4 March Daily market report

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Information about 4 March Daily market report

Published on March 5, 2014


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QE Intra-Day Movement Market Indicators 11,700 11,650 11,600 11,550 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.6% to close at 11,588.2. Losses were led by the Insurance and Telecoms indices, declining 1.7% and 1.1% respectively. Top losers were Mesaieed Petrochemical Holding Co. and Doha Bank, falling 10.0% and 9.1% respectively. Among the top gainers, Medicare Group rose 4.0%, while Qatar German Co for Medical Dev. rose 3.6%. 3 Mar 14 %Chg. 651.6 663,033.3 14.4 11,549 41 18:19 Market Indices 11,500 11,450 9:30 4 Mar 14 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 739.0 669,607.5 14.5 11,238 40 13:26 (11.8) (1.0) (0.2) 2.8 2.5 – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,884.54 2,932.05 2,834.62 3,927.86 2,056.93 2,013.41 2,815.01 1,566.27 6,810.82 3,364.23 0.1 0.1 (0.3) 0.5 1.7 1.6 (1.7) (1.1) 0.4 0.6 (0.8) (0.8) (1.2) (1.0) 2.0 (0.3) 0.1 (2.0) (0.7) (0.3) 13.9 13.3 16.0 12.2 10.7 3.1 20.5 7.7 14.5 10.8 N/A 14.6 14.6 14.9 14.3 19.9 6.8 21.1 26.1 18.7 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 1.4% to close at 9,148.7. Gains were led by the Real Estate Dev. and Ind. Invest, rising 4.5% and 2.7% respectively. Saudi Indian Co. for Coop. Ins. rose 9.0%, while MedGulf was up 7.4%. Nat. Marine Dredging Abu Dhabi 9.25 11.2 11.0 7.6 MedGulf Saudi Arabia 33.40 7.4 2,384.7 (4.3) Dubai: The DFM index gained 0.4% to close at 4,121.0. The Services and Transportation indices rose 0.9% each. Agility Public Warehousing Co. surged 13.5%, while The National Industries Group gained 6.1%. Jabal Omar Dev. Co. Saudi Arabia 43.60 7.1 15,265.0 49.3 Saudi Real Estate Co. Saudi Arabia 33.90 6.3 7,559.3 (2.0) Abu Dhabi: The ADX benchmark index rose 1.3% to close at 4,920.4. The Services and Banking indices gained 1.8% each. Abu Dhabi National Takaful Co. surged 14.3%, while National Marine Dredging Co. gained 11.2%. Bank of Sharjah Abu Dhabi 2.45 6.1 439.1 36.9 GCC Top Losers Exchange # Kuwait: The KSE index gained 0.5% to close at 7,531.8. The Technology index rose 2.3%, while the Telecommunication index was up 2.2%. Kuwait Building Materials Manu. Co. rose 8.3%, while Kout Food Group was up 6.8%. Doha Bank Qatar 60.90 (9.1) 544.5 4.6 Qatar Gen. Ins.&Reins. Qatar 47.00 (5.1) 1.0 (1.9) Oman: The MSM index rose marginally to close at 7,097.5.Gains were led by the Industrial and Services Indices gaining 0.9% and 0.3% respectively. Salalah Port Services rose 3.7%, while Dhofar Cattle Feed was up 3.6%. Mannai Corp. Qatar 102.10 (4.5) 3.4 13.6 Masraf Al Rayan Qatar 37.30 (4.2) 1,025.0 19.2 Burgan Bank Kuwait 0.53 (3.6) 6,955.2 (3.6) Bahrain: The BHB index gained 0.2% to close at 1,367.8. The Investment index rose 0.6%, while the Services index was up 0.1%. Arab Banking Corporation rose 2.0%, while Seef Properties Co. was up 1.6%. ## Medicare Group 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 YTD% Close* 1D% Vol. ‘000 YTD% 4.0 416.5 27.8 Mesaieed Petrochemical Holding 40.10 (10.0) 5,671.6 301.0 4.0 (1.8) Doha Bank 60.90 (9.1) 544.5 4.6 Qatar Gen. Ins. & Reins. Co. Qatar Exchange Top Losers Qatar German Co. for Med. Dev. 13.60 3.6 Ezdan Holding Group 16.70 3.0 1.9 (1.8) Barwa Real Estate Co. 32.10 2.2 1,057.7 7.7 Mannai Corp. Qatar Gas Transport Co. 22.00 2.0 753.0 8.6 Masraf Al Rayan 47.00 (5.1) 1.0 (1.9) 102.10 (4.5) 3.4 13.6 37.30 (4.2) 1,025.0 19.2 Close* 1D% Val. ‘000 YTD% 40.10 (10.0) 230,681.0 301.0 Industries Qatar 194.00 0.7 58,080.4 14.9 19.2 Masraf Al Rayan 37.30 (4.2) 37,951.7 19.2 856.2 12.5 Barwa Real Estate Co. 32.10 2.2 33,850.2 7.7 753.0 8.6 Doha Bank 60.90 (9.1) 33,474.1 4.6 Qatar Exchange Top Vol. Trad. Close* 1D% Vol. ‘000 YTD% Mesaieed Petrochemical Holding 40.10 (10.0) 5,671.6 301.0 Barwa Real Estate Co. 32.10 2.2 1,057.7 7.7 Masraf Al Rayan 37.30 (4.2) 1,025.0 Vodafone Qatar 12.05 (1.0) Qatar Gas Transport Co. 22.00 1.9 Qatar Exchange Top Val. Trades Mesaieed