The QSE Index rose 1.3% to close at 10,681.1.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.3% to close at 10,681.1. Gains were led by the Industrials and
Banks & Financial Services indices, gaining 1.8% and 1.2%, respectively. Top gainers
were Industries Qatar and Commercial Bank, rising 3.3% and 2.9%, respectively. Among
the top losers, Qatar Navigation fell 1.6%, while Qatar Islamic Insurance Co. was down
0.5%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 6,246.5. Gains were led by the Agri.
& Food Industries and Banks & Financial Services indices, rising 0.6% and 0.5%,
respectively. Arabia Insurance Coop. rose 6.2%, while Saudi Fisheries was up 5.3%.
Dubai: The DFM Index gained 1.2% to close at 3,472.4. The Consumer Staples index
rose 4.1%, while the Real Estate & Construction index gained 1.6%. Dubai Parks &
Resorts gained 4.2%, while Arabtec Holding was up 3.5%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,526.6. The Banks index
gained 1.1%, while the Consumer Staples index rose 0.2%. Al Khazna Insurance Co.
gained 7.7%, while International Fish Farming Holding Co. was up 4.6%.
Kuwait: The KSE Index declined 0.2% to close at 5,459.3. The Telecommunication index
fell 1.1%, while the Banks index declined 0.9%. Gulf Glass Manufacturing Co. fell 7.7%,
while United Real Estate Co. was down 7.4%.
Oman: The MSM Index rose 0.4% to close at 5,869.8. Gains were led by the Industrial
and Financial indices, rising 0.6% and 0.4%, respectively. Al Anwar Ceramic Tiles rose
2.7%, while Al Jazeera Steel Products was up 1.9%.
Bahrain: The BHB Index gained 0.1% to close at 1,156.5. The Commercial Banks index
rose 0.1%, while the Services index gained marginally. Nass Corporation rose 1.6%,
while National Bank of Bahrain was up 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Industries Qatar 105.90 3.3 392.7 (4.7)
Commercial Bank 39.40 2.9 95.4 (14.2)
Qatar Electricity & Water Co. 227.00 2.3 7.1 4.9
Qatar Industrial Manufact. Co. 45.00 2.3 1.7 12.9
Doha Bank 37.40 1.8 46.4 (16.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding Co. 19.08 0.2 440.7 (1.6)
Industries Qatar 105.90 3.3 392.7 (4.7)
Gulf International Services 35.70 1.4 369.3 (30.7)
Mazaya Qatar Real Estate Dev. 14.06 (0.3) 331.3 4.0
Ezdan Holding Group 19.69 1.5 292.3 23.8
Market Indicators 04 Aug 16 03 Aug 16 %Chg.
Value Traded (QR mn) 179.5 167.3 7.3
Exch. Market Cap. (QR mn) 572,359.1 565,483.6 1.2
Volume (mn) 4.0 5.1 (22.3)
Number of Transactions 3,026 3,670 (17.5)
Companies Traded 39 39 0.0
Market Breadth 24:10 11:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,281.28 1.3 0.3 6.6 14.8
All Share Index 2,949.34 1.1 0.1 6.2 14.1
Banks 2,911.65 1.2 1.3 3.8 12.3
