1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.4% to close at 11,983.9. Gains were led by the Telecoms
and Insurance indices, gaining 1.2% and 0.8% respectively. Top gainers were
Vodafone Qatar and Qatar & Oman Investment Co., rising 3.6% and 3.5%
respectively. Among the top losers, Islamic Holding Group fell 3.7%, while
Doha Bank declined 2.5%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.2% to close at 9,558.5. Gains were led
by Hotel & Tour. and Retail indices, rising 2.1% and 1.6% respectively. Wafrah
for Industry & Dev. Co. rose 9.7%, while Saudi Public Trans. Co. was up 5.1%.
Dubai: The DFM index gained 0.9% to close at 4,618.28. The Services index
gained 9.0%, while the Insurance Index was up 1.8 %. Deyaar Development
Co. surged 11.8%, while Dubai National Central Cooling Co. was up 9.0%.
Abu Dhabi: The ADX benchmark declined 0.6% to close at 4,923.5. The
Telecom. index fell 2.1%, while the Investment & Fin. Services index was
down 1.5%. United Arab Bank declined 8.8%, while NBQ was down 7.0%.
Kuwait: The KSE index rose marginally to close at 7,572.5. The Consumer
Goods index gained 1.5%, while Banking index was up 0.8%. Kuwait United
Poultry Co. gained 9.2%, while Flex Resorts & Real Estate Co. was up 8.3%.
Oman: The MSM index fell 0.3% to close at 6,775.8. Losses were led by the
Financial and Services indices declining 0.4% and 0.2% respectively. Oman
Nat. Inv. Corp. Holding fell 4.4%, while Al Jazeera Services was down 2.2%.
Bahrain: The BHB index gained 0.2% to close at 1,367.5. The Services index
rose 0.5%, while Commercial Banking was up 0.4%. Nass Corporation gained
4.2% while United Gulf Investment Corporation was up 2.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 12.94 3.6 2,445.8 20.8
Qatar & Oman Investment Co. 13.46 3.5 4,122.3 7.5
Widam Food Co. 50.60 3.3 508.2 (2.1)
Al Khaleej Takaful Group 33.90 2.9 369.9 20.7
Qatar General Ins. & Reins. 40.00 2.8 20.0 0.2
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Qatar & Oman Investment Co. 13.46 3.5 4,122.3 7.5
Vodafone Qatar 12.94 3.6 2,445.8 20.8
United Development Co. 20.95 1.1 1,618.9 (2.7)
Mazaya Qatar Real Estate Dev. 15.20 0.9 1,602.8 36.0
Doha Bank 59.80 (2.5) 1,036.6 2.7
Market Indicators 3 Apr 14 2 Apr 14 %Chg.
Value Traded (QR mn) 720.6 795.7 (9.4)
Exch. Market Cap. (QR mn) 668,463.0 664,462.2 0.6
Volume (mn) 19.6 19.5 0.7
Number of Transactions 8,558 9,636 (11.2)
Companies Traded 41 41 0.0
Market Breadth 32:8 28:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,824.86 0.4 4.6 20.2 N/A
All Share Index 3,075.37 0.4 4.4 18.9 15.0
Banks 2,941.89 0.7 5.3 20.4 14.8
Industrials 4,221.37 (0.3) 3.6 20.6 15.8
Transportation 2,089.81 0.4 3.2 12.5 13.8
Real Estate 2,305.00 0.2 3.9 18.0 14.8
Insurance 2,901.24 0.8 3.3 24.2 7.7
Telecoms 1,578.50 1.2 5.5 8.6 22.4
Consumer 7,060.91 0.6 2.5 18.7 31.1
Al Rayan Islamic Index 3,703.89 0.7 4.8 22.0 17.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Deyaar Development Dubai 1.61 11.8 487422.6 59.4
Al-Qurain Petrochem. Kuwait 0.27 6.0 4386.4 19.4
Saudi Public Transport Saudi Arabia 29.10 5.1 4933.3 7.4
Com. Bank Of Kuwait Kuwait 0.84 5.0 3370.0 13.5
Vodafone Qatar Qatar 12.94 3.6 2445.8 20.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Arab Bank Abu Dhabi 7.30 (8.7) 0.6 30.2
NBQ Abu Dhabi 3.30 (7.0) 0.1 0.0
Ifa Hotels & Resorts Kuwait 0.26 (5.6) 0.0 (10.5)
Abu Dhabi Nat. Ins. Abu Dhabi 6.30 (4.5) 888.0 6.8
