1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.6% to close at 13,067.3. Gains were led by the Consumer
Goods & Services and Industrials indices, gaining 1.4% and 0.9% respectively.
Top gainers were Gulf International Services and Qatar General Ins. & Reins.
Co., rising 4.9% each. Among the top losers, Ezdan Holding Group fell 3.8%,
while Qatari Investors Group declined 2.9%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 9,775.9. Gains were led
by Media & Pub. and Multi-Inv. indices, rising 7.4% and 2.4% respectively.
Tihama Adv. & Public Relations and Salama Coop. Ins. Co. rose 10% each.
Dubai: The DFM index gained 1.5% to close at 5,214.3. The Real Estate &
Construction index gained 2.5%, while the Inv. & Fin. Serv. index rose 1.9%. Al
Salam Sudan rose 13.2%, while Dubai National Ins. & Rein. Co. was up 9.4%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 5,007.1. The
Industrial index gained 3.8%, while Real Est. index was up 3.5%. Umm Al
Qaiwain Cement Ind. surged 14.6%, while Arkan Build. Mat. was up 13.9%.
Kuwait: The KSE index fell 0.3% to close at 7,390.00. Losses were led by the
Telecom. and Cons. Goods, falling 1.4% and 1.2% respectively. Ajwan Gulf
Real Estate Co. declined 7.0%, while Gulf Franchising Co. was down 6.3%.
Oman: The MSM index declined 0.5% to close at 6,746.5. Losses were led by
the Financial and Industrial indices, declining 0.7% and 0.4% respectively. The
Financial Corp. fell 6.8%, while Oman & Emirates Inv. was down 5.6%.
Bahrain: The BHB index rose 0.4% to close at 1,472.1. The Investment Index
gained 0.8%, while the Industrial index was up 0.4%. Al Baraka Banking Group
rose 5.6%, while Bahrain Islamic Bank was up 1.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 98.00 4.9 1,546.0 100.8
Qatar General Ins. & Reins. Co. 44.80 4.9 0.9 12.2
Salam International Investment Co. 14.49 2.4 831.8 11.4
Qatar Islamic Bank 90.90 2.4 222.9 31.7
Qatar Fuel Co. 230.80 2.1 542.6 5.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.61 2.0 4,711.7 73.8
Barwa Real Estate Co. 38.25 0.9 2,172.9 28.4
Masraf Al Rayan 50.00 1.3 1,922.1 59.7
United Development Co. 26.15 0.6 1,550.1 21.5
Gulf International Services 98.00 4.9 1,546.0 100.8
Market Indicators 12 May 14 11 May 14 %Chg.
Value Traded (QR mn) 1,034.0 781.6 32.3
Exch. Market Cap. (QR mn) 726,371.5 726,884.3 (0.1)
Volume (mn) 21.5 16.4 31.0
Number of Transactions 9,738 9,328 4.4
Companies Traded 43 42 2.4
Market Breadth 21:17 16:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,486.23 0.6 0.8 31.4 N/A
All Share Index 3,319.09 0.5 0.5 28.3 15.9
Banks 3,178.87 0.2 0.5 30.1 15.8
Industrials 4,469.20 0.9 0.9 27.7 17.4
Transportation 2,386.34 0.4 0.9 28.4 15.3
Real Estate 2,643.12 0.7 1.4 35.3 13.2
Insurance 3,214.02 0.8 (1.0) 37.6 8.5
Telecoms 1,730.33 (0.4) (0.7) 19.0 24.2
Consumer 7,083.35 1.4 (0.7) 19.1 28.3
Al Rayan Islamic Index 4,305.57 0.4 0.6 41.8 18.5
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 303.75 9.9 435.7 176.8
Arabtec Holding Co. Dubai 6.61 7.8 149,639.2 222.4
Abu Dhabi Nat. Hotels Abu Dhabi 3.50 6.1 2,025.0 12.9
Albaraka Banking Gr. Bahrain 0.85 5.6 852.6 19.9
