1. QE Intra-Day Movement
Market Indicators
10,480
10,460
10,440
10,420
25 Dec 13
%Chg.
337.7
554,963.3
11.0
6,275
39
10:20
386.6
556,654.2
12.2
5,589
39
12:24
(12.6)
(0.3)
(10.0)
12.3
0.0
–
Market Indices
10,400
10,380
9:30
26 Dec 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 0.7% to close at 10,391.2. Losses were led by the Real
Estate and Industrials indices, declining 1.0% and 0.9% respectively. Top losers
were Qatari Investors Group and Zad Holding Co., falling 9.9% and 2.3%
respectively. Among the top gainers, Islamic Holding Group rose 10.0%, while
Dlala Brok. & Inv. Holding Co. gained 5.5%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,846.61
2,589.35
2,451.24
3,477.49
1,875.05
1,961.47
2,330.69
1,459.29
5,956.93
3,061.42
(0.7)
(0.5)
(0.4)
(0.9)
(0.5)
(1.0)
0.2
0.2
(0.2)
(1.2)
(0.7)
(0.8)
(1.4)
1.1
(3.4)
(1.8)
(1.3)
(0.8)
(0.7)
(0.2)
31.2
28.5
25.7
32.4
39.9
21.7
18.7
37.0
27.5
23.0
N/A
13.1
13.1
12.6
12.7
13.4
9.6
19.8
22.6
15.9
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index declined marginally to close at 8,481.1. Losses
were led by the Cem. and Ins. indices, declining 0.8% and 0.2% respectively.
Yanbu Cement fell 2.2%, while Saudi Arabian Coop. Ins. Co. was down 2.0%.
Tihama
Saudi Arabia
113.50
9.9
1,800.6
33.9
Saudi Fisheries Co.
Saudi Arabia
32.50
9.8
6,904.6
6.6
Dubai: The DFM index gained marginally to close at 3,308.0. The
Transportation index rose 2.5%, while the Banking index was up 0.2%. Air
Arabia gained 4.7%, while SHUAA Capital was up 4.6%.
Air Arabia
Dubai
1.56
4.7
108,514.4
86.8
Kuwait Cement Co.
Kuwait
0.38
4.1
72.0
(12.2)
Abu Dhabi: The ADX benchmark index declined marginally to close at
4,185.7. The Con. index fell 2.2%, while the Inv. & Fin. Ser. index was down
1.4%. Abu Dhabi Ship Build. declined 7.0%, while RAK Cem. was down 5.1%.
Nat. Bank Of Bahrain
Bahrain
0.70
3.7
10.8
45.2
GCC Top Losers
Exchange
1D% Vol. ‘000
YTD%
Kuwait: The KSE index fell 0.2% to close at 7,626.2. The Financial Services
index declined 0.7%, while the Real Estate index was down 0.5%. KIPCO
Asset Mgmt. Co. fell 7.9%, while Pearl of Kuwait Real Estate was down 6.4%.
Qatari Investors Group
Qatar
48.90
(9.9)
749.2
112.6
Al Ahli Bank
Kuwait
0.45
(5.3)
410.3
(14.0)
Oman: The MSM index rose 0.1% to close at 6,790.8. Gains were led by the
Industrial and Services & Insurance indices, rising 0.4% and 0.1%
respectively. Al Batinah Dev. & Inv. rose 3.8%, while Al Anwar was up 3.3%.
Abu Dhabi Nat. Energy
Abu Dhabi
Yanbu Cement
Saudi Arabia
Ithmaar Bank
Bahrain
Bahrain: The BHB index gained 0.5% to close at 1,222.9. The Investment
index rose 0.7%, while the Commercial Banking index was up 0.6%. Gulf
Finance House gained 5.9%, while National Bank of Bahrain was up 3.7%.
Islamic Holding Group
#
Close
YTD%
1.43
(2.7)
1,148.4
5.1
65.50
(2.2)
225.0
25.2
0.23
(2.2)
60.0
32.4
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
YTD%
Qatari Investors Group
48.90
(9.9)
749.2
112.6
(25.7)
Zad Holding Co.
