1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.6% to close at 11,401.7. Gains were led by the Consumer
Goods & Services and Insurance indices, gaining 2.8% and 1.8% respectively.
Top gainers were Gulf International Services and Islamic Holding Group, rising
9.9% each. Among the top losers, Mesaieed Petrochemical Holding Co. fell
4.0%, while Qatari Investors Group declined 1.3%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.1% to close at 9,368.0. Losses were led
by the Multi-Invest. and Tele. & Info. Tech. indices, declining 0.9% and 0.5%
respectively. Bank Al Bilad fell 5.1%, while Astra Ind. Group was down 4.0%.
Dubai: The DFM index gained 1.6% to close at 4,124.8. The Real Estate &
Construction index rose 3.3%, while the Insurance index was up 1.9%. Arabtec
Holding gained 6.4%, while Commercial Bank of Dubai was up 6.2%.
Abu Dhabi: The ADX benchmark index rose 1.9% to close at 4,822.7. The
Energy index gained 3.5%, while the Real Estate index was up 3.0%. Methaq
Takaful Insurance Co. rose 12.9%, while Sudan Telecom. Co. was up 5.3%.
Kuwait: The KSE index fell 0.3% to close at 7,409.4. The Financial Services
index declined 0.8%, while the Industrial index was down 0.7%. Ithmaar Bank
fell 7.4%, while Mushrif Trading & Contracting Co. was down 7.3%.
Oman: The MSM index declined 0.4% to close at 6,994.9. Losses were led by
the Financial and Services indices, declining 0.7% each. Oman National
Engine. Invt. fell 8.0%, while National Aluminium Products was down 7.0%.
Bahrain: The BHB index fell 0.3 to close at 1,370.9. The Commercial Banking
index declined 0.7%, while the Services index was down 0.2%. Ithmaar Bank
fell 7.9%, while Khaleeji Commercial Bank was down 3.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 78.80 9.9 259.0 61.5
Islamic Holding Group 62.30 9.9 369.6 35.4
Medicare Group 67.00 9.8 715.5 27.6
Qatar Islamic Insurance 63.50 5.8 340.1 9.7
Dlala' Brokerage & Inv. Holding Co 23.40 2.6 200.8 5.9
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 35.95 0.6 2,860.1 20.6
Mesaieed Petrochemical Holding 37.65 (4.0) 2,623.9 277.0
Mazaya Qatar Real Estate Dev. 12.58 0.4 2,172.4 12.5
Qatar Gas Transport Co. 21.11 (0.8) 828.6 4.2
Medicare Group 67.00 9.8 715.5 27.6
Source: Bloomberg (* in QR)
Market Indicators 17 Mar 14 16 Mar 14 %Chg.
Value Traded (QR mn) 689.6 726.2 (5.0)
Exch. Market Cap. (QR mn) 640,323.4 639,356.4 0.2
Volume (mn) 14.6 17.7 (17.1)
Number of Transactions 9,441 9,287 1.7
Companies Traded 40 39 2.6
Market Breadth 25:10 16:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,791.06 0.6 0.5 13.2 N/A
All Share Index 2,904.38 0.7 0.6 12.2 14.6
Banks 2,750.53 (0.1) (0.4) 12.6 14.2
Industrials 3,988.85 1.6 1.7 14.0 15.5
Transportation 1,996.92 0.0 (0.3) 7.5 13.9
Real Estate 2,171.22 0.1 (0.0) 11.2 19.5
Insurance 2,744.08 1.8 1.4 17.5 6.6
Telecoms 1,499.90 0.2 1.6 3.2 20.7
Consumer 6,892.46 2.8 3.0 15.9 30.0
Al Rayan Islamic Index 3,471.96 0.9 0.9 14.4 18.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Int. Services Qatar 78.80 9.9 259.0 61.5
Arabtec Holding Co. Dubai 5.15 6.4 136,315.6 79.4
Comm. Bank of Dubai Dubai 6.00 6.2 670.8 39.2
Dana Gas Abu Dhabi 0.82 5.1 65,655.8 (9.9)
Union National Bank Abu Dhabi 6.66 4.9 337.2 13.5
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ithmaar Bank Bahrain 0.18 (7.9) 12,969.2 (23.9)
Jazeera Airways Kuwait 0.46 (5.2) 198.9 (8.1)
Bank Albilad Saudi Arabia 44.60 (5.1) 47,104.2 27.4
Combined Group Con. Kuwait 1.14 (5.0) 2.0 (10.9)
Astra Industrial Group Saudi Arabia 59.75 (4.0) 420.8 12.7
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%
Mesaieed Petrochemical Holding 37.65 (4.0) 2,623.9 277.0
Qatari Investors Group 52.50 (1.3) 456.3 20.1
Al Ahli Bank 48.60 (0.8) 1.7 14.9
United Development Co. 21.83 (0.8) 335.2 (3.4)
