1. QE Intra-Day Movement
Market Indicators
11,400
11,350
11,300
Market Indices
11,250
11,200
9:30
10 Feb 14
774.8
594,336.9
19.7
7,378
41
23:17
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 rose 0.5% to close at 11,361.6. Gains were led by the Banking &
Financial Services and Real Estate indices, rising 1.2% and 0.7% respectively.
Top gainers were Medicare Group and Qatar International Islamic Bank,
gaining 3.4% each. Among the top losers, Qatari Investors Group fell 9.8%,
while Commercial Bank of Qatar declined 4.0%.
09 Feb 14
480.9
591,349.3
13.1
4,609
41
27:11
%Chg.
61.1
0.5
50.9
60.1
0.0
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
16,321.49
2,818.87
2,751.42
3,694.71
1,964.20
2,001.18
2,717.58
1,580.84
6,200.79
3,269.77
0.5
0.5
1.2
(0.1)
(0.1)
0.7
0.2
0.0
0.0
0.5
1.5
1.5
2.4
0.6
1.3
0.3
1.0
0.7
1.2
1.5
10.1
8.9
12.6
5.6
5.7
2.5
16.3
8.7
4.2
7.7
N/A
13.5
14.1
13.6
13.3
13.7
6.3
21.3
23.9
16.8
Vol. ‘000
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index fell 0.2% to close at 8,859.2. Losses were led
by the Transport and Banking & Financial Services indices, falling 2.7% and
0.8% respectively. SAPTCO fell 9.7%, while WAFA Insurance was down 8.0%.
Abu Dhabi Nat. Hotels
Abu Dhabi
4.00
8.1
87.0
29.0
Dubai Financial Market
Dubai
3.06
7.0
160,115.1
23.9
Dubai: The DFM index gained 1.0% to close at 4,065.3. The Investment &
Financial Services index rose 5.0%, while the Insurance index was up 2.6%.
Dubai Financial Market gained 7.0%, while Takaful-Emarat was up 5.7%.
Investbank
Abu Dhabi
3.30
5.8
155.8
22.7
Dubai Investments
Dubai
3.22
4.5
65,692.7
29.3
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 4,871.6. The
Energy index declined 1.2%, while the Banking index was down 0.8%. Nat.
Bank of Umm Al-Qaiwain and RAK Poultry & Feeding Co. fell 10.0% each.
Saudi Kayan
Saudi Arabia
15.15
4.5
30,150.2
(3.5)
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.2% to close at 7,857.0. The Insurance index
rose 0.9%, while the Technology index was up 0.7%. Credit Rating &
Collection gained 7.8%, while Union Real Estate Co. was up 7.7%.
NBQ
Abu Dhabi
Saudi Public Transport
Saudi Arabia
Oman: The MSM index fell 0.2% to close at 7,143.3. Losses were led by the
Financial and Industrial indices, declining 0.6% and 0.1% respectively.
National Gas fell 7.7%, while Al Sharqia Investment Holding was down 4.8%.
Deyaar Development
Kuwait Projects Co.
Gulf Bank
Bahrain: The BHB index declined 0.1% to close at 1,313.0. The Services
index fell 1.3%, while the Investment index was down 0.1%. Bahrain
Telecommunications declined 2.4%, while Ahli United Bank was down 0.6%.
Medicare Group
Close*
1D%
Vol. ‘000
YTD%
57.30
Qatar Exchange Top Gainers
3.4
522.5
9.1
##
YTD%
#
1D%
3.15
(10.0)
5.0
(4.5)
28.80
(9.7)
14,675.5
6.3
Dubai
1.27
(3.8)
177,607.2
25.7
Kuwait
0.65
(3.0)
1,112.4
4.8
Kuwait
0.36
(2.7)
4,723.0
(5.3)
Close
Vol. ‘000
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
Qatari Investors Group
44.20
(9.8)
663.1
1.1
70.00
(4.0)
1,669.0
(1.1)
Qatar Exchange Top Losers
YTD%
Qatar International Islamic Bank
72.50
3.4
701.9
17.5
Commercial Bank of Qatar
Vodafone Qatar
12.10
3.1
5,555.9
13.0
Qatar & Oman Investment Co.