Gulf Int. Services Qatar 98.00 4.9 1,546.0 100.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Bank Of Fujairah Abu Dhabi 3.70 (9.8) 21.2 (22.1)
Ezdan Holding Group Qatar 25.00 (3.8) 781.6 47.1
Al Ahli Bank Of Kuwait Kuwait 0.43 (3.4) 80.3 (2.3)
Combined Group Cont. Kuwait 1.16 (3.3) 0.1 (9.4)
Investbank Abu Dhabi 3.00 (3.2) 205.7 22.7
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 25.00 (3.8) 781.6 47.1
Qatari Investors Group 66.00 (2.9) 574.9 51.0
Al Meera Consumer Goods Co. 183.50 (2.0) 25.7 37.7
Qatar National Cement Co. 141.60 (1.7) 8.6 19.0
Ahli Bank 52.50 (1.5) 3.7 24.1
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 98.00 4.9 146,930.5 100.8
Qatar Fuel Co. 230.80 2.1 124,223.2 5.6
Masraf Al Rayan 50.00 1.3 95,587.9 59.7
Vodafone Qatar 18.61 2.0 87,345.1 73.8
Barwa Real Estate Co. 38.25 0.9 82,379.9 28.4
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* 13,067.34 0.6 0.8 3.1 25.9 284.00 199,534.2 16.3 2.2 3.8
Dubai 5,214.25 1.5 (1.7) 3.1 54.7 606.90 95,643.9 21.2 2.0 2.0
Abu Dhabi 5,007.14 0.4 (0.7) (0.7) 16.7 165.17 137,151.0 15.0 1.8 3.4
Saudi Arabia 9,775.85 0.1 (0.1) 2.0 14.5 2,752.48 531,959.6 19.4 2.4 2.9
Kuwait 7,390.00 (0.3) (0.2) (0.2) (2.1) 84.42 114,886.9 15.5 1.2 4.1
Oman 6,746.49 (0.5) (1.2) 0.3 (1.3) 16.93 24,428.2 12.0 1.7 3.9
Bahrain 1,472.07 0.4 0.1 3.1 17.9 1.82 54,100.6 10.7 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,900
12,950
13,000
13,050
13,100
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 13,067.3. The Consumer
Goods & Services and Industrials indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 Gulf International Services and Qatar General Ins. & Reins. Co.
were the top gainers, rising 4.9% each. Among the top losers,
Ezdan Holding Group fell 3.8%, while Qatari Investors Group
declined 2.9%.
 Volume of shares traded on Monday rose by 31.0% to 21.5mn
from 16.4mn on Sunday. However, as compared to the 30-day
moving average of 30.5mn, volume for the day was 29.6% lower.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 21.9% and 10.1% 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
MB Holding Co.
(MBH)
S&P Oman
LT CCR/ Senior
Unsecured $320 mn
Bond
B/B- B/B- – Negative –
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, CCR – Corporate Credit Rating )
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Drake & Scull International
(DSI)
Dubai AED 1251.9 2.1% 54.3 -17.7% 40.3 -28.0%
Air Arabia Dubai AED 826.6 14.5% – – 71.7 29.4%
Alliance Insurance Dubai AED – – 5.7 1.6% 13.6 0.4%
Aldar Properties Abu Dhabi AED 1720.0 NA – – 453.4 193.8%
Umm Al Qaiwain Cement
Industries Co. (QCEM)
Abu Dhabi AED 3.0 -18.5% – – 22.7 30.3%
Ras Al Khaimah Poultry and
Feeding Co. (Rak Poultry)
Abu Dhabi AED 12.7 81.8% – – 13.6 2145.6%
Future Kid Entertainment &
Real Estate Co.
Kuwait KD – – – – -0.02 NA
Boubyan Petrochemical Co.
(BPC)*
Kuwait KD – – – – 27.3 4.2%
Amar Finance & Leasing Co. Kuwait KD – – – – -0.03 NA
International Resorts Co.
(IRC)
Kuwait KD – – – – -0.1 NA
Raysut Cement Co. (RCC) Oman OMR 24.8 -1.6% – – 8.2 0.7%
Gulf International Chemicals
(GIC)
Oman OMR 1.0 5.3% – – 0.1 17.8%
The Bahrain Ship Repairing
and Engineering Co.
(BASREC)
Bahrain BHD 1.1 -2.9% – – 0.4 28.4%
Bahrain Flour Mills Co.
