1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.0% to close at 9,158.7. Gains were led by the Real Estate
and Banking & Financial Services indices, gaining 3.9% and 1.0% respectively.
Top gainers were United Development Co. and Gulf International Services,
rising 6.9% and 4.5% respectively. Among the top losers, Qatar & Oman
Investment Co. fell 1.0%, while Qatari Investors Group declined 0.8%.
GCC Commentary
Saudi Arabia: The TASI index gained 0.4% to close at 7,404.1. Gains were
led by the Agriculture & Food Industries and Retail indices, rising 2.7% and
1.6% respectively. Almarai Co. rose 5.7%, while Savola Group was up 3.7%.
Dubai: The DFM index rose 0.7% to close at 2,338.1. The Real Estate &
Construction index gained 2.0%, while the Transportation index was up 0.6%.
Arabtec Holding rose 7.7%, while Gulf General Investment Co. was up 4.4%.
Abu Dhabi: The ADX benchmark index gained 1.2% to close at 3,529.3. The
Banking index rose 1.8%, while the Real Estate index was up 0.5%.
Commercial Bank International surged 14.5%, while National Bank of Umm Al-
Qaiwain was up 12.1%.
Kuwait: The KSE index fell 0.3% to close at 8,407.3. Losses were led by the
Oil & Gas and Parallel Market indices, declining 3.0% and 1.8% respectively.
Al Safat Real Estate Co. fell 8.1%, while Gulf Franchising Holding Co. was
down 7.7%.
Oman: The MSM index rose 0.2% to close at 6,406.1. The Services &
Insurance index gained 0.3%, while the Industrial index was up 0.2%.
Construction Materials Ind. rose 5.9%, while Al Anwar Holding was up 3.5%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
United Development Co. 21.70 6.9 4,888.7 21.9
Gulf International Services 45.10 4.5 608.2 50.3
Mannai Corp 88.00 3.5 2.1 8.6
Al Meera Consumer Goods Co. 142.00 3.0 233.4 16.0
Doha Insurance Co. 25.90 2.8 133.6 5.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 21.70 6.9 4,888.7 21.9
Barwa Real Estate Co. 26.55 2.3 2,227.8 (3.3)
Qatari Investors Group 25.05 (0.8) 1,793.2 8.9
Masraf Al Rayan 26.75 0.4 1,108.3 7.9
Qatar Gas Transport Co. 17.59 0.2 888.8 15.3
Market Indicators 29 May 13 28 May 13 %Chg.
Value Traded (QR mn) 562.1 248.6 126.1
Exch. Market Cap. (QR mn) 506,850.9 503,038.2 0.8
Volume (mn) 16.7 7.2 133.0
Number of Transactions 5,841 3,461 68.8
Companies Traded 39 36 8.3
Market Breadth 29:8 15:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,085.73 1.0 1.2 15.7 N/A
All Share Index 2,330.11 0.9 1.2 15.7 12.6
Banks 2,160.83 1.0 1.4 10.9 11.7
Industrials 3,166.65 0.6 1.4 20.5 11.8
Transportation 1,643.30 0.6 (0.2) 22.6 11.6
Real Estate 1,801.12 3.9 2.3 11.8 11.9
Insurance 2,302.63 (0.3) 1.5 17.3 13.5
Telecoms 1,277.53 0.6 0.5 20.0 14.8
Consumer 5,583.66 0.5 0.7 19.6 19.3
Al Rayan Islamic Index 2,780.23 1.2 1.4 11.7 13.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
NBQ Abu Dhabi 3.25 12.1 5.0 75.7
Nat. Industries Group Kuwait 0.29 9.4 38,718.5 35.5
Arabtec Holding Co. Dubai 2.03 7.7 120,857.6 9.1
United Dev. Co. Qatar 21.70 6.9 4,888.7 21.9
Almarai Co. Saudi Arabia 70.00 5.7 5,322.1 10.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharma. Industry Abu Dhabi 3.00 (2.6) 50.0 9.1
Atheeb Communication Saudi Arabia 13.25 (2.6) 13,479.7 3.5
Saudi Airlines Catering Saudi Arabia 115.00 (2.1) 130.2 47.4
Solidarity Saudi Takaful Saudi Arabia 27.90 (2.1) 634.2 (24.4)
Al-Qurain Petrochem. Kuwait 0.21 (1.9) 93.0 18.0
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 & Oman Investment Co. 12.84 (1.0) 744.6 3.6
