1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.3% to close at 13,393.3. Gains were led by the Telecoms
and Banking & Financial Services indices, gaining 2.0% and 0.5% respectively.
Top gainers were Ooredoo and Masraf Al Rayan, rising 2.4% and 2.3%
respectively. Among the top losers, Qatar Fuel Co. fell 4.3%, while Gulf
Warehousing Co. declined 2.9%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.5% to close at 9,821.5. Gains were led
by Energy & Utilities and Real Est. Dev. indices, rising 1.7% and 1.0%
respectively. Saudi Fish. gained 5.5%, while Nat. Agri. Dev. was up by 3.5%.
Dubai: The DFM index gained 1.9% to close at 4,954.6. The Banking index
gained 3.2%, while the Investment & Financial Services index was up 2.1%.
National Industries Group rose 10.6%, while Dubai Islamic Bank was up 7.5%.
Abu Dhabi: The ADX benchmark index rose 2.5% to close at 5,048.6. The
Real Est. index gained 3.4%, while Banking index was up 3.3%. Gulf Medical
Projects Co. rose 8.4%, while Abu Dhabi Commercial Bank was up 7.6%.
Kuwait: The KSE index fell 0.9% to close at 7,242.8. The Healthcare index
declined 1.6%, while Consumer Services index was down 1.4%. Investors
Holding Group Co. fell 7.9%, while Aayan Leasing & Inv. Co. was down 6.7%.
Oman: The MSM index declined 0.1% to close at 6,717.8. Losses were led by
the Industrial and Financial indices, declining 0.2% and 0.1% respectively.
ONIC Holding declined 5.7%, while Al Sharqia Investment was down 4.4%.
Bahrain: The BHB index fell 0.5% to close at 1,457.9. The Commercial
Banking index declined 1.1%, while Services index was down 0.3%. Ahli
United Bank fell 2.3%, while Bahrain Telecommunication Co. fell 0.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Ooredoo 152.00 2.4 818.9 10.8
Masraf Al Rayan 58.60 2.3 7,831.0 87.2
Ahli Bank 51.50 1.4 5.0 21.7
Qatar Islamic Bank 101.10 1.0 557.4 46.5
Qatar Industrial Manufacturing Co. 45.95 1.0 39.3 9.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 58.60 2.3 7,831.0 87.2
Vodafone Qatar 18.70 0.6 4,276.6 74.6
Barwa Real Estate Co. 40.50 (1.2) 3,611.9 35.9
Ezdan Holding Group 26.45 (2.6) 1,353.7 55.6
National Leasing 33.00 (0.3) 1,224.9 9.5
Market Indicators 26 May 14 25 May 14 %Chg.
Value Traded (QR mn) 1,538.6 1,326.5 16.0
Exch. Market Cap. (QR mn) 733,549.6 735,325.1 (0.2)
Volume (mn) 27.7 26.8 3.2
Number of Transactions 13,231 11,611 14.0
Companies Traded 43 43 0.0
Market Breadth 11:30 26:10 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,972.36 0.3 3.0 34.7 N/A