12.50
(1.8)
249.5
(0.2)
Masraf Al Rayan
38.90
2.6
2,490.6
24.3
Ezdan Holding Group
16.70
(1.5)
61.3
(1.8)
Qatar General Ins. & Rein. Co.
47.00
2.2
5.6
(1.9)
Gulf Warehousing Co.
42.20
(0.7)
2.2
1.7
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Vodafone Qatar
12.10
3.1
5,555.9
13.0
Commercial Bank of Qatar
70.00
(4.0)
116,804.9
(1.1)
Masraf Al Rayan
38.90
2.6
2,490.6
24.3
Masraf Al Rayan
38.90
2.6
96,238.1
24.3
Commercial Bank of Qatar
70.00
(4.0)
1,669.0
(1.1)
Vodafone Qatar
12.10
3.1
66,742.2
13.0
Barwa Real Estate Co.
30.65
0.8
1,347.3
2.9
Doha Bank
65.00
(0.3)
62,667.5
11.7
United Development Co.
22.65
0.4
1,022.2
0.2
QNB Group
185.10
2.0
56,616.9
7.6
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR) (Data as of Feb. 10, 2014)
Source: Bloomberg (* in QR) (Data as of Feb. 10, 2014)
Regional Indices
Qatar*#
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
11,361.62
4,065.29
4,871.55
8,859.20
7,857.04
7,143.28
1,312.97
0.5
1.0
(0.5)
(0.2)
0.2
(0.2)
(0.1)
1.5
3.4
3.2
0.5
0.3
0.5
0.7
1.8
7.8
4.2
1.1
1.3
0.8
1.4
9.5
20.6
13.5
3.8
4.1
4.5
5.1
Exch. Val. Traded
($ mn)
212.76
772.09
304.15
1,916.22
182.03
19.85
1.82
Exchange Mkt.
Cap. ($ mn)
163,204.9
80,393.4
133,969.5
484,627.5
112,327.6
25,527.1
50,793.5
P/E**
P/B**
14.4
17.4
13.3
17.8
16.8
11.0
8.7
1.9
1.5
1.7
2.2
1.2
1.6
0.9
Dividend
Yield
4.1
2.2
3.7
3.3
3.6
3.6
3.7
#
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 on Feb. 10, 2014)
Page 1 of 6

2. Qatar Market Commentary
 The QE index rose 0.5% to close at 11,361.6. The Banking &
Financial Services and Real Estate 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
64.70%
70.76%
(46,921,494.42)
Non-Qatari
 Medicare Group and Qatar International Islamic Bank were the
top gainers, rising 3.4% each. Among the top losers, Qatari
Investors Group fell 9.8%, while Commercial Bank of Qatar
declined 4.0%.
Buy %*
35.30%
29.24%
46,921,494.42
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday rose by 50.9% to 19.7mn
from 13.1mn on Sunday. Further, as compared to the 30-day
moving average of 11.0mn, volume for the day was 79.9%
higher. Vodafone Qatar and Masraf Al Rayan were the most
active stocks, contributing 28.2% and 12.6% to the total volume
respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
BMI Bank (BMI)
Agency
Market
Bahrain
Moody's
Type*
Deposit Ratings# /
BFSR
Old Rating
New Rating
E+
Rating Change
Outlook Change
–
Ba1/ E+
Outlook
Negative
/ Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Bank Financial Strength Rating) (#Rating confirmed)
Earnings Releases
Company
Market
Currency
Gulf Navigation (GULFNAV)
Dubai
Dubai
AED
RAK Properties
Abu Dhabi
AED
Foodco Holding
Abu Dhabi
% Change
YoY
Operating Profit
(mn) FY2013
% Change
YoY
Net Profit (mn)
FY2013
% Change
YoY
–
–
–
–
-697.9
372.1%
307.6
6.9%
–
–
44.3
8.8%
322.3
-49.8%
182.4
-1.8%
150.6
2.4%
98.4
-12.2%
–
–
33.8
140.5%
739.1%
AED
Alliance Insurance
Revenue
(mn) FY2013
AED
United Industries Co. (UIC)
Kuwait
KD
–
–
–
–
28.1
Gulf Hotels (Oman) Co.
