The QE index in Qatar rose 0.8% led by gains in the insurance and industrial indices. Qatar Insurance Co. and Ezdan Holding Group were the top gainers rising 10% each. Across the GCC, markets were mostly higher with Dubai gaining 2.2% and Saudi Arabia up 0.4%.

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.8% to close at 13,174.7. Gains were led by the Insurance
and Industrials indices, gaining 6.6% and 1.4% respectively. Top gainers were
Qatar Insurance Co. and Ezdan Holding Group, rising 10.0% each. Among the
top losers, Qatari Investors Group fell 2.3%, while Qatar General Ins. & Reins.
Co. declined 1.1%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.4% to close at 9,816.2. Gains were led
by Hotel & Tourism and Insurance indices, rising 2.2% and 1.5% respectively.
National Agri. Dev. Co. gained 9.9% and Al Ahsa Dev. Co. rose 9.6%.
Dubai: The DFM index gained 2.2% to close at 5,327.2. The Industrial index
gained 13.1%, while the Real Estate & Construction index rose 3.8%. National
Cement Co. rose 13.1%, while Arabtec Holding was up 11.7%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 5,035.2. The
Telecommunication index gained 1.8%, while the Real Estate Index was up
1.4%. Union Cement Co. surged 14.4%, while Gulf Pharm. Ind. gained 3.9%.
Kuwait: The KSE index gained 0.2% to close at 7,403.6. The Basic Material
index gained 2.4%, while Oil & Gas index was up 1.2%. National Petroleum
Services Company rose 8.8%, while Tamdeen Investment Co. was up 7.7%.
Oman: The MSM index rose 0.2% to close at 6,761.3. Gains were led by the
Financial and Industrial indices, rising 0.3% and 0.1% respectively. Bank
Muscat gained 1.9%, while National Aluminum Products was up 1.7%.
Bahrain: The BHB index fell 0.3 to close at 1,468.4. The Investment index
declined 1.6%, while the Services index was down 0.5%. Arab Banking
Corporation fell 3.8%, while Khaleeji Commercial Bank was down 1.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Insurance Co. 81.40 10.0 486.6 53.0
Ezdan Holding Group 27.50 10.0 1,273.6 61.8
Aamal Co. 17.71 10.0 1,631.8 18.1
Gulf Warehousing Co. 57.00 4.6 65.3 37.3
Mannai Corp. 119.90 2.5 47.3 33.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.41 (1.1) 3,208.1 71.9
Qatar Gas Transport Co. 25.10 0.6 2,298.6 24.0
Aamal Co. 17.71 10.0 1,631.8 18.1
Qatar & Oman Investment Co. 14.80 1.0 1,613.6 18.2
Barwa Real Estate Co. 38.00 (0.7) 1,553.1 27.5
Market Indicators 13 May 14 12 May 14 %Chg.
Value Traded (QR mn) 1,015.0 1,034.0 (1.8)
Exch. Market Cap. (QR mn) 738,468.5 726,371.5 1.7
Volume (mn) 23.5 21.5 9.1
Number of Transactions 11,410 9,738 17.2
Companies Traded 42 43 (2.3)
Market Breadth 29:11 21:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,646.38 0.8 1.6 32.5 N/A
All Share Index 3,353.16 1.0 1.5 29.6 16.1
Banks 3,203.02 0.8 1.3 31.1 15.9
Industrials 4,532.41 1.4 2.4 29.5 17.7
Transportation 2,414.29 1.2 2.1 29.9 15.5
Real Estate 2,628.70 (0.5) 0.9 34.6 13.2
Insurance 3,427.29 6.6 5.6 46.7 9.0
Telecoms 1,727.21 (0.2) (0.9) 18.8 24.1
Consumer 7,094.48 0.2 (0.5) 19.3 28.4
