1. QE Intra-Day Movement
Market Indicators
10,480
10,460
10,440
10,420
9:30
17 Dec 13
16 Dec 13
%Chg.
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
202.7
559,363.7
5.1
3,340
38
14:21
354.1
559,604.1
9.7
4,713
39
12:23
(42.8)
(0.0)
(47.3)
(29.1)
(2.6)
–
Market Indices
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.1% to close at 10,468.6. Losses were led by the Real
Estate and Industrials indices, declining 0.4% and 0.3% respectively. Top losers
were Commercial Bank of Qatar and Qatar & Oman Investment Co., falling
1.3% and 1.0% respectively. Among the top gainers, Qatar National Cement
Co. rose 1.3%, while Doha Bank gained 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
14,957.22
2,610.23
2,485.34
3,441.08
1,941.44
1,996.41
2,361.26
1,470.95
5,998.78
3,066.43
(0.1)
(0.0)
(0.0)
(0.3)
0.6
(0.4)
(0.0)
0.3
0.4
(0.1)
(0.2)
0.0
(0.0)
0.1
0.4
(1.5)
(0.4)
0.6
0.2
(0.4)
32.2
29.6
27.5
31.0
44.8
23.9
20.3
38.1
28.4
23.2
N/A
13.2
13.3
12.5
13.1
13.7
9.7
20.0
22.8
15.9
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Vol. „000
YTD%
Saudi Arabia: The TASI index rose 0.8% to close at 8,509.7. Gains were led
by the Petrochem. Ind. and Bank. & Fin. Ser. indices, rising 1.5% and 1.3%
respectively. ANB Ins. gained 9.9%, while Saudi Hollandi Bank was up 5.8%.
Dana Gas
Abu Dhabi
0.70
9.4
170,418.0
55.6
Saudi Hollandi Bank
Saudi Arabia
41.90
5.8
624.7
54.6
Dubai: The DFM index gained 1.1% to close at 3,243.4. The Trans. index rose
2.1%, while the Real Estate & Construction index was up 1.6%. Gulf
Navigation Holding gained 8.8%, while Al Salam Bank - Bahrain was up 4.6%.
Yanbu Nat. Petrochem.
Saudi Arabia
75.25
4.9
1,385.9
59.1
Invest Bank
Abu Dhabi
2.60
3.6
555.1
60.5
Abu Dhabi: The ADX benchmark index rose 1.1% to close at 4,139.2. The
Energy index gained 6.2%, while the Investment & Financial Ser. index was up
3.2%. Emirates Insurance surged 14.9%, while RAK Properties gained 13.7%.
Samba Financial Group
51.75
3.5
952.4
15.8
GCC Top Losers
Exchange
Kuwait: The KSE index gained 0.4% to close at 7,605.0. The Industrial index
rose 0.8%, while the Real Estate index was up 0.1%. Real Estate Asset
Management Co. gained 9.4%, while Gulf Franchising Holding was up 9.1%.
Saudi Enaya Coop. Ins.
Saudi Arabia
Al Ahli Bank of Kuwait
Oman: The MSM index rose 0.2% to close at 6,821.9. The Banking &
Investment and Industrial indices gained 0.2% each. ONIC. Holding rose 1.7%,
while Dhofar University was up 1.5%.
Bahrain: The BHB index declined 0.1% to close at 1,206.5. The Investment
index fell 0.4%, while the Commercial Banking index declined marginally. Al
Baraka Banking Group fell 4.2%, while Ithmaar Bank was down 2.2%.
Qatar Exchange Top Gainers
Close*
1D%
Vol. „000
YTD%
Qatar National Cement Co.
111.50
1.3
1.3
4.2
##
Saudi Arabia
#
1D% Vol. „000
YTD%
39.70
(7.0)
3,423.9
(16.6)
Kuwait
0.45
(4.3)
36.9
(14.0)
Al Baraka Bank. Group
Bahrain
0.69
(4.2)
83.0
(7.4)
United Real Estate Co.
Kuwait
0.12
(3.3)
47.4
(1.7)
Ajman Bank
Dubai
2.40
(2.4)
3,865.0
69.0
Close
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. „000
YTD%
Commercial Bank of Qatar
70.20
(1.3)
218.5
(1.0)
12.62
(1.0)
11.9
1.9
Qatar Exchange Top Losers
328.8
24.9
Qatar & Oman Investment Co.
1.2
2.0
23.9
Gulf International Services
61.20
(1.0)
183.6
104.0
0.9
28.1
36.3
Widam Food Co.
54.50
(0.7)
86.5
(7.3)
288.00
0.8
6.1
30.9
Aamal Co.
15.91
(0.7)
161.7
16.9
Doha Bank
57.90
1.2
Gulf Warehousing Co.
41.50
Qatar Navigation
86.00
Qatar Fuel Co.
Qatar Exchange Top Vol. Trades
Close*
1D%
Vol. „000
YTD%
Qatar Exchange Top Val. Trades
Close*
1D%
Val. „000
YTD%
Vodafone Qatar
11.35
(0.4)
1,199.6
35.9
QNB Group
174.00
0.1
27,977.8
32.9
Barwa Real Estate Co.
30.35
(0.5)
533.1
10.6
Doha Bank
57.90
1.2
18,938.5
24.9
Masraf Al Rayan
33.70
(0.1)
388.5
35.9
Barwa Real Estate Co.
30.35
(0.5)
16,188.2
10.6
United Development Co.
23.24
(0.2)
344.5
30.6
Industries Qatar
167.50
(0.3)
15,915.3
18.8
Mazaya Qatar Real Estate Dev.
11.43
(0.6)
340.1
3.9
70.20
(1.3)
15,407.2
(1.0)
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Commercial Bank of Qatar
Close
1D%
WTD%
MTD%
YTD%
10,468.59
3,243.42
4,139.22
8,509.68
7,605.04
6,821.88
1,206.47
(0.1)
1.1
1.1
0.8
0.4
0.2
(0.1)
(0.2)
2.7
3.5
1.5
(1.3)
1.1
(0.0)
0.9
10.1
7.5
2.2
(2.3)
1.4
(0.2)
25.2
99.9
57.3
25.1
28.2
18.4
13.2
Exch. Val. Traded
($ mn)
55.67
317.30
280.69
1,806.02
73.67
20.76
7.52
Exchange Mkt.
