1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.5% to close at 12,978.9. Gains were led by the
Transportation and Banking & Financial Services indices, gaining 1.0% and
0.7% respectively. Top gainers were Qatar Cinema & Film Dist. Co. and Zad
Holding Co., rising 10.0% and 4.3% respectively. Among the top losers, Qatar &
Oman Investment Co. fell 1.5%, while Qatar Islamic Ins. Co. declined 1.4%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.5% to close at 9826.7. The Media and
Publishing index declined 4.8%, while the Real Estate Dev. index was down
1.1%. Tihama fell 9.9%, while Al Jazira Takaful Taawuni Co. was down 3.8%.
Dubai: The DFM index gained 3.7% to close at 4836.9. The Services index
gained 10.9%, while the Real Estate & Construction index rose 5.7%. Arabtec
Holding gained 11.1%, while National Central Cooling was up 10.9%.
Abu Dhabi: The ADX benchmark index rose 1.1% to close at 4,931.8. The
Real Estate index gained 4.4%, while the Inv. & Fin. Ser. index was up 2.1%.
Al Buhaira Nat. Ins. Co. surged 14.9%, while Int. Fish Farming gained 13.7%.
Kuwait: The KSE index fell 0.5% to close at 7,244.1. The Health Care and
Technology indices declined 4.1% and 3.5% respectively. Shuaiba Industrial
Co. fell 8.8%, while Yiaco Medical Co. was down 7.1%.
Oman: The MSM index declined 0.2% to close at 6,907.6. Losses were led by
the Financial and Industrial indices, declining 0.3% and 0.2% respectively. The
Oman Filters Industry fell 42.9%, while Dhofar Insurance was down 2.9%.
Bahrain: The BHB index gained 0.2% to close at 1,460.0. The Commercial
Banking and Investment indices rose 0.4% each. Esterad Investment Co.
gained 8.9%, while Al Salam Bank was up 3.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Dist. Co. 47.40 10.0 7.3 18.2
Zad Holding Co. 80.30 4.3 81.4 15.5
Al Khaleej Takaful Group 44.00 3.8 734.9 56.7
Dlala Brokerage & Inv. Hold. Co. 53.80 3.5 104.0 143.4
Gulf International Services 93.70 3.2 781.8 92.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 53.90 1.7 2,248.0 72.2
Ezdan Holding Group 21.75 0.7 1,775.8 27.9
United Development Co. 24.90 0.0 1,226.8 15.7
Vodafone Qatar 20.05 (0.7) 842.1 87.2
Gulf International Services 93.70 3.2 781.8 92.0
Market Indicators 12 Jun 14 11 Jun 14 %Chg.
Value Traded (QR mn) 610.9 659.9 (7.4)
Exch. Market Cap. (QR mn) 705,094.8 702,000.0 0.4
Volume (mn) 12.8 14.9 (14.5)
Number of Transactions 6,916 7,677 (9.9)
Companies Traded 43 43 0.0
Market Breadth 23:16 16:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,354.28 0.5 (1.9) 30.5 N/A
All Share Index 3,281.58 0.5 (1.5) 26.8 15.7
Banks 3,161.19 0.7 (2.1) 29.4 15.7
Industrials 4,302.71 0.5 (0.4) 22.9 16.8
Transportation 2,270.15 1.0 (0.7) 22.2 14.6
Real Estate 2,736.97 0.1 (2.2) 40.1 13.7
Insurance 3,386.02 (0.5) 1.5 44.9 8.9
Telecoms 1,773.38 (0.2) (3.8) 22.0 24.5
Consumer 6,832.26 0.5 (1.7) 14.9 26.9
Al Rayan Islamic Index 4,340.99 0.2 (2.5) 43.0 18.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 5.00 11.1 189,822.6 150.6
United Real Estate Co. Kuwait 0.12 9.4 167.0 1.0
Deyaar Development Dubai 1.28 5.8 53,719.5 30.2
Dubai Islamic Bank Dubai 7.30 4.6 19,304.9 39.9
Aldar Properties Abu Dhabi 4.11 4.1 48,261.6 53.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 154.50 (10.0) 18.9 44.6
Kuwait Finance Kuwait 0.79 (2.5) 2,147.8 14.7
Saudi Hotels & Resort Saudi Arabia 39.90 (2.5) 635.7 19.3
Aramex Dubai 3.25 (2.1) 578.3 9.8
Petro Rabigh Saudi Arabia 31.90 (2.0) 2,091.4 35.1
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%
Qatar & Oman Investment Co. 15.02 (1.5) 294.2 20.0
Qatar Islamic Insurance Co. 74.90 (1.4) 13.5 29.4
Qatar Insurance Co. 79.20 (1.0) 37.8 48.9
Doha Bank 60.40 (1.0) 272.8 3.8
