The QSE Index declined 0.4% to close at 10,955.3

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 10,955.3. Losses were led by Industrials and
Transportation indices, falling 0.7% each. Top losers were Qatar Islamic Insurance Co.
and Doha Bank, falling 2.4% and 1.9%, respectively. Among the top gainers, Qatar
Insurance Co. rose 0.9%, while Ooredoo was up 0.8%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.5% to close at 6,325.6. Losses were led by the Retail
and Real Estate Development indices, falling 1.2% each. Zamil Industrial Investment Co.
fell 2.5%, Fawaz Abdulaziz Al Hokair was down 2.4%.
Dubai: The DFM Index declined 0.2% to close at 3,524.4. The Financial & Investment
Services index fell 1.3%, while the Insurance index declined 0.6%. Dubai Islamic
Insurance & Reinsurance Co. fell 4.0%, while Marka was down 3.4%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,527.0. The Consumer
Staples index declined 2.0%, while the Investment & Financial Services index fell 1.9%.
Arkan Building Materials Co. declined 4.7%, while United Arab Bank was down 4.0%.
Kuwait: The KSE Index declined 0.2% to close at 5,499.7. The Technology index fell
4.3%, while the Insurance index declined 1.2%. Osos Holding Group Co. fell 9.1%, while
AWJ Holding Co. was down 6.7%.
Oman: The MSM Index rose 0.1% to close at 5,896.7. The Financial index gained 0.3%,
while the other indices ended in red. Takaful Oman Insurance rose 2.5%, while Bank
Dhofar was up 2.4%.
Bahrain: The BHB Index gained 0.4% to close at 1,156.5. The Investment index rose
0.8%, while the Commercial Banks index gained 0.4%. Investcorp Bank rose 6.4%,
while Ithmaar Bank was up 4.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Insurance Co. 81.50 0.9 63.7 17.2
Ooredoo 97.30 0.8 171.1 29.7
Qatar Industrial Manufact. Co. 44.40 0.8 0.5 11.4
Ezdan Holding Group 19.89 0.8 1,398.4 25.1
Al Khalij 18.49 0.6 50.7 2.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 19.89 0.8 1,398.4 25.1
Dlala Brokerage & Inv. Holding Co. 24.32 (0.7) 855.6 31.5
Mazaya Qatar Real Estate Dev. 14.60 (1.0) 772.4 8.0
Vodafone Qatar 12.22 (1.6) 720.1 (3.8)
Salam International Inv. Ltd 12.07 (1.0) 379.8 2.1
Market Indicators 11 Aug 16 10 Aug 16 %Chg.
Value Traded (QR mn) 279.1 305.4 (8.6)
Exch. Market Cap. (QR mn) 586,367.4 589,079.6 (0.5)
Volume (mn) 7.6 9.6 (20.6)
Number of Transactions 4,128 5,257 (21.5)
Companies Traded 40 39 2.6
Market Breadth 9:28 25:10 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,724.96 (0.4) 2.6 9.3 15.2