Industrials 3,204.95 1.8 (0.6) 0.6 15.2
Transportation 2,549.67 0.0 (0.9) 4.9 12.3
Real Estate 2,705.46 1.1 0.0 16.0 23.7
Insurance 4,243.45 0.9 (3.2) 5.2 11.2
Telecoms 1,178.67 0.3 0.0 19.5 17.9
Consumer 6,546.52 0.2 (0.4) 9.1 13.5
Al Rayan Islamic Index 4,092.13 0.8 0.2 6.1 17.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Salhia Real Estate Co. Kuwait 0.38 5.6 0.5 1.4
Saudi Fisheries Saudi Arabia 13.20 5.3 2,696.4 (18.5)
Samba Financial Group Saudi Arabia 18.36 5.0 1,333.7 (21.3)
Herfy Food Services Co. Saudi Arabia 72.65 4.1 42.3 (27.8)
Arabtec Holding Co. Dubai 1.49 3.5 35,674.6 19.2
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
United Real Estate Co. Kuwait 0.10 (7.4) 617.0 5.3
Saudi Res. & Marketing Saudi Arabia 37.65 (5.9) 576.0 (34.8)
Nat. Marine Dredging Co. Abu Dhabi 4.60 (5.7) 2.0 (16.1)
Comm. Bank of Kuwait Kuwait 0.35 (4.1) 1.0 (25.8)
Saudi Printing & Packaging Saudi Arabia 18.18 (3.6) 1,708.5 (30.8)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 88.00 (1.6) 7.7 (7.4)
Qatar Islamic Insurance Co. 61.50 (0.5) 0.6 (14.6)
Islamic Holding Group 65.30 (0.5) 12.5 (17.0)
Qatar German Co. for Medical Dev. 12.15 (0.4) 68.6 (11.4)
Gulf Warehousing Co. 57.80 (0.3) 26.7 1.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 105.90 3.3 41,399.5 (4.7)
QNB Group 155.00 1.5 22,486.3 6.3
Qatar Fuel 152.70 0.0 13,839.9 11.8
Gulf International Services 35.70 1.4 13,183.1 (30.7)
Ooredoo 94.60 0.3 10,446.3 26.1
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* 10,681.08 1.3 0.3 0.7 2.4 49.29 157,227.0 14.8 1.6 3.8
Dubai 3,472.38 1.2 (1.3) (0.3) 10.2 64.70 91,838.2 12.1 1.3 4.3
Abu Dhabi 4,526.56 0.4 (1.5) (1.1) 5.1 31.78 121,271.8 12.2 1.5 5.4
Saudi Arabia 6,246.45 0.1 (1.4) (0.9) (9.6) 887.61 385,513.6 14.7 1.4 3.9
Kuwait 5,459.26 (0.2) (0.0) 0.2 (2.8) 22.91 79,860.9 18.8 1.0 4.3
Oman 5,869.79 0.4 0.3 0.4 8.6 7.14 17,293.6 10.3 1.2 5.0
Bahrain 1,156.54 0.1 (0.3) 0.1 (4.9) 2.34 17,901.6 9.6 0.4 4.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,500
10,550
10,600
10,650
10,700
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 1.3% to close at 10,681.1. The Industrials and Banks &
Financial Services indices led the gains. The index rose on the back of
buying support from non-Qatari and GCC shareholders despite selling
pressure from Qatari shareholders.
 Industries Qatar and Commercial Bank were the top gainers, rising 3.3%
and 2.9%, respectively. Among the top losers, Qatar Navigation fell 1.6%,
while Qatar Islamic Insurance Co. was down 0.5%.
 Volume of shares traded on Thursday fell by 22.3% to 4.0mn from 5.1mn on
Wednesday. Further, as compared to the 30-day moving average of 4.9mn,
volume for the day was 17.9% lower. Mesaieed Petrochemical Holding Co.
