1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.5% to close at 9,287.2. Gains were led by the Real Estate
and Banking & Financial Services indices, gaining 0.8% and 0.7% respectively.
Top gainers were Al Ahli Bank and United Development Co., rising 3.2% and
2.5% respectively. Among the top losers, Qatar Islamic Insurance fell 2.2%,
while Gulf Warehousing Co. declined 1.3%.
GCC Commentary
Saudi Arabia: The TASI index gained 1.1% to close at 7,557.2. Gains were
led by the Banking & Financial Services and Transport indices, rising 2.5% and
2.1% respectively. Arabian Shield Cooperative Insurance Co. rose 9.8%, while
Mobile Telecommunications Co. was up 9.7%.
Dubai: The DFM index fell 0.3% to close at 2,422.3. The Services index
declined 4.6%, while the Real Estate & Construction index was down 1.6%.
Agility Public Warehousing Co. fell 9.8%, while Dubai Islamic Insurance Co.
was down 9.5%.
Abu Dhabi: The ADX benchmark index gained 0.1% to close at 3,591.8. The
Telecommunication and the Consumer indices rose 0.4% each. Sharjah
Cement & Industrial Development Co. surged 14.3%, while Ras Al Khaimah
White Cement gained 13.5%.
Kuwait: The KSE index rose 1.9% to close at 8,201.9. Gains were led by the
Technology and Real Estate indices, gaining 3.8% and 3.6% respectively. Al
Safat Real Estate rose 9.8%, while Boubyan Int. Ind. Holding was up 8.8%.
Oman: The MSM index gained 0.2% to close at 6,423.9. The Banking &
Investment index rose 1.2%, while the Industrial index was up 0.4%. Al
Sharqia Investment Holding gained 6.4%, while Financial Services rose 6.3%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Ahli Bank 57.70 3.2 11.9 17.8
United Development Co. 22.25 2.5 3,436.1 25.0
Qatar Industrial Manufacturing Co. 52.50 2.3 26.4 (1.1)
Qatar National Cement Co. 101.90 1.9 21.4 (4.8)
Qatar Electricity & Water Co. 147.60 1.8 41.9 11.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 22.25 2.5 3,436.1 25.0
Vodafone Qatar 9.47 1.6 2,189.9 13.4
Mazaya Qatar Real Estate Dev. 11.30 1.2 1,560.2 2.7
National Leasing 37.00 (0.9) 1,238.4 (18.1)
Qatar Gas Transport Co. 18.78 1.0 1,081.0 23.1
Market Indicators 03 June 13 02 June 13 %Chg.
Value Traded (QR mn) 475.5 452.6 5.1
Exch. Market Cap. (QR mn) 511,398.8 508,297.9 0.6
Volume (mn) 15.9 13.2 20.7
Number of Transactions 5,971 5,997 (0.4)
Companies Traded 39 38 2.6
Market Breadth 26:9 18:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,269.25 0.5 0.5 17.3 N/A
All Share Index 2,352.97 0.5 0.3 16.8 12.8
Banks 2,174.70 0.7 (0.6) 11.6 11.7
Industrials 3,185.23 0.6 0.3 21.2 11.8
Transportation 1,729.85 0.4 4.0 29.1 12.2
Real Estate 1,819.16 0.8 1.5 12.9 11.6
Insurance 2,286.34 (0.2) (0.3) 16.4 15.0
Telecoms 1,306.16 (0.3) 1.5 22.6 15.1
Consumer 5,603.55 0.2 0.8 20.0 22.9
Al Rayan Islamic Index 2,808.24 0.4 0.7 12.9 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Mobile Telecomm. Co. Saudi Arabia 9.65 9.7 35,043.0 22.2
United Arab Bank Abu Dhabi 4.40 6.0 21.2 42.9
IFA Hotels & Resorts Kuwait 0.48 5.6 0.1 8.0
Saudi Investment Bank Saudi Arabia 22.00 5.5 650.3 21.5
Atheeb Communication Saudi Arabia 16.10 5.2 31,910.7 25.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Drake & Scull Int. DFM 1.02 (6.4) 115,195.4 44.9
Investbank Abu Dhabi 2.40 (5.9) 5,400.0 48.1
Ithmaar Bank Bahrain 0.27 (5.4) 4,335.0 55.9
Ajman Bank Dubai 1.98 (3.4) 1,227.9 39.4
Arabtec Holding Co. Dubai 2.09 (2.3) 40,493.1 12.4
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 Islamic Insurance 58.20 (2.2) 3.1 (6.1)
Gulf Warehousing Co. 41.10 (1.3) 126.5 22.7
Doha Insurance Co. 26.00 (1.1) 10.0 5.9
National Leasing 37.00 (0.9) 1,238.4 (18.1)
