1. QE Intra-Day Movement
Market Indicators
11,920
11,900
11,880
11,860
23 Feb 14
%Chg.
598.6
625,256.2
13.4
5,623
38
13:20
502.2
625,301.2
10.4
5,498
40
14:24
19.2
(0.0)
29.3
2.3
(5.0)
–
Market Indices
11,840
11,820
9:30
24 Feb 14
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 0.1% to close at 11,900.4. Gains were led by the Industrials
and Banking & Financial Services indices, gaining 0.9% and 0.3% respectively.
Top gainers were Gulf International Services and National Leasing, rising
8.9% and 5.2% respectively. Among the top losers, Al Khaliji fell 5.1%, while
Widam Food Co. declined 5.0%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
17,119.55
2,965.76
2,868.48
3,974.42
2,072.26
2,072.79
2,764.16
1,618.88
6,743.73
3,391.42
0.1
0.1
0.3
0.9
(1.1)
0.1
(1.6)
(1.7)
(0.9)
(0.1)
0.2
0.1
0.2
1.4
(1.5)
(0.2)
(3.8)
(0.5)
(0.6)
0.2
15.4
14.6
17.4
13.6
11.5
6.1
18.3
11.4
13.4
11.7
N/A
14.4
14.7
14.8
14.0
14.2
6.7
21.8
25.9
17.5
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index rose 0.4% to close at 9,057.1. Gains were led
by the Real Estate Dev. and Energy & Utilities indices, rising 3.7% and 1.8%
respectively. Saudi Marketing Co. rose 9.8%, while Al Alamiya was up 9.6%.
Arab Banking Corp.
Bahrain
Gulf International Ser.
Dubai: The DFM index gained marginally to close at 4,123.5. The Investment
& Financial Services index rose 1.0%, while the Insurance index was up 0.7%.
Al Salam Bank - Bahrain surged 14.8%, while Al Salam Sudan gained 6.2%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,883.1. The
Banking index gained 0.7%, while the Energy index was up 0.2%. Abu Dhabi
Ship Building rose 10.2%, while Abu Dhabi Commercial Bank was up 2.5%.
Combined Group Cont.
GCC Top Losers
Exchange
Kuwait: The KSE index fell 0.5% to close at 7,692.8. The Consumer Services
index declined 2.0%, while Telecommunication index was down 1.8%. Zima
Holding Co. fell 11.5%, while Al-Nawadi Holding Co. was down 8.1%.
Al Khaliji
Qatar
20.50
(5.1)
427.5
2.6
Nat. Mobile Telecomm.
Kuwait
1.84
(4.2)
0.4
4.5
Oman: The MSM index declined 0.4% to close at 7,109.4. Losses were led by
the Financial and Industrial indices, falling 0.6% each. Dhofar Cattle Feed
declined 8.4%, while Construction Materials Ind. was down 4.6%.
Qatar Navigation
Qatar
95.00
(3.7)
221.1
14.5
Al Ahli Bank of Kuwait
Kuwait
0.42
(3.5)
1,953.4
(5.7)
Gulf Warehousing Co.
Qatar
42.00
(3.4)
26.9
1.2
Bahrain: The BHB index gained 0.8% to close at 1,386.6. The Investment
index rose 1.8%, while the Commercial Banking index was up 0.7%. Arab
Banking Corporation gained 9.5%, while Al Salam Bank was up 9.1%.
Qatar Exchange Top Gainers
Gulf International Services
Close*
1D%
Vol. ‘000
YTD%
88.00
8.9
885.8
44.3
Close#
1D%
0.58
9.5
1,000.0
53.3
Qatar
88.00
8.9
885.8
44.3
Jabal Omar Dev. Co.
