1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.6% to close at 11,710.5. Gains were led by the Real
Estate and Transportation indices, gaining 1.1% and 0.9% respectively. Top
gainers were Islamic Holding Group and Qatari Investors Group, rising 10.0%
and 9.9% respectively. Among the top losers, Qatar Cinema & Film Dist. Co.
fell 2.9%, while Qatar Insurance Co. declined 2.1%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.1% to close at 9,343.8. The Real Estate
Dev. Index declined 2.6%, while Energy & Utilities index was down 1.1%.
Trade Union Coop. Ins. fell 4.2%, while Makkah Con. & Dev. was down 4.1%.
Dubai: The DFM index gained 0.2% to close at 4,149.8. The Banking index
rose 1.1%, while the Transportation index was up 0.3%. Gulf Navigation
Holding Co. gained 4.0%, while Takaful House was up 3.8%.
Abu Dhabi: The ADX benchmark index declined 1.0% to close at 4,828.8. The
Energy index fell 2.3%, while the Banking index was down 1.3%. International
Fish Farming Co. declined 10.0%, while Finance House Co. was down 8.8%.
Kuwait: The KSE index fell 0.3% to close at 7,491.9. The Telecommunication
index declined 1.5%, while the Financial Services index was down 0.9%. IFA
Hotels & Resorts Co. fell 8.2%, while Zima Holding Co. was down 8.1%.
Oman: The MSM index rose 0.1% to close at 7,091.8. The Services Index
gained 0.3%, while the Industrial index was up 0.2%. Al Maha Petroleum
Products rose 2.5%, while Raysut Cement was up 1.4%.
Bahrain: The BHB index gained 1.2% to close at 1,386.9. The Investment
index rose 2.8% while the Service index was up 2.5%. Arab Banking Corp.
gained 9.1%, while Bahrain Telecommunication Co. was up 3.3%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 58.50 10.0 391.7 27.2
Qatari Investors Group 44.85 9.9 370.6 2.6
Dlala' Brokerage & Invest. Holding 23.30 8.4 892.5 5.4
United Development Co. 22.35 3.2 1,451.4 (1.1)
Zad Holding Co. 69.90 2.5 2.6 0.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 32.65 0.0 2,514.1 9.6
Mesaieed Petrochemical Holding 40.35 0.1 2,192.0 304
United Development Co. 22.35 3.2 1,451.4 (1.1)
Dlala' Brokerage & Invest. Holding 23.30 8.4 892.5 5.4
Qatar Gas Transport Co. 21.62 1.3 821.5 6.8
Source: Bloomberg (* in QR)
Market Indicators 10 Mar 14 9 Mar 14 %Chg.
Value Traded (QR mn) 645.0 929.5 (30.6)
Exch. Market Cap. (QR mn) 666,244.1 664,393.7 0.3
Volume (mn) 14.4 15.8 (8.8)
Number of Transactions 8,099 8,712 (7.0)
Companies Traded 42 42 0.0
Market Breadth 23:14 21:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,062.67 0.6 0.9 15.1 N/A
All Share Index 2,958.92 0.4 0.6 14.4 14.9
Banks 2,860.96 0.4 0.3 17.1 14.7
Industrials 4,015.18 0.8 1.2 14.7 15.3
Transportation 2,026.65 0.9 0.5 9.1 14.1
Real Estate 2,063.20 1.1 2.6 5.6 20.4
