The QE index in Qatar rose 0.8% led by gains in the Transportation and Banking & Financial Services indices. Qatari Investors Group and Gulf International Services were the top gainers rising 3.6% and 3.1% respectively, while Qatar Industrial Manufacturing Co. fell 2.3%. Regional indices were mixed with Abu Dhabi and Oman rising while Saudi Arabia fell. Volume on the QE exchange rose 12.6% from the previous day.

1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.8% to close at 9,549.9. Gains were led by the
Transportation and Banking & Financial Services indices, gaining 1.2% and
1.0% respectively. Top gainers were Qatari Investors Group and Gulf
International Services, rising 3.6% and 3.1% respectively. Among the top losers,
Qatar Industrial Manu. Co. fell 2.3%, while National Leasing declined 0.6%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.4% to close at 7,667.1. Losses were led
by the Industrial Investment and Insurance indices, declining 1.2% each. Herfy
Food Ser. fell 5.6%, while Saudi Indian Co. for Co-op. Ins. was down 3.6%.
Dubai: The DFM index gained marginally to close at 2,495.9. The Investment
& Financial Services index rose 1.5%, while the Transportation index was up
1.0%. EKTTITAB Holding gained 3.7%, while Dubai Investment was up 2.9%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 3,822.2. The
Real Estate index gained 2.1%, while the Energy index was up 1.0%.
RAKBANK rose 4.6%, while Green Crescent Insurance Co. gained 4.3%.
Kuwait: The KSE index gained 0.3% to close at 7,944.5. The Health Care
index rose 0.8%, while the Oil & Gas index was up 0.7%. Al-Dar Nat. Real
Estate gained 9.1%, while Pearl of Kuwait Real Estate was up 8.8%.
Oman: The MSM index rose 0.6% to close at 6,623.1. Gains were led by the
Banking & Investment and Services & Insurance indices rising 0.9%and 0.4%
respectively. Al Anwar Holding rose 6.6%, while Majan College was up 5.2%.
Bahrain: The BHB index gained marginally to close at 1,189.2.The Investment
index rose 0.3%, while the Commercial Banking index was up 0.1%. Gulf
Finance House gained 3.6%, while Ithmaar Bank was up 1.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 28.50 3.6 222.2 23.9
Gulf International Services 46.00 3.1 403.1 53.3
Mannai Corp 86.80 2.4 0.8 7.2
Qatar German Co. for Med. Dev. 16.11 1.9 683.1 9.0
Medicare Group 46.35 1.9 603.7 29.8
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 22.90 0.2 776.3 28.7
Qatar German Co. for Med. Dev. 16.11 1.9 683.1 9.0
Medicare Group 46.35 1.9 603.7 29.8
National Leasing 35.65 (0.6) 510.3 (21.1)
Barwa Real Estate Co. 27.30 0.4 458.0 (0.5)
Market Indicators 18 July 13 17 July 13 %Chg.
Value Traded (QR mn) 252.1 258.3 (2.4)
Exch. Market Cap. (QR mn) 524,619.1 520,355.9 0.8
Volume (mn) 6.1 5.4 12.6
Number of Transactions 3,312 2,680 23.6
Companies Traded 39 39 0.0
Market Breadth 26:07 20:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,644.57 0.8 1.4 20.6 N/A