Abu Dhabi Islamic Bank Abu Dhabi 7.07 (2.6) 4611.6 54.7
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%
Islamic Holding Group 77.60 (3.7) 314.2 68.7
Doha Bank 59.80 (2.5) 1,036.6 2.7
Gulf International Services 87.10 (2.0) 356.7 78.5
Gulf Warehousing Co. 45.00 (1.5) 23.1 8.4
Aamal Co. 15.00 (0.6) 67.1 0.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Doha Bank 59.80 (2.5) 62,423.1 2.75
QNB Group 194.50 1.0 57,717.0 13.08
Qatar & Oman Investment Co. 13.46 3.5 54,760.3 7.51
Medicare Group 74.50 2.1 52,737.0 41.90
Barwa Real Estate Co. 37.75 (0.4) 37,934.2 26.68
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* 11,983.87 0.4 4.4 3.0 15.5 197.9 183,559.9 15.3 2.0 4.1
Dubai 4,618.28 0.9 5.4 3.8 37.0 647.7 91,790.3 20.2 1.7 2.2
Abu Dhabi 4,923.47 (0.6) 1.4 0.6 14.8 236.6 130,460.4 14.9 1.8 3.6
Saudi Arabia 9,558.46 0.2 1.4 0.9 12.0 2,528.3 517,413.8 19.7 2.4 3.1
Kuwait 7,572.47 0.0 (0.2) (0.0) 0.3 89.2 118,518.8 17.0 1.2 3.9
Oman 6,775.77 (0.3) (2.1) (1.2) (0.9) 19.1 24,488.6 11.3 1.6 3.9
Bahrain 1,367.47 0.2 2.0 0.8 9.5 76.2 52,209.4 9.6 0.9 5.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,920
11,940
11,960
11,980
12,000
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 0.4% to close at 11,983.9. The Telecoms and
Insurance indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Vodafone Qatar and Qatar & Oman Investment Co. were the top
gainers, rising 3.6% and 3.5% respectively. Among the top
losers, Islamic Holding Group fell 3.7%, while Doha Bank
declined 2.5%.
 Volume of shares traded on Thursday rose by 0.7% to 19.6mn
from 19.5mn on Wednesday. Further, as compared to the 30-day
moving average of 16.5mn, volume for the day was 19.2%
higher. Qatar & Oman Investment Co. and Vodafone Qatar were
the most active stocks, contributing 21.0% and 12.5% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/03 US IPSOS Public Affairs RBC Consumer Outlook Index April 50.0 – 51.8
04/03 US US Census Bureau Trade Balance February -$42.3B -$38.5B -$39.3B
04/03 US Bloomberg Bloomberg Consumer Comfort 30-March -30.0 – -31.5
04/03 US Markit Markit US Services PMI March 55.3 55.5 55.5
04/03 US Markit Markit US Composite PMI March 55.7 – 55.8
04/03 US ISM ISM Non-Manf. Composite March 53.1 53.5 51.6
04/04 US Bureau of Labor Stat. Unemployment Rate March 6.70% 6.60% 6.70%
04/03 EU Markit Markit Eurozone Services PMI March 52.2 52.4 52.4
04/03 EU Markit Markit Eurozone Composite PMI March 53.1 53.2 53.2
04/03 EU Markit Markit EU Composite PMI March 54.1 – 54.5
04/03 EU Markit Markit EU Services PMI March 53.5 – 53.9
04/03 EU Eurostat Retail Sales MoM February 0.40% -0.50% 1.00%
04/03 EU Eurostat Retail Sales YoY February 0.80% 0.70% 0.80%
04/03 EU European Central Bank ECB Announces Interest Rates 3-April 0.25% 0.25% 0.25%
04/04 EU Markit Markit Eurozone Retail PMI March 49.2 – 48.5
04/03 France Markit Markit France Composite PMI March 51.8 51.6 51.6
04/03 France Markit Markit France Services PMI March 51.5 51.4 51.4
04/04 France Markit Markit France Retail PMI March 50 – 48.4
04/03 Germany Markit Markit/BME Germany Composite PMI March 54.3 55.0 55.0
04/03 Germany Markit Markit Germany Services PMI March 53.0 54.0 54.0
04/04 Germany Deutsche Bundesbank Factory Orders MoM February 0.60% 0.20% 0.10%
04/04 Germany Markit Markit Germany Construction PMI March 52.5 – 53.6
04/04 Germany Markit Markit Germany Retail PMI March 50.2 – 52.1