Insurance 2,802.46 (1.7) (0.8) 20.0 6.8
Telecoms 1,513.42 0.8 1.3 4.1 20.9
Consumer 6,940.64 (0.8) (1.2) 16.7 30.2
Al Rayan Islamic Index 3,422.04 0.8 1.5 12.7 18.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatari Investors Group Qatar 44.85 9.9 370.6 2.6
Arab Banking Corp. Bahrain 0.54 9.1 3,240.0 44.0
Herfy Food Services Saudi Arabia 137.25 5.0 106.2 23.6
Bahrain Telecom. Co. Bahrain 0.35 4.8 100.0 21.7
Gulf Cable & Electrical Kuwait 0.78 4.0 96.4 (8.2)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
IFA Hotels & Resorts Kuwait 0.25 (8.1) 0.0 (13.0)
Nat. Bank of Kuwait Kuwait 0.93 (4.1) 1,512.8 4.5
Makkah Con. & Dev. Saudi Arabia 82.00 (4.1) 1,548.4 27.1
Dar Al Arkan Saudi Arabia 12.00 (4.0) 94,465.1 21.8
Dana Gas Abu Dhabi 0.81 (3.6) 27,081.6 (11.0)
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 Cinema & Film Distribution 42.00 (2.9) 4.7 4.7
Qatar Insurance Co. 64.30 (2.1) 179.6 20.9
Doha Insurance Co. 24.00 (2.0) 34.8 (4.0)
Qatar National Cement Co. 117.80 (1.8) 44.9 (1.0)
Doha Bank 60.00 (1.6) 432.4 3.1
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochemical Holding 40.35 0.1 88,156.5 304
Barwa Real Estate Co. 32.65 0.0 82,489.9 9.6
QNB Group 193.00 0.7 73,644.0 12.2
Commercial Bank of Qatar 77.00 0.0 47,946.9 8.8
United Development Co. 22.35 3.2 32,386.1 (1.1)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,710.49 0.6 0.9 (0.5) 12.8 177.11 182,950.6 15.5 1.9 4.1
Dubai 4,149.81 0.2 (0.1) (1.7) 23.1 340.09 84,773.0 17.8 1.5 2.0
Abu Dhabi 4,828.75 (1.0) (1.4) (2.6) 12.6 71.06 129,526.9 13.7 1.7 3.7
Saudi Arabia 9,343.78 (0.1) 1.0 2.6 9.5 2,986.22 508,272.2 18.7 2.3 3.2
Kuwait 7,491.86 (0.3) (0.2) (2.6) (0.8) 66.25 109,128.4 15.3 1.2 3.8
Oman 7,091.84 0.1 (0.4) (0.3) 3.8 17.54 25,455.4 11.3 1.6 3.7
Bahrain 1,386.90 1.2 1.0 1.0 11.1 4.42 51,964.6 9.9 0.9 3.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,620
11,640
11,660
11,680
11,700
11,720
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index rose 0.6% to close at 11,710.5. The Real Estate
and Transportation indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite
selling pressure from Qatari shareholders.
 Islamic Holding Group and Qatari Investors Group were the top
gainers, rising 10.0% and 9.9% respectively. Among the top
losers, Qatar Cinema & Film Dist. Co. fell 2.9%, while Qatar
Insurance Co. declined 2.1%.
 Volume of shares traded on Monday fell by 8.8% to 14.4mn from
15.8mn on Sunday. However, as compared to the 30-day
moving average of 12.9mn, volume for the day was 11.5%
higher. Barwa Real Estate Co. and Mesaieed Petrochemical
Holding Co. were the most active stocks, contributing 17.4% and
15.2% 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
Dubai Islamic
Insurance Co.
