1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.5% to close at 13,090.0. Losses were led by the
Transportation and Telecoms indices, declining 2.2% and 1.8%, respectively.
Top losers were Qatar Navigation and Gulf Warehousing Co., falling 4.4% and
3.8%, respectively. Among the top gainers, QNB Group rose 1.7%, while Qatar
Islamic Insurance Co. was up 1.6%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 9,750.0. Gains were led
by the Real Estate Dev. and Hotel & Tourism indices, rising 1.4% and 1.2%,
respectively. Umm Al-Qura Cem. gained 7.6%, while Solidarity was up 5.8%.
Dubai: The DFM index gained 2.5% to close at 4,725.0. The Investment &
Financial Services index gained 4.2%, while the Services index rose 3.6%.
Mashreq Bank surged 15.0%, while Deyaar Development was up 7.6%.
Abu Dhabi: The ADX benchmark index rose 1.5% to close at 4,987.8. Inv. &
Financial Services index gained 13.2%, while the Real Estate index was up
4.5%. Waha Capital surged 13.2%, while Emirates Driving Co. gained 10.3%.
Kuwait: The KSE index fell 0.2% to close at 7,071.4. The Technology index
declined 1.9%, while the Telecom. index was down 0.8%. Commercial Bank of
Kuwait fell 5.7%, while Noor Financial Investment was down 5.3%.
Oman: The MSM index declined 0.1% to close at 7,182.0. Losses were led by
the Industrial and Services indices falling 0.4% and 0.2%, respectively. Al
Madina Takaful fell 3.1%, while Al Sharqia Invest. Holding was down 2.2%.
Bahrain: The BHB index fell marginally to close at 1,481.1. The Services
index declined 0.1%, while the Comm. Banking index was down marginally.
Khaleeji Comm. Bank fell 2.0%, while Bahrain Duty Free was down 1.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
QNB Group 179.00 1.7 154.8 4.1
Qatar Islamic Insurance Co. 84.70 1.6 64.8 46.3
Qatar Industrial Manufacturing Co. 46.60 1.1 4.2 10.5
Qatar Cinema & Film Distri. Co. 51.50 1.0 1.0 28.4
Qatar Fuel Co. 217.40 0.9 57.3 (0.5)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 27.70 (0.5) 1,939.7 28.7
Salam International Investment Co. 19.23 0.2 1,441.7 47.8
Qatar Insurance Co. 89.00 0.6 902.2 67.3
Barwa Real Estate Co. 43.35 (2.0) 827.4 45.5
Qatar Navigation 94.20 (4.4) 738.2 13.5
Market Indicators 21 Jul 14 20 Jul 14 %Chg.
Value Traded (QR mn) 583.5 720.1 (19.0)
Exch. Market Cap. (QR mn) 705,139.5 706,275.6 (0.2)
Volume (mn) 11.6 18.9 (38.5)
Number of Transactions 5,872 7,830 (25.0)
Companies Traded 43 42 2.4
Market Breadth 13:26 7:34 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,523.56 (0.5) (1.5) 31.6 N/A
All Share Index 3,304.51 (0.3) (1.3) 27.7 16.0
Banks 3,171.50 0.5 (0.6) 29.8 15.6
Industrials 4,332.89 (0.9) (1.6) 23.8 16.9
Transportation 2,266.03 (2.2) (3.0) 21.9 14.5
Real Estate 2,887.26 (1.4) (0.7) 47.8 14.4
Insurance 3,734.36 0.3 (1.0) 59.8 11.9
Telecoms 1,620.07 (1.8) (4.3) 11.4 22.3
Consumer 7,045.36 0.5 (1.3) 18.4 27.1
Al Rayan Islamic Index 4,402.15 (0.5) (1.6) 45.0 18.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Deyaar Development Dubai 1.27 7.6 73085.3 3.4
United Real Estate Co. Kuwait 0.11 6.0 191.5 (1.7)
Solidarity Saudi Takaful Saudi Arabia 21.29 5.2 3692.3 (3.4)
Dubai Financial Market Dubai 3.44 4.9 27804.2 8.1
Sharjah Islamic Bank Abu Dhabi 1.94 4.9 467.8 5.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Com. Bank Of Kuwait Kuwait 0.66 (5.7) 9.7 0.2
Qatar Navigation Qatar 94.20 (4.4) 738.2 (3.1)
Gulf Warehousing Co. Qatar 50.00 (3.8) 14.9 (5.3)
Astra Industrial Group Saudi Arabia 47.91 (3.8) 1264.7 2.5
Dallah Healthcare Saudi Arabia 102.63 (3.5) 427.7 (13.3)
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 Navigation 94.20 (4.4) 738.2 13.5
Gulf Warehousing Co. 50.00 (3.8) 14.9 20.5
Doha Insurance Co. 26.60 (2.4) 48.7 6.4
Ooredoo 131.60 (2.2) 68.2 (4.1)
Barwa Real Estate Co. 43.35 (2.0) 827.4 45.5
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatar Insurance Co. 89.00 0.6 80,393.5 67.3
Qatar Navigation 94.20 (4.4) 69,460.9 13.5
Gulf International Services 113.00 (1.7) 59,137.5 131.6
United Development Co. 27.70 (0.5) 54,404.7 28.7
Barwa Real Estate Co. 43.35 (2.0) 36,276.5 45.5
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* 13,089.96 (0.5) (1.5) 13.9 26.1 160.28 193,631.3 16.1 2.2 3.8
Dubai 4,724.95 2.5 (3.6) 19.8 40.2 765.89 91,724.6 25.2 1.8 2.2
Abu Dhabi 4,987.83 1.5 (0.9) 9.6 16.3 84.84 137,952.7 14.8 1.8 3.3
Saudi Arabia 9,750.02 0.1 (0.4) 2.5 14.2 1,440.36 531,121.2 19.1 2.4 2.9
Kuwait 7,071.36 (0.2) (0.4) 1.4 (6.3) 40.32 111,260.1 16.8 1.1 3.9
Oman 7,182.02 (0.1) (0.3) 2.5 5.1 17.11 26,459.3 12.2 1.7 3.9
Bahrain 1,481.11 (0.0) (0.0) 3.7 18.6 0.58 54,321.2 11.6 1.0 4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
13,000
13,050
13,100
13,150
13,200
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 0.5% to close at 13,090.0. The
Transportation 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.
