1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.6% to close at 9,761.0. Gains were led by the Real Estate
and Transportation indices, gaining 2.0% and 1.5% respectively. Top gainers
were Qatari Investors Group and Barwa Real Estate Co., rising 3.2% each.
Among the top losers, Qatar Fuel Co. fell 0.6%, while Commercial Bank of
Qatar declined 0.4%.
GCC Commentary
Saudi Arabia: The TASI index gained marginally to close at 8,017.8. Gains
were led by the Multi-Inv. and Cement indices, rising 0.7% and 0.5%
respectively. Nat. Gypsum Co. gained 7.0%, while Al Ahsa Dev. was up 4.7%.
Dubai: The DFM index fell 0.2% to close at 2,823.0. The Investment &
Financial Ser. index declined 4.8%, while the Services index was down 0.4%.
Int. Financial Advisors fell 9.6%, while Dubai Financial Market was down 5.6%.
Abu Dhabi: The ADX benchmark index declined 0.1% to close at 3,857.8. The
Con. index fell 3.7%, while the Ind. index was down 2.2%. Nat. Bank of Umm
Al Qaiwain declined 10.0%, while Int. Fish Farming Holding was down 7.2%.
Kuwait: The KSE index fell 1.2% to close at 7,624.6. The Consumer Goods
index declined 2.5%, while the Oil & Gas index was down 2.0%. Future Kid
Ent. & Real Estate Co. fell 8.2%, while Nat. Slaughter House was down 7.6%.
Oman: The MSM index declined 0.4% to close at 6,647.5. Losses were led by
the Banking & Investment and Industrial indices, falling 0.6% and 0.1%
respectively. Ahli Bank declined 1.9%, while Bank Dhofar was down 1.6%.
Bahrain: The BHB index fell 0.1% to close at 1,194.0. The Investment index
declined 0.4%, while the Commercial Banking index was down 0.1%. Gulf
Finance House fell 3.7%, while Khaleeji Commercial Bank was down 2.0%.
Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD%
Qatari Investors Group 30.25 3.2 524.4 31.5
Barwa Real Estate Co. 26.15 3.2 1,210.0 (4.7)
Zad Holding Co. 67.70 2.4 1.0 15.1
Qatar Industrial Manufacturing Co. 50.10 2.0 5.5 (5.6)
Al Meera Consumer Goods Co. 136.20 1.9 135.4 11.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD%
Barwa Real Estate Co. 26.15 3.2 1,210.0 (4.7)
United Development Co. 22.10 0.7 1,024.4 24.2
Qatar Gas Transport Co. 19.69 1.9 819.9 29.0
Qatari Investors Group 30.25 3.2 524.4 31.5
Masraf Al Rayan 29.15 0.3 438.3 17.6
Source: Bloomberg (* in QR)
Market Indicators 03 Oct 13 02 Oct 13 %Chg.
