The QE index in Qatar rose marginally to close at 12,970.8, led by gains in the telecom and industrial indices. Ooredoo and Qatar Islamic Insurance Co. were the top gainers, while Salam International Investment Co. and Al Ahli Bank declined the most. Regional markets were mixed with Saudi Arabia and Kuwait gaining slightly while Dubai, Abu Dhabi, Oman, and Bahrain fell. Trading volume on the QE fell 26.8% compared to the previous day.

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose marginally to close at 12,970.8. Gains were led by the
Telecoms and Industrials indices, up by 2.3% and 0.9% respectively. Top
gainers were Ooredoo and Qatar Islamic Insurance Co., rising 2.4% and 2.0%
respectively. Among the top losers, Salam International Investment Co. fell
2.7%, while Al Ahli Bank declined 2.3%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 9,905.7. Gains were led
by the Hotel & Tourism and Retail indices, rising 3.4% and 1.1% respectively.
Arabian Shield Co. Ins. gained 10.0%, while Gulf Union Co. Ins. was up 6.3%.
Dubai: The DFM index declined 1.6% to close at 4,693.2. The Services index
fell 7.6%, while the Real Estate & Construction index was down 3.2%. Arabtec
Holding declined 10.0%, while Gulf General Investment Co. was down 9.8%.
Abu Dhabi: The ADX benchmark index fell 1.6% to close at 4,869.7. The Inv.
& Fin. Ser. index declined 4.4%, while the Real Estate index was down 2.8%.
Gulf Livestock Co. fell 9.8%, while Methaq Takaful Ins. Co. was down 9.7%.
Kuwait: The KSE index gained marginally to close at 7,253.1. The Health
Care and Parallel Market indices rose 1.3% and 0.6% respectively. Al Mudon
Intl. Real Estate gained 10.0%, while Amar for Fin. & Leasing was up 8.8%.
Oman: The MSM index declined 0.1% to close at 6,923.1. Losses were led by
the Industrial and Services indices, declining 0.4% and 0.1% respectively.
Galfar Eng. & Con. fell 4.1%, while Al Batinah Dev. Inv. Hold. was down 1.0%.
Bahrain: The BHB index fell 0.3% to close at 1,447.2. The Investment index
declined 0.8%, while Comm. Banking index was down 0.3%. Arab Banking
Corp. fell 2.1%, while Bahrain Duty Free Shop Complex was down 1.8%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Ooredoo 152.00 2.4 134.8 10.8
Qatar Islamic Insurance Co. 76.50 2.0 106.8 32.1
Vodafone Qatar 20.25 1.9 2,736.6 89.1
Industries Qatar 183.60 1.7 196.9 8.7
Zad Holding Co. 77.00 1.3 1.0 10.8
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 53.80 (2.2) 2,912.0 71.9
Vodafone Qatar 20.25 1.9 2,736.6 89.1
Salam International Investment Co. 16.55 (2.7) 1,469.9 27.2
United Development Co. 25.55 (1.5) 1,425.4 18.7
Ezdan Holding Group 22.37 (2.1) 1,171.5 31.6
Market Indicators 10 Jun 14 09 Jun 14 %Chg.