Qatar Gas Transport Co. 21.11 (0.8) 828.6 4.2
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 35.95 0.6 103,185.4 20.6
Mesaieed Petrochemical Holding 37.65 (4.0) 98,964.9 277.0
QNB Group 181.50 (0.3) 92,468.7 5.5
Medicare Group 67.00 9.8 47,278.4 27.6
Qatar Fuel Co. 247.70 2.6 40,012.1 13.3
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* 11,401.65 0.6 0.5 (3.1) 9.8 189.36 175,832.8 15.1 1.9 4.5
Dubai 4,124.77 1.6 3.6 (2.3) 22.4 490.96 83,983.6 17.7 1.5 2.3
Abu Dhabi 4,822.72 1.9 1.5 (2.7) 12.4 132.04 129,233.0 13.7 1.7 3.6
Saudi Arabia 9,368.03 (0.1) (0.2) 2.9 9.8 2,524.74 508,116.5 18.8 2.3 3.2
Kuwait 7,409.38 (0.3) (0.6) (3.7) (1.9) 71.02 110,067.9 15.6 1.2 3.8
Oman 6,994.86 (0.4) (1.0) (1.7) 2.3 13.27 25,196.7 11.1 1.6 3.7
Bahrain 1,370.93 (0.3) (0.3) (0.1) 9.8 3.69 51,844.6 9.7 0.9 3.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,300
11,350
11,400
11,450
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index rose 0.6% to close at 11,401.7. The Consumer
Goods & Services and Insurance indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 Gulf International Services and Islamic Holding Group were the
top gainers, rising 9.9% each. Among the top losers, Mesaieed
Petrochemical Holding Co. fell 4.0%, while Qatari Investors
Group declined 1.3%.
 Volume of shares traded on Monday fell by 17.1% to 14.6mn
from 17.7mn on Sunday. However, as compared to the 30-day
moving average of 14.0mn, volume for the day was 4.9% higher.
Barwa Real Estate Co. and Mesaieed Petrochemical Holding Co.
were the most active stocks, contributing 19.5% and 17.9% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
Abu Dhabi National
Insurance Co. (ADNIC)*
Abu Dhabi AED 0.0 NA – – 181.0 24.8%
Gulf Livestock (GLS)* Abu Dhabi AED 0.0 NA – – 42.9 45.2%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/17 US Federal Reserve Industrial Production MoM February 0.60% 0.20% -0.20%
03/17 US Federal Reserve Manufacturing (SIC) Production February 0.80% 0.30% -0.90%
03/17 US NAHB NAHB Housing Market Index March 47.0 50.0 46.0
03/17 EU Eurostat CPI MoM February 0.30% 0.40% -1.10%
03/17 EU Eurostat CPI YoY February 0.70% 0.80% 0.80%
03/17 EU Eurostat CPI Core YoY February 1.00% 1.00% 1.00%
03/17 UK Rightmove Rightmove House Prices MoM March 1.60% – 3.30%
03/17 UK Rightmove Rightmove House Prices YoY March 6.80% – 6.90%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MEED: Qatar project market outlook strong amid $285bn
spending plans – According to data from MEED Projects, the
outlook for Qatar‟s project market until 2020 is strong as projects
planned or underway have reached an estimated value of
$285bn. Although the massive project activity is attributed to
Qatar‟s preparations for the FIFA World Cup 2022, the bulk of
the projects are actually part of the plan for the Qatar National
Vision 2030 economic roadmap. Qatar is undertaking a number
of mega projects in order to accomplish its National Vision, with
significant investments being poured into transportation and
shipping infrastructure. These investments include the
construction of Hamad International Airport, the New Doha Port,
and several mega cities such as Lusail and Msheireb. (Gulf-
Times.com)
 MDPS: Qatar trade surplus totals QR37bn – Qatar‟s foreign
trade surplus totaled QR37bn in January 2014, on the back of
higher exports of petroleum gases and other gaseous
hydrocarbons. According to preliminary figures by the Ministry of
Development Planning & Statistics (MDPS), major export
destinations for Qatar were Japan (QR13bn), accounting for
28% of general exports, South Korea (QR9bn – 20%) and India
(QR6.3bn – 14%). However, Qatar‟s foreign trade surplus
dipped in January 2014 as compared to QR37.6bn a year ago.