(BFM)
Bahrain BHD 1.2 7.0% 0.1 NA 0.4 70.8%
Source: Company data, DFM, ADX, MSM (* FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/12 US US Treasury Monthly Budget Statement April $106.9B $114.0B $112.9B
05/12 France Banque De France Bank of France Bus. Sentiment April 98.0 99.0 99.0
05/12 UK Lloyds Bank Lloyds Employment Confidence April 1.0 – -2.0
05/12 China PBOC Money Supply M2 YoY April 13.20% 12.20% 12.10%
05/12 China PBOC Money Supply M0 YoY April 5.40% 5.50% 5.20%
05/12 China PBOC Money Supply M1 YoY April 5.50% 5.80% 5.40%
05/12 China NBS Aggregate Financing RMB April 1550.0B 1475.0B 2070.9B
05/12 China NBS New Yuan Loans April 774.7B 800.0B 1050.0B
05/12 Japan Bank of Japan Bank Lending Incl Trusts YoY April 2.10% – 2.10%
05/12 Japan Bank of Japan Bank Lending Ex-Trusts YoY April 2.20% – 2.30%
05/12 Japan Tokyo Shoko Research Bankruptcies YoY April 1.66% – -12.37%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 64.64% 68.66% (41,478,179.36)
Non-Qatari 35.35% 31.35% 41,478,179.36

3. Page 3 of 6
05/12 Japan ESRI Eco Watchers Survey Current April 41.6 45.0 57.9
05/12 Japan ESRI Eco Watchers Survey Outlook April 50.3 40.0 34.7
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 ERES buys 20% stake in QIGD – Ezdan Holding Group
(ERES) has acquired more than 20% stake in Qatari Investors
Group (QIGD), its second acquisition in a month. ERES’ Deputy
Chairman Sheikh Abdullah bin Thani bin Abdullah al-Thani said
that the QIGD stake purchase is a significant move towards
diversifying ERES’ investments. QIGD, operates through 12
companies and 23 subsidiaries in different sectors such as
industry, trade and services. However, details of total acquisition
cost or the funding for this acquisition was not disclosed by the
group. (Gulf-Times.com)
 QATI chosen sole insurance bond carrier for HIA – The
Qatar Civil Aviation Authority announced that the Qatar
Insurance Company (QATI) has been appointed as the
insurance bond carrier for the Hamad International Airport (HIA).
The state-of-the-art, world-class airport facility is fully insured for
a value of QR45.97bn. The Civil Aviation Authority said QATI
will be the sole insurance provider of the HIA. (Gulf-Times.com)
 CBQK hires banks for $500mn bond sale – According to
sources, the Commercial Bank of Qatar (CBQK), has hired
banks to help arrange a potential dollar-denominated bond sale.
CBQK – Qatar’s second-largest lender by assets – has picked
Bank of America Corp, Morgan Stanley and HSBC Holdings for
a possible sale within the next month. The lender is seeking to
raise at least $500mn. Qatari banks are selling bonds as the
country raises funds to develop infrastructure projects in
preparation for the 2022 Soccer World Cup. Earlier in October
2013, QNB – the country’s biggest lender – had raised $1.5bn
from a two-part bond sale. (Gulf-Times.com)
 ORDS launches new wholesale entity – Ooredoo (ORDS) has
established Ooredoo Global Services (OGS) as the group’s
wholesale arm. OGS will be the single point of contact for
wholesale carriers to access the company’s 18 operating
companies, representing one of the largest internet peering
networks in the Middle East that is interconnected with more
than 100 operators. The company has appointed Yousuf Abdulla
Al Kubaisi as the CEO for OGS. He previously served as
Ooredoo Qatar’s Chief Wholesale & International Officer since
2012. (GulfBase.com)
 QFMA gets 4 IPO requests in 2013, nod only for MPHC –
The Qatar Financial Market Authority (QFMA) stated that it
received four requests for IPOs in 2013, but approval was given
only to Mesaieed Petrochemical Holding Company (MPHC). The
country’s equity market witnessed the advent of 247.2mn new
shares, leading to a total of 10.5bn listed shares, following
QFMA’s approval for capital increase of 13 listed companies. In
2013, the QFMA also received 11 requests for listing of
government treasury bills and three government bonds.
