1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index rose 2.6% to close at 13,008.2. Gains were led by the Telecoms
and Banking & Financial Services indices, gaining 3.9% and 3.5% respectively.
Top gainers were QNB Group and Ooredoo, rising 5.5% and 4.2% respectively.
Among the top losers, Qatar Cinema & Film Dist. Co. fell 2.7%, while Mannai
Corp. declined 1.6%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.2% to close at 9,750.9. The Media &
Publishing Index declined 7.2%, while Transport index was down 1.9%.
Tihama fell 10.0%, while Saudi Indian Co. for Coop. Ins. was down 9.7%.
Dubai: The DFM index rose 0.3% to close at 4,864.0. The Investment &
Financial Services index gained 1.4% while Banking index was up 1.3%.
Commercial Bank of Dubai rose 8.1%, while Ajman Bank was up 4.8%.
Abu Dhabi: The ADX benchmark index rose 2.0% to close at 4,925.7. The
Banking index gained 3.7%, while other indices ended in red. RAK White
Cement rose 12.7%, while First Gulf Bank was up 6.5%.
Kuwait: The KSE index fell 0.4% to close at 7,346.8. The Consumer Services
index declined 1.6%, while Basic Material index was down 1.0%. Zima Holding
Co. fell 16.9%, while Al-Nawadi Holding Co. was down 7.1%.
Oman: The MSM index declined 0.2% to close at 6,744.1. Losses were led by
the Financial and Industrial indices, falling 0.5% and 0.4% respectively. Al
Sharqia Inv. Holding declined 3.4%, while Galfar Eng. & Con. was down 3.1%.
Bahrain: The BHB index gained 0.5% to close at 1,459.5. The Comm. Bank
index rose 1.2%, while other indices remained flat or ended in red. Al Ahli
United Bank gained 2.4%, while Bahrain Islamic Bank was up 0.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
QNB Group 192.00 5.5 356.5 11.6
Ooredoo 148.50 4.2 818.9 8.2
Masraf Al Rayan 52.10 3.8 3,138.7 66.5
Qatar Islamic Bank 95.00 3.7 558.5 37.7
National Leasing 32.15 3.0 1,132.7 6.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.35 2.9 6,481.5 71.3
Masraf Al Rayan 52.10 3.8 3,138.7 66.5
United Development Co. 26.15 1.2 2,709.7 21.5
Ezdan Holding Group 27.25 (0.9) 1,578.1 60.3
Barwa Real Estate Co. 39.20 1.8 1,500.7 31.5
Market Indicators 22 May 14 21 May 14 %Chg.
Value Traded (QR mn) 1,158.6 776.7 49.2
Exch. Market Cap. (QR mn) 724,621.1 709,180.8 2.2
Volume (mn) 24.1 16.3 47.9
Number of Transactions 9,827 9,344 5.2
Companies Traded 43 43 0.0
Market Breadth 33:9 20:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,397.98 2.6 (0.7) 30.8 N/A
All Share Index 3,301.47 2.3 (0.9) 27.6 15.8
Banks 3,193.65 3.5 0.4 30.7 15.9
Industrials 4,379.90 1.4 (2.7) 25.1 17.1
Transportation 2,278.25 0.9 (4.4) 22.6 14.6
Real Estate 2,676.49 1.7 0.8 37.0 13.4
Insurance 3,259.26 0.7 (1.3) 39.5 8.6
Telecoms 1,749.20 3.9 1.2 20.3 24.4
Consumer 6,930.06 (0.5) (2.3) 16.5 27.1
Al Rayan Islamic Index 4,316.48 2.1 (0.4) 42.2 18.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
National Medical Care Saudi Arabia 77.00 8.8 8,235.1 42.1
Comm. Bank Of Dubai Dubai 6.00 8.1 138.9 39.2
First Gulf Bank Abu Dhabi 17.25 6.5 5,162.2 19.3
QNB Group Qatar 192.00 5.5 356.5 11.6
Bank Of Sharjah Abu Dhabi 2.00 5.3 1,000.0 11.7
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 361.50 (10.0) 505.8 229.4
Gulf Pharma. Ind. Abu Dhabi 3.09 (6.4) 8,698.2 3.9
Abu Dhabi Nat. Hotels Abu Dhabi 3.01 (5.9) 18.2 (2.9)
RAKBANK Abu Dhabi 8.00 (5.9) 50.0 12.0
United Real Estate Co. Kuwait 0.11 (3.6) 136.6 (8.5)
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 Cinema & Film Dist. Co 41.35 (2.7) 5.1 3.1
Mannai Corp. 118.00 (1.6) 6.2 31.3
Aamal Co. 17.23 (1.5) 168.2 14.9
Qatar Fuel Co. 223.90 (1.4) 430.7 2.5
Zad Holding Co. 75.60 (1.2) 7.8 8.8
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 52.10 3.8 161,562.5 66.5
Ooredoo 148.50 4.2 119,624.0 8.2
Vodafone Qatar 18.35 2.9 117,766.6 71.3
Qatar Fuel Co. 223.90 (1.4) 96,239.4 2.5
United Development Co. 26.15 1.2 70,620.0 21.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 13,008.16 2.6 (0.7) 2.6 25.3 318.23 199,053.4 16.2 2.2 3.8
Dubai 4,864.03 0.3 (6.1) (3.9) 44.3 559.11 91,389.5 19.5 1.9 2.1
