubai
A.M.
Best
Bahrain
Emirates Retakaful
Limited (ERL)
Bahrain Kuwait
Insurance Co.
(BKIC)
Type*
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
FSR/ ICR
B++/bbb+
B++/bbb+
–
Stable
–
FSR/ ICR
A-/a-
A-/a-
–
Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, ICR- Issuer Credit Rating)
Earnings Releases
Revenue
(mn) 3Q2013
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
AED
19.0
28.8%
0.6
47.1%
0.6
93.3%
AED
54.3
22.1%
–
–
11.6
-32.7%
Dubai
AED
–
–
–
–
-6.1
4064.1%
Dubai
AED
–
–
–
–
-5.3
68.5%
Gulf Cement Co. (GCC)
Sharjah Insurance Co.
(SICO)
Methaq Takaful Insurance
Abu Dhabi National
Company for Building
Materials (BILDCO)
Al Buhaira National
Insurance Co. (ABNIC)
United Insurance Co. (UIC)
Abu Dhabi
AED
130.8
-18.7%
–
–
19.7
1445.9%
Abu Dhabi
AED
10.9
-12.1%
–
–
0.2
NA
Abu Dhabi
AED
1.6
-68.3%
–
–
2.8
NA
Abu Dhabi
AED
9.3
-68.0%
–
–
-7.6
7.9%
Abu Dhabi
AED
53.9
5.4%
–
–
13.7
167.4%
Abu Dhabi
AED
25.5
22.4%
–
–
-2.8
NA
Arkan Building Materials Co.
Al Khazna Insurance Co.
(AKIC)
Ekttitab Holding Co.
Abu Dhabi
AED
101.1
11.2%
–
–
12.2
-24.7%
Abu Dhabi
AED
9.5
-54.1%
–
–
-87.6
NA
Kuwait
KD
-0.2
NA
–
–
-0.3
NA
Al Salam Group Holding Co.
Kuwait
KD
–
–
–
–
0.0
290.7%
Al Anwar Holdings (AAH)*
Oman
OMR
–
–
–
–
1.6
124.9%
Company
Market
Emirates Refreshments
(ERC)
National Cement Co. (NCC)
Dubai Islamic Insurance &
Reinsurance Co. (AMAN)
Takaful Emarat – Insurance
Currency
Dubai
Dubai
Net Profit (mn)
3Q2013
% Change
YoY
Source: Company data, DFM, ADX, MSM (*Results for the six months ended September 30, 2013)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
11/14
US
Department of Labor
Initial Jobless Claims
9-November
339K
330K
341K
11/14
US
Department of Labor
Continuing Claims
2-November
2874K
2870K
2874K
11/14
US
Bureau of Labor Stat.
Nonfarm Productivity
3Q2013
1.90%
2.20%
1.80%
11/14
US
Bureau of Labor Stat.
Unit Labor Costs
3Q2013
-0.60%
-0.10%
0.50%
11/14
US
Bloomberg
Bloomberg Consumer Comfort
10-November
-33.9
–
-37.9
11/15
US
Bureau of Labor Stat.
Import Price Index MoM
October
-0.70%
-0.50%
0.10%
11/15
US
Bureau of Labor Stat.