All Share Index 2,414.96 0.8 1.4 19.9 13.0
Banks 2,300.91 1.0 1.1 18.0 12.1
Industrials 3,211.98 0.8 2.6 22.3 11.9
Transportation 1,685.63 1.2 0.6 25.8 12.1
Real Estate 1,871.25 0.3 1.5 16.1 12.0
Insurance 2,262.65 0.3 1.7 15.2 15.8
Telecoms 1,321.78 0.1 (0.4) 24.1 15.1
Consumer 5,594.74 0.4 1.4 19.8 22.8
Al Rayan Islamic Index 2,840.07 0.5 0.8 14.1 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
IFA Hotels & Resorts Kuwait 0.55 5.8 3.3 25.0
Al Tayyar Travel Group Saudi Arabia 80.75 5.2 1,809.2 91.5
RAKBANK Abu Dhabi 6.90 4.5 143.9 85.0
Qatari Investors Group Qatar 28.50 3.6 222.2 23.9
United Int. Trans. Co. Saudi Arabia 64.25 3.6 158.7 51.5
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Comm. Facilities Co. Kuwait 0.30 (4.8) 0.4 (14.5)
Nat. Mobile Telecomm. Kuwait 2.08 (2.8) 85.0 (11.1)
Sharjah Islamic Bank Abu Dhabi 1.50 (2.6) 1,135.1 63.0
Qatar Industrial Manu. Qatar 51.30 (2.3) 86.5 (3.4)
Herfy Food Services Saudi Arabia 117.50 (2.1) 67.1 23.1
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Industrial Manufacturing Co. 51.30 (2.3) 86.5 (3.4)
National Leasing 35.65 (0.6) 510.3 (21.1)
Qatar National Cement Co. 100.00 (0.3) 40.5 (6.5)
Mazaya Qatar Real Estate Dev. 11.42 (0.3) 55.7 3.8
Qatar International Islamic Bank 54.00 (0.2) 37.0 3.8
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Medicare Group 46.35 1.9 28,076.6 29.8
QNB Group 166.00 1.8 27,558.0 26.8
Industries Qatar 164.80 0.6 24,992.0 16.9
Gulf International Services 46.00 3.1 18,349.5 53.3
National Leasing 35.65 (0.6) 18,111.5 (21.1)
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* 9,549.87 0.8 1.4 3.0 14.2 69.23 144,060.4 12.0 1.7 4.8
Dubai 2,495.89 0.0 4.4 12.3 53.8 147.89 62,689.4 16.0 1.0 3.2
Abu Dhabi 3,822.21 0.6 3.1 7.6 45.3 84.29 110,168.9 11.5 1.4 4.6
Saudi Arabia 7,667.07 (0.4) (0.2) 2.4 12.8 1,089.04 407,103.6 16.0 2.0 3.8
Kuwait 7,944.49 0.3 0.8 2.2 33.9 187.23 110,233.8 23.0 1.3 3.6
Oman 6,623.05 0.6 2.0 4.5 15.0 28.75 22,929.8 10.9 1.7 4.2
Bahrain 1,189.15 0.0 (0.1) 0.1 11.6 0.49 21,250.6 8.4 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,440
9,460
9,480
9,500
9,520
9,540
9,560
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 rose 0.8% to close at 9,549.9. The Transportation
and Banking & Financial Services indices led the gains. The
index rose on the back of buying support from non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 Qatari Investors Group and Gulf International Services were the
top gainers, rising 3.6% and 3.1% respectively. Among the top
losers, Qatar Industrial Manufacturing Co. fell 2.3%, while
National Leasing declined 0.6%.
 Volume of shares traded on Thursday rose by 12.6% to 6.1mn
from 5.4mn on Wednesday. However, as compared to the 30-
day moving average of 8.1mn, volume for the day was 24.2%
lower. United Development Co. and Qatar German Co. for Med.
