1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.4% to close at 12,727.6. Gains were led by the
Transportation and Real Estate indices, gaining 0.8% each. Top gainers were
Dlala Brokerage & Inv. Holding Co. and Qatar & Oman Investment Co., rising
2.8% and 2.6% respectively. Among the top losers, Ezdan Holding Group fell
10.0%, while Aamal Co. declined 5.2%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.8% to close at 9,660.1. Gains were led
by Cement and Tele. & Info. Tech. indices, rising 2.6% and 1.9% respectively.
Yamamah Saudi Cement rose 7.3%, while Arabian Cement was up 5.7%.
Dubai: The DFM index gained 0.4% to close at 5,078.4. The Banking index
gained 1.1%, while the Insurance index rose 0.8%. Takaful Emarat surged
35.7%, while National Industries Group was up 15.0%.
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 5,058.4. The
Real Estate index gained 3.0%, while Inv. & Fin. Serv. index was up 0.7%. Abu
Dhabi Nat. Co. For Build. Mat. rose 4.4%, while Eshraq Prop. was up 3.3%.
Kuwait: The KSE index gained 0.3% to close at 7,431.0. The Insurance and
Oil & Gas indices rose 0.9% each. Ras Al-Khaimah Co. For White Cement
gained 8.1%, while Warba Insurance Co. was up 7.6%.
Oman: The MSM index rose 0.3% to close at 6,744.4. Gains were led by the
Financial and Services indices, rising 0.6% and 0.1% respectively. Oman Inv.
& Finance gained 2.9%, while Global Financial Investment was up 2.7%.
Bahrain: The BHB index was closed on May 01, 2014.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding Co. 33.30 2.8 735.3 50.7
Qatar & Oman Investment Co. 14.75 2.6 317.2 17.8
Industries Qatar 182.40 2.5 160.5 8.0
Qatar Gas Transport Co. 24.59 2.5 2,698.0 21.4
Zad Holding Co. 79.00 2.1 13.0 13.7
Qatar Exchange Top Vol. Trad. Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 29.80 (10.0) 3,737.0 75.3
Mazaya Qatar Real Estate Dev. 20.23 (4.0) 3,057.7 80.9
Qatar Gas Transport Co. 24.59 2.5 2,698.0 21.4
Barwa Real Estate Co. 38.15 1.7 2,102.3 28.0
United Development Co. 25.65 0.4 1,803.6 19.1
Market Indicators 01 May 14 30 Apr 14 %Chg.
Value Traded (QR mn) 801.4 1,107.9 (27.7)
Exch. Market Cap. (QR mn) 725,688.2 731,971.5 (0.9)
Volume (mn) 21.9 27.6 (20.5)
Number of Transactions 10,436 10,808 (3.4)
Companies Traded 41 43 (4.7)
Market Breadth 21:18 20:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,979.65 0.4 (1.8) 28.0 N/A
All Share Index 3,252.72 0.2 (2.4) 25.7 15.7
Banks 3,097.67 0.2 (2.7) 26.8 15.4
Industrials 4,310.32 0.7 (3.2) 23.1 16.9
Transportation 2,368.22 0.8 0.1 27.4 15.3
Real Estate 2,623.62 0.8 0.2 34.3 13.3
Insurance 3,231.87 (2.2) (4.2) 38.3 8.5
Telecoms 1,703.72 (0.2) (1.9) 17.2 23.8
Consumer 7,372.48 (0.5) (2.1) 23.9 30.1
Al Rayan Islamic Index 4,195.24 0.1 (1.9) 38.2 18.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Yamamah Saudi Cem. Saudi Arabia 66.18 8.4 2425.0 15.6
Arabian Cement Saudi Arabia 68.52 5.7 2062.3 33.3
