1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.5% to close at 12,768.2. Gains were led by the Real
Estate and Insurance indices, gaining 4.0% and 2.1% respectively. Top gainers
were Mannai Corp. and Qatar & Oman Investment Co., rising 10.0% each.
Among the top losers, Zad Holding Co. fell 4.2%, while Dlala' Brokerage &
Investment Holding Co. declined 2.4%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.2% to close at 9,617.8. Losses were led
by the Hotel & Tou. and Energy & Utilities, falling 1.3% and 1.2% respectively.
Al Sagr Co. for Coop. Ins. fell 9.3%, while Shaker Co. was down 7.5%.
Dubai: The DFM index gained 2.9% to close at 4,984.0. The Real Estate &
Construction index rose 5.5%, while the Invest. & Financial Services index was
up 2.3%. Arabtec Holding gained 9.5%, while Deyaar Dev. Co. was up 6.1%.
Abu Dhabi: The ADX benchmark index rose 1.0% to close at 5,191.8. The
Real Estate index gained 3.6%, while Services index was up 2.1%. National
Marine Dredging surged 14.9%, while Gulf Medical Proj. Co. was up 14.7%.
Kuwait: The KSE index gained 0.6% to close at 7,484.0. The Insurance index
rose 1.4%, while the Real Estate index was up 1.3%. Pearl of Kuwait Real
Estate Co. surged 12.8%, while International Resorts Co. was up 8.8%.
Oman: The MSM index fell 0.1% to close at 6,834.8. Losses were led by the
Industrial and Financial indices, falling 0.5% and 0.1% respectively. National
Gas Rights Issue declined 9.1%, while Sweets Of Oman was down 4.0%.
Bahrain: The BHB index gained 0.5% to close at 1,392.5. The Investment
index rose 1.6%, while the Industrial index was up 0.8%. Khaleeji Commercial
Bank gained 5.8%, while Arab Banking Corporation was up 5.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Mannai Corp. 113.30 10.0 168.9 26.0
Qatar & Oman Investment Co. 15.10 10.0 3,960.0 20.6
Qatari Investors Group 68.40 10.0 999.3 56.5
Vodafone Qatar 17.99 10.0 10,099.3 68.0
Ezdan Holding Group 37.85 9.9 1,001.5 122.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.99 10.0 10,099.3 68.0
United Development Co. 24.50 6.3 8,605.9 13.8
Mazaya Qatar Real Estate Dev. 21.85 3.5 6,884.8 95.4
Salam International Investment Co. 14.75 6.1 5,614.6 13.4
Barwa Real Estate Co. 38.00 2.7 5,136.0 27.5
Market Indicators 21 Apr 14 20 Apr 14 %Chg.
Value Traded (QR mn) 1,718.3 1,095.4 56.9
Exch. Market Cap. (QR mn) 752,317.1 737,885.4 2.0
Volume (mn) 58.5 31.5 85.3
Number of Transactions 18,630 12,079 54.2
Companies Traded 42 38 10.5
Market Breadth 25:15 14:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,040.10 1.5 1.7 28.4 N/A
All Share Index 3,289.59 1.2 1.6 27.1 15.9
Banks 3,131.92 1.1 1.6 28.2 15.5
Industrials 4,416.53 0.7 1.5 26.2 16.5
Transportation 2,261.95 0.9 0.4 21.7 14.8
Real Estate 2,585.53 4.0 4.9 32.4 16.6
Insurance 3,305.35 2.1 1.5 41.5 8.7
Telecoms 1,732.63 1.4 1.2 19.2 24.6
Consumer 7,565.94 0.2 0.6 27.2 30.8