Dev. were the most active stocks, contributing 12.7% and 11.2%
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
Arab National Bank
(ANB)
Moody
Saudi
Arabia
Subordinated debt
rating
A2 A3  Stable –
Banque Saudi
Fransi (BSF)
Moody
Saudi
Arabia
Subordinated debt
rating
(P)A1 (P)A2  – –
Mashreqbank Moody Dubai
Subordinated debt
rating
Baa3 Ba2  Stable –
Emirates NBD
(ENBD)
Moody Dubai
Subordinated debt
rating
(P)Baa2 (P)Baa3  – –
Abu Dhabi
Commercial Bank
(ADCB)
Moody
Abu
Dhabi
Subordinated debt
rating
A2 Baa2  Stable –
First Gulf Bank
(FGB)
Moody
Abu
Dhabi
Subordinated debt
rating
(P)A3 (P)Baa1  – –
Burgan Bank Moody Kuwait
Subordinated debt
rating
Baa1 Ba1  Stable –
BankMuscat Moody Oman
Subordinated debt
rating
(P)A2 (P)A3  – –
Bank of Bahrain &
Kuwait (BBK)
Moody Bahrain
Subordinated debt
rating
Baa3 Ba1  Negative –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating) (*Preliminary Rating
Assigned)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
Allied Cooperative Insurance
Group (ACIG)
Saudi Arabia SR 60.5 1389.3% – – – –
Sanad Insurance &
Reinsurance Cooperative
Co. (SANAD)
Saudi Arabia SR 33.3 28.3% – – – –
Alahli Takaful Co. (ATC) Saudi Arabia SR 6.5 -3.8% – – – –
Axa Cooperative Insurance
Co. (AXA Cooperative)
Saudi Arabia SP 101.8 18.1% – – – –
Rabigh Refining &
Petrochemical Co. (Petro
Rabigh)
Saudi Arabia SR – – -210.9 239.1% -236.7 126.7%
Al Abdullatif Industrial
Investment Co. (Al
Abdullatif)
Saudi Arabia SR – – 76.5 1.4% 70.7 1.4%
Al Sagr Co-operative
Insurance Co. (Al Sagr Ins)
Saudi Arabia SR 47.5 -29.4% – – – –
Sabb Takaful Saudi Arabia SR 39.0 -31.6% – – – –
Bupa Arabia for Cooperative
Insurance (Bupa Arabia)
Saudi Arabia SR 875.0 55.3% – – – –
Northern Region Cement
Co. (Northern Cement)
Saudi Arabia SR – – 85.3 194.4% 90.2 214.0%
Saudi Vitrified Clay Pipes
Co. (svcp)
Saudi Arabia SR – – 19.7 -11.7% 20.3 -6.9%
Nama Chemicals Co. (Nama
Chemicals)
Saudi Arabia SR – – 9.0 N/A 9.5 N/A
Astra Industrial Group (Astra
Industries)
Saudi Arabia SR – – 50.1 -0.5% 61.7 -9.9%
Filing & Packing Materials
Manufacturing Co. (FIPCO)
Saudi Arabia SR – – 7.2 -8.5% 6.6 -8.4%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.47% 74.61% (35,637,277.78)
Non-Qatari 39.54% 25.40% 35,637,277.78

3. Page 3 of 7
Allianz Saudi Fransi
Cooperative Insurance Co.
(Allianz SF)
Saudi Arabia SR 116.5 34.8% – – – –
Red Sea Housing Services
Co.
Saudi Arabia SR – – 35.3 12.3% 33.1 7.8%
Saudi Re for Cooperative
Reinsurance Co. (Saudi-Re)
Saudi Arabia SR 39.3 -8.5% – – – –
National Gypsum Co. Saudi Arabia SR – – 7.6 19.2% 7.9 19.3%
National Agriculture
Development Co. (Nadec)
Saudi Arabia SR – – 37.7 0.5% 30.0 10.3%
Eastern Province Cement
Co. (Eastern Cement)
Saudi Arabia SR – – 68.0 -32.0% 77.0 -25.2%
Dar Alarkan Real Estate
Development Co. (Dar Al
Arkan)
Saudi Arabia SR – – 173.7 -49.1% 103.7 -68.7%
Aseer Trading, Tourism &
Manufacturing Co. (Aseer)
Saudi Arabia SR – – 63.4 19.4% 29.1 31.7%
Ace Arabia Cooperative
Insurance Co. (ACE)
Saudi Arabia SR 26.9 11.5% – – – –
Basic Chemical Industries
Co. (BCI)
Saudi Arabia SR – – 29.1 -2.7% 18.2 5.2%
Al Hassan Ghazi Ibrahim
Shaker (SHAKER)
Saudi Arabia SR – – 102.7 -0.8% 74.9 -9.7%
Gulf Union Cooperative
Insurance Co. (Gulf Union)
Saudi Arabia SR 30.2 -20.4% – – – –
Saudi Industrial
Development Co. (SIDC)
Saudi Arabia SR – – 10.8 -6.1% 12.3 17.1%
National Metal
Manufacturing & Casting Co.
