The QSE Index rose 1.2% to close at 10,920.3

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.2% to close at 10,920.3. Gains were led by the Banks & Financial
Services and Telecoms indices, gaining 1.8% and 1.0%, respectively. Top gainers were
Vodafone Qatar and United Development Co., rising 6.0% and 3.6%, respectively. Among
the top losers, Doha Insurance Co. fell 4.5%, while Qatar General Insurance &
Reinsurance Co. was down 3.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 6,319.3. Gains were led by the Media
& Publishing and Retail indices, rising 2.1% and 1.7%, respectively. Saudi Kayan
Petrochemical Co. and Fawaz Abdulaziz Al Hokair were up 4.8% each.
Dubai: The DFM Index declined marginally to close at 3,511.0. The Transportation
index fell 1.0%, while the Telecommunication index declined 0.9%. Marka fell 7.4%,
while Air Arabia was down 1.4%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4,548.8. The Industrial
index gained 1.9%, while the Banks index rose 0.1%. Abu Dhabi National Energy Co.
gained 8.0%, while Gulf Pharmaceutical Industries was up 7.3%.
Kuwait: The KSE Index rose 0.4% to close at 5,516.1. The Consumer Services index
gained 1.2%, while the Industrial index rose 0.8%. Oula Fuel Marketing Co. gained
8.8%, while Credit Rating & Collection was up 7.1%.
Oman: The MSM Index rose 0.2% to close at 5,886.8. Gains were led by the Financial
and Industrial indices, rising 0.6% and 0.2%, respectively. Oman Fisheries rose 4.8%,
while Global Financial Investment was up 3.8%.
Bahrain: The BHB Index fell 0.2% to close at 1,155.0. The Industrial index declined
1.7%, while the Hotel & Tourism index fell 0.5%. Nass Corporation declined 2.4%, while
Aluminum Bahrain was down 1.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 12.37 6.0 2,474.7 (2.6)
United Development Co. 20.70 3.6 311.3 (0.2)
Commercial Bank 40.35 2.5 145.8 (12.1)
Qatar Islamic Bank 115.50 2.5 632.8 8.2
Ahli Bank 42.00 2.4 1.6 (4.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 12.37 6.0 2,474.7 (2.6)
Industries Qatar 111.50 1.4 1,059.0 0.4
Ezdan Holding Group 19.74 0.2 1,031.5 24.2
Barwa Real Estate Co. 36.65 2.2 751.8 (8.4)
Qatar Islamic Bank 115.50 2.5 632.8 8.2
Market Indicators 08 Aug 16 07 Aug 16 %Chg.
Value Traded (QR mn) 509.6 274.0 86.0
Exch. Market Cap. (QR mn) 585,001.7 578,148.5 1.2
Volume (mn) 11.7 6.7 73.6
Number of Transactions 5,411 4,283 26.3
Companies Traded 42 41 2.4
Market Breadth 27:13 33:5 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,668.31 1.2 2.2 9.0 15.2
All Share Index 3,008.00 1.0 2.0 8.3 14.4
Banks 2,981.09 1.8 2.4 6.2 12.6
Industrials 3,279.85 0.5 2.3 2.9 15.6
Transportation 2,588.57 0.2 1.5 6.5 12.5
Real Estate 2,738.46 0.9 1.2 17.4 24.0
Insurance 4,327.58 (0.1) 2.0 7.3 11.4
Telecoms 1,207.43 1.0 2.4 22.4 18.4
Consumer 6,587.49 0.2 0.6 9.8 13.6
Al Rayan Islamic Index 4,187.10 1.2 2.3 8.6 18.2
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Co. Abu Dhabi 0.54 8.0 1,605.2 14.9
Gulf Pharmaceutical Ind. Abu Dhabi 2.36 7.3 0.5 (1.8)
Vodafone Qatar Qatar 12.37 6.0 2,474.7 (2.6)
Saudi Kayan Petrochem. Saudi Arabia 6.92 4.8 23,670.8 2.2
Fawaz Abdulaziz Al Hokair Saudi Arabia 41.86 4.8 731.8 (40.8)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Qatar Gen. Ins. & Reins. Qatar 45.45 (3.9) 4.1 (2.2)
