The QE index in Qatar rose 1.0% led by gains in the telecom and insurance indices. Vodafone Qatar and National Leasing were the top gainers rising 8.4% and 5.4% respectively, while Ezdan Holding Group fell 5.2%. Across the GCC, markets in Saudi Arabia, Dubai and Bahrain rose while Kuwait fell marginally. Trading activity on the QE increased with value traded up 25.0% and volume up 37.0% from the previous day.

1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.0% to close at 12,854.3. Gains were led by the Telecoms
and Insurance indices, gaining 2.2% and 1.3% respectively. Top gainers were
Vodafone Qatar and National Leasing, rising 8.4% and 5.4% respectively.
Among the top losers, Ezdan Holding Group fell 5.2%, while Islamic Holding
Group declined 2.8%.
GCC Commentary
Saudi Arabia: The TASI index rose 1.0% to close at 9,755.4. Gains were led
by Energy & Utilities and Cement indices, rising 4.2% and 2.6% respectively.
Basic Chem. Ind. Co. rose 8.6%, while Yamamah Saudi Cement was up 5.0%.
Dubai: The DFM index gained 3.3% to close at 5,247.3. The Banking index
gained 3.9%, while the Real Estate & Construction index rose 3.5%. Mashreq
Bank rose 7.8%, while Emaar Properties Co. was up 6.3%.
Abu Dhabi: The ADX benchmark index rose marginally to close at 5,060.3.
The consumer index gained 5.7%, while Inv. & Fin. Serv. index was up 3.0%.
Foodco Holding surged 15.0%, while Investbank was up 9.6%.
Kuwait: The KSE index fell 0.1% to close at 7,425.9. Losses were led by the
Telecom. and Technology, falling 1.1% and 0.7% respectively. Manazel
Holding declined 5.2% while Real Estate Trade Centers Co. was down 4.2%.
Oman: The MSM index rose 0.3% to close at 6,763.9. Gains were led by the
Financial and Services indices, rising 0.5% and 0.1% respectively. Al Madina
Inv. Hold. gained 6.0%, while Oman Textile Mills Hold. was up 5.8%.
Bahrain: The BHB index gained 0.9% to close at 1,439.5. The Investment
Index rose 2.2%, while Services Index was up 0.7%. Arab Banking
Corporation rose 5.9%, while Al Salam Bank was up 3.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.20 8.4 6,514.0 69.9
National Leasing 30.30 5.4 1,046.4 0.5
Dlala Brokerage & Inv. Holding Co. 34.95 5.0 622.9 58.1
Qatar General Ins. & Reins. Co. 44.60 3.7 0.5 11.7
Qatar Gas Transport Co. 25.40 3.3 6,705.1 25.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 25.40 3.3 6,705.1 25.4
Vodafone Qatar 18.20 8.4 6,514.0 69.9
United Development Co. 25.50 (0.6) 3,036.8 18.4
Mazaya Qatar Real Estate Dev. 19.82 (2.0) 1,789.3 77.3
Barwa Real Estate Co. 38.40 0.7 1,558.8 28.9
Market Indicators 04 May 14 01 May 14 %Chg.