(Maadaniyah)
Saudi Arabia SR – – 5.6 36.9% 4.2 37.8%
Tabuk Agriculture
Development Co. (TADCO)
Saudi Arabia SR – – 3.1 -57.3% 2.5 -64.0%
Saudi Printing & Packaging
Co. (SPPC)
Saudi Arabia SR – – 30.6 150.8% 20.2 94.2%
Ash-Sharqiyah Development
Co. (Sharqiya Dev Co)
Saudi Arabia SR – – -1.3 -41.7% -1.3 -43.5%
Saudi Automotive Services
Co. (SASCO)
Saudi Arabia SR – – 4.2 15.8% 10.3 9.4%
Tamweel Dubai AED – – 142.2 -1.8% 26.1 40.4%
Insurance House (IH)* Abu Dhabi AED 25.3 101.5% – – 5.8 -8.7%
Hotels Management Co.
International (HMCI)
Oman OMR – – – – 2.1 16.0%
Seef Properties * Bahrain BHD – – 5.7 8.0% 3.3 3.4%
Source: Company data, Tadawul, DFM, MSM (*1H2013 Results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/18 US Department of Labor Initial Jobless Claims 13-July 334K 345K 358K
07/18 US Bloomberg Continuing Claims 6-July 3114K 2959K 3023K
07/18 US Bloomberg Bloomberg Economic Expectations July -5 – -1
07/18 EU ECB ECB Euro-Zone Current Account SA May 19.6bn – 23.8bn
07/19 Germany Destasis Producer Prices (MoM) June 0.00% -0.10% -0.30%
07/19 Germany Destasis Producer Prices (YoY) June 0.60% 0.60% 0.20%
07/18 UK ONS Retail Sales Ex Auto Fuel(MoM) June 0.20% 0.20% 2.10%
07/18 UK ONS Retail Sales Ex Auto Fuel(YoY) June 2.10% 1.60% 2.30%
07/19 Spain Ministry of Development House Price Index QoQ 2Q2013 -2.40% – -0.80%
07/19 Spain Ministry of Development House Price Index YoY 2Q2013 -7.60% – -7.70%
07/19 Italy ISTAT Industrial Orders s.a. (MoM) May 3.20% – 0.80%
07/19 Italy ISTAT Industrial Orders n.s.a. (YoY) May -1.10% – -1.60%
07/19 Italy ISTAT Industrial Sales s.a. (MoM) May 0.10% – 0.60%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)

4. Page 4 of 7
News
Qatar
 Qatar CPI rises by 0.5% MoM in June – According to the latest
data released by Qatar’s Ministry of Development Planning &
Statistics, the Consumer Price Index (CPI) reached 114.5 in
June, showing an increase of 0.5% MoM (+3.4% YoY). The
report said a group-wise comparison of the CPI for June 2013
with the CPI for May 2013 shows increases in most major
groups. The “transport & communications” group rose by 1.2%
MoM (+1.1% YoY), while “entertainment, recreation & culture”
grew by 0.9% MoM (+8.1% YoY) and “food, beverages &
tobacco” by 0.8% MoM. However, prices declined by 1.0% MoM
(-2.0% YoY) in the “miscellaneous goods & services” group,
while prices in “rent, fuel & energy” were up by 6.8% YoY. A CPI
exclusive of the “rent, fuel & energy” group has also been
calculated, after eliminating the effect of rent, with the overall
index reaching 126.3, an increase of 0.6% MoM (+2.3% YoY).
(Gulf-Times.com)
 Qatar monthly banking update – Deposits increased by 4.8%
MoM (+16.8% YTD), while loans increased by 1.0% MoM
(+6.6% YTD) in June 2013. However, the banking sector’s loan-
to-deposit ratio (LDR) fell to 102% in June 2013 versus 105% at
the end of May 2013. (QCB)
 S&P: Banks cut reliance on external funding – According to a
recent report by S&P, Qatari banking system's reliance on
foreign bank funding has been reduced following government-
related entities (GREs) recently raising their deposits with the
local lenders. The report showed that cross-border funding has
decreased recently from its previous high levels with the net
banking external debt representing about 19% of system-wide
domestic loans at the end of 2012 and 15% in May 2013.
