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QE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.1% to close at 14,117.8. Losses were led by the Transportation and Real Estate indices, declining 0.5% and 0.4%, respectively. Top losers were Qatar Cinema & Film Distribution Co. and Dlala Brokerage & Invest. Holding Co., falling 2.3% and 2.2%, respectively. Among the top gainers, Qatar National Cement Co. rose 1.3%, while Qatar Fuel Co. was up 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.2% to close at 10,874.8. Losses were led by the Insurance and Banks & Financial Ser. indices, falling 2.1% and 1.7%, respectively. Co. for Coop. Ins. declined 5.7%, while Bupa Arabia fell 5.3%.
Dubai: The DFM Index gained 0.1% to close at 5,094.8. The Transportation index rose 1.0%, while the Telecommunication index was up 0.7%. Takaful Al- Emarat Insurance gained 6.8%, while Takaful House rose 3.1%.
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 5,149.8. The Industrial index declined 1.4%, while the Services index was down 1.1%. Arkan Building Mat. declined 7.2%, while International Fish Farming fell 5.0%.
Kuwait: The KSE Index rose 0.2% to close at 7,628.6. The Banks index gained 1.0%, while the Parallel Market index was up 0.9%. Kuwait Business Town Real Estate Co. rose 9.1%, while Ithmaar Bank gained 8.0%.
Oman: The MSM Index fell 0.1% to close at 7,489.5. Losses were led by Financial and Industrial indices, falling 0.4% and 0.1%, respectively. Al Sharqia Investment declined 3.2%, while Al Madina Takaful was down 1.7%.
Bahrain: The BHB Index gained 0.1% to close at 1,470.7. The Commercial Banks index rose 0.3%, while the other indices ended red or flat. Ithmaar Bank gained 8.8%, while Nass Corporation was up 0.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar National Cement Co.
145.80
1.3
10.5
22.5 Qatar Fuel Co. 229.50 1.1 77.6 5.0 Aamal Co. 15.86 1.0 89.0 5.7 QNB Group 209.00 0.5 158.4 21.5 Industries Qatar 196.00 0.4 162.4 16.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group
19.53
(1.8)
8,424.9
14.9 Al Khalij Commercial Bank 22.56 (0.1) 1,749.0 12.9
Salam International Investment Co.
19.96
(1.3)
821.6
53.4 Masraf Al Rayan 56.50 0.0 781.6 80.5
Vodafone Qatar
22.00
0.0
538.6
105.4
Market Indicators 22 Sep 14 21 Sep 14 %Chg.
Value Traded (QR mn)
568.0
604.9
(6.1) Exch. Market Cap. (QR mn) 751,382.9 752,079.1 (0.1)
Volume (mn)
16.3
16.9
(3.6) Number of Transactions 5,133 5,167 (0.7)
Companies Traded
42
42
0.0 Market Breadth 11:28 6:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return
21,056.53
(0.1)
(1.6)
42.0
N/A All Share Index 3,569.95 (0.0) (1.4) 38.0 17.5
Banks
3,464.34
(0.1)
(1.8)
41.8
17.0 Industrials 4,701.73 0.2 (1.2) 34.3 19.1
Transportation
2,355.69
(0.5)
(0.6)
26.8
15.1 Real Estate 2,936.68 (0.4) (2.2) 50.4 15.6
Insurance
4,117.52
(0.1)
(1.5)
76.3
13.0 Telecoms 1,729.25 0.1 (1.3) 18.9 24.5
Consumer
7,621.58
0.3
0.5
28.1
28.5 Al Rayan Islamic Index 4,772.73 (0.1) (1.5) 57.2 20.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Ithmaar Bank
Bahrain
0.19
8.8
1,627.5
(19.6) IFA Hotels & Resorts Co. Kuwait 0.23 2.7 5,713.1 (20.7)
Burgan Bank
Kuwait
0.54
1.9
1,889.7
5.1 Aviation Lease & Finance Kuwait 0.28 1.9 267.1 (3.5)
Dana Gas
Abu Dhabi
0.68
1.5
4,670.5
(25.3)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Co. for Coop. Ins.
Saudi Arabia
69.06
(5.7)
1,305.7
96.2 Saudi Real Estate Co. Saudi Arabia 47.59 (4.6) 1,505.5 37.5
DP World Ltd.