Al Rayan Islamic Index 4,243.26 2.7 3.5 39.8 19.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Mar. Dredging Co Abu Dhabi 9.77 14.9 100.0 13.6
Mannai Corp. Qatar 113.30 10.0 168.9 26.0
Qatari Investors Group Qatar 68.40 10.0 999.3 56.5
Vodafone Qatar Qatar 17.99 10.0 10099.3 68.0
Ezdan Holding Group Qatar 37.85 9.9 1001.5 122.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Al-Hassan G.I. Shaker Saudi Arabia 77.83 (7.1) 678.5 11.6
Gulf Cable & Elect. Ind. Kuwait 0.75 (6.3) 27.3 (11.8)
Zamil Industrial Inv. Saudi Arabia 55.82 (3.6) 737.6 28.3
Abu Dhabi Nat. Hotels Abu Dhabi 3.30 (2.9) 1.0 6.5
Com. Bank Of Kuwait Kuwait 0.74 (2.6) 17.1 0.0
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%
Zad Holding Co. 78.00 (4.2) 18.0 12.2
Dlala' Brokerage & Inv. Holding 28.30 (2.4) 636.4 28.1
Widam Food Co. 66.10 (2.4) 441.9 27.9
Qatar General Ins. & Reins. Co. 46.40 (2.3) 5.1 16.2
Qatar International Islamic Bank 83.90 (2.1) 358.4 36.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 24.50 6.3 211,914.3 13.8
Barwa Real Estate Co. 38.00 2.7 195,414.4 27.5
Vodafone Qatar 17.99 10.0 175,008.8 68.0
Mazaya Qatar Real Estate Dev. 21.85 3.5 150,308.1 95.4
Masraf Al Rayan 51.00 5.2 140,706.1 62.9
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* 12,768.17 1.5 1.7 9.7 23.0 471.94 206,586.3 16.1 2.1 3.9
Dubai 4,984.04 2.9 4.7 12.0 47.9 803.12 96,808.4 21.6 1.9 2.0
Abu Dhabi 5,191.82 1.0 0.7 6.1 21.0 391.10#
135,496.5 15.7 1.9 3.3
Saudi Arabia 9,617.76 (0.2) 0.9 1.5 12.7 2,986.74 522,219.5 20.1 2.5 2.9
Kuwait 7,483.98 0.6 0.4 (1.2) (0.9) 104.86 116,782.6 16.6 1.2 4.0
Oman 6,834.81 (0.1) (0.1) (0.3) 0.0 19.66 24,562.0 11.7 1.6 3.9
Bahrain 1,392.48 0.5 0.2 2.6 11.5 1.91 52,904.0 9.8 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)
12,550
12,600
12,650
12,700
12,750
12,800
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 1.5% to close at 12,768.2. The Real Estate
and Insurance indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Mannai Corp. and Qatar & Oman Investment Co. were the top
gainers, rising 10.0% each. Among the top losers, Zad Holding
Co. fell 4.2%, while Dlala' Brokerage & Investment Holding Co.
declined 2.4%.
 Volume of shares traded on Monday rose by 85.3% to 58.5mn
from 31.5mn on Sunday. Further, as compared to the 30-day
moving average of 23.0mn, volume for the day was 154.7%
higher. Vodafone Qatar and United Development Co. were the
most active stocks, contributing 17.3% and 14.7% 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
Al Rajhi Co. for Cooperative
Insurance (ARCCI)
Saudi SR 247.9 57.7% – – 4.4 NA
Solidarity Saudi Takaful Co.
(SSTC)
Saudi SR 39.0 209.3% – – -41.8 NA
Middle East Specialized
Cables Co. (MESC)
Saudi SR – – -1.9 NA -7.8 NA
Al-Ahsa Development Co.
(ADC)
Saudi SR – – 5.7 317.8% 4.3 602.2%
Sanad Cooperative
Insurance & Reinsurance
Saudi SR 56.6 -4.3% – – -13.0 NA
MetLife AIG ANB
Cooperative Insurance Co.
Saudi SR – – – – -4.9 NA
Aljazira Takaful Ta'wuni Co.
(ATT)
Saudi SR 0.3 NA – – 2.1 NA
National Industrialization Co.