S&P Dubai LT Local Issuer Credit BBB- BB+  – –
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) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
Emirates Refreshments
(ERC)*
Dubai AED 68.8 23.5% 0.7 58.6% 0.5 -28.9%
Union Insurance Co. (UIC)* Abu Dhabi AED 353.7#
40.3% – – 66.7 NA
Source: Company data, DFM, ADX, MSM (*FY 2013 results) (# Gross Insurance Premium Revenue)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/10 EU Sentix Behavioral Ind. Sentix Investor Confidence March 13.9 14.0 13.3
03/10 France INSEE Industrial Production MoM January -0.20% 0.30% -0.60%
03/10 France INSEE Industrial Production YoY January -0.10% 1.30% 0.30%
03/10 France INSEE Manufacturing Production MoM January 0.70% 0.30% 0.00%
03/10 France INSEE Manufacturing Production YoY January 1.40% 1.40% 0.50%
03/10 UK Lloyds Bank Lloyds Employment Confidence February -2.0 – -2.0
03/10 Spain INE Industrial Output NSA YoY January -0.10% 4.30% 3.90%
03/10 Spain INE Industrial Output SA YoY January 1.10% 1.80% 2.20%
03/10 Italy ISTAT Industrial Production MoM January 1.00% 0.50% -0.80%
03/10 Italy ISTAT Industrial Production WDA YoY January 1.40% -0.30% -0.70%
03/10 Italy ISTAT Industrial Production NSA YoY January -1.70% – 2.40%
03/10 China The People's Bank Money Supply M1 YoY February 6.90% 7.00% 1.20%
03/10 China The People's Bank Money Supply M2 YoY February 13.30% 13.20% 13.20%
03/10 China The People's Bank Money Supply M0 YoY February 3.30% 7.70% 22.50%
03/10 Japan ESRI GDP SA QoQ 4Q2013 0.20% 0.20% 0.30%
03/10 Japan ESRI GDP Annualized SA QoQ 4Q2013 0.70% 0.90% 1.00%
03/10 Japan ESRI GDP Nominal SA QoQ 4Q2013 0.30% 0.40% 0.40%
03/10 Japan ESRI GDP Deflator YoY 4Q2013 -0.30% -0.40% -0.40%
03/10 Japan ESRI GDP Consumer Spending QoQ 4Q2013 0.40% – 0.50%
03/10 Japan ESRI GDP Business Spending QoQ 4Q2013 0.80% – 1.30%
03/10 Japan Bank of Japan Bank Lending Incl Trusts YoY February 2.20% 2.40% 2.30%
03/10 Japan Bank of Japan Bank Lending Ex-Trusts YoY February 2.40% – 2.50%
03/10 Japan ESRI Eco Watchers Survey Current February 53.0 54.1 54.7
03/10 Japan ESRI Eco Watchers Survey Outlook February 40.0 50.5 49.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 65.88% 68.40% (16,226,195.06)
Non-Qatari 34.12% 31.60% 16,226,195.06

3. Page 3 of 6
News
Qatar
 QCB Governor: Economic boom, spending drive augur well
for Qatari insurance – Qatar‟s financial regulator said that the
country‟s positive medium-term economic prospects and huge
project spending augur well for the insurance and reinsurance
industry. The Qatar Central Bank‟s (QCB) Governor and Qatar
Financial Market Authority‟s Chairman HE Sheikh Abdullah bin
Saud al-Thani said that economic prospects in Qatar are quite
positive in the medium term. He said overall there has been
positive economic momentum, particularly in the non-oil
segment. Sheikh Abdullah said that insurance and reinsurance
were important partners as Qatar has embarked on mammoth
infrastructure projects ahead of its preparations to host the 2022
FIFA World Cup. (Gulf-Times.com)
 MDPS: Qatar PPI rises 1.6% in 4Q2013 on higher oil, gas
and basic chemical prices – Higher prices for crude oil, natural
gas, utilities and basic chemicals led Qatar‟s Producer Price
Index (PPI) to rise about 1.6% YoY in 4Q2013. The Ministry of
Development Planning & Statistics (MDPS) released the PPI for
the industrial sector, which measures the average price changes
received by domestic producers for their output. The PPI for
mining (77% weight in the PPI basket) was up 1.4% YoY in
4Q2013 due to a 1.4% rise in the price of crude petroleum and
gas, as well as a 2.6% rise in stone, sand and clay. The
manufacturing sector (21% weight in PPI), reported a 2.3% gain
YoY in 4Q2013 due to an 8.8% jump in the prices of basic
chemicals, 0.6% in refined petroleum products and 0.2% in
cement and other non-metallic products. Prices fell for dairy
products (3.1%), grain mill & beverages (0.9% each) and basic
metals (0.6%). The electricity & water group (2% weight in PPI)
saw its index surge 5.4% YoY in 4Q2013 powered by 5.7% and
4.8% rise in the prices of electricity and water respectively.
