1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.3% to close at 12,894.9. Losses were led by the
Transportation and Real Estate indices, declining 1.6% and 1.5% respectively.
Top losers were Vodafone Qatar and Qatar Gas Transport Co., falling 4.4%
and 3.1% respectively. Among the top gainers, Mannai Corp. and Qatar
National Cement Co. rose 5.9% and 2.6% respectively.
GCC Commentary
Saudi Arabia: The TASI rose marginally to close at 9,745.1. Gains were led
by Energy & Utilities and Ins. indices, rising 1.9% and 1.3% respectively.
National Agri. Marketing and Bupa Arabia For Coop. Ins. gained 9.9% each.
Dubai: The DFM index declined 1.3% to close at 5,301.9. The Investment &
Fin. Serv. index fell 3.9%, while the Real Est. & Const. Index was down 1.8%.
National General Ins. Co. declined 8.4%, while Mashreq Bank was down 6.7%.
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 5,027.0. The
Insurance index declined 2.9%, while Inv. & Fin. Ser. index was down 2.8%.
Abu Dhabi Nat. Ins. fell 10.0%, while Commercial Bank Int. was down 7.6%.
Kuwait: The KSE index gained 0.3% to close at 7,419.3. The Banking index
rose 0.9%, while the Basic Material index was up 0.8%. Ajwan Gulf Real
Estate Co. gained 9.8%, while Kuwait Packing Mat. Mfg. Co. was up 8.0%.
Oman: The MSM index rose 0.3% to close at 6,780.5. Gains were led by the
Financial and Industrial indices, rising 0.2% and 0.1% respectively. Areej
Vegetable Oils & Deriv. gained 3.0%, while United Finance was up 2.7%.
Bahrain: The BHB index rose 0.2% to close at 1,469.4. The Hotel & Tourism
Index gained 3.4%, while the Commercial Banking index was up 0.6%. Gulf
Hotels Group rose 5.3%, while Khaleeji Commercial Bank was up 3.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Mannai Corp. 113.90 5.9 134.0 26.7
Qatar National Cement Co. 146.00 2.6 39.7 22.7
Al Meera Consumer Goods Co. 189.80 2.3 70.0 42.4
Qatari Investors Group 70.20 1.7 508.8 60.6
Gulf International Services 90.00 1.5 497.8 84.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.89 (4.4) 5,484.9 67.0
Qatar Gas Transport Co. 24.60 (3.1) 2,921.0 21.5
United Development Co. 25.90 (0.6) 2,286.2 20.3
Mesaieed Petrochem. Holding Co. 34.95 (0.7) 1,083.8 249.5
Barwa Real Estate Co. 38.00 (2.1) 1,042.8 27.5
Market Indicators 07 May 14 06 May 14 %Chg.
Value Traded (QR mn) 846.0 987.8 (14.4)
Exch. Market Cap. (QR mn) 729,821.7 732,605.3 (0.4)
Volume (mn) 21.7 25.6 (15.4)
Number of Transactions 9,806 10,129 (3.2)
Companies Traded 43 41 4.9
Market Breadth 11.30 17:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,229.13 (0.3) 1.3 29.7 N/A
All Share Index 3,291.17 (0.4) 1.2 27.2 15.8
Banks 3,135.72 (0.6) 1.2 28.3 15.6
Industrials 4,415.84 0.9 2.4 26.2 17.2
Transportation 2,364.36 (1.6) (0.2) 27.2 15.2
Real Estate 2,626.86 (1.5) 0.1 34.5 13.1
Insurance 3,270.48 (1.0) 1.2 40.0 8.6
Telecoms 1,714.84 (1.5) 0.7 18.0 24.0
Consumer 7,264.67 (1.1) (1.5) 22.1 29.7
