1. QE Intra-Day Movement
Market Indicators
9,750
9,740
9,730
9,720
21 Oct 13
%Chg.
293.3
527,529.2
6.0
2,905
37
21:12
362.8
528,292.0
8.4
3,328
41
13:22
(19.2)
(0.1)
(28.7)
(12.7)
(9.8)
–
Market Indices
9,710
9,700
9:30
22 Oct 13
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.1% to close at 9,723.6. Losses were led by the
Industrials and Real Estate indices, declining 0.5% and 0.4% respectively. Top
losers were Dlala Brok. & Inv. Holding Co. and Qatar Electricity & Water Co.,
falling 2.0% and 1.8% respectively. Among the top gainers, Qatar General Ins.
& Rein. Co. rose 4.6%, while Gulf International Services gained 3.6%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
13,892.85
2,443.29
2,337.89
3,107.01
1,819.10
1,819.49
2,302.10
1,446.37
5,914.12
2,798.32
(0.1)
(0.1)
(0.2)
(0.5)
1.0
(0.4)
1.1
0.5
0.2
(0.2)
0.0
(0.1)
(0.7)
(0.5)
1.3
1.7
0.9
1.3
0.3
0.4
22.8
21.3
19.9
18.3
35.7
12.9
17.2
35.8
26.6
12.5
N/A
12.3
12.4
11.5
12.4
13.2
9.6
15.2
23.7
14.8
GCC Commentary
GCC Top Gainers##
Exchange
Close#
Saudi Arabia: The TASI index declined marginally to close at 8,142.7. Losses
were led by the Real Estate Dev. and Trans. indices, falling 0.8% and 0.7%
respectively. United Electronics declined 5.2%, while SVCP was down 3.6%.
Qatar Gen. Ins. & Rein.
1D%
Qatar
54.90
4.6
17.2
19.3
Gulf Int. Services
Qatar
57.00
3.6
173.6
90.0
Dubai: The DFM index rose 0.5% to close at 2,923.9. The Telecommunication
index rose 2.2%, while the Investment & Financial Services index was up
1.2%. Mashreq Bank rose 7.5%, while SHUAA Capital was up 4.4%.
SPIMACO
Saudi Arabia
57.25
3.6
605.4
31.0
RAKBANK
Abu Dhabi
7.25
3.6
24.0
94.4
Abu Dhabi: The ADX benchmark index declined 0.3% to close at 3,861.1. The
Energy index declined 1.5%, while the Banking index was down 0.8%. Green
Crescent Insurance declined 2.8%, while FOODCO Holding was down 2.3%.
Deyaar Development
Dubai
0.73
3.0
GCC Top Losers
Exchange
Close
1D% Vol. ‘000
Kuwait: The KSE index fell marginally to close at 7,871.6. The Consumer
Services index declined 1.6%, while the Insurance index was down 0.3%.
Future Kid Ent. & Real Estate fell 8.3%, while Kuwait Ins. was down 6.7%.
United Electronics Co.
Saudi Arabia
110.00
(5.2)
354.8
32.5
IFA Hotels & Resorts
Kuwait
0.43
(4.5)
8.5
19.8
Oman: The MSM index declined 0.2% to close at 6,642.6. Losses were led by
the Bank. & Inv. and Ser. & Ins. indices, declining 0.3% and 0.1% respectively.
Al Sharqiya Inv. declined 2.0%, while Oman & Emirates Inv. was down 1.6%.
SADAFCO
Saudi Arabia
89.50
(2.5)
49.0
38.2
First Gulf Bank
Abu Dhabi
16.55
(2.4)
1,651.2
42.7
Methanol Chemicals
Saudi Arabia
13.25
(2.2)
3,132.3
(0.7)
Bahrain: The BHB index fell 0.1% to close at 1,196.5. The Investment and
Services indices declined 0.4% each. Gulf Finance House fell 3.1%, while
National Bank of Bahrain was down 0.8%.
Qatar Exchange Top Gainers
Close*
Qatar General Ins. & Rein. Co.
