1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.2% to close at 11,669.4. Losses were led by the Real
Estate and Telecoms indices, declining 4.1% and 2.9%, respectively. Top losers
were Vodafone Qatar and Salam International Investment Co., falling 10.0%
and 6.4%, respectively. Among the top gainers, Qatar Cinema & Film
Distribution Co. rose 4.2%, while QNB Group was up 1.9%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.6% to close at 9,513.7. Losses were led
by the Hotel & Tourism and Real Est. Dev. indices, declining 2.3% and 1.4%
respectively. Saudia Dairy fell 3.7%, while Sanad Insurance was down 3.4%.
Dubai: The DFM index declined 2.3% to close at 4,123.6. The Real Estate &
Const. index fell 4.3%, while the Fin. Ser. & Inv. index was down 2.4%. Union
Properties declined 7.3%, while Dubai Islamic Ins. & Reins. was down 7.1%.
Abu Dhabi: The ADX benchmark index fell 0.4% to close at 4,647.6. The Real
Estate index fell 3.4%, while the Energy index was down 3.2%. National
Marine Dredging fell 7.4%, while Dana Gas declined 4.5%.
Kuwait: The KSE index fell marginally to close at 6,980.2. The Real Estate
index declined 0.4%, while the Consumer Services index was down 0.2%. Gulf
Inv. House fell 9.1%, while Arzan Fin. Group for Fin. & Inv. was down 7.0%.
Oman: The MSM index rose 0.2% to close at 6,955.9. Gains were led by the
Financial index, rising 0.5%, while Industrial index rose marginally. ONIC
Holding gained 2.8%, while Bank Nizwa was up 2.5%.
Bahrain: The BHB index declined 0.3% to close at 1,427.2. The Commercial
Banking index fell 0.7%, while other indices remained unchanged. Nat. Bank of
Bahrain fell 3.3%, while Bahrain Islamic Bank was down 2.5%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distri. Co. 43.25 4.2 9.9 7.9
QNB Group 165.00 1.9 313.2 (4.1)
Qatar Insurance Co. 80.00 1.3 96.7 50.4
Qatar Industrial Manufacturing Co. 45.00 1.1 23.3 6.7
Doha Bank 55.50 0.9 280.8 (4.6)
Qatar Exchange Top Vol. Trad. Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 16.16 (10.0) 2,931.7 50.9
Masraf Al Rayan 46.50 (3.1) 1,493.6 48.6
Ezdan Holding Group 18.84 (1.5) 681.8 10.8
United Development Co. 22.35 (3.8) 632.1 3.8
Mazaya Qatar Real Estate Dev. 15.80 (3.2) 600.5 41.3
Market Indicators 29 Jun 14 26 Jun 14 %Chg.
Value Traded (QR mn) 414.4 531.5 (22.0)
Exch. Market Cap. (QR mn) 636,954.4 643,796.2 (1.1)
Volume (mn) 10.6 9.9 6.9
Number of Transactions 5,569 6,247 (10.9)
Companies Traded 43 43 0.0
Market Breadth 7:36 5:35 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,404.84 (1.2) (1.2) 17.4 N/A
All Share Index 2,979.25 (1.1) (1.1) 15.1 14.3
Banks 2,819.66 (0.4) (0.4) 15.4 14.0
Industrials 4,038.08 (1.0) (1.0) 15.4 15.7
Transportation 2,076.98 (2.1) (2.1) 11.8 13.3
Real Estate 2,360.49 (4.1) (4.1) 20.9 11.8
Insurance 3,402.84 (0.2) (0.2) 45.7 8.9
Telecoms 1,484.39 (2.9) (2.9) 2.1 20.5
Consumer 6,474.62 (2.0) (2.0) 8.9 25.5
Al Rayan Islamic Index 3,828.37 (2.8) (2.8) 26.1 16.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Astra Industrial Group Saudi Arabia 55.73 6.6 875.7 5.2
United Arab Bank Abu Dhabi 6.50 3.8 6,867.5 15.9
Qassim Cement Saudi Arabia 98.62 3.0 190.2 10.2
Aviation Lease & Fin. Kuwait 0.26 2.8 327.9 (10.5)
Union National Bank Abu Dhabi 6.20 2.7 259.0 10.9
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Vodafone Qatar Qatar 16.16 (10.0) 2,931.7 50.9
National Mar. Dred. Co. Abu Dhabi 7.40 (7.4) 6.6 (14.0)
Arabtec Holding Co. Dubai 2.90 (6.5) 36,727.1 41.5
Drake & Scull Int. Dubai 1.50 (6.3) 14,492.7 4.2
Qatar General Ins. Qatar 44.10 (6.0) 18.9 10.5
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%
Vodafone Qatar 16.16 (10.0) 2,931.7 50.9
Salam International Investment Co 16.20 (6.4) 515.6 24.5
Qatar General Ins. and Reins. Co. 44.10 (6.0) 18.9 10.5
Widam Food Co. 52.50 (5.6) 34.8 1.5
Dlala Brokerage & Inv. Holding 49.60 (5.5) 14.8 124.4
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 46.50 (3.1) 69,474.0 48.6
QNB Group 165.00 1.9 51,135.9 (4.1)
Vodafone Qatar 16.16 (10.0) 48,622.2 50.9
Industries Qatar 169.00 (0.6) 30,652.9 0.1
Qatar Fuel Co. 208.00 (1.2) 22,400.1 (4.8)