Value Traded (QR mn) 779.1 1,060.5 (26.5)
Exch. Market Cap. (QR mn) 706,788.8 706,043.7 0.1
Volume (mn) 17.9 24.5 (26.8)
Number of Transactions 9,144 11,098 (17.6)
Companies Traded 42 42 0.0
Market Breadth 12:25 9:31 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,342.28 0.0 (2.0) 30.4 N/A
All Share Index 3,277.26 0.0 (1.7) 26.7 15.7
Banks 3,141.36 (0.5) (2.7) 28.5 15.6
Industrials 4,303.65 0.9 (0.3) 23.0 16.8
Transportation 2,223.14 (1.4) (2.8) 19.6 14.3
Real Estate 2,762.24 (0.5) (1.3) 41.4 13.8
Insurance 3,404.91 (0.6) 2.1 45.7 9.0
Telecoms 1,820.11 2.3 (1.3) 25.2 25.1
Consumer 6,818.20 0.0 (1.9) 14.6 26.8
Al Rayan Islamic Index 4,358.15 (0.2) (2.1) 43.5 18.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Hotels Abu Dhabi 3.29 9.7 16.2 6.1
United Real Estate Co. Kuwait 0.11 6.0 4.6 (10.2)
NBQ Abu Dhabi 3.60 5.9 4.8 9.1
Al Tayyar Saudi Arabia 137.30 5.0 1,198.8 60.4
Al Mouwasat Med. Ser. Saudi Arabia 113.70 4.8 145.1 23.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 4.88 (10.0) 188,574.4 138.0
Tihama Saudi Arabia 190.50 (9.9) 13.4 73.6
Abu Dhabi Com. Bank Abu Dhabi 7.60 (4.6) 11,305.9 16.9
National Shipping Co. Saudi Arabia 34.45 (4.5) 5,403.0 22.2
Deyaar Development Dubai 1.19 (4.0) 45,946.2 17.8
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%
Salam International Investment Co 16.55 (2.7) 1,469.9 27.2
Al Ahli Bank 50.20 (2.3) 2.1 18.6
Islamic Holding Group 73.30 (2.3) 52.5 59.3
Widam Food Co. 58.00 (2.2) 17.1 12.2
Masraf Al Rayan 53.80 (2.2) 2,912.0 71.9
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 53.80 (2.2) 156,323.0 71.9
Gulf International Services 89.90 (0.1) 75,205.5 84.2
Vodafone Qatar 20.25 1.9 54,712.0 89.1
QNB Group 181.40 0.3 45,425.7 5.5
Barwa Real Estate Co. 42.00 0.0 43,129.1 40.9
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* 12,970.81 0.0 (2.0) (5.3) 25.0 214.04 194,154.9 16.2 2.2 3.9
Dubai 4,693.20 (1.6) (8.0) (7.7) 39.3 561.47 93,416.8 18.8 1.8 2.2
Abu Dhabi 4,869.67 (1.6) (3.7) (7.3) 13.5 175.72 135,698.3 14.4 1.8 3.4
Saudi Arabia 9,905.68 0.1 0.5 0.8 16.1 2,962.98 536,453.2 19.7 2.4 2.8
Kuwait 7,253.07 0.0 (1.1) (0.5) (3.9) 77.47 113,974.6 16.5 1.1 3.8
Oman 6,923.11 (0.1) (0.4) 1.0 1.3 27.36 25,125.0 12.7 1.7 3.8
Bahrain 1,447.23 (0.3) (1.0) (0.8) 15.9 0.33 53,726.8 11.4 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,800
12,850
12,900
12,950
13,000
13,050
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 marginally to close at 12,970.8. The
Telecoms and Industrials indices led the gains. The index rose
on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Ooredoo and Qatar Islamic Insurance Co. were the top gainers,
rising 2.4% and 2.0% respectively. Among the top losers, Salam
International Investment Co. fell 2.7%, while Al Ahli Bank
declined 2.3%.
 Volume of shares traded on Tuesday fell by 26.8% to 17.9mn
from 24.5mn on Monday. Further, as compared to the 30-day
moving average of 27.5mn, volume for the day was 35.0% lower.