All Share Index 3,368.27 0.0 2.0 30.2 16.2
Banks 3,301.85 0.5 3.4 35.1 16.4
Industrials 4,474.11 (0.1) 2.2 27.8 17.4
Transportation 2,277.28 (0.9) (0.0) 22.5 14.6
Real Estate 2,728.73 (0.9) 2.0 39.7 13.7
Insurance 3,239.98 (1.2) (0.6) 38.7 8.5
Telecoms 1,788.75 2.0 2.3 23.0 25.0
Consumer 6,589.16 (2.7) (4.9) 10.8 25.9
Al Rayan Islamic Index 4,448.03 0.1 3.0 46.5 19.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Comm. Bank Abu Dhabi 8.55 7.5 13,762.9 31.5
Dubai Islamic Bank Dubai 7.63 7.5 27,304.3 42.4
Saudi Fisheries Saudi Arabia 48.2 5.3 17,044.3 55.7
Nat. Bank Of Abu Dhabi Abu Dhabi 15.00 4.9 4,845.7 18.7
Union National Bank Abu Dhabi 6.64 4.6 2,492.1 18.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 293.00 (10.0) 1.9 167.0
NBQ Abu Dhabi 3.25 (7.1) 13.7 (1.5)
IFA Hotels & Resorts Kuwait 0.21 (4.6) 2.0 (27.7)
Qatar Fuel Co. Qatar 207.00 (4.3) 784.4 (5.3)
Agility Kuwait 0.76 (3.8) 1,114.0 10.1
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%
Qatar Fuel Co. 207.00 (4.3) 784.4 (5.3)
Gulf Warehousing Co. 52.70 (2.9) 4.9 27.0
Dlala Brok. & Inv. Holding Co. 39.30 (2.7) 50.0 77.8
Ezdan Holding Group 26.45 (2.6) 1,353.7 55.6
Aamal Co. 16.71 (2.5) 189.8 11.4
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 58.60 2.3 460,364.7 87.2
Qatar Fuel Co. 207.00 (4.3) 161,181.2 (5.3)
Barwa Real Estate Co. 40.50 (1.2) 147,601.7 35.9
Ooredoo 152.00 2.4 123,619.6 10.8
Vodafone Qatar 18.70 0.6 79,363.5 74.6
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* 13,393.34 0.3 3.0 5.6 29.0 422.57 201,432.7 16.7 2.3 3.7
Dubai 4,954.62 1.9 1.9 (2.1) 47.0 422.15 92,672.5 19.9 1.9 2.1
Abu Dhabi 5,048.58 2.5 2.5 0.1 17.7 194.46 138,840.5 14.9 1.9 3.4
Saudi Arabia 9,821.53 0.5 0.7 2.5 15.1 3,025.46 530,685.4 19.6 2.4 2.9
Kuwait 7,242.76 (0.9) (1.4) (2.2) (4.1) 80.75 113,339.9 15.1 1.1 3.8
Oman 6,717.78 (0.1) (0.4) (0.1) (1.7) 10.20 24,441.8 12.3 1.7 3.9
Bahrain 1,457.89 (0.5) (0.1) 2.1 16.7 5.53 53,888.3 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)
13,100
13,200
13,300
13,400
13,500
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 0.3% to close at 13,393.3. The Telecoms and
Banking & Financial Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Ooredoo and Masraf Al Rayan were the top gainers, rising 2.4%
and 2.3% respectively. Among the top losers, Qatar Fuel Co. fell
4.3%, while Gulf Warehousing Co. declined 2.9%.
 Volume of shares traded on Monday rose by 3.2% to 27.7mn
from 26.8mn on Sunday.However, as compared to the 30-day
moving average of 28.6mn, volume for the day was 3.1% lower.
