The QE index in Qatar declined 1.1% led by losses in the Banking & Financial Services and Telecom indices. Qatar Cinema & Film Distribution Co. and QNB Group were the top losers falling 10% and 3.8% respectively. Trading activity increased compared to the previous day but remained below the 30-day average. Regional indices were mixed with Saudi Arabia and Oman rising slightly while others fell. The document provides market commentary and data on trading activity in Qatar and other GCC markets.

1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.1% to close at 12,453.8. Losses were led by the
Banking & Financial Serv. and Telecoms indices, declining 2.1% and 1.6%
respectively. Top losers were Qatar Cinema & Film Distribution Co. and QNB
Group, falling 10.0% and 3.8%, respectively. Among the top gainers, Salam
International Invest. Co. rose 6.4%, while Qatar Insurance Co. was up 4.0%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 9,648.3. Gains were led
by the Tel. & Info. Tech. and Petro. Ind. indices, rising 0.9% and 0.7%
respectively. Umm Al-Qura gained 10.0%, while Jazira Takaful was up 5.2%.
Dubai: The DFM index gained 1.6% to close at 4,593.3. The Real Estate &
Construction index rose 2.9%, while the Insurance index gained 1.9%. Drake &
Scull International gained 5.6%, while Shuaa Capital was up 4.8%.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,803.8. The
Real Estate and Energy indices gained 2.1% each. International Fish Farming
Co. rose 10.7% and Eshraq Properties Co. was up 6.3%.
Kuwait: The KSE index fell 0.4% to close at 6,940.2. The Oil & Gas index
declined 1.3%, while the Financial Services index fell 0.9%. Metal & Recycling
Co. fell 8.6%, while Contracting & Marine Services Co. was down 7.7%.
Oman: The MSM index rose 0.1% to close at 6,913.0. Gains were led by the
Financial index, rising 0.1%, while other indices ended in red. Gulf
International Chemicals gained 2.5%, while Bank Muscat was up 1.8%.
Bahrain: The BHB index fell 0.3% to close at 1,434.8. The Commercial
Banking index declined 0.8%, while other indices remained unchanged or
ended in red. Ithmaar Bank fell 3.6%, while Ahli United Bank was down 1.8%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Salam International Investment Co. 17.25 6.4 1,833.5 32.6
Qatar Insurance Co. 80.00 4.0 66.2 50.4
Aamal Co. 16.70 3.4 507.1 11.3
Mannai Corp. 117.00 2.3 107.8 30.1
Qatari Investors Group 61.00 1.7 102.9 39.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Salam International Investment Co. 17.25 6.4 1,833.5 32.6
Ezdan Holding Group 21.72 1.0 1,526.6 27.8
Masraf Al Rayan 51.20 (1.9) 1,199.2 63.6
Vodafone Qatar 19.60 0.0 1,191.4 83.0
Qatar Oman Investment Co. 15.00 0.9 1,074.5 19.8
Market Indicators 19 Jun 14 18 Jun 14 %Chg.
Value Traded (QR mn) 636.4 496.1 28.3
Exch. Market Cap. (QR mn) 681,578.4 689,148.2 (1.1)
Volume (mn) 13.9 8.5 63.6
Number of Transactions 10,236 7,878 29.9
Companies Traded 43 42 2.4
Market Breadth 14:24 19:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,574.67 (1.1) (4.0) 25.3 N/A
All Share Index 3,166.89 (1.0) (3.5) 22.4 15.2
Banks 3,019.29 (2.1) (4.5) 23.6 15.0
Industrials 4,248.92 (0.3) (1.3) 21.4 16.5
Transportation 2,210.21 (0.7) (2.6) 18.9 14.2
Real Estate 2,587.27 0.2 (5.5) 32.5 12.9
Insurance 3,419.94 2.4 1.0 46.4 8.9
Telecoms 1,606.21 (1.6) (9.4) 10.5 22.1
Consumer 6,777.28 (0.1) (0.8) 13.9 26.6
Al Rayan Islamic Index 4,170.72 (0.4) (3.9) 37.4 18.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Drake & Scull Int. Dubai 1.90 5.6 185,757.0 31.9
Emaar Properties Dubai 9.58 4.5 23,810.1 37.9
Petro Rabigh Saudi Arabia 32.48 4.0 3,579.4 33.9
Qatar Insurance Co. Qatar 80.00 4.0 66.2 50.4
IFA Hotels & Resorts Kuwait 0.22 3.8 10.1 (23.5)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
QNB Group Qatar 176.00 (3.8) 340.2 2.3
Ithmaar Bank Bahrain 0.14 (3.6) 271.2 (41.3)
Doha Bank Qatar 58.50 (2.5) 173.8 0.5
Gulf Warehousing Co. Qatar 50.70 (2.5) 38.9 22.2
Ooredoo Qatar 130.00 (2.3) 251.8 (5.3)
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 Cinema & Film Distri. Co. 57.60 (10.0) 21.6 43.6
QNB Group 176.00 (3.8) 340.2 2.3
Doha Bank 58.50 (2.5) 173.8 0.5