Besides, it also received three new requests related to
acquisition of Alternatifbank by Commercial Bank; Finansal
Kiralama by Al Salam Company and Mannai Corporation’s
acquisition of Gulf Laboratories. (Gulf-Times.com)
 RLPC: Drinking water demand to rise by 138% in next 6
years – Ras Laffan Power Company-Qatar’s (RLPC) Managing
Director Mubarak al-Nasr said that the demand for drinking
water in Qatar is expected to increase by 138% in the next six
years, mainly due to economic growth and a rapidly rising
population. Al-Nasr recalled there has been a similar increase
(138%) in the drinking water requirements in Qatar over the last
six years. In 1997, water demand was only at 61mn gallons per
day (mlgd), which increased to 138 mlgd after 10 years. Since
then the demand has further grown to 328 mlgd in 2013. (Gulf-
Times.com)
International
 US posts smaller budget surplus in April than forecast –
The US posted a smaller budget surplus in April 2014 than
economists expected, as spending increased at more than twice
the pace of tax receipts. The Treasury Department said
revenues exceeded spending by $106.9bn last month as
compared to $112.9bn surplus in April 2013. So far this fiscal
year, which began October 1, 2013, the country is running a
budget shortfall, which is about 37% smaller than it was a year
earlier and was the narrowest at the seven-month mark since
2008. Still, the economy nearly stalled in the January-March
quarter, while outlays rose last month on defense and
entitlement programs. (Bloomberg)
 EU banks urged to boost capital prior to ECB stress tests –
European banks have been urged to boost their ability to
withstand losses before the conclusion of a stress test that has
been drawing criticism for its design. Axel Weber, the chairman
of Zurich-based UBS AG said that conducting stress-test on
banks that have depleted capital is similar to expecting a patient
recovering from a heart attack to pass a rigorous physical exam.
Moody’s Analytics Inc. said last week that the tests are not
internally consistent. The European Central Bank (ECB) is
leading the charge to prove that the region’s banks are robust
before it takes over their financial supervision in November. ECB
has forced an unprecedented Asset Quality Review and a
stress-test into its year of preparation, whose pressure has led
to some disquiet about the compromises needed to get the job
done on time. (Bloomberg)
 PBoC: China’s new credit declines – China’s broadest
measure of new credit fell last month as authorities extended
their campaign to tame financial risks even as construction and
manufacturing data point to risks that the economy’s slowdown
will worsen. The People’s Bank of China (PBoC) said that
aggregate financing stood at CNY1.55tn ($249 billion) in April,
compared with CNY2.07tn in March. New local-currency bank
loans were at CNY774.7bn, down from CNY1.05tn the previous
month. These figures add to signs that officials are reluctant to
heed calls for monetary stimulus, with President Xi Jinping
stating that the nation needs to stay cool-minded amid what
analysts forecast will be the weakest annual growth since 1990.
The PBoC’s Deputy Governor Liu Shiyu said that shadow
banking threatens to undermine the financial system, even as
policy makers try to rein in credit. (Bloomberg)
Regional
 MEED: GCC project awards could go up by 20% in 2014 –
According to MEED Insight, the value of new contract awards in
the GCC region is expected to rise by 20% to $178bn, a new
record for the region’s construction sector. MEED Insight Head,
Ed James said that the value of contracts awarded in 2013
stood at $147bn, while in 2012, it was under $120bn. James
said the near and long-term trend for the Middle East projects
market is now highly positive following a great 2013 and an even
better start to 2014. Driving this growth are high oil prices, as
well as strong economic and population growth. Although many
political, security and bureaucratic issues remain, the project

4. Page 4 of 6
gap across key sectors outweighs the obstacles. Kuwait, Oman
and Qatar could become significant growth markets. New
contract awards in the GCC so far this year has already reached
$60bn, with Kuwait being the largest market for new contracts
awarded in 1Q2014. (Peninsula Qatar)
 GPCA: Petchem exports top $55bn in 2013 – According to
Gulf Petrochemicals & Chemicals Association (GPCA), GCC
countries exported approximately 79% of their total product
portfolio to 177 countries in 2013, amounting to 63.4mn tons of
chemicals, while petrochemical exports were valued at $55.5bn.
Mohammad Husain, Chairman of the GPCA Supply Chain
Committee said that the expansion and introduction of new land
and sea transport infrastructure would make the Gulf’s
petrochemicals industry more flexible. (GulfBase.com)
 Mobily joins Etisalat's SmartHub to enhance internet
service – Etihad Etisalat Company (Mobily) has joined Emirates
Telecommunications Corporation’s (Etisalat) SmartHub, the
region's largest capacity and content hub in the Middle East.
