The QSE Index declined 0.7% to close at 9,242.8. Losses were led by the Banks & Financial Services and Industrials indices, falling 0.9% and 0.4%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 9,242.8. Losses were led by the Banks &
Financial Services and Industrials indices, falling 0.9% and 0.4%, respectively. Top
losers were Ahli Bank and Doha Insurance Co., falling 4.5% and 3.6%, respectively.
Among the top gainers, Qatar General Insurance & Reinsurance Co. rose 5.8%, while
Qatar German Co. for Medical Devices was up 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 7,164.6. Gains were led by the
Capital Goods and Consumer Durables. indices, rising 1.5% and 1.0%, respectively.
Middle East Spec. Cables rose 9.9%, while Al Sorayai Trading & Ind. was up 7.6%.
Dubai: The DFM Index gained 0.1% to close at 3,647.3. The Financial and
Investment Services index rose 0.5%, while the Telecommunication index gained
0.4%. Shuaa Capital rose 2.5%, while Ekttitab Holding Co. was up 2.0%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,550.9. The Industrial
index declined 2.6%, while the Services index fell 2.0%. National Marine Dredging
Co. declined 9.9%, while Gulf Cement Co. was down 9.2%.
Kuwait: The KSE Index rose 0.3% to close at 6,845.0. The Insurance index gained
3.3%, while the Basic Material index rose 0.4%. Alargan International Real Estate
Co. gained 15.6%, while Warba Insurance Company was up 11.8%.
Oman: The MSM Index fell 0.1% to close at 4,991.5. The Financial index fell 0.1%,
while the other indices ended in green. HSBC Bank Oman fell 2.5%, while Oman and
Emirates Inv. Holding was down 2.0%.
Bahrain: The BHB Index gained 0.1% to close at 1,324.3. The Commercial Banks and
Services indices gained 0.2% each. Khaleeji Commercial Bank rose 4.6%, while
Bahrain Cinema Company was up 2.1%
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 33.85 5.8 2.8 (28.0)
Qatar German Co. for Medical Dev. 8.20 1.4 0.1 (18.8)
Islamic Holding Group 50.50 1.2 8.7 (17.2)
Qatari Investors Group 47.70 0.8 18.3 (18.5)
Al Meera Consumer Goods Co. 152.90 0.8 74.7 (12.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.95 (0.6) 3,135.9 (4.5)
Gulf International Services 20.64 0.2 560.8 (33.6)
Barwa Real Estate Co. 33.80 (1.7) 549.0 1.7
United Development Co. 16.74 (0.1) 333.1 (18.9)
Masraf Al Rayan 41.10 (0.7) 326.2 9.3
Market Indicators 10 Aug 17 09 Aug 17 %Chg.
Value Traded (QR mn) 160.7 189.1 (15.0)
Exch. Market Cap. (QR mn) 500,902.1 503,838.5 (0.6)
Volume (mn) 6.5 7.4 (11.6)
Number of Transactions 1,714 2,112 (18.8)
Companies Traded 40 43 (7.0)
Market Breadth 9:26 9:31 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,499.66 (0.7) (1.7) (8.2) 15.9