Masraf Al Rayan and Vodafone Qatar were the most active
stocks, contributing 16.3% and 15.3% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/10 US NFIB NFIB Small Business Optimism May 96.6 95.8 95.2
06/10 US BLS JOLTS Job Openings April 4455 4050 4166
06/10 France Banque De France Bank of France Bus. Sentiment May 97.0 98.0 98.0
06/10 France INSEE Industrial Production MoM April 0.30% 0.30% -0.40%
06/10 France INSEE Industrial Production YoY April -2.00% -2.00% -0.50%
06/10 France INSEE Manufacturing Production MoM April 0.30% 0.40% -0.40%
06/10 France INSEE Manufacturing Production YoY April 0.00% -0.40% 1.70%
06/10 UK ONS Industrial Production MoM April 0.40% 0.40% 0.10%
06/10 UK ONS Industrial Production YoY April 3.00% 2.80% 2.50%
06/10 UK ONS Manufacturing Production MoM April 0.40% 0.40% 0.50%
06/10 UK ONS Manufacturing Production YoY April 4.40% 4.00% 3.50%
06/10 UK NIESR NIESR GDP Estimate May 0.90% – 1.10%
06/10 Italy ISTAT Industrial Production MoM April 0.70% 0.40% -0.40%
06/10 Italy ISTAT Industrial Production WDA YoY April 1.60% 0.40% -0.10%
06/10 Italy ISTAT Industrial Production NSA YoY April 0.10% – 1.30%
06/10 China NBS PPI YoY May -1.40% -1.50% -2.00%
06/10 China NBS CPI YoY May 2.50% 2.40% 1.80%
06/10 Japan METI Tertiary Industry Index MoM April -5.40% -3.40% 2.40%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QCB to issue QR4bn in bonds – The Qatar Central Bank
(QCB) will issue 3-year government bonds worth QR2.1bn, as
well as 5-year and 7-year bonds worth QR950mn each. All the
bonds will be issued on June 15, 2014. (QCB)
 QCSD amends calculation of the foreign ownership
percentage in QE-listed companies – Qatar Central Securities
Depository Company (QCSD) has announced that in
accordance with the guidance issued by HH the Emir Sheikh
Tamim Bin Hamad Al Thani, it has amended the calculation of
the foreign ownership percentage in the companies listed on the
Qatar Exchange (QE) to be from the capital of the company and
not from the free float. QCSD said that the procedure has been
carried out in accordance with instructions received from the
Qatar Financial Markets Authority (QFMA). (QE)
 QE mulls remote membership for foreign brokerages to
boost liquidity – Qatar may see the advent of foreign stock
brokerages with its local bourse contemplating remote
membership. This move by the Qatar Exchange (QE) is part of
the broader strategies to help enhance the liquidity in the
market. The bourse, which has recently been upgraded to
‘emerging’ market by MSCI, finds growth opportunities in remote
membership. According to sources, the remote membership is
likely to be rolled out in the third phase of development. At
present, the QE has 11 brokerage companies, including four
subsidiaries of commercial banks. (Gulf-Times.com)
 Commercial Bank of Qatar (CBQK) considers US Dollar
bond offering – According to sources, CBQK has hired BofA
Merrill Lynch, HSBC and Morgan Stanley to arrange a series of
meetings with bond investors starting tomorrow. A US$
benchmark Reg S transaction may follow subject to market
conditions. (Bloomberg)
 Qatargas awards $125mn wastewater facility contract at
LNG plant to Kentz – Qatargas Operating Company (Qatargas)
has awarded a $125mn contract to Kentz Engineering &
Construction Group for the turnkey process package of a new
wastewater facility located in the Qatargas LNG Plant, Ras
Laffan Industrial City. Kentz will supply process engineering,
procurement, installation, construction, and commissioning
(EPICC) services to deliver wastewater recycling & reduction
Overall Activity Buy %* Sell %* Net (QR)
Qatari 54.40% 59.94% (43,148,274.41)
Non-Qatari 45.60% 40.06% 43,148,274.41

3. Page 3 of 6
facilities to four LNG trains. The contract will be executed
through Kentz's Engineering and Projects (E&P) business unit.
Kentz will be employing approximately 440 staff and field
personnel and the project is scheduled to be completed in 2016.
(Bloomberg)
 Qatar plans to set up farmers association – Qatar is setting
up an association of farmers to help boost private sector
investment in the agricultural sector and promote close
coordination between private and public sectors in the field.
Qatari individuals and companies owning farms, as well as
government agencies concerned with agricultural development,
will be part of the proposed association. The association will
have two separate corpuses — one for giving away loans for
farming, the other for helping members tackle emergencies. The
government has announced that people can apply for
membership of the proposed association between June 15 and
26, 2014. On June 29, 2014, successful applicants will be called
by the Ministry of Economy & Trade to hold a founding meeting
and pave the way for the formal launch of the association.