Saudi Arabia
38.30
5.5
14,891.6
31.2
National Leasing
Qatar
30.50
5.2
1,985.4
1.2
Kuwait
1.26
5.0
33.3
(1.6)
##
#
Close
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
Al Khaliji
20.50
(5.1)
427.5
2.6
43.60
(5.0)
818.1
(15.7)
14.5
Qatar Exchange Top Losers
YTD%
National Leasing
30.50
5.2
1,985.4
1.2
Widam Food Co.
Qatari Investors Group
42.90
4.5
387.2
(1.8)
Qatar Navigation
95.00
(3.7)
221.1
Qatar General Ins. & Rein. Co.
48.95
3.1
0.5
2.2
Gulf Warehousing Co.
42.00
(3.4)
26.9
1.2
Qatar German Co. for Med. Dev.
14.15
2.9
12.5
2.2
Qatar Insurance Co.
63.20
(2.8)
145.1
18.8
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Vodafone Qatar
12.33
(0.6)
2,633.4
15.1
Gulf International Services
88.00
8.9
75,588.8
44.3
National Leasing
30.50
5.2
1,985.4
1.2
Commercial Bank of Qatar
75.40
0.7
63,846.6
6.5
Barwa Real Estate Co.
32.70
0.0
1,069.6
9.7
National Leasing
30.50
5.2
59,608.5
1.2
Masraf Al Rayan
39.05
(0.8)
967.2
24.8
151.90
(1.9)
38,567.3
10.7
Gulf International Services
88.00
8.9
885.8
44.3
39.05
(0.8)
37,718.0
24.8
Qatar Exchange Top Vol. Trades
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Ooredoo
Masraf Al Rayan
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
11,900.38
4,123.51
4,883.05
9,057.08
7,692.75
7,109.36
1,386.63
0.1
0.0
0.2
0.4
(0.5)
(0.4)
0.8
0.2
(1.4)
(0.6)
0.8
(0.6)
(0.8)
1.5
6.7
9.4
4.5
3.4
(0.8)
0.3
7.1
14.7
22.4
13.8
6.1
1.9
4.0
11.0
Exch. Val. Traded
($ mn)
164.37
443.63
146.15
2,101.09
93.35
14.90
10.24
Exchange Mkt.
Cap. ($ mn)
171,695.3
83,134.0
135,833.5
495,524.7
111,758.5
25,449.9
51,950.2
P/E**
P/B**
15.2
17.7
13.2
18.2
15.7
11.0
9.6
2.0
1.5
1.6
2.2
1.2
1.6
0.9
Dividend
Yield
3.9
2.0
3.7
3.3
3.7
3.6
3.5
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 6

2. Qatar Market Commentary
 The QE index rose 0.1% to close at 11,900.4. 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.
 Gulf International Services and National Leasing were the top
gainers, rising 8.9% and 5.2% respectively. Among the top
losers, Al Khaliji fell 5.1%, while Widam Food Co. declined 5.0%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
64.98%
68.42%
(20,550,669.72)
Non-Qatari
35.02%
31.59%
20,550,669.72
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday rose by 29.3% to 13.4mn
from 10.4mn on Sunday. Further, as compared to the 30-day
moving average of 12.7mn, volume for the day was 5.3% higher.
Vodafone Qatar and National Leasing were the most active
stocks, contributing 19.6% and 14.8% to the total volume
respectively.
Earnings and Global Economic Data
Earnings Releases
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
SR
–
–
94.2
30.0%
95.4
20.7%
Saudi Arabia
SR
376.3
25.2%
–
–
0.6
46.9%
Saudi Arabia
SR
–
–
400.4
9.7%
235.4
16.8%
Saudi Arabia
SR
555.8
24.5%
–
–
14.4
55.3%
Saudi Arabia
SR
–
–
172.4
10.4%
192.5
12.1%
Saudi Arabia
SR
671.1
84.3%
–
–
6.6
-1.0%
Saudi Arabia
SR
–
–
–
–
2.1
NA
Company
Market
Currency
Saudi Marketing Co. *
Saudi Arabian Cooperative
Insurance Co. * (SAICO)
Zamil Industrial Investment
Co. *
Al-Rajhi Company for
Cooperative Insurance *
(AlRajhi Takaful)
Abdullah Al Othaim Markets
Co. *
AXA Cooperative Insurance
Co. *
Aljazira Takaful Taawuni Co.