(Gulf-Times.com)
 ERES acquires 20% of IHGS shares – Ezdan Holding Group
(ERES) has acquired more than 20% of the Islamic Holding
Group‟s (IHGS) shares from the Qatar Exchange. IHGS mainly
invests in shares and bonds, and providing brokerage services
on the Qatar Exchange based on Shari‟ah principles and done
through Islamic Finance Securities Company. IHGS owns many
companies, which will enhance the profitability of Ezdan Holding
Group. ERES‟ Chairman Sheikh Dr Khalid bin Thani bin
Abdullah al-Thani said the deal comes within the framework of
the group‟s keenness to diversify its investment portfolio and
demonstrate professionalism in the market. (Gulf-Times.com)
 Doha airport’s passenger growth up 18% – Doha
International Airport (DIA) has clocked a record number of
2.19mn passengers in January 2014, up nearly 18% on the
same period last year. DIA said that it had successfully
increased its passenger traffic by 10% YoY in 2013. Cargo
traffic also saw a substantial 12.1% increase in January. The
data highlights the DIA‟s enhanced cargo facility and transport
capabilities, with the introduction of QR Pharma and QR Fresh
that are designed to optimize the transportation of time and
temperature sensitive goods. January also brought a notable
7.39% growth in aircraft movements at the DIA compared to
January the previous year. (Gulf-Times.com)
 Kahramaa: Water reservoirs project cost likely to increase
by 15% – A senior official of Qatar General Electricity & Water
Corporation (Kahramaa) said that the cost of the project to build
20 huge reservoirs at five strategic sites in Qatar is likely to be
higher by 15% from the initial estimate of QR11bn. Kahramaa‟s
Manager, Water Projects Department, Mohammed Salme Al
Mansoori said this increase is due to rising cost of raw materials,
including sand, cement, bitumen. Al Mansoori stated that
keeping prices under control will be quite challenging since a lot
of big projects, including those of Qatar Rail and Ashghal, are
simultaneously under construction. So prices are expected to
steadily rise until 2017. (Peninsula Qatar)
 Trading suspension in QIIK’s shares on March 11 – The
Qatar Exchange (QE) announced the suspension in the trading
of Qatar International Islamic Bank‟s (QIIK) shares on March 11,
2014 due to its AGM scheduled on that day. (QE)
 Trading suspension in GISS’ shares on March 11 – The
Qatar Exchange (QE) announced the suspension in the trading
of Gulf International Services Company‟s (GISS) shares on
March 11, 2014 due to its AGM and EGM being held on that
day. (QE)
 QBIC aims to reach out to entrepreneurs – The Qatar
Business Incubation Centre (QBIC) aims to reach out to at least
330 Qatari entrepreneurs and 150 local companies over a three-
year period to help them become the next QR100mn companies
in the country. QBIC's Chief Executive Officer Raed al-Emadi
said that QBIC will provide incubator space for entrepreneurs
and scale-ups to carry out their work assignments with their
teams. In addition, QBIC provide balanced training courses that
enrich both knowledge and expertise. The start-ups will be able
to avail up to QR200,000, while established local companies can
secure financing of up to QR4mn through QBIC's partnership
with Qatar Development Bank (QDB). (Gulf-Times.com)
 Ooredoo chairman appointed to WB gender panel –
Ooredoo‟s Chairman HE Sheikh Abdullah bin Mohamed bin
Saud al-Thani has been appointed to the World Bank (WB)
Group‟s Advisory Council on Gender and Development. This is
the first time that a representative from the Middle East has
been named to this global body that is dedicated to promoting
gender equality around the world. (Gulf-Times.com)
International
 White House has optimistic growth forecast for 2014, 2015 –
The White House has forecast a more robust economic growth
in 2014 than last year and a further pickup in the US economy
for 2015. The US economy is expected to expand by 3.1% this
year, faster than last year's 1.7%. The White House said growth
would pick up to 3.4% in 2015. The administration also forecast
that unemployment would settle to an average of 6.9% in 2014.
