1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.5% to close at 11,309.5. Gains were led by the Real
Estate and Transportation indices, gaining 2.9% and 2.3% respectively. Top
gainers were Mesaieed Petrochemical Holding Co. and Barwa Real Estate
Co., rising 10.0% and 4.5% respectively. Among the top losers, Mannai Corp.
fell 6.8%, while Qatar Cinema & Film Dist. Co. declined 5.9%.
GCC Commentary
Saudi Arabia: The TASI index rose marginally to close at 9,433.6. Gains were
led by the Hotel & Tourism and Industrial Inv. indices, rising 1.1% and 0.7%
respectively. Saudi Paper Manu. Co. rose 7.9%, while Al Hassan Ghazi
Ibrahim Shaker Co. was up 4.5%.
Dubai: The DFM index gained 0.6% to close at 4,345.5. The Services index
rose 2.8%, while Investment & Financial Services index was up 2.5%. Ajman
Bank gained 6.5%, while Gulf Finance House was up 6.4%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,812.1. The
Investment & Financial Services index gained 1.5%, while the Real Estate
index was up 1.1%. National Corp. For Tourism & Hotels rose 8.7%, while
Rakbank was up 4.1%.
Kuwait: The KSE index gained 0.4% to close at 7,581.4. The Banking index
rose 1.5%, while the Industrial index was up 1.0%. National Consumer Holding
Co. gained 9.6%, while Flex Resorts & Real Estate Co. was up 8.2%.
Oman: The MSM index was closed on March 25, 2014.
Bahrain: The BHB index fell 1.5% to close at 1,356.4. The Investment index
declined 3.7% while the Services index was down 1.5%. Albaraka Banking
Group fell 7.5%, while Arab Banking Corporation was down 7.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 34.25 10.0 4,132.8 243.0
Barwa Real Estate Co. 35.75 4.5 3,410.3 20.0
Qatar Gas Transport Co. 19.96 4.2 655.3 (1.4)
Islamic Holding Group 65.10 4.0 281.6 41.5
Aamal Co. 14.80 3.1 80.9 (1.3)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 34.25 10.0 4,132.8 243.0
Barwa Real Estate Co. 35.75 4.5 3,410.3 20.0
Mazaya Qatar Real Estate Dev. 13.78 3.0 2,718.6 23.3
Qatar Gas Transport Co. 19.96 4.2 655.3 (1.4)
Masraf Al Rayan 38.50 0.0 433.9 23.0
Source: Bloomberg (* in QR)
Market Indicators 25 Mar 14 24 Mar 14 %Chg.
Value Traded (QR mn) 642.2 505.8 27.0
Exch. Market Cap. (QR mn) 630,962.2 624,831.4 1.0
Volume (mn) 15.7 15.8 (1.2)
Number of Transactions 9,125 7,022 29.9
Companies Traded 42 38 10.5
Market Breadth 20:18 12:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,722.13 0.5 (0.5) 12.8 N/A
All Share Index 2,897.50 0.5 (0.3) 12.0 14.6
Banks 2,737.21 0.1 0.1 12.0 14.4
Industrials 3,984.20 0.9 (1.0) 13.8 15.5
Transportation 1,998.74 2.3 0.7 7.6 13.9
Real Estate 2,161.33 2.9 0.6 10.7 13.9
Insurance 2,774.50 (1.5) (1.8) 18.8 7.7