Value Traded (QR mn) 289.7 258.1 12.2
Exch. Market Cap. (QR mn) 530,140.4 527,921.6 0.4
Volume (mn) 6.9 5.8 19.3
Number of Transactions 3,750 3,040 23.4
Companies Traded 38 37 2.7
Market Breadth 30:5 31:3 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,946.28 0.6 1.9 23.3 N/A
All Share Index 2,452.17 0.5 1.6 21.7 12.2
Banks 2,360.55 0.3 0.9 21.1 12.5
Industrials 3,111.12 0.4 2.7 18.4 10.9
Transportation 1,819.07 1.5 2.8 35.7 12.5
Real Estate 1,803.23 2.0 4.2 11.9 13.6
Insurance 2,265.15 0.7 0.9 15.4 9.4
Telecoms 1,454.92 0.7 1.0 36.6 15.3
Consumer 5,897.58 (0.0) 0.0 26.3 24.2
Al Rayan Islamic Index 2,805.35 0.9 2.3 12.7 14.5
GCC Top Gainers##
Exchange Close#
1D% Vol. „000 YTD%
Air Arabia Dubai 1.47 6.5 145,136.2 76.0
Qatari Investors Group Qatar 30.25 3.2 524.4 31.5
Barwa Real Estate Co. Qatar 26.15 3.2 1,210.0 (4.7)
Abdullah Al Othaim Saudi Arabia 140.00 2.6 40.7 70.2
Al Abdullatif Ind. Inv. Saudi Arabia 45.80 2.2 271.2 44.5
GCC Top Losers##
Exchange Close#
1D% Vol. „000 YTD%
NBQ Abu Dhabi 3.15 (10.0) 700.0 70.3
Dubai Financial Market Dubai 2.21 (5.6) 113,532.9 116.7
Gulf Pharma. Industry Abu Dhabi 3.19 (5.1) 17.8 16.0
Dubai Investments Dubai 2.08 (4.6) 138,574.0 144.1
Deyaar Development Dubai 0.64 (3.6) 58,634.8 81.8
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. „000 YTD%
Qatar Fuel Co. 282.30 (0.6) 26.3 28.3
Commercial Bank of Qatar 68.60 (0.4) 132.2 (3.2)
National Leasing 34.55 (0.3) 114.8 (23.6)
Industries Qatar 151.90 (0.3) 131.8 7.7
Ezdan Holding Group 17.19 (0.1) 22.7 (5.5)
Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD%
Barwa Real Estate Co. 26.15 3.2 31,365.3 (4.7)
QNB Group 168.30 0.5 23,819.2 28.6
United Development Co. 22.10 0.7 22,639.9 24.2
Medicare Group 49.70 1.5 21,482.6 39.2
Doha Bank 54.40 0.2 20,886.7 17.3
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,761.03 0.6 1.9 1.6 16.8 79.57 145,576.6 12.1 1.7 4.7
Dubai 2,822.97 (0.2) 3.1 2.2 74.0 541.70 68,601.9 16.4 1.1 3.2
Abu Dhabi 3,857.83 (0.1) 0.5 0.4 46.6 175.11 110,760.3 11.0 1.4 4.7
Saudi Arabia 8,017.77 0.0 0.5 0.7 17.9 1,052.42 426,241.5 16.7 2.1 3.6
Kuwait 7,624.64 (1.2) (2.0) (1.8) 28.5 96.77 125,194.9 18.3 1.2 3.7
Oman 6,647.45 (0.4) (0.2) 0.0 15.4 12.06 23,241.3 11.0 1.6 3.9
Bahrain 1,194.04 (0.1) (0.3) 0.0 12.1 1.77 23,084.3 8.4 0.8 4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,660
9,680
9,700
9,720
9,740
9,760
9,780
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index rose 0.6% to close at 9,761.0. The Real Estate
and Transportation indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite
selling pressure from Qatari shareholders.
 Qatari Investors Group and Barwa Real Estate Co. were the top
gainers, rising 3.2% each. Among the top losers, Qatar Fuel Co.
fell 0.6%, while Commercial Bank of Qatar declined 0.4%.
 Volume of shares traded on Thursday rose by 19.3% to 6.9mn
from 5.8mn on Wednesday. However, as compared to the 30-
day moving average of 7.9mn, volume for the day was 13.1%
lower. Barwa Real Estate Co. and United Development Co. were
the most active stocks, contributing 17.5% and 14.8% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Saudi Basic
Industries Corp.
