The QE index in Qatar rose 0.2% led by gains in the real estate and industrial indices. Ezdan Holding Group and Aamal Co. were the top gainers rising 9.9% and 8.4% respectively while Gulf Warehousing Co. fell 2.6%. Regional markets were mixed with Saudi Arabia and Dubai rising while Abu Dhabi and Kuwait declined.

1. `
Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.2% to close at 12,578.6. Gains were led by the Real
Estate and Industrials indices, gaining 0.9% and 0.8% respectively. Top gainers
were Ezdan Holding Group and Aamal Co., rising 9.9% and 8.4% respectively.
Among the top losers, Gulf Warehousing Co. fell 2.6%, while Medicare Group
declined 2.5%.
GCC Commentary
Saudi Arabia: The TASI index rose 1.1% to close at 9,636.2. Gains were led
by Tran. and Tele. & Info. Tech. indices, rising 3.1% and 2.6% respectively.
Nat. Metal Man. & Cast. gained 9.8%, while Saudi Paper Man. was up 9.5%.
Dubai: The DFM index gained 1.7% to close at 4,843.4. The Invest. & Fin.
Services index rose 3.7%, while the Real Estate & Con. Index was up 1.8%.
Al-Mazaya Holding Co. surged 14.7%, while Dubai Inv. Co. was up 5.1%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 5,139.8. The
Banking index declined 1.3%, while the Consumer index was down 0.3%. Gulf
Pharm. Industries fell 9.8%, while Abu Dhabi Shipbuilding Co. was down 4.5%.
Kuwait: The KSE index declined 0.2% to close at 7,435.9. The Banking index
fell 0.9%, while the Insurance index was down 0.6%. National Carpet Factory
declined 19.5%, while United Real Estate Co. was down 6.8%.
Oman: The MSM index fell marginally to close at 6,840.7. Losses were led by
the Services index, falling 0.2%, while the Financial index fell marginally.
Nawras declined 1.7%, while Al Batinah Dev. Inv. Holding was down 1.5%.
Bahrain: The BHB index declined 0.2% to close at 1,385.9. The Commercial
Banking index fell 0.6%, while the Industrial index was down 0.4%. Inovest
declined 8.8%, while Khaleeji Commercial Bank was down 1.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 34.45 9.9 1,822.4 102.6
Aamal Co. 20.60 8.4 3,815.2 37.3
Widam Food Co. 67.70 4.6 1,479.3 30.9
Mazaya Qatar Real Estate Dev. 21.12 2.8 4,920.8 88.9
Masraf Al Rayan 48.50 2.8 1,830.5 55.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 16.36 0.5 6,348.4 52.8
Mazaya Qatar Real Estate Dev. 21.12 2.8 4,920.8 88.9
Aamal Co. 20.60 8.4 3,815.2 37.3
Barwa Real Estate Co. 37.00 0.0 1,896.8 24.2
Masraf Al Rayan 48.50 2.8 1,830.5 55.0
Market Indicators 20 Apr 14 17 Apr 14 %Chg.
Value Traded (QR mn) 1,095.4 1,238.4 (11.5)
Exch. Market Cap. (QR mn) 737,885.4 728,590.7 1.3
Volume (mn) 31.5 37.1 (15.0)
Number of Transactions 12,079 14,405 (16.1)
Companies Traded 38 43 (11.6)
Market Breadth 14:17 22:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,757.37 0.2 0.2 26.5 N/A
All Share Index 3,251.32 0.4 0.4 25.7 15.7
Banks 3,096.44 0.4 0.4 26.7 15.3
Industrials 4,385.80 0.8 0.8 25.3 16.4
Transportation 2,241.03 (0.5) (0.5) 20.6 14.7
Real Estate 2,487.21 0.9 0.9 27.3 15.9
Insurance 3,237.71 (0.5) (0.5) 38.6 8.6
Telecoms 1,708.94 (0.2) (0.2) 17.6 24.2
Consumer 7,550.58 0.4 0.4 26.9 30.7
Al Rayan Islamic Index 4,131.50 0.8 0.8 36.1 18.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 34.45 9.9 1,822.4 102.6
Co. for Coop Ins. Saudi Arabia 44.66 9.4 4,775.7 26.9
Aamal Co. Qatar 20.60 8.4 3,815.2 37.3
Zamil Industrial Inv.Co. Saudi Arabia 57.92 5.9 1,326.4 33.1