Telecoms 1,493.67 (0.4) (0.9) 2.7 20.6
Consumer 6,902.75 (0.1) (0.2) 16.0 30.1
Al Rayan Islamic Index 3,473.50 0.6 (0.4) 14.4 17.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ajman Bank Dubai 3.46 6.5 23,344.6 39.5
Comm. Bank of Kuwait Kuwait 0.78 5.4 29.2 5.4
Barwa Real Estate Co. Qatar 35.75 4.5 3,410.3 20.0
Al-Hassan G.I. Shaker Saudi Arabia 82.00 4.5 751.0 17.6
Qatar Gas Transport Qatar 19.96 4.2 655.3 (1.4)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 1.26 (10.0) 12,769.1 (14.3)
Albaraka Bank. Group Bahrain 0.78 (7.5) 15.9 10.0
Arab Banking Corp Bahrain 0.50 (7.4) 15.0 33.3
Mannai Corp. Qatar 98.00 (6.8) 0.4 9.0
Nat. Marine Dredging Abu Dhabi 8.50 (5.6) 14.1 (1.2)
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%
Mannai Corp. 98.00 (6.8) 0.4 9.0
Qatar Cinema & Film Dist. Co. 41.35 (5.9) 1.8 3.1
Qatar & Oman Investment Co. 11.94 (3.7) 123.3 (4.6)
Zad Holding Co. 86.20 (3.4) 50.6 24.0
Qatar German Co for Med. Dev. 13.01 (3.3) 2.4 (6.1)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochemical Holding 34.25 10.0 136,729.5 243.0
Barwa Real Estate Co. 35.75 4.5 120,749.3 20.0
Industries Qatar 177.40 1.4 64,879.6 5.0
QNB Group 177.30 0.2 58,607.2 3.1
Mazaya Qatar Real Estate Dev. 13.78 3.0 37,238.4 23.3
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* 11,309.53 0.5 (0.5) (3.9) 9.0 176.36 173,262.2 14.8 1.9 4.3
Dubai 4,345.49 0.6 1.0 3.0 29.0 360.78 87,337.1 19.0 1.6 2.2
Abu Dhabi 4,812.05 0.2 0.6 (3.0) 12.2 157.11 127,476.2 14.4 1.7 3.8
Saudi Arabia 9,433.63 0.0 1.4 3.6 10.5 1,837.60 512,169.1 19.4 2.4 3.2
Kuwait 7,581.41 0.4 0.3 (1.4) 0.4 154.63 113,534.7 16.1 1.2 3.8
Oman#
6,937.78 0.3 0.1 (2.5) 1.5 12.04 24,902.2 11.1 1.6 3.7
Bahrain 1,356.42 (1.5) (2.2) (1.2) 8.6 1.90 51,514.8 9.4 0.9 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (# Data as of March 24, 2014)
11,220
11,240
11,260
11,280
11,300
11,320
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 0.5% to close at 11,309.5. The Real Estate
and Transportation indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite
selling pressure from Qatari shareholders.
 Mesaieed Petrochemical Holding Co. and Barwa Real Estate Co.
were the top gainers, rising 10.0% and 4.5% respectively.
Among the top losers, Mannai Corp. fell 6.8%, while Qatar
Cinema & Film Dist. Co. declined 5.9%.
 Volume of shares traded on Tuesday fell by 1.2% to 15.7mn
from 15.8mn on Monday. However, as compared to the 30-day
moving average of 14.2mn, volume for the day was 10.5%
higher. Mesaieed Petrochemical Holding Co. and Barwa Real
Estate Co. were the most active stocks, contributing 26.4% and
21.8% 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
Dar Al Arkan Real
Estate
Development Co.