Petrochemical Holding Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain 1D% Vol. ‘000 YTD% 67.10 Qatar Exchange Top Gainers Regional Indices Close Vol. ‘000 Close 1D% WTD% MTD% YTD% 11,588.24 4,120.95 4,920.42 9,148.73 7,531.78 7,097.54 1,367.83 (0.6) 0.4 1.3 1.4 0.5 0.0 0.2 (1.6) (2.4) (0.8) 0.5 (2.1) (0.2) (0.4) (1.6) (2.4) (0.8) 0.5 (2.1) (0.2) (0.4) 11.6 22.3 14.7 7.2 (0.2) 3.8 9.5 Exch. Val. Traded ($ mn) 178.94 281.01 130.64 2,626.53 101.62 22.59 2.66 Exchange Mkt. Cap. ($ mn) 182,068.9 84,033.4 136,697.1 499,570.5 110,535.5 25,493.6# 51,682.4 P/E** P/B** 15.3 17.7 13.1 18.3 15.4 10.9 9.5 1.9 1.5 1.7 2.3 1.2 1.6 0.9 Dividend Yield 4.2 2.0 3.7 3.2 3.8 3.7 3.7 Source: Bloomberg, Qatar Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)(# as of March 03, 2014) Page 1 of 6

Qatar Market Commentary  The QE index declined 0.6% to close at 11,588.2. The Insurance and Telecoms indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders. Overall Activity Sell %* Net (QR) Qatari 68.33% 72.24% (25,456,714.40) Non-Qatari  Mesaieed Petrochemical Holding Co. and Doha Bank were the top losers, falling 10.0% and 9.1% respectively. Among the top gainers, Medicare Group rose 4.0% while Qatar German Co for Medical Dev. rose 3.6%. Buy %* 31.67% 27.77% 25,456,714.40 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Tuesday fell by 0.2% to 14.4mn from 14.5mn on Monday. However, as compared to the 30-day moving average of 12.4mn, volume for the day was 16.4% higher. Mesaieed Petrochemical Holding Co. and Barwa Real Estate Co. were the most active stocks, contributing 39.3% and 7.3% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY AED 0.0 – – – 222.8 47.0% Abu Dhabi AED 38.9 17.9% 8.4 55.9% 7.1 5.0% Oman OMR 0.0 – – – 10.3 139.2% Market Flydubai (FZ) * Emirates Telecommunications Corporation (Etisalat) * Oman National Investment Corporation Holding (ONIC)* Currency Dubai Source: Company data, DFM, ADX, MSM (*FY2013 results) Global Economic Data Date Market Source Indicator Period 03/04 US ISM ISM New York February 03/04 US Bloomberg IBD/TIPP Economic Optimism March 03/04 EU Eurostat PPI MoM 03/04 EU Eurostat 03/04 UK Markit 03/04 Spain 03/04 03/04 Actual Consensus Previous 57.0 – 64.4 45.1 45.3 44.9 January -0.30% -0.10% 0.20% PPI YoY January -1.40% -1.30% -0.80% PMI Construction February 62.6 63.2 64.6 Spanish Labour Ministry Unemployment MoM Net ('000s) February -1.9 22 113.1 Japan Bank of Japan Monetary Base YoY February 55.70% – 51.90% Japan MHLW Labor Cash Earnings YoY January -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  QNB Group: Qatar international reserves touch $41.9bn in January – A new study has shown that Qatar‟s international reserves surged by 22.2% YoY to reach a total of $41.9bn in January 2014, reflecting the country‟s strong current account surplus and lower capital outflows. According to QNB Group, the country‟s international reserves had stood at $34.3bn in January 2013. While the balance of payments data for 2013 are yet to be released, the country‟s current account is expected to have registered a strong surplus due to the large hydrocarbon exports offsetting growing imports. Qatar‟s foreign reserves have been rising steadily over the years due to large current account surpluses. Going forward, QNB Group expects Qatar‟s reserves to continue rising in 2014. (Gulf-Times.com)  QNB Group: Qatar’s population growth to be one of world’s highest – According to a report by QNB Group, Qatar‟s forecasted average population growth of 10.5% for 2014 will be one of the world‟s highest rates. Qatar‟s population grew by 10.4% YoY in February to reach 2.12mn. Population growth in recent months has been driven by the large ramp up in infrastructure spending in preparation for the 2022 FIFA World Cup. QNB Group said that the larger population will enable higher economic growth by boosting aggregate demand and investment in housing and services. Planned heavy investments in major projects in 2014 are likely to accelerate economic growth, which could lead to certain supply bottlenecks, pushing up prices