1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.4% to close at 12,734.2. Losses were led by the
Transportation and Industrials indices, declining 1.4% and 1.3% respectively.
Top losers were Ezdan Holding Group and Aamal Co. falling 10.0% and 5.0%
respectively. Among the top gainers, Qatar General Ins. & Reins. Co. rose
2.3%, while Mannai Corp. gained 1.6%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 9,731.5. Gains were led
by Media & Pub. and Agri. & Food Ind. indices, rising 6.3% and 1.7%
respectively. Tihama and Al Alamiya Coop. Ins. gained 9.9% each.
Dubai: The DFM index declined 4.1% to close at 4,655.7. The Services index
fell 6.9%, while the Banking Index was down 5.4%. Arabtec Holding declined
8.6%, while National Central Cooling Co. was down 6.9%.
Abu Dhabi: The ADX benchmark index fell 2.5% to close at 4,749.9. The Real
Estate index declined 4.6%, while Services index was down 3.3%.
International Fish Farming Co. fell 9.7%, while Union Ins. Co. was down 9.2%.
Kuwait: The KSE index gained 0.4% to close at 7,379.8. The Oil & Gas index
rose 2.6%, while the Real Estate index was up 0.8%. Flex Resorts & Real
Estate Co. gained 10.0%, while Alrai Media Group Co. was up 8.6%.
Oman: The MSM index rose 0.3% to close at 6,796.7. Gains were led by the
Financial and Services indices, rising 0.6% and 0.1% respectively. National
Gas gained 7.5%, while HSBC Bank Oman was up 2.7%.
Bahrain: The BHB index fell 0.3% to close at 1,450.4. The Commercial
Banking index declined 0.7%, while other indices remained unchanged or
ended in green. BBK fell 1.9%, while Ahli United Bank was down 1.8%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 44.00 2.3 1.0 10.2
Mannai Corp. 117.50 1.6 10.9 30.7
United Development Co. 25.65 1.4 1,218.5 19.1
Masraf Al Rayan 49.90 0.8 1,536.9 59.4
Gulf International Services 96.70 0.7 187.7 98.2
Qatar Exchange Top Vol. Trad. Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 27.10 (10.0) 7,758.0 59.4
Vodafone Qatar 18.05 (0.8) 1,998.1 68.5
Masraf Al Rayan 49.90 0.8 1,536.9 59.4
United Development Co. 25.65 1.4 1,218.5 19.1
Qatar Gas Transport Co. 23.65 (1.5) 1,080.7 16.8
Market Indicators 20 May 14 19 May 14 %Chg.
Value Traded (QR mn) 961.4 947.2 1.5
Exch. Market Cap. (QR mn) 711,644.3 724,123.1 (1.7)
Volume (mn) 22.0 21.2 3.5
Number of Transactions 10,086 10,167 (0.8)
Companies Traded 43 42 2.4
Market Breadth 14:26 4:37 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,989.36 (0.4) (2.8) 28.0 N/A
All Share Index 3,238.72 (0.6) (2.8) 25.2 15.5
Banks 3,097.09 (0.3) (2.6) 26.7 15.4
Industrials 4,320.06 (1.3) (4.1) 23.4 16.8
Transportation 2,283.54 (1.4) (4.2) 22.9 14.7
Real Estate 2,642.76 0.6 (0.5) 35.3 13.2
Insurance 3,228.36 0.5 (2.2) 38.2 8.5
Telecoms 1,706.94 (0.7) (1.2) 17.4 23.9
Consumer 7,009.03 (0.4) (1.2) 17.8 27.4
Al Rayan Islamic Index 4,231.00 (0.3) (2.3) 39.4 18.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Investbank Abu Dhabi 3.30 10.0 402.5 34.9
Tihama Saudi Arabia 365.00 9.9 148.1 232.6
Gulf Pharmaceutical Abu Dhabi 3.35 9.1 1.0 12.7
A. Othaim Market Saudi Arabia 95.08 5.6 1,632.1 52.4