 Qatar Navigation and Gulf Warehousing Co. were the top losers,
falling 4.4% and 3.8%, respectively. Among the top gainers,
QNB Group rose 1.7%, while Qatar Islamic Insurance Co. was
up 1.6%.
 Volume of shares traded on Monday fell by 38.5% to 11.6mn
from 18.9mn on Sunday. Further, as compared to the 30-day
moving average of 14.6mn, volume for the day was 20.5% lower.
United Development Co. and Salam International Investment Co.
were the most active stocks, contributing 16.7% and 12.4% 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
Bank Muscat Fitch Oman
LT IDR/ST
IDR/VR/SR/SRF
A-/F2/bbb/1/A- A-/F2/bbb/1/A- – Stable –
HSBC Bank Oman Fitch Oman LT IDR/ST IDR/VR/SR A+/F1/bb+/1 A+/F1/bb+/1 – Stable –
Bank Dhofar Fitch Oman
LT IDR/ST
IDR/VR/SR/SRF
BBB+/F2/bb/2/BB
B+
BBB+/F2/bb+/2
/BBB+  Stable –
National Bank of
Oman
Fitch Oman
LT IDR/ST
IDR/VR/SR/SRF
BBB+/F2/bb+/2/B
BB+
BBB+/F2/bbb-
/2/BBB+  Stable –
Ahli Bank Fitch Oman
LT IDR/ST
IDR/VR/SR/SRF/LC LT
IDR/LC ST IDR
BBB+/F2/bb+/2/B
BB+/BBB+/F2
BBB+/F2/bbb-
/2/BBB+/BBB+/
F2
 Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, VR – Viability Rating, SRF – Support Rating Floor, LC – Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn)2Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Saudi Telecom Co. (STC) Saudi SR 0.00 NA 2961.0 14.3% 2803.0 96.2%
Saudi Paper Manufacturing
Co. (SPMC)
Saudi SR 0.00 NA 21.0 -12.5% 12.1 29.2%
Saudi Research & Marketing
Group (SRMG)
Saudi SR 0.00 NA 23.6 -52.6% 6.2 -79.3%
Kingdom Holding Co. Saudi SR 0.00 NA 366.0 11.6% 211.7 16.8%
Fawaz Abdulaziz Alhokair &
Co.
Saudi SR 0.00 NA 215.8 23.2% 191.2 15.7%
Saudi Electricity Co. (SEC) Saudi SR 0.00 NA 1148.0 75.0% 3658.0 143.5%
Saudi Fisheries Co.
(Alasmak)
Saudi SR 0.00 NA -13.0 NA -13.8 NA
Eastern Province Cement
Co. (EPCC)
Saudi SR 0.00 NA 81.0 19.1% 82.0 6.5%
Middle East Specialized
Cables Co. (MESC)
Saudi SR 0.00 NA 17.9 132.1% 10.2 50850.0%
Salama Cooperative
Insurance Co.
Saudi SR 94.00 48.1% 0.0 NA 3.4 NA
Tihama Advertising & Public
Relations Co.
Saudi SR 0.00 NA -12.8 NA -14.9 NA
Al-Ahlia Insurance Co. Saudi SR 51.33 20.2% 0.0 NA -0.5 NA
Mohammad Al Mojil Group
Co. (MMG)
Saudi SR 0.00 NA -193.2 NA -202.1 NA
Etihad Etisalat Co. (Mobily) Saudi SR 0.00 NA 1301.8 -20.6% 1311.9 -18.6%
Al-Baha Investment &
Development Co.
Saudi SR 0.00 NA -1.2 NA -1.2 NA
Etihad Atheeb Telecom Co.
