The QE index in Qatar declined slightly, led by losses in the transportation and banking indices. Widam Food and Qatar International Islamic Bank were the top losers. In other GCC markets, Saudi Arabia's index rose slightly while Dubai and Abu Dhabi fell. Regional company earnings and global economic indicators were also reported.

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.1% to close at 12,954.9. Losses were led by the
Transportation and Banking & Fin. Services indices, falling 0.8% and 0.4%
respectively. Top losers were Widam Food Co. and Qatar Int. Islamic Bank,
falling 3.7% and 2.5% respectively. Among the top gainers, Qatar German Co
for Med. Dev. and Dlala Brokerage & Inv. Holding Co. gained 10.0% each.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 9,556.6. Gains were led
by the Multi-Invest. and Insurance indices, rising 3.8% and 1.2% respectively.
Alalamiya Coop. Ins. gained 9.8%, while Saudi Paper Manu. Co. was up 9.7%.
Dubai: The DFM index fell 0.9% to close at 5,088.5. The Services index
declined 4.0%, while the Transportation index was down 2.7%. Al Salam
Group Holding Co. fell 6.4%, while Hits Telecom Holding Co. was down 5.9%.
Abu Dhabi: The ADX benchmark index declined 0.8% to close at 5,171.2. The
Real Estate index fell 5.8%, while Energy index was down 3.6%. International
Fish Farming Holding declined 9.9%, while Aldar Properties was down 6.1%.
Kuwait: The KSE index fell 0.1% to close at 7,448.4. The Technology index
declined 2.5%, while the Telecom. index was down 0.9%. Kuwait Pearl of
Kuwait Real Estate Co. fell 6.8%, while Gulf Cement Co. was down 6.7%.
Oman: The MSM index declined 0.1% to close at 6,772.6. Losses were led by
the Industrial index, falling 0.6%, while other indices ended in green.
Oman Cables Industry declined 3.7%, while National Finance was down 2.6%.
Bahrain: The BHB index gained 1.4% to close at 1,418.8. The Investment
index rose 3.7%, while Commercial Banking index was up 1.1%. Arab Banking
Corporation gained 10.0%, while Inovest was up 9.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Med. Dev. 15.40 10.0 4,285.4 11.2
Dlala Brokerage & Invest. Holding 35.35 10.0 962.1 60.0
Ezdan Holding Group 50.30 9.9 550.6 195.9
Qatar Islamic Insurance 78.60 9.9 836.3 35.8
Al Khaleej Takaful Group 40.00 7.8 1,183.1 42.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Med. Dev. 15.40 10.0 4,285.4 11.2
Vodafone Qatar 17.96 (1.3) 4,255.1 67.7
United Development Co 24.40 1.5 1,907.1 13.3
Salam International Investment Co. 14.70 (1.0) 1,587.2 13.0
Mazaya Qatar Real Estate Dev. 21.50 0.0 1,583.5 92.3
Market Indicators 24 Apr 14 23 Apr 14 %Chg.