(Peninsula Qatar)
 Realty transactions worth QR1.4bn between June 1–5 – The
Real Estate Registration Department said that real estate
transactions registered at the Ministry of Justice between June 1
and 5 were worth QR1.4bn. (Peninsula Qatar)
 Hyder Consulting completes Qatar Cool plant's EPC design
– Hyder Consulting has completed the engineering,
procurement & construction (EPC) design of Qatar Cool's third
district cooling plant in Doha. The new plant is intended to
supply district cooling to residential and commercial buildings in
the West Bay area, and forms part of a cooling network in that
quarter of the city. (GulfBase.com)
International
 WB cuts global growth to 2.8% for 2014 – The World Bank
(WB) has trimmed its global growth forecast, saying a
confluence of events, from the Ukraine crisis to unusually cold
weather in the US, has dampened economic expansion in the
first half of the year. WB predicted the world economy would
grow 2.8% this year, below its prior forecast of 3.2% made in
January, but it expressed confidence that activity was already
shifting to a more solid footing. In its half-yearly Global
Economic Prospects report, the WB said tensions between
Ukraine and Russia hit confidence worldwide. The bank also cut
its growth forecast for the US to 2.1% from 2.8% to account for
the toll taken on growth by the weather at the start of the year.
The WB expects growth to quicken later this year as richer
economies continue their recovery. Meanwhile, the bank has
kept its global growth forecasts for the next two years
unchanged at 3.4% and 3.5%, respectively. The WB also fretted
about the possibility of financial volatility in emerging markets
once the US Federal Reserve starts to raise interest rates,
mopping up the liquidity glut in global markets. (Reuters)
 US small business, jobs data bolster growth picture – The
US economy has decisively turned the corner with small
business confidence hitting its highest level in more than 6-1/2
years in May 2014 and the number of jobs available rising to
pre-recession levels in April. These new figures added to
employment, auto sales, manufacturing and services sector data
in suggesting that the economy was now in a full-fledged
expansion. The National Federation of Independent Business
said its Small Business Optimism Index rose 1.4 points to 96.6
in May, the highest reading since September 2007. In another
report, the Labor Department said job openings increased by
289,000 to a seasonally adjusted 4.46mn in April, the highest
reading since August 2007. Despite the rise in job openings,
hiring was little changed in April, a potential suggestion that
employers are having trouble finding workers with the right skills.
In another report, the Commerce Department said wholesale
inventories increased 1.1% after advancing by the same margin
in March. (Reuters)
 BSI: Japan corporate mood worsens in April-June, but
rebound expected – The Business Survey Index (BSI) of
sentiment showed that big Japanese manufacturers have turned
pessimistic about business conditions in April-June 2014. The
index for large Japanese manufacturers released by the Ministry
of Finance and a branch of the Cabinet Office slid down to -13.9
in April-June from 12.5 in the previous quarter. However,
companies anticipate the sentiment index to improve to 16.0 in
July-September due to expectations that consumer spending will
quickly rebound. The survey also showed that companies are
turning more positive on capital expenditure. The survey bodes
well for the Bank of Japan's closely-watched Tankan Sentiment
Index due next month and points to a declining need for further
monetary easing. (Reuters)
 UK economy regains pre-recession peak – Britain’s
strengthening recovery has probably pushed the economy back
above its pre-crisis level, ending the longest period of below-
peak output in a century. The National Institute of Economic and
Social Research (Niesr) estimated that GDP rose 0.9% in the
three months through May. That puts it about 0.2% above where
it was in January 2008. Britain is the last of the Group of Seven
nations barring Italy to regain its pre-recession level. The
development may add to the debate among the Bank of England
officials about when to raise interest rates from a record low as
they begin to diverge on the timing of policy tightening. Niesr
published its estimate after data today showed UK industrial
production rose for a third month in April, driving the annual
increase to 3%, the most since 2011. Today’s data also showed
manufacturing rose 0.4% in April from March. That was a fifth
consecutive increase, the longest streak of gains since 2010.
