The QSE Index declined 0.7% to close at 9,886.9, led by losses in the Industrials and Insurance indices. The Group Islamic Insurance Company and Dlala Brokerage & Investment Holding Company were the top losers. Regional markets were also mostly lower, with Saudi Arabia down 0.4% and Dubai down 1.0%. Earnings reports from companies in Saudi Arabia, Dubai and Abu Dhabi showed mostly declines in revenue and profits compared to the previous year.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 9,886.9. Losses were led by the Industrials
and Insurance indices, falling 1.3% and 1.1%, respectively. Top losers were The
Group Islamic Insurance Company and Dlala Brokerage & Investment Holding
Company, falling 3.9% and 2.7%, respectively. Among the top gainers, Mannai
Corporation gained 3.0%, while Ezdan Holding Group was up 0.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 8,176.2. Losses were led by the
Utilities and Consumer Services indices, falling 3.3% and 2.5%, respectively. Middle
East Healthcare Co. declined 10.0%, while Saudi Marketing Co. was down 7.3%.
Dubai: The DFM General Index declined 1.0% to close at 2,920.1. The Consumer
Staples and Discretionary index fell 2.1%, while the Banks index declined 1.9%.
Drake & Scull International fell 9.9%, while Takaful Emarat was down 4.0%.
Abu Dhabi: The ADX General Index fell 1.1% to close at 4,872.0. The Real Estate
index declined 2.1%, while the Banks index fell 1.7%. Aldar Properties declined
2.5%, while First Abu Dhabi Bank was down 2.4%.
Kuwait: The Kuwait Main Market Index rose marginally to close at 4,963.1. The Oil
& Gas index gained 1.3%, while the Real Estate index rose 1.1%. Sanam Real Estate
Co. rose 20.7%, while Kuwait Financial Centre was up 10.0%.
Oman: The MSM 30 Index fell 0.1% to close at 4,431.2. Losses were led by the
Industrial and Services indices, falling 0.4% and 0.3%, respectively. Dhofar
Insurance fell 9.5%, while Muscat Gases was down 7.5%.
Bahrain: The BHB Index gained 0.3% to close at 1,349.6. The Industrial index rose
0.8%, while the Investment index gained 0.6%. Investcorp Bank rose 7.3%, while
Nass Corporation was up 1.0%
.QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mannai Corporation 51.50 3.0 71.5 (13.4)
Ezdan Holding Group 11.00 0.9 2,208.6 (8.9)
Vodafone Qatar 9.26 0.4 587.5 15.5
Aamal Company 10.12 0.4 69.7 16.6
Salam International Inv. Ltd. 5.22 0.4 101.7 (24.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 11.00 0.9 2,208.6 (8.9)
Vodafone Qatar 9.26 0.4 587.5 15.5
Qatar Gas Transport Company Ltd. 17.17 (1.3) 576.8 6.6
Mazaya Qatar Real Estate Dev. 7.36 (2.0) 365.5 (18.2)
Investment Holding Group 5.42 (1.1) 322.2 (11.1)
Market Indicators 09 Aug 18 08 Aug 18 %Chg.
