1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.3% to close at 11,482.3. Gains were led by the Industrials
and Banks & Financial Services indices, gaining 1.9% each. Top gainers were
Qatar Gen. Ins. and Reins. Co. and Qatar Cinema & Film Distr. Co., rising
4.7% and 3.9% respectively. Among the top losers, Zad Holding Co. fell 8.7%,
while Mannai Corp. declined 4.8%.
GCC Commentary
Saudi Arabia: The TASI index declined 0.3% to close at 9,423.1. Losses were
led by the Real Estate Dev. and Hotel & Tourism indices, falling 1.3% each.
WAFA Insurance declined 10.0%, while Petro Rabigh fell 3.6%.
Dubai: The DFM index fell 0.1% to close at 4,380.7. Losses were led by the
Insurance and Transportation indices, declining 2.1% and 1.5% respectively.
NGI fell 9.6%, while GGICO declined 4.1%.
Abu Dhabi: The ADX benchmark index rose marginally to close at 4,855.1.
The Industrial index gained 1.3%, while the Insurance index 1.2%. National
Bank of Umm Al-Qaiwain and Green Crescent Insurance surged 14.9%, each.
Kuwait: The KSE index declined 0.1% to close at 7,584.8. The Real Estate
index fell 1.0%, while the Telecom. index was down 0.7%. Alargan Int. Real
Estate declined 10.3%, while FLEX Resorts & Real Estate was down 7.1%.
Oman: The MSM index fell 0.1% to close at 6,921.8. The Financial Index
declined 0.2%, while all other sub indices ended in green. Al Madina Takaful
fell 3.9%, while National Aluminium Products was down 2.9%.
Bahrain: The BHB index declined 1.0% to close at 1,341.0. The Commercial
Banks index fell 2.2%, while other indices remained positive or unchanged.
Ahli United Bank declined 3.3%, while Nat. Bank of Bahrain was down 2.8%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Gen. Ins. and Reins. Co. 41.90 4.7 0.1 5.0
Qatar Cinema & Film Distr. Co. 42.95 3.9 1.6 7.1
Commercial Bank of Qatar 62.80 3.8 724.4 6.4
National Leasing 29.20 3.7 833.6 (3.2)
Doha Bank 60.90 3.6 681.0 4.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 20.48 0.5 3,645.4 (4.9)
Mesaieed Petrochemical Holding 36.95 0.7 2,744.0 270.0
Barwa Real Estate Co. 36.25 (0.1) 1,330.0 21.6
Mazaya Qatar Real Est. Develop. 13.75 0.7 1,209.3 23.0
National Leasing 29.20 3.7 833.6 (3.2)
Market Indicators 27 Mar 14 26 Mar 14 %Chg.
Value Traded (QR mn) 856.8 716.9 19.5
Exch. Market Cap. (QR mn) 643,530.9 634,804.2 1.4
Volume (mn) 18.2 16.7 8.7
Number of Transactions 9,490 9,634 (1.5)
Companies Traded 43 38 13.2
Market Breadth 33:9 22:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,040.36 1.7 1.4 14.9 N/A
All Share Index 2,946.58 1.5 1.4 13.9 14.9
Banks 2,794.10 1.9 2.2 14.3 14.7
Industrials 4,074.56 1.9 1.2 16.4 15.8
Transportation 2,024.19 1.3 2.0 8.9 14.1
Real Estate 2,217.69 1.7 3.2 13.5 14.4
Insurance 2,808.22 1.3 (0.6) 20.2 7.8
Telecoms 1,495.56 0.1 (0.7) 2.9 20.6
Consumer 6,889.54 0.0 (0.4) 15.8 30.0
Al Rayan Islamic Index 3,533.01 1.1 1.4 16.4 17.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
NBQ Abu Dhabi 3.55 14.9 16.5 7.6
Comm. Bank of Dubai Dubai 6.05 5.2 0.1 40.4
Saudi Inter. Petro. Co. Saudi Arabia 32.40 5.2 5,346.6 1.9
Qatar Gen. Ins & Rein. Qatar 41.90 4.7 0.1 5.0
Kuwait Finance House Kuwait 0.95 4.4 6,790.3 18.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat Mobile Tele. Co. Kuwait 1.74 (7.4) 1.8 (1.1)
Comm. Real Estate Co. Kuwait 0.10 (5.8) 3,396.1 6.5
Mannai Corp. Qatar 90.00 (4.8) 10.3 0.1
Bank of Sharjah Abu Dhabi 2.02 (4.7) 663.5 12.8
Al Meera Consumer Qatar 151.00 (4.4) 76.7 13.3
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 71.30 (8.7) 257.1 2.6
Mannai Corp. 90.00 (4.8) 10.3 0.1
Al Meera Consumer Goods Co. 151.00 (4.4) 76.7 13.3
Qatar Navigation 90.70 (3.3) 73.4 9.3
Qatar & Oman Investment Co. 11.76 (1.6) 61.4 (6.1)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
QNB Group 181.50 2.3 109,221.6 5.5
Industries Qatar 183.00 3.0 102,455.5 8.3
Mesaieed Petrochemical Holding 36.95 0.7 101,500.4 270.0
United Development Co. 20.48 0.5 74,935.5 (4.9)
Barwa Real Estate Co. 36.25 (0.1) 48,107.9 21.6