(NIC)
Saudi SR – – 829.6 -7.9% 320.8 -9.7%
Mohammad Al Mojil Group Saudi SR – – -17.6 NA -22.7 NA
Dallah Healthcare Holding
Co. (DHC)
Saudi SR – – 39.7 3.4% 40.5 3.8%
Anaam International Holding
Group
Saudi SR – – -8.8 NA -7.5 NA
Saudi Industrial Services Co.
(SISCO)
Saudi SR – – 27.0 -22.2% 12.4 -8.0%
Saudi Arabian Cooperative
Insurance Co. (SAICO)
Saudi SR 150.1 17.8% – – 3.2 NA
Knowledge Economic City
Co. (KEC)
Saudi SR – – -0.9 NA -2.5 NA
Saudi Industrial Investment
Group (SIIG)
Saudi SR – – 490.0 265.7% 261.0 335.0%
Abdullah Al Othaim Markets
Co.
Saudi SR – – 42.7 6.1% 46.5 13.9%
Al-Ahlia for Cooperative
Insurance Co.
Saudi SR 84.9 130.3% – – 0.3 -2.2%
Emaar the Economic City
(EEC)
Saudi SR – – 63.6 NA 49.9 NA
Gulf General Cooperative
Insurance Co. (GGI)
Saudi SR 86.9 18.0% – – 9.2 88.1%
Fawaz Abdulaziz Alhokair &
Co.
Saudi SR – – 119.8 30.8% 190.8 40.4%
Saudi Research & Marketing
Group (SRMG)
Saudi SR – – -8.7 NA -27.6 NA
Yamama Cement Co. (YCC) Saudi SR – – 169.0 -39.4% 175.0 -36.8%
Saudi Indian Co. for Co-
operative Insurance
Saudi SR 43.0 6.5% – – 2.4 -27.3%
Saudi Cable Co. (SCC) Saudi SR – – -40.5 NA -41.1 NA
Weqaya Takaful Insurance
and Reinsurance Co.
Saudi SR 71.1 8.0% – – -28.5 NA
Al-Babtain Power &
Telecommunication Co.
Saudi SR – – 25.2 70.3% 22.2 42.3%
Etihad Etisalat Co. (Mobily) Saudi SR – – 1,510.0 13.8% 1,400.0 4.5%
Saudi Telecom Co. (STC) Saudi SR – – 2,666.0 20.2% 2,391.0 54.3%
Salama Coop. Ins. Co. Saudi SR 81.8 49.6% – – 0.8 NA
Overall Activity Buy %* Sell %* Net (QR)
Qatari 74.78% 74.84% (1,074,200.98)
Non-Qatari 25.22% 25.16% 1,074,200.98

3. Page 3 of 6
Tihama Advertising & Public
Relations Co.
Saudi SR – – -8.8 NA -11.2 NA
Saudi Fisheries Co. (SFC) Saudi SR – – -8.6 NA -10.3 NA
United Kaipara Dairies Co.
(Unikai)*
Dubai AED 310.0 6.3% – – -34.5 NA
Al Mazaya Holding Co. Dubai KD 3.5 -41.1% – – 1.5 588.2%
Muscat Finance (MF) Oman OMR 3.1 15.1% – – 1.1 9.7%
Source: Company data, DFM, ADX, MSM (*FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/21 US Chicago Fed Chicago Fed Nat Activity Index 0.2 0.2 0.5
04/21 US Conference Board Leading Index 0.80% 0.70% 0.50%
04/21 Japan Ministry of Finance Trade Balance -1446.3B -1080.9B 802.5B
04/21 Japan Ministry of Finance Trade Balance Adjusted -1714.2B -1427.6B 1184.0B
04/21 Japan Ministry of Finance Exports YoY 1.8 6.5 9.8
04/21 Japan Ministry of Finance Imports YoY 18.1 16.2 9.0
04/21 Japan JCA Supermarket Sales YoY 9.40% – 1.50%
04/21 Japan JFA Convenience Store Sales YoY 2.90% – 1.00%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QEWS posts net profit of QR299mn in 1Q2013; earnings
exceed our estimate marginally – Qatar Electricity and Water
Company (QEWS) posted a net profit of QR299mn in
comparison to QR201mn for 1Q2013. Reported net profit beat
our estimate of QR287mn by around 4% and handily exceeded
Bloomberg consensus of QR262.5mn (there was only one other
estimate of QR238mn). The Earnings per Share (EPS)
amounted to QR2.72 in 1Q2014 Vs. QR1.83 in 1Q2013. We
continue to retain our bullish stance on the company but change
our rating to Market Perform given the stock‟s price
appreciation. Our price target remains QR200.21. (QNBFS
Research, QE)
 GISS posted a net income of QR188.6mn, growing by 38.9%
YoY – The growth was primarily driven by share of income from
JVs (+81.5% YoY) and other income (QR20.8mn vs. QR7.8mn
in 1Q2013). Growth in revenue (+11.6% YoY) was dampened
by growth in COGS (+14.3% YoY). GDI posted a revenue
QR261.6mn, an increase of 51.1% YoY. Net profit from the
Drilling segment grew by 82.4% YoY reaching QR33.6mn.
