1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.1% to close at 12,453.9. Gains were led by the Telecoms
and Real Estate indices, gaining 2.3% and 1.4% respectively. Top gainers were
Vodafone Qatar and Mannai Corp., rising 10.0% and 5.5% respectively.
Among the top losers, Aamal Co. fell 3.2%, while Qatar German Co. for
Medical Devices declined 2.8%.
GCC Commentary
Saudi Arabia: The TASI index fell marginally to close at 9,504.3. Losses were
led by the Energy & Uti. and Petro. Ind., falling 3.9% and 0.6% respectively.
Weqaya Takaful In. & Rein. fell 7.9%, while Saudi Electricity was down 4.7%.
Dubai: The DFM index gained 0.9% to close at 4,728.4. The Real Estate &
Construction and Banking Indices rose 1.1% each. Gulf General Investment
Co. gained 3.5%, while Dubai Islamic Bank was up 2.6%.
Abu Dhabi: The ADX benchmark index rose 0.9% to close at 5,131.6. The
Services index gained 4.4%, while the Inv. & Fin. Services Index was up 3.3%.
Nat. Corp. For Tou. & Hotels surged 14.9%, while Eshraq Prop. was up 5.7%.
Kuwait: The KSE index gained marginally to close at 7,515.5. The
Telecommunication index rose 0.6%, while the Banking index was up 0.5%.
Zima Holding Co. gained 10.0%, while Jeeran Holding Co. was up 9.4%.
Oman: The MSM index rose 0.1% to close at 6,827.1. Gains were led by the
Services and Industrial indices, rising 0.2% each. Bank Sohar gained 2.2%,
while Construction Materials Ind. was up 1.6%.
Bahrain: The BHB index gained 0.3% to close at 1,380.0. The Commercial
Banking index rose 0.5%, while the Services Index was up 0.4%. Seef
Properties Co. gained 4.0%, while National Bank of Bahrain was up 2.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.41 10.0 11,182.5 43.9
Mannai Corp. 105.50 5.5 6.7 17.4
Qatar Islamic Bank 81.70 4.7 319.5 18.4
Qatar International Islamic Bank 82.00 3.8 372.2 32.9
Qatar Islamic Insurance 71.40 3.5 164.0 23.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.41 10.0 11,182.5 43.9
United Development Co. 23.12 2.7 6,073.4 7.4
Masraf Al Rayan 44.60 3.1 2,330.6 42.5
Barwa Real Estate Co. 37.10 1.0 2,078.8 24.5
Mazaya Qatar Real Estate Dev. 19.54 (0.8) 1,689.0 74.8
Market Indicators 16 Apr 14 15 Apr 14 %Chg.
Value Traded (QR mn) 1,138.3 944.5 20.5
Exch. Market Cap. (QR mn) 718,270.3 716,445.2 0.3
Volume (mn) 35.2 26.0 35.0
Number of Transactions 12,111 12,101 0.1
Companies Traded 42 42 0.0
Market Breadth 25:15 31:9 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,571.40 1.1 0.5 25.2 N/A
All Share Index 3,214.61 0.8 0.5 24.2 15.5
Banks 3,048.76 1.4 0.2 24.8 15.1
Industrials 4,331.57 (0.5) 0.6 23.8 16.2
Transportation 2,245.55 (0.3) 0.3 20.8 14.8
Real Estate 2,477.74 1.4 0.2 26.9 15.9
Insurance 3,244.10 1.1 2.7 38.9 8.6
Telecoms 1,685.08 2.3 2.0 15.9 23.9
Consumer 7,515.84 0.7 (0.2) 26.4 30.6
Al Rayan Islamic Index 4,042.57 2.0 0.9 33.1 18.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Vodafone Qatar Qatar 15.41 10.0 11182.5 43.9
Mannai Corporation Qatar 105.50 5.5 6.7 17.4
Nat Marine Dred. Co Abu Dhabi 8.50 4.8 3.5 (1.2)