System-wide funding in Qatar benefits from an adequate
domestic core customer deposit base (DCCD), whose share in
bank liabilities has recently increased, reaching 58% in 2012
and 62% in May 2013. The ratio of system-wide DCCD to
domestic loans has improved to 87% at the end of 2012 and
94% in May 2013, reflecting an increase in public sector
deposits. The share of domestic public sector deposits in total
deposits rose to a record of almost 40% in May 2013. S&P also
said that the largest deposits are made by GREs and these
GRE deposits display short-term contractual maturities, but are
fairly stable. (Gulf-Times.com)
 CBQK completes acquisition of 70.84% stake in
Alternatifbank – The Commercial Bank of Qatar (CBQK) has
completed the acquisition of a 70.84% stake in the Turkey-
based Alternatifbank from Anadolu Endustri Holding (Anadolu).
As part of this transaction, CBQK will launch a mandatory tender
offer to acquire the remaining 4.16% of Alternatifbank’s shares
from the public domain. The transaction is based on two times
book value as on June 30, 2013. Anadolu will retain a 25%
stake in Alternatifbank, in addition to representation on the
board. (QE)
 QMLS sells over 9,500 sheep in first week of Ramadan –
Widam Food Company (QMLS) has sold around 9,500
subsidized sheep during the first week of Ramadan,
representing 28% of the overall targeted of subsidized animals
estimated at 34,000 heads. (Gulf-Times.com)
 VFQS’ mobile customer base grows 5.7% QoQ – Leading
telecom operator Vodafone Qatar’s (VFQS) mobile customer
base in Qatar has grown 5.7% QoQ to reach 1,146,000
customers as on June 30, 2013. VFQS is set to report its
financial results for the quarter ended June 30, 2013 after its
board meeting scheduled on July 24, 2013. (Gulf-Times.com)
 Luxury megaplex to open at the Pearl Qatar in 2014 – Qatar
Media Services said a luxury megaplex with a 10-screen theatre
is expected to open in 2014 at The Pearl Qatar. (Peninsula
Qatar)
 MCCS to disclose its 1H2013 results on August 5 – Mannai
Corporation (MCCS) is set to disclose its reviewed financial
results for the period ending June 30, 2013 on August 5, 2013.
(QE)
International
 Moody's eases off threat of US rating cut, affirms Aaa –
Moody's Investors Service has raised the US sovereign outlook
to Stable from Negative and affirmed the country's triple-A
rating, citing steady economic growth despite reduced
government spending. The ratings agency said the federal
government's debt trajectory is on track with the criteria that the
rating agency had previously laid out, even without further
budget measures from the government. Moody's said although
the US economy is growing moderately, it is still progressing at
a faster rate compared to several “Aaa” peers and has
demonstrated a degree of resilience to major reductions in
government spending. (Reuters)
 Detroit files for bankruptcy – Detroit, the biggest city in the US
state of Michigan, has filed for the largest municipal bankruptcy
in US history. The bankruptcy, if approved by a federal judge,
would force Detroit's thousands of creditors into negotiations
with the city's Emergency Manager Kevyn Orr to resolve an
estimated $18.5bn in debt that has crippled Michigan's largest
city. Meanwhile, Moody's said Detroit’s bankruptcy filing is a
credit negative, because it creates uncertainty for bondholders.