Import Price Index YoY
October
-2.00%
-1.60%
-1.00%
11/15
US
Federal Reserve
Industrial Production MoM
October
-0.10%
0.20%
0.70%
11/15
US
Federal Reserve
Capacity Utilization
October
78.10%
78.30%
78.30%
11/15
US
Federal Reserve
Manufacturing (SIC) Production
October
0.30%
0.20%
0.10%
Page 2 of 7

3. 11/15
US
US Census Bureau
Wholesale Trade Sales MoM
September
0.60%
0.30%
11/14
EU
Eurostat
GDP SA QoQ
3Q2013
0.10%
0.10%
0.40%
0.30%
11/14
EU
Eurostat
GDP SA YoY
3Q2013
-0.40%
-0.30%
-0.60%
11/15
EU
Eurostat
CPI MoM
October
-0.10%
-0.10%
0.50%
11/15
EU
Eurostat
CPI YoY
October
0.70%
0.70%
1.10%
11/15
EU
Eurostat
CPI Core YoY
October
0.80%
0.80%
1.00%
11/14
France
INSEE
GDP QoQ
3Q2013
-0.10%
0.00%
0.50%
11/14
France
INSEE
GDP YoY
3Q2013
0.20%
0.30%
0.50%
11/14
France
INSEE
Non-Farm Payrolls QoQ
3Q2013
-0.10%
-0.10%
-0.20%
11/14
France
INSEE
CPI MoM
October
-0.10%
-0.10%
-0.20%
11/14
France
INSEE
CPI YoY
October
0.60%
0.70%
0.90%
11/14
Germany
Destasis
GDP SA QoQ
3Q2013
0.30%
0.30%
0.70%
11/14
Germany
Destasis
GDP WDA YoY
3Q2013
0.60%
0.60%
0.50%
11/14
Germany
Destasis
GDP NSA YoY
3Q2013
1.10%
1.00%
0.90%
11/14
Italy
ISTAT
GDP WDA QoQ
3Q2013
-0.10%
-0.10%
-0.30%
11/14
Italy
ISTAT
GDP WDA YoY
3Q2013
-1.90%
-1.90%
-2.20%
11/14
Japan
ESRI
GDP SA QoQ
3Q2013
0.50%
0.40%
0.90%
11/14
Japan
ESRI
GDP Annualized SA QoQ
3Q2013
1.90%
1.70%
3.80%
11/14
Japan
ESRI
GDP Consumer Spending QoQ
3Q2013
0.10%
0.20%
0.60%
11/14
Japan
ESRI
GDP Business Spending QoQ
3Q2013
0.20%
1.00%
1.10%
11/14
Japan
ESRI
Industrial Production MoM
September
1.30%
–
-0.90%
11/14
Japan
ESRI
Industrial Production YoY
September
5.10%
–
-0.40%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 VFQS reports net loss of QR75mn for 2Q2013 – Vodafone
Qatar (VFQS) has reported a net loss of QR75mn for 2Q2013,
indicating a decrease of 11.6% QoQ. Net loss fell by 33.4% YoY
to QR159.9mn in 1H2013. Revenue rose by 1.3% QoQ to
QR465.3mn in 2Q2013 and by 32.9% YoY to QR924.6mn in
1H2013. Loss per share stood at QR0.19 for the six months
period ended September 30, 2013 as compared to QR0.28 for
the same period of 2012. (VFQS press release)
 Barwa Bank earns QR442mn net income in 9M2013 – Barwa
Bank has earned a net income worth QR442mn for the ninemonth period up to September 2013, rising 60% over QR279mn
in 9M2012. Total income increased by 26% to QR1.1bn in the
nine months as compared with QR855mn in the same period in
2012. Earnings per share (EPS) rose to QR1.49 in September
2013 compared with QR0.94 in September 2012. (GulfTimes.com)
 Qatar real estate witnesses 209 deals during November 3-7
– Ezdan Holding Group (ERES) said the real estate sector in
Qatar has witnessed a steady recovery with the implementation
of 209 deals during November 3-7, 2013. According to the Real
Estate Registration Department in the Ministry of Justice, the
combined value of all the real estate transactions this week
amounted to about QR1.1bn, up by 13.5% as compared to
QR965.4mn in the previous week. However, property sales in
Doha Municipality have declined 33.2%. Doha registered 48
deals with a ratio of 23% of the total deals in all the regions and
the sale of plots returned to prevail on the transactions by
78.6%, while the various other real estate transactions ratio was
21.4% with no exceptional deals signed during the period.