Computer Stationery
Industry Co. (CSII)
Global Financial Investments
Holding (GFI)
Bahrain Kuwait Insurance
Co. (BKIC)
Bahrain Car Parks Co.
(CPARK)
United Paper Industries
(UPI)*
Oman
OMR
8.8
5.4%
–
–
2.4
0.4%
Oman
OMR
3.0
-17.8%
–
–
0.2
200.2%
Oman
OMR
4.5
139.6%
–
–
1.9
1.0%
Bahrain
BHD
12.0
2.4%
–
–
3.7
-12.2%
Bahrain
BHD
–
–
0.9
19.6%
0.8
6.9%
Bahrain
BHD
8.2
-3.2%
–
–
0.3
-49.4%
Source: Company data, DFM, ADX, MSM (*Results for the nine months ended December 31, 2013)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
02/11
US
BLS
JOLTs Job Openings
December
3.99mn
3.98mn
4.03mn
02/11
US
US Census Bureau
Wholesale Inventories MoM
December
0.30%
0.50%
0.50%
02/11
US
US Census Bureau
Wholesale Trade Sales MoM
December
0.50%
0.70%
1.00%
02/10
EU
Sentix Behavioral Ind.
Sentix Investor Confidence
February
13.3
10.1
11.9
02/10
France
INSEE
Industrial Production MoM
December
-0.30%
-0.20%
1.20%
02/10
France
INSEE
Industrial Production YoY
December
0.50%
1.00%
1.70%
02/10
France
INSEE
Manufacturing Production MoM
December
0.00%
0.30%
0.20%
02/10
France
INSEE
Manufacturing Production YoY
December
0.50%
0.70%
1.60%
02/10
UK
Lloyds Bank
Lloyds Employment Confidence
January
-2
–
-12
02/11
UK
BRC
BRC Sales Like-For-Like YoY
January
3.90%
0.80%
0.40%
02/10
Italy
ISTAT
Industrial Production MoM
December
-0.90%
0.00%
0.30%
02/10
Italy
ISTAT
Industrial Production WDA YoY
December
-0.70%
0.90%
1.50%
02/10
Italy
ISTAT
Industrial Production NSA YoY
December
2.40%
4.70%
-1.70%
02/10
Japan
Bank of Japan
Housing Loans YoY
4Q2013
2.90%
–
3.00%
02/10
Japan
ESRI
Consumer Confidence Index
January
40.5
42.0
41.3
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
 QIMD reports net profit of QR202.1mn in 2013 – QIMD’s
financials revealed a net profit of QR202.1mn in 2013 versus
QR208.2mn in 2012. Earnings per Share (EPS) amounted to
QR5.11 in 2013 compared to QR5.26 in 2012. The company’s
Board of Directors recommended 20% bonus shares along with
the results. (QE)
 QGRI reports net profit of QR1.37bn in 4Q2013 – Qatar
General Insurance & Reinsurance Company (QGRI) has
reported a net profit of QR1.37bn in 4Q2013 as compared to
QR19.3mn in 3Q2013. The net earned premiums was
QR52.8mn in 4Q2013 indicating a fall of 0.1% QoQ. For the full
year 2013, EPS amounted to QR36.96 vs. QR3.04 in 2012. The
significant increase in 4Q2013 net income is due to fair value
gain on investment properties of QR2.0bn in 2013 vs.
QR39.9mn in 2012. Meanwhile, QGRI’s board of directors has
recommended a cash dividend of QR1.50 and a 20% stock
dividend per share, which will have to be approved by
shareholders at the annual general assembly, scheduled on
March 16, 2014. (QE)
 QFLS report net profit QR1.2bn profit in 2013 – Qatar Fuel
Company (Woqod) posted a net profit of QR1.2bn in 2013 vs.
