1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.3% to close at 12,995.1. Gains were led by the Real
Estate and Transportation indices, gaining 0.7% and 0.5% respectively. Top
gainers were Dlala Brokerage & Inv. Holding Co. and Widam Food Co., rising
3.3% and 3.2% respectively. Among the top losers, Ezdan Holding Group fell
5.6%, while Qatar Fuel Co. declined 3.2%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.2% to close at 9,765.5. The Cement
Index declined 1.0%, while Telecom. & Info. Tech. index was down 0.5%.
National Agr. Mark. fell 2.7%, while Yamamah Saudi Cement was down 2.2%.
Dubai: The DFM index declined 3.1% to close at 5,138.9. The Services index
fell 4.6%, while the Real Estate & Construction Index was down 4.5%. Arabtec
Holding declined 9.2%, while Union Properties Co. was down 6.8%.
Abu Dhabi: The ADX benchmark index fell 1.2% to close at 4,988.1. The Real
Estate index declined 6.2%, while Inv. & Fin. Serv. index was down 5.9%.
Eshraq Prop. fell 9.8%, while Umm Al Qaiwain Cement Ind. was down 9.1%.
Kuwait: The KSE index rose marginally to close at 7,408.7. The Consumer
Services index gained 1.4%, while Health Care index was up 1.2%. Future Kid
Ent. & Real Estate surged 15.7%, while Kuwait Syrian Holding was up 7.5%.
Oman: The MSM index declined 0.7% to close at 6,780.9. Losses were led by
the Financial and Industrial indices, declining 0.9% and 0.4% respectively.
ONIC Holding fell 5.0%, while Al Batinah Dev. Inv. Holding was down 4.5%.
Bahrain: The BHB index fell 0.3 to close at 1,466.6. The Investment index
declined 0.5%, while the Industrial index was down 0.4%. Al Salam Bank fell
2.6%, while Arab Banking Corporation was down 1.3%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding Co. 40.40 3.3 900.1 82.8
Widam Food Co. 61.30 3.2 365.0 18.6
National Leasing 31.10 2.5 1,242.8 3.2
Gulf International Services 93.40 1.5 754.6 91.4
Qatar Electricity & Water Co. 188.00 1.4 51.2 13.7
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.24 (0.3) 1,723.9 70.3
Masraf Al Rayan 49.35 0.9 1,601.6 57.7
National Leasing 31.10 2.5 1,242.8 3.2
Qatar Gas Transport Co. 24.88 1.1 1,129.1 22.9
Salam International Investment Co. 14.15 (1.0) 1,119.6 8.8
Market Indicators 11 May 14 08 May 14 %Chg.
Value Traded (QR mn) 781.6 829.0 (5.7)
Exch. Market Cap. (QR mn) 726,884.3 731,895.9 (0.7)
Volume (mn) 16.4 16.8 (2.2)
Number of Transactions 9,328 8,265 12.9
Companies Traded 42 42 0.0
Market Breadth 16:22 16:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,378.43 0.3 0.3 30.7 N/A
All Share Index 3,302.58 (0.0) (0.0) 27.6 15.9
Banks 3,171.88 0.3 0.3 29.8 15.8
Industrials 4,428.57 0.0 0.0 26.5 17.2
Transportation 2,376.06 0.5 0.5 27.9 15.3
Real Estate 2,625.09 0.7 0.7 34.4 13.1
Insurance 3,187.05 (1.8) (1.8) 36.4 8.4
Telecoms 1,736.76 (0.3) (0.3) 19.5 24.3
Consumer 6,988.57 (2.0) (2.0) 17.5 28.0
Al Rayan Islamic Index 4,287.93 0.1 0.1 41.2 18.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Bank Al-Jazira Saudi Arabia 43.11 3.6 3,817.8 14.7
