1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.2% to close at 11,367.3. Losses were led by the
Banking & Financial Services and Real Estate indices, declining 0.7% and 0.3%
respectively. Top losers were Islamic Holding Group and Mazaya Qatar Real
Estate Dev., falling 9.9% and 2.8% respectively. Among the top gainers, Zad
Holding and Qatar Cinema & Film Distribution rose 8.6% and 8.5 respectively.
GCC Commentary
Saudi Arabia: The TASI index fell 0.1% to close at 9,305.6. Losses were led
by the Hotel & Tou. and Retail indices, declining 1.0% and 0.7% respectively.
Eastern Province Cement fell 7.3%, while Sahara Petro. Co. was down 4.0%.
Dubai: The DFM index gained 1.1% to close at 4,303.6. The Investment &
Financial Services index rose 4.5%, while Services index was up 2.3%. Dubai
Investment Co. gained 5.0%, while Dubai Financial Market Co. was up 4.5%.
Abu Dhabi: The ADX benchmark index declined 1.1% to close at 4,784.9. The
Energy index fell 2.8%, while the Banking index was down 1.6%. Nat. Bank of
Umm Al Qaiwain declined 9.9%, while Int. Fish Farm. Hold. was down 7.0%.
Kuwait: The KSE index rose 0.3% to close at 7,557.3. The Consumer Goods
index gained 1.7%, while Banking index was up 1.2%. Future Kid
Entertainment & Real Estate Co. and Kuwait Hotels Co. rose 7.3% each.
Oman: The MSM index declined 1.0% to close at 6,932.5. Losses were led by
the Financial and Industrial indices, declining 0.6% & 0.4% respectively. Al
Omaniya Financial Ser. fell 9.7%, while National Gas was down 5.2%.
Bahrain: The BHB index gained 1.1 to close at 1,386.3. The Investment index
rose 1.6%, while Commercial Banking index was up 1.3%. Arab Banking
Corporation gained 3.7%, while BBK was up 3.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 76.00 8.6 83.4 9.4
Qatar Cinema & Film Distribution 43.95 8.5 0.8 9.6
Qatar German Co. for Med. Dev. 13.60 1.5 0.2 (1.8)
Qatar Insurance Co. 64.90 1.4 30.1 22.0
Medicare Group 65.00 0.9 290.7 23.8
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 12.62 (2.8) 1,426.3 12.9
United Development Co. 21.85 (0.3) 1,156.7 (3.4)
Mesaieed Petrochemical Holding 35.00 (1.4) 1,078.9 250.0
Commercial Bank of Qatar 60.00 (2.6) 422.6 1.7
Masraf Al Rayan 38.50 0.1 421.3 23.0
Source: Bloomberg (* in QR)
Market Indicators 20 Mar 14 19 Mar 14 %Chg.
Value Traded (QR mn) 462.5 619.9 (25.4)
Exch. Market Cap. (QR mn) 634,540.0 636,389.0 (0.3)
Volume (mn) 10.3 14.7 (30.3)
Number of Transactions 6,649 9,092 (26.9)
Companies Traded 43 41 4.9
Market Breadth 15:21 14:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,807.56 (0.2) 0.6 13.3 N/A
All Share Index 2,906.19 (0.2) 0.7 12.3 14.9
Banks 2,734.01 (0.7) (1.0) 11.9 14.3
