The document provides an overview of stock market performance and news across various Middle Eastern markets including Qatar, Saudi Arabia, Dubai, Abu Dhabi, Kuwait, Oman and Bahrain. The key points are: - The Qatar stock market index declined 0.2% while indices in Kuwait and Oman rose slightly and indices in other markets fell. Top gainers and losers are listed for each market. - Earnings releases are reported for various companies with revenue, profit and other financial details. - Global economic indicators are also provided including manufacturing and services PMI data, home sales, unemployment and other data from regions like the US, Europe, China and Japan. - The document

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.2% to close at 9,650.1. Losses were led by the
Banking & Financial Services and Industrial indices, declining 0.8% and 0.5%
respectively. Top losers were Commercial Bank of Qatar and Mannai Corp,
falling 3.4% and 1.7% respectively. Among the top gainers, Qatar Electricity &
Water Co. rose 2.6%, while Ooredoo gained 2.5%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.3% to close at 7,774.5. Losses were led
by the Agr. & Food Ind. and Ins. indices, declining 1.1% and 0.8% respectively.
Gulf Union Coop. Ins. fell 9.9%, while Salama Coop. Ins. was down 4.9%.
Dubai: The DFM index fell 1.8% to close at 2,515.5. The Real Estate &
Construction index declined 3.0%, while the Transportation index was down
2.7%. Shuaa Capital fell 5.0%, while Tamweel was down 4.9%.
Abu Dhabi: The ADX benchmark index declined 0.6% to close at 3,866.8. The
Energy index fell 2.5%, while the Banking index was down 0.9%. Union
Cement Co. and Sharjah Cement & Industrial Dev. Co. declined 5.3% each.
Kuwait: The KSE index gained 0.2% to close at 8,066.2. The Technology
index rose 2.7%, while the Real Estate index was up 0.7%. Kuwait Educational
Services Co. gained 7.0%, while Manazel Holding Co. was up 6.8%.
Oman: The MSM index rose 0.8% to close at 6,682.3. Gains were led by the
Industrial and Banking & Investment indices rising 0.7% each. Dhofar
Insurance gained 7.9%, while Renaissance Services was up 4.0%.
Bahrain: The BHB index gained marginally to close at 1,185.4. The
Commercial Banking index was up 0.1%. Bank of Bahrain & Kuwait gained
1.0%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Electricity & Water Co. 168.00 2.6 53.9 26.9
Ooredoo 136.80 2.5 182.3 31.5
Doha Insurance Co. 26.50 2.3 6.9 7.9
Medicare Group 47.50 1.0 557.8 33.1
Zad Holding Co. 61.30 0.8 1.2 4.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Commercial Bank of Qatar 70.30 (3.4) 780.8 (0.8)
Medicare Group 47.50 1.0 557.8 33.1
United Development Co. 23.28 0.4 501.3 30.8
Qatar Gas Transport Co. 18.30 0.0 461.1 19.9
Masraf Al Rayan 28.05 (0.9) 341.7 13.2
Market Indicators 24 July 13 23 July 13 %Chg.