54.90
##
#
Vol. ‘000
YTD%
205,406.5 107.4
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)
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
4.6
17.2
19.3
Dlala Brok. & Inv. Holding Co.
21.00
(2.0)
39.6
(32.4)
90.0
Qatar Electricity & Water Co.
154.10
(1.8)
38.0
16.4
(5.4)
Gulf International Services
57.00
3.6
173.6
Qatar Navigation
85.20
1.8
263.0
35.0
Qatar National Cement Co.
101.20
(1.3)
1.8
Salam International Investment Co.
12.40
1.7
215.0
(2.1)
Industries Qatar
151.30
(1.0)
192.4
7.3
Qatari Investors Group
31.80
1.1
689.0
38.3
Barwa Real Estate Co.
26.70
(0.9)
1,672.1
(2.7)
Qatar Exchange Top Vol. Trades
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Barwa Real Estate Co.
26.70
(0.9)
1,672.1
(2.7)
Barwa Real Estate Co.
26.70
(0.9)
45,257.4
(2.7)
Qatari Investors Group
31.80
1.1
689.0
38.3
Commercial Bank of Qatar
67.00
(0.7)
35,547.2
(5.5)
Commercial Bank of Qatar
67.00
(0.7)
530.5
(5.5)
Industries Qatar
151.30
(1.0)
29,190.8
7.3
Masraf Al Rayan
29.25
0.3
318.2
18.0
Qatar Navigation
85.20
1.8
22,340.2
35.0
Medicare Group
50.70
(0.6)
311.1
42.0
Qatari Investors Group
31.80
1.1
21,959.3
38.3
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%
9,723.64
2,923.89
3,861.10
8,142.66
7,871.59
6,642.56
1,196.47
(0.1)
0.5
(0.3)
(0.0)
(0.0)
(0.2)
(0.1)
0.0
3.3
0.5
2.0
1.3
(0.4)
0.2
1.2
5.8
0.5
2.2
1.3
(0.1)
0.2
16.3
80.2
46.8
19.7
32.6
15.3
12.3
Exch. Val. Traded
($ mn)
80.56
367.74
70.82
1,546.29
140.67
19.93
0.50
Exchange Mkt.
Cap. ($ mn)
144,912.3
70,503.3
110,691.7
436,101.7
138,733.0
23,648.5
17,850.6
P/E**
P/B**
12.2
17.0
11.0
16.6
19.0
10.9
8.4
1.7
1.2
1.4
2.1
1.3
1.6
0.8
Dividend
Yield
4.7
3.1
4.7
3.6
3.5
3.9
4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 6

2. Qatar Market Commentary
 The QE index declined 0.1% to close at 9,723.6. The Industrials
and Real Estate indices led the losses. The index declined on
the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
58.90%
63.07%
(12,217,439.56)
Non-Qatari
 Dlala Brok. & Inv. Holding Co. and Qatar Electricity & Water Co.
were the top losers, falling 2.0% and 1.8% respectively. Among
the top gainers, Qatar General Ins. & Rein. Co. rose 4.6%, while
Gulf International Services gained 3.6%.
Buy %*
41.09%
36.92%
12,217,439.56
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday declined by 28.7% to
6.0mn from 8.4mn on Monday. Further, as compared to the 30day moving average of 6.9mn, volume for the day was 13.3%
lower. Barwa Real Estate Co. and Qatari Investors Group were
the most active stocks, contributing 27.8% and 11.5% to the total
volume respectively.