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* 11,669.43 (1.2) (1.2) (14.8) 12.4 113.83 174,971.4 14.5 2.0 4.3
Dubai 4,123.61 (2.3) (2.3) (18.9) 22.4 111.87 82,441.2 16.6 1.6 2.5
Abu Dhabi 4,647.57 (0.4) (0.4) (11.5) 8.3 45.72 130,463.2 13.7 1.7 3.6
Saudi Arabia 9,513.71 (0.6) (0.6) (3.2) 11.5 1,244.09 518,799.9 18.9 2.3 3.0
Kuwait 6,980.21 (0.0) (0.0) (4.3) (7.5) 34.52 109,883.4 16.5 1.1 4.0
Oman 6,955.86 0.2 0.2 1.4 1.8 15.34 25,778.2 12.1 1.7 4.0
Bahrain 1,427.24 (0.3) (0.3) (2.2) 14.3 0.38 53,424.7 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)
11,400
11,500
11,600
11,700
11,800
11,900
9:30 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 1.2% to close at 11,669.4. The Real
Estate 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.
 Vodafone Qatar and Salam International Investment Co. were
the top losers, falling 10.0% and 6.4%, respectively. Among the
top gainers, Qatar Cinema & Film Distribution Co. rose 4.2%,
while QNB Group was up 1.9%.
 Volume of shares traded on Sunday rose by 6.9% to 10.6mn
from 9.9mn on Thursday. However, as compared to the 30-day
moving average of 22.6mn, volume for the day was 53.1% lower.
Vodafone Qatar and Masraf Al Rayan were the most active
stocks, contributing 27.7% and 14.1% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
News
Qatar
 FDI in Qatar’s industrial sector increases to QR129bn –
According to the May 2014 update, the foreign direct investment
inflow into Qatar’s industrial sector touched an estimated
QR129bn. The figure makes up 52% of the total capital
investment in the industrial sector over the same period. The
flow of foreign investments to Qatar’s industrial sector picked up
largely because of the country’s economic diversification
strategy. In line with the Qatar National Vision 2030, the country
is increasingly focusing on high-value services in the non-
hydrocarbon sector. Industry leaders expect huge foreign
investments in the country’s manufacturing sector over the mid-
term to long-term. The small and medium enterprises (SMEs)
sector is also set for a major takeoff. The just-released Qatar
Economic Outlook 2014-15, however, noted the country’s
manufacturing sector is projected to grow, but not as quickly as
the services and construction sectors In 2014, the growth of
manufacturing sector is expected to moderate with declines in
fertilizer and refined products. However, the growth is set to
come back higher in 2015 on the back of a revival in output of
refined products and petrochemicals, and as feedstock comes
from Barzan. Growing construction demand for cement and
metals linked to the large capital projects should encourage
some investments in new capacity, prompting manufacturing
growth to recover some of its earlier impetus. (Peninsula Qatar)
 QNB First launches LoungeKey airport access program –
The QNB Group (QNBK) and MasterCard have launched the
first LoungeKey airport access program in the world for premium
banking QNB First members. The program provides QNB First
MasterCard World credit card holders from Qatar, Kuwait, and
Oman access to more than 400 premium lounges across 270
airports around the world. With the LoungeKey program, QNB
First World MasterCard credit card holders from Qatar, Kuwait,
and Oman can now enjoy instant access to premium lounges by
simply swiping their credit card rather than carrying an additional
membership card or voucher. Across Middle East and Africa
alone, QNB World MasterCard credit card holders will have
access to 50 premium lounges across prominent airports,
including Oman, the UAE, and Bahrain. QNBK’s General
Manager Group Retail Heba al-Tamimi said that the MasterCard
LoungeKey is a key component of a comprehensive suite of
premium financial products and services that were recently-
introduced under the umbrella of the QNB First Global
Recognition Program, the first banking initiative of its type in the
MEA Region. (Gulf-Times.com)
 AREDC: Qatar’s retail real estate expected to be center of
investment – According to Al Asmakh Real Estate
Development Company (AREDC), Qatar’s retail real estate is
expected to be a “center of investment” owing to high occupancy
and long-term commitments from tenants & decent rents.