68.50
(2.3)
1.5
16.5
28.9
Close*
1D%
Vol. ‘000
YTD%
44.00
Qatar Exchange Top Gainers
##
Vol. ‘000
10.0
402.3
15.8
Qatar Exchange Top Losers
Dlala Brok. & Inv. Holding Co.
23.10
5.5
393.3
Qatar & Oman Investment Co.
12.62
2.3
449.3
1.9
Masraf Al Rayan
31.95
(1.7)
1,601.9
Gulf Warehousing Co.
41.00
1.7
17.1
22.4
United Development Co.
22.51
(1.5)
586.1
26.5
Qatar National Cement Co.
117.50
1.7
50.1
9.8
Qatar Islamic Insurance
57.00
(1.4)
4.0
(8.1)
Qatar Exchange Top Vol. Trades
Close*
1D%
Vol. ‘000
YTD%
YTD%
Salam International Investment Co.
13.35
(0.4)
4,117.3
5.5
Masraf Al Rayan
31.95
(1.7)
1,601.9
28.9
Qatari Investors Group
48.90
(9.9)
749.2
112.6
United Development Co.
22.51
(1.5)
586.1
26.5
Industries Qatar
Vodafone Qatar
11.08
(0.8)
487.6
32.7
Islamic Holding Group
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
1D%
Val. ‘000
13.35
(0.4)
55,680.2
5.5
Masraf Al Rayan
31.95
(1.7)
51,478.3
28.9
Qatari Investors Group
48.90
(9.9)
39,950.2
112.6
166.00
(0.3)
34,884.2
17.7
44.00
10.0
17,198.7
15.8
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Close*
Salam International Investment
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
10,391.17
3,307.95
4,185.65
8,481.10
7,626.23
6,790.77
1,222.90
(0.7)
0.0
(0.0)
(0.0)
(0.2)
0.1
0.5
(0.7)
2.0
1.1
(0.3)
0.3
(0.5)
1.4
0.2
12.3
8.7
1.9
(2.0)
1.0
1.2
24.3
103.9
59.1
24.7
28.5
17.9
14.8
Exch. Val. Traded
($ mn)
92.73
461.75
285.74
1,352.94
76.22
24.42
0.93
Exchange Mkt.
Cap. ($ mn)
152,392.9
69,771.2
116,442.4
465,296.9
109,121.9
24,411.7
50,075.6
P/E**
P/B**
13.3
19.5
11.7
17.3
16.4
10.7
8.2
1.8
1.3
1.4
2.2
1.2
1.6
0.9
Dividend
Yield
4.4
2.7
4.3
3.5
3.7
3.8
3.9
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 0.7% to close at 10,391.2. The Real
Estate and Industrials indices led the losses. The index declined
on the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
 Qatari Investors Group and Zad Holding Co. were the top losers,
falling 9.9% and 2.3% respectively. Among the top gainers,
Islamic Holding Group rose 10.0%, while Dlala Brok. & Inv.
Holding Co. gained 5.5%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
67.09%
75.34%
(27,848,428.21)
Non-Qatari
32.91%
24.66%
27,848,428.21
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Thursday fell by 10.0% to 11.0mn
from 12.2mn on Wednesday. Further, as compared to the 30-day
moving average of 13.1mn, volume for the day was 15.9% lower.
Salam International Investment Co. and Masraf Al Rayan were
the most active stocks, contributing 37.4% and 14.5% to the total
volume respectively.