Earnings and Global Economic Data
Earnings Releases
Company
Revenue
(mn) 3Q2013
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
Net Profit (mn)
3Q2013
% Change
YoY
SR
–
–
21.9
13.4%
18.6
9.8%
Saudi Arabia
SR
–
–
-15.3
N/A
-13.1
N/A
Saudi Arabia
SR
–
–
35.2
-0.6%
37.0
27.1%
Saudi Arabia
SR
–
–
33.7
-5.1%
22.0
-12.5%
Saudi Arabia
SR
–
–
64.1
-15.4%
65.5
-7.7%
Saudi Arabia
SR
–
–
44.3
-11.5%
17.6
8.5%
Saudi Arabia
SR
–
–
18.0
-21.7%
17.5
-23.2%
Saudi Arabia
SR
–
–
238.0
8.7%
229.0
9.6%
Saudi Arabia
SR
–
–
957.2
78.2%
864.8
98.5%
Abu Dhabi
AED
51.5
107.0%
–
–
7.9
3.1%
Market
Al Khaleej Training &
Education
Saudi Public Transport Co.
(SAPTCO)
National Gas &
Industrialization Co.
(GASCO)
Methanol Chemicals Co.
(MCC)
Al Abdullatif Industrial
Investment Co. (AIIC)
Saudi Arabian Amiantit Co.
(SAAC)
Saudi Vitrified Clay Pipe Co.
(SVCP)
Saudi Cement Co. (SCC)
Yanbu National
Petrochemicals Co.
(YANSAB)
Insurance House (IH)*
Currency
Saudi Arabia
Source: Company data, DFM, ADX, MSM (* Results for nine months ended September 30, 2013)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
10/22
US
Bureau of Labor Stat.
Change in Private Payrolls
September
126K
180K
161K
10/22
US
Bureau of Labor Stat.
Unemployment Rate
September
7.20%
7.30%
7.30%
10/22
US
Bureau of Labor Stat.
Average Hourly Earnings MoM
September
0.10%
0.20%
0.30%
10/22
US
Bureau of Labor Stat.
Average Hourly Earnings YoY
September
2.10%
2.10%
2.30%
10/22
US
Bureau of Labor Stat.
Underemployment Rate
September
13.60%
–
13.70%
10/22
US
Bureau of Labor Stat.
Change in Manufact. Payrolls
September
10/22
US
US Census Bureau
Construction Spending MoM
August
10/22
US
Richmond Fed
Richmond Fed Manufact. Index
October
2K
5K
13K
0.60%
0.40%
1.40%
1
0
0
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
 Qatari banking sector monthly update for September 2013 –
Customer deposits grew by 3.2% MoM (+14.8% YTD), while
loans were flattish MoM basis (+9.0% YTD) in September 2013.
However, the banking sector’s loan-to-deposit ratio (LDR) fell to
106% in September 2013 versus 109% in August 2013. (QCB)
 QIIK 3Q2013 net income up 12.5% QoQ – QIIK (Qatar
International Islamic Bank) posted a net profit of QR202.9mn in
3Q2013 vs. our estimate of QR187.9mn and Bloomberg
consensus estimate of QR185.0mn. QIIK posted QR180.3mn in
2Q2013, implying a growth of 12.5% QoQ. The QoQ growth in
earnings was mainly due to higher income from share of results
from associates, lower foreign exchange loss on translation of
investment in associates and lower provisions vs. our estimates.
The loan book and deposits expanded on a QoQ and YTD
basis. QIIK’s loan book grew by 9.3% QoQ (+44.5% YTD), while
total deposits (URIA & current accounts) grew by 12.9% QoQ
(+24.9% YTD). However, the improved loan book did not make
a significant impact on income from financing activities, which
expanded by only 1.9% (QIIK has been aggressively targeting
the public sector in the last few quarters). On the other hand,
share of unrestricted investment account holders (URIA)
increased by 13.0% QoQ. Hence, net financing income declined
by 2.3% QoQ. Furthermore, income from investing activities
declined by 18.8% QoQ. We maintain our estimates and
reiterate our price target of QR57.18. For 2013 and 2014, we
expect QIIK to post earnings of QR729mn and QR782mn,
respectively. We feel the bank will increase DPS to QR3.75 for
2013 (QR3.50 DPS for the last two years). Going forward, we
expect the dividend payout ratio to be in the vicinity of 75%.