Gulf Warehousing Co. 53.00 (0.9) 8.6 27.7
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 53.90 1.7 120,206.1 72.2
Gulf International Services 93.70 3.2 73,688.0 92.0
Industries Qatar 180.90 (0.2) 72,882.7 7.1
Ezdan Holding Group 21.75 0.7 38,045.0 27.9
Al Khaleej Takaful Group 44.00 3.8 32,057.2 56.7
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* 12,978.86 0.5 (1.9) (5.2) 25.0 167.80 193,689.6 16.2 2.2 3.8
Dubai 4,836.86 3.7 (5.2) (4.9) 43.5 582.56 95,073.9 19.4 1.9 2.2
Abu Dhabi 4,931.78 1.1 (2.4) (6.1) 15.0 157.56 137,107.1 14.5 1.8 3.4
Saudi Arabia 9,826.67 (0.5) (0.3) 0.0 15.1 2,361.84 532,407.9 19.6 2.4 2.9
Kuwait 7,244.13 (0.5) (1.3) (0.6) (4.0) 63.03 113,512.5 16.5 1.1 3.8
Oman 6,907.55 (0.2) (0.7) 0.7 1.1 8.50 25,038.2 12.5 1.7 3.8
Bahrain 1,459.95 0.2 (0.1) 0.0 16.9 6.35 53,919.4 11.4 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)
12,850
12,900
12,950
13,000
13,050
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 0.5% to close at 12,978.9. The Transport.
and Banking & Fin. Ser. indices led the gains. The index rose on
the back of buying support from Qatari shareholders despite
selling pressure from non-Qatari shareholders.
 Qatar Cinema & Film Dist. Co. and Zad Holding Co. were the top
gainers, rising 10.0% and 4.3% respectively. Among the top
losers, Qatar & Oman Investment Co. fell 1.5%, while Qatar
Islamic Ins. Co. declined 1.4%.
 Volume of shares traded on Thursday fell by 14.5% to 12.8mn
from 14.9mn on Wednesday. Further, as compared to the 30-day
moving average of 26.8mn, volume for the day was 52.3% lower.
Masraf Al Rayan and Ezdan Holding Group were the most active
stocks, contributing 17.6% and 13.9% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Mashreq Bank S&P Dubai LT/ST CCR BBB+/A-2 BBB+/A-2 – Positive 
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, CCR – Counterparty Credit Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/12 US BLS Import Price Index MoM May 0.10% 0.20% -0.50%
06/12 US BLS Import Price Index YoY May 0.40% 0.50% -0.40%
06/12 US Department of Labor Initial Jobless Claims 7-June 317K 310K 313K
06/12 US Bloomberg Bloomberg Consumer Comfort 8-June 35.5 – 35.1
06/12 US US Census Bureau Business Inventories April 0.60% 0.40% 0.40%
06/13 US BLS PPI Final Demand MoM May -0.20% 0.10% 0.60%
06/13 US BLS PPI Ex Food and Energy MoM May -0.10% 0.10% 0.50%
06/13 US BLS PPI Final Demand YoY May 2.00% 2.40% 2.10%
06/13 US BLS PPI Ex Food and Energy YoY May 2.00% 2.30% 1.90%
06/12 EU Eurostat Industrial Production SA MoM April 0.80% 0.50% -0.40%
06/12 EU Eurostat Industrial Production WDA YoY April 1.40% 0.90% 0.20%
06/13 EU Eurostat Trade Balance SA April 15.8B – 15.4B
06/13 EU Eurostat Trade Balance NSA April 15.7B 16.3B 16.7B
06/13 EU Eurostat Employment QoQ 1Q2014 0.10% – 0.10%
06/13 EU Eurostat Employment YoY 1Q2014 0.20% – -0.40%
06/12 France INSEE CPI EU Harmonized YoY May 0.80% 0.80% 0.80%
06/12 France INSEE CPI MoM May 0.00% 0.10% 0.00%
06/12 France INSEE CPI YoY May 0.70% 0.70% 0.70%
06/13 UK UK ONS Construction Output SA MoM April 1.20% 1.50% -0.20%
06/13 UK UK ONS Construction Output SA YoY April 4.60% 2.90% 6.80%
06/13 Spain INE CPI Core MoM May 0.10% – 1.00%
06/13 Italy Banca D'Italia General Government Debt April 2146.4B – 2120.1B
06/13 China NBS Industrial Production YTD YoY May 8.70% 8.70% 8.70%
06/13 China NBS Industrial Production YoY May 8.80% 8.80% 8.70%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 67.59% 67.09% 3,066,349.91
Non-Qatari 32.41% 32.92% (3,066,349.91)

3. Page 3 of 7
News
Qatar
 CBQK files updated base prospectus for EMTN program to
Irish Stock Exchange – The Commercial Bank of Qatar