Value Traded (QR mn) 172.0 315.9 (45.6)
Exch. Market Cap. (QR mn) 547,045.9 550,530.7 (0.6)
Volume (mn) 6.7 10.2 (34.1)
Number of Transactions 3,001 4,800 (37.5)
Companies Traded 40 42 (4.8)
Market Breadth 7:27 17:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,419.54 (0.7) (0.9) 21.9 14.7
All Share Index 2,903.00 (0.5) (0.4) 18.4 15.1
Banks 3,523.26 (0.4) (1.9) 31.4 14.3
Industrials 3,187.91 (1.3) (0.4) 21.7 15.8
Transportation 2,030.63 (0.7) 0.6 14.9 12.7
Real Estate 1,924.67 0.5 4.4 0.5 16.4
Insurance 3,180.89 (1.1) (1.0) (8.6) 29.8
Telecoms 1,024.97 (1.0) 1.6 (6.7) 40.2
Consumer 6,253.38 0.5 (0.8) 26.0 13.6
Al Rayan Islamic Index 3,875.03 (0.6) (0.9) 13.2 16.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Union National Bank Abu Dhabi 3.84 3.8 5,024.8 1.1
Mobile Telecom. Co. Saudi Arabia 6.27 3.3 9,288.8 (14.2)
Bank Sohar Oman 0.13 2.3 200.0 (3.0)
Jarir Marketing Co. Saudi Arabia 188.00 2.2 123.6 28.1
Mabanee Co. Kuwait 0.71 2.0 340.0 5.7
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Middle East Health. Co. Saudi Arabia 48.60 (10.0) 632.3 (9.8)
Al Tayyar Travel Group Saudi Arabia 23.90 (3.6) 1,480.6 (11.5)
Saudi Electricity Co. Saudi Arabia 18.02 (3.1) 2,586.6 (14.4)
Emirates NBD Dubai 10.00 (2.9) 3,877.2 22.0
Al Hammadi Dev. & Inv. Saudi Arabia 29.05 (2.7) 186.3 (21.7)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
The Group Islamic Insurance Co. 53.60 (3.9) 7.9 (2.5)
Dlala Brokerage & Inv. Holding 14.84 (2.7) 7.9 1.0
Industries Qatar 123.99 (2.4) 176.7 27.8
Islamic Holding Group 28.10 (2.4) 42.6 (25.1)
Ooredoo 71.51 (2.0) 37.2 (21.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 174.50 (0.3) 40,269.3 38.5
Ezdan Holding Group 11.00 0.9 24,656.1 (8.9)
Industries Qatar 123.99 (2.4) 22,131.8 27.8
Qatar Gas Transport Co. Ltd. 17.17 (1.3) 9,880.7 6.6
Barwa Real Estate Company 36.69 (0.2) 8,586.2 14.7
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* 9,886.86 (0.7) (0.9) 0.6 16.0 47.28 150,273.5 14.7 1.5 4.4
Dubai 2,920.11 (1.0) (1.8) (1.2) (13.4) 43.21 103,771.4 9.3 1.1 5.8
Abu Dhabi 4,872.03 (1.1) 1.3 0.3 10.8 44.08 132,324.7 12.8 1.4 4.9
Saudi Arabia 8,176.18 (0.4) (0.9) (1.4) 13.1 1,161.88 517,186.3 17.8 1.8 3.4
Kuwait 4,963.10 0.0 0.3 0.6 2.8 68.04 34,206.9 15.4 0.9 4.1
Oman 4,431.21 (0.1) 2.4 2.2 (13.1) 1.80 18,794.9 9.0 0.9 6.2
Bahrain 1,349.61 0.3 0.0 (0.6) 1.3 3.58 20,689.0 8.9 0.9 6.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,850
9,900
9,950
10,000
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 QSE Index declined 0.7% to close at 9,886.9. The Industrials and
Insurance indices led the losses. The index fell on the back of selling
pressure from Qatari and GCC shareholders despite buying support from
non-Qatari shareholders.
 The Group Islamic Insurance Company and Dlala Brokerage &
Investment Holding Company were the top losers, falling 3.9% and
2.7%, respectively. Among the top gainers, Mannai Corporation gained
3.0%, while Ezdan Holding Group was up 0.9%.
 Volume of shares traded on Thursday fell by 34.1% to 6.7mn from
10.2mn on Wednesday. Further, as compared to the 30-day moving
average of 7.3mn, volume for the day was 7.2% lower. Ezdan Holding
Group and Vodafone Qatar were the most active stocks, contributing
32.7% and 8.7% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
United Arab Bank Moody’s
Abu
Dhabi
LT-FBD/ABCA/
LT-LBD/LT-FCRR/
LT-CRA/ST-FBD/
ST-LBD/BCA/
LT-DCRR
Baa2/ba1/Baa2/
Baa1/Baa1(cr)/
P-2/P-2/ba1/
Baa1
Baa3/ba2/Baa3/
Baa2/Baa2(cr)/
P-3/P-3/ba2/
Baa2
 Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, FBD – Foreign Bank Deposits, LBD – Local Bank Deposits, CRA – Counterparty Risk Assessment, BCA – Baseline Credit Assessment, ABCA – Adjusted Baseline Credit Assessment, FCRR –
Foreign Counterparty Risk Rating, DCRR – Domestic Counterparty Risk Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2018
% Change
YoY
Operating Profit
(mn) 2Q2018
% Change
YoY
Net Profit
(mn) 2Q2018
% Change
YoY
National Agricultural Marketing
Co.