All Share Index 2,638.19 (0.6) (1.5) (8.1) 14.3
Banks 2,851.64 (0.9) (1.1) (2.1) 12.5
Industrials 2,781.35 (0.4) (2.1) (15.9) 18.5
Transportation 1,975.89 (0.3) (1.5) (22.4) 13.3
Real Estate 2,052.95 (0.3) (2.0) (8.5) 13.9
Insurance 4,120.80 (0.4) 1.0 (7.1) 18.6
Telecoms 1,137.10 (0.4) (4.9) (5.7) 21.9
Consumer 5,514.44 (0.0) (1.3) (6.5) 12.5
Al Rayan Islamic Index 3,695.56 (0.4) (1.7) (4.8) 17.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Gulf Cable & Elec. Ind. Kuwait 0.49 6.6 1,097.9 30.1
Qatar Gen. Ins. & Reins. Qatar 33.85 5.8 2.8 (28.0)
Nama Chemicals Co. Saudi Arabia 17.34 5.2 1,650.7 (48.8)
Mobile Telecom. Co. Kuwait 0.47 4.4 19,921.1 14.9
Aviation Lease & Fin. Kuwait 0.37 3.4 765.5 52.9
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 3.73 (9.9) 0.3 (13.3)
Ahli Bank Qatar 31.50 (4.5) 3.1 (15.2)
Gulf Pharma. Ind. Abu Dhabi 2.40 (2.8) 50.0 13.9
Med. & Gulf Insurance Saudi Arabia 15.26 (2.7) 296.7 (43.6)
HSBC Bank Oman 0.12 (2.5) 520.0 (3.3)
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%
Ahli Bank 31.50 (4.5) 3.1 (15.2)
Doha Insurance Co. 14.02 (3.6) 0.5 (23.0)
Qatar Oman Investment Co. 8.51 (3.1) 2.7 (14.5)
Qatar National Cement Co. 70.50 (2.1) 3.3 (9.8)
Barwa Real Estate Co. 33.80 (1.7) 549.0 1.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 8.95 (0.6) 28,043.9 (4.5)
QNB Group 136.50 (0.7) 25,815.3 (7.8)
Barwa Real Estate Co. 33.80 (1.7) 18,679.0 1.7
Masraf Al Rayan 41.10 (0.7) 13,391.0 9.3
Gulf International Services 20.64 0.2 11,597.3 (33.6)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,242.82 (0.7) (1.7) (1.7) (11.4) 44.14 137,597.8 15.9 1.6 3.7
Dubai 3,647.33 0.1 (0.8) 0.4 3.3 43.80 101,346.8 17.0 1.3 3.9
Abu Dhabi 4,550.93 (0.1) (1.0) (0.3) 0.1 20.49 119,218.4 12.2 1.3 4.5
Saudi Arabia 7,164.64 0.2 1.1 1.0 (0.6) 854.88 451,683.4 17.2 1.6 3.4
Kuwait 6,845.01 0.3 0.3 (0.1) 19.1 64.38 95,751.5 18.1 1.2 5.3
Oman 4,991.51 (0.1) (1.3) (0.7) (13.7) 10.70 20,356.8 11.5 1.0 5.5
Bahrain 1,324.28 0.1 0.1 (0.3) 8.5 4.14 21,140.1 7.9 0.8 5.9
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)
9,240
9,260
9,280
9,300
9,320
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 declined 0.7% to close at 9,242.8. The Banks and
Financial Services and Industrials indices led the losses. The index fell
on the back of selling pressure from GCC shareholders and non-Qatari
shareholders despite buying support from Qatari shareholders.
 Ahli Bank and Doha Insurance Co. were the top losers, falling 4.5% and
3.6%, respectively. Among the top gainers, Qatar General Insurance &
Reinsurance Co. rose 5.8%, while Qatar German Co. for Medical Devices
was up 1.4%.