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* 11,482.34 1.3 1.0 (2.5) 10.6 235.28 176,713.6 15.0 1.9 4.3
Dubai 4,380.67 (0.1) 1.8 3.8 30.0 342.68 87,904.6 19.1 1.6 2.2
Abu Dhabi 4,855.10 0.0 1.5 (2.1) 13.2 219.24 128,591.4 14.6 1.7 3.8
Saudi Arabia 9,423.08 (0.3) 1.3 3.5 10.4 2,122.68 512,153.4 19.3 2.4 3.2
Kuwait 7,584.76 (0.1) 0.4 (1.4) 0.5 129.01 115,797.1 16.4 1.2 3.8
Oman 6,921.78 (0.1) (0.2) (2.7) 1.3 25.44 24,844.1 11.4 1.6 3.6
Bahrain 1,341.01 (1.0) (3.3) (2.3) 7.4 2.32 51,328.9 9.3 0.9 5.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,250
11,300
11,350
11,400
11,450
11,500
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE index rose 1.3% to close at 11,482.3. The Industrials
and Banks & Financial Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Qatar Gen. Ins. and Reins. Co. and Qatar Cinema & Film Distr.
Co. were the top gainers, rising 4.7% and 3.9% respectively.
Among the top losers, Zad Holding Co. fell 8.7%, while Mannai
Corp. declined 4.8%.
 Volume of shares traded on Thursday rose by 8.7% to 18.2mn
from 16.7mn on Wednesday. Further, as compared to the 30-day
moving average of 16.4mn, volume for the day was 10.8%
higher. United Development Co. and Mesaieed Petrochemical
Holding were the most active stocks, contributing 20.0% and
15.1% 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
Fujairah
Moody's
Saudi
Arabia
LT / LLT / FLT / FSR /
ST
–
Baa1/ Baa1/
Baa1/ D+/P-2
– Stable –
Sharjah Islamic
Bank
Fitch
Saudi
Arabia
Viability bb bb+  – –
Takaful International
Co.
AM Best Bahrain – – – – 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, LLT – Local LT Bank Deposits, FLT – Foreign LT Bank Deposits)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
AI Khazna Insurance
Company*
Abu Dhabi AED 95.4 -31.7% – – -162.9 NA
Methaq Takaful Insurance
Company*
Abu Dhabi AED 238.0 478.3% – – 2.6 NA
GULF GENERAL
INVESTMENTS CO.*
Dubai AED 1719.5 -10.9% – – 70.7 NA
Global Investment House* Bahrain KD 0.0 NA – – 1.9 NA
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/27 US BEA GDP Annualized QoQ 4Q2013 2.60% 2.70% 2.40%
03/27 US BEA GDP Price Index 4Q2013 1.60% 1.60% 1.60%
03/27 US BEA Core PCE QoQ 4Q2013 1.30% 1.30% 1.30%
03/27 US Department of Labor Continuing Claims 15-March 2823K 2882K 2876K
03/27 US Bloomberg Bloomberg Consumer Comfort 23-March -31.5 – -29
03/28 US BEA Personal Income February 0.30% 0.30% 0.30%
03/28 US BEA Personal Spending February 0.30% 0.30% 0.20%
03/28 US BEA PCE Deflator MoM February 0.10% 0.10% 0.10%
03/28 US BEA PCE Deflator YoY February 0.90% 0.90% 1.20%
03/28 US BEA PCE Core MoM February 0.10% 0.10% 0.10%
03/27 EU European Central Bank M3 Money Supply YoY February 1.30% 1.30% 1.20%
03/27 EU European Central Bank M3 3-month average February 1.20% 1.20% 1.20%
03/28 EU European Commission Economic Confidence March 102.4 101.4 101.2
03/28 EU European Commission Industrial Confidence March -3.3 -3.5 -3.5
03/28 EU European Commission Consumer Confidence March -9.3 – -9.3
03/28 EU European Commission Services Confidence March 4.2 3.7 3.3
03/28 EU European Commission Business Climate Indicator March 0.39 0.38 0.36
03/27 France INSEE Consumer Confidence March 88.0 85.0 85.0
03/28 France INSEE Consumer Spending YoY February -0.30% 0.70% -0.50%
03/28 France INSEE Consumer Spending MoM February 0.10% 0.80% -2.10%
03/28 France INSEE PPI YoY February -1.70% -1.40% -1.20%
03/28 France INSEE PPI MoM February -0.10% 0.30% -0.60%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 55.29% 63.65% (71,611,148.35)
Non-Qatari 44.71% 36.35% 71,611,148.35

3. Page 3 of 7
03/28 Germany Destatis Import Price Index MoM February -0.10% 0.20% -0.10%
03/28 Germany Destatis Import Price Index YoY February -2.70% -2.40% -2.30%
03/28 Germany Destatis CPI MoM March 0.30% 0.40% 0.50%
03/28 Germany Destatis CPI YoY March 1.00% 1.10% 1.20%
03/28 UK GfK NOP (UK) GfK Consumer Confidence March -5.0 -6.0 -7.0
03/28 UK Lloyds Bank Lloyds Business Barometer March 44.0 – 53.0
