1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.4% to close at 9,870.90. Gains were led by the Telecoms
and Consumer Goods & Services indices, gaining 1.1% and 0.9% respectively.
Top gainers were Qatar Cinema & Film Distribution Co. and Islamic Holding
Group, rising 1.8% and 1.7% respectively. Among the top losers, Zad Holding
Co. fell 2.0%, while Qatar German Co. for Medical Devices declined 1.3%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.3% to close at 8,024.7. Gains were led
by the Multi-Inv. and Real Est. Dev. indices, rising 1.6% and 0.8% respectively.
WAFA Insurance rose 5.6%, while Al-Jouf Agri. Dev. was up 5.0%.
Dubai: The DFM index gained 2.2% to close at 2,666.1. The Banking and
Real Estate & Construction indices rose 2.7% each. Mashreq Bank surged
15.0%, while Agility gained 14.8%.
Abu Dhabi: The ADX benchmark index rose 1.2% to close at 3,812.1. The
Consumer index gained 2.0%, while the Real Estate index was up 1.8%. Waha
Capital surged 14.1%, while Methaq Takaful Insurance Co. was up 8.2%.
Kuwait: The KSE index gained 0.5% to close at 7,848.3. Gains were led by
the Telecomm. and Fin. Services indices, gaining 2.9% and 1.3% respectively.
Kuwait Insurance Co. gained 9.3%, while Al-Deera Holding Co. was up 8.5%.
Oman: The MSM index rose 0.3% to close at 6,603.3. The Industrial index
gained 0.4%, while the Banking & Investment index was up 0.1%. Galfar
Engineering & Con. rose 2.6%, while Raysut Cement was up 1.0%.
Bahrain: The BHB index gained 0.5% to close at 1,199.1. The Commercial
Banking index rose 0.9%, while the Services index was up 0.6%. Bahrain
Cinema Co. gained 7.4%, while Bank of Bahrain & Kuwait was up 2.5%.
Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD%
Qatar Cinema & Film Dist. Co. 50.00 1.8 0.5 (12.1)
Islamic Holding Group 41.20 1.7 16.2 8.4
Qatar General Ins. & Reins. Co. 52.30 1.6 6.0 13.7
United Development Co. 22.20 1.4 1,443.7 24.7
Ooredoo 144.90 1.3 125.1 39.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD%
United Development Co. 22.20 1.4 1,443.7 24.7
Qatar Gas Transport Co. 19.91 0.6 753.6 30.5
Industries Qatar 153.60 0.0 530.6 8.9
Masraf Al Rayan 29.70 0.5 436.0 19.8
Vodafone Qatar 9.13 0.3 268.5 9.3
Source: Bloomberg (* in QR)
Market Indicators 19 Sep 13 18 Sep 13 %Chg.
Value Traded (QR mn) 319.2 258.6 23.4
Exch. Market Cap. (QR mn) 537,350.8 536,079.5 0.2
Volume (mn) 6.5 5.9 9.2
Number of Transactions 3,736 3,416 9.4
Companies Traded 39 37 5.4
Market Breadth 26:8 13:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,103.25 0.4 2.6 24.7 N/A
All Share Index 2,479.86 0.4 2.4 23.1 13.1
Banks 2,412.00 0.1 2.1 23.7 12.8
Industrials 3,107.86 0.2 2.0 18.3 11.2
Transportation 1,828.87 0.6 3.3 36.5 12.5
Real Estate 1,797.06 0.9 3.6 11.5 13.6
Insurance 2,253.03 0.4 1.3 14.7 9.3
Telecoms 1,492.32 1.1 4.1 40.1 15.7
Consumer 5,921.47 0.9 2.2 26.8 24.3
Al Rayan Islamic Index 2,812.36 0.3 1.9 13.0 14.2
GCC Top Gainers##
Exchange Close#
1D% Vol. „000 YTD%
NBQ Abu Dhabi 3.00 7.1 50.0 62.2
Deyaar Development Dubai 0.66 6.3 251,675.5 88.4
Nat. Mobile Tel. Co. Kuwait 2.00 4.2 2.5 (14.5)
Union National Bank Abu Dhabi 5.15 4.0 3,591.1 78.2
Dana Gas Abu Dhabi 0.59 3.5 55,471.3 31.1
GCC Top Losers##
Exchange Close#
1D% Vol. „000 YTD%
Gulf Cable & Elec. Ind. Kuwait 1.00 (2.0) 52.2 (20.6)
Nat. Ind. Group Holding Kuwait 0.26 (1.9) 2,463.8 21.5
Kuwait Projects Co. Kuwait 0.54 (1.8) 138.6 45.4
Mabanee Co. Kuwait 1.10 (1.8) 357.5 2.5
ALAFCO Kuwait 0.28 (1.8) 365.7 (21.1)
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%
Zad Holding Co. 65.20 (2.0) 3.3 10.9