Masraf Al Rayan and Vodafone Qatar were the most active
stocks, contributing 28.3% and 15.4% 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
Etihad Atheeb
Telecommunication Co.*
Saudi SR – – -250.5 – -249.3 NA
Tihama Advertising & Public
Relations Co.*
Saudi SR – – -44.8 – -52.5 NA
Saudia Dairy & Foodstuff
Co. (SADAFCO)*
Saudi SR – – 184.0 4.8% 171.5 4.1%
Al Dar National Real Estate
Co. (ADNEC)
Kuwait KD – – – – -0.9 NA
Source: Company data, DFM, ADX, MSM. (* FY2013-14)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/26 Germany GfK AG GfK Consumer Confidence June 8.5 8.5 8.5
05/26 Spain INE PPI MoM April 0.20% – 0.20%
05/26 Spain INE PPI YoY April 0.10% – -1.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar allows raising foreign ownership in listed companies
to maximum of 49%, subject to amendment in company
statues – HH the Emir Sheikh Tamim bin Hamad al-Thani, who
is also President of the Supreme Council For Economic Affairs
and Investment (SCEAI), has given instructions to raise the
percentage of non-Qatari ownership in companies listed in the
Qatar Stock Exchange (QSE). HE Minister of Finance Ali Sherif
al-Emadi, who is also the SCEAI’s Secretary General, said that
the increase in the proportion of non-Qatari ownership in
companies listed on the QSE will be in accordance with the
effective legal procedures as follows: 1) The equality of the GCC
citizens with their Qatari counterparts as regards their
possession of shares of companies listed in QSE, 2) The Non-
Qatari citizens who are not members of the GCC may possess
shares of the companies listed on QSE and by a percentage not
exceeding 49%, and this will be up to the desire of each
company through amending its statute, 3) The proportion of non-
Qatari ownership, which was referred to in the previous item, in
shares of companies traded in the Qatar Exchange, shall be
calculated based on the total capital of each company and not
on its non-tradable shares and 4) The Ministry of Economy and
Commerce and Qatar Financial Markets Authority (QFMA) will
immediately take the measures to put this directive into effect.
(Gulf-Times.com)
 QE hosts international investment sell-side companies in
London – The Qatar Exchange (QE) hosted a dinner event in
London for senior representatives of sell-side brokers and
institutions, ahead of the MSCI Emerging Markets inclusion for
Qatari companies. The purpose of the event was to meet with
key traders and sales executives who are responsible for the
international order flow into the Qatari market. This event
complimented the previous roadshow event where QE met with
key decision makers from a number of leading international buy-
side institutions. (QE)
 Growth in Qatar’s telecom sector set to continue – HE the
Minister of Information & Communications Technology (ICT) Dr.
Hessa al-Jaber said Qatar’s telecommunications sector surged
11% in 2013 and is expected to continue growing at 9-12% over
the next five years. The minister reiterated the ICT’s important
role in realizing the Qatar National Vision 2030. Meanwhile, HE
the Minister of Finance Ali Sharif al-Emadi noted that 40% of
Qatar’s total budget for FY2014-15 was allocated for the
ongoing major projects in various parts of the country. He also
noted that the government had invested QR2.5bn for Qatar’s
satellite company Es’hailSat, a move that will further boost the
country’s ICT capability. He said that the GDP contribution from
this sector has increased to QR7.5bn in 2013 from QR5.5bn in
2010. (Gulf-Times.com)
 Qatar, GCC trade balance worth QR43.3bn in 2013 – HE the
Minister of Economy & Commerce Sheikh Ahmed bin Jassim bin
Mohammed al-Thani said that trade balance between Qatar and
fellow GCC members was worth QR43.3bn in 2013. Sheikh
Ahmed said Qatar’s total exports stood at QR30bn, while
Overall Activity Buy %* Sell %* Net (QR)
Qatari 53.46% 65.76% (189,191,058.60)
Non-Qatari 46.54% 34.25% 189,191,058.60

3. Page 3 of 6
imports were at QR13.3bn. Speaking on the sidelines of the
15th GCC Joint Exhibition at the Sharjah Expo Centre, the
minister said that the exhibition was an opportunity to advance
economic integration and the convening of representatives of
the GCC private sector will boost joint investments and trade.
He added that the exhibition comes at the special occasion of 33
years of establishing the GCC and noted that such events will
have a positive impact on trade between GCC countries. (Gulf-
Times.com)
 GWCS completes implementation of new warehouse
management system – Gulf Warehousing Company (GWCS)
has completed the implementation of INFOR WMS, an
enterprise warehouse management system geared at
automating its inventory base of over 450 customers under third
party and fourth party logistics services. (Gulf-Times.com)
 QTA: Continued growth in tourism sector in 1Q2014 – The
Qatar Tourism Authority (QTA) 1Q2014 report has released data
capturing business and tourist visas that revealed continued
growth in Qatar’s expanding tourism industry. All key indicators
of the tourism sector demonstrated improvement over the
previous year’s comparable period. Regional and international
visitor arrivals totaled 387,022, representing a 9% YoY increase.