Value Traded (QR mn) 1,192.9 1,454.0 (18.0)
Exch. Market Cap. (QR mn) 796,220.0 782,474.4 1.8
Volume (mn) 30.2 35.8 (15.5)
Number of Transactions 13,406 14,409 (7.0)
Companies Traded 42 42 0.0
Market Breadth 20:20 17:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,318.59 (0.1) 3.2 30.3 N/A
All Share Index 3,334.21 0.0 3.0 28.9 16.0
Banks 3,182.36 (0.4) 3.2 30.2 15.8
Industrials 4,454.69 1.1 2.3 27.3 16.2
Transportation 2,366.25 (0.8) 5.1 27.3 15.5
Real Estate 2,617.31 0.2 6.2 34.0 16.8
Insurance 3,373.41 0.2 3.6 44.4 8.9
Telecoms 1,736.67 (0.2) 1.4 19.5 24.6
Consumer 7,528.54 (0.2) 0.1 26.6 30.2
Al Rayan Islamic Index 4,275.61 (0.1) 4.3 40.8 19.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arab Banking Corp Bahrain 0.66 10.0 385.0 76.0
Ezdan Holding Group Qatar 50.30 9.9 550.6 195.9
Mannai Corporation Qatar 121.90 6.9 93.6 35.6
Kingdom Holding Co Saudi Arabia 26.93 6.6 2565.7 9.9
Saudi Real Estate Co Saudi Arabia 46.51 5.6 1077.1 34.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Int. Tran. Saudi Arabia 78.80 (6.4) 891.2 46.4
Aldar Properties Abu Dhabi 4.30 (6.1) 100503.8 55.8
Dana Gas Abu Dhabi 0.86 (4.4) 66923.2 (5.5)
Nat. Mar. Dred. Co Abu Dhabi 8.66 (3.8) 0.2 0.7
Aramex Dubai 3.25 (3.6) 2402.5 6.9
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%
Widam Food Co. 62.00 (3.7) 331.6 19.9
Qatar International Islamic Bank 85.80 (2.5) 540.2 39.1
Masraf Al Rayan 48.65 (2.2) 1,409.0 55.4
Al Khalij Commercial Bank 23.20 (2.1) 540.7 16.1
Medicare Group 85.00 (1.7) 1,270.9 61.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Medicare Group 85.00 (1.7) 106,903.0 61.9
Vodafone Qatar 17.96 (1.3) 77,476.0 67.7
Masraf Al Rayan 48.65 (2.2) 68,471.0 55.4
Qatar German Co for Med. Dev. 15.40 10.0 64,674.0 11.2
Qatar Islamic Insurance 78.60 9.9 63,132.7 35.8
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* 12,954.93 (0.1) 3.2 11.3 24.8 327.66 218,721.6 16.3 2.2 3.9
Dubai 5,088.48 (0.9) 6.9 14.3 51.0 918.87 98,334.2 21.3 1.9 2.0
Abu Dhabi 5,171.20 (0.8) 0.3 5.7 20.5 276.27 139,022.6 15.6 2.0 3.4
Saudi Arabia 9,556.64 0.1 0.3 0.9 12.0 2,808.41 519,242.3 19.0 2.4 3.0
Kuwait 7,448.44 (0.1) (0.0) (1.6) (1.3) 63.41 116,476.3 16.8 1.2 4.1
Oman 6,772.63 (0.1) (1.0) (1.2) (0.9) 41.37 24,381.3 11.7 1.6 3.9
Bahrain 1,418.84 1.4 2.1 4.6 13.6 2.45 53,304.0 9.9 1.0 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,800
12,850
12,900
12,950
13,000
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 declined 0.1% to close at 12,954.9. The
Transportation and Banking & Fin. Services indices led the
losses. The index fell on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
shareholders.
 Widam Food Co. and Qatar Int. Islamic Bank were the top
losers, falling 3.7% and 2.5% respectively. Among the top
gainers, Qatar German Co for Medical Devices and Dlala
Brokerage & Inv. Holding Co. gained 10.0% each.
 Volume of shares traded on Thursday fell by 15.5% to 30.2mn
from 35.8mn on Wednesday. However, as compared to the 30-
day moving average of 26.8mn, volume for the day was 12.8%
higher. Qatar German Co for Medical Devices and Vodafone
Qatar were the most active stocks, contributing 14.2% and
14.1% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ragings, Earnings and Global Economic Data
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Arabia Insurance
Cooperative
Company (AICC)
AM Best
Saudi
Arabia
FSR/ICR B-/bb- C+/b-  Negative –
Kuwait Reinsurance
Company (Kuwait
Re)
AM Best Kuwait FSR/ICR A-/a- A-/a- – Stable –
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, ICR - Issuer Credit Rating)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Makkah Construction &
Development Co.
Saudi SR – – 339.0 -12.9% 324.0 -14.5%
Finance House (FH) Abu Dhabi AED – – – – 35.5 37.6%
First Dubai for Real Estate
Development Co.
Dubai AED 17.3 88.0% – – 8.1 NA
National Securities Co.