Al Ahli Bank Of Kuwait Kuwait 0.45 3.5 1.7 1.1
Mabanee Co. Kuwait 1.12 3.2 1,225.6 5.0
Com. Bank Of Kuwait Kuwait 0.69 3.0 0.0 3.5
National Leasing Qatar 31.10 2.5 1,242.8 3.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 6.13 (9.2) 58,713.4 199.0
Gulf Pharmaceutical Abu Dhabi 3.06 (7.3) 11.7 2.9
Air Arabia Dubai 1.48 (6.3) 94,109.5 (4.5)
RAKBANK Abu Dhabi 8.20 (5.8) 252.9 14.9
Ezdan Holding Group Qatar 26.00 (5.6) 715.5 52.9
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 26.00 (5.6) 715.5 52.9
Qatar Fuel Co. 226.00 (3.2) 508.1 3.4
Mannai Corp. 117.40 (3.0) 84.4 30.6
Qatar General Ins. and Reins. Co. 42.70 (3.0) 1.7 7.0
Qatari Investors Group 68.00 (2.3) 309.0 55.6
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Co. 226.00 (3.2) 115,266.2 3.4
Masraf Al Rayan 49.35 0.9 78,721.9 57.7
Gulf International Services 93.40 1.5 70,003.7 91.4
Industries Qatar 188.50 0.0 39,284.3 11.6
National Leasing 31.10 2.5 38,504.3 3.2
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* 12,995.05 0.3 0.3 2.5 25.2 214.67 199,675.1 16.2 2.2 3.8
Dubai 5,138.86 (3.1) (3.1) 1.6 52.5 493.59 94,673.5 20.9 2.0 2.0
Abu Dhabi 4,988.08 (1.2) (1.1) (1.1) 16.3 195.61 136,709.4 14.9 1.8 3.4
Saudi Arabia 9,765.48 (0.2) (0.2) 1.9 14.4 2,734.23 531,013.1 19.4 2.4 2.9
Kuwait 7,408.73 0.0 0.0 0.0 (1.9) 54.31 115,485.7 15.5 1.2 4.1
Oman 6,780.85 (0.7) (0.7) 0.8 (0.8) 12.17 24,525.8 12.1 1.7 3.9
Bahrain 1,466.60 (0.3) (0.3) 2.8 17.4 7.91 54,018.2 10.6 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,700
12,800
12,900
13,000
13,100
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 0.3% to close at 12,995.1. The Real Estate
and Transportation indices led the gains. The index rose on the
back of buying support from Qatari shareholders despite selling
pressure from non-Qatari shareholders.
 Dlala Brokerage & Inv. Holding Co. and Widam Food Co. were
the top gainers, rising 3.3% and 3.2% respectively. Among the
top losers, Ezdan Holding Group fell 5.6%, while Qatar Fuel Co.
declined 3.2%.
 Volume of shares traded on Sunday fell by 2.2% to 16.4mn from
16.8mn on Thursday. Further, as compared to the 30-day
moving average of 30.4mn, volume for the day was 46.1% lower.
Vodafone Qatar and Masraf Al Rayan were the most active
stocks, contributing 10.5% and 9.8% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Fawaz Abdulaziz Alhokair &
Co.
Saudi SR 5,482.0 17.7% 720.2 23.3% 771.4 24.5%
Shuaa Capital Dubai AED 64.2 77.5% – – 8.2 NA
Arabian Scandinavian
Insurance Co. (Ascana)
Dubai AED 13.0 13.4% 0.3 -27.2% 2.3 -65.9%
Orient Insurance Co. Dubai AED 170.2 11.3% 46.6 6.1% 108.5 1.5%
Al Dhafra Insurance Co. Abu Dhabi AED 78.0 -7.0% 34.5 0.5% 37.5 13.4%
Gulf Livestock (GLS) Abu Dhabi AED – – -1.3 NA 5.1 127.4%
Agility Public Warehousing
Co.
Dubai KD 1.0 NA – – 11.2 10.9%
Kuwait Food Co. (Americana
Group)
Kuwait KD – – – – 18.1 10.4%
Dhofar Cattle Feed Co.