National Shipping Co. Saudi Arabia 37.60 5.4 5,415.1 33.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharma. Ind. Abu Dhabi 3.03 (18.1) 125.5 2.0
United Real Estate Co. Kuwait 0.11 (6.8) 151.8 (6.8)
Com. Bank of Kuwait Kuwait 0.76 (6.2) 0.1 2.7
Abu Dhabi Com. Bank Abu Dhabi 7.71 (3.3) 3,574.5 18.6
Astra Industrial Group Saudi Arabia 60.41 (3.0) 430.3 14.0
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%
Gulf Warehousing Co. 56.50 (2.6) 45.5 36.1
Medicare Group 79.50 (2.5) 448.2 51.4
Islamic Holding Group 66.50 (1.8) 298.0 44.6
Dlala' Brokerage & Inv. Holding 29.00 (1.7) 120.0 31.2
Qatar Electricity & Water Co. 181.90 (1.1) 18.6 10.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 21.12 2.8 103,940.5 88.9
Vodafone Qatar 16.36 0.5 102,107.9 52.8
Widam Food Co. 67.70 4.6 99,316.7 30.9
Masraf Al Rayan 48.50 2.8 87,978.4 55.0
Aamal Co. 20.60 8.4 77,094.4 37.3
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* 12,578.58 0.2 0.2 8.1 21.2 300.80 202,623.3 15.9 2.1 4.0
Dubai 4,843.35 1.7 1.7 8.8 43.7 411.32 94,967.3 21.0 1.8 2.1
Abu Dhabi 5,139.75 (0.3) (0.3) 5.0 19.8 391.10#
134,311.8 15.6 1.9 3.4
Saudi Arabia 9,636.17 1.1 1.1 1.7 12.9 2,975.32 523,600.9 20.1 2.5 2.9
Kuwait 7,435.88 (0.2) (0.2) (1.8) (1.5) 119.83 116,518.7 16.5 1.2 4.0
Oman 6,840.73 (0.0) (0.0) (0.2) 0.1 10.92 24,584.9 11.7 1.6 3.9
Bahrain 1,385.86 (0.2) (0.2) 2.1 11.0 0.88 52,806.7 9.7 0.9 4.9
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Value as of April 17, 2014)
12,450
12,500
12,550
12,600
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 0.2% to close at 12,578.6. The Real Estate
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.
 Ezdan Holding Group and Aamal Co. were the top gainers, rising
9.9% and 8.4% respectively. Among the top losers, Gulf
Warehousing Co. fell 2.6%, while Medicare Group declined
2.5%.
 Volume of shares traded on Sunday fell by 15.0% to 31.5mn
from 37.1mn on Thursday. However, as compared to the 30-day
moving average of 22.4mn, volume for the day was 40.5%
higher. Vodafone Qatar and Mazaya Qatar Real Estate Dev.
were the most active stocks, contributing 20.1% and 15.6% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Earnings
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Weqaya Takaful
Insurance &
Reinsurance Co.
(WEQAYA)
S&P
Saudi
Arabia
FSR BBB BBB – Negative 
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit 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
Red Sea Housing Services
Co. (RSH)
Saudi SR – – 46.1 35.6% 43.5 37.2%
Allianz Saudi Fransi
Cooperative Insurance Co.
(Allianz SF)
Saudi SR 110.1 25.6% – – -5.3 NA
Herfy Food Services Co. Saudi SR – – 49.2 5.4% 48.0 3.3%
Buruj Cooperative Insurance
Co.
Saudi SR 73.6 38.5% – – 3.5 38.2%
Bishah Agricultural
Development Co. (BADC)
Saudi SR – – -194.0 NA -172.0 NA
Arabian Shield Cooperative
Insurance Co.
Saudi SR 112.2 65.8% – – 2.0 45.5%
The Mediterranean & Gulf
Cooperative Insurance and
Reinsurance Co.
(MEDGULF)
Saudi SR 901.8 28.1% – – 50.8 65.6%
Zamil Industrial Investment
Co. (ZIIC)
Saudi SR – – 94.9 -2.3% 66.0 5.3%
City Cement Co. Saudi SR – – 68.2 25.2% 65.3 26.0%
Gulf Union Cooperative
Insurance Co.
Saudi SR 90.1 12.5% – – -4.6 NA
Savola Group Co. Saudi SR – – 540.0 -24.1% 423.0 43.4%
Trade Union Cooperative
Insurance Co. (TUCI)
Saudi SR 157.8 22.0% – – -12.7 NA
Saudi Vitrified Clay Pipe Co.