(Gulf-Times.com)
 QBIC lists 15 projects for incubation and support – The
Qatar Business Incubation Center (QBIC) announced that 15
projects have been chosen to be incubated and receive its
support. QBIC will provide the winning entrepreneurs with a
range of support services such as office space and industrial
workshops, as well as administrative, technical and financial
assistance. (Peninsula Qatar)
 Q-Coat becomes leading producer of ECR steel – Qatar
Metals Coating Company (Q-Coat), the sole supplier of anti-
corrosion epoxy coated rebar (ECR) in Qatar, has emerged as
one of the largest producers of the fusion bonded ECR steel in
the GCC region with an installed capacity of producing up to
100,000 tons per annum. Q-Coat, located in Mesaieed Industrial
City is a JV between Qatar Steel Company and Qatar Industrial
Manufacturing Company. (Peninsula Qatar)
 QA to move all flights to HIA – Qatar Airways (QA) has
announced to move all its flights to the new Hamad International
Airport (HIA) on May 27, 2014 (today). The new airport will have
the capacity to handle 8,700 customers per hour, and will
feature 138 check-in counters, including 108 counters for QA’s
Economy class passengers and all other airlines. Around 16
counters will be dedicated to QA’s business class travelers and
14 check-in counters for QA’s first class passengers.
(Bloomberg)
International
 Draghi says timing key as ECB watches for negative spiral
– The European Central Bank’s (ECB) President Mario Draghi
signaled that ECB policy makers are ready to take action in
June 2014, if they see low inflation becoming entrenched.
Draghi indicated that the ECB is focusing on liquidity measures
that can be deployed to help free up lending to companies and
households. These measures include interest-rate cuts and
liquidity injections, while there is the prospect of asset
purchases. The Frankfurt-based central bank is reviewing
lenders’ balance sheets to purge the system of unrecognized
losses before it takes over as supervisor in November. That
threatens to curb credit supply to the economy, slowing growth
and prices. The ECB president also said that a prolonged period
of low inflation can lead to higher debt burdens and prompt
lenders to tighten their credit standards. Inflation in the 18-nation
euro area has been below 1% since October, less than half the
ECB’s goal. (Bloomberg)
 CBI: UK services companies’ confidence rose – According to
the Confederation of British Industry (CBI), confidence among
UK services companies rose to a record this quarter, indicating
continued expansion in the largest part of the economy. An
index of optimism among consumer businesses such as
restaurants and hotels jumped to 53 from 43, the highest since
the survey began in 1998. Sentiment among professional
services firms – such as accountants and legal companies –
rose to 54, also a record. The survey shows strength in an
industry that accounts for about 75% of the economy after
households were the driving force behind economic growth in
2013 and in the first quarter. GDP increased 0.8% in the three
months through March, with consumer spending adding 0.5%
point. (Bloomberg)
 NDRC: China cuts bureaucracy for investment – The
National Development & Reform Commission (NDRC) has said
that China has simplified procedures for its government to
approve investment projects in order to increase transparency
and efficiency, marking its latest effort to streamline
administration and devolve more power to firms. According to
new rules, the government will only vet certain aspects of
projects that are considered strategic, such as those pertaining
to environmental protection, economic security and monopolies.
Companies will be given more autonomy in deciding matters
such as investment returns and financing, without providing
more details. Cutting government red tape is part of China's
wide-ranging plans to reform its economy into one that is more
driven by market forces. (Reuters)
 BoR: Russia to grow by 0.5% in 2014 – The Russian central
bank’s governor Elvira Nabiullina has said that the country’s
economy is likely to grow by around 0.5% this year, but the
overall threat to stability from the crisis in Ukraine would not be
large scale. Nabiullina said in an interview that the Bank of
Russia (BoR) will probably revise its 2014 GDP growth forecast
to around 0.5%, as compared to its earlier forecast of 0.9%.