Cap. ($ mn)
153,601.3
70,541.2
115,340.5
464,420.0
108,743.0
24,504.1
49,751.0
P/E**
P/B**
13.4
19.2
11.6
17.4
16.4
10.7
8.0
1.8
1.3
1.4
2.2
1.2
1.6
0.8
Dividend
Yield
4.4
2.8
4.4
3.5
3.7
3.8
4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Data as of December 17, Value traded ($ mn) do not include special trades, if any)
Page 1 of 9

2. Qatar Market Commentary
 The QE index declined 0.1% to close at 10,468.6. The Real
Estate and Industrials indices led the losses. The index declined
on the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
55.66%
59.17%
(7,120,528.56)
Non-Qatari
 Commercial Bank of Qatar and Qatar & Oman Investment Co.
were the top losers, falling 1.3% and 1.0% respectively. Among
the top gainers, Qatar National Cement Co. rose 1.3%, while
Doha Bank gained 1.2%.
Buy %*
44.34%
40.83%
7,120,528.56
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Tuesday declined by 47.3% to
5.1mn from 9.7mn on Monday. Further, as compared to the 30day moving average of 12.9mn, volume for the day was 60.4%
lower. Vodafone Qatar and Barwa Real Estate Co. were the
most active stocks, contributing 23.5% and 10.4% to the total
volume respectively.
Ratings and Global Economic Data
Ratings Updates
Company
Agency
Market
Type*
Fitch
Saudi
Arabia
LT Credit rating/ VR
SHUAA Capital
(SHUAA)
Moody’s
Dubai
Union National Bank
(UNB)
Moody’s
Abu
Dhabi
Ahli United Bank
(AUB)
S&P
Bahrain
Bahrain
Telecommunications
Co. (Batelco)
S&P
Bahrain
Saudi British Bank
(SABB)
LT foreign and
domestic currency
issuer rating
LT/ ST deposit ratings/
BFSR/ BCA
LT counterparty credit
rating##/ ST
counterparty credit
rating
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
A/A
A/A
–
Stable
#
B1
B1
–
Stable
#
A1/Prime1/D+/baa3
A1/Prime1/D+/baa3
–
Stable
#
BBB/A-2
BBB+/A-2

Stable
–
BBB-
BB+
Stable
–
LT counterparty credit
rating
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) (VR – Viability Rating, BFSR – Standalone Bank Financial Strength Rating, BCA – Standalone Baseline Credit Assessment) (#Outlook revised from Negative to Stable) (##Rating raised)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
12/17
US
Bureau of Labor Stat.
CPI MoM
November
0.00%
0.10%
-0.10%
12/17
US
Bureau of Labor Stat.
CPI YoY
November
1.20%
1.30%
1.00%
12/17
US
Bureau of Labor Stat.
CPI Core Index SA
November
235.24
235.179
234.88
12/17
US
Bureau of Labor Stat.
CPI Index NSA
November
233.069
233.13
233.55
12/17
US
Bureau of Eco. Analysis
Current Account Balance
3Q2013
-$94.8B
-$100.2B
-$96.6B
12/17
US
NAHB
NAHB Housing Market Index
December
58
55
54
12/18
US
MBA
MBA Mortgage Applications
13-December
-5.50%
–
1.00%
12/18
US
US Census Bureau
Housing Starts MoM
September
-1.10%
–
0.90%
12/18
US
US Census Bureau
Housing Starts MoM
October
1.80%
–
-1.10%
12/18
US
US Census Bureau
Housing Starts MoM
November
22.70%
–
1.80%
12/18
US
US Census Bureau
Building Permits
November
1007K
990K
1039K
12/18
US
US Census Bureau
Building Permits MoM
November
-3.10%
-4.70%
6.70%
12/19
US
Federal Reserve
Fed QE3 Pace
December
$75
$85
$85
12/19
US
Federal Reserve
Fed Pace of Treasury Pur
December
$40
$45
$45
12/19
US
Federal Reserve
Fed Pace of MBS Purchases
December
$35
$40
$40
12/19
US
Department of Labor
Initial Jobless Claims
14-December
379K
336K
369K
12/19
US
Department of Labor
Continuing Claims
7-December
2884K
2770K
2790K
12/19
US
Bloomberg
Bloomberg Economic Expectations
December
-11
–
-14
12/19
US
Bloomberg
Bloomberg Consumer Comfort
15-December
-29.4
–
-30.9
12/19
US
Nat. Assoc. of Realtors
Existing Home Sales
November
4.90M
5.02M
5.12M
12/19
US
Nat. Assoc. of Realtors
Existing Home Sales MoM
November
-4.30%
-2.00%
-3.20%
12/19
US
Conference Board
Leading Index
November
0.80%
0.70%
0.10%
12/20
US
Bureau of Eco. Analysis
GDP Annualized QoQ
3Q2013
4.10%
3.60%
3.60%
12/20
US
Bureau of Eco. Analysis
Personal Consumption
3Q2013
2.00%
1.40%
1.40%
12/20
US
Bureau of Eco. Analysis
GDP Price Index
3Q2013
2.00%
2.00%
2.00%
Page 2 of 9

3. 12/20
US
Bureau of Eco. Analysis
Core PCE QoQ
3Q2013
1.40%
1.50%
12/17
EU
Eurostat
Labour Costs YoY
3Q2013
1.00%
–
1.50%
1.10%
12/17
EU
Eurostat
CPI MoM
November
-0.10%
-0.10%
-0.10%
12/17
EU
Eurostat
CPI YoY
November
0.90%
0.90%
0.70%
12/17
EU
Eurostat
CPI Core YoY
November
0.90%
1.00%
0.80%
12/18
EU
Eurostat
Construction Output MoM
October
-1.20%
–
-0.50%
12/18
EU
Eurostat
Construction Output YoY
October
-2.40%
–
-0.70%
12/19
EU
European Central Bank
ECB Current Account SA
October