Zad Holding Co. 59.70 (0.7) 1.7 1.5
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 22.25 2.5 76,023.1 25.0
Industries Qatar 166.30 0.4 50,526.3 17.9
National Leasing 37.00 (0.9) 45,904.4 (18.1)
Commercial Bank of Qatar 70.10 0.9 28,225.3 (1.1)
QNB Group 147.20 1.1 26,908.2 12.5
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* 9,287.18 0.5 0.5 0.5 11.1 130.59 140,430.1 11.8 1.7 5.0
Dubai 2,422.32 (0.3) 2.3 2.3 49.3 561.45 62,236.0 15.6 1.0 3.5
Abu Dhabi 3,591.75 0.1 0.8 0.8 36.5 213.58 104,945.5 11.0 1.3 4.9
Saudi Arabia 7,557.24 1.1 2.1 2.1 11.1 2,268.27 405,926.6 16.1 2.0 3.7
Kuwait 8,201.89 1.9 (1.2) (1.2) 38.2 439.26 112,052.1 25.1 1.4 3.3
Oman 6,423.91 0.2 0.1 0.1 11.5 41.45 22,647.7 11.2 1.7 4.3
Bahrain 1,198.94 0.0 0.2 0.2 12.5 2.17 21,298.7 8.7 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,220
9,240
9,260
9,280
9,300
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 0.5% to close at 9,287.2. The Real Estate
and Banking & Financial Services indices led the gains. The
index rose on the back of buying support from Qatari
shareholders despite selling pressure from non-Qatari
shareholders.
 Al Ahli Bank and United Development Co. were the top gainers,
rising 3.2% and 2.5% respectively. Among the top losers, Qatar
Islamic Insurance fell 2.2%, while Gulf Warehousing Co.
declined 1.3%.
 Volume of shares traded on Monday rose by 20.7% to 15.9mn
from 13.2mn on Sunday. Further, as compared to the 30-day
moving average of 9.8mn, volume for the day was 62.5% higher.
United Development Co. and Vodafone Qatar were the most
active stocks, contributing 21.5% and 13.7% 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
Saudi Electric Co.
(SEC)
S&P
Saudi
Arabia
LT corporate credit
ratings
AA- AA- – Positive 
Kuwait Finance
House (KFH)
S&P Kuwait
LT CPCR/ ST
CPCR/SACP
A-/A-2/bbb- A-/A-2/bb * Negative
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, SACP - Stand-Alone Credit
Profile, CPCR – Counterparty Credit Ratings) (*Rating upgrade for SACP)
Earnings Releases
Company Market Currency
Revenue
(mn) 1Q2013
% Change
YoY
Operating Profit
(mn) 1Q2013
% Change
YoY
Net Profit (mn)
1Q2013
% Change
YoY
Oman Fisheries Co. (OFCI)* Oman OMR 21.5 3.7% -0.2 N/A – –
Source: Gulfbase.com (* For the financial year ended March 31, 2013)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/03 US Bloomberg Markit US PMI Final May 52.3 52.0 –
06/03 US US Census Bureau Construction Spending MoM April 0.40% 0.90% -0.80%
06/03 EU Markit PMI Manufacturing May 48.3 47.8 46.7
06/03 France Markit PMI Manufacturing May 46.4 45.5 44.4
06/03 Germany Markit PMI Manufacturing May 49.4 49.0 48.1
06/03 UK Markit PMI Manufacturing May 51.3 50.3 50.2
06/03 Italy Markit PMI Manufacturing May 47.3 46.2 45.5
06/03 China CFLP Non-manufacturing PMI May 54.3 – 54.5
06/03 China HSBC HSBC Manufacturing PMI May 49.2 49.6 50.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 VFQS reports a net loss of QR73.9mn for 4QFY2013 –
Vodafone Qatar (VFQS) reported a net loss of QR74mn for
4QFY2013 vs. our estimate of QR80mn and analyst consensus
estimate of QR82mn. The company reported revenue of
QR436mn for 4QFY2013 vs. our estimate of QR408mn and
analyst consensus of QR405mn. However, for the full year
FY2013, VFQS reported a distributable profit of QR2mn. We
maintain our estimates. We project QR1.9bn and QR2.2bn in
FY2014 and FY2015 revenue, respectively. Our EBITDA
estimates are unchanged at QR446mn and QR589mn for
FY2014 and FY2015, respectively. We do not expect the
company to post a full year net profit until FY2016. Finally, we
expect VFQS to pay QR0.10 in dividends per share in FY2014.