Profitability was driven primarily by the commencement of Al-
Jassra and Leshat operations, and higher daily rates received
for the three extended offshore rig contracts. Revenue from the
aviation segment increased by a moderate QR3.8mn, or 2.5%
YoY reaching QR153.0mn. Aviation segment earnings
increased in line with the muted revenue growth, as the
subsidiary registered a modest QR2.2mn net profit improvement
reaching QR56.2mn. The insurance subsidiary registered gross
insurance revenue of QR191.6mn, implying growth of 18.4%
YoY. The main contributor to this growth was the medical line of
business, as additional 7,500 members joined the Al Koot
Global Care Medical Insurance Scheme. Profit from the
Insurance segment reached QR32.0mn, an increase of 10.7%
YoY, as an increase in major insurance claims were largely
offset by the release of deferred revenue and strong gains on
the company‟s investment portfolio. (GISS Press Release,
QNBFS Research)
 MERS reports net profit of QR39.1mn in 1Q2013 – Al Meera
Consumer Goods Company (MERS) reported a net profit of
QR39.1mn in 1Q2014, growing in comparison to QR25.7mn in
1Q2013. The Earnings per Share (EPS) stood at QR1.96 in
1Q2014 Vs. QR2.19 in 1Q2013. (QE)
 QNB Group launches QCB-regulated open-ended
'commodity fund' to offer long-term growth – QNB Group
has launched a commodity fund (“QNB Commodity Fund”).
“QNB Commodity Fund” invests in a wide range of commodities,
including precious metals, industrial metals, agricultural products
and energy-related resources such as oil and gas. QNB
Commodity Fund is the first of a kind that is regulated by Qatar
Central Bank (QCB) and will be managed by QNB Group.
Investments are accepted from Qatari and non-Qatari
individuals, as well as from corporate investors. This is an open-
ended mutual fund with monthly subscription and redemptions.
The Fund is denominated in Qatari Riyals and the minimum
investment is QR 20,000. (QNB Group Press Release)
 UDCD signs a sale & purchase agreement for 47 land plots
– United Development Company (UDCD) has signed a sale and
purchase agreement for forty-seven (47) land plots in the Costa
Malaz precinct at The Pearl-Qatar, with a strategic partner for
the value of QR1.45bn. The total area of the land plots is
approximately 103,000 square meters and its ownership will be
transferred later in 2014. (QE)
 Woqod to open four new petrol stations in 2014 – Woqod
expects to commission four new petrol stations, Al Wajba, Al
Jumailieh, Al Thakheera and Al Wakrah in Qatar this year.