(NSC)
Oman OMR 0.3 32.0% – – 0.7 NA
Taageer Finance Co. Oman OMR – – – – 0.9 -9.9%
A'Sharqiya Investment
Holding Co. (SIHC)
Oman OMR 1.0 12.3% – – 0.7 11.6%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/24 US US Census Bureau Durable Goods Orders March 2.60% 2.00% 2.20%
04/24 US Department of Labor Initial Jobless Claims 19-April 329K 315K 305K
04/24 US Bloomberg Bloomberg Consumer Comfort 20-April -25.4 – -29.1
04/25 US Markit Markit US Composite PMI April 54.9 – 55.7
04/25 US Markit Markit US Services PMI April 54.2 55.5 55.3
04/24 France INSEE Production Outlook Indicator April -15 -12 -10
04/24 France INSEE Manufacturing Confidence April 100.0 100.0 101.0
04/24 France INSEE Business Confidence April 94.0 96.0 95.0
04/25 France French Labor Office Total Jobseekers March 3349.3k – 3347.7k
04/25 France French Labor Office Jobseekers Net Change March 1.6 – 31.5
04/24 Germany IFO IFO Business Climate April 111.2 110.4 110.7
04/24 Germany IFO IFO Current Assessment April 115.3 115.6 115.2
04/24 Germany IFO IFO Expectations April 107.3 105.8 106.4
04/24 UK CBI CBI Reported Sales April 30.0 17.0 13.0
04/25 UK UK Office for Nat. Statist Retail Sales Ex Auto MoM March -0.40% -0.50% 1.30%
04/25 UK UK Office for Nat. Statist Retail Sales Ex Auto YoY March 4.20% 4.50% 3.90%
04/25 UK BBA BBA Loans for House Purchase March 45933.0 48950.0 47196.0
04/25 Spain INE PPI MoM March 0.20% – -0.80%
04/25 Spain INE PPI YoY March -1.20% – -2.90%
04/25 Spain INE Total Mortgage Lending YoY February -11.60% – -25.80%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 65.76% 71.81% (72,057,169.40)
Non-Qatari 34.23% 28.20% 72,057,169.40

3. Page 3 of 6
04/25 Spain INE House Mortgage Approvals YoY February -33.00% – -32.40%
04/24 Japan Bank of Japan Corporate Service Px Index YoY March 0.70% 0.70% 0.70%
04/25 Japan MIA Natl CPI YoY March 1.60% 1.60% 1.50%
04/25 Japan MIA Natl CPI Ex Fresh Food YoY March 1.30% 1.40% 1.30%
04/25 Japan MIA Natl CPI Ex Food, Energy YoY March 0.70% 0.70% 0.80%
04/25 Japan METI All Industry Activity Index MoM February -1.10% -0.70% 1.70%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QGTS posts net profit of QR207mn in 1Q2014 – Qatar Gas
Transport Company (QGTS) posted a net profit of QR207mn vs.
our estimate of QR206mn. On a YoY basis the earnings are up
17% from QR177mn in 1Q2013. (Peninsula Qatar, QNBFS
Research)
 ERES net profit surges 82.3% in 1Q2014 – Ezdan Holding
Group (ERES) announced its financials for 1Q2014, reporting
jump of 82.3% in its profits to QR460.67mn as compared to
QR252.72m for the corresponding period last year. (Peninsula
Qatar)
 QGRI reports net profit of QR47.3mn in 1Q2014 – Qatar
General Insurance & Reinsurance Company (QGRI) reported a
net profit of QR47.3mn in 1Q2014 vs, QR44.1mn in 1Q2013,
indicating a YoY growth of 7.2%. (QE)
 Qatar Rail gets first TBM for Doha Metro – The Qatar
Railways Company (Qatar Rail) has taken delivery of the first of
the 21 tunnel boring machines (TBMs), which will dig through a
distance of 8 kilometers in 22 months for the Doha Metro. The
TBM S-865 machine, also known as ‘Lebretha’, was
manufactured by Herrenknecht in Germany, and is the first of
the four TBMs that will be launched for the Doha Metro as part
of the Red Line North Underground project. TBM Lebretha will
be assembled and launched from the Al Wahda site toward
West Bay Central, where it will be disassembled and re-
assembled at Al Wahda and then travel toward the Doha Golf
Course. The machine will bore the west tunnel of the drive, while
another machine will bore the east tunnel. (Bloomberg)
 DIA handled 2.12mn passengers in March – Doha
International Airport (DIA) has seen a 13.8% growth in March
2014, as compared to March 2013. DIA said that the total
number of passengers stood at 2.12mn in March, which
included all travelers who departed, transferred and arrived into
Qatar. Cargo numbers also remained buoyant with an additional
14.83% traffic YoY. (Gulf-Times.com)
 Doha Port container capacity to expand by 50% – The
Minister of Transport HE Jassim Seif Ahmed al-Sulaiti said that
the annual container handling capacity of the existing Doha Port
will be expanded by 50% to meet the country’s growing
requirements due to ongoing developments in different areas.