 Volume of shares traded on Thursday fell by 11.6% to 6.5mn from 7.4mn
on Wednesday. Further, as compared to the 30-day moving average of
8.7mn, volume for the day was 25.5% lower. Vodafone Qatar and Gulf
International Service were the most active stocks, contributing 48.1%
and 8.6% 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)
2Q2017
% Change
YoY
Operating Profit
(mn) 2Q2017
% Change
YoY
Net Profit
(mn) 2Q2017
% Change
YoY
CHUBB Arabia Cooperative Ins. Co. Saudi Arabia SR 48.4 -9.5% – – 1.1 -27.3%
MetLife AIG ANB Cooperative Ins. Saudi Arabia SR 88.0 54.7% – – 1.4 -28.8%
Wafrah for Industry & Dev. Co. Saudi Arabia SR – – -0.5 N/A -0.5 N/A
AlJazira Mawten REIT Fund Saudi Arabia SR – – 3.1 – 3.1 –
Middle East Healthcare Co. Saudi Arabia SR – – 54.1 -29.3% 57.1 -22.9%
Red Sea International Co. Saudi Arabia SR – – -2.1 N/A -5.6 N/A
Agility the Public Warehousing Co. Kuwait KD 342.1 10.9% – – 16.8 12.1%
Almadina for Finance and Inv. Co. Kuwait KD -0.3 N/A – – -0.7 N/A
Amanat Holdings Dubai AED 15.3 -3.1% – – 11.9 -16.9%
Dubai Islamic Ins. and Reins. Co. Dubai AED 92.9 12.2% – – 1.6 N/A
Dubai Refreshment Company Dubai AED 229.3 -1.2% 25.2 -11.1% 24.7 -11.9%
SHUAA Capital Dubai AED 30.4 -31.7% – – 12.1 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/10 US Department of Labor Initial Jobless Claims 5-August 244k 240k 241k
08/10 US Department of Labor Continuing Claims 29-July 1,951k 1,960k 1,967k
08/11 US Bureau of Labor Statistics CPI MoM July 0.1% 0.2% 0.0%
08/11 US Bureau of Labor Statistics CPI YoY July 1.7% 1.8% 1.6%
08/10 UK UK Office for National Statistics Industrial Production MoM June 0.5% 0.1% 0.0%
08/10 UK UK Office for National Statistics Industrial Production YoY June 0.3% -0.1% -0.2%
08/11 Germany German Federal Statistical Office CPI MoM July 0.4% 0.4% 0.4%
08/11 Germany German Federal Statistical Office CPI YoY July 1.7% 1.7% 1.7%
08/10 France INSEE Industrial Production MoM June -1.1% -0.6% 1.9%
08/10 France INSEE Industrial Production YoY June 2.6% 3.1% 3.1%
08/10 France INSEE Manufacturing Production MoM June -0.9% -1.0% 2.0%
08/10 France INSEE Manufacturing Production YoY June 3.3% 3.2% 3.3%
08/11 France INSEE CPI MoM July -0.3% -0.3% -0.3%
08/11 France INSEE CPI YoY July 0.7% 0.7% 0.7%
08/10 Japan Bank of Japan PPI MoM July 0.3% 0.2% 0.1%
08/10 Japan Bank of Japan PPI YoY July 2.6% 2.3% 2.2%
08/11 India India Central Statistical Organization Industrial Production YoY June -0.1% 0.1% 2.8%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 63.62% 55.54% 12,992,552.34
Qatari Institutions 19.41% 15.58% 6,154,324.39
Qatari 83.03% 71.12% 19,146,876.73
GCC Individuals 0.66% 0.77% (180,602.14)
GCC Institutions 1.80% 3.75% (3,138,117.85)
GCC 2.46% 4.52% (3,318,719.99)
Non-Qatari Individuals 6.96% 4.92% 3,287,417.39
Non-Qatari Institutions 7.54% 19.44% (19,115,574.13)
Non-Qatari 14.50% 24.36% (15,828,156.74)

3. Page 3 of 6
Earnings Calendar
Tickers Company Name Date of reporting 2Q2017 results No. of days remaining Status
MRDS Mazaya Qatar 13-Aug-17 0 Due
QGMD Qatar German Company for Medical Devices 13-Aug-17 0 Due
ZHCD Zad Holding Company 14-Aug-17 1 Due
Source: QSE
News
Qatar
 QNB Group: Qatar’s bank assets jump 11.6% YoY to QR1.32tn in
June – Qatar’s bank assets grew 11.6% YoY in June to QR1.32tn,
compared to a growth of 12.3% in May, QNB Group said and
noted that domestic assets grew 12.4% YoY in June from 11% in
the previous month. Foreign assets grew 11% YoY in June, from
15.4% in May, QNB Group said in its latest ‘Qatar Monthly
Monitor’. Deposits at Qatar’s banks grew by 12.7% YoY in June
compared to 11.7% in May. The share of non-resident deposits
to total deposits fell marginally to 22.1% from 24.2% the
previous month. Non-resident deposits slowed to 26.6% YoY
from 31.6% growth the previous month. Private sector deposits
slowed to 2.4% YoY compared to 8.9% in June, while public
sector deposits growth accelerated to 21.4% compared to 2.2%
in June. The QNB Group report showed that loan growth stood
at 12% YoY in June, up from 9.8% in May. Loans to the public
sector (around 40% of total domestic credit) grew 19.6% YoY
versus 16.3% growth in the previous month. Private sector
loans grew by 7.6% YoY while foreign credit grew by 11.1%.