(Go)
Saudi SR 0.00 NA -70.0 NA 60.4 NA
Emirates Telecom Corp
(Etisalat)
Abu Dhabi AED 12,579.00 27.3% 0.0 NA 2507.0 26.9%
Ras Al Khaimah Cement Co.
(RAK Cement)
Abu Dhabi AED 65.02 2.6% 0.0 NA 4.2 618.7%
Muscat Gases* Oman OMR 5.24 8.1% 0.0 NA 0.8 -2.2%
National Hospitality Institute Oman OMR 0.47 71.0% 0.0 NA 0.0 NA
Takaful International Co. Bahrain BHD 2.99 9.6% 0.0 NA 0.1 -46.5%
Source: Company data, DFM, ADX, MSM (* IH2014 results)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 72.44% 75.76% (19,425,225.69)
Non-Qatari 27.56% 24.24% 19,425,225.69

3. Page 3 of 7
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/21 Germany Destatis PPI YoY June -0.70% -0.70% -0.80%
07/21 UK Rightmove Rightmove House Prices MoM July -0.80% – 0.10%
07/21 UK Rightmove Rightmove House Prices YoY July 6.50% – 7.70%
07/21 Italy ISTAT Industrial Sales MoM May -1.00% – -0.10%
07/21 Italy ISTAT Industrial Sales WDA YoY May 0.10% – 2.20%
07/21 Italy ISTAT Industrial Orders MoM May -2.10% – 3.60%
07/21 Italy ISTAT Industrial Orders NSA YoY May -2.50% 2.30% 6.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QIIK posts QR198mn 2Q2014 results, net profit down 2.9%
QoQ – Qatar International Islamic Bank (QIIK) registered a net
profit of QR198mn in 2Q2014, receding by 2.9% QoQ (+10%
YoY). Earnings came inline with our estimate of QR203mn. The
bank’s total assets stood at QR36.1bn in 1H2014 as compared
to QR34.0bn in 1Q2014, indicating a growth rate of 6.2% QoQ
(+4.9% YTD). QIIK’s loans portfolio grew robustly by 4.8% QoQ
(+10% YTD) to QR20.9bn. The bank’s Capital adequacy under
Basel II stood at 17.85%. The bank’s CEO Abdulbasit A al-
Shaibei said that QIIK planned to open more branches in 2014,
in order to meet the needs of the bank’s growing customer base.
(Gulf-Times.com, QNBFS)
 MARK 2Q2014 profit rises 9.0% QoQ – Masraf Al Rayan
(MARK), reported a 12.1% increase in 2Q2014 net profit beating
analysts' expectations. Net profit for the three months to June 30
was QR471.4mn compared to 420.6 million riyals in the same
period a year ago, Reuters calculated based on its first-half
financial statement. Analysts polled by Reuters had on average
forecast a net profit of 442.3 million riyals for the period
(Reuters)
 GDI inks 5-yr jack-up accommodation barge services
contract with Dolphin Energy – Gulf Drilling International
(GDI) – a subsidiary of Gulf International Services (GISS) – has
signed a Letter of Award (LoA) with Dolphin Energy covering the
provision of ‘jack-up accommodation barge’ services for a five-
year term. Pursuant to the LoA, GDI will procure a new jack-up
accommodation barge for services that are scheduled to
commence upon delivery and acceptance of the vessel in
4Q2015. The new vessel will be the 3rd GDI owned jack-up
accommodation barge. GDI took delivery of its recent jack-up
accommodation barge, ‘Rumailah’ last month, which has since
been pressed into service for another client in Qatar. GDI also
manages a jack-up accommodation barge for Dolphin Energy.
(Gulf-Times.com)
 N-KOM secures QR69mn contract to build floating jetty for
QPMC – Nakilat-Keppel Offshore & Marine (N-KOM) has
bagged a contract worth QR69mn to design and construct a
floating jetty for Qatar Primary Materials Company (QPMC) at
Ras Laffan. N-KOM is a JV shipyard established by Nakilat
(QNNS) and Singapore’s Keppel Offshore & Marine (Keppel
O&M). The floating jetty, which is scheduled for completion in
early 2015, is the first project that N-KOM will be undertaking for
QPMC. The floating jetty at Ras Laffan Industrial City (RLC) will
be QPMC’s second floating jetty in Qatar, with another jetty
project ongoing in Lusail and Gabbro berths in Mesaieed.
Serving as an offloading point for aggregates, the jetty will be in
close proximity to the stockpile located within the industrial city.