(SVCP)
Saudi SR – – 23.5 1.7% 22.7 2.7%
Abdullah Abdul Mohsin Al-
Khodari Sons Co.
Saudi SR – – 1.0 -95.7% 32.6 78.4%
Tabuk Cement Co. (TCC) Saudi SR – – 45.8 -20.8% 44.0 -21.5%
Saudi Hotels & Resort Areas
Co. (SHARACO)
Saudi SR – – 43.1 -2.5% 45.8 7.0%
Al Wafrah Industry and
Development Co.
Saudi SR – – 1.6 -6.8% 1.1 -16.2%
Astra Industrial Group Saudi SR – – 48.3 -10.5% 63.1 -7.7%
Najran Cement Co. (NCC) Saudi SR – – 61.8 -34.7% 53.7 -38.7%
Saudi Basic Industries
Corporation (SABIC)
Saudi SR – – 10,870.0 -1.6% 6,440.0 -1.8%
Saudi Air Lines Catering
(SAAC)
Saudi SR – – 155.7 12.0% 161.8 14.9%
Al-Baha Investment &
Development Co. (ABDICO)
Saudi SR – – -1.1 NA -1.1 NA
National Petrochemical Co. Saudi SR – – 280.8 358.1% 141.0 NA
Overall Activity Buy %* Sell %* Net (QR)
Qatari 75.83% 81.80% (65,522,963.89)
Non-Qatari 24.17% 18.19% 65,522,963.89

3. Page 3 of 6
(Petrochem)
Alsorayai Trading &
Industrial Group (ATIG)
Saudi SR – – -1.1 NA -4.8 NA
AXA Cooperative Insurance
Co.
Saudi SR 286.3 18.7% – – 5.7 15.9%
Arabia Insurance
Cooperative Co. (AICC)
Saudi SR 147.8 72.5% – – -2.1 NA
Kingdom Holding Co. (KHC) Saudi SR – – 250.5 29.8% 126.4 14.8%
Saudi Electricity Co. (SEC) Saudi SR – – -1,018.0 NA -913.0 NA
Al Jouf Cement Co. (JCC) Saudi SR – – 18.2 -37.0% 15.0 -39.9%
Wataniya Insurance Co. Saudi SR 54.7 -40.7% – – 5.8 1270.5%
Alahli Takaful Co. (ATC) Saudi SR 28.7 225.7% – – 5.3 42.0%
Saudi Dairy and Foodstuff
Co. (SADAFCO)
Saudi SR – – 53.8 3.3% 53.3 4.5%
Amana Cooperative
Insurance Co.
Saudi SR 95.5 315.7% – – -7.8 NA
Allied Cooperative Insurance
Group (ACIG)
Saudi SR 64.8 -11.9% – – 2.3 -5.1%
Alujain Corporation Saudi SR – – 50.8 36171.4% 14.8 NA
Al Sagr Cooperative
Insurance Co. (SCIC)
Saudi SR 38.3 -50.1% – – 7.7 -44.1%
Al Gassim Holding (GACO) Saudi SR – – -7.2 NA -7.3 NA
National Gypsum Co. (NGC) Saudi SR – – 4.8 -23.3% 5.5 -14.5%
Eastern Province Cement
Co. (EPCC)
Saudi SR – – 76.0 -26.2% 157.0 44.0%
Saudi United Cooperative
Insurance Co. (Walaa)
Saudi SR 100.6 64.9% – – -19.2 NA
Saudi Marketing Co.
(SAMCO)
Saudi SR – – 28.1 7.1% 27.6 11.4%
Saudi Advanced Industries
Co. (SAIC)
Saudi SR – – 6.9 80.7% 6.0 85.5%
National Medical Care Co.
(Care)
Saudi SR – – 31.1 0.3% 32.4 4.2%
Northern Region Cement
Co. (NRCC)
Saudi SR – – 68.1 51.4% 60.8 42.0%
Al Alamiya for Cooperative
Insurance Co.
Saudi SR 41.7 3.2% – – -16.5 NA
Aseer Trading, Tourism &
Manufacturing Co.