(Bloomberg)
 IMF warns of reform fatigue holding back Greece – The
International Monetary Fund said Greece needs to improve the
efficiency of its public sector dramatically to meet fiscal targets
and avoid new austerity measures. The IMF said in its latest
review of Greece's progress under its €240bn bailout that reform
fatigue had set in among the ruling coalition and the coalition
government has a reduced majority of just two seats in the 300-
member parliament. This is making it difficult to move forward
boldly with needed reforms. Greece's reform record has been
patchy since the start of its EU-IMF bailout in 2010, and has
often led to delays in the disbursement of rescue funds. The IMF
warned the country's public debt remained very high, adding
that EU help was essential to make it sustainable. Greece is
expected to begin talks for further debt relief from its European
partners later this year. (Reuters)
Regional
 OPEC majority at ease with markets before Vienna meet –
OPEC nations representing 85% of the group’s output said they
were at ease with supply and demand in the global oil market
before a meeting in Vienna today to decide a collective
production limit. Oil ministers from Angola, Ecuador, Kuwait and
Venezuela all said they anticipated that the OPEC would roll
over its existing ceiling of 30mn bpd. Saudi Arabia, Libya,
Nigeria and the UAE said supply and demand are well matched.
Iraq’s oil minister said there are indications that the limit will be
retained. According to the data compiled by Bloomberg, these
nine nations accounted for about 25.4mn bpd of output in May,
while the group’s combined production stood at about 30mn

4. Page 4 of 6
bpd. The data showed that Brent oil, Europe’s benchmark, has
traded above $100 a barrel for a year and is the least volatile
ever. Still, there will pressure on Saudi Arabia to produce record
amounts in 2H2014 to cover disruptions in Libya, Iran and Iraq.
(Gulf-Times.com)
 Saudi MoF seizes SR105.3mn land from STC – Saudi
Arabia’s Ministry of Finance (MoF) has seized land in the
country’s capital from Saudi Telecom Company (STC). The
1.05mn square meters plot in Riyadh has a book value of
SR105.3mn, but the government is yet to tell STC what
compensation it will receive for this land. The compensation
level and financial impact will be disclosed at a later date.
(GulfBase.com)
 SAR invites bids for Saudi Landbridge project – Saudi
Railway Company (SAR) has invited prequalification bids for the
construction supervision consultancy contract of the Saudi
Landbridge project. The applications are to be submitted by July
22, 2014. The Landbridge project involves the construction of
around 1,200 km of railway line linking the Red Sea port city of
Jeddah with Saudi capital Riyadh, where it would connect with
the existing line to Dammam on the Gulf coast. The Landbridge
project is expected to take 84 months from the start of the
contract period. Meanwhile, SAR expects to appoint an
operating partner for its North–South railway shortly, following
the evaluation of bids from international consortium.
(GulfBase.com)
 SABIC to produce technical grade urea – Saudi Basic
Industries Corporation (SABIC) is set to produce a specific
grade of urea ‘Technical Grade Urea,’ that will allow diesel
engines to run more efficiently and reduce hazardous emissions.
The new urea grade will be produced at SABIC’s manufacturing
affiliate, Al-Jubail Fertiliser Company (Al-Bayroni) in Jubail, with
a capacity of 80,000 tons per year. It will enable cleaner diesel
technology in engines through liquid injection of urea solution
into the exhaust stream of the diesel engine prior to its catalytic
converter. This allows the engine to perform better to use fuel
more efficiently, while eliminating the increased nitrogen oxides
with urea. (GulfBase.com)
 STC completes debut Sukuk issue worth SR2bn – The Saudi
Telecom Company (STC) has announced the successful closing
and settlement of the Sukuk series with an aggregate
subscription amount of SR2bn and tenure of 10 years (maturing
in June 2024). The Sukuk has a floating profit rate of 70bps over
a three-month SIBOR. STC’s debut Sukuk issuance was almost
two times oversubscribed with interest from a mix of government
investors, banks, asset managers and insurance companies. JP
Morgan Saudi Arabia, NCB Capital and Standard Chartered
Capital Saudi Arabia acted as joint arrangers and managers on
the Sukuk program. Earlier in May 2014, STC had begun
meetings with potential qualified investors for its first Sukuk
series under its newly-established SR5bn private placement
Sukuk program. (Tadawul)
 Saudi bank investments in G-secs surges to SR288bn –
According to a financial report, Saudi-based banks have
invested SR287.8bn in government bonds and treasury bills (G-
secs) at the end of April 2014, spending SR235.7bn on treasury
bills and SR52.2bn on government bonds. These investments
were 36% higher as compared to the same period in 2013,
which stood at SR211.8bn, while on a YoY basis, bank
investments in G-secs registered the highest levels in 2013 at
SR228.7bn, or a 26% increase as compared to figures of 2012,
which stood at SR220.8bn. Treasury bills captured 78%
(SR179.1bn) of the total investments in 2013, while the
remaining 22% (SR49.6bn) went to government bonds.