03/28 UK ONS GDP QoQ 4Q2013 0.70% 0.70% 0.70%
03/28 UK ONS GDP YoY 4Q2013 2.70% 2.70% 2.70%
03/28 UK ONS Total Business Investment QoQ 4Q2013 2.40% 2.40% 2.40%
03/28 UK ONS Total Business Investment YoY 4Q2013 8.70% 8.50% 8.50%
03/27 Spain INE Total Mortgage Lending YoY January -25.80% – -26.30%
03/28 Spain INE Retail Sales YoY February -0.40% – -0.30%
03/28 Spain INE Retail Sales SA YoY February -0.50% -0.50% 0.50%
03/28 Spain INE CPI YoY March -0.20% 0.00% 0.00%
03/27 Italy ISTAT Business Confidence March 99.2 99.5 99.1
03/28 Italy ISTAT PPI MoM February 0.00% – 0.00%
03/28 Italy ISTAT PPI YoY February -1.70% – -1.50%
03/27 China NBS Industrial Profits YTD YoY February 9.40% -- --
03/28 Japan Ministry of Int. Affairs a Natl CPI YoY February 1.50% 1.50% 1.40%
03/28 Japan METI Retail Trade YoY February 3.60% 3.50% 4.40%
03/28 Japan METI Retail Sales MoM February 0.30% -0.10% 1.60%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Net profit of Qatar Exchange companies up 11.11% to
QR42bn for 2013 – The combined net profit of all listed
companies on the Qatar Exchange (QE) amounted to QR42bn
for the financial year ended December 31, 2013, which is a
11.11% increase over QR37.8bn reported for the corresponding
period in 2012. Vodafone Qatar's financials are not included
since its financial year starts on April 1 and ends on March 31.
(QE)
 Qatar to allocate more to non-oil sectors – Qatar's general
budget for 2014-15 will have a higher allocation for
infrastructure, logistics, education and health sectors, as it
diversifies its economy away from hydrocarbons. The Finance
Minister Ali Shareef Al-Emadi stated that ample allocations have
also been made for sports-related activities given the fact that
the country is hosting the 2022 FIFA World Cup. He added that
the higher allocations will encourage the private sector in a big
way and contribute to Qatar's economy. (Bloomberg)
 MEED: 3 local firms among 10 winning most contracts in
Qatar in 2013 – According to the Middle East Economic Digest
(MEED) report, three Qatari companies - Gulfar al Misnad, HBK
Contracting and Qatar Building Company- are among the top
ten firms that won most contracts in the country in 2013. Galfar
al Misnad - a sister company of Galfar Engineering &
Contracting (GECS) - won major projects at the Dukhan Field as
well as a huge $2.2bn contract on the Doha Metro Red Line
North in JV with two other contractors. Hamad bin Khalid
Contracting Company (HBK Contracting) got engaged in Qatar's
biggest projects like Doha Metro Green Line, phase 3 of the
Msheireb central Doha renovation project and the New Doha
port project. Qatar Building Company (QBC) bagged contracts
to build two landmark metro stations at Education City and
Msheireb through its JV with Spain's OHL and South Korea's
Samsung C&T. According to the MEED report, the work won in
Qatar last year was split equally between local and international
contractors. (Qatar Tribune)
 Barwa Bank’s net profit jumps 46% to QR504 in 2013 –
Barwa Bank posted a net profit of nearly QR504mn in 2013, up
46% over the same period in 2012. The bank’s total assets
jumped 33% to reach QR33.6bn in 2013 on account of a 26%
growth in its financing portfolio, which went up from QR15.3bn to
QR19.3bn. Customer deposits rose from QR14.8bn to
QR21.2bn. EPS rose from QR1.17 to QR1.68 in 2013, which
indicates a 43% gain. (Gulf-Times.com)
 QGTS eyes expansion – Qatar Gas Transport Company
(QGTS) is looking to expand investments both within the country
and abroad by further increasing its fleet of LNG carriers and
raising stake in Greece’s Maran Gas. The company’s current
investments are to the tune of QR54.6bn. QGTS – a listed
shipping company established by Qatar to own, operate and
manage LNG vessels as well as provide shipping and marine-
related services to a range of participants within the Qatari
hydrocarbon sector, will have a fleet of 58 carriers by 2014-end.