All Share Index 3,020.79 (0.4) 2.4 8.8 14.5
Banks 2,980.71 (0.6) 2.4 6.2 12.6
Industrials 3,305.60 (0.7) 3.1 3.7 15.8
Transportation 2,575.49 (0.7) 1.0 5.9 12.4
Real Estate 2,772.54 0.3 2.5 18.9 24.3
Insurance 4,355.28 0.6 2.6 8.0 11.6
Telecoms 1,222.95 0.3 3.8 24.0 18.6
Consumer 6,548.58 (0.5) 0.0 9.1 13.8
Al Rayan Islamic Index 4,204.22 (0.6) 2.7 9.0 18.4
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Insurance Abu Dhabi 2.10 10.5 11.0 (27.1)
Ithmaar Bank Bahrain 0.12 4.5 2,877.1 (23.3)
National Mobile Telecomm. Kuwait 1.14 3.6 5.1 3.6
Comm. Bank of Kuwait Kuwait 0.36 2.9 2.7 (24.7)
Bank Dhofar Oman 0.25 2.4 1,525.7 29.0
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Salhia Real Estate Co. Kuwait 0.36 (5.3) 20.0 (4.1)
United Arab Bank Abu Dhabi 2.40 (4.0) 30.0 (55.4)
United Real Estate Co. Kuwait 0.10 (3.7) 64.6 9.5
Zamil Ind. Investment Saudi Arabia 26.03 (2.5) 276.3 (20.0)
Fawaz Abdulaziz Al Hokair Saudi Arabia 41.69 (2.4) 166.6 (41.0)
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 Islamic Insurance Co. 60.50 (2.4) 24.2 (16.0)
Doha Bank 37.85 (1.9) 205.5 (14.9)
Aamal Co. 13.34 (1.9) 122.2 (4.6)
Medicare Group 92.40 (1.7) 74.6 (22.5)
Vodafone Qatar 12.22 (1.6) 720.1 (3.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 111.50 (0.7) 32,025.5 0.4
Ezdan Holding Group 19.89 0.8 27,704.0 25.1
Qatar Electricity & Water Co. 231.00 (0.9) 25,435.1 6.7
Dlala Brokerage & Inv. Holding Co. 24.32 (0.7) 20,719.2 31.5
Ooredoo 97.30 0.8 16,577.9 29.7
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* 10,955.31 (0.4) 2.6 3.3 5.0 76.64 161,075.1 15.2 1.7 3.7
Dubai 3,524.42 (0.2) 1.5 1.2 11.9 52.83 92,554.0 12.2 1.3 4.3
Abu Dhabi 4,527.01 (0.3) 0.0 (1.1) 5.1 33.46 121,474.7 12.1 1.5 5.4
Saudi Arabia 6,325.62 (0.5) 1.3 0.4 (8.5) 785.94 390,811.0 14.9 1.5 3.9
Kuwait 5,499.72 (0.2) 0.7 0.9 (2.1) 16.37 80,651.3 19.4 1.0 4.3
Oman 5,896.74 0.1 0.5 0.9 9.1 7.97 23,357.8 10.3 1.2 5.0
Bahrain 1,156.49 0.4 (0.0) 0.1 (4.9) 2.78 17,904.5 9.7 0.4 4.6
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)
10,850
10,900
10,950
11,000
11,050
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 0.4% to close at 10,955.3. The Industrials and
Transportation indices led the losses. The index fell on the back of selling
pressure from Qatari shareholders despite buying support from non-Qatari
and GCC shareholders.
 Qatar Islamic Insurance Co. and Doha Bank were the top losers, falling 2.4%
and 1.9%, respectively. Among the top gainers, Qatar Insurance Co. rose
0.9%, while Ooredoo was up 0.8%.