Qatar’s broad money supply (M2) grew by 7.8% in June
compared to 4.7% in May, mainly due to a “sharp growth” in
foreign currency deposits, the QNB Group report showed. (Gulf-
Times.com)
 Doha Bank CEO: Qatar remains financially stable – Qatar has
remained resilient amid the Gulf crisis, according to the Chief
Executive Officer (CEO) of Doha Bank Dr R. Seetharaman, who
described the country’s financial system as “stable and
functional.” These are changing and challenging times. Qatar
has proved to be resilient,” Doha Bank’s CEO Dr R. Seetharaman
said. He said Qatar’s total reserves stood at “$340bn, including
assets of its sovereign wealth fund, Qatar Central Bank (QCB)
reserves, cash, and gold.” Essentially the 30% reserves in June
were only QCB reserves to improve local market liquidity.
Qatar’s reserves are more than twice of its GDP. In terms of
financial stability, Qatar is strong, stable and functional,”
Seetharaman pointed out. (Gulf-Times.com)
 QFLS' bottom line rises 11.4% QoQ in 2Q2017 – Qatar Fuel
Company’s (QFLS) net profit rose 11.4% QoQ to QR196.6mn in
2Q2017 as compared to QR176.5mn in 1Q2017. EPS amounted
to QR3.75 in 1H2017 as compared to QR5.43 in 1H2016. In
1H2017, QFLS reported a net profit (after excluding minority
interest) of QR373mn as compared to QR540mn in 1H2016,
with a decrease of QR167mn or 31% YoY. QFLS’ CEO Saad
Rashid Al-Muhannadi said the reason for the decrease in
earnings was primarily due to the change in terms for fuel
supplies to QFLS and its customers and secondly to the increase
in the National Pension Funds contributions as per the current
legislation, as well as the decline in the value of investment in
shares. Al-Muhannadi said QFLS would exert its best endeavors
to improve the results in future. He said four stations were
opened in 1H2017, whereas eight stations are under
construction and 14 are under their tendering and designing
stage. In this respect, he also spoke about petrol stations
expansion projects. He said two such projects were completed
and three are pending completion. Al-Muhannadi also said that
QFLS is currently coordinating with the Municipality for the
allocation of 26 locations for the construction of petrol stations.