Abu Dhabi 4,925.71 2.0 (1.9) (2.4) 14.8 177.74 135,082.4 14.5 1.8 3.5
Saudi Arabia 9,750.90 (0.2) (0.6) 1.7 14.2 3,526.59 527,779.4 19.5 2.4 2.9
Kuwait 7,346.83 (0.4) (0.8) (0.8) (2.7) 75.88 113,856.3 15.3 1.2 3.7
Oman 6,744.14 (0.2) 0.1 0.3 (1.3) 15.97 24,534.4 12.4 1.7 3.9
Bahrain 1,459.45 0.5 (0.3) 2.3 16.9 6.64 53,911.8 10.6 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,600
12,700
12,800
12,900
13,000
13,100
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE index rose 2.6% to close at 13,008.2. The Telecoms 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.
 QNB Group and Ooredoo were the top gainers, rising 5.5% and
4.2% respectively. Among the top losers, Qatar Cinema & Film
Dist. Co. fell 2.7%, while Mannai Corp. declined 1.6%.
 Volume of shares traded on Thursday rose by 47.9% to 24.1mn
from 16.3mn on Wednesday. However, as compared to the 30-
day moving average of 28.7mn, volume for the day was 16.1%
lower. Vodafone Qatar and Masraf Al Rayan were the most
active stocks, contributing 26.9% and 13.1% 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
Emirates
Telecommunications
Corporation (Etisalat)
Fitch UAE LT FCIDR A+ A+ – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, , FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating,
LC – Local Currency, FCIDR - Foreign Currency Issuer Default Rating)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
United Real Estate Co.
(URC)
Kuwait KD – – 4.5 – 0.6 NA
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/22 US Department of Labor Initial Jobless Claims 17 May 326K 310K 298K
05/22 US Department of Labor Continuing Claims 10 May 2653K 2675K 2666K
05/22 US Bloomberg Bloomberg Economic Expectations May 42.5 – 48
05/22 US Bloomberg Bloomberg Consumer Comfort 18 May 34.1 – 34.9
05/22 US Markit Markit US Manufacturing PMI May 56.2 55.5 55.4
05/22 US Conference Board Leading Index April 0.40% 0.40% 1.00%
05/22 US Kansas City Fed Kansas City Fed Manf. Activity May 10.0 7.0 7.0
05/22 EU Markit Markit Eurozone Manufacturing PMI May 52.5 53.2 53.4
05/22 EU Markit Markit Eurozone Services PMI May 53.5 53.0 53.1
05/22 EU Markit Markit Eurozone Composite PMI May 53.9 53.9 54.0
05/22 France INSEE Manufacturing Confidence May 99.0 100.0 100.0
05/22 France INSEE Business Confidence May 94.0 94.0 94.0
05/22 France Markit Markit France Composite PMI May 49.3 50.5 50.6
05/22 France Markit Markit France Manufacturing PMI May 49.3 51.0 51.2
05/22 France Markit Markit France Services PMI May 49.2 50.4 50.4
05/22 Germany Markit Markit/BME Germany Composite PMI May 56.1 56.0 56.1
05/22 Germany Markit Markit/BME Germany Manu. PMI May 52.9 54.0 54.1
05/22 Germany Markit Markit Germany Services PMI May 56.4 54.5 54.7
05/23 Germany Destatis GDP SA QoQ 1Q2014 0.80% 0.80% 0.80%
05/23 Germany Destatis GDP WDA YoY 1Q2014 2.30% 2.30% 2.30%
05/23 Germany Destatis GDP NSA YoY 1Q2014 2.50% 2.50% 2.50%
05/23 Germany Destatis Private Consumption QoQ 1Q2014 0.70% 0.60% -0.30%
05/23 Germany Destatis Government Spending QoQ 1Q2014 0.40% 0.30% -0.30%
05/23 Germany Destatis Capital Investment QoQ 1Q2014 3.20% 2.10% 0.70%
05/23 Germany Destatis Construction Investment QoQ 1Q2014 3.60% 3.20% 0.20%
05/23 Germany Destatis Domestic Demand QoQ 1Q2014 1.90% 1.40% -0.30%
05/23 Germany Destatis Exports QoQ 1Q2014 0.20% 0.60% 2.50%
05/23 Germany Destatis Imports QoQ 1Q2014 2.20% 1.00% 1.30%
05/22 UK ONS Public Finances (PSNCR) April -10.6B – 15.7B
05/22 UK ONS Central Government NCR April 1.9B – 22.7B
Overall Activity Buy %* Sell %* Net (QR)
Qatari 43.29% 57.14% (160,443,091.51)
Non-Qatari 56.70% 42.86% 160,443,091.51

3. Page 3 of 7
05/22 UK ONS Public Sector Net Borrowing April 9.6B 3.4B 6.1B
05/22 UK ONS GDP QoQ 1Q2014 0.80% 0.80% 0.80%
05/22 UK ONS GDP YoY 1Q2014 3.10% 3.10% 3.10%
05/22 UK ONS Private Consumption QoQ 1Q2014 0.80% 0.60% 0.40%
05/22 UK ONS Government Spending QoQ 1Q2014 0.10% 0.20% 0.00%
05/22 UK ONS Gross Fixed Capital Formation QoQ 1Q2014 0.60% 1.20% 1.90%
05/22 UK ONS Exports QoQ 1Q2014 -1.00% 0.00% 2.80%
05/22 UK ONS Imports QoQ 1Q2014 -1.10% 0.20% -0.40%