Al Rayan Islamic Index 4,319.51 0.3 0.9 42.3 18.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 7.38 11.6 217,066.0 260.0
Qatar Insurance Co. Qatar 81.40 10.0 486.6 53.0
Ezdan Holding Group Qatar 27.50 10.0 1,273.6 61.8
Aamal Co. Qatar 17.71 10.0 1,631.8 18.1
Ithmaar Bank Bahrain 0.17 6.3 90.8 (26.1)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 288.08 (5.2) 1,094.3 162.5
Arab Banking Corp. Bahrain 0.76 (3.8) 69.0 101.3
Aramex Dubai 3.22 (2.7) 1,854.0 5.9
Ajman Bank Dubai 3.06 (2.5) 341.0 23.4
Qatari Investors Group Qatar 64.50 (2.3) 606.9 47.6
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%
Qatari Investors Group 64.50 (2.3) 606.9 47.6
Qatar General Ins. & Reins. Co. 44.30 (1.1) 3.8 11.0
Vodafone Qatar 18.41 (1.1) 3,208.1 71.9
Salam International Inv. Co. 14.39 (0.7) 1,075.0 10.6
Barwa Real Estate Co. 38.00 (0.7) 1,553.1 27.5
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Co. 230.90 0.0 100,867.8 5.7
Masraf Al Rayan 50.30 0.6 63,279.4 60.7
QNB Group 196.60 1.3 62,982.4 14.3
Vodafone Qatar 18.41 (1.1) 59,984.6 71.9
Barwa Real Estate Co. 38.00 (0.7) 59,486.5 27.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 13,174.74 0.8 1.6 3.9 26.9 278.81 202,857.3 16.4 2.2 3.8
Dubai 5,327.19 2.2 0.5 5.3 58.1 816.15 97,219.7 21.8 2.1 2.0
Abu Dhabi 5,035.19 0.6 (0.1) (0.2) 17.4 221.84 137,526.5 14.9 1.9 3.4
Saudi Arabia 9,816.19 0.4 0.3 2.4 15.0 3,192.01 534,051.3 19.5 2.4 2.9
Kuwait 7,403.60 0.2 (0.0) (0.1) (1.9) 94.12 115,352.1 15.5 1.2 4.0
Oman 6,761.34 0.2 (0.9) 0.5 (1.1) 19.63 24,512.2 12.1 1.7 3.9
Bahrain 1,468.37 (0.3) (0.2) 2.9 17.6 15.68 54,045.0 10.6 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
13,050
13,100
13,150
13,200
13,250
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 0.8% to close at 13,174.7. The Insurance and
Industrials indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Qatar Insurance Co. and Ezdan Holding Group were the top
gainers, rising 10.0% each. Among the top losers, Qatari
Investors Group fell 2.3%, while Qatar General Ins. & Reins. Co.
declined 1.1%.
 Volume of shares traded on Tuesday rose by 9.1% to 23.5mn
from 21.5mn on Monday. However, as compared to the 30-day
moving average of 30.6mn, volume for the day was 23.4% lower.
Vodafone Qatar and Qatar Gas Transport Co. were the most
active stocks, contributing 13.7% and 9.8% 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
Damac Properties Co. Dubai USD 864.0 NA – – 210.0 79.5%
Emirates Refreshments
(ERC)
Dubai AED 16.6 18.8% -0.5 NA -0.4 NA
Dubai National Insurance &
Reinsurance (DNIR)
Dubai AED 20.0 42.6% 8.2 6.5% 10.7 11.7%
Waha Capital Abu Dhabi AED – – – – 152.0 78.8%
Ras Al Khaimah Co. for
White Cement &
Construction Materials (Rak
White Cement)
Abu Dhabi AED 95.9 -14.7% – – 13.8 -35.1%
Al Fujairah National
Insurance Co. (AFNIC)
Abu Dhabi AED 29.9 2.7% 3.4 -58.0% 5.0 -34.7%
Emirates Driving Co. (EDC) Abu Dhabi AED 44.3 13.1% – – 14.2 19.8%
Tamdeen Real Estate Co. Kuwait KD – – – – 3.8 35.9%
HumanSoft Holding Co. Kuwait KD – – – – 1.4 47.6%
Salhia Real Estate Co.
(SREC)
Kuwait KD – – – – 2.6 1.6%
Ikarus Petroleum Industries
Co. (IIPC)
Kuwait KD – – – – 2.8 63.3%
Bahrain Car Park Co.