(DCF)
Oman OMR 7,186.0 4.4% – – 1.0 NA
The Financial Corporation
Co. (Fincorp)
Oman OMR 2.2 93.6% 1.2 528.7% 1.4 5773.4%
Source: Company data, DFM, ADX, MSM
News
Qatar
 QE, QNBFS conclude week-long international roadshow –
The Qatar Exchange (QE), in collaboration with QNB Financial
Services, Deutsche Bank and Merrill Lynch concluded a week-
long roadshow that was held in London and New York to
enhance investor relations between international investment
institutions and Qatari listed companies. The forum was
designed to complement the companies' ongoing investor
relations activities by providing an opportunity for the senior
management of listed companies to meet key decision makers
from a number of the world's largest international fund
managers. The forthcoming inclusion of Qatar in the MSCI
Emerging Market Index provided a unique opportunity for Qatar
to showcase its market-leading listed companies at a time when
the profile of Qatar was set to be raised further. During the two
days of meetings in London, the QE-listed companies met with
over 64 fund managers representing 40 major institutions, which
represented the most important funds allocating money to Qatar,
the GCC and the broader emerging markets. In aggregate the
event hosted 140 meetings. (QE)
 QCB auctions T-bills worth QR4bn – The Qatar Central Bank
(QCB) auctioned treasury bills worth QR4bn on May 6, 2014, for
which it received bids totaling QR10.1bn. T-bills worth QR2bn
with a maturity period of 3 months were auctioned at a yield of
0.72%. T-bills valued at QR1bn with a maturity period of 6
months were sold at 0.89% yield, while T-bills with a maturity
period of 9 months were auctioned at 0.95% yield. (QCB)
 Century 21 Qatar: Real estate market remains stable –
Qatar’s real estate market remained firm in April 2014 with rents
and transactions maintaining their upward trend. According to
the Century 21 Qatar’s monthly report, upmarket West Bay
witnessed the highest rentals with the average monthly rental
price for villas ranging between QR20,000 and QR35,000. The
Qatari real estate market recorded QR4.7bn worth of real estate
deals in 935 transactions during April. Al Waab area remained
the most popular area for the medium to high-income bracket
with villa rentals ranging between QR14,000 and QR26,000.
The lowest villa rental could be found in Al Dhakhira and Al Khor
where rentals ranged between QR6,000 and QR12,000.
(Peninsula Qatar)
 Five more airlines set to move to HIA – According to sources,
five more airlines will move their entire operations to Hamad
International Airport (HIA) on May 14 and 15, 2014. An airport
spokesperson said United Airways Bangladesh will begin its
operation from HIA on May 15, while four other airlines – Etihad
Airways, Kuwait Airways, Sri Lankan and Royal Jordanian will
also move their operations to HIA from May 14. Earlier, the
national carrier Qatar Airways (QA) had said it would officially
move to its new home at HIA on May 27. Qatar has plans to
build a second terminal at HIA for the use of foreign airlines.
Overall Activity Buy %* Sell %* Net (QR)
Qatari 69.82% 68.52% 10,131,032.08
Non-Qatari 30.18% 31.49% (10,131,032.08)

3. Page 3 of 6
This is expected to be ready by 2022, when Qatar hosts the
FIFA World Cup in Doha. (Gulf-Times.com)
International
 BoE faces guidance challenge as recovery picks up – The
Bank of England’s (BoE) Governor Mark Carney faces a
growing challenge of explaining why the central bank is
signaling that it is in no rush to raise record low interest rates,
even as Britain's recovery picks up speed. The BoE is due to
give new inflation and growth forecasts and hold a news
conference this week against a backdrop of soaring house
prices and a faster growth rate than any other big rich nation.
The BoE has struggled to give a clear direction about its interest
rate outlook since adopting the so-called ‘forward guidance’ as a
policy last year, shortly after Carney took over. The central bank
has said it thinks the recovery can carry on without inflation
taking off, allowing it to keep interest rates at 0.5% for possibly
another year to nurse Britain's economy back to full health.
Central to the argument is the BoE's belief that companies can
squeeze more out of their workers and machines as demand
grows, avoiding a surge in wages that could fuel inflation.
(Reuters)
 Japan current-account surplus narrows more than forecast
– Japan’s current-account surplus narrowed more than forecast
in March as a surge in imports before last month’s sales-tax
increase trimmed gains from overseas investments. The excess
of 116.4bn Yen reported by the Ministry of Finance in Tokyo
compared with a median forecast of 347.7bn yen in a
Bloomberg News survey of 25 economists. A 782.9bn yen deficit
on a seasonally adjusted basis was the largest in comparable
data back to at least 1996. Consumers splurged on items such
as refrigerators and computers in March before the 3
percentage point tax rise, boosting imports already climbing due
to a weaker yen and nuclear plant closures pushing up energy
costs. According to economist Takeshi Minami, as the higher
levy takes grip, the current account surplus may grow as
shipments from overseas slow down. The yield on 10-year
government bonds is about 0.6%, the lowest of any nation. The
Yen has fallen about 15% against the dollar since the start of
2013, and was 0.2% down at 102.02 recently. (Bloomberg)
 China needs to adapt to ‘new normal’ of slower growth –
Chinese President Xi Jinping said the nation needs to adapt to a
“new normal” in the pace of its economic growth and remain
“cool-minded” amid a slowdown that analysts forecast will lead
to the weakest expansion since 1990. Jinping said China’s
growth fundamentals have not changed and the country is still in
a significant period of strategic opportunity. At the same time,
the government must prevent risks and take timely
countermeasures to reduce potential negative effects. China’s
policy makers are trying to keep economic expansion from
slipping below the 2014 target of about 7.5%, while reining in a
credit boom that threatens to undermine the financial system.