Valuation appears fair. We believe the bank is fairly valued
relative to its Qatari peers. The bank trades on P/E and P/B
multiples of 11.8x and 1.6x on our 2013 estimates. (QNBFS
Research, QE)
 GISS reports net profit of QR166.1mn in 3Q2013 – Gulf
International Services (GISS) reported a net profit of
QR166.1mn in 3Q2013 up 5.6% and 36.4% QoQ and YoY,
respectively. Revenue rose by 1.5% QoQ (+30.1% YoY) to
QR575.2mn in 3Q2013. EPS amounted to QR3.09 for the nine
months ended September 30, 2013 as compared to QR2.14 for
the corresponding period in 2012. (QE)
 DOHI reports net profit of QR2.9mn in 3Q2013 – Doha
Insurance (DOHI) has reported a net profit (attributable to
shareholders) of QR2.9mn in 3Q2013, reflecting a decrease of
80.2% QoQ (+85.6% YoY). Net premiums fell by 43.1% QoQ (7.4% YoY) to QR19.1mn in 3Q2013. Earnings per Share (EPS)
amounted to QR1.52 for the nine months ended September 30,
2013 as compared to QR1.67 for the corresponding period in
2012. (QE)
 SIIS reports net profit of QR92.6mn in 3Q2013 – Salam
International Company (SIIS) has reported a net profit
(attributable to equity holders) of QR92.6mn in 3Q2013 as
compared to QR2.8mn in 2Q2013. Operating income rose by
17.8% QoQ to QR500.4mn in 3Q2013. Earnings per Share
(EPS) amounted to QR0.94 for the nine months ended
September 30, 2013 as compared to QR0.54 for the
corresponding period in 2012. (QE)
 DHBK clarifies regarding issuance of Tier 1 capital notes –
Doha Bank has clarified to its shareholders that the
recommendation that will be submitted to the extraordinary
general assembly by the board is not intended to increase the
number of the bank's current capital shares through the
issuance of new shares, but is intended to strengthen the bank's
Tier 1 capital through the issuance of notes in Qatar of a special
nature that qualifies those bonds to be subordinated Tier 1
capital notes in order to strengthen the bank's capital adequacy
ratio. Therefore, the issuance of these notes will not entail
offering any new shares for subscription, and Doha Bank's
capital will remain at its current level of 258,372,252 and any
dividend distributions will be for the shares of the current capital
of the bank. (QE)
 Qatar to launch tourism strategy by December – The Qatar
Tourism Authority (QTA) is all set to launch a comprehensive
strategy before the end of this year, in a move to attract more
foreign visitors to the state. QTA’s Chairman Issa bin Mohamed
al- Mohannadi said details of “the Qatar Tourism Sector Strategy
2030” will be disclosed either in November or December. AlMohannadi noted that the strategy will include benchmarking
and involving all its local stakeholders who have been working to
develop destinations in Qatar for both domestic and international
tourists. During the Eid al-Adha holidays, QTA recorded a 1617% rise in tourist arrivals from the GCC countries as compared
to the previous year, while the number of tourists outside the
GCC region grew 7%. Hotels in Doha saw their occupancy rates
rising to about 90%. He also said that QTA wants to contribute
significantly to Qatar’s GDP, rising from 0.7-0.8% share in 2012,
to a 2.9-3.3% by 2030. QTA also expects tourism-related jobs to
grow from 19,000 in 2012 to 127,000 by 2030. (Gulf-Times.com)
 Ashghal: 75% work on F-Ring Road completed – The Public
Works Authority (Ashghal) has said 75% of the work on F-Ring
Road has been completed and the contractors are now working
toward delivering the project by 2Q2014. The road is part of the
highways project, which will link south Doha to Hamad
International Airport, and connect Mesaimeer Road and the
main road leading to Al Wakrah. Executed at a cost of
QR837mn, the F-Ring Road project will feature an 8.7 kilometer
highway with 3-4 lanes in each direction. (Gulf-Times.com)
 Hamad airport to open partially in November – The Hamad
International Airport will be partially opened by the end of next
month. The New Doha International Airport Steering Committee
said the plan for the initial opening includes beginning the air
cargo service to and from Doha. (Peninsula Qatar)
 Qafac partners with SAP to boost key operational
processes – Qatar Fuel Additives Company (Qafac) announced
that it has partnered with business software company SAP to
enhance its key operational processes and its overall
sustainability performance. Qafac said a series of solutions