The company’s Managing Director Abdullah Fadhalah al-Sulaiti
said that QGTS intends to increase its fleet of LNG carriers and
it was already holding talks with a number of European and
Asian countries. He noted that a part of that strategy was raising
the company’s stake in Greece’s Maran Gas. QGTS has upped
its stake by 10-40%. The new four carriers will take the
company’s fleet strength to 58. He added that the four new
carriers costing $900mn would be delivered in 2014. (Gulf-
Times.com)
 IQ to focus on maximizing current operating assets, explore
international opportunities – Industries Qatar’s (IQ) Chairman
and HE the Minister of Energy & Industry, Dr. Mohamed bin
Saleh Al-Sada said that the company is expecting minimal
organic expansion in the coming five years and will focus on
maximizing its current operating assets as well as exploring
international opportunities and selective products diversification.
Al-Sada added that with the conclusion of a QR12.8bn capital
expenditure & investment program in 2012 and the nascent
stage of IQ’s most-recently announced projects, its profits will be
primarily determined by international product prices and facility
utilization rates. He stated that during this intervening period,
before the launch of IQ’s next phase of major projects in Algeria
and Qatar, it will continue to focus on maximizing the value of its
current operating assets, exploring opportunities to replicate its

4. Page 4 of 7
existing business model beyond Qatar and diversifying into
specialized products on a selective basis. Meanwhile, Al-Sada
stated that the company’s net assets increased more than three
fold over the last 10 years, registering an annual average growth
of 16% in its net profit. He added that the group by investing
over QR20bn in building and improving facilities has laid the
foundation for continuation of its impressive growth story in
2013. (Gulf-Times.com, Bloomberg)
 Ooredoo launches new disaster recovery solution for
businesses – Ooredoo has announced the launch of a new
Smart Solution - Out of Country Disaster Recovery - for
enterprises and other major companies as part of its ongoing
plans to enhance data security for all businesses across Qatar.
Ooredoo said the Out of Country Disaster Recovery service
provides businesses with peace of mind, linking their data
centers with managed hosting and co-location support to three
global sites in East Asia (Singapore), Europe (London), and
America (Santa Clara). By providing companies with an instant
link to top-tier data centers around the world, companies through
this service can be rest assured that they will always have
access to their systems and the capacity to recover all data -
even if their own data center is damaged by fire, flood or natural
disaster. (Gulf-Times.com)
 Doha airport passenger traffic increases by 12.45% in
February – Doha International Airport (DIA) announced that its
passenger footfall increased by 12.45% to 1,973,823 in
February 2014 as compared to the same period in 2013. The
February cargo traffic also increased by 12.69% at DIA. DIA’s
Senior Public Relations & Communications Manager Abdulaziz
Al Mass said DIA is witnessing continuous growth across its
entire portfolio from passenger numbers and aircraft
movements, to its mail and cargo traffic. (Peninsula Qatar)
 IBQ selects Fiserv to manage money-laundering and fraud
prevention strategy – Fiserv has announced that the
International Bank of Qatar (IBQ) has selected its Financial
Crime Risk Management (FCRM) Platform to manage its
money-laundering and fraud prevention strategy. IBQ’s Head of
Compliance Basil Falah said the bank is growing rapidly and a
comprehensive as well as an adaptable fraud & compliance
solution is vital towards achieving sustainable growth &
satisfying regulatory requirements. Fiserv offers IBQ a single
solution with a single database to manage all financial crime
risk. (Bloomberg)
 DOHI receives approval to extend capital subscription
period – The Doha Insurance Company (DOHI) has received
the Ministry of Economy’s approval for extending the company’s
capital subscription period for one additional week from April 1,
2014 to April 7, 2014. (QE)
 QE announces trading suspension of ORDS’ shares on
March 30 – The Qatar Exchange (QE) announced trading
suspension of Ooredoo’s (ORDS) shares on March 30, 2014
due to the company’s scheduled AGM on that day. (QE)
International
 The Eurozone took another important step two weeks ago
to create a banking union. Eurozone leaders agreed to
delegate the responsibility of supervising banks to the European
Central Bank (ECB) starting next year and create a unified
system for handling banking crises. Going forward, this will
ensure that the risk of another Eurozone financial crisis is
reduced and the link between the resolution of banking crises
and sovereign debt is diminished. In sum, the agreement to
move to a Eurozone banking union is a welcome step. The
banking union will finally create a Eurozone-wide level playing
field for banks to compete under a single regulatory
environment. National governments will no longer be able to
interfere in the supervision of banks. More importantly, the
establishment of the Euro Bank Resolution Fund will finally
break the deadly embrace that caused so much harm to the
Eurozone in the last few years. Overall, the creation of a
banking union represents another important step to strengthen
the credibility of the Euro. (QNB Group)
 US banks await next regulation bombshell – With the latest
Fed stress tests out of the way, US banks and investors are now
weighing up the potential impact of the next major regulatory
move - the Orderly Liquidation Authority resolution rules, which
could see the eight largest US banks having to issue at least
US$83bn of subordinated bonds in the coming years. Banks
were hopeful that the Fed would release a so-called Notice of
Proposed Rulemaking as early as the second quarter, which
would outline just how much debt and equity as a percentage of
risk-weighted assets the eight largest US firms would need.