Industrials 4,025.85 0.1 2.6 15.0 15.6
Transportation 1,984.44 (0.0) (1.0) 6.8 13.8
Real Estate 2,147.94 (0.3) (1.1) 10.0 19.3
Insurance 2,825.23 0.8 4.4 20.9 7.8
Telecoms 1,506.75 0.6 2.0 3.6 20.8
Consumer 6,913.78 0.1 3.3 16.2 30.1
Al Rayan Islamic Index 3,485.84 0.1 1.3 14.8 18.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dubai Investments Dubai 3.58 5.0 63,198.5 43.8
National Shipping Co. Saudi Arabia 34.20 4.9 2,875.3 21.3
Dubai Financial Market Dubai 3.26 4.5 56,932.0 32.0
Burgan Bank Kuwait 0.55 3.8 4,845.5 0.0
MedGulf Saudi Arabia 36.30 3.7 2,353.5 4.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
NBQ Abu Dhabi 3.09 (14.2) 57.9 (6.4)
Eastern Cement Saudi Arabia 57.50 (7.3) 550.7 (3.4)
BankMuscat Muscat 0.65 (4.7) 447.1 2.5
Sharjah Islamic Bank Abu Dhabi 2.02 (4.3) 1,544.8 31.2
Gulf Pharma. Industry Abu Dhabi 3.62 (4.2) 50.0 10.7
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 61.90 (9.9) 363.1 34.6
Mazaya Qatar Real Estate Dev. 12.62 (2.8) 1,426.3 12.9
Commercial Bank of Qatar 60.00 (2.6) 422.6 1.7
Widam Food Co. 45.50 (1.6) 216.7 (12.0)
Doha Bank 58.40 (1.5) 221.1 0.3
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
QNB Group 177.00 (1.0) 50,617.5 2.9
Mesaieed Petrochemical Holding 35.00 (1.4) 37,875.1 250.0
Commercial Bank of Qatar 60.00 (2.6) 25,656.8 1.7
United Development Co. 21.85 (0.3) 25,153.5 (3.4)
Gulf International Services OSC 79.00 (0.6) 23,477.0 61.9
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,367.31 (0.2) 0.2 (3.4) 9.5 127.01 174,244.7 15.2 1.9 4.3
Dubai 4,303.55 1.1 8.1 2.0 27.7 476.16 86,856.4 18.2 1.6 2.2
Abu Dhabi 4,784.85 (1.1) 0.7 (3.5) 11.5 168.03 127,357.0 13.7 1.7 3.8
Saudi Arabia 9,305.64 (0.1) (0.9) 2.2 9.0 2,042.80 506,076.1 18.8 2.3 3.3
Kuwait 7,557.29 0.3 1.4 (1.8) 0.1 153.22 113,175.6 16.5 1.2 3.7
Oman 6,932.50 (1.0) (1.8) (2.5) 1.4 17.34 24,916.1 11.0 1.6 3.8
Bahrain 1,386.27 1.1 0.8 1.0 11.0 2.43 51,956.7 9.6 0.9 3.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,320
11,340
11,360
11,380
11,400
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 0.2% to close at 11,367.3. The Banking &
Financial Services and Real Estate indices led the losses. The
index fell on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
shareholders.
 Islamic Holding Group and Mazaya Qatar Real Estate Dev. were
the top losers, falling 9.9% and 2.8% respectively. Among the
top gainers, Zad Holding and Qatar Cinema & Film Distribution
rose 8.6% and 8.5% respectively.
 Volume of shares traded on Thursday fell by 30.3% to 10.3mn
from 14.7mn on Wednesday. Further, as compared to the 30-day
moving average of 14.2mn, volume for the day was 27.6% lower.
Mazaya Qatar Real Estate Dev. and United Development Co.