QR1.1bn in 2012. Earnings per Share (EPS) amounted to
QR18.72 in 2013 compared to QR17.70 in 2012. QFLS’ Board
of Directors recommended cash dividends of QR10.0 per share,
in addition to 30% bonus shares i.e. 3 shares per 10 outstanding
shares. (QE)
 CBQK curbs expansion plans – The Commercial Bank of
Qatar (CBQK) said it would freeze expenses and curb
expansion plans. CBQK has abandoned its plans to open a new
branch in every Turkish city, focusing on cost cutting in order to
protect profitability. CBQK's acquisition of Turkish lender ABank
and investment in staff and infrastructure saw costs balloon 40%
YoY in 2013. (Bloomberg)
 Trading suspension in QIIK’s shares on February 12 due to
its AGM & EGM – The Qatar Exchange has announced trading
suspension in Qatar International Islamic Bank’s (QIIK) shares
on February 12, 2014 due to its AGM & EGM being held on that
day. (QE)
 Asteco: Qatar's land sales rise 10% in 4Q2013 – According to
a report released by Asteco, the real estate market in Qatar
witnessed strong growth in 4Q2013 with land sales accounting
for about 75% of all property transactions in the last quarter. The
total value of land transactions in 4Q2013 reached QR6.3bn, up
by 10% from QR5.7bn in 3Q2013. The volume of transactions
also increased with over 1,500 properties changing hands.
(Peninsula Qatar)
International
 Janet Yellen: Expect continuity at Fed – The Federal Reserve
Chairman Janet Yellen sought to reassure investors that she will
embrace the approach to interest-rate policy that her
predecessor, Ben Bernanke, pursued before he stepped down
as Chairman last month. Yellen told Congress that if the
economy keeps improving, the Fed will take "further measured
steps" to reduce the support it is providing through bond
purchases. Yellen said she expect a "great deal of continuity"
with Bernanke. She signaled that she supports his view that the
economy is strengthening enough to withstand a pullback in
stimulus but that rates should stay low to further improve a stilllackluster economy. (ET)
 China's January trade beats forecasts, import growth at 6month high – China's trade performance zoomed past
forecasts in January as import growth hit a six-month high,
confounding market expectations that the country's economy is
mired in a deepening slowdown. China's Customs
Administration said the value of country's total exports climbed
10.6% in January from a year earlier, more than five times
market forecasts for a 2% rise. The value of imports jumped
10% from a year ago, a pace not seen since July and handily
beating market predictions for a 3% gain. Imports of crude oil,
iron ore and copper all hit record highs, according to customs
data. The country's trade surplus rose to $31.9bn, well above
forecasts of $23.7bn and December's $25.6bn. (ET)
Regional
 RCJY awards SR226mn contracts for infrastructure projects
– The Royal Commission for Jubail & Yanbu’s (RCJY)
President, Prince Saud bin Abdullah Al-Thunayyan, has signed
three contracts for the construction and maintenance of a series
of infrastructure projects in the two industrial cities. The projects,
worth SR226mn, were awarded to a number of national firms.
The contracts included construction of educational facilities and
provision of operational & maintenance services for healthcare
facilities in Yanbu Industrial City in addition to rehabilitation and
beautification works of roads in Jubail Industrial City.
(GulfBase.com)
 Kingdom issued 1.7mn work visas in 2013 despite Nitaqat –
Saudi Arabia's foreign missions issued over 1.7mn recruitment
visas in 2013 despite the Labor Ministry's Nitaqat nationalization
campaign to replace expat workers with Saudi nationals. The
Foreign Ministry said its 112 foreign missions and 12 temporary
Haj missions issued a total of 10.36mn visas in 2013, indicating
a 3.8% decline over the previous year’s 10.7mn visas.
(GulfBase.com)
 MPC to shut ammonia plant for maintenance – Saudi Arabian
Mining Company (MA’ADEN) announced that its subsidiary,
Maaden Phosphate Company (MPC) will conduct a scheduled
maintenance activity in its Ammonia plant located in the
company’s complex at Ras Al Khair city. The maintenance
shutdown will start from February 12, 2014 and will take
approximately four weeks. The plant produces ammonia that is
used for manufacturing of Diammonium Phosphate (DAP).
During the shutdown, the DAP plant will maintain production
using its existing inventory. Thus, the maintenance will have no
impact on the company’s ability to meet its obligations and will
have no significant financial impact as well. (Tadawul)
 Saudi Cargo enters into agreement with Samba Capital for
its IPO – Saudi Airlines Cargo Company (Saudi Cargo) has
entered into an agreement with Samba Capital & Investment
Management Company, the investment arm of Samba Financial
Group, to act as the financial advisor and lead manager for the
IPO of Saudi Cargo which intends to list its shares on Tadawul.