Kuwait Cement Co. Kuwait 0.43 4.9 19.2 17.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 27.10 (10.0) 7,758.0 59.4
Arabtec Holding Co. Dubai 6.24 (8.6) 117,637.1 204.4
Abu Dhabi Nat. Hotels Abu Dhabi 3.20 (8.6) 526.0 3.2
Com. Bank Of Dubai Dubai 5.50 (6.8) 200.0 27.6
Emirates NBD Dubai 9.00 (6.7) 462.1 41.7
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%
Ezdan Holding Group 27.10 (10.0) 7,758.0 59.4
Aamal Co. 17.10 (5.0) 743.8 14.0
Qatari Investors Group 64.60 (2.9) 188.8 47.8
Mesaieed Petrochemical Holding 32.85 (2.8) 1,034.8 228.5
Ahli Bank 51.00 (2.7) 0.5 20.5
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 27.10 (10.0) 216,666.5 59.4
QNB Group 185.00 0.0 96,667.1 7.6
Industries Qatar 179.00 (1.1) 85,321.1 6.0
Masraf Al Rayan 49.90 0.8 76,341.8 59.4
Ooredoo 144.60 (0.6) 41,941.9 5.4
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* 12,734.15 (0.4) (2.8) 0.4 22.7 264.07 195,488.7 15.9 2.2 3.9
Dubai 4,655.71 (4.1) (10.1) (8.0) 38.2 701.71 87,492.9 18.7 1.8 2.2
Abu Dhabi 4,749.87 (2.5) (5.4) (5.8) 10.7 226.59 131,630.8 13.9 1.7 3.6
Saudi Arabia 9,731.46 0.1 (0.8) 1.5 14.0 2,855.81 526,842.6 19.4 2.4 2.9
Kuwait 7,379.79 0.4 (0.3) (0.4) (2.2) 73.20 114,522.5 15.3 1.2 3.8
Oman 6,796.65 0.3 0.9 1.0 (0.6) 13.13 24,683.2 12.4 1.7 3.9
Bahrain 1,450.44 (0.3) (0.9) 1.6 16.1 1.11 53,776.3 10.5 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,650
12,700
12,750
12,800
12,850
12,900
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 0.4% to close at 12,734.2. The
Transportation and Industrials indices led the losses. The index
fell on the back of selling pressure from Qatari shareholders
despite buying support from non-Qatari shareholders.
 Ezdan Holding Group and Aamal Co. were the top losers, falling
10.0% and 5.0% respectively. Among the top gainers, Qatar
General Ins. & Reins. Co. rose 2.3%, while Mannai Corp. gained
1.6%.
 Volume of shares traded on Tuesday rose by 3.5% to 22.0mn
from 21.2mn on Monday. However, as compared to the 30-day
moving average of 30.1mn, volume for the day was 27.1% lower.
Ezdan Holding Group and Vodafone Qatar were the most active
stocks, contributing 35.3% and 9.1% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Bank Al Bilad Moody’s
Saudi
Arabia
LCR /FCR/ BFSR – A2 / P-1 / C- – Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, BFSR- Banking Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support
Rating, LC – Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Egypt Kuwait Holding Co.
(EKH)
Kuwait KD – – – – 6.0 20.5%
Arabi Holding Group Co.
(AGHC)
Kuwait KD – – – – 0.3 24.6%
Mushrif Trading &
Contracting Co. (MTCC)
Kuwait KD – – – – 0.7 27.5%
Al-Massaleh Real Estate Co. Kuwait KD – – – – 0.0 -92.9%
Salbookh Trading Co. (STC) Kuwait KD – – – – 0.1 91.9%
Wethaq Takaful Insurance
Co.
Kuwait KD – – – – 0.3 153.0%
Combined Group
Contracting Co. (CGC)
Kuwait KD – – – – 0.6 -78.0%
Kuwait & Middle East
Financial Investment Co.
(KMEFIC)
Kuwait KD – – – – 0.2 -46.0%
Gulf Finance House (GFH) Kuwait KD – – – – 0.1 -79.6%
Kuwait Real Estate Co.
