1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.6% to close at 12,773.2. Losses were led by the
Telecoms and Real Estate indices, declining 2.4% and 1.9% respectively. Top
losers were Qatar Navigation and Barwa Real Estate Co., falling 3.3% and 3.0%
respectively. Among the top gainers, Qatar Cinema & Film Distribution Co. rose
9.9%, while Zad Holding Co. was up 5.2%.
GCC Commentary
Saudi Arabia: The TASI index fell 1.1% to close at 9,717.0. The Media &
Publishing index declined 5.3%, while the Building & Const. index was down
2.4%. Tihama fell 9.9%, while Al Ahsa Development Co. was down 4.5%.
Dubai: The DFM index declined 4.7% to close at 4,609.3. The Real Estate &
Construction index fell 5.8%, while the Inv. & Fin. Ser. index was down 5.3%.
Arabtec Holding declined 10.0%, while Al-Mazaya Holding was down 9.7%.
Abu Dhabi: The ADX benchmark index fell 2.0% to close at 4,831.6. The Real
Estate index declined 6.1%, while the Inv. & Fin. Ser. index was down 4.1%.
Int. Fish Farming fell 10.0%, while Abu Dhabi National Ins. was down 8.9%.
Kuwait: The KSE index fell 1.4% to close at 7,142.4. The Oil & Gas index
declined 2.4%, while the Telecom. index was down 2.3%. Al Mudon Int. Real
Estate fell 9.1%, while Kuwait Business Town Real Estate was down 7.9%.
Oman: The MSM index declined 0.2% to close at 6,896.0. Losses were led by
the Financial and Industrial indices, declining 0.3% and 0.2% respectively. Al
Anwar Holding fell 5.0%, while Al Hassan Engineering was down 2.8 %.
Bahrain: The BHB index fell 0.2% to close at 1,457.3. The Services and
Commercial Banking indices declined 0.3% each. Bahrain Islamic Bank fell
1.8%, while Al Salam Bank was down 1.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distri. Co. 52.10 9.9 3.5 29.9
Zad Holding Co. 84.50 5.2 98.6 21.6
Mannai Corp. 116.00 2.7 20.2 29.0
Qatar General Ins. & Rein. Co. 45.00 2.5 14.8 12.7
Ezdan Holding Group 22.20 2.1 2,187.3 30.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 22.20 2.1 2,187.3 30.6
Masraf Al Rayan 53.20 (1.3) 1,262.8 70.0
Barwa Real Estate Co. 40.75 (3.0) 656.7 36.7
Vodafone Qatar 19.55 (2.5) 568.8 82.5
Mazaya Qatar Real Estate Dev. 18.69 (2.1) 546.8 67.2
Market Indicators 15 Jun 14 12 Jun 14 %Chg.
Value Traded (QR mn) 441.0 610.9 (27.8)
Exch. Market Cap. (QR mn) 696,586.8 705,094.8 (1.2)
Volume (mn) 9.7 12.8 (24.4)
Number of Transactions 6,378 6,916 (7.8)
Companies Traded 43 43 0.0
Market Breadth 13:29 23:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,047.59 (1.6) (1.6) 28.4 N/A
All Share Index 3,234.26 (1.4) (1.4) 25.0 15.5
Banks 3,105.25 (1.8) (1.8) 27.1 15.4
Industrials 4,256.32 (1.1) (1.1) 21.6 16.6
Transportation 2,232.82 (1.6) (1.6) 20.1 14.4
Real Estate 2,683.62 (1.9) (1.9) 37.4 13.4
Insurance 3,426.65 1.2 1.2 46.7 9.0
Telecoms 1,730.79 (2.4) (2.4) 19.1 23.9
Consumer 6,786.26 (0.7) (0.7) 14.1 26.7
Al Rayan Islamic Index 4,283.58 (1.3) (1.3) 41.1 18.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Bank Albilad Saudi Arabia 47.98 4.4 2,145.3 37.1
Gulf Pharmaceutical Abu Dhabi 3.10 3.3 5,010.0 4.3
Mannai Corporation Qatar 116.00 2.7 20.2 29.0
Qatar Gen. Ins. & Rein. Qatar 45.00 2.5 14.8 12.7
Ezdan Holding Group Qatar 22.20 2.1 2,187.3 30.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 4.50 (10.0) 116,300.0 119.5
Tihama Saudi Arabia 139.50 (9.9) 327.0 26.9
Abu Dhabi Nat. Ins. Abu Dhabi 5.60 (8.9) 510.1 (5.1)
Emirates NBD Dubai 8.40 (6.7) 1,368.5 32.3
Deyaar Development Dubai 1.20 (6.3) 37,376.9 18.8
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%
Qatar Navigation 90.70 (3.3) 135.3 9.3
Barwa Real Estate Co. 40.75 (3.0) 656.7 36.7
Qatari Investors Group 60.90 (2.7) 15.1 39.4
QNB Group 180.20 (2.6) 287.2 4.8
Qatar Islamic Bank 96.00 (2.5) 101.2 39.1
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 53.20 (1.3) 67,657.5 70.0
QNB Group 180.20 (2.6) 52,412.9 4.8