The filing is likely to interrupt payments on general obligations
and limited tax bonds, beginning a process that may stretch
across years. (Reuters)
 G20 puts growth before austerity – The Group of 20 nations
has pledged to put growth before austerity, in a bid to revive a
global economy that remains weak and adjust stimulus policies
with care so that the feeble recovery is not derailed by volatile
markets. G20 finance ministers and central bankers signed off
on a communiqué that acknowledged the benefits of expansive
policies in the US and Japan, but expressed concern about the
recession in the Eurozone and a slowdown in emerging
markets. (Reuters)
 China urges local governments to speed up spending – The
Chinese government has urged its regional governments to
speed up spending in this year's budget to support economic
growth, but said it would keep overall policy stable and focus on
pushing through reforms. The country’s Premier Li Keqiang said
that growth in the Chinese economy remained within a
reasonable range in the first half of the year and the government
should concentrate on reforms. (Reuters)
 China frees up lending rates in major reform – China's
central bank, the People's Bank of China (PBOC) has removed
the controls on bank lending rates, in a long-awaited move that
signals the new leadership's determination to carry out market-
oriented reforms. Effective from July 20, this move gives
commercial banks the freedom to compete for borrowers and
will help lower financial costs for companies. However, the
PBOC has left a ceiling on deposit rates unchanged at 110% of
benchmark rates, avoiding for now what economists see as the
most important step the country needs to take to free up interest
rates. (Reuters)
 QNB Group: Credit squeeze may dampen growth in China –
According to QNB Group, the Chinese authorities’ monetary

5. Page 5 of 7
policy to squeeze excessive credit expansion may dampen the
country’s economic growth in 2H2013. QNB Group said China
has experienced a rapid increase in financial credit over the last
decade driven by commercial banks as well as non-bank
institutions. Earlier in 2013, the People’s Bank of China (PBOC)
determined that credit expansion had become excessive and
was undermining China’s financial stability. In response, it
began squeezing excess liquidity and tightening credit
regulations. While there is some merit to the PBOC’s concerns
about excessive credit expansion, this has led to a jump in
overnight interest rates and a reduction in credit to corporate
clients. QNB Group said that this may result in a moderate
slowdown in economic growth in 2H2013 to 6-7%, which would
undermine China’s ability to attain its target of 7.5% for the
entire year. (Peninsula Qatar)
Regional
 MEED: UAE tops in MENA region’s oil & gas contracts –
According to a report released by MEED Projects, the UAE
leads the MENA region in terms of contract value awarded in the
oil & gas sector. The Emirate’s leading position was enabled by
Zakum Development Company awarding a huge $3.7bn
contract for the development of the offshore Upper Zakum field.
This contract is more than 50% of the total $6.7bn worth of EPC
deals awarded so far in the MENA region in 2Q2013. MEED
Projects added that if contracts continue to be awarded as
expected, this quarter could be the biggest-spending period
since 4Q2011, with several major projects moving toward the
construction phase. Since 4Q2011, contracts for the subsequent
quarters have hovered around $5-10bn, with spending
dominated by Saudi Arabia, the UAE, Iraq and Iran.
(GulfBase.com)
 GCCIA launches electronic energy trading system in GCC –
The Gulf Cooperation Council Interconnection Authority
(GCCIA) has launched an electronic system to manage and sell
surplus energy produced by the six-member group. GCCIA’s
Executive director Adnan Al-Muheisen said the major benefit of
the e-trading system is to find markets for the surplus electricity
capacity and reduce dependence on gas and fuel for energy
generation. (Bloomberg)
 F&S: GCC’s polypropylene resin market to reach $1.4bn in
2016 – According to a report released by the Frost & Sullivan
(F&S), the total polypropylene resin market for local conversion
in the GCC region is expected to reach $1.4bn in 2016 on the
back of strong government support. F&S said the GCC regional
governments’ efforts to diversify the economy to generate
employment and reduce reliance on the oil & gas sector present
favorable environment for growth in the downstream
polypropylene industry. F&S also said that Saudi Arabia and the
UAE are anticipated to lead the pack towards downstream
diversification. (GulfBase.com)
 UAE transfers $3bn aid to Egypt, Kingdom to follow shortly
– Egypt's Central Bank Governor Hisham Ramez said the UAE
has transferred $3bn in promised aid to Egypt and another $2bn
is expected from Saudi Arabia shortly. (Reuters)
 Gulf states eye Arabian Sea for safer water supplies – The
Gulf Cooperation Council Assistant Economic Secretary
Abdullah J. al-Shibli said the GCC region countries are planning
a joint water supply system that takes seawater from outside the
Gulf and distributes drinkable water across member states. al-
Shibli said that the water link will build a line from the Arabian
Sea or Gulf of Oman to Kuwait passing through the GCC
countries. (Reuters)
 SIDF awards SR587mn loans for 14 industrial projects – The
Saudi Industrial Development Fund’s (SIDF) General Director Ali
al-Aid said the fund has approved 14 loans worth SR587mn for
establishing nine industrial projects and expanding five existing
projects with investments totaling SR1.1bn. He also said that the
consumer industry captured the biggest value of loans worth
SR237mn, followed by the chemical industry at SR224mn, the
engineering industries at SR75mn and other supporting
industrial facilities at SR51mn. (GulfBase.com)
 JBT AeroTech gets $15mn Jeddah deal – JBT Corporation
has announced that its JBT AeroTech business has been
awarded contracts worth $15mn to supply gate service systems
for the King Abdul-Aziz International Airport (KAIA) in Jeddah.
