The QE index rose 0.5% to close at 9,841.3, led by gains in the Industrials and Banking & Financial Services indices. Doha Bank and Islamic Holding Group were the top gainers, while Qatar General Ins. & Rein. Co. and Qatar & Oman Investment Co. declined the most. Trading volume rose 0.3% compared to the previous day but fell 13.5% from the 30-day average. Regional indices were mixed with Saudi Arabia and Oman rising while Dubai and Abu Dhabi fell. In earnings news, National Central Cooling Co. reported a 0.9% rise in revenue for 3Q2013 while Dana Gas' revenue increased

1. QE Intra-Day Movement
Market Indicators
9,860
9,840
9,820
9,800
03 Nov 13
%Chg.
287.2
531,983.2
5.4
4,037
38
21:12
248.9
530,397.7
5.4
3,920
39
5:26
15.4
0.3
0.3
3.0
(2.6)
–
Market Indices
9,780
9,760
9:30
04 Nov 13
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.5% to close at 9,841.3. Gains were led by the Industrials
and Banking & Financial Services indices, gaining 0.6% and 0.5% respectively.
Top gainers were Doha Bank and Islamic Holding Group, rising 2.0% and 1.4%
respectively. Among the top losers, Qatar General Ins. & Rein. Co. fell 2.0%,
while Qatar & Oman Investment Co. declined 1.2%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,060.96
2,465.54
2,338.71
3,225.94
1,838.22
1,823.65
2,317.24
1,420.20
5,870.82
2,814.89
0.5
0.4
0.5
0.6
0.5
0.3
(0.6)
(0.3)
(0.1)
0.4
0.0
(0.0)
0.0
0.2
0.4
0.0
(0.6)
(1.3)
(0.3)
0.1
24.3
22.4
20.0
22.8
37.1
13.2
18.0
33.4
25.7
13.1
N/A
12.5
12.6
11.7
12.4
12.5
9.5
19.6
22.3
14.7
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.2% to close at 8,074.0. Gains were led
by the Transport and Hotel & Tourism indices, rising 3.9% and 3.2%
respectively. The National Shipping Co. of Saudi Arabia gained 7.1%, while Al
Tayyar Travel Group Holding Co. was up 4.4%.
Bahri
Dubai: The DFM index fell 0.4% to close at 2,911.6. The Insurance index
declined 1.4%, while the Services index was down 1.2%. National General
Insurance Co. fell 9.9%, while Agility was down 9.8%.
Abu Dhabi: The ADX benchmark index declined marginally to close at
3,845.3. The Services index fell 2.5%, while the Industrial index was down
1.3%. Gulf Medical Projects Co. declined 10.0%, while RAK White Cement
was down 7.1%.
Close#
1D%
Vol. ‘000
Saudi Arabia
24.00
7.1
7,627.0
25.3
Al Tayyar Travel Group
Saudi Arabia
96.00
4.3
931.0
127.6
Herfy Food Services
Saudi Arabia
114.00
2.7
149.2
19.4
Nawras
Oman
0.54
2.7
846.1
17.1
16.30
2.5
1,926.8
(7.1)
Petro Rabigh
Saudi Arabia
##
#
Close
1D% Vol. ‘000
YTD%
GCC Top Losers
Exchange
RAKBANK
Abu Dhabi
6.92
(4.6)
523.6
YTD%
85.5
Kuwait: The KSE index gained 0.3% to close at 7,895.9. The Real Estate
index rose 0.6%, while the Financial Services index was up 0.5%. Equipment
Holding Co. gained 6.7%, while Mubarrad Transport Co. was up 6.5%.
Bank of Sharjah
Abu Dhabi
1.59
(3.0)
16.5
24.2
Al Ahli Bank of Kuwait
Kuwait
0.48
(3.0)
0.1
(8.3)
Oman: The MSM index rose 0.4% to close at 6,717.9. Gains were led by the
Services and Industrial indices, rising 0.9% and 0.6% respectively. Nat. Gas
rose 9.6%, while Salalah Port Services was up 8.3%.
DP World Ltd.
Dubai
16.40
(3.0)
130.0
40.2
Kuwait Foods Co.
Kuwait
2.40
(2.4)
0.6
37.9
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)
Bahrain: The BHB was closed on November 04, 2013.
Doha Bank
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Vol. ‘000
55.80
Qatar Exchange Top Gainers
2.0
188.8
20.4
Qatar General Ins. & Rein. Co.