(SABIC)
Fitch
Saudi
Arabia
Capital II BV's five-year
$1bn 2.625% senior
unsecured guaranteed
bonds
– A+#
– – –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, SACP - Stand-Alone Credit Profile) (
#
Rating assigned)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/03 US
Challenger, Gray &
Christmas
Challenger Job Cuts YoY September 19.10% – 56.50%
10/03 US IPSOS Public Affairs RBC Consumer Outlook Index October 50.7 – 51.1
10/03 US Department of Labor Initial Jobless Claims 28-September 308K 315K 307K
10/03 US Department of Labor Continuing Claims 21-September 2925K 2805K 2821K
10/03 US Bloomberg Bloomberg Consumer Comfort 29-September -29.4 – -28.1
10/03 US ISM ISM Non-Manf. Composite September 54.4 57.0 58.6
10/03 EU Markit PMI Services September 52.2 52.1 50.7
10/03 EU Markit PMI Composite September 52.2 52.1 51.5
10/03 EU Eurostat Retail Sales MoM August 0.70% 0.20% 0.50%
10/03 EU Eurostat Retail Sales YoY August -0.30% -1.50% -0.70%
10/04 EU Eurostat PPI MoM August 0.00% 0.10% 0.20%
10/04 EU Eurostat PPI YoY August -0.80% -0.50% 0.00%
10/03 France Markit PMI Services September 51.0 50.7 48.9
10/03 Germany Markit PMI Services September 53.7 54.4 52.8
10/04 Germany Destasis PPI MoM August -0.10% 0.00% -0.10%
10/04 Germany Destasis PPI YoY August -0.50% 0.00% 0.00%
10/03 UK Lloyds TSB Halifax House Prices MoM September 0.30% 0.50% 0.30%
10/03 UK Lloyds TSB Halifax House Price 3Mths/Year September 6.20% 6.40% 5.40%
10/03 UK Markit PMI Services September 60.3 60.5 60.5
10/04 UK Lloyds Bank Lloyds Employment Confidence September -13 – -22
10/03 Italy Markit PMI Services September 52.7 49.1 48.8
10/03 China CFLP Non-manufacturing PMI September 55.4 – 53.9
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar economic activity soaring on back of large
infrastructure projects – According to a report by QNB Group,
large infrastructure projects such as the Doha Metro Rail and
Hamad International Airport would accelerate Qatar’s economic
activity until the year-end, playing an increasing role to develop
the country’s non-hydrocarbon sector until 2015. Many
expatriate workers are entering Qatar to respond to higher labor
demand from infrastructure spending. The QNB Group report
said this increased level of job growth and higher disposable
incomes should boost domestic consumption, which will be a
key driving force for GDP growth over the medium-term. With
Qatar’s population more than tripling in the last 12 years, there
has been a reciprocal increase in the number of vehicles on the
roads (876,039 vehicles in 2012, compared with 287,500 in
2000). Furthermore, the Consumer Price Index (CPI) has
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.56% 62.39% (5,309,877.06)
Non-Qatari 39.44% 37.61% 5,309,877.06

3. Page 3 of 6
stabilized at a moderate level (3.1%) in August 2013. Rents are
rising but the rate of rental increases has been slowing in recent
months, while non-rent inflation has fallen. The latest CPI data is
in line with QNB Group’s forecast for 3.6% inflation in 2013 as a
whole, which would increase slightly to 3.8% in 2014.
Meanwhile, Qatar’s real GDP expanded at a robust 6% YoY
pace, spurred by double-digit growth in various sectors such as
construction, transport, communication, financial and business
services. QNB Group expects the real GDP growth to accelerate
during 2H2013, reaching 6.5% for the entire year and 6.8% in
2014, powered by large infrastructure projects and higher
population. (Gulf-Times.com)
 MOQ, GDI sign rig deals worth QR750mn – Maersk Oil Qatar
(MOQ) and Gulf Drilling International (GDI) have signed two new
contracts worth QR750mn for two oil drilling rigs. The first one is
a two-year contract for the GDI jack-up drilling rig (B-341) and
the second one is a three-year contract for a new GDI offshore
accommodation jack-up rig. These deals represent the second
and third major deals between GDI and MOQ in 2013. (Gulf-
Times.com)
 SCH to set rules for social health insurance law – The
Supreme Council of Health (SCH) said it will shortly issue
executive regulations for the social health insurance law in
Qatar. The council has confirmed that it is developing
administrative systems and procedures to supervise the health
insurance system in coordination with entities concerned and
with the aim to protect consumers, beneficiaries and service
providers. (Gulf-Times.com)
 Barzan Gas Project‟s four offshore modules reach Qatar –
RasGas Company Ltd announced that four offshore platform
topside modules for the Barzan Gas Project have safely arrived
from Ulsan, South Korea to Qatar’s North Field. These offshore
platform modules weighing 9,500 tons include three wellhead
platforms and living quarters module. These modules are
expected to be installed this month. (Peninsula Qatar)
 GWCS, Intercept sign deal on packing materials – The Gulf
Warehousing Company (GWCS) has concluded an exclusivity
agreement with Intercept Technology Middle East covering the
region of Qatar for Intercept’s anti-corrosion packing materials.