somewhat. (Gulf-Times.com)  ORDS reports QR510mn net profit in 4Q2013 - Ooredoo Group (ORDS) reported a net profit of QR510.0mn for 4Q2013, up by 51.2% on a QoQ basis due to a drop in FX Losses. The company's 4Q2013 revenue declined by 3.6% QoQ to reach QR8,199.8mn. For FY2013, the company's net profit fell by 12.5% YoY to QR2.6bn, despite higher revenue, due to increased FX losses, SG&A expenses, operating expenses and net finance costs. FY2013 revenue reached QR33.9bn, reflecting a modest YoY increase of 1.1%. In line with the decline in net profit, EPS decreased to QR8.05 in FY2013 compared to QR9.89 in FY2012. Meanwhile, ORDS' BoD recommended a 40% cash dividend which is to be approved during the shareholders meeting scheduled to be convened later. (QE) Page 2 of 6

 IQCD’s AGM to be held on March 10 – Industries Qatar (IQCD) announced that its AGM will be held on March 10, 2014 at Sharq Hotel in Doha. The AGM‟s agenda includes discussing the board‟s recommendation of paying a dividend worth QR11 per share, representing 110% of the nominal share value, among others. (QE)  GISS’ AGM, EGM scheduled on March 11 – Gulf International Services Company (GISS) announced that its AGM and EGM will be held on March 11, 2014 at Sharq Hotel in Doha. The AGM‟s agenda includes approving the board‟s recommendation for a dividend payment of QR2 per share, representing 20% of the nominal share value and 25% bonus shares. The EGM‟s agenda includes approving the change to the ownership limit of the Qatar government and wholly-owned government companies to bring it 2% of the company‟s share capital, among others. (QE)  NLCS’ BoD to meet on March 9 – Alijarah Holding Company‟s (NLCS) board of directors will meet on March 9, 2014 to discuss routine agenda matters. (QE)  QE deposits QIMD’s bonus shares – The Qatar Exchange (QE) announced the addition of bonus shares to the shareholder accounts of Qatar Industrial Manufacturing Company (QIMD). Now, the company‟s new capital stands at QR475.2mn, which is distributed over 47.52mn shares. The shareholders may begin trading these shares from March 5, 2014. (QE) International  Obama’s FY2015 budget claims $5.3tn in deficit reduction; predicts strongest US growth – The US President Barack Obama's FY2015 budget aims to keep hopes alive for a major deficit reduction through its proposed tax hikes and spending proposals, which could lead to $5.3tn in budget savings over 10 years. The budget request proposes savings of about $1.4tn over the 2015-2024 period from healthcare savings, closure of tax breaks for millionaires and immigration reforms. It estimates that increased investments in infrastructure, education and an expanded tax credit for the working poor will reduce deficits by another $127bn over the decade. In total, Obama‟s budget shows annual deficits staying in the $400-500bn range for much of the decade, reaching a benign 1.6% of GDP by 2024, despite the rising cost of healthcare for the retiring baby boomer generation. Meanwhile, the Obama administration predicted that the US economy will grow this year at its fastest pace since 2005, helping reduce the annual average unemployment rate. The administration expects the country‟s GDP to expand 3.1% in 2014 after rising 1.9% last year. The jobless rate is expected to average 6.9% in 2014 and 6.4% in 2015, as compared to 7.4% last year. (Reuters, Bloomberg)  Reuters: China’s trade growth slows further in February – Growth in China's exports and imports is estimated to have slowed down in February, causing its trade surplus to shrink by more than half, a Reuters poll showed. This data reinforces views that the country‟s economic momentum is weakening as its leaders prepare to unveil key targets for 2014. Soft manufacturing numbers for February have heightened concerns about the extent of the slowdown, thought its services sector appears to have regained some momentum. Export growth is expected to ease to 6.8% in February YoY, as compared to 10.6% in January. Import growth will also dip to 8.0% from 10.0%. As a result, the trade surplus