Saudi Pharmaceutical Ind. Saudi Arabia 34.55 (1.8) 132.0 4.1
Dana Gas Abu Dhabi 0.56 (1.8) 1,543.2 9.8
Aluminium Bahrain Bahrain 0.34 (1.7) 61.4 (8.6)
National Industries Kuwait 0.12 (1.7) 296.0 (6.3)
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)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Co. 21.00 (4.5) 3.9 0.0
Qatar Gen. Ins. & Reinsurance Co. 45.45 (3.9) 4.1 (2.2)
Dlala Brokerage & Inv. Holding Co. 24.90 (2.2) 216.6 34.7
Medicare Group 95.00 (1.0) 33.6 (20.4)
Qatar Industrial Manufact. Co. 44.45 (1.0) 8.3 11.5
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 111.50 1.4 116,574.3 0.4
Qatar Islamic Bank 115.50 2.5 71,821.3 8.2
Ooredoo 95.40 (0.3) 45,258.2 27.2
Vodafone Qatar 12.37 6.0 29,901.7 (2.6)
Barwa Real Estate Co. 36.65 2.2 27,375.3 (8.4)
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* 10,920.29 1.2 2.2 3.0 4.7 139.93 160,700.0 15.2 1.7 3.7
Dubai 3,510.95 (0.0) 1.1 0.8 11.4 76.23 92,599.5 12.2 1.3 4.3
Abu Dhabi 4,548.78 0.1 0.5 (0.6) 5.6 32.13 121,861.0 12.3 1.5 5.4
Saudi Arabia 6,319.30 0.5 1.2 0.3 (8.6) 888.50 388,839.8 14.9 1.5 3.9
Kuwait 5,516.08 0.4 1.0 1.2 (1.8) 20.07 80,622.7 19.2 1.0 4.3
Oman 5,886.80 0.2 0.3 0.7 8.9 9.32 23,307.3 10.3 1.2 5.0
Bahrain 1,155.00 (0.2) (0.1) (0.1) (5.0) 6.64 17,879.6 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)
10,750
10,800
10,850
10,900
10,950
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 1.2% to close at 10,920.3. The Banks & Financial
Services and Telecoms 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.
 Vodafone Qatar and United Development Co. were the top gainers, rising
6.0% and 3.6%, respectively. Among the top losers, Doha Insurance Co. fell
4.5%, while Qatar General Insurance & Reinsurance Co. was down 3.9%.
 Volume of shares traded on Monday rose by 73.6% to 11.7mn from 6.7mn
on Sunday. Further, as compared to the 30-day moving average of 5.2mn,
volume for the day was 122.9% higher. Vodafone Qatar and Industries
Qatar were the most active stocks, contributing 21.2% and 9.1% to the total
volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2016
% Change
YoY
Operating Profit
(mn) 2Q2016
% Change
YoY
Net Profit
(mn) 2Q2016
% Change
YoY
Amlak Finance Dubai AED – – – – -36.7 NA
Unikai Foods Dubai AED 92.1 6.4% 7.5 12.3% 7.2 7.5%
Takaful Emarat Insurance Dubai AED – – – – 2.7 -37.4%
Amanat Holdings* Dubai AED – – – – 23.8 1387.5%
Gulf Pharmaceutical Industries Abu Dhabi AED 389.7 4.3% 61.2 4.0% 54.8 1.1%
Kuwait Food Co. Kuwait KD – – – – 9.0 31.3%
Al Salam Bahrain BHD – – – – 4.1 -21.2%
BMMI Bahrain BHD 22.6 1.9% 0.8 -64.2% 1.2 -48.1%
Source: Company data, DFM, ADX, MSM (*6M2016-results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/08 US Federal Reserve Labor Market Conditions Index Change July 1.0 0.0 -0.1
08/08 EU Sentix Behavioral Indices Sentix Investor Confidence August 4.2 3.0 1.7
08/08 Germany Deutsche Bundesbank Industrial Production SA MoM June 0.80% 0.70% -0.90%
08/08 Germany Bundesministerium fur Wirtscha Industrial Production WDA YoY June 0.50% 0.50% -0.40%
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
MPHC Mesaieed Petrochemical Holding Company 9-Aug-16 0 Due
QISI Qatar Islamic Insurance 10-Aug-16 1 Due