Value Traded (QR mn) 1,001.4 801.4 25.0
Exch. Market Cap. (QR mn) 727,689.8 725,688.2 0.3
Volume (mn) 30.0 21.9 37.0
Number of Transactions 11,899 10,436 14.0
Companies Traded 43 41 4.9
Market Breadth 29:13 21:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,168.48 1.0 1.0 29.3 N/A
All Share Index 3,284.42 1.0 1.0 26.9 15.8
Banks 3,130.24 1.1 1.1 28.1 15.6
Industrials 4,352.66 1.0 1.0 24.4 17.0
Transportation 2,389.89 0.9 0.9 28.6 15.4
Real Estate 2,623.96 0.0 0.0 34.4 13.3
Insurance 3,274.91 1.3 1.3 40.2 8.6
Telecoms 1,741.52 2.2 2.2 19.8 24.3
Consumer 7,359.09 (0.2) (0.2) 23.7 30.1
Al Rayan Islamic Index 4,241.73 1.1 1.1 39.7 18.5
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Investbank Abu Dhabi 3.30 9.6 273.8 34.9
Vodafone Qatar Qatar 18.20 8.4 6514.0 69.9
Emaar Properties Dubai 10.45 6.3 31851.5 0.5
Arab Banking Corp. Bahrain 0.72 5.9 168.0 92.0
Dubai Islamic Bank Dubai 7.33 5.5 44581.9 36.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 28.25 (5.2) 1420.9 66.2
Co. For Coop. Ins. Saudi Arabia 42.85 (3.2) 1766.1 21.7
Gulf Pharmaceutical Abu Dhabi 3.10 (3.1) 5.8 4.3
Abu Dhabi Nat. Energy Abu Dhabi 1.21 (2.4) 1485.1 (17.7)
RAKBANK Abu Dhabi 8.20 (2.4) 171.4 14.9
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%
Ezdan Holding Group 28.25 (5.2) 1,420.9 66.2
Islamic Holding Group 70.00 (2.8) 281.4 52.2
Widam Food Co. 59.10 (2.3) 53.1 14.3
Qatar Navigation 95.00 (2.1) 693.8 14.5
Mazaya Qatar Real Estate Dev. 19.82 (2.0) 1,789.3 77.3
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatar Gas Transport Co. 25.40 3.3 169,689.1 25.4
Vodafone Qatar 18.20 8.4 116,717.3 69.9
United Development Co. 25.50 (0.6) 78,397.5 18.4
Qatar Navigation 95.00 (2.1) 65,558.2 14.5
Barwa Real Estate Co. 38.40 0.7 59,945.3 28.9
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* 12,854.26 1.0 1.0 1.4 23.8 275.05 199,896.4 16.0 2.2 3.9
Dubai 5,247.29 3.3 3.3 3.7 55.7 670.34 99,080.1 21.3 2.0 2.0
Abu Dhabi 5,060.27 0.0 0.0 0.3 17.9 256.10 137,962.5 15.3 1.9 3.5
Saudi Arabia 9,755.35 1.0 1.0 1.8 14.3 3,311.60 532,016.6 19.4 2.4 2.9
Kuwait 7,425.88 (0.1) (0.1) 0.2 (1.6) 48.45 115,543.0 16.6 1.2 4.1
Oman 6,763.87 0.3 0.3 0.5 (1.0) 13.83 24,417.7 12.1 1.7 3.9
Bahrain 1,439.50 0.9 0.9 0.9 15.3 2.54 53,614.1 10.0 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)
12,700
12,750
12,800
12,850
12,900
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index rose 1.0% to close at 12,854.3. The Telecoms 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.
 Vodafone Qatar and National Leasing were the top gainers,
rising 8.4% and 5.4% respectively. Among the top losers, Ezdan
Holding Group fell 5.2%, while Islamic Holding Group declined
2.8%.
 Volume of shares traded on Sunday rose by 37.0% to 30.0mn
from 21.9mn on Thursday. Further, as compared to the 30-day
moving average of 28.8mn, volume for the day was 4.2% higher.
Qatar Gas Transport Co. and Vodafone Qatar were the most
active stocks, contributing 22.3% and 21.7% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Dubai Investments (DI) Dubai AED 277.9 1.7% – – 265.0 25.6%
Ras Al Khaimah Ceramics Abu Dhabi AED 792.7 -1.6% – – 58.0 14.0%
Credit Rating & Collection
Co. (Tahssilat)
Kuwait KD – – – – -0.1 NA
Tijara & Real Estate
Investment Co.
Kuwait KD – – – – -0.1 NA
Dhofar International
Development & Investment
Holding Co. (DIDIC)
Oman OMR 2.1 -0.3% – – 4.7 -59.1%
Al Anwar Holdings Oman OMR 6.0 54.0% – – 3.1 90.8%
Source: Company data, DFM, ADX, MSM
News
Qatar
 QE-listed firms see 1Q2014 profit slowdown – The
companies listed on the Qatar Exchange (QE) saw a slowdown
in profitability in 1Q2014, mainly due to slippages in the earnings
of the industrials, insurance and transport sectors. According to
the QE data, the cumulative net profits of listed companies grew
8.6% during 1Q2014 vs. 11.36% during the same period last
year. The cumulative net profits of QE-listed companies stood at
QR11.06bn in 1Q2014 as compared to QR10.19bn in 1Q2013
period. The largest contribution to the overall net profits came
from banks, followed by industrials, real estate, telecom,
transport, consumer goods and insurance. (Gulf-Times.com)
 QE and QNBFS hold roadshow to highlight Qatar growth –
The Qatar Exchange (QE) in collaboration with QNB Financial
Services has commenced a week-long roadshow across the
globe that aims to support the further development and practice
of the QE-listed companies’ investor relations. The roadshow
will be hosted by Bank of America Merrill Lynch in New York and
Deutsche Bank in London. It is designed to complement the
companies’ ongoing investor relations activities through which
senior management of listed companies can meet key decision
makers from a number of leading international fund managers.