Global Economic Data
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
12/26
US
Department of Labor
Initial Jobless Claims
21-December
338K
345K
380K
12/26
US
Department of Labor
Continuing Claims
14-December
2,923K
2,827K
2,877K
12/26
US
Bloomberg
Bloomberg Consumer Comfort
22-December
-27.4
–
-29.4
12/26
France
French Labor Office
Jobseekers Net Change
November
17.8
-5.0
-20.5
12/26
France
French Labor Office
Total Jobseekers
November
3,293.0k
3,270.0k
3,275.2k
12/27
France
INSEE
PPI MoM
November
0.50%
-0.10%
-0.30%
12/27
France
INSEE
PPI YoY
November
-0.60%
-1.20%
-1.30%
12/27
China
Nat. Bureau of Statistics
Industrial Profits YTD YoY
November
13.20%
–
13.70%
12/27
China
Nat. Bureau of Statistics
Leading Index
November
99.64
–
99.62
12/26
Japan
Small Business Confidence
December
51.1
–
51.1
12/27
Japan
Markit/JMMA Manufacturing PMI
December
55.2
–
55.1
12/27
Japan
Shoko Chukin Bank
Markit/Nomura
Securities Co.
MIC
Jobless Rate
November
4.00%
3.90%
4.00%
12/27
Japan
MIC
Industrial Production MoM
November
0.10%
0.40%
1.00%
12/27
Japan
MIC
Industrial Production YoY
November
5.00%
5.40%
5.40%
12/27
Japan
MIC
Retail Trade YoY
November
4.00%
3.00%
2.40%
12/27
Japan
MIC
Retail Sales MoM
November
1.90%
1.00%
-0.90%
12/27
Japan
MIC
Natl CPI YoY
November
1.50%
1.50%
1.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar to issue QR4bn T-bills on January 2 – The Qatar
Central Bank (QCB) will issue treasury bills for a period of 3months, 6-months, 9-months on January 2, 2014. The total
amount of issuance is QR4bn. (QCB)
 MDPS: Most residents expect rise in prices – According to
the latest Consumer Confidence Index released by the Ministry
of Development Planning & Statistics (MDPS), a majority of the
people - citizens and expatriates - in the country are worried
about a possible rise in the prices of commodities next year. The
Index also indicates that the financial condition of a significant
number of Qatari and expatriate families has remained
unchanged over the past one year, but a bigger number of
respondents say that they had seen an improvement in their
conditions. The Index for September 2013 is slightly up by
overall indications, but it shows confidence level of people is
quite low in terms of the prices of consumer goods. (Peninsula
Qatar)
 QCB announces establishment of QCSD – The Qatar Central
Bank (QCB) has announced the establishment of Qatar Central
Securities Depository (QCSD) that will commence its operations
from January 2, 2014. QCSD will hold all activities that are
carried out by the Central Registration Department of the Qatar
Exchange (QE). Owned by both QCB and QE, QCSD will
undertake keeping, management, ownership, clearing and
settlement of securities and their derivatives. It will also provide
related financial services that include registration and
acceptance of government bonds and treasury bills. (Peninsula
Qatar)
 QPI takes 15% stake in Total E&P Congo – France-based oil
major Total said that Qatar Petroleum International (QPI) has
purchased a 15% stake in Total E&P Congo through a share
capital increase following a framework agreement signed in
May. Total said that the $1.6bn increase of Total E&P Congo's
capital will consolidate its financial capacity at a time when the
development of the Moho Nord deep offshore project is
progressing. This deal is part of a wider agreement signed by
the two companies in March 2010 to cooperate on their projects
in Africa. (Peninsula Qatar)
Page 2 of 6

3.  DHBK takes part in QPI arm’s loan deal – Doha Bank (DHBK)
has announced its participation of $123mn in a loan deal for
Qatar Petroleum International Upstream OPC, a fully owned
subsidiary of Qatar Petroleum International (QPI). The loan will
be utilized to part finance Qatar Petroleum International
Upstream OPC for its investment in Total’s operations in Congo.
The investment is through a share capital increase in Total E&P
Congo resulting in QPI holding a 15% share of the company.
(Gulf-Times.com)
confident about emerging Asian economies will weather the
impact of reduced US monetary stimulus, predicting growth of
about 6% this year and next. Nakao added that the market has
already incorporated elements of the tapering-off to some extent
and there was a certain overreaction on the side of the market.
