1. Page 1 of 8
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.6% to close at 12,919.6. Gains were led by the Banking &
Financial Services and Real Estate indices, up 2.4% and 2.2%, respectively.
Top gainers were Masraf Al Rayan and Qatar Islamic Bank, rising 4.4% and
4.0%, respectively. Among the top losers, Salam International Investment Co.
fell 2.6%, while Qatar German Co. for Medical Devices declined 1.4%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.2% to close at 9,803.3. Gains were led
by the Multi-Investment and Retail indices, rising 2.8% and 1.3%, respectively.
Saudi Arabia Refineries gained 5.2%, while Umm Al-Qura Cement rose 4.8%.
Dubai: The DFM index gained 1.5% to close at 4,575.1. The Services index
gained 7.9%, while the Real Estate & Construction index rose 2.5%. National
Central Cooling surged 7.9%, while Commercial Bank of Dubai was up 4.2%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,847.1. The
Inv. & Fin. Ser. index gained 3.5%, while the Industrial index was up 1.3%. Al
Buhaira National Ins. surged 14.9%, while RAK National Ins. gained 8.5%.
Kuwait: The KSE index gained 0.3% to close at 7,076.0. The Banking and Oil
& Gas indices rose 0.7% each. United Real Estate Co. gained 10.0%, while Al-
Deera Holding Co. was up 8.6%.
Oman: The MSM index rose 0.5% to close at 7,190.0. Gains were led by the
Financial and Services indices, rising 0.6% and 0.2%, respectively.
Construction Materials Ind. gained 2.0%, while Nawras was up 1.9%.
Bahrain: The BHB index gained marginally to close at 1,441.1. The Industrial
index rose 0.4%, while the Services index was up 0.2%. BMMI gained 3.1%,
while Arab Banking Corporation was up 0.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 55.10 4.4 3,312.4 76.0
Qatar Islamic Bank 101.00 4.0 496.4 46.4
Al Khaleej Takaful Group 44.45 3.4 33.7 58.3
Widam Food Co. 56.00 3.1 58.0 8.3
Commercial Bank of Qatar 68.40 2.9 424.2 15.9
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 55.10 4.4 3,312.4 76.0
Vodafone Qatar 19.30 2.8 2,427.3 80.2
Ezdan Holding Group 23.60 (0.4) 1,252.3 38.8
Barwa Real Estate Co. 41.50 2.9 1,139.4 39.3
Salam International Investment Co. 18.80 (2.6) 1,030.1 44.5
Market Indicators 10 Jul 14 09 Jul 14 %Chg.
Value Traded (QR mn) 725.8 641.0 13.2
Exch. Market Cap. (QR mn) 701,389.8 694,196.6 1.0
Volume (mn) 16.8 17.8 (5.5)
Number of Transactions 7,911 7,154 10.6
Companies Traded 42 43 (2.3)
Market Breadth 28:12 26:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,269.51 1.6 4.4 29.9 N/A
All Share Index 3,266.47 1.4 3.8 26.2 15.6
Banks 3,144.57 2.4 4.1 28.7 15.6
Industrials 4,320.33 0.3 2.9 23.4 16.8
Transportation 2,236.80 1.4 2.6 20.4 14.4
Real Estate 2,735.58 2.2 5.3 40.1 13.7
Insurance 3,559.22 (0.5) 3.9 52.4 9.3
Telecoms 1,651.27 0.9 6.7 13.6 22.8
Consumer 6,858.54 0.7 2.0 15.3 27.0
Al Rayan Islamic Index 4,327.28 1.9 5.3 42.5 18.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Real Estate Co. Kuwait 0.11 10.0 127.5 (6.8)
NBQ Abu Dhabi 3.80 5.6 100.0 15.2
Kingdom Holding Co. Saudi Arabia 25.14 4.7 1,364.9 2.6
Masraf Al Rayan Qatar 55.10 4.4 3,312.4 76.0
Com. Bank Of Dubai Dubai 6.25 4.2 5.0 45.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Arab Bank Abu Dhabi 6.30 (10.0) 0.1 12.3
IFA Hotels & Resorts Kuwait 0.19 (5.1) 15.0 (34.0)
Ajman Bank Dubai 2.77 (3.8) 173.0 11.7
Albaraka Banking Gr. Bahrain 0.82 (2.4) 10.0 15.6
Abu Dhabi Com. Bank Abu Dhabi 7.90 (2.4) 2357.4 21.5
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%
Salam International Investment Co 18.80 (2.6) 1,030.1 44.5
Qatar German Co. for Med. Dev. 14.35 (1.4) 225.7 3.6
Qatar Oman Investment Co. 15.21 (1.2) 374.3 21.5
Qatar Insurance Co. 84.50 (1.2) 183.5 58.8
Qatari Investors Group 56.00 (0.9) 73.7 28.1
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 55.10 4.4 179,821.1 76.0
Qatar Islamic Bank 101.00 4.0 49,682.6 46.4
Barwa Real Estate Co. 41.50 2.9 46,731.5 39.3
Vodafone Qatar 19.30 2.8 46,083.6 80.2
Gulf International Services 102.50 1.2 42,203.2 110.0
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,919.63 1.6 4.4 12.5 24.5 199.38 192,671.8 16.1 2.2 3.9
Dubai 4,575.09 1.5 4.0 16.0 35.8 325.19 89,260.5 24.6 1.8 2.3
Abu Dhabi 4,847.14 0.6 1.6 6.5 13.0 87.16 135,124.7 14.3 1.8 3.4
Saudi Arabia 9,803.29 0.2 1.2 3.1 14.9 1,656.90 534,976.9 19.4 2.4 2.9
Kuwait 7,076.00 0.3 1.0 1.5 (6.3) 67.63 111,370.0 16.8 1.1 3.9
Oman 7,189.97 0.5 1.9 2.6 5.2 19.67 26,474.1 12.5 1.7 3.9
Bahrain 1,441.14 0.0 1.0 0.9 15.4 2.18 53,720.6 11.3 1.0 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,600
12,700
12,800
12,900
13,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QE index rose 1.6% to close at 12,919.6. The Banking &
Financial Services and Real Estate indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 Masraf Al Rayan and Qatar Islamic Bank were the top gainers,
rising 4.4% and 4.0%, respectively. Among the top losers, Salam
International Investment Co. fell 2.6%, while Qatar German Co
for Medical Devices declined 1.4%.