(BCPC)
Bahrain BHD 0.4 -5.6% 0.4 2.6% 0.4 1.5%
Bahrain National Holding
Co. (BNH)
Bahrain BHD 3.5 – 0.6 7.7% 1.6 30.4%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/13 US NFIB NFIB Small Business Optimism April 95.2 94.5 93.4
05/13 US US Census Bureau Retail Sales Advance MoM April 0.10% 0.40% 1.50%
05/13 US US Census Bureau Retail Sales Control Group April -0.10% 0.50% 1.30%
05/13 US BLS Import Price Index MoM April -0.40% 0.30% 0.40%
05/13 US BKS Import Price Index YoY April -0.30% 0.30% -0.60%
05/13 US US Census Bureau Business Inventories March 0.40% 0.40% 0.50%
05/13 EU ZEW ZEW Survey Expectations May 55.2 – 61.2
05/13 France Banque De France Current Account Balance March -1.5B – -1.4B
05/13 Germany Destatis Wholesale Price Index MoM April 0.20% – 0.00%
05/13 Germany Destatis Wholesale Price Index YoY April -1.30% – -1.70%
05/13 Germany ZEW ZEW Survey Current Situation May 62.1 60.5 59.5
05/13 Germany ZEW ZEW Survey Expectations May 33.1 40.0 43.2
05/13 UK BRC BRC Sales Like-For-Like YoY April 4.20% 1.60% -1.70%
05/13 Spain INE House transactions YoY March 22.80% – -27.60%
05/13 Italy ISTAT CPI EU Harmonized YoY April 0.50% 0.60% 0.50%
05/13 China NBS Fixed Assets Ex Rural YTD YoY April 17.30% 17.70% 17.60%
05/13 China NBS Retail Sales YTD YoY April 12.00% 12.00% 12.00%
05/13 China NBS Retail Sales YoY April 11.90% 12.20% 12.20%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.07% 62.18% (21,429,036.91)
Non-Qatari 39.93% 37.82% 21,429,036.91

3. Page 3 of 6
05/13 China NBS Industrial Production YTD YoY April 8.70% 8.70% 8.70%
05/13 China NBS Industrial Production YoY April 8.70% 8.90% 8.80%
05/13 Japan Bank of Japan Money Stock M2 YoY April 3.40% 3.40% 3.60%
05/13 Japan Bank of Japan Money Stock M3 YoY April 2.80% 2.80% 2.90%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MoI to unveil labor law changes today – The much-awaited
amendments to labor laws in Qatar will be announced by the
Ministry of Interior (MoI) today. HE the Assistant Foreign
Minister for International Cooperation Sheikh Mohamed bin
Abdurrahman bin Jassim al-Thani stated that the review was
intended to promote and protect the rights of migrant workers.
Sheikh Mohamed, who is also head of Qatar’s delegation to the
UN Human Rights Council, explained that Qatar has dealt
positively and openly with all the remarks regarding the hosting
of the FIFA World Cup 2022, stressing that it would be a great
incentive for the government to fulfill all requirements
contributing to the event’s success. Two of the most eagerly-
awaited changes are the abolition of the exit permit and a two-
year employment ban on those who quit service and leave the
country. The sponsorship law currently demands that all foreign
workers have to secure an exit permit to leave the country.
(Gulf-Times.com)
 Ashghal signs QR38.52bn deals for expressways - The
Public Work Authority (Ashghal) has signed deals worth
QR38.52bn so far to build expressways across the country.
Eleven of these projects worth QR18.21bn are under
construction and are scheduled to be completed in 2014.