Qatar German Co. for Med. Dev. 15.25 (1.3) 26.8 3.2
Qatari Investors Group 29.70 (0.8) 163.1 29.1
Ezdan Holding Group 17.40 (0.5) 14.2 (4.4)
National Leasing 34.55 (0.4) 242.6 (23.6)
Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD%
Industries Qatar 153.60 0.0 81,496.9 8.9
United Development Co. 22.20 1.4 32,155.0 24.7
QNB Group 174.60 (0.2) 23,463.9 33.4
Ooredoo 144.90 1.3 18,055.9 39.3
Qatar Gas Transport Co. 19.91 0.6 15,055.2 30.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,870.90 0.4 2.6 2.6 18.1 87.68 147,610.3 12.4 1.7 4.7
Dubai 2,666.14 2.2 5.0 5.7 64.3 277.83 65,344.6 15.5 1.1 3.3
Abu Dhabi 3,812.09 1.2 2.5 2.1 44.9 149.66 109,618.9 10.8 1.4 4.7
Saudi Arabia 8,024.71 0.3 1.7 3.3 18.0 1,507.72 425,107.0 16.8 2.1 3.6
Kuwait 7,848.27 0.5 3.4 2.8 32.3 207.49 110,957.0 18.4 1.2 3.6
Oman 6,603.28 0.3 0.4 (1.3) 14.6 13.78 23,402.7 10.9 1.6 3.9
Bahrain 1,199.09 0.5 1.5 0.9 12.5 0.68 21,927.3 8.4 0.9 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)
9,820
9,840
9,860
9,880
9,900
9,920
9,940
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index rose 0.4% to close at 9,870.90. The Telecoms and
Consumer Goods & Services indices led the gains. The index
rose on the back of buying support from Qatari shareholders
despite selling pressure from non-Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Islamic Holding Group
were the top gainers, rising 1.8% and 1.7% respectively. Among
the top losers, Zad Holding Co. fell 2.0%, while Qatar German
Co. for Medical Devices declined 1.3%.
 Volume of shares traded on Thursday rose by 9.2% to 6.5mn
from 5.9mn on Wednesday. However, as compared to the 30-
day moving average of 8.7mn, volume for the day was 25.3%
lower. United Development Co. and Qatar Gas Transport Co.
were the most active stocks, contributing 22.4% and 11.7% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Al Hilal Bank (AHB) Moody's
Abu
Dhabi
AHB Sukuk Company
Ltd.’s $2.5bn Trust
Certificate program’s
senior unsecured
ratings
– (P)A1#
– Stable –
Al Hilal Bank (AHB) Fitch
Abu
Dhabi
AHB Sukuk Company
Ltd.’s $2.5bn Trust
Certificate program’s
expected LT rating /
expected ST rating
–
A+(EXP)/
F1(EXP)
– – –
Gulf International
Bank (GIB)
S&P Bahrain
LT counterparty credit
ratings/ ST
counterparty credit
ratings/ SCP
BBB+/ A-2/
bbb-
BBB+/ A-2/
bbb
– Positive 
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, SCP- Standalone Credit Profile) (
#
Provisional)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/19 US Labor Department Initial Jobless Claims 14-September 309K 330K 294K
09/19 US Labor Department Continuing Claims 7-September 2,787K 2,900K 2,815K
09/19 US Bloomberg Bloomberg Economic Expectations September -9 – -5
09/19 US Bloomberg Bloomberg Consumer Comfort 15-September -29.4 – -32.1
09/19 US National Ass. of Realtors Existing Home Sales August 5.48M 5.25M 5.39M
09/19 US National Ass. of Realtors Existing Home Sales MoM August 1.70% -2.60% 6.50%
09/19 US Conference Board Leading Index August 0.70% 0.60% 0.50%
09/20 EU Eurostat Consumer Confidence September -14.9 -14.5 -15.6
09/20 UK ONS Public Sector Net Borrowing (£) August 11.5B 11.9B -1.1B
09/20 Italy Istat Industrial Orders MoM July -0.70% – -2.50%
09/20 Italy Istat Industrial Orders NSA YoY July -2.20% – -4.20%
09/20 Italy Istat Industrial Sales MoM July -0.80% – 0.60%
09/20 Italy Istat Industrial Sales WDA YoY July -3.60% – -1.00%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Banking sector‟s monthly update for August 2013 – Banking
sector data for the month of August 2013 shows limited activity.