Saudi SR – – 87.4 24.7% 52.7 57.8%
Al Hassan Ghazi Ibrahim
Shaker Co. (HGISC)
Saudi SR – – 43.0 -42.1% 20.6 -58.6%
Arabia Insurance
Cooperative Co. (AICC)
Saudi SR 147.8 72.5% – – -2.1 NA
Tamweel Dubai AED – – – – 31.5 53.6%
Ras Al Khaimah Cement Co.
(RAK Cement)
Abu Dhabi AED 56.3 3.1% – – -1.5 NA
Source: Company data, DFM, ADX, MSM
News
Qatar
 DHBK posts QR399.3mn net profit in 1Q2014 – DHBK
reported a net profit of QR399.3mn vs. our estimate of
QR379.2mn (BBG consensus: QR362.6mn). Net profit
expanded by 69.5% QoQ due to a drop in provisions (down
45.8%), gains from investment income (QR74.4mn vs. 5.7mn in
4Q2013) and a softening in operating expenses (down 18.3%).
On a YoY basis, net income was marginally up by 1.0%. This
was mainly driven by net interest income, which was expanded
by 14.0%. Net loans and deposits grew by 5.6% and 2.2% YTD,
respectively. Thus the LDR rested at 100% vs. 97% at the end
of 2013. (QNBFS Research, Gulf-Times.com)
 Qatar Rail awards ‘largest’ insurance program on
infrastructure – Qatar Rail has awarded one of the largest-ever
“single project tunneling and rail construction insurance” policies
to a six-member consortium of Qatari insurance companies, led
by Qatar Insurance Company (QIC), with additional capacity
from international reinsurers and QFC-registered insurers. The
other members of the national insurance consortium are Qatar
General Insurance & Reinsurance Company, Al Khaleej Takaful
Group, Doha Insurance Company, Qatar Islamic Insurance
Company and Al Koot Insurance & Reinsurance Company.
QFC-registered companies Doha Bank Assurance Company
and SEIB Insurance & Reinsurance Company also participated
in the program. Qatar Rail oversees the construction of the
railway network in the country. The 231 km Doha Metro forms a
part of Qatar‟s overall railway network. The project will be
executed in twin stages with phase 1 involving 131 km and
some 48 stations (underground 63 km, elevated 48 km and at
grade 20 km). Phase 2 will see the construction of 100 km
(underground 37 km, elevated 53 km and at grade 10 km) with
some 44 stations. (Gulf-Times.com)
 Zad Holding to boost flour mill capacity by about 12% – Zad
Holding Company has embarked on a major expansion program
by increasing its flour mill capacity by about 12% to a total of
670 metric tons per day (mtpd) and constructing warehouses &
starting logistic services to cope with the growing demand. Zad
Holding managing director Sheikh Nawaf bin Mohamed bin
Jabor al-Thani said it is in the process of increasing the flour mill
capacity with an additional 70mtpd, which will take the total
capacity to 670mtpd. He stated that the company expects to
complete the expansion works this year, adding that more
expansion plans are on the anvil. He further added that the
production capacities of its Arabic and European bakery
products have increased significantly and the company is in the
process of carrying out further expansion during the year. He

4. Page 4 of 6
intimated that the company installed an additional asphalt plant
having a production capacity of 60,000MT/month in 2013, in
view of the growing demand for construction materials. (Gulf-
times.com)
 QIBK expands presence in Al Shahaniya with dedicated
ladies banking centre – Qatar Islamic Bank (QIBK) has
opened a new state-of-the-art branch in Al Shahaniya city, as
part of its expansion strategy. The new and bigger branch is
replacing an older one and will be open from Sundays to
Thursdays from 7:30 am to 1 pm. The branch features a
dedicated centre for ladies. (QE)
 Qatargas crosses safety milestone at offshore facilities –
Qatargas has achieved another significant safety milestone by
completing 12 years of operations at its offshore facilities without
a Lost Time Incident (LTI). Qatargas has several programs in
place that support its goal of maintaining „incident and injury-
free‟ operations. Risk assessments, permit-to-work system, job
safety analysis are some of these programs. (GulfBase.com)
 GISS to disclose 1Q2014 results on April 21 – Gulf
International Services Company (GISS) has announced its
intent to disclose its 1Q2014 financial results on April 21, 2014.