The jobless rate, which reached a high of 10% in 2009, fell to a
five-year low of 6.6% in January. Many economists say that the
unemployment rate has dropped in part because many people
have stopped looking for work. The US labor force participation
rate has fallen from 66% before the start of the recession to
63%. (Reuters)
 EU Finance Ministers claim progress on bank-failure fund –
Finance ministers of the European Union (EU) claimed good
progress in talks in Brussels as they worked toward breaking a
deadlock on a Eurozone bank-failure regulation that is urgently
sought by the European Central Bank (ECB). The EU is
searching for a compromise on the Single Resolution
Mechanism and an accompanying common fund to cover the
cost of saving or closing banks. The ECB President Mario
Draghi warned that a failure to reach a deal before the European
Parliament elections in May 2014 would have serious
consequences for the Eurozone and its fledgling banking union.
(Bloomberg)
 BoE: Stronger sterling could delay interest rate rise – The
Bank of England‟s (BoE) Deputy Governor Charlie Bean said
BoE could keep its interest rates lower for longer if the pound

4. Page 4 of 6
sterling strengthens much more. Bean said that the currency's
current level was fine, but that Britain would find it harder to
enjoy a solid export-based recovery if the currency strengthened
any more. He also cautioned about the eagerness as to when
the central bank will raise interest rates from its record low of
0.5%, after financial markets and other policymakers indicated
the 2015 spring as a possibility. Bean further added that Britain's
economy was recovering, but these are still early days as the
country‟s trade deficit needs to narrow down to put growth on a
more solid footing. Bean said any further appreciation of sterling,
which has risen almost 10% in trade-weighted terms since
March 2013, would not be helpful in terms of facilitating a
rebalancing toward net exports. (Reuters)
 BoJ expected to maintain stimulus – The Bank of Japan
(BoJ) is expected to maintain its massive monetary stimulus
since it views the Japanese economy can weather the sales tax
increase scheduled in April without extra support, although there
is some concern about weakness in exports. The BoJ‟s board
can point to strength in industrial output, labor demand and
consumer spending to back its view the economy will continue a
gradual recovery and its 2% inflation target is achievable over
the next 12 months or so. There is some concern within the BoJ
about slow exports, but pessimists are not expected to have the
numbers to tip the votes towards a downgrade of the central
bank's stance that export growth will eventually rebound.
(Reuters)
 PBoC sees deposit rate liberalization in two years; bank
lending halves after spike in January – The People's Bank of
China (PBoC) Governor Zhou Xiaochuan said China is likely to
liberalize bank deposit rates in one to two years. Xiaochuan also
said that interest rates will initially rise as controls are removed.
There has been widespread market talk that the central bank is
quietly loosening policy to support economic growth as short-
term money rates and the Chinese yuan weakened this week
after surprisingly weak exports data came in at the weekend.
Meanwhile, official data showed that the number of new yuan
loans offered by Chinese banks halved in February and liquidity
in the economy tightened, which according to analysts indicated
that the previous month's surge was not a sign of a policy shift.