Woqod CEO Ibrahim Jaham al-Kuwari said Woqod was
currently involved in the implementation of more than 35
projects, 14 of which are progressing while the others are in the
“design, tendering and approval” stages. The company is
currently carrying out five expansion projects for existing petrol
stations at Al Thayen, Industrial Area, Al Hilal, Muaither, and Bu-
Fasila. These projects are expected to be completed by the end
of 2014. Another five expansion projects are in the tendering
and approval procedure stages. They are expected to be
completed by the end of 2014 or early 2015. (Gulf-Times.com)
 WOQOD postpones the disclosure of its 1Q2014 financial
statements to 29/04/2014 – Eng. Ibrahim Jaham Al-Kuwari,
WOQOD Chief Executive Officer announced that the Board
decided to postpone the discussion and approval of the financial
statements of 1Q2014 to be later discussed and approved in a
formal meeting of the Board to be held at 1.30pm on 29th April
2014. (QE)
 All airlines to operate from HIA next month – According to
sources, all airlines, including the national carrier Qatar Airways,

4. Page 4 of 6
will entirely move to the new Hamad International Airport (HIA)
on May 27. The Civil Aviation Authority (CAA) has issued a
circular to country managers of airlines operating in the country.
Earlier, 10 airlines, including budget carriers, were instructed by
CAA to move operations to HIA on April 30. The Hamad
International Airport is a key project in Qatar‟s national
development strategy and will significantly contribute to efforts at
diversifying the economy away from oil & gas. (Gulf-Times.com)
 QE announces trading suspension of MRDS’ shares on
April 22 – The Qatar Exchange (QE) has announced trading
suspension of Mazaya Qatar Real Estate Development‟s
(MRDS) shares on April 22, 2014 due to the company‟s
scheduled AGM on that day. (QE)
 ZHCD’s AGM approves 35% cash dividend – Zad Holding
Company‟s (ZHCD) AGM has approved the board of directors‟
recommendation for the distribution of 35% cash dividend for the
year ended December 31, 2013. (QE)
International
 Improving job market driving rebound in US growth – An
improving job market and increasing factory production in March
contributed to a jump in the US index of leading indicators that
signals the pace of economic growth is poised to snap back.
The New York-based group said that the Conference Board‟s
index, a gauge of the outlook for the next three to six months,
rose 0.8%, the most since November, after recording a 0.5%
gain in February. The measure‟s 6.1% advance over the past
year is the biggest since July 2011. The fewest firings since
before the last recession are helping lift consumer confidence
this month, which probably means the recent gains in spending
can be sustained. A recent report also showed access to credit
continues to thaw, making it more likely that the rebound in
housing, which has showed signs of cooling, can be revived.
(Bloomberg)
 German growth to slow after strong first quarter – A Finance
Ministry monthly report said the German economic growth will
slow in the second quarter after an unusually mild winter gave
Europe's largest economy a boost in the first three months of
2014. The ministry said the recent data suggested Germany had
put in a "very strong" performance during the January-March
period, adding that the positive impetus likely came from
industrial expansion and construction activities, which benefited
from the mild winter. The ministry further added that due to the
weather-related surge in economic activity in the first quarter,
the seasonally-adjusted figure for the following quarter will be
weaker. It also stated that this technical effect should not be
interpreted as a sign the economic pace is slowing, adding that
the upward trend of 'hard' economic data and optimism among
firms about the future pointed to the ongoing economic
expansion. The government expects a growth of 1.8% this year
thanks largely to a strong increase in private consumption as
consumers benefit from a strong labor market, decent wages
and moderate inflation while low interest rates discourage
saving. The finance ministry expects inflation to remain
moderate, saying consumer prices would increase by 1.4% this
year and by 1.9% next year. (Reuters)
 Kuroda inflation focus risking money-market health –
Money market watchers say Bank of Japan (BOJ) Governor
Haruhiko Kuroda risks crippling the foundation of the nation‟s
financial system to achieve his inflation target. The outstanding
balance of interbank lending in the so-called call market tumbled
17% this year to 14.1tn Yen ($137 billion) on April 11, the least
since January 2003 when the central bank was conducting its
first round of easing through bond purchases. The BOJ currently
buys about 7tn Yen of government bonds a month from financial
companies, offers them 0.1% loans and buys treasury discount
bills without any limit to boost money supply and keep borrowing
costs low. According to UBS AG, the decline in trading makes