05/22 UK ONS Total Business Investment QoQ 1Q2014 2.70% 2.20% 2.40%
05/22 UK ONS Total Business Investment YoY 1Q2014 8.70% – 8.70%
05/22 UK CBI CBI Trends Selling Prices May 4.0 10.0 9.0
05/22 China Markit HSBC China Manufacturing PMI May 49.7 48.3 48.1
05/22 Japan Markit Markit/JMMA Japan Manufacturing PMI May 49.9 – 49.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QE to introduce margin trading, short selling – The Qatar
Exchange (QE) is planning to introduce margin trading and
covered short selling in the near future. The QE is currently
interacting with the regulator to evolve rules and regulations to
govern these transactions. The QE's CEO Rashid Al Mansoori
said that the idea is to increase investment opportunities in the
market, diversify the market and help enhance liquidity.
(Peninsula Qatar)
 ORDS signs $1bn loan deal to repay existing debt –
Ooredoo (ORDS) has signed a $1bn five-year revolving credit
facility. ORDS will use the new facility to repay a $750mn loan
due in May 2015 and allocate the rest for general business
purposes. Seventeen banks helped to fund the loan, including
QNB Group, Barclays and HSBC. QNB Group is the facility
agent for the lenders and acted as a documentation agent for
the facility and was the general financial advisor to ORDS. (QE,
Gulf-Times.com)
 Indosat may buy back $650mn bonds in 2015 – Ooredoo’s
Indonesian unit, Indosat may buy back $650mn in bonds due in
2020 sometime in 2015. Indosat’s CFO, Stefan Carlsson, said
that the company aims to reduce its exposure to the US dollar to
25% from nearly 50% now. Indosat is also targeting single-digit
growth in revenue and capital expenditures of 8-9 trillion rupiah
in 2014. (Reuters)
 Qatargas reaffirms its commitment to Europe LNG supplies
– Qatargas' Chief Operating Officer–Commercial & Shipping,
Alaa Abujbara presented his views on the European energy
market, the current and future role of LNG, the influence of new
energy policies and the company's marketing activities across
the continent at a recent conference in Amsterdam. Abujbara
made a clear case for LNG as a major part of the energy mix by
highlighting its advantages over alternative fuel sources like
renewables, nuclear, coal, pipeline gas and liquid fuels. He also
reaffirmed Qatargas' commitment to continue supplying LNG to
Europe. (Gulf-Times.com)
 Gasal finishes oxygen, nitrogen pipeline network – Gasal
has completed a major expansion of its oxygen and nitrogen
pipeline network to support the Ras Laffan Industrial City’s
growing requirements for industrial gases. The company is now
preparing to bring additional production capacity on a new land
currently under development. (Gulf-Times.com)
 QNB Group to launch campaign to reward customers for
bank transfers – QNB Group (QNBK) will be launching its latest
campaign to reward those customers who use its internet
banking services for their bank transfers. The campaign will run
throughout the summer months and conclude on July 31. The
QNB campaign will be open to all customers who use internet
banking for International Fund Transfers during the campaign’s
running time. This will include all QNB customers who are
making international transfers via SWIFT, Partner Bank
transfers (HDFC India and HBTF Jordan) and Unit to Unit
transfers between different QNB units in other countries made
via QNB’s internet banking. Further, QNB states that in order to
be placed in the raffle draw, customers will have to transfer a
minimum of 1,000 QR in order to be eligible to win a monthly
basic salary as a bonus, a maximum of QR30,000. Each
transfer worth more than QR1,000 will get a chance to enter the
draw. (QNB Group Press Release)
 Qatar Cool signs contract for 3rd cooling plant in West Bay
– Qatar District Cooling Company (Qatar Cool) has signed a
contract for constructing its third plant in West Bay. Once
completed in 2016, the plant, which is the fourth one in Qatar,
will provide cooling to residential and commercial towers. The
plant is designed to produce 40,000 tons-cooling, cutting down