Saudi Telecom Co. Saudi Arabia 69.01 4.8 7600.6 29.0
Burgan Bank Kuwait 0.57 3.6 1219.2 10.9
Com. Bank Of Kuwait Kuwait 0.69 3.5 38.2 3.5
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 29.80 (10.0) 3737.0 75.3
Etihad Atheeb Saudi Arabia 14.83 (7.3) 40286.5 3.0
Aamal Co. Qatar 16.22 (5.2) 479.1 8.1
National Leasing Qatar 28.75 (3.8) 1219.2 (4.6)
Co. For Coop. Ins. Saudi Arabia 44.27 (3.8) 1204.9 25.8
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%
Ezdan Holding Group 29.80 (10.0) 3,737.0 75.3
Aamal Co. 16.22 (5.2) 479.1 8.1
Qatar German Co. for Med. Dev. 14.19 (4.7) 267.5 2.5
Mazaya Qatar Real Estate Dev. 20.23 (4.0) 3,057.7 80.9
National Leasing 28.75 (3.8) 1,219.2 (4.6)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 29.80 (10.0) 114,272.2 75.3
Barwa Real Estate Co. 38.15 1.7 79,131.5 28.0
Qatar Fuel Co. 245.90 (1.2) 68,659.2 12.5
Qatar Gas Transport Co. 24.59 2.5 66,145.3 21.4
Mazaya Qatar Real Estate Dev. 20.23 (4.0) 63,753.3 80.9
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* 12,727.64 0.4 (1.8) 0.4 22.6 220.14 199,346.6 15.9 2.2 3.9
Dubai 5,078.37 0.4 (0.2) 0.4 50.7 353.75 96,164.2 20.6 1.9 2.0
Abu Dhabi 5,058.44 0.3 (2.2) 0.3 17.9 205.42 137,745.4 15.3 1.9 3.5
Saudi Arabia 9,660.13 0.8 1.1 0.8 13.2 2,861.85 526,953.2 19.2 2.4 3.0
Kuwait 7,430.95 0.3 (0.2) 0.3 (1.6) 77.42 115,809.1 16.6 1.2 4.1
Oman 6,744.41 0.3 (0.4) 0.3 (1.3) 18.03 24,383.2 12.0 1.6 3.9
Bahrain#
1,427.33 0.1 0.6 5.2 14.3 2.44 53,430.8 9.9 1.0 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Value as of April 30, 2014)
12,660
12,680
12,700
12,720
12,740
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 0.4% to close at 12,727.6. The
Transportation and Real Estate led the gains. The index rose on
the back of buying support from non-Qatari shareholders despite
selling pressure from Qatari shareholders.
 Dlala Brokerage & Inv. Holding Co. and Qatar & Oman
Investment Co. were the top gainers, rising 2.8% and 2.6%
respectively. Among the top losers, Ezdan Holding Group fell
10.0%, while Aamal Co. declined 5.2%.
 Volume of shares traded on Thursday fell by 20.5% to 21.9mn
from 27.6mn on Wednesday. Further, as compared to the 30-day
moving average of 28.8mn, volume for the day was 23.9% lower.
Ezdan Holding Group and Mazaya Qatar Real Estate Dev. were
the most active stocks, contributing 17.0% and 13.9% 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
Kuwait Reinsurance
Co. (KUWAITRE)
S&P Kuwait FSR BBB+ BBB+ – 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)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Emirates Integrated
Telecommunications Co.
(Du)
UAE AED 2,955.3 12.5% 867.1 14.5% 490.3 4.8%
Abu Dhabi Ship Building
(ADSB)
Abu Dhabi AED 193.7 -49.2% – – -6.5 NA
Ras Al Khaimah Ceramics
(RAK Ceramics)
Abu Dhabi AED 792.7 -1.6% – – 58.0 14.0%
Oman Oil Marketing Co.
(OOMS)
Oman OMR 76.6 9.0% – – 2.4 15.9%
Oman Orix Leasing Co.