(QE)
 QGMD postpones AGM to April 23, 2014 – The Qatari
German Company for Medical Devices (QGMD) has postponed
its AGM from April 20, 2014 to Wednesday April 23, 2014 due to
a lack of quorum. (QE)
International
 Italy economy minister says 2014 growth could be above
0.8%: Padoan – Italian Economy Minister Pier Carlo Padoan
believed that the growth in 2014 could be more than 0.8% but
he could not say by how much. Italy's economy shrank in 2012
and 2013, and returned to growth on a quarterly basis for the
first time in more than two years during the final three months of
2013. A consensus of 20 economists polled by Reuters earlier
this month predicted gross domestic product (GDP) to rise only
0.6% in 2014. Padoan also added that the government's
decision to lower taxes by about 80 Euros a month for low
earners starting next month should be made permanent in order
to have effect. (Reuters)
 Japan export growth slows in warning about overseas
demand – Japan's annual export growth slowed sharply in
March due to weaker shipments to China, casting doubts that a
recovery in external demand could help offset the impact of the
April 1 sales tax hike. The Ministry of Finance data showed that
exports rose 1.8% in March from a year earlier, following a 9.8%
annual gain in the previous month, which was well below a 6.3%
increase expected by economists in a Reuters poll. The weak
external shipments helped push Japan's trade deficit to a record
13.75tn Yen for the fiscal year that ended in March. The latest
data joins a recent string of soft economic reports, including
capital spending and private consumption, which have kept alive
expectations for the Bank of Japan (BOJ) to offer fresh stimulus
this summer to sustain growth. After speeding past many of its
developed country peers in the first half of last year, Japan‟s
economy has slowed in recent quarters as the effects of Tokyo's
aggressive stimulus faded. Concerns over a deeper pullback
have hit investor confidence and the stock market this year,
although policy makers say they are prepared to look through
short-term dips in growth. The BOJ has repeatedly shrugged off
speculation of fresh easing, insisting that the economy is on
track to meet its 2% inflation target, but the burden may fall
more on the government to take further steps to support
business investment. (Reuters)
 China Credit: Bank defaults seen as dark side of deposit
vows – Chinese Premier Li Keqiang‟s plan to introduce deposit
insurance is meant to comfort the nation‟s savers as bad loans
mount. The move is fueling speculation in the bond market that
he is preparing to let some banks collapse. Kwong Li, the chief
executive officer of China Lianhe Credit Rating Co, said the
authorities may tolerate failures of smaller banks once depositor
safeguards are in place. The premium on the notes due 2019 of
Harbin Bank Co., a lender near China‟s border with Russia, has
jumped 41 basis points in the past year to 217. (Bloomberg)
 China firm plans $1 bn distressed asset fund for foreigners
– A unit of one of China's biggest bad-debt banks plans to woo
foreign investors with a $1bn fund for soured property loans and
distressed real estate assets, reopening the sector to outsiders
after a failed attempt last decade. That the fund is being
launched just as growth in the world's second-largest economy
has slowed to an 18-month low and the housing market is losing
strength is no coincidence. Lijian Chen, Chief executive of China
Orient Summit Capital, out of which 80% owned by China Orient
Asset Management Corp, said that the firm will use its
connections to help foreigners invest in an attractive but
sometimes treacherous market for distressed assets. (Reuters)
Regional
 Sabic Q1 profit slips; eyes expansion abroad – Saudi Basic
Industries Corp (Sabic) reported a dip in its quarterly earnings
yesterday as its chief executive said a shortage of natural gas
was limiting its domestic growth, making expansion abroad vital.
Sabic, the biggest listed company in the Gulf and one of the
world's largest petrochemical firms, said its net profit slipped
1.8% from a year earlier to SR6.44bn ($1.72bn) in the first
quarter of 2014. This was slightly below the average forecast of
analysts polled by Reuters, who had predicted a quarterly profit
of SR6.79bn. Chief financial officer Mutlaq al-Morished said
sales in the first quarter climbed to SR49.5bn riyals from
SR46.8bn a year earlier. But Sabic said lower prices for some of
its petrochemical products offset the increases in output and
sales volumes, while expenses related to sales and
administration increased. More broadly, Sabic chief executive
Mohamed al-Mady complained that a lack of ample natural gas
supplies within Saudi Arabia had emerged as a key constraint
on growth. Natural gas is used as a feedstock for petrochemical
production. (Gulf-times.com)
 Tadawul deposits SPIMACO’s bonus shares in shareholder
portfolios – The Saudi Stock Exchange (Tadawul) announced
the addition of Saudi Pharmaceutical Industries & Medical
Appliances Corporation‟s (SPIMACO) bonus shares into its
investors‟ portfolios. Earlier, SPIMACO‟s EGM had approved an
increase in the company‟s capital via bonus shares. The
fluctuation limit of the company‟s shares on April 20, 2014 will
be based on a stock price of SR47.74. (Tadawul)
 Tadawul deposits UITC’s bonus shares in shareholder
portfolios – The Saudi Stock Exchange (Tadawul) announced
the addition of United International Transportation Company‟s
(UITC) bonus shares into its investors‟ portfolios. Earlier, UITC‟s
EGM had approved an increase in the company‟s capital via
bonus shares. The fluctuation limit of the company‟s shares on
April 20, 2014 will be based on a stock price of SR79.26.
