The QE index in Qatar declined 0.4% led by losses in the transportation and insurance indices. Ezdan Holding Group and Aamal Co. were the top losers falling 3.4% and 3.0% respectively, while Qatari Investors Group rose 2.7%. Trading volume on the Qatar exchange fell 13.4% compared to the 30-day moving average. Regionally, indices were mixed with Dubai down 2.6% and Abu Dhabi up 0.1%.

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.4% to close at 13,104.8. Losses were led by the
Transportation and Insurance indices, declining 1.7% and 1.3% respectively.
Top losers were Industries Ezdan Holding Group and Aamal Co., falling 3.4%
and 3.0% respectively. Among the top gainers, Qatari Investors Group rose
2.7%, while Qatar Islamic Bank gained 2.4%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.1% to close at 9,807.4. The Ind. Inv.
Index declined 2.0%, while Media & Pub. index was down 1.1%. Saudi Indian
Co. for Coop. Ins. fell 8.2%, while Saudi Arabian Mining Co. was down 4.1%.
Dubai: The DFM index declined 2.6% to close at 5,181.1. The Real Estate &
Const. index fell 3.7%, while the Inv. & Fin. Serv. Index was down 2.5%. Oman
Insurance Co. declined 10.0%, while Gulf Finance House was down 6.5%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 5,021.5. The
Consumer index gained 2.1%, while Inv. & Fin. Serv. index was up 1.6%. Gulf
Cement Co. rose 4.8%, while Eshraq Properties Co. was up 4.0%.
Kuwait: The KSE index gained 0.1% to close at 7,403.7. The Health Care and
Insurance indices rose 2.8% and 1.8% respectively. Investors Holding Group
Co. surged 14.7%, while Warba Insurance Co. was up 8.8%.
Oman: The MSM index declined 0.3% to close at 6,734.9. Losses were led by
the Financial and Industrial indices, fell 0.2% each. National Securities
declined 8.1%, while National Detergent was down 5.8%.
Bahrain: The BHB index fell 0.3% to close at 1,463.7. The Investment and
Services indices declined 1.6% and 0.9% respectively. Arab Banking
Corporation fell 3.9%, while Bahrain Telecommunication Co. was down 1.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 67.30 2.7 539.7 54.0
Qatar Islamic Bank 95.70 2.4 391.0 38.7
Masraf Al Rayan 50.80 1.6 2,592.2 62.3
Al Khaleej Takaful Group 38.60 1.4 116.2 37.5
Barwa Real Estate Co. 38.75 1.4 2,502.2 30.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.73 1.2 4,959.1 74.9
Qatar Gas Transport Co. 24.81 (2.1) 3,413.0 22.5
Masraf Al Rayan 50.80 1.6 2,592.2 62.3
Barwa Real Estate Co. 38.75 1.4 2,502.2 30.0
Ezdan Holding Group 28.20 (3.4) 1,177.3 65.9
Market Indicators 15 May 14 14 May 14 %Chg.
Value Traded (QR mn) 982.0 1,140.0 (13.9)
Exch. Market Cap. (QR mn) 734,345.9 742,112.0 (1.0)
Volume (mn) 23.3 26.9 (13.4)
Number of Transactions 9,598 11,684 (17.9)
Companies Traded 42 43 (2.3)
Market Breadth 15:24 17:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,542.01 (0.4) 1.1 31.8 N/A
All Share Index 3,331.18 (0.6) 0.9 28.7 16.0
Banks 3,180.85 (0.4) 0.6 30.2 15.8
Industrials 4,503.58 (1.0) 1.7 28.7 17.5