Qatar Islamic Bank Qatar 81.70 4.7 319.5 18.4
Hail Cement Saudi Arabia 25.99 4.2 1976.4 22.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Electricity Co Saudi Arabia 14.87 (4.9) 5329.5 2.2
Co For Coop. Ins. Saudi Arabia 38.67 (3.5) 1493.4 9.9
Sahara Petrochem. Co. Saudi Arabia 20.43 (3.3) 7071.6 3.2
Aamal Co. Qatar 17.77 (3.2) 707.3 18.5
Abu Dhabi Nat. Ins. Abu Dhabi 6.30 (3.1) 0.3 6.8
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%
Aamal Co. 17.77 (3.2) 707.3 18.5
Qatar German Co. for Med. Dev. 14.00 (2.8) 175.9 1.1
Ezdan Holding Group 28.50 (2.4) 475.7 67.6
Qatari Investors Group 60.80 (1.9) 420.8 39.1
Salam International Investment Co 13.92 (1.6) 1,672.4 7.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 15.41 10.0 167,111.9 43.9
United Development Co. 23.12 2.7 139,951.1 7.4
Masraf Al Rayan 44.60 3.1 102,310.5 42.5
Barwa Real Estate Co. 37.10 1.0 76,413.3 24.5
QNB Group 194.00 (0.5) 60,152.0 12.8
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* 12,453.86 1.1 0.5 7.0 20.0 312.64 197,237.0 15.8 2.0 4.0
Dubai 4,728.38 0.9 (2.3) 6.2 40.3 285.01 93,866.1 20.3 1.8 2.1
Abu Dhabi 5,131.62 0.9 (0.8) 4.8 19.6 387.63 134,112.4 15.6 1.8 3.4
Saudi Arabia 9,504.33 (0.0) (0.0) 0.3 11.3 2,732.62 515,997.3 19.9 2.4 2.9
Kuwait 7,515.54 0.0 (0.8) (0.8) (0.5) 167.01 118,421.6 16.6 1.2 4.0
Oman 6,827.10 0.1 0.3 (0.4) (0.1) 23.59 24,565.1 11.3 1.6 3.9
Bahrain 1,380.03 0.3 (0.2) 1.7 10.5 0.33 52,718.9 9.7 0.9 5.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,250
12,300
12,350
12,400
12,450
12,500
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 1.1% to close at 12,453.9. The Telecoms and
Real Estate indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Vodafone Qatar and Mannai Corp. were the top gainers, rising
10.0% and 5.5% respectively. Among the top losers, Aamal Co.
fell 3.2%, while Qatar German Co. for Medical Devices declined
2.8%.
 Volume of shares traded on Wednesday rose by 35.0% to
35.2mn from 26.0mn on Tuesday. Further, as compared to the
30-day moving average of 21.5mn, volume for the day was
63.4% higher. Vodafone Qatar and United Development Co.
were the most active stocks, contributing 31.8% and 17.3% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Mobile Telecommunications
Co. Saudi Arabia (Zain KSA)
Saudi SR – – -127.0 NA -318.0 NA
Alinma Tokio Marine Co. Saudi SR 11.4 NA – – -6.5 NA
Saudi Enaya Cooperative
Insurance Co.
Saudi SR 12.2 1124.4% – – -11.5 NA
BUPA Arabia for
Cooperative Insurance Co.
Saudi SR 1,420.0 72.3% – – -20.8 NA
Aldrees Petroleum &
Transport Services Co.
(APTSCO)
Saudi SR – – 32.6 26.4% 30.5 29.2%
Al Abdullatif Industrial
Investment Co. (AIIC)
Saudi SR – – 59.4 -17.0% 59.9 -11.8%
Malath Cooperative
Insurance & Reinsurance
Co.
Saudi SR 346.8 101.9% – – -9.7 NA
Rabigh Refining &
Petrochemical Co. (Petro
Rabigh)
Saudi SR – – 416.3 NA 413.1 NA
National Metal
Manufacturing & Casting Co.
(Maadaniyah)
Saudi SR – – 10.3 127.8% 7.7 161.5%
Hail Cement Co. (HCC) Saudi SR – – 36.3 NA 35.1 NA
Saudi Public Transport Co.