the money market vulnerable to shocks in times of crisis by
increasing volatility. BOJ purchases have already eroded debt
market trading, with 10-year government bonds untraded on
April 14 for the first time in 13 years. Kuroda said the following
day he won‟t hesitate to adjust the policy if needed as the
central bank aims to boost inflation to 2%. (Bloomberg)
 Japan overhauls world’s biggest public pension fund –
Japan overhauled the world's biggest public pension fund,
appointing new committee members, in a push toward Prime
Minister Shinzo Abe's goal of adopting a more aggressive
investment strategy. The government announced a reshuffle of
the Investment Committee of the $1.26tn Government Pension
Investment Fund (GPIF), in line with Abe's drive to have the
fund make riskier investments and rely less on low-yielding
government bonds. Global financial markets are keenly
watching GPIF's investment strategy as the fund, bigger than
Mexico's economy, is a huge investor and a bellwether for other
Japanese institutional investors. The new committee will play a
leading role when GPIF sets its new investment allocation
targets over the coming months. Abe has promised GPIF reform
as an element of his growth strategy, the "third arrow" in his
policy, following aggressive monetary and fiscal stimulus. Health
Minister Norihisa Tamura, who appoints the GPIF Investment
Committee members, shrank the panel to eight members from
10 as part of the overhaul process. Two members retained their
seats and one former member was brought back on. (Reuters)
 China heightens alert over illegal fund-raising as internet
finance booms – A senior official at the country's banking
sector watchdog said the fast development of internet finance in
China is driving an increase in cases of illegal fund-raising, a
situation that could worsen if regulation does not catch up. Liu
Zhangjun, a director at the China Banking Regulatory
Commssion (CBRC) in charge of combating illegal fund-raising,
said some of the recent cases have been disguised as normal
online financial services, requiring tighter scrutiny. He
particularly singled out cases conducted in the name of "crowd
funding" and "P2P lending", two types of internet finance that
are gaining increasing popularity among China's vast number of
depositors. Liu said as internet finance is developing rapidly,
many illegal funding activities are moving from offline to online.
He further added that some lawbreakers are seeking loopholes
left by a regulatory vacuum and blurred legal boundaries for new
forms of financing. Beijing has consistently taken a very harsh
stance toward illegal fund-raising, a term usually used to
describe deposit-taking from the public by people without
licenses to do so, because it can lead to financial market
disorder and threaten social stability. (Reuters)
Regional
 EY: GCC growth to remain robust – According to Ernst &
Young‟s (EY) Rapid-Growth Markets (RGM) Forecast report, the
GCC growth is expected to remain robust. Qatar‟s economy is
predicted to grow by 6%, Saudi Arabia by 4.3% and the UAE by
4.1% in 2014. Saudi Arabia‟s non-oil growth is expected to
average 4.7% over 2014-2017. Qatar‟s non-oil growth is
predicted to increase in excess of 10% in 2014. (GulfBase.com)
 Saudi to generate 41GW of solar power by 2032 – Saudi
Arabia has announced plans to invest $109bn to produce 41GW
of solar energy by 2032, which is almost 30% of its total energy
requirements by that time. Over the next two decades, the
government is planning to establish energy generation projects,
which run on photovoltaic cells (PV cells) with a capacity of

5. Page 5 of 6
16GW. In addition, it will also facilitate energy generation
projects that will make use of energy concentrate with a capacity
of 26GW. (GulfBase.com)
 Zamil 602 vessel commences operations at King Abdulaziz
Port – King Abdulaziz Port‟s Director, Naim Ibrahim Al-Naim,
has inaugurated its locally manufactured Zamil 602 vessel at its
shipyard at King Abdulaziz Port in Dammam. The Zamil 602
was manufactured at Zamil offshore services company at KAP
in Dammam. (GulfBase.com)
 Study: Saudi private sector’s productivity low – According to
a study conducted by the Saudi labor ministry, private sector
employees in the non-oil sector have critically low productivity as
compared to countries such as China and India. The study
looked at ways to help companies improve productivity, and
increase the number of Saudis working in the private sector. The
study revealed that while productivity slumped in the Kingdom
over the past decade, China and India doubled their levels over
the same period. It also found that the economic growth rates
achieved by the kingdom was based on employing more
workers, while the growth in China and the US, in contrast, was
based on increased productivity. (GulfBase.com)
 Herfy Food Services’ BoD approves 40% capital increase –
Herfy Food Services Company‟s board of directors has
approved a 40% increase in its capital, from SR330mn to
SR462mn, by issuing 2 bonus shares for every 5 shares owned.