MCCS Mannai Corp. 10-Aug-16 1 Due
DBIS Dlala Brokerage & Investment Holding Company 10-Aug-16 1 Due
MCGS Medicare Group 10-Aug-16 1 Due
SIIS Salam International Investment 11-Aug-16 2 Due
WDAM Widam Food Company 11-Aug-16 2 Due
QGMD Qatar German Company for Medical Devices 14-Aug-16 5 Due
ZHCD Zad Holding Company 14-Aug-16 5 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 29.85% 31.49% (8,350,562.39)
Qatari Institutions 37.44% 48.28% (55,206,229.45)
Qatari 67.29% 79.77% (63,556,791.84)
GCC Individuals 0.47% 1.99% (7,746,466.37)
GCC Institutions 7.34% 5.20% 10,897,973.79
GCC 7.81% 7.19% 3,151,507.42
Non-Qatari Individuals 6.93% 9.18% (11,484,459.54)
Non-Qatari Institutions 17.97% 3.86% 71,889,743.96
Non-Qatari 24.90% 13.04% 60,405,284.42

3. Page 3 of 6
News
Qatar
 MERS records net profit of QR52.9mn in 2Q2016 – Al Meera
Consumer Goods Company (MERS) posted 2Q2016 net profit of
QR52.9mn, indicating growth of 7.2% QoQ. However, the net profit
declined 8.4% YoY. The company’s revenue rose 10.6% QoQ and
8.0% YoY to QR708.9mn in 2Q2016. Other income declined 70.8%
QoQ and 21.0% YoY to QR3.0mn. (QSE, QNBFS Research)
 DOHI reports QR1.5mn loss in 2Q2016 – Doha Insurance (DOHI)
reported a net loss of QR1.5mn in 2Q2016 as compared to a net
profit of QR22.4mn in 1Q2016 (net profit of QR19.1mn in
2Q2015). The company’s 2Q2016 net premiums increased by
11.2% QoQ and 13.5% YoY to QR49.67mn. (QSE, QNBFS Research)
 Al-Sada: Qatar LNG industry to stay most competitive, reliable – HE
the Minister of Energy and Industry, Dr Mohamed bin Saleh al-
Sada, said Qatar’s LNG industry would continue to be the “most
competitive and reliable”, backed by its first-mover cost advantage
and an efficient delivery mechanism. Al-Sada said the country’s
LNG delivery mechanism covers the entire value chain from
production and processing to investment in export and receiving
terminals, serviced by the world’s largest fleet of some 85
dedicated LNG carriers. The minister said this fleet has helped in
building Qatar’s credible supply history as one of the world’s
largest and most reliable LNG exporters. Al-Sada said a significant
milestone was achieved on May 9, 2016 with the loading of the
10,000th LNG cargo from the Ras Laffan Port. Global LNG supply is
expected to increase by one-fifth in 2016 and reach around 290mn
tons a year. However, demand will also continue to increase,
though at a slow pace. (Gulf-Times.com)
 QCB Governor: Qatar’s initiatives would boost private investments –
According to HE the Qatar Central Bank (QCB) Governor, Sheikh
Abdulla bin Saoud al-Thani, Qatar’s initiatives to increase the
private sector participation in the country’s economic
development would enhance private investments and would also
trigger private sector demand for credit. He said given its fiscal
buffers, the government has committed to pursuing infrastructure
plans. However, the government, at the same time, is prioritizing
its spending plans to “improve investment efficiency and taking
initiatives to increase private-sector participation”. Sheikh Abdulla
said reflecting this strategy, private investment is expected to
grow and with it, the private sector’s credit demand would also
grow, in line with the robust non-hydrocarbons sector growth.