Mobily will be part of the Etisalat's SmartHub IX community,
providing direct access to the largest content delivery networks
and streaming video services. This alliance will enhance internet
speed by providing direct access to some of the world's largest
content providers hosted in the UAE's Smarthub. Further, Mobily
recently connected its subscribers via Etisalat SmartHub IPX,
which enables 4G/LTE roaming services and mobile data
services. (GulfBase.com)
 Emirates NBD: GCC emerges as strong investment
destination – According to Emirates NBD Wealth Management
CEO, Arjuna Mahendran, due to the changing global economic
outlook, most emerging markets are becoming less attractive as
compared to developed markets, while the Gulf region’s asset
classes retain their competitiveness. The GCC region remains
extremely robust, despite the ever-present threat of a decline in
oil prices in 2014. This is because all GCC countries continue to
build large external surpluses and have sufficient foreign
exchange and fiscal reserves to withstand a 10-20% correction
in oil prices. (GulfBase.com)
 Saudi KFH invites subscription for initial issuance fund –
Saudi Kuwait Finance House (Saudi KFH) has launched
subscription for its first investment fund, “KFH Fund for Initial
Issuances” denominated in Saudi Riyal for one month till June
10, 2014. The fund seeks to achieve high returns by allowing
investors to primarily invest in the shares of public companies
during the IPO phase of their shares, or in the shares of new
listed companies that have been enlisted less than three years
ago. The fund is offered for SR10 per unit and is considered to
be a group investment program setup for investors who seek
real returns that compete against returns yielded by other
products that invest in enlisted shares. (GulfBase.com)
 SABIC awards health insurance contract to BACI – Saudi
Basic Industries Corporation (SABIC) has awarded Bupa Arabia
for Cooperative Insurance (BACI) a contract to provide health
insurance for its employees and their families for one year
starting May 7, 2014. The contract revenues are expected to be
greater than 5% of the 2013 annual gross written premiums of
BACI and are expected to have a major impact on its 2014
financial results. (Tadawul)
 SASCO opens investment portfolio – Saudi Automotive
Services Company (SASCO) has completed the transactions of
opening an investment portfolio managed by Saudi Fransi
Capital Company as per the Capital Market Authority’s (CMA)
approved portfolio management agreement. This investment
portfolio is aimed at diversifying resources of investments and
revenues. (Tadawul)
 RSH to deposit proceeds from fractions shares – Red Sea
Housing Services Company (RSH) announced the completion of
selling fractions shares arising out of the company's capital
increase. The total number of shares fractions is 13,612 shares,
while fractions shares were sold on May 7, 2014 with a value of
SR836,177.63mn at an average price of SR61.50. The National
Commercial Bank will be depositing the fractions shares amount
into RSH’s shareholders account on May 19, 2014. (Tadwaul)
 JEC to raise SR14bn for Kingdom City project – Jeddah
Economic Company (JEC) is in talks with Saudi-based banks to
raise funds for the first phase of its Kingdom City project worth
SR14bn and the world’s tallest tower. The owners have already
invested SR8.7bn in the project, while the remaining will be
financed by sale of land plots to other investors, as well as from
banks. BNP Paribas is acting as the financial advisor to JEC on
this transaction. The first phase of the project is spread over an
area of 1.4mn square meters, centered around the Kingdom
Tower, which is expected to be completed by 2018 and will cost
the company SR6bn. (GulfBase.com)
 Al Tayyar signs deal with Jaadcar – Al Tayyar Travel Group
has signed an agreement with Jaadcar, a European luxury car
rental company. Al Tayyar’s customers can now avail
discounted packages from Jaadcar when they book car services
and also benefit from Al Tayyar’s end-to-end travel plans during
their travel. (GulfBase.com)
 Flydubai plans more flights in Kingdom – Flydubai is
planning to further increase its flight frequency to Saudi Arabia.
Flydubai’s CEO Ghaith Al Ghaith said that the airline would aim
for 100 routes and 100 aircraft by 2020. Its operations to the
Kingdom began in 2010 and it serves 11 Saudi destinations
currently. (Gulfbase.com)
 DIA’s passenger traffic to reach 70mn mark soon – Dubai
International Airport (DIA) is expecting passenger traffic to reach
the 70mn mark in 2014 despite the 80-day runway closure.