Value Traded (QR mn) 263.0 233.4 12.7
Exch. Market Cap. (QR mn) 529,216.7 530,441.3 (0.2)
Volume (mn) 5.0 5.3 (5.6)
Number of Transactions 3,246 3,146 3.2
Companies Traded 40 40 0.0
Market Breadth 11:24 13:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,787.81 (0.2) 1.0 21.9 N/A
All Share Index 2,433.97 (0.3) 0.8 20.8 13.0
Banks 2,313.19 (0.8) 0.5 18.7 12.1
Industrials 3,199.15 (0.5) (0.4) 21.8 11.9
Transportation 1,708.07 0.0 1.3 27.4 11.7
Real Estate 1,876.83 0.1 0.3 16.5 12.0
Insurance 2,229.12 0.2 (1.5) 13.5 12.0
Telecoms 1,418.19 2.2 7.3 33.2 16.2
Consumer 5,687.58 (0.4) 1.7 21.8 23.2
Al Rayan Islamic Index 2,852.03 (0.3) 0.4 14.6 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tabuk Cement Saudi Arabia 29.10 5.4 778.8 20.0
Comm. Bank of Kuwait Kuwait 0.72 4.3 1.1 1.4
Abu Dhabi Nat. Hotels Abu Dhabi 2.28 3.6 17.2 28.8
Etihad Atheeb Tele. Saudi Arabia 15.70 3.6 15,069.5 22.7
Makkah Cons. & Dev. Saudi Arabia 71.75 3.2 735.1 76.7
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dana Gas Abu Dhabi 0.63 (4.5) 43,283.1 40.0
SADAFCO Saudi Arabia 92.25 (3.9) 53.2 42.5
Drake & Scull Int. Dubai 1.12 (3.4) 89,058.8 59.1
Comm. Bank of Qatar Qatar 70.30 (3.4) 780.8 (0.8)
Air Arabia Dubai 1.27 (3.1) 33,499.7 52.1
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%
Commercial Bank of Qatar 70.30 (3.4) 780.8 (0.8)
Mannai Corp 85.00 (1.7) 0.1 4.9
Qatari Investors Group 28.20 (1.4) 113.7 22.6
Qatar Islamic Insurance 60.30 (1.1) 8.5 (2.7)
Dlala Brok. & Inv. Holding Co. 27.00 (1.1) 71.1 (13.1)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Commercial Bank of Qatar 70.30 (3.4) 55,210.9 (0.8)
Medicare Group 47.50 1.0 26,430.4 33.1
Ooredoo 136.80 2.5 24,818.8 31.5
Industries Qatar 163.20 (1.0) 23,498.3 15.7
QNB Group 168.40 (0.4) 14,219.7 28.6
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* 9,650.12 (0.2) 1.0 4.0 15.4 72.23 145,322.9 12.1 1.7 4.8
Dubai 2,515.45 (1.8) 0.8 13.2 55.0 172.31 63,164.5 15.8 1.0 3.2
Abu Dhabi 3,866.79 (0.6) 1.2 8.9 47.0 128.23 111,238.2 11.5 1.4 4.5
Saudi Arabia 7,774.51 (0.3) 1.4 3.7 14.3 1,303.17 411,682.6 16.2 2.0 3.7
Kuwait 8,066.24 0.2 1.5 3.8 35.9 89.20 110,953.2 23.2 1.3 3.5
Oman 6,682.26 0.8 0.9 5.4 16.0 35.65 23,085.0 11.0 1.7 4.1
Bahrain 1,185.37 0.0 (0.3) (0.2) 11.2 0.51 21,203.4 8.4 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,630
9,640
9,650
9,660
9,670
9,680
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 declined 0.2% to close at 9,650.1. The Banking &
Financial Services and Industrial indices led the losses. The
index fell on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
 Commercial Bank of Qatar and Mannai Corp were the top losers,
falling 3.4% and 1.7% respectively. Among the top gainers,
Qatar Electricity & Water Co. rose 2.6%, while Ooredoo gained
2.5%.
 Volume of shares traded on Wednesday declined by 5.6% to
5.0mn from 5.3mn on Tuesday. Further, as compared to the 30-
day moving average of 6.8mn, volume for the day was 26.4%
lower. Commercial Bank of Qatar and Medicare Group were the
most active stocks, contributing 15.5% and 11.1% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating
Rating
Change
Outlook Outlook Change
Qatar Real Estate
Investment Co.
(Alaqaria)
Fitch Qatar
LT IDR/ ST IDR/ Senior
unsecured rating
BBB+/F2/BBB+ BBB+/F2/BBB+ – Stable –
Commercial Bank
of Kuwait (CB)
Fitch Kuwait
LT IDR/ ST IDR/ VR/
SR/ SR floor
A+/F1/bb-/1/A+ A+/F1/bb-/1/A+ – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating, SR – Support Rating, VR –
Viability Rating)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
United Insurance Co. (UIC) Abu Dhabi AED 21.3 1.9% – – 5.1 N/A
Qurain Petrochemical
Industries Company
(QPIC)**
Kuwait KD – – – – 4.2 3224.3%
Al Maha Petroleum Products
Marketing Co. (Al Maha)*
Oman OMR 153.5 0.3% – – 5.2 -3.7%
A’Saffa Foods* Oman OMR 14.1 19.0% – – 2.9 33.7%
Muscat Gases Co. (MGC)* Oman OMR 4.9 8.1% – – 0.8 0.8%
Oman Refreshment Co.