is likely to drop to $14.50bn in February from $31.86bn in January. (Reuters)  China retains 7.5% growth target for 2014 – China retained a target for economic growth of about 7.5% in 2014, signaling limits on the leadership‟s efforts to curb pollution and credit expansion in the world‟s second-largest economy. Inflation and money-supply targets also matched those of 2013. These targets were published in a report that Premier Li Keqiang delivered to the annual legislature meeting in Beijing. Li Keqiang said the nation needs stable growth to ensure jobs. Maintaining a pace of expansion close to last year‟s 7.7% would help sustain demand for oil and iron ore, as well as support an accelerating global economy. At the same time, analysts from UBS AG and Societe Generale SA stated that a lower goal would have been in line with the government‟s pledge to move away from growth at all costs. (Bloomberg) Regional  Moody’s: Qatar, Kuwait to withstand oil price fall to $90 – Moody‟s anticipates a gentle fall in oil prices to $90 per barrel by 2020, but Qatar and Kuwait have the most headroom and fiscal flexibility to withstand such a shock. Moody‟s adverse scenario in oil prices is driven by the possibility of greater than expected new global oil & gas capacity on the supply side and slower than expected commodity demand growth in emerging markets, particularly reflecting the maturing Chinese economy. In such a scenario, sovereign credit quality in the GCC region would be affected to varying degrees, with Bahrain and Oman being most vulnerable to a potential downgrade of their sovereign ratings given their high fiscal break-even prices and declining oil production. (Gulf-Times.com)  S&P explores credit characteristics of GCC (re)insurers – A report published by Standard & Poor's titled “Exploring The Credit Characteristics Of GCC (Re)Insurers” found that low interest rates and increasing competition for market share are testing the endurance of insurers and reinsurers in GCC countries. Around 20 of the 34 (re)insurers in the region have their risk-based capital assessed as extremely strong, i.e. at the 'AAA' level. S&P assessed 18 Gulf companies‟ competitive position as adequate, although the range includes six companies that it considers have strong positions and 10 that it sees as less than adequate. The average ratio for high-risk assets to the total adjusted capital is 57%, with some outliers reaching 100%. Most companies tend to have high exposure to financial services or real estate sectors, which on an average, accounted for about 45% of total invested assets. (GulfBase.com)  Stanton, Pi Slice team up to boost funding for MENA microfinance firms – Stanton Chase Middle East has teamed up with Pi Slice to increase funding for micro-finance institutions in the MENA region. As part of this partnership, Stanton Chase and Pi Slice have launched a „lending page‟ to encourage the wider community toward micro-lending. Individuals in the GCC and the broader Middle East region can view a list of unique microfinanced projects and choose to provide support to the project of their choice. Through this, motivated individuals and companies can help MENA‟s micro-finance institutions to build a sustainable future for small entrepreneurs, as well as create a favorable ecosystem for development at the macro level. (GulfBase.com)  NCB Capital appoints first woman CEO – According to sources, Saudi-based National Commercial Bank (NCB) has appointed Sarah Al-Suhaimi as the Chief Executive of its investment banking arm, NCB Capital. Sarah Al-Suhaimi is the first woman to head an investment bank in the kingdom. She was the head of asset management and chief investment officer at Jadwa Investment in Saudi Arabia. She will replace Tariq Linjawi, as the head of NCB Capital. Some Saudi women have risen to key roles in financial institutions, such as Lama Ghazzaoui, who is chief accountant at NCB. (GulfBase.com) Page 3 of 6