(GulfBase.com)
 Qatar seeks to invest in Saudi agriculture – The Qatar
National Food Security Program (QNFSP) has revealed that the
country is seeking to invest in the agricultural sector of Saudi
Arabia. QNFSP‟s Market Development Director of the Economic
Section, Salim Al Nabit said this move not only helps Qatar in
ensuring food security, but also create job opportunities for
Saudi nationals. (Bloomberg)
 Ooredoo to reach 2.5mn mobile customers by December –
Ooredoo said it is set to reach a milestone of 2.5mn mobile
customers in Qatar by December. The company said this
sustained customer growth has been driven by the popularity of
its Hala and Shahry services, as well as the wide range of
options available for each. (Gulf-Times.com)
 Qatar unveils new design for Al Wakrah Stadium – The
Qatar 2022 Supreme Committee has unveiled a new design
concept for the Al Wakrah Stadium, encompassing various
aspects of Qatari tradition and culture. Inspired by the dhow
boat and Al Wakrah‟s fishing and seafaring heritage, the design
has been developed by AECOM in association with Zaha Hadid
Architects under the guidance of the Qatar 2022 Supreme
Committee. Work on the stadium will begin next year and it will
be ready by 2018. (Gulf-Times.com, Peninsula Qatar)
 RasGas receives Emirates Energy Award 2013; Petronet
receives RasGas LNG cargo – RasGas Company Ltd has
received the Emirates Energy Award 2013 at an event
organized by the Dubai Supreme Council of Energy. Meanwhile,
Petronet LNG, India‟s importer of natural gas, received its
second LNG cargo at its recently commissioned Kochi LNG
Terminal. The LNG carrier Fuwairit carried 138,000 cubic meters
of LNG from RasGas. (Gulf-Times.com, Qatar Tribune)
 EQ launches subsidized legal services for SMEs –
Enterprise Qatar (EQ) is set to launch its latest initiative Oqood, which offers 70% subsidized legal services to the
entrepreneurs and the SME community in Qatar. Oqood is EQ's
second initiative under the "Istishara" program, which has
previously seen the launch of the consultancy services Jadwa.
Oqood targets two main categories - entrepreneurs in the "idea
stage" and SMEs. EQ will subsidize 70% of the legal services
cost and the applicants will express their commitment by
covering 30%. (Gulf-Times.com)
 Turkish Airlines opens office in Doha –Turkish Airlines has
opened a new office in Doha to meet the increasing customer
Page 3 of 7

4. demand from the country. The airline has seen a 55% YoY
growth in passenger traffic from Doha in the nine months ended
on September 30, 2013. (Bloomberg)
International
 BoE's Fisher: Interest rates of 4-5% might become normal,
eventually – The Bank of England‟s (BoE) Monetary Policy
Committee member Paul Fisher said interest rates in the UK
could eventually rise back to about 4-5% if inflation falls to the
BoE‟s target and economic growth picks up. However, Fisher
stressed that the BoE was not planning to raise interest rates
any time soon. Last week, the BoE raised its forecasts for
economic growth and brought forward the date when it expects
unemployment to fall to its targeted 7% level at which it would
consider raising interest rates. (Reuters)
 EU criticizes spending plans of large Eurozone nations –
The European Union confronted the Eurozone‟s biggest
economies over their spending plans for next year as austerity
demands restrain the bloc‟s recovery from the longest recession
in its history. The EU said that Germany has made no progress
in following its recommendations to spur domestic demand;
Spain‟s budget risked missing deficit targets; and Italy‟s 2014
plan was in danger of breaching debt-reduction rules. EU
Economic & Monetary Affairs Commissioner Olli Rehn said the
budget plans of Eurozone countries still do not pay sufficient
attention to fiscal consolidation. He said continued progress with
sound public finances should be supported by growth-friendly
structural measures. (Bloomberg)
 Spain to exit bank aid program without additional funds –
Eurozone finance ministers agreed to allow Spain to exit an aid
program for its banking sector in January 2014 without drawing
more European funds. Last year, Spain took €41bn out of a
€100bn aid package to rescue a number of its banks that were
crippled by bad loans from the collapse of a property and
construction bubble. A so-called „bad bank‟ was formed to
dispose of properties and loans whose value had plunged.
