1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.3% to close at 12,881.7. Losses were led by the Real
Estate and Telecoms indices, declining 1.1% each. Top losers were Barwa Real
Estate Co. and Industries Qatar, falling 1.8% and 1.6%, respectively. Among the
top gainers, Gulf Warehousing Co. and Qatar Insurance Co. rose 3.0% each.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 9,812.5. Gains were led
by the Insurance and Retail indices, rising 1.6% and 1.5%, respectively. Saudi
Marketing Co. gained 9.9%, while Bupa Arabia for Coop. Ins. was up 9.8%.
Dubai: The DFM index gained 0.1% to close at 4,579.8. The Insurance index
gained 2.5%, while the Services index rose 2.2%. Gulf Finance House surged
15.0%, while Gulf Navigation was up 11.2%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,841.1. The
Industrial index fell 1.4%, while the Consumer index was down 1.2%. Abu
Dhabi Ship Building Co. fell 9.0%, while Al Khazna Ins. Co. declined 8.8%.
Kuwait: The KSE index gained 1.5% to close at 7,178.8. The Telecom. Index
rose 2.6%, while the Financial Services index was up 2.3%. Al-Safat Tec
Holding Co. and Al-Nawadi Holding Co. gained 9.3% each.
Oman: The MSM index rose marginally to close at 7,190.2. Gains were led by
the Services index, rising 0.3%, while Industrial index rose marginally. Port
Services Corp. gained 5.1%, while Oman United Insurance was up 4.1%.
Bahrain: The BHB index gained 1.6% to close at 1,463.8. The Industrial index
rose 5.4%, while the Commercial Banking index was up 2.3%. National Bank
of Bahrain gained 7.7%, while Ithmaar Bank was up 6.7%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 52.00 3.0 18.5 25.3
Qatar Insurance Co. 87.00 3.0 121.7 63.5
Mesaieed Petrochemical Holding 32.80 2.3 1,383.7 228.0
Qatar Cinema & Film Distri. Co. 51.00 2.0 0.6 27.2
Qatar Islamic Insurance Co. 79.00 1.9 12.9 36.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 19.11 (1.0) 2,068.4 78.4
Masraf Al Rayan 54.60 (0.9) 2,059.9 74.4
Ezdan Holding Group 23.70 0.4 1,687.0 39.4
Mesaieed Petrochem. Holding Co. 32.80 2.3 1,383.7 228.0
Mazaya Qatar Real Estate Dev. 18.99 (0.8) 1,290.6 69.9
Market Indicators 13 Jul 14 10 Jul 14 %Chg.
Value Traded (QR mn) 554.8 725.8 (23.6)
Exch. Market Cap. (QR mn) 700,230.8 701,389.8 (0.2)
Volume (mn) 14.2 16.8 (15.5)
Number of Transactions 7,237 7,911 (8.5)
Companies Traded 42 42 0.0
Market Breadth 15:22 28:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,212.94 (0.3) (0.3) 29.6 N/A
All Share Index 3,257.60 (0.3) (0.3) 25.9 15.6
Banks 3,131.24 (0.4) (0.4) 28.1 15.5
Industrials 4,305.90 (0.3) (0.3) 23.0 16.8
Transportation 2,249.23 0.6 0.6 21.0 14.5
Real Estate 2,704.53 (1.1) (1.1) 38.5 13.5
Insurance 3,632.41 2.1 2.1 55.5 9.5
Telecoms 1,633.47 (1.1) (1.1) 12.4 22.5
Consumer 6,878.71 0.3 0.3 15.6 27.0
Al Rayan Islamic Index 4,304.65 (0.5) (0.5) 41.8 18.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Bank of Bahrain Bahrain 0.84 7.7 3.2 20.9
Nat. Real Estate Co. Kuwait 0.15 7.0 1,853.5 3.6
Ithmaar Bank Bahrain 0.16 6.7 1,242.9 (30.4)
Aluminium Bahrain Bahrain 0.50 5.5 63.2 (4.8)
Dallah Healthcare Saudi Arabia 106.24 4.9 475.6 52.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Real Estate Co. Kuwait 0.10 (5.5) 537.0 (11.9)
Abu Dhabi Nat. Energy Abu Dhabi 1.13 (3.4) 113.6 (23.1)
Nat. Bank Of Abu Dhabi Abu Dhabi 14.50 (3.0) 277.2 14.8
Kuwait Foods Kuwait 2.94 (2.0) 10.0 16.7
Al Rajhi Bank Saudi Arabia 67.95 (1.9) 3,600.0 0.8
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 40.75 (1.8) 771.2 36.7
Industries Qatar 177.00 (1.6) 55.1 4.8
Mannai Corp. 108.70 (1.5) 37.6 20.9
Ahli Bank 51.70 (1.3) 16.7 22.2
Qatar Navigation 96.50 (1.2) 61.6 16.3