(Gulf-Times.com)
 GWCS‟ BoD appoints new group CEO – The Gulf
Warehousing Company’s (GWCS) board of directors has
appointed Ranjeev Menon as its new group CEO. Ranjeev
Menon had previously worked as the CEO of GWCS. (QE)
 Ashghal announces work tender for new health centers –
The Public Works Authority (Ashghal) has announced a tender
for the construction of two new health centers at Maither and Al-
Wajbah. These new health centers would have an area of
around 28,000-33,000 square meters that includes all the
necessary facilities, equipment and ample parking space. (Gulf-
Times.com)
 QA begins weekly non-stop flights to Ta'if – Qatar Airways
has expanded its operations in Saudi Arabia with the launch of
four weekly non-stop flights from Doha to Ta'if. This is the sixth
destination in the Kingdom for QA, which now operates 69
weekly flights. (GulfBase.com)
 QNNS to announce its 3Q2013 results on October 28 –
Milaha (QNNS) will disclose its 3Q2013 financial results for the
period ending September 30, 2013 on October 28, 2013. (QE)
 MCCS to announce its 3Q2013 results on October 27 –
Mannai Corporation (MCCS) will disclose its 3Q2013 financial
results for the period ending September 30, 2013 on October
27, 2013. (QE)
 Ezdan to announce its 3Q2013 results on October 27 –
Ezdan Holding Group (ERES) will disclose its 3Q2013 financial
results for the period ending September 30, 2013 on October
27, 2013. (QE)
International
 US House passes bill to retroactively reimburse furloughed
workers – The House of Representatives passed a bill to make
sure federal workers furloughed under the current government
shutdown will be reimbursed for lost pay once government
reopens. The White House backs the bill and the Senate is
expected to approve it too, though the timing is unclear. The
407-0 vote in the House was uniquely bipartisan, even as
lawmakers continued their partisan rhetoric. Making the
shutdown less painful for 800,000 federal employees will
encourage Congress and the White House to extend it even
longer, driving up the cost, said Steve Ellis of Taxpayers for
Common Sense. (The Guardian)
 IMF: US debt crisis threatens world economy – IMF chief
Christine Lagarde said it was "mission critical" that Democrats
and Republicans raise the US debt ceiling before the 17 October
deadline. Lagarde said the dispute was a fresh setback for a
global economy that would take at least a decade to recover
from the slump of 2008-09. She added that the world's biggest
economy needed to put its finances in order, but favoured back-
loaded measures to raise revenues and limit entitlement
spending such as medicare that did not jeopardise short-term
growth. (The Guardian)
 Bank of Japan refrains from more stimulus – The Bank of
Japan refrained from adding to unprecedented monetary
stimulus after business confidence surged and Prime Minister
Shinzo Abe decided the economy was strong enough to weather
a sales-tax increase. The central bank said it was ready to top
up its existing massive stimulus if the recovery underway in the
world's third-largest economy was threatened. The Bank of
Japan also warned that a prolonged US budget standoff would
hit global markets very hard. (Bloomberg, Reuters)
 Bank of Spain says further cuts needed to curb deficit –
Bank of Spain Governor Luis Maria Linde said the government
would need to make further adjustments to bring the public
deficit in line with European targets, and warned it would be
difficult in a climate of slow economic recovery. Linde said "It is
not unjustified to affirm that the Spanish economy seems to be
getting over the second recession of this prolonged crisis".