Al Rayan Islamic Index 4,272.49 (0.4) 1.8 40.7 18.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Air Arabia Dubai 1.58 7.5 288,002.0 1.9
Mannai Corporation Qatar 113.90 5.9 134.0 26.7
Gulf Pharmaceutical Abu Dhabi 3.30 5.4 4.1 11.0
Aseer Saudi Arabia 30.97 5.0 6,535.7 33.2
Mabanee Co. Kuwait 1.16 3.6 1,630.1 3.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Ins. Abu Dhabi 6.30 (10.0) 30.0 6.8
Vodafone Qatar Qatar 17.89 (4.4) 5,484.9 67.0
Dubai Financial Market Dubai 3.63 (4.2) 32,117.9 47.0
Dubai Investments Dubai 3.96 (3.9) 20,811.9 70.2
Union National Bank Abu Dhabi 6.60 (3.7) 1,822.8 18.1
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.89 (4.4) 5,484.9 67.0
Qatar Gas Transport Co. 24.60 (3.1) 2,921.0 21.5
Qatar Islamic Insurance 72.80 (2.9) 89.2 25.7
Salam International Inv. Co. 14.38 (2.8) 977.6 10.5
Ahli Bank 52.00 (2.8) 9.7 22.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Co. 240.00 (1.6) 108,118.5 9.8
Vodafone Qatar 17.89 (4.4) 100,114.7 67.0
Qatar Gas Transport Co. 24.60 (3.1) 72,686.5 21.5
United Development Co. 25.90 (0.6) 59,141.1 20.3
Gulf International Services 90.00 1.5 44,818.1 84.4
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* 12,894.93 (0.3) 1.3 1.7 24.2 307.55 200,482.0 16.1 2.2 3.9
Dubai 5,301.94 (1.3) 4.4 4.8 57.3 647.12 99,587.5 21.5 2.0 2.0
Abu Dhabi 5,027.03 (0.5) (0.6) (0.3) 17.2 238.89 137,423.9 15.2 1.9 3.3
Saudi Arabia 9,745.09 0.0 0.9 1.7 14.2 2,667.80 530,006.6 19.4 2.4 2.9
Kuwait 7,419.29 0.3 (0.2) 0.2 (1.7) 137.21 115,857.9 16.6 1.2 4.1
Oman 6,780.46 0.3 0.5 0.8 (0.8) 17.28 24,513.4 12.1 1.7 3.9
Bahrain 1,469.41 0.2 2.9 2.9 17.7 7.93 54,059.3 11.2 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)
12,800
12,850
12,900
12,950
13,000
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 declined 0.3% to close at 12,894.9. The
Transportation and Real Estate indices led the losses. The index
fell on the back of selling pressure from Qatari shareholders
despite buying support from non-Qatari shareholders.
 Vodafone Qatar and Qatar Gas Transport Co. were the top
losers, falling 4.4% and 3.1% respectively. Among the top
gainers, Mannai Corp. and Qatar National Cement Co. rose
5.9% and 2.6% respectively.
 Volume of shares traded on Wednesday fell by 15.4% to 21.7mn
from 25.6mn on Tuesday. Further, as compared to the 30-day
moving average of 30.3mn, volume for the day was 28.4% lower.
Vodafone Qatar and Qatar Gas Transport Co. were the most
active stocks, contributing 25.3% and 13.5% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
National Bank of
Kuwait (NBK)
S&P Kuwait LT Credit Rating A+ A+ – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Union Properties (UP) Dubai AED 404.4 11.5% – – 179.8 720.6%
Arabtec Holding (ARTC) Dubai AED 2,152.00 39.3% – – 138.0 120.8%
Kuwait Projects Co. (KIPCO) Kuwait KD 137.0 NA – – 10.3 19.8%
Commercial Facilities Co.
(CFC)
Kuwait KD – – – – 3.8 20.2%
Qurain Petrochemical
Industries Co. (QPIC)
Kuwait KD – – – – 27.5 23.9%
Commercial Real Estate Co.