energy usage by 40-45% as compared to traditional cooling
systems. Qatar Cool’s Chairman Badr al-Meer underscored the
importance of the company’s expansion to Qatar’s long-term
commitment to sustainable development, since district cooling is
seen as an environment-friendly solution to address the nation’s
cooling requirements. (Gulf-Times.com)
 QA’s expansion continues with new route to Turkey – Qatar
Airways (QA) has continued its expansion plans with the launch
of direct flights to its third destination in Turkey. The airline’s
inaugural flight to Istanbul Sabiha Gokcen International Airport
marked its 140th destination from Doha. The four-times-weekly
service to Istanbul Sabiha Gokcen extends the airline’s reach in
Turkey’s largest city. This will be QA’s third route to Turkey, in
addition to dedicated flights to Istanbul Ataturk Airport and
Ankara, which takes the number of flights to Turkey from 14 to
18 frequencies each week. (Gulf-Times.com)
 MoI, Airbus unit agree on LTE network partnership – Qatar’s
Ministry of Interior (MoI) and Airbus Defence & Space have
agreed on a partnership to develop a Terrestrial Trunked Radio
(Tetra) Group Communication over Long-Term Evolution (LTE)
service using the MoI’s existing LTE and professional mobile
radio communication networks. The new service will be made
progressively available to the country’s public safety agencies
such as police, fire-fighters, ambulances, emergency services,
etc. The most important benefit will be the seamless
interoperability of users across existing networks of the MoI,
Tetra and LTE, as well as the reuse of all MoI’s assets –
networks, control room dispatching and resource location
applications. (Gulf-Times.com)

4. Page 4 of 7
International
 QNB Group: Eurozone’s two-speed recovery is slowly
underway – The Eurozone’s recovery is slowly underway. Data
for the first quarter of 2014 published last week confirmed that
real GDP growth is on an upward trend in Germany and Spain
while France and Italy continue to lag behind. This two-speed
growth performance is mainly driven by the extent to which each
Eurozone country has managed to gain competitiveness in the
last few years by reducing its unit labor costs relative to
Germany. Unless this internal adjustment process continues, the
growth performance in the single currency area will diverge
further, with important implications for the stability of the
Eurozone. What explains this two-speed expansion in the
Eurozone? The answer is competitiveness measured by unit
labor costs – the cost of labor for one unit of production. What
drives growth is the ability of businesses to compete in the
global economy, which largely depends on their labor costs,
particularly in advanced economies. As unit labor costs rise
without a corresponding rise in labor productivity, businesses
lose competitiveness. A sufficiently large loss of competitiveness
can force businesses to reduce their activities or even shut
down. At an economy-wide level, a loss of competitiveness
means lower growth and higher unemployment as both external
and domestic demand for the country’s goods and services
weaken. This is even more evident in countries with a common
currency like the Eurozone where the option to regain
competitiveness by weakening the currency is unavailable.
Overall, the Eurozone recovery remains fragile and predicated
on continued adjustment in unit labor costs. What is worrisome
is the continued divergence in growth performance between
Germany and Spain on the one hand and France and Italy on
the other, reflecting the necessary adjustment in unit labor costs
still needed in the latter two economies. Without such
adjustment, the economic recovery could unravel, calling into
question the stability of Eurozone once again (QNB Group)
 Markit PMI: US factory data upbeat, Eurozone business
stays strong – Manufacturing growth in the US picked up to a
three-month high in May 2014, while private business activity in
the Eurozone grew at just under its fastest pace in three years.