 Volume of shares traded on Thursday fell by 5.5% to 16.8mn
from 17.8mn on Wednesday. Further, as compared to the 30-day
moving average of 17.7mn, volume for the day was 4.8% lower.
Masraf Al Rayan and Vodafone Qatar were the most active
stocks, contributing 19.7% and 14.4% 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
United Arab Bank
(UAB)*
CI
Abu
Dhabi
FSR/LT FCR/ST
FCR/SR
BBB/BBB+/A2/
3
BBB+/BBB+/
A2/3  Stable
Kuwait Energy Co.
(KEC)
Fitch Kuwait
LT IDR/ Senior
Unsecured Rating
– B-/B-(EXP) – 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)(* Outlook for FSR has been reverted from Positive to Stable while the Outlook for FCR remains Stable)
Earnings Releases
Company Market Currency
Revenue
(mn)2Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Taiba Holding Co. Saudi SR – – 47.8 -0.6% 59.2 -6.9%
Al-Jouf Agriculture
Development Co.
Saudi SR – – 23.2 1.6% 27.8 20.3%
United Wire Factories Co. Saudi SR – – 29.7 -10.8% 30.0 -11.2%
Tourism Enterprise Co. Saudi SR – – 1.8 3.6% 1.6 6.4%
Yanbu Cement Co. Saudi SR – – 229.0 -19.9% 241.0 -12.0%
Taiba Holding Co. Saudi SR – – 47.8 -0.6% 59.2 -6.9%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/10 US Department of Labor Initial Jobless Claims 5 July 304K 315K 315K
07/10 US Bloomberg Bloomberg Consumer Comfort 6 July 37.6 – 36.4
07/11 US US Treasury Monthly Budget Statement June $70.5B $76.5B $116.5B
07/10 France INSEE Industrial Production MoM May -1.70% 0.20% 0.30%
07/10 France INSEE Industrial Production YoY May -3.70% -1.00% -2.40%
07/10 France INSEE Manufacturing Production MoM May -2.30% 0.00% 0.00%
07/10 France INSEE Manufacturing Production YoY May -3.00% 0.80% -0.70%
07/10 France INSEE CPI EU Harmonized YoY June 0.60% 0.80% 0.80%
07/10 France INSEE CPI YoY June 0.50% 0.70% 0.70%
07/11 France Banque De France Current Account Balance May -3.1B – -2.3B
07/11 Germany Destatis CPI MoM June 0.30% 0.30% 0.30%
07/11 Germany Destatis CPI YoY June 1.00% 1.00% 1.00%
07/10 UK ONS Visible Trade Balance GBP/Mn May -£9204 -£8750 -£8812
07/10 UK ONS Trade Balance Non EU GBP/Mn May -£3961 -£3500 -£3876
07/10 UK ONS Trade Balance May -£2418 -£1600 -£2052
07/10 UK Bank of England Bank of England Bank Rate 10 July 0.50% 0.50% 0.50%
07/11 Spain INE CPI YoY June 0.10% 0.10% 0.10%
07/10 Italy ISTAT Industrial Production MoM May -1.20% 0.20% 0.50%
07/10 China NBS Exports YoY June 7.20% 10.40% 7.00%
07/10 China NBS Imports YoY June 5.50% 6.00% -1.60%
07/10 Japan Bank of Japan PPI MoM June 0.20% 0.10% 0.30%
07/10 Japan Bank of Japan PPI YoY June 4.60% 4.50% 4.40%
07/10 Japan METI Tertiary Industry Index MoM May 0.90% 1.70% -5.70%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 65.17% 68.34% (22,995,349.84)
Non-Qatari 34.83% 31.66% 22,995,349.84

3. Page 3 of 8
07/10 Japan ESRI Consumer Confidence Index June 41.1 40.0 39.3
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group: Qatar’s energy subsidy spending lower than
many GCC, MENA countries – According to QNB Group
(QNBK), spending on energy subsidies in Qatar was 3% of the
GDP as compared to 10% in Saudi Arabia and 6% in the UAE.
QNBK said the global spending on energy subsidies totaled
$492bn in 2011, in which the Middle East & North Africa (MENA)
countries alone accounted for nearly half of that amount, making
the burden of subsidies on public resources quite substantial.
While the total spending on energy subsidies in MENA reached
8.6% of GDP in 2011, there was significant variation among the
countries of the region. In countries such as Iraq and Egypt,
spending on energy subsidies reached 11% of GDP, while it
was 3% of GDP in Tunisia. QNBK said that MENA countries
could therefore benefit from reforming their subsidy systems for
a number of reasons. First, large spending on subsidies
consumes a huge portion of public resources, rendering them
unsustainable even in the short-run for some countries.