(DAAR)
S&P
Saudi
Arabia
LT B+ B+ – 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)
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
Sharjah Insurance Company
(SICO)*
UAE AED 37.2 (27.3) – – 5.3 (3.4)
Abu Dhabi National Energy
Company (TAQA)*
Abu Dhabi AED 25,757.0 (7.3) – – (1,768.0) NA
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/25 US FHFA FHFA House Price Index MoM January 0.50% 0.60% 0.70%
03/25 US S&P/Case-Shiller S&P/CS 20 City MoM SA January 0.85% 0.60% 0.74%
03/25 US S&P/Case-Shiller S&P/CS Composite-20 YoY January 13.24% 13.34% 13.38%
03/25 US S&P/Case-Shiller S&P/CaseShiller Home Price Index January 165.5 165.7 165.6
03/25 US Conference Board Consumer Confidence Index March 82.3 78.5 78.3
03/25 France INSEE Production Outlook Indicator March -11.0 – -6.0
03/25 France INSEE Manufacturing Confidence March 100.0 100.0 100.0
03/25 France INSEE Business Confidence March 95 95 94
03/25 Germany IFO Institute IFO Business Climate March 110.7 110.9 111.3
03/25 UK ONS CPI MoM February 0.50% 0.50% -0.60%
03/25 UK ONS CPI YoY February 1.70% 1.70% 1.90%
03/25 UK ONS CPI Core YoY February 1.70% 1.60% 1.60%
03/25 UK ONS Retail Price Index February 254.2 253.9 252.6
03/25 UK ONS RPI MoM February 0.60% 0.50% -0.30%
03/25 UK ONS RPI YoY February 2.70% 2.60% 2.80%
03/25 UK ONS PPI Input NSA MoM February -0.40% 0.30% -0.90%
03/25 UK ONS PPI Input NSA YoY February -5.70% -5.30% -2.90%
03/25 UK ONS PPI Output NSA MoM February 0.00% 0.20% 0.30%
03/25 UK ONS PPI Output NSA YoY February 0.50% 0.70% 0.90%
03/25 UK ONS ONS House Price YoY January 6.80% 6.60% 5.50%
03/25 UK BBA BBA Loans for House Purchase February 47550 50000 49341
03/25 Spain INE PPI MoM Feb -0.70% – -1.40%
03/25 Spain INE PPI YoY Feb -2.90% – -1.90%
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 58.66% 62.98% (27,717,084.28)
Non-Qatari 41.34% 37.02% 27,717,084.28

3. Page 3 of 6
News
Qatar
 Qatar now a major financial center – Qatar’s Finance Minister
HE Ali Shareef al Emadi said the country has emerged as one of
the leading financial centers in the world with a steady GDP
growth rate of above 6%. Al Emadi added that Qatar's GDP
grew by 6.5% in 2013 and is estimated to grow up to 6% in
2014. The private sector in Qatar is expected to grow more than
10% in 2014 as policies and strategies adopted by the Qatari
government have given a major boost to the non-hydrocarbon
sector. (Qatar Tribune)
 QE upgrade to bring in QR3bn funds, reflects global
confidence – The Qatar Exchange’s (QE) upgrade to emerging
market status by both MSCI and Standard & Poor’s Dow Jones
is likely to see as much as QR3bn foreign funds inflow, reflecting
global investment institutions’ growing confidence in the bourse.
The QE’s Chief Executive Rashid bin Ali al-Mansoori said these
upgrades are likely to enhance the trustworthiness of the market
and consequently attract large foreign portfolios. Both MSCI and
S&P Dow Jones decided to upgrade the QE to emerging market
from the current frontier status, effective from June 2014 and
September 2014 respectively. (Gulf-Times.com)
 Qatar budget to see higher infrastructure outlay – The
Government of Qatar, which is rapidly diversifying its economy
away from hydrocarbons, said its general budget for 2014-15
will have higher allocation for infrastructure, logistics, education
and health sectors. The Finance Minister HE Ali Sherif al-Emadi
said ample allocations have also been made for sports-related
activities in view of the country hosting the 2022 FIFA World
Cup. According to him, the higher allocations would encourage
the private sector in a big way to contribute to Qatar’s economy.
Recently, the Advisory Council discussed a report of the
financial & economic affairs on the draft budget of the state’s
major public projects of FY2014-15, and decided to refer its
recommendations to the cabinet. (Gulf-Times.com)
 Zad Holding posts net profit of QR125mn in 2013 – Zad
Holding (ZHCD) has posted a net profit of QR125mn in 2013
versus QR110mn in 2012. Earnings per Share (EPS) amounted
to QR5.81 in 2013 compared to QR5.11 in 2012. The Board of
Directors has proposed cash dividends of 35% subject to the
General Assembly approval. (QE)
 QFB reports 24% rise in net income in 2013 – Qatar First
Bank (QFB) reported a net income of QR140.5mn in 2013, up
24%. Meanwhile, the AGM approved the distribution of 8% of
paid-up share capital to QFB’s shareholders. (Bloomberg)
 RasGas: Qatar well-placed for stable LNG supply – RasGas
Company’s CEO Hamad Rashid Al Mohannadi said that Asia’s
growing energy requirements call for supply from a diverse
portfolio of established LNG producers with a proven record of
reliability. Al Mohannadi highlighted the fact that Asian
customers need to remain focused on projects with strong and
economically viable resources that are serviced by experienced
developers and operators. Al Mohannadi said Qatar’s stable
political and economic environment provides the platform for the
continued reliable supply of LNG from its existing LNG
production facilities. He added that the country is ideally
positioned to lead the global shift towards an increased use of
gas and to meet the expanding requirements for LNG in Asia.