Qatari Investors Group 25.05 (0.8) 1,793.2 8.9
Qatar Insurance Co. 64.10 (0.8) 13.5 18.8
Qatar German Co. for Med. Dev. 14.60 (0.7) 177.1 (1.2)
Ezdan Holding Group 17.41 (0.5) 57.2 (4.3)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 21.70 6.9 103,852.5 21.9
Barwa Real Estate Co. 26.55 2.3 58,522.3 (3.3)
Industries Qatar 166.70 0.3 54,963.8 18.2
Qatari Investors Group 25.05 (0.8) 45,050.0 8.9
Al Meera Consumer Goods Co. 142.00 3.0 33,290.8 16.0
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,158.73 1.0 1.2 5.6 9.6 154.38 139,181.3 11.6 1.6 5.0
Dubai 2,338.07 0.7 1.4 9.5 44.1 261.97 63,587.5 15.0 1.0 3.6
Abu Dhabi 3,529.33 1.2 2.0 7.8 34.2 116.10 103,337.7 10.8 1.3 5.0
Saudi Arabia 7,404.12 0.4 0.6 3.1 8.9 1,622.73 398,186.5 15.8 1.9 3.7
Kuwait 8,407.34 (0.3) 3.1 13.1 41.7 441.30 112,120.7 25.7 1.5 3.2
Oman 6,406.10 0.2 0.7 4.6 11.2 28.94 22,556.8 11.1 1.7 4.3
Bahrain 1,182.69 0.0 1.1 7.1 11.0 1.21 21,069.2 8.6 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,050
9,100
9,150
9,200
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 rose 1.0% to close at 9,158.7. The Real Estate
and Banking & Financial Services indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 United Development Co. and Gulf International Services were
the top gainers, rising 6.9% and 4.5% respectively. Among the
top losers, Qatar & Oman Investment Co. fell 1.0%, while Qatari
Investors Group declined 0.8%.
 Volume of shares traded on Wednesday rose by 133.0% to
16.7mn from 7.2mn on Tuesday. Further, as compared to the 30-
day moving average of 9.1mn, volume for the day was 82.7%
higher. United Development Co. and Barwa Real Estate Co.
were the most active stocks, contributing 29.3% and 13.3% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Qatar Islamic Bank
(QIBK)
CI Qatar
FSR/LT FCR/ST
FCR/SR
A/A/A2/2 A/A/A2/2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, SR – Support Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/29 US MBA MBA Mortgage Applications 24-May -8.80% – -9.80%
05/29 EU ECB Euro-Zone M3 s.a. (YoY) April 3.20% 2.90% 2.60%
05/29 EU ECB Euro-Zone M3 s.a. 3 mth ave. April 3.00% 2.90% 3.00%
05/29 Germany Bundesbank Unemployment Change (000's) May 21K 5K 6K
05/29 Germany Bundesbank Unemployment Rate (s.a) May 6.90% 6.90% 6.90%
05/29 Germany Destasis Consumer Price Index (MoM) May 0.40% 0.20% -0.50%
05/29 Germany Destasis Consumer Price Index (YoY) May 1.50% 1.30% 1.20%
05/29 UK CBI CBI Reported Sales May -11 3 -1
05/29 Spain INE Adjusted Real Retail Sales YoY April -4.90% -6.40% -8.60%
05/29 Spain INE Retail Sales (Real) (YoY) April -2.60% – -10.90%
05/29 Italy ISTAT Economic Sentiment May 79.8 – 74.9
05/29 Italy ISTAT Business Confidence May 88.5 88.1 87.9
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar’s foreign merchandise trade surplus increases 7.9%
in 1Q2013 – According to a report released by the Qatar
Statistical Authority (QSA), foreign merchandise trade balance
showed a surplus of QR107bn in 1Q2013, an increase of
QR8bn (+7.9% YoY) compared to 1Q2012. The report showed
that exports recorded an increase of 7.2% YoY to QR129.8bn,
whereas imports rose by 3.9% YoY to QR22.8bn. The export of
petroleum gas & other gaseous hydrocarbons increased by
9.4% YoY, while the export of petroleum & oils from bituminous
minerals (crude) dropped by 13.5% YoY. The main destination
countries were Japan, South Korea and China. Meanwhile,