Transportation 2,382.94 (1.7) 0.8 28.2 15.3
Real Estate 2,655.33 0.8 1.9 36.0 13.3
Insurance 3,300.58 (1.3) 1.6 41.3 8.7
Telecoms 1,728.12 (0.8) (0.8) 18.9 24.1
Consumer 7,091.60 (0.2) (0.6) 19.2 27.7
Al Rayan Islamic Index 4,332.66 0.5 1.2 42.7 18.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Petro Rabigh Saudi Arabia 30.73 5.8 20,348.0 26.7
Dar Al Arkan Real Est. Saudi Arabia 14.22 4.6 117,517.2 44.4
Combined Group Cont. Kuwait 1.18 3.5 3.6 (7.8)
Ajman Bank Dubai 3.14 3.3 202.9 26.6
Qatari Investors Group Qatar 67.30 2.7 539.7 54.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharmaceutical Abu Dhabi 3.07 (5.2) 0.7 3.3
Deyaar Development Dubai 1.45 (4.6) 31,833.9 43.6
Dana Gas Abu Dhabi 0.87 (4.4) 38,433.8 (4.4)
Emaar Properties Dubai 10.45 (4.1) 41,498.8 50.5
Saudi Arabian Min. Co. Saudi Arabia 37.55 (4.0) 22,140.3 15.9
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 28.20 (3.4) 1,177.3 65.9
Aamal Co. 17.76 (3.0) 422.4 18.4
QNB Group 190.00 (2.6) 392.3 10.5
Al Khalij Commercial Bank 23.29 (2.5) 627.9 16.5
Qatar Gas Transport Co. 24.81 (2.1) 3,413.0 22.5
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 50.80 1.6 130,648.9 62.3
Barwa Real Estate Co. 38.75 1.4 97,377.2 30.0
Vodafone Qatar 18.73 1.2 92,810.0 74.9
Qatar Gas Transport Co. 24.81 (2.1) 83,903.2 22.5
QNB Group 190.00 (2.6) 75,367.9 10.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 13,104.75 (0.4) 1.1 3.4 26.3 269.75 201,724.8 16.3 2.2 3.8
Dubai 5,181.14 (2.6) (2.3) 2.4 53.8 520.16 95,412.7 20.8 2.0 2.0
Abu Dhabi 5,021.47 0.1 (0.4) (0.5) 17.0 167.00 137,884.9 14.7 1.8 3.4
Saudi Arabia 9,807.37 (0.1) 0.2 2.3 14.9 3,465.60 532,736.0 19.5 2.4 2.9
Kuwait 7,403.74 0.1 (0.0) (0.1) (1.9) 91.47 114,959.7 15.5 1.2 3.8
Oman 6,734.85 (0.3) (1.3) 0.1 (1.5) 11.71 24,460.7 12.2 1.7 3.9
Bahrain 1,463.72 (0.3) (0.5) 2.5 17.2 2.58 53,975.0 10.6 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)
13,000
13,050
13,100
13,150
13,200
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 0.4% to close at 13,104.8. The
Transportation and Insurance 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 Aamal Co. were the top losers, falling
3.4% and 3.0% respectively. Among the top gainers, Qatari
Investors Group rose 2.7%, while Qatar Islamic Bank gained
2.4%.
 Volume of shares traded on Thursday fell by 13.4% to 23.3mn
from 26.9mn on Wednesday. However, as compared to the 30-
day moving average of 31.0mn, volume for the day was 24.9%
lower. Vodafone Qatar and Qatar Gas Transport Co. were the
most active stocks, contributing 21.3% and 14.6% 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
Qatar Islamic
Insurance Company
(QISI)
Moody’s Qatar IFSR Baa2 Baa2 – 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, ICR – Issuer Credit Rating, IFSR- Insurance Financial Strength Rating)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Dana Gas Co.
Abu Dhabi AED 660.0 18.5% – – 164.0 -32.0%
National Marine Dredging
Company
Abu Dhabi AED 390.0 -44.7% – – -37.0 NA
AI Buhaira National
Insurance P.S.C.