Dubai
20.52
(4.2)
76.7
15.9 Sharjah Islamic Bank Abu Dhabi 1.96 (3.4) 72.0 27.3
Abu Dhabi Nat. Hotels
Abu Dhabi
3.10
(3.1)
50.0
0.0
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 Cinema & Film Distrib. Co.
48.10
(2.3)
0.1
20.0 Dlala Brokerage & Inv Holding Co. 63.10 (2.2) 108.0 185.5
Doha Bank
60.40
(2.1)
390.1
3.8 Ezdan Holding Group 19.53 (1.8) 8,424.9 14.9
Widam Food Co.
64.90
(1.5)
8.8
25.5
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group
19.53
(1.8)
165,520.0
14.9 Masraf Al Rayan 56.50 0.0 44,258.3 80.5
Al Khalij Commercial Bank
22.56
(0.1)
39,979.1
12.9 QNB Group 209.00 0.5 32,922.3 21.5
Industries Qatar
196.00
0.4
31,741.4
16.0
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*
14,117.77
(0.1)
(1.6)
3.8
36.0
155.98
206,329.8
17.7
2.3
3.6 Dubai 5,094.82 0.1 (0.1) 0.6 51.2 208.14 97,992.3 21.2 1.9 1.9
Abu Dhabi
5,149.80
(0.5)
(1.6)
1.3
20.0
59.83
139,963.1
14.6
1.8
3.2 Saudi Arabia 10,874.82 (1.2) (1.7) (2.1) 27.4 2,408.07 591,865.8 20.9 2.6 2.6
Kuwait
7,628.64
0.2
0.4
2.7
1.0
122.31
114,262.8
19.5
1.2
3.6 Oman 7,489.48 (0.1) (0.2) 1.7 9.6 19.59 27,473.8 11.3 1.7 3.7
Bahrain
1,470.74
0.1
0.3
(0.1)
17.8
3.24
54,388.2
11.4
1.0
4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
14,09014,10014,11014,12014,13014,14014,1509:3010:0010:3011:0011:3012:0012:3013:00

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Qatar Market Commentary
 The QE Index declined 0.1% to close at 14,117.8. The Transportation and Real Estate indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Dlala Brokerage & Invest. Holding Co. were the top losers, falling 2.3% and 2.2%, respectively. Among the top gainers, Qatar National Cement Co. rose 1.3%, while Qatar Fuel Co. was up 1.1%.
 Volume of shares traded on Monday fell by 3.6% to 16.3mn from 16.9mn on Sunday. Further, as compared to the 30-day moving average of 17.5mn, volume for the day was 7.0% lower. Ezdan Holding Group and Al Khalij Commercial Bank were the most active stocks, contributing 51.7% and 10.7% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data Date Market Source Indicator Period Actual Consensus Previous
09/22
US
Chicago Fed
Chicago Fed Nat Activity Index
August
-0.2
0.3
0.4 09/22 US Nat. Assoc. of Realtors Existing Home Sales August 5.05M 5.20M 5.15M
09/22
US
Nat. Assoc. of Realtors
Existing Home Sales MoM
August
-1.80%
1.00%
2.40% 09/22 EU European Commission Consumer Confidence September A -11.4 -10.5 -10.0
09/22
Italy
ISTAT
Industrial Sales MoM
July
-1.00%
–
0.20% 09/22 Italy ISTAT Industrial Sales WDA YoY July -1.30% – -0.30%
09/22
Italy
ISTAT
Industrial Orders MoM
July
-1.50%
–
-1.50% 09/22 Italy ISTAT Industrial Orders NSA YoY July -0.70% – 1.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted
News
Qatar
 Qatar Exchange on index methodology – The Qatar Exchange (QE) would like to announce that given the changes in the market dynamics since the inclusion of Qatar into the MSCI and S&P Dow Jones Emerging Market indices, starting October 2014, its management will enter into consultation with the market participants and issuers on improving liquidity in the market. Following those consultations, the Index Committee chaired by Dr. Saif Saeed Al Suwaidi, comprising independent members, brokers and representatives of listed companies along with an observer representing the Qatar Financial Markets Authority (QFMA) will review the index methodology applied to QE indices and publish during November, 2014 any changes that will be effective from January 1, 2015. The QE highlighted that there was no change in the index review announced on September 17. As announced the review will be applied as of October 1 and until the implementation of adopted changes on the methodology. (Bloomberg)
 Al-Sharq: QCB raises combined loans ceiling – Al-Sharq reported that the Qatar Central Bank (QCB) has raised the cap of combined debt loaned to single borrower to QR8bn vs. QR3bn. (Bloomberg)
 MARK postpones a stake acquisition of Libyan bank – Masraf Al Rayan (MARK), during its Board of Directors meeting held on Monday 22 Sept 2014, decided, among other issues, to put on hold all steps or arrangements concerning acquisition of a stake in a bank in Libya until further notice. We believe the company may reconsider its decision if the situation on the ground improves. (QE)
 GISS received two super medium helicopters – Gulf International Services (GIIS) announce the delivery of the first
two AW189 super medium helicopters in offshore configuration to its wholly-owned subsidiary, Gulf Helicopters. Gulf Helicopters has a total of fifteen AW189s on order and the delivery of the whole batch of aircraft is now scheduled to be completed by 2017. (QE)