(GulfBase.com)
 Saudi CMA approves JADCO’s capital increase – The Saudi
CMA’s board has approved Al-Jouf Agriculture Development
Company’s (JADCO) request for capital increase from
SR250mn to SR300mn by issuing one bonus share for every
five existing shares. This increase will be paid by transferring
SR50mn from the retained earnings account to the company's
capital. Consequently, the company's outstanding shares will
increase from 25mn to 30mn, indicating an increase of 5mn
shares. The eligibility for the bonus shares is limited to the
shareholders who are registered at the close of trading on the
Page 3 of 6

4. day of the extraordinary general assembly, which will be
determined at a later date. (Tadawul)
 JLL: Dubai house prices to reach pre-crisis levels by 2015 –
According to Jones Lang LaSalle (JLL), Dubai house prices are
only 15% short of their 2008 peak and will return to their precrisis highs within 18 months. The Emirate outpaced all other
major property markets last year, with prices climbing more than
22% as billions of dollars of government real estate projects
triggered a buying spree among investors. The fast growth,
however, has raised concerns about a potential repeat of the
property market bubble that sent prices plunging by 50% after
the 2008 financial crisis. JLL’s Head of Research for MENA
Craig Plumb stated that JLL expects prices to get close to precrisis levels by the end of this year, since they have already
reached that level in some locations. (Gulf-Times.com)
 DSI unit wins AED166mn water treatment projects in
Europe – Passavant-Roediger, a German subsidiary of Drake &
Scull International (DSI), has won three major projects worth
AED166mn for water and wastewater treatment plants in
Romania, Bosnia-Herzegovina and Turkey. Under the
agreement terms, Passavant-Roediger will undertake the
execution of the civil, mechanical, electrical along with SCADA
works for wastewater treatment plants in the cities of Sinaia and
Breaza and drinking water treatment plants in Comarnic and
Sinaia in Romania, to be completed by 2015. The company’s
scope of work in Bosnia-Herzegovina will involve the
rehabilitation of the Sarajevo Wastewater Treatment Plant to
increase its capacity to 170, 000 cubic meters of wastewater per
day. Work on the project is expected to be completed by 2016.
(DFM)
 Emirates to idle 10% jets as Dubai runway revamp weighs
on flights – Emirates Airline will idle 10% of its fleet for almost
three months, crimping sales, as runway repairs curtail capacity
at its Dubai International hub. Emirates Airline’s President Tim
Clark said the company will ground 18 to 20 planes, in Dubai.
Fleet expansion will not be affected, with Emirates still looking to
add 22 jets this year. (GulfBase.com)
 EFECO wins AED878mn MEP contract at Abu Dhabi airport
– Arabtec Holding announced that its subsidiary, Emirates
Falcon Electromechanical Company (EFECO), has been
awarded a JV contract to carry out mechanical, electrical &
plumbing works (MEP) at the new Abu Dhabi International
Airport Midfield Terminal Building. The 700,000-square meter
large terminal building is a key strategic infrastructure project in
Abu Dhabi, which will accommodate up to 65 aircraft, including
the Airbus A‐380, with an expected capacity of 30mn
passengers per year. This project is currently under construction
by a JV of Arabtec Construction, TAV Construction, and
Consolidated Contractors International, which awarded the
AED878mn contract for MEP work to a JV of EFECO, BK Gulf,
and China State. EFECO will play a major role in delivering the
complex mechanical scope of the project. (DFM)
 SHUAA elevates its capital markets platform to SunGard –
Shuaa Capital has elevated its capital markets platform to the
global institutional standard with the deployment of keys
solutions from SunGard. SHUAA is set to go live with SunGard’s
Front Arena, an advanced sales & trading system that provides
a reliable platform with fully-integrated access to regional and
global markets. The implementation of SunGard’s Front Arena
will help Shuaa Capital to gain a competitive advantage as its
sales and trading capabilities evolve to higher global standards.