Deposits increased by 0.10% MoM (+11.2% YTD) while loans
were flattish (-0.03% MoM, +9.0% YTD) in the month of August
2013. In our view, Ramadan along with the summer break led to
this subdued activity. Going forward, we expect activity in the
banking sector to pick up in the coming months. Hence, we
maintain our loan growth estimate of ~15% for 2013 vs. 9.0%
YTD. Furthermore, we expect NIMs to stabilize during 4Q2013.
The banking sector’s loan-to-deposit ratio (LDR) remained at
109% in August 2013. In our view, liquidity remains healthy and
we believe the banks are in a comfortable position to finance
upcoming infrastructure projects. We believe some banks are
contemplating issuing Tier I bonds, which will help improve their
capital adequacy ratios (CARs) as well as provide additional
funds propelling loan book growth. (QNBFS & QCB)
 CBQK to disclose its 3Q2013 financials on October 30 –
Commercial Bank (CBQK) will disclose its 3Q2013 financial
Overall Activity Buy %* Sell %* Net (QR)
Qatari 56.04% 50.48% 17,715,161.97
Non-Qatari 43.97% 49.51% (17,715,161.97)

3. Page 3 of 6
results for the period ending September 30, 2013 on October
30, 2013. (QE)
 DOHI to disclose its 3Q2013 financial results on October 22
– Doha Insurance Company (DOHI) will disclose its 3Q2013
financial results for the period ending September 30, 2013 on
October 22, 2013. (QE)
 ORDS‟ subsidiary announces date to pay interest to
bondholders – Ooredoo (ORDS) has announced that QTEL
International Finance Limited (QIFL), its wholly owned
subsidiary, pursuant to the terms and conditions of the notes
and the final terms, will pay its global medium term note (GMTN)
holders interest payments on October 15 and 21, 2013. (QE)
 MERS signs a lease agreement for supermarket stores – Al
Meera Consumer Goods Company (MERS) has announced that
the company has signed a lease agreement for supermarket
stores with “Gulf Mall”. (QE)
 Barwa Bank closes its $125mn finance deal with Topaz –
Barwa Bank has closed a deal worth $125mn with Dubai-based
Topaz Energy & Marine (Topaz) to finance 12 vessels, including
two newly-built ships that will be operated in the Arabian Gulf
and Caspian Sea. (Gulf-Times.com)
 QIMD signs design contract with Hill International for
Corniche tower – Qatar Industrial Manufacturing Company
(QIMD) has signed a contract with Hill International Company to
manage the design stage of its tower project to be built at an
estimated cost of QR500mn. The proposed tower on the
Corniche Road will replace its present headquarters.
(GulfBase.com)
 QInvest mandated for Turkey sovereign sukuk – Turkey has
mandated Qatar’s QInvest, HSBC and Standard Chartered Bank
for its sovereign sukuk issue. Beginning from September 23, the
lenders will hold investor meetings targeting fixed income
investors in Doha, followed by Dubai, Riyadh, Jeddah,
Singapore and Kuala Lumpur. Istanbul has been planning to
borrow a total of up to $6.5bn through a mix of Eurobond,
samurai and sukuk issues by the end of this year. (Gulf-
Times.com)
 Commercial complex for workers set to open in October –
The Grand Mall Hypermarket, a commercial and entertainment
complex specially meant to cater for single male workers in the
Industrial Area, is set to open in the first week of October. The
facility, to be fully operational by mid-2014, is built for workers
from India, Pakistan, Nepal, Sri Lanka, Bangladesh and other
Southeast Asian countries. The industrial city “West End Park”,
within an area of 671,000 square meters, houses sporting,
recreational, entertainment and commercial facilities. (Peninsula
Qatar)
 Retaj Hotels & Hospitality to expand overseas business –
Qatar-based Retaj Hotels & Hospitality Group announced an
expansion of its footprint in overseas business, especially in the
GCC countries. Retaj’s CEO Maagid Saarany said the group is
working on plans to open new hotels in Dubai and Saudi Arabia.