(CBQK) announced that it has filed to the Irish Stock Exchange
its updated Base Prospectus dated June 10, 2014 relating to
CBQK and its subsidiary, CBQ Finance Limited’s, $5.0bn Euro
Medium Term Note Program guaranteed by CBQK (in the case
of Notes issued by CBQ Finance Limited). CBQK, rated A1 by
Moody’s, A- by S&P and A by Fitch, has mandated BofA Merrill
Lynch, HSBC and Morgan Stanley to arrange on its behalf a
series of meetings targeting fixed income investors. A USD
benchmark Reg S transaction may follow subject to market
conditions. (QE)
 MDPS: Huge rise in Qatari household spending – According
to the “Social Statistics 2003-2012” survey by the Ministry of
Development, Planning and Statistics (MDPS), average monthly
expenditure for Qatari households increased by 82.2% from
QR22,400 to QR40,800. Among Qatari households, housing
took up the biggest share (29.3% of total expenditure per
month), in contrast to 17.6% in 2001, followed by transport
expenditure 13.8% and different goods as well as services
expenditure 13.3%. Culture, recreation and transport were the
sectors where the proportion of Qatari households’ expenditure
increased (4.6% in 2007 compared to 2.4% in 2001), whereby it
decreased for food and drinks (11.2% in 2007 compared with
17.5% in 2001). The survey found that there was a 45.9%
increase in the average monthly household expenditure for non-
Qataris, from 9,100 in 2001 to 13,300 in 2007. (Peninsula Qatar)
 Kahramaa to launch giant desalination plants – Qatar
General Electricity & Water Corporation (Kahramaa) is set to
launch two giant desalination plants. The first plant with a
production capacity of 35mn gallons will be launched at Abu
Fatas in May 2015. Kahramaa’s Director Ali Saif Al Malki said
that the second desalination plant will be launched in 2017, with
a capacity of 130mn gallons. These plants will help Kahramaa to
ensure smooth distribution of piped water for several days, in
the event of any unprecedented event hitting the production
chain. (Peninsula Qatar)
 Enterprise Qatar offers new SMEs rating, accreditation
program – Qatar’s small and medium enterprises (SMEs)
development company, Enterprise Qatar is now offering a new
SME Rating & Accreditation Program to assist entrepreneurs to
capitalize on contracting opportunities and improve their
business processes. The SME Rating & Accreditation Program
will be an independent certification issued by Enterprise Qatar in
collaboration with Dun & Bradstreet, by which it aims to help
SMEs gain access to government, semi-government and private
business opportunities. (Peninsula Qatar)
 Vodafone Qatar sets record with 8 call center awards –
Vodafone Qatar has set a record-breaking feat by winning eight
awards at Insights’ “Middle East Call Centre 2014” (MECC), the
region’s leading call center conference and exhibition held
recently in Dubai. The MECC gathered scores of industry
experts to discuss topics on customer orientation, process
optimization, self-service channels, and multi-skilled employees.
The company said for the third time in five years, Vodafone
Qatar took home the “Call Centre of the Year” award, which
attests to the company’s “steadfast commitment” to provide
customers with world-class call center channels and facilities
with “unmatched capacity,”. The other awards included “Best
Facilities,” “Best Quality Assurance Program,” “Best CRM
Analytics,” “Best Contact Centre Social Media Implementation,”
“Best Customer Experience Management Process,” and “Best
Call Center Song.”. Vodafone Qatar has bagged more than 20
customer service awards over the past four years and its award-
winning 24/7 call center caters to customers in five languages.