and Industries Qatar were the most active stocks, contributing 11.0% and
9.8% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
DP World Limited Fitch Dubai LT-IDR/ST-IDR BBB-/F3 BBB/ F2  Stable –
Islamic Arab Ins. Co. S&P Dubai LT-LICR/FSR BBB+/ BBB+ BBB-/ BBB-  Negative –
Warba Insurance Co. Moody's Kuwait IFSR/LTR – Baa1/Baa1 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency, IFSR – Insurance Financial
Strength Rating LICR – Local Issuer Credit Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2016
% Change
YoY
Operating Profit
(mn) 2Q2016
% Change
YoY
Net Profit
(mn) 2Q2016
% Change
YoY
Alliance Insurance Dubai AED 32.0 -4.6% 11.0 86.5% 11.9 30.1%
United Foods Co. Dubai AED 114.9 -5.1% – – 9.1 -20.4%
International Fish Farming Holding Co. Abu Dhabi AED 87.6 -3.7% 1.0 -88.4% 4.0 -95.0%
RAK Properties* Abu Dhabi AED 147.1 59.8% 34.2 65.8% 38.7 70.5%
Global Financial Investment* Oman OMR 2.6 20.3% – – 1.1 41.9%
Bahrain Telecommunications Co. Bahrain BHD – – – – 13.1 -1.7%
Source: Company data, DFM, ADX, MSM (*6M2016-results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/04 US Department of Labor Initial Jobless Claims 30-July 269k 265k 266k
08/04 US Department of Labor Continuing Claims 23-July 2,138k 2,130k 2,144k
08/04 EU Markit Markit Eurozone Retail PMI July 48.9 – 48.5
08/05 UK Lloyds TSB Halifax House Prices MoM July -1.00% -0.20% 1.20%
08/04 Germany Markit Markit Germany Construction PMI July 51.6 – 50.4
08/04 Germany Markit Markit Germany Retail PMI July 52.0 – 51.6
08/04 France Markit Markit France Retail PMI July 51.6 – 51.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 2Q2016 results No. of days remaining Status
DOHI Doha Insurance 8-Aug-16 1 Due
MPHC Mesaieed Petrochemical Holding Company 9-Aug-16 2 Due
MERS Al Meera Consumer Goods Company 9-Aug-16 2 Due
QISI Qatar Islamic Insurance 10-Aug-16 3 Due
MCCS Mannai Corp. 10-Aug-16 3 Due
DBIS Dlala Brokerage & Investment Holding Company 10-Aug-16 3 Due
MCGS Medicare Group 10-Aug-16 3 Due
SIIS Salam International Investment 11-Aug-16 4 Due
WDAM Widam Food Company 11-Aug-16 4 Due
QGMD Qatar German Company for Medical Devices 14-Aug-16 7 Due
ZHCD Zad Holding Company 14-Aug-16 7 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 24.99% 35.75% (19,315,285.69)
Qatari Institutions 14.75% 23.59% (15,871,634.12)
Qatari 39.74% 59.34% (35,186,919.81)
GCC Individuals 1.10% 0.80% 551,117.03
GCC Institutions 8.73% 7.10% 2,924,493.19
GCC 9.83% 7.90% 3,475,610.22
Non-Qatari Individuals 8.95% 9.34% (689,974.18)
Non-Qatari Institutions 41.48% 23.43% 32,401,283.77
Non-Qatari 50.43% 32.77% 31,711,309.59

3. Page 3 of 6
News
Qatar
 QNB Group: Oil at $60 probable in medium term – QNB Group said
in a report that the oil markets may rebalance in 2017 with a price
of $60/barrel “probably within range” in the medium term. Oil
prices have had an eventful 2016. QNB Group said they started the
year on a downward trend, falling to a low of $28/b in late January
on concerns about slowing global growth and currency
devaluation risk in China, in its weekly economic commentary.
Prices then recovered to around $50/b by mid-year only to
moderate to their year-to-date average of $42/b. Given the
stronger-than-expected rebalancing currently underway in the oil
market, QNB Group has revised up its forecast and currently
expects prices to average $44.7/b in 2016, up from its previous
forecast of $40.8/b. Beyond that, QNB Group expects the continued
rebalancing in the oil market to lift prices to an average of $55/b in
2017 (up from a previous forecast of $51.3/b) and $57.9/b in
2018 (up from USD56/b). (Gulf-Times.com)
 Hotel occupancy rate fell to 47% in June in Qatar – According to a
monthly report issued by the Ministry of Development Planning
and Statistics (MDPS), the hotel occupancy rate in Qatar in June
was at 47%, much lower than the occupancy rate of 63% during
the same month in 2015. The average hotel room rent decreased
to QR429 in June 2016 from QR481 in the same month in 2015.