(ORC)*
Oman OMR 33.7 4.3% – – 4.6 1.7%
Al Kamil Power Co. (AKPC)* Oman OMR – – – – 1.4 N/A
Bahrain Commercial
Facilities (BCFC)
Bahrain BHD – – – – 3.1 -13.2%
Source: Company data, ADX, MSM, Bahrain Brose (* 1H2013 Results, ** First quarter of FY ended June 30)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/24 US MBA MBA Mortgage Applications July -1.20% – -2.60%
07/24 US Bloomberg Markit US PMI Preliminary July 53.2 52.6 51.9
07/24 US US Census Bureau New Home Sales June 497K 484K 459K
07/24 US US Census Bureau New Home Sales MoM June 8.30% 1.70% 1.30%
07/24 EU Markit PMI Manufacturing July 50.1 49.1 48.8
07/24 EU Markit PMI Services July 49.6 48.7 48.3
07/24 EU Markit PMI Composite July 50.4 49.1 48.7
07/24 France Markit PMI Manufacturing July 49.8 48.8 48.4
07/24 France Markit PMI Services July 48.3 47.5 47.2
07/24 France French Labor Office Jobseekers Net Change June – 10.5 0.1
07/24 France French Labor Office Total Jobseekers June – 3282.3k 3264.5k
07/24 Germany Markit PMI Manufacturing July 50.3 49.2 48.6
07/24 Germany Markit PMI Services July 52.5 50.7 50.4
07/24 UK CBI CBI Trends Total Orders July -12 -12 -18
07/24 UK CBI CBI Trends Selling Prices July 2 4 3
07/24 UK CBI CBI Business Optimism July 7 8 5
07/24 Spain INE PPI MoM June 0.00% – 1.20%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 58.49% 56.94% 4,089,041.93
Non-Qatari 41.51% 43.06% (4,089,041.93)

3. Page 3 of 6
07/24 Spain INE Producer Prices (YoY) June 1.30% – 0.60%
07/24 Italy ISTAT Retail Sales MoM May 0.10% 0.00% -0.10%
07/24 Italy ISTAT Retail Sales YoY May -1.10% – -2.90%
07/24 China HSBC HSBC/Markit Flash Mfg PMI July 47.7 48.2 48.2
07/24 Japan Ministry of Finance Exports YoY June 7.4 10 10.1
07/24 Japan Ministry of Finance Imports YoY June 11.8 13.8 10.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 VFQS’ net loss widens QoQ – Vodafone Qatar (VFQS)
reported revenue of QR459.3mn for 1QFY2014, only 1% shy of
our estimate of QR466.1mn (+6% QoQ, +31% YoY). Quarterly
ARPU of QR123 was slightly lower than our estimate, while
reported mobile subscribers of 1,149,000 were pretty much in
line with our model. Growth in overall subscribers, data,
postpaid and to an extent, handset sales, helped drive revenue
growth for the quarter. Net loss however widened sequentially to
QR84.9mn vs. our estimate of QR65.7mn and 4QFY2013’s
QR73.6mn (QR118.3mn loss in June 2012). Higher-than-
expected depreciation charges (QR76.1mn vs. our estimate of
QR68.7mn) contributed to most of the bottom-line miss.
According to management, growth in depreciation reflects
continued network and IT investment. We maintain our
estimates for now but will likely revise our net income
expectations downward due to higher depreciation expenses.
We do not envision any other major model changes and
continue to expect the company to post a full year of net profit
only by FY2016. For revenue, we project QR1.9bn and QR2.2bn
in FY2014 and FY2015 revenue, respectively. Our EBITDA
estimates are unchanged at QR446mn and QR589mn for
FY2014 and FY2015, respectively. Finally, we continue to
expect VFQS to pay QR0.10 in dividends per share in FY2014.