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 54.60 (0.9) 114,874.5 74.4
Mesaieed Petrochem. Holding Co. 32.80 2.3 45,567.9 228.0
Vodafone Qatar 19.11 (1.0) 41,029.0 78.4
Ezdan Holding Group 23.70 0.4 40,632.0 39.4
Barwa Real Estate Co. 40.75 (1.8) 31,988.3 36.7
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* 12,881.70 (0.3) (0.3) 12.1 24.1 152.39 192,353.4 16.0 2.2 3.9
Dubai 4,579.76 0.1 0.1 16.2 35.9 216.21 89,084.4 24.6 1.8 2.3
Abu Dhabi 4,841.07 (0.1) (0.1) 6.4 12.8 53.65 134,803.0 14.3 1.8 3.4
Saudi Arabia 9,812.50 0.1 0.1 3.1 15.0 1,758.17 536,191.3 19.4 2.4 2.9
Kuwait 7,178.75 1.5 1.5 3.0 (4.9) 78.99 112,382.5 17.1 1.1 3.8
Oman 7,190.24 0.0 0.0 2.6 5.2 15.40 26,463.8 12.5 1.7 3.9
Bahrain 1,463.78 1.6 1.6 2.5 17.2 0.64 54,054.0 11.5 1.0 4.7
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,850
12,900
12,950
13,000
13,050
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE index declined 0.3% to close at 12,881.7. The Real
Estate and Telecoms indices led the losses. The index fell on the
back of selling pressure from Qatari shareholders despite buying
support from non-Qatari shareholders.
 Barwa Real Estate Co. and Industries Qatar were the top losers,
falling 1.8% and 1.6%, respectively. Among the top gainers, Gulf
Warehousing Co. and Qatar Insurance Co. rose 3.0% each.
 Volume of shares traded on Sunday fell by 15.5% to 14.2mn
from 16.8mn on Thursday. Further, as compared to the 30-day
moving average of 17.7mn, volume for the day was 19.6% lower.
Vodafone Qatar and Masraf Al Rayan were the most active
stocks, contributing 14.6% and 14.5% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn)2Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Saudi International
Petrochemical Co.
(Sipchem)
Saudi SR – – 459.8 35.5% 244.60 40.6%
Yanbu National
Petrochemical Co.
(YANSAB)
Saudi SR – – 700.6 -7.4% 613.00 -8.6%
Southern Province Cement
Co.
Saudi SR – – 296.0 1.0% 294.00 -1.0%
Saudi Transport &
Investment Co.
Saudi SR – – 13.1 NA 12.97 176.9%
Saudi Arabia Fertilizers Co. Saudi SR – – 579.0 -8.5% 639.00 -7.8%
Qassim Cement Co. Saudi SR – – 163.6 -5.7% 161.11 -1.5%
Saudi Industrial Export Co. Saudi SR – – 0.5 -77.9% 0.52 -76.4%
Fitaihi Holding Group Saudi SR – – 20.6 52.7% 18.02 52.0%
Samba Financial Group Saudi SR – – – – 1,257.00 7.0%
Dubai Refreshment * Dubai AED 478.0 11.7% 60.6 17.0% 68.70 14.1%
Kuwait Business Town Real
Estate*
Kuwait KD – – – – 0.62 NA
National Slaughter House* Kuwait KD – – – – 0.20 29.6%
Oman United Insurance* Oman OMR 24.3 -0.4% 2.9 50.2% 2.71 1.1%
National Securities Oman OMR 0.2 283.7% – – -0.11 NA
Gulf Investment Services* Oman OMR 3.3 3.8% – – 2.52 14.4%
Source: Company data, DFM, ADX, MSM ( *1H2014 results )
News
Qatar
 MARK to sell 50% stake in Seef Lusail Real Estate
Development Company – Masraf Al Rayan (MARK) has
agreed to sell its 50% stake in Seef Lusail Real Estate
Development Company to the real estate arm of the Gulf state's
sovereign wealth fund. Mark had previously owned the company
equally with Qatari Diar Infrastructure Company. Under the
terms of the agreement, MARK will divest 49% stake to its joint
venture partner, with the remaining 1% sold to Qatari Diar Real
Estate Investment Company (QDRIC). Both are units of Qatari
Diar, owned by the Qatar Investment Authority. (Reuters,
QNBFS Research)
 CBQK launches mid-term European debt securities
issuance program on Abank – Alternatifbank (Abank), 74.25%
owned by the Commercial Bank of Qatar (CBQK), has
mandated BofA Merrill Lynch and Commerzbank to arrange on
its behalf a series of investor meetings targeting fixed income
investors commencing on July 14, 2014. An inaugural USD