The PBoC said new bank loans totaled 644.5bn yuan in
February, down from 1.3tn yuan in January. Total social
financing, a broad measure of liquidity and credit, fell sharply to
938.7bn yuan from January's 2.58tn yuan. (Reuters, Bloomberg)
Regional
 QNB Group: Jordan sees fast recovery – According to QNB
Group, the Jordanian economy is recovering from the crisis
suffered in 2012 due to support from the IMF and GCC
countries. The Central Bank of Jordan‟s international reserves
have more than doubled in 2013 and economic activity is picking
up. QNB Group said that on this basis, the country‟s real GDP
growth is expected to accelerate from an estimated 2.9% in
2013 to 3.6% in 2014 and to average 4.4% during 2015-16. This
growth will be driven by a private sector-led growth in the
construction sector, lower energy costs, a recovery in tourism, a
normalization of mining exports as well as growth in other
services. However the long-term outlook is still below the
economy‟s full potential. This is mainly due to political
challenges such as the impact of flow of Syrian refugees into
Jordan and the Jordanian government‟s budget deficit.
(Peninsula Qatar)
 Markaz: Gulf Islamic banking accounts for 28.7% of $1.5tn
global assets – According to a report by Kuwait Financial
Centre (Markaz), Islamic banking assets in the Gulf region now
account for roughly 28.7% of global Shari‟ah-compliant assets,
which have crossed $1.5tn. Markaz said that Islamic banking
has been witnessing high levels of growth in recent years, but at
the same time, the industry has faced criticism for lack of
standardization and non-adherence to pure Islamic financing
practices. Given the emphasis on tangible assets and business
models, rather than creditworthiness, Islamic banking is seen as
less speculative than its conventional counterpart. The Markaz
study said given the head-start that conventional banks have
had, it is no surprise that they account for roughly 80% of the
region‟s banking assets. The overall GCC banking sector
accounts for 94% of nominal GDP in 2013. (Gulf-Times.com)
 Al Khalaf invests in Canon technology – Al Khalaf Advertising
& Press Company has signed a deal with Al Eqtessad Holding
Company, to invest in the cutting-edge Canon Océ Inkjet UV-
Flatbed print technology. Al Eqtessad will install and service the
Canon Océ Arizona large format UV-flatbed 460GT printer at Al
Khalaf, which will enable the company to deliver better services
to its customers from the private and public sectors alike.
(GulfBase.com)
 DSOA launches AED1.1bn Silicon Park project – The Dubai
Silicon Oasis Authority (DSOA) has launched the „Silicon Park‟,
the first integrated smart city project to be built inside Dubai
Silicon Oasis at a cost of AED1.1bn. DSOA‟s Chairman, Sheikh
Ahmed bin Saeed Al Maktoum said that the project will be
completed by 4Q2017. The Silicon Park project comprises
97,000 square meters of office space, 25,000 square meters of
commercial space, 20,000 square meters of residential area and
a 115 rooms business hotel. (GulfBase.com)
 Emaar to launch Mulberry second phase – Emaar Properties
will launch the second phase of its Mulberry at Park Heights
development in the Dubai Hills Estate this week. Emaar is
developing the project in a joint venture with Meraas Holding.