The order placed by the Avicorp Middle East and Almabani
General Contractors, includes the supply of new Jetway air
handling units and pit distribution systems. The Jetway
equipment is an integral portion of the new construction project's
aim to become an intermodal hub that enhances KAIA’s position
as the international gateway to the Jeddah region. (Bloomberg)
 Arabian Shield gets SAMA’s approval to renew its
insurance operations license – Arabian Shield Cooperative
Insurance Company has obtained approval from the Saudi
Arabian Monetary Agency (SAMA) to renew its license to
conduct insurance operation in the Kingdom. (Tadawul)
 SACC’s board recommends distribution of SR102.5mn
dividend for 2Q2013 – Saudi Airlines Catering Company’s
board has recommended distributing dividend amounting to
SR102.5mn (SR1.25 per share), representing 12.5% of the face
value, to its shareholders for 2Q2013. Shareholders who are
registered with the Securities Depository Center on August 01,
2013 are eligible for this dividend. (Tadawul)
 DCCI members’ exports & re-exports increased by 7% YoY
– The Dubai Chamber of Commerce & Industry (DCCI) has
reported that more than 7,000 new companies have joined the
chamber and their exports & re-exports have increased by 7%
YoY to AED145bn in 1H2013. DDCI added that May 2013
recorded the highest monthly total of AED25.4bn during
1H2013, while January was the lowest with a value of
AED23.5bn. (GulfBase.com)
 UAE telecom operators fail to agree on network sharing
deal – The UAE’s leading telecom operators, Emirates
Telecommunications Corporation (Etisalat) and Emirates
Integrated Telecommunications Company (du Telecom)
remained at loggerheads over a deal to allow them to compete
on fixed-line services nearly four years after negotiations began.
Both du Telecom and Etisalat offer fixed-line, broadband and
television packages in the UAE, but not in the same districts,
with du confined to the newer areas of Dubai. (Reuters)
 Invest Bank’s net profit declines 3.1% in 2Q2013 – Invest
Bank has reported a net profit of AED90mn in 2Q2013,
indicating a YoY decrease of 3.1%. However, its net interest
income rose by 6.1% YoY to AED107.7mn. EPS stood at
AED0.07 in 2Q2013, unchanged from 2Q2012. Total assets at
the end of June 30 stood at AED11.2bn, reflecting a decrease of
1.5% YTD. Loans & advances to customers up by 0.7% YTD to
AED8.2bn, while deposits from customers fell by 4.7% YTD to
AED8.1bn as at the end of June 30, 2013. (ADX)
 NBAD seeks European expansion with €1bn debt plan – The
National Bank of Abu Dhabi (NBAD) is planning to raise €1bn
debt from European investors as it seeks to expand in Europe.