53.00
(2.0)
47.8
15.2
12.20
(1.2)
87.7
(1.5)
(36.0)
Qatar Exchange Top Losers
YTD%
Islamic Holding Group
42.75
1.4
0.0
12.5
Qatar & Oman Investment Co.
Masraf Al Rayan
29.80
1.4
1,252.9
20.2
Dlala Brok. & Inv. Holding Co.
19.90
(1.0)
30.8
Qatar German Co. for Med. Dev.
15.00
1.4
2.6
1.5
Mazaya Qatar Real Estate Dev.
11.18
(0.7)
334.3
1.6
Al Khaleej Takaful Group
39.30
1.3
10.7
7.2
National Leasing
29.85
(0.5)
96.7
(34.0)
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
Masraf Al Rayan
29.80
1.4
1,252.9
20.2
Industries Qatar
160.10
0.8
76,127.0
13.5
United Development Co.
22.02
0.5
497.9
23.7
Masraf Al Rayan
29.80
1.4
37,057.6
20.2
160.10
0.8
477.3
13.5
Ooredoo
137.00
(0.4)
35,045.0
31.7
Qatar Gas Transport Co.
19.17
0.3
447.2
25.6
Commercial Bank of Qatar
66.40
0.2
21,817.8
(6.3)
Mazaya Qatar Real Estate Dev.
11.18
(0.7)
334.3
1.6
Gulf International Services
58.20
0.3
16,149.2
94.0
Qatar Exchange Top Vol. Trades
Industries Qatar
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain#
Close
1D%
WTD%
MTD%
YTD%
9,841.30
2,911.57
3,845.26
8,073.97
7,895.85
6,717.90
1,201.89
0.5
(0.4)
(0.0)
0.2
0.3
0.4
N/A
0.0
(0.4)
(0.0)
0.4
(0.6)
0.6
0.0
0.0
(0.4)
(0.0)
0.4
(0.6)
0.6
0.0
17.7
79.4
46.2
18.7
33.1
16.6
12.8
Exch. Val. Traded
($ mn)
78.90
160.78
105.98
1,230.77
106.08
61.37
0.27
Exchange Mkt.
Cap. ($ mn)
146,135.8
69,990.3
111,342.5
434,288.4
110,359.7
23,935.4
16,867.9
P/E**
P/B**
12.6
15.9
10.8
16.5
19.0
10.8
8.2
1.7
1.2
1.3
2.1
1.3
1.6
0.8
Dividend
Yield
4.7
3.1
4.7
3.6
3.5
3.9
4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 5

2. Qatar Market Commentary
 The QE index rose 0.5% to close at 9,841.3. The Industrials and
Banking & Financial Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Doha Bank and Islamic Holding Group were the top gainers,
rising 2.0% and 1.4% respectively. Among the top losers, Qatar
General Ins. & Rein. Co. fell 2.0%, while Qatar & Oman
Investment Co. declined 1.2%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
54.79%
71.19%
(47,107,443.81)
Non-Qatari
45.21%
28.81%
47,107,443.81
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday rose by 0.3% to 5.41mn
from 5.39mn on Sunday. However, as compared to the 30-day
moving average of 6.3mn, volume for the day was 13.5% lower.
Masraf Al Rayan and United Development Co. were the most
active stocks, contributing 23.2% and 9.2% to the total volume
respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
National Bank of
Oman (NBO)
Agency
Fitch
Market
Type*
Oman
LT IDR/ ST IDR/ VR/
SR/ SR Floor
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
BBB+/ F2/
bb+/2/ BBB+
BBB+/ F2/
bb+/2/ BBB+
–
Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, IDR – Issuer Default Rating, SR – Support Rating, VR – Viability Rating)
Earnings Releases
Company
Revenue
(mn) 3Q2013
% Change
YoY
Operating Profit
(mn) 3Q2013
% Change
YoY
Net Profit (mn)
3Q2013
% Change
YoY
AED
329.2
0.9%
104.7
0.2%
75.1
2.9%
Abu Dhabi
AED
425.0
7.6%
–
–
102.0
-1.9%
Abu Dhabi
AED
–
–
–
–
1.2
-64.0%
Abu Dhabi
AED
46.0
25.6%
–
–
33.5
28.9%
Kuwait
KD
6.8
-37.5%
–
–
0.4
80.8%
Oman
OMR
7.8
59.2%
–
–
6.7
752.1%
Market
National Central Cooling Co.
(TABREED)
Dana Gas
Gulf Livestock (GLS)
Ras Al Khaimah National
Insurance Co. (RAK
Insurance)*
Al Mazaya Holding Co.