were the most active stocks, contributing 13.9% and 11.3% 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) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
Makkah Construction &
Development Company *
Saudi SR – – 339.0 -12.9% 324.0 -14.5%
DP world* Nasdaq Dubai USD – – – – 604.0 8.8%
Source: Company data, DFM, ADX, MSM (* FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/20 US Department of Labor Initial Jobless Claims 15-March 320K 322K 315K
03/20 US Department of Labor Continuing Claims 8-March 2889K 2880K 2848K
03/20 US Bloomberg Bloomberg Economic Expectations March -12 – -3
03/20 US Bloomberg Bloomberg Consumer Comfort 16-March -29 – -27.6
03/20 US NAR Existing Home Sales February 4.60M 4.60M 4.62M
03/20 US NAR Existing Home Sales MoM February -0.40% -0.40% -5.10%
03/20 US Conference Board Leading Index February 0.50% 0.20% 0.10%
03/21 EU European Commission Consumer Confidence March -9.3 -12.3 -12.7
03/21 France French Labor Office Wages QoQ 4Q2013 0.20% 0.20% 0.20%
03/20 Germany Destatis PPI MoM February 0.00% 0.10% -0.10%
03/20 Germany Destatis PPI YoY February -0.90% -0.90% -1.10%
03/21 UK ONS Public Finances (PSNCR) February -0.2B -7.0B -19.3B
03/21 UK ONS PSNB ex Interventions February 9.3B 8.6B -5.0B
03/21 UK ONS Public Sector Net Borrowing February 7.5B 7.9B -6.8B
03/21 Italy ISTAT Industrial Sales MoM January 1.20% – -0.20%
03/21 Italy ISTAT Industrial Sales WDA YoY January 3.00% – -0.60%
03/21 Italy ISTAT Industrial Orders MoM January 4.80% – -4.80%
03/21 Italy ISTAT Industrial Orders NSA YoY January 2.60% – 1.90%
03/20 Japan JFA Convenience Store Sales YoY February 1.00% – -0.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar public spending jumps 33% in 1HFY2014 – Qatar‟s
government spending rose nearly 33% to QR93.2bn in the first
half of FY2014, speeding up after a slow start to the FIFA World
Cup 2022 projects. Expenditure in the April-September period
accounts for a little over 44% of the record QR210.6bn that
Qatar plans to spend in FY2014. According to preliminary data
released by the central bank, the YoY rate of increase is the
fastest since at least 2008. Qatar‟s fiscal year ends in March
2014. Earlier this month, the IMF said that certain big-ticket
projects in Qatar such as the metro, port, and airport have been
divided into phases to reduce the risk of economic
overcapacity.(Gulf-Times.com)
 Qatar Rail awards BIM contract to Autodesk – Qatar Rail has
awarded a Building Information Modeling (BIM) services
contract to Autodesk, a leading player in 3D design and
engineering software. Qatar Rail is designing and
commissioning the entire rail network and systems within the
country. Autodesk will provide BIM implementation, consultancy
and advisory services to Qatar Rail to enable the construction of
a modern integrated railway network in the country. (Gulf-
Times.com)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 57.38% 61.97% (21,269,797.83)
Non-Qatari 42.62% 38.03% 21,269,797.83

3. Page 3 of 6
 Qatar’s second satellite to be launched in 2016 – The Qatar
Satellite Company, Es‟hailSat, has issued request for proposals
(RFP) for the design and manufacture of the company‟s second
satellite, Es‟hail 2. The new satellite will be positioned at the 26
degrees east hotspot position for TV broadcasting and will
significantly add to the company‟s ability to provide high quality,
premium direct-to-home television content across the MENA
region. Proposals for Es‟hail 2 are due by April 30, 2014 and the
tender and contract will be awarded through full and open
competition. Es‟hail 2 is expected to be launched by the end of
2016. (Gulf-Times.com)
 Project Qatar to feature two new conferences – LightingTech
Qatar and HVACTech Qatar are two brand new specialized
conferences, which will take place concurrently with „Project
Qatar 2014‟, the 11th edition of the upcoming international
construction technology and building materials exhibition to be
held here from May 12 to 15 at Qatar National Convention
Centre. A press statement released by IFP Qatar, the organizer
of the coveted event, said that with an estimated $350bn worth
of projects currently in the planning or construction phase, Qatar
is at the heart of the growing construction industry in the GCC
and internationally. To support this growth, Project Qatar 2014
has expanded its conference series. LightingTech Qatar will
take place from May 12 to13, 2014 followed by HVACTech from
May 14 to15, 2014. (Bloomberg)
 Qatar projects grew 26%, 2nd highest in GCC – According to
recent statistics Qatar‟s projects market grew 26% last year, the
second highest growth rate in the GCC, where project awards
increased overall by 21% between 2012 and 2013. The data
was presented in a briefing at the Qatar Projects Conference,
where a Meed Insight report detailed a comprehensive review of
the GCC projects market from 2008 to 2013. Qatar awarded
about $20bn worth of projects in 2013, including QRail‟s Doha
Metro Red and Green Lines and several stations, which account
for 41 of all projects awarded in the country. (Trade Arabia)
 MPHC Update – Mesaieed Petrochemical Holding Company
(MPHC) issued a clarification statement confirming that the
company was incorporated as a Qatari joint stock company on
May 29, 2013 with an agreed effective date for the transfer of
Qatar Petroleum‟s previous shareholding in Q-Chem, Q-Chem II
and QVC as of September 1, 2013. Accordingly, MPHC‟'s share
of the 2013 results of each of Q-Chem, Q-Chem II and QVC is
limited to the period from the agreed effective share transfer
date (i.e. September 1, 2013) to the financial year-end (i.e.