(Reuters)
 Moody's revises Slovakia's credit outlook to Stable –
Moody's Investors Service revised Slovakia's sovereign foreign
currency credit rating outlook to Stable from Negative, citing its
expectation of a more stable debt profile and limited exposure to
the euro area debt crisis. The firm also affirmed its A2 credit
rating, which places it firmly in the mid-tier investment grade
category. Moody's said Slovakia's banking sector is considered
one of the most liquid in Europe, is well capitalized and is a
flexible source of funding for the sovereign. However, Moody’s
added that the macroeconomic conditions "remain subdued at
present." (Reuters)
 Portugal EU/IMF creditors approve bailout review, goals
unaltered – Portugal's international lenders approved the
country's performance under a bailout in their latest review, but
rejected government requests to ease fiscal goals. With no
change in next year's budget deficit goal, the government is set
to push ahead with spending cuts of €4bn ($5.5bn) next year,

4. Page 4 of 6
which are likely to be detailed in the draft budget to be
presented later this month. Business groups have argued these
cuts could compromise a fledgling recovery. The first signs of
economic growth prompted the government and creditors to
raise next year's growth forecast to 0.8% from 0.6%. This year's
GDP contraction is now seen at 1.8% compared with the
previous estimate of a 2.3% decline. (Reuters)
 Portugal to avoid new bailout – Portugal’s Prime Minister
Pedro Passos Coelho said the country will avoid a new bailout
despite facing a difficulty in balancing its public finances back
and rising discontent with austerity measures. Portugal had
received a bailout worth $106bn in May 2011 from the EU and
IMF, which lasts until June 2014. In a bid to balance the budget,
The Portuguese government has imposed tax increases and
wage cuts, aggravating a downturn that has sent unemployment
to a record 17.7%. (Gulf-Times.com)
Regional
 IMF forecasts 4.4% growth for GCC region in 2014 – The
International Monetary Fund (IMF) has forecast that the GCC
region’s GDP growth will pick up to 4.4% in 2014, as oil
production rises and the region’s non-oil sector benefits from the
large infrastructure projects being implemented. The Fund has
asked GCC countries to push for further reforms and ensure a
steady growth in the region. IMF’s Deputy Managing Director
Nemat Shafik said, at a time when the global economy is still
struggling to rebound from the global crisis, organizations such
as the GCC region that bring together countries in a cooperative
spirit to discuss mutual problems have proven effective. The
GCC growth rate is projected at 3.7% in 2013, much lower than
the exceptionally strong rate of 6.4% seen in 2010-12, which is
still favorable by global standards. (Peninsula Qatar)
 GCC transport ministers discuss GCC rail network – Qatar’s
Minister of Transport HE Jassim bin Seif Al Sulaiti said the
proposed GCC rail network project is on track and a time-frame
for its implementation will be announced soon. The minister
stated that the railway project was one of the main issues
discussed in the 17th meeting of GCC Transport Ministers that
was held recently in Bahrain. (Peninsula Qatar)
 Saudi PMI rises to 58.7 in September – The headline Saudi
Arabian Purchasing Managers’ Index (PMI) compiled by the
Saudi British Bank (SABB) and HSBC rose to a six-month high
to 58.7 in September 2013 from 57.5 in August. This figure
signaled a further rise in output levels among Saudi Arabia’s
non-oil producing private sector firms, taking them to a five-
month high. Demand from foreign markets has also
strengthened substantially in September with the growth rate of
new export business accelerating to the fastest rate in the
study’s history. (GulfBase.com)
 Kingdom not worried about US political deadlock – Saudi
Arabia’s Central Bank Governor Fahad al Mubarak said the
bank is not worried by the political deadlock in Washington that
could cause the US to default on its debt. al Mubarak said he is
not concerned since US politicians have been there before and
have resolved their political impasse earlier. Most of the Saudi
central bank's net foreign assets of $690bn are believed to be
denominated in the US dollars, in the form of US Treasury