RegS Only offering guaranteed by CBQK and expected to be
rated A by Fitch, may follow, subject to market conditions. (QE)
 QFCA appoints new CFTO – The Qatar Financial Centre
Authority (QFCA) has appointed Sheikh Salman Bin Hassan Al
Thani as its Chief Financial and Tax Officer (CFTO). Prior to
joining the QFCA, Sheikh Salman Al Thani was Director of Risk
Management at the Qatar Central Bank (QCB). He also worked
for Qatar Petroleum (QP) in a variety of roles in the Project
Finance Department. Sheikh Salman holds a BA degree in
Banking and Financial Studies from Qatar University. (Peninsula
Qatar)
 Ashghal: 9 kilometer stretch of Dukhan Highway Central
opens – The Public Works Authority (Ashghal) has opened a 9
kilometer stretch of the Dukhan Highway Central, paving the
way for easy traffic flow between Dukhan and Central Doha.
Motorists are expected to experience major improvement while
driving on the arterial highway following the opening of the dual-
carriageway with four lanes in each direction from Shehaniya
Interchange to Al Rayyan Stadium Roundabout. Dukhan
Highway is considered one of the most important sections of the
road network in Qatar. The highway serves the local community
as well as the adjacent areas, especially those who work in
Overall Activity Buy %* Sell %* Net (QR)
Qatari 68.29% 72.83% (446,281.00)
Non-Qatari 31.71% 27.17% 446,281.00

3. Page 3 of 7
Dukhan and Al Shamal areas. The Dukhan Highway Central
provides a modern highway that improves traffic flow between
Doha and the west of Qatar through the 9km dual-carriageway
with four lanes in each direction. (Gulf-Times.com)
International
 Draghi seen delivering $1tn free lunch to banks –
Economists say Mario Draghi’s newest stimulus tool will hand
banks more than €700bn of cheap funding. According to the
Bloomberg Monthly Survey of 45 economists, the European
Central Bank (ECB) president’s targeted lending program for
banks will boost credit for the real economy as planned, and at
the same time help keep the financial system flush with cash.
Draghi may address the topic shortly when he testifies at the
European Parliament in Strasbourg for the first time since
elections in May. The ECB has identified lending to companies
and households as a key weakness in the Euro area’s fragile
recovery. The so-called TLTRO program, part of a wider
package of measures announced in June, offers as much as
four years of low-cost funding tied to bank lending that Draghi
said this month could ultimately provide as much as €1tn.
(Bloomberg)
 BES urged by central bank to bring forward new CEO
appointment – Portugal’s central bank told Banco Espirito
Santo SA, the country’s second biggest lender by market value,
to hold a board meeting to appoint the new chief executive
officer and chief financial officer earlier than previously planned.
The Bank of Portugal said in a statement that it ordered an
“urgent extraordinary meeting” of the Banco Espirito Santo
board to decide on the proposed appointments of Vitor Bento as
CEO, Joao Moreira Rato as CFO and Jose Honorio as vice
president of the executive committee. Espirito Santo Financial
Group SA, or ESFG, which is controlled by Banco Espirito
Santo’s founding family and is the biggest shareholder in the
bank, with a 25% stake, said on July 5 that it would propose
Bento and Moreira Rato at a July 28 board meeting. Credit
Agricole SA, which owns 14.6% of Banco Espirito Santo, backed
the proposal. Shareholders are due to ratify the new board
members on July 31. Banco Espirito Santo roiled markets on
July 10 after a parent company called Espirito Santo
International SA missed some payments on commercial paper.