With regard to FAHES centers, he said three centers will be
opened in 2017, whereas another two centers will be opened in
2018. (QSE, Gulf-Times.com)
 Investment Holding Group posts net profit of QR21.0mn in
1H2017 – Investment Holding Group disclosed its financial
statements for the period ended June 30, 2017. The company
reported net profit of QR21.0mn in 1H2017 as compared to
QR27.9mn in 1H2016. Basic earnings per share (BEPS)
amounted to QR0.25 in 1H2017 as compared to QR0.34 in
1H2016. (QSE)
 Qatari, Turkish companies sign 15 agreements – Qatari and
Turkish companies have signed 15 cooperation agreements
during a visit of a Qatari trade delegation to the cities of Izmir
and Istanbul in Turkey from August 3 to 6, the Qatar Chamber
announced. Qatar Chamber Director-General Saleh bin Hamad
al-Sharqi said the members of the delegation, composed of
Qatari businessmen, signed 12 cooperation agreements with
their Turkish counterparts in Izmir and three other deals in
Istanbul. Al-Sharqi said the agreements focused on
pharmaceuticals, foodstuff, construction, building materials,
shipping, logistics, plastic, aluminium, glass, technology,
furniture, and air-conditioning sectors. He noted that the visit
“achieved remarkable success” and contributed to
“strengthening the bonds of cooperation” between Qatari and
Turkish businessmen, which laid the groundwork for further
joint-cooperation between the two sides in various fields of
trade and industry. (Gulf-Times.com)
 Qatargas delivers first Q-Max cargo to Thailand – Qatargas
delivered the first Q-Max cargo of liquefied natural gas (LNG)
under the long-term sale and purchase agreement (SPA)
between Qatar Liquefied Gas Company Limited -3 (Qatargas 3)
and PTT Public Company Limited to the Kingdom of Thailand’s
Map Ta Phut LNG receiving terminal. The cargo arrived on
board the Q-Max LNG vessel, Bu Samra, on August 5, Qatargas
said. This is the first Q-Max vessel to arrive at the Map Ta Phut
terminal since it started commercial operations in 2011 when
Qatargas delivered the first commissioning cargo to Thailand.
Since then, Qatargas has supplied PTT with approximately 9mn
tons of LNG, delivering most of the cargo via Q-Flex vessels.
(Gulf-Times.com)
 MEC: Qatar registers 1,590 new firms in July – The Ministry of
Economy and Commerce (MEC) of Qatar has recorded 1,590
new registered companies, including 1,241 main commercial

4. Page 4 of 6
records, and 349 branch commercial records. The data appears
in the MEC’s ‘Monthly Business Progress Report on the
Commerce Sector’ for July 2017. The report said limited liability
companies accounted for 61% of new commercial records,
followed by limited liability companies in the ‘single-person
companies’ category at 24%, while 14% of new companies were
registered in the ‘individual corporations’ category. Contracting
companies topped the list of most common activities in July
with 182 commercial records issued in this field. The report also
said 170 commercial records were issued for grocery and supply
stores, while 110 commercial records were issued for service
activities and transaction processing, followed by 107 records
from the field of construction materials trading. (Gulf-
Times.com)
 Oman Qatar Insurance Company to float shares on MSM –
Oman Qatar Insurance Company, a subsidiary of Qatar
Insurance Group, announced its plans to float 25mn shares
through an initial public offering (IPO) on the Muscat Securities
Market (MSM), amid speculation that the IPO shares will be
listed on the MSM next month. A Royal decree stipulates that
non-listed national insurers are required to offer at least 25% of
their share capital to the public through IPOs. Qatar Insurance
Group, of which Qatar Insurance Company owns about 70%,
said in a press release that U-Capital is the financial adviser and
issue manager for the transaction. (Gulf-Times.com)
 Visa-free entry to help FMCG segment & retailers post robust
growth – Retailers, hospitality sector and the travel industry
are upbeat about the Qatar’s game changing decision to grant
visa-free entry to the country for some 80 nationalities. The
industry leaders believe it will give an extra kick to the
economy. Ever since the Saudi-led countries had laid a siege to
Qatar on June 5, the country has been seeking to build up its
diplomatic and trade ties beyond the Gulf region. The visa
scheme is just the latest in a series of measures aimed at
preparing Qatar for greater economic independence in the long
term. The latest decision is certainly a shot in the arm of Qatar;
both in terms of political and economic aspects, market leaders
told The Peninsula. (Peninsula Qatar)
 QSE announces trading suspension in the shares of ERES on
August 13 – Qatar Stock Exchange (QSE) announced trading
suspension in the shares of Ezdan Holding Group (ERES) on
August 13, 2017 due to its AGM being held on the day. (QSE)
International
 US jobless claims rise; labor market still tightening – The
number of Americans filing for unemployment benefits
unexpectedly rose last week, but the underlying trend remained
consistent with a tightening labor market. Initial claims for
state unemployment benefits increased 3,000 to a seasonally
adjusted 244,000 for the week ended August 5, the Labor
Department said. Data for the prior week was revised to show
1,000 more applications received than previously reported.