N-KOM has been contracted for the engineering, procurement,
installation and construction (EPIC) of the floating jetty. Once
completed, the jetty will have an annual aggregates handling
capacity of 7.8mn tones. (Gulf-times.com)
 QCB to issue new notes during Eid Al-Fitr – The Qatar
Central Bank (QCB) announced that it will issue new Qatari
Riyal (QR) banknotes of all denominations on the occasion of
Eid Al-Fitr. The bank releases new banknotes periodically
throughout the year. The amount has reached an estimated
QR1.7bn for notes of all denominations. QCB circulates a large
amount of banknotes, especially during the holy month of
Ramadan each year. (Peninsula Qatar)
 EQ, DHBK ink partnership agreement to support SMEs –
Small and medium-sized enterprises (SMEs) development
company Enterprise Qatar (EQ) and Doha Bank (DHBK) have
signed a partnership agreement to further support entrepreneurs
and SME owners. This agreement is part of the activation
process of the Rating & Accreditation program launched earlier
by EQ to help entrepreneurs and SMEs improve commercial
and financial processes. Under the terms of the agreement,
DHBK will provide a comprehensive package of services and
facilities to the companies rated by EQ. The package offered to
approved companies includes credit enhancement, discounts for
debt arrangement & loans processing fees, preferential handling
upon submitting requests for services, reduction of security
requirements, and competitive pricing. (Gulf-Times.com)
 Ashghal: Work begins on Al Rayyan road upgrade project –
The Public Works Authority (Ashghal) said work on the first and
second phases of the Al Rayyan Road upgrade project has
started with the first phase scheduled to be completed by
4Q2016. The project – part of Ashghal’s Expressway Program –
aims to improve traffic flow and reduce congestion in an area
vital to the movement of goods and people into Doha. According
to Ashghal, the first and second phase of the Al Rayyan upgrade
project, which will be built at an estimated cost of QR4.5bn, will
provide “an efficient road network, improving travel experience
for road users in and around the area. The phase one involves a
2.9 kilometers stretch from west of Khalid bin Abdullah al-Attiyah
roundabout (New Rayyan roundabout) to the east of Bani Hajer
roundabout. The second phase stretching 5.3 kilometers from
west of Sports roundabout to the west of Khalid bin Abdullah Al-
Attiyah roundabout (New Rayyan roundabout) is expected to be
completed by 3Q2017. (Gulf-times.com)
 KCBK appoints acting CEO – Al Khalij Commercial Bank
(KCBK) has appointed Mr. Hesham Ezzdine — Group Chief
Operating Officer, as its acting Group Chief Executive Officer
(GCEO) on an interim basis effective from the close of business
of July 22, 2014. (QE)
 GWCS re-elects Chairman and Vice Chairman of BoD – Gulf
Warehousing Company (GWCS) announced that Sheikh Fahad
Hamad J J Al-Thani and Mr. Ahmed Mubarak N A Al-Maadid
have voiced their intention to step down from their posts of
Chairman and Vice Chairman of the Board of Directors (BoD) for

4. Page 4 of 7
GWCS. After accepting their decision, the board by a secret
ballot has re-elected Sheikh Abdulla Fahad J J Al-Thani and
Sheikh Fahad Hamad J J Al-Thani as Chairman and Vice
Chairman, respectively. (QE)
International
 Fed researchers optimistic on long-term unemployment
drop – The Federal Reserve researchers said they see a
number of reasons to be optimistic about improvement in the US
labor market after a “sizable decline” in long-term joblessness
this year. The Fed board economists, in a post on the central
bank’s website, cited a shrinking proportion of people
unemployed for more than six months, greater stability in the
labor-force participation rate and an increase in the ratio of
employment to population. According to Tomaz Cajner and
David Ratner, researchers at the central bank, the fight against
unemployment during the recent recovery has been mainly one
of bringing down the long-term unemployment rate. Long-term
unemployment, which Chairperson Janet Yellen has called a
“grave concern,” has fallen at a pace which has improved the
job market faster than Fed estimates. The main jobless rate
declined to 6.1% last month, the lowest in almost six years and
near a level central bank officials did not expect to see until the
end of 2014. The Federal Open Market Committee plans to
release a monetary policy statement on July 30 after a two-day
meeting in Washington. Cajner and Ratner said about two-thirds
of the drop in the unemployment rate since the end of 2010 was
due to long-term jobless finding employment. The labor
Department data showed that the overall rate has fallen from
9.6% at the end of 2010. (Bloomberg)
 Fed’s junk loan bubble-busting faces trouble as sales jump
– One of the Federal Reserve’s first post-crisis tests of its ability
to quash excessive risk-taking using regulatory tools is so far
looking like a failure. The Fed’s Board of Governors told
Congress last week that it is engaged in “strong supervisory
follow-up” to guidance given to banks in 2013 to improve their
underwriting standards for high-yield loans. Despite those
efforts, Chairman Janet Yellen said she is still seeing a “marked
deterioration” in quality. For the first time, more than half of the
junk-rated loans arranged in the US this year lack typical lender
protections like limits on the amount of debt borrowers can
amass relative to earnings. Yellen’s own easy-money policies
are boosting demand for such high-yielding products at the
same time that she tests her doctrine that financial bubbles
should be constrained by supervisory actions, not a general rise
in interest rates. (Bloomberg)
 Britain’s seven-year famine ends as recovery powers on –
The economy probably grew for a sixth consecutive quarter in
the three months through June, returning gross domestic
product to levels last seen before the financial crisis. The output
this year is on course to surpass its 2007 peak, ending an era
that Bank of England (BoE) officials used to describe in biblical
terms as “seven lean years” following “seven years of plenty.”
