1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.1% to close at 13,551.2. Losses were led by the
Banking & Financial Services and Real Estate indices, declining 1.9% and 1.3%
respectively. Top losers were Ezdan Holding Group and Masraf Al Rayan,
falling 4.0% and 3.9% respectively. Among the top gainers, Dlala Brokerage &
Inv. Holding Co. rose 9.9%, while Salam International Inv. Co. gained 5.0%.
GCC Commentary
Saudi Arabia: The TASI index fell marginally to close at 9,864.6. The Telecom
& Info. Tech. index declined 2.6%, while Media & Pub. index was down 1.4%.
Weqaya Takaful Ins. fell 5.4%, while Etihad Etisalat was down 4.3%.
Dubai: The DFM index gained 1.9% to close at 5,151.2. The Inv. & Financial
Serv. index gained 3.4%, while the Real Estate & Const. index rose 3.1%.
Union Properties Co. surged 6.7%, while Dubai Investment Co. was up 5.3%.
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 5133.5. The
Banking and Energy indices declined 0.8% each. Gulf Medical Projects Co.
fell 9.7%, while National Takaful Co. was down 5.7%.
Kuwait: The KSE index gained 0.7% to close at 7,370.6. The Technology and
Insurance indices rose 3.5% and 1.5% respectively. Al Safat Real Estate Co.
rose 7.0%, while Kuwait Building Materials Manu. Co. was up 6.3%.
Oman: The MSM index rose 0.2% to close at 6,907.2. The Financial index
gained 0.7%, while other indices ended in red. Al Batinah Dev. Inv. Holding
gained 9.7%, while Oman & Emirates Inv. Holding was up 4.6%.
Bahrain: The BHB index fell 0.2% to close at 1,458.0. The Commercial
Banking index declined 0.4%, while Investment index was down marginally.
United Gulf Investment Corp. fell 1.6%, while Al Salam Bank was down 0.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding Co. 50.60 9.9 2,321.1 129.0
Salam International Investment Co. 15.20 5.0 6,524.1 16.8
Qatar Gas Transport Co. 24.00 3.8 1,485.4 18.5
Qatar & Oman Investment Co. 14.72 2.6 505.3 17.6
Islamic Holding Group 75.90 2.6 483.2 65.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 61.50 (3.9) 8,180.1 96.5
Salam International Investment Co. 15.20 5.0 6,524.1 16.8
Vodafone Qatar 21.70 (2.7) 5,279.2 102.6
Ezdan Holding Group 23.96 (4.0) 4,275.1 40.9
Barwa Real Estate Co. 42.45 (1.6) 2,365.2 42.4
Market Indicators 02 Jun 14 01 Jun 14 %Chg.
Value Traded (QR mn) 1,706.9 1,730.6 (1.4)
Exch. Market Cap. (QR mn) 732,162.4 739,812.3 (1.0)
Volume (mn) 39.1 37.4 4.6
Number of Transactions 13,125 13,708 (4.3)
Companies Traded 41 42 (2.4)
Market Breadth 17:20 18:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 20,207.73 (1.1) (1.0) 36.3 N/A
All Share Index 3,394.96 (0.9) (0.8) 31.2 16.3
Banks 3,299.49 (1.9) (2.2) 35.0 16.4
Industrials 4,461.76 (0.2) (0.6) 27.5 17.4
Transportation 2,310.33 2.1 5.1 24.3 14.8
Real Estate 2,807.77 (1.3) (1.2) 43.8 14.0
Insurance 3,311.85 0.6 (1.4) 41.8 8.7
Telecoms 1,905.12 (0.3) 2.5 31.0 26.3
Consumer 6,672.72 0.6 (0.4) 12.2 26.2
