1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE Index declined 1.5% to close at 14,136.2. Losses were led by the Real Estate and Banks & Financial Services indices, declining 1.8% and 1.7%, respectively. Top losers were Aamal Co. and QNB Group, falling 2.8% and 2.3%, respectively. Among the top gainers, Zad Holding Co. rose 2.4%, while Widam Food Co. was up 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.5% to close at 11,010.7. Losses were led by the Real Estate Dev. and Building & Const. indices, falling 1.6% and 0.9%, respectively. Saudi Real Est. declined 7.9%, while AXA Cooperative fell 5.9%.
Dubai: The DFM Index declined 0.2% to close at 5,088.3. The Transportation index fell 1.8%, while the Telecommunication index was down 1.2%. Al- Madina For Finance and Invest. declined 3.3%, while Shuaa Capital fell 2.4%.
Abu Dhabi: The ADX benchmark index fell 1.1% to close at 5,174.3. The Consumer index declined 3.4%, while the Banks index fell 1.5%. Gulf Livestock Co. declined 8.0%, while National Marine Dredging was down 5.9%.
Kuwait: The KSE Index rose 0.2% to close at 7,612.2. The Telecommunication index gained 1.5%, while the Consumer Services index was up 1.0%. Al-Nawadi Holding rose 8.1%, while Zima Holding gained 6.8%.
Oman: The MSM Index fell 0.1% to close at 7,500.4. Financial index was down 0.3%, while other indices ended in green. Al Anwar Holding and Construction Materials Ind. declined 1.8% each.
Bahrain: The BHB Index gained 0.1% to close at 1,469.2. The Industrial index gained 1.0%, while the Commercial Banks index was up 0.1%. Khaleeji Commercial Bank rose 2.1%, while Aluminium Bahrain was up 1.0%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co.
92.40
2.4
0.8
32.9 Widam Food Co. 65.90 1.4 76.0 27.5 Gulf Warehousing Co. 52.50 1.4 35.4 26.5 Qatar Fuel Co. 227.00 0.4 60.7 3.9 Al Khaleej Takaful Group 47.60 0.4 78.1 69.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group
19.89
(0.5)
8,681.3
17.0 Vodafone Qatar 21.99 (1.8) 2,036.8 105.3
Masraf Al Rayan
56.50
(1.6)
940.5
80.5 Barwa Real Estate Co. 41.65 (2.3) 446.3 39.8
Mesaieed Petrochem. Holding Co.
33.75
(0.7)
438.6
238
Market Indicators 21 Sep 14 18 Sep 14 %Chg.
Value Traded (QR mn)
604.9
934.4
(35.3) Exch. Market Cap. (QR mn) 752,079.1 762,567.6 (1.4)
Volume (mn)
16.9
28.4
(40.5) Number of Transactions 5,167 7,521 (31.3)
Companies Traded
42
42
0.0 Market Breadth 6:32 27:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return
21,083.98
(1.5)
(1.5)
42.2
N/A All Share Index 3,570.58 (1.4) (1.4) 38.0 17.5
Banks
3,467.21
(1.7)
(1.7)
41.9
17.0 Industrials 4,691.03 (1.5) (1.5) 34.0 19.0
Transportation
2,367.31
(0.1)
(0.1)
27.4
15.2 Real Estate 2,947.51 (1.8) (1.8) 50.9 15.7
Insurance
4,122.82
(1.3)
(1.3)
76.5
13.0 Telecoms 1,728.12 (1.4) (1.4) 18.9 24.5
Consumer
7,602.29
0.2
0.2
27.8
28.4 Al Rayan Islamic Index 4,779.60 (1.3) (1.3) 57.4 20.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Solidarity Takaful
Saudi Arabia
27.56
6.5
24,608.3
6.4 Co. For Coop. Ins. Saudi Arabia 73.24 4.1 983.9 108.1
Salhia Real Estate Co.
Kuwait
0.39
4.0
0.1
(2.5) Deyaar Development Dubai 1.32 3.1 195,258.0 30.7
Nat. Mobile Telec.
Kuwait
1.56
2.6
26.0
(11.4)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Real Estate Co.