He said strengthening US and Japanese economies should help
emerging Asian nations in 2014. At the same time, it is important
that policy makers in the region use the period of stability to
address domestic policy needs. (Gulf-Times.com)
 FLSmidth to supply cement production line to for Al Khalij
Cement – Denmark-based FLSmidth & Company has received
an order worth 515m Danish krone from Al Khalij Cement
Company for the supply of a complete cement production line at
the company’s plant in Umm Bab. This production line will be
similar to the existing line, which was supplied by FLSmidth in
2007. This production line is being supplied in cooperation with
CNBM International Engineering, which is part of China National
Building Materials (CNBM). (Bloomberg)
 ECRI: US economic growth gauge strengthens slightly – A
measure of future US economic growth increased last week
while the annualized growth rate slowed. The Economic Cycle
Research Institute (ECRI) said its Weekly Leading Index rose to
131.9 in the week ended December 20 from 130.9 the previous
week. The index's annualized growth rate decreased to 1.9%
from 2.1% a week earlier. (Reuters)
 Indosat to modernize network in 2014 – PT Indosat, the
Indonesian unit of Ooredoo, is planning to spend around 4.85.6tn Indonesian rupiah for network modernization to support
long term evolution networks in 2014. The company will finance
this plan from its 2014 capital expenditure allocation of 8tn
Indonesian rupiah. Indosat expects to complete modernizing all
its networks in 2014. (Reuters)
 MMUP to soon allot plots in new industrial area for
warehousing – The Ministry of Municipality & Urban Planning
(MMUP) will soon begin to allot plots in the new industrial area
for warehousing purposes to address the shortage of
warehousing facilities amid rising imports and a booming
economy. (Peninsula Qatar)
 QNBK’s BoD to meet on January 14 – QNB Group (QNBK)
announced that its board of directors will hold a meeting on
January 14, 2014 to discuss the company’s financial results for
the period ending on December 31, 2013. (QE)
International
 QNB Group: Global economy faces bumpy road in 2014 –
According to a report released by the QNB Group, global
economy is likely to be on a bumpy road in 2014, a year that
may see higher global interest rates, a healthy downward
adjustment in asset prices and a rotation away from vulnerable
emerging markets in favor of selected advanced economies.
QNB Group said 2014 will mark the end of the unprecedented
monetary stimulus, central banks around the world have
engaged in since the global recession of 2009. QNB Group said
economists are famous for making wrong predictions. In
December 2012, most economists predicted the end of the euro,
a hard landing of the Chinese economy and continued strong
performance in emerging markets (EMs). Far from it, confidence
in the euro was restored this year, Chinese growth is
accelerating again and most EMs are suffering one of the worst
economic crises in decades. (Gulf-Times.com)
 IMF likely to up Japan growth forecast for 2014 – The IMF
First Deputy Managing Director David Lipton said the Fund may
upgrade its growth forecast for Japan, although the nation must
start fiscal and structural reforms in 2014. The IMF’s economic
growth forecast for Japan of 1.2% next year will probably rise
because of extra stimulus measures. Lipton said the country’s
target of 2% inflation in about two years through the Bank of
Japan’s bond-buying program had led to a weaker yen, which
the international community is supportive of. (Gulf-Times.com)
 ADB Chief: Asia will weather impact of stimulus cut – Asian
Development Bank (ADB) President Takehiko Nakao said he is
 US bank watchdogs to consider Volcker rule tweak – The
US bank regulators said they would consider allowing banks to
hold on to certain complex securities despite a new rule limiting
risky investments. The announcement came after lenders
warned in a lawsuit of hefty losses from the so-called Volcker
rule. The Volcker rule prohibits banks from owning hedge funds
or private equity funds to reduce risk, but the ban included a
type of security community banks regard as harmless. The
regulators said they would now reconsider whether these
instruments could be made exempt and would make a decision
no later than January 15. (Reuters)
 Draghi: Sees no immediate need for more rate cuts –
European Central Bank President Mario Draghi said he sees no
need for further cuts to the institution’s benchmark rate amid
“encouraging signs” that the euro crisis may be resolved. Draghi
said the crisis is not over, but there are many encouraging signs.