Al Rayan Islamic Index 4,539.07 (1.4) (2.2) 49.5 19.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 8.03 14.7 0.1 (6.6)
Atheeb Telecom. Saudi Arabia 13.65 6.0 28,570.1 (5.3)
Dubai Investments Dubai 3.58 5.3 39,908.3 53.8
DP World Ltd Dubai 21.15 4.7 1,419.4 19.4
Al Abdullatif Ind. Inv Saudi Arabia 46.50 3.8 2,663.4 14.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Etihad Etisalat Co. Saudi Arabia 88.75 (4.3) 5,659.8 3.8
Ezdan Holding Group Qatar 23.96 (4.0) 4,275.1 40.9
Masraf Al Rayan Qatar 61.50 (3.9) 8,180.1 96.5
Qatar Islamic Bank Qatar 105.00 (3.7) 570.7 52.2
Abu Dhabi Nat. Hotels Abu Dhabi 3.00 (3.2) 169.8 (3.2)
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 23.96 (4.0) 4,275.1 40.9
Masraf Al Rayan 61.50 (3.9) 8,180.1 96.5
Qatar Islamic Bank 105.00 (3.7) 570.7 52.2
Vodafone Qatar 21.70 (2.7) 5,279.2 102.6
Qatar Electricity & Water Co. 198.30 (1.8) 143.4 19.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 61.50 (3.9) 501,656.4 96.5
QNB Group 183.00 (1.3) 147,316.5 6.4
Vodafone Qatar 21.70 (2.7) 114,938.6 102.6
Dlala Brokerage & Inv. Holding 50.60 9.9 112,746.1 129.0
Ezdan Holding Group 23.96 (4.0) 102,956.0 40.9
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* 13,551.18 (1.1) (1.0) (1.0) 30.6 468.86 201,125.0 16.9 2.3 3.7
Dubai 5,151.21 1.9 1.3 1.3 52.9 659.37 96,259.2 20.7 2.0 2.0
Abu Dhabi 5,133.54 (0.5) (2.3) (2.3) 19.7 194.15 142,507.5 15.2 1.9 3.3
Saudi Arabia 9,864.61 (0.0) 0.4 0.4 15.6 2,490.91 532,316.1 20.2 2.5 2.8
Kuwait 7,370.59 0.7 1.1 1.1 (2.4) 120.18 114,982.0 15.3 1.2 3.8
Oman 6,907.23 0.2 0.7 0.7 1.1 25.57 25,073.6 12.7 1.7 3.8
Bahrain 1,458.04 (0.2) (0.1) (0.1) 16.7 1.52 53,889.5 10.5 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)
13,300
13,400
13,500
13,600
13,700
13,800
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 declined 1.1% to close at 13,551.2. The Banking &
Financial Serv. and Real Estate indices led the losses. The index
fell on the back of selling pressure from Qatari shareholders
despite buying support from non-Qatari shareholders.
 Ezdan Holding Group and Masraf Al Rayan were the top losers,
falling 4.0% and 3.9% respectively. Among the top gainers, Dlala
Brokerage & Inv. Holding Co. rose 9.9%, while Salam
International Inv. Co. gained 5.0%.
 Volume of shares traded on Monday rose by 4.6% to 39.1mn
from 37.4mn on Sunday. Further, as compared to the 30-day
moving average of 29.8mn, volume for the day was 31.4%
higher. Masraf Al Rayan and Salam International Investment Co.
were the most active stocks, contributing 20.9% and 16.7% 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
Emaar Malls Group
(EMG)
Moody's UAE IR – Baa2 – Stable –
Wataniya Insurance
Co.
S&P Saudi – BBB BBB – Stable –
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, IR – Issuer Rating)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Al Madina for Finance &
Investment Co.