*
Al Wathba National
Insurance Co. *
Oman Ceramic Co. *
Construction Materials IND.
*
Takaful International Co. *
Saudi Arabia
Gulf Finance House (GFH) *
Delmon Poultry Co.
(POLTRY) *
Trafco Group *
Abu Dhabi
AED
231.5
9.1%
–
–
148.8
279.4%
Oman
OMR
3.8
-7.8%
–
–
0.0
-93.6%
Oman
OMR
3.6
7.5%
–
–
-1.3
-1857.9%
Bahrain
BHD
10.6
11.4%
–
–
0.3
-19.9%
Bahrain
BHD
37.4
-41.2%
–
–
6.3
-37.5%
Bahrain
BHD
14.5
-1.1%
–
–
0.8
-31.6%
Bahrain
BHD
41.8
5.7%
–
–
1.5
4.0%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date
Market
Source
Indicator
Period
Actual
Consensus
Previous
02/24
EU
Eurostat
CPI MoM
January
-1.10%
-1.10%
0.30%
02/24
EU
Eurostat
CPI YoY
January
0.80%
0.70%
0.80%
02/24
EU
Eurostat
CPI Core YoY
January
0.80%
0.80%
0.70%
02/24
Germany
IFO Institute
IFO Business Climate
February
111.3
110.5
110.6
02/24
Germany
IFO Institute
IFO Current Assessment
February
114.4
112.8
112.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Page 2 of 6

3. Qatar
 QGTS’ 4Q2013 results in-line on an operating basis – Nakilat
(QGTS) reported 4Q2013 results with: (1) Revenue from whollyowned vessels in line vs. our estimate at QR763mn (flat QoQ
and YoY). (2) Share of operating profits from JVs falling to
QR72mn (-11% QoQ, +35% YoY) and was 7% below our
estimate due to possible sequential softness of LPG shipping
rates beyond our expectations. EBITDA of QR579mn (flat QoQ
and YoY) was only 1% ahead of our estimate mostly driven by
better-than-expected operating costs for the quarter. (3)
Adjusted EBITDA of QR661mn (-2% QoQ and YoY) was also
just 1% below our estimate of QR671mn driven primarily by
interest, vessel sub-chartering and other income. (4) Net
income, before appropriations, of QR177mn (-9% QoQ, -13%
YoY) was also impacted by QR6mn in losses from derivative
instruments in JVs, which we do not model. Excluding this, net
income was 9% softer than our estimate of QR201mn. Items
such as depreciation & amortization and finance costs also
impacted earnings vs. our estimate. DPS of QR1.10 a share is
in line with our estimate. This represents an annual growth of
10% and represents a payout of almost 84%. We continue to
expect QR1.20 in DPS for 2014. We continue to remain positive
on Nakilat over the long term given its steady operating model
and solid dividend yield. QGTS remains Qatar’s primary LNG
carrier and benefits from stable/visible revenue and cash flow
through 25-year fixed (price and quantity) charter contracts with
the state-controlled LNG producers, Qatargas and RasGas.
With fleet expansion completed in 2010, we expect strong FCF
generation to allow QGTS to meet its debt repayments (2013
net debt: QR21.2bn) comfortably and lead to EPS accretion.