Our estimates factor in VFQS’ strong subscriber traction but we
remain conservative on our blended ARPU assumptions given
our concerns regarding potential medium-term ARPU pressures
(due to competition and encroachment by unlicensed VoIP
providers). We maintain our Accumulate rating with a price
target of QR10.08. (Vodafone Qatar, QE, QNBFS Research)
 QATI reports QR133.7mn net profit in 2Q2013 – Qatar
Insurance Company (QATI) has reported a net profit of
QR133.7mn in 2Q2013, indicating a QoQ decrease of 52.5%
(+40.5% YoY). EPS stood at QR3.48 in 1H2013 as compared to
QR2.78 in 1H2012. Net profit for 1H2013 rose by 37.2% YoY to
QR415.3mn. Net earned premium declined by 0.1% QoQ
(+27.1% YoY) to QR438.1mn, while it was up 19% to
QR876.6mn in 1H2013. (QE)
 Fitch affirms Alaqaria at BBB+; outlook Stable – Fitch
Ratings has affirmed Qatar Real Estate Investment Company’s
(Alaqaria) long-term issuer default rating (IDR) and senior
unsecured rating at BBB+, and short-term IDR at F2. The
outlook on the long-term IDR is Stable. (Fitch)
 Energy City Qatar makes early settlement of $185mn loan –
Energy City Qatar (ECQ) has made an early settlement of its
$185mn loan, ending the last outstanding payment ($85mn)
during the first six months of 2013. ECQ’s settlement came
despite an earlier recommendation by the group of banks
managing the loans to extend the settlement period by another
three years. However, ECQ’s management decided to pay all
the outstanding loans, which happened as a result of the
recovery seen in the Qatari real estate market and subsequent
improvement in sales. (Gulf-Times.com)
 VFQS appoints new Chairman, BoD – Vodafone Qatar
(VFQS) has appointed a new board headed by Sheikh Dr Khalid
bin Thani bin Abdullah al-Thani as its Chairman. The new board
of directors consists of Vice Chairman Sheikh Faisal bin Thani
bin Faisal al-Thani; non-executive members Sheikh Mohamed
bin Abdulla al-Thani, Rashid Fahad al-Naimi, Abdulla Mohamed
al-Khulaifi, Nick Read and Richard Daly; executive members
Kyle Whitehill and Steve Walters. (Gulf-Times.com)
 Qatar Holding picks ex-BofA banker to head M&A team –
Qatar Holding has appointed former Bank of America Merrill
Lynch’s employee Michael Cho as the head of its Mergers &
Acquisitions (M&A) team. (Reuters)
International
 Eurozone: Greece to get €2.5bn if final condition is met –
The Chairman of Eurozone finance ministers Jeroen
Dijsselbloem said Greece has one more condition to meet to get
the next €2.5bn bailout sub-tranche from the temporary
Eurozone bailout fund (EFSF) on July 29. He said Greece has
satisfactorily implemented all the prior actions required for the
release of the next disbursement under the financial assistance
program, except for one whose adoption by the Greek
Parliament needs to be completed by July 25. (Reuters)
 S&P cuts rating on 18 medium-sized Italian banks – Ratings
agency S&P has cut its long-term counterparty credit ratings by
one notch on 18 medium-sized Italian banks, citing a worsening
economic outlook. The ratings for Unione di Banche Italiane and
Credito Emiliano were lowered to BBB-, while that of Banca
Popolare di Milano and Banco Popolare Societa Cooperativa
lowered to BB, and Banca Carige was cut to BB-. Other affected
banks included FGA Capital, Iccrea Holding, MedioCredito
Centrale, Banca Popolare di Vicenza, Veneto Banca, Banca
Popolare dell'Emilia Romagna and Unipol Banca. (Reuters)
 Portugal posts wider deficit as spending rises, revenue falls
– Portugal’s Finance Ministry said the government posted a
wider deficit in the six months till June 2013, after its spending
rose and revenue fell. The deficit of the central administration
and the social security agency stood at €4.02bn as compared to
a deficit of €1.7bn in the same period of 2012. Spending rose
3.8% as subsidy payments increased and revenue fell 3.1%.