Meanwhile, Ireland also chose not to take emergency credit
lines as it exits a full rescue for its public finances. (Reuters)
 China unveils boldest reforms in decades – The Chinese
government unwrapped its boldest economic and social reforms
in nearly three decades, relaxing its one-child policy and further
freeing up markets in order to put the economy on a more stable
footing. A document released by the Communist Party following
a four-day conclave of its senior leaders promised land and
residence registration reforms, which are needed to boost
China's urban population and allow its transition to a services
and consumption-driven economy. Pricing of fuels, electricity
and other key resources would be mainly decided by markets,
while the country also pledged to speed up the opening of its
capital account and further financial liberalization. (Reuters)
 Japan’s government to compile growth strategy II in June
2014 – Japan's government will reportedly compile the second
round of its growth strategy in June next year, focusing on
attracting foreign companies Japan and helping Japanese firms
expand overseas. The government could also consider
deregulation to support venture companies, improve the
competitiveness of agriculture, as well as begin public works for
the Tokyo Summer Olympics to be held in 2020. The
government will also expand the Council on Economic & Fiscal
Policy to give it more authority to make policy proposals.
(Reuters)
 Japan’s economy looking up, heading for steady recovery –
Japanese Economics Minister Akira Amari said the economy is
continuing to look up on the back of firm domestic demand and
that its recovery is now ensured. The country‟s economy slowed
less than expected in July-September and is expected to pick up
pace in the current quarter as consumers spend to beat a tax
rise next year. However, business investment came in sharply
below market forecasts. Amari said exports will recover firmly in
the current quarter as the US economy recovers and uncertainty
over Chinese economy clears, although downside risks from
overseas economies need close monitoring. (Reuters)
Regional
 IEA: Shale has no long-term impact on oil prices – According
to the International Energy Agency‟s (IEA) annual World Energy
Outlook (WEO), shale gas will not significantly boost oil
production or bring down prices in the long-term. IEA expects
worldwide production of light tight oil (LTO) from shale and other
formations which require hydraulic fracking to grow to around
5.8mn barrels per day (bpd) by 2030 from 2mn bpd in 2012,
before declining slightly to 5.6mn bpd by 2035. (Reuters)
 Boeing forecasts $550bn spending for Middle Eastern
airlines over 20 years – US-based aircraft maker Boeing has
forecasted that the Middle Eastern airlines will need 2,610 new
airplanes worth $550bn over the next 20 years, due to rapid
traffic growth in the region. Boeing Commercial Airplanes‟ Vice
President of Marketing Randy Tinseth said that about one third
of the projected demand (900 airplanes) will be used to replace
the current fleet, while two thirds is expected to be driven by
fleet expansion in the region. (Reuters)
 QNB Group: Iraq needs to diversify its economy in longterm – According to a report by the QNB Group, Iraq continues
to expand its oil resources, but further economic diversification
is needed. The report found that oil production has expanded
rapidly after the Iraq war, resulting in a rise in per capita GDP
from $1,790 in 2005 to around $6,300 in 2012 despite a difficult
social context. However, the report stated Iraq‟s economy
continues to experience structural weaknesses, such as a small
non-oil sector, a dominant public involvement in all economic
areas and an underdeveloped business environment. With the
Iraqi economy mainly primarily driven by developments in the oil
sector, its growth is expected to remain strong in the short-term.
However, there are risks to the macroeconomic outlook such as
further social instability and weak policy implementation. These
risks could translate into lower oil revenues, deterioration in the
fiscal position and potentially higher inflation levels. (GulfTimes.com)
 RCJY signs 2 contracts for projects in Ras Al Khair, Yanbu
– The Royal Commission for Jubail & Yanbu (RCJY) has
entered into two contracts worth SR422mn for the
implementation of projects in Ras Al Khair and Yanbu cities.