Furthermore, for energy-importing countries, subsidies tend to
create external imbalances. Second, subsidies could also
hamper economic growth as the government directs its
resources away from growth-enhancing spending toward paying
subsidy costs. Third, empirical evidence suggests that the
benefits of energy subsidies tend to be skewed towards high-
income sectors of the population, with the richest 20% of the
population in developing countries estimated to receive six times
more in fuel subsidies than the poorest 20%. Finally, there are
other distortions created by subsidies beyond the direct
economic consequences. Subsidies keep fuel prices artificially
below the price determined by market forces, which leads to an
overconsumption of energy with adverse impact on the
environment, health and traffic congestion. (Gulf-Times.com)
 GCC-Stat: Inflation in Qatar highest in GCC – The Statistical
Centre for the Cooperation Council for the Arab Countries of the
Gulf (GCC-Stat) stated that the inflation rate in Qatar is the
highest among the GCC countries. The latest inflation figures
from the region for the 12-month period through May 2014
reveal that Qatar topped the list with 3.4%. Kuwait had the
second-highest inflation rate at 2.9%, followed by Saudi Arabia
(2.7%), the UAE (2.1%), Bahrain (1.9%), and Oman (1.5%).
When compared to April 2014 figures, inflation rates witnessed
0.5% increase in Qatar, 0.2% in the UAE, Oman and Kuwait,
while a 0.1% increase was registered in Saudi Arabia.
Meanwhile, inflation figures in Bahrain for May 2014 remained
stable. As for price growth within groups of the general
consumer price index in each GCC member, housing & energy
costs increased in Qatar by 7% over the 12-month period
through May 2014. Furniture & household goods rose by 4.7%,
5.2% and 7.4% in the UAE, Kuwait and Oman, respectively.
Meanwhile, tobacco prices in Saudi Arabia grew by 6.4%.
(Peninsula Qatar)
 MEC to launch Qatar’s CSR index – The Ministry of Economy
& Commerce (MEC) intends to launch a Qatari Corporate Social
Responsibility (CSR) index that takes into account similar
international experiments based on relevant UN standards.
According to the Qatar CSR Report 2013, the ministry also
seeks to form a CSR network covering all Qatari companies in
general and companies registered in the Qatari stock exchange
in particular, in order to promote the exchange of ideas and help
these companies meet CSR standards. The Qatar CSR network
launched the Qatar CSR Report 2013 in partnership with Qatar
University and the MEC. The ministry has formed a team to
suggest CSR standards for Qatari companies, which includes a
number of organizations and ministries. (Gulf-Times.com)
 High rental income pushes up demand for real estate –
Demand for real estate across the country is on an upswing
since an increasing number of investors and developers are
attracted to the sector inspired by high rental income. According
to real estate company, Roots, rental income from real estate
has been giving more returns than bank deposits. Roots’
Managing Director Ahmed Al Oroqui disclosed that this partly
explains why real estate transactions in 1H2014 soared to a
record QR24.41bn. Al Oroqui said that the growth in the value of
transactions in 1H2014 was a high of 18.44% over the same
period of 2013. (Zawya)
 JBOG project to recover 0.6mn tons of LNG per year,
underlines QP’s environmental commitment – Qatar
Petroleum (QP) has embarked on several important initiatives
such as the Jetty Boil-off Gas Recovery (JBOG) Project in order
to meet the world’s growing energy demand as well as to
minimize wasted energy. This energy-saving environmental
project is led by Qatargas with an aim to recover gas currently
being flared during LNG ship loading at Ras Laffan Port. HE
Minister of Energy & Industry Dr. Mohammed bin Saleh Al-Sada
said that with a capital outlay of $800mn, the JBOG project is
set to become a landmark project for the State of Qatar,
underlining its strong commitment for protecting the
environment. Dr. Al-Sada added that huge investment in JBOG
by QP and its partners will reduce the carbon footprint of the 77
million metric tons per annum of LNG production facilities to the
minimum. The compressed gas obtained from the JBOG project
is planned to be utilized by existing LNG assets of organizations
like Qatargas and RasGas either as feedstock to LNG trains or
as fuel gas. The project, when fully operational, will recover the
equivalent of about 0.6mn tons of LNG per year, which is
sufficient natural gas to power more than 300,000 homes. This
utilization of the flared gas will result in a saving of
approximately 1tn cubic feet of gas over a period of 30 years.