The government has so far limited its support to tax breaks, and
speeding up infrastructure and social housing investment, with
the focus remaining on the quality of growth and on changing
the structure of the economy. (Bloomberg)
Regional
 Al-Khodari Sons appoints Chairman – Abdullah A. M. Al-
Khodari Sons Company (Al-Khodari Sons) has appointed Ali
Abdullah Abdul Mohsen Al Khodari as the Chairman of the
company. (Tadawul)
 BSA submits license cancellation request to CMA – Barclays
Saudi Arabia (BSA) has submitted a request to the Saudi
Capital Market Authority (CMA) to cancel its licenses for
securities business in the Kingdom. BSA will continue working
with the CMA until the process is concluded. (Tadawul)
 Listed Saudi transport firms grow 32% YoY – According to
sources, net profits of the listed transport companies in Saudi
Arabia grew by 32% to SR257.4mn in 1Q2014 when compared
to SR194.7mn in 1Q2013. However, 1Q2014 profits dropped by
40% as compared to SR429.3mn in 4Q2013. The sector is
consists of four listed companies whose market capitalization is
worth SR19.6bn, or 1% of the total market value. Their total
capital stood at SR4.97bn. (GulfBase.com)
 NWC, Panda to promote water conservation – The National
Water Company (NWC) and Al-Azizia Panda of Savola Group
have entered into a strategic partnership to strengthen their joint
efforts to promote environmental awareness and highlight the
importance of water conservation. This agreement will enhance
the sustainability of water and the conservation of natural
resources. (GulfBase.com)
 Schneider, NGSA sign 3-year agreement – Schneider Electric
has signed a MoU with National Grid Saudi Arabia (NGSA) to
cooperate in developing and advancing electricity infrastructure
in the Kingdom. The three-year agreement will facilitate the
exchange of knowledge, best practices and technology between
the two organizations through periodic technical forums.
Additionally, Schneider Electric will provide the Saudi Electricity
Company and NGSA with training on mutually agreed focus
areas, particularly environmental issues and regulations
affecting the industry. (Bloomberg)
 CDSI: Kingdom’s non-oil exports up 12.5%, Imports down
9.1% in March – According to the Central Department of
Statistics & Information (CDSI), the total value of non-oil
commodity exports from Saudi Arabia grew by 12.5% to
SR19,249mn in March 2014 as compared to March 2013.
However, the value of imports fell by 9.1% to SR51,198mn as
compared to March 2013. Non-oil exports amounted to 37.6% of
the total value of imports during this period of previous year.
CDSI said that the exports of chemical industry and related
products came first with SR6,277mn, representing 32.61% of
the total value of non-petroleum accommodates exports.
Plastics and rubber products exports ranked second with a
value of SR5,890mn, representing 30.6%, while transport
equipment and parts exports occupied third place with a value of
SR2,098mn, representing 10.9%. (Bloomberg)
 IIF: UAE’s banking sector returns to a strong growth
trajectory – The Institute of International Finance’s (IIF) Deputy
Director, Garbis Iradian said that the 1Q2014 figures from
leading UAE banks indicate that the country’s banking system
has turned around with strong rebound in profitability, steady
decline in non-performing loans (NPLs) and faster asset growth.