Kuwait KD 0.1 – – – -7.1 NA
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/02 US Markit Markit US Manufacturing PMI May 56.4 56.2 56.4
06/02 US ISM ISM Manufacturing May 56.0 55.5 54.9
06/02 US ISM ISM Prices Paid May 60.0 57.0 56.5
06/02 US US Census Bureau Construction Spending MoM April 0.20% 0.60% 0.60%
06/02 EU Markit Markit Eurozone Manufacturing PMI May 52.2 52.5 52.2
06/02 France Markit Markit France Manufacturing PMI May 49.6 49.3 49.6
06/02 Germany Markit Markit/BME Germany Manu. PMI May 52.3 52.9 52.3
06/02 Germany Destatis CPI MoM May -0.10% 0.10% -0.20%
06/02 Germany Destatis CPI YoY May 0.90% 1.10% 1.30%
06/02 Germany Destatis CPI EU Harmonized MoM May -0.30% 0.10% -0.30%
06/02 Germany Destatis CPI EU Harmonized YoY May 0.60% 1.00% 1.10%
06/02 UK Bank of England Net Consumer Credit April 0.7B 0.8B 1.0B
06/02 UK Bank of England Money Supply M4 MoM April -0.20% – -2.30%
06/02 UK Bank of England M4 Money Supply YoY April -0.60% – -0.30%
06/02 UK Markit Markit UK PMI Manufacturing SA May 57.0 57.0 57.3
06/02 Spain Markit Markit Spain Manufacturing PMI May 52.9 53.0 52.7
06/02 Italy Markit Markit/ADACI Italy Manufacturing PMI May 53.2 53.6 54
06/02 Japan Ministry of Finance Capital Spending YoY 1Q2014 7.40% 5.80% 4.00%
06/02 Japan Ministry of Finance Capital Spending Ex Software 1Q2014 8.30% 5.90% 2.80%
06/02 Japan Markit Markit/JMMA Japan Manufacturing PMI May 49.9 – 49.9
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Moody's maintains stable outlook on Qatari banking system
– According to a report by Moody's Investors Service, the
outlook for Qatar's banking system remains stable, unchanged
since 2010. The outlook reflects Moody's expectation that the
country’s strong economic environment will continue to sustain
Qatari banks' robust financial metrics – primarily strong
earnings, sound capital buffers and low levels of non-performing
loans (NPLs). However, these strengths will remain moderated
by risks associated with Qatar's reliance on the hydrocarbon
Overall Activity Buy %* Sell %* Net (QR)
Qatari 56.34% 61.41% (86,516,650.45)
Non-Qatari 43.66% 38.59% 86,516,650.45

3. Page 3 of 6
sector, the banks' relatively high dependence on short-term
foreign funding and the country's still-developing corporate-
governance and risk-management culture. Moody's forecasts
real GDP growth of 6% in 2014 driven by elevated public
spending. This spending will translate into 11% growth in the
non-hydrocarbon sector, offsetting flat LNG output and leading
to domestic credit growth of 15-20%. Moody's expects the
banking system's NPLs to remain at around 1.5-2% of gross
loans over the next 12-18 months, owing to the strong operating
environment, evolving prudential regulation and the sizeable
proportion of government-related loans (accounting for 42% of
the total loan book). Moody's also expects the banks to maintain
healthy capital levels with system's Tier 1 capital ratio in the 14-
16% range over the outlook horizon. Moody's expects that
Qatari banks will maintain sound liquidity buffers (liquid assets in
the range of 25-30% of total assets) and a high level of stable
yet concentrated government-related deposits (42% of total
deposits) over the outlook horizon. Despite margin compression,
Moody's expects bottom-line profitability metrics to remain
broadly stable, supported by higher lending volumes, a low cost
base and low provisioning requirements. In addition, Moody's
expects system's cost-to-income ratio to remain in the historical
range of 25-30%, the lowest among the GCC countries.
(GulfBase.com)
 MDPS: PPI of Industrial sector down 1.1% MoM for March –
According to the latest data released by Qatar’s Ministry of
Development Planning & Statistics (MDPS), the monthly
Producer Price Index (PPI) for the industrial sector stood at
175.2 in March 2014 (Base 2006=100), down 1.1% and 0.4%
when compared to the PPIs of February 2014 and March 2013,
respectively. Mining group (77% weightage) PPI declined by
0.4% as compared to February 2014 , primarily due to the
overall price decrease seen in the “Crude petroleum and natural
gas” group. Manufacturing group (weightage of 21%) PPI
declined 4.7% as compared to February 2014 due to the
combined effect of decreasing prices seen in Refined Petroleum
products by 6.2%, Basic Metals by 2.9%, Cement and other
non-metallic products by 1.9%, Basic Chemicals by 2.2%,
Beverages by 1.3% and Dairy Products by 0.1%. The PPI for
Electricity & Water declined 1.2% in March 2014 as compared to
the previous month, resulting from the price falls seen in
electricity and water by 1.1% each. (QSA)
 Ashghal opens new part of Dukhan Highway Central – The
Public Works Authority (Ashghal) has announced the opening of
a new part of Dukhan Highway Central between Al Rayyan
Roundabout (R/A) and Shahaniya interchange. A nine-kilometer
stretch of a four-lane carriageway, including an underpass of Al
Dehailiyat Army Camp interchange, is now open to traffic. As
part of the project, two underpasses for camel crossing located
near Al Rayyan R/A and Al Shahaniya R/A are now open. In
addition, two lanes of the service roads have been opened to
traffic in each direction. (Gulf-Times.com)
 VFQS launches 4G services – Vodafone Qatar (VFQS) has
launched its 4G services, aimed at garnering more market share
among high value customers and data users. All Vodafone
customers with 4G-enabled devices will automatically get the
service and enjoy their existing data bundles at no subscription
fees. VFQS, which has partnered with OSN for premium online
TV services and Anghami for music, said its online and retail
stores have a wide range of latest 4G smart devices. (Gulf-
Times.com)
 BRES’ Dara Project on track – The Minister of Youth and
Barwa Real Estate Company’s (BRES) Chairman HE Salah bin
Ghanem Al Ali said the company will complete its Dara Project
within three years. This year, BRES will release for the first time
investment opportunities to buy residential units within Dara
project, this is a new move for BRES, which usually releases
units for leasing or sells complete projects to big investors.