(Bloomberg)
 Ahlibank to prioritize on SMEs – Ahlibank’s CEO Salah Murad
said that the rebranded bank will consider small & medium
enterprises (SMEs) as its top priority, and will launch many
tailor-made products for them. He said the bank wants to be
more active in the SME segment, since it is part of its strategy
for 2015. Ahlibank, along with its partners, will soon launch a
range of products that suit its growing customer base. (Gulf-
Times.com)
 QA to have strong presence at Farnborough Air Show –
Qatar Airways (QA) is preparing to have a strong presence at
the 2014 Farnborough Air Show, scheduled to take place in
England, where it will fly its A350 aircraft with QA livery for the
first time at a flying display in a European Air Show. The A350,
for which QA is the global launch customer, will make its debut
alongside two other major aircraft in the fleet. At Farnborough,
QA will have on display an Airbus A350, an A320 and a Boeing
787 Dreamliner. The A350 will feature in the flying display, while
the latter two will be on static display. QA has ordered 80 of
these aircraft to date, leaning toward the larger A350-900 and
A350-1000 models, which are scheduled to enter into
commercial service in 4Q2014. (Gulf-Times.com)

4. Page 4 of 8
 MPHC to announce results on July 27 – Mesaieed
Petrochemical Holding Company (MPHC) will disclose its
financial reports for the period ending June 30, 2014, on July 27,
2014. (QE)
International
 US budget surplus falls to $71bn in June; Fed presidents
differ on timetable for raising interest rate – According to
data released by the Treasury Department, the US budget
surplus stood at $71bn at the end of June 2014, down 39% from
$117bn in June 2013. Analysts polled by Reuters had expected
a surplus of $80bn last month. The YTD deficit at the end of
June was $366bn, the lowest since June 2008, as compared to
a deficit of $510bn in June 2013. Receipts for the month totaled
$324bn, up 13% from a year ago, bringing the YTD total receipts
to $2.26tn. Outlays last month were at $253bn, up 49% from last
year, for a total of $2.62tn YTD. Meanwhile, the Federal
Reserve presidents disagreed on whether a decline in the US
unemployment rate to the lowest level in six years warrants
advancing the timing for an interest-rate increase. Philadelphia
Fed President Charles Plosser said the Fed risks losing
credibility by waiting too long to raise rates, while the economic
data is already suggesting a need to tighten policy. Plosser said
“we are closer than a lot of people might think to the first
interest-rate increase since 2006. If the Fed waits too long, we’ll
lose credibility. We may lose control of inflation.” However,
Chicago’s Charles Evans and Atlanta’s Dennis Lockhart
countered that low inflation and labor-market slack force the
central bank to wait until the second half of 2015 or 2016. Fed
officials are approaching their goals for full employment and
price stability faster than they had forecast, sharpening the
debate over the timing of a rate increase. St. Louis Fed
President James Bullard warned this week that inflation will rise
above the Fed’s target late next year. (Reuters, Bloomberg)
 Merkel warns of Eurozone fragility, citing Portugal turmoil –
German Chancellor Angela Merkel said the turmoil in global
markets caused by a Portuguese bank underscores the
Eurozone’s fragility and shows the need for governments to
respect debt and deficit limits. Merkel’s warning was a renewed
message to France and Italy to refrain from softening Eurozone
rules as she revived rhetoric reminiscent of the peak of Europe’s
debt crisis. “While policy makers put many rules in place to
prevent a repeat of the crisis, if we now move away from those
rules, for instance on the Stability and Growth Pact, on
everything we’ve done to stabilize the Euro, we could very
quickly get into a situation where we start foundering,” Merkel
said. Banco Espirito Santo SA, Portugal’s second-biggest bank
by market value, roiled global markets on July 10 after a parent
company missed payments on commercial paper. European
stocks and Portuguese bonds rebounded yesterday after a
selloff, while the bank’s long-term credit rating was lowered to
B+ from BB- by Standard & Poor’s. Banco Espirito Santo SA
sought to reassure investors by revealing its exposure to related
companies after a missed payment on short-term debt by a
group member. The bank said it had €1.18bn of loans, securities
and other items linked to Grupo Espirito Santo as of June 30.
The lender also said that it has a buffer of €2.1bn above the
regulatory minimum, following a capital increase in June. The
bank provided this update after a parent company Espirito Santo
International missed payments on commercial paper.
(Bloomberg)
 Weidmann: ECB interest rates too low for Germany –
Bundesbank chief Jens Weidmann said the European Central
Bank (ECB) should tighten policy as soon as it can and its
interest rates are too low for Germany, pointing to tensions in
the united front the bank has presented since a major policy shift
in June. Weidmann noted that many savers in Germany were
irritated by low interest rates but said these were aimed at
supporting investment and consumption. The ECB cut interest
rates to record lows last month as part of a package of
measures to breathe life into a sluggish Eurozone economy,
where inflation is running far below the central bank's target and
there is a dearth of credit to smaller firms. The ECB president,
Mario Draghi said that the bank's Governing Council - of which
Weidmann is a member - was unanimous in its commitment to
also using unconventional instruments within its mandate,
should it become necessary. Weidmann said the German
economy, Europe's largest, has been outperforming other
countries in the bloc, however if the Bundesbank were
autonomous, Germany would benefit from a tighter rather than a
looser monetary policy. (Reuters)
 Oil demand rising fastest since 2010 for IEA on China – The
International Energy Agency (IEA) said Global oil demand will
rise at the fastest pace in five years in 2015 as China leads
gains in emerging economies. In its first monthly report to
assess 2015, IEA said that world oil consumption will increase
next year by 1.4mn bpd. The rate of growth will be the fastest
since 2010. IEA further added that, it is also higher than a
projected increase of 1.2mn a day in supplies from outside the
OPEC. Demand growth will be led by China and other countries
outside the 34-member Organization of Economic Cooperation
and Development. IEA said while oil has retreated in the past
month as threats to supplies in Libya and Iraq abate, prices will
stay supported near historically high levels as risks in the region
“remain extraordinarily high”. Brent crude futures slipped 2.3%
this year as Libya aims to restore supplies curbed by political
protests, concerns fade that Iraq’s output will be reduced by an
Islamist insurgency, and production in the US nears its highest
in three decades. According to the IMF, Global GDP will expand
by 3.9% next year, up from 3.6% in 2014. (Bloomberg)
 China money rate rises in week after reserves payment by
banks – China’s benchmark money-market rate climbed this
week as banks set aside funds to meet higher reserve
requirements following an increase in deposits. According to a
weighted average compiled by the National Interbank Funding
Center the seven-day repurchase rate, a gauge of interbank
funding availability, climbed 34 basis points, to 3.77%. Data
compiled by Bloomberg shows the People’s Bank of China