Gulf Warehousing Co. 50.70 (2.5) 38.9 22.2
Ooredoo 130.00 (2.3) 251.8 (5.2)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 94.10 1.4 67,971.8 92.8
Masraf Al Rayan 51.20 (1.9) 61,923.0 63.6
QNB Group 176.00 (3.8) 61,183.2 2.3
Industries Qatar 177.20 (1.4) 47,261.8 4.9
Ezdan Holding Group 21.72 1.0 33,044.6 27.8
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* 12,453.76 (1.1) (4.0) (9.1) 20.0 174.79 187,229.6 15.5 2.1 4.0
Dubai 4,593.27 1.6 (5.0) (9.7) 36.3 502.86 90,633.4 18.4 1.8 2.3
Abu Dhabi 4,803.79 0.5 (2.6) (8.6) 12.0 113.46 134,298.4 14.2 1.8 3.5
Saudi Arabia 9,648.26 0.1 (1.8) (1.8) 13.0 1,671.45 524,520.4 19.2 2.4 2.9
Kuwait 6,940.24 (0.4) (4.2) (4.8) (8.1) 81.39 109,910.2 16.4 1.1 4.0
Oman 6,912.97 0.1 0.1 0.8 1.1 16.56 25,120.1 12.0 1.7 4.0
Bahrain 1,434.84 (0.3) (1.7) (1.7) 14.9 3.43 53,539.0 11.2 1.0 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,400
12,450
12,500
12,550
12,600
12,650
09:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE index declined 1.1% to close at 12,453.8. The Banking &
Financial Serv. and Telecoms indices led the losses. The index
fell on the back of selling pressure from non-Qatari shareholders
despite buying support from Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and QNB Group were the
top losers, falling 10.0% and 3.8% respectively. Among the top
gainers, Salam International Investment Co. rose 6.4%, while
Qatar Insurance Co. was up 4.0%.
 Volume of shares traded on Thursday rose by 63.6% to 13.9mn
from 8.5mn on Wednesday. However, as compared to the 30-
day moving average of 24.8mn, volume for the day was 43.9%
lower. Salam International Investment Co. and Ezdan Holding
Group were the most active stocks, contributing 13.2% and
11.0% 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
Islamic Development
Bank (IsDB)
Fitch
Saudi
Arabia
LT IDR/ST IDR AAA/F1+ AAA/F1+ – Stable –
The Saudi British
Bank (SABB)
CI
Saudi
Arabia
FSR/LT FCR/ST FCR A+/A+/A1 A+/A+/A1 – Stable –
AlBaraka Islamic
Bank (AIB)
CI Bahrain FSR/LT FCR/ST FCR BB/BB/A3 BB/BB/A3 – Stable –
United Gulf Bank
(UGB)
CI Bahrain FSR/LT FCR/ST FCR BBB/BBB/A3 BBB/BBB/A3 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- 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
Al Firdous Holdings* Dubai AED 16.5 25.5% – – 1.7 119.5%
Source: Company data, DFM, ADX, MSM, (*FY 2013-14 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/19 US Bloomberg Bloomberg Economic Expectations June 48.5 – 42.5
06/19 US Bloomberg Bloomberg Consumer Comfort 15 June 37.1 – 35.5
06/20 EU European Central Bank ECB Current Account SA April 21.5B – 19.6B
06/20 EU European Central Bank Current Account NSA April 18.7B – 21.6B
06/20 EU European Commission Consumer Confidence June -7.4 -6.5 -7.1
06/20 France French Labor Office Wages QoQ 1Q2014 0.60% – 0.60%
06/20 Germany Destatis PPI MoM May -0.20% 0.00% -0.10%
06/20 Germany Destatis PPI YoY May -0.80% -0.70% -0.90%
06/19 UK CBI CBI Trends Total Orders June 11.0 2.0 0.0
06/19 UK CBI CBI Trends Selling Prices June 3.0 5.0 4.0
06/20 UK ONS Public Finances (PSNCR) May 8.5B – -10.8B
06/20 UK ONS Central Government NCR May 12.4B – 1.9B
06/20 UK ONS Public Sector Net Borrowing May 11.5B 12.0B 9.0B
06/20 UK ONS PSNB ex Interventions May 13.3B 8.7B 6.8B
06/20 UK ONS PSNB ex Royal Mail, APF May 13.3B 12.2B 10.9B
06/19 Italy Banca D'Italia Current Account Balance April 2,033M – 1,005M
06/20 Italy ISTAT Industrial Sales MoM April -0.20% – 0.40%
06/20 Italy ISTAT Industrial Sales WDA YoY April 2.20% – 2.60%
06/20 Italy ISTAT Industrial Orders MoM April 3.80% 1.00% 1.40%
06/20 Italy ISTAT Industrial Orders NSA YoY April 6.20% – 2.80%
06/19 Japan METI All Industry Activity Index MoM April -4.30% -4.10% 1.50%
06/19 Japan ESRI Leading Index CI April 106.5 – 106.6
06/19 Japan ESRI Coincident Index April 111.1 – 111.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 54.11% 52.94% 7,440,593.95
Non-Qatari 45.89% 47.06% (7,440,593.95)

3. Page 3 of 7
News
Qatar
 Qatar to benefit from robust global LNG demand – QNB
Group (QNBK) said that the global demand for liquefied natural
gas (LNG) is likely to keep prices high over the next few years.