In Asia, factory activity in Japan cooled slightly in May 2014, but
at a slower pace than in April 2014. Financial data firm Markit
said its preliminary or flash US Manufacturing Purchasing
Managers Index (PMI) rose to 56.2 in May 2014 from 55.4 in
April 2014, while factory output growth hit its fastest pace since
February 2011, rising to 59.6 from 58.2. In Europe, an
unexpected pickup in the service industry was offset by
lackluster factory activity, but was enough to show some traction
in the Eurozone's fragile recovery. Markit's Composite PMI for
the single currency bloc, edged down to 53.9 from a near three-
year high of 54.0 in April 2014, matching the consensus forecast
in a Reuters poll. Meanwhile, the Markit-JMMA flash Japan
Manufacturing PMI rose to a seasonally adjusted 49.9 in May
2014 from April's 49.4. (Reuters)
 US new home sales rise in April, but momentum lacking – A
Commerce Department report showed that the sales of new US
single-family homes rose by 6.4% to a seasonally adjusted
annual rate of 433,000 units in April, however economists said
that the market was still not gaining steam. The rise ended two
straight months of declines and beat market expectations, but
sales remained in line with their sluggish first-quarter average. A
run-up in mortgage rates and home prices over the last year has
weighed on the market. Sales have also been hampered by a
shortage of properties and the brutally cold winter. The slump
has caught the attention of the Federal Reserve, which is
scaling back the amount of money it is pumping into the
economy through monthly bond purchases. (Bloomberg)
 IFO: German business confidence index down to 110.4 in
May – The IFO Institute’s Business Climate Index for Germany
fell to 110.4 in May from 111.2 in the previous month. According
to the median of 38 estimates in a Bloomberg survey,
economists had predicted a drop to 110.9. The IFO report
showed that the index for current conditions fell to 114.8 from
115.3 in the earlier month. A gauge of expectations slid to 106.2,
the lowest reading since October. Germany is key to the
recovery in the 18-nation euro area, which is struggling to pick
up pace amid near-record unemployment and subdued pricing
power. The German economic growth was driven exclusively by
domestic demand in the first three months of the year, and the
Bundesbank has said the expansion will cool this quarter.
(Bloomberg)
 Spain, Greece debt ratings improve – Spain’s credit ranking
was raised by Standard & Poor’s (S&P), while Fitch Ratings
increased Greece’s grade, as the economic outlook improve for
these countries that were at the heart of Europe’s sovereign
debt crisis. S&P lifted Spain’s long-term rating one level to BBB,
the second-lowest investment grade. Fitch boosted Greece’s
long-term rank one step to B, which is five steps below
investment grade. Markets have already given their verdict on
the turnaround in nations that threatened to break apart the euro
bloc in the early 2010s. Spain’s borrowing costs have fallen to
record lows amid a rally that has also brought investors back to
Greece, Ireland and Portugal. Greece is poised to return to
growth after six years of contraction. (Bloomberg)
 Russian minister confident about no EU sanctions on
exports – Russian Economy Minister Alexei Ulyukayev said he
was confident that the European Union would refrain from
imposing sanctions that could hit Russia’s major exports. Next
week, EU leaders are expected to discuss a series of steps they
could take against Russia if there are disruptions to Ukraine's
presidential election this week. The measures, including
restrictions ranging from luxury goods imports to an oil & gas
ban, envisage three scenarios – low-intensity, medium-intensity
and high-intensity sanctions. (Reuters)
 Brazil current account deficit widens – According to data
released by Brazil’s central bank, the country posted a current
account deficit of $8.291bn in April, above the median forecast
for $6.7bn and the $6.2bn gap recorded in March 2014. This
was due to a jump in the repatriation of profits and dividends by
foreign companies. Foreign companies repatriated $3.291bn, up
sharply from the $2.542bn sent abroad in April of 2013.
Brazilians continue to spend heavily abroad as the local
currency, real, has strengthened in recent months. Spending
abroad was $1.797bn in April, up nearly 20% YoY. Despite the
larger deficit in April, the current account gap as percentage of
GDP remained stable at 3.65%. (Reuters)
Regional
 Carillion named preferred bidder for £400mn Mideast deals
– British support services & construction firm Carillion has been
named as the preferred bidder for a number of contracts in the
Middle East worth more than £400mn. The company has been
selected with its joint venture business Al-Futtaim–Carillion for
contracts in the UAE to build two new luxury hotels worth around
£300mn. It has also been awarded a number of construction
projects worth more than £100mn in Dubai and Saudi Arabia in
sectors like healthcare, retail, leisure and residential real estate.