added a net 50bn Yuan to the financial system via money-
market operations in the last four days, a ninth straight week of
injections. The cost of one-year interest-rate swaps, the fixed
payment needed to receive the floating seven-day repo rate,
was steady this week at 3.74%. Consumer prices in China
climbed 2.3% in June from a year earlier, less than the median
estimate of 2.4% in a Bloomberg News survey. Customs data
showed exports climbed 7.2% last month and imports rose
5.5%, both gaining less than economists forecast. (Bloomberg)
 S&P raises Ukraine's outlook as IMF bailout boosts
economy – Standard & Poor's revised its outlook on Ukraine to
Stable from Negative, stating that the International Monetary
Fund program adopted in April 2014 has helped improve the
economic situation in the country. However, the agency noted
that the IMF program could be impacted by geopolitical risks
and a severe recession. S&P said full disbursement of the IMF
program and related multilateral lending should enable Ukraine
to meet its external financing needs over the next year. Ukraine
said it remained confident of receiving further aid under the
bailout program and appealed to Western institutions and
donors for further cash and credit. S&P also said the new
government under Prime Minister Arseny Yatseniuk had been
stable and relatively cohesive. Earlier in April, the IMF's board

5. Page 5 of 8
had signed on a $17bn two-year aid program for Ukraine to help
the former Soviet republic's economy to recover after months of
upheaval. The ratings agency said that it did not expect the
geopolitical environment to stabilize in the short-term. S&P
affirmed Ukraine’s 'CCC' long-term foreign currency sovereign
credit ratings. (Reuters)
Regional
 OPEC's oil market share to shrink in 2015 despite growing
demand – The OPEC expects its share of the world oil market
to shrink in 2015 for a third year running, due to the US shale oil
boom, giving the exporter group little comfort from an
acceleration in global demand. Making its first 2015 forecast in a
monthly report, the OPEC said that demand for its oil in 2015
would average 29.37mn bpd, down 310,000 bpd from 2014. The
report by OPEC points to ample supplies in 2015, especially if
there is further progress in resolving outages among OPEC
countries Libya, Iraq and Iran. Those production problems have
curbed supply in 2015 and helped support prices above $100 a
barrel. The report is also a further illustration that technology for
extracting oil & gas from shale is reducing dependence on
OPEC. OPEC also forecast a recovery in demand next year as
economic growth gathers pace, predicting that global oil usage
will expand by 1.21mn bpd, up from 2014's 1.13mn bpd
increase. However, non-OPEC supply, the source of two in
every three barrels, is expected to increase next year by 1.31mn
bpd, more than demand, with the US leading the way. OPEC
expects the US production to average at 13.12mn bpd in 2015,
up 880,000 bpd from 2014, which is the highest increase among
all non-OPEC countries. Still, it warned that a drop in oil prices
could dampen the expansion. (Reuters)
 CDSI: Saudi imports, non-oil exports fall 5% – According to
data by the Central Department of Statistics & Information
(CDSI), non-oil commodity exports from Saudi Arabia dropped
5.1%, their first fall since March 2013, while the value of the
country’s import fell an annual 5% in May 2014. Non-oil exports
account for around 12% of overall exports of Saudi. Earlier,
Reuters reported that the Kingdom’s current account surplus
would come in at 16.6% of GDP in 2014 and 11.9% in 2015.
Reuters said that much of the decline was due to lower exports
of petrochemicals and plastic, which have together accounted
for 65% of total non-oil exports since the start of the year.
(GulfBase.com)
 KAEC sign deal with 3 new firms to set up plants in
Industrial Valley – King Abdullah Economic City (KAEC) has
signed contracts with new three manufacturing companies that
are investing in the KAEC’s Industrial Valley to take advantage
of the opportunities offered by the Saudi market in many
industrial sectors. The first company is Paint Innovation Factory,
a Saudi-German joint venture for the production of high quality
paints, which will establish its plant in the first phase of the
industrial valley. The second company is Neem Arabia for Wood
Construction, which will construct a facility for the production of
decorative woodwork; and the third one Jeddah Aluminum
Company Ltd, which will build a factory for the production of
windows and doors for residential complexes, towers,
commercial buildings and shopping centers. (GulfBase.com)
 Revenues of top 100 Saudi companies reach SR679bn in
2013 – According to a financial report, revenues of top 100
Saudi companies registered a marginal growth of 0.51% to
touch SR679.41bn by the end of 2013 as compared to
SR676.96bn in 2012. Revenues of top 10 companies
represented 64.4% of the 100’s total revenues at SR437.1bn.
The petrochemical sector was the biggest contributor to the
overall revenues at 45.4%, followed by the telecom & IT sector
at 11.6%. Meanwhile, real estate development, transport and
media & publication sectors were the smallest contributors to the
total revenues at 0.9%, 0.6% and 0.4%, respectively. On the
other hand, the share of Saudi Basic Industries Corporation
(SABIC) to the revenues of top 10 companies was the highest at
43.6% valued at SR190.3bn while its share to the top 100 stood
at 28.1%. (GulfBase.com)
 JCP records 20% rise in cargo transport – Jubail Commercial
Port (JCP) has witnessed 20% increase in the total weight of
cargo transported through its port during 1H2014 with 5.075mn
tons as compared to 4.24mn tons during 1H2013. The general
cargo exports and imports declined by 38% at 579,738 tons in
June 2014 as compared to 927,645 tons in 1H2013. The
number of containers (TEUs) saw an increase of 26% in 1H2014
when it stood at 190,156 TEUs, as compared to 150,411 TEUs
in 1H2013. A total number of 393 ships have docked at JCP
during 1H2014 as compared to 322 ships during 1H2013, rising
22%. (GulfBase.com)
 Jadwa Investment appoints new CFO – Jadwa Investment
has appointed Abdulaziz Al Arifi as the company’s Chief
Financial Officer (CFO). Previously Al Arifi was the Treasurer at
the National Shipping Company of Saudi Arabia. (Bloomberg)
 BSA signs agreement with Reson8 – Broadcast Systems
Arabia (BSA) has entered into an exclusive agreement with
Italian acoustic engineering firm, Reson8 for the representation,
sales and service across the UAE. The agreement will enable
UAE-based private and commercial entities to have access to
cutting edge acoustic treatment, design and construction
facilities for recording studios, practice rooms, broadcasting
studios, cinemas, theatres, concert halls, gyms, restaurants,
schools, places of worship and home cinemas. (GulfBase.com)
 Proposal to build $25bn Renaissance smart city in UAE –
Italian developer Stile Italiano Real Estate Industry (Sirei), is
collaborating with local partners to construct the proposed new
smart city in the UAE, which has been valued at $25-30bn
investment. The project is still in its early phases as only the
design phase has been completed. The company is yet to find a
local partner to start construction work. Titled ‘Renaissance
City’, the city will be built over 300 hectares, and will have
residences, offices, a school, shopping mall, medical centre,
library, and the UAE’s first opera house, among other amenities.