 Volume of shares traded on Thursday fell by 20.6% to 7.6mn from 9.6mn on
Wednesday. However, as compared to the 30-day moving average of 5.9mn,
volume for the day was 28.5% higher. Ezdan Holding Group and Dlala
Brokerage & Investments Holding Co. were the most active stocks,
contributing 18.4% and 11.2% 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
Ekttitab Holding Co. Dubai KD – – – – 0.0 NA
Dubai Refreshment Dubai AED 232.1 -11.2% – – 28.0 -28.8%
Emaar Malls Group Dubai AED 785.2 8.9% 506.6 7.4% 457.9 11.3%
Air Arabia* Dubai AED – – – – 245.0 3.4%
Dubai Islamic Ins. & Reinsurance Dubai AED – – – – -7.4 NA
Gulf General Investment Co.* Dubai AED 474.0 17.6% – – 13.9 -13.1%
Dubai Parks & Resorts Dubai AED – – – – -59.5 NA
Oman & Emirates Inv. Holding Co.* Abu Dhabi OMR – – – – 2.8 –
Abu Dhabi National Hotels Co. Abu Dhabi AED – – – – 32.7 -31.6%
Methaq Takaful Insurance Co. Abu Dhabi AED – – – – -1.4 NA
WAHA Capital* Abu Dhabi AED – – – – 305.9 –
Dana Gas* Abu Dhabi AED – – – – 48.0 -30.4%
Eshraq Properties Abu Dhabi AED 4.1 -16.4% -6.1 NA -3.5 NA
United Paper Industries Bahrain BHD 3.6 -4.6% – – 0.4 25.2%
The Bahrain Ship Repairing & Eng. Co.* Bahrain BHD – – – – 0.8 19.0%
Banader Hotels Co. Bahrain BHD – – – – -1.4 NA
Source: Company data, DFM, ADX, MSM (*6M2016-results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/11 US Department of Labor Initial Jobless Claims 6-August 266k 265k 267k
08/11 US Department of Labor Continuing Claims 30-July 2,155k 2,133k 2,141k
08/12 EU Eurostat Industrial Production SA MoM June 0.60% 0.50% -1.20%
08/12 EU Eurostat Industrial Production WDA YoY June 0.40% 0.70% 0.30%
08/12 Germany Destatis CPI MoM July F 0.30% 0.30% 0.30%
08/12 Germany Destatis CPI YoY July F 0.40% 0.40% 0.40%
08/11 France INSEE CPI MoM July F -0.40% -0.40% -0.40%
08/11 France INSEE CPI YoY July F 0.20% 0.20% 0.20%
08/12 India India Central Statistical Org. CPI YoY July 6.07% 5.90% 5.77%
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
QGMD Qatar German Company for Medical Devices 14-Aug-16 0 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 28.98% 32.20% (8,982,232.57)
Qatari Institutions 23.23% 28.96% (15,989,896.61)
Qatari 52.21% 61.16% (24,972,129.18)
GCC Individuals 1.05% 1.04% 38,443.44
GCC Institutions 7.82% 7.72% 268,001.81
GCC 8.87% 8.76% 306,445.25
Non-Qatari Individuals 10.37% 8.65% 4,792,533.37
Non-Qatari Institutions 28.55% 21.43% 19,873,150.56
Non-Qatari 38.92% 30.08% 24,665,683.93

3. Page 3 of 6
News
Qatar
 SIIS’ bottom-line declines more than half in 2Q2016 – Salam
International Investment Limited’s (SIIS) net profit declined
52.0% QoQ in 2Q2016 to QR15.4mn. However, the net profit was
nearly flat YoY at 0.5%. The company’s operating income declined
10.0% QoQ to QR642.3mn in 2Q2016, while it was up 3.1% YoY.
(QSE, QNBFS Research)
 WDAM’s net profit rises 23.4% QoQ in 2Q2016 – Widam Food
Company’s (WDAM) net profit rose 23.4% QoQ and 12.4% YoY to
QR24.4mn in 2Q2016. The company’s revenue rose 21.1% QoQ
and remained almost flat (up 1.3% YoY) to QR123.7mn in 2Q2016.