MDPS said that general exports from Qatar increased in
January 2014 to reach QR45.8bn, up 2.8% over the same
period in 2013. This was mainly driven by higher exports of
gaseous hydrocarbons such as LNG, condensates, propane and
butane that accounted for QR31bn in January 2014, up 2.6%
YoY. The data also found higher imports to Qatar in the period
under review, which stood at QR8.8bn in January, up 27.5%
YoY. (Gulf-Times.com)
 GFC: Qatar maintains top financial center ranking in GCC –
The latest Global Financial Centers Index (GFC Index 15)
conducted by London-based Z/Yen Group has ranked Qatar as
the top financial center in the GCC region. GFCI 15 found that
Qatar's rating went up by 15 points due to increasing
competitiveness and perceived significance as a financial
center. While Qatar maintains its leading position, index ratings
for Bahrain, Riyadh and Abu Dhabi have also risen. Qatar‟s
average global assessment stood at 694 and its ex-regional
average is 690, slightly up from 690 and 683 respectively in
GFCI 14. Meanwhile, GFCI 15 said almost all regions, except
Europe and the offshore centers, have given favorable
assessments to Qatar with the Americas being significantly
more favorable than the Middle East-Africa and Asia-Pacific
respondents. (Gulf-Times.com)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 66.45% 66.79% (2,397,029.07)
Non-Qatari 33.55% 33.21% 2,397,029.07

3. Page 3 of 6
 GulfTalent: Average 6.7% pay hike likely in 2014 – According
to a survey by GulfTalent, an online recruitment firm,
employment opportunities and salaries in Qatar are expected to
rise faster than last year. As per the 2014 edition of
„Employment and Salary Trends in the Gulf‟ survey, 75% of
companies in Qatar are adding jobs in 2014, while the average
pay increase is expected to be 6.7%. This positive development
is primarily due to the execution of major infrastructure projects
gathering momentum in preparation for the 2022 World Cup.
The survey said that Qatari companies are followed by
companies in Saudi Arabia and the UAE, with 63% and 57%
seeking to create jobs, respectively. Hospitality and retail
sectors are set to dominate job growth in 2014 with 61% of
companies in the hospitality sector planning to increase their
headcount. (Peninsula Qatar)
 Ooredoo (ORDS) announces date to pay interest to
bondholders – Ooredoo announced that Qtel International
Finance Limited (QIFL), its wholly owned subsidiary, will pay its
Global Medium Term Note (GMTN) holders interest payments
on14th and 22nd
of April 2014. (QE)
 MPHC’s AGM to be held on April 9 – The AGM of Mesaieed
Petrochemical Holding Company (MPHC) is scheduled to be
held on April 9, 2014. (QE)
 DBIS’ AGM to be held on April 1 – Dlala Brokerage &
Investments Holding Company‟s (DBIS) AGM is scheduled to be
held on April 1, 2014 at the Diplomatic Club. In case of lack of
quorum, another meeting will be held on April 6, 2014 at the
same place. The AGM‟s agenda includes approving the
recommendations of the board of directors regarding profit
distribution, among others. (QE)
 QE deposits CBQK’s bonus shares – The Qatar Exchange
(QE) has added the Commercial Bank of Qatar‟s (CBQK) bonus
shares to the company‟s shareholder accounts. With this, the
company‟s new capital stands at QR2,969.4mn distributed over
296.9mn shares. Shareholders can begin trading these shares
from March 18, 2014. (QE)
 QE deposits QGRI’s bonus shares – The Qatar Exchange
(QE) announced the addition of bonus shares to the company‟s
shareholder accounts of Qatar General Insurance &
Reinsurance Co. (QGRI). With this, the company‟s new capital
stands at QR691.8mn distributed over 69.18mn shares.