Saudi Arabia
49.89
(7.9)
2,387.2
44.2 Nati. Marine Dredging Abu Dhabi 5.55 (5.9) 54.0 (35.5)
NBAD
Abu Dhabi
14.85
(3.6)
469.5
17.5 ADCB Abu Dhabi 8.55 (3.3) 6,403.4 31.5
Dar Al Arkan
Saudi Arabia
13.83
(3.0)
26,155.6
40.4
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%
Aamal Co.
15.71
(2.8)
296.4
4.7 QNB Group 208.00 (2.3) 218.9 20.9
Barwa Real Estate Co.
41.65
(2.3)
446.3
39.8 Qatar Electricity & Water Co. 192.00 (2.3) 88.0 16.1
Vodafone Qatar
21.99
(1.8)
2,036.8
105.3
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group
19.89
(0.5)
173,236.0
17.0 Masraf Al Rayan 56.50 (1.6) 53,327.3 80.5
QNB Group
208.00
(2.3)
45,862.7
20.9 Vodafone Qatar 21.99 (1.8) 44,965.2 105.3
Commercial Bank of Qatar
73.30
(0.7)
24,506.4
24.2
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*
14,136.18
(1.5)
(1.5)
4.0
36.2
166.11
206,520.9
17.7
2.3
3.6 Dubai 5,088.34 (0.2) (0.2) 0.5 51.0 342.05 97,913.7 21.1 1.9 1.9
Abu Dhabi
5,174.33
(1.1)
(1.1)
1.8
20.6
84.13
140,443.1
14.7
1.8
3.2 Saudi Arabia 11,010.68 (0.5) (0.5) (0.9) 29.0 2,459.03 598,454.6 21.2 2.7 2.6
Kuwait
7,612.21
0.2
0.2
2.4
0.8
129.56
114,084.9
19.4
1.2
3.6 Oman 7,500.36 (0.1) (0.1) 1.8 9.7 12.08 27,500.0 11.3 1.7 3.7
Bahrain
1,469.24
0.1
0.1
(0.2)
17.6
1.11
54,364.2
11.4
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)
14,10014,20014,30014,4009:3010:0010:3011:0011:3012:0012:3013:00

2. Page 2 of 6
Qatar Market Commentary
 The QE Index declined 1.5% to close at 14,136.2. The Real Estate and Banks & Financial Services indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.
 Aamal Co. and QNB Group were the top losers, falling 2.8% and 2.3%, respectively. Among the top gainers, Zad Holding Co. rose 2.4%, while Widam Food Co. was up 1.4%.
 Volume of shares traded on Sunday fell by 40.5% to 16.9mn from 28.4mn on Thursday. Further, as compared to the 30-day moving average of 17.4mn, volume for the day was 2.8% lower. Ezdan Holding Group and Vodafone Qatar were the most active stocks, contributing 51.4% and 12.1% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
News
Qatar
 CBQK to disclose results on October 29 – Commercial Bank of Qatar (CBQK) has announced its intent to disclose financial statements for the period ending September 30, 2014 on October 29, 2014. (QE)
 IQCD announces changes to BoD – Industries Qatar (IQCD) has issued a statement regarding the changes made by Qatar Petroleum to IQCD’s board of directors and the executive management. With effect from September 17, 2014, the Board of Directors of Industries Qatar are as follows: HE the Minister of Energy & Industry Dr. Mohammed bin Saleh, Chairman of the board. HE the Minister of Economy & Commerce Sheikh Ahmed bin Jassim Al-Thani has been appointed as the Vice Chairman. The board of directors also includes HE the Minister of Finance Ali Shareef Al-Emadi, HE Dr. Ibrahim Al-Ibrahim, Hamad Rashid Al-Mohannadi and Nasser Khalil Al-Jaidah as members, along with Saad Sherida Al-Kaabi as a member and Managing Director. (IQCD Press Release, QE)
 Mesaieed waste unit expansion to cost QR2bn – The Qatari government is evaluating the possibility of either expanding the waste management facility near Mesaieed or finding a new place to treat domestic waste. The Domestic Solid Waste Management Centre (DSWMC), operated by Keppel Seghers, can handle about 2,300 tons of the total 2,700 tons of solid waste produced daily in the country. The center now operates at full capacity. DSWMC’s General Manager Oon Ee Heng said that the estimated cost of the expansion could reach around QR2bn, depending on the design the government wants. For every 500 tons of waste, about QR800mn is spent. Keppel Seghers’ Regional Director (MENA) Stefan Kipp estimated that the total waste production in Qatar is about 7,000 tons a day, of which roughly 70% is non-domestic waste such as construction and demolition materials. (Gulf-Times.com)