(DFM)
 Etihad to meet Alitalia creditors this week – Etihad Airways’
Chief Executive James Hogan said the airline is still talking to
Alitalia’s creditors as part of a due diligence before a possible
investment by the Abu Dhabi airline in the troubled Italian
carrier. Alitalia and Etihad are in the final stages of due diligence
and sources said a deal could involve Etihad buying a 40%
stake for around €300mn ($409mn). Meanwhile, the Chief
Executive of Italy’s largest bank UniCredit said Etihad and
Alitalia’s creditors held talks ahead of a potential investment by
Etihad. However, Hogan said there is still no certainty of a deal,
which depends on how the talks progress between the parties.
(Gulf-Times.com)
 IHG signs first Staybridge Suites property in Al Khobar –
InterContinental Hotels Group (IHG) has signed a 20-year
management agreement with Al Khorayef & Sons Company to
operate Staybridge Suites as part of the Alkhorayef Tower
development in Al Khobar, Saudi Arabia. Located on King Fahd
Road, this 189-room property will be the first Staybridge Suites
branded property in Al Khobar, and the third one in Saudi
Arabia. Once ready, Staybridge Suites Al Khobar will be part of
a mixed use development, which will include retail, food and
beverage outlets. Staybridge Suites Al Khobar joins five other
IHG properties operating under three brands in the city,
including InterContinental Hotels & Resorts, Crowne Plaza and
Holiday Inn. (GulfBase.com)
 Competition eats into AKS’ profit from sugar production –
Al Khaleej Sugar Company’s (AKS) Managing Director Jamal Al
Ghurair said the company will earn less from sugar production
due to increasing competition from Yemen and Bahrain.
According to a study by the International Sugar Organization,
global capacity to process raw sugar into refined products grew
17mn metric tons since 2000, with about 6.5mn tons coming
from the MENA region. Al Ghurair said that AKS processes
about 1.5mn tons a year although it has capacity for 2.5mn tons.
He further added that the prices are bound to go down due to
intensified competition from two new players, one in Yemen and
one in Bahrain, which will bring down the company’s margins.
(GulfBase.com)
 Warba Bank report loss of KD3.7mn in 2013 – Warba Bank
has reported loss of KD3.7mn as compared with KD1.9mn in
2012. Warba Bank’s total assets grew by 81% YoY reaching
KD405.5mn as at the end of 2013. The financing portfolio
increased by 163% YoY to KD218mn, while customers’ deposits
were up by 216% YoY to KD246.8mn as at end of December
2013. (GulfBase.com)
 KNPC awards $12bn clean fuel project to consortia – Kuwait
National Petroleum Company (KNPC) has awarded $12bn
project to a consortia led by companies from Britain, the US and
Japan to boost capacity at its oil refineries and make production
more eco-friendly. The $3.8bn Mina Abdullah I Project was
awarded to a consortium led by Britain's Petrofac, the $3.4bn
Mina Abdullah II project to US Fluor-led consortium, while the
$4.8bn Mina Al Ahmadi project went to Japan's JGC Corp-led
consortium. The current production capacity of the refineries of
Mina Al Ahmadi and Mina Abdullah is at around 730,000 bpd,
while the capacity of the third refinery at Shuaiba is 200,000
bpd. The work on this three-part project is expected to
commence in April 2014, which are to be completed in five
years. Once the projects are ready, the capacity of the two
refineries will be raised to 800,000 bpd, while Kuwait plans to
shut down the third refinery. (GulfBase.com)
 NCSI: Oman’s industry puts up good performance –
According to data from the National Centre for Statistics and
Information (NCSI), the contribution of manufacturing to Oman’s
GDP has continued to grow during the Eighth Five-Year
Development Plan (2011-2015), and stood at OMR3.3bn (at