Shareholders can begin trading these shares from March 18,
2014. (QE)
 Trading suspension in QGTS’ shares on March 18 – The
Qatar Exchange (QE) has announced suspension in the trading
of Qatar Gas Transport Company‟s (QGTS) shares on March
18, 2014 due to the company‟s AGM being held on that day.
(QE)
 HMC wins Healthcare Innovation Award – Hamad Medical
Corporation (HMC) won the prestigious Healthcare Innovation
Award at the 14th Annual Congress of the Arab Hospitals
Federation at Cairo. The Healthcare Innovation Award
recognized the work done by HMC, the principal public
healthcare provider in Qatar, to meet the healthcare needs of
the country‟s growing population. (Gulf-Times.com)
International
 Reuters: US factories flex muscle after severe winter chill –
Manufacturing output in the US recorded its largest increase in
six months in February 2014 and factory activity in the State of
New York expanded early this month. This provided the latest
signs that the US economy is gaining momentum after being
dampened by severe weather. Recent upbeat factory data
should encourage the Federal Reserve to further scale back its
monetary stimulus, even though another report suggested the
housing sector would take a while to pull out of its recent soft
patch. The Federal Reserve said factory production increased
0.8% in February, its largest advance since last August, after a
0.9% drop in January. In a separate report, the New York Fed
said its Empire State Business Conditions Index, which
measures factory activity in the state, rose to 5.61 in March from
4.48 in February. New orders, shipments and inventories all
increased. (Reuters)
 Eurozone inflation slows in February, builds pressure on
ECB – Inflation in the Eurozone unexpectedly slowed in
February, maintaining pressure on the European Central Bank
(ECB) to defend the currency bloc against falling prices.
Eurostat, the European Union‟s statistics office said that
consumer prices rose an annual 0.7%, down from 0.8% in
January. That was below Eurostat‟s initial estimate of 0.8%. The
rate has been hovering below 1% for five months. The ECB
aims to keep inflation just around 2% and has blamed the
strength of the Euro for keeping prices subdued. ECB‟s
President Mario Draghi said after the Governing Council left the
main refinancing rate at a record low of 0.25%, the central bank
expects its key interest rates to remain at present levels for an
extended period of time. (Bloomberg)
 China home price growth slows in big cities on tight credit
– Price growth for new homes in China slowed last month, amid
the Chinese government tightening credit to rein in excessive
borrowing and curb property prices. The National Bureau of
Statistics said price rise was led by the top four cities, with
prices in Beijing and the southern business hub of Shenzhen
rising 0.2% MoM in February. That was the slowest pace since
October 2012. Similarly, prices gained 0.4% in Shanghai, the
smallest increase since November 2012, and 0.5% in
Guangzhou. Prices climbed in 57 of the 70 cities tracked by the
government. That compares with 62 in January. (Bloomberg)
 Fitch: Global corporate rates remained low in 2013 –
Leading ratings agency Fitch stated that the global corporate
default rate has remained low in 2013 at 0.51%. In addition, the
vast majority of ratings (81.7%) remained the same in 2013 with
downgrades (9.8%) marginally topping upgrades (8.5%). The
emerging market default rate stood at 1.12% and the developed
market rate at 0.26%. Rating activity was similar to 2012 across
both industrials and financials, with the exception that the share
of financial institutions downgraded (8.4%) was down from
12.4% in 2012 and at the lowest level since 2007. Among
advanced economies, downgrades continued to outpace
upgrades by 1.3 to 1 in 2013, a modest improvement from 1.6 to
1 in 2012. By the end of 2013, 'BBB' rated issuers remained
more abundant across the global financial and industrial entities
–36% and 43% of outstanding ratings, respectively. (Fitch
Ratings)
Regional
 Saudi, Belgian firms sign 15 partnership deals – Saudi
Arabian and Belgian companies have signed 15 business
partnership agreements in different sectors, including
infrastructure, health, renewable energy and other commercial
sectors at the Council of Saudi Chambers (CSC). Most
significant among these agreements is the partnership for the
production of Glaxo Smith Kline‟s (GSK) vaccine in the
Kingdom. CSC Chairman, Abdullah Al-Mobty, said that the
volume of trade between the two countries increased from
around $1.8bn in 2003 to around $6.8bn in 2012.