 Mercury Mena wins MEP contract for Mesaieed health center project – Mercury Mena, an engineering specialist solutions provider, has been awarded the mechanical, electrical & plumbing (MEP) contract for the Workers Hospital & Integrated Health Centre project in Mesaieed. The project consists of a 120-bed hospital, an integrated health center, a mosque and a central utility plant. Mercury Mena will carry out the complete MEP works including plumbing and drainage, electrical works, ELV installations, HVAC works, life safety works, medical gas installations and pneumatic tube systems with provision for future expansion of up to 200 beds and related clinical area. Mercury Mena will work in cooperation with Contraco Trading & Contracting, who are the main contractors in
the project, and with consultants Jain Engineers. (Peninsula Qatar)
 QA named among 6 Mideast global challengers – Qatar Airways (QA) is among the six Middle Eastern organizations that were named as ‘global challengers’ by The Boston Consulting Group (BCG), in recognition of their rapid growth, global expansion and emerging position as leaders in key markets. The other organizations are: Emirates Global Aluminium, Etihad Airways, Etisalat, SABIC and El Sewedy Electric. In 2013, there were only four global challengers from the region. (Gulf- Times.com)
 Ooredoo opens franchise in Al Muaither – Ooredoo (ORDS) announced the opening of its franchise in Al Muaither. In launching the co-branded franchise, ORDS is using a new business model that sees the company working alongside partners to extend their reach in the community. The new outlet based in Al Muaither provides a one-stop shop for customers who seek services such as Hala, Shahry, broadband, fixed line and business services. In addition, the shops will also offer SIM replacements, Hala top-ups and more. (Gulf-Times.com)
International
 G20 on course with growth goals, but more needed from Europe – The Group of 20 leading nations have said they are close to adding an extra $2tn to the global economy and creating millions of new jobs, but Europe's extended stagnation remains a major stumbling block. The finance ministers and central bank chiefs from G20 countries, who gathered in Australia, claimed progress on fireproofing the world's financial system and closing tax loopholes exploited by giant multinationals. Almost 1,000 new measures have been proposed that would boost global growth by 1.8% by 2018, nearing the ambitious goal of 2 percentage points adopted back in February 2014. A common concern was the risk of economic malaise in Europe pulling others down. The US Treasury Secretary Jack Lew cited philosophical differences with some of his counterparts in Europe, especially on the need for near-term stimulus. Meanwhile, Bundesbank President Jens Weidmann said the room that governments have to stimulate growth through fiscal policy is often more limited than commonly believed. Weidmann said fiscal leeway is much smaller than many think, since it is limited by international and national rules, and is impacted by high debt levels. (Reuters) (Bloomberg)
 ECB: Capital buffer for top banks could be around 16% – The European Central Bank’s (ECB) Governing Council Member Christian Noyer said the size of an enhanced capital buffer that the world's top 29 banks need to maintain could be around 16%. Overall Activity Buy %* Sell %* Net (QR)
Qatari
68.88%
77.43%
(51,742,685.36) Non-Qatari 31.12% 22.56% 51,742,685.36

3. Page 3 of 6
Under plans being drawn up by global regulators, major global banks would have to hold safety buffers of bail-in bonds and other capital equivalent to a stipulated percentage of their risk- weighted assets. Noyer said the initial range of around 16% is realistic, but was not fixed at the G20 meeting. Noyer further added that everyone agreed not to have a long transition period. He said a simulation test would be finalised by the end of 2015, while a number countries have asked for flexibility on the requirements, pending the results of the study. The buffer plan is core to global efforts to end "too big to fail banks" and shield taxpayers from having to rescue large lenders again. (Reuters)