(GulfBase.com)

5. Page 5 of 7
 Moody's forms global Islamic Finance Group – Moody's
Investors Service has formed a dedicated global Islamic Finance
Group (IFG) to meet the growing demand for Islamic finance
credit ratings and research. Moody's IFG will deliver
independent analysis for Shari’ah-compliant products, financial
institutions and Takaful insurers in order to support an improved
understanding of the credit risks and market trends in this
rapidly expanding sector. IFG will be chaired by Dubai-based
Khalid Howladar, recently-appointed Global Head of Islamic
Finance, and will draw expertise from Moody's sovereign,
banking, corporate, insurance and structured finance analytical
teams worldwide. (GulfBase.com)
 Dar Al Arkan to price 5-year Sukuk – Saudi-based Dar Al
Arkan Real Estate Development Company is planning to price a
benchmark-sized, dollar-denominated Sukuk of five years
duration this week. The developer has chosen eight banks in
total to arrange it and the potential Sukuk that may follow.
(GulfBase.com)
 DAAR completes third tranche of SR1.5bn Islamic Sukuk
Program – Dar Al Arkan Real Estate Development Company
(DAAR) has completed the third tranche of its international
Islamic Sukuk program, raising SR1.5bn. The issuance received
significant interest from international market participants with the
order book exceeding SR3.75bn (2.3 times the amount issued).
The Sukuk was issued at a profit rate of 6.5% per annum, which
matures on May 28, 2019. Alkhair Capital, Al Rayan Investment,
Al Hilal bank, Barwa Bank, Deutsche Bank, Emirates NBD,
Goldman Sachs and Qinvest acted as the joint book runners to
manage the issuance of the Sukuk. (Tadawul)
 NasJet appoints new CEO – NasJet, a part of the National Air
Services Group (NAS Holding) has appointed Saad Alazwari as
its new CEO. The Saudi-based private jet company manages
and supports 66 fixed-wing aircraft with a fleet value of $2bn.
(Bloomberg)
 S&P: Banks’ exposure to UAE realty market set to rise –
Standard & Poor’s (S&P) said that the exposure of banks to the
booming real estate sector in the UAE has remained at high
levels, which is likely to increase in coming years. Loans to the
real estate sector represented about 30% of the total loans and
122% of the total equity in 2013. That is still below the peak in
2008, when the sector’s total exposure was almost 150% of
banks’ equity. (GulfBase.com)
 S&P affirms Sharjah’s credit rating on per capita growth –
Standard & Poor’s Ratings Services (S&P) has affirmed A/A-1
long and short-term foreign and local currency sovereign credit
ratings of the Emirate of Sharjah. The outlook is stable. The
affirmation primarily reflects the solid growth in Sharjah’s GDP
per capita. Sharjah is the third-largest member of the UAE in
terms of population, GDP and geographic area. The Emirate has
approximately 10% of the UAE’s total population and accounted
for about 5% of the UAE’s GDP for 2013. (GulfBase.com)
 Apax sells stake in Travelex to UAE investors – London-
based Apax Partners has agreed to sell its majority stake in
Travelex Holdings Ltd. to a group of investors based in the UAE.
Bavaguthu Raghuram Shetty, an Indian-born entrepreneur and
entities linked to Saeed Bin Butti Al Qubaisi’s Abu Dhabi-based
Centurion Investments will buy Apax’s stake in the chain of retail
currency exchanges. (Bloomberg)
 Emaar hires banks for mall unit share sale – According to
sources, Emaar Properties has hired HSBC Holdings and
Emirates NBD as bookrunners for the IPO of its retail arm, with
Rothschild as the financial adviser. The National Bank of Abu
Dhabi (NBAD) and EFG Hermes Holding Company will also be
the bookrunners on the sale of 25-30% stake in the malls unit on
the Dubai Financial Market (DFM). The company seeks to raise
about $2bn through the sale planned for September 2014.
(GulfBase.com)
 DMC to build world’s first LNG-powered harbor tug –
Drydocks World and Dubai Maritime City (DMC) has signed a
MoU with Wartsila and Dubai Carbon Centre of Excellence for
building the world’s first LNG powered harbor tug. The project
named ‘Elemarateyah’ is part of the Dubai Maritime Green
Initiative. DMC will collaborate with Wartsila for design,
equipment and related support services for the tug’s
construction. (GulfBase.com)
 Nakheel to build mall on Jebel Ali waterfront; floats tender
for Deira Islands project – Dubai-based developer Nakheel
has invited contractors to bid for the main contract to build a
community retail center within the Badrah area near the Jebel
Ali waterfront. The scope of work includes construction of 15
retail units and 10 food & beverage outlets as well as a ground
floor supermarket. The site will have a total area of 21,055
square meters with a built-up area of 6,889 square meters.