Britain’s revival may provide a fillip to Prime Minister David
Cameron as he seeks re-election next year, and heap pressure
on BoE Governor Mark Carney to begin removing emergency
stimulus. According to BNP Paribas SA, while policy makers
have resisted lifting interest rates from a record low, there is a
40% chance one of them voted for an increase this month.
(Bloomberg)
 Bundesbank sees second-quarter German stagnation, IMF
upbeat on full year – The Bundesbank said that the German
economy probably stagnated in the second quarter in the face of
political tensions abroad, but its recovery is unlikely to be held
up for long by conflicts on the rim of Europe. Highlighting the
underlying strength of Europe's largest economy, the
International Monetary Fund raised its forecasts for German
growth, projecting an expansion of 1.9% this year – up from the
1.7% it had previously projected. The Fund said Germany
should give further impetus to its economy, as well as
supporting the broader Eurozone, by increasing public
investments - something the healthy state of its finances gave it
leeway to do. The Bundesbank said Europe's economic
locomotive lost traction in the second quarter. Construction
activity in April and May was below that of the mild winter
months. (Reuters)
 Japan government trims economic growth estimate for
FY2014-15 – The Cabinet Office estimates showed that the
Japanese government has slightly lowered its economic growth
forecast for the current fiscal year to March 2015 due to sluggish
exports and a larger-than-expected pullback in demand after the
April sales-tax hike. The government now sees real GDP growth
at 1.2% in fiscal 2014/15, versus 1.4% in its prior forecast issued
earlier this year. The growth is expected to accelerate to 1.4% in
the following year. The estimates are broadly in line with
projections made by the Bank of Japan, which last week cut its
economic growth forecast for the current fiscal year. The
Cabinet Office estimates also showed that overall consumer
prices, including those of fresh food and energy, are seen rising
1.2% YoY in fiscal 2014/15 and increasing 1.8% in the following
year. The consumer price estimates exclude the effect of the
sales tax hike. (Reuters)
 Insiders worry China's stimulus focus delays reform drive –
Policy insiders are concerned that China's ambitious reform
agenda is being sidelined by a focus on stimulus to meet the
government's growth target, delaying the planned overhaul of
the world's second-largest economy. The government unveiled
plans for some of the most comprehensive reforms in nearly 30
years last November, but since then has only made incremental
changes as a rapid slowdown in the economy dominated policy
making in the first half of 2014. Sources at government think-
tanks involved in policy discussions said enough had been done
to support growth and now expected to see some progress on
economic reforms. Xu Hongcai, senior economist at China
Center for International Economic Exchanges, a well-connected
think-tank in Beijing said they do not need to prescribe a strong
medicine on policy. (Reuters)
Regional
 DCCI: Saudi Arabia’s Islamic banking assets reach $285bn
in 2013 – According to a report released by the Dubai Chamber
of Commerce and Industry (DCCI) based on a recent study by
Ernst and Young (EY), global Islamic banking assets have
registered a cumulative annual growth of about 16% over 2008-
2012, reflecting the radical shift from conventional financial
system in favor of Islamic finance. The report stated that there
are 38mn Islamic banking customers around the world with two-
thirds of them in Qatar, Indonesia, Saudi Arabia, Malaysia, the
UAE and Turkey (QISMUT). Among these six prominent Islamic
finance countries, Saudi Arabia is the biggest market in terms of
Islamic banking assets with an estimated value of $285bn in
2013 as compared to $245bn in 2012. Saudi Arabia represents
about 43% of the total Islamic banking assets in all the six
countries. It also accounts for about 53% of Saudi Arabia’s total
domestic banking assets. In the region, the UAE is emerging as
another serious player in this sector with total Islamic banking
assets growing to about $95bn in 2013 as compared to $83bn in
2012. The Dubai Chamber report added that the compound
annual growth rate (CAGR) for Islamic banking assets in the
UAE is expected to be about 17% over 2013-2018. The group of
QISMUT was the fastest-growing market for Islamic banking in

5. Page 5 of 7
2012, with its total Islamic banking assets reaching about
$567bn and registering a CAGR of about 16.4% over 2008-
2012. The Dubai Chamber research also showed that Islamic
banking profit pool is globally projected to reach $30.5bn by
2018, driven mainly by higher retail focus. (GulfBase.com)
 GCC to launch consumer protection body in 2016 –
According to sources, the planned Gulf Cooperation Council
(GCC) consumer protection commission will be launched in
2016. The GCC has moved to set up a commission to protect
consumers after markets in the six-member council saw a
proliferation of imported counterfeit goods and a growing
number of sector monopolies. The GCC’s Assistant Secretary-
General for Economic Affairs, Abdullah Al-Shibli, said that the
commission will bring together points of view on public policy
about consumer protection in the GCC countries, facilitate the
exchange of information and the conduct of research studies on
consumer markets, & provide a channel of communication for
GCC member-states to discuss policies to combat counterfeiting
and unfair trading practices. (GulfBase.com)
 Cash-flush Gulf banks grab top spots in region's loan
market – Cash-rich Gulf banks are grabbing a growing share of
the region's loan market as they cut fees and ease terms,
elbowing aside some of the foreign banks which used to
dominate lending. The shift reflects the weakened state of
European and US banks in the wake of the global financial
crisis; they face cost-cutting and regulatory pressures in their