04/03 UK Markit Markit/CIPS UK Composite PMI March 57.6 58.1 58.2
04/03 UK Markit Markit/CIPS UK Services PMI March 57.6 58.2 58.2
04/03 Spain Markit Markit Spain Services PMI March 54 53.3 53.7
04/03 Spain Markit Markit Spain Composite PMI March 54.2 53.7 53.8
04/03 Italy Markit Markit/ADACI Italy Composite PMI March 51.1 – 53.4
04/03 Italy Markit Markit/ADACI Italy Services PMI March 49.5 52.3 52.9
04/04 Italy Markit Markit Italy Retail PMI March 46.5 – 43.1
04/03 China CFLP Non-manufacturing PMI March 54.5 – 55.0
04/03 China Markit HSBC China Services PMI March 51.9 – 51.0
04/03 China Markit HSBC China Composite PMI March 49.3 – 49.8
04/03 Japan Markit Markit Japan Services PMI March 52.2 – 49.3
04/03 Japan Markit Markit/JMMA Japan Composite PMI March 52.8 – 52.0
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 63.60% 73.32% (69,956,404.20)
Non-Qatari 36.39% 26.68% 69,956,404.20

3. Page 3 of 6
News
Qatar
 QNB Group: Qatar’s real GDP growth in 4Q2013 shows
diversification – Qatar’s economy continued to maintain its
strong growth momentum in the fourth quarter of 2013. Qatar’s
real GDP expanded at a buoyant 5.6% (year-on-year) in the last
three months of 2013, spurred by double-digit growth in
construction, wholesale trade and hospitality, and financial, real
estate, and business services, according to figures released by
the Ministry of Development Planning and Statistics (MDPS).
For 2013 as a whole, real GDP grew 6.5%, in line with QNB
Group’s forecast. QNB Group expects real GDP growth to
accelerate to 6.8% in 2014 as the implementation of large
infrastructure projects and higher population continue to drive
double-digit growth in the non-hydrocarbon sector. Looking
forward, the acceleration in economic activity in the near-term is
expected to be primarily driven by the implementation of
additional large infrastructure projects in the non-hydrocarbon
sector. The largest projects are mainly in the transport and real
estate sectors. Qatar Rail is constructing the Doha metro
network. The public works authority is modernizing a network of
expressways (30 major projects), local roads and upgrading
existing roads. Work is also being finalized on the new Hamad
International Airport due to open later this year. (QNB Group)
 S&P: Qatar ratings affirmed at AA/A-1+ on strong fiscal and
external balance sheets/ outlook stable – Standard & Poor's
(S&P) Ratings Services affirmed its long and short-term foreign
and local currency sovereign credit ratings on Qatar at AA/A-1+
with a stable outlook. S&P has also affirmed the AA long-term
senior unsecured debt ratings on the bonds issued by Qatari
Diar Finance and SoQ Sukuk. The ratings on Qatar reflect
S&P’s view of its high economic wealth and strong fiscal and
external balance sheets. (S&P, Gulf-Times.com)
 Qatar property transactions up 35.2% – The value of property
transactions in Qatar recorded a huge jump of 35.2% in 1Q2014
to reach QR11.9bn as compared to QR8.8bn in 1Q2013. The
value of transactions during January 2014 reached QR4.8bn as
compared to QR2.8bn exactly a year ago. However, the rate of
transactions saw a marginal decline in February 2014 as
compared to February 2013, which saw a 6.5% YoY decline in
transactions before rebounding to a 44.8% growth in March
2014. The total transaction value in March was QR4.2bn as
compared to QR2.9bn worth deals in the same period of 2013.