(Reuters)
 US consumers lift spending, but sentiment slips – US
consumers stepped up spending a bit in February as incomes
increased for the second straight month, offering hope that the
economy was regaining its footing after being slammed by an
unusually cold winter. The Commerce Department data took the
sting out of a separate report that showed dipping consumer
sentiment in March. Economists said they expected household
morale to perk up with warmer weather in the spring. Consumer
spending rose 0.3 percent last month after a downwardly
revised gain of 0.2 percent in January. Separately, the Thomson
Reuters/University of Michigan's consumer sentiment index
dipped to 80.0 in March from 81.6 in February. It changed little
from a preliminary reading earlier this month. A combination of
bad weather, an effort by business to work off bloated
inventories, the expiration of long-term unemployment benefits
and cuts to food stamps is expected to hold back growth to
around a 1.5% annual pace in the first quarter. But a rebound is
expected as those factors fade. The economy grew at a 2.6%
rate in the fourth quarter. (Reuters)
 Bundesbank, PBOC sign accord to make Frankfurt Yuan
hub – The Frankfurt-based Bundesbank said Germany’s
Bundesbank and the People’s Bank of China have agreed to
cooperate in the clearing and settling of payments in renminbi,
paving the way for Frankfurt to corner a share of the offshore
market. The central banks have signed a memorandum of
understanding in Berlin, when Chinese President Xi Jinping met
German Chancellor Angela Merkel. According to the Society for
Worldwide Interbank Financial Telecommunication, Germany’s
financial capital prevailed over Paris and Luxembourg in a Euro
zone race to win trade in renminbi, which overtook the Euro to
become the second-most used currency in global trade finance
in October. The UK Treasury said that the Bank of England
would sign an initial agreement with the PBOC on March 31 to
clear and settle Yuan transactions in London. China is loosening
exchange rate controls in an overhaul of its $9tn economy. The
accord follows the establishment of a 350bn Yuan ($56bn) and a
€45bn ($62 bn) bilateral swap line between the PBOC and the
ECB in October, bolstering access to trade finance in the Euro
zone. (Bloomberg)
 Japan to speed up spending as consumers flash warning –
Japan will speed up deployment of government cash in the
coming months as a surprise drop in consumer spending in
February triggered concerns that the nation’s long-awaited
inflation is now damaging purchasing power. Finance Minister
Taro Aso told that data showing a slump in household
expenditure two months before the first sales-tax increase since

5. Page 5 of 7
1997 was a problem, and Prime Minister Shinzo Abe’s
administration will pour 40% of its outlays for the next fiscal year
into the April-June quarter. He has already pledged to fast-track
stimulus spending. Data also showed inflationary pressures are
spreading even before the 3% point sales-tax increase takes
effect on April 1, as durable goods prices soared the most since
the early 1980s. With officials striving to prevent a repeat of the
recession that followed the rise in the levy 17 years ago, the
central bank also may face calls for action. (Bloomberg)
 ECB's Weidmann: Euro zone not in deflationary cycle –
Bundesbank President Jens Weidmann said the Euro zone is
not in a deflationary cycle and the European Central Bank (ECB)
should not overreact to a slowdown in inflation caused largely by
cyclical factors which should prove temporary. The comments
from the head of Germany's central bank, also a member of the
ECB's governing council, follow remarks last week which
investors interpreted as a softening of long-held German
resistance to more radical action to support growth. The ECB is
running official interest rates at a record low but unlike other
major central banks has resisted calls to follow that move with
outright "quantitative easing" to pump more money into the
economy. Weidmann said that about two thirds of the falloff in
Euro zone inflation to 0.7%, the lowest since the economy was
deep in recession in 2009, could be attributed to falls in energy
and food prices. (Reuters)
 Euro zone banks slow crisis loan returns as extra cash falls
– The pace at which Euro zone banks are repaying their crisis
loans to the European Central Bank(ECB) has slowed
significantly as extra cash in the system reaches critically low
levels. Banks will return €1.558bn ($2.14bn) to the ECB on April
2, a lot less than this week's repayments of €18.909bn and also
far below the €9bn forecast in a Reuters poll. Banks have repaid
in total around €40bn over the past three weeks, driven in part
by the expiry of some of the sovereign bonds that they had
bought with the cheap money. Lenders have also been shaping
up their balance sheets for the ECB review of their assets before
it takes over banking supervision. This meant that excess
liquidity - the amount of money banks have beyond what they
need for their day-to-day operations - fell to €104bn, the lowest
since late 2011. It peaked in early 2012 at around €800bn.