home markets, preventing them from going after business in the
Gulf so aggressively. It also reflects a change in the operating
environment for Gulf banks. Aided by high oil prices and rapid
economic growth in the region, they have been able to rebuild
their balance sheets since the crisis and in many cases cut back
provisions for bad loans, leaving them flush with cash. The
Thomson Reuters league tables show only eight banks from
outside the region in 1H2014. HSBC, which headed the list in
1H2013, has moved down to third position and been replaced at
the top by Saudi Arabia's Samba. Standard Chartered dropped
to 21st place from fourth. Abu Dhabi's First Gulf Bank moved to
second place from 23th. (Reuters)
 Spicejet denies stake sale talks – India-based low-cost airline,
SpiceJet has denied stake sale talks with Qatar Airways (QA)
and Eithad Airways. (Bloomberg)
 Saudi Arabia to open up $531bn stock market to foreigners
– Saudi Arabia will open up its stock market to international
investors, giving foreigners greater access to the Arab world’s
biggest bourse as the oil-rich kingdom seeks to diversify its
economy. According to the official news agency, SPA, the
nation’s cabinet authorized the Capital Market Authority to allow
overseas financial institutions to trade equities in the Tadawul All
Share Index and gave the regulator scope to determine timing.
The $531bn market is currently limited to domestic investors and
foreigners from the six-nation GCC. Saudi Arabia is removing
barriers on one of the world’s most-restricted major stock
exchanges as the government pursues a $130bn spending plan
to boost non-oil industries. King Abdullah has kept the economy
expanding at an average rate of 6.4% in the past four years
even as Middle Eastern neighbors from Egypt to Iraq and Dubai
grappled with political and financial-market turmoil. (Bloomberg)
 Mobily, Almajd TV sign MoU – Etihad Etisalat Company
(Mobily) has signed a MoU related to a strategic partnership with
Almajd TV Network, with an aim to provide special and exclusive
services to Almajd Network subscribers. (GulfBase.com)
 STC BoD approves SR1.5bn dividend for 2Q2014 – Saudi
Telecom Company’s (STC) board of directors has approved the
distribution of 7.5% dividend (SR0.75 per share) amounting to
SR1.5bn for 2Q2014. Shareholders, who are registered in the
registers of the Securities Depository Center (Tadawul) on July
24, 2014, will be eligible to receive the dividend. The dividend
will be distributed on August 21, 2014 through Saudi Fransi
Bank branches. (Tadawul)
 Zamil Group BoD approves SR60mn dividend for 1H2014 –
Zamil Industrial Investment Company’s (Zamil Group) board of
directors has approved the distribution of 10% dividend (SR1
per share) amounting to SR60mn for 1H2014. Shareholders,
who are registered in the registers of the Securities Depository
Center (Tadawul) on July 24, 2014, will be eligible to receive the
dividend. The dividend will be distributed on August 21, 2014.
(Tadawul)
 Mobily BoD recommends SR962.5mn dividend for 2Q2014 –
Etihad Etisalat Company’s (Mobily) board of directors has
recommended the distribution of 12.5% dividend (SR1.25 per
share) amounting to SR962.5mn for 2Q2014. Shareholders,
who are registered in the registers of the Securities Depository
Center (Tadawul) on July 24, 2014, will be eligible to receive the
dividend. The dividend will be distributed on August 11, 2014.
(Tadawul)
 Bahri concludes first phase of merger process with Vela
International Marine Limited – The National Shipping
Company of Saudi Arabia (Bahri) has concluded the first phase
of the merger process with the Vela International Marine
Limited’s fleet and operations as Matar Star. The first of the
VLCC vessels in the Vela fleet was transferred to Bahri's
ownership on July 21, 2014 and its name was changed to
Nisalah. This marks a milestone in the transaction to merge the
Vela fleet and operations with Bahri as it signifies the effective
date of the long-term contract of affreightment, whereby Bahri
becomes the exclusive carrier of all Aramco VLCC sized crude
oil cargos sold on a delivered basis. The remaining Vela vessels
shall be transferred to Bahri on a staggered basis according to
an agreed upon vessel delivery schedule with Vela and is
expected to be completed by 2014-end. The financial impact will
materialize during 3Q2014. (Tadawul)
 UCA BoD recommends capital increase – United Cooperative
Assurance Company’s (UCA) board of directors has
recommended an increase in the company's capital through a
rights issue with a total value of SR210mn, instead of SR140mn
as previously announced. The capital increase is subject to
meeting the SAMA requirements and approval of the regulatory
authorities & the extraordinary general assembly on the capital
increase, the price and the number of shares to be issued. The
date will be the close of trading on the day of EGM. The reasons
for recommendation are to maintain the solvency margin of the
business and support the company’s future growth. (Tadawul)
 IMF raises Saudi economic growth forecast to 4.6% for 2014
– The International Monetary Fund (IMF) said that Saudi
Arabia's economy is likely to grow 4.6% in 2014, more than
previously estimated, due to the robust performance of the
private sector. The private sector growth is expected to remain
strong, while oil production is expected to witness little change
from 2013. Large-scale infrastructure projects and spending on
housing will continue to support the non-oil sector growth. The
IMF said inflation in the country should remain subdued in 2014
despite higher growth expectations. It forecasted inflation to be
at 2.9%, slightly lower than 3% it estimated in April 2014. The
Fund expects the country's fiscal surplus to more than halve to
2.5% of GDP in 2014, the smallest since 2010, from 5.8% in
2013. But IMF also said that Riyadh's fiscal position is still
strong. The IMF said the current monetary policy stance in
Saudi Arabia, which pegs its SR to the USD, was appropriate.