(CRC)
Kuwait KD – – – – 1.7 -68.0%
Global Financial Investments
Holding (GFIH)
Oman OMR 1.6 22.2% – – 0.2 -72.4%
Oman International
Development and
Investment Company
(Omnivest)
Oman OMR – – – – 7.9 0.5%
Takaful International Co. Bahrain BHD 7.0 1.5% – – 0.1 10.7%
Bahrain Kuwait Insurance
Co. (BKIC)
Bahrain BHD – – – – 1.9 107.9%
Oman Telecommunications
Company (Omantel)
Oman OMR – – – – 34.4 18.2%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/07 US MBA MBA Mortgage Applications 2 May 5.30% – -5.90%
05/07 US BLS Nonfarm Productivity 1Q2014 -1.70% -1.20% 2.30%
05/07 EU Markit Markit Eurozone Retail PMI April 51.2 – 49.2
05/07 France INSEE Industrial Production MoM March -0.70% 0.30% 0.10%
05/07 France INSEE Industrial Production YoY March -0.80% 0.50% -0.50%
05/07 France INSEE Manufacturing Production MoM March -0.70% 0.10% 0.30%
05/07 France INSEE Manufacturing Production YoY March 1.50% 2.10% 1.60%
05/07 France Ministry of the Economy Trade Balance March -4937M -4650M -3771M
05/07 France Markit Markit France Retail PMI April 50.3 – 50.0
05/07 Germany Deutsche Bundesbank Factory Orders MoM March -2.80% 0.30% 0.90%
05/07 Germany BMWi Factory Orders WDA YoY March 1.50% 4.30% 6.50%
05/07 Germany Markit Markit Germany Construction PMI April 49.7 – 52.5
05/07 Germany Markit Markit Germany Retail PMI April 53.1 – 50.2
05/07 UK BRC BRC Shop Price Index YoY April -1.40% -0.80% -1.70%
05/07 Italy Markit Markit Italy Retail PMI April 49.5 – 46.5
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.72% 71.86% (85,739,282.55)
Non-Qatari 38.28% 28.15% 85,739,282.55

3. Page 3 of 6
05/07 China Markit HSBC China Services PMI April 51.4 – 51.9
05/07 China Markit HSBC China Composite PMI April 49.5 – 49.3
05/07 Japan Markit Markit Japan Services PMI April 46.4 – 52.2
05/07 Japan Markit Markit/JMMA Japan Composite PMI April 46.3 – 52.8
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 BRES enters into share sale and purchase agreement in
relation to sale of Barwa City project to QDREIC’s unit for
QR7.57bn – Barwa Real Estate Company (BRES) has entered
into a share sale and purchase agreement in relation to the sale
of the Barwa City project to Labregah Real Estate Company, a
wholly-owned subsidiary of Qatari Diar Real Estate Investment
(QDREIC) for QR7.57bn. The closure of the transaction is
subject to customary conditions, while the purchase price is
subject to customary price adjustment. (QE)
 S&P: Qatari banks’ profitability to stay strong over 12
months – According to Standard & Poors (S&P), Qatari banks’
profitability is likely to remain strong over the next 12 months,
even as risks remain on structural mismatches in their balance
sheets, credit concentration and the country’s heavy reliance on
hydrocarbons. The banking sector in Qatar has been classified
under ‘Group 4’ – the fourth-lowest risk category on a 1-10 scale
– under S&P’s banking industry country risk assessment criteria.
(Gulf-Times.com)
 Qatar ranks second in built asset index – According to EC
Harris, Qatar ranked second among the world's 30 leading
countries in terms of per capita contribution to GDP from 'built
assets' estimated at $20,630 in 2013, closely followed by the
UAE. Qatar’s economy generates significant income per capita
from its built assets than many other countries, which bodes well
for its future economic growth. (Peninsula Qatar)
 MERS set for QR1.5bn expansion – Al Meera Consumer
Goods Company (MERS) is set to invest QR1.5bn for the
construction of nine malls, which are expected to be completed
within 2014. MERS’ CEO Guy Sauvage said that the new
branches would be distributed inside and outside of Doha,
where market is growing rapidly. Sauvage said MERS has
registered stellar growth year after year, which prompted it to
embark on an expansion spree to meet the needs of its market
base. (Gulf-Times.com)
 PwC: MPHC seen prompting more QE floats – According to
PricewaterhouseCoopers (PwC), the listing of Mesaieed
Petrochemical Holding Company (MPHC) is expected to prompt
other companies to float on the Qatar Exchange (QE). PwC said
that IPOs in the GCC countries during 1Q2014 improved YoY in
terms of value, but volumes have remained relatively stable at
two offerings. The total proceeds from the two IPOs in the GCC
– MPHC and Saudi Marketing Company – were higher by 183%
as compared to 1Q2013. (Gulf-Times.com)
 KCBK opens branch at The Pearl-Qatar – Al Khaliji
Commercial Bank (KCBK) has opened a branch at The Pearl-
Qatar, as part of its plans to expand its footprint in the country.