(Gulf-Times.com)
 QA among five GCC firms in ‘100 Global Challengers’ list – Qatar
Airways (QA) is among the five GCC companies in the list of ‘100
Global Challengers’ from the emerging markets, which are
expanding their business operations very rapidly and have started
influencing the global market hitherto dominated by major players
from advanced countries. According to a new study conducted by
The Boston Consulting Group (BCG), these 100 companies from
emerging markets have stood the test of time, moved into the
global spotlight, and reshaped the landscape of their industries
and key geographic markets. The report titled ‘Global Leaders,
Challengers, and Champions: The Engines of Emerging Market’
marks the 10th anniversary of the first publication of BCG’s list of
global challengers. (Peninsula Qatar)
 QTA launches new corporate brand, domain name – Achieving a
new milestone in the organization’s growth, the Qatar Tourism
Authority (QTA) has launched a new corporate brand and domain
name. This step aligns QTA’s corporate brand with the Qatar
destination brand, launched last November, and unifies the
organization’s online presence under the single domain name of
visitqatar.qa. (Qatar Tribune)
 Ministry of Municipality and Environment takes 31 decisions
related to maintenance of old buildings – The Ministry of
Municipality and Environment has made 31 decisions related to
maintenance and demolition of old buildings over the past three
months. The decisions were taken by the Buildings Demolition and
Maintenance Committee at the ministry based on reports
presented by the municipalities, where the buildings in question
are located. Nine decisions were issued in June, 10 were issued in
July and 12 were issued this month so far. The ministry said they
include 23 decisions on demolition and eight on maintenance. The
committee, which was set up through the ministerial decision No.
88 of 2006, is responsible for taking decision on ramshackle
buildings and those requiring urgent maintenance. (Peninsula
Qatar)
 Qatar envoy: No risks to investments in Turkey – Qatari
ambassador to Turkey Salem Mubarak Al Shafi said that Qatar
does not see any economic or political risks in investing in Turkey,
despite the abortive July 15 coup attempt. Qatar was the first
country to show its support for Turkey after the foiled military
coup and has continued to do so. Emir HH Sheikh Tamim bin
Hamad Al Thani called up Turkey’s President Recep Tayyip
Erdogan to express support after the abortive coup attempt. He
added that relations between Qatar and Turkey will be stronger,
while trade will continue to develop and, more importantly, will
remain unhindered. (Peninsula Qatar)
 New Asean panel Head keen on attracting more Qatari investors –
The Association of South East Asian Nations (Asean) Committee in
Doha (ACD) is planning to hold another investment forum with the
Qatar Chamber aimed at attracting more Qatari investors.
Speaking at the ACD turnover ceremony at the Singapore embassy
in Doha, Filipino ambassador Wilfredo Santos told reporters that
he wanted to organize a second forum with Qatari businessmen
and various groups in the country to increase awareness about
Asean. (Gulf-Times.com)
 Ooredoo launches new website for ‘one-stop-shop’ experience –
Ooredoo has announced the launch of the new Ooredoo Extra
website, http://extra.ooredoo.qa, designed to give customers a
“one-stop-shop for all of the company’s entertainment, add-ons
and news-based services”. According to a statement, the Ooredoo
Extra website has been created to bring together all of Ooredoo’s
premium services in one place, as it continues to enhance user
experience in 2015. The statement explains, “With the new
website, customers can now search, navigate and learn more about
the company’s vast range of add-on services and learn how to
subscribe, including services such as music, education, gaming,
health, entertainment news, Islamic content and more.” (Gulf-
Times.com)
 DHBK wins ‘Qatar Domestic Trade Finance Bank of the Year’ award
– Doha Bank (DHBK) has won the “Qatar Domestic Trade Finance
Bank of the Year” award at the “Asian Banking & Finance Awards
2016” held recently in Singapore. The annual awards, among the
most prestigious in the Asian financial industry, recognized the
best-performing banks from 22 countries across a number of
categories. (Gulf-Times.com)
 Mashreq appoints new head of retail banking in Qatar – Mashreq,
one of the leading financial institutions in the GCC, announced the
appointment of Tooran Asif as the new head of retail banking in
Qatar. A seasoned financial service professional with several years
of experience in senior leadership roles across Asia, Middle East
and the UK, Asif had joined Mashreq in early 2012 as the head of
personal banking for the UAE, Qatar and Egypt, and the retail
Islamic business. (Gulf-Times.com)
International

4. Page 4 of 6
 BOE: More rate cuts on way if economy worsens – Bank of England
(BOE) policymaker Ian McCafferty said that more quantitative
easing was likely to be required if the UK's economic decline
worsens. McCafferty added that the bank rate can be cut further,
closer to zero, and quantitative easing can be stepped up. The BOE
cut interest rates for the first time since 2009, revived its bond-
buying program and said that it would take whatever action is