(Peninsula Qatar)
 QIBK seeks strategic stake in Bank Asya – Qatar Islamic
Bank (QIBK) is contemplating to acquire a strategic stake in
Turkey-based Bank Asya as part of its international expansion.
A QIBK spokesman confirmed that the bank has entered into an
exclusive discussion with the Turkish lender. QIBK intends to
support Bank Asya’s medium to long-term growth strategy for
positioning it as the leading Islamic bank in Turkey. QIBK plans
to finalize the transaction within the next few months, subject to
obtaining the required regulatory approvals. Meanwhile, QInvest
is acting as financial adviser to QIBK on this acquisition. (Gulf-
Times.com)
 Laffan Refinery set to become world’s largest condensate
facility – The Laffan Refinery 2 (LR2) will process 146,000
barrels per stream day (bpsd) of condensate feedstock, doubling
the refining capacity of LR1 once it is completed in 3Q2016.
Chief Operating Officer, Refinery Ventures at Qatargas, Salman
Ashkanani said combining LR1 and LR2 operations will make
the whole Laffan Refinery the largest condensate facility in the
world. Ashkanani said that LR2 is expected to process 71,000
bpsd of naphtha, 60,800 bpsd of kerosene, 27,000 bpsd of
gasoil and 850 tons of LPG, including butane and propane. He
noted that LR2, along with other projects, will strengthen the
country’s capacity to meet increasing demand for transport fuels
especially Jet A-1 (low sulfur jet fuel). Besides major refinery
products, he said LR-related projects such as the diesel
hydrotreater will also produce low sulfur diesel that will serve the
local market. However, refined products from LR2 will be
exported to different countries. (Gulf-Times.com)
 QE suspends trading in QNNS, MERS shares on March 26 –
The Qatar Exchange (QE) has announced a suspension in the
trading of shares of the Qatar Navigation Company (QNNS) and
Al Meera Consumer Goods Company (MERS) on March 26,
2014 due to the companies’ AGM being held on that day. (QE)
 MPHC’s AGM to be held on April 9 – Mesaieed Petrochemical
Holding Company’s (MPHC) AGM is scheduled to be held on
April 9, 2014 at La Cigale Hotel. The AGM’s agenda includes
approving the board’s recommendation of distributing QR0.35
per share, among others. (QE)
 MARK to disclose 1Q2014 results on April 23 – Masraf Al
Rayan (MARK) will disclose its 1Q2014 financial results on April
23, 2014. (QE)
 IHGS to disclose 1Q2014 results on April 8 – The Islamic
Holding Group (IHGS) will disclose its 1Q2014 financial results
on April 8, 2014. (QE)
 QCFS’ AGM approves 20% dividend – Qatar Cinema & Film
Distribution Company’s (QCFS) AGM has approved the
distribution of 20% cash dividend equivalent to QR2.00 per
share. (QE)
 QOIS’ AGM approves 6% dividend – Qatar Oman Investment
Company’s (QOIS) AGM has approved the board’s
recommendation for distributing 6% cash dividend (QR0.60 per
share). (QE)
International
 Bullish consumers, rising home prices brighten US
economy – The US consumer confidence surged to a six-year
high in March 2014 and house prices rose solidly in January,
positioning the economy for a stronger growth after a weather-
induced soft spot. The upbeat outlook, however, was dimmed by
other data showing new home sales at a five-month low in
February, partly because of cold weather. A senior economist at
Moody's Analytics stated that the US economy is showing signs
of shaking off the weather effect and a big lift is expected in the
second quarter. The Conference Board said its index of
consumer attitudes rose to 82.3 from 78.3 in February. That is
the highest level since January 2008, which beat economists'

4. Page 4 of 6
expectations for a reading of 78.6. The jump in confidence
bodes well for the economy's prospects, even though
consumers were less upbeat about the labor market. (Reuters)
 Bundesbank opens door to QE in Europe – Germany's
central bank, Bundesbank said the European Central Bank
(ECB) could buy loans and other assets from banks to help
support the Eurozone economy, which marks a radical change
of its stance on the contested policy. The ECB has promised to
keep its interest rates low for some time, having already flooded
the banking system with cheap crisis loans. However, the
Eurozone economy is still weak and inflation remains stuck well
below the central bank's target. With the debate over possible
alternative measures picking up pace, Bundesbank President
Jens Weidmann said the ECB could consider purchasing
Eurozone government bonds or top-rated private sector assets.