Qatar’s forthcoming inclusion in the MSCI Emerging Market
Index has provided a unique opportunity to showcase its market-
leading listed companies. (Gulf-Base.com)
 All MPHC products become regulated – Mesaieed
Petrochemical Holding Company (MPHC) has stated that all its
products have now come under the "regulated" category and
Qatar Chemical & Petrochemical Marketing & Distribution
Company (Muntajat) has been entrusted with the marketing of
those products to international markets. MPHC said that as per
a ministerial directive, high density polyethylene, medium
density polyethylene, normal alpha olefins, 1-Hexene, 1-Octane,
1-Butane, ethylene and pygas have now been designated as
regulated products. Earlier, the company’s other products
namely caustic soda solution, ethylene dichloride, vinyl chloride
monomer and hydrochloric acid were designated as regulated
products prior to its incorporation on May 29, 2013. (QE)
 Barwa Al Baraha construction enters new phase – Barwa
Real Estate Company (BRES) announced that the construction
work for package two of the second phase of Barwa Al Baraha
project will begin in May 2014. Barwa Al Baraha – which is
Barwa’s largest development – is being constructed in two
phases over 1.8mn square meters with a capacity of 53,000
workers. Package two of the second phase involves the
construction of 32 buildings built at a cost of QR691mn, which
will be completed within 17 months. These buildings will also
have four dining halls, two playgrounds, two mosques, as well
as restaurants and utility shops. The already completed phase
one provides the largest truck and vehicle parking space in
Qatar, with 4,200 parking spaces for trucks of different sizes.
(Gulf-Times.com)
 Retail market to be on focus at Cityscape Qatar – The Qatari
retail market is set to take center stage at the 2014 edition of
Cityscape Qatar, which will host a dedicated conference “The
Retail Forum” on June 4. Cityscape Qatar’s Group Director
Deep Marwaha said that in order to capitalize on opportunities in
this sector, investors from Qatar and abroad have registered in
record number for the Retail Forum. The forum will explore the
Qatari retail scene, focusing on opportunities for mall
developers, mall operators and retailers alike. According to Al
Asmakh Real Estate Development Company, the current mall
Overall Activity Buy %* Sell %* Net (QR)
Qatari 70.84% 72.35% (15,028,075.57)
Non-Qatari 29.15% 27.65% 15,028,075.57

3. Page 3 of 5
space will double to reach to almost 1mn square meters of net
leasable area over the next two to three years. (Gulf-Times.com)
 CGC wins HMC deal for surveillance, access control
systems – The Consolidated Gulf Company (CGC) has been
awarded a multimillion dollar contract by Hamad Medical
Corporation to provide state-of-the-art CCTV surveillance
cameras and access control systems that are linked to a
centralized control & command center. CGC’s CCTV technology
will help HMC in safeguarding public, personnel and building
premises, which comprise around 30 sites including hospitals,
emergency units, medical supply rooms and accommodations,
making them more connected and secured. (Gulf-Base.com)
 47 countries to participate in Project Qatar expo – Around
2,100 exhibitors from 47 countries will participate in the 11th
edition of Project Qatar 2014 — an annual trade expo that
brings together stakeholders of construction & building material
sector. To be held from May 12 to 15, Project Qatar will feature
24 international pavilions spread across 41,500sqm of indoor
and outdoor exhibition space at the Qatar National Convention
Centre. IFP Qatar’s General Manager and Organizer of Project
Qatar George Ayache announced that three countries –
Indonesia, Palestine, and Romania will make their debut at the
expo. Ayache added that Qatar’s construction boom has
attracted many countries to take part in the country’s multibillion
dollar infrastructure projects. (Peninsula Qatar)
International
 Reuters: RBA to hold rates – Australia's central bank is almost
certain to maintain a neutral policy bias this week with a batch of
data likely to point to an economy that is picking up speed, just
before a tough federal budget. All 25 economists polled by
Reuters expect the Reserve Bank of Australia (RBA) to hold its
cash rate steady at a record low 2.5% and reiterate its vow to
keep interest rates unchanged over the months ahead. Nomura
Analyst Martin Whetton stated that although recent economic
indicators have been mixed and inflation was weaker than
expected, the RBA's policy stance is likely to be firmly neutral
and it is expected to leave its monetary policy unchanged. The
RBA will get another chance to reiterate it this week when it
releases its quarterly statement on monetary policy. Data this
week including retail sales and employment, which should
underpin the RBA's relatively sanguine outlook on the Australian
economy. (Reuters)
 Portugal to emulate Ireland in exit from bailout program –
Portugal will follow Ireland in exiting its three-year bailout
program without seeking a precautionary credit line, when the
program ends on May 17. Prime Minister Pedro Passos Coelho
stated that the government has decided to exit the financial aid
program without resorting to any precautionary program.