Moreover, the shipyard business could surprise positively later
in 2014/2015. QGTS also trades at decent 2014 dividend yield
of 5.4%. We maintain our Market Perform rating with a price
target of QR22.89. (QE, QNBFS)
 CBQK completes $1bn syndicated term loan facility – The
Commercial Bank of Qatar (CBQK) has successfully completed
a $1bn senior unsecured term loan facility. The loan facility
comprises two tranches: a $600mn two-year term loan and a
$400mn three-year term loan, paying margins of 100bps and
120bps over LIBOR, respectively. The facility is CBQK’s largest
syndicated loan, whose proceeds will be used for refinancing
and to fund business growth. The lender group consisted of 21
major banks from the GCC, US, Europe, Asia and Australia.
(QE)
 KCBK partners with IP Global for property investment
opportunities – Al Khalij Commercial Bank (KCBK) announced
its business partnership with IP Global, a property investment
company. This tie-up took effect from September 2013 and
since then KCBK customers have been enjoying access to a
range of unique investment opportunities across international
markets. KCBK has access to the Qatari market, with additional
branches in the UAE and France. This partnership allows
KCBK’s customers to benefit from investments in new markets,
with a main focus on high-end property in London. (QE)
 QIBK to focus on Islamic banking services – The Qatar
Islamic Bank’s (QIBK) Chairman Sheikh Jassim bin Hamad bin
Jassim bin Jaber al-Thani said that the bank is committed to
derive maximum yields from foreign investments. Jaber al-Thani
said the bank, at the same time, would shed its non-productive
investments and focus on operations within its mandate as an
Islamic financial institution. At the local level, QIBK broadened
its scope of activities by opening new branches, introducing new
schemes for SMEs. Further, the bank succeeded in adding a
number of high-profile clients to its investment portfolio. (GulfTimes)
 MCGS’ AGM to be held on March 12 – Medicare Group
(MCGS) announced that its AGM will be held on March 12, 2014
at Ezdan Towers, Al-Dafna Area. In case of lack of quorum, the
second meeting will be held on March 17, 2014. The AGM’s
agenda includes the recommendation for distributing cash
dividends of 30% of the nominal share value (i.e. QR3.00 per
share) and to allocate an amount of QR1mn for the treatment of
eligible medical cases that cannot afford the cost of medical
care at Al-Ahli Hospital. (QE)
 BRES’ BoD to meet on March 12, to hold AGM on April 8 –
Barwa Real Estate Company’s (BRES) board of directors will
meet on March 12, 2014 to discuss the company’s financial
results for the year ended December 31, 2013. Further, BRES
announced that its AGM will be held on April 8, 2014 at AlDasha Hall in Al-Sharq. In case of lack of quorum, a second
meeting will be held on April 14, 2014. (QE)
 QE suspends trading in ABQK, QEWS shares on February
25 – The Qatar Exchange (QE) has announced a trading
suspension on the shares of Ahli Bank (ABQK) and the Qatar
Electricity & Water Company (QEWS) on February 25, 2014 due
to their AGMs and EGMs being held on that day. (QE)
 Microsoft to empower 10,000 Qatari SMEs with cloud
technology – Microsoft is seeking to empower some 10,000
SMEs in Qatar with cloud technology. Microsoft International's
President Jean-Philippe Courtois said that, apart from cloud
technology, the software company aims to create a group of
devices that will enable businesses to virtually engage with
banks, clients and other stakeholders through seamless
communication. (Gulf-Times.com)
International
 Eurozone inflation shows biggest monthly fall in January –
Eurozone consumer prices fell in January at their fastest ever
pace on a monthly basis, dragged down by a slump in the cost
of non-energy industrial goods, keeping annual inflation well
below the European Central Bank's (ECB) target. EU's statistics
office Eurostat said the inflation rate in the 18 countries sharing
the Euro dropped by 1.1% in January when compared with
December, keeping the annual inflation rate at 0.8% for the
second consecutive month. According to Eurostat’s flash
estimate on January 31, the annual inflation rate was revised
from 0.7%. Economists polled by Reuters expected consumer
price inflation to accelerate slightly to 0.9% in January, a level
that is still well below the ECB's target of close to but below 2%.