The bank’s stock dropped 36% last week and its credit rating
was lowered by both Standard & Poor’s and Moody’s Investors
Service on July 11. (Bloomberg)
 Japan investors bulk up on French bonds, bet on Eurozone
'Japanisation' – Japanese investors have been buying most of
France's government debt recently in a record surge spurred by
expectations that Europe faces the kind of deflation and growth
that Japan suffered for decades. Since the European Central
Bank (ECB) signaled in May it would take radical steps to ease
monetary conditions, banks and other big investors in Japan
have piled into French bonds, convinced from their own
experience that the debt of a country where the central bank is
battling deflation represents a winning bet, market participants
say. Japanese Finance Ministry data shows Japanese investors
bought a net 1.9tn yen of French bonds in May, equal to more
than 60% of the government’s new issuance that month. Data is
not available for June, but market participants say Japanese
buying of French bonds has picked up from May amid a broader
increase in buying of Eurozone debt. One suggested Japanese
investors may have bought the equivalent of three-fourths of the
French new issuance. (Reuters)
 BRICS fight waning clout with $150bn deal in Brazil summit
– The leaders of five of the world’s largest emerging markets will
showcase a new currency reserve fund and development bank
this week. Critics say neither is enough to revive the group’s
waning clout. Brazil, Russia, India, China and South Africa,
known as the BRICS, will approve the creation for the $100bn
reserve fund and $50bn bank at a July 15-16 summit in Brazil’s
coastal city of Fortaleza and the capital Brasilia. Arvind
Subramanian, senior fellow at the Peterson Institute for
International Economics said, the initiatives are born out of
frustration with a lack of participation in global governance,
particularly in the World Bank and International Monetary Fund.
The measures aren’t big enough to boost growth or cohesion in
the group as foreign investor sentiment sours and member
states focus on issues close to home, such as Brazil’s elections,
the conflict in Ukraine and new economic policy plans in India.
According to the median estimate of economists surveyed by
Bloomberg, economic growth in the five countries is projected to
average 5.37% this year, half the pace seen seven years ago.
Brazil and Russia will grow 1.3% and 0.5%, respectively.
(Bloomberg)
Regional
 EY: Private sector to boost opportunities for large-scale
MENA power transactions – According to an Ernst & Young
(EY) a report – Power Transactions and Trends – the increasing
role of the private sector in both power generation and water
could boost opportunities for future large-scale transactions in
the MENA region. According to EY’s report, with market reforms
in the region gaining momentum as well as utility unbundling,
renewables looks to be a fertile growth area. At present, utilities
in the Gulf are focusing chiefly on domestic investments. There
is a massive need for new power and water capacity, driven by
population growth and the increased industrialization of the
region’s economies. The new capacity projections over the next
few years encompass not just generation but basic
infrastructure. EY’s Mena Power & Utilities Transactions leader
David Lloyd said this demand will open up substantial
opportunities for private sector involvement and transactions.
Transaction activities in the GCC are largely based on
participation of the private sector in capital projects and
commercial undertakings. As markets and competition in power
generation becomes more established, growth rather than
consolidation is expected to be a dominant driver of activity, with
more deals to be done between state-owned businesses and
the private sector. (Gulf-Times.com)
 Italy earmarks €4.9mn for MENA projects – The Italian
government has announced the earmarking of funds to finance
projects by the United Nations Industrial Development
Organisation (UNIDO) worth a total of €4.9mn that will be
implemented in the MENA region, as well as in Ethiopia and
Mozambique. An agreement on this was signed in Vienna
between Italy and UNIDO. Italy will contribute €600,000 to a
European Union project in the MENA region, which focuses on
fostering entrepreneurial cooperation in the cultural and creative
industry demonstrating the potential for national and regional
development in this field in the Southern Mediterranean.
(GulfBase.com)
 GCC construction deals to hit $195bn – According to a report
by Arabian Business, the GCC construction projects are
forecasted to reach $195.67bn in 2014, up nearly $35bn as
compared to 2013. The contract awards for the building and
infrastructure sectors will make up $134bn by December 2014,
an increase from $119.05bn in 2013. The UAE, Qatar and Saudi
Arabia are likely to lead growth in the construction market over
the next few years. All GCC economies except Bahrain and
Oman, are projected to continue expansion for the next six
years, with heavy investments planned irrespective of budgetary
balances. (Bloomberg)

4. Page 4 of 7
 Fire breaks out at Chemanol’s Paraformaldehyde Unit –
Methanol Chemicals Company (Chemanol) announced that fire
had broken out at its Paraformaldehyde Unit located in Jubail
Industrial City on July 11, 2014. The fire has been contained
successfully by the company’s firefighters with the help of
nearby companies and civil defense teams. Work will stop
temporarily at the Paraformaldehyde Unit until the investigation
into the causes of the incident is complete and the financial
impact is assessed under the insurance coverage of the plant.