Acting CEO of the Group Ahmad Abdulla Ali Al Abdulla said the
Dara project has six buildings having 231 residential units. The
project has one, two, and three-bedroom units and four-
bedroom duplexes. He said the units are open to Qataris and
non-Qataris. He said he expected demand in real estate market
to remain firm in the near future. (Peninsula Qatar)
 ERES: Qatar’s real estate deals up 85% – According to an
Ezdan weekly report, Qatar’s real estate market remained firm
as transactions jumped 85% to QR1,409.2mn last week. Last
week also witnessed an exceptional QR180mn deal for a
residential building in Umm Ghuwelina. Doha Municipality
witnessed the largest number of transactions implemented, with
47 deals garnering 23.9% of total transactions. Al Daayan
Municipality saw 39 transactions representing 67.2% of total
deals as compared to 32.8% of other real estate across all
areas. The report predicted that property transactions will
experience a rise in the coming weeks, especially in the land
sector, noting that investors and real estate developers are
seeking new real estate projects. (Peninsula Qatar)
 New projects to push real estate recovery – The Minister of
Economy & Trade HE Sheikh Ahmed bin Jassim bin Mohamed
Al Thani said that the Qatari real estate sector will see a new
wave of recovery and prosperity in the coming years, thanks to
infrastructure projects. These projects have attracted large
numbers of workers and expatriates, which will in turn increase
the demand for housing units, real estate and services such as
schools, hospitals as well as development projects in retail and
commercial sectors. He said demand for residential units is
expected to reach 245,000 units by 2017. He added that Qatar
is still facing challenges in the real estate sector. In the run-up to
the FIFA World Cup 2022, Qatar needs to build 12 eco-friendly
stadiums costing $32bn, pave roads worth $20bn, construct
45,000 hotel rooms and complete the Msheireb project costing
$5bn. (Peninsula Qatar)
International
 BoA says mistake inflated reported size of dark pool – Bank
of America (BoA) said that it sent incorrect data to a US
regulator that made its private stock trading platform look bigger
than it actually is. The Financial Industry Regulatory Authority
(Finra), one of the organizations that polices US stock trading,
for the first time published data on the size of alternative trading
systems. BoA's Instinct X was the biggest dark pool in the report
for the week of May 12-18, just ahead of markets run by Credit
Suisse Group and Barclays. Finra created the repository to
reveal how much US equity volume is handled on alternative
trading systems including dark pools. The private platforms have
won market share from the public exchanges, which now only
handle about 60% of volume, and drawn scorn from critics
including author Michael Lewis, whose "Flash Boys" argues that
broker-dealers use dark pools to rip off investors. (Bloomberg)
 China services PMI hits six-month high as orders rebound –
China's services sector grew at its fastest pace in six months in
May 2014 as new orders rebounded, reinforcing hopes that the
Chinese economy may be stabilizing after a few tumultuous
months. The non-manufacturing purchasing managers' index
(PMI) released by the National Bureau of Statistics climbed to
55.5 from 54.8 in April. In a sign of buoyancy in the sector, new
orders rebounded to an eight-month high of 52.7, as compared
to 50.8 in April. Business expectations also held their ground at
a solid 60.7, as compared to 61.5 in April. The pick-up in the
services PMI echoes a rebound in China's factory sector, and

4. Page 4 of 6
augurs well for a spate of monthly economic data due later this
month. Meanwhile, the final reading of the HSBC-Markit PMI for
May rose to 49.4, up from 48.1 in April, showing that China's
factory sector turned in its best performance in four months as
export orders improved although activity still contracted.