December 31, 2013), i.e. a four-month period ended December
31, 2013. (QE)
 QE suspends trading in MCCS, AKHI shares on March 23 –
The Qatar Exchange (QE) has announced a suspension in the
trading of shares of Al Khaleej Takaful Group (AKHI) and
Mannai Corporation (MCCS) on March 23, 2014 due to the
companies‟ AGM and EGM being held on that day. (QE)
 BRES’ AGM to be held on April 8 – Barwa Real Estate
Company‟s (BRES) AGM is scheduled to be held on April 8,
2014 at Sharq Hotel Doha. In case of lack of quorum, another
meeting will be held on April 14 at the same time and venue.
The AGM‟s agenda includes approving the board of directors‟
proposal of 20% cash dividend (QR2.00 per share) for the year
ended December 31, 2013, among others. (QE)
International
 QNB Group: Foreign debt ownership a key indicator of
vulnerability to EM crisis – The QNB Group has underscored
the importance of foreign ownership of debts as the key
indicator of vulnerability to the recent crisis faced by emerging
markets (EMs). Since the announcement by the US Federal
Reserve (Fed) of the gradual reduction of its asset-purchasing
program, EMs have witnessed large capital outflows and a
strong weakening of their currency. QNB Group said that a new
IMF study sheds light on why some countries are particularly
vulnerable since a large portion of their debt is in the hands of
foreigners. The study underscores that a number of countries
are particularly vulnerable, including Argentina, Egypt, Poland
and Ukraine. The IMF study estimates the total government debt
of the major 24 EMs to be $9.6tn at the end of June 2013. Of
this, government debt held by foreign institutions was around
$1.4tn or 14.6% of the total government debt. The study further
estimated that more than half ($800bn) of EM government debt
held by foreign institutions had flowed in since 2010.
(Gultimes.com)
 US retains AAA by Fitch, outlook raised on Debt Pact – Fitch
Ratings has changed its outlook on the US AAA credit rating
from negative to stable, joining Moody‟s and S&P in assigning a
stable outlook on the world‟s largest economy. Since S&P
downgraded its rating to AA+ in August 2011, the US‟ record
budget deficits have shrunk, economic growth has accelerated,
the dollar has rallied, stocks have climbed to all-time highs and
Treasuries have strengthened their hold as the world‟s preferred
safe haven. Deficits have fallen from $1tn as stronger economic
growth is forecast by a government agency, reducing the budget
shortfall to a seven-year low as a share of GDP. The
Congressional Budget Office said that the US FY2014 deficit will
narrow down to $514bn, (3% of GDP), from $680bn last year.
The projected gap is down from 9.8% of GDP in 2009, the
widest since 1974, and is now close to the average of the past
four decades. (Bloomberg)
 UK on track to reach borrowing targets – Britain's public
finances showed an underlying improvement in February 2014
as compared to a year earlier, but the gain may not be enough
to meet an ambitious borrowing target set out by Chancellor
George Osborne. Deficit reduction has been Osborne's central
economic policy since Britain's Conservative-led coalition
government came to power in 2010, when Britain's budget gap
was 11% of annual economic output – one of the highest for a
major economy. Recently, Osborne unveiled new forecasts
predicting that the government will borrow £107.8bn this year,
6.4% less than in FY2013, as compared to a 3% reduction
targeted in December. (Reuters)
 ECB will not adopt threshold-based rate guidance – The
European Central Bank‟s (ECB) Vice President Vitor Constancio
said the ECB will not tie its interest-rate policy to specific
economic thresholds. Constancio was referring to the threshold-
based approach to the monetary policy that the US Federal
Reserve abandoned this week after using it for just over a year.