Our estimates factor in VFQS’ strong subscriber traction but we
remain conservative on our blended ARPU assumptions given
our concerns regarding potential medium-term ARPU pressures
(due to competition and encroachment by unlicensed VoIP
providers). On a YTD basis, the stock is up 13.41% vs. the QE
Index which is up 11.10%. We will provide a detailed analysis of
the results post the analyst call. (QNBFS, Gulf Times & Reuters)
 VFQS to have new CEO from July – Vodafone Qatar (VFQS)
has introduced its new CEO Kyle Whitehill, who will join the
telecom company from July, 2013. (Qatar Tribune)
 VFQS to reinvest positive distributable gain, urges for ban
on VoIP, to roll out 4G service – Vodafone Qatar (VFQS) CEO
Richard Daly Vodafone said the company has closed the first full
year of “positive distributable profit” in March 2013 and since it is
only QR2mn, the company will reinvest it in its growing
business. He also said that voice over internet protocol (VoIP)
remains a major threat to licensed telecommunication providers
in Qatar and it should be stopped as it is illegal. Moreover, he
Overall Activity Buy %* Sell %* Net (QR)
Qatari 69.44% 64.12% 25,242,679.02
Non-Qatari 30.57% 35.87% (25,242,679.02)

3. Page 3 of 6
said that the company is planning to roll out 4G service by the
end of 2013. (Gulf-Times.com) (Qatar Tribune)
 UDCD places Plots 24 & 26 of Viva Bahriya area for auction
– United Development Company (UDCD) has decided to auction
Plots 24 & 26 of Viva Bahriya area in the Pearl Qatar for a basic
price of QR1000/per foot. The bid commenced on June 2, 2013
and will end on June 16, 2013. (QE)
 QSA: Qatar population reaches highest level – According to
the latest figures released by the Qatar Statistical Authority
(QSA), the country’s population is at its highest-ever level at
1,963,124 as of May 31, 2013. The data showed that an
increase of 19,071 people in May as compared to the figures of
1,944,953 people in April 30. (Gulf-Times.com)
 Qatar health insurance law comes into effect – The Emir, HH
Sheikh Hamad bin Khalifa Al-Thani has issued a new law to
launch the universal health insurance scheme in Qatar. The
health insurance system ensures mandatory basic healthcare,
including preventive, medical, rehabilitation and diagnostic
services to all residents and visitors. According to the law, the
government shall be responsible for the payment of the health
insurance premiums of all citizens, while employers will pay the
premiums of their non-Qatari employees and their family
members. Moreover, the law states that visitors will have to pay
for their health insurance premium on the basis of their period of
stay in Qatar and a visit visa will not be issued or renewed
without the premium payment. (Gulf-Times.com)
 Station to connect Doha Metro with GCC railway network –
The Qatar Railways Company’s Senior Program Director Adrian
Shaw said a large railway station of international standards will
be built on the outskirts of Doha as part of Qatar’s rail project,
whose work has already begun across different parts of the city.