 China will not alter policy because of one economic indicator – Chinese Finance Minister Lou Jiwei said the country will not dramatically alter its economic policy because of any one economic indicator. Lou made the comments at the G20 meeting underway in Australia, as a reaction to economists lowering China’s growth forecasts after the latest set of weak data. Last week, economists had rolled back their growth forecasts after data showed China’s factory output grew at its weakest pace in nearly six years in August. China's total social financing aggregate, a broad measure of lending in the economy, was also at the weakest level in nearly six years, indicating credit levels were far below average. Lou further added that China cannot rely on government spending to increase infrastructure investment. The economic stimulus measures adopted to confront the international financial crisis had boosted economic growth, but they also brought excess capacity, environmental pollution and an enormous local government debt. As a result, China cannot completely rely on public financial resources to make large-scale investments in infrastructure. (Reuters)
Regional
 MEED Insights: Mideast solar energy investments to reach $50bn – According to MEED Insights, Arab nations are poised to make significant investments in solar energy, estimated at $50bn over the next ten years, as part of a push to adopt and use renewable energy sources. The solar energy sector is a fast growing market in the region, with all countries in the Middle East (Mideast) accelerating efforts to meet renewable energy targets for installed capacity at 56,000 megawatt by 2020. A majority of this will be in the form of solar energy, especially new concentrating solar power (CSP) and integrated solar combined cycle (ISCC) capacity. (GulfBase.com)
 SCSB, Mobily launch Firnas to inspire Saudi innovators – Saudi Credit and Savings Bank (SCSB) has entered into a strategic partnership agreement with Etihad Etisalat Company (Mobily) to launch ‘Firnas’ platform for innovation, which provides the necessary support and encourages innovators in the Saudi community. Firnas is regarded as an open platform for innovation, providing an opportunity for all to share their creative ideas that could be applied practically on the ground as commercial projects. The role of Mobily comes in providing operational and technical support as well as marketing support, whereas the role of SCSB is to provide commercial support and professional training for innovators. (GulfBase.com)
 Dallah Health BoD approves investing in Al-Fagih – Dallah Health Services Holding Company (Dallah Health) announced that its board of directors has approved the move to invest in subscription of Dr. Mohammed Rashid Al-Fagih & Company (Al- Fagih), a company planning to build a general hospital in east Riyadh. The hospital will include 308 beds, 43 emergency beds, 147 clinic rooms and their ancillaries. The approval included investment through contributing to the shares offered amounting to SR129mn or 30% of Al-Fagih’s capital amounting to
SR430mn. Al-Fagih is likely to start building the said hospital during 1Q2015, with a total cost of SR630mn. The project is expected to be completed in 4Q2017. (Tadawul)
 SAAC announces latest developments related to PWT – Saudi Arabian Amiantit Company (SAAC) announced that its Germany-based subsidiary PWT Wasser-und Abwassertechnik (PWT) cashed a trade receivable amount of approximately $8mn, from the owner of the project, as a result of the owner's decision to reinstate the contract with PWT, subsequent to the claims of a sub-contractor of the project, against him and PWT, having been dismissed by the Iraqi Court of appeal. PWT is 80% owned by SAAC and engaged in EPC contracts for water and sewage treatment plants. The company was facing certain legal actions with one of its projects i.e. Al Samawa (south of Iraq) Unified Water Treatment Plant. The cashing in of this receivable enables PWT to resume the execution of the Al-Samawa project. (Tadawul)
 BACM secures $265mn Islamic financing from StanChart – Saudi Arabia-based Bahra Advanced Cable Manufacturing (BACM) has received an Islamic financing of $265mn from Standard Chartered (StanChart), out of which $200mn is short- term Islamic structured financing to fund its inventory and sales, and $65mn as a five-year long-term loan to finance the company's expansion program. The deal was closed on September 21, 2014. (Bloomberg)