Ezdan Holding Group 22.20 2.1 48,240.9 30.6
Barwa Real Estate Co. 40.75 (3.0) 27,012.9 36.7
Gulf International Services 92.70 (1.1) 22,563.4 90.0
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* 12,773.20 (1.6) (1.6) (6.7) 23.1 121.14 191,352.4 15.9 2.2 3.9
Dubai 4,609.28 (4.7) (4.7) (9.4) 36.8 407.07 90,896.9 18.5 1.8 2.3
Abu Dhabi 4,831.57 (2.0) (2.0) (8.0) 12.6 337.27 134,610.8 14.2 1.8 3.4
Saudi Arabia 9,716.99 (1.1) (1.1) (1.1) 13.8 2,067.43 526,797.8 19.4 2.4 2.9
Kuwait 7,142.42 (1.4) (1.4) (2.0) (5.4) 86.26 112,063.7 16.3 1.1 3.9
Oman 6,895.95 (0.2) (0.2) 0.6 0.9 6.82 25,027.5 12.5 1.7 3.8
Bahrain 1,457.33 (0.2) (0.2) (0.1) 16.7 6.96 53,881.0 11.4 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,750
12,800
12,850
12,900
12,950
13,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index declined 1.6% to close at 12,773.2. The Telecoms
and Real Estate indices led the losses. The index fell on the back
of selling pressure from non-Qatari shareholders despite buying
support from Qatari shareholders.
 Qatar Navigation and Barwa Real Estate Co. were the top
losers, falling 3.3 and 3.0% respectively. Among the top gainers,
Qatar Cinema & Film Distribution Co. rose 9.9%, while Zad
Holding Co. was up 5.2%.
 Volume of shares traded on Sunday fell by 24.4% to 9.7mn from
12.8mn on Thursday. Further, as compared to the 30-day
moving average of 26.8mn, volume for the day was 64.0% lower.
Ezdan Holding Group and Masraf Al Rayan were the most active
stocks, contributing 22.7% and 13.1% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Al Islami Foods* Dubai AED 300.0 NA – – 15.2 65.2%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
News
Qatar
 QCB issues bonds worth QR4bn – The Qatar Central Bank
(QCB) has issued government bonds worth QR4bn on June 15,
2014, for which it received bids totaling QR12.25bn.
Government bonds worth QR2.1bn with a three-year maturity
were issued at a yield of 2.25%. Bonds with five-year maturity
worth QR950mn were issued at 2.75% yield, while bonds with
seven-year maturity worth QR950mn were issued at 3.50%
yield. (QCB)
 GDI places QR193mn rig order with SDS for QP service –
Gulf Drilling International (GDI) has placed an order worth
QR193mn with US-based Superior Derrick Services (SDS) for
the construction of two new land rigs that will work for Qatar
Petroleum (QP). The 1,500HP rig that is being ordered has been
named as GDI-7 and the 3,000HP rig as GDI-8. These rigs will
take 10 and 12 months, respectively to be delivered at SDS’
factory and are scheduled to be placed into service by GDI in
3Q2015 and 4Q2015, respectively. At 3,000HP, GDI-8 will be
the largest land rig in GDI’s fleet, capable of drilling extended
reach wells and to greater depths. With the addition of two new
rigs, GDI’s land rig fleet will comprise a total of eight, including
five drilling rigs and three work-over rigs. All eight rigs are under
long-term contracts with QP for drilling operations being
conducted in the onshore Dukhan field. (Gulf-Times.com)
 QNB Group signs deal to fund Enterprise Qatar’s portal –
QNB Group (QNBK). signed a two year partnership agreement
with the Small and Medium Enterprises (SMEs) Development
Company ‘Enterprise Qatar’ (EQ) as a conventional Funding
Partner for its new online portal businesspulse.qa. This initiative
is in partnership with Thomson-Reuters and operated by Zawya
Internet Content Provider LLC. businesspulse.qa, a national
portal and semi-government entity established in support of
entrepreneurs and SMEs in Qatar, provides a comprehensive
set of databases containing valuable information and
knowledge. Its purpose is to facilitate a well-integrated business
environment to serve and support entrepreneurs and business
owners seeking to develop their operations, while assisting
various governmental administrations, businessmen and