Earlier in February, the BoR had predicted the economy would
grow by 1.5-1.8% in 2014. The central bank's earlier GDP
growth forecast of 0.9% had not been made public, which
indicates that two downward revisions have been made since
Russia engaged in Ukraine and annexed Crimea. The Russian
economy is on the brink of recession after its GDP fell by 0.5%
in the first quarter, impacted by sanctions and instability
resulting from the stand-off with Ukraine. (Reuters)
 Japan risks low growth even as easing spurs inflation –
Japan’s risk of spurring inflation without boosting the nation’s
growth potential is raising the stakes for the Prime Minister
Shinzo Abe’s next round of economic restructuring measures,
due in June. The Bank of Japan (BoJ) Deputy Governor Kikuo
Iwata stated that an economy with low real growth rates under
mild inflation is possible, if the government fails to deliver. The
BoJ’s stimulus helped lift core inflation (excluding fresh food), to
1.3% in March from -0.4% in April 2013 when the central bank
started easing a campaign of monetary easing. Investors are
seeking lower corporate taxes, labor-market flexibility and
progress on a US-led trade pact as Shinzo Abe prepares for the
next phase of the so-called ‘Third Arrow of Abenomics’ –
economic restructuring to boost long-term growth prospects.
(Bloomberg)
Regional
 New Saudi-Bahrain oil pipeline to be ready by 3Q2016 –
Saudi Aramco said that the tenders for the engineering,
procurement & construction (EPC) contract for a new crude oil

4. Page 4 of 6
pipeline between Saudi Arabia and Bahrain are expected to be
issued by the end of 2014. The pipeline is expected to be
commissioned by 3Q2016 at an estimated cost of $350mn. The
115km-long pipeline would run overland for 74km, with the
remaining 31km being sub-sea. It will transport crude from
Aramco’s Abqaiq plant to Bahrain. With a capacity of 350,000
bpd, the new link will replace an ageing 230,000 bpd pipeline. Its
completion is a key pre-requisite for Bahrain Petroleum
Company’s planned Sitra refinery expansion to up to 500,000
bpd total capacity, which is estimated to cost around $6bn.
(GulfBase.com)
 QA, Burgan Bank launch co-branded credit card – Qatar
Airways (QA) and Kuwait-based Burgan Bank (BB) have
launched new co-branded MasterCard credit card. The new
MasterCard with its platinum and gold variants will be offered on
the MasterCard network platform, allowing customers access to
combined benefits offered by BB, QA and MasterCard. This
initiative will allow customers to convert their everyday banking
transactions, into flight rewards, while enjoying an array of
exclusive privileges and world class services. (GulfBase.com)
 STC hires managers for debut Sukuk issuance – The Saudi
Telecom Company (STC) has hired Standard Chartered,
JPMorgan Chase and NCB Capital to market its debut Sukuk
issuance program. The banks will manage the potential sale
under a SR5bn Sukuk program. The size of the private local
placement will depend on market conditions. (GulfBase.com)
 PDC, BSF sign SR528mn murabaha bridge funding – Ports
Development Company (PDC) and Banque Saudi Fransi (BSF)
have signed an agreement governing an SR528mn Murabaha
bridge financing for the expansion of King Abdullah Port. It is the
first privately developed and operated port in the Kingdom.
(GulfBase.com)
 RCJY signs 2 deals worth SR467.9mn for Jubail, Ras Al-
Khair projects – The Royal Commission for Jubail and Yanbu
(RCJY) has signed two contracts worth SR467.9mn. Under the
first contract, the Saudi Services for Electro-Mechanic Works
Company (SSEM) will establish a pumping station for drinking
water and four water tanks in the industrial city of Ras Al-Khair.