(Reuters)
 US factory data points at 2Q2014 growth pick up –
Manufacturing activity in the US accelerated in May 2014 and
construction spending rose for a third straight month in April,
with the Institute for Supply Management’s (ISM) index of
national factory activity rising to 55.4 from 54.9 in April. The ISM
had earlier mistakenly reported that the index fell to 53.2 in May.
This new reading suggests that the economic growth was
regaining steam in the second quarter. There were gains in new
orders, production and customer inventories, but factory job
growth slowed. The ISM survey also hinted at a pick-up in
inflation pressures, with manufacturers reporting an increase in
raw material prices. The firmer manufacturing tone was
corroborated by a separate report from financial data firm Markit.
Markit said its final US manufacturing PMI rose to 56.4 in May
from 55.4 in April. Meanwhile, in a separate report, the
Commerce Department stated that construction spending rose
0.2% in April to an annual rate of $953.5bn, the highest level
since March 2009. (Reuters)
 US says 77,000 banks, firms sign up to fight tax evasion –
The US Treasury Department has said that about 77,000 foreign
and US banks and financial institutions, including some in
Russia, have registered with the US to comply with a new law
meant to fight tax dodging by Americans. The Foreign Account
Tax Compliance Act (FATCA) will require foreign banks,
investment funds and other institutions to inform the US
government about any American account that is worth more
than $50,000. Hundreds of institutions in Russia signed up to
comply with FATCA despite frosty relations between
Washington and Moscow. The law was written after a scandal
involving Americans dodging US taxes through secret bank
accounts in Switzerland. In addition to sign-ups by individual
banks, nearly 70 countries have negotiated FATCA pacts with
the Treasury. (Reuters)
 US unveils sweeping plan to slash energy pollution – The
US power sector must cut carbon dioxide emissions by 30%
from its 2005 levels by 2030 under the new federal regulations
unveiled on June 2, 2014, which form the centerpiece of the
Obama administration's climate change strategy. The US
Environmental Protection Agency's proposal is one of the most
significant environmental rules proposed in the country, and
could transform the power sector, which relies on coal for nearly
38% of electricity. It also set off a political backlash likely to run
well into next year. The plan gives states multiple options to
achieve their emission targets, such as improving power plant
heat rates; using more natural gas plants to replace coal plants;
ramping up zero-carbon energy, such as solar or nuclear; and
increasing energy efficiency. (Reuters)
 Euro Zone manufacturing activity stumbles – Markit's final
Manufacturing Purchasing Managers' Index (PMI) for the Euro
Zone slipped to a six-month low of 52.2 in May from April's 53.4
as strong figures from Germany failed to offset a contraction in
activity in France. The final number was below the initial reading
of 52.5 but held above the 50 mark that separates growth from
contraction for the 11th straight month. A subindex measuring
output sank to 54.3 from 56.5, weaker than the initial reading of
54.7. Germany is Europe's largest economy and again
supported the tepid overall growth but in France, the bloc's
second-largest, the PMI sank back below the 50 mark after just
two months of expansion. To spur growth, boost lending and
drive up inflation the ECB is widely expected to cut its deposit
rate to below zero, reduce its main borrowing rate and launch a
refinancing operation aimed at businesses when it meets on
June 5. (Reuters)
 El Nino seen as probably weak as event looms – According
to the Commodity Weather Group LLC and AccuWeather Inc.,
the El Nino phenomenon this year will probably be weak,
potentially reducing its impact, which typically brings drought to
parts of Asia and rains to South America. El Nino can roil the
global agricultural markets as farmers contend with dry weather
or heavy rain. Forecasters from across the US and the United
Nations have warned that the event could happen this year, and
Australia’s Bureau of Meteorology said last month the pattern
may develop by August. ABN Amro Group NV says confirmation
would bolster coffee, sugar and cocoa futures. (Bloomberg)
Regional
 Saudi oil exports reach SR472.8bn in 5 months – Oil exports
from Saudi Arabia reached 1.17bn barrels in the first five months
of 2014, with proceeds amounting to SR472.8bn. On the other