HE al-Sulaiti hoped that the port’s container handling capacity
would reach 750,000 TEUs from the existing 500,000 TEUs.
This will eventually be developed further to reach 1mn TEUs. He
said until the opening of the New Doha Port the developmental
works at Doha Port will continue. The minister also expressed
the hope that the first phase of the New Doha Port, which is
currently under construction near Al Wakrah, will be ready by
mid-2016. (Gulf-Times.com)
 QIA eyeing investments in healthcare sector – According to
sources, the Qatar Investment Authority (QIA) is planning to
launch a fund for investing in healthcare companies. The
sovereign wealth fund is in talks to appoint a financial adviser to
assist with the process. QIA is seeking to profit from growth
prospects in the healthcare industry and also diversify its
investments. However, the size of the fund has not yet been
decided. (Gulf-Times.com)
International
 QNB Group: Markets calm in emerging economies – QNB
Group said in its weekly analysis that capital flows to emerging
markets (EMs) recovered in February and March 2014, leading
to calmer financial markets. However, the fundamental
weaknesses in specific EM economies have not been fully
addressed, leaving them exposed to further rounds of capital
outflows, weaker currencies and falling asset prices. Some EMs
are likely to fare better than others, depending on their
underlying fundamentals and the policy measures taken so far
to address their imbalances. (Peninsula Qatar)
 Reuters: Rating agencies buy into Eurozone recovery story
– Ratings agencies gave a broadly upbeat assessment of the
Eurozone's creditworthiness last week, contrasting sharply with
their reviews of recent years and reflecting growing confidence
in the region's fiscal and economic recovery. On a day of credit
updates scheduled for three of the bloc's top four economies,
S&P affirmed its ratings on France, while Fitch Ratings raised its
outlook on Italy and was expected to boost its view of Spain as
well. S&P also raised its rating on Cyprus, suggesting the
recovery is spreading to the peripheral regions left most
exposed to the zone's financial crisis, which is its second
upgrade of the bailed-out country since last year. Borrowing
costs for those countries worst hit by the crisis have fallen
sharply this year as the European Central Bank's loose
monetary policy has encouraged investors hunting for returns to
bet on their recovering economies. Fitch's outlook upgrade on
Italy to 'stable', with the sovereign rating affirmed at 'BBB+',
follows a rise earlier this month of its outlook on bailed-out
Portugal to 'positive' from 'negative.' Italy was the fulcrum of the
debt crisis a couple of years ago together with Spain, whose
sovereign rating many investors and analysts in Madrid expect
Fitch to upgrade or underpin with an improved outlook later.