(Peninsula Qatar)
 Qatar Cool’s third plant to be ready by 2016 – Qatar Cool’s
third district cooling plant in West Bay, which aims to meet the
growing demand for cooling services in Doha, will be operational
by the end of 2016. The company is in the process of technical
and commercial evaluation for selecting bidders to award a
contract for the construction of its third plant in West Bay within
a month. The proposed district cooling plant will be located near
the Barzan Tower behind Commercialbank Plaza. (Peninsula
Qatar)
 CBQK’s Al Waseela wins equity fund award – The
Commercial Bank of Qatar’s (CBQK) Al Waseela fund has won
the “Qatar Equity Fund of the Year” award at the annual MENA
Fund Manager Awards held in Dubai. CBQK’s Al Waseela Fund
is managed by EFG-Hermes and provides returns on a
diversified portfolio of equities listed on the Qatar Exchange and
Gulf stock markets. Since its inception in April 2007, the Al
Waseela Fund has gained 104.14%, achieving an impressive
30.8% gain in 2013 and a further 9.49% gain in 2014 up to
March 16, 2014. (Gulf-Times.com)
 DHBK bags Best Retail Bank award – Doha Bank (DHBK)
bagged the award for “Best Retail Bank in Qatar” at the Asian
Banker’s International Excellence in Retail Financial Services
2014 Awards ceremony in Sydney. The recent achievement was
attributed to DHBK’s wide range of tailored products such as
Welcome Package, Education Pack, Travel Pre-paid Card, Al
Riyada VISA Infinite Credit Card, and Dream Loyalty. (Gulf-
Times.com)
 ZHCD’s AGM to be held on April 20 – Zad Holding Company’s
(ZHCD) AGM is scheduled to be held on April 20, 2014 at Sharq
Hotel in Doha. In case of lack of quorum, another meeting will
be held on April 23, 2014 at the same place. The AGM’s agenda
includes approving the board’s recommendation for the
distribution of 35% cash dividend for FY2013, among others.
(QE)
 WDAM postpones AGM – Widam Food Company (WDAM) has
postponed its AGM due to the lack of quorum. Another meeting
has been scheduled to be held on April 7, 2014. (QE)
 QIGD to disclose 1Q2014 results on April 10 – Qatari
Investors Group (QIGD) has announced its intent to disclose the
company’s 1Q2014 results on April 10, 2014. (QE)
 QIMD to disclose 1Q2014 results on April 27 – Qatar
Industrial Manufacturing Co. (QIMD) has announced its intent to
disclose the company’s 1Q2014 results on April 27, 2014. (QE)
 CBQK to disclose 1Q2014 results on April 28 – Commercial
Bank of Qatar (CBQK) has announced its intent to disclose the
company’s 1Q2014 results on April 28, 2014. (QE)
 QE suspends trading of AHCS’ shares on April 6 – The
Qatar Exchange (QE) has announced a trading suspension of
Aamal Holding Company’s (AHCS) shares on April 6, 2014 due
to the company’s scheduled AGM on that day. (QE)
International
 IMF: US job numbers not up to potential – The International
Monetary Fund’s (IMF) Managing Director Christine Lagarde
said the number of jobs created in the US is not up to potential,
as regulatory and policy uncertainties deter some companies
from hiring. The US Labor Department reported that payrolls
rose 192,000 in March 2014, compared with the median forecast
of 200,000 in a Bloomberg survey. Lagarde said these numbers
could have been higher. Meanwhile, Lagarde has urged the
European Central Bank to address the Eurozone’s risk of low
inflation. She said the rise of geopolitical tensions such as
Ukraine, along with risks of prolonged ultra-low inflation in
advanced economies and volatility in emerging markets, may
cloud the world’s economic outlook. (Bloomberg)
 US trade deficit hits $42.3bn in February – The US trade
deficit climbed to the highest level in five months in February
2014 as demand for American exports fell, while imports rose
slightly. The Commerce Department reported that the deficit
increased to $42.3bn, which was 7.7% above the January’s
imbalance of $39.3bn. US exports slipped 1.1% to $190.4bn as
sales of commercial aircraft, computers and farm goods fell.