21.8B
–
14.9B
12/19
EU
European Central Bank
Current Account NSA
October
26.2B
–
15.2B
12/20
EU
European Commission
Consumer Confidence
December
-13.6
-15
-15.4
12/20
France
INSEE
Production Outlook Indicator
December
-11
–
-17
12/20
France
INSEE
Manufacturing Confidence
December
100
99
98
12/20
France
INSEE
Business Confidence
December
94
96
95
12/20
Germany
Destatis
PPI MoM
November
-0.10%
-0.10%
-0.20%
12/20
Germany
Destatis
PPI YoY
November
-0.80%
-0.80%
-0.70%
12/20
Germany
GfK AG
GfK Consumer Confidence
January
7.6
7.4
7.4
12/17
UK
ONS
PPI Input NSA MoM
November
-0.70%
-0.50%
-0.40%
12/17
UK
ONS
PPI Input NSA YoY
November
-1.00%
-1.00%
0.00%
12/17
UK
ONS
PPI Output NSA MoM
November
-0.20%
0.00%
-0.30%
12/17
UK
ONS
PPI Output NSA YoY
November
0.80%
0.90%
0.80%
12/17
UK
ONS
ONS House Price YoY
October
5.50%
4.10%
3.80%
12/17
UK
ONS
CPI MoM
November
0.10%
0.20%
0.10%
12/17
UK
ONS
CPI YoY
November
2.10%
2.20%
2.20%
12/17
UK
ONS
Retail Price Index
November
252.1
252.2
251.9
12/17
UK
CBI
CBI Trends Total Orders
December
12
11
11
12/17
UK
CBI
CBI Trends Selling Prices
December
11
5
5
12/18
UK
ONS
Claimant Count Rate
November
3.80%
3.80%
3.90%
12/18
UK
ONS
Jobless Claims Change
November
-36.7K
-35.0K
-42.8K
12/18
UK
ONS
Average Weekly Earnings 3M/YoY
October
0.90%
0.80%
0.80%
12/18
UK
ONS
Weekly Earnings ex Bonus 3M/YoY
October
0.80%
0.90%
0.80%
12/18
UK
ONS
ILO Unemployment Rate 3Mths
October
7.40%
7.60%
7.60%
12/18
UK
ONS
Employment Change 3M/3M
October
250K
165K
177K
12/18
UK
CBI
CBI Reported Sales
December
34
10
1
12/20
UK
GfK NOP (UK)
GfK Consumer Confidence
December
-13
-11
-12
12/20
UK
ONS
GDP QoQ
3Q2013
0.80%
0.80%
0.80%
12/20
UK
ONS
GDP YoY
3Q2013
1.90%
1.50%
2.00%
12/20
UK
ONS
Total Business Investment QoQ
3Q2013
2.00%
1.40%
-2.30%
12/20
Spain
Nat. Assoc. of Realtors
Total Mortgage Lending YoY
October
-15.50%
–
-31.90%
12/20
Spain
Nat. Assoc. of Realtors
House Mortgage Approvals YoY
October
-23.20%
–
-30.90%
12/20
Italy
Bureau of Eco. Analysis
Industrial Orders MoM
October
-2.50%
–
1.70%
12/20
Italy
Bureau of Eco. Analysis
Industrial Orders NSA YoY
October
1.20%
–
7.30%
12/20
Italy
Bureau of Eco. Analysis
Industrial Sales MoM
October
-0.70%
–
0.10%
12/20
Italy
Bureau of Eco. Analysis
Industrial Sales WDA YoY
October
-1.30%
–
-1.00%
12/20
Italy
INE
Retail Sales MoM
October
-0.10%
0.00%
-0.30%
12/20
Italy
INE
Retail Sales YoY
October
-1.60%
–
-2.80%
12/18
Japan
ISTAT
Exports YoY
November
18.4
18.0
18.6
12/18
Japan
ISTAT
Imports YoY
November
21.1
21.4
26.2
12/19
Japan
ISTAT
All Industry Activity Index MoM
October
-0.20%
-0.30%
0.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar CPI unchanged in November – According to a report by
the Ministry of Development Planning & Statistics (MDPS), the
Consumer Price Index that denotes inflation remained
unchanged in November at 115.5 as compared to the previous
month. However, the index showed an increase of 2.8% when
compared to the CPI of November, 2012. With the exception of
the group that comprises rent, fuel and energy, all others
declined in terms of prices. The index pertaining to rent, fuel,
and energy showed an increase of 0.7%. (Gulf-Times.com)
 Al Asmakh: Rising housing demand driving up inflation – Al
Asmakh Real Estate Development Company said an estimated
25,000 new housing units are expected to come into the market
in 2014 as demand would likely soar to a record 20-25% over
the same period. Al Asmakh said rising housing demand has
already started exerting pressure on rent prices that are in turn,
driving up inflation in the country. For example, the rentals of
furnished residential units were up 12% in 2013, according to Al
Asmakh, over the next five years, developers might add a total
of 100,000 housing units to the existing stocks. The housing
Page 3 of 9

4. demand will continue to remain high in the years to come.
(Peninsula Qatar)
 Italy‟s Ambassador: Sees 16% rise in Italian exports to
Qatar – Italy’s Ambassador Guido De Sanctis said the country’s
exports to Qatar could reach around €1.2bn this year, reflecting
a 16% increase as compared to last year. He expressed his
optimism that exports will grow given the many opportunities in
the Qatari market. (Gulf-Times.com)
 Commercial Bank, Meeza renew IT tie-up – Commercial Bank
has renewed its exclusive partnership with Meeza, a Qatar
Foundation JV, to provide secure, cloud-based technology
solutions to the bank’s enterprise and corporate customers.