He added that the station would connect the Doha Metro with
the planned GCC region railway network. (Gulf-Times.com)
 SCH plans three new hospitals exclusively for workers –
The Supreme Council of Health (SCH) is set to begin
construction of three new hospitals and four primary healthcare
centers in 2013 to meet the specific needs of single male
laborers in Qatar. These healthcare centers are to be located in
the Doha Industrial Area, Mesaieed and the Ras Laffan
Industrial Area, and are scheduled to open in 2015. (Gulf-
Times.com)
International
 IATA: Airlines to post $12.7bn profit in 2013 – The
International Air Transport Association (IATA) has revised its
forecast for global airlines and said they are set to post profits
worth $12.7bn by the end of 2013. IATA added that this
compares well with the $7.6bn in profits made in 2012 and was
an improvement on IATA’s forecast of $10.6bn given in March.
(Gulf-Times.com)
 SF Fed sees potential QE taper this summer – The Federal
Reserve Bank of San Francisco’s (SF Fed) President John
Williams said US policy makers may start reducing the pace of
bond purchases over the next three months and conclude the
quantitative easing by year-end. Earlier on May 22, US Fed
Chairman Ben Bernanke had said that the central bank could
consider reducing the amount of treasuries and mortgage debt it
buys during the next few meetings, if officials see signs of
sustained improvement in the labor market. (Bloomberg)
 China’s Xi offers $3bn in loans to Caribbean nations – The
Chinese President Xi Jinping promised more than $3bn in loans
to 10 Caribbean nations and Costa Rica ahead of a summit in
California with US President Barack Obama. (Bloomberg)
 Banque Misr, NBE subscribe to $200mn in international
bonds – Banque Misr and the National Bank of Egypt (NBE)
have subscribed to $200mn in Egyptian government bonds. This
came as part of a $2.7bn bond package released by the
Egyptian government several days ago. The Qatar National
Bank (QNB) bought the remaining $2.5bn in bonds. QNB
deposited the value of the remaining bonds in Egypt’s Central
Bank a month ago. (Bloomberg)
Regional
 STIRC: Domestic tourism to see a upsurge this summer –
According to a report by the Saudi Tourism Information &
Research Center (STIRC), there will be a 10% YoY increase in
incoming tourist flights in 2013, which would carry 4.8mn
tourists. The report added that domestic tourism spending will
reach SR10.5bn in 2013, indicating an increase of 18% higher
than last year’s SR8.9bn. (GulfBase.com)
 SABB HSBC PMI: Saudi non-oil business activity slows –
According to a survey by SABB HSBC Saudi Arabia Purchasing
Managers’ Index (PMI), growth in the business activity of the
Saudi Arabian non-oil, private sector slowed down to a six-
month low in May 2013, as output rose at the slowest pace in
the past few years. The PMI data showed that its seasonally
adjusted index fell to 57.3 points in May from 58.0 in April, but
remaining well above the 50-point mark that separates
expansion from contraction. The survey registered the weakest
expansion in output levels since it began collecting data in
August 2009, with growth slowing to 59.6 points in May from
62.0 in April. (Gulf-Times.com)
 Saudi Arabia may cut July crude prices for Asia – According
to a Reuters survey, Saudi Arabia is expected to reduce the
official selling prices (OSP) for most of the crude oil grades it
sells to Asia in July due to weaker Dubai prices. The survey data
showed that Saudi Arabia may drop the OSPs for Arab Extra
Light and Arab Light by 15 and 45 cents per barrel, while Arab
Medium and Arab Heavy could see cuts of 60 and 50 cents
respectively. (Bloomberg)
 Green building projects in Kingdom to hit over SR100bn –
The Saudi Green Building Forum Secretary General Faisal Al-
Fadl said investment in eco-friendly building projects in Saudi