 MERS established a limited liability company with Aramex – Al Meera Consumer Goods Company (MERS) has announced establishing a limited liability company with both Regency Group Holding and Aramex. We believe this is due to an earlier agreement between the parties to setup warehouses in Qatar for MERS’ operations. (QE, QNBFS Research)
 UDCD to disclose 3Q2014 results on October 26th, 2014 – United Development Company (UDCD) announces its intent to disclose 3Q2014 financial statements on October 26th, 2014. (QE)
 QFCRA proposes changes to banking, investment management and advisory business – The QFC Regulatory Authority (QFCRA) has released two consultation papers containing proposals that will strengthen and streamline the QFCRA’s prudential framework for banking, investment management and advisory activities undertaken by authorized firms in the Qatar Financial Centre (QFC). The papers call for public comment on draft rules that are designed to clearly differentiate between the sectors of banking business, and investment & advisory business. It is proposed that the current Investment and Banking Business Rules 2005 will be repealed and replaced by the draft Banking Business Prudential Rules 2014, and Investment Management and Advisory Rules 2014. Also, QFCRA is planning to introduce a new approval process that places clearer accountability and responsibility on firms and their board and senior management to appoint competent and Overall Activity Buy %* Sell %* Net (QR)
Qatari
63.16%
68.78%
(31,941,146.62) Non-Qatari 36.84% 31.22% 31,941,146.62

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fit-and-proper employees. In this regard, the QFCRA has released a consultation paper seeking public comment on proposed rule changes that amend the approved individuals’ regime (AI regime) for QFC authorized firms. The consultation period is open until November 2, 2014. (GulfBase.com, Gulf- Times.com)
 E-survey to gauge water, electricity use in homes – The Qatar Green Building Council (QGBC) is launching an e-survey on how people in Qatar use electricity, water and gas at home. The ‘How Green Is Your Home?’ e-survey will also enquire about the use of air-conditioners, washing machines and television sets. QGBC said that it will be open for four weeks. The survey is intended to better understand personal resource consumption in order to find solutions that will ease energy demand in the country. (Peninsula Qatar)
 EC Harris: Qatar world’s second most attractive market for infrastructure spending – According to EC Harris, a global built asset consultancy firm, Qatar is the world’s second most attractive market for investment in infrastructure. The country is ranked second globally and first regionally for its strong business environment, healthy pipeline of development work and growing economy. The most dynamic infrastructure investment markets in the Middle East are located in the Gulf with Qatar, the UAE and Saudi Arabia all scoring in the top third of the index. These cash-rich, economic powerhouses have some of the highest investment profiles in the globe with average growth in construction services reaching double digits. Despite their cash-rich, hydrocarbon enriched positions these countries are all experienced in harnessing private investment, with the UAE and Qatar in particular having relied on access to cheap debt to finance investment. EC Harris said that looking ahead, there are expectations that governments will seek to diversify funding streams further, accessing capital market finance to support spending plans. (Gulf-Times.com)
 UN Broadband Commission: Over 95% homes have broadband connection – According to the UN Broadband Commission, Qatar has the second highest percentage of household broadband of any developing country with 96.4% penetration, after South Korea. The Gulf state is also ranked third among developing countries for the percentage of individuals using the internet. As per the 2014 edition of the State of Broadband report, over 50% of the global population will have internet access within three years, with mobile broadband over smartphones and tablets now the fastest growing technology in human history. The report revealed that more than 40% of the global population is already online, with the number of internet users expected to grow from 2.3bn in 2013 to 2.9bn by 2014-end. Over 2.3bn people will access mobile broadband by 2014-end, climbing steeply to a predicted 7.6bn within the next five years. (Peninsula Qatar)
International