Moreover, AREDC said in a report that Qatar, which now has 13
operational malls, may see a total of 27 malls in the future,
necessitating the need for branding, since major retail activities
would be managed from the malls by 2018, and that mall density
as proportion to population is also slated to increase. The
company added that the present gross yields from the retail
segment, other than the malls, are in the range of 5-6.5%. The
average rents in top three malls – City Center, Villaggio and
Landmark – are QR310 per square meters per month. The
report said that these malls have average occupancies up to
90%, adding rents in other malls vary in between QR210 to
QR250 per square meters per month. (Gulf-Times.com)
 Real estate market witnesses’ marginal decline – According to
Ezdan Weekly Report, Qatar’s real estate market witnessed a
slight decline last week as total transactions for the third week of
June stood at QR811.8mn as compared to QR888.2mn the
previous week, down 8.6%. However, the number of
transactions increased during June 15-19 to 154 from 145. The
report said the average daily value of transactions amounted to
about QR162.4m compared to QR177.6mn the previous week.
Doha Municipality ranked first in terms of the value of
transactions, with deals worth QR468.4mn compared to
QR319.3mn — up 47%— with 32 transactions compared to 25
the previous week. The report predicted that transactions will
see a rise in the coming weeks, especially in the land lots sector
as investors and developers are directed towards the
establishment of more real estate projects. Land lots
transactions dominated the deals with 79.8% of the total in the
municipality — QR374mn — while other real estate deals
represented 20.2% and were worth QR94.4mn. Al Rayyan
Municipality ranked second in terms of trading value —
QR105.9mn as compared to QR283.7m the previous week,
down 46%, acquiring 0.9% of total transactions, with 30 deals.
The highest deal was worth QR10.5mn, through the sale of a
villa in Maamoura. (Peninsula Qatar)
 KFH partially divests stake in Barwa Bank – Kuwait Finance
House (KFH) has divested a major stake of its ownership in
Qatar's Barwa Bank. KFH sold 14.8mn shares for QR340.4mn,
with a profit of QR46.6mn in the transaction. (Bloomberg)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 69.17% 53.12% 66,483,853.85
Non-Qatari 30.84% 46.88% (66,483,853.85)

3. Page 3 of 7
 DOHI to disclose results on July 20, 2014 – Doha Insurance
Company (DOHI) will disclose its financial reports for the period
ending June 30, 2014, on July 20, 2014. (QE)
 QEWS to disclose results on July 14, 2014 – Qatar Electricity
and Water Company (QEWS) will disclose its financial reports
for the period ending June 30, 2014, on July 14, 2014. (QE)
 Hill International wins contract to manage Mall of Qatar
construction – US-based Hill International has announced that
it has received a three-year contract to provide project
management services in connection with the construction of the
Mall of Qatar in Doha. The contract has an estimated value to
Hill of QR35mn ($9.6mn). The Mall of Qatar is expected to serve
20mn customers annually and will feature a three-storey central
amphitheatre with a massive domed roof, called the Oasis,
housing themed restaurants, fine dining and family fun food
experiences. Spread over 165,000 square meters, the mall will
have a major hypermarket, five department stores, 20
restaurants and an indoor streetscape with flagship stores from
around the world. (Bloomberg)
International
 Global bank profits hit $920bn as Chinese lenders boom – A
survey showed China's top banks accounted for almost one-
third of a record $920bn of profits made by the world's top 1,000
banks last year, showing their rise in power since the financial
crisis. China's banks made $292bn in aggregate pretax profit
last year, or 32% of the industry's global earnings, according to
The Banker magazine's annual rankings of the profits and
capital strength of the world's biggest 1,000 banks. Last year's
global profits were up 23% from the previous year to their
highest-ever level, led by profits of $55bn at Industrial and
Commercial Bank of China (ICBC). China Construction Bank
(601939.SS), Agriculture Bank of China (601288.SS) and Bank
of China (601988.SS) filled up the top four positions. US Banks
made aggregate profits of $183bn, or 20% of the global tally, led
by Wells Fargo's (WFC.N) earnings of $32bn. The survey further
revealed that banks in the Eurozone contributed just 3% to the
global profit pool, down from 25% before the 2008 financial