bonds. (Reuters)
 ACWA plans to issue $800mn Islamic bonds, seeks listing
on Tadawul by 2014 – Saudi water & power project developer,
ACWA Power’s Chief Executive Paddy Padmanathan said the
company is planning to sell an $800mn debut Islamic bond in
2013 and list on the Saudi stock exchange (Tadawul) by around
the end of 2014, as it ramps up production capacity. He added
that the company is also negotiating a 5% capital increase with
the International Finance Corporation (IFC), a unit of the World
Bank. He also said that a power purchase agreement for the
1,800 MW Rabigh 2 power plant commissioned by the Saudi
Electricity Company is likely to be signed by the end of October
2013, with a financial closure on the $1.2bn project financing
done soon after. (Reuters)
 IDB plans to increase its sukuk program from $6.5bn to
$10bn – The Islamic Development Bank (IDB) is planning to
increase its sukuk program from $6.5bn to $10bn in order to
keep pace with the rising demand for investment-grade paper
from international institutions. IDB’s Treasury Department
Director Hasan Demirhan said the bank is planning to make the
increase official in November, which is subject to clearance from
regulators in Britain, where its multi-currency program is listed.
This increase will help IDB to meet its goal of issuing one sukuk
publicly every year and cater to a growing number of requests
from investor for private placements. According to Reuters, the
bank has already issued around $7bn via 15 sukuk programs,
out of which $6.3bn is currently outstanding. (GulfBase.com)
 Saudia to buy 35 new planes to strengthen its fleet – The
Saudi Arabian Airlines (Saudia) is set to buy 35 new aircraft as
part of its strategic plan to strengthen its domestic and
international fleet networks. Saudia’s Director General Khaled Al
Molhem said that the airline has already received 68 of the 90
new aircraft, which it had ordered from Airbus and Boeing.
(GulfBase.com)
 S&P asses Arab National Bank‟s SACP at “a-” – S&P has
assessed Arab National Bank’s (ANB) stand-alone credit profile
(SACP) at a-. S&P’s current ANB’s rating stands as follows;
counterparty credit rating at “A/Positive/A-1”; senior unsecured
rating at “A”; short-term debt at “A-1”; subordinated at “A”.
(Bloomberg)
 HSBC UAE PMI indicates robust growth – The HSBC UAE
PMI rose to 56.6 points in September 2013 from 54.5 points in
August as output growth and new orders accelerated at the
fastest pace in 29 months. Order intakes increased at a faster
pace and new export business rose, leading to steady rise in
employment levels. New business from abroad also rose sharply
in September as compared to August. Increased tourism and
improved market conditions contributed to the latest rise in new
export orders. Meanwhile, the Bloomberg Middle East Economic
Survey pegs the UAE’s GDP growth at 3.9%. (GulfBase.com)
 Alok International closes $150mn syndicated Murabaha
facility – Alok International Middle East, a wholly-owned
subsidiary of India-based Alok Industries Limited, has
successfully completed a syndicated Murabaha facility worth
$150mn. Alok International is the first Indian corporate
enterprise to avail financing under a syndicated Shari'ah-
compliant structure through its subsidiary in the UAE. This
facility has been structured under a commodity Murabaha
transaction to provide liquidity to Alok and is secured by export
receivables. Noor Islamic Bank and Warba Bank were the
mandated lead arrangers. Noor Islamic Bank also acted as the
book runner, structuring & documentation bank, investment
agent and security agent for this issue. The other participants in
the facility included the Commercial Bank International and the
United Arab Bank. (AME Info)
 Dubai aims to be Islamic economy hub by 2016 – Dubai has
announced an ambitious plan to establish itself as the main
global center for products and services compliant with Islamic
law over the next three years. The Supreme Committee for
developing the Islamic economy said the initiative is based on
establishing the necessary laws and regulatory bodies to

5. Page 5 of 6
develop the sector. The Islamic economy includes halal food
products and Shari’ah-compliant tourism, culture and education,
as well as Shari’ah-friendly financial instruments and insurance.