 Schneider Electric achieves ISO50001:2011 certification – Schneider Electric has become the first company in Saudi Arabia to be awarded the prestigious ISO50001:2011 certification with accreditation, marking a double conformity for its processes in energy management system (EnMS). ISO 50001:2011 stipulates the guidelines for using energy more efficiently through the development of EnMS. Schneider Electric identified its operation services at Schneider Electric EPS Ltd‟s main office located in Riyadh as the largest consumer of electrical energy and chose to get the site certified by the end of 2013. (GulfBase.com)  Kingdom plans oil-to-chemicals plant at Yanbu with SABIC – Saudi Oil Minister, Ali al-Naimi said that Saudi Arabia is planning to build a plant at Yanbu that can turn crude oil directly into chemicals without refining the oil, in collaboration with Saudi Basic Industries Corp (SABIC). Chemical companies usually process refined oil products into petrochemicals such as ethylene and propylene, that are then used to make plastics and other products. (GulfBase.com)  AKC's BoD recommends 4.8% dividend – Al-Khabeer Capital‟s (AKC) board of directors has recommended the distribution of dividend payment of 4.8% per share before deduction of any dues. (GulfBase.com)  Metlife AIG ANB receives SAMA authorization – MetLife AIG ANB Cooperative Insurance Company announced that it has received SAMA‟s authorization to practice insurance business in the Kingdom. (Tadawul)  UAE banks’ assets cross AED2tn – According to the data from the UAE Central Bank, the combined assets of all the UAE banks crossed AED2tn for the first time at the end of 2013, maintaining the country‟s top position in the Arab banking sector. The combined assets of the UAE‟s 23 national banks and 28 foreign units soared to an all-time high of AED2,025.8bn at the end of December 2013 from AED1,991bn at the end of November. Deposits swelled by nearly AED5bn to AED1,278.9bn in December from AED1,273.5bn in November. Loans grew at the same rate to AED1,177.3bn from AED1,173.7bn in this period. The report showed that the banks‟ combined shareholders equity edged up to AED268.4bn from AED267.6bn. Capital adequacy stood at as high as 16.9% at the end of 2013. (GulfBase.com)  du Telecom refinances its debt facilities – Emirates Integrated Telecommunications Company (du Telecom) announced signing of three separate financing deals amounting to $1.17bn. These deals are a combination of refinancing existing debt facilities on more favorable terms, coupled with an additional $250mn of new facilities to finance future capital expenditure. The move lowers the company's funding costs, saving approximately $9mn over the loan term due to the favorable margins agreed. (GulfBase.com)  Dubai RTA to start work on AED2bn water canal in 2014 – Dubai‟s Road & Transport Authority (RTA) will take up a number of large infrastructure projects in 2014, including the AED2bn water canal project linking the Business Bay in Dubai with the Arabian Gulf. RTA‟s Chairman & Executive Director, Mattar Al Tayer, said that the Dubai Water Canal project will pass through the heart of Dubai in a course extending three kilometers. Other mega projects taken up are: the Al Ittihad Bridge Project estimated to cost around AED1bn, and the Dubai Tram project, which will bring in a quantum shift in Dubai‟s public transport experience in 4Q2014. (GulfBase.com)  DFM declares 5% cash dividend – The Dubai Financial Market‟s (DFM) AGM approved the board‟s suggestion of distributing 5% cash dividends amounting to AED399.8mn, which represents 140% of the net profit in 2013. (DFM)  Etisalat SmartHub signs IPX deal with Aicent – Emirates Telecommunication Corporation‟s (Etisalat) Etisalat Smarthub has signed a major agreement with Aicent to offer a seamless LTE roaming experience. Smarthub includes the Middle East‟s first IPX for mobile operators and the region‟s largest portfolio of internet content. It connects their leading global multi-service IPXs allowing subscribers to roam seamlessly between international operator networks, while enjoying high quality voice and mobile data services. (GulfBase.com)  UAB’s AGA, EGA