Currently, these projects are still at study and negotiation
stages. The construction on these upcoming projects is
expected to begin from 2014. (Peninsula Qatar)
 Kahramaa gets new MoE regulations for importing electrical
appliances – The Qatar General Electricity & Water Corporation
(Kahramaa) has received a new regulation from the Ministry of
Environment (MoE) for importing electrical appliances, which will
be effective from the first day of next year. This new regulation
covers energy-saving air conditioners, incandescent light bulbs
and lamps. It will allow the import of energy-saving air
conditioners, which are in accordance with the approved Qatari
standard, QS 2663. The Energy Efficiency Rate (EER) of these
air conditioners should not be less than 8.5 Btu/hour. The MoE
has banned the import of incandescent light bulbs and lamps
(tungsten) for its negative impact on energy consumption and
environment. (Qatar Tribune)
 Qatari head assumes charge of Maersk research facility –
Maersk Oil has appointed Abdulrahman al-Emadi as the new
head of its global research center located at the Qatar Science
& Technology Park (QSTP) in Doha. The Maersk Oil Research
& Technology Centre (MO-RTC) was established in 2011 to
focus on applied research & development in the areas of
horizontal well technology, enhanced oil recovery in carbonate
reservoirs, and the offshore environment. (Gulf-Times.com)
 QTA opens representative office in France – Qatar Tourism
Authority (QTA) has opened a representative office in France,
which is its second representative office in Europe and the first
in Continental Europe. QTA has selected Interface Tourism to
operate the office. The opening of this representative office
enables QTA to expand its footprint and promote the
destinations in Qatar among key markets around the world.
(AME Info)
International
 IMF urges US to bury budget hatchet, back reforms in the
fund – The International Monetary Fund urged US policymakers
to support major reforms at the global financial institution, as
well as bury political differences over the country’s budget to
ease a major source of risk to the global economy. IMF
Managing Director Christine Lagarde said the reforms will give
the IMF access to more money to prevent and resolve crises.
Earlier in 2010, the IMF had agreed to reform its governance
structure for giving greater influence to emerging economies and
making China the third-largest member. However, the reform of
voting rights cannot proceed without approval from the US
Congress, which is the Fund's largest member. Lagarde called
on the US to quickly resolve the political uncertainty over the
country’s budget and the debt ceiling, while US lawmakers
continue to wrangle over raising the legal limit on the nation's
borrowing. (Reuters)
 ECB: Ireland should stick to austerity target – The European
Central Bank’s (ECB) Executive Board Member Joerg
Asmussen said Ireland should not ease up on austerity in its
annual budget to be presented next month, but stick to a target
of €3.1bn worth of spending cuts and tax hikes. Last year,
Ireland beat the deficit target under its bailout conditions, leading
to calls by government ministers for a more modest fiscal
adjustment than agreed with lenders in the IMF and ECB.
(Reuters)
 Italy to meet EU deficit-to-GDP limit in 2013 – Italy’s Finance
Undersecretary Pier Paolo Baretta said the country will maintain
its deficit within the European Union’s (EU) limit of 3% of GDP
this year. He said the government may need to find an additional
€1.5bn of savings to reach the EU requirement, because of the
sluggish economy and payments of overdue debts to
companies. (Bloomberg)
 India unexpectedly raises rates; rolls back rupee support
steps – The new Reserve Bank of India Governor Raghuram
Rajan surprised the markets in his maiden policy review by
raising interest rates to ward off rising inflation, while scaling
back some of the emergency measures put in place to support
the ailing rupee. The RBI has increased the policy repo rate by
25 basis points (bps) to 7.5%. While raising the traditional policy
rate, Rajan freed up market liquidity with a three-quarter point

4. Page 4 of 6
cut in the overnight borrowing rate that the central bank had
temporarily raised by 200 bps in July to support the rupee.