Abu Dhabi AED – – 25.6 -0.7% 24.5 39.8%
Fujairah Cement Industries Abu Dhabi AED 152.2 16.9% – – 5.4 1062.9%
United Insurance Company Abu Dhabi AED – – -4.5 NA -9.1 NA
Methaq Takaful Insurance
Company PSC
Abu Dhabi AED – – – – -4.8 NA
Gulf Cement Company Abu Dhabi AED 204.7 34.7% – – 53.0 1848.3%
Al Wathba National
Insurance Company (PJSC)
Abu Dhabi AED – – 9.9 -28.4% 74.7 568.4%
Dubai Islamic Insurance &
Reinsurance Co. (Aman)
(PSC)
Dubai AED – – – – 5.6 NA
United Foods Company
(PSC)
Dubai AED 102.7 11.3% – – 4.9 -13.3%
Al-Sagr National Insurance
Company
Dubai AED – – 20.5 -12.0% 33.1 45.6%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/15 US Bureau of Labor Stat. CPI MoM April 0.30% 0.30% 0.20%
05/15 US Bureau of Labor Stat. CPI YoY April 2.00% 2.00% 1.50%
05/15 US Bureau of Labor Stat. CPI Core Index SA April 237.16 236.91 236.6
05/15 US Bureau of Labor Stat. CPI Index NSA April 237.07 237.10 236.29
05/15 US Bloomberg Bloomberg Consumer Comfort 11-May 34.9 – 37.1
05/15 US MBA MBA Mortgage Foreclosures 1Q2014 2.65% – 2.86%
05/15 US NAHB NAHB Housing Market Index May 45.0 49.0 46.0
05/15 EU Eurostat CPI MoM April 0.20% 0.20% 0.90%
05/15 EU Eurostat CPI YoY Apri 0.70% 0.70% 0.70%
05/15 EU Eurostat GDP SA QoQ 1Q2014 0.20% 0.40% 0.20%
05/15 EU Eurostat GDP SA YoY 1Q2014 0.90% 1.10% 0.50%
05/16 EU Eurostat Trade Balance SA March 15.2B – 15.0B
05/16 EU Eurostat Trade Balance NSA March 17.1B 16.0B 14.2B
05/15 France INSEE GDP YoY 1Q2014 0.80% 0.90% 0.80%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 62.99% 66.13% (30,828,179.44)
Non-Qatari 37.01% 33.88% 30,828,179.44

3. Page 3 of 6
05/15 France INSEE GDP QoQ 1Q2014 0.00% 0.10% 0.20%
05/15 Germany Destatis GDP SA QoQ 1Q2014 0.80% 0.70% 0.40%
05/15 Germany Destatis GDP WDA YoY 1Q2014 2.30% 2.20% 1.40%
05/15 Germany Destatis GDP NSA YoY 1Q2014 2.50% 2.50% 1.30%
05/15 Italy ISTAT GDP WDA QoQ 1Q2014 -0.10% 0.20% 0.10%
05/15 Italy ISTAT GDP WDA YoY 1Q2014 -0.50% -0.10% -0.90%
05/16 China National Bureau of Stat. Foreign Direct Investment YoY April 3.40% 1.00% -1.50%
05/15 Japan ESRI GDP SA QoQ 1Q2014 1.50% 1.00% 0.10%
05/15 Japan ESRI GDP Annualized SA QoQ 1Q2014 5.90% 4.20% 0.30%
05/15 Japan ESRI GDP Nominal SA QoQ 1Q2014 1.20% 1.00% 0.20%
05/15 Japan ESRI GDP Deflator YoY 1Q2014 0.00% -0.10% -0.40%
05/15 Japan ESRI GDP Consumer Spending QoQ 1Q2014 2.10% 2.10% 0.40%
05/15 Japan ESRI GDP Business Spending QoQ 1Q2014 4.90% 2.10% 1.40%
05/15 Japan ESRI Consumer Confidence Index April 37.0 36.7 37.5
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MDPS: Qatar's CPI rose to 2.8% year-on-year in April 2014 –
The Ministry of Development Planning & Statistics (MDPS)
released Qatar’s Consumer Price Index (CPI) which rose to
2.8% year-on-year in April from 2.6% year-on-year in March
2014. The rental, fuel and energy component, accounts for
32.2% of the overall weight of CPI, picked up to 6.3% year-on-
year last month from 5.7% year-on-year in March. This was the
highest increase in the rental, fuel and energy component since
August 2013. The food, beverages and tobacco component,
which accounts for the second largest weight (13.2%) in CPI,
rose by only 0.6% year-on-year in April from 0.9% year-on-year
in March. This was the lowest rate of increase in the food,
beverages and tobacco component since August 2010.