S&P confirmed France's long-term rating at 'AA' with a stable
outlook. (Reuters)
 Yellen concerned fed model fails to predict price moves –
The US Federal Reserve Chair Janet Yellen is concerned that
the standard models used by central banks to forecast inflation
may be broken. Behind her disquiet lies the failure of these
models in foreseeing prices in the US during the last recession
and its aftermath as well as in Japan during its deflationary
period from 1998 to 2012. Inflation in the US has been higher
than the simulations suggested, while Japanese price declines
proved more persistent. Yellen stated that the Fed has to
observe carefully to see if inflation picks up just as the way the
central bank projects over the next few years. If it does not
happen, Yellen suggested that the Fed would have to keep
short-term interest rates near zero as it seeks to avoid Japan’s
experience of a prolonged period of falling prices, wages and a
stagnant economy. (Bloomberg)
 Tokyo inflation quickens to fastest since 1992 – Japanese
statistics bureau data showed that consumer prices in Tokyo
rose 2.7% in April from a year earlier, the biggest jump since

4. Page 4 of 6
1992, due to a sales-tax increase and a year of unprecedented
stimulus from the Bank of Japan. Inflation excluding fresh food
accelerated from 1% in the previous month, while the same
price gauge for the nation rose 1.3% in March 2014 from March
2014, showed today. The data provided a first look at the effects
of the April 1 tax rise that is dampening consumer demand and
is projected to tip the Japanese economy into a one-quarter
contraction. Ahead of the BoJ’s release of updated growth and
inflation forecasts next week, investors are assessing whether
price gains, fueled by a weaker yen and higher energy costs, will
spread throughout the economy. (Bloomberg)
Regional
 MCDC’s BoD recommends SR412mn dividends – Makkah
Construction & Development Company’s (MCDC) board of
directors has recommended the distribution of 25% dividend
(SR2.5 per share), amounting to SR412mn for the financial year
ended. (Tadawul)
 SAMA approves Al Alamiya’s capital increase – The Saudi
Arabian Monetary Agency (SAMA) has approved Al Alamiya for
Cooperative Insurance Company’s (Al Alamiya) request to raise
its capital by SR200mn through a rights issue. The final approval
from SAMA is subject to meeting the requirements within a
period of four months. (Tadawul)
 CIDIC, Trans Sadara to develop 11 hospitals in Kingdom –
Hong Kong-based China International Development &
Investment Corporation Ltd (CIDIC) has entered into a
cooperation agreement with the Saudi-based Trans Sadara
Company, to set up Lana Medical Services Projects Company.
This new company will develop 11 hospitals with a total of 200
beds in various cities of Saudi Arabia such as Dammam,
Riyadh, Jiazan and Yanbu. Each of these hospitals will have
patient & rehabilitation center, well-equipped surgical units
including pharmacy, servicing patients with both Chinese and
Western medical treatment methods. The project’s first phase
will start in Jubail in the Eastern Province in an area of 20,000
square meters with total investment of SR350mn.
(GulfBase.com)
 Tharawat to acquire majority stake in Quantum – Saudi-
based Tharawat Holding Company is acquiring a majority stake
of around 54% in Quantum Investment Bank Ltd. Quantum’s
platform would help Tharawat Holding to expand its
geographical presence by moving to international markets. The
acquisition will enhance Quantum’s presence in Saudi Arabia.
(GulfBase.com)
 SWCC launches operations at SR27bn desalination plant –
The Saudi Water & Electricity Minister, Abdullah Al-Hussayen
has launched the first phase of operations at the world’s biggest
desalination plant project costing SR27bn. The minister stated
that the Ras Alkhair plant was considered the biggest
desalination plant for Saline Water Conversion Corporation
(SWCC) with a production capacity of 1.025mn cubic meters of
desalinated water a day and 2,600 MW of electricity. The plant
located 60 km northwest of Jubail will supply 800,000 cubic
meters of water to Riyadh and 100,000 cubic meters of water to
Al-Washm, Sudair, Majma, Alzulfi and Al-Ghat areas.
(GulfBase.com)
 Etihad appoints new GM for Cyprus – Etihad Airways has
appointed Abdelrahman Abdullah Al Madhloum Al Suwaidi as
the new General Manager for its Cyprus operations.
(GulfBase.com)
 EIB’s profit surges to AED94mn in 1Q2014 – Emirates Islamic
Bank’s (EIB) net profit for 1Q2014 has surged to AED94mn as
compared to AED33mn in 1Q2013. The bank’s total income
grew to AED512mn in 1Q2014 from AED443mn in 1Q2013.
EPS amounted to AED0.024 as against AED0.012 a year ago.