Economists polled by Reuters had forecast claims would be
unchanged at 240,000 in the latest week. With the labor market
near full employment, there is probably limited room for claims
to continue declining. Claims have now been below 300,000, a
threshold associated with a healthy labor market, for 127
straight weeks. That is the longest such stretch since 1970,
when the labor market was smaller. The unemployment rate is
4.3%. (Reuters)
 UK exports disappoint as economy limps to end of weak first
half – Britain's economy put in a weak performance in June
when declines in car manufacturing, construction and exports
gave an uninspiring end to the weakest first half of any year
since 2012. A year after Britain voted for Brexit, there is still
little sign that exporters have gained much by way of
competitiveness from the fall in the value of the pound after
referendum. The Bank of England said it is counting on a
recovery in exports to help lift growth in the economy. Britain's
goods trade deficit jumped to a nine-month high of 12.7bn
Pounds in June from 11.3bn Pounds in May, exceeding all
forecasts in a Reuters poll, and the figures also showed the
growing importance of exports to the European Union just as
Britain is preparing to leave the bloc. (Reuters)
 France private sector job growth increased by 0.5% in second
quarter – French private sector job growth grew at its fastest
rate in least six years in the second quarter of the year, adding
91,700 jobs, data from the INSEE statistics agency showed. The
new jobs represented a 0.5% increase on the previous quarter,
bringing the overall level to 19.21mn. The April-June period
marked the 11th straight quarter of net new job creation in the
private sector. The steady creation of new jobs is gradually
helping heal France's labor market, which saw huge job losses
after the 2008 global financial crisis. They pick up has also been
giving President Emmanuel Macron a tailwind as his
government pushes through reforms to ease labor regulations.
But accelerating job creation has not yet been sufficient to
bring unemployment substantially lower, partly because the
number of people in the jobs market has also been rising.
Private sector job growth accelerated to 0.7% in the services
sector, accounting for the large majority of new jobs, and by
0.4% in the construction industry, while remaining flat in the
manufacturing sector. (Reuters)
 Japan’s July exports seen rising for 8th straight month – Japan's
exports were expected to record an eighth straight month of
growth in July, a Reuters poll found, suggesting robust offshore
demand could underpin moderate economic recovery. Exports
are expected to have risen 13.6% in July from a year ago,
accelerating from a 9.7% increase in June, the poll of 15
economists found. Imports were seen likely to have grown
17.0% from a year earlier, up for a seventh straight month.
Shipments of auto parts and electronic components appear to
be contributing to export growth, while liquefied natural gas,
coal and oil have likely boosted imports, analysts said. The poll
showed a trade surplus of 392.0bn Yen was expected in July,
after 439.9bn Yen in June, the poll showed. (Reuters)
 China's July fiscal spending pace slows – China's fiscal spending
rose at a slower pace in July due mainly to larger expenditure
earlier, but a government-led infrastructure push has kept
spending brisk this year. Fiscal spending in July rose 5.4% from
a year earlier while revenue increased 11.1%, the Ministry of
Finance said. July's growth rate dropped sharply from 19.1% in
June, although revenue growth rose from 8.9% in that month,
the ministry said. The government attributed the slowdown in
July spending mainly to significant expenditure earlier.