(Tadawul)
 Saudi pharmaceutical market estimated at SR13.5bn –
According to the experts, the volume of pharmaceutical market
in Saudi Arabia is estimated to be nearly SR13.5bn, including
government procurement deals. The share of the private sector
in the market is touching SR7bn. According to a report released
by Alpen Capital, the share of Arab and GCC countries to the

5. Page 5 of 6
global consumption is estimated at 1.5%. The pharmaceutical
industries in the GCC countries are poised to achieve a
compounded average growth rate (CAGR) of 7% and touch
$10.8bn (SR40.5bn) by 2020. The report stated that the
projected growth in pharmaceutical industries is attributed to a
number of factors, including rising life expectancy, increased
health care awareness, high occurrence of diseases emerging
from new lifestyle, and compulsory medical insurance for
employees. (GulfBase.com)
 Arabtec Holding appoints COO for Oil & Gas – Arabtec
Holding has appointed Paolo Bigi as Chief Operating Officer
(COO) for Arabtec International, Oil & Gas. (DFM)
 DLD: Dubai real estate investments grow by 57% in 1Q2014
– According to the figures released by Dubai Land Department‟s
(DLD) Real Estate Sector Development Department, Dubai‟s
real estate sector investments totaled AED35bn during 1Q2014,
representing a 57% increase over 1Q2013. The number of
investors had risen significantly over the same period, with
13,279 individuals making transactions as compared to 7,339 in
1Q2013, with an increase of 81%. (GulfBase.com)
 DED sees 13% increase in licenses during March 2014 –
According to the Department of Economic Development (DED),
Dubai witnessed a 13% increase in licenses issued in March
2014 as compared to March 2013 as economic activities in
Dubai remained on an upward curve. While 1,623 licenses were
issued in March 2013, 1,834 were issued in March 2014
reflecting increasing investor confidence in Dubai. The
commercial sector saw a 75% increase in the number of
licenses, while the professional sector accounted for a 23% rise,
followed by the tourism and industrials sectors by 1% each. The
total number of licenses amended in March 2014 was 7,104,
while the total number of renewed licenses reached 9,244, and
the total number of business registration & licensing (BRL)
transactions reached 48,422. (GulfBase.com)
 Invest bank reports net profit of AED95mn in 1Q2014 –
Invest bank reported a net profit of AED95mn in 1Q2014,
showing an increase of 6.5% over 1Q2013. Total net interest
income reached AED112.2mn. The bank‟s total assets stood at
AED12.8bn for the quarter ended March 31, 2014. Loans and
advances reached AED9.1bn, while customer deposits reached
AED9.2bn. EPS amounted to AED0.07 for the quarter ended
March 31, 2014. (ADX)
 ADCB grows SME, equipment finance portfolio – Abu Dhabi
Commercial Bank (ADCB) has executed a portfolio transfer
agreement with Mubadala GE Capital under which the former
will purchase a ED450mn portfolio of asset finance loans for
small and medium enterprises (SME) based in the UAE. (ADX)
 SCA issues first market-maker license to NBAD – The
Securities and Commodities Authority (SCA) has issued the first
license for practicing market-making activities to the National
Bank of Abu Dhabi (NBAD), following NBAD‟s fulfillment of all
regulatory requirements. (GulfBase.com)
 Bank Muscat opens new branch in Bidaya – Bank Muscat,
the flagship financial services provider in Oman, has opened a
state-of-the-art branch in Bidaya in the wilayat of Al Suwaiq. The
new branch facilities include the bank's revamped asalah priority
banking services, which have set a benchmark for personal and
relationship-based banking in Oman. (GulfBase.com)
 CBO issues tenders worth OMR245mn – The Central Bank of
Oman (CBO) has issued certificates of deposit tenders worth
OMR245mn. The average interest rate of these certificates was
0.13%, while the maximum accepted interest rate was 0.13%.