Demand is growing both as a result of a strong Asian economic
growth and the switch to cleaner energy, particularly in China. In
its weekly analysis, QNB stated that this trend is likely to
continue, notwithstanding the so-called US shale gas revolution
and the coming into operations of the $400bn Russia-China gas
pipeline signed on May 21, 2014. Overall, the future of the LNG
market remains bright and is likely to result in high LNG prices
for years to come. This will continue to support Qatar’s large
current account surpluses, which continues to be the largest
LNG exporter, with about one third of global supply. The global
LNG market continued to tighten in 2013, with LNG deliveries
estimated at 240m tons, which was broadly flat as compared to
2012. At the same time, demand from Asia and Latin America
increased, with China, South Korea and Mexico registering the
largest increase. In particular, China brought three new re-
gasification terminals online as its switch from coal to LNG as a
cleaner fuel for electricity production continued. This tightening
of the market resulted in an average $1 increase in LNG prices
per million British thermal units (mBtu), despite Brent crude oil
prices falling $4.5 per barrel and lower LNG demand from
Europe. The outlook for the LNG market is likely to continue
along similar trends in 2014. On the supply side, three new LNG
trains in Algeria, Australia and Papua New Guinea are expected
to come on-stream in 2014. This is likely to add about 10m tons
to global LNG production, a 4.2% increase. On the demand
side, continued growth in Asian demand and the need for
Europe to diversify away from Russian pipeline gas may
outpace the increased supply, leading to a small increase in
LNG prices of about $0.5 per mBtu despite the expected decline
in Brent crude oil prices. The ongoing violence in Iraq and Syria
could, however, result in higher-than-expected LNG and crude
oil prices in the second half of 2014. Over the medium term,
global LNG exports are unlikely to meet the growing global
demand, leading to higher LNG prices. (Bloomberg)
 AIECGC: Qatar’s GDP to touch $220.6bn by 2015 – Arab
Investment & Export Credit Guarantee Corporation (AIECGC)
said that Qatar’s GDP is projected to reach $220.6bn by 2015,
after touching $209bn by the end of 2014. In its report, AIECGC
stated that Qatar ranks top among Arab countries in terms of per
capita income, which would reach $106,700 by 2015. The
average annual per capita income of Arab citizens during 2005-
2009 was $5,067, which reached to $8,171 in 2013. The figure
would go up to $8,402 by the end of 2014 and is expected to
reach $8,591 by 2015. Meanwhile, foreign currency reserves of
Arab countries jumped during the period of 2000-2009 from an
annual average of $730bn to $1,374bn in 2013. It is expected to
rise to $1,482bn by year-end. (Peninsula Qatar)
 QNB First launches Global Recognition Program in 5
countries – QNB Group (QNBK) will simultaneously launch its
“Global Recognition Program” in five countries, to cater to
premium customers in Qatar, Oman, Kuwait, UK, and France.
QNBK’s General Manager–Group Retail Heba al-Tamimi said
that the premium banking service will be launched by QNB First
as the first service of its kind offered by a regional bank. She
said as the first banking initiative of its type in the MENA region,
the Global Recognition Program is a comprehensive suite of
premium financial products and services. Importantly, QNB First
has taken the next step in extending its service to this affluent
customer segment within Qatar and across its expanding
network abroad. (Gulf-Times.com)
 Six top Qatar companies on ‘Forbes Global 2000 list’ – QNB
Group (QNBK), Industries Qatar (IQCD), Qatar Insurance
(QATI), Woqod (QFLS), Ooredoo (ORDS) and the Qatar
Electricity & Water Company (QEWS) are among the top Arab
companies that figured in the ‘Forbes Global 2000’ list. In the
Banking category, QNBK took the top spot. Qatar registered
nine entries out of a total of 101 banks included in the ranking.