(GulfBase.com)
 SWC plans world’s largest desalination plant – Saudi-based
Saline Water Conversion (SWC) has announced plans for
building the world’s largest desalination plant in Rabigh on the
country’s west coast. The plant would be able to produce up to
600,000 meters cubed of desalinated water per day through
reverse osmosis process. (GulfBase.com)
 UAE CB: Money supply, credit growth accelerates in April –
According to the UAE Central Bank, bank deposits rose 1%
MoM and 8.3% YoY in April 2014, up from 7.6% YoY in March.
The total increase in deposits in the year-to-April was
AED66.1bn, as compared to AED74.0bn in the same period last
year. The government deposits increased 8.6% MoM, while it
decreased by more than one-third YoY. The narrow money
supply aggregate (M1) increased by 3.5% from AED412bn at
the end of March 2014 to AED426.3bn by the end of April 2014.
Broad money supply (M2) increased in April to reach 23.6% YoY
from 22.8%. M2 declined 0.1% on the back of a 2.1% drop in
quasi money on a MoM basis. Broad Money (M3) increased by
1% from AED1.28tn to AED1.29tn. Loans and advances
increased by AED37.4bn in the first four months of 2014 up from
an increase of AED26.6bn over the same period last year. Total
bank loans and advances (gross basis) reached AED1.31tn,
while total bank assets (gross basis) decreased by 0.2% to
reach AED2.17tn, over the same period. Loan growth in April
alone was 0.6% MoM, while it was 8.3% YoY. (GulfBase.com)
 UNB Islamic unit joins DMCC platform – Union National
Bank’s (UNB) Islamic unit, Al Wifaq Finance Company, has
joined the Dubai Multi Commodities Centre (DMCC) Tradeflow
platform. With this move, Al Wifaq aims to conduct new
innovative commodity Murabaha transactions for its retail and
SME clients. (GulfBase.com)
 FSI reveal systemic strength of UAE banks – According to a
Financial Stability Report, Financial Soundness Indicators
(FSIs), an important component in the Central Bank’s financial
sector surveillance point to the robust systemic strength of the
UAE banking sector. The UAE banks remain highly capitalized
with a capital adequacy ratio of 19% at the end of December
2013, slightly below the 21% in 2012, due to a partial or full
repayment of the Tier-2 capital granted by the Ministry of
Finance in 2009. The Tier-1 capital stood at 17.2% and was
more or less unchanged from 2012. The UAE banks had an
aggregate net profit of AED31.6bn in 2013 as compared to
AED26.5bn in 2012. The high level of profitability of the UAE
banks indicates a strong internal capital generation capacity.
The steady increase in banks’ profits since 2009 is largely driven
by the growth of banks’ net interest margins (NIM). The NIM (net
interest income over gross interest income) increased from
56.6% in 2009 to 72.4% in 2013, reflecting a decline in banks
funding cost over the same period. (GulfBase.com)
 DSO, PAIiIZ sign MoU – Dubai Silicon Oasis Authority (DSOA),
the regulatory body for Dubai Silicon Oasis (DSO), has signed a
MoU with the Polish Information and Foreign Investment Agency
(PAIiIZ). Under the agreement, DSOA and PAIiIZ will facilitate
the exchange of delegations, promote collaboration &
investment opportunities, transfer knowledge, and work toward
enabling business environments in the UAE and Poland.
(Bloomberg)
 Emirates NBD launches mePay – Emirates NBD has launched
Emirates NBD mePay, an innovative money transfer service that
enables an account holder of the bank to transfer money to
another customer using mobile numbers instead of account
numbers. (Bloomberg)

5. Page 5 of 6
 Etisalat plans €3.1bn bond issue in four tranches – Emirates
Telecommunications Corporation (Etisalat) is planning a bond
issue worth up to €3.1bn split into four tranches. The UAE’s
largest telecom operator is considering two dollar tranches of
the bond, of probably five- and 10-year tenors, plus two euro-
denominated tranches of seven and 12 years’ duration.