(Gulf-Times.com)
 Qatar Rail celebrates 6mn man-hours incident-free safety
record – The Qatar Railways Company (Qatar Rail) announced
that the company has achieved an unprecedented 6mn work
hours without a Lost Time Injury (LTI) at the Doha Metro Green
Line works. The feat achieved was a compilation of the safe
work done by Qatar Rail’s construction contractors led by
Austrian firm PORR and its joint venture partners Saudi Bin
Laden Group and HBK. (Bloomberg)
 Qatar Shell awards equipment overhaul deal to Stork Oryx
JV – Qatar Shell has awarded a 7 year contract to Stork Oryx
JV for the overhaul of rotating equipment at the Pearl GTL site in
Ras Laffan. The JV - Stork Oryx Turbo Machinery Services - will
be responsible for the overhaul of rotating equipment. The
contract includes minor and major overhauls of steam turbines,
compressors, pumps, blowers, expanders and fans from various
manufacturers, which are scheduled to be done during
turnaround events. Stork, a global provider of knowledge-based
asset integrity services for the oil and gas, power and chemical
utility sectors and Oryx Energy Projects & Services, a Qatar-
based service provider for the oil and gas, petrochemical and
utility sectors, established the JV in November 2013 to serve the
entire Middle East North Africa market. As an independent
service provider, Stork Oryx Turbo Machinery Services has
experience with servicing almost all brands of steam turbines,
compressors and pumps. Stork said it has comprehensive
experience in the overhaul of rotating equipment and offers the
Oryx Engineering Solutions Centre, ideally located in Ras
Laffan. (Gulf-Times.com)
International
 QNB Group: ECB stimulus may avoid Eurozone deflation –
QNB Group (QNBK), in a report, said that the monetary stimulus
package recently announced by the European Central Bank
(ECB) may avoid deflation in the Eurozone. The package
includes lowering the deposit rate to -0.1%, the first time that the
ECB will charge commercial banks for depositing excess
reserves at the central bank. It also included a new program to
provide banks with cheap funding to encourage lending to the
real economy. These new measures are important to prevent
deflation but more may be needed if the current trends of
negative foreign inflation and weak domestic demand continue.
The new policies are likely to reduce the spreads between
Italian, Greek, Portuguese and Spanish bond yields (the so-
called EU periphery) and those on German bunds, while the
euro is likely to weaken if the inflation outlook improves. In
QNB’s view, the most significant measure taken by the ECB is
the Targeted Long-Term Refinancing Operation, which provides
cheap funding for banks, the quantity of which depends on the
size of the banks’ loan book. (Gulf-Times.com)
 US producer prices fall, but inflation still seen firming –
Producer prices in the US fell in May 2014 after two month of
solid gains, but the decline was not enough to change
perceptions that inflation pressures are steadily creeping up.
The Labor Department’s producer price index for final demand
slipped 0.2% after advancing in April by 0.6%, which was the
largest gain in 1-1/2 years. Economists, who had expected
producer prices to edge up, saw the decline as a correction after
gains in March and April, and said it did not change their view
about firming prices. Producer inflation in May was depressed
by broad price declines at the factory gate, while wholesale food

4. Page 4 of 7
prices snapped four consecutive months of increases. A
separate report showed consumer sentiment slipped slightly in
early June. The Thomson Reuters/University of Michigan's
Consumer Sentiment Index was at 81.2 from 81.9 in May.
(Reuters)
 S&P lifts outlook on UK's credit rating, but warns on EU exit
– Ratings agency Standard & Poor's (S&P) upgraded its outlook
on Britain's top-notch triple-A credit rating to stable from
negative on June 13, but said this rating would be threatened if
Britain decides to leave the European Union. S&P said that
Britain was making good progress in getting its public finances
in order. However, S&P warned of consequences if Britain
decided to leave the European Union. The Conservatives have
pledged to hold a referendum on Britain's EU membership in
2017, if they win next year's general election. S&P, the only
major ratings agency to retain a triple-A rating on British
sovereign debt, said its outlook upgrade meant there was now a
less than one-in-three probability that Britain will lose its top
credit rating within the next two years. Earlier, Fitch Ratings had
affirmed its ‘AA+’ grade for Britain, one notch below its top
rating. (Reuters)
 Eurozone’s robust April output boosts 2Q2014 GDP growth
hopes – According to official data, industrial output in the
Eurozone rebounded with a twice-as-strong as expected
monthly rise in April owing to energy and non-durable goods
production, which points toward an acceleration of economic
growth in 2Q2014. Output among the 18 countries sharing the
euro rose 0.8% in April after a downwardly revised -0.4% drop in
March. Economists had expected a 0.4% rise. On a YoY basis,
production grew by a much stronger than expected 1.4%,
against an upwardly revised 0.2% rise in March. The data
follows strong Eurozone retail sales numbers and a rebound in
German industrial orders in April. Output in Germany edged up
by a smaller-than-expected 0.2% in April, while France and Italy,
returned to monthly expansion. Outside the Eurozone, Britain
enjoyed its strongest annual growth in over three years.