(Bloomberg)
 Ras Al Khaimah DED signs deal with UAE MoE – The Ras Al
Khaimah Department of Economic Development (DED) has
signed an agreement with the UAE Ministry of Economy (MoE)
to improve the business environment in the UAE and attract
investments into the country. The RAK DED has been
authorized to issue limited liability, general and limited
partnership documents and collect fees on behalf of the MoE for
companies operating in the Emirate. The authority has also
been mandated to transfer income arising from collection
between accounts, in accordance with the instructions of the
Ministry of Finance. (Bloomberg)
 UAE MoH, Sharjah, Bee’ah sign MoU – The UAE Ministry of
Health (MoH) and a Sharjah-based waste management
company, Bee’ah, have signed a MoU to recycle materials that
are used by the MoH. According to the MoU, the ministry will
improve the environment friendly policy and use wastes after
their treatment and recycling. (Bloomberg)
 ADMA-OPCO awards $2bn UAE offshore deal to Hyundai –
Abu Dhabi Marine Operating Company (ADMA-OPCO) has
awarded South Korea-based Hyundai Heavy Industries a $2bn
project to build offshore oil production facilities in the UAE. The

6. Page 6 of 8
deal is for a project in the Nasr oil field, 130km off Abu Dhabi.
With a targeted completion date of 2019, the project will triple
the Nasr field’s production to 65,000 barrels per day.
(Bloomberg)
 UAE CB approves currency notes featuring Braille
characters – The UAE Central Bank (UAE CB) has approved a
memorandum for re-printing of set quantities of currency notes
of AED1,000, AED500, AED200, AED20, AED10 and AED5
denominations using Braille characters, so that they will be
readable by the visually impaired. (Bloomberg)
 UAE bourses merger plan shelved as terms not agreed – A
planned merger of the Dubai Financial Market (DFM) and the
Abu Dhabi Securities Exchange (ADX) has been shelved for the
foreseeable future, as terms for the politically sensitive move
could not be agreed. Having been mooted for a number of
years, the merger of the DFM and the ADX seemed to take an
important step closer last year when investment banks were
hired to advise on a tie-up. The state-backed deal, seen as one
of the biggest changes in the country's financial industry in
recent years, was expected to energize financial markets in the
UAE, making it easier for investors to operate across the
markets and attracting more foreign investment. However,
despite a number of key impediments being overcome since
then, talks have stalled and a deal is now unlikely to happen any
time soon. (Reuters)
 Tabreed, MIP consortium acquires 30-year DC concession
on Al Maryah Island – A consortium comprising the National
Central Cooling Company (Tabreed) and Mubadala
Infrastructure Partners (MIP) has acquired a 30-year concession
to be the exclusive provider of district cooling (DC) services to
the developments on the southern part of Al Maryah Island, Abu
Dhabi. The transaction, which is valued at approximately
AED1.05bn, involves the acquisition of the existing district
cooling provider to Al Maryah Island (Al Wajeez Development
Company). The 30-year concession represents an installed
capacity of up to 80,000 refrigerated tons (RT) for Abu Dhabi’s
new Central Business District and luxury lifestyle destination on
Al Maryah Island. The acquisition of the Al Maryah Island plant
brings the total number of DC plants owned and operated by
Tabreed in the GCC to 67, and increases its connected capacity
to over 900,000 RT. (DFM)
 Dubai moves up to fifth in MasterCard’s GDCI – Dubai has
made to the fifth place in the annual MasterCard Global
Destination Cities Index (GDCI), which surveyed 132 cities.
Dubai has more visitors per resident than anywhere else in the
world as the Emirate climbed the rankings of the world’s most
visited cities. Dubai jumped two places overall in the index as it
expects to receive more tourists than New York and Istanbul in
2014. The country expects to receive 11.95mn international
overnight visitors, an increase of 7.5%, according to the survey.
(GulfBase.com)
 DGCX to relist Indian rupee options contract – The Dubai
Gold & Commodities Exchange (DGCX) has announced the re-
listing of its Indian rupee options contract, which was temporarily
suspended in 2012 to facilitate migration to a new trading
infrastructure, will restart trading on July 18, 2014. DGCX’s new
advanced trading infrastructure, built in partnership with leading
global financial technology provider Cinnober, will support
heightened trading in the options contract. (GulfBase.com)
 AED35bn invested in Dubai real estate in 1Q2014 –
According to the Dubai Land Department (DLD), AED35bn was
invested into the Dubai property market during 1Q2014,
representing a 57% rise over the same period in 2013.