According to QNB Group, overall inflation is forecast to increase
modestly to 3.4% in 2014 from 3.1% in 2013 as rising rents on
the back of the influx in expatriate workers is offset by lower
international food prices. (QNB Group; Bloomberg)
 Qatar to set up deposit insurance, including Islamic scheme
– Qatar regulators will establish a deposit insurance framework
that will include a Shari’ah-compliant scheme, one of several
reforms aimed at modernizing the country’s financial sector. The
scheme is part of a strategic plan for Qatar's financial sector
developed by the country's three regulatory bodies, which they
aim to implement by 2016. While government support for
domestic banks is considered implicit in many cash-rich Gulf
countries, explicit deposit insurance is rare in the region, but
would help bring Qatar in line with the best practices in other
high-income jurisdictions. (Reuters)
 GDI places its third rig into service for Oxy Qatar –
Occidental Petroleum of Qatar (Oxy Qatar) has accepted the
jack-up drilling rig ‘Msheireb’, which was acquired by Gulf
Drilling International (GDI) earlier this year and refurbished for
drilling operations that are set to commence this week. This was
jointly announced by GDI, and Oxy Qatar in Doha. Msheireb will
be the third GDI rig to be placed in service for Oxy Qatar with
other two rigs ‘Al Rayyan’ and ‘Al Wajba’ already under contract.
Msheireb has a 60ft cantilever outreach with capability to drill to
a depth of 25,000ft, operate in a water depth of 300ft, and
accommodate 116 persons on board. (Gulf-Times.com)
 QATI clarifies on the news about HIA insurance contract –
Qatar Insurance Company (QATI) issued a statement clarifying
that it was not the source of the news, which dominated the
headlines of the local newspapers on May 15, 2014, stating that
QATI won the insurance contract of Hamad International Airport
(HIA) for a value of QR46bn and led to a unintentional confusion
in the disclosure information on the said contract. QATI said that
it won the HIA contract, which was raised in a public tender to
national insurance companies as they advanced the most
favorable terms and lowest price. The insurance coverage starts
from May 1, 2014. According to QATI, the amount of QR46bn
mentioned in newspapers is the value of the property insured
and that the insurance premium which will be included in the
company’s revenue is in the range QR7mn, a figure that falls
within the scope of medium contracts. (QE)
 MoI, MARK sign MoU for printing services – The Logistics
Department at the Ministry of Interior (MoI) has signed a MoU
with Masraf Al Rayan (MARK) for the development of security
press for the financial sector and transactions in Qatar. The
Logistics Department’s security press will print bank check
books along with handling its personalization, storage and other
printing services. (GulfBase.com)
 LREDC awards Lusail City project contract – Lusail Real
Estate Development Company (LREDC), a subsidiary of the
Qatari Diar Real Estate Company, has awarded a major contract
to a Qatar-based consortium. In a significant step toward
realizing Lusail City, LREDC has awarded the final phase of the
CP07A-1A Waterfront Commercial/Seef Lusail South
Infrastructure works contract to a Qatari consortium comprising
of Hamad Bin Khalid Contracting and Qatar Building Company
(HBK-QBC). Lusail City, master-planned by Qatari Diar is one of
the largest developments being undertaken around the world,
over a substantial area of 38sq km to accommodate 250,000
people. (Gulf-Times.com)
 Ooredoo wins Operator of the Year at TMT awards –
Ooredoo has won the ‘Operator of the Year’ title at the TMT
Finance MENA Awards. In 2013, Ooredoo became the first
company to offer 4G network across Qatar, Oman, Kuwait, and
Maldives. As a result, Ooredoo has increased its total
consolidated customers from 92.9mn in 2012 to 95mn as of
December 2013 with strong growth seen in Qatar, Algeria,
Indonesia, Iraq, and Oman. (Gulf-Times.com)
 DOHI CEO elected to AWRIS panel – Doha Insurance’s
(DOHI) Chief Executive Officer Bassam Hussein has been
elected to the technical committee of Arab War Risks Insurance
Syndicate (AWRIS) based in Bahrain. Hussein is the only
person from Qatar elected to the nine-member technical
committee of AWRIS. (Gulf-Times.com)
 QA continues to fly to CIA, adds Al Ahsa to its Saudi
network – Qatar Airways (QA) will continue to fly to Clark
International Airport (CIA) in the Philippines, even though the
Emirates Airline, the only other Gulf carrier to the destination,

4. Page 4 of 6
suspended its flights from May 3, 2014. QA has recorded a 50-
90% increase in the load factor since its maiden flight to CIA.