RCJY has signed a three-year contract with Al Harbi Trading &
Contracting Company to develop Area B in Ras Al Khair. This
contract includes implementation of road networks, floods & rain
disposal networks, distribution of water allocated for drinking,
industrial operations, irrigation and fire fighting. Meanwhile,
RCJY has awarded a contract to Bongkyung Construction
Company for implementing a number of housing units in Al Jar
district of Yanbu Industrial City. (GulfBase.com)
 Al Khodari Sons gets 2 contracts from Jazan Municipality –
Abdullah A. M. Al Khodari Sons Company has signed two
contracts with the Ministry of Municipal & Rural Affairs (Jazan
Municipality). The first contract worth SR25mn is for the city
cleaning of Faifaa and its villages. The company has also signed
another contract worth SR55.2mn for city cleaning of Sabya and
its villages. Both these works need to be completed in 1,095
days from the date of handing over. The financial impact of
these projects is expected to be visible in 4Q2013. (Tadawul)
Page 4 of 7

5.  Almurjan partners with Hani Al Attas & Sons to set up a
services firm – The Almurjan Holding Company has entered
into a partnership agreement with Hani Al Attas & Sons Holding
Company to establish a new services company worth SR500mn
in the Kingdom‟s hotel, hospitality & catering sector. Sidra
Capital has been appointed as the financial advisor for this
project. (GulfBase.com)
 SEC appoints banks to issue Islamic bonds in 2014 – The
Saudi Electricity Company (SEC) is planning to issue Islamic
bonds denominated in both riyals and dollars over the coming
months. SEC has chosen the investment banking arm of
Banque Saudi Fransi and HSBC's Saudi Arabian unit to arrange
the riyal-denominated sukuk. HSBC will also be involved as an
arranger of the dollar-denominated sukuk, along with Deutsche
Bank and JP Morgan Chase. This issue is expected to happen
in early 2014. (GulfBase.com)
 YANSAB restarts petrochem complex after maintenance –
The Yanbu National Petrochemicals Company (YANSAB) has
restarted its petrochemicals complex after a three-week
maintenance shutdown. The complex was shut on October 23,
2013 due to a problem with its water cooling network. Due to
this, the company expects an estimated financial loss of
SR160mn. (GulfBase.com)
 AIIC’s BoD recommends SR162.5mn dividend – The Al
Abdullatif Industrial Investment Company‟s (AIIC) board of
directors has recommended to the distribution of dividends
worth SR162.5mn (SR2 per share), representing 20% of the
face value on December 12, 2013. AIIC‟s shareholders, who
are registered with the Securities Depository Center on
November 20, 2013, will be eligible for this dividend. (Tadawul)
 Saipem wins EPCI contract for offshore projects in
Kingdom – Italy-based Saipem has won an engineering,
procurement, construction & installation (EPCI) contract for
various projects offshore Saudi Arabia. This contract includes
installation of three platforms, three jackets and associated
pipelines of around 30 kilometers, as well as 25 kilometers of
subsea cables. The fabrication work will be performed at the
STAR Yard in Saudi Arabia. Meanwhile, Saipem has also
signed a contract with South Stream Transport for the
preparatory construction works of offshore pipeline in the
southern Black Sea. This new 931-kilometer pipeline will run
from the Russian Black Sea shore to the Bulgarian coast near
Varna, crossing the Turkish Exclusive Economic Zone.
(Bloomberg)
 UAE Banks Federation to seek penalties for banks that
break mortgage rules – The UAE Banks Federation (UBF), the
representative body of banks operating in the country will
recommend penalties for banks and bank employees found
flouting the recently announced mortgage rules. The UBF
recently adopted a code of conduct for all its members. While
code aims to raise the professional standards and to promote
greater trust in the UAE banking industry, the move to impose
penalties on erring banks will be the first in a series of measures
planned to bring about discipline and a new banking culture in
the UAE. (Bloomberg)
 UAE, India sign initial deal to protect, encourage
investments – The UAE has signed an initial agreement with
India to protect and encourage investments in a bid to
strengthen trade cooperation between the two countries. This
agreement covers several tasks that include facilitating capital
movement and technology, removing obstacles faced in
investing in India, enhancing competitiveness and efficiency of
these investments, along with protecting them from all political
risks such as nationalization, confiscation, seizures, freezing.
(GulfBase.com)
 Emirates NBD eyes Turkish acquisitions for foreign
expansion – Emirates NBD is looking for acquisition targets in
Turkey as the lender scouts for opportunities beyond its home
market, despite an improving economic environment in the
Emirate. Emirates NBD has been looking to diversify beyond
Dubai after the real estate market crash in 2008-2010 severely
impacted the bank. The lender aims for 20% of its revenues to
come from overseas markets in five years – up from 8% after
the Egyptian acquisition. While organic growth will play a part,
another acquisition will probably be needed to meet the bank‟s
target. (Gulf-Times.com)
 Damac launches book building for IPO in London – Damac
Properties has launched the book building process for the IPO
of its shares in London. Damac‟s shareholders expect the
company to sell Global Depositary Receipts (GDR) worth
$500mn and up to 18.8% stake in the company, along with an
over-allotment option that represents 15% of the base offer.