This is the third branch to be opened in the past six months, all
situated in strategic locations for serving the bank’s high-end
customer base. (Gulf-Times.com)
 QGMD to disclose 1Q2014 results on May 8 – Qatari German
Company for Medical Devices (QGMD) has announced that it
will disclose its 1Q2014 full financial results on May 8, 2014.
(QE)
 Barwa Bank is now Ooredoo's Nojoom partner – Ooredoo
has announced Barwa Bank as the newest partner of Nojoom,
the award winning reward program. Barwa Bank customers can
now redeem their Loyalty Points for Nojoom Points and in turn,
enjoy access to Nojoom's rewards and services from over 150
partners in Qatar and abroad. (Gulf-Times.com)
International
 Yellen: High degree of accommodation still needed – The
Federal Reserve Chair Janet Yellen made it clear she believes
the US economy still requires a strong dose of stimulus even
five years after the recession. Yellen said that a high degree of
monetary accommodation remains warranted since many
Americans who want a job are still unemployed and inflation is
below the central bank’s 2% target. Yellen highlighted the
weaknesses in the labor market such as the number of long-
term unemployed, even though the economic outlook has
improved. The Treasury market yield curve steepened after her
comments tempered expectations among some investors for a
faster pace of interest-rate hikes. (Bloomberg)
 BoE to stick with low rates even as UK recovery continues
– The Bank of England (BoE) looks set to keep its interest rates
at a record low, despite signs that the UK economic recovery is
picking up speed and that house prices are surging. Britain is
likely to grow faster than any other Group of Seven nation this
year and expectations are building that the BoE might raise
borrowing costs sooner than it has signaled. This week, the
pound has hit its highest level against the dollar in nearly five
years. The BoE hinted in February 2014 that the second quarter
of 2015 was the most likely timeframe. According to the latest
data, Britain's economy remains a tad below its size before the
2008-09 recession despite the speed of its turnaround. The BoE
thinks the recovery can continue without causing any inflation
pressure. (Reuters)
 ECB to hold course as euro strength challenges recovery –
The European Central Bank (ECB) is expected to take heart
from signs of life in the Eurozone economy and keep interest
rates on hold, resisting pressure to act in the face of a stronger
euro and persistently low inflation. Days before the Governing
Council met in Brussels for its May policy meeting, France's
Prime Minister Manuel Valls and the Organization for Economic
Cooperation & Development called for more stimulus as the
Euro marched towards a 2-1/2 year high. However, while the
ECB is expected to reiterate its concern about the impact the
strong currency has on low inflation, it is not expected to act
soon since data points to a firmer recovery and improved
financing conditions. A Reuters poll found that the euro would
need to reach $1.42 to spur any policy action, which is at $1.39
currently. (Reuters)
Regional
 GCC sets Jan 2015 to set up long-delayed customs union –
Kuwait's Finance Minister Anas al-Saleh said GCC states have
agreed to resolve hurdles obstructing the implementation of a
long-delayed customs union, particularly revenue sharing.