He also dismissed the idea of giving a time-frame for the ECB to
raise rates, saying the idea is even worse than having
thresholds. Recently, Fed Chair Janet Yellen said the US central
bank might raise interest rates in around six months after it
finishes winding down its bond-buying stimulus program. Stocks
and bonds have dropped after her remarks. (Reuters)
 Europe strikes deal to complete banking union – Europe
took the final step to complete a banking union with an agency
to shut failing Eurozone banks, but there will be no joint
government reserve to pay the costs of closures. The
breakthrough has ended an impasse with the European
Parliament, which persuaded Eurozone countries to strengthen
the scheme. It completes the second pillar of banking union,
which starts by the end of this year when the ECB takes over as
the bank watchdog. The ECB will now have the means to shut
down banks that are too weak to survive, reinforcing its role as

4. Page 4 of 6
supervisor as it prepares to run health checks on the still fragile
sector. (Reuters)
 Bloomberg: Top Chinese banks to post slower profit gain
amid reform – Industrial & Commercial Bank of China (ICBC)
and its three largest banking rivals are poised to report the
slowest profit growth since the 2008 financial crisis, amid
surging bad loans and intense competition for deposits. Next
week, ICBC, China Construction Bank, the Agricultural Bank of
China and the Bank of China are likely to report a combined net
income of 791bn yuan ($127bn) for 2013, 11% more than the
previous year. According to a Bloomberg survey, this growth
may slow down to 7% this year, compared with a 17% increase
forecast for the four largest US and European banks.
(Bloomberg)
Regional
 Saudi lender NCB invites banks to pitch for coveted IPO
adviser role – Saudi Arabia's National Commercial Bank (NCB)
has invited banks to pitch for the adviser role on its highly-
anticipated flotation on the kingdom's bourse. The Saudi
government said last month it planned to sell a 15% stake in the
kingdom's largest lender to the public in 2014. According to
banking sources, for investment banks in the kingdom, the share
sale is a must-have mandate to be working on and they were
invited by NCB to pitch for the adviser role on the transaction
earlier this week. (Reuters)
 Tadawul deposits NADEC’s bonus shares – The Saudi Stock
Exchange (Tadawul) announced the addition of bonus shares of
the National Agricultural Development Company‟s (NADEC) into
its investors‟ portfolios. Earlier, NADEC‟s EGM had approved
increasing the company‟s capital via bonus shares. The
fluctuation limits on March 20, 2014 for NADEC‟s shares will be
based on a stock price of SR32. (Tadawul)
 SPC declares SR373mn cash dividend – Sahara
Petrochemical Company‟s (SPC) AGM has approved its board‟s
recommendation for the distribution of 8.5% cash dividend
(SR0.85 per share), amounting to SR373mn for FY2013.
(Tadawul)
 EPCC declares SR373mn cash dividend – The Eastern
Province Cement Company‟s (EPCC) AGM has approved its
board‟s recommendation for the distribution of 35% cash
dividend (SR3.5 per share) to the shareholders. (Tadawul)
 Al-Khodari wins SR144mn municipality contract in Taif –
Abdullah A M Al-Khodari Sons Company (Al-Khodari)
announced that it has gained a SR144mn contract for the
construction of municipality building in Taif from the Ministry of
Municipal & Rural Affairs (Municipality of Taif). The details of
the contract and its duration will be announced later. (Tadawul)
 Riyad Bank to arrange SAIB sukuk – According to sources,
the Saudi Investment Bank (SAIB) has selected the investment
banking arm of Riyad Bank to arrange a subordinated Islamic
bond issue. The sukuk will enhance SAIB‟s Tier 2 or
supplementary capital. (GulfBase.com)
 SEC gets SR49.4bn government loan; awards $110mn order
to ABB – The Saudi Electricity Company (SEC) has been
granted an interest-free loan of SR49.4bn from the Saudi
government to help fund its power generation projects. The loan,
granted by a royal decree, would be disbursed after talks with
the Finance Ministry. Meanwhile, SEC has given an order worth
around $110mn to ABB for constructing substations that will
help boost transmission capacity in the country‟s western region.