That has opened the door to one of the most divisive policy
options – quantitative easing (QE) – to which the German
central bank was consistently averse to. (Reuters)
 UK inflation hits new four-year low, wages still lag –
Consumer price inflation in the UK fell to its lowest in more than
four years in February, easing pressure on Britons' living
standards ahead of next year's election and dipping further
below the Bank of England's 2% target. Prices have been rising
faster than pay almost continuously since the start of the
financial crisis in early 2008, and the fall in living standards
despite recent strong economic growth was a major line of
attack by the opposition Labor Party. The Office for National
Statistics said after inflation fell to 1.7%, its lowest since October
2009, and a small pick-up in wage growth, the gap between the
two is at its narrowest since April 2010. February's drop in
inflation was in line with economist expectations and largely
driven by the biggest drop in fuel prices since September 2009,
as well as smaller increases in clothing prices, electricity and
heating bills. It follows a sharp fall over the past six months in
inflation, which dipped below the BoE's 2% target in January for
the first time in more than four years. (Reuters)
 Reuters: Spooked by defaults, China banks begin retreat
from risk – Some of China's struggling firms are finally getting
the reception that regulators have been hoping for – a cold
shoulder from banks in the form of smaller and costlier loans.
Reuters contacted around 80 companies with elevated debt
ratios or problems with overcapacity. These interviews showed
that more discriminate lending – long a missing ingredient of
China's economic transformation – has become a reality. Up
against a cooling Chinese economy and signs that authorities
will not step in every time a loan goes bad, banks are becoming
more hard-nosed and selective about whom they lend to. There
are signs that even state-owned firms, have to contend with
higher rates, lower lending limits and more onerous checks by
banks. (Reuters)
Regional
 NWC plans SR2bn water projects in Taif – National Water
Company (NWC) is planning SR2bn worth of water-
infrastructure projects in the tourist region of Taif. The utility is
working to increase capacity in the City of Roses near the
mountainous Al Hada area to meet rising demand for water. Taif
already has 30 water projects that started last year including
supply networks, sewage systems, treatment plants and a
reservoir. Dams are planned as well for Makkah and Riyadh.
OPEC’s biggest oil producer expects to complete the world’s
largest desalination plant by 2018 in Rabigh on the Red Sea
near Taif that will be able to supply 600,000 cubic meters of
water a day. It is already the largest producer of desalinated
water in the world. (Bloomberg)
 Tadawul deposits Al Jouf’s bonus shares – The Saudi Stock
Exchange (Tadawul) announced the addition of Al Jouf
Agricultural Development Company’s (Al Jouf) bonus shares
into its investors’ portfolios. Earlier, Al Jouf’s EGM approved an
increase in the company’s capital via bonus shares. The
fluctuation limits for Al Jouf’s shares on March 25, 2014 will be
based on a stock price of SR43.30. (Tadawul)
 Weqaya Takaful to raise capital via SR150mn rights issue –
Weqaya Takaful Insurance & Reinsurance Company’s (Weqaya
Takaful) board of directors has recommended an increase in the
company's capital by offering a rights issue worth SR150mn.