Overnight bank-to-bank borrowing costs are expected to move
up once excess liquidity drops below a certain level, seen
between €80bn and €100bn. (Reuters)
Regional
 Oil Movements: OPEC to cut oil exports on falling Asian
demand – According to Oil Movements, the OPEC will curtail
exports through mid-April 2014 in response to lower seasonal
demand from refiners in Asia. OPEC, which is responsible for
40% of global oil supplies, will reduce shipments by 620,000
bpd, or 2.5%, to 23.78mn a day in the four weeks to April 12,
2014. The figures exclude two of OPEC’s 12 members, Angola
and Ecuador. The global oil consumption typically ebbs at the
end of 1Q2014 as heating fuel demand tapers off and refiners
start performing routine overhauls. Oil Movements said the
Middle Eastern exports will average 17.43mn bpd in the four
weeks to April 12 as compared to 17.93mn bpd in the period to
March 15. Oil Movements data showed that these figures
include non-OPEC nations Oman and Yemen. Crude on board
tankers will drop by 1.6% to 489.21mn barrels in the four weeks
to April 12, from 496.93mn in the previous period. (Gulf-
Times.com)
 Moody’s assigns credit positive to Gulf telecom operators –
Moody’s has given a credit positive to Gulf telecom operators
who have signed deals to share their mobile networks. On
March 18, Etisalat (Aa3 stable) signed a MoU with six other
mobile telephony companies active in the Middle East and Africa
– Ooredoo (A2 stable) and Saudi Telecom Company (STC, A1
stable) are among them. The pact is credit positive because the
telecom operators within GCC countries – Etisalat, Ooredoo and
STC – will benefit from lower operating costs and more efficient
uses of capital owing to the infrastructure-sharing agreement.
Moody’s Vice President – Senior Analyst Martin Kohlhase said
the reduced costs will help operating profitability, which has
been declining for a number of years. He added that the three
operators’ capital expenditures have been high as compared
with group sales and relative to European telcos, averaging 21%
in 2013, up from 17% in 2012 and 2011, which is more in line
with the average for European telecom operators. (Bloomberg)
 SCTA: Saudi tourism sector set to create 1.7mn jobs –
According to a report released by the Saudi Commission on
Tourism and Antiquities (SCTA), Saudi Arabia’s tourism sector
is set to create 1.7mn jobs over the coming six years, as the
President of the Saudi Commission for Tourism and Antiquities
(SCTA) Prince Sultan Bin Salman told. The tourism sector
contributes to 2.6% of the Saudi economy. In line with this, Elaf
Group of Companies’ President and a member of the Makkah
Tourism Development Council Ziyad Bin Mahfouz, said that the
country’s rapidly developing tourism industry is on the right track
to achieve success registering a continuous YoY growth with the
prospects of gaining better results in the next few years. (Gulf-
Base.com)
 SEC’s planned sukuk sale poised to jump-start dollar-
denominated Islamic bond issuance in GCC countries –
Saudi Electricity Company’s (SEC) planned sukuk sale is poised
to jump-start dollar-denominated Islamic bond issuance in the
GCC countries after the slowest 1Q2014 in five years. The
company said it has hired banks for a proposed sukuk sale,
which would be the second dollar issuance from the six GCC
nations in 2014 after Dubai Investments’ $300mn sale in
January. According to data compiled by Bloomberg, there were
four sales worth a record $3.6bn in 1Q last year. SEC could be
joined in the sukuk sell process by Damac Real Estate
Development Ltd, which received a preliminary rating from
Standard & Poor’s. According to data compiled by Bloomberg,
the company’s $1bn sukuk due April 2043 is the best returning
corporate Islamic bond from the GCC in 2014. (Gulf-Times.com)
 Saudi CMA approves offering of investment fund – The
Saudi CMA board of commissioners issued its resolution
approving involving its approval for Saudi Kuwaiti Finance
House Company to offer Baitk IPO Fund. (Tadawul)
 Saudi CMA approves offering of investment fund – The
Saudi CMA board of commissioners issued its resolution
involving its approval for Alawwal Capital Company to offer AL
AWWAL Food and Health Care Fund. (Tadawul)
 ADIB's AGM approves 50% of 2013 net profits as cash
dividend – Abu Dhabi Islamic Bank (ADIB) announced the
distribution of 30.66% cash dividend and 26.87% bonus shares
for the year 2013 to shareholders registered with the Abu Dhabi
Securities Market. The cash dividends represent 50% of the full
year net profits for 2013. (ADX)
 RAK Insurance proposes 15% cash dividend – RAK
Insurance Company’s board of directors proposed a 15%
(AED15mn) cash dividend of its profits for the year ending
December 31, 2013. (ADX)
 Nakheel wins AED700mn contract – Nakheel has won a
contract worth AED700mn for the construction of its Warsan
Village Community to Ginco General Contracting. The Dubai

6. Page 6 of 7
developer said the contract covers the construction of 936
townhouses at Warsan Village, its new, gated community
located south-west of International City. Spanning 47.5
hectares, the Warsan Village will also feature a recreation
center, mosque and 250 apartments set above a retail plaza
with 365 outlets. The construction contracts for these will be
awarded at a later date. (Bloomberg)
 Damac plans to raise $500mn through five-year sukuk –
According to Standard & Poor’s (S&P), which has assigned a
preliminary rating of BB to the issue, Dubai-based Damac Real
Estate is expected to raise $500mn through the five-year note.