The new substations will link the Taif East Governorate to the
national 380 kilovolt (kV) transmission grid. The 110 kV power
supply will serve the settlements of Turbah, Al-Khurmah and
Rania, mitigating the use of diesel-generated power in isolated
areas. The turnkey order includes design, supply, installation
and commissioning of a 380/110 kV bulk supply point substation
and the expansion of the existing remote-end substations in
Bisha and Sised to support the 380 kV grid interconnection.
(GulfBase.com)
 STC completes sale of its stake in AXIS – The Saudi Telecom
Company (STC) has completed the sale transaction of its
subsidiary in Indonesia PT AXIS Telekom (AXIS) to PT XL
Axiata Tbk. STC owns a 80.10% stake directly and a 3.725%
stake indirectly in AXIS. AXIS was sold for an enterprise value of
SR3,243mn on a cash free and debt free basis. The proceeds
from this transaction will be used to settle AXIS' debts with both
its lenders and vendors. (GulfBase.com)
 GSK signs manufacturing deal with Arabio and GSAL –
GSK Vaccines has signed a manufacturing agreement with
Arabio and GSAL to reinforce its vaccine manufacturing
capability in the Kingdom. According to the agreement, GSK will
provide technical know-how to GSAL and Arabio on
manufacturing processes, including training of local employees.
(GulfBase.com)
 Zahid Tractor sells first Bauer drilling rig – Saudi-based
Zahid Tractor said that its rental division has sold the first Bauer
BG39 drilling rig in the Middle East to Huta Foundation Works
Company. The rig will be used for the Madinah Holy Mosque‟s
expansion work. (GulfBase.com)
 UAE bank deposits rise to AED11.2bn in January –
According to the data from the UAE Central Bank, the deposits
grew by AED11.2bn in January and non-resident deposits grew
by AED1.1bn, reaching AED1.29tn. Loans & advances rose
0.8% to AED1.186tn and total bank assets climbed 1.2% to
AED2.05tn at the end of January 2014. The money supply
aggregate declined 0.6% to AED63.5bn in January from
AED63.9bn at the end of December. Meanwhile, the money
supply aggregate M2, which comprises of M1 and quasi-
monetary deposits, increased by 0.2% to AED1.058tn from
AED1.056tn. The money supply aggregate M3, which is M2 plus
government deposits placed at UAE banks, grew 1.1% to
AED1.232.8tn from AED1.2tn during this period. (GulfBase.com)
 UAE inflation reaches 1.8% in February – According to the
data from the National Bureau of Statistics, UAE‟s annual
inflation climbed to 1.8% in February from 1.5% in the previous
month. Housing & utility costs (accounting for 39% of consumer
expenses) rose 2% YoY and 0.2% MoM in February. Food &
beverages prices (14%) increased 2.7% YoY, but fell 0.3%
MoM. (GulfBase.com)
 First Ducab cable consignment reaches Barakah power
plant – The Emirates Nuclear Energy Corporation (ENEC) has
received the first consignment of locally-produced non-class 1E
cables for the UAE‟s nuclear plants. These cables have been
manufactured by the Dubai Cable Company (Ducab) and will be
used for non-class 1E power and lighting in the four units at the
Barakah nuclear site. The first shipment of 324,000ft of non-
class 1E cables out of the total 16mn feet on order was
delivered to ENEC on January 31, 2014. (GulfBase.com)
 Etihad, AirBaltic expand codeshare deal – Latvian carrier
AirBaltic has expanded its codeshare agreement with Etihad
Airways to include routes from Amsterdam, Brussels, Frankfurt,
Munich and Zurich to Abu Dhabi and Riga. The newly-added
routes will see AirBaltic and Etihad offer 37 connecting return
flights per week between Riga and Abu Dhabi, with both airlines
placing their respective BT and EY flight codes on services to

5. Page 5 of 6
and from these cities. Etihad plans to place its EY flight code on
AirBaltic‟s services beyond Riga to Kiev, Tbilisi, Palanga and
Gothenburg. (GulfBase.com)
 CD&R frontrunner for Mauser – According to sources, private
equity firm Clayton Dubilier & Rice (CD&R) is the frontrunner
among four bidders for Germany-based, but Dubai-owned,
packaging group Mauser. Dubai International Capital (DIC) had
asked buyout groups to submit binding bids for Mauser.