(KREC)
Kuwait KD – – – – 1.8 9.2%
Alshamel International
Holding Co.
Kuwait KD – – – – 0.1 -81.8%
Global Investment House Bahrain KD 6.1 86.0% – – 3.1 NA
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/20 Germany Destatis PPI MoM April -0.10% 0.00% -0.30%
05/20 Germany Destatis PPI YoY April -0.90% -0.90% -0.90%
05/20 UK ONS CPI MoM April 0.40% 0.30% 0.20%
05/20 UK ONS CPI YoY April 1.80% 1.70% 1.60%
05/20 UK ONS CPI Core YoY April 2.00% 1.80% 1.60%
05/20 UK ONS Retail Price Index April 255.7 256.1 254.8
05/20 UK ONS RPI MoM April 0.40% 0.50% 0.20%
05/20 UK ONS RPI YoY April 2.50% 2.60% 2.50%
05/20 UK ONS RPI Ex Mort Int.Payments (YoY) April 2.60% 2.70% 2.50%
05/20 UK ONS PPI Input NSA MoM April -1.10% -0.20% -0.40%
05/20 UK ONS PPI Input NSA YoY April -5.50% -4.90% -6.30%
05/20 UK ONS PPI Output NSA MoM April 0.00% 0.20% 0.20%
05/20 UK ONS PPI Output NSA YoY April 0.60% 0.70% 0.50%
05/20 UK ONS PPI Output Core NSA MoM April 0.00% 0.10% 0.20%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 53.20% 56.22% (28,900,515.95)
Non-Qatari 46.79% 43.79% 28,900,515.95

3. Page 3 of 6
05/20 UK ONS PPI Output Core NSA YoY April 1.00% 1.00% 1.10%
05/20 UK ONS ONS House Price YoY Mar 8.00% 9.60% 9.20%
05/20 Italy ISTAT Industrial Sales MoM March 0.30% – -1.40%
05/20 Italy ISTAT Industrial Sales WDA YoY March 2.70% – 1.30%
05/20 Italy ISTAT Industrial Orders MoM March 1.30% 0.30% -3.20%
05/20 Italy ISTAT Industrial Orders NSA YoY March 2.80% 3.50% 2.80%
05/20 Italy Banca D'Italia Current Account Balance March 1005M – 298M
05/20 Japan MITI All Industry Activity Index MoM March 1.50% 1.60% -1.10%
05/20 Japan ESRI Leading Index CI March 107.1 – 106.5
05/20 Japan ESRI Coincident Index March 114.5 – 114.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 VFQS’ March 31, 2014 customer base reaches 1,327,000,
which is right in line with our estimate – Vodafone Qatar
(VFQS) continues to expand its mobile customer base in Qatar,
growing its number of customers by 22% YoY to reach
1,327,000 customers as at March 31, 2014. VFQS’ CEO Kyle
Whitehill said that 62% of Qatar’s population is using VFQS’
services every month, which is a great achievement for the
company’s shareholders, staff and partners. Reported mobile
subscriber base came in around 1% below our estimate of
1,340,149. VFQS reports FY2014 results after its board meeting
on May 27, 2014 and we continue to expect improving financial
metrics. We are projecting QR543mn in revenue for 4QFY2014
(+7% QoQ, +25% YoY). We model net loss to decline to
QR50mn versus QR53mn and QR74mn in December 2013 and
March 2013 quarters, respectively. Finally, we continue to
expect VFQS to pay QR0.10 in DPS for FY2014. We rate VFQS
an Underperform with a price target of QR13.95. (VFQS Press
release, QNBFS Research)
 CEBR: Qatar must boost manufacturing base, labor
productivity – According to a report by the Centre for
Economics & Business Research (CEBR), a partner of the
global body of chartered accountants (ICAEW), with global oil
prices expected to decline in the long term, Qatar must step up
efforts to strengthen its manufacturing base and enhance labor
productivity. CEBR said commodities account for 93% of Qatar’s
total goods exports by value, while manufacturing activities
account for less than 10% of goods export revenues. ICAEW’s
Executive Director Vernon Soare said strong investment will
continue to see growth in Qatar outpacing the rest of the world.