The average revenue per available room also dropped from QR301
in June 2015 to QR203 in June 2016. Meanwhile, according to a
hotel executive from Shangri-La Hotel Doha, Qatar will not see an
oversupply of hotels in the country and will still be able to
maintain good occupancy levels even after the 2022 FIFA World
Cup. Citing Qatar Tourism Authority (QTA) figures, DTZ, in its “Q1
2016 Qatar Market Report: Hospitality Market Overview,” said 56
hotels and 13 hotel apartment buildings are currently under
construction and due to be released within the next five years,
bringing the total number of rooms to 26,653. The report further
said, “Of these, the QTA expects 20 hotels and hotel apartments to
open in 2016. In addition, there are proposals for another 130
establishments.” (Qatar-Tribune, Gulf-Times.com)
 Qatar’s Emir meets Saudi King in Morocco – Qatar’s Emir HH Sheikh
Tamim bin Hamad Al Thani met with Custodian of the Two Holy
Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia at the
residence of the latter in the Moroccan city of Tangier. The Emir
and the Saudi King reviewed the close ties between the two
brotherly countries and ways to further develop and strengthen
them for the benefit of the two countries. (Peninsula Qatar)
 QOC opens Bayt Qatar in Rio – The Qatar Olympic Committee
(QOC) has officially opened Bayt Qatar in Rio de Janeiro, following
a reception attended by QOC President HE Sheikh Joaan bin
Hamad al-Thani and officials from the world of sport. The Olympic
hospitality house will showcase Qatar’s culture, heritage and
passion for sport throughout the Rio 2016 Olympic Games. (Gulf-
Times.com)
 Ooredoo showcases smart ICT solutions for Smart Cities – Ooredoo
will demonstrate the power and potential of a wide range of next-
generation smart ICT solutions at the 2016 Olympic Games. The
company, which is a National Sponsor of the Qatar Olympic
Committee, is hosting a solutions booth inside Bayt Qatar, the
QOC’s Olympic hospitality house that will share Qatar’s culture,
heritage and sporting passion with visitors to the mega sporting
event. (Gulf-Times.com)
International
 Strong US employment report brightens economic outlook – The US
Labor Department said that the country’s employment rose more
than expected for the second month in a row in July and wages
picked up, bolstering expectations of faster economic growth, and
raising the probability of a Federal Reserve interest rate increase
in 2016. Nonfarm payrolls rose by 255,000 jobs after an upwardly
revised 292,000 surge in June, with hiring broadly based across
the sectors of the economy. In addition, 18,000 more jobs were
created in May and June than previously reported. The
unemployment rate was unchanged at 4.9% as more people
entered the labor market. Highlighting job market strength,
average hourly earnings increased a healthy eight cents and are up
2.6% YoY, while workers put in more hours. (Reuters)
 US trade deficit rises to ten-month high in June – The US Commerce
Department said that the country’s trade deficit rose to a 10-
month high in June as rising domestic demand and higher oil
prices boosted the import bill while the lagging effects of a strong
dollar continued to hamper export growth. The Department added
that the trade gap increased 8.7% to $44.5bn in June, the biggest
deficit since August 2015. May's trade deficit was revised slightly
down to $41.0bn. June marked the third straight month of
increases in the deficit. Exports of goods & services edged up by
0.3% in June. Exports to the European Union jumped 7.8%, with
goods shipped to the UK soaring 18.2%. China bought more US-
made goods in June, with exports to that country rising 3.6%.
Imports of goods & services increased 1.9% to $227.7bn in June,
with oil prices accounting for part of the rise. Oil prices averaged
$39.38 per barrel in June, the highest level since October 2015,
from $34.19 in May. (Reuters)
 BoE’s Broadbent would back further cut in rates – Bank of England
(BoE) Deputy Governor Ben Broadbent said he would support
cutting interest rates again in 2016, but ruled out using a new
bank funding scheme to bring in negative rates by the back door.