(GulfBase.com)
 Dubai-Canada trade up 61% at AED2bn in 1Q2014 – Dubai’s
Ports, Customs & Free Zone Corporation (PCFC) has affirmed
its commitment to support the economic ties between the UAE
and Canada, as reflected by their growing bilateral trade, which
surged 53% in 2013 to AED9.2bn as compared to AED6bn in
2012. Dubai’s foreign trade with Canada recorded a 61% growth
in 1Q2014 to reach AED2bn, up from AED1.3bn for the same
period in 2013. (GulfBase.com)
 Axiom Telecom may revive IPO after cancellation – Dubai-
based mobile-phone retailer, Axiom Telecom, said that it may
revive its plans for an initial public offering (IPO). Earlier in
December 2010, the company abandoned its IPO plans to raise
at least $100mn due to market conditions. Dubai Holding’s unit
Emirates International Telecommunications (EIT) has a 26%
stake in Axiom. According to sources, the company had hired
Citigroup Inc. in 2013 to find potential buyers for the stake. The
company was planning to raise as much as $300mn from the
disposal though an agreement was never reached. (Bloomberg)
 Eshraq Properties’ BoD proposes AED600mn capital
increase – Eshraq Properties’ board of directors (BoD) has
proposed a capital increase by issuing new shares worth
AED600mn at AED1 par value. This is subject to the approval of
the EGM, which will be held on August 17, 2014. In the absence
of the quorum on this date, the second EGM will be on August
24, 2014 and in the absence of the quorum on this date the third
EGM will be on September 25, 2014 subject to approval from
concerned authorities. (ADX)
 ADNEC wins two awards at AEO in London – Abu Dhabi
National Exhibitions Company (ADNEC) has won two awards at
the annual Association of Event Organizers (AEO) awards
ceremony held in London. The high profile industry awards
recognized ADNEC Group-owned venues – the Abu Dhabi
National Exhibition Centre as ‘Most Sustainable Exhibition and
Conference Venue’ and ExCeL London as ‘Best Venue of the
Year’. (GulfBase.com)
 Aldar Properties appoints new CEO – Abu Dhabi-based Aldar
Properties has appointed Mohammed Khalifa Al Mubarak as the
new Chief Executive Officer (CEO). Al Mubarak had been
serving as the Deputy Chief Executive and Chief Portfolio
Management Officer of the company since March 2013.
(Reuters)
 Etihad to launch six new routes in 1H2015 – Etihad Airways
said that it will launch six new routes in 1H2015 offering
travelers more connection choices. Daily flights will commence
to Madrid (Spain), Edinburgh (Scotland), Kolkata (India), and
Entebbe (Uganda). It will also operate four flights a week to
Hong Kong, and three flights a week to Algiers (Algeria).
Additionally, Etihad’s existing daily flights to Brisbane (Australia),
currently operated via Singapore, will become a direct service
from June 2015. (Bloomberg)
 KOC awards $700mn contract to Petrofac – UK-based oilfield
services company, Petrofac secured a $700mn contract from
Kuwait Oil Company (KOC) for a gathering center (GC29)
located north of Kuwait City. The project, which includes
engineering, procurement, construction, pre-commissioning and
commissioning of GC29, is to be completed over three years.
GC29 is one of three gathering centers being constructed to
support KOC's plans to increase and maintain oil production
over the next five years. (GulfBase.com)
 Former Oman Air CEO appointed as COO – Oman Air has
appointed Abdulrahaman Al-Busaidy to the newly created post
of Chief Operating Officer (COO), effective July 1, 2014.

7. Page 7 of 8
Abdulrahaman was the airline’s Chief Executive Officer (CEO)
from 2000 to 2006. (GulfBase.com)
 EHC appoints advisors to raise OMR800mn for Lamar
project – Electricity Holding Company (EHC), the holding
company of Omani Government-owned companies, has
appointed Bank Muscat and J.P. Morgan as joint financial
advisors and lead arrangers in connection with a debt raising of
OMR800mn. The appointment of Bank Muscat and J.P. Morgan
as joint financial advisors and lead arrangers is to advise EHC
and its subsidiaries and raise long term funding to support
Electricity Holding Group's capital expenditure of the distribution
and transmission network, and to refinance the existing short
terms borrowings. (GulfBase.com)
 OGC to invest in new expansion, value-added projects –
Oman Gas Company (OGC) has progressed studies on an array
of important initiatives that will result in a significant expansion of
its countrywide network, as well as contribute to the
maximization of the value of the nation’s gas resources.