Total assets stood at AED41.2bn at the end of 1Q2014 as
compared to AED39.8bn a year earlier. (DFM)
 Emaar Properties declares 15% cash dividend, 10% bonus
shares – Emaar Properties’ AGM has approved the distribution
of 15% cash dividend amounting to AED975mn for FY2013. The
AGM further approved 10% bonus shares (650mn shares)
valued at AED7.12bn, amounting to AED10.95 per share as of
April 23, 2014. (DFM, Gulfbase.com)
 Emirates NBD reports AED1bn net profit in 1Q2014 –
Emirates NBD has reported a net profit of AED1.0bn for 1Q2014
as compared to AED837mn for 1Q2013, reflecting an increase
of 25%. Net interest income grew to AED1.95bn from
AED1.50bn in 1Q2013. EPS amounted to AED0.17 at the end of
1Q2014 as against AED0.14 a year earlier. The bank’s total
assets stood at AED347bn in 1Q2014 as compared to
AED342bn in 1Q2013. Loans were at AED239.7bn, while
customer deposits stood at AED251.5bn. (DFM)
 CBD’s reports 16% growth in net profit in 1Q2014 – The
Commercial Bank of Dubai (CBD) has reported a net profit of
AED285mn in 1Q2014, which is 16% higher than AED246mn in
1Q2013. Net interest income grew to AED373mn in 1Q2014 as
compared to AED359mn in 1Q2013. EPS amounted to AED0.13
as compared to AED0.11 a year ago. The bank’s total assets at
the end of 1Q2014 stood at AED43.8bn as compared to
AED38.9bn in 1Q2013. Loans & advances stood at AED29.9bn,
while customer deposits stood at AED30.5bn as at March 31,
2014. (DFM)
 DP World in talks with banks for $3bn loan – According to
sources, Dubai-based DP World is in talks with lenders to triple
the size of its existing $1bn loan, as well as extend the lifespan
and cut the interest rate. The firm is aiming to raise its loan to
$3bn. The original five-year revolving credit facility was signed in
April 2012 and has already been renegotiated once, adding a
year to the loan’s lifespan in June 2013. (GulfBase.com)
 Marka’s IPO raises AED10bn – UAE-based retailer Marka’s
first initial public offering (IPO) has been oversubscribed by
more than 36 times, raising AED10bn instead of the AED275mn
target on the Dubai Financial Market (DFM). The company is
planning to spend the proceeds on opening 100 fashion stores,
restaurants and cafes across the Gulf region over the next five
years. Marka had offered for sale 55% of its capital or 275mn
shares, at AED1 per share. The company’s founders notified
that the allocation of shares would be 2.77% and it will start the
refunds on May 8, 2014. (GulfBase.com)
 GMPC declares 5% dividend, 5% bonus shares – Gulf
Medical Projects Company’s (GMPC) AGM has approved the
board’s proposal for the distribution of 5% cash dividend and 5%
bonus shares for the year ended December 31, 2013. (ADX)
 Aldar launches sale of penthouses at Gate Towers – Aldar
Properties has launched the sale of 21 exclusive duplex
penthouse apartments at Gate Towers, in Shams Abu Dhabi on
Al Reem Island. The the Penthouse Collection is located in a
curved sky-bridge spanning approximately 300 meters across
three towers. (GulfBase.com)
 Abu Dhabi Airport’s passenger numbers rises 15.1% in
1Q2014 – According to latest statistics, Abu Dhabi International
Airport has reported a 15.1% increase in its passenger traffic
during 1Q2014 as compared to 1Q2013. A total of 4.56mn
passengers used Abu Dhabi International Airport in 1Q2014 as
compared to 3.96mn passengers in 1Q2013. Aircraft
movements rose to 35,844 in 1Q2014, representing 11.8%

5. Page 5 of 6
growth compared with 32,062 movements logged in 1Q2013.
Cargo activity rose to 183,344 tons handled at the three
terminals, a 15.8% increase over 1Q2013. (GulfBase.com)
 JLL: Abu Dhabi’s housing rents soar 17% in 2013 –
According to a report by Jones Lang LaSalle (JLL), the Abu
Dhabi real estate market continued to show signs of growth and
recovery during 1Q2014. Demand for the residential rental
market also continues to rise driven by new job creation and
government policies, leading to 17% rental growth for prime,
high quality units during 2013 and 4% growth during 1Q2014.
The latest quarter continued to witness growth in the prime
residential market and further stabilization of the office and
hospitality sectors. Retail rents for malls on Abu Dhabi Island
witnessed a slight increase during the quarter. (GulfBase.com)
 CBK: Kuwait’s BoP shows increase in overall surplus –
According to the Provisional data from the Central Bank of
Kuwait (CBK), Kuwait’s balance of payments (BoP) for 2013 has
indicated continued surplus in the external balances.