(ORXL)
Oman OMR – – – – 1.0 15.9%
A'Saffa Foods Co. Oman OMR 7.5 5.8% – – 1.8 6.5%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/01 US IPSOS Public Affairs RBC Consumer Outlook Index May 50.1 – 50.0
05/01 US Department of Labor Initial Jobless Claims 26 April 344K 320K 330K
05/01 US Bloomberg Bloomberg Consumer Comfort 27 April 37.9 – 37.3
05/01 US ISM ISM Manufacturing April 54.9 54.3 53.7
05/01 US ISM ISM Prices Paid April 56.5 59.5 59
05/01 US US Census Bureau Construction Spending MoM March 0.20% 0.50% -0.20%
05/02 US BLS Unemployment Rate April 6.30% 6.60% 6.70%
05/02 US BLS Average Hourly Earnings YoY April 1.90% 2.10% 2.10%
05/02 US BLS Average Weekly Hours All Employees April 34.5 34.5 34.5
05/02 US BLS Change in Household Employment April -73.0 250.0 476.0
05/02 US BLS Underemployment Rate April 12.30% – 12.70%
05/02 US BLS Labor Force Participation Rate April 62.80% – 63.20%
05/01 US Markit Markit US Manufacturing PMI April 55.5 55.4 55.4
05/02 EU Eurostat Unemployment Rate March 11.80% 11.90% 11.80%
05/01 UK Bank of England Net Consumer Credit March 1.1B 0.6B 0.6B
05/01 UK Bank of England Net Lending Sec. on Dwellings March 1.8B 1.7B 1.6B
05/01 UK Bank of England Mortgage Approvals March 67.1K 72.0K 69.6K
05/01 UK Bank of England Money Supply M4 MoM March -2.30% – 0.70%
05/01 UK Bank of England M4 Money Supply YoY March -0.30% – 0.90%
05/01 UK Bank of England M4 Ex IOFCs 3M Annualised March 2.90% – 3.20%
05/02 Italy Italian Treasury Budget Balance April -10.1B – -18.4B
Overall Activity Buy %* Sell %* Net (QR)
Qatari 66.43% 68.85% (19,482,132.01)
Non-Qatari 33.58% 31.14% 19,482,132.01

3. Page 3 of 7
05/01 China CFLP Manufacturing PMI April 50.4 50.5 50.3
05/03 China CFLP Non-manufacturing PMI April 54.8 – 54.5
05/02 Japan MIC Jobless Rate March 3.60% 3.60% 3.60%
05/02 Japan MHLW Job-To-Applicant Ratio March 1.07 1.06 1.05
05/02 Japan MIC Overall Household Spending YoY March 7.20% 2.00% -2.50%
05/02 Japan Bank of Japan Monetary Base YoY April 48.50% – 54.80%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QGMD obtains QFMA approval to postpone 1Q2014 results
to May 12 – The Qatari German Company for Medical Devices
(QGMD) has obtained an approval from the QFMA to postpone
the date of disclosing its 1Q2014 financial results to May 12,
2014. The company has made this request due to technical
failures in its ERP system, which led to errors in the profit & loss
statement for 1Q2014. The company’s revenue and cost of
goods sold during 1Q2014 stood at QR5.3mn and QR5.2mn,
respectively. Moreover, QGMD posted a loss of QR3.3mn in
1Q2014. After the internal review of the financials it was noted
that the cost of goods sold was not accurate due to systematic
mistakes that affected the allocation of direct and indirect
expenses to the products. (QE)
 QE expects 9 firms to be on MSCI EM list – The international
index compiler MSCI will announce the names of Qatari
companies that have qualified for its Emerging Market list on
May 14, 2014. Qatar Exchange’s (QE) CEO Rashid bin Ali Al
Mansoori said the Qatari bourse expects at least nine local
companies to be eligible for the list. He noted that the MSCI
upgrade will help accelerate the inflow of international investors
into the Qatari market and will enhance market liquidity and the
value of many companies. Al Mansoori said the importance of
joining the global index stems from the fact that MSCI is one of
the pioneer companies in Global Equity Index. This new
reclassification allows Qatar to be in line with Brazil, Russia,
India, China and Turkey in attracting foreign investments.
(Peninsula Qatar)
 Al-Ahli Hospital signs national health insurance provider
network agreement for Stage-II – Medicare Group (MCGS)
announced that Al-Ahli Hospital has signed the national health
insurance provider network agreement for Stage-II of the NHIS,
which is formed by the Supreme Council of Health (SCH). The
second stage of the NHIS has been implemented from May 1,
2014. (QE)
 DIA for Qatar Aeronautical College, Gulf Helicopters use –
The Civil Aviation Authority’s (CAA) Chairman Abdulaziz
Mohamed al-Noaimi said Doha International Airport (DIA) will be
used for the services of Qatar Aeronautical College and Gulf
Helicopters once all airlines move their operations to Hamad
International Airport (HIA). For many years, DIA was Qatar's
gateway to the world and home to Qatar's national airline, Qatar
Airways (QA). The airport is also home to the world's first
Premium Terminal dedicated to QA’s first class and business
class passengers. Around 10 airlines, some of which are budget
carriers, have moved their operations to HIA, following its soft
launch on April 30. The airline said the national carrier QA will
move its entire operations to HIA on May 27. Al-Noaimi said a
portion of the existing airport will be kept as a green strip. (Gulf-
Times.com)
 MoJ: 29% rise in Doha property transactions – According to
statistics released by the Ministry of Justice (MoJ), the property
market in Doha has grown substantially, with a 29% increase
QoQ in the number of transactions between 4Q2013 and
1Q2014, with the aggregate value of sales reflecting a 35% rise.