Arabia is set to reach SR100bn across 76 projects over the next
three years. (GulfBase.com)
 Zain Saudi to defer $1.5bn license fee payment – The Saudi
Mobile Telecommunications Company (Zain Saudi) has
received an approval from the government to defer license fee
payments totaling $1.5bn over the next seven years. The
rescheduled payment will be treated as a commercial loan with
the first payment due in 2021. (GulfBase.com)
 Binladin Group plans local currency sukuk – Saudi Binladin
Group is meeting investors for a potential sale of local currency
sukuk with a lifespan of 364 days. BNP Paribas and the
investment banking arm of Gulf International Bank are arranging
the investor meetings, which are likely to go on for around two
weeks. (Gulf-Times.com)
 Marafiq successfully closes SR2.5bn sukuk issuance – The
Power & Water Utility Company for Jubail and Yanbu (Marafiq)
has successfully closed its debut sukuk issuance worth
SR2.5bn. HSBC Saudi Arabia was the sole lead manager to the
issue, which also acted as Shari’ah structure agent, payment
administrator and sukuk holders’ agent. (GulfBase.com)
 Al-Khodari Sons signs SR44.5mn contract for Almadinah
water networks – Abdullah A. M. Al-Khodari Sons Company
has signed a contract valued SR44.5mn with the Ministry of

4. Page 4 of 6
Water & Electricity (General Directorate of Water in Almadinah
Almunawarh region) for the maintenance of water networks in
Almadinah province for 36 months. Al-Khodari expects the
financial impact of this contract to start in 2Q2013. (Tadawul)
 SIPCHEM’s subsidiary signs financing agreement with SIDF
– The Saudi International Petrochemical Company’s (SIPCHEM)
subsidiary, Sipchem Chemcials Company has signed a
SR257.5mn loan agreement with the Saudi Industrial
Development Fund (SIDF). The loan is payable over 10 years
on a semi-annual basis (including a three-year grace period)
with increasing installments based on project cash flow.
(Tadawul)
 GO announces possibility of acquiring stake by Mobily’s
subsidiary – Etihad Atheeb Telecom (GO) announced that
there is a possibility of one of the subsidiaries of Etihad Etisalat
Company (Mobily) acquiring a stake in GO. (Tadawul)
 Dubal, Emal create $15bn aluminum giant – Dubai Aluminum
(Dubal) and Emirates Aluminum (Emal) have agreed to merge to
create a new entity, “Emirates Global Aluminum” with an
enterprise value of $15bn. Emirates Global Aluminum will have
a production capacity of 2.4mn tons per year after the
completion of Emal’s $4bn phase two expansion by mid-2014.
Emal is on track to complete its phase two by mid-2014, which
will increase its capacity to 1.3mn tons from the current 800,000
tons a year. (GulfBase.com)
 Asia Capital Re opens branch office in DIFC – Singapore-
based Asia Capital Reinsurance Group has opened its branch
office in the Dubai International Financial Center (DIFC), after
receiving the final regulatory approval. (GulfBase.com)
 Arabtec gets Al Maabar’s $197mn project in Amman – Al
Maabar has awarded a contract worth $197mn to Arabtec
Holdings for the construction of a mixed-use realty project in
Amman. (GulfBase.com)
 Emirates launches daily flights to Tokyo – Emirates Airways
has launched a daily non-stop service from Dubai to Tokyo
Haneda International Airport. Meanwhile, Etihad Airways has
extended its code-share agreement with Air Seychelles to
include new connections to Australia. (AME Info)
 IPIC plans bond sales as costs recede – Abu Dhabi's
International Petroleum Investment Co. plans to sell bonds to
repay part of a $2bn loan due in September, taking advantage of
narrowing spreads between its debt and US Treasury notes.
The yield on the state-owned company's bonds due in May 2016
dropped to a record 1.285% on May 2. The bonds spread over
five-year Treasuries narrowed on May 20 to 13 basis points.