Tax revenue climbed 6.5%, with the revenue from direct taxes
rising 25% and the revenue from indirect taxes falling 4.3%.
(Bloomberg)
Regional
 Moody's affirms Egypt's government bond rating at Caa1,
maintains Negative outlook – Moody's has affirmed the
Egyptian government bond rating at Caa1, while maintaining its
Negative rating outlook. The rating affirmation is supported by 1)
the substantial boost in Egypt's international liquidity provided by
the $12bn external financial support package from the
governments of Saudi Arabia, Kuwait and the UAE, 2) The road
map laid out by the interim, military-installed government for a
return to democracy by early 2014 and 3) The recent
containment of the government's debt-financing costs below
post-Revolution peaks. The Negative outlook on Egypt's rating
is driven by Moody's view of the country's considerable
economic and political challenges. (Moody’s)

4. Page 4 of 6
 IMF: Saudi faces challenges in creating private sector jobs
– The IMF said Saudi Arabia may not be able to create all the
private sector jobs it needs in order to match its rapidly growing
population, which could lead to higher unemployment. The fund
said a large number of young people will enter the labor market
over the next decade and beyond, so creating a sufficient
number of rewarding jobs for them in the private sector will be a
challenge. The Fund said that recent history shows the Saudi
private sector may not be able to absorb all the new job seekers.
The IMF also called on the Saudi government to reduce its
energy subsidies, as it has one of the highest levels of per
capita energy consumption in the world and some of the lowest
prices. (Gulf-Times.com)
 Saudi Aramco’s oil push to raise rig count to record high –
The Saudi Arabian Oil Company (Saudi Aramco) is set to add
more drilling rigs than expected in 2013 and hire more rigs in
2014 as new fields are being drilled to counter dwindling output
from aging deposits. According to estimates from Schlumberger
Ltd and Halliburton Company, Saudi Aramco will use a record
number of 170 rigs by the end of 2013, exceeding the number
forecast by the oil-service companies earlier in 2013.
(Bloomberg)
 Almarai selects banks for hybrid sukuk – Saudi dairy
producer Almarai Company has chosen BNP Paribas, Banque
Saudi Fransi, HSBC Saudi Arabia, and Standard Chartered to
arrange the sale of its hybrid sukuk. The offering is likely to be
denominated in Saudi riyals, although the company could opt to
issue in dollars instead. (Reuters)
 Arabian Pipes bags SR14mn steel pipe contract from Saudi
Aramco – Arabian Pipes Company has won a contract worth
SR14mn to supply welded steel pipes to Saudi Aramco.
Production and supply of the pipes will be carried out from its
Riyadh factory and the financial impact will be visible in 4Q2013.
(Tadawul)
 SPCC receives first imported clinker shipment at Jazan Port
– Southern Province Cement Company (SPCC) has announced
the arrival of the first imported clinker shipment at Jazan Port.
The 47,097-ton shipment will be grinded at Jazan plant and
allocated to fulfill the rising domestic demand. This shipment is
the first of many shipments to follow in future. (Tadawul)
 Mobily's BoD recommends dividend for 2Q2013 – Etihad
Etisalat Company's (Mobily) board of directors has
recommended distributing a dividend of SR1.2 per share,
representing 12% of the face value, to its shareholders for
2Q2013. Shareholders who are registered with the Securities
Depository Center (SDC) on July 28, 2013 are eligible for this
dividend. (Tadawul)
 Al-Tayyar Travel’s board recommends SR240mn dividend
for 2Q2013 – Al-Tayyar Travel Group’s board has
recommended the distribution of dividends worth SR240mn
(SR2 per share), representing 20% of the face value, to its
shareholders for 2Q2013. Shareholders who are registered with
the SDC on August 18, 2013 are eligible for this dividend.
(Tadawul)
 CBD’s net profit rises 2.3% YoY in 1H2013 – The Commercial
Bank of Dubai (CBD) reported a net profit of AED497mn in
1H2013, indicating a YoY increase of 2.3%. Net interest income
rose 3.2% YoY to AED694mn. Total assets as of June 30, 2013
stood at AED42.4bn, reflecting an increase of 7.7% YTD.