imports of passenger motor cars, aircraft spare parts and
telecommunication equipment topped the list. The main
countries of origin were the US with a share of 11%, China and
the UAE with 9.2% each. (QSA)
 Qatar’s share in GCC aviation to grow 17% by 2023 –
According to a report by aviation intelligence firm, OAG, Qatar’s
market share in the GCC region aviation industry is expected to
grow by 17%, whereas the GCC’s share in the global aviation
market is likely to increase by 5% by 2023. The report also
shows that in terms of scheduled seat capacity, Doha’s annual
growth rate stands at 15% as compared to the 9% for GCC and
3% of the world market. (Qatar Tribune)
 QCB to issue QR4bn t-bills on June 4 – Qatar Central Bank
said it will issue treasury bills for a period of 91 days, 182 days,
273 days on June 4, 2013. The total amount of issuance is
QR4bn. (QCB)
 QNB Group wins best bank award – The QNB Group has
been awarded the best bank in Qatar Award by Euromoney.
(Qatar Tribune)
 CI affirms QIBK’s A financial rating – Capital Intelligence (CI)
has affirmed Qatar Islamic Bank’s (QIBK) financial strength
rating at “A”. CI has also affirmed the bank’s long & short term
foreign currency ratings at “A” and “A2”, respectively, on a
Stable outlook. Moreover, QIBK’s support rating has been
affirmed at “2”. (QE)
 KCBK extends QR1.7bn financing to Lusail infrastructure
development – Al Khalij Commercial Bank (KCBK) has
extended contract financing facilities worth QR1.7bn to a JV
between Midmac Contracting Company and Yuksel Insaat for
their primary infrastructure project in Lusail City. Meanwhile, the
Overall Activity Buy %* Sell %* Net (QR)
Qatari 68.30% 70.67% (13,273,471.03)
Non-Qatari 31.69% 29.34% 13,273,471.03

3. Page 3 of 6
bank’s CEO Robin McCall said KCBK is set to issue a five-year
unsecured bond shortly. (Bloomberg, QE)
 BRES to build Dara development – Barwa Real Estate
Company’s (BRES) CEO Abdulla Abdulaziz Al Subaie said the
firm has launched its Dara project to sell residential units to both
nationals and foreigners. Al Subaie also said that the Dara
project will account for a fifth of the $1.9bn Fox Hills
development at Lusail city, and it will comprise 6 buildings with
162 apartments. (Bloomberg)
 Barwa project to be ready in two years – Barwa Real Estate
Group Director (Qatar–Real Estate Investments) Mohamad
Ismail Al Emadi said work is on full swing to complete Barwa Al
Baraha project. The project is being developed in two phases:
Phase one will be completed in 18 months, while Phase two will
be completed in two years. Facilities at Barwa Al Baraha include
a hotel, entertainment center, laundry, health center, mosque,
police station, civil defense center, fire-control center, sports
facilities, shops, restaurants and offices. (Qatar Tribune)
 Hill International receives QR15.2mn contract on Pearl
Qatar development – Hill International (HIL) has received a
contract from the Land Investment & Real Estate Development
Company to provide project management services in connection
with the Viva Bahriya and Porto Arabia towers development at
Pearl Qatar. The 20-month contract has an estimated value of
QR15.2mn. (Bloomberg)
 Qatar 2022 Supreme Committee appoints project manager,
consultant for Wakrah Stadium – The Qatar 2022 Supreme
Committee has appointed KEO as the project manager and
AECOM as the design consultant for Al Wakrah Stadium, which
will have a capacity of 45,000 during the 2022 FIFA World Cup.