But the prospect of falling oil prices due to increasing global
supply, will put pressure on the Gulf country to diversify and
grow its high-tech manufacturing industries. (Gulf-Times.com)
 Real estate market sees revival again – After weeks of
stagnation, Qatar’s real estate market has begun to show signs
of revival, which is evident from QR1.63bn worth of transactions
concluded in the week ended on May 15, 2014. Around 242
transactions were recorded by the Real Estate Registration
Department at the Ministry of Justice in the week from May 11 to
15, 2014. According to sources, the total value was QR1.63bn,
up from less than QR1bn worth of deals in the previous weeks.
Meanwhile, real estate expert, Khalifa Al Muslemani said that
the demand for real estate was high at the moment and the
sector is set to witness 25% growth in the first half of this year
over the corresponding period of 2013, fuelled by demand.
(Peninsula Qatar)
 Mesaimeer tunnel work begins – The Public Work Authority’s
(Ashghal) President Engineer Nasser bin Ali Al Mawlawi
inaugurated the excavation works for Mesaimeer Surface &
Ground Water Tunneling, a significant project undertaken to
enhance Qatar’s drainage network. Excavation is being carried
out by technologically advanced tunnel boring machines that are
being used for the first time in Qatar. The tunnel will run under
F-Ring Road, stretching 9.7 kilometers. It will run 5.4 kilometers
from Al Thummama to the west and 4.3 kilometers to the east to
the planned pumping station near the new Hamad International
Airport. The tunnel will alleviate Doha’s storm water by
transporting it from a 170km catchment area, covering southern
and western parts of greater Doha. (Peninsula Qatar)
International
 US export control reforms help US firms – According to a US
Commerce Department official, export control reforms are
helping companies in the US to sell more goods overseas at a
time when US defense spending is declining. Commerce
Undersecretary Eric Hirschhorn said that moving some items
from the State Department's tightly controlled munitions list to
the Commerce Department's list of items that could be more
easily exported to allies was speeding up the export process
and helping US companies. He said it would also eliminate the
ability of US competitors to market their products as ITAR-free
or not requiring tough reviews required under the US
International Traffic in Arms Regulations (ITAR) law. Hirschhorn
added there has been more receptiveness among European
allies to buy parts that are under the Commerce Department's
jurisdiction. (Reuters)
 ONS: UK inflation rises for first time in 10 months in April –
British inflation rose in April for the first time in 10 months, but as
the increase was partly due to a late Easter holiday, which
pushed up transport costs, it was unlikely to alter interest rate
expectations. Data from the Office for National Statistics (ONS)
showed that growth in house prices eased in March, potentially
tempering concerns about a bubble brewing in the property
market, although more up-to-date surveys have shown prices
are picking up again. ONS said the consumer price index rose
more than expected to an annual rate of 1.8% in April, from
1.6% in March, which had been its lowest level in four years. It
was the first rise in the CPI since June 2013, which was above a
Reuters poll forecast of 1.7% in April. (Reuters)
 MoF: Japan’s export growth remains tepid, dims outlook –
Exports from Japan rose for the 14th straight month in April, but
shipments to the US slowed, underlining concerns that the
world's third-largest economy remains vulnerable to any fall in
external demand. Data from the Ministry of Finance (MoF)
showed that exports rose 5.1% in YTD-April 2014, as compared
to a 4.8% gain expected by economists and a 1.8% rise in
March. On a seasonally adjusted basis, exports rose a meager
0.6% in April from the previous month. With export growth below
last year's levels as the effect of a weaker yen wears off,
policymakers are becoming less confident of a lasting export
upturn that would cushion a dip in domestic spending after
Japan raised its sales tax to 8% from 5% on April 1, 2014.
Analysts say the Bank of Japan may act if the trade

4. Page 4 of 6
performance falls short – a side effect of many firms moving
production facilities offshore to escape the yen's strength.