(SAPTCO)
Saudi SR – – 20.4 124.3% 21.1 5.1%
Al Jouf Agricultural
Development Co.
Saudi SR – – 5.5 38.3% 5.2 -36.1%
The National Shipping Co. of
Saudi Arabia (Bahri)
Saudi SR – – 166.7 113.2% 195.1 41.3%
Saudi Arabian Refineries
Co. (Al Masafe)
Saudi SR – – 3.0 278.2% 2.9 302.8%
The Co. for Cooperative
Insurance (Tawuniya)
Saudi SR 1.3 21.4% – – 39.7 NA
United Real Estate Co.
(UREC) *
Kuwait KD – – 20.0 NA 11.2 NA
Gulf Investment Services
Holding Co. (GIS)
Oman OMR 2.4 3.6% – – 2.0 17.8%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/16 US MBA MBA Mortgage Applications 11-April 4.30% – -1.60%
04/16 US US Census Bureau Housing Starts March 946K 970K 920K
04/16 US US Census Bureau Housing Starts MoM March 2.80% 7.00% 1.90%
04/16 US US Census Bureau Building Permits March 990K 1010K 1014K
04/16 US US Census Bureau Building Permits MoM March -2.40% -0.40% 7.30%
04/16 US Federal Reserve Industrial Production MoM March 0.70% 0.50% 1.20%
04/16 US Federal Reserve Capacity Utilization March 79.20% 78.70% 78.80%
04/16 EU Eurostat CPI MoM March 0.90% 1.00% 0.30%
04/16 EU Eurostat CPI YoY March 0.50% 0.50% 0.50%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 69.61% 74.71% (58,002,601.54)
Non-Qatari 30.39% 25.30% 58,002,601.54

3. Page 3 of 6
04/16 EU Eurostat CPI Core YoY March 0.70% 0.80% 0.80%
04/16 UK ONS Jobless Claims Change March -30.4K -30.0K -37.0K
04/16 UK ONSt ILO Unemployment Rate 3Mths February 6.90% 7.10% 7.20%
04/16 UK ONS Employment Change 3M/3M February 239K 90K 105K
04/16 Italy Banca D'Italia Current Account Balance February 298M – -1255M
04/16 China NBS Retail Sales YTD YoY March 12.00% 11.90% 11.80%
04/16 China NBS Retail Sales YoY March 12.20% 12.10% –
04/16 China NBS Industrial Production YTD YoY March 8.70% 8.80% 8.60%
04/16 China NBS Industrial Production YoY March 8.80% 9.00% –
04/16 China NBS GDP YTD YoY 1Q2014 7.40% 7.30% 7.70%
04/16 China NBS GDP SA QoQ 1Q2014 1.40% 1.50% 1.70%
04/16 China NBS GDP YoY 1Q2014 7.40% 7.30% 7.70%
04/16 Japan METI Industrial Production MoM February -2.30% – -2.40%
04/16 Japan METI Industrial Production YoY February 7.00% – 6.90%
04/16 Japan METI Capacity Utilization MoM February -2.60% – 6.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QIBK’s net profit drops by 6.9% QoQ in 1Q2014 – QIBK
posted a net profit (to equity) of QR335.4mn in 1Q2014 vs. BBG
consensus estimate of QR322.2mn. On a QoQ basis, the net
income was down 6.9%. However, on a YoY basis the net
income was up 15.2%. QIBK‟s loan book expanded by 4.4%
year-to-date (YTD) to QR49.2bn from QR47.1bn in 2013.
However, equity of unrestricted investment account holders
(URIA) jumped by 17.4% YTD to QR44.5bn from QR37.9bn.
Furthermore, customers deposits in current accounts increased
by 14.2% YTD to QR 14.2bn vs. QR12.5bn at the end of 2013.