(Gulf-Times.com)
 Qatar Steel International to build iron & steel complex in
Bellara – Qatar Steel International and Algerian company Sider
have signed a partnership agreement for the construction of an
iron & steel complex in Bellara, Jijel, 359 kilometers east of
Algiers. The $2bn project is expected to be completed in three
years. (Gulf-Times.com)
 South Korea‟s Taihan Electric Wire signs $76mn deal with
Qatari government to provide high voltage power cables –
South Korea-based Taihan Electric Wire has signed a $76mn
deal with the Qatari government to provide extra high-voltage
power cables. This project was commissioned by Qatar General
Electricity & Water Corporation (Kahramaa), which has drawn
up plans to invest up to $10bn by 2018 in response to Qatar’s
rapidly rising electricity demand. Under the terms of the contract,
Taihan Electric Wire will set up an underground power line
linking an old substation with a new one in Doha, while
connecting substations in Mesaieed. These two projects will
each take about 15 months and 19 months to complete after
their launch. (Bloomberg)
 L&T secures order from Kahramaa – L&T’s Power
Transmission & Distribution business has secured 2,935 crore
Indian Rupees order from Qatar General Electricity & Water
Corporation (Kahramaa). Under the terms of the contract, L&T
will supply, construct and commission 18 extra high-voltage
substations and 151 kilometers long cabling in Qatar. This
project is expected to be completed in 22 months. (Bloomberg)
 NBK Automobiles signs pact with MBM Transport – Nasser
Bin Khaled (NBK) Automobiles, the distributor of MercedesBenz branded vehicles in Qatar, has signed an agreement with
MBM Transport to supply a range of Mercedes-Benz branded
commercial vehicles. Under the terms of the agreement, NBK
Automobiles will supply MBM transport with luxury commercial
vehicles to fulfill various transportation needs, including models
such as Travego, Tourismo, MCV, Viano and Sprinter. (GulfTimes.com)
 Qatar Airways expands codeshare agreement with US
Airways for flights via PHL, starts 4 weekly flights to
Hangzhou – Qatar Airways (QA) has expanded its codeshare
agreement with US Airways for flights via Philadelphia
International Airport (PHL). This agreement will provide millions
of Americans the opportunity to fly internationally with QA out of
PHL, using the seamless connection service on selected
codeshare flights operated by US Airways. Qatar Airways will
launch daily non-stop flights from Philadelphia to Doha from
April 2, 2014. Meanwhile, the airline has started four weekly
flights to Hangzhou, China. This is Qatar Airways’ seventh route
to China. (Bloomberg)
 MCCS‟ BoD met on December 16 to discuss company‟s
business – Mannai Corporation’s (MCCS) board of directors
met on December 16, 2013 to discuss the progress in the
company’s business. (QE)
International
 QNB Group: Long-term US fiscal outlook unchanged
despite budget deal – QNB Group said the recent budget deal
approved by the US Congress does not tackle the challenges of
the country’s long-term fiscal outlook. The US Congress
approved a two-year budget deal last week, further avoiding the
spectre of another government shutdown. The group said this
marks a positive step by lifting the clouds hanging over the
world’s largest economy, but does not change the US long-term
fiscal outlook. The budget deal, in fact, only increases
discretionary spending marginally in 2014-15 without addressing
the long-term rise in non-discretionary spending, like Medicaid,
Medicare, Social Security and interest payments. According to
QNB Group, the budget deal is unlikely to change the overall
long-term fiscal outlook and does not alter its forecast for US
economic growth of 1.5% in 2014. (Gulf-Times.com)
 Fed to trim monthly asset purchases to $75bn as economy
picks up – The Federal Open Market Committee (FMOC) has
announced a $10bn reduction in its bond-buying program to
$75bn a month. The Fed will cut mortgage bond purchases to
$35bn from $40bn. Treasury purchases will go from $45bn a
month to $40bn a month. Outgoing Chairman Ben Bernanke
said he expected the Fed to take “similar moderate steps”
throughout 2014, suggesting the program could end by late next
year. However he cautioned that the Fed would halt the
cutbacks if the economic indicators worsened. The Fed also
made clear that it has no intention of increasing interest rates in
the near future and would keep them low "well past" the time
when the unemployment rate reaches 6.5%. It is currently 7%.
(Guardian, Forbes)
 US economy grew at robust 4.1% pace in 3Q2013 – The
Commerce Department said the US economy grew at a robust
4.1% annual rate in 3Q2013, much faster than previously
estimated. The department said the upward third-quarter
revision was largely due to consumer spending that was much
stronger than previously estimated. The department’s third and
final estimate of gross domestic product growth was sharply
higher than the previously estimated 3.6%, as well as the 2.8%
initially estimated. (Gulf-Times.com)
 S&P pushes EU debt rating down – S&P has downgraded the
European Union’s (EU) credit-worthiness by one notch, blaming
threats to cohesion including Britain’s role in curtailing budgets
and holding a membership referendum. S&P slashed its longterm debt rating from “AAA” to “AA+” for EU. (Peninsula Qatar)
 EU finance ministers reach banking union accord – EU
finance ministers have reached a banking union accord which
will hand Brussels unprecedented new powers to prevent failing
banks from wrecking the economy. EU Financial Markets
Commissioner Michel Barnier said that they are bringing about
revolutionary changes in Europe’s banking system so that
taxpayers are not able to foot the bill in banking crises, ending
an era of massive bailouts. (Peninsula Qatar)
 Japan unveils record budget as Abe grapples with debt –
Japan has unveiled a record budget for the next fiscal year, as
Prime Minister Shinzo Abe boosts spending on social security,
defence and public works while trying to contain growth in the
world’s biggest debt burden. Japan’s Finance Minister Taro Aso
said government ministers and the ruling coalition adopted the
95.88tn yen budget proposal for the year from April 1. Aso said
Japan will issue 41.25tn yen of new revenue bonds, less than
42.9tn yen earmarked in this year’s initial budget. Abe is aiming
Page 4 of 9

5. to pull the country out of a 15-year deflationary malaise and
cope with rising welfare costs of its aging population, while
containing public debt that is more than twice the size of the
economy. His government has pledged to halve the primary
balance deficit by fiscal 2015 and achieve a surplus by fiscal
2020. (Gulf-Times.com)
the number of automatic teller machines (ATMs) stood at 13,516
in 3Q2013. Further, the report indicated that the volume of
money withdrawn through ATMs has exceeded SR161.57bn in
3Q2013. The Saudi banks have issued 17.3mn bank cards in
3Q2013 as compared to 16.9mn cards in 2Q2013.