(Reuters)
 China employment situation stable in first four months –
The Chinese labor ministry said that employment in China was
basically stable in the first four months of 2014, with around
4.7mn new jobs created in cities. The ministry said that its
priority is to help new graduates find work. Beijing has
repeatedly stressed that employment is the first priority for the
government, and economists also say it is the top factor that
may trigger big-scale stimulus measures, if the economy
continues to lose momentum. (Reuters)
Regional
 Kingdom to spend additional SR80bn on education – Saudi
Education Minister, Prince Khaled Al-Faisal, said that the
Kingdom will spend an additional SR80bn to overhaul the
country’s education system under a five-year plan. King
Abdullah approved the plan, which includes building 1,500
nursery schools, training about 25,000 teachers, and
establishing educational centers. Further, King Abdullah has
approved an executive plan for a public education development
project, which covers the provision of education through the
private sector, linking schools with a broadband internet system,
smart classrooms, computer systems for e-learning, setting up
specialized schools, support for clubs, construction of new
buildings, maintenance of existing schools, and enhancing
safety systems. (GulfBase.com)
 WALAA appoints advisor to manage rights issue – Saudi
United Cooperative Insurance Company (WALAA) has assigned
Al Jazira Capital as the financial advisor to manage its offering
rights issue. (Tadawul)
 UCA appoints advisor to manage rights issue – United
Cooperative Assurance Co. (UCA) has assigned BMG Financial
Group as the financial advisor to manage its offering rights
issue. (Tadawul)
 Zamil Towers & Galvanizing wins SR120mn contract from
AETCON – Zamil Industrial Investment Company’s subsidiary,
Zamil Towers & Galvanizing Company Ltd., has been awarded a
contract worth SR120mn by the Arabian Electrical Transmission
Line Construction Company (AETCON). The contract is for
supply of lattice transmission line towers and gantries for the
380kV overhead transmission lines between Tabarjal Bulk
Supply Point (BSP) and Waad Al Shamaal BSP, as well as
between Qurayyat BSP and Waad Al-Shamaal BSP, owned by
the Saudi Electricity Company (SEC). The duration of the
contract is 16 months, with the company set to begin supply of
the towers and gantries in 3Q2014. (Tadawul)
 Saudi CMA approves Bahri’s SR787.5mn capital increase –
Saudi CMA’s board has approved the National Shipping
Company of Saudi Arabia’s (Bahri) request to increase its
capital from SR3.15bn to SR3.94bn. The company intends to
use the proceeds to merge the fleet and operations of Vela
International Marine Ltd with itself. (Tadawul)
 Al-Khodari Sons signs ICF agreement for SR300mn; renews
ICF deal with ARB – Abdullah A. M. Al-Khodari Sons Company
(Al-Khodari Sons) has signed an Islamic credit facilities (ICF)
agreement with Bank Al Bilad for SR300mn. 33% of the facilities
shall be utilized under Murabaha financing and 67% are for
multi-bonds and documentary credit till the expiry of credit
agreement, which may be renewed after March 29, 2015.
Similarly, Al-Khodari Sons signed a renewal of its Islamic credit
facilities agreement with Al Rajhi Bank (ARB) for SR245mn.