Draghi said that there are no signs of deflation, adding that they
do not have a situation as in Japan. The ECB last month
slashed its key rate by a quarter point to a record low of 0.25%
as the central bank warned that the euro area may face a
“prolonged period” of low inflation. (Bloomberg)
 JBA sets up new body to manage TIBOR benchmark rate –
The Japanese Bankers Association (JBA), which calculates the
Tokyo interbank offered rate (TIBOR), will form a separate body
to manage benchmark interbank lending rates, as the country’s
financial watchdog seeks to tighten supervision of the gauges.
The JBA also set a code of conduct for the banks that contribute
rates. (Bloomberg)
Regional
 BLME: Gulf sukuk issuance picking up, longer tenors – The
Bank of London and The Middle East (BLME) Chief Executive
Humphrey Percy said the bank expects Islamic bond issuance
to pick up in the Gulf next year as companies refinance maturing
debt in a strong economic climate. He added that the scheduled
sukuk maturities in Gulf Arab countries next year would trigger a
flurry of fresh issues. Many of the new sukuk would be larger
than the instruments they replaced. Percy also predicted that
because of rising economic confidence in the Gulf, tenors of
newly issued sukuk would tend to become longer, with some
moving out towards seven years from the five-year tenors which
have dominated in recent years. (Gulf-Times.com)
 SAMA: Saudi M3 money supply rebounds to 13.5% YoY in
November – According to the data released by the Saudi
Arabian Monetary Agency (SAMA), M3 money supply growth in
the Kingdom has rebounded from a 14-month low of 10.4% in
October 2013 to 13.5% YoY in November. Similarly, growth in
bank lending to the private sector has accelerated from 13.5% to
Page 3 of 6

4. 13.8%. Further, the data showed that SAMA’s net foreign assets
have reached a record high of SR2.676tn in November.
Meanwhile, Saudi Arabia has forecasted a modest 4.3% rise in
public spending in 2014, suggesting the Kingdom is beginning to
slow its expenditure growth after three years of huge increases.
(GulfBase.com)
 Kingdom to invest SR1.6tn reserves wisely to support
economy – Saudi Arabia’s Finance Minister Ibrahim Al Assaf
said the Kingdom's public reserves of about SR1.6tn will be
used wisely to support the economy. This amount will be
invested in non-risky ventures after conducting detailed studies.
Meanwhile, Al Assaf said that King Abdullah has approved the
allocation of SR24bn from the surplus to finance strategic road
projects that include the Jazan-Jeddah Expressway, along with
SR20bn for railway projects and SR10bn for the Saudi Credit
Bank. (GulfBase.com)
 JCCI: Malaysian investments in Kingdom estimated at
SR16.1bn – According to the Jeddah Chamber of Commerce &
Industry’s (JCCI) Secretary General Adnan Mandoura, the
volume of Malaysian investments in Saudi Arabia is estimated at
SR16.1bn. Mandoura said that Saudi direct investments in
Malaysia have reached SR375mn. These investments target 10
major industries that include food, electronics, electric products,
textiles, plastics, machinery and equipment. Meanwhile,
Mandoura said that the number of Malaysian companies
registered at the Saudi Arabian General Investment Authority
stood at 87, of which 17 companies are engaged in the industrial
sector, while the remaining 70 are in the service sector.
Mandoura further said that the trade exchange between Saudi
Arabia and Malaysia has been steadily growing from $260mn in
1990 to $3.66bn in 2012. However, the volume of Malaysian
exports to the Kingdom has increased to SR4.57bn in 2012.