(Peninsula Qatar)
 Project Qatar to discuss $200bn projects - The Project Qatar
2014 expo hosted different ministries, government sector
officials, embassies, decision-makers and industry professionals
from the construction sector on its first day. The event is
expected to see discussions on various business deals for
projects worth around $200bn that are in the pipeline in Qatar in
the run-up to the 2022 FIFA World Cup as well as achieving the
Qatar National Vision 2030. (Bloomberg)
 PwC: Qatar hotels to see gain in room revenues in 2014-15
– According to PricewaterhouseCoopers (PwC), Qatar’s
hospitality industry may see positive growth in occupancy and
average daily rates (ADR), driving revenue per available room
(RevPAR) up by 5.2% in 2014 and 5.4% in 2015. PwC found
that hotels recorded 1.3mn visitors in 2013, which is an increase
of 8.3% from 2012. (Gulf-Times.com)
 Singapore–Qatar trade volume grows to $8bn in 2013 –
Singapore’s Ambassador to Qatar Wong Kwok Pun said the
trade volume between Qatar and Singapore has reached $8bn
in 2013, indicating a slight increase of 2% as compared to
$7.8bn in 2012. He noted that the Singapore’s bilateral trade
with Qatar is very strong. (Gulf-Times.com)
 Qatar Re appoints Global Head of Claims – Qatar Re has
appointed Andrew Deighton as its Global Head of Claims,
effective May 1, 2014. Further, Michael Roth has been promoted
to Head of International Property Catastrophe, effective May 1,
2014 and Marc Tueller has been promoted to Head of
Agriculture, effective June 1, 2014. (GulfBase.com)
 Ooredoo signs 3 Murabaha facilities for $498mn – Ooredo
signed three commodity Murabaha facilities for a total value of
$498mn. The three one-year tenor facilities worth $166mn each
were agreed with Qatar Islamic Bank, Masraf Al Rayyan and
Barwa Bank, and will be used for general corporate purposes.
The latest set of Murabaha facilities follows the $1.25bn, five-
year sukuk Islamic bond launched by Ooredoo in November
2013. The benchmark-sized US dollar sukuk will mature on
December 3, 2018 and have a profit rate of 3.039%. (Qatar
Tribune)
 MCCS’ BoD to meet on June 2 – Mannai Corporation’s
(MCCS) board of directors will meet on June 2, 2014 to discuss
the progress of the company’s business. (QE)
International
 BoE’s Carney to tread fine line on growth, rates – The Bank
of England’s (BoE) Governor Mark Carney faces a difficult
balancing act when he will try to acknowledge Britain's strong
economic recovery without adding to expectations of an early
rise in interest rates. Britain is set to grow about 3% this year,
faster than any other big, industrialized nation, and house prices
in the country have jumped by about 10% over the past 12
months, raising fears of a new property bubble. However, the
economy is just recovering to its size seen before the financial
crisis, having taken far longer than most of its peers to get
growth going again. The BoE believes the recovery can continue
apace without pushing up inflation. Pressure is growing on
Carney to show that the central bank will not raise its record-low
borrowing costs too late. (Reuters)
 French president faces voter angst over rising taxes,
spending cuts – French President Francois Hollande has
sought to pacify voter angst about rising taxes and spending
cuts by predicting that the country’s economic recovery is now at
hand. However, the rebound is nowhere in sight. GDP probably
advanced by just 0.1% in the first quarter, according to
Bloomberg News’ median of 28 forecasts. The official figures
are due tomorrow, the same day chosen by public sector
workers to protest against a wage freeze in place since 2010.
Further, a week later, the French have to file their tax returns,
with many having to pay more than before. French joblessness
still remains at a record level of more than 3 million. The
economic struggle has translated into record low popularity
ratings for the Socialist French president, who took office two
years ago and has three more years to go. (Bloomberg)
 BoJ to watch El Nino for summer spending slowdown – The
Bank of Japan (BoJ) officials are concerned about the cooler-
than-normal weather triggered by El Nino will curb spending this
summer and weigh on an economic rebound after a sales-tax
increase. The officials are watching out for potential weakening
in consumer spending and sentiment that could add to risks
facing the Japanese economy from weak exports and
developments in Ukraine. With an export recovery that could be
gradual, the effects of El Nino require close monitoring. The
Japan Meteorological Agency this week forecast a 70% chance
El Nino will occur, the highest since its last occurrence in 2009,
bringing lower temperatures that could continue through
autumn. Meanwhile, Dai-ichi Life Research Institute Economist
Toshihiro Nagahama warns that cooler weather could reduce
growth by as much as 0.9% point in the third quarter.