Concept studies have been undertaken in connection with a
number of planned ventures, including a major oil pipeline to
Ras Markaz where Oman Oil Company intends to build a
mammoth 200mn-barrel-capacity crude oil storage park on the
Wusta coast. Similar studies have also been initiated with regard
to a raft of expansion projects, including a proposed tie-in of
DNO Oman export gas to the North Gas Grid, additional gas
supply to Salalah Methanol Company, and gas supply to the
Carmeuse/Majan plant in Salalah Free Zone. Other ventures
planned by OGC have been progressed through to the front end
engineering design (FEED) stage. (GulfBase.com)
 Oman’s Tenders Board awards tender worth OMR28.45mn –
Tender Board, managing and implementing government
procurements and projects in Oman has awarded OMR28.45mn
worth tenders. The meeting also approved the technical analysis
for a number of development and service projects that included
the construction of an additional building for the Ministry of Civil
Service, the construction of sports complexes in the wilayats of
Al Rustaq and Ibra, the implementation of infrastructure for
Sumail Industrial Estate and the expansion of Sohar Industrial
Area. (GulfBase.com)
 NCSI: Budget registers surplus of OMR551mn by May 2014
– According to public finance figures published by the National
Centre for Statistics and Information (NCSI), the general state
budget by the end of May 2014 registered a surplus figure of
OMR551.2mn, against a deficit figure of OMR71.6mn of the
same period in 2013. The total surplus figure recorded by the
end of May 2014 was OMR582.9mn against a deficit of
OMR110.4mn recorded over the same period last year. The
public sector revenue grew by 0.5% at the end of May 2014,
standing at OMR6.04bn, when compared to the end of May
2013 figure of OMR6.01bn. Over the same period, net oil
revenue declined to OMR4.3bn, compared to OMR4.5bn over
the same period in 2013, representing a decline of 2.6%. Gas
revenue also witnessed a decline to OMR594.3mn, against
OMR605.9mn over the same period in 2013, representing a
year-on-year fall of 1.9%. Furthermore, total public sector
spending registered an increase of 8% by end of May 2014 from
OMR4.7bn recorded by end of May 2013 to OMR5.1bn. The
main reason of the increase in the public sector spending is
attributed to the 12% increase of current expenditure from
OMR2.9bn registered by the end of May 2013 to OMR3.2bn
during the same period in 2014. (GulfBase.com)
 Investcorp to acquire SPGPrints for about $327mn –
Investcorp entered into agreement to acquire SPGPrints Group
from funds managed by Bencis Capital Partners for an
enterprise value of $327mn. SPGPrints is a provider of
integrated solutions for rotary screen and digital printing for
textiles and graphic applications. The closing the transaction is
expected following clearance from relevant competition
authorities. (GulfBase.com)
 Naseej launches tier three of key project – Bahrain-based
real estate company, Naseej has announced the sales launch of
tier three of the Al Madina Al Shamaliya (North Bahrain New
Town) housing development. It forms part of Bahrain's ground-
breaking social and affordable housing public-private-
partnership (PPP) between the Housing Ministry and Naseej.
Valued at over $450mn and involving the development of 2,800
social and affordable homes for Bahraini citizens at Al Madina Al
Shamaliya and Al Luwzi, the PPP is a first for the kingdom, and
also the first of its kind in the GCC. (GulfBase.com)
 EDB, ICD sign MoU – The Economic Development Board
(EDB) and the Islamic Corporation for the Development of the
Private Sector (ICD) have signed a MoU to promote the growth
of small and medium enterprises (SMEs) in Bahrain. Under the
agreement, ICD will establish a world-class Islamic Ijara
company in Bahrain to help SMEs succeed by offering Shari’ah-
compliant financing products. The proposed Ijara company will
also be used as a training centre to help Bahrainis in the area of
Islamic finance. Additionally, ICD plans to set up a software
development centre in Bahrain to offer solutions for Ijara,
takaful, mortgage and Islamic banking, for export to the
international market. Moreover, ICD will assess the feasibility of
establishing an SME Fund in partnership with the EDB, with the
aim of supporting and investing in SMEs based in Bahrain.
(GulfBase.com)
 Bahrain plans BHD280mn power projects – Bahraini Minister
of State for Electricity and Water Affairs, Dr. Abdulhussain
Mirza, said that three major power plants costing BHD280mn
will be constructed in the country. The planned 400-220kV
plants will be built in the Hidd, Umm Al Hassam and Riffa
districts of the kingdom. The project will be the first to be
financed by Kuwait under the GCC Development Program.
(Bloomberg)

8. 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
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views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 8 of 8
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 Jul-14
QE Index S&P Pan Arab S&P GCC
0.2%
1.6%
0.3%
0.0%
0.5% 0.6%
1.5%
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,338.62 0.2 1.4 11.0 DJ Industrial 16,943.81 0.2 (0.7) 2.2
Silver/Ounce 21.45 0.2 1.3 10.2 S&P 500 1,967.57 0.1 (0.9) 6.4
Crude Oil (Brent)/Barrel (FM
Future)
106.66 (1.8) (3.6) (3.7) NASDAQ 100 4,415.49 0.4 (1.6) 5.7
Natural Gas (Henry
Hub)/MMBtu
4.08 (0.7) (4.9) (6.0) STOXX 600 336.91 0.2 (3.2) 2.6
LPG Propane (Arab Gulf)/Ton 103.38 (1.1) (0.5) (18.3) DAX 9,666.34 0.1 (3.4) 1.2
LPG Butane (Arab Gulf)/Ton 123.50 (0.7) (0.4) (9.0) FTSE 100 6,690.17 0.3 (2.6) (0.9)
Euro 1.36 (0.0) 0.1 (1.0) CAC 40 4,316.50 0.4 (3.4) 0.5
Yen 101.30 (0.0) (0.7) (3.8) Nikkei 15,164.04 (0.3) (1.8) (6.9)
GBP 1.71 (0.1) (0.3) 3.4 MSCI EM 1,058.67 (0.3) (0.4) 5.6
CHF 1.12 0.0 0.2 0.1 SHANGHAI SE Composite 2,046.96 0.4 (0.6) (3.3)
AUD 0.94 (0.0) 0.3 5.3 HANG SENG 23,233.45 (0.0) (1.3) (0.3)
USD Index 80.19 0.1 (0.1) 0.2 BSE SENSEX 25,024.35 (1.4) (3.6) 18.2
RUB 34.22 0.7 (0.7) 4.1 Bovespa 54,785.93 0.4 1.4 6.4
BRL 0.45 (0.1) (0.4) 6.4 RTS 1,383.18 (0.0) 1.7 (4.1)
185.6
153.2
138.6