entrepreneurs to make informed decisions. QNB’s objective is to
enable Qatari entrepreneurs and SME owners, the driving force
of tomorrow’s economy, to make important decisions by
providing credible, reliable, timely, accessible and relevant data
through a coherent eco-system that supports budding SMEs
within the Qatari market. This agreement further emphasizes the
significance of the new online portal as QNB will now offer a
comprehensive range of financial products and services
including a ‘Financial Health Check’ tool to help SMEs and
entrepreneurs manage their money better. Other services
include the ‘Apply Online for QNB Funding’ assistant, an ‘Ask
the Expert’ and ‘Live Chat’ tools. Additionally, all QNB events
will also be communicated online through businessPulse.qa,
while SME customers can now find financial and enterprise
market ‘Thought Leadership’ articles provided by QNB (QNB
Group Press Release)
 NLCS buys property worth QR120mn – Alijarah Holding
(NLCS) has completed the acquisition of a property worth
QR120mn in Al-Aziziyah area. This land will be developed into
retail stores and commercial offices. (QE)
 Pearl GTL signs QR1.2bn long-term service deals with 5
contractors – Pearl GTL, a JV of Qatar Petroleum (QP) and
Shell, has signed long-term service agreements worth nearly
QR1.2bn with five major contractors to provide maintenance
services for its gas-to-liquids plant at Ras Laffan. Under this
agreement, mechanical maintenance services will be provided
by Madina and AMEC-Blackcat; electrical & instrument
maintenance services will be provided by Kentech; and
scaffolding, painting & insulation services will be provided by
Hertel and Cape East. As part of these contracts, Pearl GTL
expects more than 1,000 full-time personnel from the contractor
companies to be dedicated to supporting the plant onsite. (Gulf-
Times.com)
 Egypt in talks with Qatari Diar for 1 mn housing unit project
– According to sources, negotiations are ongoing between
Egyptian authorities and Qatari Diar Real Estate Investment
Company for a 1mn housing unit project similar to Arabtec's
1mn housing project for low and middle-income. (Bloomberg)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 65.35% 63.03% 10,246,858.20
Non-Qatari 34.64% 36.97% (10,246,858.20)

3. Page 3 of 5
 QFC set to receive more local firms on Qatar growth boost
– The Qatar Financial Centre (QFC) is all set to receive more
number of domestic firms as Qatar’s macroeconomic growth
remains intact and is poised to strengthen further. The QFC
Authority’s Deputy CEO Yousef Mohamed al-Jaida said that
over the last few years, the number of non-regulated firms
licensed by the QFC has grown considerably as they see the
benefits of using the QFC’s world-class environment to do
business outside as well as inside Qatar. (Gulf-Times.com)
 HMC launches two building projects – The Hamad Medical
Corporation (HMC) has launched two new building projects –
the CyberKnife Robotic Radiosurgery System unit and the
expansion of the Neonatal Intensive Care Unit (NICU), backed
by the Social & Sports Activities Support Fund. The two projects
are expected to be completed by 1Q2015. The CyberKnife unit
will deliver improved radio surgery practice through the use of
the CyberKnife Robotic Radio surgery system, which is the
world’s only robotic radio surgery technique designed to treat
tumors non-invasively anywhere in the body. (Peninsula Qatar)
International
 Unicredit: US Fed in focus as investors seek reassurance –
Investors will look to the Federal Reserve for reassurance in the
coming week, with little economic data to assuage their
concerns over the strength of the global recovery, amid signs of
Iraq sliding into a civil war. The Fed is expected to keep steadily
reducing its massive bond-buying stimulus by $10bn per month.