Saudi Arabia SR – – 0.7 -76.3% 0.7 -76.7%
Saudi Paper Manufacturing Co. Saudi Arabia SR – – -15.6 N/A -10.3 N/A
Saudi Fisheries Co. Saudi Arabia SR – – -6.8 N/A -6.8 N/A
The Mediterranean and Gulf
Insurance and Reinsurance Co.
Saudi Arabia SR 277.9 -68.0% – – 3.8 166.4%
Saudi Indian Company for
Cooperative Insurance
Saudi Arabia SR 23.5 -80.2% – – 0.0 N/A
Al-Baha Investment and
Development Co.
Saudi Arabia SR – – 5.4 N/A -11.4 N/A
Al-Babtain Power and
Telecommunication Co.
Saudi Arabia SR – – 2.7 -93.8% 20.5 -50.2%
Batic Investments and Logistics
Co.
Saudi Arabia SR – – 3.5 -80.3% 1.9 -87.9%
Northern Region Cement Co. Saudi Arabia SR – – 5.0 -75.8% -6.7 N/A
Saudi Real Estate Co. Saudi Arabia SR – – 20.4 -42.5% 30.3 46.2%
Jabal Omar Development Co. Saudi Arabia SR – – 4.5 -66.4% -148.0 N/A
Tihama Advertising and Public
Relations Co.
Saudi Arabia SR – – -0.3 N/A 1.0 -39.4%
Al Jouf Cement Co. Saudi Arabia SR – – -12.0 N/A -13.7 N/A
SABB Takaful Co. Saudi Arabia SR 32.9 -18.7% – – 2.0 12.2%
Saudi Enaya Cooperative
Insurance Co.
Saudi Arabia SR – – 50.7 -23.5% 1.0 -16.3%
Emaar The Economic City Saudi Arabia SR – – -50.0 N/A -45.0 N/A
Fitaihi Holding Group Saudi Arabia SR – – 4.9 -16.7% 13.7 2.5%
MetLife AIG ANB Cooperative
Insurance Co.
Saudi Arabia SR 25.8 -70.6% – – 1.1 -20.9%
United Cooperative Assurance Co. Saudi Arabia SR 88.8 -64.7% – – 1.2 -26.8%
Altayyar Travel Group Saudi Arabia SR – – 218.0 -14.8% 107.0 -49.5%
Arabtec Holding Dubai AED 2,391.5 16.1% – – 49.4 24.1%
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.05% 39.79% (2,988,195.02)
Qatari Institutions 11.44% 12.93% (2,559,058.57)
Qatari 49.49% 52.72% (5,547,253.59)
GCC Individuals 1.58% 0.42% 1,985,926.05
GCC Institutions 3.76% 15.73% (20,585,941.51)
GCC 5.34% 16.15% (18,600,015.46)
Non-Qatari Individuals 10.75% 15.39% (7,976,603.63)
Non-Qatari Institutions 34.42% 15.74% 32,123,872.68
Non-Qatari 45.17% 31.13% 24,147,269.05

3. Page 3 of 7
DXB Entertainments Dubai AED 115.8 -3.2% – – -255.1 N/A
Dubai Investments Dubai AED 652.8 11.3% – – 129.1 -32.4%
National Cement Co. Dubai AED 57.4 5.7% – – 4.6 -62.7%
Abu Dhabi National Energy
Company
Abu Dhabi AED 4,264.0 1.3% – – 168.0 380.0%
Emirates Insurance Co. Abu Dhabi AED 259.6 -5.9% – – 13.4 -54.5%
AXA Green Crescent Insurance
Company
Abu Dhabi AED 8.3 11.9% – – -1.3 N/A
National Industries Group Holding Kuwait KD 30.0 14.3% – – 6.4 205.8%
Takaful International Company* Bahrain BHD – – – – 0.4 73.5%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for 1H2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/09 US Department of Labor Initial Jobless Claims 4-August 213k 220k 219k
08/09 US Department of Labor Continuing Claims 28-July 1,755k 1,730k 1,726k
08/10 US Bureau of Labor Statistics CPI MoM July 0.2% 0.2% 0.1%
08/10 US Bureau of Labor Statistics CPI YoY July 2.9% 2.9% 2.9%
08/10 UK UK Office for National Statistics Trade Balance June -£1,861 -£2,500 -£3,141