The rights issue will be limited to those shareholders who are
registered at the close of trading on the extraordinary general
assembly day, which will be determined later. (Tadawul)
 Eaton appoints SETRA as its systems integrator – Eaton has
signed a MoU to appoint Saudi Electronic Trading Company
(SETRA) as its local system integrator in the data center market.
In partnership with SETRA, Eaton will provide localized
uninterruptable power supply (UPS) solutions to the Saudi
market. (GulfBase.com)
 Saudi cabinet approves new company for industrial
investment – According to sources, Saudi Arabia's cabinet has
approved the creation of a new company to invest in various
manufacturing industries with a capital of SR2bn. The new
company will focus on conversion industries that rely on
petrochemicals, plastics, fertilizers, steel, aluminum and basic
industries and that achieve economic diversification. The new
company will be a JV between the finance ministry's Public
Investment Fund, Saudi Aramco and Saudi Basic Industries
Corporation. (GulfBase.com)
 Hanco acquires rental firm Byrne for $163mn – Al Tala'a
International Transportation Company Ltd (Hanco) has acquired
Byrne Investments and its subsidiaries from Havenvest Private
Equity Middle East and HSBC Bank Middle East, for a value of
$163mn. The subsidiaries include Byrne Equipment Rental and
Spacemaker. Venture Capital Bank has joined Hanco in the
acquisition and will acquire a 25% stake in Byrne. The
transaction was partly financed by UAE’s First Gulf Bank, while
GIB Capital and Baker & Mckenzie advised Hanco on the
transaction. (GulfBase.com)
 Etihad Rail forms JV with Deutsche Bahn – The UAE’s
railway developer Etihad Rail has signed a JV deal with a unit of
Germany’s Deutsche Bahn to operate and maintain the
country’s planned AED40.4bn rail network. The JV, Etihad Rail-
DB will manage operations for the first stage of the railway,
transporting granulated sulfur on a 264km route from Shah and
Habshan to the port of Ruwais. The JV will further act as
consultant for future stages of the project. (GulfBase.com)
 Tabreed declares 5 fils dividend – The National Central
Cooling Company’s (Tabreed) Annual General Assembly has
approved the board’s recommendation for the distribution of
dividend worth 5 fils per share. (DFM)
 Dubai airport traffic up 11.7% in February – According to the
traffic statistics issued by operator Dubai Airports, passenger
traffic at Dubai International reached 5.67mn in February 2014,
up 11.7% from 5.08mn recorded during February 2013. YTD
passenger traffic rose 13.5% to 12.07mn passengers, up from
10.64mn during the first two months of 2013. (GulfBase.com)
 SICO’s BoD proposes 10% cash dividend – Sharjah
Insurance Company’s (SICO) board of directors has proposed
the distribution of 10% cash dividend for 2013. (ADX)

5. Page 5 of 6
 Gulf Capital plans to sell remaining GMS stake – Gulf Capital
plans to sell off its remaining stake in offshore contractor Gulf
Marine Services (GMS) over the next two years after generating
gains of $600mn through the firm’s IPO. Through its buyout
fund, Gulf Capital reduced its shareholding in GMS from 80% to
49.7% last week through an IPO on the London Stock
Exchange. (GulfBase.com)
 Kuwait allows foreign banks open more branches – Kuwait
will allow foreign banks to open multiple branches in the country
to spur growth, though analysts doubt many banks will take
advantage of the offer unless the government accelerates its
long-postponed investment projects. For years, the OPEC
member's economic performance has lagged other Arab oil
exporters as ingrained political tensions between the cabinet
and parliament, and entrenched bureaucracy have delayed
business reforms and multi-billion-dollar infrastructure plans.