Meanwhile, Eurozone finance ministers are scheduled to
discuss Portugal when they meet in Brussels shortly. The
decision was taken after Portugal last month held its first bond
auction since the €78bn ($108 billion) rescue from the European
Union and the International Monetary Fund in 2011. Portugal’s
exit leaves Greece as the sole Eurozone country still in a bailout
regime four years after it sought aid at the onset of the debt
crisis. Ireland became the first nation to end its rescue program
in December, while Spain exited its bank bailout in January
2014. (Bloomberg)
 Yen climbs on China data as BoJ touts recovery – The
Japanese yen climbed against all major currency after data on
China’s manufacturing fell short of analyst estimates, spurring
demand for safer assets. The yen strengthened against the
dollar for a second day after the Bank of Japan (BoJ) Governor
Haruhiko Kuroda said that the nation’s economic recovery is on
track, dampening expectations the BoJ will add to monetary
stimulus. The dollar remained lower following weekly declines
against peers, with the Federal Reserve Chair Janet Yellen due
to testify to US lawmakers this week, amid speculation that the
Fed will keep its rates near zero. The yen climbed 0.3% to
101.90 per dollar and advanced 0.3% to 141.33 per euro.
Europe’s common currency remained unchanged at $1.3871.
(Bloomberg)
 China factory activity shrinks in April, new export orders
contract – Activity in China's manufacturing sector contracted
for a fourth consecutive month in April, fuelling speculation that
the world's second-largest economy is still losing momentum.
The final reading of the HSBC/Markit purchasing managers'
index (PMI) for April came in at 48.1, lower than a preliminary
reading of 48.3 but up slightly from an eight-month low of 48.0 in
March. The HSBC/Markit PMI has been below the 50 level that
separates growth from contraction since the start of 2014.
Further, output and new orders contracted in April, and new
export orders slipped back into contraction after a recovery the
previous month. (Reuters)
Regional
 Saudi Aramco awards $1.7bn Jazan IGCC contract to
Tecnicas – The Saudi Arabian Oil Company (Saudi Aramco)
has awarded the Spanish energy contractor Tecnicas Reunidas
a $1.7bn contract to build a large power complex in Saudi
Arabia's Jazan Province. Tecnicas Reunidas will build the Jazan
IGCC (Integrated Gasification Combined Cycle) complex in the
south western region of Saudi Arabia and the facility will be
operational by 2017. The Jazan IGCC complex will convert the
vacuum residue produced in the adjacent Jazan refinery into
synthesis gas. (Bloomberg)
 APC secures SR46mn pipe contract from Saudi Aramco –
Arabian Pipes Company (APC) has been awarded a SR46mn
contract for supplying 258km of welded steel pipes to Saudi
Aramco. The production and supply of the pipes will start during
3Q2014 at APC’s Riyadh factory and the financial impact will be
visible in 3Q2014. (Tadawul)
 Kingdom issues tender to buy 550,000 tons of wheat –
According to European traders, Grain Silos & Flour Mills
Organization (GSFMO), the state grains authority in the
Kingdom of Saudi Arabia has issued an international tender to
buy 50,000 tons of hard and soft wheat. The wheat is expected
to be sourced from Europe, North and South America and
Australia, at the sellers' option. Shipment is sought between the
second half of June and first half of August, with arrival in July
and August 2014. (GulfBase.com)
 SEC signs 10 contracts worth SR4.06bn – The Saudi
Electricity Company (SEC) has signed 10 contracts worth
SR4.06bn for setting up six power transformer stations, two
overhead link-up lines and purchasing steam condensers.