crisis. Italian banks lost $35bn in aggregate last year, the worst
performance by any country. Banks in Japan made $64bn of
profit last year, or 7% of the global total, followed by banks in
Canada, France and Australia ($39bn in each country), Brazil
($26bn) and Britain ($22bn), The Banker said. (Reuters)
 BIS detects early 'worrying signals' from credit booms –
The Bank for International Settlements (BIS) said regulators
should not dismiss "worrying" early signs of unsustainable
property price and credit growth, which could leave borrowers
vulnerable to interest rate rises or sharp downturns. The BIS –
the global forum for central banks – said rock-bottom official
interest rates, slashed to revive sluggish economies, have
contributed to a boom in lending and real estate prices in some
countries. While the ECB has cut rates to record lows and
decided to pump money into the eurozone economy, the US
Federal Reserve has hinted at interest rate hikes starting next
year. The BIS said that several early warning indicators signal
that vulnerabilities have been building up in the financial
systems of several countries. While no early warning indicator is
completely reliable, dismissing such readings as inappropriate
would be too easy. The Basel-based bank said in many
emerging market economies and Switzerland the credit-to-GDP
gap, measuring the current ratio against its long-term trend, is
"well above the threshold that indicates trouble". The gap
between real residential property prices and their long-term
trend also suggests risks are accumulating in the housing
sector. (Reuters)
 BoE: Expectations for interest rate hikes 'reasonable' – The
Bank of England (BoE) policymaker Charlie Bean said market
expectations of a rise in British interest rates at the turn of the
year are "reasonable". Bean, a deputy governor who is due to
leave the bank at the end of June, was asked about the path of
interest rate rises implied by financial markets. He described
expectations of an interest rate rise by early next year as
"reasonable" and said longer-term expectations also looked in-
line. Bean added that the market has rates going up to 2.5%
over the next three years, which seems like a broadly sensible
judgement. The BoE has kept interest rates at a record low
0.5% for more than five years. Last week, the BoE's head Mark
Carney described market expectations that rates will be around
2.5% in three years as "not inconsistent" with the economy
returning to form. Bean was also asked whether rates could
eventually return to the pre-crisis levels around 5%. (Reuters)
 French employers urge Hollande to speed up reforms, cut
public spending – French employer groups called on President
Francois Hollande to speed up reforms and cut public spending
to revive the ailing economy in a joint statement issued on
Sunday ahead of an annual conference of government officials,
employers and labor unions. The two-day conference (to be held
on July 7 and 8) will focus reforming proposals, including
Hollande's "responsibility pact", which offers companies €41bn
in payroll tax cuts over three years in exchange for promises of
more hiring. Three employer groups – the largest group, Medef,
small and medium-size companies group CGPME and farmers
union FNSEA – have threatened to boycott the event over some
of the proposals, such as using a tax on companies to
compensate people with arduous jobs and a minimum 24 hours
per week for part-time contracts aimed at securing jobs. The
three joined five other groups to publish a letter in weekly
Journal du Dimanche in favor of general reforms, without
making concessions on specific demands. (Reuters)
 Japan’s industrial production rebounds in May – Japan’s
production rebounded in May, indicating that manufacturers are
riding out a sales-tax increase as Prime Minister Shinzo Abe
seeks to steer the economy through its aftermath. The trade
ministry said industrial output rose 0.5% after dropping 2.8% in
April. The median forecast of 28 economists surveyed by
Bloomberg News was for a 0.9% increase. The government
projects production to decrease 0.7% in June and increase 1.5%
in July. With the economy forecast to contract this quarter, the
focus is on whether growth will be strong enough over the next
three months for Abe to proceed with a further increase in the
consumption levy. A weak expansion may raise the odds of
fiscal or monetary support in the coming months. (Bloomberg)
 Slowing China economy dims profit outlook to 2012 low –