 NCB to launch IPO in October 2014 – Saudi Arabia's National Commercial Bank (NCB) will begin its much-anticipated initial share sale next month. The IPO, which is expected to be one of the largest ever in the Gulf region, will see 300mn shares- equivalent to 15% of NCB’s capital, and will be offered to Saudi investors between October 19, 2014 and November 2, 2014. A further 10% of the bank will be placed with state fund, the Public Pension Agency, at the same time. (Reuters)
 Al Zorah to showcase Golf Villas at Cityscape Global 2014 – Al Zorah, a naturally unique and organically connected lifestyle development by Al Zorah Development Company, will highlight its highly exclusive collection of design-oriented ‘Golf Villas’ at Cityscape Global 2014, in Dubai. (GulfBase.com)
 Dewa holds conference for phase II of Solar Park bidders – Dubai Electricity and Water Authority (Dewa) has organized a conference for qualifying international developers, who intend to send their proposals for the second project of the Mohammad Bin Rashid Al Maktoum Solar Park to produce 100 megawatt of electricity. The project, which will be implemented according to the Independent Power Producer (IPP) model, supports the Dubai Integrated Energy Strategy 2030. (GulfBase.com)
 Dubai SME launches Equity Investment Initiative – Dubai SME, the agency of the Department of Economic Development (DED) in Dubai has launched an Equity Investment Initiative. The initiative aims to provide entrepreneurial projects with access to capital through equity participation of venture capitalists, angel investors and private equity companies. The initiative will be rolled out in two phases. In the first phase, Dubai SME will study the SME equity financing landscape in Dubai and the wider region, while the second phase will be launched in 2015 and will focus on creating the appropriate channels and platforms for entrepreneurs and equity investors to come together to form partnerships. (GulfBase.com)
 Damac plans second Trump golf course in Dubai – Damac Properties is planning to develop a second golf course in Dubai with the Trump Organization. The Trump World Golf Club Dubai will be a part of the developer’s new 55mn square feet master development, Akoya Oxygen in Dubailand. (GulfBase.com)

4. Page 4 of 6
 STR Global: Dubai hotel occupancy up 2.1% in August 2014 – According to preliminary data by STR Global, hotels in Dubai saw occupancy grow by 2.1% to 75.1% in August 2014 as compared to August 2013. Dubai’s hotel occupancy dropped 12% to 45.4% in July 2014, due to slow demand in the hot month and rising hotel room supply in the city. Supply rose 8.6% as of August 2014, while demand grew by 10.9%. Meanwhile, the average daily rate (ADR) in August fell 5.7% to AED682.21, and as a result, revenue per available room (RevPAR) declined 3.7% to AED512.25. In July 2014, ADR was up 5% to AED638.7, while RevPAR dropped 7.4% to AED290.23. (GulfBase.com)
 CBRE: Dubai property prices show signs of cooling – According to a report by real estate investment firm CBRE, average residential rents in Dubai fell 1% in 3Q2014, the first decline since 2012, pressured by weaker demand during the holy month of Ramadan and a rise in new home supply. The fall in rents was not uniform but was affecting some of Dubai's more fashionable areas, which had experienced the biggest rises, including Downtown Dubai, where rents dipped by an average of 3%. A separate report by property consultant JLL showed that residential rents and sales rose 2% and 1% in 3Q2014, slower than the respective 3% and 6% increases posted in 2Q2014. (Reuters)
 Dubai World debt restructuring deal expected soon – According to Dubai's Supreme Fiscal Committee’s Chairman, Sheikh Ahmed bin Saeed al-Maktoum, Dubai World is expected to reach a deal on renegotiating its debt repayment schedule in the near future. (Reuters)