The company will begin a three-day roadshow in Singapore,
before moving to the UAE and London. (Gulf-Times.com)
 AXA expands in GCC region, opens new outlet in Sharjah –
AXA Insurance Gulf, continuing its expansion strategy across
the GCC countries, has announced the opening of its new AXA
outlet at Sahara Centre in Sharjah. The outlet offers products,
including home, motor, travel, healthcare as well as SME
insurance solutions. Jérôme Droesch, CEO of AXA Insurance
Gulf, said: “Over the last few months, we have spread our
presence across strategic locations in the UAE and across the
wider Gulf. This is part of our strategy to make our AXA outlets
accessible to our customers. Our new outlet at the iconic Sahara
Centre helps customers to choose their preferred insurance
products with added ease and convenience.” (Gulfbase.com)
 NBK: Kuwait's oil exports fell to $109bn in 2013 – The
National Bank of Kuwait (NBK) report showed that Kuwait's oil
exports edged down to KHD30.8bn in 2013, a slight dip of 3%
as compared with the earlier year's figures. The drop is a result
of dwindling oil prices following a fall in international oil prices in
2013, triggered by huge oil production by non-OPEC members
and moderate global oil demand. (Bloomberg)
 Kuwait investments to spur bank lending – According to the
country’s biggest bank and Moody’s Investors Service, Kuwait
bank lending is poised to increase at the fastest pace since
2009 after investment firms cut debt and the government
implemented projects. National Bank of Kuwait’s senior
economist Nemr Kanafani sees credit growth continuing to
accelerate in 2014 to around 9 to 10%. The Gulf nation is
pouring billions of dollars into projects that include an oil
refinery, a power station and a causeway linking the capital with
the north of the country. Moody’s expects credit growth in
OPEC’s third-biggest producer at as much as 14% in 2014 as
compared to about 10% in the UAE. (Gulf-Times.com)
 Six Oman projects bag 2014 MEED awards – Six Oman
projects bagged the Middle East Economic Digest (MEED)
awards for 2014, the highest in the GCC region. According to
MEED, Duqm Frontier Town project, Salalah Gardens, PDO’s
Saih Nihayda Depletion Compression & Solar EOR, APR
Energy’s Oman 32MW peak shaving power project and Oman
Educational Service’s GUtech were selected in the national
round of the MEED Quality Awards for Projects 2014, in
association with Mashreq. (Bloomberg)
 Oman’s foreign exchange reserves increases to
OMR6.221bn – Oman’s foreign exchange reserves increased to
OMR6.221bn in January 2014 from OMR6.133bn during the
same period last year. According to the Central Bank of Oman,
the foreign exchange reserves averaged OMR3,488.35mn from
2002 until 2014, reaching an all-time high of OMR6,628.10mn in
May of 2013 and a record low of OMR1,167.30mn in January of
2003. In Oman, the foreign exchange reserves are the foreign
assets held or controlled by the country’s central bank. The
reserves are made of gold or a specific currency. Last month the
central bank said that the Sultanate may have to start selling
foreign assets or borrow in international markets in the coming
years if the government spending rises during a period of lower
oil prices and economic growth. (Bloomberg)
 NBO approves 15% cash dividend – National Bank of Oman’s
(NBO) AGM has approved the distribution of 15% cash dividend
on the paid-up capital (OMR0.015 per one share) and the
distribution 10% stock dividend on the paid-up capital (10 shares
for every one hundred shares). The bank also approved the
distribution of remuneration of OMR120,700 to the members of
the board of directors for FY2013. (MSM)
 AACT approves 20% cash dividend – Al Anwar Ceramic Tiles
Company’s (AACT) AGM has approved the cash dividend of
20% on the paid-up capital (OMR020 baiza’s) per share and