(GulfBase.com)
 BoJ keeps stimulus steady – The Bank of Japan (BoJ) has
kept its monetary policy steady and maintained its view that the
economy is recovering moderately, encouraged by growing
signs that the benefits of its massive stimulus are spreading
through the broader sectors of the economy. The BoJ voted
unanimously to maintain its pledge of increasing base money, or
cash and deposits at the central bank, at an annual pace of 60tn
yen to 70tn yen. BoJ said Japan’s economy is recovering
moderately. (Gulf-Times.com)
 IDB plans to establish Islamic Banking Center of Excellence
in Kuala Lumpur – The Islamic Development Bank (IDB) plans
to establish the Islamic Banking Center of Excellence in Kuala
Lumpur, Malaysia, which will enable it to provide a myriad of
Islamic banking products and offerings that include research &
development in innovation, capacity building, knowledge-sharing
and liquidity management. (GulfBase.com)
 OPEC cut not needed next year – Oil Ministers from Saudi
Arabia, Kuwait and Iraq said the Organization of Petroleum
Exporting Countries (OPEC) need not cut production next year
to make room for additional supplies from Iran, Libya and US
shale oil. Saudi Oil Minister Ali al-Naimi said he is optimistic that
the market will stay balanced and stable next year. He added
that shale oil is not posing any threat to Saudi Arabia and
OPEC. Kuwaiti Oil Minister Mustafa al-Shemali said OPEC can
meet the oil demand for years to come and need not make shale
oil a scarecrow for OPEC and other producers. Meanwhile,
Qatar’s Energy & Industry Minister HE Dr. Mohammed bin Saleh
Al Sada said the current energy market prices are appropriate
for both the exporting and importing countries. The prices will
continue to stay fair in 2014 as well. (Gulf-Times.com, Peninsula
Qatar)
Regional
 GPCA: GCC region‟s petrochemical industry has
undertaken positive steps toward achieving environmental
sustainability – The Gulf Petrochemicals & Chemicals
Association’s (GPCA) Secretary General Dr. Abdulwahab Al
Sadoun said the GCC region’s petrochemicals industry has
undertaken positive steps toward achieving environmental
sustainability in the last two years. Dr. Sadoun said the GCC
region’s petrochemicals industry has not only added capacity to
their facilities during the 2011-12 period, but also reduced
emissions per ton of capacity in their manufacturing units.
(GulfBase.com)
 S&P: Global Islamic finance sector is booming – According
to a report released by S&P, the global Islamic finance sector is
booming and the Shari’ah-compliant assets are forecasted to be
over $1.4tn and are likely to sustain double-digit growth in the
coming 2-3 years. (GulfBase.com)
 SAMA: Bank loans, credits stood at SR2.1tn in 3Q2013 –
According to a report released by the Saudi Arabian Monetary
Agency (SAMA), the volume of bank loans and credits rose to
SR2.1tn in 3Q2013. The short-term credits (less than one year)
stood at SR586.71bn, while the medium-term (1-3 years) and
long term (+ 3 years) loans stood at SR203.15bn and
SR317.81bn respectively in 3Q2013. The SAMA report showed
that consumer loans have increased to SR326.88bn in 3Q2013
as compared to SR321.16bn in 2Q2013. Meanwhile, credit card
loans rose to SR7.97bn in 3Q2013 as compared to SR7.69bn in
3Q2012. The report also revealed that loans allocated for real
estate, which fall within consumer loans, have reached
SR43.91bn in 3Q2013 as compared to SR41.47bn in 2Q2013,
while loans given to purchase car and equipment stood at
SR61.31bn in 3Q2013. Other loans stood at SR220.48bn in
3Q2013. Moreover, the report showed that the number of bank
branches in the Kingdom has reached 1,735 in 3Q2013, while
 Jafza reports 5.5% growth in number of companies since
January 2012 – The Jebel Ali Free Zone (Jafza) has reported a
5.5% growth in the number of companies in the Industrial sector
since January 2012. This sector in the free zone is forecasted to
have generated trade worth AED77bn in 2013. Jafza’s Deputy
CEO and Chief Commercial Officer Ibrahim Mohamed Al Janahi
said they expect the sector’s growth momentum to pick up
significantly over the next five years even as plans to achieve
economic diversification in the GCC region gather steam.
(GulfBase.com)
 ACWA successfully raises SR1.77bn Islamic loan to finance
investments in 2014 – ACWA Power International has
successfully raised Islamic loan worth SR1.77bn from Banque
Saudi Fransi, National Commercial Bank (NCB), Saudi British
Bank (SABB) and Samba Financial Group. This five-year
Shari’ah-compliant revolving credit facility will enable ACWA
Power to help finance investments that include acquisitions and
act as a bridge to a sukuk issue in 2014. (GulfBase.com)
 SAMAPCO inks SR660mn loan agreement with PIF – The
Sahara & Maaden Petrochemicals Company (SAMAPCO) has
signed a loan agreement worth SR660mn with Public
Investment Fund (PIF). This 14-year loan facility has a grace
period of one year and will be used to finance its ethylene
dichloride (EDC) and caustic soda projects. (Tadawul)
 SABB successfully closes private placement of SR1.5bn
Tier II Sukuk – The Saudi British Bank (SABB) has successfully
closed its transaction of SR1.5bn Tier II sukuk private placement
offer. This sukuk will support the bank’s capital base in light of
the Basel III framework and support its growth plans; it will
extend the maturity profile of its liabilities while continuing to
diversify its funding sources. (Tadawul)
 Al Waha to begin periodic prescheduled maintenance from
December 24 – The Sahara Petrochemicals Company (SPCO)
has announced that its subsidiary Al Waha Petrochemicals
Company will conduct periodic prescheduled maintenance from
December 24, 2013. This periodic prescheduled maintenance is
expected to be carried out for 15 days. According to current
polypropylene prices, this maintenance will affect the company’s
4Q2013 profitability by SR12mn. SPCO’s clients will be supplied
from the standby inventory available in its warehouse. (Tadawul)
 KEC partners with STC for 40 kilometer fiber link project –
The Knowledge Economic City Company (KEC) has signed a
partnership agreement with Saudi Telecom Company (STC) to
link
40
kilometer
fiber
technology
and
establish
telecommunications infrastructure for KEC and develop it. This
agreement has been reached on a build, operate and transfer
basis. STC will develop a smart infrastructure network, operate it
and then transfer its ownership by the end of the concession
period to KEC. Meanwhile, KEC will be responsible for
implementing civil works, which will be formulated by a
Page 5 of 9

6. contractor in accordance with the criteria established by STC
and under its management and supervision. (Tadawul)
 SEC signs SR1.37bn loan agreement to finance 2,650 MW
power plant in Jeddah – Saudi Electricity Company (SEC) has
entered into a $366mn loan agreement with the Japan Bank for
International Cooperation (JBIC) and two other Japanese banks
to help finance the construction of a 2,650 MW power plant in
Jeddah. The Japanese-backed financing, which comes with a
guarantee from export credit agencies Nippon Export and
Investment Insurance (NEXI) and JBIC, has a 12-year lifespan
after a 3-year grace period starting December 18, 2013.