Meanwhile, Nakheel has floated a tender for its Deira Islands
tourism development. All four Deira Islands will feature hotels,
resorts and residential, commercial and retail units. The tender
calls for road works for two of the islands A and B, which are
approximately 860 hectares in total. Bids need to come in by
June 17, 2014. (Bloomberg) (GulfBase.com)
 Jumeirah to enter Mauritius with luxury project – Dubai-
based Jumeirah Group has signed a management agreement to
operate a luxury resort in Mauritius. The hotel is currently under
development and expected to open in 2018. It will be set on 68.5
hectares of land and be located approximately 50 kilometers
from Sir Seewoosagur Ramgoolam International Airport. The
property will include all-day dining and specialty restaurants,
lounge and poolside bars, meeting and events space, spa
facilities, a swimming pool, health club, children’s facilities and a
teen club. (GulfBase.com)
 DSC: Dubai’s inflation remains steady at 3% – According to
the data from the Dubai Statistics Centre (DSC), Dubai’s
inflation remains steady at 3% in April 2014. Housing and
services have been the main sources of inflationary pressure in
Dubai, with the housing component of the consumer price index
(CPI) rising around 5% YoY in April. Education costs rose at a
similar pace in April, but inflation in healthcare, transport,
communications and hospitality sectors were stable. CPI
remained unchanged at 3% on an annual basis for April, but the
index rose 0.1% as compared to March. Higher housing,
communications and education costs were offset by lower food
prices, miscellaneous goods and services and marginally lower
transport costs last month. (GulfBase.com)
 Biggest ever vessel arrives at DP World’s SPCT – DP World
operated Saigon Premier Container Terminal (SPCT) in Vietnam
has received the biggest ever vessel, NYK-owned Northern
Genius. With a nominal TEU (twenty foot equivalent container
unit) capacity of 4,300 and DWT of 54,000, Northern Genius
sailed up the 54kms new Soai Rap River channel following its
opening in 2014. (GulfBase.com)
 Etisalat scraps buyout offer to Maroc Telecom minority
shareholders – Emirates Telecommunications Corporation
(Etisalat) said that it has scrapped its offer to buy the remaining
shares in Maroc Telecom. Etisalat’s spokesman confirmed that
the company has now abandoned its provisional offer submitted
earlier this week to the Moroccan authorities for approval.
(Reuters)

6. Page 6 of 7
 ADUPC approves 13 projects in Abu Dhabi – Abu Dhabi
Urban Planning Council (ADUPC) has approved 13
development projects covering over 4mn square meters in
1Q2014. Five of these approved projects were master plans,
with the remaining eight being detailed project plans. One of the
biggest project was for Aldar Properties’ Al Raha Beach East
Master Plan. (GulfBase.com)
 ADCB partners with ADF for cash management solution –
Abu Dhabi Commercial Bank (ADCB) has partnered with Abu
Dhabi Finance (ADF) to provide premium cash management
solution. Under the agreement, ADF will capitalize on ADCB's
experience to enhance its cash management system and will
employ ADCB's ProCash service, a cash management platform.
This agreement will help to streamline ADF's wide range of
electronic banking services. (GulfBase.com)
 Etisalat lists $7bn GMTN on ISE – Etisalat has completed the
listing of its $7bn global medium term note (GMTN) program on
the Irish Stock Exchange (ISE). The listed bond program is
being rated by three credit rating agencies with the following
ratings: Moody’s rating – Aa3, Standards & Poor’s rating – AA-
and Fitch’s rating – A+. (ADX)
 NBF launches structured trade commodity finance – The
National Bank of Fujairah (NBF) has launched its structured
trade commodity financing (STCF) facility, a specialized solution
for the cross-border commodity trading requirements of various
companies across the UAE. With STCF, the bank will work with
clients to structure comprehensive, short-to-medium term
financing arrangements to support their commodity trading
activity. STCF transactions are structured around a company’s
supply chain, from the purchase to sale and export of
commodities and materials, and constitute a full suite of trade
financing and foreign exchange hedging tools. (Bloomberg)
 Wataniya Telecom adopts ORDS brand – Kuwait-based
National Mobile Telecommunications Company (Wataniya) has
fully adopted the new global brand, Ooredoo (ORDS). ORDS in
Kuwait will introduce a revamped portfolio of its new services
which includes Kuwait’s first comprehensive e-commerce range
of services, whereby ORDS customers will be able to access
and buy online exclusive offers on the latest electronic products.