(Bloomberg)
 PBoC calls for faster home lending in slump – China’s
central bank called on the nation’s biggest lenders to accelerate

4. Page 4 of 6
the granting of mortgages, a sign that developer price cuts and
incentives alone will not boost a slumping housing market and
economy. The People’s Bank of China (PBoC) told 15 leading
banks to improve efficiency of service, give timely approval for
mortgages to qualified buyers. It also urged lenders to give
priority to families buying their first homes and strengthen their
monitoring of credit risks. Chinese Premier Li Keqiang is seeking
to prevent a slowdown in the world’s second-largest economy.
However, the housing market has become a drag on growth as
developers, facing a surplus of empty units and falling sales,
have put the brakes on new construction. According to data from
the National Bureau of Statistics, home sales fell 18% in April
from the previous month. (Bloomberg)
Regional
 OPEC sees balanced market, signals no big policy change
in June – The OPEC said its current oil output is helping to
meet global demand fully and leading to a balanced oil market in
2014, providing another sign that the exporter group is unlikely
to alter output policy at its meeting on June 11. In its monthly
report, the OPEC also raised the forecast demand for its crude
oil in 2014 to 29.76mn bpd, up 110,000 bpd from the previous
estimate. OPEC’s report said along with the ongoing increase in
non-OPEC supply, the current OPEC production will contribute
to fully meet expected demand, resulting in a fairly balanced
market this year. The report adds to indications that the OPEC's
upcoming meeting is unlikely to come up with major surprises.
(Reuters)
 BSFR plans SR2bn Tier 2 Sukuk issue – According to
sources, Banque Saudi Fransi (BSFR) is planning to raise
SR2bn to boost its capital base. BSFR’s investment banking
arm, Saudi Fransi Capital, will help arrange the sale, which is
expected to be take place within the next month. The issue will
diversify its funding base and reduce its maturity mismatch
position. (Bloomberg)
 Hertz expands equipment rental business in Kingdom –
Hertz Dayim Equipment Rental (Hertz) has opened a new
equipment rental location in Riyadh to serve the multi-billion
dollar initiatives in infrastructure, construction, event services
and industrial sectors in the Central Province. Hertz is now a
registered vendor with multiple contractors working for the
$22bn Riyadh Metro project that is taking place over a five-year
period. Hertz’s Riyadh operation will rent and sell equipment as
well as provides comprehensive fleet management services.
(GulfBase.com)
 KSA, Tajikistan sign double taxation agreement – The
Kingdom of Saudi Arabia (KSA) and Tajikistan have signed an
agreement to avoid double taxation and prevent tax evasion on
income and capital. The agreement was signed by Saudi
Finance Minister Dr. Ibrahim bin Abdulaziz Al-Assaf and
Tajikistan's Finance Minister Abdusalom Qurbonov on the
sidelines of the First Arab Cooperation & Economic Forum with
Central Asia and Azerbaijan. (Bloomberg)
 Zahid Group acquires 30% stake in Total Maroc – Jeddah-
based Zahid Group has acquired a 30% stake in Total Maroc.
Total Maroc is currently preparing an initial public offering on the
Casablanca Stock Exchange, which would allow investors to
acquire 15% of the shares of Total Maroc. This agreement
enables Zahid Group to reinforce its strategic relationship with
Total, while contributing to a promising Saudi-Moroccan
economic partnership. (Bloomberg)
 Kingdom needs to spend $213bn on power, water projects –
Saudi Deputy Electricity Minister Saleh al-Awaji said that the
country needs to spend around SR800bn over the next 10 years
to meet the soaring domestic demand for water and electricity.
Al-Awaji expects the private sector investment to be 30% in
power and water projects. Demand for power and water in the
desert kingdom has grown significantly in recent years as an
increasingly wealthy population consumes more to support
affluent lifestyles and escape the searing summer heat. He said
that the water and power sectors are among those whose
demand is rising at high rates, with demand increasing at
around 8% annually. (Bloomberg)
 ICD plans sukuk, bond offering on May 14 – The Investment
Corporation of Dubai (ICD) is planning to sell a dual-tranche
bond and sukuk offering on May 14, 2014. ICD is aiming to
issue an Islamic bond with a six-year lifespan and a
conventional bond offering of 10-year duration. The dollar-
denominated transaction will be benchmark-sized, which is
traditionally understood to mean in excess of $500mn. ICD
plans to conclude meetings with fixed income investors on May
13. The roadshow is being arranged by Citigroup, Dubai Islamic
Bank, Emirates NBD, HSBC and Standard Chartered.