(QSE, QNBFS Research)
 ZHCD reports QR62.0mn net profit in 2Q2016 – Zad Holding
Company (ZHCD) reported 2Q2016 net profit of QR62.0mn,
indicating a growth of 20.1% QoQ and 11.1% YoY. The company’s
operating revenue declined 34.0% QoQ and 2.5% YoY to
QR249.9mn in 2Q2016. (QSE, QNBFS Research)
 QCSD increases foreign ownership limit of Medicare group to 49% –
Qatar Central Securities Depository (QCSD) has increased the
foreigners’ ownership limit of Medicare Group to 49% of its capital
on August 14, 2016. (QSE)
 Kahramaa provides water connections to 1,913 new properties in
2Q2016 – The water network department of Qatar General
Electricity and Water Corporation (Kahramaa) provided around
1,913 new properties with water connections during 2Q2016. A
press release issued by Kahramaa said the department responded
to 12,926 customer complaints and took 163 preventive and
corrective maintenance measures at places such as water pumping
plants and water tanks during the period. Some 36 kilometers of
water conduits have been added to the network in 2Q2016, giving
connections to new customers. Moreover, a 9mn gallon water
reservoir has been built in Al Wukair to enhance storage capacity
in the area. The press release added that the average consumption
during 2Q2016 was 320mn gallons per day. (Gulf-Times.com)
 OBG: 4,000 hotel rooms would be added to market in 2016 – The
Oxford Business Group (OBG), in its 2016 report, said that the
number of hospitality options in Qatar would increase further as
20 new properties would open in 2016. With this, around 4,000
rooms would be added to the local market. The report said, “As
Qatar prepares to host major events, such as the 2022 FIFA World
Cup, room supply is on track to more than double with 56 hotels
and 13 hotel apartment buildings planned for the next five years,
bringing an additional estimated 26,650 rooms.” The report
added: “Of these, 20 properties are due to open in 2016, increasing
room supply by 4,000.” The rise in hotel stock in 2016 would mark
a continuation of the trend seen in 2015, when supply increased
by 5,000 to reach over 20,700 rooms with the opening of 20 new
properties in the country, the report observed, citing Qatar
Tourism Authority (QTA) records. (Gulf-Times.com)
 Three new hospitals to open in Qatar in 2017 – The Private
Engineering Office (PEO) said three new hospitals, each with a
capacity of 120 beds, will be added to Qatar’s healthcare system by
the beginning of 2017. Located in Industrial Area, Mesaieed and
Ras Laffan, all the three hospitals are at different stages of
completion. The Private Engineering Office, a government agency,
oversees such high-profile development projects in the country.
(Peninsula Qatar)
 MEC detects 82 violations of consumer law in July – The Ministry of
Economy and Commerce (MEC) detected 82 violations of the
Consumer Protection Law in July and took necessary action
against the offenders. In a press statement, the MEC said it
intensified its inspection campaign in July in order to ensure the
compliance of suppliers (retail outlets) with Law No 8 of 2008 on
consumer protection. The campaign is conducted within the
framework of the ministry’s efforts to monitor markets and
commercial activity in order to crack down on price manipulation
and protect consumer rights. (Gulf-Times.com)
 Brexit: UK property market lures more Qataris – The Brexit-
induced fall in the value of British pound has evoked significant
response from Qatari private investors to buy properties in the UK.
The UK has traditionally been one of the most preferred
investment destinations of Qatari investors, but the recent sharp
fall in the pound value coupled with the significant discount
offered by real estate owners, has increased enquiries from
potential Qatari investors. (Peninsula Qatar)
International
 US business inventories rises marginally, producer prices fall – US
inventories rose moderately in June as sales recorded their biggest
increase in nearly 3-1/2 years, suggesting businesses were making
progress reducing an inventory overhang that has weighed on
economic growth since 2015. The Commerce Department said that
inventories increased 0.2% after a similar gain in May. Sales shot
up 1.2% in June, the largest rise since February 2013, after rising
0.3% in May. At June's sales pace, it would take 1.39 months for
businesses to clear shelves. That was the fewest number of months
since November 2015 and down from 1.40 months in May.
Meanwhile, US producer prices unexpectedly fell in July on
declining costs for services and energy products, pointing to a
tame inflation environment that could make it difficult for the
Federal Reserve to raise interest rates. The Labor Department said
that its producer price index for final demand dropped 0.4% in
July, the first decline since March and the largest since September
2015. It increased 0.5% in June. In the 12 months through July, the
PPI slipped 0.2% after rising 0.3% in the 12 months through June.