 DIFC Investments plans to raise $700mn in Sukuk sale – DIFC Investments is planning to raise about $700mn from an Islamic bond sale to repay debt and fund development as borrowing costs decline. The company, which is planning to issue the Sukuk before the end of October 2014, will use the proceeds to repay the $650mn outstanding on a syndicated loan, while the remainder will be used to develop a 10th building in DIFC’s Gate Village and fund the completion of a connecting corridor across the business park. DIFC Investments owns properties in the Dubai International Financial Center business park. (Bloomberg)
 ABC lists $163m bond on Nasdaq Dubai – Agriculture Bank of China (ABC) has listed its $163mn bond on Nasdaq Dubai. ABC is China's third largest bank by assets, and is the first Chinese issuer to list a bond on an exchange in the Middle East and North Africa (MENA) region. (Bloomberg)
 Deyaar unveils AED3.5bn mega project in Dubai – Deyaar Development has unveiled the master plan of its upscale AED3.5bn 'Midtown by Deyaar' project, which will include a total of 27 buildings. The 5.5mn square feet upscale development comprises two hotels on the northern and southern tips, along with 13 separate residential buildings on the east side of the development, and 12 buildings clustered into four groups. The development will be located adjacent to Jumeirah Golf Estates on the southern end. (Bloomberg)
 Nakheel unveils two major projects in Dubai – Nakheel has unveiled two new projects, Jumeirah Heights Fronds and The Palm Gateway in Dubai, UAE. JHF, a lakeside residential complex of more than 1,400 apartments and villas, will be constructed on two plots of land at Jumeirah Islands community, while Palm Gateway is a three-tower waterfront living and leisure complex with more than 1,300 homes, and will be located at the entrance to Palm Jumeirah, (Bloomberg)
 WSJ: Oxy in talks to sell part of Dolphin Energy stake – According to the Wall Street Journal (WSJ), Occidental Petroleum Corporation (Oxy) is in talks to sell at least one-fifth of its 24.5% stake in Dolphin Energy Limited to Mubadala Development Company. The potential deal comes after the collapse of a previous plan by Oxy to sell its non-core Middle East assets to a consortium of Gulf-based firms. Mubadala reportedly wants to buy Oxy’s entire stake in Dolphin Energy, but Qatar is unlikely to accept that because of the political situation in the UAE. The two parties are hopeful that a smaller stake would get Qatar to eventually agree on the deal. Qatar would need to approve the deal because Dolphin Energy’s assets are in the emirate. Its assets include upstream gas projects and a pipeline with the capacity to transport up to 3.2bn cubic feet of gas per day from Qatar to the UAE and Oman. According to sources, Oxy is also in talks to sell as much as 30% stake in the $10bn Shah natural gas project in the UAE to Mubadala. (GulfBase.com)
 TAQA appoints GVP Treasury – Abu Dhabi National Energy Company (TAQA) has promoted Suhail Al Shamsi from Head of Treasury Operations to the position of Group Vice-President (GVP), Treasury and member of the company’s Global Management Team. Al Shamsi will be responsible for operational treasury including cash and liquidity management, and corporate finance and funding functions. (ADX)
 Gulf Related awards AED490mn construction contract to DSC – Gulf Related has awarded the main construction contract of its signature residential project in Saudi Arabia, Antara to Drake & Scull Construction (DSC), the general contracting division of Drake & Scull International (DSI) for AED490mn. The construction is expected to be completed in 24 months. Under the terms of the agreement, the mobilization will begin immediately and the construction work will start on the site in one month. DSC will complete all the civil, architectural, and MEP works, including structural and external works for the residential and ancillary buildings on the project site. Designed in a Mediterranean-resort village style, Antara comprises a built- up area of 98,115 square meters, consisting of 520 homes. (DFM)
 NREC agrees $537.6mn debt restructuring – Kuwaiti National Real Estate Company (NREC) has agreed to restructure $537.6mn of debt owed to an unidentified local bank. The company said its total debt levels remained unchanged after the restructuring deal, which was reached earlier this month. The restructured loan is repayable over a period of seven years. (Reuters)