According to the latest Asteco Qatar 1Q2014 report, land sales
continue to dominate trade in Doha’s real estate sector,
representing around 77% of all property transactions over the
last three months, with the total value topping QR7.35bn.
Qatar’s capital has also seen strong overall performance in the
residential rental market, despite a second wave of apartment
launches on The Pearl-Qatar easing the pressure on rental rates
slightly following stabilization in 4Q2013. (Bloomberg)
 Al Meera Bookstore opens 3 WHSmith Stores in Doha – Al
Meera Bookstore Company, a subsidiary of Al Meera Consumer
Goods Company, opened three WHSmith Stores in Doha. The
stores were opened at Hayat Plaza at Al Aziziya, Ezdan Mall at
Gharrafah District, and Nuaija Mall at Al Hilal. Al Meera
Bookstore is the exclusive franchise of the WHSmith brand in
Qatar, which is one of the largest bookstores in the UK. These
stores offer an array of new and popular releases of classic and
bestselling books. (QE)
International
 The US economy remains balanced on a tight rope
between higher growth and tighter policies – This was
reflected in the GDP figures for the first quarter of 2014, which
were released last week. While the headline number showed
the US economy growing by 0.1% in Q1 on an annualized
basis, well below consensus expectation of 1.2% possibly
owing to temporary factors such as bad weather, a deeper look
at the numbers helps reveal the underlying drivers of growth.
Overall, we expect growth to remain below 2.0% in 2014 as
tighter macroeconomic policies are likely to outweigh the
recovery in the private sector. An important factor in US GDP
growth for the last couple of years has been the stance of
macroeconomic policy. Following the 2008 crisis, US
policymakers responded aggressively on the monetary side by
slashing interest rates to near zero and embarking on an
unprecedented program of Quantitative Easing (QE); and on
the fiscal side introducing a stimulus package. However, fiscal
policy began to tighten in 2012-13, leaving monetary policy to
do the heavy-lifting on its own. This introduced a fiscal drag on
growth as the government spent less and introduced more
taxes. Overall, the US economy is walking on a tight rope
between an incipient recovery and a tightening of
macroeconomic policies. If private sector activity continues to
grow rapidly, despite the fiscal drag and tighter monetary
policy, real GDP growth could reach 2.0%-2.5% in 2014.
However, the risk that QE tapering derails this momentum is
significant, suggesting a lower growth rate is likely to
materialize. (QNB Group)
 US job growth jumps, but shrinking labor force a blemish –
Employers in the US hired workers at the fastest clip in more
than two years in April 2014, pointing to a rebound in economic
growth after a dreadful winter and keeping the Federal Reserve
on track to end bond purchases this year. The central bank on
April 30 pushed ahead with its plan to gradually wind down its
asset-purchase program by another $10bn a month, to $45bn.