Hence, the loan-to-deposit ratio dropped 83.8% vs. 93.6% at the
end of 2013. In terms of the investment book, total investments
decreased by 20.0% YTD. The decline primary came in debt
securities, especially the State of Qatar debt, which declined by
28.2%. In our discussions with management of various banks,
we have learnt that the recently matured government debt has
not yet been fully reinvested. Furthermore, the rate of return is
lower than earlier terms. We maintain our estimates; retaining
our Market Perform rating and target price of QR73.27. We
expect QIBK to post EPS of QR6.19 and QR6.96 for 2014 and
2015, respectively. Furthermore, we maintain QIBK‟s target
price at QR73.27 and Market Perform rating. Valuation appears
fair. QIBK is trading at a P/E and a P/B of 13.2x and 1.6x on our
2014 estimates, respectively. QIBK has underperformed the
sector index. In 2014 (YTD), the stock is up 18.4% vs. the QE
All Share Banks & Financial Services Index, which is up 24.8%.
(QNBFS Research, QE)
 GWCS’ net profit rises by 7.7% QoQ in 1Q2014 – Gulf
Warehousing Co. (GWCS) reported a net profit of QR28.9mn vs.
our estimate of QR28.9mn and net income of QR26.8mn in
4Q2013. Overall revenue increased to QR152.9mn in 1Q2014
vs. QR127.9mn in 4Q2013, a growth of 19.6% QoQ. Logistics
operations (including LVQ) contributed QR104.8mn while freight
forwarding contributed QR48.1mn. In our view, the growth
primarily came from LVQ Phase 3‟s greater occupancy levels.
Direct costs were QR98.9mn, while interest charges were
QR8.6mn for the quarter. Going forward, we expect net income
to grow by 20.9% and 44.8% in 2014 and 2015, respectively.
We expect better operating performance in 2014 & 2015 on the
back of LVQ Phases 3 & 4. In 2014, we expect the full impact of
Phase 3, along with an incremental benefit of LVQ Phase 4.
However, the full impact of Phase 4 will be visible in 2015. We
expect GWCS‟ bottom-line to increase by 20.9% YoY in 2014
and 44.8% YoY in 2015. We maintain our estimates with a price
target of QR51.35 but change our rating to Reduce. We expect
better operating performance in 2014 & 2015 on the back of
LVQ Phase 3 & 4. However, given the recent stock‟s
appreciation (up 41.2% with a total return of 46.5% on a year-to-
date basis), we change our rating to Reduce. The company
trades at a premium to its regional and global peers. The stock
trades at a P/E ratio of 22.7x on our 2014 estimates and offers a
dividend yield of 3.4%. (QNBFS Research, QE)
 DOHI net profit drops 16.6% to QR23.3mn in 1Q2014 – Doha
Insurance Co. (DOHI) posted a net profit of QR23.3mn in
1Q2014, down 16.6% QoQ (+9.4% YoY). Net underwriting
income decreased by 24.0% QoQ (+3.3% YoY), reaching
QR18.4mn. On the other hand, investment & other income
jumped 13.2% QoQ (+25.1% YoY), reaching QR19.4mn. (QE)
 Qatar to invest QR664bn in infrastructure in 5 years – The
Minister of Economy & Trade, HE Sheikh Ahmed bin Jassim Al
Thani, said that Qatar will invest around QR664bn on
infrastructure projects, excluding projects in oil & gas sector,
over the next five years. The minister stated that there are 432
building materials manufacturing companies in Qatar worth
$10.4bn. These companies employ roughly 37,000 people in the
areas of cement, gypsum, sand, stones, glass and fibre glass
used in building materials and plastic materials, which has
assumed significance in Qatar in light of the unprecedented
boom in the construction and real estate sector. (GulfBase.com)
 Qatar’s real estate price index hits record high – The Qatar
Central Bank‟s (QCB) quarterly update of the 2014 real estate
price index has confirmed that the country‟s real estate prices
are on the uptick. QCB‟s real estate price index reached a
record 209.4 points in March 2014 from 180.1 points in the
same period last year – an increase of 16.3% year-on-year. The
index has been steadily growing over the past three months to
hit the record high in March. QNB Group has analyzed data
purely on land transactions in Qatar, based on weekly statistics
published by the Ministry of Justice which suggests that land
prices are a fundamental driver of rent inflation in Qatar with a
six-month lag. A recovery in land prices in recent months is
expected to increase rents later this year. (QNB Group,
Peninsula Qatar)