Imports edged up 0.4% to $232.7bn, reflecting gains in imports
of automotives and clothing, which offset a drop in crude oil to
the lowest level in more than three years. A higher trade deficit
acts as a drag on economic growth because it means US
companies are earning less overseas than their foreign
competitors are earning in US sales. The wider February deficit
prompted some economists to reduce their estimate for overall
economic growth for the January-March quarter. (ET)

4. Page 4 of 6
 Germany trusts France to stick to EU stability pact – A
German government spokesman Steffen Seibert said the
government is confident that France will respect the terms of the
European Union's Stability & Growth Pact even after Paris
indicated it would seek to renegotiate its deficit-reduction
deadline with the European Commission. Earlier, France's new
Finance Minister, Michel Sapin, hinted that Paris hoped to
secure greater understanding in Brussels for its efforts to win a
further delay in its budget target. (Reuters)
 ECB to use all methods needed to fight prolonged low
inflation – The European Central Bank’s (ECB) President
Mario Draghi said, ECB will use whatever unconventional
measures available to ensure that low inflation does not take
hold for long in the Eurozone, after the central bank kept its
interest rates unchanged. The Eurozone’s annual inflation ticked
down to 0.5% in March 2014, its lowest since the economy
emerged from the recession in 2009, and its sixth month in what
Draghi has described as the danger zone below 1%. Draghi said
inflation was expected to remain low before rising to close to 2%
at the end of next year. (Reuters)
 China’s 2013 current account surplus falls to 2% –
According to official data, China’s current account surplus stood
at 2% of GDP in 2013, down from 2.6% in the previous year, as
the government sought to reduce the economy's reliance on
external demand. The State Administration of Foreign Exchange
(SAFE) said China had a final current account surplus of
$182.8bn in 2013, falling 15% from the previous year. The
surplus-to-GDP ratio has comfortably fallen below the threshold
that some US officials have recommended as necessary to keep
the global economy well balanced. China's current account
surplus was about 6% of GDP in 2009 and 10.1% in 2007. The
steady decline has been helped by the country's solid economic
growth in recent years. China will be able to maintain a certain
level of current account surplus in 2014, the foreign exchange
regulator said, vowing to keep the balance of payments basically
stable and prevent risks from cross-border capital flows.
(Reuters)
Regional
 DHBK: India, GCC can build on strong energy ties by
extending their partnership – Doha Bank’s Group CEO R
Seetharaman has said, India and GCC countries can harness
their strong energy relationship by extending their partnership to
manufacturing value-added products such as petrochemicals,
plastics, fertilizers and pharmaceuticals. Seetharaman said
projects worth more than $450bn are expected to be launched in
2014 in the Gulf. Qatar, the UAE and Kuwait are expected to
implement projects worth around $70bn, $85bn and $70bn
respectively in 2014. Airports across the GCC are planning to
increase their capacities. (Gulf-Times.com)
 MAADEN secures $2bn loan for phosphate plant – The
Public Investment Fund (PIF) has approved $2bn loan for Waad
Al Shamal Phosphate project, which is a JV between the Saudi
Arabian Mining Company (MAADEN), Saudi Basic Industries
Corporation (SABIC) and the Mosaic Company. The loan will be
given for a period of 17 years and will be repaid in half-yearly
installments with a five-year grace period. (Tadawul)
 ACE Arabia signs deal with HSBC Saudi Arabia – ACE
Arabia Cooperative Insurance Company has signed an
investment management agreement with HSBC Saudi Arabia for
maximizing its investment income in diversified sources. The
agreement is for an indefinite period with the provision of
cancellation by either party giving 30 days written notice.
(Tadawul)
 Al-Khodari Sons wins SR34.9mn construction contract –
Abdullah A M Al-Khodari Sons Company has been awarded a
contract for the second phase of the construction of the Support
Deanship Building at SR34.9mn from the Ministry of Higher
Education (Taibah University). The financial impact of this
project is expected to be visible in 2Q2014. (Tadawul)
 BAJ’s board recommends 33.33% capital increase – Bank Al
Jazira’s (BAJ) board has recommended an increase in the
bank’s capital from SR3bn to SR4bn by issuing one bonus share
for every three shares owned. This increase will be paid by
transferring SR500mn from the retained earnings account and
SR500mn from the statutory reserves account. Consequently,
bank’s outstanding shares will increase from 300mn to 400mn.