However, the brightening outlook was tempered somewhat by a
sharp rise in the number of people dropping out of the labor

4. Page 4 of 7
force, which pushed the unemployment rate to a 5-1/2-year low
of 6.3%. Wage growth was also stagnant. The Labor
Department said non-farm payrolls surged 288,000 last month,
which was largest gain since January 2012 and beat
economists' expectations for a 210,000 rise. (Reuters)
 Eurozone factory recovery broadens, except for France – A
business survey showed the recovery in the Eurozone
manufacturing sector accelerated at the start of 2Q2014 with
solid growth across most of the bloc, though French factories
struggled to maintain momentum. Growth was again led by
Germany, Europe's largest economy, and companies in Spain
and Italy reported better business last month. It was the first
time since November 2007 that all PMIs in the region indicated
growth – coming in above the 50 break-even level. However,
another data showed that unemployment in the Eurozone fell
only slightly to 11.8% in March 2014, a sign that European
households are yet to feel much of the corporate economic
recovery. Another concern to the ECB's Governing Council,
which meets shortly to set monetary policy, is that factories have
cut goods prices for the second straight month. Official flash
data showed Eurozone inflation rose to only 0.7% last month
from 0.5% the month before, still well below the ECB's 2%
target. (Reuters)
 Japan considers tax breaks to promote investment, help
companies – According to sources, Japan is considering
expanding tax breaks and loosening some rules to promote
investment in start-ups as part of the government's economic
growth strategy. Prime Minister Shinzo Abe's government is set
to announce the second part of its growth strategy next month,
in which it is likely to lower the effective corporate tax rate to
20% next month from around 35% currently, for encouraging
firms to boost much-needed capital expenditure in Japan.
Investor disappointment with the first installment of the strategy
last year contributed to a decline in Japanese shares. One
proposal is to expand the value of an investment that a so-called
‘angel investors’ can deduct from their taxable income from the
current limit of 10mn yen ($97,800) to several times as much.
The government may also expand the scheme to companies
started within the past five years from the current limit of
companies that have been founded in the past three years.
(Reuters)
 China services PMI rises amid slowdown concern – A
services-industry index in China rose in April as Chinese
Premier Li Keqiang grapples with a slowdown in the world’s
second-biggest economy, while avoiding another large-scale
stimulus. The National Bureau of Statistics and the Federation of
Logistics & Purchasing said the non-manufacturing Purchasing
Managers’ Index (PMI) stood at 54.8 last month as compared to
54.5 in March, indicating a steady expansion. Property
construction plunged in the first quarter and economic growth
slowed as China’s leaders faced increasing challenges in
maintaining the rate of expansion while reining in debt. Li
Keqiang stated that the government stood firm last year against
short-term stimulus that could have added to difficulties in the
years ahead. Economists have projected China’s GDP to
expand 7.3% this year as the government controls credit, slightly
less than the government target of about 7.5%. meanwhile, a
manufacturing gauge released last week was below analysts’
forecasts. (Bloomberg)
Regional
 Bloomberg: OPEC April crude output drops to three-year
low – A Bloomberg survey showed that the OPEC’s crude oil
production dropped to the lowest level in almost three years in
April 2014, led by declines in Saudi Arabian and Iraqi output.
Production by the 12-member group slipped by 302,000 bpd to
an average of 29.863mn bpd, which is the lowest level since
June 2011. Last month’s total was revised by 128,000 bpd lower
to 30.165mn bpd due to changes to the Saudi Arabian, Iranian
and Ecuadorean estimates. OPEC members were forced to
reduce their production because of unplanned and planned
maintenance to pipelines, fields and refineries. The group is also
seeing demand for its crude drop just as the US output surges.
(Gulf-Times.com)
 Mowasalat, OIF sign $160mn deal for bus assembly –
Mowasalat, the national transport company of Qatar and the
Oman Investment Fund (OIF) have entered into an agreement
to establish a bus assembly unit in Oman. Once ready, the unit
will assemble 2,000 buses every year. The unit will be
constructed on 1mn square meters of land in Al Mudhaibi in the
Al Sharqiyah region with an investment of $160mn. Under the
agreement, OIF will invest $48mn for a 30% stake, while the
remaining 70% stake will be held by Mowasalat for $112mn.
(GulfBase.com)
 GIB sets guidance on SR2bn private placement FRN –
Bahrain-based Gulf International Bank has set a guidance of
72.5 basis points over the three-month Saudi interbank lending
rate on its new SR2bn, five-year private placement floating rate
note (FRN). GIB has completed investor meetings for the deal
on May 5, 2014 and the settlement is scheduled for May 11,
2014. The placement will be managed by GIB Capital, NCB
Capital, Samba Capital and Saudi Fransi Capital. The company
intends to use the proceeds for general financing requirements.