(GulfBase.com)

4. Page 4 of 6
 Hilton signs deal to build hotel in Jubail – Hilton Worldwide
has signed a management agreement with Faisal Al-Ansari
Contracting to build a Hilton Garden Inn hotel in Jubail. The
hotel is expected to be ready by 2016. The 125-room hotel will
be located in the industrial heartland of the Kingdom‟s eastern
province. (GulfBase.com)
 S&P: rising infrastructure, corporate Sukuk issuance to
boost Gulf capital markets – Standard & Poor‟s (S&P) said in
its latest report “Industry Credit Outlook Growth”, increasing
corporate and infrastructure sukuk issuance could lift the capital
markets in the Gulf. S&P said that the Gulf‟s capital markets in
2014 are likely to be steady as compared to 2013, although low
yields could ultimately push up issuance. S&P sees evidence of
robust demand for capital market issues in the region so far this
year due to factors such as low interest rates, positive economic
fundamentals, regulations to support capital markets, rising
demand for Islamic finance, and the continued need for
infrastructure investment in GCC. The ratings agency has
forecast 5% average GDP growth for GCC countries in 2014
based on sustained high oil prices. Issue volumes in GCC
capital markets are likely to stay stable or strengthen slightly in
2014, depending largely on interest rate developments.
(Bloomberg)
 S&P: Emaar’s retail spin-off plan will not affect rating –
Standard & Poor‟s (S&P) plans no rating action on Dubai-based
Emaar Properties after the Emirate‟s largest listed developer
announced plans to spin off its retail unit. S&P‟s Director of
Corporate Ratings Tommy Trask said Emaar‟s strong reputation
with investors for delivering projects, along with its ability to
collect healthy deposits on the off-plan developments meant that
the company was cash-rich. (Gulf-Times.com)
 Emirates Steel said to ask banks to cut $1.3bn loan rate –
According to sources, Emirates Steel is seeking to cut the
interest rate on its $1.3bn loan after banks offered to lend more
than four times that amount. Sources said the company is
offering to pay 160 basis points over the London Interbank
Offered Rate (LIBOR), compared with the 200 basis points it
expected to pay in September 2013. Emirates Steel is
renegotiating the terms after 30 banks offered to lend it more
than $5.5bn. Loan proceeds will be used to refinance an existing
$1.1bn loan, which pays 250 basis points over LIBOR.
(Bloomberg)
 MAF to set up cinemas in Qatar, GCC countries – Dubai-
based shopping mall developer Majid Al Futtaim (MAF) will
invest over AED750mn to expand its cinema operations in the
Middle East and aims to double its audience figures by 2016.