approve cash, scrip dividends – The United Arab Bank‟s (UAB) AGA has approved AED149.5mn cash dividend and AED149.5mn scrip dividend (both 15% of the paid-up share capital). In case of non-approval from the central bank, a lower distribution of AED150mn cash dividend (15.06% of the bank‟s paid up capital) and 10% bonus shares worth AED99.6mn, will be paid. (ADX)  ADCM’s unit secures AED786mn loan – Integrated Alternative Finance, a wholly-owned subsidiary of Abu Dhabi Capital Management (ADCM), has secured a bridging facility worth AED786mn to fund its acquisition of prime property, 1 Palace Street, London. The facility, provided in January 2014, is the largest of its kind in recent years and was provided by Omni Capital. (GulfBase.com)  Etisalat’s BoD proposes final dividend – Etisalat‟s board of directors has proposed a final dividend of 35 fils per share to be distributed for 2H2013, bringing the full dividends for the entire 2013 to 70 fils per share. This dividend will to be paid on April 13, 2014 to the registered shareholders. (ADX)  Zain finalizes $800mn, five-year loan facility – The Mobile Telecommunications Company (Zain) has finalized an $800mn, five-year loan facility from various banks. Zain said that the money would be used to meet the needs of the company across all its markets. According to sources, the loan's amortizing structure would see Zain repay both interest and principal during the lifetime of the loan, as opposed to a bullet facility where it would only pay interest during the tenure. Zain has an existing $867mn debt facility maturing in March 2014. (GulfBase.com)  Oman expects large rise in gas output in next 5 years – Oman‟s Undersecretary for Oil & Gas, Salim Al-Aufi, said that the country expects a significant increase in its natural gas output over the next five years, but marginal improvement in oil production. Oman aims to raise its gas output to an average of 120mn cubic meters per day (mcm/d) from 2014 through 2018, showing a gain of 17.65%. In 2013, gas production rose to an average of 102mcm/d, up 3.7% from 2012. The planned start-up of BP‟s Khazzan tight gas project in 2017 will provide a big boost to supplies, adding about 28mcm/d to gas output by 2018. Crude oil and condensates production is expected to average at 950,000-960,000bpd over the five-year period, rising less than 2% in average. The non-OPEC oil producer averaged 942,000 bpd in 2013, up 2.5% from 2012. (GulfBase.com)  Takatuf Oman signs IJV with Petrofac – Takatuf Oman – the human capital solutions provider for Oman Oil Company (OOC) – has signed an Incorporated Joint Venture (IJV) agreement with Petrofac to establish the Centre of Excellence. Beginning its operations in 2016, this will be the largest technical training center in Oman. Using the latest technologies, the new facility will train Oman‟s energy and energy-related workforce to international standards across a number of disciplines. (GulfBase.com) Page 4 of 6

 Al Maha renews OMR83mn contract with Oman Air – Al Maha Petroleum Products Marketing Company (Al Maha) has renewed its contract worth OMR83mn to supply 50% of Oman Air‟s aviation fuel needs at Muscat airport until 2016. The contract comes into effect from April 1, 2014. Al Maha already supplies half of Oman Air‟s fuel at Muscat airport. (GulfBase.com) share. Out of this, 10 fils per share has already been paid during 3Q2013 and the remaining 10 fils will be paid in March 2013. Further, the company‟s AGM approved its board recommendation for a 5% bonus share issue, awarding one share for every 5 shares currently held by shareholders. (Bahrain Bourse)  PDO produces 1.25mn bpd of oil in 2013 – Petroleum Development Oman (PDO) said that it has recorded an average production of 1.25mn barrels of oil equivalent per day in 2013 and added 317mn barrels of oil reserves. Further, the total developed reserves of natural gas increased by 1.3tn cubic feet in 2013. PDO is executing 16 enhanced oil recovery (EOR) field developments and trials. In 2013, PDO had ongoing production from four major EOR developments