 DHBK to buy HSBC Oman’s India business – Doha Bank
(DHBK) Chairman Sheikh Fahad bin Mohamed bin Jabor al-
Thani said the bank has entered into an agreement with HSBC
Bank Oman, to purchase HSBC Oman‟s banking business in
India. He stated that all staff working in this operation would be
transferred to DHBK as a part of the purchase. The business
being acquired consists of HSBC Oman‟s two branches and

4. Page 4 of 6
gross assets of $58mn as on December 31, 2013. Sheikh Fahad
also stated that the transaction was subject to approvals from
regulatory authorities in Qatar, India, Oman and Jersey. (Gulf-
Times.com)
 EY: Qatar hotel room yield grows in double-digits on robust
occupancy – According to Ernst & Young (EY), the hotel
industry in Qatar has opened the year 2014 on a positive note
with its rooms‟ yield growing in double-digits on the back of
robust occupancy and average room rates. EY in its Middle East
Hotel Benchmark survey said in comparison, the hospitality
industry in most of the neighboring countries witnessed slower
gains in rooms‟ yield YoY in January 2014. Hotels in Doha,
where occupancy grew 9% to reach 70%, saw their room‟s yield
expand 21.1% to $171 with their average room rate growing
5.7% to QR243. (Gulf-Times.com)
 QDB, Qatar Shell offer 7 new business opportunities to
SMEs – The Qatar Development Bank (QDB) and Qatar Shell
have revealed seven new business opportunities for SMEs
during the annual SME Business Opportunity Workshop. QDB‟s
CEO Abdulaziz al-Khalifa said that the representatives of
shortlisted SMEs who participated in the event have been
offered business opportunities in the fields of manufacturing,
maintenance, repair, and recertification, services and onsite
technical support.. (Gulf-Times.com)
 DBIS to disclose 1Q2014 results on April 28 – Dlala
Brokerage & Investments Holding Company (DBIS) announced
that it will disclose its 1Q2014 financial results on April 28, 2014.
(QE)
International
 Reuters: World economy on steady course at best, China a
worry – A poll by Reuters has showed that the world economy
can expect steady growth at best over the coming years, but any
rapid slowdown in China as it tries to rebalance its economy
could upset the unsteady progress. Growth in the US looks set
to outpace its peers, with Japan and the Eurozone still lagging,
while emerging markets – particularly Latin America – facing a
challenging year. The poll results suggest that exuberance in
financial markets, especially stock markets, may have been
overdone in the past few years on expectations for a robust
pick-up in global growth. With a few notable exceptions like
Britain, developed economies are also showing scant evidence
of an imminent improvement in hiring, particularly so in the
Eurozone and the US. (Reuters)
 Yellen: Weak US prices the main threat not inflation – The
US Federal Reserve Chair Janet Yellen said that persistently
low inflation poses a more immediate threat to the US economy
than rising prices, stressing that the central bank would be
delivering policy stimulus for some more time to come. In her
second public speech since taking the Fed's helm, Yellen was
careful not to predict when interest rates would rise from the
current near zero level. Instead, she stressed that the decision
would hinge on healing in the US labor market and on how
briskly inflation rises toward the Fed's 2% goal. Further, Yellen
stated that since inflation is running at around 1%, the greater
risk at this point is about inflation undershooting the Fed‟s goal.
(Reuters)
 Eurozone inflation still in danger zone, keeps ECB under
pressure – According to the European Union's statistics office
Eurostat, Eurozone‟s inflation has dropped to its lowest level
since November 2009, keeping pressure on the European
Central Bank to intervene if prices do not rebound. The YoY
inflation rate across the 18 countries sharing the Euro stood at
0.5% in March 2014, down from 0.7% in February, said. It was
the sixth straight month that inflation remained in what the ECB
President Mario Draghi called a "danger zone" of below 1%.
Core inflation, excluding energy, food, alcohol & tobacco
dropped to 0.7% from 1.0%. Excluding unprocessed food and
energy, inflation stood at 0.9%, more than the 0.8% economists
had forecast, but still less than February's reading of 1.1%.