(Reuters)
 S&P cuts South Africa’s credit rating to BBB- on weak
growth – South Africa’s credit rating was cut to one level above
junk by Standard & Poor’s (S&P) as the longest mining strike in
the nation’s history threatens to drag the economy into
recession. S&P said the country’s foreign-currency rating was
lowered to BBB- from BBB and the local-currency rating was
reduced to BBB+ from A-. However, the outlook on both the
ratings was raised to stable from negative. Earlier, Fitch Ratings
lowered the outlook on its BBB grading to negative from stable.
South Africa’s economy – the second-largest in Africa –
contracted in 1Q2014 for the first time since 2009 as a 20-week
worker strike shut the world’s biggest platinum mines. Weaker
growth may restrict the government’s ability to rein in its budget
deficit as quickly as targeted. S&P has also lowered its growth
forecast for 2014 to 1.9%. (Bloomberg)
 Japan's Abe unveils plan to cut corporate tax rate –
Japanese Prime Minister Shinzo Abe unveiled a plan to cut the
corporate tax rate below 30% in stages to help pull the country’s
economy out of two decades of sluggish growth and deflation.
Investors have been scrutinizing whether Japan can
substantially lower the corporate tax rate – among the highest in
the world – to spur growth in the world's third-largest economy.
Abe also needs to strike a delicate balance between stimulating
growth and reining in snowballing public debt, twice the size of
its $5tn economy. The corporate tax cut is a major issue to be
included in the government's key fiscal and economic policy
outline, which will be finalized around June 27 along with a
detailed growth strategy of structural reforms. (Reuters)
 China industrial output climbs 8.8% matching forecasts –
China’s industrial output and retail sales increased at a faster
pace in May, adding to evidence that Premier Li Keqiang’s
support measures are stabilizing the world’s second-biggest
economy. According to the data released by the National
Bureau of Statistics (NBS), factory production rose 8.8% in May
2014 from a year earlier, up from 8.7% in April. Retail sales
increased 12.5% and the fixed-asset investment growth during
January–May was little changed at 17.2%. The reports bolster
Chinese leaders’ confidence that their so-called “mini-stimulus
measures” will prevent a deeper economic slowdown. Even so,
policy makers are contending with a property market slump,
along with risks from shadow banking and rising bad loans that
threaten to limit the scale of a recovery. In another report
released by NBS, home sales in the first five months fell 9.2%
from a year earlier by area and dropped 10.2% by value.
Property investment in the January–May period rose 14.7%,
down from a 16.4% pace in the first four months. (Bloomberg)
Regional
 GCC's market cap up at $1.12tn in May – The combined
market capitalization of GCC bourses rose 1.9% to $1.118tn in
May 2014 from $1.09tn in April as all GCC markets except
Kuwait recorded higher trading transactions, driven by rising
investor optimism. As per data released by Global Investment
House, all indices witnessed a rise in their market capitalization
during the month. With $530.6bn, Saudi Arabia's Tasi was the
highest contributor, followed by Abu Dhabi & Dubai with
$225.7bn (accounting for 20.2%) and Qatar with $203.4bn
(18.2%). Kuwait, Oman and Bahrain together contributed
$158.3bn to the total market cap in May. Trading among GCC
markets remained mixed in May. The volume traded declined
21% MoM, with all markets, except Bahrain and Saudi Arabia,
registering growth. (Bloomberg)
 Bahri finalizing merger deal with Vela – The National
Shipping Company of Saudi Arabia (Bahri) is finalizing its
SR12bn merger deal with Vela’s fleet and operations. Vela is a
subsidiary of the world’s largest producer and exporter of oil, the
Saudi Arabian Oil Company (Saudi Aramco). The two national
companies signed a landmark merger agreement in 2012 to
make the joint fleet the fourth largest company in the world in
terms of ownership of 77 giant ships VLCCs industry. Bahri’s
CEO, Saleh Al-Jasser said the company will have a long-term
accord with SR5bn and it is going to pay part of it in the form of
shares and the rest in cash (SR3.2bn). (GulfBase.com)
 KHC, CDCIC sign investment partnership – Kingdom Holding
Company (KHC) and Caisse des Depots International Capital
(CDCIC) have signed a MoU to establish an investment vehicle
for developing Saudi ventures that will benefit from the
involvement of French companies, technologies and know-how.