necessary to achieve stability in the wake of Britain's vote to leave
the European Union. McCafferty said that he believes a more
gradual approach should be taken towards monetary policy since
the information about how the economy has reacted to the June 23
referendum is still very limited. (Reuters)
 French central bank sees 3Q2016 GDP growth at 0.3% in first
estimate – France's economy will expand 0.3% in 3Q2016,
returning to growth after stalling in 2Q2016. The central bank
gave its estimate in which it said industrial sector confidence
picked up slightly in July, increasing by one point on the previous
month to 98. However, confidence within the services sector
dipped by a point to 96. French economic growth stalled
unexpectedly in 2Q2016 due to weak consumer spending and
investment in a blow to President Francois Hollande's assertions
that the economy is getting stronger. (Reuters)
 Italy's rescue fund has Monte dei Paschi pledge covered – Atlante,
the fund set up to rescue Italian banks, has already raised more
than €1.6bn it has pledged to buy part of the bad loan portfolio of
troubled lender Banca Monte dei Paschi di Siena. Problem loans
totaling around €360bn after a three-year recession have become
the focus of investor concerns over Italian banks, weighing heavily
on their shares and proving a long-lasting headache for the
government. Monte dei Paschi poses a threat to the wider Italian
banking system and the hope is a solution to its problems could
mark a turning point in Italy’s banking crisis, which has threatened
to trigger contagion across Europe, already rocked by Britain's
June decision to leave the EU. (Reuters)
 Greek consumer prices unchanged in July for second month in a row
– According to statistics service data, Greece's annual EU-
harmonized inflation rate stayed positive for the second month in
a row in July. The reading in July was 0.2%, unchanged from June
and slightly below market expectations. Economists polled by
Reuters were expecting a 0.3% annual rate in July. Consumer
prices were led higher by foods, non-alcoholic beverages,
healthcare and hotel costs. The sources added that the headline
consumer price index fell 1.0% YoY, with the annual pace of
deflation picking up from -0.7% in June. Economists polled by
Reuters were expecting a 0.5% drop in July. (Reuters)
 China July consumer inflation cools on slower food prices – China's
consumer price inflation accelerated at its weakest pace in six
months as food prices rose at a slower pace, although the long
decline in upstream prices continued to moderate. The National
Bureau of Statistics said that the consumer price index (CPI) rose
1.8% YoY in July, compared with a 1.9% increase in June, the
slowest pace since January's 1.8%. Analysts polled by Reuters had
expected a 1.8% gain. Consumer inflation has remained well below
China's official target of around 3% in 2016, despite concerns that
severe summer flooding, which has disrupted public infrastructure
and agricultural production, would increase inflationary
pressures. (Reuters)
Regional
 Middle East region market confidence declines – According to the
latest Nielsen Global Survey of Consumer Confidence and Spending
Intentions, countries which are heavily reliant on oil production,
consumer confidence showed a downward trend. The confidence
in the UAE was at 104, and Saudi Arabia at 104 remained above
the optimism baseline, but declined four and two points,
respectively, from the previous quarter. A favorable job outlook
for the next 12 months declined eight percentage points in each
country, dropping to 51% in the UAE, the lowest level since 2010
and to 48% in Saudi Arabia (the lowest level since 2013).
(GulfBase.com)
 BCG: Five GCC firms on BCG’s '100 Global Challengers' list –
According to a new study conducted by The Boston Consulting
Group (BCG), five companies from the GCC region and one from
the Middle East region have been highlighted on a list of 100
companies from the emerging markets that have showcased
stability, growth and development. The regional firms on the 2016
edition report titled “‘Global Leaders, Challengers, and Champions:
The Engines of Emerging Market” includes Emirates Global
Aluminum, Etihad Airways, El Sewedy Electric, Etisalat, Qatar
Airways, and Saudi Basic Industries Corp (Sabic). (GulfBase.com)
 Saudi Arabia raises visa fees, traffic fines to boost revenues – Saudi
Arabia's cabinet, seeking to boost state revenues in an era of low
oil prices, approved proposals to raise a range of government fees,
including visa charges and fines for some traffic violations. Cheap
oil has slashed the government's revenues from oil exports,
saddling it with a budget deficit that totaled nearly $100bn in 2015
and forcing it to find new ways to raise money. (Bloomberg)
 Total claims of KSA banks stand at SR1.43tn – Total claims of Saudi
Arabian banks, excluding government bonds, stood at SR1.43tn,
surging over 2015 by 9.5%. On the other hand, deposits marked
the fourth consecutive annualized decline, sliding by 3.4%. The
month of May witnessed a continuation in credit expansion in
Saudi Arabia despite the dwindling deposits; the primary source of
funding in Saudi banks. (Bloomberg)
 KSA non-oil sector to improve in 2H2016 – According to an Ariyad
Capital report, the economic conditions of the Saudi Arabia non-oil
sector are expected to witness a gradual improvement in 2H2016.