61% of the facilities shall be utilized under Murabaha financing
and 39% are for multi-bonds and documentary credit till their
expiry, which may be renewed after March 31, 2015. Both the
facilities are secured by promissory notes and assignment of the
contract proceeds of specific financed projects. The company
intends to use the proceeds for providing bonding commitments,
fund capital requirements, working capital and for general
corporate purposes. (Tadawul)
 Saudi central bank sees gradual easing of inflation in
2Q2014 – Saudi's central bank is expecting the country’s annual
inflation rate to continue easing gradually in 2Q2014. Consumer
price growth in Saudi Arabia has been easing gradually since
hitting a peak of 4.0% in April 2013. It edged up marginally to
2.7% in April 2014 from 2.6% in March. (Reuters)
 Saudi Aramco to build three new refineries – The Saudi
Arabian Oil Company (Saudi Aramco) is planning to build three
fully-transformative refineries at 400,000 bpd each. The
company is building the refineries in Jazan, Satorp, a JV with
Total, Yaserf, a JV with Sonic, in addition to building or
expanding two world-class chemical complexes: Sadara
complex, a JV with Daewoo Chemical and Petro Rabigh
complex, a JV with Somitomo Chemical. (GulfBase.com)
 GS E&C wins $1.44bn UAE crude oil processing plant
contract – South Korea-based GS Engineering & Construction
Corporation (GS E&C) has won a $1.44bn contract for crude oil
processing plant in the UAE by forming a consortium with a local
partner. The third phase of the Rumaitha-Shanayel oil field
expansion project calls for GS E&C to build most of the facilities
related to oil processing, with its partner Dodsal to handle the
design and construction of the oil & gas pipelines and support
facilities. GS E&C will hold a 51% stake, while the remaining
stake will be held by Dodsal. GS E&C share of the project,
ordered by the Abu Dhabi Company for Onshore Oil Operations,
stands at $730mn. (Bloomberg)
 Etisalat bids for minority stakes in Maroc Telecom –
Emirates Telecommunications Corporation (Etisalat) has made
a full bid for minority shareholdings in Maroc Telecom. Etisalat
had recently bought Vivendi’s 53% stake in Maroc Telecom for
€4.14bn. Further, the company has agreed to sell its operations
in several West African countries to Maroc Telecom for $650mn
in a move to unify its African units. (Reuters)
 Emirates GBC signs SLA with DCL – Emirates Green Building
Council (Emirates GBC) has signed a service level agreement
(SLA) with the Dubai Central Laboratory (DCL) for testing of
green building materials and products. As per the agreement,
DCL will perform the required tests and certify the products and
materials of Emirates GBC’s members as per international
standards. (GulfBase.com)
 ADPC Marine Services moves entire fleet to Tasneef – Abu
Dhabi Ports Company (ADPC) has moved its entire fleet of tug
boats operated by its subsidiary ADPC Marine Services to the
UAE’s classification society, Tasneef. The new contracts will
cover each vessel for five years and will give Tasneef the
authority to inspect the vessels for adherence to international
accredited technical standards. Tasneef will carry out regular
surveys of vessels to ensure continuing compliance.
(GulfBase.com)
 ADIB signs preliminary deal in $2bn Amlak debt overhaul –
Abu Dhabi Islamic Bank (ADIB) has signed a tentative
agreement for $2bn debt overhaul with mortgage company,
Amlak Finance. The prospective accord includes a temporary
waiver on a certain part of the principal. ADIB is a part of a six-
member creditor committee negotiating Amlak’s debt
restructuring. The committee, chaired by Emirates NBD,

5. Page 5 of 6
includes Standard Chartered, Dubai Islamic Bank, Dubai’s
Department of Finance and the National Bonds Corp.
(Bloomberg)
 Al Batinah Power, Al Suwadi Power IPOs open – Al Batinah
Power Company and Al Suwadi Power Company have
announced the opening of their IPOs for subscription in Oman,
which will culminate with a listing of their respective shares on
the Muscat Securities Market. The founding shareholders are
selling these shares to the public to comply with their obligations
in project founders’ agreements signed with government-owned
Electricity Holding Company in 2010. Their IPOs, which opened
on May 11, 2014, will close on June 09, 2014. It is open for both
Omani and non-Omani investors. (Bloomberg)
 CBO approves stake raising requests from Omnivest, OHTC
– The Central Bank of Oman (CBO) has approved Oman
International Development & Investment Company’s (Omnivest)
request to increase its stake in the National Finance Company
from 24.22% to 35%. Additionally, CBO has approved Oman
Hotels & Tourism Company’s (OHTC) application to raise its
holding in the United Finance Company from 20.44% to 35%.