SEC’s CEO Ziyad Muhammad Al-Sheeha said six contracts
include the construction of electricity transformer stations
located in Wa'd Al-Shimal, Al-Gurayyat, Al-Jouf and Ar'ar in the
Northern Frontier Region, Al-Khafji in the Eastern Province and
Al-Madhaya in Jazan province. These stations are expected to
help increase SEC's power capacity and boost economic
development in these regions. The plants are projected to be
ready in 29 months from the date of signing the contracts. (Gulf-
Base.com)
 Nielsen: UAE's 1Q2014 consumer confidence surges –
According to a survey by Nielsen, consumer confidence in the
UAE gained four points to 114 during 1Q2014 over 4Q2013. The
survey showed that consumer intentions to buy new clothes and

4. Page 4 of 5
spend on home improvement projects increased 2% each.
Around 37% consumers put spare cash into savings and 10%
invested in stocks, while 22% consumers in the region said they
had no spare cash, a decline of 3% compared to 4Q2013.
Consumer confidence in Saudi Arabia also improved. More than
68% of markets tracked by Nielsen reported an improved
recessionary sentiment compared to 4Q2013, with the steepest
improvements in the UAE (-11% points), Switzerland (-11%
points) and Peru (-10% points). (GulfBase.com)
 Dubai FDI brings International Halal Integrity Alliance to
Mid-east – Dubai Investment Development Agency (Dubai FDI),
an agency of the Department of Economic Development is
planning to boost Dubai's Islamic economy initiative by attracting
the International Halal Integrity Alliance (IHI Alliance) to the
region. Under the agreement, Dubai FDI will support IHI Alliance
to open its regional office in Dubai. The IHI Alliance Middle East
office will provide halal industry training for businesses,
government agencies, auditors and certification companies with
emphasis on professional and Islamic integrity. (GulfBase.com)
 DME appoints Philip Futures as clearing member – The
Dubai Mercantile Exchange (DME) has approved Phillip Futures
as a clearing member, which will guarantee the financial
performance of trades carried out by its customers on the DME.
Phillip Futures is a Chicago-based clearing futures commission
merchant and a member of the Singapore-based Phillip Capital
Group. (GulfBase.com)
 EEC to raise SR1bn for KAEC construction – Emaar
Economic City (EEC) is planning to raise SR1bn to finance
construction of the King Abdullah Economic City. EEC will spend
SR13bn developing the Saudi Arabian project over the next four
years. EEC’s CEO, Fahd Al Rasheed said that the company is
expecting to arrange the loans from two or three banks by the
end of 2016. (Bloomberg)
 Arabtec appoints Iyad Abdalrahim as CFO – Arabtec Holding
has appointed Iyad Abdalrahim as its Chief Financial Officer.
Iyad Abdalrahim first joined Arabtec in 2013 as the CFO of
Arabtec Construction Group. (DFM)
 TAOI to start operation on May 5 – Takaful Oman Insurance
(TAOI) is planning to commence operation on May 5, 2014. The
company, which offered 40% of its shares to investors last year,
has faced a delay in completing certain procedures and getting
the final license from the insurance regulator for carrying out
Islamic insurance business. (Gulf-Base.com)
 PDC launches DILC subsidiary to develop industrial
clusters – The Port of Duqm Company (PDC) has launched a
new subsidiary, ‘Duqm Industrial Land Company’ (DILC) to
support the development of industrial clusters for investment
within the adjoining Special Economic Zone (SEZ) at Duqm.
PDC will hold a 51% stake in DILC, while the remaining 49%
stake will be held by a number of shareholders. PDC has been
allocated 2,000 hectares of land to develop petrochemicals and
medium & heavy industries as part of its concession agreement
with the Omani government, as well as the Usufruct Agreement
with SEZ Authority of Duqm (SEZAD). (GulfBase.com)
 Al Hassan gets LoI for AED19.3mn construction project – Al
Hassan Engineering Company Abu Dhabi has received a letter
of intent from Al Ghurair Iron & Steel (AGIS) for AED19.3mn for
main construction works of the phase II expansion project in
ICAD–I Mussafah, Abu Dhabi. The work is expected to be
completed by April 2015. (MSM)
 OAE achieves remittances worth $2bn – The Oman UAE
Exchange (OAE) has achieved $2bn mark in remittances
business from Oman in 2013 as compared to $1.9bn in 2012.