The bonus shares’ eligibility is limited to those shareholders who
are registered at the close of trading on the day of the EGM,
which will be determined later. (Tawadul)
 Almarai declares SR600mn dividend – Almarai Company’s
EGM has approved the board’s recommendation for the
distribution of 10% cash dividend (SR1 per share) amounting to
SR600mn for the year ended December 31, 2013. (Tadawul)
 Aldrees to deposit proceeds from fractions shares – Aldrees
Petroleum & Transport Services Company (Aldrees) has
announced the completion of selling fractions shares arising out
of the company's capital increase. The total number of shares
fractions is 25,488 shares, while sold fractions shares on March
18, 2014 with a value of SR970,445.2 by average price
SR38.07. (Tadwaul)
 Kingdom ranked 62 on global tourism index – The World
Tourism Organization (WTO) has ranked Saudi Arabia at 62
among 142 countries on its global travel & tourism
competitiveness index. WTO statistics showed that the Kingdom
earned SR28bn in 2013 due to spending by 23mn domestic
tourists and SR48bn from international tourists who made 13mn
trips. (GulfBase.com)
 New projects worth SR2.5bn in Jubail Port – Saudi Arabia
has launched 31 development projects worth SR2.518bn at the
Jubail Commercial Port. Projects for the General Organization of
Sea Ports as well as the private sector will be implemented
under a single system to make the port a productive hub of
transportation operations. Currently, 10 projects are under
implementation at a cost of about SR215 million. Further, seven
other projects carried out by the private sector have been
launched with an investment of SR1.873 billion, most notably
the SABIC’s project for logistic support. (GulfBase.com)
 MEED: UAE economy shows resilience – According to MEED
Projects, construction work on around $12bn worth of stalled
projects in the UAE has resumed over the past 18 months,
underscoring the strong resilience of the economy, which is
driven by increasing investor confidence. The pace of
resumption in construction activity increased drastically after
Dubai won the right to host the World Expo 2020 as positive
sentiment returned to the UAE real estate market. In 2013,
around $23bn worth of projects were awarded in the
construction sector, 55% of which were mixed-use or residential
developments. MEED Projects said the volume of projects
awarded made 2013 the second best year for project awards
since 2008, a strong sign of the UAE’s strengthening economy.
(Gulfbase.com)
 Damac launches $650mn sukuk at tight end of guidance –
Dubai-based Damac Real Estate launched its five-year, $650mn
sukuk issued at midswaps plus 310 basis points, at the tight end
of revised guidance. The size of the issue was expanded to
$650mn from the originally planned $500mn. Books exceeded

5. Page 5 of 6
$2.8bn shortly before they closed. Damac had set initial price
thoughts for the sukuk at midswaps plus the mid-300s, which
tightened later to the midswaps plus 325 bps area. Damac is the
first Dubai property developer to list its equity in London. Its
sukuk will be listed on the Irish Stock Exchange and NASDAQ
Dubai. (Peninsula Qatar)
 WTO: Dubai 15th biggest food importer in 2012 – According
to a report by the World Trade Organization (WTO), the UAE is
the 15th biggest importer of food trade in 2012 at a value of
$16bn. In 2012, UAE’s food imports represented 1.1% of the
world’s imports value and the annual percentage increase in
imports into the UAE stood at 13%. (GulfBase.com)
 ICD buys stake in Kerzner – The Investment Corporation of
Dubai (ICD) has completed the purchase of a significant equity
interest in the leading international hotel operator Kerzner
International Holdings. Kerzner runs the iconic Atlantis Hotel on
Palm Jumeirah Island. ICD’s equity purchase was from the
Kerzner family and several other institutional investors.