(Gulf-Times.com)
 DHBK to set up office in Hong Kong – Doha Bank (DHBK)
aims to set up office in Hong Kong. The bank plans to open
office to promote trade, investment banking and finance with
Gulf States. (Bloomberg)
 Cabinet approves clinics in shopping malls – The Qatar
Cabinet has approved an amendment in the rules that enables
establishment of private clinics at commercial complexes. The
amendment aims to encourage private investment in healthcare
sector by allowing private clinics to operate in commercial
complexes across the country. (Peninsula Qatar)
 Qatar Airways to fly non-stop to Tripoli, Casablanca – Qatar
Airways has announced an increase in route capacity between
Qatar and North Africa, with its flights to Tripoli and Casablanca
going non-stop from June 01, 2013. (Gulf-Times.com)
International
 OECD cuts global economic forecast to 3.1% in 2013 – The
Organization for Economic Cooperation and Development
(OECD) in its latest economic outlook said the recession-hit
Eurozone will fall further behind a generally improving US and a
rebounding Japan in 2013. The OECD has forecasted that the
global economy would grow 3.1% in 2013 before accelerating to
4% in 2014. The current forecast for global growth is lower than
the forecast the OECD made in November 2012 (3.4% for 2013
and 4.2% for 2014). Meanwhile, the OECD has slashed its
forecast for China's economic growth to 7.8% in 2013, from a
previous 8.5%, citing weakening domestic demand amid global
uncertainties. (Reuters)
 OECD: US interest rates could spike when Fed reduces
bond buying – The OECD said after flooding US banks with
cash to fight an economic crisis, the US Federal Reserve must
now find a way to slowly tighten the money supply without
dealing a painful shock to businesses. The OECD said low
interest rates have helped the US economy, but could inflate
bubbles in the financial market and suggests the Fed might have
to slow down its bond buying program in the near future.
(Reuters)
 OECD: ECB needs to rescue Eurozone again – The OECD
said the European Central Bank needs to act again to lift the
economic bloc out of recession and called for bold steps beyond
just interest rate cuts. Predicting an economic contraction of
0.6% in the Eurozone's economic output this year, the OECD
said the ECB should also consider cutting its deposit rate below
zero because interest rates are already at a record low.
(Reuters)
 EU shifts policy focus in quest for growth – The European
Union urged that Eurozone countries must focus on structural
economic reforms to boost growth, while not abandoning budget
discipline. The EU said budget cuts would still have to be made,
but since financial markets have calmed down after three years
of crisis, there is now more breathing space, which should be
utilized to make long-needed reforms. The EU said it would
allow France, Spain and five other Eurozone nations more time
to meet their mandatory budget deficit targets. (Reuters)
 EU, OECD press Spain to focus on reforms, growth – The
European Union and the OECD countries have piled pressure
on Spain to step up economic reforms and focus on growth,
rather than just cutting deficit. The European Commission said
the Spanish economy continues to show major imbalances,
calling the country to review its labor laws, speed up public
pension reforms, streamline its administration and move to
correct its energy tariff deficit. (Reuters)
 Portugal sticks to bailout targets, plays down OECD
warning – Portugal's Finance Minister Vitor Gaspar played
down a forecast by OECD that a deeper than expected
recession could prevent the country from meeting its budget
deficit goals. Vitor Gaspar has reaffirmed the targets agreed by
the country with its lenders in March, which gave it an extra year
until 2015 to cut the deficit below the EU’s 3% threshold and
eased the aims for this year and next. (Reuters)
 BoJ aims to reduce bond volatility to lower long-term yields
– The Bank of Japan Governor Haruhiko Kuroda said the central
bank will try to reduce bond market volatility in order to apply
strong downward pressure on long-term yields. Kuroda said the
BoJ will not tolerate increased volatility and the impact of its
expanded quantitative easing will grow as it purchases more
government debt. (Reuters)
Regional
 S&P raises Saudi Arabia outlook to Positive – Ratings
agency S&P has raised Saudi Arabia’s credit rating outlook to
Positive from Stable, due to an improved outlook for growth in
the Kingdom. The ratings agency said Saudi Arabia’s AA- rating
may be raised in the next 24 months if its economic growth
remains strong. S&P has affirmed the long- and short-term
foreign and local currency sovereign credit ratings at “AA-/A-1+”.