(GulfBase.com)
 FGB to sell $1bn securities on Tokyo Pro-Bond Market –
First Gulf Bank (FGB) has registered to sell up to $1bn of
securities on the Tokyo Pro-Bond Market, effective June 11,
2014. The bank intends to use the fund for its expansion
program. (Bloomberg)
 DoFA, National Bank of Umm Al Quwain sign cooperation
agreement – Umm Al Quwain's Department of Finance and
Administration (DoFA) has signed a cooperation agreement with
National Bank of Umm Al Quwain. Under the agreement, UAQ
National Bank will provide banking services to the staff of local
and federal government entities in the emirate. (Bloomberg)
 Oil Minister: Kuwait in favor of keeping OPEC production
ceiling unchanged – Kuwait’s Oil Minister Ali Al-Omair said that
Kuwait is in favor of keeping current OPEC production ceiling
unchanged as the country was content with oil prices, with
enough supplies for oil markets. He added that Kuwait is
satisfied with the general condition of the international oil
markets as well as the balance of the major factors of the supply
& demand, and supports keeping the production ceiling
unchanged when OPEC oil ministers meet today. Al-Omair said
the current oil prices were suitable for producers & consumers
and there was a strong possibility that the production ceiling of
30mn bpd would not be touched. He noted that OPEC member
states realize that the current stability in the oil markets was
serving the interests of producers & consumers, and should thus
continue. (Bloomberg)
 OTH Director resigns – Oman Textile Holding Company’s
(OTH) Director, Harish Abichandani has resigned from his post
with effect from June 2014. He also held the post of Deputy
Chairman of the board of directors. (MSM)
 BHB to implement new market rules in September – Bahrain
Bourse’s (BHB) board of directors has approved to implement
the new market rules form September 1, 2014. The brokers will
be given a six-month transitional period from the date of
implementation to meet the requirements of the new market
rules. (Bahrain Bourse)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14
QE Index S&P Pan Arab S&P GCC
0.1% 0.0% 0.0%
(0.3%) (0.1%)
(1.6%) (1.6%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,259.91 0.6 0.5 4.5 DJ Industrial 16,945.92 0.0 0.1 2.2
Silver/Ounce 19.20 0.7 0.9 (1.4) S&P 500 1,950.79 (0.0) 0.1 5.5
Crude Oil (Brent)/Barrel (FM
Future)
109.52 (0.4) 0.8 (1.2) NASDAQ 100 4,338.00 0.0 0.4 3.9
Natural Gas (Henry
Hub)/MMBtu
4.57 (2.0) (1.8) 5.1 STOXX 600 349.71 0.3 0.7 6.5
LPG Propane (Arab Gulf)/Ton 101.75 (0.2) 0.7 (19.6) DAX 10,028.80 0.2 0.4 5.0
LPG Butane (Arab Gulf)/Ton 120.50 (0.4) 0.8 (11.2) FTSE 100 6,873.55 (0.0) 0.2 1.8
Euro 1.35 (0.3) (0.7) (1.4) CAC 40 4,595.00 0.1 0.3 7.0
Yen 102.35 (0.2) (0.1) (2.8) Nikkei 14,994.80 (0.9) (0.5) (8.0)
GBP 1.68 (0.3) (0.3) 1.2 MSCI EM 1,057.59 0.8 1.2 5.5
CHF 1.11 (0.2) (0.6) (0.7) SHANGHAI SE Composite 2,052.53 1.1 1.1 (3.0)
AUD 0.94 0.2 0.4 5.1 HANG SENG 23,315.74 0.9 1.6 0.0
USD Index 80.82 0.2 0.5 1.0 BSE SENSEX 25,583.69 0.0 0.7 20.8
RUB 34.35 0.1 (0.2) 4.5 Bovespa 54,604.34 0.6 2.8 6.0
BRL 0.45 0.3 1.1 6.3 RTS 1,368.84 0.5 0.7 (5.1)
186.4
154.3
140.3