(GulfBase.com)
 SIB reports AED49.9mn net profit in 2Q2013 – Sharjah
Islamic Bank (SIB) has reported a net profit of AED49.9mn in

6. Page 6 of 7
2Q2013, indicating a YoY decrease of 24.9%. However, income
from murabaha & leasing rose by 4.2% YoY to AED169mn. EPS
stood at AED0.02 in 2Q2013 as compared to AED0.03 in
2Q2012. Total assets at the end of June 30 stood at
AED21.2bn, reflecting an increase of 15.8% YTD. Ijarah
receivables were down by 3.5% YTD to AED7.7bn, while
customer’s deposits rose by 12.6% YTD to AED12.8bn at the
end of June 30, 2013. (ADX)
 SCAD: Food prices up by 1.9% in Ramadan first week –
According to a report by the Statistics Centre of Abu Dhabi
(SCAD), food prices in Abu Dhabi went up by 1.9% in the first
week of Ramadan in comparison to same week from the
previous month. (Bloomberg)
 Nakheel awards groundwork contract for The Pointe at
Palm Jumeirah – Nakheel has awarded a contract to Freyssinet
Gulf for ground improvement work at “The Pointe” on Palm
Jumeirah. Work mobilization expected to happen before the end
of July, 2013. (GulfBase.com)
 Petrofac increases interest in Abu Dhabi-based JV –
Petrofac Limited has entered into an agreement with Mubadala
Petroleum to increase its economic interest in its Abu Dhabi
based JV Petrofac Emirates to 75%. This follows Mubadala
Petroleum’s sale of its shares in Petrofac Emirates to an affiliate
of Nama Development Enterprises (Nama), a leading service
provider to the energy industry across the UAE. The remaining
25% stake will be to the benefit of Nama. Completion of the
transaction is subject to conditions precedent. (Bloomberg)
 Abu Dhabi-based Sheikh sells Barclays stake – Abu Dhabi-
based Sheikh Mansour, who had injected £3.5bn into Barclays
in late 2008, has sold his 7% share last month. (Peninsula
Qatar)
 Kuwait inflation up at 3% in May as CSB introduces
revamped CPI – According to the data released by the Central
Statistical Bureau (CSB), Kuwait’s consumer price index (CPI)
went up by 3.0% YoY in May, from 2.8% in April. This is
according to the CSB’s newly constructed index measure, which
uses 2007 as the base year (previously the base year was
2000). (Bloomberg)
 KOC: New oil find in Kuwait to boost production to 4mn bpd
– Kuwait Oil Company (KOC) said the discovery of a new oil
field in western Kuwait should help push production to 4mn bpd
by the end of the decade. (GulfBase.com)
 CBO’s weekly issue of CD’s allotted OMR328mn – The
Central Bank of Oman’s (CBO) this week issue of certificates of
deposit (CD) tender allotted OMR328mn to its subscribers. The
average interest rate of these certificates was 0.13% whilst the
maximum accepted interest rate was 0.13%. The tenor of these
certificates is 28 days and the maturity date is August 14.
(Bloomberg)
 Bank Sohar to consider Bank Dhofar’s merger proposal –
Bank Sohar said it has received merger proposal from Bank
Dhofar. The bank said it is considering Bank Dhofar’s proposal
in order to conclude an adequate decision in line with the
interest of the shareholders of Bank Sohar and the national
economy. (Bloomberg)

7. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
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 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
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&PPan Arab S&P GCC
(0.3%)
0.8%
0.3%
0.0%
0.6% 0.6%
0.0%
(0.7%)
(0.3%)
0.2%
0.6%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,296.10 0.9 0.8 (22.6) DJ Industrial 15,543.74 (0.0) 0.5 18.6
Silver/Ounce 19.51 0.6 (2.1) (35.7) S&P 500 1,692.09 0.2 0.7 18.6
Crude Oil (Brent)/Barrel 109.36 (0.6) (0.1) (3.1) NASDAQ 100 3,587.62 (0.7) (0.3) 18.8
Natural Gas (Henry
Hub)/MMBtu
3.78 3.3 4.9 6.4 STOXX 600 299.85 0.0 1.2 7.2
LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,331.57 (0.1) 1.4 9.4
LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,630.67 (0.1) 1.3 12.4
Euro 1.31 0.3 0.6 (0.4) CAC 40 3,925.32 (0.1) 1.8 7.8
Yen 100.65 0.2 1.4 16.0 Nikkei 14,589.91 (1.5) 0.6 40.4
GBP 1.53 0.3 1.1 (6.1) MSCI EM 950.47 (0.7) 0.5 (9.9)
CHF 1.06 0.4 0.6 (2.7) SHANGHAI SE Composite 1,992.65 (1.5) (2.3) (12.2)
AUD 0.92 0.0 1.4 (11.8) HANG SENG 21,362.42 0.1 0.4 (5.7)
USD Index 82.61 (0.3) (0.5) 3.6 BSE SENSEX 20,149.85 0.1 1.0 3.7
RUB 32.37 (0.3) (0.8) 6.0 Bovespa 47,400.23 (0.5) 4.1 (22.2)
BRL 0.44 (1.0) 0.8 (8.8) RTS 1,382.33 0.4 2.5 (9.5)
137.2
121.6
110.7