Each GDR will represent three ordinary shares with an indicative
price range of $12.25-$17.25 per GDR. This will imply a market
capitalization of $2.65-$3.74bn for Damac. (GulfBase.com)
 Danzas AEI Emirates breaks ground on its airfreight,
chemical logistics facilities at DWC – Danzas AEI Emirates, a
JV between Al Tayer Group and DHL Global Forwarding, has
broken ground for its two new airfreight and chemical logistics
facilities worth AED148mn at the Dubai World Central (DWC)
Logistics District. The new 12,000-square meter chemical facility
consists of multiple chambers that are capable of handling
various classes of dangerous goods and another 10,000 square
meter of space for non-hazardous materials. These facilities
expected to be completed by November 2014 will enable
Danzas to expand its customer base by offering more logistical
options for hazardous shipments. (GulfBase.com)
 GGICO’s BoD approve 50% stake sale of GEC to Sigma
Engineering – Gulf General Investments Company‟s (GGICO)
board of directors has approved selling 50% of its shares in the
Gulf Engineering Company (GEC) to Sigma Engineering for
AED7.5mn. (DFM)
 TAQA signs gas supply contract with EGAS – The Abu
Dhabi National Energy Company (TAQA) has entered into a
contract with the Egyptian Natural Gas Holding Company
(EGAS) to connect 66,000 new customers with natural gas. This
contract is a part of Egypt‟s effort to accelerate the development
of its energy sector and meet the increasing demand for energy.
(GulfBase.com)
 Emirates said to be in talks to buy 50 Airbus A380
Superjumbos – According to sources, Emirates Airline is in
talks with Airbus to purchase as many as 50 A380 Superjumbos.
The order is valued at around $20bn at list price which may be
signed soon. (Bloomberg)
 Etihad about to buy 75 Airbus jets; begins double daily
flights to Munich – Abu Dhabi-based Etihad Airways is
reportedly in talks to purchase as many as 75 Airbus jets,
including 50 of Airbus‟ long-haul A350 aircraft. The roughly
$16bn order is expected to be announced at the Dubai Airshow,
also includes an order for 25 smaller A320neos. Meanwhile,
Etihad will begin double daily flights on the Abu Dhabi-Munich
route from February 1, 2014. The airline had been flying seven
weekly flights to Munich since June 2004, carrying over 1mn
passengers between these two cities. (GulfBase.com) (Reuters)
 FGB to expand into new foreign markets in 2014 – First Gulf
Bank‟s (FGB) CEO Andre Sayegh said the bank will expand into
Page 5 of 7

6. three or four new foreign markets in 2014 in order to push the
percentage of its overseas profits to double digits. The bank
expects to obtain banking licenses in China and South Korea,
while it is also planning to expand into Indonesia and the UK.
The bank's overseas business in Qatar, Singapore, Hong Kong,
India and Libya currently contributes about 7% of its profits.
(GulfBase.com)
 Abu Dhabi to list bonds on ADX – Abu Dhabi's government
will list its bonds on the Abu Dhabi Securities Exchange (ADX)
in addition to the London Stock Exchange in order to develop
the Emirate as an international financial center. (Reuters)
 Markaz’s net profit rises 97.9% YoY in 9M2013 – The Kuwait
Financial Centre (Markaz) has reported a net profit of KD5.72mn
for the three quarters ending September 2013 as compared with
a net profit of KD2.89mn during the same period in 2012.