08/10 UK UK Office for National Statistics Industrial Production MoM June 0.4% 0.3% -0.2%
08/10 UK UK Office for National Statistics Industrial Production YoY June 1.1% 0.7% 1.2%
08/10 UK UK Office for National Statistics Manufacturing Production MoM June 0.4% 0.3% 0.6%
08/10 UK UK Office for National Statistics Manufacturing Production YoY June 1.5% 1.0% 1.5%
08/10 UK UK Office for National Statistics GDP QoQ 2Q2018 0.4% 0.4% 0.2%
08/10 UK UK Office for National Statistics GDP YoY 2Q2018 1.3% 1.3% 1.2%
08/10 UK UK Office for National Statistics Exports QoQ 2Q2018 -3.6% 0.7% 0.0%
08/10 UK UK Office for National Statistics Imports QoQ 2Q2018 -0.8% 0.8% -0.2%
08/10 France INSEE National Statistics Office Industrial Production MoM June 0.6% 0.5% -0.2%
08/10 France INSEE National Statistics Office Industrial Production YoY June 1.7% 1.4% -0.6%
08/10 France INSEE National Statistics Office Manufacturing Production MoM June 0.6% 0.0% -0.5%
08/10 France INSEE National Statistics Office Manufacturing Production YoY June 1.6% 0.5% -0.4%
08/10 Japan Bank of Japan PPI YoY July 3.1% 2.9% 2.8%
08/10 Japan Bank of Japan PPI MoM July 0.5% 0.2% 0.2%
08/09 China National Bureau of Statistics PPI YoY July 4.6% 4.5% 4.7%
08/09 China National Bureau of Statistics CPI YoY July 2.1% 2.0% 1.9%
08/10 India India Central Statistical Organization Industrial Production YoY June 7.0% 5.5% 3.9%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status
MRDS Mazaya Qatar Real Estate Development 13-Aug-18 1 Due
ZHCD Zad Holding Company 14-Aug-18 2 Due
Source: QSE

4. Page 4 of 7
News
Qatar
 IGRD’s EGM approves the purchase of the remaining shares in
Consolidated Engineering Systems – Investment Holding Group
(IGRD) announced the results of its Extra Ordinary General
Assembly Meeting (EGM), which was held on August 8, 2018
and approved the following resolutions: 1) The Purchase of the
remaining shares (39.6%) in Consolidated Engineering
Systems, on a cash basis. 2) Authorizing the board of directors
to take a bank loan of an amount of one hundred million Qatari
Riyals to pay a part of the value of the proposed shares. 3)
Mandating Chairman, singly, or, any two of the board members,
jointly, to sign on the official procedures necessary for the
execution of the purchase, including signing and authenticating
the purchase agreements, signing the extraordinary general
assemblies of the company purchasing or being purchased,
amendments to the articles of association, bank loan, and all
necessary procedures. (QSE)
 Weekly real estate transactions reach QR935mn – The
momentum in Qatar’s real estate market remains strong as the
transactions have increased driven by investors’ trust on the
country’s growing economy. The trading volume of registered
real estates between July 29 to August 2 at the Ministry of
Justice’s real estate registration department stood at QR935mn.