(Reuters)
 US debt risk almost cut in half as economy outperforms
Germany – Treasuries risk has fallen to about half of what it
was four months ago, trading near Germany’s level as the US
economy outperforms the European nation. The cost to protect
US debt against non-payment was 26.5 basis points, falling from
46 basis points in October. Germany’s was 25 basis points. The
US plans to sell $109bn of notes this week, starting with a twoyear auction today. The government earlier this month
suspended its debt limit until March 2015, avoiding another
stalemate in Congress after earlier disputes over borrowing
raised the default threat. (Bloomberg)
 BOJ Deputy Governor Nakaso says overseas risks receding
– Bank of Japan (BOJ) Deputy Governor Hiroshi Nakaso said on
Tuesday that the risks from overseas economies are receding
as a whole, which would allow Japan's economy to continue
recovering moderately. He said, “If risks force us to change our
projections toward meeting our 2% inflation target, we'll make
necessary policy adjustments". Nakaso further added that
Eurozone economies have bottomed out and emerging
Page 3 of 6

4. economies will gradually see growth pick-up as they benefit from
robust demand in advanced nations. The BOJ has kept
monetary policy steady since offering an intense burst of
stimulus in April last year, under which it pledged to accelerate
consumer inflation to 2% in roughly two years via aggressive
asset purchases. (Reuters)
 Harsh weather tests optimism over US economy – Unusually
cold weather will take a bite out of US economic growth this
quarter, but a rebound seems likely on the horizon and
expectations for stronger growth this year have not changed.
Economists estimate that freezing temperatures and the ice &
snow storms that have blanketed much of the nation will shave
as much as 0.5% point from gross domestic product in the first
quarter. Moody's Analytics is keeping its 3.1% estimate for 2014
growth and most other economists are sticking with their fullyear forecasts as well, despite data from retail sales to
manufacturing and employment that show the economy braked
sharply in January. (Reuters)
Regional
 S&P: Extra costs charged by Islamic banks in Gulf reducing
– According to a study conducted by Standard & Poor's (S&P),
the extra costs charged by Islamic banks in the Gulf on
consumers as compared to conventional banks appear to be
reducing. For years, bankers assumed that Islamic institutions
charge higher costs because of several factors such as the
relative complexity of Shari’ah-compliant products and Islamic
financial markets being younger, smaller and less liquid. Further,
other factors that may also push up costs are a lack of clear
regulation in an industry where scholars may issue contradictory
rulings, and adverse tax treatment. Now, the cost gap for Gulf
Islamic banks rated by S&P seems to be narrowing, to as little
as 30 basis points in 1H2013 from a high of 110 bps in 2009.
S&P’s Primary Credit Analyst Mohamed Damak said the study
used financial data from 2007 to 2013 to calculate the ratios of
interest income to average assets of conventional banks and the
equivalent ratios for Islamic institutions. (GulfBase.com)
 Abunayyan, Toray create SR300m JV on water treatment –
Saudi Arabia’s Abunayyan Holding and Japan’s Toray
Industries, Inc. have successfully launched Toray Membrane
Middle East (TMME), a JV in water & wastewater treatment
technologies in Dammam. Established with a projected
investment of SR300mn, TMME will manufacture water
treatment membranes in addition to providing technical services.
TMME plans to construct a world-class production factory by
applying Toray’s production technology and global quality
control standards. The factory will be located near Dammam in
the Third Industrial City in the Kingdom, and will begin
production of reverse osmosis membrane elements from 2015.
(GulfBase.com)
 Aswak Al Othaim to raise capital, declares SR67.5mn
dividends for 2013 – Abdullah Al Othaim Markets Company’s
board of directors has recommended a capital increase of 100%
through the issue of bonus shares. The company’s capital will
be raised from SR225mn to SR450mn by offering one bonus
share for every existing share. Consequently, the company’s
share will rise from 22.5mn to 45mn shares. Eligibility of bonus
shares is limited to the shareholders who are registered in the
Securities Depository Center at the close of trading on the EGM,
which will be determined later. Meanwhile, Aswak Al Othaim’s
board has recommended the distribution of dividends worth
SR67.5mn for 2013. The dividend per share will be SR3,
representing 30% of the face value. Those shareholders who
are registered with the Securities Depository Center on the day
of the general assembly meeting will be eligible for this dividend.