(Bloomberg)
 Aldar to open Yas Mall on March 26 – Aldar Properties has
announced that Yas Mall will be opened for public on March 26,
2014. Aldar said the construction is currently 78% complete and
is ahead of its schedule. (AME Info)
 Al-Futtaim Engineering gets MEP contracts from MoPW –
Al-Futtaim Engineering has signed two contracts with the
Ministry of Public Works (MoPW) to provide mechanical,
electrical & plumbing (MEP) and civil maintenance work for 500
buildings across the UAE. The multi-million dirham contracts are
for a two-year period, in which Al-Futtaim’s Facilities
Management division will maintain 334 buildings in the Eastern
& Northern Emirates and 189 buildings in Dubai and Ajman.
(AME Info)
 ADCED: Abu Dhabi’s non-oil sector to grow 54% by 2020,
57% by 2030 – The Abu Dhabi Council for Economic
Development (ADCED) said the Emirate’s non-oil sector will
grow to 54% by 2020 and to 57% in 2030. The council added
that Abu Dhabi has reformed its economy to encourage the
private sector to actively take part in industrial activities. This is
now evident as the contribution of the private sector to the
economy increased by 6.5% in 2012 to reach AED232bn,
accounting for 33% of the Emirate’s GDP. (GulfBase.com)
 Abu Dhabi airport traffic grows by 14% in Jan-Apr 2013 –
According to the data released by Abu Dhabi Airports Company,
the first four months of 2013 witnessed a double digit increase of
14% YoY in passenger traffic, as more than 5.2mn passengers
passed through the international airport. (AME Info)
 ADTCA targets Japan, Korea tourists – The Abu Dhabi
Tourism & Culture Authority (ADTCA) plans to conduct
roadshows in Japan and Korea in June 2013 in order to expand
its tourism proposition to the Far East. ADTCA will lead an 11-
member delegation comprising transport, hotel & resort
operators, Mice facilities and destination management
companies. (GulfBase.com)
 Abu Dhabi Cabinet approves AED250mn for government IT
network – Abu Dhabi’s Cabinet approved AED250mn spending
for a federal joint-integrated electronic network to provide high-
speed IT services to all government entities in a safe, advanced
infrastructure. (Bloomberg)
 Kuwait to burn 900,000 bpd oil for electricity & water by
2030 – The Ministry of Electricity & Water’s Assistant
Undersecretary Dr. Mershan Al-Otaibi said Kuwait will have to
utilize 700,000 to 900,000 bpd of fuel to generate electricity and
desalinate water by 2030. He also said that this represents
about 20% of Kuwait’s fuel generation capacity. Al-Otaibi further
said that short-to-medium term savings in electricity generation
could be derived through a new energy-saving code for new
buildings, which will reduce costs by 20%. Over the long-term,
Kuwait could be generating 15% of its electricity requirements
from renewable energy by 2030. (GulfBase.com)
 S&P affirms its rating on Kuwait Finance House; outlook
remains Negative – Standard & Poor's Ratings Services
affirmed its “A-/A-2” long-term and short-term counterparty credit
ratings on Kuwait Finance House (KFH), as the company is
launching a 20% rights offering to be completed in the next few
weeks, which should strengthen its capitalization. However, the
rating agency maintained its negative Outlook on the company,
which reflects its view that despite the expected capital increase,
limited earnings generation and continued balance sheet growth
will continue to put pressure on the company's capitalization and
risk position. (S&P)
 Severn Trent rejects sweetened bid from Canada, Kuwait
SWF – Severn Trent Plc, the second-largest publicly traded UK
water utility, rejected a sweetened takeover proposal from a
Canadian infrastructure investor and Kuwait’s sovereign wealth
fund that valued the company at GBP5.2bn ($7.98bn), saying
the offer was too low. (Bloomberg)
 Kuwaiti banks to finance Vietnam refinery – Kuwait