(GulfBase.com)
 Mobily declares SR962.5mn cash dividend – Etihad Etisalat
Company’s (Mobily) board of directors has approved the
distribution of 12.5% cash dividends (SR1.25 per share),
amounting to SR962.5mn for 1Q2014. (Tadawul)
 Saptco alliance secures SR7.855bn bus deal for Riyadh
Metro – The Saudi Public Transport Company’s (Saptco)
alliance with France-based RATP Dev has jointly secured a
SR7.855bn contract to operate and maintain buses in the
Kingdom's capital Riyadh. The 10-year deal will be linked to the
city's metro railway project, the King Abdulaziz Project for Public
Transport, and will handle the procurement, operation and
maintenance of the buses. (GulfBase.com)
 SFD enhances urea credit line by $25mn – The Saudi Fund
for Development (SFD) has enhanced Pakistan’s credit line for
urea import by $25mn to $125mn to facilitate an improved
commodity supply for 2014. Saudi Basic Industries Corporation
(SABIC) will supply around 0.33mn tons urea under this credit
facility to avoid shortage in the domestic market. The committed
amount is 25% higher than 2013, when SABIC supplied some
267,000 tons urea against $100mn credit facility from SFD.
(GulfBase.com)
 SEC signs four deals worth SR2.3bn – The Saudi Electricity
Company (SEC) has signed four contracts for carrying out
electricity projects worth over SR2.3bn. The first project is for
setting up an electricity transformer station located near Tabarjal
in the Northern Frontier Region with a voltage of 33/132/380
kilovolts with 600 megawatts capacity. The second project is to
set up an electricity transformer station with a voltage of 115/380
kilovolts in Al-Oqair in the Eastern Province. The third contract is
for the construction of a double line with a voltage of 380
kilovolts to link the generating plants in Tabuk and Tabarjal.
These three projects will be completed within 29 months from
the date of signing the contracts. Meanwhile, the fourth project is
for purchasing thermal exchanges for the two projects for setting

5. Page 5 of 7
up the 13th and 14th generating plants in Riyadh region.
(GulfBase.com)
 EBRD, ICD to launch $120mn SME fund – The Islamic
Development Bank through its private sector arm ICD, along
with the European Bank for Reconstruction & Development
(EBRD) will launch a $120mn fund to support small & medium-
sized enterprises (SMEs) in the southern and eastern
Mediterranean region. The fund is a part of an agreement
signed between the EBRD and the Islamic Corporation for the
Development of the Private Sector (ICD) to help develop SMEs
in Egypt, Jordan, Morocco and Tunisia. (GulfBase.com)
 ICD, BTMUM sign MoU to expand Islamic finance activities
– Islamic Corporation for the Development of the Private Sector
(ICD) and Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad
(BTMUM) have signed a MoU to form a joint strategic
collaboration to tap opportunities in the Islamic finance industry.
The alliance will strengthen and ICD's relationship with its non-
traditional partners in the Pacific region such as BTMUM,
especially to promote cross-border investment in ICD member
states and sharing of Islamic finance knowledge.
(GulfBase.com)
 Boehringer Ingelheim partners with Cigalah and Tabouk in
Kingdom – German pharmaceutical company Boehringer
Ingelheim GmbH has entered into a tripartite agreement with
Cigalah Group and Tabouk to set up production facilities in
Saudi Arabia. Under the agreement, the partners will combine
their technical expertise and local infrastructure to serve Saudi
patients. With this contract, Cigalah and Tabuk will manage
complex secondary packaging projects of 26 medicinal products
for Boehringer Ingelheim. The agreement enables Boehringer to
expand its range of medicines in Kingdom. (GulfBase.com)
 HFZA attracts FDI over $10bn – Hamriyah Free Zone Authority
(HFZA), the second largest industrial free zone in the UAE has
attracted over $10bn FDI. HFZA has 7 different zones catering
to different sectors such as oil & gas, petrochemicals, steel,
construction, timber, maritime and perfume, complimented by e-
office packages. (GulfBase.com)
 Emirates NBD issues AUD400mn FRN due 2019 – Emirates
NBD has issued AUD400mn Fixed Rate Notes (FRN), maturing
in 2019, from its AUD1.5bn Debt Issuance Program. These
notes are rated Baa1 by Moody’s and A+ by Fitch and pay a
fixed rate coupon of 5.75%. ANZ, BNP Paribas, HSBC and
Emirates NBD Capital were joint lead managers on the
transaction. (Bloomberg)
 Ithmar to hire banks for AED5bn placement, IPO – According
to sources, a group of investors led by Ithmar Capital are
seeking to raise AED5bn to invest in healthcare and education
sectors in the GCC region. These investors led by Ithmar have
hired the National Bank of Abu Dhabi, Credit Suisse Group,
Deutsche Bank and NCB Capital to advice on the plan. The
financing plan includes raising AED2.25bn in a placement and
AED2.75bn through an IPO on the Abu Dhabi stock exchange.