Financial markets will be listening out for any hints on when the
US central bank might begin raising interest rates. Unicredit said
in an investor note that the Fed is preparing to move to the
second step of its monetary policy exit. With the tapering of
asset purchases virtually on auto pilot, the focus is gradually
shifting toward actual rate hikes. Unicredit said the notion that
the US monetary policy has reached a turning point could be
strengthened if the Fed policymakers' median rate forecast for
the end of 2016 stays at 2.25%, where it stood in March 2014,
up from 1.75% in December. (Reuters)
 BoE says first rate rise will signal UK economy is healing –
The Bank of England (BoE) Deputy Governor Charlie Bean said
the bank’s first interest-rate increase from the current record low
will indicate that the UK economy is returning to normal. Bean
stated that he was optimistic as the economy was showing
better balance toward investment. Bean’s comments came in
when the BoE contends with pressure to act on housing from
groups such as the Organization for Economic Cooperation &
Development. The UK Chancellor of the Exchequer George
Osborne last week gave the BoE’s Financial Policy Committee
new powers to curb mortgage lending. Bean said a higher
interest rate would not have made much difference in
addressing the build-up of problems from sources such as the
US housing market. Bean, who oversees monetary policy at the
central bank and will retire on June 30. (Reuters)
 French FM expects more equitable US fine on BNP Paribas
– France's finance minister, Michel Sapin, said that talks
between BNP Paribas and US authorities over a potential fine
for the bank for breaching US sanctions had progressed toward
a more equitable level. The US authorities, including the New
York financial regulator are investigating whether BNP evaded
US sanctions against Iran and other countries between 2002
and 2009. BNP may have to pay a fine of about $10bn and face
other penalties such as being suspended from clearing clients'
dollar transactions. The French government had said such a fine
would be disproportionate. (Reuters)
 China to meet this year's 7.5% growth target – Chinese
Premier Li Keqiang said China is confident of reaching its
growth target of 7.5% this year, adding that the government was
ready to adjust its policy to make sure it does. The Premier said
slowing growth in the world's second-largest economy was
normal and not a problem. Despite considerable downward
pressure, the Chinese economy is moving on a steady course.
Li Keqiang stated that the government will continue to make
anticipatory and moderate adjustments when necessary and is
well prepared to defuse various risks. A Reuters poll in April
forecast China's economic growth could slow to 7.3% in the
second quarter from a 18-month low of 7.4% in 1Q2014, with a
projected full-year growth of 7.3% in 2014, the weakest in 24
years. Li Keqiang had previously signaled some flexibility in
achieving this year's growth target, although analysts say the
government wants to prevent growth from falling towards 7%, as
that could fuel job losses and threaten social stability. (Reuters)
Regional
 Barclays appoints Chairman for MENA – Barclays has
appointed Makram Azar as its Chairman for the MENA region.
Azar will continue as the Vice Chairman of the bank’s global
investment-banking division. Barclays further appointed Andrew
Mortimer as the Country Manager for the Middle East.
(Bloomberg)
 Visa: Saudi e-commerce grows 43% in 1Q2014 – According
to Visa, Saudi Arabia has witnessed an estimated 43% overall
growth in its e-commerce, comparing 1Q2013 and 1Q2014,
which is MENA’s highest growth rate in 1Q2014. This growth
was driven by increases in both domestic and cross-border e-
commerce, which saw a 67% and 36% growth over the same
period last year, respectively. General department store and
airline transactions have emerged as the leading categories for
spending, followed by travel agencies, financial services and
fashion retail. (GulfBase.com)
 SCIC BoD recommends SR150mn rights issue – Salama
Cooperative Insurance Company’s (SCIC) board of directors
has recommended an increase in the company's capital through
offering a rights issue with a total value of SR150mn. The
company intends to use the proceeds to maintain the solvency
margin of the business and support its future growth. (Tadawul)
 Tadawul becomes affiliate member of IOSCO – The Saudi
Stock Exchange (Tadawul) has been granted affiliate
membership with the International Organization of Securities
Commissions (IOSCO), an association of national securities
regulatory commissions. This agreement enables Tadawul to
create an effective communication framework with market
regulators and other leading exchanges around the world, as
well as support the development of its capital market in the
context of the ever evolving global regulatory environments.