The department’s weekly report stated that the trading
included empty lands, residential units, residential buildings,
residential complexes, commercial buildings and multipurpose
building. Most of the trading took place in Doha, Al Daayen, Al
Rayyan, Umm Salal, Al Wakra, Al Khor, Al Thakhira and Al
Sheehaniya. The trading volume of registered real estates in
between June 24 to June 28 was at QR470mn. (Peninsula Qatar)
 Qatar Investment Authority becomes largest investor in Credit
Suisse – Qatar Investment Authority (QIA), the sovereign
wealth fund of Qatar, has become the largest investor in Credit
Suisse by increasing its stake to 5.21%. Credit Suisse, which is a
global financial services company, is headquartered in Zurich,
Switzerland and has operations in over 50 countries. Since
2005, QIA has built a major global portfolio that now spans a
broad range of asset classes and regions. QIA allocates assets
dynamically and flexibly. With this approach, it has established
an excellent track record both for identifying long-term
opportunities, and for making bold, intelligent investments.
(Peninsula Qatar)
 Mall of Qatar eyes expansion to attract more tourists – Mall of
Qatar is finalizing plans for an expansion project as part of
efforts to serve Qatar’s growing retail segment and to help
boost tourist inflow to the country, according to Mall of Qatar’s
CEO, Stuart Elder. Elder said that the mall’s management has
started pre-planning work, including the necessary approvals
and other behind the scenes requirements, and is expected to
break ground next year. (Gulf-Times.com)
 Stamp of approval for HIA plan to cut carbon emissions –
Hamad International Airport (HIA) has successfully retained its
Airport Carbon Accreditation at Level 3 for another year. HIA’s
renewal comes after successfully reaching Level 3
‘Optimization’ status last year and becoming the first airport in
the GCC and only the second in the Middle East and North
Africa region to reach Level 3 accreditation. HIA’s airport-wide
energy reduction programs and collaborative approach with
airport stakeholders to manage third-party emissions have
resulted in measurable change. HIA’s Chief Operating Officer
Badr Mohamed Al Meer, and Regional Board Director, Airports
Council International (ACI) Asia-Pacific, said, “As Hamad
International Airport continues to accommodate rapid growth
with an increasing number of passengers and cargo, we are
committed more than ever on reflecting global environmental
standards and minimizing environmental impact. “We are
proud to successfully work in line with ACI’s standards and will
continue to minimize our use of natural resources, control
emissions and manage waste carefully as we move forward.”
(Gulf-Times.com)
International
 US inflation pressures rise in July; Fed on track to lift rates – US
consumer prices rose in July and the underlying trend continued
to strengthen, pointing to a steady increase in inflation
pressures that keeps the Federal Reserve on track to gradually
raise interest rates. The Labor Department stated its Consumer
Price Index (CPI) advanced 0.2%, the bulk of which was due to a
rise in the cost of shelter, driven by higher rents. The CPI rose
0.1% in June. In the 12 months through July, the CPI increased
2.9%, matching the increase in June. Excluding the volatile food
and energy components, the CPI rose 0.2%, the same gain as in
May and June. The annual increase in the core CPI was 2.4%,
the largest rise since September 2008, from 2.3% in June.
Economists polled by Reuters had forecast both the CPI and
core CPI rising 0.2% in July. (Reuters)
 Trump targets a doubling of Turkey metals tariffs as ties
worsen – US President, Donald Trump ordered the doubling of
steel and aluminum tariffs against Turkey, roiling global
markets as relations between the NATO allies hit a new low. “I
have just authorized a doubling of tariffs on steel and aluminum
with respect to Turkey as their currency, the Turkish Lira,
slides rapidly downward against our very strong Dollar!
Aluminum will now be 20% and Steel 50%. Our relations with
Turkey are not good at this time,” Trump said on Twitter.