Currently, ORDS holds a 92.1% stake in Wataniya.
 OMR7.5mn aquarium in Oman to be ready by 2016 –
Petroleum Development Oman (PDO) announced that an
aquarium worth OMR7.5mn at Seeb harbor is expected to be
completed in late 2015 or early 2016. The project will include an
educational center and will be spread over across 17,000
square meters. (GulfBase.com)
 CKG Holding plans $150mn cocoa factory in Oman – Ivory
Coast-based CKG Holding is planning to open a cocoa factory in
Oman in 2015 amid growing chocolate demand in the Middle
East and India. The $150mn factory in Salalah will have capacity
to process 50,000 metric tons of cocoa beans a year with
opening planned for the end of 2015. It will be a joint venture of
Oman and CKG under the name of Chocolatry of Oman.
(Bloomberg)
 Al Mazaya awards BHD2.2mn contract to KMC Bahrain – Al
Mazaya Holding Company has awarded a BHD2.2mn
construction contract to KMC Bahrain. The contract is for the
building of Mazaya Logistics' industrial warehousing facility
spread over 27,605 square meters in Bahrain Investment Wharf.
The project is to be delivered within six months. KMC Bahrain
was one of five contractors that bid for the tender. The contract
entails construction of 42 industrial units having areas ranging
between 250 and 500 square meters, totaling 15,250 square
meters. All concrete, iron, and electro-mechanical works are
also a part of the scope of work. The total value of the project is
BHD7.8mn. KMC is the contracting and project management
services subsidiary of Kuwait Finance House. (GulfBase.com)
 Garmco appoints new CFO – Bahrain-based Gulf Aluminum
Rolling Mill Company (Garmco) has appointed Hilmar Leimbach
as the new Chief Financial Officer (CFO). Leimbach has
experience of 22 years across functions like finance, accounts
and audit. (GulfBase.com)
 Roberto Cavalli in sale talks with Investcorp – Roberto
Cavalli is in negotiations to sell majority stake in its eponymous
Italian fashion brand to Bahrain-based private equity firm,
Investcorp. The transaction is expected to be valued at €450mn
including debt. This price would equate to more than 15 times
earnings before interest, taxes, depreciation and amortization.
(Bloomberg)

7. 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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.2%)
2.6%
(0.4%)
0.5%
(0.2%)
2.0%
0.3%
(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,292.56 (0.1) (0.1) 7.2 DJ Industrial 16,606.27 0.4 0.7 0.2
Silver/Ounce 19.46 (0.2) 0.5 (0.0) S&P 500 1,900.53 0.4 1.2 2.8
Crude Oil (Brent)/Barrel (FM
Future)
110.54 0.2 0.7 (0.2) NASDAQ 100 4,185.81 0.8 2.3 0.2
Natural Gas (Henry
Hub)/MMBtu
4.38 (1.8) (1.0) 0.9 STOXX 600 341.76 0.2 0.8 4.1
LPG Propane (Arab Gulf)/Ton 105.63 1.1 3.3 (16.3) DAX 9,768.01 0.5 1.4 2.3
LPG Butane (Arab Gulf)/Ton 118.00 0.2 2.9 (13.6) FTSE 100 6,815.75 (0.1) (0.6) 1.0
Euro 1.36 (0.2) (0.5) (0.8) CAC 40 4,493.15 0.3 0.8 4.6
Yen 101.97 0.2 0.5 (3.2) Nikkei 14,462.17 0.9 2.6 (11.2)
GBP 1.68 (0.2) 0.1 1.7 MSCI EM 1,042.92 0.2 1.1 4.0
CHF 1.12 (0.2) (0.4) (0.3) SHANGHAI SE Composite 2,034.57 0.7 0.4 (3.8)
AUD 0.92 0.1 (1.4) 3.5 HANG SENG 22,965.86 0.1 1.1 (1.5)
USD Index 80.39 0.2 0.4 0.4 BSE SENSEX 24,693.35 1.3 2.4 16.6
RUB 34.16 (0.5) (1.7) 3.9 Bovespa 52,626.41 (0.3) (2.5) 2.2
BRL 0.45 (0.4) (0.4) 6.3 RTS 1,326.58 1.0 5.1 (8.1)
186.9
152.8
139.6