 US existing home sales fall, investors pulling back – US home resales unexpectedly fell in August as investors stepped away from the market, but the decline probably does not signal renewed weakness. The National Association of Realtors said existing home sales dropped 1.8% to an annual rate of 5.05mn units. The decrease was the first in four months, although the sales pace was still the second highest for the year. Economists had forecast sales increasing to a 5.20mn-unit pace. Compared to August last year, sales were down 5.3%. Investors had propped up the market by snapping up distressed properties and converting them into rental units. But last month they accounted for only 12% of transactions, which was the smallest share since November 2009. Although the first-time buyers did
not step up in August, the retreat by investors means fewer bidding wars and increased opportunities for ordinary buyers that could support sales going forward. In addition, a strengthening labor market is likely to culminate in faster wage growth, bolstering potential buyers. (Reuters)
 Moody’s: Low demand for new ECB funds a negative for Eurozone – Rating agency Moody's said the apparent lack of demand for the European Central Bank's (ECB) new wave of ultra-cheap loans is a "credit negative" for the bloc's sovereigns and banks. The ECB handed out a well below-forecast €83bn last week in the first of a string of injections it hopes will keep borrowing so cheap that it rekindles demand for credit from wary firms and consumers. Though banks have another chance to get their hands on the money just before Christmas, when the ECB's banking system Asset Quality Review (AQR) will also be out of the way, Moody's said last week's signs were not encouraging. Moody's senior Vice President Marie Diron said the lackluster demand for funds is credit negative for Eurozone economies because it likely reflects a combination of too few profitable lending opportunities for banks and their continued desire to deleverage and de-risk. He further added that by implication the weaker growth environment is negative for sovereigns. (Reuters)
 Bundesbank: German economy robust but cautions on August – The Bundesbank said Germany's economy remains robust, predicting a generally positive end to the year despite a slowdown so far. The Bundesbank in its monthly report for September said the German industry had been given a boost in July by the fact that there were fewer school holidays during that month. August, However, the bank said it would see the opposite. The economic prospects for Germany have become duller since the middle of 2014, due to the conflict in Ukraine that has already hit business confidence. Nevertheless, the general economic trend should stay positive despite the slowdown in the pace of expansion in 1H2014. The German economy shrank slightly in 2Q2014, prompting some including the Organization for Economic Cooperation and Development (OECD) to cut its forecast for the year. According to sources, the government predicts the economy will expand by 1.8% this year but the Finance Minister Wolfgang Schaeuble said it may just miss that forecast. (Reuters)
 OECD: BoJ inflation goal hard to meet, needs new commitment – Acting Chief Economist Rintaro Tamaki of the Organization for Economic Cooperation and Development (OECD) said the Bank of Japan (BoJ) must make a new commitment quickly to meet its 2% inflation target because achieving that goal by next spring will be difficult. Tamaki also urged the Japanese government to proceed with a second sales tax increase next year as planned to help fix its tattered public finances. Tamaki said OECD assumes Japan's consumer inflation won't hit 2% in a stable manner in the spring of 2015, so the BOJ should commit to maintaining monetary easing beyond that as early as possible, considering the next tax hike in October 2015. The BOJ unleashed an intense burst of monetary stimulus in April 2013, pledging to double base money, to achieve the 2% goal in roughly two years. It has stood pat since then, sounding confident that the economy is on track. Private- sector economists see the goal is hard to meet, with some expecting further monetary easing in the coming months. (Reuters)
 China September factory activity edges up on stronger orders but employment shrinks – A survey showed activity in China's manufacturing sector unexpectedly picked up in September even as factory employment slumped to a 5-1/2-year low, a potential source of worry for Communist leaders who