Sources added that subscribers to the placement will not be
able to buy shares in the IPO. Accelerating economic growth
and a rally in Dubai and Abu Dhabi stocks are encouraging
companies in the UAE to end a five-year drought in IPOs. (Gulf-
Times.com)
 DIB’s 1Q2014 profits surge by 111% – Dubai Islamic Bank
(DIB) has reported a 111% increase in its 1Q2014 net profits,
which reached AED636.6 from AED301.7mn in 1Q2013. Net
operating income for 1Q2014 amounted to AED1.3bn as
compared to AED1.07bn in 1Q2013. Total revenue has
increased to AED1.5bn, with a rise of 7.4% from 1Q2013. Total
assets grew by 6.9% to AED121.2bn as on March 31, 2014 as
compared to AED113.3bn as on December 31, 2013. EPS
amounted to AED0.12 in 1Q2014 from AED0.07 in 1Q2013.
Customer deposits increased by 8.9% to AED86.1bn from
AED79.1bn. Further, DIB’s CEO said that the bank is in talks
with a publicly-listed Islamic bank in Indonesia to take a 40%
stake. (DFM, GulfBase.com)
 Arabtec declares 40% bonus shares – Arabtec Holding’s
AGM has approved the distribution of 40% bonus shares for the
year ended December 31, 2013. (DFM)
 Dentons advises Emirates NBD on $90.5mn loan facility –
Dentons has advised Emirates NBD on a $90.5mn term-loan
facility provided to Abu Dhabi-based investment company,
Centurion Investments. The loan was to finance Centurion's
acquisition of CSH Investment. (GulfBase.com)
 DWC records growth in passenger, freight volumes – Dubai
World Central (DWC) has reported strong growth in passenger
and freight volumes in 1Q2014 as more airlines commenced
operations at Dubai's second airport. Freight volumes rose to
76,816 tons in 1Q2014, up 42.3% from 53,974 tons in 1Q2013.
As a result of the increased activity, aircraft movements climbed
sharply in 1Q2014 to 9,965 movements, up 142.8% from 4,104
movements in 1Q2013. The growth trend is expected to
escalate in 2Q2014 with more than 600 flights per week
temporarily moving over from Dubai International where both
runways will be refurbished and upgraded between May 1, 2014
and July, 20, 2014. (GulfBase.com)
 Al Ahli Bank appoints new CEO – Al Ahli Bank has appointed
Michel Accad as the Chief Executive Officer (CEO). Formerly,
Accad was the CEO at Gulf Bank. (GulfBase.com)
 Abu Dhabi's Senaat shelves IPO plans – According to
sources, Abu Dhabi government-owned General Holding
Corporation (Senaat) has shelved its IPO plans. Senaat had
mandated JP Morgan and HSBC for an IPO to be launched on
the Abu Dhabi bourse by the summer of 2014. (Reuters)
 Omani commercial banks’ assets rise 10% to OMR23.2bn in
February 2014 – The combined balance sheet of all commercial
banks in Oman indicated positive growth in all major banking
aggregates. Growth in the Omani banking sector has been
aided by the sustained high crude oil prices, increased domestic
demand, large public expenditure and accommodative monetary
policy pursued by the Central Bank of Oman (CBO). Total
assets of all commercial banks rose by 10% to OMR23.2bn in
February 2014 as compared to OMR21.1bn a year ago. Of this,
credit disbursement accounted for 66%, which increased by
8.5% YoY to OMR15.4bn at the end of February 2014. While
credit to the government declined by 40%, credit to the private
sector and public enterprises increased by 8.6% and 7.4%,
respectively. (Bloomberg)