Sheikh Ahmed bin Saeed Al-Maktoum, President of the Dubai
Civil Aviation Authority, said that Dubai, which aims to increase
the aviation sector’s contribution to the GDP to 32% by 2020,
will continue to invest in aviation infrastructure to cater to the
anticipated growth in air passengers and cargo movements.
(GulfBase.com)
 DI International to expand into Africa, Asia – Dubai
Investments International (DI International), the wholly-owned
subsidiary of Dubai Investments, is targeting investments, joint
ventures and strategic partnerships across Africa and Asia, and
also eyeing commercial projects in some Middle Eastern
countries. The company is in advanced stages of negotiations
with prospective business partners in Libya and Erbil in
Kurdistan, Iraq to build an industrial, commercial and residential
business park similar to Dubai Investments Park and replicating
the business model in the respective countries. (DFM)
 Emirates to launch fifth daily flight to Singapore – Emirates
Airline announced that it will introduce its fifth daily flight
between Dubai and Singapore from August 1, 2014. This new
service will bring Emirates’ total number of flights between the
two cities to 35 per week, with 28 non-stop services and seven
flights via Colombo, along with to its daily services from
Singapore to Brisbane and Melbourne. In addition, Emirates
SkyCargo will operate belly hold cargo space to help transport
goods such as ship spare parts, mobile phones and various
other electronic goods to and from Singapore. (Bloomberg)
 NBAD wins three awards – The National Bank of Abu Dhabi
(NBAD) has won three awards at the Banker Middle East
Product Awards 2014. The bank received awards for Best Cash

5. Page 5 of 6
Management, Best Corporate Advisory and Best GCC Equity
Fund. (GulfBase.com)
 UNB posts AED512mn profit for 1Q2014 – The Union
National Bank (UNB) has reported a net profit of AED512mn for
1Q2014 as compared to AED495mn for 1Q2013, reflecting an
increase of 3%. Net interest income stood at AED563mn as
compared to AED508mn in 1Q2013. EPS remained at the same
level of AED0.16 at the end of March 31, 2014 as compared to
March 31, 2013. Bank’s total assets grew by 2% to AED89.6bn
at the end of 1Q2014 from AED87.5bn at the end of December
31, 2013. Loans and advances stood at AED61.7bn as at March
31, 2014, up by 6% YoY and by 3% over prior year end.
Customer deposits stood at AED66.7bn as at March 31, 2014,
lower by 2% YoY and up by 2% compared to prior year end.
(ADX)
 Abu Dhabi helps RAK Islamic bonds despite S&P threat –
Abu Dhabi is helping Ras Al Khaimah's Islamic bonds to beat
peers even as Standard & Poor's (S&P) says there is a one-in-
three chance it will lower the credit rating of the UAE's fourth-
biggest member. According to data compiled by Bloomberg, the
Emirate's $500mn sukuk due October 2018 returned 2.9% in
2014, compared with an average 2.8% return for all dollar-
denominated sukuk. On May 9, S&P placed the borrower on a
negative outlook, citing slow progress in the development of
government institutions and a dearth of demographic and
economic data. The sovereign is rated A, which is three levels
lower than Abu Dhabi. (Gulf-Times.com)
 Yiaco declares 5% bonus shares – Yiaco Medical Company’s
AGM and EGM have approved the distribution of 5% bonus
shares to the company’s shareholders. (Bloomberg)
 Vale receives world’s largest iron ore carrier at Sohar –
Vale's operations in Oman has received its 50th Valemax
vessel, the world's largest iron ore carrier, at its deep water jetty
in the Port of Sohar, recording a total shipment of 25mn metric
tons of iron ore since commencing its operations in Oman in
2011. Valemax is a new concept category ore carrier with a
capacity to transport 400,000 metric tons and has alone been
responsible for the delivery of 80% of the iron ore shipments to
Oman from Brazil. Approximately $3.3mn is invested in
unloading the shipment and preparing the vessel for departure.
(GulfBase.com)
 DCF appoints GM for support services – Dhofar Cattle Feed
Company (DCF) has promoted Ahmed Ali Qatan as the General
Manager for support services. (MSM)
 Sun Metals awards $400mn Sur Steel Mill Project contract –
Sun Metals has selected Posco Engineering & Construction
Company as its technology partner to execute its 2.5mn tons per
annum (mtpa) capacity project at Sur Industrial Estate in Oman.