created by SAP will give Qafac an edge in contributing to the
Qatar National Vision 2030 and its goal of becoming the world’s
top five methanol producers by 2020. (Gulf-Times.com)
 WDAM to disclose its 3Q2013 results on October 30 –
Widam Food Company (WDAM) will disclose its quarterly
financial results for the period ending September 30, 2013 on
October 30, 2013. (QE)
 ERES to hold its AGM on November 10 – Ezdan Holding
Group (ERES) will hold its AGM on November 10, 2013, to
discuss the recommendation of its board of directors to enter
into a partnership with the Sak Holding Group for the
development of land owned by Ezdan Holding and delegate the
board to complete the procedures necessary to do so. (QE)
International
 US shutdown cost 120,000 jobs – US President Barack
Obama’s Chief Economic Adviser Jason Furman said the partial
government shutdown this month trimmed 0.25% from the
economic growth for 4Q2013 and cost 120,000 jobs in October.
Page 3 of 6

4. He said an analysis of daily and weekly economic data through
October 12 showed weakness in areas such as retail sales,
economic confidence and mortgage applications, some of which
was directly related to the 16-day shutdown. (Bloomberg)
 Osborne: Growth alone would not fix British deficit – British
Finance Minister George Osborne vowed to stick to the path of
austerity, saying the economic recovery on its own would not be
enough to fix the budget deficit, since the causes of overspending still need to be addressed. Osborne warned that
growth alone would not fix the fundamental problems in Britain's
public finances and the government would have to take very
difficult decisions. (Reuters)
 PBoC may tighten cash supply as China’s house prices fuel
inflation fears – Chinese authorities indicated concerns that
ample credit could fuel inflation since a recent report showed
house prices jumped the most in nearly three years, with
double-digit gains in major cities. A policy adviser to the
People's Bank of China (PBoC) said the authority may tighten
cash conditions in the financial system to address inflation risks.
(Reuters)
Regional
 APICORP to buy 10% equity stake in EMethanex – Arab
Petroleum Investments Corporation (APICORP) will buy 10%
equity stake in its JV, “Egyptian Methanex Methanol Company
(EMethanex)” from its partner, Methanex Corporation. This
stake worth $110mn will increase APICORP's ownership in the
JV to 17%. Methanex will remain the operator and majority
shareholder of EMethanex with around 50% ownership. The
remaining 33% interest is held by several Egyptian government
shareholders. The partner companies expect the stake sale to
be finalized by the end of 2013. (Bloomberg)
 APC obtains contract from PDO to supply welded steel
pipes– The Arabian Pipes Company (APC) has obtained a
three-year contract worth SR400-SR500mn from Petroleum
Development of Oman (PDO) for supply of welded steel pipes.
This contract includes manufacture, coating and supply of steel
pipes designed for high pressure flow lines and critical
applications. APC expects to begin the production of these pipes
in 1Q2014 and supply continuously until the end of 2016. The
financial impact of this contract will be seen starting from
1Q2014 up to the end of the project. (Tadawul)
 Bank AlBilad buys SR410mn building from Ajlan Real
Estate – Bank AlBilad has purchased a building in Riyadh for
SR410mn from Ajlan Real Estate Company. This new building
will be the new headquarters of the bank. (Tadawul)
 Itqan Capital eyes $200mn for its private equity fund –
Saudi-based investment firm Itqan Capital’s CEO Adil Dahlawi
said the firm is eyeing up to $200mn for the fund that it plans to
launch along with Bahrain-based school consultancy firm, D3
Consultants in 2014. Dahlawi stated the firm has entered into a
MoU with D3 Consultants to launch a private equity fund that will
focus on investment in the fast-growing education sector in the
GCC region. (GulfBase.com)
 Dubai switches on first solar plant, plans to build second
plant – Dubai has commissioned its first solar power plant
producing 13 megawatt (MW) and is planning to build a second,
bigger photovoltaic plant to diversify the energy supply in the
UAE. US-based First Solar has built this facility worth AED120AED130mn. The Dubai Electricity & Water Authority’s (DEWA)
CEO Saeed Al Tayer said that this is the first part of Dubai’s
plan to develop a solar park with 1,000 MW of power by 2030.