The project will take two years and two months to complete. The
second contract has been signed with SSEM to develop the
King Fahd Industrial Port’s power plant in Jubail industrial city
and undertake design & supply for lifting power lines. The work
on this project will take three and a half years. (GulfBase.com)
 Shaker Co. completes 2% stake sale in LG Shaker – Al
Hassan Ghazi Ibrahim Shaker Company (Shaker Co.)
announced that the company has sold 2% of its shares in LG
Shaker to LG Electronics for a value of SR3.8mn. The official
formalities regarding the transaction have been completed to
reflect the company’s new ownership structure. With this, LG’s
shareholding in LG Shaker Company has reached 51%, while
Shaker Co. holds 49%. (Tadawul)
 Saudi CMA approves Shuaa’s capital decrease – Saudi
CMA’s board has approved the Shuaa Capital’s (Shuaa) request
to decrease its capital from SR150mn to SR75mn. (Tadawul)
 SABIC signs $595mn JV deal with SK – Saudi Basic
Industries Corporation’s (SABIC) fully owned company, SABIC
Industrial Investment Company, and the Korean petrochemical
company, SK Global Chemical (SK), have signed a 50-50 joint
venture (JV) agreement for a total investment of $595mn. The
JV involves SABIC owning SK’s cutting edge Nexlene
technology and a plant that has been recently completed at SK’s
complex in Ulsan, South Korea, with an expected annual
capacity of 230,000 tons. Located in Singapore, the JV will
manufacture a range of high-performance polyethylene
products. (Tadawul)
 Maaden appoints advisor for rights issue – The Saudi
Arabian Mining Company (Maaden) has assigned HSBC Saudi
Arabia as the financial advisor to manage its proposed rights
issue. (Tadawul)
 Tamlik, Green Falcon sign affordable housing deal – Tamlik
and Green Falcon have concluded a memorandum of
participation in collating efforts to embark on affordable housing
development in the Kingdom. The agreement aims to contribute
to the Ministry of Housing’s efforts to achieve the delivery of
500,000 affordable housing units. Green Falcon is an exclusive
licensed company to build affordable houses outside France by
Geoxia. (GulfBase.com)
 SBG’s CPC acquires Sphinx Glass for $190mn –
Construction Products Holding Company (CPC) – a part of
Saudi Binladin Group (SBG) – has acquired Egypt-based glass
manufacturer Sphinx Glass for $190mn. CPC acquired 73.3%
stake from Citadel Capital for $112mn, while remaining stake
has been bought from other investors. (Reuters)
 F&S: UAE logistics market to expand by 15.4% in 2015 –
According to Frost & Sullivan (F&S), the UAE logistics market is
estimated to have reached $23.4bn in 2013, representing
around 6% of the country’s GDP. It is expected to grow 15.4% in
2015 to reach $27bn. A surge in import and export trade
volumes is expected in 2015. Further, a steady upward trend of
local manufacturing is expected. (GulfBase.com)
 S&P: UAE real estate to remain healthy – According to
Standard & Poor’s (S&P), real estate prices in the UAE are
predicted to be steady after strong growth over the past two
years, particularly in Dubai. Low interest rates are attracting
strong external demand for Dubai real estate from regional and
international investors. S&P has used land sales as a proxy for
total demand and has forecast the UAE’s GDP to grow at 3.8%
in 2014 and 2015. Total value of land and housing real estate
transactions in 2013 reached AED236bn compared with
AED154bn in 2012. This demand was almost evenly split
between local (AED122bn) and external demand (AED114bn).