Page 4 of 6

5. current prices). Meanwhile, the contribution of industrial
activities including petroleum products and basic materials and
mining stood at OMR5.2bn. On the other hand, there has been
an increase in non-oil industrial exports from OMR2.45bn in
2010 to OMR3.6bn in 2012 respectively, i.e. an increase by
18%. The year 2013 saw around new 20 industrial projects with
investments estimated at more than OMR470mn. Exports of
industrial products from Oman recorded good growth in India,
China and the US. Non-oil exports to India grew from
OMR323mn in 2010 to OMR611.6mn in 2012, to China from
OMR182.6mn to OMR267.4mn and to the US from OMR109mn
to OMR233.2mn. (GulfBase.com)
 Topaz unit bags $50mn contract to supply PSVs in Africa –
Renaissance Services, a subsidiary of Topaz Energy & Marine,
has own two platform supply vessel (PSV) contracts worth
$50mn. With this, the company has expanded its West African
operations and brings Topaz’s total contract backlog to
approximately $1.2bn. The contracts are to supply two 3,300
DWT PSVs to international oil companies to support their
offshore production operations. The vessels were commissioned
by Topaz in 2013 as a part of company’s strategy to offer a
technologically advanced fleet of vessels. The vessels are
equipped with the latest technology including dynamic
positioning DP2. Topaz Energy & Marine’s CEO Rene KofodOlsen said that the average age of the company’s total fleet of
93 vessels is now 7.1 years as against an industry average of
around 15 years. (MSM)
 ONEIC gets OMR2.1mn hospital contract – The Ministry of
Health has awarded a contract worth OMR2.1mn to Oman
National Engineering & Investment Company (ONEIC) for the
operation & maintenance of equipment and services at Sur
Hospital. This contract also covers other affiliated health units
and administrative offices in the Governorate of South Sharqiya
for the period of three years. (MSM)
 AOFS’ BoD recommends 25% dividend for 2013 – Al
Omaniya Financial Services’ (AOFS) board recommended a
25% dividend for 2013. The dividend comprises 17.5% cash and
7.5% compulsory convertible unsecured bonus stock bonds
payable from share premium account. (GulfBase.com)
 BKIC’s BoD proposes 30% cash dividend – Bahrain Kuwait
Insurance Company’s (BKIC) board of directors proposed a
cash dividend of 30% (30 fils per share) to its shareholders,
which is subject to approval by the company’s AGM. (Bahrain
Bourse)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.2%
1.0%
0.8%
0.5%
141.9
0.4%
0.2%
129.1
0.0%
S&P Pan Arab
Dec-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*
Euro
Yen
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
(0.2%)
(0.5%)
Kuwait
(0.8%)
Jan-11
(0.1%)
(0.2%)
Qatar *
(0.4%)
Saudi Arabia
Jun-10
163.3
Source: Bloomberg (*Data as of February 10, 2014)
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,291.46
1.3
1.9
7.1
DJ Industrial
15,994.77
1.2
1.3
(3.5)
20.24
0.8
1.1
4.0
S&P 500
1,819.75
1.1
1.3
(1.5)
108.68
0.0
(0.8)
(1.9)
NASDAQ 100
4,191.05
1.0
1.6
0.3
7.73
1.4
31.6
78.0
STOXX 600
329.52
1.3
1.4
0.4
154.00
(8.9)
(7.4)
21.7
DAX
9,478.77
2.0
1.9
(0.8)
150.25
0.0
0.7
10.1
FTSE 100
6,672.66
1.2
1.5
(1.1)
1.36
(0.1)
0.0
(0.8)
CAC 40
4,283.32
1.1
1.3
(0.3)
102.63
0.4
0.3
(2.5)
Nikkei*
14,718.34
0.0
1.8
(9.7)
GBP
1.65
0.3
0.2
(0.6)
MSCI EM
CHF
1.11
(0.2)
(0.0)
(0.6)
SHANGHAI SE Composite
944.75
1.0
0.8
(5.8)
2,103.67
0.8
2.9
(0.6)
AUD
0.90
1.0
0.9
1.4
HANG SENG
21,962.98
1.8
1.5
(5.8)
USD Index
80.64
(0.0)
(0.1)
RUB
34.74
(0.1)
(0.1)
0.8
BSE SENSEX
20,363.37
0.1
(0.1)
(3.8)
5.7
Bovespa
48,462.79
1.6
0.8
(5.9)
BRL
0.42
0.4
(0.8)
(1.6)
1,341.85
0.4
0.0
(7.0)
Source: Bloomberg (*Market closed on February 11, 2014)
RTS
Source: Bloomberg (*Market closed on February 11, 2014)
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