For the second year, IQCD took the top position in the
Industrials category with a market value of $31.3bn. In total, 107
Middle East companies figured in this list. In the Services
category, QEWS topped the list, while QATI and Qatar General
Insurance are in second and third positions, respectively, in the
Insurance category. As many as 31 companies from the region’s
insurance sector have been featured in 2014. In the Retail
category, Woqod topped the list with revenues of $3.5bn and
market value of $4.4bn. ORDS has made the cut among the top
Telecom companies from the region. Overall, GCC companies
dominated the lineup among the top Arab companies, with the
top 10 including four entries from Saudi Arabia, three from the
UAE, two from Qatar and one from Kuwait. (Gulf-Times.com)
 QNB Group to disclose 1H2014 results on July 08, 2014 –
QNB Group (QNBK) will disclose the reviewed financial reports
for the period ending June 30, 2014 on July 08, 2014. (QE)
 VFQS’ AGM approves 1.7% cash dividend – Vodafone
Qatar’s (VFQS) AGM has approved the board of directors’
proposal for the distribution of 1.7% cash dividend (QR0.17 per
share) for the financial year ended March 31, 2014. (QE)
 ORDS to pay interest to GMTN holders soon, launches new
feature on Mozaic Go – Ooredoo (ORDS) has announced that
its wholly owned subsidiary, Ooredoo International Finance
Limited, will pay both the principal and interest payments to its
Global Medium Term Note (GMTN) holders on July 31, 2014.
Meanwhile, ORDS has announced a new streaming feature on
Mozaic Go that will enable its customers to watch popular TV
channels live on their personal devices, wherever they are in
Qatar. (ADX, Gulf-Times.com)
 Kahramaa awards QR1.09bn Doha pipelines project to HLG
– The Qatar General Electricity & Water Corporation
(Kahramaa) has awarded a QR1.09bn contract to Habtoor
Leighton Group (HLG) for the construction of pipelines for two
sections of Doha’s Mega Reservoir Corridor Main 1 (Packages
A & B). HLG, operating as Leighton Contracting (Qatar), is
responsible for the supply, installation, testing and
commissioning of 120km of iron pipes and fittings.
(GulfBase.com)
 MDPS: Monthly salary averaged QR9,667 in 2013 in Qatar –
According to the Ministry of Development Planning & Statistics
(MDPS), the monthly average salary in Qatar was QR9,667 in
2013, with the average for men being QR10,075 and QR8,510
for women. Around 1.53mn people were employed, of which
192,584 were women. Those in public administration, defense
and social security sectors got the highest pay package
(QR24,258). The lowest monthly wages were drawn by
household employees (average QR2,548), followed by
construction workers (QR4,811). Education sector employees
received QR19,708 and their counterparts in the fields of public
health and social work were paid QR17,628. Oil & gas sector
employees earned an average of QR21,965 a month, which is
the second highest. Finance & insurance industry staff stood
next with an average of QR20,597. People employed in the
transport & communications sector were paid QR20,062 on
average. The highest-paid women were in the energy sector,
with their average monthly package being QR23,787. Women

4. Page 4 of 7
engaged in the domestic sector were the lowest-paid, with an
average salary of QR2,589. (Peninsula Qatar)
 Msheireb Partners with VFQS for Msheireb Downtown Doha
– Msheireb Properties and Vodafone Qatar (VFQS) have
entered into a partnership that will see Vodafone become the
primary provider of mobile services for Msheireb Downtown
Doha (MDD), the world's first sustainable downtown
regeneration project. As a part of this agreement, Vodafone will
build and maintain all the necessary mobile sites on the
premises to provide superior network coverage and data speeds
to customers using the latest technology such as 4G and
beyond. VFQS is also committed to supply any future
technology requirements that might emerge as the construction
progresses. This is all underpinned by the latest fibre network
service offered in Qatar. (Zawya)
 BRES sells Barwa City share capital to Labregah for
QR7.57bn – Barwa Real Estate Company (BRES) has
announced that it has completed the sale of its entire share
capital in Barwa City Real-Estate Company (Barwa City) to
Labregah Real Estate Company, a wholly-owned subsidiary of
Qatari Diar Real Estate Investment Company (QDREIC), on 18
June 2014. The purchase consideration was worth QR7.57bn,
which will be subject to a customary price adjustment. This
transaction has happened after the framework agreement
between QDREIC and BRES, which had been previously
announced. (QE)
International
 Yellen gives green light for more stock gains – The US
Federal Reserve Chief Janet Yellen signaled that rational
exuberance is just fine. That, at least, is how some of America's
money managers interpreted her comments suggesting that
interest rates will remain low through 2016. Her comments
reinforced their views that easy money means the US stock
market rally has further to run despite already notching a series
of record highs this year. That could easily put the S&P 500
benchmark on track to surpass 2,000 for the first time by the end
of this year. Such a gain for 2014, after a 30% rise in 2013,
would surprise those who worried that stocks might be getting
overvalued and were due for a sizable pullback. One reason for
increasing confidence is that the market resilience has been
strong in the face of various shocks this year. A combination of
factors such as an improving economy, rising earnings, and
cheap borrowing costs has made that possible. (Reuters)
 IMF: Eurozone has correct fiscal stance to cut debt, help
growth – The International Monetary Fund stated that the
Eurozone's fiscal stance strikes the right balance between
reducing debt and bolstering demand. In 2013, the Eurozone's
overall government deficit fell to the EU limit of 3% of GDP from
6.2% in 2010 – the year when it had to bail out Greece for the
first time. The €9.6tn economy is now recovering slowly and
Eurozone policymakers are discussing how to balance the
reduction of public debts, while at the same time stimulate
growth. The IMF noted said the recovery was neither robust nor
sufficiently strong, so continued support for demand was vital.