(GulfBase.com)
 Emaar to sell 25% of Malls Group in IPO – Emaar Properties
announced its intention to sell up to 25% of its equity in Emaar
Malls Group and list the unit on the Dubai Financial Market
(DFM). Emaar has received the required approval from the
Securities & Commodities Authority. The funds raised from the
proposed IPO will be primarily distributed as dividend to the
company’s shareholders. The timing of the public offering and
listing will be announced at a later date. (GulfBase.com)
 Agility declares 40% cash dividend, 5% bonus shares –
Agility Public Warehousing Company’s AGM has approved the
distribution of 40% cash dividend (40 fils per share) and 5%
bonus shares for the year ended December 31, 2013. (DFM)
 DI, Sanofi to promote new generics portfolio – Dubai
Investments (DI) has entered into an agreement with French
pharmaceutical company, Sanofi for promoting a new generic
drugs portfolio in the Middle East through DI’s subsidiary,
Globalpharma. Products will be commercialized under a joint
entity to meet the needs of patients within the UAE and the
wider region. (DFM)
 Imdaad signs waste management deal with EZW – Imdaad
has signed a long-term agreement with Economic Zones World
(EZW) for waste management. Under the agreement, an
AED100mn technologically advanced material recovery facility

5. Page 5 of 6
will be set up at TechnoPark in Jebel Ali to recover the
recyclables from solid waste collected by Imdaad. The facility
will have an initial operating capacity of 1,000 tons/day, with a
possibility to double the operation in the future. It will also cater
to waste collected by other companies. Imdaad is a provider of
integrated facilities management solutions in GCC, while EZW is
a developer of economic zones, technology, logistics and
industrial parks under the Dubai Property Group. (Bloomberg)
 Brndstr raises $1.6mn in funding – Dubai-based startup,
Brndstr has raised $1.6mn in new funding to help launch its
software that better connects social media users and the brands
they follow. The company is currently in a pilot phase with
private-chauffeur company Uber and is also in talks with other
brands and media buying companies in Dubai. (Bloomberg)
 Dubai Customs, Tanmia signs cooperation deal – Dubai
Customs and the National HR Development & Employment
Authority (Tanmia) have entered into a joint cooperation
agreement on forging strategic partnerships at various levels
especially in providing work opportunities for Emirati nationals.
The agreement includes exchange of information and expertise,
and the utilization of each entity's resources towards increasing
the capacity and efficiency of the human capital at both sides.
(Bloomberg)
 Etisalat gets $500mn grant from Abu Dhabi for Maroc
Telecom deal – Abu Dhabi has given a $500mn grant for
Etisalat’s €4.14bn purchase of 53% of Maroc Telecom. The
grant provides further evidence of the Emirate’s support for the
foreign expansion of its companies and could attract complaints
from rival operators. Another Abu Dhabi-based Company Etihad
Airways benefited from a $3bn interest-free loan from the
emirate’s ruling family, leading to complaints from rival airlines
about state subsidies distorting competition. The grant was
mentioned in Etisalat’s prospectus for a bond issue to help
repay some of the debt taken on to complete the Maroc
Telecom transaction. According to sources, Etisalat could start
marketing the bond as early as next week, having chosen four
banks to arrange the issue. (Gulf-Times.com)
 NCSI, MoH, ORA to launch real estate price index – The
National Centre for Statistics & Information (NCSI), in
coordination with the Ministry of Housing (MoH) and Oman Real
Estate Association (ORA), is planning to introduce a
comprehensive real estate price index. This plan is against an
earlier proposal for a simple index. The index will be launched in
few months. (GulfBase.com)
 Oman plans to launch strategy for real estate sector – The
Omani government is planning to introduce a national strategy
for the real estate sector, which is aimed at bringing world
standards in construction practices as well as better
coordination between basic infrastructure planning and property
development. Oman’s real estate sector has grown from
OMR292mn in 1998 to OMR610mn in 2012, indicating an
average annual growth of 4.5%. Meanwhile, FDI in the real
estate sector has grown from OMR190mn in 2006 to
OMR414mn in 2012, an average annual growth of 14%.