at Marmul, Qarn Alam, Harweel and Amal West. Meanwhile, the polymer project in Marmul has reached the milestone of 1mn cubic meters (6.3mn barrels) of incremental oil recovery in December 2013. (GulfBase.com)  Bank Dhofar signs deal with Haya Water – Bank Dhofar has signed a strategic agreement with Haya Water to have its new point-of-sale (POS) devices displayed at Haya Water‟s outlets. Through these new POS machines, retailers can now process payments using wireless GPRS technology for all payments made through credit cards, debit cards and smart chip cards. (GulfBase.com)  ONIC’s BoD recommends 20% cash dividend – Oman National Investment Corporation Holding‟s (ONIC) board of directors has recommended a cash dividend of 20% (20 baizas per share). (MSM)  OCCI’s AGM approves 15% cash dividend – Oman Chromite Company‟s (OCCI) AGM has approved the board‟s proposal to distribute 15% cash dividends at the rate of 150 baizas per share. (MSM)  ASBB launches Al Salam Asia REIT Fund; declares 5% dividend – Al Salam Bank Bahrain (ASBB) announced the launch of Al Salam Asia REIT Fund, the first Shari‟ah-compliant Asian REIT fund. ASBB will be the sponsor and seed investor for the Fund, which will be managed by B&I Capital. The fund‟s portfolio will consist of 15 to 35 positions, diversified through active country and sub-sector allocation within the Asian REIT asset class. Meanwhile, ASBB‟s AGM has approved the board‟s recommendation to distribute 5% dividends or 5 fils per share (excluding treasury shares), amounting to BHD7,446,790 for the year ended December 31, 2013. (DFM, Bahrain Bourse)  Waqf Fund proposes external Shari’ah appraisal for Islamic banks – Bahrain-based Waqf Fund, a non-profit body set up by the central bank, has proposed mandatory external Shari‟ah audits for Islamic financial institutions to help strengthen compliance. Regulators around the world are increasing their scrutiny of Islamic finance, including the boards of Shari‟ah scholars who rule on whether activities follow religious principles. The Waqf Fund is backed by 21 institutions such as banks and mostly focuses on educational initiatives. While the proposal is for Bahrain, it may have an impact on Islamic finance across the globe. The Waqf Fund will develop a framework for external Shari‟ah audits with a team of audit firms, scholars and the Accounting and Auditing Organization for Islamic Financial Institutions. (GulfBase.com)  Batelco’s AGM approves BHD31.7mn cash dividends, 5% bonus shares – Bahrain Telecommunication Company‟s (Batelco) AGM has approved the board‟s recommendation for a cash dividend of BHD31.7mn for 2013, at a value of 20 fils per Page 5 of 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 1.4% 1.3% 1.2% 144.1 0.8% 131.3 0.4% 0.5% 0.2% 0.4% 0.0% 0.0% S&P Pan Arab Dec-13 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 (0.6%) Source: Bloomberg Close ($) 1D% WTD% YTD% 1,334.34 (1.2) 0.6 10.7 21.17 (1.2) (0.3) 8.7 109.30 (1.7) 0.2 7.92 15.5 109.25 Global Indices Performance Close 1D% WTD% YTD% 16,395.88 1.4 0.5 (1.1) S&P 500 1,873.91 1.5 0.8 1.4 (1.4) NASDAQ 100 4,351.97 1.7 1.0 4.2 68.7 82.4 STOXX 600 337.15 2.1 (0.3) 2.7 (2.0) (2.5) (13.6) DAX 9,589.15 2.5 (1.1) 0.4 121.75 (0.6) (0.2) (10.3) FTSE 100 6,823.77 1.7 0.2 1.1 4,395.90 2.4 (0.3) 2.3 14,721.48 0.5 (0.8) (9.6) DJ Industrial 1.37 0.1 (0.4) 0.0 102.21 0.7 0.4 (2.9) GBP 1.67 (0.0) (0.5) 0.6 MSCI EM CHF 1.13 (0.5) (0.8) 0.6 SHANGHAI SE Composite AUD 0.90 0.1 0.3 0.4 Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Qatar (0.8%) Jan-11 Kuwait (0.4%) Saudi Arabia Jun-10 1.6% 166.5 CAC 40 Nikkei 956.19 0.6 (1.1) (4.6) 2,071.47 (0.2) 0.7 (2.1) HANG SENG 22,657.63 0.7 (0.8) (2.8) USD Index 80.17 0.1 0.6 0.2 BSE SENSEX 21,209.73 1.3 0.4 0.2 RUB 36.10 (1.3) 0.7 9.8 Bovespa* 47,094.40 0.0 0.0 (8.6) BRL* 0.43 0.0 0.0 0.9 1,184.22 6.2 (6.6) (17.9) Source: Bloomberg (*Market closed on March 04, 2014) RTS Source: Bloomberg (*Market closed on March 04, 2014) 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

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