These exports include electric & electronic products, machinery
& spare parts, chemical and wood products. Meanwhile,
Malaysia’s major imports from the Kingdom include crude oil,
refined oil and chemical products. (GulfBase.com)
 Saudi Aramco allocates SR470bn for new oil projects – The
Saudi Arabian Oil Company (Saudi Aramco) has allocated
SR470bn for the development of new oil projects, exploration,
maintenance and other engineering services for the 2014-18
period. Saudi Aramco’s Manager of Projects & Strategic
Purchasing Abdullah Al Warthan said the company’s spending
on local projects has amounted to SR160bn in 2011-13. Al
Warthan said that the local market can receive a major boost
with the generation of 900,000 jobs, if 55% of this spending was
given to local firms. Al Warthan said that the total volume of
Saudi Aramco’s business dealings with Ahsa-based firms has
reached SR1bn in 2013, covering 26 factories, 34 material
suppliers and 180 contractors. Meanwhile, Saudi Aramco’s
Executive Director of Business Development Ahmed Al
Khuwaitir said the company’s spending would reach SR469bn in
the next four years. (GulfBase.com)
 Al Naimi unveils Saudi Aramco’s plan to establish energy
city – The Saudi Arabian Minister of Petroleum & Mineral
Resources Ali bin Ibrahim Al Naimi has unveiled Saudi Aramco’s
plan to establish an energy city on Al Ahsa-Dammam Road.
This energy city will serve as a regional and global energy
center, especially for downstream industries related with oil, gas
and electricity. Al Naimi said that studies are underway in
cooperation with the Saudi Industrial Property Authority to
establish this city. Once completed, the energy city will add
more than $9bn to the national income in addition to creating
thousands of jobs for Saudi nationals. (GulfBase.com)
 RCJY signs 8 deals worth SR1.43bn – The Royal Commission
for Jubail & Yanbu’s (RCJY) President Prince Saud bin Abdullah
bin Thunayan has signed eight contracts worth SR1.43bn to
carry out infrastructure projects in Jubail, Yanbu and Ras Al
Khair. He said these projects include pumping of seawater to
Ras Al Khair, construction of housing units for workers and
providing transport facilities for schools in Jubail. Meanwhile, the
industrial city in Yanbu will also witness new projects such as
housing units for workers and maintenance of main water
pipelines. (GulfBase.com)
 ACWA Power signs deal with SEC to sell power from
Rabigh II – The ACWA Power International has entered into a
20-year agreement with the Saudi Electricity Company (SEC) to
sell electricity from an independent power plant Rabigh II.
Starting from June 2017, this plant will deliver 2,060 MW of
electricity to SEC and will use natural gas as the main fuel and
crude oil as a backup fuel. (Bloomberg)
 BSA’s Manazel Makkah project on track – Blominvest Saudi
Arabia’s (BSA) CEO Abdullah Al Rashoud said that the Manazel
Makkah Real Estate Fund project has reached advanced
stages. The project’s skeleton works is expected to be
completed by April 2014, while the finishing work will take place
in October 2014. This project is being implemented over six land
lots with a total area of 11,329 square meters. It mainly consists
of four projects of a total construction area of about 47,100
square meters. (GulfBase.com)
 DHC purchases land worth SR101.8mn – Dallah Healthcare
Holding Company (DHC) has purchased land worth SR101.8mn
in the northern area of Riyadh. This 45,142 square meter land
will be used to build a general hospital that will serve that area,
which is considered a part of DHC’s expansions plan. This land
purchase has been paid off from the company's operations
along with Islamic lending from local banks. (Tadawul)
 Saudia to allocate more flights for domestic routes – Saudi
Arabian Airlines (Saudia) is planning to allocate more aircraft for
domestic flights due to the growing number of passengers. The
number of domestic passengers in the Kingdom is set to cross
28.5mn annually by 2020 and the airline intends to grab a
market share of 22mn. Saudia’s Director General Khaled Al
Molhem said the airline has transported 22.97mn passengers
during January-September 2013. (GulfBase.com)
 SFG’s BoD approves SR1.016bn dividend distribution for
2H2013 – Samba Financial Group’s (SFG) board of directors
has approved a recommendation to the ordinary general
assembly to distribute dividends worth SR1.016bn (85 halalas
per share net of zakat), representing 8.5% of the nominal value
of the share for 2H2013. This brings the total earnings for the
year ending on December 31, 2013 to SR1.957bn (SR1.65 per
share), representing 16.5% of the nominal value. (Tadawul)
 Dubai government amends law on pricing of government
services – The UAE’s Vice President and Prime Minister HH
Shaikh Mohammed bin Rashid Al Maktoum has issued law
number 14 of 2013 related to the pricing of government services
in Dubai. This new law aims to give more flexibility on the
implementation of fees, prices and tariffs for various
commodities and services provided by government agencies to
individuals, companies and institutions on a commercial basis as
well as the implementation of the tariff for economic noncompetitive commodities and services. This amendment will
help to organize work at various government agencies in
addition to achieving sustainability in government finances.