(Qatar Tribune)
 JLL: Dubai‟s property prices will rise but at slower rate –
According to a report by Jones Lang LaSalle (JLL), residential
prices in Dubai will continue to increase over the next 12
months, but at a slower rate. JLL Head of Research Craig
Plumb said that the Emirate economy is recovering due to its
trade, transport and tourism activities. Residential prices have
increased by more than 22% due to resurgent investor
confidence. The report showed that the current overheating
would be tempered by new regulation issued by the Dubai Land
Department to curb excessive speculation. The government is
also working to introduce mortgage limits for both the expatriate
and local investors. Around 45,000 new housing units are
expected to be delivered in Dubai before the end of 2015, which
represents an annual increase of around 16,000.
(GulfBase.com)
 Dubai approves AED1.2bn for beneficiaries of Sheikh Zayed
Housing Program – The Ruler of Dubai HE Sheikh Mohammed
bin Rashid Al Maktoum has approved a payment worth
AED1.2bn to 2,854 beneficiaries of the Sheikh Zayed Housing
Program. This is the biggest payment released in 2013, which
covers all deserving categories and 260 final approvals worth
AED130mn. (Bloomberg)
 Etihad, German firm bid for Air India‟s Boeing longer-range
jets – Etihad Airways and a German aircraft leasing company
are separately bidding to acquire five of the world’s longest-
range jetliners from Air India Ltd, which has scaled back plans to
expand non-stop flights to North America. According to sources,
the two bids are being evaluated by Air India and will be
submitted to its board for approval. Air India has put the five
Boeing 777-200 longer-range planes up for sale, as high jet fuel
prices and weak demand from Indian travelers has forced it to
forsake plans to operate nonstop long-distance flights to North
America. (Gulf-Times.com)
 Nakheel to launch 400 new homes at Al Furjan, awards
AED4mn road contract to Al Wasit – Dubai-based property
developer Nakheel is set to launch a new phase of around 400
new homes at its Al Furjan community, which will be constructed
over the next two years. Meanwhile, Nakheel has awarded an
AED4mn contract to Al Wasit Roads Contracting to develop four
new road links between Al Furjan and the Al Yalayis Road,
which will connect Dubai’s Sheikh Mohammed bin Zayed Road
and Sheikh Zayed Road. (GulfBase.com)
 Empower obtains AED521.6mn loan facility from DHBK –
The Emirates Central Cooling Systems Corporation (Empower)
has obtained a loan facility worth AED521.6mn from Doha Bank
(DHBK) to fund its expansion plans in Business Bay and other
planned projects across Dubai. Empower is currently developing
its second district cooling plant in Business Bay, which will have
a total capacity of 45,000 refrigeration tons and will be
completed in mid-2014. (AME Info)
 India approves Etihad‟s 24% stake purchase in Jet Airways
– The Government of India has given final approval to Abu
Dhabi-based Etihad Airways for its purchase of 24% stake in Jet
Airways. This approval will result in a foreign investment worth
$332mn. In April 2013, Etihad had agreed to buy a 24% stake in
Jet Airways as it sought access to a market where passenger
numbers are forecast to triple to 452mn by 2020. (Bloomberg)
 Etisalat Facilities signs strategic deal with EMS to provide
integrated building management solution – Etisalat Facilities