Dhofar International
Development & Investment
Holding Co. (DIDIC)*
Currency
Dubai
Source: Company data, DFM, ADX, MSM (*Nine months ended on September 30, 2013)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
11/04
US
US Census Bureau
Factory Orders
September
1.70%
1.80%
-0.10%
11/04
EU
Markit
PMI Manufacturing
October
51.3
51.3
51.1
11/04
France
Markit
PMI Manufacturing
October
49.1
49.4
49.8
11/04
Germany
Markit
PMI Manufacturing
October
51.7
51.5
51.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 S&P: Qatar may introduce rules for financial services –
According to S&P, Qatar along with Kuwait, may soon introduce
new rules for the financial services sector including capital
charges for bank lending to projects. Further, S&P noted that the
proposed Basel III capital norms could lead to drying up of longterm finance from European lending institutions for Gulf projects,
thus paving way for project bonds in the region. (GulfTimes.com)
 Qatar tightens grip on lending – Qatar is requiring state
companies to obtain approval from the Ministry of Finance
before borrowing from banks as the country seeks to rein in
debt. A Finance Ministry official said the central bank had
informed lenders last month about the new rule for government
bodies and state-owned businesses. However, the new rule
excludes state-run Qatar Petroleum and its subsidiaries. (GulfTimes.com)
 QIC expects $1bn premium for Q-Re by 2017 – The Qatar
Insurance Company’s (QIC) President & CEO Khalifa Abdulla
al-Subaey said the company will focus on the reinsurance
segment and achieve a premium of $1bn for its subsidiary Q-Re
in the five-year plan period until 2017. Further, QIC will explore
ways to develop its existing direct insurance business across the
GCC region, where the Qatari underwriter already has extensive
operations. (Gulf-Times.com)
 Doha Metro progressing on fast track – Qatar Rail’s CEO
Saad Ahmed al-Mohannadi said the three vital projects that
Qatar Rail is implementing in coming years will enormously
boost public transport across the country and even beyond its
borders. He said the Doha Metro, the Long Distance
Passengers & Freight Rail, and Lusail Light Rail Transport will
Page 2 of 5

3. give speedy connectivity to the public to access places like
Lusail City, Hamad International Airport, Education City and
West Bay locations in about six years from now. Meanwhile, the
Transport Ministry has begun developing the old Doha port to
increase its capacity to around 700,000-800,000 containers a
year, with a possibility to increase it to 1mn containers
eventually. (Gulf-Times.com)
 QA Cargo adds 4 routes to its freighter services – Qatar
Airways Cargo (QA Cargo) has added four new routes to its
freighter services, which include Beirut, Madrid, Paris and Tbilisi.
Meanwhile, scheduled trips to Seoul and the capacity of Oslo
route have also been increased. (Bloomberg)
 ORDS achieves 1mn milestone for mobile money
customers – Ooredoo (ORDS) has achieved a milestone of
crossing 1mn mobile money customers across its global
footprint. This service enables customers to use their mobile
phones to access a comprehensive suite of mobile financial
services. Customers can transfer money domestically and
internationally, top-up their prepaid accounts, pay bills and in
some markets, receive salary payments by using this service on
their mobile phones. (GulfBase.com)
International
 Global manufacturing activity bounces to 29-month high –
Manufacturing activity across the globe increased at its fastest
pace in two years due to a surge in new orders that led factories
to recruit more staff last month.
JPMorgan's Global
Manufacturing Purchasing Managers' Index rose to 52.1 from
51.8 in September. New orders matched a 30-month high
reached in August and firms took more employees at the fastest
pace since May 2012. (Economic Times)
 China’s Premier feels 7.2% GDP growth needed for
employment growth – China’s Premier Li Keqiang said the
country needs to sustain an economic growth of 7.2% to ensure
10mn new jobs to be created each year. Keqiang said this would
cap the urban unemployment rate at around 4%. Keqiang
reiterated that the 7.5% growth target set for 2013 remains
intact, but noted that weak exports were a risk. (Reuters)
 China’s services growth picks up in October – Growth in
China's services industry edged up in October, offering further
signs that the economy has stabilized in the run-up to a key
party reform meeting. The Markit/HSBC services PMI rose to
52.6 from September's 52.4. The survey showed new business
growth was at a seven-month high and the business outlook for
the next 12 months improved on the previous month, though it
was still below trend. Employment levels have also ticked up.