Customer loans & advances were up by 7.8% YTD to
AED29.3bn, while customer deposits rose by 2.7% YTD to
AED28.8bn. (AME Info)
 Nakheel seeks finance to build shopping mall in Palm
Jumeirah – Dubai-based developer Nakheel is seeking private
finance to build a shopping mall valued AED2.5bn on the Palm
Jumeirah Island, as it moves further into retail and leisure
sectors. Nakheel’s Chairman Ali Rashid Lootah said the
company hopes to issue a tender for the 424,000 square meter
shopping center in the hub of the Palm Jumeirah by the end of
2013. He also said the company was seeking to develop the
multibillion dirham scheme through a build, operate and transfer
mechanism. A tender for the main contract is expected to be
issued by the end of the year and the construction work is likely
to take two and a half years. (Bloomberg)
 FGB plans Asian expansion amid profit rise – First Gulf Bank
(FGB) said it will remain focused on its expansion plans in Asia
as it reported 15% increase in 2Q2013 profit. (Bloomberg)
 Emirates SkyCargo to operate from new base at DWC –
Emirates SkyCargo has confirmed that all dedicated freight
flights will be operated from its new base at Dubai World Central
– Al Maktoum International Airport, when it opens in May 2014.
(AME Info)
 EIB appoints new head for Corporate Banking – Emirates
Islamic Bank (EIB) has appointed Yakub Bobat as the new head
for Corporate Banking division for managing the division and
creating strong Shari’ah-based solutions for EIB corporate
customers. (GulfBase.com)
 Air Arabia adds Ha'il as its ninth destination in Saudi Arabia
– Air Arabia has announced the addition of Ha'il, its ninth Saudi
Arabian destination, beginning from August 1. The airline will run
three flights each week from its hub in Sharjah to Ha'il. (AME
Info)
 UAE real estate portal acquires Lebanese rival – UAE-based
real estate portal, Propertyfinder.ae has acquired a Lebanese
real estate portal, Realestate.com.lb. (GulfBase.com)
 ADNOC pumps 1.5mn bpd crude – The Abu Dhabi National
Oil Company (ADNOC) is pumping about 1.5mn barrels of crude
every day from its main onshore fields and is halfway through its
planned $40bn investment plan. Abu Dhabi Co. for Onshore Oil
Operations’ (ADCO) Senior Vice President Fareed Abdulla said
the producer has boosted the capacity at its largest onshore
deposits to about 1.6mn barrels per day (bpd) from 1.4mn bpd
before the expansion. He added that the ADCO venture will
raise the overall capacity to 1.8mn barrels per day by the end of
2017. (Bloomberg)
 NBF reports AED183.5mn net profit for 1H2013 – The
National Bank of Fujairah (NBF) has reported a net profit of
AED183.5mn in 1H2013 as compared to AED135.5mn in
1H2012. Total assets at the end of June 2013 stood at
AED18.4bn, reflecting a YTD increase of 4.6%. Loan were up
9.2% YTD at AED13.3bn. (ADX)
 BKIZ reports loss of OMR1.4mn – Alizz Islamic Bank (BKIZ)
has reported a loss of OMR1.4mn for the period from November
2, 2012 to June 30, 2013. Total assets as on June 30, 2013
stood at OMR100.5mn. (MSM)
 Ahli Bank reports net profit of OMR12.5mn – Ahli Bank has
reported a net profit of OMR12.5mn for 1H2013, reflecting an
increase of 5.9% YoY. Net interest income and finance were up
23.7% YoY to OMR18.8mn. Total assets at the end of June
2013 stood at OMR1,297mn, reflecting a YoY increase of
23.3%. Loan & advances were up 17.5% YoY to OMR1,042mn,
while customer deposits rose 19.7% to OMR923mn. (MSM)
 Bank Nizwa obtains investment banking license – Oman-
based full-fledged Islamic bank Bank Nizwa has received an

5. Page 5 of 6
investment banking license. The license will allow the bank to
manage funds and issue instruments such as sukuks. (Reuters)
 Al Jazeera Steel awards contract for re-bar – Al Jazeera
Steel Products has announced that the contract for producing
rebar has been awarded, and commercial production is
expected to start by mid-2014. Al Jazeera Steel anticipates the
plant to operate 24 hours thereafter. With this modification, an
additional yearly production for rebar of 70,000 TPA will be
possible but within the overall capacity of Merchant Bar Mill and
expected to come on stream late-1H2014. (MSM)
 ABC reports net profit of $112mn in 1H2013 – Arab Banking
Corporation (ABC) has reported the consolidated group net
profit of $112mn in 1H2013, reflecting a YoY increase of 7%.