(Bloomberg)
 Greece’s consumer price inflation slows to 0.8% in July –
Greece’s annual EU-harmonized inflation rate slowed in July,
statistics service ELSTAT data showed. The reading was 0.8%
from 1.0% in June. The data showed the headline consumer
price index rose to 0.9% YoY, also decelerating from 1.0% in the
previous month. Greece had been in a protracted deflation mode
since March 2013 based on its headline index, as wage and
pension cuts and a multi-year recession took a heavy toll on
Greek household incomes. Further, Greece’s industrial output
increased by 1.2% in June compared to the same month last
year, after an upwardly revised 1.7% rise in May, according to
ELSTAT. Looking at index components, manufacturing
production increased 0.9% from the same month last year,
while mining output rose 7.4%. (Reuters)
 Japan’s economy rebounds on brisk spending but trade rifts
cloud outlook – Japan’s economy grew more than expected in
the second quarter, helped by strong household and business
spending and recovering from an earlier contraction, but global
trade tensions loom as major risks to the export and investment

5. Page 5 of 7
outlook. Japan’s economy expanded 1.9% on an annualized
basis in April-June, beating a median market forecast for 1.4%
increase, government data showed. That followed a revised
0.9% contraction, larger than initial estimates, in the previous
quarter, which put an end to the best run of growth since the
1980s bubble economy. Compared with the previous quarter,
gross domestic product (GDP) rose 0.5%, more than the median
estimate for 0.3% increase and following 0.2% contraction in
January-March. (Reuters)
 China says business ties with Iran no harm to any other
country – China’s business and energy ties with Iran do not
harm the interests of any other country, the country’s Foreign
Ministry stated, after US President, Donald Trump said
companies doing business with Iran would be barred from the
US. China has already defended its commercial relations with
Iran as open and transparent as the US sanctions on Iran took
effect despite pleas from Washington’s allies. (Reuters)
 India’s industrial output growth hits five-month high of 7% in
June – India’s industrial output in June grew at its fastest pace
in five months to 7% from a year earlier, driven by a pick-up in
capital goods manufacturing ahead of the festive season,
government data showed. Economists surveyed by Reuters had
forecast 5.4% growth in output compared with a revised 3.9%
YoY increase in May. Manufacturing, which contributes 78% of
industrial output, grew 6.9% in June compared with 2.8% rise in
May. (Reuters)
Regional
 Middle East’s carriers post 11% increase in passenger demand
in June – The Middle Eastern carriers posted an 11% passenger
demand increase in June, compared to the same month last
year. This was a sharp turnaround from the flat traffic growth
in May, which was partly attributable to the timing of Ramadan
between the two years, according to International Air
Transport Association (IATA). Capacity rose 8% and load factor
climbed 1.9 percentage points to 71% in June 2018. (Peninsula
Qatar)
 Saudi Arabia’s inflation jumped on subsidy cuts, VAT
introduction – Saudi Arabia’s Inflation rose at the turn of the
year from about -1% to nearly 3%. A set of new policy measures
were responsible for the jump, which included the introduction
of a 5% value-added tax (VAT), a reduction in fuel subsidies,
the hiking of utility prices and an increase in the levies on
expatriate workers. (Bloomberg)
 Saudi Arabia ranks among the highest in healthcare efficiency
– The Kingdom of Saudi Arabia scores among the highest in
healthcare efficiency, as compared to a 16-country overall
average, Royal Philips stated. An efficiency score of 44.17 is
particularly strong, rising over 17 points above the average, and
coming in just after Singapore at 50.11, indicating healthcare
spend is being effectively utilized in relevance to health
outcomes. According to the results, overall satisfaction with
the healthcare system is 10 points above average on the index,
with more room for growth. Healthcare professionals are more
satisfied with the level of care offered, than the general
population in Saudi Arabia (66.18 versus 59.32). This is driven
by their higher levels of trust in the healthcare system
compared to the general population (80% versus 62%).
(GulfBase.com)
 Saudi Arabia’s PIF has shown no interest in bankrolling the
Tesla buyout – Saudi Arabia’s Public Investment Fund (PIF) has
shown no interest so far in financing Tesla’s proposed $72bn
deal to take the US electric car maker private, despite acquiring
a minority stake in the company, sources said. Tesla’s CEO,
Elon Musk said that he was considering a take-private deal for
Tesla. He also said he had secured funding for the proposal.