The transfer & convertibility (T&C) assessment for Saudi Arabia
is unchanged at “AA+” (Bloomberg)
 IDB sells $1bn 5-year sukuk – The Islamic Development Bank
(IDB) has raised $1bn from the sale of a five-year sukuk at par
and at a profit rate of 1.5%. The bank had earlier set a price
guidance for the issue at a spread of 30 basis points over
midswaps. (Reuters)

4. Page 4 of 6
 MENA Infrastructure Fund acquires a 20% of SPC – The
MENA Infrastructure Fund – sponsored by Waha Capital, Fajr
Capital and HSBC Group – has acquired a 20% shareholding in
Oman-based Sohar Power Company (SPC). (Bloomberg)
 Saudi, Egypt to sign electricity-sharing agreement – Saudi
Arabia is expected to sign an electricity-sharing agreement with
Egypt that would kick-start the construction of power lines
connecting North Africa to the Arabian Gulf by 2019. Saudi
Arabia’s Electricity Co-Generation Regulatory Authority
Governor Abdullah Al Shehri said 3GW power lines between
Riyadh, Jeddah, Medina and Tabouk are expected to be
completed in the next three to four years, and by 2019, Saudi
Arabia should be able to export electricity to Egypt.
(GulfBase.com)
 ZAIN KSA further extends maturity of its Murabaha facility –
The Mobile Telecommunications Company (ZAIN KSA) has
further extended the maturity date of its syndicated SR9bn
Murabaha facility to June 26, 2013. (Tadawul)
 Zamil Industrial’s subsidiary opens new factory – Zamil
Industrial Investment Company’s subsidiary, Arabian Fiberglass
Insulation Company (AFICO) has opened a new manufacturing
facility in the Dammam Second Industrial City. AFICO said
commercial production has commenced and will be gradually
ramped up to full capacity. The company expects to realize the
returns from 3Q2013 onwards. (Tadawul)
 Almarai’s BoD proposes share capital increase, approves
capital investment program – Almarai Company’s board of
directors has recommended for an increase in the company’s
share capital from SR4bn to SR6bn. This will be carried out by
distributing one bonus share for every two outstanding shares,
and increasing the number of shares from 400mn to 600mn. The
board also approved the company’s capital investment program
worth SR15.7bn for the next five years. (Tadawul)
 JAZADCO sells two land plots at SR222mn – Jazan
Development Company (JAZADCO) has sold two plots of land
at Makkah for SR222mn, realizing a net profit of SR141mn. This
transaction will be reflected in the company's 2Q2013 financial
results and the money will be utilized to finance its real estate
projects under construction and to meet other commitments.