Meanwhile, QA has inaugurated its seventh destination in the
Kingdom of Saudi Arabia by adding the city of Al Ahsa to its
network. The new route to Al Ahsa International Airport will
comprise four weekly non-stop flights from Doha, and will
increase the number of weekly flights to Saudi Arabia from 75 to
79. (Gulf-Times.com)
International
 US consumer confidence declines unexpectedly in May –
Consumer confidence in the US fell unexpectedly in May from a
nine-month high, indicating that Americans are being shaken by
rising grocery bills and elevated fuel costs. The preliminary
sentiment index compiled by Thomson Reuters/University of
Michigan decreased to 81.8 in May from 84.1 in April. The
median projection in a Bloomberg survey had called for a gain to
84.5. Food prices have risen and the cost of gasoline has held
near its highest level of the year, making buyers less secure
about their finances. Falling unemployment, rising home prices
and near-record high stock indices could provide support for the
sentiment, giving Americans the wherewithal to boost their
spending that makes up 70% of the economy. Meanwhile,
another report showed that the pace of home construction
jumped in April to its highest level since November, led by a
surge in housing starts on multifamily projects. (Bloomberg)
 Eurozone growth disappoints in 1Q2014, puts pressure on
ECB to act – The Eurozone economy grew much less than
expected at the start of the year and inflation remained locked in
the danger zone below 1%, increasing the pressure on the
European Central Bank (ECB) to ease its monetary policy soon.
The €9.5tn economy expanded only 0.2% QoQ in 1Q2014,
same as the last quarter of 2013, while economists had
expected 0.4% growth. The first quarter figure stayed positive
mainly due to strong growth in the biggest economy Germany,
which compensated for stagnation in France and shrinking
output in Italy, the Netherlands, Portugal and Finland. With
growth so weak and consumer price growth well below the ECB
target, the central bank is preparing a package of measures for
its upcoming June meeting, which includes cuts in all its interest
rates and steps to fight the risks of deflation. (Reuters)
 Moody’s raises Ireland’s rating as debt burden eases –
Moody’s Investors Service has raised its rating for Ireland for the
second time in less than six months by as the economy
stabilizes and concern that the Eurozone may be under threat
eases. Moody’s raised its ranking two levels to Baa1 from Baa3
with a stable outlook. Six of nine analysts surveyed by
Bloomberg News predicted an upgrade. Moody’s has upgraded
its view as the Irish employment grows, the government deficit
narrows and the wider crisis which threatened the Eurozone’s
future eases. Recently, the ratings agency had raised Portugal’s
rating, and restored Ireland to investment grade in January.
(Bloomberg)
 China orders interbank lending curbs to quell shadow debt
– The Chinese government has ordered lenders to curb
interbank borrowing in the latest effort to check growth in the
informal shadow-banking segment that threatens to undermine
the nation’s financial system. According to a statement of the
People’s Bank of China (PBoC), a commercial bank should limit
its interbank borrowing to less than a third of its liabilities, while
its lending to another financial firm should not exceed 50% of its
Tier 1 capital. Borrowing between financial institutions on the
interbank market more than had tripled in the past five years as
part of a web of underground finance that evolved to sidestep
government lending restrictions and capital requirements.
Estimated by JPMorgan Chase & Co. to be worth $7.5tn as of
September, shadow banking has made it harder for the
government to curtail debt and shield state banks from rising
defaults. (Bloomberg)
Regional
 QNB Group: GCC led by Qatar continues to be MENA’s
growth engine – Real GDP growth in the GCC registered an
estimated 4.1% in 2013—with the highest growth rate in Qatar
(6.5%)—compared with 2.7% for the rest of the MENA region.
Going forward, a recovery in global energy demand and large
investment spending are projected to accelerate growth in the
GCC, while the rest of MENA is likely to continue to trail behind.