The tenor of these certificates is 28 days, so their maturity date
is on May 14, 2014. The certificates of deposit issued to
licensed banks by the CBO as a monetary policy instrument is
aimed at absorbing excess liquidity at the banking sector in
particular, and maintaining stability of the interest rate & the
money market in general. (GulfBase.com)
 CMA: Medical insurance shows maximum growth in Oman
– According to statistics released by the Omani Capital Market
Authority (CMA), medical insurance has shown maximum
growth among different types of insurance portfolios in Oman in
2013. Healthcare insurance showed a robust growth of 38% to
generate OMR63mn premium income, out of the total direct
premium revenue of OMR364mn. The country's insurance
companies have posted a 10.4% growth in direct premiums at
OMR364mn in 2013. In terms of market share, medical
insurance constituted 17% of the total insurance premium.
(GulfBase.com)
 Sohar Steel boosts capacity to 700,000 MT/year – Omani
companies Sohar Steel and Sharq Sohar Steel Rolling Mills
(SSSRM) are undertaking a major expansion and upgradation of
their manufacturing facilities. The objective is to help the
Sultanate achieve self-sufficiency in the domestic production of
reinforcing bars (rebars). Sohar Steel is expanding the capacity
of its Steel Melt Shop (SMS) at Sohar Port from 300,000
MT/year to an impressive 700,000 MT/year. Sharq Sohar is
undertaking an upgradation of its facilities at the nearby Sohar
Industrial Estate. Both the investments will help reinforce the
group‟s overall standing as the Sultanate‟s leading producer of
rebars. (GulfBase.com)
 NBO reports 20% increase in 1Q2014 profit – National Bank
of Oman (NBO) reported net profit of OMR10.3mn in 1Q2014 as
compared to OMR8.6mn in 1Q2014, reflecting an increase of
20%. (Reuters)
 GIB plans SR2bn note issue – Bahrain's Gulf International
Bank (GIB) is planning to issue SR2bn floating rate notes with a
lifespan of five years through a private placement in Saudi
Arabia. The bank mandated its own investment banking arm,
GIB Capital, as well as those of National Commercial Bank,
Samba Financial Group and Banque Saudi Fransi to act as joint
lead managers and joint book runners. (Reuters)

6. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
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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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
1.1%
0.2%
(0.2%) (0.2%)
(0.0%)
(0.3%)
1.7%
(0.8%)
0.0%
0.8%
1.6%
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 1,294.30 0.0 0.0 7.4 DJ Industrial 16,408.54 0.0 0.0 (1.0)
Silver/Ounce 19.61 0.0 0.0 0.7 S&P 500 1,864.85 0.0 0.0 0.9
Crude Oil (Brent)/Barrel (FM
Future)
109.53 0.0 0.0 (1.1) NASDAQ 100 4,095.52 0.0 0.0 (1.9)
Natural Gas (Henry
Hub)/MMBtu
4.57 0.0 0.0 5.1 STOXX 600 332.43 0.0 0.0 1.3
LPG Propane (Arab Gulf)/Ton 112.62 0.0 0.0 (10.8) DAX 9,409.71 0.0 0.0 (1.5)
LPG Butane (Arab Gulf)/Ton 124.75 0.0 0.0 (8.6) FTSE 100 6,625.25 0.0 0.0 (1.8)
Euro 1.38 0.0 0.0 0.5 CAC 40 4,431.81 0.0 0.0 3.2
Yen 102.43 0.0 0.0 (2.7) Nikkei 14,516.27 0.0 0.0 (10.9)
GBP 1.68 0.0 0.0 1.4 MSCI EM 1,011.87 0.0 0.0 0.9
CHF 1.13 0.0 0.0 1.1 SHANGHAI SE Composite 2,097.75 0.0 0.0 (0.9)
AUD 0.93 0.0 0.0 4.7 HANG SENG 22,760.24 0.0 0.0 (2.3)
USD Index 79.85 0.0 0.0 (0.2) BSE SENSEX 22,628.84 0.0 0.0 6.9
RUB 35.57 0.0 0.0 8.2 Bovespa 52,111.85 0.0 0.0 1.2
BRL 0.45 0.0 0.0 5.7 RTS 1,200.22 0.0 0.0 (16.8)
180.7
154.2
140.5