ABC’s net profit in 2Q2013 rose by 10% YoY to $56mn. The
group’s total assets stood at $25.3bn at the end of 2Q2013, up
3% YTD. Deposits stood at $17.9bn at the end of June 30, rising
from $17.2bn at the end of 2012. (Bahrain Bourse)
 Bahrain sets early price guidance for 10-yr benchmark-
sized bond – Bahrain is planning to issue a benchmark-sized
US dollar bond, carrying a 10-year maturity. The benchmark-
size is typically at least $500mn for investment-grade credits.
The initial price thoughts for the deal, which is open to US
institutional investors, were given in the 6.5% area. BNP
Paribas, Citigroup, Gulf International Bank and JP Morgan
Chase & Company are the book-runners for the deal. (Reuters)
 GIH completes its restructuring agreements with its
financiers – The Global Investment House (GIH) has concluded
the implementation of various restructuring agreements entered
with all of its financiers. The restructuring transaction has
resulted in a separation of GIH’s core fee businesses from its
non-core principal investments and a transfer of its entire debt
obligations, resulting in GIH becoming a debt-free company. The
majority of non-core principal investments and real estate assets
have been transferred to an asset special purpose entity (asset
SPE) named NAC Ventures, which has assumed $1.28bn of the
company's debt obligations and all the accrued interest/profit.
GIH has issued around 1.2bn new shares at par value of KD0.1
per share to another asset SPE named NCH Ventures (NCH),
giving it a 70% stake in GIH. NAC and NCH are neither owned
nor controlled by the company or its existing shareholders. The
financial impact of this transaction will be reflected in 3Q2013.
(Bahrain Bourse)

6. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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
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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
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&P Pan Arab S&PGCC
(0.3%) (0.2%)
0.2%
0.0%
0.8%
(0.6%)
(1.8%)(2.2%)
(1.5%)
(0.8%)
(0.1%)
0.6%
1.3%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,322.25 (1.7) 2.0 (21.1) DJ Industrial 15,542.24 (0.2) (0.0) 18.6
Silver/Ounce 20.18 (1.5) 3.4 (33.5) S&P 500 1,685.94 (0.4) (0.4) 18.2
Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,579.60 0.0 (0.2) 18.5
Natural Gas (Henry
Hub)/MMBtu
3.70 0.0 (0.0) 6.4 STOXX 600 301.10 0.6 0.4 7.7
LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,379.11 0.8 0.6 10.1
LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,620.43 0.3 (0.2) 12.3
Euro 1.32 (0.2) 0.4 0.1 CAC 40 3,962.75 1.0 1.0 8.8
Yen 100.27 0.8 (0.4) 15.6 Nikkei 14,731.28 (0.3) 1.0 41.7
GBP 1.53 (0.3) 0.3 (5.8) MSCI EM 966.50 (0.3) 1.7 (8.4)
CHF 1.07 (0.3) 0.4 (2.3) SHANGHAI SE Composite 2,033.33 (0.5) 2.0 (10.4)
AUD 0.92 (1.4) (0.1) (11.8) HANG SENG 21,968.93 0.2 2.8 (3.0)
USD Index 82.29 0.4 (0.4) 3.2 BSE SENSEX 20,090.68 (1.0) (0.3) 3.4
RUB 32.45 0.4 0.3 6.3 Bovespa 48,374.23 (0.9) 2.1 (20.6)
BRL 0.45 (1.4) 0.0 (8.7) RTS 1,369.36 (0.8) (0.9) (10.3)
138.7
122.5
111.5