The second phase, set in Mohammed Bin Rashid City, will
feature around 330 premium quality apartments, an 18-hole golf
course, a tennis academy, swimming pool, and jogging and
cycle tracks. (GulfBase.com)
 Emirates launches Dubai–Boston route – The Emirates
Airline has launched a daily, non-stop service to Boston, which
will be its eighth destination in the US. For this new route,
Emirates will operate daily flights between Dubai and Boston
using a Boeing 777-200LR aircraft in a three-class configuration,
with 8 seats in first class, 42 in business class and 216 in
economy. (GulfBase.com)
 Emirates SkyCargo to launch service to Abidjan, Tunis –
The Emirates Airline‟s freight division, Emirates SkyCargo, is set
to increase its cargo capacity to Tunis and Abidjan in Africa with
the introduction of a weekly freighter service from March 17,
2014. The new freighter flight will supplement the existing belly
hold cargo capacity provided on Emirates‟ daily passenger
services to the two cities. Emirates SkyCargo currently offers
200 tons of capacity each week on the Tunis route, while the
Abidjan route offers 300 tons. (GulfBase.com)
 Dubai Exports to launch Halal Index – The Dubai Export
Development Corporation‟s (Dubai Exports) CEO, Saeed Al
Awadi, said that the corporation is planning to issue an online
Halal index to list all UAE-based halal firms. The index will
include relevant information about all the Shari‟ah compliant
companies such as banks, financial institutions, Islamic products
and services in Dubai. (GulfBase.com)
 Deyaar launches The Atria at Business Bay – Dubai-based
Deyaar Development announced its first foray into the hospitality
sector as the company launched the AED900mn “The Atria at
Business Bay”. The 1.25-million square feet twin-tower project

5. Page 5 of 6
comprises luxury serviced apartments and residential units. The
project is expected to be completed in 1Q2017. Deyaar signed
up with a global design, development and branding firm Yoo
Studio, for 350 serviced apartments and 219 apartments at The
Atria project. (Bloomberg)
 Aldar to develop AED5.7bn national housing projects –
Aldar Properties announced that its current pipeline of National
Housing projects being developed on behalf of the Abu Dhabi
Government totals 2,300 units worth AED5.7bn. The projects
are fully funded by the Abu Dhabi Government. The current
projects under construction include two large developments in
Abu Dhabi and one in Al Ain, which are expected to be
completed in 2016. The projects consist of 1,020 villas on Yas
Island and 996 villas in Al Falah and 275 Villas at Al Ghuraibah
in Al Ain. (ADX)
 NDC acquires AED120mn drilling rig from NOV – The
National Drilling Company (NDC) has signed an agreement with
National Oilwell Varco (NOV) to acquire a new land rig valued at
approximately AED120mn. The agreement will help NDC to
meet the needs of its client, the Abu Dhabi Company for
Onshore Oil Operations (ADCO), and step-up the company's
ability to perform specific drilling operations. (GulfBase.com)
 Kuwait’s budget spending up 8%, below full-year plan –
According to preliminary finance ministry figures, Kuwait‟s
government spending rose 8% in the first 10 months of this
fiscal year as compared to the same period the previous year,
but is still far below its initial plan. The major oil exporting
country‟s public expenditure reached KD10.58bn in the April-
January period, up from KD9.78bn a year ago, but little over half
of its spending plan of KD21bn for the fiscal year ending in
March. Kuwait has been undershooting its budget plans as
political wrangling delays budget approvals in parliament and
investment spending. (Gulf-Base.com)
 NBK declares 30% cash dividend, 5% bonus shares – The
National Bank of Kuwait‟s (NBK) AGM has approved its board
recommendation to distribute 30% cash dividends (30 fils per
share) and 5% bonus shares to the shareholders.
(GulfBase.com)
 Oman to divest stake in 11 state-owned companies – Omani
CMA‟s Executive President, Sheikh Abdullah bin Salem Al
Salmi, said that the Omani government is planning to divest its
stake in as many as 11 state-owned companies via IPOs. This
stake sale is in an apparent move to spur market trading and
pass on the corporate earnings benefits to Omani nationals. Al
Salmi noted that the state-owned companies that are planning
IPOs are unlisted currently, but declined to name the
companies. However, the first company to offer shares on the
MSM is the state-owned Oman Telecommunications Company
(Omantel), which is offering 142.5mn shares (19% of
government ownership in the company). Meanwhile, the Omani
government is planning to restructure the ownership pattern of
65 state-owned companies into four or five holding companies
for enhancing administrative efficiency and strengthening
controls. (GulfBase.com)
 NCSI: Oman’s foreign trade rises by 9.1% – According to the
statistics released by the National Centre for Statistics &
Information (NCSI), Oman's foreign trade witnessed a 9.1%
increase in the total value of commodity exports at the end of
November 2013, as compared to November 2012. The total
value of commodity exports stood at OMR19,838mn at the end
of November 2013, against OMR18,186.5mn in November
2012. This increase was attributed to a 3.4% increase in oil &
gas exports, which amounted to OMR13,093.4mn in November
2013, as compared to OMR12,668.2mn in December 2012.