Developments in the financial account of Kuwait's BoP during
2013 demonstrated a slow growth in the net value of external
assets owned by residents to reach KD21.7bn as against
KD23.6bn during 2012. Consequently, the overall surplus of
Kuwait's BoP amounted to KD954mn during 2013 against
KD918mn during 2012. The overall position of Kuwait's BoP
from a broader perspective shows a surplus of KD16.3bn during
2013 against KD20.7bn during 2012. The current account
realized a surplus of KD20.3mn (39.7% of GDP) during 2013
against KD22.1bn (43.1% of GDP) during 2012. (GulfBase.com)
 AUB posts KD12.1mn net profit in 1Q2014 – Ahli United Bank
(AUB) posted a net profit of KD12.1mn in 1Q2014, up 10.9%
YoY. AUB noted that each share made gains estimated at 9.4
fils as compared to 8.5 fils in the corresponding period of 2013.
AUB's Board Chairman Anwar Al-Mudhaf stated that the bank’s
total operating revenues reached KD24.8mn and its total assets
blossomed to KD3.37bn vis-a-vis KD3.16bn in the
corresponding period of last year. He added that total deposits
accounted for KD2.23bn, up 6.6% YoY. (Bloomberg)
 Arabian Sugar sees room for more refineries – Bahrain-
based Arabian Sugar Company sees room for more sugar
refining capacity in the Middle East and North Africa to fill a
7.5mn tons supply gap. Yves el-Mallat, CEO of the refinery said
that the region is still short of refining capacity. El-Mallat said the
Middle East & North Africa region is expected to consume
12.5mn tons of white sugar in 2014, with an annual rise in
consumption of around 3% to 4%. Situated in Bahrain's
Industrial Investment Park, the refinery will reach full production
capacity of around 600,000 tons a year by early 2015. (Gulf-
Times.com)
 KHCB expands with eighth branch in Bahrain – Khaleeji
Commercial Bank (KHCB) has opened its eighth branch in
Bahrain, in Zinj area. (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,
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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
190.0
200.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
0.1%
(0.1%) (0.1%)
1.4%
(0.1%)
(0.8%) (0.9%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,303.20 0.8 0.7 8.1 DJ Industrial 16,361.46 (0.8) (0.3) (1.3)
Silver/Ounce 19.69 0.1 0.4 1.1 S&P 500 1,863.40 (0.8) (0.1) 0.8
Crude Oil (Brent)/Barrel (FM
Future)
109.58 (0.7) 0.0 (1.1) NASDAQ 100 4,075.56 (1.8) (0.5) (2.4)
Natural Gas (Henry
Hub)/MMBtu
4.70 (2.2) 3.0 8.2 STOXX 600 333.50 (0.8) 0.3 1.6
LPG Propane (Arab Gulf)/Ton 110.75 (1.2) (1.7) (12.3) DAX 9,401.55 (1.5) (0.1) (1.6)
LPG Butane (Arab Gulf)/Ton 122.63 (0.9) (1.7) (10.2) FTSE 100 6,685.69 (0.3) 0.9 (0.9)
Euro 1.38 0.0 0.2 0.7 CAC 40 4,443.63 (0.8) 0.3 3.4
Yen 102.16 (0.2) (0.3) (3.0) Nikkei 14,429.26 0.2 (0.6) (11.4)
GBP 1.68 0.0 0.1 1.5 MSCI EM 993.35 (1.1) (1.8) (0.9)
CHF 1.13 0.0 0.2 1.3 SHANGHAI SE Composite 2,036.52 (1.0) (2.9) (3.8)
AUD 0.93 0.2 (0.6) 4.1 HANG SENG 22,223.53 (1.5) (2.4) (4.6)
USD Index 79.75 (0.1) (0.1) (0.4) BSE SENSEX 22,688.07 (0.8) 0.3 7.2
RUB 36.04 0.8 1.3 9.6 Bovespa 51,399.35 (0.8) (1.4) (0.2)
BRL 0.45 (1.3) (0.3) 5.4 RTS 1,119.37 (2.3) (6.7) (22.4)
186.2
155.9
141.5