hand, domestic consumption during this period stood at around
317mn barrels, or 21% of the total output. (GulfBase.com)
 Kingdom plans SR1bn venture fund for startups – The Saudi
Arabian government and Riyad Bank are planning to start a
venture capital fund of around SR1bn to invest in new
technology companies. Riyad Capital, the investment banking
arm of Riyad Bank, will manage the fund, while Saudi
Technology Development & Investment Company will provide
seed capital. The venture may make its first investment before
the end of 2014 and will target industries such as advanced
materials, sustainable energy, and information, communication
& technology. Initially the fund will seek minority stakes of as
much as SR5mn. (Bloomberg)
 APC’s BoD recommends SR204.99mn dividends for 1H2014
– Advanced Petrochemical Company’s (APC) board of directors
has recommended the distribution of 12.5% dividends (SR1.25
per share), amounting to SR204.99mn for 1H2014. (Tadawul)
 JLL: UAE tourism to grow steadily in 3-5 years – According
to a report by Jones Lang LaSalle (JLL), the UAE tourism sector
is expected to have stable growth in the next three to five years,
driven by strong air connectivity and the diversification of its
offerings. In Dubai, hotel guest arrivals have been growing at a
CAGR of 8% between 2009 and 2013. In other emirates such as
Abu Dhabi, Fujairah and Ras Al Khaimah, guest arrivals have
had a CAGR of 15%, 18% and 39%, respectively during this
period. The development of the country’s tourism sector has
been backed by government initiatives and large-scale tourism
and leisure projects. (GulfBase.com)
 Arabtec to invest $60bn in Egypt; to float Egyptian unit on
EGX – According to Reuters, Arabtec Holding is planning to
invest about $60bn in Egypt over the next three years in sectors
such as real estate, infrastructure, railway, airports, and oil &
gas. Meanwhile, Arabtec is planning to float half of its Egyptian
unit, Arabtec Egypt for Property Development, on the Egyptian
Exchange (EGX) in 2016 or 2017 in an IPO that would value the
unit at around $5bn. (GulfBase.com)
 Aldar Properties launches sale for Ansam – Aldar Properties
has announced the launch off-plan sales for phase one of its
Ansam residential development on June 7, 2014. Apartment
prices at Ansam will start from AED700,000 with three payment
plans available. This is the first residential development
available for sale to non-UAE nationals on Yas Island.
(GulfBase.com)

5. Page 5 of 6
 Etisalat adds banks for debut bond issue – According to
sources, Emirates Telecommunications Corporation (Etisalat)
has added four banks to the list of bookrunners for its potential
debut bond issue in passive roles. The company has allocated
the roles to Bank of Tokyo-Mitsubishi, Morgan Stanley, the
National Bank of Abu Dhabi and Natixis. Etisalat may issue
dollar denominated bonds of five and ten years duration in the
US, as well as offerings in euro with life spans of 7 and 12
years. (Reuters)
 Etihad decides to invest in Alitalia – Etihad Airways has
proposed a plan for investment in the loss-making Italian airline,
Alitalia. Etihad, which has been in negotiations with the Italian
carrier for almost a year, confirmed that it would forward a letter
to Alitalia detailing the conditions for its equity investment. In
2013, Alitalia was kept afloat by a rescue package worth
€500mn, 60% of which were raised through a capital increase
and the rest provided by bank loans. (GulfBase.com)
 Kuwait’s real estate sales at all time high in April – Real
estate activity in Kuwait hit a new record in April 2014, further
confirming the strengthening of the country’s market thus far in
2014. Sales were up across all sectors with an exceptional
performance by the residential sector. Sales totaled KD447mn,
up 60% YoY and crossing the 400mn mark for a second time in
less than a year. Sales in the residential sector reached
KD220mn in April, a 45% YoY increase. Although there was a
20% YoY decline in the number of transactions to 476, this was
more than offset by a rise in the average transaction value, up
80% YoY. It is worth noting that despite strong YoY increases in
sales, the number of transactions has been dropping in past
months, a possible reflection of the short supply of residential
properties in the market. (GulfBase.com)
 Al Mazaya enters into JV with Dumankaya Construction –
Kuwait-based Al Mazaya Holding has entered into an agreement
with Turkey-based Dumankaya Construction to form new joint
venture (JV) entity, ‘Mazaya Turkey Real Estate Investment’.