Leaders of the six-nation GCC region have set January 1, 2015
as the deadline to implement the customs union, which was first
launched in 2003 and was delayed on several occasions. Anas

4. Page 4 of 6
al Saleh said that there had been agreement on all points of the
agenda, including on the mechanism for distributing customs
revenues, which has been the biggest hurdle. (Qatar Tribune)
 GPCA to drive supply chain efficiency through SQAS – The
Gulf Petrochemicals & Chemicals Association (GPCA) has
launched a three-year assessment program across the GCC
region that will promote supply chain efficiency, flexibility and
transparency in the petrochemical & chemical industry. GPCA’s
Sustainability & Quality Assessment System (SQAS) is a
uniform, independent and standardized program for
petrochemical logistics service providers that will enable
companies to monitor progress in their environment, health,
safety, security and quality (EHSS&Q) processes. SQAS will
help them to identify and improve weak areas in the supply
chain and develop cost-efficient practices that shorten lead
times and are environmentally sustainable. (GulfBase.com)
 UMG, OEG to establish JV entity for offshore equipment –
Unique Maritime Group (UMG) has entered into a joint venture
agreement with OEG Offshore (OEG) to rent and sell offshore
equipment in the Middle East region. The newly established JV
‘OEG Unique’ will be based in both the UAE and Qatar, and will
provide local access to OEG's full range of 200 individual
certified designs of DNV 2.7-1 certified cargo carrying units and
A60 modules across the GCC countries. As part of the
agreement, the partners have invested $1mn in new equipment
including offshore containers, baskets, half heights, tanks and
waste equipment. (Bloomberg)
 Aon Saudi Arabia, BIBF to launch training academy – Aon
Saudi Arabia and the Bahrain Institute of Banking & Finance
(BIBF) have signed a deal to launch Aon Academy, an
accredited graduate development program aimed at training
Saudi youth in insurance and insurance brokerage services. The
academy will enable fresh Saudi graduates to be trained and
qualified to work in the insurance sector and develop it
according to global standards. (GulfBase.com)
 Nielsen: Saudi consumer confidence surges in 1Q2014 –
According to a survey by Nielsen, consumer confidence in Saudi
Arabia gained one-point to 102 during 1Q2014 over 4Q2013,
and a six-point increase from 1Q2013. On jobs outlook, 53% of
KSA respondents believe the job market would be good or
excellent in the upcoming year, while respondents were more
secure in money matters, with 62% believing their financial state
to be good or excellent. The recessionary sentiment in KSA
holds steady at 67%. (GulfBase.com)
 Saudi CMA approves Al Hokair Group’s IPO – The Saudi
CMA’s board has approved Abdul Mohsen Al-Hokair Group for
Tourism & Development Company's IPO of 16.5mn shares,
representing 30% of the company’s share capital. A portion of
the offered shares will be allocated to mutual funds and
authorized persons. The company's shares will be offered
during the period from May 28, 2014 to June 3, 2014, once the
book-building process is complete. (Tadawul)
 Saudi CMA allos MEFIC to offer IPO fund – The Saudi CMA’s
Board of Commissioners has approved the Middle East
Financial Investment Company (MEFIC) to offer MEFIC IPO
Fund. (Tadawul)
 SABIC dominates IP efforts in GCC countries – Saudi Basic
Industries Corporation’s (SABIC) CEO, Mohammad Al-Mady
said that the company owns most of the intellectual property in
the Kingdom, obtaining 380 patents in 2013. SABIC’s patents
accounted for 50% of what was presented by the GCC
countries. (GulfBase.com)
 AHAB offers new deal on $5.9bn debt – Saudi-based Ahmad
Hamad Algosaibi & Brothers Company (AHAB) is offering to
guarantee its banks at least a 20% payment on $5.9bn of debt,
as it seeks to end a dispute with its creditors after causing the
Middle East’s largest default. Chief Restructuring Officer Simon
Charlton said the company will pay 10 cents on the dollar using
cash from a share portfolio, if creditors agree to the offer and an
additional 10 cents in five years. Depending on the asset
recovery and litigation, AHAB will also pay up to an additional 30
cents, with gains above that level shared between the company
and creditors. (Bloomberg)
 Tadawul looking to go public soon – Saudi Arabia’s stock
exchange, Tadawul, is planning to sell shares in an IPO as it
seeks to gradually open up to foreigners and boost institutional
investment. Tadawul’s CEO, Adel Al Ghamdi said that it will hire
advisers soon for the share sale. That would make it the second
market in the GCC region to go public after Dubai’s bourse.