(Tadawul)
 SASCO declares SR33.8mn dividends for 2013 – The Saudi
Automotive Services Company’s (SASCO) board of directors
has recommended the distribution of dividends worth SR33.8mn
to its shareholders for 2013. The dividend per share will be
SR0.75, representing 7.5% of the face value. Those
shareholders who are registered with the Securities Depository
Center on the day of the general assembly meeting will be
eligible for this dividend (to be announced later). (Tadawul)
 Alesayi Group, Accor ME sign deal to build 10 hotels –
Accor Middle East, a leading hospitality group, has forged a
strategic alliance with Alesayi Group to develop 10 new hotel
properties across the Kingdom by 2018. The first Ibis Hotel in
the Kingdom was launched in Riyadh in December 2012 and the
second property, ibis Yanbu, is set to open by 1Q2014. Accor
ME said it aims to strengthen its position in the Kingdom with a
development target of 30 to 40 Ibis properties. (GulfBase.com)
 Zamil Steel Egypt to expand into new African markets –
Zamil Steel Buildings Company, Egypt, announced that the
company has begun exporting from its new Northern Egyptian
factory located in Sadat City. Product orders worth total tonnage
of 2,500MT have been shipped to three African countries
(Algeria, Ethiopia and Togo). The new factory operates with an
annual production capacity of 24,000MT, which will be raised to
about 50,000MT after the second production line is added within
a year’s time. The manufacturing facility, which spans across
30,000 square meters, employs 350 people and is expected to
employ 700 workers within the next two years. (GulfBase.com)
 Kingdom inflation to fall to 3% in 1Q2014 – Saudi Arabia's
central bank expects the annual inflation rate to fall further below
3% in 1Q2014 in line with the fall of the inflationary pressures in
the food & beverages group. Consumer prices in the world's top
oil exporter have been easing gradually since hitting a peak of
4.0% in April 2013. Analysts polled by Reuters in January
expected the Saudi average inflation to remain steady at 3.5% in
2014 and climb to 4.0% in 2015. (Reuters)
 KHC to pay SR0.125 per share dividend for 4Q2013 – The
Kingdom Holding Company (KHC), has announced plans to
distribute dividends worth SR656mn for 2013. The company
said it has recommended the board to distribute quarterly cash
dividends from retained earnings of 1.25% of the nominal value,
by distributing 12.5 halalas per share for 4Q2013 for a total of
SR163.9mn as quarterly cash dividends. The figure was
determined after Alwaleed gave up his full entitlement of his
share of the proposed annual cash distributions, which totaled
34 halalas per share (SR1197 million), or 8.5 halalas per share
(SR299.2 million quarterly). (Bloomberg)
 Union Properties to lift foreign ownership cap to 25% –
Dubai's Union Properties said that its board of directors had
recommended increasing the cap on the stakes owned by
foreign investors to 25%. According to bourse data, foreigners
currently own 4.35% of the company’s shares. (Reuters)
 Arabtec in talks to buy Kuwaiti firm – According to sources,
Dubai-based Arabtec Holding is in the advanced stages of talks
to fully acquire a construction company in Kuwait. The company
is in talks with Kharafi National, a Kuwait-based contractor and
facilities management firm, which has operations in across the
Middle East, to buy all its assets. The deal, which is expected to
be completed in 2-3 months, would be worth about AED2bn.