The agreement can inspire cooperation on new projects with the
potential to take the construction industry around Istanbul to the
next level and to bring maximum benefit into the Turkish
economy. (GulfBase.com)
 Lammah’s Al Khuwair project ready by 3Q2014 – Lammah
Properties has completed its Al Khuwair project's structure and
the full delivery of the property is scheduled for 3Q2014.
Lammah Al Khuwair is a seven-storey, upscale establishment
with 15 spacious, three-bedroom apartments. Residents can
enjoy the complex's pool, gymnasium, covered car park,
secured access and other luxury amenities. (GulfBase.com)
 Bank Muscat buys Movenpick Hotel in Dubai – Bank Muscat’
through its private equity fund has acquired the 294-room
Moevenpick Hotel at Dubai's Jumeirah Beach Residence.
Owned by Dubai-based Faran, the hotel was opened in March
2010. (Bloomberg)
 NCSI: Oman’s inflation up marginally in April – According to
a report by the National Centre for Statistics & Information
(NCSI), the inflation rate in Oman recorded an increase of
1.53% in April 2014 when compared with April 2013, while on a
MoM basis, it increased by 0.58%. The increase is attributed to
a monthly increase in communication costs, which rose by
4.99%, housing, water, electricity, gas & other fuels by 0.25%,
health costs by 3.58%, transport costs by 0.82%, and household
equipment & routine household maintenance by 6.2%. On the
other hand, food and non-alcoholic beverages recorded a
decline of 0.72%. (GulfBase.com)
 Bank Dhofar completes Bank Sohar merger preliminary
study – Bank Dhofar has sent a letter to Bank Sohar advising
the completion of the preliminary study by a specialist expert
house. Bank Dhofar has proposed a preliminary swap ratio,
which will be subject to the completion of a due diligence
exercise and obtaining necessary approvals. A merger between
the two banks would create Oman’s second biggest bank by
value, with assets worth around $12.42bn. (MSM)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg, (*Markets closed on June 2, 2014)
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.0%)
(1.1%)
0.7%
(0.2%)
0.2%
(0.5%)
1.9%
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
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 1,243.96 (0.5) (0.5) 3.2 DJ Industrial 16,743.63 0.2 0.2 1.0
Silver/Ounce 18.76 (0.3) (0.3) (3.7) S&P 500 1,924.97 0.1 0.1 4.1
Crude Oil (Brent)/Barrel (FM
Future)
108.83 (0.5) (0.5) (1.8) NASDAQ 100 4,237.20 (0.1) (0.1) 1.5
Natural Gas (Henry
Hub)/MMBtu
4.52 0.8 0.8 4.2 STOXX 600 345.08 0.2 0.2 5.1
LPG Propane (Arab Gulf)/Ton 103.25 (1.2) (1.2) (18.4) DAX 9,950.12 0.1 0.1 4.2
LPG Butane (Arab Gulf)/Ton 122.25 (0.8) (0.8) (9.9) FTSE 100 6,864.10 0.3 0.3 1.7
Euro 1.36 (0.3) (0.3) (1.1) CAC 40 4,515.89 (0.1) (0.1) 5.1
Yen 102.38 0.6 0.6 (2.8) Nikkei 14,935.92 2.1 2.1 (8.3)
GBP 1.67 (0.1) (0.1) 1.1 MSCI EM 1,029.50 0.2 0.2 2.7
CHF 1.11 (0.4) (0.4) (0.6) SHANGHAI SE Composite* 2,039.21 0.0 0.0 (3.6)
AUD 0.92 (0.7) (0.7) 3.7 HANG SENG* 23,081.65 0.0 0.0 (1.0)
USD Index 80.64 0.3 0.3 0.8 BSE SENSEX 24,684.85 1.9 1.9 16.6
RUB 34.91 0.0 0.0 6.2 Bovespa 51,605.83 0.7 0.7 0.2
BRL 0.44 (1.5) (1.5) 3.8 RTS 1,322.52 2.1 2.1 (8.3)
194.7
156.7
142.0