(Bloomberg)
 Kingdom hires HSBC to bifurcate SEC – According to
sources, Saudi Arabia has hired HSBC Holdings to advise on a
potential bifurcation of state-owned utility, the Saudi Electricity
Company (SEC) into four independent power-generation
companies. The Electricity & Cogeneration Regulatory Authority
is planning to offer as much as 25% in each of the SEC’s units
to international investors. (GulfBase.com)
 Flynas launches Jeddah–Cairo flights – Saudi-based Flynas
will launch daily non-stop flights from Jeddah to Cairo from June
2014. This will bring the total number of destinations it serves in
Egypt to seven. The carrier also signed a strategic MoU
agreement with Egyptian carrier Nesma Airlines aimed at
solidifying its presence and reach in Egypt and North Africa. The
agreement is expected to boost air links for Hajj and Umrah
pilgrims to Saudi Arabia from Egypt as well as cover high
demand between Egypt and Saudi Arabia. (Bloomberg)
 RAK’s tourism industry sees vast growth potential ahead –
The Ras Al Khaimah Tourism Development Authority (RAK
TDA) sees huge growth potential in the emirate’s tourism sector
due to its diverse landscape, rich heritage, temperate climate
and openings of top-notch hotels and resorts in man-made
Marjan Island. RAK TDA’s CEO Steven Rice said the emirate is
fast establishing itself as a global tourism destination with huge
potential for investment in hospitality projects. Rice said Ras Al
Khaimah reported 1.24mn guest nights in 2013 and in 2014 it
will increase further due to new openings of more hospitality
projects in the emirate. (Gulf-Base.com)
 Six new Damac projects to open – Damac Properties’
Managing Director Ziad El Chaar said that the company will
open six new hospitality projects comprising 2,550 keys before
the end of 2014 and total 10,000 keys will be operational in the
next three years. The Dubai-based luxury property developer
forays into hospitality business with the opening of its first
property Damac Maison near Dubai Mall on December 31, 2013
with 355 keys. According to the company, the project received
overwhelming response from investors and visitors as the first
property is fully sold out and witnessed more than 80%
occupancy level during first month of operations — January
2014. (Gulf-Base.com)
 Air Arabia starts operations in Ras Al Khaimah – UAE-based
Air Arabia has started its operations from its new hub in Ras Al
Khaimah on May 6, 2014. The launch of operations follows the
recent establishment of an Air Arabia hub at RAK International
Airport, which is the airline’s fourth international base, and
second in the UAE. (GulfBase.com)

5. Page 5 of 6
 EIIE signs deal with MoneyGram – Emirates India
International Exchange (EIIE) has entered into an agreement
with a US-based company MoneyGram International to offer
money transfer services across its locations in the UAE. This
agreement enables UAE-based consumers more convenient
locations to send and receive funds securely and quickly.