Government spending in the first seven months of the year rose

5. Page 5 of 6
14.5% on year, while revenues increased 10%. Government-led
stimulus has been a major driver of economic growth over the
past years in the world's second-largest economy, but the
pump-priming has also been accompanied by runaway credit
growth and created a mountain of debt. (Reuters)
Regional
 OPEC forecasts higher demand for oil in 2018 – Organization of
the Petroleum Exporting Countries (OPEC) forecasted higher
demand for its oil in 2018 due to rising global consumption and
slower supply growth from rivals, although another jump in the
group’s output suggested the market would remain in surplus
despite efforts to rein in production. (Peninsula Qatar)
 Saudi Arabia’s tourism industry booms – Saudi Arabia, having
recorded a significant increase in the contribution of national
tourism to GDP as one of the high growth non-oil economic
sectors, is a case in point. According to the World Travel and
Tourism Council, Saudi Arabia’s travel and tourism sector is
expected to contribute more than $81bn to the country’s GDP
by 2026. Outbound as well as domestic tourism segments are
recording optimistic numbers. Estimates suggest that Saudi
Arabia spent more than half a trillion riyals on foreign tourism
in the last ten years. Meanwhile, the number of local tourist
trips inside Saudi Arabia exceeded 47.5mn in 2016 alone. The
tourism revenues of the Kingdom grew from $15.2bn in 2004 to
$43.1bn by the end of 2016 while the number of licensed
accommodation facilities saw a 300% increase in the last five
odd years. (GulfBase.com)
 Zahrat Al Waha to offer 4.5mn shares in IPO at SR51 per share –
Zahrat Al Waha for Trading Co. plans to offer 30% of its equity
in an initial public offering (IPO) on the Tadawul. Shares would
have a nominal value of SR10; offer commences August 13,
while closes end of day August 20. Saudi Fransi Capital is
financial advisor and lead manager; whereas National
Commercial Bank, Banque Saudi Fransi, Samba Financial
Group, Riyad Bank would be receiving banks for the issue.
(Bloomberg)
 Saudi Arabia reportedly favors New York for Saudi Aramco
listing despite risks – According to sources, Saudi Arabia favors
New York for the main foreign listing of Saudi Aramco, even
though some financial and legal advisers have recommended
London as a less problematic and risky option. (Reuters)
 KSA Energy Minister: More oil cuts not ruled out – Saudi
Arabia's Energy Minister Khalid Al-Falih did not rule out
another oil production cut but stressed that the Kingdom will
not take any unilateral action, the Al Sharq Al Awsat
newspaper reported. (Reuters)
 JBF RAK reportedly seeks to renegotiate AED2bn of debt – UAE
based manufacturer JBF RAK is in talks with banks about
renegotiating around AED2bn of debt, banking sources said.
(Reuters)
 Dubai’s non-oil economic growth index slips slightly in July –
Emirates NBD Dubai Economy Tracker Index, a key measure of
the Emirate's private non-oil economic health dipped slightly in
July as the pace of employment stagnated; however growth
momentum outlook remains robust. The composite indicator
fell marginally to 56.3 in July from 56.5 in June. A reading below
50 suggests that the non-oil economy is generally declining,
whereas a reading above 50 indicates that it is expanding. Head
of MENA research at Emirates NBD, Khatija Haque said, “While
the headline index continues to reflect strong growth in the
non-oil economy in July, firms’ margins continue to be squeezed
as they lower selling prices, particularly in the trade and
hospitality sectors. Employment growth remains soft overall.”
(GulfBase.com)
 Dubai’s private sector output and new orders increased in July –
Dubai’s non-oil private sector continued to expand in July with
output (61.0) and new orders (62.0) increasing sharply in July,
although the output index was slightly lower than in June,
according to the Emirates NBD Dubai Economy Tracker Index
(DETI). DETI was broadly unchanged in July at 56.3, still
signaling robust overall expansion. The latest index reading
was above the long-run trend (55.2). By sector, the wholesale &
retail industry (index at 57.9) was once again the best
performing category, followed by travel & tourism (index at
56.3) and the construction sector (index at 54.8).