Petroleum International’s (KPI) Managing Director Bahkit Al-
Rashidi said National Bank of Kuwait, Commercial Bank of
Kuwait and Al-Ahli Bank of Kuwait are participating in financing
the second refinery in Vietnam. He added that KPI will not offer
guarantees for the entire project, but will only guarantee its 35%
share. (Bloomberg)
 TIHC’s shareholders approve merger, share capital
increase, name change – The shareholders of Transgulf
Investment Holding Company (TIHC) have approved the merger
between TIHC and Al Madina Financial & Investment Services
Company with full authorization to register the merger with the

5. Page 5 of 6
concerned authorities. TIHC shareholders also approved the
increase in authorized capital from OMR15mn to OMR50mn and
increase of its paid-up capital from OMR6.7mn to OMR18.8mn,
with an allocation of increased shares to Al Madina’s
shareholders. Moreover, TIHC shareholders agreed to change
the company’s name from Transgulf Investment Holding
Company to Al Madina Investment Company, subject to
approval from the concerned authorities. (MSM)
 Oman Fisheries to set up processing plants in Duqm and
Barka – The Oman Fisheries Company is planning to add two
new fish processing plants at Duqm and Barka. The new plants
will have 35-ton capacity per day each, which are in addition to
two other processing units under construction at Salalah and
Soqrah. Meanwhile, Oman Fisheries’ board has given its
approval for the implementation of a Black Tiger shrimp farming
project with an investment of OMR3mn. (GulfBase.com)
 National Ferries gets its own dedicated base – The National
Ferries Company is set to use Port Sultan Qaboos as a hub for
its operations after the planned conversion of the capital’s
maritime gateway into a tourism port. (GulfBase.com)
 S&P places BMI Bank on Creditwatch negative – S&P placed
Bahrain-based BMI Bank on Creditwatch negative on its
proposed merger with Al-Salam Bank-Bahrain. Bank Muscat's
49% stake in BMI Bank could be significantly diluted post the
merger, which could reduce the likelihood of it providing
extraordinary support. Thus, S&P placed its "BB+" long-term
rating on BMI Bank on CreditWatch negative. S&P also affirmed
its "B" short-term rating on the bank. (S&P)
 Bahrain plans BHD6bn industrial city – Bahrain’s Industry &
Commerce Minister Dr Hassan Fakhro said the country will build
a new BHD6bn industrial city, covering 95 square kilometers by
2040 or 2050, and its feasibility studies are underway. He said
this city will increase the country's GDP by 20% and will offer
24,000 job opportunities. (GulfBase.com)
 KHCB signs MoU with Bank Al Khair – Khaleeji Commercial
Bank (KHCB) has signed a MoU with Bank Al Khair to evaluate
the feasibility of merging the two institutions into a larger
financial institution. (Bahrain Bourse)

6. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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
80.0
90.0
100.0
110.0
120.0
130.0
140.0
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
QE Index S&P Pan Arab S&P GCC
1.1%
0.5%
1.9%
0.0%
0.2%
0.1%
(0.3%)(0.6%)
0.0%
0.6%
1.2%
1.8%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,411.40 1.7 1.7 (15.8) DJ Industrial 15,254.03 0.9 0.9 16.4
Silver 22.74 2.2 2.2 (25.1) S&P 500 1,640.42 0.6 0.6 15.0
Crude Oil (Brent) 101.75 1.7 1.7 (9.8) NASDAQ 100 3,465.37 0.3 0.3 14.8
Euro 1.31 0.6 0.6 (0.9) DAX 8,285.80 (0.8) (0.8) 8.8
Yen 99.53 (0.9) (0.9) 14.7 FTSE 100 6,525.12 (0.9) (0.9) 10.6
GBP 1.53 0.8 0.8 (5.7) CAC 40 3,920.67 (0.7) (0.7) 7.7
CHF 1.06 0.9 0.9 (3.4) Nikkei 13,261.82 (3.7) (3.7) 27.6
AUD 0.98 2.1 2.1 (6.0) Shanghai 2,299.25 (0.1) (0.1) 1.3
USD Index 82.66 (0.9) (0.9) 3.6 BSE Sensex 19,610.48 (0.8) (0.8) 0.9
RUB 31.79 (0.3) (0.3) 4.2 Bovespa 53,944.36 0.8 0.8 (11.5)
BRL 0.47 0.8 0.8 (3.4) RTS 1,319.01 (0.9) (0.9) (13.6)
133.5
120.3
110.0