(GulfBase.com)
 ADIB among banks planning Iraq expansion amid oil boom
– Abu Dhabi Islamic Bank (ADIB), the only UAE lender to
operate in Iraq, plans to open a branch in Basra before the end
of the year after it opened a branch in Erbil in October. The bank
obtained a licence from Iraq’s central bank in 2010 and opened
its first branch in Baghdad shortly after. (Bloomberg)
 Deyaar approves 25% foreign ownership – Shareholders of
Dubai-based Deyaar Development have approved a plan to
allocate 25% of the company’s share capital to foreigners. At
present, investors in the GCC countries can own up to 49% of
Deyaar's shares, while those from outside the GCC have not
been allowed to own any stake. (Reuters)
 CBK declares cash dividends, bonus shares – The
Commercial Bank of Kuwait’s (CBK) AGM has approved the
board’s recommendation to distribute cash dividends worth 7 fils
per share and 11% bonus shares to the shareholders.
(GulfBase.com)
 KIA invests €400mn in GCC-Morocco venture – The Kuwait
Investment Authority’s (KIA) Al-Ajial Investment Fund is
investing €400mn in the Wessal Capital Gulf-Morocco venture.
A total of €780mn of the total investment would be channeled to
the Wessal Casablanca-Port project. The Gulf-Morocco
investment partnership is divided into equal contributions from
KIA, Qatar Holding, Abu Dhabi’s sovereign wealth fund Aabar,
the Saudi Investment Fund and the Moroccan Fund for Tourism
Development. (GulfBase.com)
 Al-Kharafi family to sell Americana – According to sources,
Kuwait’s Al-Kharafi family is looking to sell Americana, one of
the Middle East’s largest food companies and has hired bankers
to explore the deal. The Al-Kharafi family holds 66.8% of Kuwait
Food Company, which sells goods under the brand name
Americana, through its private investment company, Mohammed
Abdulmohsin Al-Kharafi & Sons. (GulfBase.com)
 Taageer declares 17% dividend – Taageer Finance
Company’s AGM has approved the distribution of 17% dividend
to its shareholders, which comprises 10% cash dividend and 7%
stock dividend. (MSM)
 BIX launches cable system – The Bahrain Internet Exchange
(BIX) has launched a new submarine cable system, TGN GC,
which will connect the Kingdom and other Gulf countries to India
and rest of the world. (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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
0.4%
0.9%
(0.6%)
0.2%
0.0%
(0.3%)
0.2%
(0.9%)
(0.4%)
0.0%
0.4%
0.9%
1.3%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,303.64 1.3 0.6 8.1 DJ Industrial 16,412.71 (1.0) 0.5 (1.0)
Silver/Ounce 19.96 0.6 0.7 2.5 S&P 500 1,865.09 (1.3) 0.4 0.9
Crude Oil (Brent)/Barrel (FM
Future)
106.72 0.5 (1.2) (3.7) NASDAQ 100 4,127.73 (2.6) (0.7) (1.2)
Natural Gas (Henry
Hub)/MMBtu
4.48 (0.1) (0.1) 3.1 STOXX 600 339.18 0.6 1.6 3.3
LPG Propane (Arab Gulf)/Ton 108.00 0.9 1.4 (14.5) DAX 9,695.77 0.7 1.1 1.5
LPG Butane (Arab Gulf)/Ton 121.00 0.6 0.0 (11.4) FTSE 100 6,695.55 0.7 1.2 (0.8)
Euro 1.37 (0.1) (0.3) (0.3) CAC 40 4,484.55 0.8 1.7 4.4
Yen 103.29 (0.6) 0.4 (1.9) Nikkei 15,063.77 (0.1) 2.5 (7.5)
GBP 1.66 (0.1) (0.4) 0.1 MSCI EM 1,002.04 0.2 1.7 (0.1)
CHF 1.12 (0.1) (0.6) 0.1 SHANGHAI SE Composite 2,058.83 0.7 0.8 (2.7)
AUD 0.93 0.6 0.5 4.2 HANG SENG 22,510.08 (0.2) 2.0 (3.4)
USD Index 80.42 (0.1) 0.3 0.5 BSE SENSEX 22,359.50 (0.7) 0.1 5.6
RUB 35.27 (0.9) (1.4) 7.3 Bovespa 51,081.78 (0.6) 2.6 (0.8)
BRL 0.45 1.7 0.9 5.4 RTS 1,233.93 1.9 4.0 (14.4)
172.2
151.0
136.9