This increase will be paid by transferring SR132mn from
retained earnings account to the company‟s capital.
Consequently, Herfy‟s outstanding shares will increase from
33mn to 46.2mn shares. The bonus shares‟ eligibility is limited
to those shareholders, who are registered at the close of trading
on the day of the extraordinary general assembly, which will be
determined later. (Tadawul)
 FAAHC’s BoD recommends 100% capital increase – Fawaz
Abdulaziz Alhokair & Company‟s (FAAHC) board of directors
has recommended a 100% increase in its capital, from
SR1,050mn to SR2,100mn, by issuing 1 bonus share for every 1
share owned. This increase will be paid through capitalization
SR1,050,000,000mn from the account. Consequently, the
company's outstanding shares will increase from 105mn to
210mn shares. The bonus shares‟ eligibility is limited to those
shareholders, who are registered at the close of trading on the
day of the extraordinary general assembly, which will be
determined later. (Tadawul)
 Deyaar launches premium hotel apartments tower – Deyaar
Development has launched a premium hotel apartments tower
at „The Atria‟, a 1.25mn sqft luxury mixed-use twin tower
complex located at the Business Bay. The company will allocate
50% of the upscale hotel apartment units for sale at an event
scheduled for April 26, 2014. Further, Deyaar has received
approval from the local authorities to allocate 25% of share
capital to foreign investors. The Dubai Financial Market
approved and activated the resolution on April 21, 2014. The
company currently allocates 49% of shares to GCC citizens and
foreign investors. However, foreign ownership must not exceed
25% of the total shares allocated. The ownership percentage of
Emiratis is not capped at a limit for share allocation where it
should not fall below 51% of the total shares. (DFM)
 ARTC to continue with skyscraper project in St. Petersburg
– Arabtec Holding (ARTC) has confirmed that Arabtec
Construction‟s Russian Federation branch is on track to build
the Gazprom tower in St. Petersburg. (DFM)
 DP World launches largest container inspection facility –
DP World has launched the largest and latest container
inspection facility at its flagship Jebel Ali Port in Dubai. The new
facility is one of the largest inspection facilities in the region,
spanning over 7,000 square meters and providing 59 customs,
health and environment inspection bays. (GulfBase.com)
 Aldar launches new AED5bn Abu Dhabi projects – Aldar
Properties has launched three new developments in Abu Dhabi
worth AED5bn. The company said that the off-plan sales for the
three developments will commence in May 2014 and the
construction work is scheduled to begin in 2015. (ADX)
 ADIB’s 1Q2014 net profit increases 20.4% to AED409.5mn –
Abu Dhabi Islamic Bank‟s (ADIB) group net profit for 1Q2014
increased by 20.4% to AED409.5mn vs. AED340.1mn in
1Q2013. The group‟s net revenues for 1Q2014 increased by
16.8% to AED1,073.0mn as compared to AED919.0mn in
1Q2013. Total assets as of March 31, 2014 stood at
AED103.8bn, representing an increase of 16.4% from
AED89.2bn at the end of March 31, 2013. Net customer
financing grew 18.1% to AED63.8bn, from AED54.0bn at the
end of March 31, 2013. Customer deposits grew 21.4% to
AED77.0bn, from AED63.4bn at the end of March 31, 2013.