Management has entered into a strategic partnership agreement
with Energy Management Systems (EMS) to provide integrated
solution to manage buildings and their facilities. This partnership
include a plan to replace existing building utility fittings with more
energy efficient fittings, as well as fix the facility management
fees at a competitive rate for the next five years. (GulfBase.com)
 ADNOC seeks to upgrade infrastructure, expects crude
output to rise to 3.5mn bpd by 2017 – The Abu Dhabi National
Oil Company’s (ADNOC) Director General Abdulla Nasser Al
Suwaidi said the company is constantly seeking to upgrade its
exploration, production and refining infrastructure and expects
its crude oil output to increase to 3.5mn bpd by 2017. The Shah
Gas field is expected to begin production by late 2014. Al
Suwaidi said the expansion of Ruwais refinery will take
ADNOC’s total refining capacity to some 900,000 bpd in 2014,
which will meet the rising demand for refined products. Al
Suwaidi also said Abu Dhabi was able to successfully overcome
the challenges in the gas industry by developing the first
unconventional sour gas field. A new ADNOC subsidiary, the
Abu Dhabi Gas Development Company has been set up to
develop sour gas resources at Shah Field. This will become
operational during 2014 with a processing capacity of 28.3
million cubic meters (MCM) and will produce approximately 14.2
MCM of lean, sweet gas which will be supplied to Abu Dhabi gas
pipeline network. This plant will also produce condensates, LPG
and ethane for petrochemicals industry. (GulfBase.com)
 KHCB appoints new CEO – Khaleeji Commercial Bank (KHCB)
has appointed Khalil Al Meer as the new CEO. Al Meer has an
extensive experience in commercial banking having worked for
many years in reputed banks in Bahrain. Prior to his latest
appointment, Al Meer was the General Manager of Corporate
Banking division in the Bank of Bahrain & Kuwait (BBK).

6. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
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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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*Market closed on October 04, 2013)
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
0.0%
0.6%
(1.2%)
(0.1%)
(0.4%)
(0.1%) (0.2%)
(1.9%)
(1.3%)
(0.6%)
0.0%
0.6%
1.3%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,310.80 (0.5) (1.9) (21.8) DJ Industrial 15,072.58 0.5 (1.2) 15.0
Silver/Ounce 21.74 0.4 (0.2) (28.3) S&P 500 1,690.50 0.7 (0.1) 18.5
Crude Oil (Brent)/Barrel (FM
Future)
109.46 0.4 0.8 (1.5) NASDAQ 100 3,807.75 0.9 0.7 26.1
Natural Gas (Henry
Hub)/MMBtu
3.56 (0.6) 1.6 3.9 STOXX 600 309.89 0.1 (0.7) 10.8
North American Spot LPG
Propane Price
109.38 (0.2) 3.4 21.5 DAX 8,622.97 0.3 (0.4) 13.3
North American Spot LPG
Normal Butane Price
144.25 0.0 4.5 (18.3) FTSE 100 6,453.88 0.1 (0.9) 9.4
Euro 1.36 (0.4) 0.3 2.8 CAC 40 4,164.25 0.9 (0.5) 14.4
Yen 97.48 0.2 (0.8) 12.4 Nikkei 14,024.31 (0.9) (5.0) 34.9
GBP 1.60 (0.9) (0.8) (1.5) MSCI EM 1,007.92 0.3 0.8 (4.5)
CHF 1.10 (0.9) (0.1) 0.9 SHANGHAI SE Composite* 2,174.67 0.0 0.7 (4.2)
AUD 0.94 0.4 1.3 (9.2) HANG SENG 23,138.54 (0.3) (0.3) 2.1
USD Index 80.12 0.5 (0.2) 0.4 BSE SENSEX 19,915.95 0.1 1.0 2.5
RUB 32.18 (0.0) (0.5) 5.4 Bovespa 52,848.97 0.7 (1.7) (13.3)
BRL 0.45 (0.2) 2.0 (7.3) RTS 1,443.15 1.1 0.7 (5.5)
140.3
126.1
114.7