The largest eight banks, which account for 80% of the total
banking assets, have recorded impressive growth in 1Q2014
with their profits increasing by 21% YoY on average. The
outlook for the UAE banks in 2014 remains favorable supported
by robust non-hydrocarbon growth, low interest rates and a
steady increase in real estate prices. The IIF has forecast 11%
growth in loans and deposits each, with provisions remaining
stable and NPLs declining further to 7.4%. (GulfBase.com)
 GCAA signs MoU with Airbus Middle East – The UAE
General Civil Aviation Authority (GCAA) has signed a MoU with
Airbus Middle East to support the future of aviation through a
series of workshops. The two parties will work together to
develop engagement and training initiatives for youth at a grass-
roots level in the UAE, to support the growing needs for talent
and to encourage young UAE nationals to pursue a career in the
aviation industry. (Bloomberg)

4. Page 4 of 6
 DFM changes trading session structure ahead of MSCI
upgrade – The Dubai Financial Market (DFM) said that it will
introduce a pre-closing period to its trading sessions from May
14, 2014, to ensure that closing prices are more predictable and
eliminate large last-minute swings. DFM said the move was
timed to come ahead of the UAE’s inclusion in the list of
emerging markets by MSCI at the end of May, which is expected
to bring more foreign investors to the market. Under the new
rule, orders for equity and debt securities submitted within the
last 10 minutes of trading will accumulate for completion at
closing. The auction aims to match as many orders as possible,
but leaves out those made at extremely low or high prices.
(Reuters)
 DED: Dubai’s business confidence surges – According to a
survey by the Department of Economic Development (DED),
Dubai’s business community has been significantly more
optimistic during 1Q2014 as compared to 1Q2013. Optimism is
especially high among manufacturing and services firms out of
the total of 502 companies covered in the 1Q2014 survey. The
composite Business Confidence Index for Dubai stood at 135.5
points in 1Q2014, indicating an increase of 22.4 points from
1Q2013. Large companies are more optimistic than SMEs, as
indicated by their corresponding index scores of 141.6 and
126.4 respectively. (GulfBase.com)
 Dubai agrees $1.7bn sale of Mauser to CD&R – According to
sources, private equity firm Clayton Dubilier & Rice (CD&R) has
agreed a deal to buy Germany-based packaging group Mauser
from Dubai International Capital (DIC) for around $1.72bn. The
deal is one of the largest asset disposals by a state-owned
investment fund in the Emirate since its debt crisis, which forced
a number of these vehicles to reschedule debt worth billions of
dollars. (Gulf-Times.com)
 Jafza signs MoU with Arab Brazilian Chamber – Jebel Ali
Free Zone (Jafza), the Free Zone operation of Economic Zones
World (EZW), has signed a MoU with the Arab Brazilian
Chamber of Commerce to further strengthen bilateral
commercial relations between the two sides. (GulfBase.com)
 Empower inks AED750mn deal with Tecom Investments –
Empower is set to provide 120,000 refrigeration tons (RT) of
district cooling services for Tecom Investments’ Dubai Design
District (D3) project. The project total value is estimated at
AED750mn, which will be financed through Empower’s
revenues. D3’s district cooling network will be implemented in
several phases, the first of which is expected to begin in
4Q2014, with a capacity of 10,000 RT. (Bloomberg)
 Nakheel partners with Premier Inn for Ibn Battuta Hotel –
Nakheel has signed a management agreement with UK-based
Premier Inn for its new 372-room hotel at Ibn Battuta Mall. The
hotel is part of Nakheel’s 28,000 sqm expansion of the Ibn
Battuta complex, which is scheduled to open in 2016. The mall
is spread across 521,000 sqm and currently has 270 shops, 50
restaurants and a 21-screen cinema. The expansion will add
another 150 shops to the existing complex. (Bloomberg)
 UAB enters into retail banking partnership – The United Arab
Bank (UAB) has entered into a three year partnership
agreement with The Club. Under the agreement, UAB will be the
exclusive retail banking partner, and will install and operate
ATMs at The Club. The Bank is sponsoring the leisure club’s
newly inaugurated Al Nadi Tower, erected to mark its 50th
anniversary in 2012. (GulfBase.com)
 SIB joins Nasdaq Dubai Murabaha platform for Islamic
financing – Sharjah Islamic Bank (SIB) has joined Nasdaq
Dubai’s growing Islamic financing Murabaha platform, which
offers unique advantages to bank customers seeking Shari’ah
solutions. SIB is the first bank to join the facility since the official
launch of the Nasdaq Dubai Murabaha platform in April 2014,
which was set up by Nasdaq Dubai jointly with Emirates Islamic.
The platform is the ideal alternative to many traditional Islamic
financing solutions, which can carry a risk of losses through
price movements, spreads and poor liquidity as well as delays.