(Reuters)
 DP World’s BoD recommends $190.9mn dividend – DP
World‟s board of directors has recommended a total dividend of
$190.9mn (23 cents per share) for 2013. (GulfBase.com)
 Masdar gets new Chairman, CEO – The Mubadala
Development Company announced that Dr. Sultan Ahmed Al
Jaber has been appointed as the board Chairman for Masdar,
Abu Dhabi‟s renewable energy company. Further, Dr. Ahmad
Belhoul will be the CEO of the company. (GulfBase.com)
 ADNH declares 5% cash dividend – Abu Dhabi National
Hotels‟ (ADNH) AGM has approved the board‟s proposal to
distribute 5% cash dividends for the year ended December 31,
2013. (ADX)
 Etihad to lift stake in delisted Air Berlin – According to
sources, German airline Air Berlin will be delisted and Etihad
Airways will raise its stake to 49.9% from existing 30%.
However, Air Berlin‟s German status will be preserved.
(Reuters)
 Kuwait regulator may delay enforcement of governance
rules – Kuwait‟s market watchdog may extend a year-end
deadline for listed companies to comply with new corporate
governance rules, if it finds there are real obstacles. Earlier in
June 2013, Kuwait‟s Capital Markets Authority had issued the
regulations, giving companies time until the end of 2014 to
implement them. These rules include separating the positions of
a company‟s board chairman and chief executive, prompt
disclosure of information to the market, and the setting up of
internal controls and risk management. (Gulf-Times.com)
 NBK: Kuwait’s budget to reach KD21.7bn in FY2014-15 –
According to a report by the National Bank of Kuwait (NBK),
Kuwait government's total spending is likely to reach KD21.7bn
in its draft budget for FY2014-15, up from KD21bn in FY2013-
14. Overall expenditures are set to rise by 3% YoY in budget-on-
budget terms, following a budgeted decline of 1% for the current
fiscal year. The projected rise in spending is driven entirely by
current expenditures, which are set to increase 7% YoY to a
record KD19.6bn. According to NBK, the capital expenditure is
budgeted to drop by a large 20% YoY to KD2bn. The total
government revenues were projected to increase by 11% to a
record KD20.1bn. Oil revenues are expected to rise at a similar
pace to KD18.8bn, while non-oil revenues are projected to rise
at steady 4% to KD1.3bn. (GulfBase.com)
 Mazaya declares 6% dividend – Al Mazaya Holding Company
(Mazaya) has announced 6% dividend for its shareholders.
(GulfBase.com)
 OCC declares 35% dividend – The Oman Cement Company‟s
(OCC) AGM has approved the distribution of 35% dividend (35
baizas per share) to the shareholders. (MSM)
 SPS appoints new Deputy Chairman – Salalah Port Services
Company (SPS) has appointed Ali Mohamed Redha Al Haj Jafar
as Deputy Chairman of the board to replace Peder Sondergaard
with effect from March 20, 2014. (MSM)
 OHTS splits shares, declares 15% cash dividend – Oman
Hotels & Tourism Company‟s (OHTS) EGM has approved
splitting the shares from OMR1 per share to OMR0.1 per share.