The Central Bank of Kuwait said that it has formulated new
rules, which will have a positive impact on the local market as
they enrich the type of services being offered. Previously, each
foreign bank was limited to opening one branch in Kuwait; that
restriction will now be removed, though the central bank will still
approve new branches on a case-by-case basis. (Reuters)
 AHEC wins OMR50mn EPC contract – Al Hassan Engineering
Company (AHEC) has won an EPC contract for Rabab Harweel
power plant and the HRSG project from PDO for an amount of
OMR50mn. The work is expected to be completed by August
2018. (GulfBase.com)
 Orpic awards $40mn PMC contract to EIL – Engineers India
Ltd (EIL) has been awarded a project management consultancy
(PMC) contract worth $40mn by Oman Refineries & Petroleum
Industries Co (Orpic) for its Liwa Plastics Project in Sohar. The
contract scope also includes the gas extraction plant at Fahud
as well as transfer of natural gas liquids from Fahud to Sohar
(GulfBase.com)
 AUB declares 18% dividend, 5% bonus shares – Ahli United
Bank’s (AUB) AGM and EGM have approved the board’s
proposal for the distribution of 18% cash dividend and 5% bonus
shares. (Bahrain Bourse)
 UFC declares 6 baizas dividend – The United Finance
Company’s (UFC) AGM has approved the distribution of cash
dividend at the rate of 6 baizas per share. (Bahrain Bourse)
 PineBridge acquires 50% stake in Romatem – PineBridge
Investments Middle East (PBME) has acquired a 50% equity
stake in Romatem, a leading physical therapy and rehabilitation
services chain in Turkey. The investment will support
Romatem’s growth strategy, which includes establishing more
hospitals and clinics across Turkey as well as international
expansion. (GulfBase.com)
 Batelco plans further buy-back of 2020 bonds – Bahrain
Telecommunications (Batelco) is planning to buy back a third of
outstanding bonds due in 2020, using excess liquidity from a
scrapped acquisition to lower its debt servicing costs. The
company has offered to buy back up to $200mn in principal
amount of its 4.25%, $604.4mn guaranteed notes maturing in
2020, with the price being determined by a modified Dutch
auction process. Batelco began buying back its 2020 notes,
through which it had originally raised $650mn in November
2013. (Reuters)

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,
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (*Market closed on March 25, 2014)
Source: Bloomberg (*Market closed on March 25, 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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
0.0%
0.5% 0.4%
(1.5%)
0.0%
0.2%
0.6%
(2.0%)
(1.6%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman*
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,311.20 0.2 (1.8) 8.8 DJ Industrial 16,367.88 0.6 0.4 (1.3)
Silver/Ounce 19.99 0.2 (1.7) 2.7 S&P 500 1,865.62 0.4 (0.0) 0.9
Crude Oil (Brent)/Barrel (FM
Future)
106.99 0.2 0.1 (3.4) NASDAQ 100 4,234.27 0.2 (1.0) 1.4
Natural Gas (Henry
Hub)/MMBtu
4.50 1.9 4.2 3.5 STOXX 600 328.57 1.3 0.2 0.1
North American Spot LPG
Propane Price*
102.00 0.0 (2.6) (19.2) DAX 9,338.40 1.6 (0.0) (2.2)
North American Spot LPG
Normal Butane Price*
127.12 0.0 (1.4) (6.9) FTSE 100 6,604.89 1.3 0.7 (2.1)
Euro 1.38 (0.1) 0.2 0.6 CAC 40 4,344.12 1.6 0.2 1.1
Yen 102.26 0.0 0.0 (2.9) Nikkei 14,423.19 (0.4) 1.4 (11.5)
GBP 1.65 0.2 0.3 (0.2) MSCI EM 958.49 0.5 1.4 (4.4)
CHF 1.13 (0.2) 0.0 1.2 SHANGHAI SE Composite 2,067.31 0.0 1.0 (2.3)
AUD 0.92 0.4 0.9 2.8 HANG SENG 21,732.32 (0.5) 1.4 (6.8)
USD Index 79.94 0.0 (0.2) (0.1) BSE SENSEX 22,055.21 (0.0) 1.4 4.2
RUB 35.60 (1.4) (1.8) 8.3 Bovespa 48,180.14 0.4 1.7 (6.5)
BRL 0.43 0.4 0.6 2.3 RTS 1,170.20 3.4 3.0 (18.9)
162.5
147.4
134.6