 Kuwait’s MoEW awards $26.2mn contract to Spain-based Abengoa – Kuwaiti Ministry of Electricity and Water (MoEW) has awarded a $26.2mn contract to Spain-based Abengoa for the development of a new power transmission project in the country. Under the terms of the contract, Abengoa will construct three new power transmission lines within 20 months. The scope of work includes design, supply, construction, testing and commissioning of three high and high voltage power transmission lines with a combined length of 86 kilometer. The project is in line with Kuwait’s plan to expand its energy infrastructure. (Bloomberg)
 SEZAD, Bank Sohar sign MoU to finance projects – Special Economic Zone Authority of Duqm (SEZAD) has signed a MoU with Bank Sohar that stipulates facilitating the access of required finance by investors and companies that wish to set up their venture at SEZAD. In addition, SEZAD will sign similar MoUs with other local banks to provide the finance the companies

5. Page 5 of 6
need, especially in the small and medium enterprises sectors. (GulfBase.com)
 Omantel provides MPLS service to NBAD Oman – Oman Telecommunications Company (Omantel) has signed a five-year agreement with National Bank of Abu Dhabi (NBAD) - Oman to provide MPLS service to link the bank branches located in different governorates which contributes toward enhancing the services provided to NBAD Oman customers, as well as speeding up communication between the branches through a highly secured network. (GulfBase.com)
 OEIH receives MoF approval to extend repayment date of soft loan – Oman and Emirates Inv. Holding (OEIH) announced that it has received the approval of Ministry of Finance (MoF) to extend the repayment date of a soft loan of OMR7.5mn by two years, to be paid in November 2016 instead of November 2014. (MSM)
 Bahrain Steel signs $340mn loan facility – Bahrain Steel has successfully closed the syndication of its $340mn senior secured term and revolving credit facilities. The facilities are split between a seven-year $300mn amortizing term loan and a seven-year $40mn revolving credit facility. The facilities will be utilized to repay certain existing financial indebtedness of the company, and for general corporate purposes. The new loan facilities will reduce the overall cost of borrowings for the company. Arab Banking Corporation, HSBC and Mashreq Bank acted as initial mandated lead arrangers, bookrunners and underwriters, while Al Khaliji Commercial Bank, BNP Paribas, Doha Bank and Qatar National Bank joined as mandated lead arrangers for the transaction. State Bank of India joined as a lead arranger. (Bloomberg)

6. 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
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg, *$ adjusted returns
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
220.0
Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
QE Index S&P Pan Arab S&P GCC
(0.5%)
(1.5%)
0.2% 0.1%
(0.1%)
(1.1%)
(0.2%)
(1.8%)
(1.2%)
(0.6%)
0.0%
0.6%
Saudi Arabia
Qatar
Kuwait
Bahrain
Oman
Abu Dhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD%
Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,215.70 0.0 0.0 0.8 DJ Industrial 17,279.74 0.0 0.0 4.2
Silver/Ounce 17.83 0.0 0.0 (8.4) S&P 500 2,010.40 0.0 0.0 8.8
Crude Oil (Brent)/Barrel (FM
Future)
98.39 0.0 0.0 (11.2) NASDAQ 100 4,579.79 0.0 0.0 9.7
Natural Gas (Henry
Hub)/MMBtu
3.86 0.0 0.0 (11.2) STOXX 600 348.52 0.0 0.0 (1.2)
LPG Propane (Arab Gulf)/Ton 107.75 0.0 0.0 (14.7) DAX 9,799.26 0.0 0.0 (4.6)
LPG Butane (Arab Gulf)/Ton 126.88 0.0 0.0 (7.0) FTSE 100 6,837.92 0.0 0.0 (0.3)
Euro 1.28 0.0 0.0 (6.7) CAC 40 4,461.22 0.0 0.0 (3.4)
Yen 109.04 0.0 0.0 3.5 Nikkei 16,321.17 0.0 0.0 (3.4)
GBP 1.63 0.0 0.0 (1.6) MSCI EM 1,053.92 0.0 0.0 5.1
CHF 1.06 0.0 0.0 (5.1) SHANGHAI SE Composite 2,329.45 0.0 0.0 8.5
AUD 0.89 0.0 0.0 0.1 HANG SENG 24,306.16 0.0 0.0 4.3
USD Index 84.74 0.0 0.0 5.9 BSE SENSEX 27,090.42 0.0 0.0 30.0
RUB 38.43 0.0 0.0 16.9 Bovespa 57,788.70 0.0 0.0 11.4
BRL 0.42 0.0 0.0 (0.2) RTS 1,170.25 0.0 0.0 (18.9)
203.1
168.9
151.7