During this period, Oman's non-oil exports increased by 7.1% to
OMR3,492.2mn as compared to OMR3,260.1mn. Re-export
trade rose by 44% to hit OMR3,252.4mn as compared to
OMR2,258.2mn in 2012. The NCSI statistics added that the
UAE topped the countries that imported Omani non-oil exports.
(GulfBase.com)
 Al Batinah declares 7% bonus shares – Al Batinah Hotels
Company‟s AGM has approved its board‟s proposal to distribute
7% bonus shares. This will increase the company‟s capital from
OMR3,384.9bn to OMR3,621.9bn. (MSM)
 GFH to start $3bn Tunisia project – Gulf Finance House
(GFH) plans to start building a $3bn financial park and real
estate development north of Tunisia's capital, Tunis. The
project, billed as the first financial park in North Africa, was
scheduled to begin in 2009, but had been suspended for five
years. The project known as „Tunis Financial Harbour‟ would
cover 450 hectares in the Raoued suburb of Tunis, which will be
one of the largest private foreign investments in the North
African state. The site will contain a corporate center,
investment banking and advisory center and an insurance area.
It will also include homes, offices, a golf course, a business
school and trade centers. It is expected to create 17,000 jobs.
(GulfBase.com)
 NBB declares 35% cash dividend – The National Bank of
Bahrain‟s (NBB) has approved its board‟s proposal for
distributing 35% cash dividends (35 fils per share). (Bahrain
Bourse)

6. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (* Market closed on March 10, 2014) Source: Bloomberg (* Market closed on March 10, 2014)
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.1%)
0.6%
(0.3%)
1.2%
0.1%
(1.0%)
0.2%
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
1.2%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,339.72 (0.0) (0.0) 11.1 DJ Industrial 16,418.68 (0.2) (0.2) (1.0)
Silver/Ounce 20.82 (0.4) (0.4) 6.9 S&P 500 1,877.17 (0.0) (0.0) 1.6
Crude Oil (Brent)/Barrel (FM
Future)
108.08 (0.8) (0.8) (2.5) NASDAQ 100 4,334.45 (0.0) (0.0) 3.8
Natural Gas (Henry
Hub)/MMBtu
4.63 (3.0) (3.0) 6.5 STOXX 600 331.40 (0.5) (0.5) 1.0
North American Spot LPG
Propane Price*
108.50 0.0 0.0 (14.2) DAX 9,265.50 (0.9) (0.9) (3.0)
North American Spot LPG
Normal Butane Price*
121.00 0.0 0.0 (10.9) FTSE 100 6,689.45 (0.3) (0.3) (0.9)
Euro 1.39 0.0 0.0 1.0 CAC 40 4,370.84 0.1 0.1 1.7
Yen 103.27 (0.0) (0.0) (1.9) Nikkei 15,120.14 (1.0) (1.0) (7.2)
GBP 1.66 (0.4) (0.4) 0.5 MSCI EM 955.02 (1.2) (1.2) (4.8)
CHF 1.14 0.1 0.1 1.7 SHANGHAI SE Composite 1,999.07 (2.9) (2.9) (5.5)
AUD 0.90 (0.5) (0.5) 1.2 HANG SENG 22,264.93 (1.7) (1.7) (4.5)
USD Index 79.77 0.1 0.1 (0.3) BSE SENSEX 21,934.83 0.1 0.1 3.6
RUB 36.35 (0.3) (0.3) 10.6 Bovespa 45,533.20 (1.5) (1.5) (11.6)
BRL 0.43 (0.5) (0.5) 0.5 RTS* 1,158.87 0.0 0.0 (19.7)
168.3
145.5
132.6