(GulfBase.com)
 Dubai Customs trademarks registration surge to 293 in
2013 – Dubai Customs has witnessed surge in trademarks (TM)
registration from international companies. An aggregated
number of 293 TMs were registered with Dubai Customs in
2013, while 131 complaints were filed by traders on infringement
issues. Companies from the US spearheaded the list with 83
TMs divided over 22 companies; followed by 44 Swiss TMs from
8 companies, 35 Japanese TMs from 10 companies, 22 UK TMs
from 5 companies, 13 French TMs from 6 companies, 12
German TMs of 3 companies, and 41 TMs from other countries.
On the other hand, 43 local TMs were lodged by 26 domestic
companies. (GulfBase.com)
 Emirates keen to buy airline caterer from Lufthansa – The
President of Emirates Airline’s Dnata services arm, Gary
Chapman, said the company is interested in buying the world’s
leading in-flight catering business, LSG Sky Chefs from
Deutsche Lufthansa. LSG Sky Chefs would be a good fit as
Emirates Group seeks deals in ground handling, catering and
other travel services, he added. (Bloomberg)
 Emaar to develop Al Mamzar beachfront project – Emaar
Properties and Dubai Municipality have signed a MoU to
develop a mixed-used beachfront lifestyle development in Al
Mamzar. Under the agreement terms, Emaar will conduct
feasibility studies and submit a detailed project report outlining
the development potential to Dubai Municipality. The project,
which is being planned around the 53-hectare Al Mamzar Lake,
is expected to include waterfront residences, serviced
residences, retail amenities, fountains and water features, and
water-themed leisure attractions. (Bloomberg)
 Financial House buys back 10% shares – The Financial
House has bought back 20,000 of its shares listed on the Abu
Dhabi Securities Exchange for AED3.6 per share. The
company’s BoD had approved the buyback on October 16,
2012, which was approved by the SCA on March 17, 2014. The
percentage of purchased shares in the subscribed capital was
10%. The number of shares remaining for purchase as per
SCA’s approval is 30.230mn. (GulfBase.com)
 Ruwais refinery to be commissioned by 1Q2014 – Abu Dhabi
Oil Refining Company’s (Takreer) CEO, Jasem Ali Al-Sayegh,
said that the Ruwais refinery expansion will be fully
commissioned by the end of 2014. The expansion is planned to
more than double the capacity of Ruwais refinery from 415,000
bpd, and is expected to be completed by 1Q2014.
(GulfBase.com)

5. Page 5 of 6
 Al Ramz Securities plans IPO – Abu Dhabi-based stock
brokerage Al Ramz Securities is planning an initial public
offering in line with its objective to turn into a full-fledged on-
shore investment bank. ARS has appointed an international
investment bank and a set of lawyers to prepare due diligence
and valuation reports for the company’s board to review.
(Bloomberg)
 Kuwait’s inflation registers 3.0% in March – Inflation in
Kuwait’s consumer price index (CPI) stood at 3.0% YoY in
March, marginally higher than 2.9% in February. Inflation in
house rent accelerated to 4.5% YoY in March. Food prices
continued their descent in March, falling to 3.6% YoY, from 4.0%
in February. Excluding food and housing, inflation actually
decelerated in March to 1.9% YoY, from 2.1% in February.