(Reuters)
Regional
 AAT Research signs deal with Pureline Medic for GCC
expansion – Malta-based AAT Research has entered into a
three-year distribution agreement with Pureline Medic for
expanding its operations in the GCC region. Pureline Medic will
distribute AAT’s patented technology, the MENTe Headband,
which is the first commercially available home-based aid for
managing Autism Spectrum Disorder. (Bloomberg)
 DHC purchases SR133.8mn land to construct hospital –
Dallah Healthcare Holding Company (DHC) has purchased a
120,000 square meter land in West Riyadh for SR133.8mn to
construct a hospital. This project is considered part of the
company's expansions plan to provide all specialties, serving
the western and southern areas of Riyadh. This purchase has
been paid off from DHC's operations and IPO proceeds that
took place in November 2012. (Tadawul)
 Buruj obtains SAMA’s approval for insurance products –
Buruj Cooperative Insurance Company (Buruj) has obtained a
temporary approval from the Saudi Arabian Monetary Agency
(SAMA) to extend the use of its insurance products for another
six months. These insurance products include personal
accident, public liability, workers compensation, property
insurance, medical malpractice, accident damage, property all
risks, and various motor vehicle warranties. (Tadawul)
 Al Alamiya gets SAMA’s approval for insurance products –
The Al Alamiya for Cooperative Insurance Company has
obtained a temporary approval from SAMA to extend the use of
its insurance products for six months. These products include
money, bankers blanket bond, small business solutions (SBS),
workmen's compensation, travel, home, property all risks, fire &
allied perils, business interruption, boiler & pressure vessel,
contract work, comprehensive machinery and projects.
(Tadawul)
 Kingdom begins clampdown on illegal foreigners – Saudi
Arabian authorities has begun to clamp down on illegal
immigrants after the end of an amnesty that gave overstayers
and workers a grace period to leave or legalize their status.
(Bloomberg)
 UAE banks to get 5 years to conform to new large exposure
rules – The UAE Banks Federation’s Chairman Abdulaziz al
Ghurair said that banks in the UAE are likely to get about five
years to conform to new large exposure rules imposed by the
UAE central bank. In an effort to prevent any repeat of Dubai's
corporate debt crisis, the UAE central bank is planning to restrict
the amount of debt exposure banks can take in governmentrelated entities. These new rules will be issued by the end of
2013. (Reuters)
 UAE revises rules on sukuk to facilitate Islamic finance
growth – The UAE has revised the rules on issuing & listing of
sukuk in order to facilitate the growth of Islamic finance. The
Securities & Commodities Authority’s CEO Abdullah Al Turifi
said the UAE represented a market share of 46.5% in the overall
GCC region sukuk & bonds IPO market during JanuarySeptember 2013. During this period, the total sukuk and bonds
issued by various UAE companies and government entities have
amounted to AED37.4bn and bond issues of $29.9bn.
(GulfBase.com)
 DTCM expects Dubai to host 300,000 cruise tourists in 2014
– Dubai’s Department of Tourism & Commerce Marketing
(DTCM) expects the Emirate’s cruise tourism industry to grow
with 300,000 cruise tourists arriving during the 2013-2014
season as compared to 407,000 cruise passengers in 2012.
Dubai’s cruise industry will see growth with leading cruise liners
such as MSC Lirica and TUI Cruises entering the market over
the next two seasons. (Bloomberg)
 DMCC expects 25% rise in registered companies – The
Dubai Multi Commodities Centre’s (DMCC) Executive Chairman
Ahmad Bin Sulayem said the free zone expects a 25% increase
in the number of registered companies. Around 8,000
companies are registered with DMCC and it expects this number
to rise to 10,000 firms by the end of 2014. Most of these
companies are multinationals, major regional industry
participants, small & medium sized businesses and
entrepreneurs. (Bloomberg)
 Arabtec, GS E&C establish JV for heavy infrastructure E&C
projects in MENA – Arabtec Holding has entered into a JV