The IMF praised the recent steps taken by the European Central
Bank to help accelerate dangerously low inflation, but noted
more might be needed if those steps fail. Meanwhile, the IMF is
considering creating a new way for indebted countries to get
large loans and dropping an exception to its lending rules that
enabled Greece to obtain a loan in 2010, without having to first
restructure its debt. IMF staff proposed that a country’s creditors
instead be asked for a relatively short extension of maturities in
exchange for IMF support. (Reuters, Bloomberg)
 Japan inflation seen falling minus tax hike in May; Kuroda
says price moves improving sharply – Consumer inflation in
Japan is expected to ease slightly in May 2014, excluding a
sales tax hike, as gains in gasoline moderated, but prices are
believed to accelerate soon as a tight labor market supports
consumer spending. Demand for new workers in May is
expected to remain at the strongest level in more than seven
years, supporting the Bank of Japan's (BoJ) argument that the
upward pressure on wages will keep the economy on track.
Consumer spending is expected to decline in May, but at a
slower pace than the previous month in a sign that shoppers are
gradually shaking off an increase in the nationwide sales tax on
April 1. May's data could also suggest that consumer prices are
still on track to meet the BoJ's 2% inflation target in about a
year's time. Meanwhile, the BoJ Governor Haruhiko Kuroda said
the bank’s massive monetary stimulus is exerting its intended
effects with the economy recovering moderately and price
developments improving sharply. He also did not see any
change in Japan's consumer price trend after the increase in the
sales tax in April. He said the BoJ will examine all risks to the
economy and prices, and will not hesitate in adjusting policy if
needed to achieve its 2% inflation target. (Reuters)
 Li Keqiang’s Greece visit signals investment flow from
China – Chinese Premier Li Keqiang said confidence in the
Greek economy is returning, as China signaled its interest in
investing in the Mediterranean country’s airports, railways and
energy sector. Li said Greece’s Piraeus Port can become an
entry point for Chinese goods in Europe. Li, who is on the
second day of a three-day visit to Greece, said that China wants
to see a prosperous and stable Europe. When the Greek
government issues new bonds, China will continue to be a long-
term investor in those bonds. Greek Prime Minister Antonis
Samaras said Chinese investors have expressed interest in
Athens International Airport and in the recently announced
tender for the construction of a new airport at Kasteli, on the
island of Crete. The two countries held talks on investments
including in the country’s port connection to the rest of Europe,
Greek food exports to China and the creation of mutual
investment funds. (Bloomberg)
Regional
 Mideast ICT spending to top $96bn in 2014 – The overall
Information & Communication Technology (ICT) spending in the
Middle East among businesses such as healthcare, banking and
finance, transportation and the energy sector is predicted to top
$96bn in 2014. The public cloud services market in MENA is
expected to grow 21.3% to $620mn in 2014. (GulfBase.com)
 CCI clears HSBC Oman-DHBK deal – The Competition
Commission of India (CCI) has approved the proposed transfer
of HSBC Oman's banking business in India to Doha Bank
(DHBK). HSBC Oman is part of HSBC Holdings which has
interests in banking companies worldwide, including in India.
(Bloomberg)
 SEC signs SR49.4bn interest-free govt loan – The Saudi
Electricity Company (SEC) has signed for an interest-free loan
of SR49.4bn with the Kingdom’s Ministry of Finance (MoF). The
loan will be made available to the company in equal tranches
over a five-year period and the terms include a grace period of
10 years before repayments begin. (GulfBase.com)
 BSF issues SR2bn Sukuk through private placement –
Banque Saudi Fransi (BSF) has completed the issuance of its
SR2bn capital-boosting Sukuk issue through private placement.