Broadbent said he was closely watching the labor market to gauge
the hit to Britain's economy from June's vote to leave the European
Union, and pointed to a survey overnight that showed the biggest
fall in permanent hiring since 2009. The BoE unleashed its biggest
package of stimulus since the financial crisis, reducing its main
interest rate to a record-low 0.25%, restarting quantitative easing
and launching new plans to buy corporate debt and offer cheap
credit to lenders. The central bank also said most of its nine-
member Monetary Policy Committee expected to cut rates even
closer to zero later in 2016, and Broadbent said that included him.
Meanwhile, HSBC said that it would pass on a 25 basis point cut in
the BOE base rate to its tracker mortgage borrowers, and extend
savings to standard variable rate mortgage borrowers from
September 1, 2016. (Reuters)
 ECB: World's economic outlook more uncertain after Brexit vote –
The European Central Bank (ECB) said global economic outlook
has become more uncertain after Britain's vote to leave the
European Union, reaffirming its readiness to act if needed to
support Eurozone inflation. After a spike in volatility in the wake
of the June 23 referendum, financial markets have returned to a
relative calm, but economists have warned the full economic effect
of the Brexit vote may have yet to materialize. With the Eurozone
economy having largely shrugged off the Brexit vote so far, the
ECB reaffirmed its expectation of a "moderate" recovery. This view
was shared by the head of Germany's central bank, Jens
Weidmann, one of the most hawkish ECB rate setters. (Reuters)
 Japan June real wages rise the most in 6 years – According to
Japan’s Labor Ministry, real wages in the country rose the most in
almost six years in June, but the gain was exaggerated by the effect
of falling prices, highlighting the government's struggle to pull the
economy out of deflation. Prime Minister Shinzo Abe has sought to
lift the economy out of two decades of stagnation through a three-
pronged mix of big government spending, ultra-loose monetary
policy and structural reforms. While pay increases and higher
spending are key for the success of Abenomics, wage gains inflated

4. Page 4 of 6
by low prices may not spur private consumption, which remains
sluggish. Real wages, which are adjusted for inflation, jumped
1.8% YoY in June, the highest level since September 2010. In May,
they rose 0.4% YoY. (Reuters)
 India implements CPI target – India formally implemented its
central inflation target of 4%, an important confirmation of the
inflation-fighting policies championed by Reserve Bank of India
(RBI) Governor Raghuram Rajan, who steps down next month.
Junior finance minister Arjun Ram Meghwal tabled a notification in
parliament's upper house that confirmed the target at 4%, plus or
minus 2%, in line with the goal the government originally agreed
with Rajan. A senior government official earlier said that
candidates are also being shortlisted for the six-member monetary
policy committee (MPC), but the panel was unlikely to be formed
in time for next RBI policy meeting. (Reuters)
Regional
 Apicorp: MENA region leading global LNG demand growth in 2016 –
Arab Petroleum Investments Corporation (Apicorp), in its “Energy
Research” report for August 2016, said the MENA region is leading
global LNG demand growth in 2016 – a trend that would continue
as domestic gas output falls short of surging regional demand for
power and industry. Despite its dominant role in terms of
hydrocarbons reserves, MENA would become the world’s second-
largest gas-importing region, believes the International Energy
Agency. Consumption of natural gas in the Middle East, the agency
forecasts, would rise from 480bn cubic meters in 2015 to 738bcm
in 2040. (GulfBase.com)
 Resurging oil prices signal to invest in tech innovation –
Rebounding oil prices signal the moment for Saudi Arabia’s oil &
gas firms to invest in technology innovation, supporting Saudi
Vision 2030 and driving around $300bn in oil exports. The
Kingdom is the world’s largest petroleum exporter, producing
10mn barrels per day. KSA’s global importance has increased with
the drop in oil production by several major members of the
Organization of Petroleum Exporting Countries (OPEC). Saudi
Arabia’s oil exports are worth around $285bn per year.