(Reuters)
 Britain to plug £4.5bn EU funding gap for farms, colleges – Britain’s
Finance Minister Philip Hammond said that Britain will fill a gap of
as much as £4.5bn in funding for agriculture, universities and its
regions that will open up when Britain leaves the European Union
(EU). Scientists, farmers and others who got EU funding were
facing uncertainty after Britain voted on June 23 to quit the EU.
Hammond reassured them that the British government would pick
up the tab. The new guarantee over funding comes as Britain faces
the looming prospect of a recession following the Brexit vote.
Companies are expected to put off investment and consumers to
cut their spending as Britain and the EU work out their new
relationship. Hammond told that Britain needs about £4.5bn a year
to fill the gap left by the end of EU funding, although Britain's
actual exit date may be some way off. Prime Minister Theresa May
has said that she will not start the two-year process of leaving in
2016. (Reuters)
 Modest Eurozone economic growth masks diverging performance
around bloc – Eurozone economic growth halved in 2Q2016 to a
modest pace, as a mild slowdown in Germany was overshadowed
by a surprise stagnation in Italy, offering scant hope of a decisive
rebound for the currency bloc as a whole any time soon. The 0.3%
quarterly expansion, or 1.6% annual pace, matched expectations in
a Reuters poll of economists and showed that Eurozone is already
slowing ahead of Britain's shock June 23 vote to leave the
European Union. While there have been no clear signs in survey
data of an economic hit outside of Britain since the vote, the official
data revealed that a burst of activity at the start of 2016 was
fleeting and more stimulus may still be required. (Reuters)
 Nikkei: Negative rates seen reducing Japan big banks' profits by
$2.96bn – The Nikkei business daily reported that Japan's financial
watchdog estimates that negative interest rates under the Bank of

4. Page 4 of 6
Japan's (BOJ) monetary easing policy will reduce profits for the
country's three big banks by at least 300bn yen for the year
through March 2017. The Nikkei said that the Financial Services
Agency (FSA) expressed concern to the BOJ regarding the situation
as it sees reduced profits weakening the banks' ability to extend
loans. According to FSA estimates, Mitsubishi UFJ Financial Group
Inc's profit will fall by 155bn yen. Sumitomo Mitsui Financial
Group Inc's profit will be reduced by as much as 76bn yen and that
of Mizuho Financial Group Inc will be cut by 61bn yen. If the BOJ
was to take interest rates deeper into negative terrain, the agency
reckoned that the banks would suffer substantial further drops in
profit as their interest rate income would suffer. The BOJ
implemented negative interest rates in February in a bid to boost
the economy, under which it charges banks for parking some of
their excess reserves at the central bank. While negative rates
reduce the cost of borrowing money for businesses, it can also eat
away at banks' profits as they have to absorb the cost of negative
interest rates. (Reuters)
 IMF: China to shift away from GDP targets, forecasts 6.6% growth in
2016 – The International Monetary Fund (IMF) said that China's
policymakers should shift away from economic growth targets for
it to improve the quality of its stimulus. The fund also projected
the country’s economy would grow 6.6% in 2016, which compares
with China's own targets of 6.5% to 7% growth. The IMF predicted
GDP growth would gradually slow in the coming years to around
5.8% in 2021. Meanwhile, the IMF said that China needed to slow
its unsustainable credit growth and stop financing weak firms. The
IMF has urged China to tackle the root causes of its credit growth
risk by easing back on unsustainably high growth targets and lax
budget constraints, particularly on local governments and state-
owned enterprises. China's non-financial state-owned enterprises
accounted for half of bank credit but only a fifth of industrial
output, the report said, suggesting non-viable SOEs be liquidated
and viable ones restructured. Defaults and downgrades have
increased and around 14% of debt was held by firms with profit
levels below their interest payments (Reuters)
 China property oversupply dampens growth outlook, survey-based
jobless rate around 5% July-end – Growth in China's property
investment slowed over January to July, even as the government
scrambled to balance an increasingly stratified sector, clouding the
outlook for China's economic expansion in 2H2016. According to
the National Bureau of Statistics (NBS), property investment in
January-July rose 5.3% YoY, slowing from an increase of 6.1% in
January-June, while property sales by floor area grew 26.4%, down
from 27.9%. Some analysts believe an oversupply problem still
remains largely unresolved, especially in China's smaller cities.