Investors and analysts viewed PIF as a natural financing
partner. However, sources also said PIF was not currently
getting involved in any funding process for Tesla’s take-private
deal. (Gulf-Times.com)
 New mortgages to boost home ownership in Saudi Arabia –
Saudi Arabian citizens will be able to access cheaper and more
accessible mortgages at fixed rates under an initiative launched
by the Saudi Real Estate Refinance Company, the body set up
and backed by the PIF. The SRC initiative will allow new or
existing borrowers to access facilities to boost their mortgage
potential, with at least seven big Saudi Arabian financial
institutions taking part to provide new mortgages for home
buyers. (GulfBase.com)
 CMA approves Saudi Cable Company’s request to reduce its
capital – Saudi Arabia’s Capital Market Authority (CMA) issued
its resolution approving Saudi Cable Company’s request to
reduce its capital from SR404,114,000 to SR110,614,060, thus
reducing the number of shares from 40,411,400 shares to
11,061,406 shares. This approval is conditional on the
company’s extraordinary general assembly approval and
completion of the necessary procedures in relation to the
applicable regulations. (Tadawul)
 CMA approves the capital increase request for Buruj
Cooperative Insurance Company – CMA issued its resolution
approving Buruj Cooperative Insurance Company’s request to
increase its capital from SR250mn to SR300mn through issuing
one bonus share for every five existing shares. Such increase
will be paid by transferring an amount of SR50mn from
‘Retained Earnings’ account to the company’s capital,
consequently increasing the company’s outstanding shares
from 25mn shares to 30mn shares. (Tadawul)
 CMA approves Middle East Specialized Cables Company’s
request to reduce its capital – CMA issued its resolution
approving Middle East Specialized Cables Company’s request to
reduce its capital from SR600mn to SR400mn, thus reducing the
number of shares from 60mn to 40mn. This approval is
conditional on the company’s extraordinary general assembly
approval and completion of the necessary procedures in relation
to the applicable regulations. (Tadawul)
 Emirates Investment Bank’s net profit rises to AED11.5mn in
2Q2018 – Emirates Investment Bank recorded net profit of
AED11.5mn in 2Q2018 as compared to AED8.4mn in 2Q2017.
Interest income came in at AED22.0mn as compared to
AED19.1mn in 2Q2017. Operating income came in at
AED36.0mn as compared to AED42.0mn in 2Q2017. Total assets
stood at AED4.87bn at the end of June 30, 2018 as compared to
AED4.90bn at the end of December 31, 2017. Net investments
stood at AED1.83bn, while customers’ deposits stood at
AED2.89bn at the end of June 30, 2018. EPS came in at
AED16.42 in 2Q2018 as compared to AED11.96 in 2Q2017.
(DFM)

6. Page 6 of 7
 High technology leads FDI flows into Dubai – The digital
transformation of international production, coupled with
Dubai’s on-going transformation into a knowledge-based
economy have reshaped both the source and the composition of
the flows of foreign direct investment (FDI), into the Emirate.
According to Dubai’s Department of Economic Development
(DED), the last three years have witnessed investors from the
European Union and the US outstripping all others in both, the
number of projects they have initiated - 355 and 213 projects,
respectively, and in the capital investments they have reached,
$5,738 and $3,990bn, respectively. During the period from 2015
till 1Q2018, investors from the EU and the US launched 66% of
the total number of projects in Dubai; they also contributed to
45% in the total FDI flows into Dubai and created 28,241 new
jobs. (GulfBase.com)
 Amanat Holdings acquires Middlesex University Dubai for
AED369mn – Amanat Holdings stated that it has completed the
acquisition of 100% stake in Middlesex University Dubai for a
consideration of AED369mn with an additional potential earn-
out of up to Dh73mn. With the completion of this investment,
Amanat Holdings has constructed a diverse portfolio of leading
and differentiated businesses. The portfolio today includes
three education assets in the UAE, two healthcare assets in
Saudi Arabia and another real estate investment.