(GulfBase.com)
 IMF: KSA budget deficit would fall to 9.6% in 2017 – The
International Monetary Fund (IMF) said it is finding more reasons
to be optimistic about the Saudi Arabian economy. According to
IMF’s Saudi mission Chief Tim Callen, spending cuts and measures,
including the gradual reduction of energy subsidies mean that the
budget deficit would probably fall to 9.6% of economic output in
2017 from 13% in 2016. In October 2015, the agency had warned
that Saudi Arabia could deplete its financial assets within five
years. (Bloomberg)
 Al-Fadli: KSA supporting grain sector with SR3bn – Jeddah’s
Minister of Water, Environment & Agriculture and Saudi Grains
Organization (SAGO) Chairman Abdul Rahman Al-Fadli said that
the country was supporting the grain sector with SR3bn. The
Minister said that new expansions would be launched and new
branches would be opened in the Eastern Province and Al-Ahsa.
The expansion and the increase in the number of branches would
be decided according to supply and demand. It would not be
decided by the management but would be done on economic
grounds. (Bloomberg)
 KSA to seek private investment for $800mn housing scheme – Saudi
Arabia plans to launch an $800mn social housing project, in
partnership with the private sector. The government will appeal to
investors to partake in the project via either build-operate-
transfer (BOT) or public-private partnerships (PPP) basis.
(Bloomberg)
 Kingdom’s oil sector expands by 5.1% YoY in real terms – According
to sources, figures released by the General Authority for Statistics
reveal the oil sector expanded by 5.1% YoY in real terms, up from
4.5% YoY in the previous quarter, driven mainly by record oil
production that remained above the 10mn barrels per day level
throughout 2016. The government has opted not to invest in the
production capacity beyond the 12.5mn bpd. Given the moderation
in oil prices, the oil sector contribution to the economy would
remain limited going forward. (Bloomberg)
 KSA’s consumer confidence index remains flat in 2Q2016 – Saudi
Arabia’s consumer confidence score remained flat in 2Q2016 at
104. At the current level, Saudi Arabia is among the 12 countries
globally to reach or exceed a score of 100, which is the optimism
benchmark. Job prospect sentiment improved two percentage
points (50%), personal finance sentiment remained bright (64%
favorable), while immediate-spending intentions reduced by four
percentage points (45%). (Bloomberg)
 Ras Al Khaimah GDP may have crossed $8bn in 2015 – According to
sources, gross domestic product (GDP) of Ras Al Khaimah is
expected to have crossed $8.165bn during 2015. (GulfBase.com)
 Russian interest in Dubai properties picking up amid weak ruble –
Interest in Dubai properties is picking up once again among
Russian buyers despite the fact that the ruble’s worth remained
almost half of what it was two years ago. According to sources,
there has been a definite increase in visits from Russians to its
sites since the start of 2016, when oil prices were in the doldrums
and the ruble came under severe pressure. (GulfBase.com)
 Arqaam Capital targeting AUMs around $3bn in two years –
According to sources, Dubai-based financial services firm Arqaam
Capital is planning to increase its total assets under management
(AUMs) to $3bn in the coming two years. (Bloomberg)
 Dubai-based firm inks deal to acquire Guinea, Liberia diamond
mines – A Dubai-based commodities trading company has signed
an agreement to acquire diamond mines in Guinea and Liberia.