He added that DEWA is also planning to invite bids over the
next six months to have a private partner for its second 100 MW
solar project expected to cost AED700-800mn. DEWA expects
to complete the second plant in three years. (Bloomberg)
 Dubai Customs to increase its customs declaration
clearance capacity by 200% – Dubai Customs is expecting to
increase its clearance capacity of customs declarations by
around 200% soon. Dubai Customs has recorded 6.3mn
transactions in 2012 and expects to reach 6.8mn by the end of
2013. The department is currently working on implementing a
smart technology, which will boost its capacity to around 18mn
transactions. These smart services are becoming widely
accepted by the customers. (GulfBase.com)
 du telecom appoints new CFO – Emirates Integrated
Telecommunications Company (du telecom) has appointed
Amer Kazim as the new CFO for the company. Kazim is
expected to join the company from December 2013. He brings
with him an experience of 18 years in the financial sector. Kazim
has joined from the Dubai Airports Company, where he was
working as Senior Vice President Group Services for the last
four years. The current CFO Mark Shuttleworth will remain in his
position till the end of 1Q2014. (DFM)
 EIT plans to sell stake in Tunisie Telecom, Axiom Telecom –
Emirates International Telecommunications (EIT) is planning to
sell its 35% stake in Tunisia-based Tunisie Telecom and 26%
stake in Dubai-based Axiom Telecom. This is as part of a
strategy by all state-linked companies to sell their assets to
repay the Emirate's debt pile. JP Morgan Chase has estimated
that these sales could generate $1bn in total. (Reuters)
 NBQ reports AED90.7mn net profit in 3Q2013 – The National
Bank of Umm Al Qaiwain (NBQ) has reported a net profit of
AED90.7mn in 3Q2013, indicating an increase of 5.3% YoY. Net
interest income decreased 9.4% YoY to AED102.9mn in
3Q2013. EPS amounted to AED0.17 for the nine months ended
September 30, 2013 as compared to AED0.15 for the
corresponding period in 2012. Total assets stood at AED12.2bn
as on September 30, 2013, declining 0.1% YTD. Loans &
advances rose by 0.2% YTD to AED6.8bn, while customer
deposits declined 0.9% YTD to AED7.2bn. (ADX)
 Abu Dhabi’s GBC Index stood at 57 points in 2Q2013 –
According to a report by the Abu Dhabi Department of Economic
Development, Abu Dhabi’s General Business Climate Index
(GBC Index) has gained two points to reach 57 points in
2Q2013 as compared to 55 points in 1Q2013. This reflects the
continued optimistic outlook of various economic establishments
on the performance of Abu Dhabi’s economy during 1H2013.