(GulfBase.com)
Page 4 of 6

5.  DFM to be closed on January 1 – The Dubai Financial Market
(DFM) will be closed on January 1, 2014 on the occasion of New
Year. The trading will resume on January 2, 2014.
 Emirates to begin A380 service to London from March 30 –
The Emirates Airline will replace its Boeing 777-300ER to a 489seater A380 on London’s Gatwick route from March 30, 2014.
This will increase the airline’s capacity by 36% on one of its
three daily flights. Emirates will become the first airline to
operate a regularly scheduled A380 service to London's Gatwick
airport. (GulfBase.com)
 Ajman Bank signs deal with Meydan Sobha – Ajman Bank
has entered into a strategic agreement with Meydan Sobha
Group to provide financing to its customers for villas that are
located in Mohammed Bin Rashid City–District One.
(GulfBase.com)
 Al Maha Ceramics proposes IPO in March-April 2014 – Al
Maha Ceramics Company’s CEO Arvind Bindra said that the
company’s proposed IPO may be floated in March-April 2014.
The company is planning to divest 40% of its paid-up capital
worth OMR5mn. (GulfBase.com)
 Wave Muscat launches Marsa waterfront apartments – The
Wave Muscat has launched the final stage in the trilogy of
Marsa waterfront apartments. The 106 Marsa Three apartments
overlook the main entry to the marina in two separate iconic
buildings and complete the Marsa marina front precinct.
(GulfBase.com)
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
1.0%
0.5%
149.3
0.5%
0.1%
134.0
(0.0%)
(0.0%)
(0.2%)
(0.5%)
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
Dubai
Oman
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,213.35
0.2
0.8
(27.6)
DJ Industrial
16,478.41
(0.0)
1.6
25.7
20.08
1.6
3.4
(33.8)
S&P 500
1,841.40
(0.0)
1.3
29.1
112.18
0.2
0.4
1.0
NASDAQ 100
4,156.59
(0.3)
1.3
37.7
4.32
(1.8)
(0.7)
26.1
STOXX 600
327.68
1.1
2.0
17.2
127.50
0.5
1.8
41.7
DAX
9,589.39
1.1
2.0
26.0
139.50
1.8
2.3
(21.0)
FTSE 100
6,750.87
0.8
2.2
14.5
1.37
0.4
0.6
4.2
105.17
0.3
1.0
21.2
GBP
1.65
0.4
0.9
1.4
MSCI EM
CHF
1.12
0.6
0.5
2.7
SHANGHAI SE Composite
AUD
0.89
(0.3)
(0.6)
(14.7)
USD Index
80.39
(0.1)
(0.2)
RUB
32.58
(0.2)
(1.3)
BRL
0.43
0.6
1.6
(12.4)
Yen
Bahrain
Jul-13
Qatar
May-12 Dec-12
Abu Dhabi
QE Index
Oct-11
(0.7%)
Saudi Arabia
(1.0%)
Jan-10 Aug-10 Mar-11
0.0%
0.0%
Kuwait
121.8
CAC 40
Nikkei
4,277.65
1.4
2.0
17.5
16,178.94
0.0
1.9
55.6
997.56
0.4
0.9
(5.5)
2,101.25
1.4
0.8
(7.4)
HANG SENG
23,243.24
0.3
1.9
2.6
0.8
BSE SENSEX
21,193.58
0.6
0.5
9.1
6.7
Bovespa
51,266.56
0.1
0.2
(15.9)
1,445.39
(0.2)
1.1
(5.3)
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
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