(GulfBase.com)
 AIB appoints CEO – Alizz Islamic Bank (AIB) has appointed
Salaam Said Al Shaksy as the CEO. Salaam has five years of
banking experience, and has held the position of General
Manager and CEO in several reputed local and international
banks. (MSM)
 T-Linx Technology signs deal with LZ Group – Bahrain-
based T-Linx Technology Solutions Architects has signed a
cooperation agreement with a Dutch IT firm, LZ Group. A two-
year collaboration between the two companies will see smart
parking technology solutions being brought to Bahrain and the
wider GCC region with the introduction of monPARK. Developed
by LZ Group, monPARK is a wireless solution that combines
mobile-based parking payment platforms and applications to
reduce traffic congestion. (GulfBase.com)
 SIO launches subsidiary to manage properties – The Social
Insurance Organization (SIO) has launched a subsidiary named,
Amlak, to manage the long-term sustainable growth of its real
estate portfolio. Amlak will focus on maintaining optimal risks
and deliver above-the market returns for all SIO’s properties.
Other than building investment opportunities, Amlak will be
evaluating current properties and devising a development plan
to boost property values. (GulfBase.com)
 MoT: Bahrain plans IPO for KSB port operator – According to
Ministry of Transportation (MoT), Bahrain is planning an IPO of
shares of the company operating its Khalifa Bin Salman port
(KSB port). KSB port has a capacity to handle about one million
20-foot equivalent units (TEUs) of container cargo annually and
is operated by APM Terminals Bahrain under a 25-year
concession. The company is 80% owned by Netherlands-based
APM Terminals and 20% by YBA Kanoo Holdings, a family-
controlled Bahraini business group. MoT said that under the
operating agreement for the port, the operator was to convert
from a closed joint-stock company to an open joint-stock
company within five years of the start of commercial operations.
(Bloomberg)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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, * Markets closed on May 25, 2014
Source: Bloomberg, (* Market closed on May 26, 2014) Source: Bloomberg, (* Market closed on May 26, 2014)
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
0.5% 0.3%
(0.9%)
(0.5%)
(0.1%)
2.5%
1.9%
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
2.4%
3.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,292.75 0.0 0.0 7.2 DJ Industrial* 16,606.27 0.0 0.0 0.2
Silver/Ounce 19.44 (0.1) (0.1) (0.2) S&P 500* 1,900.53 0.0 0.0 2.8
Crude Oil (Brent)/Barrel (FM
Future)
110.32 (0.2) (0.2) (0.4) NASDAQ 100* 4,185.81 0.0 0.0 0.2
Natural Gas (Henry
Hub)/MMBtu *
4.38 0.0 0.0 0.9 STOXX 600 343.69 0.6 0.6 4.7
LPG Propane (Arab Gulf)/Ton* 105.63 0.0 0.0 (16.3) DAX 9,892.82 1.3 1.3 3.6
LPG Butane (Arab Gulf)/Ton* 118.00 0.0 0.0 (13.6) FTSE 100* 6,815.75 0.0 0.0 1.0
Euro 1.36 0.1 0.1 (0.7) CAC 40 4,526.93 0.8 0.8 5.4
Yen 101.94 (0.0) (0.0) (3.2) Nikkei 14,602.52 1.0 1.0 (10.4)
GBP 1.68 0.1 0.1 1.7 MSCI EM 1,041.84 (0.1) (0.1) 3.9
CHF 1.12 0.1 0.1 (0.2) SHANGHAI SE Composite 2,041.48 0.3 0.3 (3.5)
AUD 0.92 0.1 0.1 3.6 HANG SENG 22,963.18 (0.0) (0.0) (1.5)
USD Index* 80.39 0.0 0.0 0.4 BSE SENSEX 24,716.88 0.1 0.1 16.8
RUB 34.20 0.1 0.1 4.0 Bovespa 52,932.91 0.6 0.6 2.8
BRL 0.45 (0.1) (0.1) 6.2 RTS 1,335.73 0.7 0.7 (7.4)
192.5
154.8
140.9