The most-actively traded Chinese companies in the US are on
track to report the smallest profits in two years as growth in the
world’s second-largest economy decelerates to its slowest level
since 1990. Data compiled by Bloomberg show analysts
covering stocks listed on the Bloomberg China-US Equity Index
(HSCEI) estimate that on an average they will post earnings of
$5.64 per share this year, which would be the lowest profits
reported since 2012. They have cut revenue forecasts by 7.9%
in the past 11 weeks. Earnings and sales projections are falling
as economists surveyed by Bloomberg estimate China’s gross
domestic product expansion to slow to 7.4% this year, the
weakest pace in 24 years, after back-to-back annual increases
of 7.7%. While the government has implemented tax breaks,
accelerated spending and cut some banks’ reserve
requirements, investors are concerned that officials are not
doing enough to stem a decline in real estate prices and boost
private consumption. (Bloomberg)

4. Page 4 of 7
Regional
 KSA approves 4,000 new housing units in Jubail – Saudi
Arabia’s Royal Commission of Jubail has issued housing
certificates for more than 4,000 housing units in Jalmoudah
neighborhood in Jubail Industrial City, belonging to private
sector projects. The certificates were issued upon the inspection
of the housing units to ensure they have adhered to the housing
safety guidelines. The accommodation projects include 110
villas for Saudi Basic Industries Corporation (SABIC), 43 villas
for Saudi Aramco Refinery Company (Shell SASREF), eight
residential buildings for the Saudi Arabian Mining Company
(MAADEN) and 106 villas for the Saudi Company for
Petrochemical industries (Kayan). (GulfBase.com)
 IDB gives Egypt $385mn loan to finance construction of
Helwan power station – The Islamic Development Bank (IDB)
has given Egypt 2.75bn Egyptian Pounds loan to help finance
the construction of the Helwan power station. The plant is
located in Helwan, south of Cairo and is expected to generate
1,950 MW. The total cost of the station is estimated at 12.5bn
Egyptian Pounds. (GulfBase.com)
 CI affirms Saudi’s sovereign ratings at ‘AA-‘; outlook Stable
– Capital Intelligence (CI) has affirmed Saudi Arabia's Long-
Term Foreign & Local Currency Ratings of 'AA-' and its Short-
Term Foreign & Local Currency Ratings of 'A1'. The outlook for
the ratings is 'Stable'. CI expects the central government budget
surplus to exceed 7% of GDP in 2014 and to be about 4% in
2015, assuming annual average oil prices of $102 per barrel and
$97 per barrel, respectively. Government financial assets in the
form of deposits held with the Saudi Arabian Monetary Authority
(SAMA) are expected to approach 65% of GDP in 2014 (60% in
2013), providing a satisfactory fiscal buffer against future
adversities. CI expects real output growth to increase by about
4% over 2014-16, underpinned by robust non-oil activities and
supported by planned government capital spending & the
continuation of the double-digit private sector credit growth.
GDP per capita was around $25,000 in 2013, and is expected to
grow by an average of 1% during the 2014-16 period. The
banking system is sound and currently poses little risk to the
public finances. (GulfBase.com)
 KSA’s new Jeddah airport to open in mid-2015 – Saudi
Arabia’s new King Abdulaziz International Airport in Jeddah is
set to open in the middle of 2015. The new airport will have a
capacity to handle 30mn passengers in the first phase, 45mn in
the second phase, and up to 80mn in the final phase.
(GulfBase.com)
 NCB: Saudi inflation seen at 3% in 2014 – According to the
National Commercial Bank’s (NCB) ‘Saudi Economic
Perspectives 2014-2015’ report, inflation in Saudi Arabia is likely
to hover around 3% in 2014, with the recent sharp increase in
commodity prices moderating by 2H2014 and offset by lower
imported inflation. The report stated that prices edged higher in
2013, averaging 3.5% due to higher food prices. The liquid state
of the economy was supportive of higher consumption
expenditure, which drove up local food prices that averaged
5.7% YoY, higher than 4.5% YoY registered in 2012. On the
rental component, prices maintained a slightly higher pace than
2012, albeit low as compared to the 2007-2011 period by
averaging 3.5% in 2013. Accelerating the implementation of the
mortgage law will positively impact the local real estate market
by providing financing to home seekers. With unemployment at
11.5% by the end of 4Q2013, an expected increase in
disposable income will boost private consumption expenditure.