(GulfBase.com)
 NCSI: Oman’s GDP grows 2.8% in 2013 – According to the
National Centre for Statistics & Information (NCSI), Oman’s
GDP based on market prices rose by an annual 2.8% at the end
of 2013. Total GDP amounted to OMR30.63bn at the end of
2013 as compared to OMR29.8bn at the end of 2012. Based on
producer prices, the sultanate’s GDP grew by 3.4%, to
OMR31.84bn in 2013 from OMR30.8bn in 2012. Financial
intermediation services indirectly measured grew by 6% to
OMR612.6mn. In addition, taxes minus subsidies on products
grew to OMR1.21bn in 2013, from OMR1bn in 2012,
representing a growth of 20.8%. NCSI’s statistics reveal a 1%
drop in petroleum activity to OMR15.22bn in 2013, which is
attributed to a 1.4% drop in the total value of crude oil
production. On the other hand, the total value of natural-gas
production rose by 4.3% to OMR1.17bn in 2013 as compared to
OMR1.12bn in 2012. (GulfBase.com)
 Sohar oil refinery shut for repair – Sohar oil refinery in Oman
has been shut after a cooling pipe burst and the repair work is
expected to take another week. The refinery has a capacity to
process 116,000 bpd of crude. (Bloomberg)
 IDC, Bin Faqeeh sign $45mn residential project at Dilmunia
– Ithmaar Bank’s wholly-owned subsidiary, Ithmaar
Development Company (IDC) announced the sale of key plots
worth $45mn on the landmark ‘Dilmunia at Bahrain’
development to Bin Faqeeh Real Estate Investment Company.
The $1.6bn Dilmunia at Bahrain development is a mixed-use
project built on a man-made island off the coast of Muharraq.
(Bahrain Bourse)
 Bahrain plans BHD15.6mn power grid expansion –
According to a top official, Bahrain will spend BHD15.6mn to
strengthen and expand the national power grid. The plan
includes 60 medium-intensity projects costing BHD11.4mn and
430 low-intensity projects worth BHD4.2mn. This will be in
addition to the construction and operation of 11 main stations
and 180 substations. (GulfBase.com)

5. 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
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
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
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
1.0% 1.0%
(0.1%)
0.9%
0.3%
0.0%
3.3%
(0.8%)
0.0%
0.8%
1.6%
2.4%
3.2%
4.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,299.62 0.0 0.0 7.8 DJ Industrial 16,512.89 0.0 0.0 (0.4)
Silver/Ounce 19.50 0.0 0.0 0.1 S&P 500 1,881.14 0.0 0.0 1.8
Crude Oil (Brent)/Barrel (FM
Future)
108.59 0.0 0.0 (2.0) NASDAQ 100 4,123.90 0.0 0.0 (1.3)
Natural Gas (Henry
Hub)/MMBtu
4.71 0.0 0.0 8.5 STOXX 600 337.76 0.0 0.0 2.9
LPG Propane (Arab Gulf)/Ton 107.00 0.0 0.0 (15.2) DAX 9,556.02 0.0 0.0 0.0
LPG Butane (Arab Gulf)/Ton 120.37 0.0 0.0 (11.8) FTSE 100 6,822.42 0.0 0.0 1.1
Euro 1.39 0.0 0.0 0.9 CAC 40 4,458.17 0.0 0.0 3.8
Yen 102.20 0.0 0.0 (3.0) Nikkei 14,457.51 0.0 0.0 (11.3)
GBP 1.69 0.0 0.0 1.9 MSCI EM 1,003.39 0.0 0.0 0.1
CHF 1.14 0.0 0.0 1.7 SHANGHAI SE Composite 2,026.36 0.0 0.0 (4.2)
AUD 0.93 0.0 0.0 4.0 HANG SENG 22,260.67 0.0 0.0 (4.5)
USD Index 79.52 0.0 0.0 (0.6) BSE SENSEX 22,403.89 0.0 0.0 5.8
RUB 35.84 0.0 0.0 9.0 Bovespa 52,980.31 0.0 0.0 2.9
BRL 0.45 0.0 0.0 6.4 RTS 1,148.96 0.0 0.0 (20.4)
184.7
154.6
140.7