Tadawul joins 62 other affiliate members of IOSCO. (Tadawul)
 EIAST signs cooperation deal with Sharjah DTPS – The
Emirates Institution for Advanced Science & Technology
(EIAST) has signed a cooperation agreement with the
Directorate of Town Planning & Survey (DTPS), in the
Government of Sharjah. Under the terms of the deal, EIAST will
be providing DTPS with multispectral satellite images and high
resolution panchromatic images, based on DTPS’ coordinate
system. (Bloomberg)
 Aramex acquires Mail Call Couriers – Logistics solutions
provider, Aramex has acquired Mail Call Couriers, a leading
courier service in metro express deliveries in Australia. The
transaction enables Aramex to strengthen its Asia-Pacific
proposition and provides it with important, technology-driven
delivery capabilities in Australia. (DFM)

4. Page 4 of 5
 Dubai to rehabilitate 3.5km of Umm Suqeim beach – Dubai
Municipality announced that a rehabilitation project protecting
Umm Suqeim Beach against erosion will be carried out over the
next nine months. The scope of work will cover all areas of Umm
Suqeim 1, 2 and 3 beaches starting from the second fishing
harbor to Burj Al Arab Hotel at a total length of approximately
3.5km. In order to prevent erosion on the popular beachfront,
beach nourishment in addition to the construction of groynes will
be carried out. For this approximately 760,000 cubic meters of
beach sand will be required. The project works will start next
week and continue until March 2015. (Bloomberg)
 GCAS signs MoU for training programs – The Gulf Centre for
Aviation Studies (GCAS), the training facility of Abu Dhabi
Airports Company, has signed a MoU with Emirates Group
Security - Centre of Aviation and Security Studies (CASS) to
provide a number of joint aviation security training programs.
The agreement outlines both parties’ commitment to provide
niche training & development in the field of Aviation Security in
direct response to the industry’s demands. (GulfBase.com)
 Saif Al Khaili to set up AED280mn factories in KIZAD – Abu
Dhabi-based Saif Al Khaili Group has signed AED280mn deal to
set up two factories in Khalifa Industrial Zone Abu Dhabi
(KIZAD). The first plant, named as the ‘Emirates Chemical
Factory’, will have a production capacity of 400,000 tons per
year. It will be the UAE’s first plant to produce caustic soda and
other chlorine derivatives to be used in various manufacturing
industries. The second plant, to be based in KIZAD’s food
cluster on a 284,435 square feet plot of land, will produce
70,000 ready-made meals per day for industrial catering.
(Bloomberg)
 Emirates ID signs deal with Tejari – The Emirates Identity
Authority, Emirates ID, has signed an agreement with Tejari to
manage its tenders and purchases online aimed at promoting
transparency in its procedures. Under the agreement, Emirates
ID’s tenders will be published on Tejari’s website. Tejari will also
provide online analysis and awarding of bids, as well as
necessary technical support. (Bloomberg)
 Kuwaiti inflation slows to 2.7% in April – Kuwait has recorded
an increase in its consumer price index (CPI) at a rate of 2.7%
YoY in April 2014, slowing down slightly from 3.0% YoY in
March. Core inflation fell from 2.8% YoY in March to 2.6% YoY
in April, and inflation excluding both food & housing also
continued to decelerate into April. Food price inflation slowed
down from 3.6% YoY in March, to 2.9% in April. Food price
inflation has remained on a downward trend since the middle of
2013. Inflation in the rented housing remain almost unchanged
at 4.6% YoY. Clothing inflation slowed down from 3.3% YoY in
March to 2.9% YoY in April, and the furnishing inflation figure
stood almost unchanged at 4.9% YoY. (GulfBase.com)
 Jazeera Airways reports April operational performance –
Jazeera Airways (JA) has recorded an increase in the number of
passengers on its various routes and an on-time performance of
92.59% for April 2014. JA recorded a 76% increase in flown
passengers on the Kuwait-Istanbul route from April 2013, and
grabbed a 7% market share on the route. Flown passengers on
the Kuwait-Jeddah route increased in April 2014 by 36% from
April 2013, and by 19% on the Kuwait-Bahrain route. The airline
grabbed a 17% market share on the Kuwait-Jeddah route and a
10% market share on the Kuwait-Bahrain route. JA grabbed a
29% market share on the Kuwait-Beirut route, a 12% market
share on the Kuwait-Dubai route, a 5% market share on the
Kuwait-Riyadh route and a 39% market share on the Kuwait-Al
Najaf route. (GulfBase.com)
 NBK Capital completes sale of Nayifat Instalment – NBK
Capital’s Alternative Investments Group has completed the sale
of its 38% stake in Saudi-based Nayifat Instalment Company to
Falcom Financial Services. The investment was made through
NBK Capital Equity Partners Fund I, the firm’s private equity
fund focused on acquiring stakes in growing middle market
companies across the MENA region. (Bloomberg)
 OGC awards gas pipeline supply tender for Duqm – Oman
Gas Company (OGC) has awarded the gas pipeline supply
tender for Duqm Economic Zone project with an estimated cost
of OMR36mn. OGC’s acting general manager (Engineering),
Mansoor Al Abdali, said that the 36-inch pipeline that will run for
230 kilometers will serve the requirements of Duqm Economic
Zone, and is considered to be one of the main infrastructure
projects currently on in the area. Al Abdali pointed out that the
tender for the construction works will be announced soon. He
said the entire project is expected to be ready in 2018 and will
be ready to feed the Duqm refinery, which will possibly be the
first gas consumer at the zone. (GulfBase.com)
 AAH declares 10% cash dividend – Al Anwar Holdings’ (AAH)
AGM has approved the distribution of 10% cash dividend (0.010
baiza per share) for the financial year ended March 31, 2014.