Further, the CBO’s board approved an application of finance
companies to allow them to extend finance for building
warehouses. (Bloomberg)
 CBO: Omani banks can withstand severe shocks – The
Central Bank of Oman (CBO) said Omani banks have enough
capital to withstand the impact of severe shocks to the country’s
economy, after conducting stress tests on the banking system.
Oman, which pegs its rial to the US dollar, has a conservative
approach to financial regulation and many banks operating in
the country are mainly focused on the Sultanate or the Gulf
region, which limits exposure to external shocks. The country is
also grappling with rising pressure on its public finances after it
ramped up spending by more than 27% from 2011 to 2013,
mainly on welfare schemes and thousands of new state jobs.
(Peninsula Qatar)
 GIB raises SR2bn with bond issue – Bahrain-based Gulf
International Bank (GIB) has announced the successful
completion of a senior unsecured SR2bn five-year floating rate
notes issuance. The notes were issued at a spread of 72.5 basis
points above three-month Saudi Arabia Interbank Offered Rate
(SAIBOR). The order book was more than 1.7 times
oversubscribed, reaching SR3.4bn. The joint lead managers and
book runners for the offering were GIB Capital, NCB Capital
Company, Samba Capital and the Investment Management
Company and Saudi Fransi Capital. (GulfBase.com)
 Investcorp hires JPMorgan for Esmalglass sale – According
to sources, Investcorp Bank has hired JPMorgan Chase &
Company to sell Spanish ceramics-products maker, Esmalglass.
The transaction may value Esmalglass at about €800mn.
Investcorp’s preferred option is a sale to a private-equity firm or
another manufacturer, but there is also a possibility of an IPO. In
August 2012, Investcorp bought a majority stake in Esmalglass
from 3i Group in a deal valued at about €200mn. (Bloomberg)
 ABG plans sukuk issues – Al Baraka Banking Group (ABG) is
planning to issue subordinated Islamic bonds through its South
African and Pakistani units to boost its regulatory capital.
(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
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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%
(0.4%)
0.4%
(0.3%)
0.3%
(2.5%)
(4.1%)(4.8%)
(3.6%)
(2.4%)
(1.2%)
0.0%
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 1,294.37 0.1 0.1 7.4 DJ Industrial 16,374.31 (0.8) (0.7) (1.2)
Silver/Ounce 19.41 0.3 0.2 (0.3) S&P 500 1,872.83 (0.6) (0.3) 1.3
Crude Oil (Brent)/Barrel (FM
Future)
109.69 0.3 (0.1) (1.0) NASDAQ 100 4,096.89 (0.7) 0.2 (1.9)
Natural Gas (Henry
Hub)/MMBtu
4.52 0.2 2.2 4.1 STOXX 600 338.32 (0.1) (0.2) 3.1
LPG Propane (Arab Gulf)/Ton 102.75 1.0 2.4 (18.8) DAX 9,639.08 (0.2) 0.1 0.9
LPG Butane (Arab Gulf)/Ton 120.13 0.2 1.2 (11.5) FTSE 100 6,802.00 (0.6) (0.8) 0.8
Euro 1.37 (0.1) 0.1 (0.3) CAC 40 4,452.35 (0.4) (0.1) 3.6
Yen 101.33 (0.2) (0.2) (3.8) Nikkei 14,075.25 0.5 (0.2) (13.6)
GBP 1.68 0.1 0.2 1.7 MSCI EM 1,029.91 (0.5) (0.2) 2.7
CHF 1.12 0.0 0.1 0.1 SHANGHAI SE Composite 2,008.12 0.1 (0.9) (5.1)
AUD 0.92 (0.9) (1.3) 3.7 HANG SENG 22,834.68 0.6 0.5 (2.0)
USD Index 80.04 0.1 (0.0) 0.0 BSE SENSEX 24,376.88 0.1 1.1 15.1
RUB 34.52 (0.1) (0.7) 5.0 Bovespa 52,366.19 (1.8) (3.0) 1.7
BRL 0.45 (0.4) (0.1) 6.7 RTS 1,298.64 0.7 2.9 (10.0)
183.0
151.5
138.6