stock dividend of 5% on the paid-up capital (5 shares for every
100 shares) for the year 2013. The company’s AGM also
approved the distribution of OMR100,000/- as remuneration to
the members of the board for the year ended December 31,
2013. (MSM)
 Renaissance Services wins $96mn hospital services
contract from Oman Ministry of Health – The contract
services arm of Renaissance Services has bagged a $96mn
contract from Oman’s Ministry of Health (MOH) to provide
catering, cleaning, laundry and pest control services at 34
hospitals. The three-year contract will be operated by the firm’s
Oman unit, Tawoos Industrial Services Company (TISCO). The
company had previously operated some 65% of the services for
MOH, but this new contract constitutes an increase of over 85%
of the tendered work. The new contracts shall mobilize in June
2014. Meanwhile, the company’s AGM has approved the
distribution of 10% cash dividend on the paid-up capital (10
baisas per share). (MSM)
 AMIC approves 5% cash dividend – Al Madina Insurance
Company’s (AMIC) AGM has approved the distribution of 5%
cash dividend (5 baizas per share) to its shareholders, who are
on the shareholders’ list as of the General Meeting date, prior to
the share capital increase for the financial year ended
December 31, 2013, and after the Capital Market Authority’s
requirements were met, while authorizing the board of directors
to take necessary action. Meanwhile, AMIC has appointed Mr.
Usama Bin Issa Al Barwani as Deputy Chief Executive Officer of
the Company as of April 1, 2014. Usama Al Barwani, was the
General Manager HR & Admin., Board Secretary, Shari’ah
Board Secretary. He has over 21 years of experience in HR and
Administration. (MSM)
 NGC wins contract worth $216,000 in Saudi Arabia –
National Gas Company (NGC) has won a contract worth
$216,000 by Al Forsan Global Industrial Complex for supply of 3
nos of 104 WC each LPG Tanks to CIF Jeddah in Saudi Arabia.
Further, the company announced that it has entered into a
franchisee agreement with Engineering & Contracting Kuwait
Company for introduction of its revolutionary metal cutting gas
"NC+" in the Kuwaiti market. The company expects reasonable
income from these projects. (MSM)
 NHOTEL AGM & EGM approve 10% cash dividend, 5%
bonus share – National Hotels Company’s (NHOTEL) AGM &
EGM have approved the distribution of 10% cash dividend on
the paid-up capital amounting to 10 fils per share, and bonus
share of 5%. Hence, the company’s share shall trade ex-
dividend and ex-bonus starting from March 30, 2014 and the
adjusted price after the distribution of bonus share will be
BHD0.352. (Bahrain Bourse)

7. 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
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 7 of 7
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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.3%)
1.3%
(0.1%)
(1.0%)
(0.1%)
0.0%
(0.1%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,295.27 0.3 (3.0) 7.4 DJ Industrial 16,323.06 0.4 0.1 (1.5)
Silver/Ounce 19.83 0.6 (2.4) 1.9 S&P 500 1,857.62 0.5 (0.5) 0.5
Crude Oil (Brent)/Barrel (FM
Future)
108.07 0.2 1.1 (2.5) NASDAQ 100 4,155.76 0.1 (2.8) (0.5)
Natural Gas (Henry
Hub)/MMBtu
4.48 2.2 3.9 3.2 STOXX 600 333.76 0.7 1.8 1.7
LPG Propane (Arab Gulf)/Ton 106.50 1.2 1.7 (15.6) DAX 9,587.19 1.4 2.6 0.4
LPG Butane (Arab Gulf)/Ton 121.00 (5.7) (6.1) (11.4) FTSE 100 6,615.58 0.4 0.9 (2.0)
Euro 1.38 0.1 (0.3) 0.1 CAC 40 4,411.26 0.7 1.8 2.7
Yen 102.83 0.6 0.6 (2.4) Nikkei 14,696.03 0.5 3.3 (9.8)
GBP 1.66 0.2 0.9 0.5 MSCI EM 984.91 1.0 4.2 (1.8)
CHF 1.13 (0.0) (0.5) 0.7 SHANGHAI SE Composite 2,041.71 (0.2) (0.3) (3.5)
AUD 0.92 (0.1) 1.8 3.7 HANG SENG 22,065.53 1.1 2.9 (5.3)
USD Index 80.18 0.1 0.1 0.2 BSE SENSEX 22,339.97 0.6 2.7 5.5
RUB 35.76 0.4 (1.3) 8.8 Bovespa 49,768.06 0.2 5.0 (3.4)
BRL 0.44 (0.1) 2.7 4.5 RTS 1,186.28 0.6 4.4 (17.8)
165.0
148.3
134.9