(GulfBase.com)
 Dubai leads as global hospitality destination – According to
Deloitte and STR Global’s quarterly report titled the ‘Middle East
Hotel Market Insight’, Dubai has established itself as a top
global hospitality destination. The demand for hotel
accommodation in Dubai has grown significantly in the last
seven years, with the demand measured in rooms sold rising by
79% between 2006 and 2013. KSA drove the largest number of
visits to Dubai in 2013 (1.4mn visits), followed by India (0.9mn
visits) and the UK (0.75mn visits). The key future growth
markets for Dubai are likely to be Saudi Arabia, the Russian
Federation, India and Iran. In 2006, Dubai had 233 hotels
providing 39,000 rooms across all sectors of the market,
including 152 unaffiliated or independent hotels. By 1Q2014, this
total stock had grown by almost 48% with the addition of 111
new hotels. (GulfBase.com)
 Aramex, InPost form e-commerce JV – Aramex and InPost
have formed a joint venture to ensure consumers across the
Middle East & Africa region will be able to access private
automated parcel lockers for all e-commerce activities. The new
partnership with Aramex will create a network of automated
parcel lockers that will be set up in all major cities across the
region. (DFM)
 MAF to introduce entertainment brand in 2014 – Majid Al
Futtaim (MAF) Leisure & Entertainment is looking to introduce a
new entertainment brand in 2014 in Dubai. One outlet will be at
Mirdif City Centre by the end of 2014 and two to three different
locations will be covered at the beginning of 2015. (Bloomberg)
 Kuwait Zain pays $12.5mn to up stake in Bahrain unit to
63% – Zain has bought a 6.25% stake in its Bahraini subsidiary
from Vodafone for $12.5mn, upping the Kuwaiti firm's stake to
63% which will allow it to retain majority control after the unit's
stock market listing. The acquisition values Zain Bahrain, which
must sell 15% of its shares in an IPO and list on Bahrain's
bourse as stipulated by its license terms, at $200mn. (Reuters)
 ABK posts KD8.13mn net profit in 1Q2014 – Al Ahli Bank of
Kuwait (ABK) has reported a net profit of KD8.13mn for 1Q2014
as compared to KD7.07mn for 1Q2013. EPS amounted to 5fils
at the end of 1Q2014. The NPL ratio reduced to 2.05% as
compared to 5.13% in 1Q2013. (GulfBase.com)
 CLH to invest €5mn in Muscat-Sohar pipeline project –
Spanish fuel transportation company CLH has announced an
initial investment of €5mn in a major fuel storage terminal and
multiproduct fuel pipeline project being developed jointly with
Oman Oil Refineries & Petroleum Industries Ltd (Orpic) in the
Sultanate. Orpic Logistics Company (OLC), a newly established
JV between Orpic (60%) and CLH (40%), is implementing the
Muscat-Sohar Products Pipeline (MSPP) project with a capital
investment of around $200mn. It centres on the construction of a
175,000 cubic meter capacity strategic fuel storage terminal at
Al Jifnain near Muscat, with pipeline linkages to Orpic’s two
refineries at Mina al Fahal (Muscat) and Sohar, as well as
Muscat International Airport. (GulfBase.com)
 Omani CMA approves NGC’s rights issue – Omani Capital
Market Authority (CMA) has approved the allotment of National
Gas Company’s (NGC) rights issue. The issue was subscribed
to the extent of 15.56mn shares, against an offer of 20mn. The
company is in the process of completing the formalities with
Muscat Clearing and Depository (MCD). (GulfBase.com)
 PEIE signs MoU with ECGA – Public Establishment for
Industrial Estates (PEIE) has signed a MoU with Export Credit
Guarantee Agency of Oman (ECGA) to promote Oman's non-oil
exports. Under the agreement, ECGA will also focus on
promoting its services to PEIE tenants (exporters), supporting
the creation of business opportunities for ECGA, and organizing
Business to Business Networking (B2B) between ECGA and
PEIE tenants. Further, the MoU calls for cooperation in various
fields including organizing conferences, seminars, workshops,
webinars, and other events. (GulfBase.com)
 Oman may cut petrol subsidies, no bond plans for 2014 –
Oman’s minister for financial affairs, Darwish al-Balushi, said
that the government is looking closely at cutting costly subsidies
in the sultanate, with petrol an obvious target. Balushi added
that Oman would not issue an international sovereign bond in
2014, with timing dictated by 2015 budget requirements. Further
privatizations of state-owned companies are also unlikely to take
place in 2014. (GulfBase.com)
 TDC distributes first coupon for the OMR50mn Sukuk Ijarah
– Tilal Development Company (TDC) has announced that it has
paid the initial semi-annual payment of 5% on April 30, 2014 to
the respective corporate Sukuk holders. The OMR50mn
corporate Sukuk was announced in 2013 and is based on the
Ijarah structure. (GulfBase.com)
 Naseej project completes phase one sale – Naseej-led
affordable housing public private partnership (PPP) project has
finished the tier one phase of sales of the 367 homes being
developed. Cebarco Bahrain, Chase Manara and Terna are the
three contractors undertaking works on different sites of the
project. (GulfBase.com)
 DAM awards Dragon City contract to Nass Contracting –
Diyar Al Muharraq (DAM) has awarded the Dragon City phase
one construction contract worth BHD16.15mn to Nass
Contracting Company. The project will take 14 months for
completion and is being developed by Dragon City, a subsidiary
of DAM. The mall will be operated by Chinamex Middle East. It
has a gross floor area of circa 51,000 sqm, approximately 700
individual retail store spaces, warehousing of 5,000 sqm, a
dining street of 6,000 sqm and car parking for 1,500 vehicles.