The statistics bureau said that the country’s survey-based
unemployment rate was around 5% at the end of July. (Reuters)
 India's July retail inflation likely stayed above central bank target –
Soaring food prices in July probably kept India's headline inflation
above the Reserve Bank of India's (RBI) near-term target,
underscoring the challenge facing the next central bank governor.
According to a Reuters poll of economists the country’s consumer
prices are expected to have risen 5.90% YoY in July, faster than a
5.77% provisional gain in June. If the latest government data lines
up with the forecast, July will be the fourth straight reading that
tops the RBI's target of 5% by March 2017. At his last monetary
policy review, the RBI Chief Raghuram Rajan left key interest rates
unchanged, flagging upside risks to the inflation target. (Reuters)
Regional
 GCC hotels record 10.3% YoY drop in profits in 1H2016 – Hotels in
the Gulf Cooperation Council (GCC) countries suffered a drop in
their profits in 1H2016, as oil prices continued to decline. Revenue
per available room (RevPAR, an industry measure of occupancy &
rates) of hotels in the region dropped 10.3% YoY in 1H2016.
RevPAR and gross operating profit per available room (GOPPAR),
an indicator of hotel profitability, have trended similarly to the
price of crude oil during the past decade. (GulfBase.com)
 Al-Kholifey: KSA will keep riyal pegged to US dollar – Saudi Arabia’s
central bank Governor Ahmed Al-Kholifey reiterated that the
Kingdom was committed to keeping the riyal pegged to the US
dollar and that it had “sufficient tools” to support its fixed
exchange rate policy. After low oil prices pushed Saudi Arabia’s
state finances and external trade position deep into deficit, giving
rise to speculation that the Kingdom might have to abandon the
riyal peg peaked in January 2016 before easing. (GulfBase.com)
 Saudi Arabia vows to help stabilize oil market – Saudi Arabia said it
will work with OPEC and non-OPEC members to help stabilize oil
markets. Saudi Arabia, OPEC’s largest oil producer, pledged during
the last OPEC meeting in June 2016 that the Kingdom would not
flood the market with oil. (GulfBase.com)
 CMA imposes fine on STC – Saudi Arabia’s Capital Market Authority
(CMA) has imposed a penalty of SR100,000 on Saudi Telecom
Company (STC) for violating Paragraph A of Article 34 of the
Listing Regulations and the instructions stated in the electronic
disclosure form No. 6. (Tadawul)
 Bayan for Credit Information to launch in KSA – Bayan for Credit
Information is preparing to launch its business in the trade &
investment sectors at the beginning of the year 2017 in Saudi
Arabia. It will provide new services in the Kingdom like risk
measuring program and implementations for business entities,
link many important databases to the Saudi economy to collect and
analyze data and provide credible updated trade and credit
information to financial and credit decision makers.
(GulfBase.com)
 Saudi Arabia struggling with weak GDP growth – The Kingdom is
struggling with weak GDP growth, higher fees & taxes and an
economy that is unable to pay the dues to its workers, leaving
thousands of workers from South Asia with an uncertain future.