Chief Executive of MAF subsidiary Majid Al Futtaim - Cinemas,
Cameron Mitchell said the company will invest AED190mn on
cinemas in Qatar, Bahrain and Oman. In the UAE, MAF will
spend AED275mn in revamping and expanding its Dubai
operations, alng with another AED290mn in Abu Dhabi and
Sharjah. Mitchell said that at present, the company‟s cinema unit
has 92 screens at eight locations in the UAE and one in
Lebanon, with 80 more screens under construction and a further
78 in the pipeline. This increase would give the company 250
screens by the end of 2017. (Gulf-Times.com)
 Green Valley to invest AED1.5bn in UAE – Green Valley
International Real Estate is planning major investments in iconic
developments worth AED1.5bn across the UAE and AED1bn in
Turkey. The new developments include a landmark residential
project in Dubai Sports City, which will encompass a total of 200
apartments in various sizes. The developments in Turkey
include a huge project in Trabzon with its expanded scope of
300 apartments. Green Valley further announced that the total
number of villas in its Bursa project in Turkey has been
expanded from 57 to 80. (GulfBase.com)
 ADX: UAE’s investment appetite strengthens – The Abu
Dhabi Securities Exchange‟s (ADX) CEO, Rashid Al Baloushi
said that investment appetite in the UAE was returning strongly
both at the public and private levels, which is set to further
strengthen. Al Baloushi highlighted the role of developing
countries and the impact of their stock markets in driving
economic development and sustainable growth. (GulfBase.com)
 du Telecom, PiSlice form micro-lending partnership –
Emirates Integrated Telecommunications Company (du
Telecom) and Pi Slice have formed a micro-lending partnership
in the MENA region. As part of the partnership, du Telecom and
Pi Slice have launched a lending webpage to encourage the
wider community toward micro-lending. This page will feature a
list of unique MENA-based projects that are in need of finance
and individuals can choose to provide support for the project of
their choice. (GulfBase.com)
 Damac launches sales of Trump Estates – Damac Properties
has launched the sales of the highly anticipated Trump Estates,
which is a limited edition collection of 100 luxury villas set within
the Akoya by Damac master development in Dubai. It will be the
first Trump Estates branded villas in the Middle East region.
(GulfBase.com)
 Al Hamra launches Falcon Island development –UAE
property developer Al Hamra Real Estate Development has
launched the multi-million dollar Falcon Island luxury
development in Ras Al Khaimah. The project will strive to attain
the ultimate Platinum level, the highest possible „Leadership in
Energy and Environmental Design‟ (LEED) rating. It will feature
150 villas and waterfront mansions with private beaches, canals
and parks. Construction is set to commence next June, with all
properties slated to be handed over in December 2016.
(Ameinfo.com)
 DWTC awards Al Futtaim Carillion contract for DTCD Phase
1 – Dubai World Trade Centre (DWTC) has awarded Al Futtaim
Carillion the main contract worth approximately AED375mn for
Phase 1 delivery of the Dubai Trade Centre District (DTCD).
DTCD is a 146,000 square meters development between the
current Dubai International Convention and Exhibition Centre
and Emirates Towers in the heart of the city‟s Central Business
District (CBD). The initial phase, which includes an eight storey
office building and business/tourism hotel, will see work
beginning next month, with a scheduled completion during
3Q2015. (Bloomberg)
 Trident International to resume construction of world’s
tallest residential tower – According to sources, Dubai-based
developer, Trident International Holdings (TIH) is set to restart
work by 3Q2014, on the 516-metre tall The Pentominium, billed
as the world's tallest residential tower. The sources said that in
conjunction with the Dubai Land Department, TIH is actively
working on several advanced options towards restarting the
construction of this project. Located in Dubai Marina, the tower
was scheduled for completion in 2013, but work was suspended
in August 2011 following the global financial crisis and customer
default. When completed, the residential tower will have 122
floors above ground and house 172 luxury penthouses designed
by Italian fashion designer Salvatore Ferragamo.