(GulfBase.com)
 Expo 2020 picks Emaar Hospitality Group as hotel partner –
Expo 2020 Dubai selected Emaar Hospitality Group, the
hospitality and leisure subsidiary of Emaar Properties, as its
newest official partner. Emaar Hospitality Group will provide
authentic experiences with a strong local flavor at various
locations across the Expo 2020 site, including VIP clubs and
lounges, as well as in its hotels and restaurants in Dubai. As the
official hotel and hospitality partner, Emaar Hospitality Group
will be responsible for providing exceptional service to Expo
2020’s special ticket holders. The Group will also operate a
number of other experiences across the Expo site. In addition,
Emaar Hospitality Group will showcase trends and innovations
in the hospitality industry. (GulfBase.com)
 Abu Dhabi Islamic Bank hires banks for $750mn Sukuk – Abu
Dhabi Islamic Bank (ADIB) hired international banks to arrange
the sale of $750mn in Islamic bonds, sources said. ADIB’s debt
sale, which still needs final approval by the bank’s
shareholders, would follow months of subdued activity in the
Middle East primary bond market, as potential issuers in the
region have held back their plans because of market volatility
and the price premium they might have to pay to attract
demand. HSBC and JPMorgan have been hired as coordinators
for the Sukuk deal. (Reuters)
 Bahrain eyes progress in aid talks to repair its finances –
Bahrain and its Gulf allies are said to be making progress on an
aid program to help the Kingdom repair its finances and avoid a
devaluation of its currency. Officials from Bahrain, Saudi
Arabia, the UAE and Kuwait are discussing a multi-year
program that would involve spending cuts and measures to
increase non-oil revenue, including the introduction of a value-
added tax, according to sources. The Arab Monetary Fund, an
organization modeled on the International Monetary Fund, has
been involved in the discussion. The fund, based in Abu Dhabi,
may also help to monitor the program’s implementation. (Gulf-
Times.com)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
50.0
75.0
100.0
125.0
Jul-14 Jul-15 Jul-16 Jul-17 Jul-18
QSE Index S&P Pan Arab S&P GCC
(0.4%)
(0.7%)
0.0%
0.3%
(0.1%)
(1.1%)
(1.0%)(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,211.70 (0.1) (0.2) (7.0) MSCI World Index 2,139.84 (1.1) (0.7) 1.7
Silver/Ounce 15.32 (0.8) (0.6) (9.6) DJ Industrial 25,313.14 (0.8) (0.6) 2.4
Crude Oil (Brent)/Barrel (FM Future) 72.81 1.0 (0.5) 8.9 S&P 500 2,833.28 (0.7) (0.2) 6.0
Crude Oil (WTI)/Barrel (FM Future) 67.63 1.2 (1.3) 11.9 NASDAQ 100 7,839.11 (0.7) 0.3 13.6
Natural Gas (Henry Hub)/MMBtu 2.96 (2.0) 4.2 (16.4) STOXX 600 385.86 (2.4) (2.5) (6.0)
LPG Propane (Arab Gulf)/Ton 96.13 0.1 0.9 (1.7) DAX 12,424.35 (3.3) (3.2) (8.8)
LPG Butane (Arab Gulf)/Ton 102.75 1.0 2.8 (2.7) FTSE 100 7,667.01 (1.7) (2.0) (6.0)
Euro 1.14 (1.0) (1.3) (4.9) CAC 40 5,414.68 (2.9) (2.8) (3.3)
Yen 110.83 (0.2) (0.4) (1.7) Nikkei 22,298.08 (1.1) (0.6) (0.4)
GBP 1.28 (0.5) (1.9) (5.6) MSCI EM 1,062.37 (1.5) (1.0) (8.3)
CHF 1.00 (0.2) (0.1) (2.1) SHANGHAI SE Composite 2,795.31 (0.4) 1.9 (19.8)
AUD 0.73 (1.0) (1.4) (6.5) HANG SENG 28,366.62 (0.8) 2.5 (5.6)
USD Index 96.36 0.9 1.3 4.6 BSE SENSEX 37,869.23 (0.9) 0.0 2.7
RUB 67.70 1.5 6.9 17.5 Bovespa 76,514.35 (3.9) (9.7) (14.1)
BRL 0.26 (1.6) (4.1) (14.3) RTS 1,056.93 (3.7) (7.7) (8.4)
88.8
85.7
81.5