Meanwhile, work will continue normally in the rest of the
company’s plants which were not affected by the fire. Hence, the
company is expected to complete the investigations and
determine the financial impact within one month. (Tadawul)
 NCB’s net income reaches SR4,961mn in 1H2014 – The
National Commercial Bank (NCB) recorded SR4,961mn net
income attributable to equity holders for 1H2014 as compared to
SR4,324mn for 1H2013, reflecting an increase of 14.7%. Net
income for 2Q2014 amounted to SR2,425mn as compared to
SR1,992mn for 2Q2013, indicating an increase of 21.7%. The
bank’s total assets grew to reach SR436bn as compared to
SR363bn at the end of the same period of 2013, reflecting an
increase of 20%. Total shareholders’ equity reached SR46.4bn
as compared to SR41.6bn at end of the same period of 2013,
indicating an increase of 11.4%. Earnings per share reached
SR2.5 as compared to SR2.2 at the end of the same period in
2013. The loans & advances portfolio grew to SR206bn as
compared to SR178bn at the end of the same period in 2013,
indicating an increase of 15.7%, while customer deposits grew
to SR346bn as compared to SR288bn at the end of 1H2013,
indicating an increase of 20%. (GulfBase.com)
 Al Rajhi Bank reports 8.2% decline in 2Q2014 net profit – Al
Rajhi Bank reported a net profit of SR1.95bn in 2Q2014 as
compared to SR2.12bn during the same period last year,
reflecting a decrease of 8.2% YoY. The net profit for 1H2014
declined 12.4% to SR3.66bn from SR4.17bn in 1H2013. The
total assets stood at SR295bn as compared to SR273bn a year
earlier. EPS amounted to SR2.25 at the end of June 2014.
Loans & advances stood at SR201bn, while customer deposits
reached SR245bn. (Tadawul)
 Tadawul deposits Al Hammadi’s IPO shares – The Saudi
Stock Exchange (Tadawul) announced that the IPO shares of Al
Hammadi Company for Development & Investment have been
deposited into applicable investor’s portfolios on July 13, 2014.
(Tadawul)
 MAADEN enters into 50% JV for Jabal Sayid copper project
– Saudi Arabian Mining Company (MAADEN) has entered into
an agreement with Barrick Gold Corporation (Barrick) to
establish a 50:50 joint venture entity that will acquire, develop
and operate the Jabal Sayid copper project located 120
kilometer southeast of Medina, Saudi Arabia (the Project).
MAADEN will invest approximately $210mn to acquire its stake
in the project assets, rights and existing infrastructures free of
any debt or obligations, and will fund the consideration through
available cash & facilities. The acquisition is targeted to be
completed in 4Q2014 and is subject to customary closing
conditions and the approval of related authorities. The project
has been constructed and mechanically completed. The
production is expected to commence in late 2015 and the
project once fully operational will produce approximately 45,000-
60,000 tons of copper in concentrate per year. The project’s
estimated copper reserves are approximately 650,000 tons and
the expected mine life is approximately 15 years, but future
exploration work will be carried out within the mining license
area and the exploration license area surrounding the mine with
the aim of extending the mine life. (Tadawul)
 HSBC Saudi Arabia announces rebalancing of HSBC Saudi
20 ETF – HSBC Saudi Arabia announces the rebalancing of the
HSBC Saudi 20 ETF in line with the index. The rebalancing of
the HSBC Saudi 20 ETF has been carried out on July 13, 2014
in line with the index. (Tadawul)
 OFC acquires 51% stake in Gulf Union Foods – Saudi-based
Olayan Financing Company (OFC) has acquired a 51% stake in
Gulf Union Foods Company from a group of investors including
private equity firm Jadwa Investment (Jadwa). Jadwa is
divesting its entire 30% stake, which it acquired in December
2009 through its Food & Beverage Opportunity Fund. (Reuters)
 Mobily signs $200mn export deal with EDC – Etihad Etisalat
Company (Mobily) has signed a $200mn export finance
agreement with Export Development Canada (EDC) for the
purchase of telecoms equipment from Alcatel Lucent. The
Islamic finance deal was announced on June 29, 2014 and is
led by Credit Agricole and Bank of Tokyo Mitsubishi. The tenure
is 10.5 years repayable in 17 half yearly installments and the
drawdown is over two years. The Shari’ah-compliant loan was
priced at a fixed rate of 2.52% per annum with a 3% upfront
premium. (Bloomberg)
 UAE becomes Vietnam’s fifth largest export market – The