(Tadawul)
 Latham & Watkins advises Dar Al-Arkan on trust certificate
issuance – Latham & Watkins has advised Dar Al-Arkan Real
Estate Development Company on the establishment of a
$750mn trust certificate issuance program. (GulfBase.com)
 Saudi Cement declares interim dividends for 1H2013 – The
Saudi Cement Company’s board has approved the distribution
of interim dividends at the rate SR3.5 per share (35 % of the
nominal value) for 1H2013, which amounts to SR535.5mn.
Shareholders who are registered on the exchange as on July 1,
2013 are entitled to this distribution. (Tadawul)
 Advanced Petrochemical to distribute SR163.9mn cash
dividends for 1H2013 – The Advanced Petrochemical
Company’s board has decided to distribute a cash dividend of
SR1 per share (10% of the nominal value), amounting to
SR163.9mn for 1H2013. The dividend will be distributed to those
shareholders who are registered on the company’s records at
the end of trading on June 30, 2013. (Tadawul)
 UAE’s Central Bank: LDR in UAE declines in April –
According to data released by the UAE Central Bank’s monthly
indicators, loan-to-deposit ratio (LDR) in the country dropped to
91% in April 2013 from 94% in April 2012. The data also showed
that total bank deposits increased by 2.6% by end of March and
by 2.9% by end of April due to increase in resident and non-
resident deposits. During the first four months of 2013, M2
increased by 5.4%, while bank loans & advances increased by
2.1%. Total bank deposits increased by 6.3% as a result of an
increase in resident deposits by 7.9%, while non-resident
deposits stood at AED137bn by end of March 2013.
(Bloomberg)
 UAE revives plans to build currency mint – UAE’s Central
Bank said the Emirates Investment Authority has revived plans
to set up its first currency mint to meet the country's needs. The
currency printing unit will cater to demand from other markets.
(Reuters)
 Abraaj to raise $250mn for second North Africa fund –
Abraaj Group Head for the MENA Region Ahmed Badreldin said
the company is planning to raise as much as $250mn for its
second North Africa fund after fully investing its first fund.
(Bloomberg)
 MAF to buy Metro supermarket chain in Egypt – Majid Al
Futtaim Holding (MAF) CEO Iyad Malas said the company is
buying the Metro supermarket chain in Egypt and is also
building a mall outside Cairo. (Bloomberg)
 Arabtec rights issue deemed Ex-Rights from May 29 –
Arabtec Holding announced that its shares are deemed as being
“Ex-Rights” with effect from May 29, 2013. Arabtec’s shares
were traded at the Ex-Rights price on May 29, 2013. Arabtec’s
shareholders who are registered on the official Dubai Financial
Market at the end of trading on May 30, 2013 are entitled to
apply for one additional share for every share they hold. (DFM)
 NBAD raises convertible bond sale to $500mn – The
National Bank of Abu Dhabi (NBAD) has raised its convertible
bond sale value to $500mn. The over-allotment option of $35mn
has been exercised. The expected date of issue, settlement and
delivery of bonds is June 5, 2013. Earlier, NBAD has raised
$465mn from convertible bonds. (Bloomberg)
 Abu Dhabi cuts nuclear plant funding by $5bn – The Abu
Dhabi government has trimmed down the size of financing by
around $5bn for the Emirates Nuclear Energy Corp’s (ENEC)
nuclear power project at Baraka. ENEC’s borrowing has been
cut back since the government is worried about the huge
interest bill it would have to pay on a $20bn debt package.
(Bloomberg)
 ADAC signs 5-year contract with Tejari – The Abu Dhabi
Airports Company (ADAC) has signed a five-year contract with
Tejari to implement eProcurement technology across all
contracting and supply management systems. (GulfBase.com)
 ADNIC signs MoU with Universal Hospital – The Abu Dhabi
National Insurance Company (ADNIC) has signed a MoU with
the newly launched Universal Hospital to provide medical
services to ADNIC’s customers. (GulfBase.com) (Bloomberg)
 Cluttons: Sharjah rents rise as Dubai residents go north –
According to Cluttons, rents in Sharjah's popular areas have
increased by more than 15% over the past six months as Dubai
residents head north in search of more affordable housing.