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prize social stability above all else. The HSBC/Markit Flash China Purchasing Managers' Index (PMI) rose to 50.5 in September from August's final reading of 50.2. Economists polled by Reuters had expected factory growth to stall at 50, the level which separates expansion in activity from contraction, citing a further deterioration in business confidence and the rapidly cooling property market. But a measure of employment shed more than a point to drop to 46.9, its lowest since February 2009 during the global financial crisis, when a collapse in exports threw tens of millions of Chinese out of work. A hefty drop in employment could raise alarm bells for the Chinese government, which has indicated it will tolerate slower economic growth as long as employment is not affected. (Reuters)
Regional
 ARCADIS: Infrastructure investment most attractive in the Mideast – According to ARCADIS Global Infrastructure Investment Index, the Middle East (Mideast) is the most dynamic infrastructure investment market for investors. As per the report, Qatar, the UAE and Saudi Arabia stood in the top third of the index due to their strong business environment, healthy pipeline of developmental work and growing economies. The Global Infrastructure Investment Index ranks the world's 41 most dynamic countries with a potential for growth and investment in their economic infrastructure. (GulfBase.com)
 Maaden gets Saudi CMA approval for SR5.6bn rights issue – The Saudi Arabian Mining Company (Maaden) has received approval from Saudi Arabia’s Capital Market Authority (Saudi CMA) to undertake a SR5.6bn rights issue. The price and the number of new shares would be determined by a shareholder meeting, which must be held within six months of the approval date. Earlier in May 2014, Maaden had stated that it would seek approval for a capital increase to fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminum business. HSBC’s Saudi Arabian unit will manage the rights issue. (GulfBase.com)
 Saudi CMA approves TADCO’s SR250mn rights issue – Tabuk Agriculture Development Company (TADCO) has received approval from Saudi CMA’s board of commissioners for a SR250mn capital increase by way of rights issue. The price and the number of the new shares will be determined at the company's extraordinary general meeting, which will be scheduled by the company’s board of directors at a later date. (GulfBase.com)
 SCC completes kiln rehabilitation in Hofuf factory – Saudi Cement Company (SCC) announced that it has completed the rehabilitation work for kilns 4 & 5 in its Hofuf factory. SCC has decided not to operate these kilns currently due to high clinker inventory levels of about 19.8mn tons at the end of August 2014 among Saudi cement companies, and due to the absence of any real growth in demand during the period up to August 2014 as compared to the corresponding period of last year. The financial impact of this decision shall be annual depreciation charges of around SR7.6mn, commencing 4Q2014 in order to extinguish the capital costs of the project amounting to about SR76mn. (Tadawul)
 SASCO signs SR50mn portfolio management deal with NCB Capital – Saudi Automotive Services Company (SASCO) has entered into a SR50mn portfolio management agreement with NCB Capital. The agreement aims to diversify SASCO’s resources of investments as per the regulations of the Saudi CMA, taking into consideration that the financing of such activities are provided from self-financing. (Tadawul)
 Etihad to add new routes in 2H2015 – Etihad Airways announced that it will expand its global route network with the addition of Baku, Tbilisi, and Dar es Salaam in 2H2015. Flights to all the three new destinations will be operated using Airbus A320 aircraft with 16 seats in business class and 120 seats in economy class. This addition brings the total number of new destinations announced for 2015 to nine. (GulfBase.com)
 Emirates planning expansion in US – President of Emirates Airline, Tim Clark, said that Emirates is planning an expansion that would make the US market one of its three largest sources of revenue. US currently drives just 7% of Emirates’ sales, hence the airline is scouting new cities to add to its network after beginning service in August 2014 in Chicago, the carrier’s ninth US destination. (Bloomberg)
 Jafza achieves 21% growth in new companies in 1H2014 – Jebel Ali Free Zone (Jafza) has achieved over 21% growth in the number of new companies joining in 1H2014 as compared to 1H2013. 363 new multinational companies have chosen Jafza as their regional base during 1H2014 and many of them are Global Fortune 500 companies. Jafza remains one of the key drivers of Dubai’s non-oil economic development, accounting for more than a half of Dubai's exports and a quarter of its total non- oil trade. According to a report by PricewaterhouseCoopers, Jafza contributes more than 21% to Dubai’s GDP. (Zawya)