(Reuters)
 BoJ maintains positive view on economy – The Bank of
Japan‟s (BoJ) Governor Haruhiko Kuroda affirmed the central
bank's upbeat view on the Japanese economy, even as global
financial markets wobbled, stressing that growth will pick up by
mid-year as the sting from the sales tax hike fades. Kuroda
added that price rises will broaden as the economy continues to
improve gradually, reiterating his view that Japan is making
headway toward the central bank's price goal of 2% inflation in
about a year's time. Kuroda agreed that a wide range of
companies, especially among auto makers and retailers, do hold
a more cautious view about the economic outlook, but the level
of confidence remains high and corporate capital spending plans
for FY2014-15 is solid. (Reuters)
Regional
 Saudi oil exports reach SR289bn in 1Q2014 – According to
sources, oil exports from Saudi Arabia reached 715.72mn
barrels in 1Q2014, with proceeds amounting to SR288.91bn. On
the other hand, domestic consumption during 1Q2014 stood at
176mn barrels, constituting 20% of the total output.
(GulfBase.com)
 Reuters: Saudi tops in research, innovation among G20
states – Thomson Reuters has released „The Research &
Innovation Performance of the G20‟, a report that studies
scientific research and patent information across the G20
countries. According to this report, Saudi Arabia has achieved
the highest growth in output over the last decade in the G20 with
373% growth, from a low base of just 1,474 web of science
papers in 2003. Its 6,978 papers in 2012 amounted to 6% of the
world share, up from 2% at the beginning of the period.
(GulfBase.com)
 Tadawul deposits Al Khaleej’s bonus shares – The Saudi
Stock Exchange (Tadawul) announced the addition of Al Khaleej
Training & Education Company‟s (Al Khaleej) bonus shares into
its investors‟ portfolios. Earlier, Al Khaleej‟s EGM had approved
an increase in the company‟s capital via bonus shares. The
fluctuation limit for the company‟s shares on April 16, 2014 will
be based on a stock price of SR53.30. (Tadawul)
 SEC plans 17 new power projects worth SR7.2bn – The
Saudi Electricity Company (SEC) will implement 17 new projects
worth SR7.2bn as part of its efforts to meet the growing demand
for energy. They include new transformer stations in Waed Al-
Shamal, Gurayat, Tabarjal, Al-Jouf and Arar at a cost of
SR2.3bn, which have to be implemented in 29 months. The
projects also include the establishment of 380KV transport lines
from Tabarjal to Al-Jouf, from Al-Jouf to Arar and from Tabuk to
Tabarjal at a total cost of SR1.4bn. Other power generation
projects have been planned for Al-Oqair, Jawatha, Abqaiq,
Madhaya, Al-Khafji, Taif, Madinah, and Riyadh. These new
projects will be financed from the company‟s own funds,
government loans and commercial loans. (GulfBase.com)
 Zain Saudi 1Q2014 net loss narrows down – Telecom
operator Zain Saudi reported a narrowing loss in 1Q2014,
beating analyst forecasts. Saudi Arabia's third largest mobile
company, which is 37% owned by Kuwait's Zain, made a net
loss of SR318mn in the three months to March 31. This

5. Page 5 of 6
compares with a net loss of SR398mn in the prior-year period.