(GulfBase.com)
 BMMI finalizes BHD1.58mn land sale in Seef district – BMMI
announced that it has finalized the sale of land located in Seef
district for a total amount of BHD1.58mn. (Bahrain Bourse)
 KHCB reports net profit of BHD335,000 in 1Q2014 – Khaleeji
Commercial Bank (KHCB) has reported a net profit of
BHD335,000 in 1Q2014 as compared to BHD302,000 in
1Q2013. Total net income stood at BHD2.657mn as against
BHD2.738mn in 1Q2013. EPS amounted to 0.30 fils at the end
of 1Q2014 as compared to 0.27 fils a year earlier. Total assets
stood at BHD576.4mn as at March 31, 2014 as compared to
BHD542.2mn as at December 31, 2013. (Bahrain Bourse)
 Alubaf profit soars 35% – A Bahrain-based wholesale bank
Alubaf, reported a net profit of $11.6mn in 1Q2014, an increase
of 35% as compared to the 1Q2013. Alubaf's Chief Executive
Hasan Abulhasan said the main driver of the increase in income
was core business activity. Net interest income increased by
33% and fee & commission income by 70% as compared to the
same period last year. (Bloomberg)

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,
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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
0.0%
(0.3%)
0.3% 0.2% 0.3%
(0.5%)
(1.3%)(1.6%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,289.92 (1.4) (0.7) 7.0 DJ Industrial 16,518.54 0.7 0.0 (0.4)
Silver/Ounce 19.32 (1.4) (0.9) (0.8) S&P 500 1,878.21 0.6 (0.2) 1.6
Crude Oil (Brent)/Barrel (FM
Future)
108.13 1.0 (0.4) (2.4) NASDAQ 100 4,067.67 (0.3) (1.4) (2.6)
Natural Gas (Henry
Hub)/MMBtu
4.83 0.9 2.4 11.2 STOXX 600 336.03 (0.0) (0.5) 2.4
LPG Propane (Arab Gulf)/Ton 104.50 (1.1) (2.5) (17.4) DAX 9,521.30 0.6 (0.4) (0.3)
LPG Butane (Arab Gulf)/Ton 120.50 0.2 (2.4) (11.2) FTSE 100 6,796.44 (0.0) (0.4) 0.7
Euro 1.39 (0.1) 0.3 1.2 CAC 40 4,446.44 0.4 (0.3) 3.5
Yen 101.90 0.2 (0.3) (3.2) Nikkei 14,033.45 (2.9) (2.9) (13.9)
GBP 1.70 (0.1) 0.5 2.4 MSCI EM 1,004.50 0.1 0.1 0.2
CHF 1.14 (0.2) 0.2 1.9 SHANGHAI SE Composite 2,010.08 (0.9) (0.8) (5.0)
AUD 0.93 (0.3) 0.5 4.6 HANG SENG 21,746.26 (1.0) (2.3) (6.7)
USD Index 79.20 0.1 (0.4) (1.0) BSE SENSEX 22,323.90 (0.8) (0.4) 5.4
RUB 34.94 (1.3) (2.5) 6.3 Bovespa 54,052.74 0.5 2.0 4.9
BRL 0.45 0.5 0.2 6.6 RTS 1,227.75 4.7 6.9 (14.9)
185.3
154.4
140.6