6. Page 6 of 7
But the Fund called for careful monitoring of rising equity prices
and a rapid increase in mortgage lending. The IMF also saw
scope for refining liquidity management in the banking sector.
(Reuters)
 Saudi King Appoints Al-Furaih as Central Bank Deputy
Governor – Saudi Arabia’s King Abdullah has appointed
Abdulaziz al-Furaih as Deputy Governor of the Kingdom’s
Central Bank. Al-Furaih is currently serving as Deputy CEO of
Riyad Bank (RIBL) and a member of the board of directors at
Saudi Electricity Company (SEC). (Bloomberg)
 Saudi CMA suspends trading of SANAD shares for one
session – The Saudi Capital Market Authority (Saudi CMA) has
suspended trading of Sanad Insurance and Reinsurance
Cooperative Company (SANAD) shares for one session, after
the company’s accumulated losses reached 80% of its capital.
Saudi CMA will place an orange flag next to the company’s
name on Tadawul. The settlement will occur within two business
days (T+2). (Tadawul)
 Saudi CMA suspends trading of Al-Ahlia shares for two
hours on July 22 – The Saudi Capital Market Authority (Saudi
CMA) has suspended trading of Al-Ahlia Insurance Company
(Al-Ahlia) shares for two hours from the start of the trading
session on July 22, 2014, while orders maintenance will start
from 12:30 pm, as the company’s accumulated losses reached
74.38% of its capital. Saudi CMA will place a yellow flag next to
the company’s name on Tadawul. (Tadawul)
 Saudi CMA to continue suspension of Al-Baha stock – The
Saudi Capital Market Authority (Saudi CMA) has announced that
the stock of Al-Baha Investment and Development Co. (Al-Baha)
continues to be suspended, since the company’s accumulated
losses reached 122.4% of its capital. The CMA will place a red
flag next to the company’s name on the Saudi Stock Exchange
(Tadawul) website. Investors are allowed to trade the stock
during the suspension period through authorized persons in
accordance with the mechanism pursued by the exchange.
(Tadawul)
 Saudi CMA suspends trading of SALAMA shares for two
hours on July 22 – The Saudi Capital Market Authority (Saudi
CMA) has suspended trading of Salama Cooperative Insurance
Company (SALAMA) shares for two hours from the start of the
trading session on July 22, 2014, while orders maintenance will
start from 12:30 pm, as the company’s accumulated losses
reached 71.1% of its capital. Saudi CMA will place a yellow flag
next to the company’s name on Tadawul. (Tadawul)
 Saudi CMA to continue suspension of MMG stock – The
Saudi Capital Market Authority (Saudi CMA) has announced that
the stock of Mohammad Al Mojil Group Company (MMG)
continues to be suspended, since the company’s accumulated
losses reached 204.9% of its capital. The CMA will place a red
flag next to the company’s name on the Saudi Stock Exchange
(Tadawul) website. Investors are allowed to trade the stock
during the suspension period through authorized persons in
accordance with the mechanism pursued by the exchange.
(Tadawul)
 Saudi CMA suspends trading of Atheeb Telecom shares for
two hours on July 22 – The Saudi Capital Market Authority
(Saudi CMA) has suspended trading of Etihad Atheeb
Telecommunication Company (Atheeb Telecom) shares for two
hours from the start of the trading session on July 22, 2014,
while orders maintenance will start from 12:30 pm, as the
company’s accumulated losses reached 52.6% of its capital.