Markaz‟s total assets under management (AUM) reach
KD1.04bn, with an increase of 13% compared to the AUM as of
September 2012. EPS stood at 12 Fils per share as compared
with 6 Fils per share in the same period in 2012. (Bloomberg)
 Burgan Bank reports KD17.6mn net profit in 9M2013 – The
Burgan Bank has reported a net profit of KD17.6mn for the nine
months ended on September 30, 2013, indicating a decline of
62.1% YoY. During the 3Q2013, Burgan Bank Group achieved
an annualized growth of 17% in loans & advances as well as a
20% increase in customers‟ deposits. (GulfBase.com)
 A.M. Best puts Al Fajer Retakaful Insurance under review –
A.M. Best has placed Al Fajer Retakaful Insurance Company‟s
financial strength rating of "B++" and the issuer credit rating of
"BBB+" under review with negative implications. (Bloomberg)
 AAH’s BoD approves VTO’s status change – Al Anwar
Holdings‟ (AAH) board of directors has approved a proposal
from Voltamp Transformers Oman (VTO), a 100% subsidiary of
Voltamp Energy, (AAH‟s associate), to change the status of
VTO into an SAOC company from an LLC company. (MSM)
 GFH reports $3.15mn net loss in 3Q2013 – The Gulf Finance
House (GFH) has reported a net loss of $3.15mn in 3Q2013 as
compared to a net profit of $1.80mn in 3Q2012. The total
income for 3Q2013 stood at $5.21mn as compared to $8.7mn in
3Q2012. (GulfBase.com)
 Ithmaar Bank reports BHD1.7mn net loss in 3Q2013 –
Ithmaar Bank has reported a net loss of BHD1.7mn in 3Q2013
as compared a net loss of BHD6.5mn in 3Q2012. (Bloomberg)
 BMI shareholders approve Salam bank merger – Bahraini
retail and commercial lender BMI Bank said it has obtained
approval from the shareholders for its merger with Al Salam
Bank Bahrain (ASBB). The shareholder approved the deal at the
BMI's EGM following a similar approval by the shareholders of
ASBB during its EGM last month. (Bloomberg)
 BCCI appoints new CEO – The Bahrain Chamber of
Commerce & Industry (BCCI) has appointed Nabeel Al
Mahmood as its CEO with a retrospective effect from September
1, 2013. Al Mahmood will continue to oversee BCCI‟s activities
in order to support the private sector and to strengthen Bahrain‟s
position in the global marketplace. (GulfBase.com)
Page 6 of 7

7. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.2%
146.7
0.8%
0.8%
130.1
118.3
0.4%
0.4%
0.3%
0.2%
0.0%
0.0%
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Dubai
Oman
Source: Bloomberg (*Market closed on November 14, 2013)
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,290.20
0.2
0.1
(23.0)
DJ Industrial
15,961.70
0.5
1.3
21.8
20.81
0.1
(3.3)
(31.4)
S&P 500
1,798.18
0.4
1.6
26.1
108.50
(0.0)
3.2
(2.3)
NASDAQ 100
3,985.97
0.3
1.7
32.0
3.56
1.0
0.5
3.9
323.00
0.2
0.1
15.5
118.63
(0.7)
0.4
31.8
DAX
9,168.69
0.2
1.0
20.4
142.87
(1.5)
0.2
(19.1)
FTSE 100
6,693.44
0.4
(0.2)
13.5
STOXX 600
1.35
0.3
1.0
2.3
100.19
0.2
1.2
15.5
Nikkei
GBP
1.61
0.3
0.6
(0.8)
CHF
1.09
0.2
0.7
0.1
AUD
0.94
0.6
(0.2)
(9.9)
USD Index
80.85
(0.2)
(0.6)
RUB
32.59
(0.2)
(0.2)
BRL
0.43
0.0
(0.1)
(11.5)
Yen
Abu Dhabi
S&P Pan Arab
Jul-13
Kuwait
May-12 Dec-12
Bahrain*
QE Index
Oct-11
Qatar
Jan-10 Aug-10 Mar-11
(0.0%)
(0.2%)
Saudi Arabia
(0.4%)
4,292.23
0.2
0.7
17.9
15,165.92
1.9
7.7
45.9
MSCI EM
1,005.17
1.4
1.0
(4.7)
SHANGHAI SE Composite
2,135.83
1.7
1.4
(5.9)
HANG SENG
23,032.15
1.7
1.3
1.7
1.4
BSE SENSEX*
20,399.42
0.0
(1.3)
5.0
6.8
Bovespa*
53,451.60
0.0
2.3
(12.3)
1,444.24
0.7
0.6
(5.4)
Source: Bloomberg
CAC 40
RTS
Source: Bloomberg (*Markets closed on November 15, 2013)
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
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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
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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,
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