UAE has surpassed Germany and Hong Kong to become
Vietnam’s fifth largest export market. Total Vietnamese exports
to the UAE had jumped 27% YoY, tallying $2.03bn in the first
five months of 2014. It is now forecasted that the total export
turnover to the UAE will hit a record $2.4bn in 1H2014, reflecting
a significant YoY increase of 25%. The country’s key export
items to the UAE include mobile handsets, computers, electronic
products, pepper, textiles, and footwear. (GulfBase.com)
 CBD appoints GM for Corporate, Commercial & Investment
Banking – Commercial Bank of Dubai (CBD) has appointed
Alain Renaud as its General Manager (GM) for Corporate,
Commercial & Investment Banking. Prior to joining CBD,
Renaud had held several key positions with a number of
international financial institutions in New York, London, Paris
and Dubai, in particular HSBC, Paribas and Credit Suisse First
Boston. (Bloomberg)
 DI’s EBS targets 10% YoY growth – Dubai Investments’ (DI)
subsidiary and a manufacturer of steel structures, Emirates
Building Systems (EBS) is targeting a 10% YOY growth over the
next five years amid strong demand in the region fueled by the
ongoing construction boom. EBS, which achieved a growth of
10% in 2013 as compared to 2012, also announced major
expansion plans in Saudi Arabia, given the escalating demand
for steel structures for infrastructure projects, commercial and
residential buildings as well as the oil & gas sector in the
country. The expansion plans comes close on the heels of EBS
winning strategic projects in the Saudi Arabia, which includes a
project for Riyadh Public Transport, as well as structures for
three petrochemical projects undertaken by Samsung
Engineering for Saudi Aramco. The company also announced a
strong pipeline of projects in Saudi Arabia, which are expected
to be announced soon. (DFM)
 Abraaj Investment makes bid for BiscoMisr’s 51% stake –
Abraaj Investment Management, an affiliate of Abraaj Capital,
has made a bid to buy a minimum 51% stake in BiscoMisr, an
Egypt-based provider of baked goods and confectionary. The
transaction is subjected to certain conditions, including
conducting due diligence on the company that is satisfactory to
Abraaj, finalizing negotiations and obtaining the necessary
regulatory approvals. (Reuters)

5. Page 5 of 7
 DEWA awards AED65mn contract to improve water
networks reliability – Dubai Electricity and Water Authority
(DEWA) has awarded an AED65mn contract for a project that
will increase the reliability of its water networks in different parts
of Dubai. The project, slated to be completed by June 2016,
involves the supply, installation and commissioning of surge
protection devices for DEWA’s pumping station in areas such as
Jebel Ali, Mushrif, and Hatta. (Bloomberg)
 Dana Gas wins right to some payments from Iraqi Kurdistan
– Dana Gas announced that an arbitration tribunal had awarded
it the right to receive some outstanding payments from the
Kurdish government. Dana Gas which leads a consortium of
investors had filed an arbitration case in London last October
against the Kurdistan Regional Government (KRG), seeking to
confirm its contract rights and to obtain payments for products
which it had delivered. Earlier, in February 2014, the company
had said that it had not received any significant payments from
the KRG since July 2013, and was pushing for payments to
resume as soon as possible. A tribunal at the London Court of
International Arbitration was set up to hear the case. Dana Gas
and its Consortium partners are proud to be the largest oil & gas
sector investors and cumulative producers in the Kurdistan
Region of Iraq. Dana Gas and and its consortium partners have
invested over $1.1bn in the Kurdistan Region and produced
approximately 120mn barrels of oil equivalent (boe) of natural
gas and petroleum liquids till date, thereby facilitating affordable
electricity generation as well as economic and social
transformation for the Kurdistan Region under the progressive
policies of the KRG. (ADX,Reuters)
 Etihad Cargo launches freighter flights to Vietnam – Etihad
Cargo, the freight division of Etihad Airways has launched
freighter flights between Abu Dhabi and Hanoi’s Noi Bai
International Airport (HAN). The dedicated cargo service will
operate every Thursday and Sunday using an Airbus A330-200F
freighter, with a capacity of 60 tons. Etihad Cargo expects the
new service to carry raw materials, consumer goods and