However, the dollar-positive effect due to tapering will underpin
the headline inflation rate, which will remain in a range-bound
movement at around 3% in 2014. (GulfBase.com)
 Mobily, Virtustream team up to launch cloud computing
offer for SMEs – Etihad Etisalat Company (Mobily) as part of its
strategic alliance with Virtustream has launched a new cloud
computing offer for the small and medium-sized business
(SMEs) sector in Saudi. The services are divided into silver, gold
and platinum categories. Mobily offers this service to its current
customers via secure, reliable, and high-speed network
connections to its Tier III and IV data centers. (GulfBase.com)
 Mobily signs SR750mn vendor financing agreement – Etihad
Etisalat Company (Mobily) has entered into a long-term vendor
financing agreement with Canada export credit agency or Export
Development Canada (EDC) for SR750mn, with no corporate
guarantee. The tenure of the facilities is 10.5 years, and will be
utilized over a two-year period. The loan will be repaid in 17
semi-annual equal installments, and has been priced at a fixed
rate of 2.52% per annum with a 3% upfront premium. Credit
Agricole, Societe Generale and Bank of Tokyo Mitsubishi are
acting as mandated lead arrangers. The company intends to use
the Shariah-compliant financing to acquire telecommunications
equipment from Alcatel-Lucent to upgrade/enhance its network.
(Tadawul)
 UAC BoD approves appointments of Chairman, Vice-
Chairman – United Cooperative Assurance Company’s (UAC)
board of directors (BoD) has approved the appointments of
Hassan Mohammad Shawkat Mahassini and Salem Bin Laden
as Chairman and Vice-Chairman of the board respectively. The
BoD also approved the appointment of the sub-committees of
the board. (Tadawul)
 Sipchem to distribute SR220mn dividend for 1H2014 – Saudi
International Petrochemical Company (Sipchem) has
announced the distribution of 6% dividend (SR0.6 per share)
amounting to SR220mn for 1H2014. The dividend will be
distributed on July 17, 2014. (Tadawul)
 SAA appoints new Director-General – Saudi Arabian Airline
(SAA) has appointed Saleh bin Nasser Al-Jasser as its new
Director-General effective from August 3, 2014. Al-Jasser
replaces Khaled Al-Molhem, who served SAA for eight years
and presided over its privatization program. (GulfBase.com)
 DEWA completes AED260mn transmission grid upgrade –
The Dubai Electricity & Water Authority (DEWA) has completed
a AED260mn project to modify its transmission grid to
redistribute loads across power stations. This will further ensure
reliable, efficient and uninterrupted power distribution across
Dubai. The DEWA implemented the changes to the 132kV
transmission grid during 1H2014 to redistribute the load across
37 stations with 45 kilometer of new cables. Work is underway
to raise the capacity of power plants, and introduce the latest
technologies for improved efficiency. The Dubai utility is making
49 additional upgrades and boosting its substations with the
latest technologies to expand their capacity. (GulfBase.com)
 Japan-based Hitz acquires Dubai electrochemical company
– Dubai-based electrochemical company Cumberland has been
acquired by Japan’s Hitachi Zosen Corporate (Hitz). The
acquisition will provide Hitz with direct access to the European
and MENA regions. Cumberland will benefit from the wider
product portfolio of Hitz and its enhanced financial resources.
Cumberland will continue its operations from its headquarters in
Dubai and from its engineering, sales and technical support
offices in the UK, Singapore and India. (Bloomberg)
 Greenstone teams up with Capital Dynamics – Dubai-based
Greenstone Equity Partners has joined forces with Capital

5. Page 5 of 7
Dynamics to meet the rising investor demand for global
investment opportunities in private assets across the GCC
region. Greenstone will be bringing Capital Dynamics' clean
energy infrastructure and private equity platform to the region's
sovereign wealth funds, institutional investors and family offices.