Since the pilot phase began in September 2013, around
AED3bn of financing has been processed on the platform for
thousands of clients, involving transactions of more than
AED12bn. (GulfBase.com)
 Aldar to launch off-plan sales for new Abu Dhabi project –
Aldar Properties has announced it will start off-plan sales of
apartments and townhouses at its new Al Hadeel at Al Bandar
development. The sales event on May 17, 2014 for units at Al
Hadeel will be conducted on a strictly first come, first serve
basis. Al Hadeel was unveiled at the Cityscape Abu Dhabi
property exhibition in April 2014 and the development has
received strong interest ahead of the sales launch. Construction
of the project is due to commence in early 2015. Al Hadeel
offers studios, bedroom apartments, as well as townhouses,
with the majority of the properties enjoying panoramic views.
(Bloomberg)
 Kuwait signs $12bn LNG supply deal with Shell – Kuwait’s
state oil group said it signed a six-year LNG supply deal worth
an estimated $12bn with Royal Dutch Shell, as the major oil
exporter seeks to meet energy demands for the hot summer
months. The deal between Kuwait Petroleum Corp. (KPC) and
Shell was finalized in April 2014. KPC’s Head of International
Marketing Division Nasser Al-Mudaf said that the company also
plans to sign a $3bn deal LNG supply deal with BP. (Bloomberg)
 KIB posts KD5mn profits for 1Q2014 – Kuwait International
Bank (KIB) has reported a net profit of KD5mn in 1Q2014 as
compared to KD4.24mn in 1Q2013. EPS amounted to 5.39 fils
at the end of March 2014 as against 4.55 fils a year earlier. The
bank’s total assets stood at KD1.5bn at the end of 1Q2014.
(Bloomberg)
 SCPD: Kuwait plans to launch 82 mega projects – According
to the Secretary-General of the Supreme Council for Planning &
Development (SCPD), Adel Al-Wugayan, Kuwait’s development
plan for 2014 involves 82 major projects, five public
shareholding businesses and 10 BOT-based enterprises.
Governmental allocations for these development projects for
2013-14 and 2014-15 have touched KD10.2bn. (Bloomberg)
 Burgan Bank reports KD17.1mn profit in 1Q2014 – Burgan
Bank has reported a net profit of KD17.1mn in 1Q2014 as
compared to KD15.6mn in 1Q2013, reflecting a growth of 10%.
Operating income surged to KD61.7mn registering 10% growth,
while operating profits before provisions soared to register
KD34mn, reflecting a growth of 14%. Net interest income grew
by 19% as compared to 1Q2013. EPS amounted to 11.2 fils at
the end of March 2014 as against 10.1 fils a year earlier.
(Bloomberg)
 CBO: Private deposits in Omani banks up by 14.4% –
According to the statistics by the Central Bank of Oman (CBO),
the total value of private deposits at the commercial banks in the
Sultanate rose by 14.4% to OMR10,396.4mn at the end of
February 2014 as compared to OMR9,089.0mn in February
2013. The gross value for these deposits included
OMR3,340.3mn time deposits, OMR3,557.3mn saving deposits
and OMR3,383.8mn on demand deposits. The broad money
and clearance to the deposits was 13.9%. The combined money
and clearance to the gross deposits was 12.3%, while the total
percentage of loans to liabilities was 93.4%. (GulfBase.com)

5. Page 5 of 6
 Oman launches OMR100mn SME Development Fund –
Oman has launched a new SME Development Fund (Al Namaa
Fund) with a capital of OMR100mn to help Omani entrepreneurs
obtain debt finance ranging from OMR50,000 to OMR300,000
for their small and medium-scale enterprises. The fund was
announced in March 2014 with its total capital to be raised in
five tranches of OMR20mn each. (GulfBase.com)
 Omani power firms set to double profits after share offer –
According to sources, Oman-based Al Batinah Power Company
and Al Suwadi Power Company, which recently launched twin
initial public offers, will double their profits from 2014 to 2018 as
they pay off their start-up costs. The firms are owned by the
same consortium, whose owners aim to raise OMR62.7mn
through the sale of 35% stake in each company, who together
provide a quarter of the electricity for Oman’s main power grid.
Launching their operations in April 2013, the two companies
were required to go public and list on the Sultanate’s bourse
under the terms of their licenses. (Bloomberg)
 BHEL commissions second gas turbine in Oman – India-
based Bharat Heavy Electricals Ltd (BHEL) has commissioned
another 126MW gas turbine generator at Qarn Alam-3 power
project of Petroleum Development Oman (PDO). This is the
second successive project after the commissioning of the 2x126
MW PDO Amal gas turbine generating project in 2012.