This Sukuk will support the bank's capital base in accordance
with Basel III requirements in order to assist further growth. The
issuance has a tenor of 10 years with the bank having the right

5. Page 5 of 7
to call the Sukuk at the end of the fifth year. The Sukuk is priced
at 140 basis points over the three-month Saudi interbank offered
rate (Saibor). (Tadawul)
 MMG signs MoU with Saudi FAS – Mohammad Al-Mojil Group
(MMG) has signed a MoU with Saudi FAS Holding Company for
an entry as a strategic investor. Under the terms of the MoU,
contribution by Saudi FAS will be SR327mn, which includes
SR227mn as capital injection and SR100mn as a subordinated
loan. After restructuring the debt, trade obligations and paid up
capital, Saudi FAS will own 40% of the issued shares of MMG
and the current shareholders the remaining percentage.
(Tadawul)
 Al Khodari wins SR40.6mn Dammam contract – Abdullah A.
M. Al-Khodari Sons Company (Al-Khodari) has won SR40.6mn
contract from the Ministry of Municipal & Rural Affairs (Eastern
Province Municipality). The contract includes the operation and
maintenance of a landfill site at Dammam and neighbor cities for
a period of three years. (Tadawul)
 Firms to build SR3.75bn pipes plant in Kingdom – Four
companies from Saudi Arabia, India, Germany and Czech
Republic have formed an alliance to build a large plant for
manufacturing seamless pipes in Ras Alkhair. The plant is
estimated to cost SR3.75bn and will be financially managed by
Alinma Investment. The plant is expected to produce 600,000
tons of steel and is set for the beginning of 2015.
(GulfBase.com)
 Eram signs deal to deliver ASME training courses – Eram
Group has entered into an agreement with the American Society
of Mechanical Engineers (ASME) Training & Development, to
deliver ASME’s courses in the Middle East. Under the
agreement, Eram will serve as an authorized training provider to
deliver ASME’s more than 300 courses to the region. The
training courses are specifically developed to boost technical
competence and heighten managerial experience for engineers
and technical professionals. (GulfBase.com)
 TRA releases ICT in UAE; Business Survey 2013 report –
The Telecommunication Regulatory Authority of the UAE (TRA)
released its ‘ICT in UAE; Business Survey – 2013’. A total of
1,502 businesses across the UAE participated in this research,
which was limited to businesses with 10 or more employees.
The survey spanned multiple services including fixed telephony,
mobile telephony, internet, advanced telecommunication
services and e-commerce. Across these services, the survey
examined the access and the use of ICT by businesses in the
UAE. (GulfBase.com)
 CNTAC: UAE controls 5.5% of global textile market –
According to China National Textile & Apparel Council (CNTAC),
the UAE controls 5.5% of the global textile market. Gulf
countries are emerging as leading textile manufacturing and
trading centers globally. By 2016, the UAE is expected to
become the world’s leading high-end textile and garment re-
export centre. (GulfBase.com)
 DEL records 20% reduction in flaring – Dolphin Energy (DEL)
has recorded a 20% reduction in flaring and at the same time
exceeded the Ministry of Environment’s flaring target of 0.3% in
gas export. DEL’s General Manager Adel Ahmed Albuainain
said that the achievement is among the highlights included in its
fifth sustainability report entitled “Powered by Performance,”
which showcases the company’s commitment to the economy,
environment, and society. Notable achievements in the
company’s performance in 2013 include: successfully securing
gas without interruption in supply to customers and recording
99.997% plant availability; reaching 1bn barrels of oil equivalent
of cumulative gross production; and achieving 23mn man hours
without a lost time incident (LTI), in addition to a 12% rise in
community investment expenditure in Qatar. (Gulf-Times.com)
 Compareit4me.com completes $3mn funding round – UAE-
based finance comparison site, Compareit4me.com has
completed $3mn first round of funding. The investment was led
by Mulverhill Associates, a Dubai-based investment & advisory
firm focused on the Middle East. (Bloomberg)
 Former CEO of Arabtec to hold on to stake – The former
Chief Executive of Arabtec, who abruptly resigned from the
company this week, said that he has no plans to sell his 28.85%
stake. In late May, Arabtec said Ismaik had raised his stake to
21.46% from 8.03%, while this week, bourse data showed his
stake had risen further to 28.85%. Forbes magazine said that
Ismaik, 37, had become the first Jordanian billionaire — and the
third-youngest billionaire in the Middle East — because of his
holdings of Arabtec shares. (Peninsula Qatar)
 DEC, StanChart sign MoU – The Dubai Economic Council
(DEC) and Standard Chartered Bank (StanChart) have signed a
MoU stipulating that StanChart will advise, arrange and facilitate
trade & investment flows between the public and private sectors
based in Dubai, UAE and the US. (GulfBase.com)