perishables to Hanoi, with large quantities of electronics and
textiles destined for the Gulf region, Europe and Africa loaded
for the return flight. (Bloomberg)
 ADIB opens 80th UAE branch in Shahama – Abu Dhabi
Islamic Bank (ADIB) has expanded its branch network with the
opening of its 80th branch in the UAE, in the Shahama area in
west Abu Dhabi. This takes the number of ADIB branches in this
area of Abu Dhabi to 17. (GulfBase.com)
 Gulf Capital invests $30mn in EKI – Gulf Capital has
completed an investment of $30mn in Evolvence Knowledge
Investments (EKI) through Gulf Credit Partners. EKI engages in
the establishment and operation of private schools and
nurseries in the GCC region. The total number of students in the
UAE, estimated to be around 900,000, has been growing at a
fast rate of 5.8% during the past years, reflecting the strong
enrolment in the country’s educational system. This investment
will help EKI to achieve its ambitious growth plans at an exciting
time for the GCC’s emerging education sector. (GulfBase.com)
 Bank Dhofar signs agreement with PASMED & ODB to
promote banking facilities to SMEs – Bank Dhofar has signed
an agreement with the Public Authority for SME Development
(PASMED) and Oman Development Bank (ODB) to promote
banking facilities to small and medium enterprises (SMEs).
Under the terms of the agreement, SMEs will be considered for
financial assistance by the bank which will be guaranteed up to
50% by ODB. This joint program will enable new entrepreneurs
who do not have enough resources on their own or adequate
guarantees to immediately begin implementing their projects
and find their way toward success. (GulfBase.com)
 OAB to provide banking facilities for OCC unit – Oman Arab
Bank (OAB) has signed new banking facilities for the new
Cement Mill No. 5 of Oman Cement Company (OCC). The
facilities will include a term loan in addition to the letters of
credit. The company made this announcement through the
Muscat Securities Market (MSM). (GulfBase.com)
 Bank Dhofar records net profit of OMR20.5mn in 1H2014 –
Bank Dhofar recorded a net profit of OMR20.5mn in 1H2014 as
compared to OMR40.8mn in 1H2013, down by 49.8%. The
bank’s total assets at the end of June 2014 stood at OMR2.85bn
as compared to OMR2.35bn a year earlier. Net loans &
advances reached OMR2.18bn, while customer deposits stood
at OMR2.19bn. (MSM)
 CBO issues CDs worth OMR284mn – The Central Bank of
Oman (CBO) has issued certificates of deposit (CDs) worth
OMR284mn for issue no. 875. The average interest rate of
these certificates was 0.13% whilst the maximum accepted
interest rate was 0.13%. The tenure of these certificates is 28
days. The maturity date is August 6, 2014. The certificates of
deposit issued to licensed banks by the CBO as a monetary
policy instrument is aimed at absorbing excess liquidity at the
banking sector in particular, and maintaining stability of the
interest rate and the money market in general. (GulfBase.com)
 CBO: Omani banking activities show robust growth –
According to the statistics released by the Central Bank of
Oman (CBO), banking credit rose to OMR15.6bn, with a growth
of OMR418mn as of March 31, 2014,, as compared to the
December 2013 level and OMR1.3bn as compared to the March
2013 level. Personal loans constitute more than 40% of the total
banking credit. The loans for the industrial sector rose by
OMR1.3bn in 1Q2014, reflecting a growth of OMR60mn, as
compared to December 2013 and OMR164.7mn growth as
compared to its level a year ago. The loans sanctioned to the
construction sector grew to OMR1.6bn, indicating an increase of
OMR92.3mn during 1Q2014 and OMR230mn when compared
to its level a year earlier. By the end of 1Q2014, the construction
sector received 10.1% of the total banking credit as compared to
8.2% for the industry, 8.2% for services and 39.7% for personal
loans, marginally less than the 40.1% recorded in December
2013. (GulfBase.com)
 Carmeuse to launch $180mn Oman lime project in 2H2014 –
Carmeuse is on course to bringing part of its world-scale lime
calcining plant in Oman’s Dhofar Governorate into operation in
2H2014. Carmeuse Majan is a joint venture company led by
Belgium-based Carmeuse Holding and is setting up the project
in Salalah Free Zone with an investment of around $180mn. A
total of eight kilns, each with a capacity to produce 125,000 tons
of lime, are envisioned as part of the Carmeuse’s Oman project.