(MSM)
 Oman has no plan to defer two-year ban on expat return –
The Royal Oman Police (ROP) and the Ministry of Manpower
(MoM) stated that there is no change in the date of application of
the two-year ban on return of expat workers to Oman. It will
come into effect from July 1, 2014. After the two-year ban
comes into effect, expats will only be allowed to switch
employers in Oman if they get an NOC from their current
employers, even after they have completed the period of their
contract. (GulfBase.com)
 Bahrain MoH signs deal for BHD10mn housing unit project
– Bahraini Ministry of Housing (MoH) has signed an agreement
with the Kuwait-based Coalition of Aresco Company and
Bahrain-based Tamkon Company to build 316 housing units in
the Northern City's Island No. 14. The BHD10mn project
represents the second phase of the Northern City, whose first
phase, comprising 530 units, is about to be completed. The
project will be funded by the State of Kuwait through the GCC
Development Fund. (Bloomberg)
 KHCB offers investment opportunities through Mudharabah
– Khaleeji Commercial Bank (KHCB) announced the launch of
an investment account based on the Shari’ah principle of
Mudharabah. The Call Mudharabah Account combines the
flexibility and convenience of a current account with the concept
of profit sharing of the Mudharabah Investment Account.
(Bloomberg)
 Investcorp named Best Private Equity House in Mideast –
Investcorp has been awarded the title of "Best Private Equity
House in the Middle East" by EMEA Finance at its annual
achievement awards recently. The award recognizes
Investcorp's substantial contribution to the industry after having
completed around 150 corporate transactions since its launch in
1982 with a combined value of more than $50bn. (Gulf-
Base.com)

5. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14
QE Index S&P Pan Arab S&P GCC
(1.1%)
(1.6%) (1.4%)
(0.2%) (0.2%)
(2.0%)
(4.7%)
(6.0%)
(4.8%)
(3.6%)
(2.4%)
(1.2%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,276.89 0.0 0.0 5.9 DJ Industrial 16,775.74 0.0 0.0 1.2
Silver/Ounce 19.69 0.0 0.0 1.2 S&P 500 1,936.16 0.0 0.0 4.8
Crude Oil (Brent)/Barrel (FM
Future)
113.41 0.0 0.0 2.4 NASDAQ 100 4,310.65 0.0 0.0 3.2
Natural Gas (Henry
Hub)/MMBtu
4.67 0.0 0.0 7.4 STOXX 600 347.07 0.0 0.0 5.7
LPG Propane (Arab Gulf)/Ton 103.63 0.0 0.0 (17.9) DAX 9,912.87 0.0 0.0 3.8
LPG Butane (Arab Gulf)/Ton 119.38 0.0 0.0 (12.5) FTSE 100 6,777.85 0.0 0.0 0.4
Euro 1.35 0.0 0.0 (1.5) CAC 40 4,543.28 0.0 0.0 5.8
Yen 102.04 0.0 0.0 (3.1) Nikkei 15,097.84 0.0 0.0 (7.3)
GBP 1.70 0.0 0.0 2.5 MSCI EM 1,049.14 0.0 0.0 4.6
CHF 1.11 0.0 0.0 (0.8) SHANGHAI SE Composite 2,070.72 0.0 0.0 (2.1)
AUD 0.94 0.0 0.0 5.4 HANG SENG 23,319.17 0.0 0.0 0.1
USD Index 80.58 0.0 0.0 0.7 BSE SENSEX 25,228.17 0.0 0.0 19.2
RUB 34.41 0.0 0.0 4.7 Bovespa 54,806.64 0.0 0.0 6.4
BRL 0.45 0.0 0.0 6.3 RTS 1,374.94 0.0 0.0 (4.7)
183.5
151.5
138.2