(GulfBase.com)
 Oman's April oil output dips marginally – The Sultanate's
crude oil and condensates production in April stood at 27.7mn
barrels, at an average of 924,270 bpd, a 1.73% decline as
compared to March 2014. The monthly report released by the
Ministry of Oil & Gas pointed out that the total exported crude oil
in April 2014 amounted to 22.7mn barrels, at an average of
755,656 bpd, indicating a 6.03% MoM decline. (Bloomberg)
 EDB: Non-oil sector growth set to drive economy – The
Economic Development Board (EDB) said that Bahrain's non-oil
sector is well positioned for growth in 2014, powered by the
launch of infrastructure projects worth $4.43bn. In the first
Bahrain Economic Quarterly (BEQ) for 2014, the EDB said it
expects non-oil growth to accelerate to more than 4% in 2014
and even as the oil sector is likely to remain more or less flat,
headline GDP growth should come in at 3.5-4%. The EDB said
a number of infrastructure projects that were approved by the
Gulf Development Fund are due to be launched in the coming
months. Government expenditure for 2014 is expected to be
more robust compared to last year. Due to delay in incremental
government spending, the annual growth rate of the government
services sector in the national accounts slowed down sharply
last year. (Bloomberg)
 ABC Islamic Bank posts $3.5mn net profit – Bahrain-based
ABC Islamic Bank reported 9% increase in its net profit for the
1Q2014 at $3.5mn as compared to $3.2mn in 1Q2013. ABC
Islamic Bank's total assets stood at $1.13bn at the end of the
1Q2014 compared with $1.002bn at the end of last year. ABC
Islamic Bank is a wholly owned subsidiary of Arab Banking
Corporation. (GulfBase.com)
 ABG reports $67mn net profit for 1Q2014 – Bahrain’s leading
Islamic bank, Al Baraka Banking Group (ABG) reported a net
profit of $67mn for 1Q2014, reflecting a marginal increase of 1%
YoY. While the bank’s total assets increased by 1%, total
financing & investments went up by 2% and customer accounts
rose by 1% in 1Q2014 as compared to the December 2013.
These results reflect the group’s ability to continue investing in
lucrative opportunities arising from the current situation, despite
the current fluctuations in the international and regional
economies and the financial markets. (AmeInfo.com)

6. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.2%)
0.3%
0.0%
(0.3%)
(0.7%)
(1.2%)
(3.1%)
(4.0%)
(3.2%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,288.79 0.0 0.0 6.9 DJ Industrial 16,583.34 0.0 0.0 0.0
Silver/Ounce 19.16 0.0 0.0 (1.6) S&P 500 1,878.48 0.0 0.0 1.6
Crude Oil (Brent)/Barrel (FM
Future)
107.89 0.0 0.0 (2.6) NASDAQ 100 4,071.87 0.0 0.0 (2.5)
Natural Gas (Henry
Hub)/MMBtu
4.57 0.0 0.0 5.3 STOXX 600 338.54 0.0 0.0 3.1
LPG Propane (Arab Gulf)/Ton 103.75 0.0 0.0 (17.8) DAX 9,581.45 0.0 0.0 0.3
LPG Butane (Arab Gulf)/Ton 116.50 0.0 0.0 (14.7) FTSE 100 6,814.57 0.0 0.0 1.0
Euro 1.38 0.0 0.0 0.1 CAC 40 4,477.28 0.0 0.0 4.2
Yen 101.86 0.0 0.0 (3.3) Nikkei 14,199.59 0.0 0.0 (12.8)
GBP 1.69 0.0 0.0 1.8 MSCI EM 1,006.95 0.0 0.0 0.4
CHF 1.13 0.0 0.0 0.8 SHANGHAI SE Composite 2,011.14 0.0 0.0 (5.0)
AUD 0.94 0.0 0.0 5.0 HANG SENG 21,862.99 0.0 0.0 (6.2)
USD Index 79.90 0.0 0.0 (0.2) BSE SENSEX 22,994.23 0.0 0.0 8.6
RUB 35.23 0.0 0.0 7.2 Bovespa 53,100.34 0.0 0.0 3.1
BRL 0.45 0.0 0.0 6.8 RTS 1,232.78 0.0 0.0 (14.6)
186.7
154.0
140.1