 UAE appoints new central bank governor – Mubarak Rashid al-Mansouri has been appointed as the UAE’s new central bank governor, who could further tighten the regulation of the banking sector. Mansouri's appointment for a four-year term by the UAE President Sheikh Khalifa bin Zayed al-Nahyan came as a surprise, as all the other current board members were confirmed in their posts. Mansouri, earlier the CEO of Emirates Investment Authority, replaces Sultan Nasser al-Suweidi, who had been at the helm of the central bank since 1991. (Reuters)
 S&P: UAE index upgrade to bring AED2.57bn inflows – According to the Managing Director of S&P Dow Jones Indices, Alka Banerjee, the UAE index is expected to attract AED2.57bn worth of fund inflows through passive investors, after being upgraded as an emerging market. S&P said Qatar would carry a weight of 0.9% on the S&P Emerging Markets BMI Index, while the UAE would have 1.0% weight. She further added, once these markets come into a global pool of fund flows, more investors become aware of them. Both the UAE and Qatar are considered better in terms of ease of access as compared to other markets. (Bloomberg)
 UAE group to launch $3bn premium projects – MAG Property Development, the real estate development arm of UAE-based Moafaq Al Gaddah Group, plans to launch six new premium projects worth $3bn in Dubai, UAE, in 2014. The first two of MAG Property Development’s new projects will be in collaboration with Chicago-based Skidmore, Owings & Merrill LLP. The group's third project will be The Estate at Al Furjan located in close proximity to Jebel Ali Port, Al Maktoum Airport, Knowledge Village, and Internet/Media City. (GulfBase.com)
 Nasdaq Dubai wins $1bn Hong Kong sovereign bond listing – Nasdaq Dubai has won its second big Asian Sukuk in September 2014, with the listing of a $1bn sovereign bond by the Government of Hong Kong. The Hong Kong listing follows the successful issue of Sukuk worth AED598.15mn by the Agricultural Bank of China. (GulfBase.com)
 DI showcases projects at Cityscape Global 2014 – Dubai Investments (DI) has showcased its upcoming projects at the Cityscape Global 2014 expo. The company showed its iconic projects such as Dubai Investments Park, the largest integrated

5. Page 5 of 6
commercial & residential development in the Middle East, along with developments by its real estate arm Dubai Investments Real Estate Company (DIRC). Over 67% of DI’s asset base is in real estate and is currently worth over AED8.38bn. Among other projects, DI is providing an overview of the Fujairah Business Park and ‘The Market’ developments in Fujairah, which are being developed by Al Taif Investment. (DFM)
 Dubai Airport passenger traffic jumps 10.8% in August 2014 – According to Dubai Airports, passenger traffic through Dubai's main airport jumped an annual 10.8% to a record 6.6mn people in August 2014, as the hub returned to its full capacity after a runway upgrade. Dubai International Airport had cut back flights by about 26% for a period of 80 days from May 1, 2014, as both its runways were being refurbished. Passenger numbers rose 5.7% to 46.48mn people in the first eight months of 2014. Cargo volume in August 2014 rose 4.3% to 192,902 tons, while in the first eight months, cargo volume totaled 1.56mn tons, down 2.2%. (Reuters)
 Nakheel may consider IPO – According to Nakheel’s CEO, Sanjay Manchanda, the success of a share sale by the malls unit of its rival Emaar Properties could encourage Nakheel to list its own shares on the Emirate's stock market. Nakheel is looking at various options to raise funds, including listing its shares. (Reuters)
 DDF reprices loans totaling $2.5bn – Dubai Duty Free (DDF) announced that it has completed the repricing of its $1.75bn syndicated loan, which was originally signed in July 2012. It is the second time in just over a year that the retailer has obtained more favorable terms, indicating banks' willingness to lend cheaply to the Emirate. Additionally, DDF has also repriced its $750mn syndicated financing facility signed in September 2013. (Bloomberg)
 ADX in talks with four firms on IPOs – The Abu Dhabi Securities Exchange (ADX) is in discussions with four companies to persuade them to list on the bourse, with two potentially happening before the end of 2014. The exchange is focusing on attracting firms from four main sectors: retail, education, healthcare and petrochemicals, as these were under- represented on the bourse. (Reuters)