(Reuters)
 Dubai Investments targets 40% surge in glass demand in
2014 – Dubai Investments (DI) stated that it is targeting 40%
Page 4 of 6

5. growth in the demand for glass products during 2014, driven by
the acceleration in construction and infrastructure projects in the
UAE and across the region. DI will be catering to this demand
through its subsidiaries – Emirates Float Glass, Emirates Glass,
Lumiglass Industries, Saudi American Glass and Emirates
Insolaire. Saudi American Glass has announced a major
upgrade in its facility in Riyadh, ordering new machinery and
equipment to increase its production capacity by 50% to 1.4mn
square meters of high-performance coated glass per annum.
Similarly, Lumiglass Industries is in the process of expanding its
production capacity of bullet-resistant glass by 50% from 130
units to 260 units per month. (DFM)
 Drake & Scull Rail wins AED35mn Dubai Airport Passenger
Movement project – Drake & Scull Rail, a subsidiary of Drake
& Scull International, has won a contract worth AED35mn for a
new airport passenger movement system at the Dubai
International Airport. The Dubai Civil Aviation Authority has
commissioned the construction of Concourse 4 at the Dubai
International Airport which will be connected to Terminal 1 via an
automated passenger mover system (APM). Drake & Scull Rail
will provide the complete MEP works and railway services for
the APM locations, which is its first rail project in the Middle
East. (DFM, Zawya)
 Waha recommends 10% dividend – Abu Dhabi-based
investment company Waha Capital has recommended a
dividend of 10 fils per share for FY2013, which is equivalent of
10% of its paid-up capital. Meanwhile, the company’s AGM will
be held on March 20, 2014. (Bloomberg)
 Oman CMA: Omani insurance firms report 10% rise in direct
premiums – Insurance companies in Oman have posted a
10.4% growth in total direct premiums at OMR364mn in 2013,
from OMR329.6mn for 2012. The Omani Capital Market
Authority (CMA) said that health insurance posted a 38% growth
over the previous year, marking the highest rise among different
insurance segments. Health insurance premiums reached
OMR63mn by the year ended December 2013. Property
insurance rose 21%, reaching OMR51.8mn, while life insurance
posted 16% fall to OMR33.6mn from OMR40.5mn in 2012. The
CMA report said that vehicle insurance had the biggest share in
the direct premiums with 41% of the total premiums, followed by
health insurance 17% and properties insurance 14%.
Investments by national insurance companies stood at
OMR277mn in 2013 as compared to 261.6mn in the previous
year. The investments in Oman was about 95%, while the
foreign companies' investments in Oman and outside were
OMR170mn as compared to OMR150mn by the end of 2012.
(Bloomberg)
UGB’s total assets stood at $1.26bn as on December 31, 2013
as compared to $1.23bn in 2012. Meanwhile, the bank’s BoD
will not be recommending any dividend for 2013. (Bahrain
Bourse)
 Alba launches Project Titan – Aluminium Bahrain (Alba)
announced the launch of Project Titan – a two-year efficiency
program initiated with the objective to reduce costs by $150/MT
by January 2016. Project Titan is expected to generate a
significant amount of savings, majority of which will be invested
in strategic areas of business for future growth. Alba’s Manager
for Operational Excellence, Waleed Tamimi said that the results
of Project Titan will be measured against baseline of 2013
actuals and not the budget, and will be visible in the company’s
financial statements. (Bahrain Bourse)
 Trafco declares 13% cash dividend – Trafco Group’s board of
directors has recommended a cash dividend of 13% (i.e. 13 fils
per share) to its shareholders registered on the date of the
AGM. (GulfBase.com)
 Delmon Poultry declares 15% cash dividend – Delmon
Poultry Company’s board of directors has recommended a cash
dividend of 15 fils per share (i.e. 15% of its paid-up capital) to its
shareholders who are registered on the date of the AGM.