 DEWA records 3.3% rise in power demand in Dubai – The
Dubai Electricity & Water Authority (DEWA) has recorded a
3.3% rise in power demand in 2013 as its customer base
climbed 4.4% to 652,200. The peak load grew to 6,857MW in
2013 from 6,637MW in 2012 and the system requirements for

5. Page 5 of 6
electricity reached 37,478 gigawatts per hour (GWh) in 2013
compared to 36,299GWh in 2012 with a growth of 3.24%. Peak
demand for water reached 296mn gallons per day as compared
to 285mn in 2012 with an increase of 3.85%. The number of
water consumers increased by 4.4% to 580,678 from 554,985
during the same period. (GulfBase.com)
 DI’s BoD recommends 7% cash dividend, 5% bonus shares
– Dubai Investments‟ (DI) board of directors has recommended
the distribution of 7% cash dividend and 5% bonus shares for
the year ended December 31, 2013. (DFM)
 DME, TOCOM sign MoU to develop energy contracts – The
Dubai Mercantile Exchange (DME) and the Tokyo Commodity
Exchange (TOCOM) have signed a MoU for the development of
energy contracts, such as crude oil. The two exchanges will
explore areas of cooperation ranging from joint marketing
activities, and offering new services to facilitate trading for
participants in both markets. The collaboration would play an
important role in offering energy products such as liquefied
natural gas and electricity and the launch of energy-related over-
the-counter trading services. (Reuters)
 SCAD: Abu Dhabi’s non-oil economy expands almost 10%
in 2013 – According to preliminary figures released by the
Statistics Centre – Abu Dhabi (SCAD), Abu Dhabi‟s non-oil
economy expanded by almost 10% in 2013 despite an overall
slowdown in nominal growth. The information and
communication sector led the way for the year with an annual
GDP growth of 15.29%, followed by manufacturing (12.56%)
and accommodation and food services (11.62%). As per early
figures, Abu Dhabi‟s nominal GDP – calculated using current
prices – grew 4.8% to AED953.2bn during 2013. According to
SCAD, this compares with nominal GDP growth of 7.4% in
2012. As per the SCAD data, a narrowing in growth in the
emirate‟s oil and gas sector was the main factor behind the
slowdown. Oil and gas accounted for 55% of Abu Dhabi‟s GDP
in 2013, as compared to 57% in 2012. (Bloomberg)
 NCSI: Inflation rate in Sultanate stood at 1.15% in January –
According to a report released by the National Centre for
Statistics and Information (NCSI), the rate of annual inflation in
the Oman in January 2014 stood at 1.15% as compared to
January 2013 figures, while the monthly inflation rate from
December 2013 to January 2014 increased by 0.16%. As per
the NCSI figures, the increase in food prices from January 2013
to January 2014 accounted for a significant proportion of price
rises within the consumer price index, with overall food prices
increasing by 3.83% over the 12-month period, followed by
housing, water, electricity, gas and other fuels which recorded
an annual increase of 1.38%. (Bloomberg)
 NDC declares 40% cash dividend – The National Detergent
Company‟s (NDC) AGM has approved the distribution of 40%
cash dividend (40 baizas per share) for the year ended
December 31, 2013. (GulfBase.com)
 Galfar wins OMR22.7mn tunnel construction contract –
Galfar Engineering & Contracting Company has been awarded a
contract worth OMR22.7mn for the construction of tunnels along
the existing Al Batinah Road Project (Phase 3). The tender has
been awarded by the Ministry of Transport and
Communications. The project needs to be completed in 608
days in addition to 120 days for mobilization. (MSM)
 Duqm fishing port to be ready by 2016 – According to
Undersecretary of Fisheries Wealth, Hamed Said Al Oufi,
Oman‟s largest fishing harbour in Duqm is expected to be ready
by 2016. The cost of the project will be OMR35mn and the
construction is expected to start later in 2014. The port would
accommodate not only Omani fleets but also fleets from other
countries passing through the Indian Ocean. A large area at the
back of Duqm fishing port would be allocated for Fisheries
Industrial Estate where around 60 processing plants and related
facilities, including cold storages, training and administrative
buildings, would be set up. (GulfBase.com)
 CCED’s output crosses 23,000 bpd in Oman – CC Energy
Development (CCED) has achieved production of over 23,000
bpd of crude oil from its two oil concession areas in Oman.