The report said the KSA economy is projected to grow 1.3% in
2016 and the percentage is likely to rise to 1.6% in 2017. The
private non-oil sector is expected to reach 1.5% in 2016 and up to
2% in 2017. (Bloomberg)
 Al-Ahlia Insurance to consider capital decrease by 50% – Al-Ahlia
Cooperative Insurance BoD has recommended decreasing 50% of
its capital to SR160mn from SR320mn. The capital will be reduced
by cancelling 16mn shares. (Bloomberg)
 Dubai property market showing signs of bottoming out – According
to sources, Dubai’s property market is showing signs of bottoming
out. Prices per square foot in Dubai remained generally flat QoQ,
although there were variations within individual areas. Prices in
Business Bay rose by 3% to AED1,519 per square ft, but fell by 3%
in Dubai Marina to AED1,625 per square ft, by 2% at Palm
Jumeirah to AED1,943 per square ft and by 1% in Jumeirah Lakes
Towers to AED1,219 per square ft. Rents were generally 2% lower
across the market. (GulfBase.com)
 Nasdaq Dubai to open equities futures market in September 2016 –
The Nasdaq Dubai Exchange will open an equity futures market in
September, 2016 to trade single-stock futures on the shares of
some of the UAE’s biggest companies. The introduction of stock
futures could be a major development for equity markets in the
UAE, where short-selling is restricted and a lack of hedging
opportunities has been a concern for foreign investors. (Reuters)
 Nakheel releases construction tenders for two new hotels at Dragon
City, Ibn Battuta Mall – Dubai-based master developer Nakheel has
released construction tenders for new hotels at Dragon City and
Ibn Battuta Mall, adding another 670 rooms to its rapidly-growing
hospitality portfolio. Nakheel will build a 295-room hotel at
Dragon City, home of the world-famous Dragon Mart retail and
trading hub, featuring the one-million-square-ft Dragon Mart 2

5. Page 5 of 6
shopping, dining and entertainment complex, which opened in
February. (GulfBase.com)
 CEO: DIB adopted massive five-year transformation strategy
between 2008 and 2013 – Dubai Islamic Bank (DIB) CEO Dr Adnan
Chilwan said that DIB adopted a massive five-year transformation
strategy between 2008 and 2013, focusing on cleaning its balance
sheet in a bid to maintain strong asset quality. He said DIB has
been showing consistent improvement in asset quality with a
decline in non-performing assets. In 1H2016, the NPL ratio
improved to 4.5% as compared to 5% at the end of 2015. The
impaired financing ratio also improved to 3.8% for the period
ended June 30, 2016 from 4.1% at the end of 2015. (Bloomberg)
 ADDED: Abu Dhabi economic activity records 4,787 new licenses –
According to Abu Dhabi Department of Economic Development
(ADDED), the overall number of new commercial licenses
registered in 1H2016 reached to 4,787. In 1Q2016 has seen 2,339
licenses while 2Q2016 scored 2,448 licenses, which brought the
overall number of licenses in the Emirate of Abu Dhabi to 110,445.
(Bloomberg)
 S&P upgrades Aldar Properties rating – S&P Global Ratings raised
its long- and short-term corporate credit ratings on Abu Dhabi-
based property developer Aldar Properties to 'BBB/A-2' from
'BBB-/A-3'. The outlook is stable. (Bloomberg)
 Sharjah Real Estate transactions reach AED12.1bn in 1H2016 – The
total value of real estate investments implemented in 1H2016
amounted to AED12.1bn, while the total number of real estate
transactions carried out by the department during 1H2015
reached 25,474. (Bloomberg)
 Abu Dhabi, Dubai CDS spreads tighten on oil price recovery – A
recovery in oil prices helped the spreads of UAE credit default
swaps (CDS), or cost of insuring Gulf risk, with most of them
tightening by 2-10 basis points. Oil prices gained nearly 5% last
week, recovering swiftly after entering into a bear market zone.