 Bank Muscat's Islamic unit plans $300mn sukuk – Bank
Muscat's Islamic unit is planning to issue $300mn dual-currency
sukuk. The issue could carry tenors of between three and five
years, and would be a part of a OMR500mn sukuk program
approved by the bank’s shareholders. (GulfBase.com)
 NCSI: Omani inflation up by 0.73% in March 2014 –
According to the National Centre for Statistics & Information
(NCSI), Oman's inflation has increased to 0.73% in March 2014
as compared to 0.06% in March 2013. However, on a MoM
basis, the March rate witnessed a decline of 0.06% against the
February figure. The NCSI report further revealed that 1Q2014
recorded an overall rise of 0.82% in inflation rate. This increase
was due to the rise in food & non-alcoholic beverage prices by
2.78%, while housing, water, electricity, gas and other fuel costs

6. Page 6 of 7
grew by 1.38%. Furnishings, household equipment and routine
household maintenance grew by 1.43%, health costs by 3.51%,
education costs by 6.24%, clothing & footwear by 0.6%, and
hotels & restaurant costs by 1.22%. Meanwhile, communication
costs declined by 4.62%, transport costs also fell by 1.24%,
recreation & culture group declined 0.16%, and services &
goods dropped by 0.15%. (GulfBase.com)
 FCC exploring $3.5bn contract offers in Oman, Bahrain –
The FCC, a citizen services company, is evaluating contract
offers worth $3.5bn in Oman and Bahrain. In Oman, the FCC
has already pre-qualified for the Diba-Lima-Khasab highway
project, valued at $694mn, in the Straits of Hormuz zone. In
addition, the FCC has just formed a consortium with an Indian
company and an Omani firm to file an expression of interest for
the construction of a railway project. The first 250km section of
the project is valued at $999mn. FCC Aqualia, the company's
water division, is bidding for three projects, which are currently
in the prequalification phase. Two of these projects are in
Bahrain and one in Oman. (Bloomberg)

7. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (* Market closed on May 01, 2014)
Source: Bloomberg (* Market closed on May 02, 2014) Source: Bloomberg (* Market closed on May 02, 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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
0.8%
0.4%
0.3%
0.0%
0.3% 0.3%
0.4%
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain*
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,299.62 1.2 (0.3) 7.8 DJ Industrial 16,512.89 (0.3) 0.9 (0.4)
Silver/Ounce 19.50 2.4 (1.0) 0.1 S&P 500 1,881.14 (0.1) 1.0 1.8
Crude Oil (Brent)/Barrel (FM
Future)
108.59 0.8 (0.9) (2.0) NASDAQ 100 4,123.90 (0.1) 1.2 (1.3)
Natural Gas (Henry
Hub)/MMBtu
4.71 (1.3) 0.3 8.5 STOXX 600 337.76 (0.2) 1.3 2.9
LPG Propane (Arab Gulf)/Ton* 107.00 0.0 (3.4) (15.2) DAX 9,556.02 (0.5) 1.6 0.0
LPG Butane (Arab Gulf)/Ton 120.37 0.0 (1.8) (11.8) FTSE 100 6,822.42 0.2 2.0 1.1
Euro 1.39 (0.0) 0.3 0.9 CAC 40 4,458.17 (0.7) 0.3 3.8
Yen 102.20 (0.1) 0.0 (3.0) Nikkei 14,457.51 (0.2) 0.2 (11.3)
GBP 1.69 (0.1) 0.4 1.9 MSCI EM 1,003.39 0.7 1.0 0.1
CHF 1.14 0.1 0.4 1.7 SHANGHAI SE Composite* 2,026.36 0.0 (0.5) (4.2)
AUD 0.93 0.0 (0.0) 4.0 HANG SENG 22,260.67 0.6 0.2 (4.5)
USD Index 79.52 (0.0) (0.3) (0.6) BSE SENSEX 22,403.89 (0.1) (1.3) 5.8
RUB 35.84 0.6 (0.6) 9.0 Bovespa 52,980.31 2.6 3.1 2.9
BRL 0.45 0.5 0.9 6.4 RTS 1,148.96 (0.6) 2.6 (20.4)
182.9
152.9
139.4