The Clean Energy Infrastructure platform includes a Shari’ah-
compliant investment vehicle, and a Shari’ah-compliant
investment vehicle for the Private Equity program is expected
soon. (Bloomberg)
 Waha Capital acquires 20.56% stake in NPS – Waha Capital
through its principal investment unit has acquired a 20.56%
stake in Dubai-based oilfield services firm National Petroleum
Services (NPS) for a purchase consideration of $76mn, as part
of an increased emphasis on the region's energy sector. A
consortium of Gulf-based investors, including Fajr Capital and
Arab Petroleum Investment Corporation (Apicorp) agreed on a
deal in April 2014 to acquire NPS for over $500mn. Waha was
part of the consortium and the transaction, with total equity value
of $370mn is closed. (ADX)
 Kuwait issues new banknotes in circulation with effect from
June 29 – The Governor of the Central Bank of Kuwait (CBK),
Dr. Mohammad Y. Al-Hashel, said that the sixth issue of Kuwait
banknotes is made as per the Cabinet’s resolution passed on
June 10, 2013, endorsing the recommendation of the CBK’s
board of directors for the sixth issue of Kuwait banknotes –
incorporating their design, colors, security and technical
specifications for all denominations. The sixth issue of the
Kuwaiti Dinar (KD) banknotes employs a clear and elegant
structure throughout the entire series, using visual
representations of nationally significant elements and economic
accomplishments that are all grounded on one unified
background that is of the Kuwaiti flag. The sixth issue of the KD
banknotes includes the most advanced security measures such
as innovative printing processes, color changing features and
visual elements that become visible upon tilting the banknote.
(GulfBase.com)
 Veolia wins bags $50mn water treatment project to build
BP’s Khazzan gas field – Leading international water solutions
specialist Veolia has been selected by BP to design, build and
operate a raw water treatment plant to develop the Khazzan gas
field in Block 61 in central Oman. The plant will start providing
water from January 2015. The estimated $50mn water treatment
facility has a maximum capacity of 6,000 cubic m/day, split
between 4,000 cubic m/day of process water and 2,000 cubic
m/day of drinking water. Veolia will operate the plant for one
year, with extension options of up to four additional years.
(GulfBase.com)
 Al Batinah BoD appoints temporary Director, Chairman – Al
Batinah Power Company has made resolutions in its board of
directors’ (BoD) meeting for the appointment of Philippe Claude
Christian Langlet as its temporary Director and Chairman of the
board, following the resignation of Mario Savastano as Director
and Chairman of the board. (MSM)
 Omantel enhances self-care portal; appoints new CEO –
Oman Telecommunications Company (Omantel) has announced
the enhancement of its self-care portal in order to serve and
assist corporate customers to self-manage & make necessary
changes to their accounts. This action will enable Omantel to
improve corporate customer care experience with high level of
security and confidentiality. Meanwhile, Omantel has appointed
Talal Said Marhoon al-Mamari as its Chief Executive. Mamari is
a company veteran and had previously served as the Chief
Financial Officer. He has replaced outgoing CEO Amer Al-
Rawas, who will take up a similar role at a company in Oman's
oil & gas sector. (GulfBase.com, Reuters)
 CBO: Oman’s total subsidy surges by 8%; debt rises by
9.3% – According to a report by Central Bank of Oman (CBO),
Oman government's total subsidy and other expenses grew by
8% to OMR2,048mn in 2013, which was mainly driven by
subsidy on petroleum products and electricity. Subsidy on
petroleum products soared 11.1% to OMR1,119.1mn in 2013,
accounting for 54.6% share in total subsidy. Likewise, the
government support for electricity shot up 26.9% to
OMR320.5mn in 2013 over the previous year. CBO further
stated that Oman's total debt grew 9.3% to OMR1,486.5mn in
2013, over the figure of 2012. Principal repayments increased
by 42.1% to OMR164.5mn, while interest payments grew by
18.3% to OMR53.6mn in 2013. Debt to gross domestic product