The plant’s output is primarily targeted at India where demand
for lime products, a key ingredient in the manufacture of a wide
range of commodities, is rising sharply. The Gulf region, with its
booming industries, is also seen as a promising market for
Carmeuse’s products. (GulfBase.com)
 NCSI: Fixed telephone lines in Oman increase 3% –
According to the National Centre for Statistics and Information
(NCSI), fixed-phone subscribers in Oman stood at 362,273 at
the end of May 2014 as against 351,411 at the end of December
2013, constituting a rise of 3.1%. Statistics revealed that fixed-
phone subscribers in Oman stood at 280,671 at the end of May
2014 as against 271,400 subscribers at the end of 2013, while
subscribers of pre-paid fixed phone service stood at 27,421
against 25,829 at the end of 2013. The number of public phones

6. Page 6 of 7
across Oman stood at 6,801, the number of integrated services
digital networks (ISDN) stood at 45,534 while the number of
fixed wireless lines stood at 1,846. (GulfBase.com)
 ABC appoints new Head of Group Compliance – The Arab
Banking Corporation (ABC) has appointed Mrs. Sharon Craggs
as Head of Group Compliance, at the bank’s headquarters in
Bahrain. Mrs. Craggs will join ABC on August 1, 2014.
(GulfBase.com)
 Garmco plans $50mn investment to boost capacity – Gulf
Aluminium Rolling Mill Company (Garmco) is planning to invest
$50mn to boost its re-melt and casting facilities in line with
Alba's potline 6 expansion. A new casting facility will add
120,000 metric tons of casting capacity and forms an integral
part of Garmco's 3-5 years strategic plan. Alba is a fundamental
part of Garmco's supply chain and supplies the bulk of its raw
material needs. (GulfBase.com)
 Batelco signs agreement with BisB – Bahrain
Telecommunications Company (Batelco) and Bahrain Islamic
Bank (BisB) have signed a one-year partnership agreement to
support the young customers of both the organizations by
providing them special offers each month. This agreement is in
line with BisB’s continued efforts to offer the best products and
services to customers. (GulfBase.com)

7. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
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COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
QE Index S&P Pan Arab S&P GCC
0.1%
(0.3%)
1.5%
1.6%
0.0%
(0.1%)
0.1%
(0.6%)
0.0%
0.6%
1.2%
1.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,338.62 0.0 0.0 11.0 DJ Industrial 16,943.81 0.0 0.0 2.2
Silver/Ounce 21.45 0.0 0.0 10.2 S&P 500 1,967.57 0.0 0.0 6.4
Crude Oil (Brent)/Barrel (FM
Future)
106.66 0.0 0.0 (3.7) NASDAQ 100 4,415.49 0.0 0.0 5.7
Natural Gas (Henry
Hub)/MMBtu
4.08 0.0 0.0 (6.0) STOXX 600 336.91 0.0 0.0 2.6
LPG Propane (Arab Gulf)/Ton 103.13 0.0 0.0 (18.3) DAX 9,666.34 0.0 0.0 1.2
LPG Butane (Arab Gulf)/Ton 121.50 0.0 0.0 (11.0) FTSE 100 6,690.17 0.0 0.0 (0.9)
Euro 1.36 0.0 0.0 (1.0) CAC 40 4,316.50 0.0 0.0 0.5
Yen 101.30 0.0 0.0 (3.8) Nikkei 15,164.04 0.0 0.0 (6.9)
GBP 1.71 0.0 0.0 3.4 MSCI EM 1,058.67 0.0 0.0 5.6
CHF 1.12 0.0 0.0 0.1 SHANGHAI SE Composite 2,046.96 0.0 0.0 (3.3)
AUD 0.94 0.0 0.0 5.3 HANG SENG 23,233.45 0.0 0.0 (0.3)
USD Index 80.19 0.0 0.0 0.2 BSE SENSEX 25,024.35 0.0 0.0 18.2
RUB 34.22 0.0 0.0 4.1 Bovespa 54,785.93 0.0 0.0 6.4
BRL 0.45 0.0 0.0 6.4 RTS 1,383.18 0.0 0.0 (4.1)
185.1
153.3
138.7