(Reuters)
 BoJ gives positive outlook for overseas economies – The
Bank of Japan (BoJ) Governor Haruhiko Kuroda has offered a
positive outlook for overseas economies including the US,
saying the economic growth would gradually pick up and
support Japanese exports. He said BoJ expects that overseas
economies will gradually pick up as the US and European
economies improve, which will in turn support increases in
global exports and output, as well as a pickup in capital
expenditure in Japan. (Reuters)
 QNB Group: Positive UK data due to short-term factors –
The recent positive economic data on the UK economy has
raised expectations that country may be emerging from an
extended period of stagnation following the global economic
crisis. However, according to QNB Group, much of the
improvement can be attributed to short-term temporary factors,
while structural weaknesses are likely to dampen the medium-
term growth outlook, preventing a much needed recovery in
investment. (Qatar Tribune)
Regional
 Oil Movements: OPEC exports to increase on Saudi supply
– According to tanker tracker Oil Movements, the Organization
of Petroleum Exporting Countries (OPEC) will increase crude
shipments by 1.4% by early October as Saudi Arabia boosts
output amid production losses in Libya. OPEC will raise exports
by 320,000 barrels a day to about 23.9mn bpd in the four weeks
to October 5 as compared to the period to September 7, 2013.
The figures exclude two OPEC members, Angola and Ecuador,
and may have to be revised lower to reflect recent disruptions in
Libya production. (Bloomberg)
 SABIC hires banks for dollar bond sale, Al Hilal to start
investor meetings – Saudi Basic Industries Corp (SABIC) has
hired banks for its dollar bond sale and Al Hilal Bank was said to
start investor meetings as the US Federal Reserve refrained
from cutting stimulus. SABIC enlisted Citigroup, HSBC Holdings,
Mizuho and the Royal Bank of Scotland to arrange meetings
with investors from next week. Meanwhile, Abu Dhabi
government-owned Al Hilal plans to gauge investor appetite for
a debut sale of Islamic bonds during similar meetings. (Gulf-
Times.com)
 SIDF approves SR1.1bn aid for industrial projects – The
Saudi Industrial Development Fund (SIDF) has approved 11
loans worth SR1.1bn for the establishment of nine new industrial
projects and the expansion of another two existing projects with
investments worth SR2.3bn. The consumer industries sector
accounted for a major share of loans totaling SR425mn,
followed by building materials sector (SR410mn), supportive
industrial services (SR99mn), chemical industries (SR86mn),
and engineering industries (SR41mn). (GulfBase.com)
 Rotana board approves restructuring plans – Rotana
Holding’s board reviewed its 2013 strategic plans, the operating
and financial budget. The board also referred to the latest
developments of Rotana and approved its expansion and
restructuring plans. (GulfBase.com)
 Saudi Hollandi opens new branch in Riyadh – Saudi Hollandi
Bank has launched a new branch in Al-Sahafa District in
northern Riyadh. With this, the bank has raised the number of its
branches in the Kingdom to 47. (GulfBase.com)
 Al Maktoum Airport set to open for passengers – The Dubai
World Central’s Al Maktoum International Airport is set to open
for passenger flights next month, following the certification of its
new passenger terminal. The General Civil Aviation Authority
has certified Al Maktoum for passenger operations after
assessing the full compliance of the aerodrome based on its
stringent requirements. (GulfBase.com)
 Senergy plans M&A after Lloyd‟s Register stake sale – UAE-
based energy services company, Senergy is planning to hit the
merger & acquisition trail after selling its controlling stake to a
UK-based Lloyd’s Register. With a capital boost from its new
parent group, Senergy plans to use this capital for acquisitions
and organic growth to help achieve its target to increase its
turnover by two thirds to AED1.18bn by 2015. (Bloomberg)
 Al Futtaim offers to buy CMC Holdings for 13 shillings per
share – Dubai-based conglomerate Al Futtaim Group has
offered a price of 13 shillings per share to buy Kenya-based car
retailer, CMC Holdings. The offer stands at 3.7% discount to
CMC’s last traded share price and values the auto retailer at
$87mn. Al Futtaim has irrevocable undertakings from CMC’s
stockholders representing 50.6% of outstanding shares to
accept the offer. Moreover, Al Futtaim planning to delist CMC
from Nairobi Securities Exchange. (Bloomberg)
 UAE developers launch AED16.6bn Baghdad project – Two
UAE-based developers have announced an investment plan
worth AED16.6bn to build a “City of the Future” in the Iraqi
capital, Baghdad. Dubai-based Al Handal International Group
and Abu Dhabi-based Bloom Properties signed a deal to
develop a residential project, spreading across an area of 58mn
square feet and accommodating up to 150,000 people. The
project is expected to be completed by 2020. (GulfBase.com)
 Emirates NBD sees surge in UAE retail banking as economy
recovers – Emirates NBD’s Head of Retail Banking Suvo
Sarkar said lenders in the UAE will boost their retail banking
revenue at nearly double digit rates as consumer lending
increases amid the region’s accelerating economic growth.