ratio stood at 4.9%, while debt services ratio stood at 0.5% in
2013. (Bloomberg)
 Mazoon Electricity to invest OMR200mn for distribution
network expansion – Mazoon Electricity Company is planning
to invest OMR200mn for a three-year period between 2015 and
2017 for expanding the distribution network as well as upgrading
its existing networks. The company is engaged in power
distribution in Dakiliya, Sharqiya and South Batinah
governorates. (Bloomberg)
 Bahrain ranked among top-8 countries on the Global Web
Index – The Kingdom of Bahrain has achieved an advanced
rank in the UN eGovernment Survey 2014 on the eGovernment
readiness & quality of eServices, were it was rated at the
forefront of five geographic regions achieving rank number 18
worldwide and first on the Arab and Middle East countries with
its eGovernment readiness. The report evaluates the readiness
of 193 world countries and United Nations member states. The
report has indicated the advancement of Bahrain on the
eParticipation Index – occupying the 14th rank after it had been
the 19th within the last report in 2012. Such an achievement has
moved Bahrain ahead. Bahrain was also classified for the third
consecutive time as one of the top 8 countries in the Global Web
Index. The Kingdom of Bahrain attains the confidence of the
international community and as a result, it has been selected as
the first Arab country and the fourth world state to host the
United Nations Public Service Forum in 2013 outside the United
Nations’ headquarters in New York. (GulfBase.com)
 BNI, Al Ahlia mutually drop acquisition deal – Bahrain
National Insurance, a wholly-owned subsidiary of Bahrain
National Holding Company (BNH), has announced that it was
not going ahead with its majority acquisition Al Ahlia Insurance
Company, as the selling shareholders of AI Ahlia were unable to
reach an agreement with BNH on valuation that would satisfy
both parties. (Bahrain Bourse)
 Ithmaar Bank issues investor report on SBM – Ithmaar Bank
has issued an investor report on its Shamil Bosphorus
Modaraba (SBM), indicating the fund will not achieve its
investment objectives and stating that there is also a low
probability that investors will have their entire capital returned.
SBM is a $90mn investment fund opened in November 2007
that provided equity for the acquisition, development and sale of
a diversified pool of assets that included land, property and
development sites in Turkey. (Bahrain Bourse)
 Bahrain’s NEC exchange signs contract with New Zealand-
based Wynyard Group – Bahrain’s NEC exchange has
selected New Zealand-based Wynyard Group for its Anti-Money
Laundering (AML) and Countering Financing of Terrorism (CFT)
software-as-a-service solution. NEC selected Wynyard Group to
help meet the stringent regulatory requirements set by the

6. Page 6 of 7
Central Bank of Bahrain. Any failure to meet these complex
regulations could mean halt in trading, reputational loss as well
as tough financial penalties. (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
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 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
(0.6%)
(1.2%)
(0.0%)
(0.3%)
0.2%
(0.4%)
(2.3%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,316.18 0.0 0.0 9.2 DJ Industrial 16,851.84 0.0 0.0 1.7
Silver/Ounce 20.96 0.0 0.0 7.7 S&P 500 1,960.96 0.0 0.0 6.1
Crude Oil (Brent)/Barrel (FM
Future)
113.30 0.0 0.0 2.3 NASDAQ 100 4,397.93 0.0 0.0 5.3
Natural Gas (Henry
Hub)/MMBtu
4.38 0.0 0.0 0.8 STOXX 600 341.97 0.0 0.0 4.2
LPG Propane (Arab Gulf)/Ton 107.25 0.0 0.0 (15.0) DAX 9,815.17 0.0 0.0 2.8
LPG Butane (Arab Gulf)/Ton 121.75 0.0 0.0 (10.8) FTSE 100 6,757.77 0.0 0.0 0.1
Euro 1.36 0.0 0.0 (0.7) CAC 40 4,436.99 0.0 0.0 3.3
Yen 101.42 0.0 0.0 (3.7) Nikkei 15,095.00 0.0 0.0 (7.3)
GBP 1.70 0.0 0.0 2.9 MSCI EM 1,046.18 0.0 0.0 4.3
CHF 1.12 0.0 0.0 0.2 SHANGHAI SE Composite 2,036.51 0.0 0.0 (3.8)
AUD 0.94 0.0 0.0 5.7 HANG SENG 23,221.52 0.0 0.0 (0.4)
USD Index 80.04 0.0 0.0 0.0 BSE SENSEX 25,099.92 0.0 0.0 18.6
RUB 33.73 0.0 0.0 2.6 Bovespa 53,157.30 0.0 0.0 3.2
BRL 0.46 0.0 0.0 7.7 RTS 1,379.75 0.0 0.0 (4.4)
167.7
146.7
133.3