(ADX)
 Kuwait central bank chief warns against rising government
expenditure – Kuwait‟s central bank governor said Kuwait‟s
rising public spending and dependence on oil revenues are
preventing sustainable economic development, echoing
warnings from the IMF. Mohammad al-Hashel said Kuwait
needed to reduce wasteful spending in the state budget and
“rationalize” subsidy programs, the state news agency KUNA
quoted him as saying. One of the world‟s richest countries per
capita, Kuwait provides heavily subsidized petrol and utilities to
its 3.8mn residents and does not charge income tax. The IMF
says the major oil producer‟s spending could exceed revenues
as early as 2017 under a worst-case scenario. The Kuwait
government predicts this could happen by around 2021. Al-
Hashel said the structural imbalances in the budget hinder the
process of promoting growth and development of the national
economy on a sustainable basis. He said the government
needed to “diversify the sources of national income” and ensure
that it is able to collect all payments for services such as
electricity and water. He also called for an “increasingly
sophisticated tax system”. (Gulf-Times.com)
 Duqm port in talks with four processing firms for projects –
Port of Duqm is holding negotiations with four mineral
processing and refining companies to set up projects at the
industrial zone's mining cluster. These mineral processing
companies include three foreign firms from the Middle East &
Europe and one from Oman. These companies are planning to
process minerals like limestone to make panels or primary
refining facility for other minerals. (GulfBase.com)
 Bank Sohar’s 1Q2014 net profit surges 30.85% to
OMR7.96mn – Bank Sohar‟s net profit for 1Q2014 has
increased by 30.85% to OMR7.96mn as compared to
OMR6.08mn for 1Q2013. The bank's total assets grew from
OMR1,789.62mn as of March 31, 2013 to OMR2,023.80mn as
of March 31, 2014, with a growth of 13.09%. Net loans and
advances grew by 16.86% to OMR1,305.15mn as compared to
OMR1,116.87mn a year ago. The bank's customer deposits
which stood at OMR1,409.99mn at the end of March 31, 2014,
witnessed a growth of 7.59% over last year. (MSM)

6. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (*Market closed on April 21, 2014) Source: Bloomberg (*Market closed on April 21, 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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
(0.2%)
1.5%
0.6% 0.5%
(0.1%)
1.0%
2.9%
(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 1,289.80 (0.3) (0.3) 7.0 DJ Industrial 16,449.25 0.2 0.2 (0.8)
Silver/Ounce 19.45 (0.8) (0.8) (0.1) S&P 500 1,871.89 0.4 0.4 1.3
Crude Oil (Brent)/Barrel (FM
Future)
109.95 0.4 0.4 (0.8) NASDAQ 100 4,121.55 0.6 0.6 (1.3)
Natural Gas (Henry
Hub)/MMBtu
4.77 4.4 4.4 9.7 STOXX 600* 332.43 0.0 0.0 1.3
LPG Propane (Arab Gulf)/Ton 112.13 (0.6) (0.6) (11.4) DAX* 9,409.71 0.0 0.0 (1.5)
LPG Butane (Arab Gulf)/Ton* 126.50 0.0 0.0 (6.8) FTSE 100* 6,625.25 0.0 0.0 (1.8)
Euro 1.38 (0.1) (0.1) 0.4 CAC 40* 4,431.81 0.0 0.0 3.2
Yen 102.62 0.2 0.2 (2.6) Nikkei 14,512.38 (0.0) (0.0) (10.9)
GBP 1.68 (0.0) (0.0) 1.4 MSCI EM 1,010.76 (0.1) (0.1) 0.8
CHF 1.13 (0.2) (0.2) 0.9 SHANGHAI SE Composite 2,065.83 (1.5) (1.5) (2.4)
AUD 0.93 (0.1) (0.1) 4.6 HANG SENG* 22,760.24 0.0 0.0 (2.3)
USD Index 79.95 0.1 0.1 (0.1) BSE SENSEX 22,764.83 0.6 0.6 7.5
RUB 35.69 0.3 0.3 8.6 Bovespa* 52,111.85 0.0 0.0 1.2
BRL* 0.45 0.0 0.0 5.7 RTS 1,187.94 (1.0) (1.0) (17.7)
183.5
155.4
141.1