CCED‟s CEO, Shahrock Etebar, said that the company has built
20km of pipeline to transport oil to the facilities of Petroleum
Development Oman (PDO), besides setting up two permanent
facilities. CCED is the operator of Block 3 and Block 4
concession areas and holds 50% stake, while Tethys Oil and
Mitsui hold the remaining stake. Etebar further added that CCED
has produced 3.2mn barrels of oil in the first phase of its
operation, while in the second phase, it has touched 875,000
barrels so far. (GulfBase.com)
 GMPCO finalizes OMR6mn compost project – Gulf
Mushroom Products Company (GMPCO) announced that it has
finalized a new compost project in Thumrait for an estimated
cost of OMR6mn. Further, the company has decided to make 13
new growing rooms in Barka for an estimated cost of
OMR1.8mn, which together will increase its mushroom
production capacity by more than 100%. (MSM)
 Al Kamil Power declares 10% cash dividend – Al Kamil
Power Company‟s AGM has approved the board‟s proposal for
distribution of 10% cash dividend (OMR0.1 per share) to the
shareholders. (MSM)
 Bank Alkhair posts $4.7mn net profit in 2013 – Bahrain-
based Bank Alkhair reported a return to profitability by posting a
net profit of $4.7mn for 2013, as against a loss of $39.8mn in
2012. This return was mainly driven by income from “gain on
acquisition of assets held for sale”, income from investment
securities, fees, commissions and improved operating efficiency.
Net profit for 4Q2013 was $4.1mn as compared to a loss of
$13.9mn during 4Q2012. Total income increased to $34.7mn
and total operating expenses reduced by 30% to $31.2mn as
compared to the same period last year. Meanwhile, the bank‟s
total assets increased by 42% to $628.6mn. (Bloomberg)
 Seef declares 10% cash dividend – Seef Properties‟ AGM has
approved the board‟s proposal for distribution of 10% cash
dividend (10 fils per share) to the shareholders. (Bahrain
Bourse)

6. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*Market closed on March 17, 2014)
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
(0.1%)
0.6%
(0.3%) (0.3%) (0.4%)
1.9%
1.6%
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,367.10 (1.2) (1.2) 13.4 DJ Industrial 16,247.22 1.1 1.1 (2.0)
Silver/Ounce 21.19 (1.2) (1.2) 8.8 S&P 500 1,858.83 1.0 1.0 0.6
Crude Oil (Brent)/Barrel (FM
Future)
106.24 (2.1) (2.1) (4.1) NASDAQ 100 4,279.95 0.8 0.8 2.5
Natural Gas (Henry
Hub)/MMBtu
4.59 4.8 4.8 5.7 STOXX 600 325.83 1.1 1.1 (0.7)
North American Spot LPG
Propane Price
105.00 (0.8) (0.8) (17.0) DAX 9,180.89 1.4 1.4 (3.9)
North American Spot LPG
Normal Butane Price
119.00 (1.7) (1.7) (12.3) FTSE 100 6,568.35 0.6 0.6 (2.7)
Euro 1.39 0.1 0.1 1.3 CAC 40 4,271.96 1.3 1.3 (0.6)
Yen 101.77 0.4 0.4 (3.4) Nikkei 14,277.67 (0.3) (0.3) (12.4)
GBP 1.66 (0.1) (0.1) 0.5 MSCI EM 943.22 0.6 0.6 (5.9)
CHF 1.15 (0.1) (0.1) 2.3 SHANGHAI SE Composite 2,023.67 1.0 1.0 (4.4)
AUD 0.91 0.7 0.7 1.9 HANG SENG 21,473.95 (0.3) (0.3) (7.9)
USD Index 79.39 (0.1) (0.1) (0.8) BSE SENSEX* 21,809.80 0.0 0.0 3.0
RUB 36.27 (1.0) (1.0) 10.3 Bovespa 45,117.80 0.3 0.3 (12.4)
BRL 0.43 0.0 0.0 0.6 RTS 1,114.66 4.9 4.9 (22.7)
163.8
145.7
132.9