(GulfBase.com)
 NCC receives new chemical tanker “NCC FAJR” in South
Korea – The National Chemical Carriers (NCC) has received a
new chemical tanker “NCC FAJR” in South Korea. This 75,000
deadweight tonnage (DWT) vessel has been built by Daewoo
Shipbuilding & Marine Engineering Company (DSME). This
vessel was contracted by NCC to DSME in 2010 for SR247mn.
The financial impact of this delivered tanker on NCC’s revenue
will appear from 1Q2014. (Tadawul)
 SAIB‟s BoD recommends increasing bank‟s capital by 9.1%
to SR6bn – The Saudi Investment Bank’s (SAIB) board of
directors has recommended increasing the bank’s capital by
9.1% from SR5.5bn to SR6bn, which represents a distribution of
1 bonus share for every 11 shares. This increase in capital is
aimed to support the bank’s capital base, which will increase the
growth percentages and meet the future increases in the
banking activities. Meanwhile, SAIB’s BoD has recommended
distribution of dividends worth SR440mn (80 halala per share),
representing 8% of the nominal share value for 2013. (Tadawul)
 Al Tayyar Travel Group‟s Egyptian subsidiary bags fouryear transportation contract – Al Tayyar Travel Group
Holding’s Egyptian subsidiary E-Altayyar Tours Company has
inked a four-year transportation contract to carry its employees
from various districts in Cairo to the company’s premises. The
financial effect of this contract will begin in 2Q2014. The
company will provide 39 tourist transport buses with a value of
$4bn by group’s self-finance .These buses are in addition to the
fleet of E-Altayyar Tours buses. (Tadawul)
 ALJ signs SR1.2bn contract to purchase 1.5mn square
meter land in KAEC‟s Industrial Valley phase two – Abdul
Latif Jameel Group (ALJ) has signed a contract worth SR1.2bn
with King Abdullah Economic City (KAEC) to purchase 1.5mn
square meter land in KAEC Industrial Valley Phase two. This
land will be used for the construction of import, distribution and
component manufacture and assembly center. (GulfBase.com)
 DHC inaugurates SR100mn specialized pediatrics building –
The Dallah Healthcare Holding Company (DHC) inaugurated its
SR100mn specialized pediatrics building. This building will have
a total capacity of 70 beds and 26 outpatient clinics that include
its supporting facilities. (Tadawul)
 SABB‟s BoD recommends annual dividend payment – The
Saudi British Bank’s (SABB) BoD has recommended paying
annual cash dividends worth SR1.1bn (SR1 per share),
representing 10% of the nominal share value for 2013.
(Tadawul)
 Bahri‟s BoD recommends distribution of cash dividend
worth SR315mn – The National Shipping Company of Saudi
Arabia’s (Bahri) BoD has recommended distribution of cash
dividends worth SR315mn (SR 1 per share), representing 10%
of the company's capital for FY2013. (Tadawul)
 SABIC‟s BoD recommends distribution of dividend worth
SR9bn – The Saudi Basic Industries Corporation's (SABIC) BoD
has recommended distribution of dividends worth SR9bn (SR3
per share), representing 30% of the face value for 2H2013.
(Tadawul)
 SIIG‟s BoD recommends SR450mn dividends – The Saudi
Industrial Investment Group’s (SIIG) BoD has recommended the
distribution of dividends worth SR450mn (SR1 per share),
representing 10% of the face value for FY2013. (Tadawul)
 Salini Impregilo wins highway construction contract – Italian
builder Salini Impregilo has secured a construction contract
worth $229.67mn to build part of a highway between Abu Dhabi
and Dubai. (Reuters)
 Dubai issues law to establish Dubai Islamic Economy
Development Centre – UAE’s Prime Minister and Ruler of
Dubai HH Shaikh Mohammed bin Rashid Al Maktoum has
issued law number 13 of 2013 to establish the Dubai Islamic
Economy Development Center. He also issued decree No. 42 of
2013 to form the center’s board of directors that will be chaired
by Mohammed Abdullah Al Gergawi. (GulfBase.com)
 CBD successfully closes $450mn term loan facility – The
Commercial Bank of Dubai (CBD) has successfully closed a
$450mn term loan facility. This facility has replaced a three-year
$450mn transaction that was concluded in August 2011 and was
prepaid in October 2013. This facility, which has a maturity
period of 36 months, will be used for general corporate
purposes. This transaction carries a margin of 1.25% above
LIBOR. Arab Banking Corporation, Bank of New York Mellon,
Citibank, Commerzbank Aktiengesellschaft, ING Commercial
Banking, JP Morgan Ltd., National Bank of Abu Dhabi, Natixis
and Standard Chartered Bank have participated in this facility as
mandated
lead
arrangers.