It has further approved to amend the issued capital from 5.5mn
shares to 55mn shares and the authorized capital from 7mn
shares to 70mn shares. The company‟s AGM has approved its
board‟s proposal to distribute 15% cash dividend at the rate of
150 baizas per share. (GulfBase.com)
 Oman Air to be split into 3 firms – Oman‟s Minister for
Financial Affairs, Darwish Al-Balushi said that Oman is planning
to split Oman Air to form three different firms, which would
include shipping and ground operations. (GulfBase.com)
 Sohar Port signs PMS deal with Phaeros Group – Sohar Port
& Freezone has signed a contract with Belgian company,
Phaeros Group. Phaeros Group will supply an advanced Port
Management System (PMS) that will allow Sohar to gather
information on vessels planning to call at the port, track vessel
movements and generate invoices for the services provided.
Ships will be able to request for port services online, while
suppliers in the port will be able to access the system directly to
better plan their own resources. Harbour View Plus and BillSys,
the applications designed by Phaeros, will further enhance
Sohar Port & Freezone's credentials. (Bloomberg)
 Bahrain’s inflation climbs to 3.7% – According to the figures
given by Bahrain‟s statistics office, the country‟s inflation
climbed to 3.7% in February. Housing & utility costs (accounting
for 24% of consumer expenses) rose 6.9% YoY in February, but
remained unchanged MoM for the fifth month in a row. Prices of
food & non-alcoholic beverages (16%) increased 6.2% YoY and
3% MoM. (GulfBase.com)
 Esterad declares 10% cash dividend – Esterad Investment
Company‟s (Esterad) AGM has approved the board‟s proposal
for the distribution of 10% cash dividend (10 fils per share) to the
shareholders. (Bahrain Bourse)

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 March 20, 2014) Source: Bloomberg (*Market Closed on March 20, 2014)
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.1%) (0.2%)
0.3%
1.1%
(1.0%) (1.1%)
1.1%
(1.4%)
(0.7%)
0.0%
0.7%
1.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,334.70 0.5 (3.5) 10.7 DJ Industrial 16,302.77 (0.2) 1.5 (1.7)
Silver/Ounce 20.32 0.3 (5.2) 4.4 S&P 500 1,866.52 (0.3) 1.4 1.0
Crude Oil (Brent)/Barrel (FM
Future)
106.92 0.4 (1.5) (3.5) NASDAQ 100 4,276.79 (1.0) 0.7 2.4
Natural Gas (Henry
Hub)/MMBtu
4.32 (1.9) (1.5) (0.7) STOXX 600 327.91 0.1 1.8 (0.1)
North American Spot LPG
Propane Price*
103.25 0.0 (2.3) (18.2) DAX 9,342.94 0.5 3.2 (2.2)
North American Spot LPG
Normal Butane Price*
125.88 0.0 (1.4) (7.8) FTSE 100 6,557.17 0.2 0.4 (2.8)
Euro 1.38 0.1 (0.9) 0.4 CAC 40 4,335.28 0.2 2.8 0.9
Yen 102.25 (0.1) 0.9 (2.9) Nikkei* 14,224.23 0.0 (0.7) (12.7)
GBP 1.65 (0.1) (1.0) (0.4) MSCI EM 944.96 0.5 0.8 (5.8)
CHF 1.13 0.1 (1.2) 1.2 SHANGHAI SE Composite 2,047.62 2.7 2.2 (3.2)
AUD 0.91 0.5 0.6 1.8 HANG SENG 21,436.70 1.2 (0.5) (8.0)
USD Index 80.11 (0.1) 0.8 0.1 BSE SENSEX 21,753.75 0.1 (0.3) 2.8
RUB 36.24 0.2 (1.1) 10.3 Bovespa 47,380.94 0.2 5.4 (8.0)
BRL 0.43 0.1 1.1 1.7 RTS 1,136.21 (1.3) 6.9 (21.2)
163.3
146.0
133.4