For growth to converge within MENA in the future, political
stability and structural reforms in the rest of the MENA region
are essential. Overall, the continued divergence in growth
between the GCC and the rest of the MENA region has
important implications. It highlights the need for political stability,
subsidy reforms to reduce unsustainable fiscal deficits, and the
establishment of a business-friendly environment for higher
foreign direct investment in the rest of MENA region in order for
growth to converge to GCC levels. (QNB Group)
 IEA ups oil demand outlook, urges OPEC to boost output –
The International Energy Agency (IEA) forecast that the demand
for oil in 2014 will be slightly higher than expected, even though
a weaker outlook for global economic growth will weigh on
consumption. Oil prices are expected to remain high, and the
IEA said that OPEC should raise production sharply to keep
world oil markets well supplied in the face of what would be a
record level of global demand. The IEA raised its forecast by
65,000 bpd to 92.8mn barrels, largely because of unexpectedly
strong demand in 1Q2014, driven by consumption in the US
economy. The IEA added, unrest in Libya, for example meant
that it was unclear whether the country can keep its ports open
and unlock its exports. (Bloomberg)
 Maaden to raise capital through rights issue – The Saudi
Arabian Mining Company’s (Maaden) board of directors has
recommended to the extra-ordinary general assembly (EGA) to
increase the company’s capital through a rights issue with a total
value of SR5.6bn. The rights shares will be offered to those
shareholders who are registered at the end of the trading day on
which the EGA will be held. The company intends to use the
proceeds for expanding its phosphate and gold operations, as
well as increase funding for its aluminum business. According to
sources, HSBC’s Saudi Arabian arm will advise on the
transaction. (Tadawul)
 Kingdom, Egypt to tender $1.5bn power link in 2015 – Saudi
Arabia and Egypt are likely to issue tender for the $1.5bn power
link project, which involves the construction of 1,250 km power
cables linking Madinah with Cairo, early next year. Earlier in
June, the two countries had signed an agreement in June to set
up a common power grid with a capacity of 3,000 megawatts.
The grid is to be funded proportionately by the two countries,
with Egypt's share estimated at $610mn. (Bloomberg)
 REDF approves SR5.5bn housing loans – According to Saudi
Gazette, Saudi Housing Minister and Chairman of the Saudi
Real Estate Development Fund (REDF), Shuwaish Al-Duwaihi
has approved 11,000 real estate loans, totaling SR5.5bn for
eligible citizens to enable them to build 13,202 housing units in
various parts of the Kingdom. (GulfBase.com)
 Etisalat partners Ericsson – Emirates Telecommunication
Corp. (Etisalat) has partnered with Ericsson for the deployment
of new technologies that will enhance its customer experience
and provide a boost in connectivity speeds in Dubai and Al Ain.

5. Page 5 of 6
This agreement will also enable Ericsson to introduce new
technologies and business solutions for Etisalat across a
number of different areas including mobile broadband.
(GulfBase.com)
 UAE, UK commodity trade expands – According to the UK
Office of National Statistics, the value of commodity trade
between the UAE and the UK rose from £2.09bn in 1Q2013 to
£2.14bn in 1Q2014. The value of the UAE’s exports to the UK
fell by 6% in the first quarter of this year to £578mn compared
with £617mn in 1Q2014. Meanwhile, the UAE’s imports from the
UK rose by 6% to £1.56bn in 1Q2014 as compared to around
£1.47bn in 1Q2013. So the deficit in the UAE’s balance of trade
with the UK in 1Q2014 was £981mn, as compared to £854mn in
1Q2013. (GulfBase.com)
 MME signs technology partnership with S2M – UAE-based
Mint Middle East (MME) signed a technology partnership
agreement with Morocco-based S2M. Both the partners are
providers of electronic payment solutions. The alliance with S2M
was based on MME’s offering of cutting-edge technology, which
aligns with the future strategic objectives. (GulfBase.com)
 Sharjah to award AED11bn projects in 2014 – Meed Projects
is currently tracking some 188 active major projects in Sharjah,
which are either planned or underway. According to Meed
Projects, Sharjah is expected to have its biggest year yet for
projects in 2014, with the total value of awards reaching as high
as AED11bn, 25% higher than 2013. Opportunities for firms are
expected to exceed a record AED22bn once new construction,
water, power, roads and environment projects already slated for
award between now and 2018 are added. Meed Projects’
research found that major project awards in Sharjah in the two
years to the end of 2013 were almost AED19bn, or three times
the rate of the previous two-year period to the end of 2011.