Meanwhile,
Commerzbank
Aktiengesellschaft, which coordinated this facility, also acted as
the documentation agent while Bank of New York Mellon’s
London branch acted as the facility agent. (DFM)
 Emirates boosts superjumbo fleet to 44 planes – Dubaibased Emirates Airline has boosted its fleet of Airbus A380s to
44 planes, taking delivery of another two of the superjumbos
which went straight into service on Saturday. The airline said it
has received delivery of its 43rd and 44th A380 aircraft with a
double delivery from Airbus' Finkenwerder facility in Hamburg,
Germany. (Peninsula Qatar)
 Deyaar‟s “Fairview Residency” project achieves 80%
completion, scheduled for handover in March 2014 – Deyaar
Development has announced that its “Fairview Residency”
project has achieved 80% completion and is scheduled for
handover in the beginning of March 2014. This 18 floored
residential project features 172 units that includes stylish
studios, spacious one and two bedroom apartments. (DFM)
 Flora Group Hotels plans to establish four new properties
for AED750mn over 2014-2016 – The Flora Group Hotels plans
to establish four new properties with an investment of more than
AED750mn during the 2014-2016 period in Dubai. The company
expects to offer a portfolio of at least 11 hotels by 2016 in Dubai,
which will increase its total inventory from over 780 rooms to
more than 1,700 rooms. This expansion plan includes an
AED400mn investment on a luxury property project at Dubai’s
downtown in Burj Khalifa Master Community, which will offer
fully-serviced apartments with world-class facilities and will be a
premium accommodation choice for both business and leisure
travelers. The construction work will begin in 2013 and the hotel
is expected to be completed in 4Q2016. Moreover, Flora will
develop two other four star properties of 186 rooms at Al Barsha
Page 6 of 9

7. close to the Mall of Emirates with an investment of AED150mn
and another 272 rooms in Al Garhoud close to the Dubai
International Airport for AED200mn. Both these projects are
expected to open by 2016-end. (GulfBase.com)
 Abraaj Capital acquires 80% stake in Turkish dairy products
maker Yorsan – Abraaj Capital has picked up a 80% stake in
Turkish dairy products maker Yorsan. The company will carry
out this transaction through its Turkish subsidiary Dairy Fresh.
(Reuters)
 Emaar approves plan to convert bonds into shares – Dubaibased Emaar Properties has approved a plan to convert bonds
into shares. The company said holders of convertible bonds will
receive 18.7mn new shares in the company. Emaar had issued
$500mn, five-year convertible bonds in 2010. (GulfBase.com)
 MAF unveils ambitious $5bn expansion plan – Majid Al
Futtaim Holding (MAF) has unveiled an ambitious five-year
expansion plan worth $5bn that will enable it to double its
business to $12bn by 2018. MAF’s CEO Iyad Malas said the
group will invest $1bn every year over the next five years to
further expand its presence in the Middle East region. Malas
also added that the funding for this expansion will be met from
the MAF’s own revenue streams and through the capital market.
(GulfBase.com)
 IW sells 50% stake in Miami Beach‟s Fontainebleau hotel –
Istithmar World (IW) has sold its 50% stake in Miami Beach’s
Fontainebleau hotel back to South Florida’s Turnberry.
(GulfBase.com)
 Pacific Ventures to develop AED500mn “Pacific Emerald” –
Pacific Ventures will develop a “Pacific Emerald” project worth
AED500mn. This project will include 27 premium villas as well
as 43 upscale townhouses and a further 26 opulent houses.
Pacific Ventures will begin construction work on this project in
January 2014 and is forecasted to be completed after two years
of its launch. (GulfBase.com)
 Arabtec denies market, media speculations regarding
acquisition of DSI – Dubai-based Arabtec Holding has
announced that the recent market and media speculations
regarding an acquisition of Drake & Scull International (DSI) are
baseless. (DFM)
 PPLM bags contract to renovate, manage and operate Abu
Dhabi airport's hotel & lounges – The Plaza Premium Lounge
Management (PPLM) has won a contract to renovate, manage
and operate Abu Dhabi airport's hotel & lounges in Terminals 1
and 2. These renovated lounges will offer added privacy and
luxury, where passengers will be able to enjoy personalized
services and facilities. (GulfBase.com)
 Etihad in talks on $413mn Alitalia investment – According to
sources, Abu Dhabi-based Etihad Airways is in early-stage talks
over a possible $413mn investment in Alitalia, which could help
rescue the loss-making Italian airline. (Peninsula Qatar)
 Etihad Airways, Latvia‟s AirBaltic begin 4 weekly flights on
Riga-Abu Dhabi route – Etihad Airways and Latvian carrier
AirBaltic have begun direct four weekly flights on Riga and Abu
Dhabi route. AirBaltic will operate an Airbus A319 aircraft on this
route. (GulfBase.com)
 Etihad, Aegean sign codeshare agreement – Etihad Airways
has inked a codeshare agreement with Greece’s Aegean
Airlines. Under the terms of the agreement, Aegean will launch
four weekly flights between Athens and Abu Dhabi, while Etihad
will place EY flight code in its new flight. Further, Etihad will
place its flight code on other flights operated by Aegean to 16
Greek destinations as well as to 10 more cities in Europe.
(Bloomberg)
 Etihad Airways appoints Joan Mwanki as new General
Manager for Kenya operation – Etihad Airways has appointed
Joan Mwanki as its new General Manager for its operations in
Nairobi, Kenya. Mwanki will increase the awareness of the
Etihad Airways brand as well as develop and further grow the
relationships with the key travel trade and corporate customers
across East Africa. (GulfBase.com)
 Fitch affirms Kuwait at AA – Rating agency Fitch Ratings has
affirmed its “AA” on long-term foreign and local currency issuer
default ratings (IDRs) of Kuwait. The outlook on long-term IDRs
is Stable. Meanwhile, Fitch has also affirmed Kuwait’s Country
Ceiling “AA+” and short-term foreign currency IDR at “F1+”.