Inflation is expected to average around 3.5% in 2014, up from
the 2013 average rate of 2.7%. (GulfBase.com)
 Kuwait signs $3bn LNG supply deal with BP – Kuwait has
signed a five-year LNG supply deal worth an estimated $3bn
with BP. The deal signed by state-run Kuwait Petroleum Corp,
will help Kuwait run its power plants during the summer. This is
the third LNG deal signed by Kuwait after deals with Shell and
Qatargas. The amount of LNG contracted by the three
companies will be up to 2.5mn tons per year and it will come in
32 shipments per year, each comprising 80,000 tons. Shell will
send 18 shipments, Qatargas will send eight and BP will send
six. (Bloomberg)
 New World Oil to acquire 49% stake, 60% economic interest
in Al-Maraam – The shareholders of Al-Maraam Al-Ahliya
Company for General Trading & Contracting (Al-Maraam) have
entered into a sale purchase agreement with New World Oil &
Gas. Under the agreement, New World Oil will become a 49%
shareholder and hold a 60% economic interest in Al-Maraam
with a view to fully develop Al Maraam's opportunities in the oil
& gas sector in Kuwait. The initial consideration is of €1mn,
while the balance of €4mn will be payable to the vendor once
the shares have been subscribed for. (Bloomberg)
 IMF: Omani non-hydrocarbon sector to grow at 5% –
According to the IMF, the public investment program in Oman is
expected to help maintain the Sultanate's non-hydrocarbon
growth at around 5% over the medium term. The real non-
hydrocarbon sector is estimated to have grown by 5.5% in 2013
and is projected to remain so in 2014. Fiscal and external
sectors are estimated to have posted surpluses in 2013 at over
5.5% and around 10% of GDP, and these surpluses are
expected in 2014 as well, though of lower magnitude. The
banking system remains profitable and stable, with an average
return on assets of 1.6%, equity return of 11%, capital adequacy
ratio of 16.2%, and gross non-performing loans of 2.1% as of
December 2013. (Bloomberg)
 BISB awards software contract to EXUS – Bahrain Islamic
Bank (BISB) has awarded EXUS a contract to implement EFS
Collection & Recovery solution. The software will help BISB to
increase its efficiency in both early and late-stage collections by
introducing risk segmentation and collections automation. It will
also support the bank's executives in their strategic decision-
making, while ensuring compliance with Islamic banking
practices and the local banking regulations. (GulfBase.com)
 Bahrain to launch Gulf Railway by July 2014 – According to
Bahrain’s Transport Minister, the route of Gulf Railway Tracks
on Bahrain will be launched within two months. The railway is a
result of an association between the Municipalities Minister and
the projects implementation company, which is set to be linked
with the Kingdom of Saudi Arabia. (Bloomberg)

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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (* Market closed on May 13, 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
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
0.4%
0.8%
0.2%
(0.3%)
0.2%
0.6%
2.2%
(0.6%)
0.0%
0.6%
1.2%
1.8%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,293.60 (0.2) 0.4 7.3 DJ Industrial 16,715.44 0.1 0.8 0.8
Silver/Ounce 19.55 0.0 2.0 0.4 S&P 500 1,897.45 0.0 1.0 2.7
Crude Oil (Brent)/Barrel (FM
Future)
109.24 0.8 1.3 (1.4) NASDAQ 100 4,130.17 (0.3) 1.4 (1.1)
Natural Gas (Henry
Hub)/MMBtu
4.46 (0.9) (2.5) 2.7 STOXX 600 341.89 0.3 1.0 4.2
LPG Propane (Arab Gulf)/Ton 103.38 (0.8) (0.5) (18.3) DAX 9,754.43 0.5 1.8 2.1
LPG Butane (Arab Gulf)/Ton* 119.25 0.0 (0.3) (12.2) FTSE 100 6,873.08 0.3 0.9 1.8
Euro 1.37 (0.4) (0.4) (0.3) CAC 40 4,505.02 0.3 0.6 4.9
Yen 102.26 0.1 0.4 (2.9) Nikkei 14,425.44 2.0 1.6 (11.5)
GBP 1.68 (0.2) (0.1) 1.6 MSCI EM 1,022.44 0.7 1.5 2.0
CHF 1.12 (0.3) (0.4) 0.3 SHANGHAI SE Composite 2,050.73 (0.1) 2.0 (3.1)
AUD 0.94 (0.0) (0.0) 5.0 HANG SENG 22,352.38 0.4 2.2 (4.1)
USD Index 80.14 0.3 0.3 0.1 BSE SENSEX 23,871.23 1.4 3.8 12.8
RUB 34.84 (0.7) (1.1) 6.0 Bovespa 53,907.46 (0.3) 1.5 4.7
BRL 0.45 0.0 (0.1) 6.7 RTS 1,254.29 1.6 1.7 (13.1)
189.3
155.5
141.4