(GulfBase.com)
 SICO declares 7.5% cash dividend – Securities & Investment
Company’s (SICO) board of directors has recommended a cash
dividend of 7.5% of fully paid-up capital to its shareholders who
are registered on the date of the AGM. (GulfBase.com)
 GFH decides not to distribute dividends – Gulf Finance
House’s (GFH) board of directors announced that it will not
distribute any dividend to its shareholders for the financial year
ended December 31, 2013. (GulfBase.com)
 ABG’s BoD recommends cash dividend – Al Baraka Banking
Group’s (ABG) board of directors recommended a cash dividend
of 3.5 cents per share (bonus share of 1 share for every 23
shares held) to its shareholders who are registered on the date
of the AGM. (GulfBase.com)
 Batelco ties up with ABS – Batelco's teleport has been chosen
by ABS as a site to support operations of its newly launched
satellite, ABS-2. Batelco offers a portfolio of managed and
dedicated teleport hosting services complimented by dedicated
internet access, IP transit, MPLS and SDH services. ABS-2 is a
multi-mission satellite, featuring up to 89 active C, Ku and Kaband transponders across 10 different beams. ABS-2 provides
direct-to-home and cable television distribution, VSAT services,
data
networks
and
telecommunications
services.
(GulfBase.com)
 UGB posts $4.2mn net profit for 2013 – The United Gulf Bank
(UGB) reported a net profit of $4.2mn for 2013 as compared to
$6.7mn in 2012. For the entire 2013, the bank’s net profit stood
at $2.6mn as compared to $11mn in 2012. The decrease in
profit was due to provisions taken at one of the commercial
banking associates. UGB managed to reduce its interest and
operating expenses. EPS amounted to $0.32 vs. $1.34 in 2012.
Page 5 of 6

6. Rebased Performance
Daily Index Performance
180.0
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.8%
0.8%
144.2
131.4
0.4%
0.4%
0.2%
0.1%
0.0%
0.0%
(0.4%)
S&P Pan Arab
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Dubai
May-13
Oman
Oct-12
Abu Dhabi
QE Index
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
(0.4%)
(0.5%)
Qatar
(0.8%)
Saudi Arabia
Jun-10
1.2%
171.0
Source: Bloomberg
Close
1D%
WTD%
YTD%
16,207.14
0.6
0.6
(2.2)
S&P 500
1,847.61
0.6
0.6
(0.0)
(0.1)
NASDAQ 100
4,292.97
0.7
0.7
2.8
0.2
43.3
STOXX 600
338.19
0.6
0.6
3.0
(4.6)
(4.6)
2.0
DAX
9,708.94
0.5
0.5
1.6
124.25
(3.3)
(3.3)
(8.5)
FTSE 100
6,865.86
0.4
0.4
1.7
Euro
1.37
(0.1)
(0.1)
(0.1)
CAC 40
Yen*
102.51
0.0
0.0
(2.7)
Nikkei
GBP
1.67
0.2
0.2
0.6
MSCI EM
CHF
1.12
(0.1)
(0.1)
0.4
SHANGHAI SE Composite
AUD
0.90
0.6
0.6
1.3
USD Index
80.20
(0.0)
(0.0)
RUB
35.47
(0.2)
(0.2)
BRL
0.43
0.2
0.2
0.9
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
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
1,336.98
1.0
1.0
10.9
DJ Industrial
21.98
0.6
0.6
12.9
110.64
0.7
0.7
6.22
0.2
129.00
4,419.13
0.9
0.9
2.9
14,837.68
(0.2)
(0.2)
(8.9)
958.42
(0.1)
(0.1)
(4.4)
2,076.69
(1.8)
(1.8)
(1.9)
HANG SENG
22,388.56
(0.8)
(0.8)
(3.9)
0.2
BSE SENSEX
20,811.44
0.5
0.5
(1.7)
7.9
Bovespa
47,393.50
0.0
0.0
(8.0)
1,318.98
0.3
0.3
(8.6)
Source: Bloomberg (*Market Closed on February 24, 2014)
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
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,
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Page 6 of 6