These ratings are primarily supported by its exceptionally strong
sovereign balance sheet that results from oil-related budget and
current account surpluses. (Reuters)
 ALAFCO closes refinancing of Airbus A320-200 aircraft –
Aviation Lease & Finance Company (ALAFCO) has closed the
refinancing of an Airbus A320-200 aircraft that is leased to Royal
Jordanian Airline. Arab Banking Corporation (ABC) acted as the
sole lead arranger for this transaction. This aircraft has been
leased to Royal Jordanian since its delivery in 2006. Meanwhile,
the lease of this aircraft has been extended to 2018.
(GulfBase.com)
 Technip wins $400mn consultancy services contract from
KOC – Technip has won a consultancy services contract worth
$400mn from Kuwait Oil Company (KOC) to construct its new oil
& gas infrastructure facilities as well as upgrade its existing
facilities. This five-year contract has an option for an additional
period of one year. (GulfBase.com)
 Noor to sell its stake Meezan Bank for $190mn – Kuwaitbased Noor Financial Investment Company (Noor) will sell its
entire stake in Pakistan’s Meezan Bank for $190mn.
(Bloomberg)
 Bank Dhofar to meet Bank Sohar to discuss proposed
merger – Bank Dhofar said it is seeking to meet Bank Sohar to
discuss a proposed merger. (Reuters)
 BP, OOC ink MoU to develop world's first acetic acid
manufacturing plant – UK’s British Petroleum (BP) has entered
into a non-binding MoU with Oman Oil Company (OOC) to
develop the world's first acetic acid manufacturing plant, using
BP's revolutionary new SaaBre process. This MoU covers joint
economic evaluation and a detailed feasibility study for a
proposed 1mn ton per year acetic acid plant in the Special
Economic Zone in Duqm. The move is anticipated to lead to a
joint venture investment with startup expected in 2019.
(GulfBase.com)
 Fitch: Bahrain‟s banking sector performed reasonably well
since 2011 despite political uncertainty – According to the
report released by Fitch Ratings, Bahrain’s banking sector has
been performing reasonably well since 2011 despite the political
uncertainty and the low level social unrest. Fitch expects modest
profit growth in 2014, barring any significant escalation of social
unrest. The agency forecasts economic growth to pick up to
5.5% in 2013. The debt to GDP is expected to rise to 46.5% by
the end of 2014. The report showed that the Kingdom is highly
dependent on subsidies from its GCC region to support
government spending and indirectly banks' financing of
government-sponsored
projects.
Bahraini
banks
have
maintained adequately liquid balance sheets. The average
loans/deposits ratio across Fitch-rated Bahraini banks has
reduced to 75% in 1H2013. (Reuters)
Page 7 of 9

8.  NOGA: Bahrain‟s diesel prices for domestic consumption to
almost double in three years – Bahrain’s National Oil & Gas
Authority (NOGA) has announced that the price of diesel for
domestic consumption will almost double in three years. The
prices will be up from 100 fils at present. Under a gradual fourphased plan, domestic consumers will pay 120 fils per liter from
January 15, 2014. Meanwhile, diesel prices will further increase
by another 20 fils to reach 140 fils with effect from January 1,
2015. The consumers will pay 160 fils per liter from January 1,
2016 and 180 fils per liter from January 1, 2017. (GulfBase.com)
 GFH Capital successfully completes acquisition of prime
UK-based residential property – GFH Capital has successfully
completed the acquisition of a prime UK-based residential
property in line with its global investment strategy. This property
is a Grade II listed building that overlooks the Queens Gate
Gardens. (GulfBase.com)
 GFH appoints permanent CEO – Gulf Finance House (GFH)
has appointed Mr Hisham Alrayes as the permanent CEO of the
company. Mr Alrayes has been working as the acting CEO since
March 2012. (Bahrain Bourse)
Page 8 of 9

9. 160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.1%
1.2%
150.4
134.5
122.1
1.1%
Dubai
Daily Index Performance
Abu Dhabi
Rebased Performance
0.8%
0.8%
0.4%
0.4%
0.2%
0.0%
QE Index
S&P Pan Arab
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Source: Bloomberg (*Data as of December 17, 2013)
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,203.30
1.2
(2.9)
(28.2)
DJ Industrial
16,221.14
0.3
3.0
23.8
19.43
1.0
(1.4)
(36.0)
S&P 500
1,818.32
0.5
2.4
27.5
111.77
1.3
2.7
0.6
NASDAQ 100
4,104.74
1.1
2.6
35.9
4.35
2.1
(0.1)
27.0
STOXX 600
321.14
0.5
3.7
14.8
125.25
0.2
(4.0)
39.2
DAX
9,400.18
0.7
4.4
23.5
136.38
0.3
5.3
(22.7)
FTSE 100
6,606.58
0.3
2.6
12.0
1.37
0.1
(0.5)
3.6
104.10
(0.1)
0.9
20.0
GBP
1.63
(0.2)
0.2
0.5
MSCI EM
CHF
1.12
0.2
(0.8)
2.1
SHANGHAI SE Composite
AUD
0.89
0.6
(0.5)
(14.2)
USD Index
80.58
(0.1)
0.5
RUB
32.99
0.1
0.4
BRL
0.42
(1.1)
(1.8)
(13.8)
Yen
Oman
Jul-13
Bahrain
May-12 Dec-12
(0.1%)
Kuwait
Oct-11
Qatar*
Jan-10 Aug-10 Mar-11
(0.1%)
Saudi Arabia
(0.4%)
CAC 40
Nikkei
4,193.77
0.4
3.3
15.2
15,870.42
0.1
3.0
52.7
988.26
(0.2)
(0.2)
(6.3)
2,084.79
(2.0)
(5.1)
(8.1)
HANG SENG
22,812.18
(0.3)
(1.9)
0.7
1.0
BSE SENSEX
21,079.72
1.8
1.8
8.5
8.1
Bovespa
51,185.74
(0.9)
2.3
(16.0)
1,429.91
(0.1)
2.7
(6.4)
Source: Bloomberg
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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