(Reuters)
 UAE inflation at 1.9% in March – According to the National
Bureau of Statistics, annual inflation in the UAE edged up to
1.9% in March, its highest level since October 2010, from 1.8%
in February. (Reuters)
 UAE healthcare investment to grow at 16% CAGR –
According to a report by the US-UAE Business Council,
healthcare spending in the UAE reached an estimated $16.8bn
in 2013. Further, it is expected to grow at a compound annual
growth rate (CAGR) of over 16% in 2014. The report found that
the UAE healthcare sector has made significant strides through
partnership with US companies. (GulfBase.com)
 SIB posts 30% rise in profits – Sharjah Islamic Bank (SIB)
announced its 1Q2014 results with net profits reaching
AED110mn, compared to the AED84.8mn achieved in the same
period last year, a 30% growth rate. Net customer facilities
reached AED13.3bn rising by AED803.3mn, a 6.4% increase
since December 2013 and customer deposits reached
AED12.3bn rising by AED355.8mn, or a 3% growth since
December 2013. Total assets reached AED22.1mn, growing by
1.8% since December 2013. SIB shareholder‟s equity of 4.4bn
represents 19.9% of the total balance sheet footing reflecting the
bank‟s strong capital base and strong financial position that
enables the bank to achieve its strategic objectives. (Bloomberg)
 Dubai inflation increases to 2.59% in 1Q2014 – According to
the data from the Dubai Statistics Centre, Inflation in Dubai rose
to 2.59% in the 1Q2014 as compared to the same period of
2013, mainly due to an increase in the prices of goods and
services. However, on a MoM basis, Dubai‟s inflation declined
0.4% in March from 3.4% in February. Overall in the UAE,
inflation surged to 0.2% MoM and 1.9% YoY in March from 0.1%
and 1.8% respectively in February. Rising housing costs
contributed the most to fuelling inflation last month. With the
biggest weighting in the index at 39%, housing costs rose 0.6%
MoM and 2.4% per YoY. Dubai Statistics Centre data shows
that costs of housing, water, electricity and gas rose by 4.38%,
food and non-alcoholic beverages by 4.04%, education by
3.99%, alcoholic beverages and tobacco by 3.33%, health by
1.93%, restaurants and hotels by 1.67%, miscellaneous goods
and services by 1.22%, furnishings, household equipment and
routine household maintenance by 1.16%, transport by 0.85%
and recreation and culture increased by 0.42%. (Bloomberg)
 Lite-Tech unveils LED technology to cut lighting cost by
half – Lite-Tech Industries is planning to offer its entire range of
energy-efficient LED lighting products and technologies across
the Middle East. Lite-Tech is a subsidiary of Dubai Investments
and a joint venture with Philips Lighting. LED lighting can save
up to 85% energy as compared to traditional light solutions with
a similar light output. (GulfBase.com)
 CBD signs MoU with Hamriyah Free Zone – The Commercial
Bank of Dubai (CBD) has signed a MoU with Hamriyah Free
Zone Authority to provide banking services to companies that
are based in the zone, as well as firms that are planning to
establish their operations. As the preferred financial services
provider, CBD will be tasked with helping finance projects
executed in the zone. In addition, CBD is expected to provide
full banking services such as new accounts, e-services and
financial arrangements, along with a bundle of personal banking
products designed for free zone employees. (GulfBase.com)
 TAQA begins storing gas at Dutch facility – Abu Dhabi
National Energy Company (TAQA) has started injecting natural
gas into its partially built Bergermeer storage facility in the
Netherlands. TAQA has invested in the project alongside Dutch
energy company, EBN. The Bergermeer facility, which is
scheduled to be completed in April 2015, will nearly double the
Netherlands' gas storage capacity. After completion, it will
provide 4.1bn cubic meters of gas storage capacity, equivalent
to the average annual gas consumption of 2.5mn Dutch
households. (GulfBase.com)
 Etihad signs deal with Fiji Airways – Etihad Airways and Fiji
Airways have signed an agreement that will cement ties
between the two carriers in the future. The interline agreement
will allow each airline to sell seats for the other to facilitate
easier travel and booking connections for passengers. Besides,
it will allow the sale from and to 12 cities in Europe, 17 in the
Middle East, five each in Africa and North America, 29 in Asia
and three in Australia – to and from Fiji. (GulfBase.com)
 Bank Muscat reports profit of OMR39.76mn for 1Q2014 –
Bank Muscat has reported net profit of OMR39.76mn for
1Q2014 as compared to OMR24.99mn for 1Q2013. Net interest
income from conventional banking and income from Islamic
financing stood at OMR59.15mn for 1Q2014 as compared to
OMR56.42mn for 1Q2013 with an increase of 4.8%. Net Loans
and advances increased by 8.8% to OMR5.968bn as against
OMR5.486bn as at March 31, 2013. Customer deposits,
including CDs, increased by 11% to OMR6.112bn as against
OMR5.506bn as at March 31, 2013. (MSM)
 GFH EGM approves $500mn sukuk – Bahrain-based Islamic
investment bank, Gulf Finance House‟s (GFH) EGM has
approved issuance of sukuk of up to $500mn. The funds will be
used to restructure the current liabilities, develop projects and
for acquisitions of new businesses for the benefit of the bank.