 Burgan Bank sets IPT for Tier 1 bond issue – Kuwait's Burgan Bank has set initial price thoughts (IPT) for a Tier 1 capital-boosting bond in the area of low/mid 7%. The bond with a perpetual tenure can be bought back by the lender after the fifth year and will be of benchmark-sized, which traditionally is above $500mn. The bond, which enhances the bank's Tier 1 or core capital, is being issued through a vehicle called Burgan Tier 1 Financing Ltd and will be guaranteed by Burgan Bank. HSBC arranged investor meetings and Citigroup, JP Morgan and National Bank of Abu Dhabi acted as lead managers. (Reuters)
 KFIC acquires prime US property – Kuwait Finance & Investment Company (KFIC) has acquired an acute medical center in San Francisco, US. The property is spread over an area of 45,277 square feet, and the building is leased entirely by quasi-governmental entity for 15 years with an annual rent increase of 2%. The acquisition process was compatible with the provisions of Shari’ah, Ijarah finance with value of $27mn along with annual cash yield of up to 8%. The acquisition was carried through a consortium with group of investors through buy & lease back practice. (Bloomberg)
 MoTC take initiatives to strengthen OBC – Oman’s Ministry of Transport & Communications (MoTC) has taken major initiatives to develop the activities of Oman Broadband Company (OBC), which will provide optical fiber networks for use by licensed
operators to offer broadband services. MoTC has floated tenders to appoint a consultant for organizational branding and for taking office space for the state-owned company. OBC will develop its fiber optic cable network, along with Haya Water's network, and negotiations are going on between Oman Telecommunications Company (Omantel) and Nawras for providing their fiber optic cable on a lease basis. (GulfBase.com)
 NBO picks banks for potential bond sale – The National Bank of Oman (NBO) has picked four banks for a potential US dollar- denominated benchmark bond issue. A Reg S only bond offering may soon follow subject to market conditions. The bank has mandated Credit Agricole, HSBC, National Bank of Abu Dhabi and Standard Chartered to arrange investor meetings in the Middle East, Europe and Asia from September 25, 2014. (Reuters)
 Al Maha projects 35% dividend; listing in November – Al Maha Ceramics Company, which floated an IPO of OMR7.94mn, has projected a cash dividend of 35% for 2014, which is payable by March 2015. The cash dividend works out to a dividend yield of 8.8%. The company is offering 20mn new shares or 40% of its paid-up capital at a price of 397 baisas per share between September 16, 2014 and October 15, 2014. As much as 70% shares are reserved for individuals applying for 100,000 shares or less, while the remaining 30% will be allocated to local mutual funds. The company's share offer is available for both Omanis and residents, which will be listed on November 3, 2014. Unlike other recent IPOs, pension funds will not get any allotment. (Bloomberg)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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
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reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg, *$ adjusted returns.
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
QE Index S&P Pan Arab S&P GCC
(1.2%)
(0.1%)
0.2%
0.1%
(0.1%)
(0.5%)
0.1%
(1.8%)
(1.2%)
(0.6%)
0.0%
0.6%
Saudi Arabia
Qatar
Kuwait
Bahrain
Oman
Abu Dhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD%
Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,215.15 (0.0) (0.0) 0.8 DJ Industrial 17,172.68 (0.6) (0.6) 3.6
Silver/Ounce 17.75 (0.4) (0.4) (8.8) S&P 500 1,994.29 (0.8) (0.8) 7.9
Crude Oil (Brent)/Barrel (FM
Future)
96.97 (1.4) (1.4) (12.5) NASDAQ 100 4,527.69 (1.1) (1.1) 8.4
Natural Gas (Henry
Hub)/MMBtu
3.87 0.2 0.2 (11.0) STOXX 600 346.69 (0.5) (0.5) (1.7)
LPG Propane (Arab Gulf)/Ton 106.88 (0.9) (0.9) (15.5) DAX 9,749.54 (0.5) (0.5) (5.1)
LPG Butane (Arab Gulf)/Ton 125.00 (1.1) (1.1) (7.9) FTSE 100 6,773.63 (0.7) (0.7) (1.0)
Euro 1.28 0.2 0.2 (6.5) CAC 40 4,442.55 (0.43) (0.4) (3.8)
Yen 108.84 (0.2) (0.2) 3.4 Nikkei 16,205.90 (0.7) (0.7) (4.0)
GBP 1.64 0.4 0.4 (1.2) MSCI EM 1,040.29 (1.3) (1.3) 3.7
CHF 1.06 0.1 0.1 (5.0) SHANGHAI SE Composite 2,289.87 (1.7) (1.7) 6.7
AUD 0.89 (0.6) (0.6) (0.5) HANG SENG 23,955.49 (1.4) (1.4) 2.8
USD Index 84.75 0.0 0.0 5.9 BSE SENSEX 27,206.74 0.2 0.2 30.3
RUB 38.69 0.7 0.7 17.7 Bovespa 56,818.11 (2.3) (2.3) 8.9
BRL 0.42 (1.3) (1.3) (1.4) RTS 1,151.16 (1.6) (1.6) (20.2)
202.9
167.5
150.6