 DFFS, DREC in deal to prepare for World Expo 2020 – The
Dubai Fund for Financial Support (DFFS) has reached a
strategic deal with the Dubai Real Estate Corporation (DREC) to
develop the fund’s plots to support the economic growth of the
Emirate ahead of the World Expo 2020. As per the agreement,
the first project will be set up along the Sheikh Zayed Road,
which includes the construction of a modern mall center and
residential complexes. DREC will develop a number of hotel
projects, residential units and hotel apartments. The long-term
strategic partnership between the two parties involves other
agreements to develop plots of the fund. (GulfBase.com)
 DSC: Dubai’s economy up 4.6% to AED325.7bn – According
to the data from the Dubai Statistics Centre (DSC), Dubai’s
economy expanded by 4.6% in 2013, its fastest rate of growth
since 2007, driven by a solid performance spanning across
manufacturing to hospitality. The economy grew to AED325.7bn
in 2013, up from AED 311bn in 2012. (GulfBase.com)
 Deutsche Post to boost Mideast investments – Germany-
based Deutsche Post’s DHL Express parcel delivery subsidiary
is planning to invest AED100mn to expand its ground operations
in Dubai, along with additional investments at the Dubai
International Airport (DIA), in Abu Dhabi, in Saudi Arabia and in
Cairo, for a total sum of about $341mn. (Bloomberg)
 Abraaj close to acquire CMC; plans stake acquisition in
CIRA – Abraaj Group is about to complete a take-over of the
healthcare company, Cairo Medical Center (CMC). Earlier,
Creed Healthcare, a company owned by one of its funds had
agreed to buy 41.98% of CMC for a purchase consideration of
75 Egyptian pounds per share valuing the business at
AED104mn. The offer is conditional to 51% of the total
outstanding shares being tendered, out of which Abraaj has
already obtained irrevocable sale undertakings from the
shareholders owning 50.09% of CMC. Additionally, Abraaj is
also planning to submit a tender offer to acquire a stake in an
education group, Cairo Investment and Real Estate
Development (CIRA). Both the target entities are listed on
Egyptian Stock Exchange. (GulfBase.com)
 Dana Gas gets approval for AED29.55mn capital increase –
Dana Gas has received the approval from the competent
authorities for the capital increase of AED29.55mn. The capital
increase is arising out of the conversion of voluntary conversion

6. Page 6 of 7
notices received between May 1 and May 15, 2014 amounting
to $6.03mn of convertible Sukuk. (ADX)
 DED to observe investment projects – Abu Dhabi’s
Department of Economic Development (DED) has signed a joint
cooperation agreement with industrial arm Senaat, in addition to
60 government institutions and semi-governmental bodies of
departments, agencies and organizations, with the aim of
cooperation and coordination between the two parties on the
Abu Dhabi Projects Program (ADPP). ADPP aims at
highlighting the size of domestic and foreign investment in each
sector separately, as well as supporting decision makers to the
analysis of development in every sector, in addition to the
identification of all existing delayed and postponed projects and
facilitate the access of investors to the investment data in the
appropriate sector. (GulfBase.com)
 Etihad Airways denies talks with Malaysian Airlines over
equity stake – Abu Dhabi's Etihad Airways said that it is not in
talks with Malaysian Airlines for an equity investment, dismissing
media reports. (Reuters)
 Al Madina appoints CEO – Al Madina for Finance & Investment
Company has appointed Mohammed Saud Sulaiman Al
Abdullah as Chief Executive Officer (CEO) effective from June
17, 2014. (DFM)
 Fitch affirms Kuwait at 'AA'; outlook stable – Fitch Ratings
has affirmed Kuwait's Long-term foreign and local currency
Issuer Default Ratings (IDR) at 'AA'. The Outlooks are Stable.
The Country Ceiling has been affirmed at 'AA+' and the Short-
term foreign currency IDR at 'F1+'. (Reuters)
 IHP approves KISR’s proposal to become UNESCO regional
center – International Hydrological Programme (IHP) has
approved a proposal by Kuwait Institute for Scientific Research's
(KISR) to affiliate its hydrology department with UNESCO. The
IHP is the only intergovernmental programme of the UN system
devoted to water research, water resources management,
education and capacity building. (Bloomberg)
 ACWA Power Barka’s BoD approves OMR3mn cash
dividend – ACWA Power Barka’s board of directors has
approved the distribution of 20% cash dividend amounting to
OMR3mn for the period January 1 – April 30, 2014. (MSM)
 Al Batinah Power’s BoD approves 1.5% interim cash
dividend – Al Batinah Power Company’s board of directors has
approved the distribution of 1.5% interim cash dividend (1.5
baiza per share) for the period ended December 31, 2013.
(MSM)
 Al Suwadi Power’s BoD approves 1.5% interim cash
dividend – Al Suwadi Power Company’s board of directors has
approved the distribution of 1.5% interim cash dividend (1.5
baiza per share) for the period ended December 31, 2013.