(GulfBase.com)
 Bahrain Works Ministry awards BHD12mn tenders in
1Q2014 – Bahrain‟s Ministry of Works has awarded 21 tenders
worth BHD12mn during 1Q2014. The ministry has invited bids
for 18 tenders worth BHD44.8mn. Three projects to construct
schools worth BHD11.3mn have also been awarded.
(GulfBase.com)
 NBB’s profit increases 12.1% to reach BHD16.62mn in
1Q2014 – National Bank of Bahrain (NBB) recorded a net profit
of BHD16.62mn for 1Q2014 as compared to BHD14.83mn for
1Q2013, reflecting an increase of 12.1%. The net interest
income for 1Q2014 stood at BHD15.57mn as compared to
BHD14.21mn for 1Q2013 with an increase of 9.6%. Bank‟s total
assets stood at BHD2.75bn as at March 31, 2014 as compared
to BHD2.62bn a year earlier. Customer deposits as at March 31,
2014 stood at BHD2.099bn as compared to BHD2.075bn as at
March 31, 2013. EPS amounted to 17.7fils as compared to 15.8
fils a year earlier. (Bahrain Bourse)
 AUB considers sale or merger – According to sources, Ahli
United Bank (AUB) is evaluating a sale or a merger with a rival
bank in a potential $5bn deal. According to Thomson Reuters, a
deal of this size would be the largest banking transaction in the
region for the past 20 years, beating Emirates Bank's $3.7bn
acquisition of the National Bank of Dubai in 2007 and QNB
Group‟s $1.9bn purchase of Societe Generale's Egyptian
business in 2012. It could also mark a revival of significant M&A
activity in the Gulf where mergers tend to be difficult because
major shareholders can be reluctant to cede control unless they
get a generous price. (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,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (*Market closed on April 16, 2014) Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
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%)
1.1%
0.0%
0.3%
0.1%
0.9% 0.9%
(0.4%)
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,302.55 (0.0) (1.2) 8.0 DJ Industrial 16,424.85 1.0 2.5 (0.9)
Silver/Ounce 19.67 0.3 (1.7) 1.0 S&P 500 1,862.31 1.0 2.6 0.8
Crude Oil (Brent)/Barrel (FM
Future)
109.60 0.8 2.1 (1.1) NASDAQ 100 4,086.23 1.3 2.2 (2.2)
Natural Gas (Henry
Hub)/MMBtu
4.62 (0.9) (0.5) 6.5 STOXX 600 330.82 1.3 0.6 0.8
LPG Propane (Arab Gulf)/Ton 112.63 (0.2) 1.7 (11.0) DAX 9,317.82 1.6 0.0 (2.5)
LPG Butane (Arab Gulf)/Ton 125.75 1.6 1.8 (7.4) FTSE 100 6,584.17 0.7 0.3 (2.4)
Euro 1.38 0.0 (0.5) 0.5 CAC 40 4,405.66 1.4 0.9 2.6
Yen 102.23 0.3 0.6 (2.9) Nikkei 14,417.68 3.0 3.3 (11.5)
GBP 1.68 0.4 0.4 1.4 MSCI EM 1,002.50 0.3 (1.3) (0.0)
CHF 1.13 (0.2) (0.7) 1.3 SHANGHAI SE Composite 2,105.12 0.2 (1.2) (0.5)
AUD 0.94 0.1 (0.3) 5.1 HANG SENG 22,696.01 0.1 (1.3) (2.6)
USD Index* 79.80 0.0 0.4 (0.3) BSE SENSEX 22,277.23 (0.9) (1.6) 5.2
RUB 35.99 (0.5) 1.0 9.5 Bovespa 51,200.56 1.5 (1.3) (0.6)
BRL 0.45 (0.4) (1.1) 5.4 RTS 1,154.31 1.0 (4.1) (20.0)
179.0
152.5
139.0