The KHC-CDCIC platform will help advance bilateral economic
cooperation, and facilitate access to long-term capital among
both countries by companies engaged in economic cooperation
between Saudi Arabia and France. (GulfBase.com)
 SABIC becomes Mideast’s largest patent owner – Saudi
Basic Industries Corporation (SABIC) has passed the milestone
of having more than 10,000 patents either issued or pending
approval, making it the largest owner of intellectual property in
the Middle East. SABIC has also significantly increased the rate
at which it obtains patents with 2013 witnessing a record
number of 373 patent applications filed, a rise of over 300%
from the figure in 2010. The year 2014 could see a further
increase with 159 new patent applications applied for in
1Q2014. On average, SABIC files a new patent application
every 18 hours, each based on the work of approximately four

5. Page 5 of 7
researchers. This represents greater efficiency than any other
top ten companies in the chemical industry. (GulfBase.com)
 Bupa Arabia appoints CEO – Bupa Arabia for Cooperative
Insurance Company has appointed Tal Hisham Nazer as the
company’s Chief Executive Officer. Concurrently, Loay Hisham
Nazer and Elizabeth Alison Platt has been appointed as the
Chairman and Vice-Chairman of the board respectively.
(Tadawul)
 SCC: SMEs account for 98% of Saudi economy – According
to the head of small & medium businesses at the Saudi Council
of Chambers (SCC), Mohammad Al-Belaihed there are more
than 2 million small & medium enterprises (SMEs) in the
Kingdom, which account for 98% of the country’s economy.
Mohammad Al-Belaihed noted that the biggest problem facing
the business sector is the marketing of their products and a lack
of training and consultancy services. He urged the SCC to
provide consultancy services for these small businesses at
nominal fees. (GulfBase.com)
 70 firms invest SR10bn in KAEC industrial city – King
Abdullah Economic City (KAEC) has launched more than 300
investment opportunities for investors with a total value
estimated at SR4bn in real estate and tourism, as well as fuel
stations. The city, which is currently developing 28mn square
meters of land, has signed agreements with more than 70
international and local companies for projects in diverse fields
with more than SR10bn in investments, as well as offers
investment opportunities for the development of low-cost and
four-star hotels and resorts. (GulfBase.com)
 SFDA: Kingdom imports 70% of its food needs – According
to Saudi Food & Drug Authority (SFDA), the Kingdom imports
around 70% of its food requirements from 160 countries in
around half a million consignments. This forces SFDA to
intensify its efforts to monitor food shipments for ensuring the
safety of imported food. SFDA has set up a separate
department for the inspection of food shipments and closely
follows any epidemics in countries that export food items to
Saudi Arabia. (GulfBase.com)
 IMF: UAE faces risks in property sector – The IMF said that
the UAE is likely to cut its fiscal spending further in 2014 as the
oil and real estate-powered economy is growing strongly and
private credit growth is recovering. The IMF also echoed recent
warnings about the risks stemming from the accelerating
property sector, especially in Dubai. The strengthening real
estate cycle, particularly in the Dubai residential market, could
attract potentially destabilizing speculative demand, spurring the
risk of unsustainable price dynamics and an eventual correction.
With rent controls recently loosened, there is also a risk that
rising real estate prices will feed more strongly into inflation. The
UAE central bank said this week that residential rental yields in
Dubai and Abu Dhabi could indicate growing imbalances and
property market overheating. However, Dubai’s Land
Department brushed aside the warning, saying the property
market growth was driven by the economy rather than by
speculation. (Peninsula Qatar)
 Shurooq begins Phase-II development of Flag Island – The
Sharjah Investment & Development Authority (Shurooq) has
commenced the second phase of the Flag Island development
to turn the island into a new tourist destination. Upon completion
of the second phase, the island will feature varied recreational
facilities and amenities, including an open-air 1000-seat
amphitheatre, an art gallery, range of shops, restaurants and
cafes. The first phase was completed in a span of four weeks,
including the development of the island and the construction of
the flagpole. The new facilities will be open to public in 1Q2015.