The agreements include a Baoulé kimberlite mining project in
Guinea that has a resource estimation of approximately 3mn carats
and two exploration licenses in western Liberia, which have
recently been awarded to Stellar Diamonds. (Bloomberg)
 Dubai likely to double energy efficiency by 2030 – Dubai’s energy
efficiency would double by 2030. Dubai Supreme Council of
Energy (DSCE) has joined the United Nation’s Building Efficiency
Accelerator (BEA) partnership to achieve this target. Dubai’s
building efficiency policies could result in energy demand
reductions up to 25-50%, for both new and existing buildings,
saving money and reducing pollution. (Bloomberg)
 S&P affirms Abu Dhabi’s AA/A-1+ rating; outlook stable – S&P
Global Ratings said that the Abu Dhabi government's large net
asset position continues to provide a considerable buffer to
mitigate the impact of commodity market volatility on the
economy. The credit rating agency has affirmed its 'AA' long-term
and 'A-1+' short-term foreign and local currency sovereign credit
ratings on the Emirate with a stable outlook. S&P said that the
ratings are supported by Abu Dhabi's strong fiscal and external
positions. The exceptional strength of the government's net asset
position provides a buffer to counter the negative impact of oil
price declines on economic growth and government revenues, as
well as on the external account. (Bloomberg)
 Kuwait’s budget deficit estimated to be 26% of GDP for 2016-17 –
Kuwait’s National Assembly recently approved the budget for the
fiscal year 2016-2017 with an official deficit projection of KD8.7bn,
or 26% of GDP. The deficit, before the mandatory transfer to the
Future Generations Fund (FGF), is likely to be significantly lower,
as oil prices for the fiscal year are expected to average above the
$35 per barrel assumed in the budget. Kuwait estimates a deficit of
13% of GDP, as compared to the fiscal year 2015-2016.
(GulfBase.com)

5. Page 5 of 6
 New contract for Oman’s wind power project likely by September
2016 – A contract to build the Sultanate’s first large-scale wind-
based renewable power project is expected to be signed by
September 2016. A European company is most likely to bag the
project, which will generate 50 megawatt electricity at Harweel in
Dhofar governorate. The renewable energy project is being jointly
developed by the state-owned Rural Areas Electricity Company
(Raeco) and the UAE-based Masdar. The construction is likely to
take 18 to 24 months to start power generation, after awarding the
project. (GulfBase.com)

6. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-12 Jul-13 Jul-14 Jul-15 Jul-16
QSEIndex S&PPan Arab S&PGCC
0.1%
1.3%
(0.2%)
0.1%
0.4% 0.4%
1.2%
(0.3%)
0.0%
0.3%
0.6%
0.9%
1.2%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,335.55 (1.9) (1.1) 25.8 MSCI World Index 1,716.65 0.5 (0.3) 3.2
Silver/Ounce 19.71 (3.2) (3.1) 42.2 DJ Industrial 18,543.53 1.0 0.6 6.4
Crude Oil (Brent)/Barrel (FM Future) 44.27 (0.0) 4.3 18.8 S&P 500 2,182.87 0.9 0.4 6.8
Crude Oil (WTI)/Barrel (FM Future) 41.80 (0.3) 0.5 12.9 NASDAQ 100 5,221.12 1.1 1.1 4.3
Natural Gas (Henry Hub)/MMBtu 2.85 (1.4) (3.3) 23.1 STOXX 600 341.38 0.6 (0.8) (4.8)
LPG Propane (Arab Gulf)/Ton 43.38 1.8 0.9 13.0 DAX 10,367.21 0.9 (0.3) (1.9)
LPG Butane (Arab Gulf)/Ton 52.38 1.9 6.1 (5.0) FTSE 100 6,793.47 0.5 (0.1) (3.4)
Euro 1.11 (0.4) (0.8) 2.1 CAC 40 4,410.55 1.0 (1.3) (2.9)
Yen 101.82 0.6 (0.2) (15.3) Nikkei 16,254.45 (0.6) (1.3) 1.2
GBP 1.31 (0.3) (1.2) (11.3) MSCI EM 885.52 1.1 1.4 11.5
CHF 1.02 (0.7) (1.2) 2.2 SHANGHAI SE Composite 2,976.70 (0.4) (0.3) (18.0)
AUD 0.76 (0.1) 0.3 4.6 HANG SENG 22,146.09 1.5 1.2 1.0
USD Index 96.19 0.5 0.7 (2.5) BSE SENSEX 28,078.35 1.2 0.0 6.5
RUB 65.47 (0.3) (0.7) (9.7) Bovespa 57,661.14 0.9 2.4 65.1
BRL 0.32 0.9 2.7 25.1 RTS 935.46 0.9 0.9 23.6
130.1
97.8
97.8