(Gulf-Base.com)
 Lamprell mulls $120mn rights issue – Lamprell, a UAE-based
oil rig maker may raise $120mn through rights issue. The
company intends to use the proceeds to support its investment,
facilitate debt refinancing and reduce operating costs following
its return to profitability. (Reuters)
 Shuaa Capital added to MSCI Emerging Markets Index –
Shuaa Capital has been added to MSCI’s Emerging Markets
Small Cap Index. The index includes small cap representation
across 21 emerging market countries worldwide. The global
benchmark covers approximately 14% of the free float-adjusted
market capitalization in each country. (GulfBase.com)
 EIB expands retail banking services – Emirates Islamic Bank
(EIB) has inaugurated its new branch located at Al Barsha Mall,
in Dubai, with the objective of extending its retail banking
services to the resident community in the area. (GulfBase.com)
 Mega Financial seeks to buy Aabar’s RHB stake – According
to sources, Taiwan-based Mega Financial Holding is in talks to
buy into Malaysia-based RHB Bank, which has led speculation
that the interested seller is likely to be Abu Dhabi’s Aabar
Investments. Aabar owns 22% in RHB Capital Bhd, which owns
RHB Bank. (GulfBase.com)
 Basel III global Sukuk issuances reaches $4.93bn –
According to Kuwait Finance House's global Sukuk weekly
report, a total of eight Basel III-compliant Sukuks have been
issued since November 2012, raising $4.93bn in proceeds for
seven different issuing banks. Out of this, Saudi Arabia
accounted for 48%, the UAE 41% and most, Malaysian Islamic
banks accounted 11%, which have recently begun issuing Basel
III-compliant Sukuks. (GulfBase.com)
 ABC appoints Brendon Hopkins as CFO – The Arab Banking
Corporation (ABC) has appointed Brendon Hopkins as its new
group Chief Financial Officer, effective from June 1, 2014.
Brendon will oversee ABC's global finance, strategy and
taxation activities. (GulfBase.com)
 Investcorp completes CHF125mn bond offering – Investcorp
has completed a CHF125mn bond issue with a five-year
lifespan. The bond carries a 4.75% and is priced at par for a
spread of 447.5 basis points over midswaps. This comes two
months after Investcorp met Swiss Franc investors about issuing
a potential transaction. Credit Suisse and Deutsche Bank acted
as financial advisors for the transaction. (GulfBase.com)
 BDB plans expansion – Bahrain Development Bank (BDB) is
planning to increase its financing volume to more than BD60mn
this year along with the launch of new facilities. Nedhal Al Aujan,
BDB’s Chief Executive said that two more branches will be
opened at Manama Suq and Seef Mall Muharraq this year.
(GulfBase.com)

6. 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 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
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
(0.1%)
(0.4%)
0.1%
(0.3%) (0.3%)
0.1%
(2.6%)(3.0%)
(2.4%)
(1.8%)
(1.2%)
(0.6%)
0.0%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,293.46 (0.2) 0.4 7.3 DJ Industrial 16,491.31 0.3 (0.6) (0.5)
Silver/Ounce 19.37 (0.7) 1.1 (0.5) S&P 500 1,877.86 0.4 (0.0) 1.6
Crude Oil (Brent)/Barrel (FM
Future)
109.75 (0.6) 1.7 (0.9) NASDAQ 100 4,090.59 0.5 0.5 (2.1)
Natural Gas (Henry
Hub)/MMBtu
4.43 1.7 (3.2) 1.9 STOXX 600 338.99 0.1 0.1 3.3
LPG Propane (Arab Gulf)/Ton 102.25 2.0 (1.4) (19.0) DAX 9,629.10 (0.3) 0.5 0.8
LPG Butane (Arab Gulf)/Ton 114.62 (0.4) (1.6) (16.0) FTSE 100 6,855.81 0.2 0.6 1.6
Euro 1.37 (0.1) (0.5) (0.4) CAC 40 4,456.28 0.3 (0.5) 3.7
Yen 101.50 (0.1) (0.4) (3.6) Nikkei 14,096.59 (1.4) (0.7) (13.5)
GBP 1.68 0.1 (0.2) 1.5 MSCI EM 1,031.95 0.3 2.5 2.9
CHF 1.12 (0.2) (0.7) 0.0 SHANGHAI SE Composite 2,026.50 0.1 0.8 (4.2)
AUD 0.94 0.0 (0.0) 5.0 HANG SENG 22,712.91 (0.1) 3.9 (2.5)
USD Index 80.04 0.0 0.2 0.0 BSE SENSEX 24,121.74 0.9 4.9 13.9
RUB 34.75 (0.0) (1.3) 5.7 Bovespa 53,975.76 0.2 1.6 4.8
BRL 0.45 0.2 (0.0) 6.7 RTS 1,262.01 0.7 2.4 (12.5)
188.3
155.0
141.1