Sarkar said retail banking covering products like credit cards
and personal loans, is likely account for 50% of the total revenue
at most banks over the next three years, increasing from about
35% now. (Bloomberg)
 Etihad plans major increase in flights to India – Etihad
Airways said it will increase options for travel to and from India
by introducing more flights and wide-bodied jets within the end
of this year. Subject to regulatory approval, the airline will also
launch new routes next year. From November 1, 2013, Etihad
plans to more than triple the number of seats offered on the
prime Abu Dhabi–Mumbai and Abu Dhabi–New Delhi routes.
Meanwhile, the company said it remains focused on taking a
stake in India’s Jet Airways. (GulfBase.com)
 S&P affirms ratings on Kuwait at “AA/A-1+” – S&P has
affirmed its “AA/A-1+” rating for long and short-term foreign and
local currency sovereign credit ratings on Kuwait. The outlook
remains Stable, which balances the agency’s view of Kuwait's
very strong fiscal and external positions against the
uncertainties in its political system, undiversified economy, and
the lack of transparency in government assets. (Bloomberg)
 BAPCO‟s refinery expansion to be completed by 2019 – The
Bahrain Petroleum Company’s (BAPCO) Chairman & CEO Adel
al-Moayyed said the company expects to complete an upgrade
of its Sitra refinery in 2019, which will increase its processing
capacity by 35%. BAPCO is planning to start work on upgrading
the Sitra refinery in 2015 in order to boost its capacity to
360,000 bpd from the current 267,000 bpd. Further, al-Moayyed
said BAPCO and Saudi Aramco are in the final stages of
approving work on enlarging a pipeline that carries Saudi light

5. Page 5 of 6
crude to Sitra refinery to 350,000 bpd capacity to feed the
expansion, which is expected to complete in 2017. (Bloomberg)

6. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*Markets closed on September 20, 2013)
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
0.3% 0.4% 0.5% 0.5%
0.3%
1.2%
2.2%
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,326.05 (2.9) (0.0) (20.8) DJ Industrial 15,451.09 (1.2) 0.5 17.9
Silver/Ounce 21.78 (5.6) (2.0) (28.2) S&P 500 1,709.91 (0.7) 1.3 19.9
Crude Oil (Brent)/Barrel (FM
Future)
109.22 0.4 (3.2) (1.7) NASDAQ 100 3,774.73 (0.4) 1.4 25.0
Natural Gas (Henry
Hub)/MMBtu
3.68 (1.2) 2.2 7.4 STOXX 600 314.20 (0.3) 0.9 12.3
North American Spot LPG
Propane Price
109.88 (1.0) (3.5) 22.1 DAX 8,675.73 (0.2) 2.0 14.0
North American Spot LPG
Normal Butane Price
134.75 1.8 0.1 (23.7) FTSE 100 6,596.43 (0.4) 0.2 11.8
Euro 1.35 (0.0) 1.7 2.5 CAC 40 4,203.66 (0.1) 2.2 15.5
Yen 99.36 (0.1) (0.0) 14.5 Nikkei 14,742.42 (0.2) 2.3 41.8
GBP 1.60 (0.2) 0.8 (1.5) MSCI EM 1,013.17 (0.9) 2.7 (4.0)
CHF 1.10 0.0 2.1 0.5 SHANGHAI SE Composite* 2,191.85 0.0 (2.0) (3.4)
AUD 0.94 (0.5) 1.6 (9.6) HANG SENG* 23,502.51 0.0 2.6 3.7
USD Index 80.43 0.1 (1.3) 0.8 BSE SENSEX 20,263.71 (1.9) 2.7 4.3
RUB 31.81 0.5 (2.0) 4.2 Bovespa 54,110.03 (1.8) 0.6 (11.2)
BRL 0.45 (0.5) 3.0 (7.4) RTS 1,462.92 (1.1) 4.8 (4.2)
141.8
126.3
114.3