(GulfBase.com)
 TAQA to refinance $500mn bond due in October – Abu Dhabi
National Energy Co. (TAQA) plans to approach the market to
refinance a $500mn, ten-year bond maturing in October. Last
year the state-owned energy firm refinanced a $500mn bond
which was due to mature in March 2017, Mohammed Al Ahbabi,
acting CFO, said. TAQA said that it swung to a tiny profit in
2Q2017 from a loss a year earlier. (Reuters)
 Union National Bank reportedly updating bond program – Abu
Dhabi’s Union National Bank (UNB) is updating its bond
program and could issue US Dollar-denominated bond after
that, banking sources said. The lender, majority-owned by the
government, is updating a Euro Medium Term Note (EMTN)
program, a set of documentation allowing repeat bond issuance
over time. (Reuters)
 Omantel to buy nearly 10% of Zain Group for $846.1mn – Oman
Telecommunications Co. (Omantel) is to buy almost 10% of
Zain Group for $846.1mn. The share purchase, subject to
regulatory approval, was announced day before Oman is to
shortlist qualified applicants for a third mobile license which
Zain Group has bid for. Omantel has agreed to buy 425.7mn Zain
Group’s treasury shares (9.84%) in cash at a price of $1.99 per
share. The investment is part of Omantel's strategy to diversify
its exposure, the Omani telecommunications firm said.
(Reuters)
 Bahrain Islamic Bank aims to offload non-yielding assets –
Bahrain Islamic Bank is targeting to offload non-core banking
and non-yielding assets as part of its strategy ‘Ishraq’ for the
year 2017, to focus on core banking activities. (Reuters)

6. Contacts
Saugata Sarkar, CFA 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
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). 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;
#
Market closed on August 11, 2017)
70.0
90.0
110.0
130.0
150.0
170.0
Jul-13 Jul-14 Jul-15 Jul-16 Jul-17
QSE Index S&P Pan Arab S&P GCC
0.2%
(0.7%)
0.3%
0.1%
(0.1%) (0.1%)
0.1%
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,289.35 0.2 2.4 11.9 MSCI World Index 1,937.73 (0.1) (1.5) 10.7
Silver/Ounce 17.12 (0.0) 5.3 7.5 DJ Industrial 21,858.32 0.1 (1.1) 10.6
Crude Oil (Brent)/Barrel (FM Future) 52.10 0.4 (0.6) (8.3) S&P 500 2,441.32 0.1 (1.4) 9.0
Crude Oil (WTI)/Barrel (FM Future) 48.82 0.5 (1.5) (9.1) NASDAQ 100 6,256.56 0.6 (1.5) 16.2
Natural Gas (Henry Hub)/MMBtu 2.91 1.4 5.7 (20.8) STOXX 600 372.14 (0.5) (2.2) 15.4
LPG Propane (Arab Gulf)/Ton 77.50 0.3 4.5 7.4 DAX 12,014.06 0.5 (1.7) 17.3
LPG Butane (Arab Gulf)/Ton 83.63 1.1 4.4 (28.4) FTSE 100 7,309.96 (0.8) (2.8) 7.9
Euro 1.18 0.4 0.4 12.4 CAC 40 5,060.92 (0.5) (2.2) 16.7
Yen 109.19 (0.0) (1.4) (6.6) Nikkei#
19,729.74 0.0 0.3 10.2
GBP 1.30 0.3 (0.2) 5.5 MSCI EM 1,042.80 (1.3) (2.3) 20.9
CHF 1.04 0.1 1.1 5.9 SHANGHAI SE Composite 3,208.54 (1.7) (0.8) 7.7
AUD 0.79 0.2 (0.4) 9.5 HANG SENG 26,883.51 (2.1) (2.5) 21.2
USD Index 93.07 (0.4) (0.5) (8.9) BSE SENSEX 31,213.59 (0.9) (3.9) 24.4
RUB 59.84 (0.5) (0.2) (2.8) Bovespa 67,358.59 0.4 (0.6) 15.0
BRL 0.31 (0.6) (1.9) 1.9 RTS 1,022.41 (0.7) (0.4) (11.3)
99.1
97.6
97.3