CDS spreads mostly follow oil prices in the region, from which
some of the countries derive majority of its revenues from. Five-
year Abu Dhabi CDS tightened by 3 basis points to be at 81 basis
points, while 5-year Dubai CDS also tightened by 2 basis points to
be at 169 basis points. (GulfBase.com)
 Oman’s conventional banks post robust 11% growth in personal
loans – Oman’s conventional banks posted a robust 10.8% growth
in aggregate personal loans, or consumer loan portfolios, which
stood at OMR7,512.30mn at the end of March 2016. However, this
growth rate is expected to slow in the remaining quarters of 2016.
According to the Central Bank of Oman (CBO), the aggregate
personal loan portfolio of Omani banks constitutes 39.4% of the
total bank credit of OMR19,053.24mn, at the end of March 2016.
(GulfBase.com)
 Voltamp seeks to enhance market share in Saudi Arabia, Bahrain –
Voltamp Energy, the Middle East's leading manufacturer of
transformers and switchgears, is seeking to enhance its market
share in Saudi Arabia and Bahrain. The company recently gave a
presentation on its products and services to a gathering of senior
officials from key companies in Saudi Arabia. The company
delivered a similar presentation in Bahrain as well. (Bloomberg)
 Bahrain plans third international bond sale in 2016 – Bahrain plans
a third sale of international notes in 2016, as it sounds out bankers
to pitch for arranger roles in a benchmark sale of Eurobonds. The
issuance from the government, which was downgraded to junk in
2016 by all the major rating companies for the first time since
1999, may take place any time after August. (Bloomberg)
 Investcorp sells Tyrrells Crisps for £300mn – Private equity firm
Investcorp has sold Britain’s Tyrrells Crisps for £300mn, including
debt, to the American maker of SkinnyPop popcorn, as the global
market for premium snacking heats up. (Bloomberg)

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
regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS accepts no liability
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged
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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
0.5%
1.2%
0.4%
(0.2%)
0.2%
0.1%
(0.0%)(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 1,335.33 (0.0) (0.0) 25.8 MSCI World Index 1,719.91 0.2 0.2 3.4
Silver/Ounce 19.74 0.2 0.2 42.4 DJ Industrial 18,529.29 (0.1) (0.1) 6.3
Crude Oil (Brent)/Barrel (FM Future) 45.39 2.5 2.5 21.8 S&P 500 2,180.89 (0.1) (0.1) 6.7
Crude Oil (WTI)/Barrel (FM Future) 43.02 2.9 2.9 16.1 NASDAQ 100 5,213.14 (0.2) (0.2) 4.1
Natural Gas (Henry Hub)/MMBtu 2.83 (0.7) (0.7) 22.2 STOXX 600 341.53 (0.1) (0.1) (4.8)
LPG Propane (Arab Gulf)/Ton 44.50 1.7 1.7 13.7 DAX 10,432.36 0.5 0.5 (1.4)
LPG Butane (Arab Gulf)/Ton 55.00 3.8 3.8 (4.3) FTSE 100 6,809.13 (0.1) (0.1) (3.5)
Euro 1.11 0.0 0.0 2.1 CAC 40 4,415.46 0.0 0.0 (2.9)
Yen 102.45 0.6 0.6 (14.8) Nikkei 16,650.57 1.6 1.6 2.9
GBP 1.30 (0.3) (0.3) (11.5) MSCI EM 895.53 1.1 1.1 12.8
CHF 1.02 (0.2) (0.2) 2.0 SHANGHAI SE Composite 3,004.28 0.9 0.9 (17.3)
AUD 0.77 0.4 0.4 5.0 HANG SENG 22,494.76 1.5 1.5 2.6
USD Index 96.40 0.2 0.2 (2.3) BSE SENSEX 28,182.57 0.4 0.4 7.0
RUB 64.62 (1.3) (1.3) (10.9) Bovespa 57,635.43 0.2 0.2 65.4
BRL 0.32 (0.2) (0.2) 24.9 RTS 953.64 1.9 1.9 26.0
133.1
98.9
98.8