Cluttons added that the rents could climb another 15% in
2H2013. Cluttons also added that the average rent for one-
bedroom flats in popular areas such as Al Majaz, Al Nahda and
Qassimiya have risen from an average of AED24,000 in October
2012 to around AED28,000 in April 2013, indicating an increase
of 17%. (GulfBase.com)
 KPC plans talks with Asian naphtha buyers next week in
London – The Kuwait Petroleum Corp (KPC) is planning to
meet Asian buyers in the first week of June 2013 to discuss the

5. Page 5 of 6
price and quantity of a year’s supply of naphtha, which begins in
August 2013. KPC will meet customers in London for a week
long discussion. Starting in April, KPC has set prices of the
annual contract of its full range naphtha at a premium of $35 per
metric ton to Middle East prices and light naphtha at a premium
of $36 per ton. (Bloomberg)
 A.M. Best: Kuwaiti insurance sector faces regulatory
uncertainty – According to a report by the A.M. Best Company,
the insurance market in Kuwait is experiencing a period of
uncertainty, as premium growth has been volatile in recent years
and insurers currently await regulatory developments. The
report said that while Kuwait’s total gross written premium
(GWP) is expected to rise at a faster pace than that of other
more mature insurance markets in 2013, it will increase at a
slower pace than most of the GCC countries. (GulfBase.com)
 Oman considers dollar bond issue in 2014 – Oman’s central
bank said the government is considering a proposal to issue
dollar-denominated sovereign bonds by 2014, which could lead
to regular debt sales in the future. (Gulf-Times.com)
 OOCEP awards NPCC $40mn Musandam offshore pipeline
EPC contract – The Oman Oil Company Exploration &
Production (OOCEP) has awarded an EPC contract worth
$40mn to UAE-based National Petroleum Construction
Company (NPCC) for installing two offshore pipelines in the
Musandam area, Oman. (Bloomberg)
 Bahrain-Amman air passenger numbers up 216% – UAE-
based Gulf Air and Royal Jordanian Airways have announced
that the number of passengers transported by Gulf Air between
Bahrain and Amman surged by 216% after a year of signing a
code-share partnership between the two carriers.
(GulfBase.com)

6. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
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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
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
QE Index S&P Pan Arab S&P GCC
0.4%
1.0%
(0.3%)
0.0%
0.2%
1.2%
0.7%
(0.6%)
(0.3%)
0.0%
0.3%
0.6%
0.9%
1.2%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,393.10 0.9 0.5 (16.8) DJ Industrial 15,302.80 (0.7) (0.0) 16.8
Silver 22.49 0.7 0.4 (25.9) S&P 500 1,648.36 (0.7) (0.1) 15.6
Crude Oil (Brent) 102.06 (2.0) (0.2) (9.6) NASDAQ 100 3,467.52 (0.6) 0.2 14.8
Euro 1.29 0.7 0.1 (1.9) DAX 8,336.58 (1.7) 0.4 9.5
Yen 101.16 (1.2) (0.1) 16.6 FTSE 100 6,627.17 (2.0) (0.4) 12.4
GBP 1.51 0.6 0.0 (6.9) CAC 40 3,974.12 (1.9) 0.4 9.1
CHF 1.04 1.6 (0.0) (4.8) Nikkei 14,326.46 0.1 (2.0) 37.8
AUD 0.96 0.2 (0.2) (7.3) Shanghai 2,324.02 0.1 1.6 2.4
USD Index 83.66 (0.5) (0.0) 4.9 BSE Sensex 20,147.64 (0.1) 2.2 3.7
RUB 31.63 0.4 0.8 3.6 Bovespa 54,634.69 (2.5) (3.1) (10.4)
BRL 0.47 (1.8) (2.7) (2.8) RTS 1,360.06 (2.8) (2.0) (10.9)
131.6
118.1
108.5