(Bloomberg)
 Emaar Malls prices debut Sukuk – Emaar Malls Group has
priced its $750mn 10-year Reg S debut Sukuk with a profit rate
of 4.564%, representing 182.5bps over US$ 10-year mid-swaps.
The transaction came on the back of an expedited, yet
comprehensive, global roadshow covering the key financial
centers: London, Singapore, Hong Kong and the UAE. The
order book closed at approximately $5.4bn, showing 7.2 times
oversubscription. The pricing of the transaction achieved a
balanced distribution, with the Middle East accounts allocated
33%, European investors representing 38%, and Asian investors
picking up the remaining 29%. (DFM)
 Dubai’s IT products foreign trade grows 35% in 2013;
packaging reaches AED6bn – According to Dubai Customs’
Director, Ahmed Mahboob Musabih, the IT products traded
between Dubai and the rest of the world saw a 35% growth in
2013 and amounted to AED237bn. This makes up 18% of the
emirate’s total trade volume, which amounted to AED1.329tn in
2013. Meanwhile, Dubai’s total foreign trade in packaging has
reached around AED6bn in 2013 of which AED2.5bn was
exports, while re-exports accounted for AED500mn. Since half
of all packaging is used for food and a further 18% for
beverages, growth in the packaging industry is directly linked to
the food & beverage trade. (GulfBase.com)
 DP World raises $1bn from convertible bond – DP World has
raised $1bn from a convertible bond with a ten-year lifespan in
order to fund growth opportunities and diversify its funding
sources. Pricing for DP World's debut convertible issue came at
1.75% coupon guidance and the 37.5% conversion premium
above the reference share price. The reference price, set
according to the volume-weighted average price between the
start and close of trading of DP World shares on June 12, 2014,
was given as $27.14. JP Morgan acted as global coordinator for
DP World's convertible sale and Citigroup, HSBC and UBS were
classed as joint bookrunners. (Reuters)
 Shelf Drilling plans $500mn LSE IPO – Dubai-based operator
of oil rigs, Shelf Drilling is planning to raise minimum $500mn in
an initial public offering (IPO) on the London Stock Exchange
(LSE). The company intends to raise $250mn from the issue of
new shares, while an unspecified amount of shares held by
existing investors will also be sold. Proceeds from the sale of
new shares will be used to repay part of a $350mn loan.
(GulfBase.com)
 Aabar cuts stake in Arabtec – Aabar Investments has reduced
its stake to 18.5% in Arabtec Holding Company. Earlier, in May
2012 Aabar paid AED827.6mn buying up 21.6% of Arabtec's
shares in 2012 and later led an overhaul of the contractor’s
board and senior management. (GulfBase.com)
 Nakheel pays AED220mn Sukuk profit – Nakheel has made a
profit payment of AED220mn on its trade creditor Sukuk. The
company has instructed Deutsche Bank, the registrar and
paying agent for the Sukuk, to make the profit payment to all
Sukuk holders on the due date of June 15, 2014 against the
Sukuk issued amount of AED4.4bn. (GulfBase.com)
 Serco awards Dubai Metro’s wireless network contract to
NPC – Dubai Metro operator, Serco Company has signed a
one-year renewable contract with Needa Professional
Communication (NPC) whereby the NPC to provide technical
services and applications related to the maintenance of the
wireless communication network of the Dubai Metro on both the
Red and Green Lines. This covers periodic and corrective
maintenance of 50 transmission stations, and monitoring these

6. Page 6 of 7
stations around-the-clock to cope with any malfunctioning or
emergency failure. (GulfBase.com)
 Preatoni acquires Dubai Star Tower – European property
developer, Preatoni has acquired a 100% stake in Dubai Star
Tower, which is under construction at Jumeirah Lake Towers.
Preatoni has recently launched Preatoni Real Estate company in
Dubai. (Bloomberg)
 Fitch assigns A+ final rating for Etisalat’s bond – Fitch
Ratings has assigned Emirates Telecommunications
Corporation’s (Etisalat) $7bn global medium-term notes program
and the 3.15bn euro equivalent senior notes issued under the
program final ‘A+’ ratings. (GulfBase.com)
 Etihad Cargo starts freighter operations to Dar es Salaam –
Etihad Cargo has commenced a weekly freighter service to Dar
es Salaam, Tanzania. The freighter will also stop in Nairobi,
Kenya while returning to Abu Dhabi. Following the first Etihad
Cargo flight, all subsequent weekly freighter services will
operate every Monday to Julius Nyerere International Airport.