Saudi CMA will place a yellow flag next to the company’s name
on Tadawul. (Tadawul)
 Asian, western firms bid for UAE oilfields – According to
sources, Asian and western firms have bid to help operate the
UAE's biggest oilfields after a deal with oil majors expired in
2014. However, the UAE is yet to decide whether to let Asian oil
buyers in for the long haul. A final decision on the winning firms
is unlikely before early 2015 as political leaders in Abu Dhabi
consider whether to bring in Asian firms or stick with old
partners. Chinese, Korean and Japanese firms are vying for a
stake in the oilfields. The onshore fields produce 1.6mn bpd,
over half of UAE's oil output. (Reuters)
 NBF net profit jumps 30.5% to AED239.5mn in 1H2014 –
National Bank of Fujairah (NBF) reported a net profit of
AED239.5mn in 1H2014 as compared to AED183.5mn in
1H2013, representing an increase of 30.5%. The bank recorded
a net profit of AED124mn in 2Q2014 as compared to AED93mn
in 2Q2013. Net interest income reached AED160.5mn in
2Q2014 as compared to AED137.6mn in 2Q2013. Total assets
stood at AED23.5bn as of June 30, 2014 as compared to
AED21.5bn as of December 31, 2013, reflecting an increase of
9.4%. EPS amounted to AED0.20 at the end of 1H2014 as
compared to AED0.17 at the end of 1H2013. Loans & advances
stood at AED15.3bn as of December 31, 2013 as compared to
AED14.3bn, up by 15.1% from June 30, 2013. Customer
deposits reached AED16.6bn as compared to AED15bn at
December 31, 2013 and up by 33.8% from June 30, 2013.
(ADX)
 KFH reports net profit of KD28.5mn in 2Q2014 – Kuwait
Finance House (KFH) reported a net profit of KD28.5mn in
2Q2014 as compared to KD26.8mn in 2Q2013, reflecting an
increase of 6.3%, according to Reuters calculations. The profit
for 1H2014 increased by 10% YoY to reach KD54.6mn. Total
assets gained 11% YoY to stand at KD16.7bn as of June 30,
2014, while deposits rose 4% over the same period to
KD10.7bn. (Reuters)
 Majan Glass receives fire insurance claim – Majan Glass
Company announced that it has received a fire insurance claim
of OMR382,659 (including policy excess OMR10,000) from its
insurers as full and final settlement. (MSM)
 Bahrain Duty Free shop launches "Shop and Collect"
facility for customers – Bahrain Duty Free Shop Complex has
announced the launch of an upgraded "Shop and Collect" facility
for its customers at Bahrain International Airport. The upgraded
system has substantially reduced the time needed to process
shipments, and also allows for better communication with the
customers during the process. Customers will now receive an
SMS within 45 seconds of completing the order at the cash
point. They will also receive another message reminding them of
their order one hour before the collection time, and a final one
within 45 seconds of collecting the item. (GulfBase.com)
 Batelco demands full payment from Siva Group – Bahrain
Telecommunications Company (Batelco) has demanded full
payment of the judgment debt totaling $212mn awarded by the
English High Court of Justice against Chinnakannan
Sivasankaran and Siva Group. The judgment, made in the
Commercial Court of the English High Court of Justice, fully
upheld the claim of BMIC, a fully-owned subsidiary of Batelco.
The court held that the defendants had failed to honor a
settlement agreement signed in November 2011 relating to a
commercial venture into which both parties had entered in 2009.
The defendants were ordered to pay the judgment debt by June
26, 2014. However, neither Sivasankaran nor Siva Ltd has
complied with the court’s order as no payment has yet been
made. (Bahrain Bourse)

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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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 (* Market closed on 21 July 2014) Source: Bloomberg (* Market closed on 21 July 2014)
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%
(0.5%)
(0.2%) (0.0%) (0.1%)
1.5%
2.5%
(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,312.55 0.1 0.1 8.9 DJ Industrial 17,051.73 (0.3) (0.3) 2.9
Silver/Ounce 20.93 0.3 0.3 7.5 S&P 500 1,973.63 (0.2) (0.2) 6.8
Crude Oil (Brent)/Barrel (FM
Future)
107.68 0.4 0.4 (2.8) NASDAQ 100 4,424.70 (0.2) (0.2) 5.9
Natural Gas (Henry
Hub)/MMBtu
3.84 (1.6) (1.6) (11.5) STOXX 600 337.95 (0.5) (0.5) 3.0
LPG Propane (Arab Gulf)/Ton 103.63 0.1 0.1 (18.1) DAX 9,612.05 (1.1) (1.1) 0.6
LPG Butane (Arab Gulf)/Ton 122.13 0.1 0.1 (10.0) FTSE 100 6,728.44 (0.3) (0.3) (0.3)
Euro* 1.35 0.0 0.0 (1.6) CAC 40 4,304.74 (0.7) (0.7) 0.2
Yen 101.40 0.1 0.1 (3.7) Nikkei* 15,215.71 0.0 0.0 (6.6)
GBP 1.71 (0.1) (0.1) 3.1 MSCI EM* 1,063.26 0.0 0.0 6.0
CHF 1.11 0.0 0.0 (0.6) SHANGHAI SE Composite 2,054.48 (0.2) (0.2) (2.9)
AUD 0.94 (0.2) (0.2) 5.1 HANG SENG 23,387.14 (0.3) (0.3) 0.3
USD Index 80.56 0.0 0.0 0.7 BSE SENSEX 25,715.17 0.3 0.3 21.5
RUB 35.21 0.2 0.2 7.1 Bovespa 57,633.92 1.1 1.1 11.9
BRL 0.45 0.2 0.2 6.4 RTS 1,239.13 (2.9) (2.9) (14.1)
188.1
152.8
138.5