(Bloomberg)
 Dana Gas begins arbitration proceedings on Kurdish
Contract – Dana Gas has began arbitration proceedings in
London on rights and money owed from an oil development
contract it signed with the Kurdistan regional government of Iraq
in 2007. Dana Gas said the proceedings at the London Court of
International Arbitration relate to outstanding receivables owed
by the Kurdish government. The company, along with majority
shareholder Crescent Petroleum Company and subsidiary Pearl
Petroleum Company, also filed the case to clarify the group’s
development and marketing rights of the Khor Mor and
Chemchemal fields in Kurdistan. (Bloomberg)
 Fitch assigns ratings to Al Hilal Bank's certificates – Fitch
Ratings has assigned Al Hilal Bank's $2.5bn trust certificate
issuance program a final long-term rating of “A+” and a final
short-term rating of “F1”. Fitch has also assigned Al Hilal's
$500mn senior unsecured fixed rate certificates (sukuk) issued
under the program a long-term rating of “A+”. (Bloomberg)
Page 4 of 6

5.  Mubadala provides $900mn to Verno Capital for Russian
private equity – Mubadala Development Company has
provided Verno Capital with $900mn to help the company invest
in Russian private equity. (Bloomberg)
 Ahli Bank Oman reports OMR18mn net profit for 9M2013 –
Ahli Bank Oman has a net profit of OMR18mn for the nine
months ended on September 30, 2013, reflecting an increase of
6% YoY. The bank’s total assets at the end of September 30,
2013 rose by 23% YoY to OMR1.3bn. Loans & advances
increased by 19% YoY to OMR1.06bn, while customer deposits
stood at OMR937mn. (Bloomberg)
 Ithmaar Bank announces key appointments – Ithmaar Bank
has appointed Abdul Hakeem Al Mutawa as the new General
Manager Head of Retail & Private Banking, Abdul Rahman Al
Shaikh as the new General Manager Head of Banking
Operations, IT & Administration and Taimour Raouf as the new
Senior
Manager Head
of
Marketing
&
Corporate
Communications. (Bahrain Bourse)
 CBB’s Sukuk Al-Salam securities oversubscribed by 144%
– The Central Bank of Bahrain’s (CBB) monthly issue of Sukuk
Al-Salam Islamic securities worth BHD36mn has been
oversubscribed by 144%. This issue carries a maturity of 91
days, which will mature on January 22, 2014. The expected
return on the issue is 0.85%, which remains unchanged over the
previous issue. (GulfBase.com)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
150.0
0.5%
0.6%
140.0
139.7
130.0
0.3%
128.0
0.0%
(0.0%)
(0.3%)
100.0
(0.1%)
(0.0%)
(0.1%)
(0.2%)
Mar-11
QE Index
Oct-11
May-12 Dec-12
S&P Pan Arab
Jul-13
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
Oman
Aug-10
Bahrain
Jan-10
Kuwait
80.0
Qatar
(0.6%)
Saudi Arabia
90.0
(0.3%)
Dubai
116.5
110.0
Abu Dhabi
120.0
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,340.15
1.8
1.8
(20.0)
DJ Industrial
15,467.66
0.5
0.4
18.0
22.70
2.2
3.5
(25.2)
S&P 500
1,754.67
0.6
0.6
23.0
109.97
0.3
0.0
(1.0)
NASDAQ 100
3,929.57
0.2
0.4
30.1
3.70
(2.1)
(0.4)
8.0
320.97
0.4
0.8
14.8
115.25
0.0
(0.2)
28.8
DAX
8,947.46
0.9
0.9
17.5
150.88
(1.0)
(1.0)
(12.8)
FTSE 100
6,695.66
0.6
1.1
13.5
4,295.43
0.4
0.2
18.0
14,713.25
0.1
1.0
41.5
STOXX 600
Euro
1.38
0.7
0.7
4.5
Yen
98.14
(0.1)
0.4
13.1
Nikkei
GBP
1.62
0.6
0.4
(0.1)
MSCI EM
1,044.66
0.2
0.2
(1.0)
CHF
1.12
0.8
0.8
2.3
SHANGHAI SE Composite
2,210.65
(0.8)
0.8
(2.6)
AUD
0.97
0.6
0.3
(6.6)
HANG SENG
23,315.99
(0.5)
(0.1)
2.9
USD Index
79.23
(0.6)
(0.5)
(0.7)
BSE SENSEX
20,864.97
(0.1)
(0.1)
7.4
RUB
31.68
(0.8)
(0.4)
3.8
Bovespa
56,460.38
0.7
2.0
(7.4)
BRL
0.46
0.0
(0.1)
(5.6)
1,518.54
0.3
0.1
(0.6)
Source: Bloomberg
CAC 40
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6