Etihad Cargo will deploy one of its three Airbus A330-200 wide-
body freighters on the route, offering customers heavy uplift
capability of up to 64 metric tons. (GulfBase.com)
 Al Hilal Bank mulls benchmark-sized Sukuk issue – Abu
Dhabi-based Al Hilal Bank after announcing plans to meet fixed
income investors is now mulling a benchmark-sized Tier 1
capital-boosting dollar sukuk issue. The bank has selected itself
as well as Citigroup, Emirates NBD, HSBC, National Bank of
Abu Dhabi and Standard Chartered to arrange road shows.
(GulfBase.com)
 Abu Dhabi’s inflation stood at 2.5% – Abu Dhabi’s consumer
price inflation for the first five months of 2014 stood at 2.5%,
while the country’s consumer price index was 2.8% in May
2014, compared with the same period of 2013 and 0.2%
compared with April 2014, while. The rise in consumer prices for
the year so far compared with the same period in 2013 shows
consumer prices for citizen households rose by 2.7% and 2.4%
for non-citizen households. Housing, water, electricity, gas and
other fuels group accounted for the largest rise in the index
during 2014, contributing 33.4% to the change compared with
the same period of 2013. (Bloomberg)
 NBO plans five new Muzn Islamic Banking branches –
National Bank of Oman (NBO) has recently approved the
opening of five new Muzn Islamic Banking branches in Mabela,
Sur, Sohar, Salalah and Nizwa subject to regulatory approvals.
These new branches will be in addition to the existing branch in
Azaiba. (MSM)
 S&P affirms ratings on Bahrain; outlook stable – Standard &
Poor's Ratings Services (S&P) has affirmed its long and short-
term foreign and local currency sovereign credit ratings on
Bahrain at BBB/A-2. The outlook is stable. At the same time,
S&P has affirmed the BBB/A-2 ratings on the Central Bank of
Bahrain (CBO). (Bloomberg)

7. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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 (*Market Closed on June 13, 2014) Source: Bloomberg (*Market Closed on June 13, 2014)
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
210.0
Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14
QE Index S&P Pan Arab S&P GCC
(0.5%)
0.5%
(0.5%)
0.2%
(0.2%)
1.1%
3.7%
(1.2%)
0.0%
1.2%
2.4%
3.6%
4.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,276.89 0.3 1.9 5.9 DJ Industrial 16,775.74 0.2 (0.9) 1.2
Silver/Ounce 19.69 0.8 3.5 1.2 S&P 500 1,936.16 0.3 (0.7) 4.8
Crude Oil (Brent)/Barrel (FM
Future)
113.41 0.3 4.4 2.4 NASDAQ 100 4,310.65 0.3 (0.2) 3.2
Natural Gas (Henry
Hub)/MMBtu
4.67 3.8 0.4 7.4 STOXX 600 347.07 (0.2) (0.1) 5.7
LPG Propane (Arab Gulf)/Ton 103.63 1.0 2.6 (17.9) DAX 9,912.87 (0.3) (0.7) 3.8
LPG Butane (Arab Gulf)/Ton 119.38 (0.5) 2.0 (12.5) FTSE 100 6,777.85 (1.0) (1.2) 0.4
Euro 1.35 (0.1) (0.8) (1.5) CAC 40 4,543.28 (0.2) (0.8) 5.8
Yen 102.04 0.3 (0.4) (3.1) Nikkei 15,097.84 0.8 0.1 (7.3)
GBP 1.70 0.2 1.0 2.5 MSCI EM 1,049.14 (0.5) 0.4 4.6
CHF 1.11 (0.2) (0.7) (0.8) SHANGHAI SE Composite 2,070.72 0.9 2.0 (2.1)
AUD 0.94 (0.3) 0.7 5.4 HANG SENG 23,319.17 0.6 1.6 0.1
USD Index* 80.58 0.0 0.2 0.7 BSE SENSEX 25,228.17 (1.4) (0.7) 19.2
RUB 34.41 0.2 (0.0) 4.7 Bovespa 54,806.64 (0.5) 3.2 6.4
BRL 0.45 0.5 1.1 6.3 RTS* 1,374.94 0.0 1.2 (4.7)
186.5
153.8
140.2