Additionally, Japan-based Sojitz Corporation will help Sun
Metals in the supply of raw material and the offtake of finished
products. Total investment in the venture is estimated at
$400mn. (Bloomberg)
 Ithraa signs MoU with International Trade Centre – Ithraa,
Oman's inward investment and export promotion agency, has
signed a MoU with the International Trade Centre (ITC) along
with five other countries to facilitate the free access of low
income countries to an international database of import and
export markets. This initiation will help low-income countries as
well as exporters by providing them with access to detailed
analysis of current trade patterns, indicators, growth markets
and forecasts for future commerce. (Bloomberg)
 BISB’s 1Q2014 profit surges 128% – Bahrain Islamic Bank
(BISB) has recorded a net profit of BHD2.5mn in 1Q2014 as
compared to BHD1.1mn in 1Q2013, reflecting an increase of
128%. This is after deduction of the required net provisions
amounting to BHD2.7mn. Net operating profit before provisions
stood at BHD5.2mn as compared to BHD5.1mn. The bank’s
total income stood at BHD10.6mn as compared to BHD9.9mn
for 1Q2013. EPS amounted to 2.68 fils as at March 31, 2014 as
compared to 1.18 fils a year earlier. Total assets stood at
AED885mn as at March 31, 2014 as compared to AED910mn
as at December 31, 2013. (Bahrain Bourse)
 Invita to expand across GCC – Bahrain-based multi-lingual
contact center, Invita is planning to launch its operations in
Kuwait by 3Q2014. The company is further planning to expand
in Saudi Arabia, Qatar as well as Kurdistan in Iraq.
(GulfBase.com)
 Diyar Homes awards contract to Al Hedaya – Diyar Homes
has awarded the construction contract for the second phase of
its affordable housing project located in Diyar Al Muharraq to Al
Hedaya Construction. The contract is for the construction of 196
affordable housing units targeted at Bahraini families.
(GulfBase.com)
 Bahrain Bourse appoints CEO – Bahrain Bourse’s (BHB)
board of directors has appointed Shaikh Khalifa bin Ebrahim Al-
Khalifa as its CEO on May 11, 2014. Earlier, Shaikh Khalifa was
the Deputy CEO and COO of the bourse. Shaikh Khalifa joined
BHB in 2010 as the Deputy Director of the Settlement & Central
Depositary and IT. (Bahrain Bourse)

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 (* Market closed on May 12, 2014) 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%
0.6%
(0.3%)
0.4%
(0.5%)
0.4%
1.5%
(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 1,295.83 0.5 0.5 7.5 DJ Industrial 16,695.47 0.7 0.7 0.7
Silver/Ounce 19.54 2.0 2.0 0.4 S&P 500 1,896.65 1.0 1.0 2.6
Crude Oil (Brent)/Barrel (FM
Future)
108.41 0.5 0.5 (2.2) NASDAQ 100 4,143.86 1.8 1.8 (0.8)
Natural Gas (Henry
Hub)/MMBtu
4.50 (1.7) (1.7) 3.5 STOXX 600 340.96 0.7 0.7 3.9
LPG Propane (Arab Gulf)/Ton 104.25 0.4 0.4 (17.6) DAX 9,702.46 1.3 1.3 1.6
LPG Butane (Arab Gulf)/Ton 119.25 (0.3) (0.3) (12.2) FTSE 100 6,851.75 0.5 0.5 1.5
Euro 1.38 (0.0) (0.0) 0.1 CAC 40 4,493.65 0.4 0.4 4.6
Yen 102.13 0.3 0.3 (3.0) Nikkei 14,149.52 (0.4) (0.4) (13.1)
GBP 1.69 0.1 0.1 1.9 MSCI EM 1,015.81 0.9 0.9 1.3
CHF 1.13 (0.2) (0.2) 0.6 SHANGHAI SE Composite 2,052.87 2.1 2.1 (3.0)
AUD* 0.94 0.0 0.0 5.0 HANG SENG 22,261.61 1.8 1.8 (4.5)
USD Index 79.90 (0.0) (0.0) (0.2) BSE SENSEX 23,551.00 2.4 2.4 11.2
RUB 35.09 (0.4) (0.4) 6.8 Bovespa 54,052.90 1.8 1.8 4.9
BRL 0.45 (0.1) (0.1) 6.7 RTS 1,234.31 0.1 0.1 (14.4)
187.8
154.3
140.4