agreement with South Korea-based GS Engineering &
Construction Corporation (GS E&C) to undertake heavy
infrastructure E&C projects in the MENA region. Under this
Page 3 of 5

4. agreement, a new JV entity “Arabtec-GS Infrastructure” will be
established with its headquarters in Abu Dhabi. (DFM)
 DAMAC Properties to raise $500mn through GDR in London
– DAMAC Properties is planning to raise around $500mn
through the sale of global depositary receipts (GDR) on the
London Stock Exchange. Each GDR will be worth 3 ordinary
shares in DAMAC. Citigroup and Deutsche Bank are the joint
book runners for this issue, while Saudi Arabia's Samba
Financial Group and VTB Capital are co-lead managers for this
issue. (Reuters)
 ADCB buys back 381.1mn shares – The Abu Dhabi
Commercial Bank (ADCB) announced that it has so far bought
back 381.1mn shares, which represent 0.0878% of its issued
capital, at an average price of AED5 per share. The bank
intends to further buy 178.4mn shares. (GulfBase.com)
 ADX signs registrar agreement with Etihad Capital – The
Abu Dhabi Securities Exchange (ADX) has entered into a
registrar agreement with Etihad Capital Company. This
agreement will create an opportunity for investors to trade in
Etihad Capital’s stocks due to the availability of an official
market record. ADX will provide an electronic stock-saving
system for transferring stock ownerships in the company in
accordance with the UAE’s financial laws. (ADX)
 ABK reports KD25.2mn net profit for 9M2013 – Al Ahli Bank
of Kuwait (ABK) has reported a net profit of KD25.2mn for the
nine months ended on September 30, 2013. EPS for nine
months ended on September 30, 2013 stood at 16 fils, while the
bank’s total assets stood at KD3bn. (GulfBase.com)
 Burgan Bank plans to raise KD150mn in 2014 to fund its
MENA expansion – Kuwait-based Burgan Bank’s Chairman
Majed al Ajeel said the bank is planning to raise KD150mn
through a conventional bond in 2014 to fund its expansion in the
MENA region. Burgan Bank will soon appoint banks to arrange
this bond sale in 1Q2014. (Reuters)
 CBO: Credit growth in Oman to hit double digits, bids
invited to insure assets – The Central Bank of Oman’s (CBO)
Chief Hamood Sangour al Zadjali said that the credit growth in
the Sultanate is expected to hit double digits by the end of 2013.
Meanwhile, the CBO has also invited tenders from companies to
provide insurance to its property assets for the period from
February 1, 2014 to January 31, 2015. The deadline for
submitting these tender bids is December 1, 2013. (Reuters,
Bloomberg)
 Bank Dhofar appoints new Board Secretary – Bank Dhofar
has appointed Saad Abdalla Ali Abu Noora as the new Board
Secretary. Abdalla has an extensive experience of over 20 years
serving as a board secretary of public companies. (MSM)
Page 4 of 5

5. Rebased Performance
Daily Index Performance
150.0
0.8%
140.0
141.4
130.0
0.5%
0.4%
127.1
120.0
116.1
110.0
0.4%
0.3%
0.2%
0.0%
0.0%
(0.0%)
(0.4%)
100.0
(0.4%)
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Dubai
Jul-13
Oman
May-12 Dec-12
Abu Dhabi
QE Index
Oct-11
Bahrain*
Jan-10 Aug-10 Mar-11
Kuwait
80.0
Qatar
(0.8%)
Saudi Arabia
90.0
Source: Bloomberg (*- Bahrain Bourse was closed on November 04, 2013)
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,314.35
(0.1)
(0.1)
(21.5)
DJ Industrial
15,639.12
0.2
0.2
19.3
21.66
(1.0)
(1.0)
(28.6)
S&P 500
1,767.93
0.4
0.4
24.0
106.23
0.3
0.3
(4.4)
NASDAQ 100
3,936.59
0.4
0.4
30.4
3.38
(2.3)
(2.3)
(1.4)
STOXX 600
322.50
0.3
0.3
15.3
116.88
0.5
0.5
30.6
DAX
9,037.23
0.3
0.3
18.7
140.25
(0.9)
(0.9)
(18.9)
FTSE 100
6,763.62
0.4
0.4
14.7
Euro
1.35
0.2
0.2
2.4
Yen
98.60
(0.1)
(0.1)
13.7
Nikkei
4,288.59
0.4
0.4
17.8
14,201.57
0.0
0.0
36.6
GBP
1.60
0.3
0.3
(1.8)
CHF
1.10
0.3
0.3
0.6
MSCI EM
1,027.06
(0.1)
(0.1)
(2.7)
SHANGHAI SE Composite
2,149.64
0.0
0.0
(5.3)
AUD
0.95
0.8
0.8
(8.5)
HANG SENG
23,189.62
(0.3)
(0.3)
2.4
USD Index
80.55
(0.2)
(0.2)
RUB
32.34
(0.2)
(0.2)
1.0
BSE SENSEX
21,239.36
0.0
0.2
9.3
5.9
Bovespa
54,436.92
0.8
0.8
(10.7)
BRL
0.45
0.5
0.5
(8.7)
1,475.18
0.0
0.0
(3.4)
Source: Bloomberg
CAC 40
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
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