(MSM)
 $6bn Duqm refinery development to kick off soon – The
process of pre-qualifying international companies for the
multibillion dollar engineering, procurement & construction
(EPC) package of the Duqm Refinery project in Oman is
expected to be kicked off in 3Q2014. Duqm Refinery and
Petrochemical Industries Company, a JV of Oman Oil Company
(50%) and International Petroleum Investment Company (50%),
a wholly owned commercial entity of the government of Abu
Dhabi, is jointly developing the refinery project with an
investment of around $6bn. Plans for an associated
petrochemical complex in the second phase could add a further
$9bn to the total project cost. (GulfBase.com)
 Orpic invites bid for $3.6bn LPP EPC – Oman Oil Refineries
and Petroleum Industries Company (Orpic) has launched the
process of prequalifying contractors for the construction phase
of its $3.6bn Liwa Plastics Project (LPP). The company has
issued ‘Request for Information’ engineering contractors inviting
them to affirm their interest in bidding for the multibillion dollar
engineering, procurement and construction (EPC) package of
the huge petrochemicals project. The LPP is proposed to be
established adjacent to the ongoing Sohar Refinery
Improvement Project (SRIP) under way at the industrial port of
Sohar. (Bloomberg)
 Investcorp issues bonds – Investcorp has issued 125mn
Swiss Franc of 4.75% bonds due 2019. The bonds are listed on
the SIX Swiss Exchange and they are guaranteed by
Investcorp’s parent Investcorp Bank. (Bahrain Bourse)
 Fitch affirms Bahrain at 'BBB'; outlook stable – Fitch Ratings
has affirmed Bahrain's Long-term foreign currency Issuer
Default Rating (IDR) at 'BBB' and local currency IDR at 'BBB+'.
The Outlooks are Stable. The issue ratings on Bahrain's senior
unsecured foreign and local currency bonds have also been
affirmed at 'BBB' and 'BBB+', respectively. Fitch has
simultaneously affirmed Bahrain's Country Ceiling at 'BBB+' and
Short-term foreign currency IDR at 'F3'. (Bloomberg)
 Gulf Air launches additional flights to LIA and IAA – Gulf Air
has launched additional flights additional flights to Istanbul
Ataturk Airport (IAA) and Larnaca International Airport (LIA) to
reach seven weekly flights to both cities. The flights will be
operated by an Airbus A320-ER aircraft in a two-class
configuration, featuring 14 Falcon Gold Class seats and 96
Economy Class seats. (Bloomberg)
 Bahrain plans major solar power plant – Bahrainis planning
to set up a key solar and wind hybrid plant which will be linked to
the country's power-distribution grid by the first quarter of 2015.
The 5 megawatt experimental station is expected to be built on a
land covering 120,000 square meter south of Al Dur Power and
Water Plant Company. It is part of Bahrain's efforts to develop
renewable energy sources. (Bloomberg)

7. 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 shahan.keushgerian@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
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views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 7 of 7
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
210.0
Jul-10 Jul-11 Jul-12 Jul-13
QE Index S&P Pan Arab S&P GCC
0.1%
(1.1%)
(0.4%) (0.3%)
0.1%
0.5%
1.6%
(1.6%)
(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 1,314.85 (0.4) 3.0 9.1 DJ Industrial 16,947.08 0.2 1.0 2.2
Silver/Ounce 20.88 0.3 6.0 7.2 S&P 500 1,962.87 0.2 1.4 6.2
Crude Oil (Brent)/Barrel (FM
Future)
114.81 (0.2) 1.2 3.6 NASDAQ 100 4,368.04 0.2 1.3 4.6
Natural Gas (Henry
Hub)/MMBtu
4.51 (2.9) (3.3) 3.9 STOXX 600 348.09 (0.0) 0.3 6.0
LPG Propane (Arab Gulf)/Ton 108.75 0.2 4.9 (13.9) DAX 9,987.24 (0.2) 0.8 4.6
LPG Butane (Arab Gulf)/Ton 125.75 (0.2) 5.3 (7.9) FTSE 100 6,825.20 0.3 0.7 1.1
Euro 1.36 (0.1) 0.4 (1.0) CAC 40 4,541.34 (0.5) (0.0) 5.7
Yen 102.07 0.1 0.0 (3.1) Nikkei 15,349.42 (0.1) 1.7 (5.8)
GBP 1.70 (0.2) 0.3 2.8 MSCI EM 1,043.86 (0.6) (0.5) 4.1
CHF 1.12 (0.1) 0.6 (0.2) SHANGHAI SE Composite 2,026.67 0.1 (2.1) (4.2)
AUD 0.94 (0.1) (0.1) 5.3 HANG SENG 23,194.06 0.1 (0.5) (0.5)
USD Index 80.37 0.1 (0.3) 0.4 BSE SENSEX 25,105.51 (0.4) (0.5) 18.6
RUB 34.47 0.3 0.2 4.9 Bovespa 54,638.19 (1.0) (0.3) 6.1
BRL 0.45 0.1 (0.3) 5.9 RTS 1,358.73 (0.9) (1.2) (5.8)
179.0
150.5
136.6