The oil price crash has forced the oil-rich Kingdom to introduce
austerity measures and delay payments to already cash-strapped
contractors. (Bloomberg)
 ICBC plans to issue dollar bond via Dubai by 2016-end – Industrial
& Commercial Bank of China (ICBC) aims to issue a US dollar-
denominated, benchmark-sized bond through its Dubai office
before the end of 2016, if market conditions permit. It would be
the third bond issue by China’s largest bank by assets via its office
at the Dubai International Financial Centre (DIFC), reflecting its
appetite to expand business in the Middle East and benefit from
growing trade and investment ties between China and the Gulf
region. (GulfBase.com)
 Jannah Hotels & Resorts to add 7 new hotels in UAE by 2020 –
Jannah Hotels & Resorts, the Abu Dhabi-based operator, is on an
expansion drive, with plans to add three new hotels in the UAE by
2018 and another four by 2020. With six hotels currently
operating under the Jannah brand in the country, the operator is
aiming to have 13 hotels in the UAE by 2020. Jannah is also in talks
with a property owner in Morocco on managing a hotel in the
North African country. (GulfBase.com)
 Japan's Cosmo expects Abu Dhabi's Hail oilfield to start in 1H2017 –
Japan's Cosmo Energy Holdings expects the offshore Hail oilfield in
Abu Dhabi to likely start production in 1H2017. The company had
earlier projected in May 2015 that start up would occur in
2H2016. (Bloomberg)
 Emirati Dana Gas oil production in Egypt hikes to 36,550 BOE – The
current production of the Emirati oil & gas firm Dana Gas in Egypt
is estimated at around 36,550 barrels of oil equivalent per day
(BOE). The company stated that the production rose by 11% in

5. Page 5 of 6
comparison to 33,000 BOE daily in 1Q2016 and by 4% in
comparison to 2Q2016. (Bloomberg)
 S&P: Abu Dhabi's economy to remain resilient – Global Rating
agency S&P said that Abu Dhabi's economy will remain resilient in
the next two years and its fiscal position will remain extremely
strong. S&P has affirmed its 'AA' long-term and 'A-1+' short-term
foreign and local currency sovereign credit ratings on the Emirate
of Abu Dhabi due to 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)
 Al Ahli Bank of Kuwait to consider debut dollar bond – Al Ahli Bank
of Kuwait is considering its first sale of dollar-denominated bonds,
as the lender seeks long-term funds to boost growth. The bank
may raise around $500mn in 2016. Kuwait is also planning to raise
around $10bn from the international debt market. (Bloomberg)
 S&P affirms Kuwait high rating-outlook stable – S&P Global Ratings
affirmed its ‘AA/A-1+’ long- and short-term foreign and local
currency sovereign credit ratings on Kuwait. The outlook is stable.
The affirmation indicates that our ratings on Kuwait continue to be
supported by the sovereign’s high levels of accumulated fiscal,
external, and household wealth, despite the low oil price
environment. (GulfBase.com)
 Al-Rumhy: Oman, Iran agree to change planned gas pipeline route –
Oman’s Oil & Gas Minister Mohammed bin Hamad Al-Rumhy said
Oman and Iran have agreed to change the route and design of a
planned undersea natural gas pipeline to avoid waters controlled
by the UAE. The planned pipeline would connect Iran’s vast gas
reserves to Omani consumers as well as liquefied natural gas
(LNG) plants in Oman that would re-export the gas.
(GulfBase.com)
 Oman’s commercial banks’ assets grow 6.1% YoY in June 2016 –
Oman’s banking sector remained resilient supporting economic
diversification initiatives and credit needs despite the economy
facing challenges. Total assets of conventional commercial banks
increased by 6.1% YoY to OMR29.1bn in June 2016. Of the total
assets, credit disbursement accounted for 66.6% and increased by
8.6% at the end of June 2016 to OMR19.4bn. Credit to the private
sector increased by 9.8% to reach OMR17.1bn at the end of June
2016. (GulfBase.com)
 Significant gain in cutting down T&D losses in Oman – Laudable
improvements in cutting down on electricity transmission &
distribution (T&D) losses, within the main grid serving much of
the northern half of the Sultanate, yielded savings totaling a
staggering OMR687mn since the restructuring of the sector in
2004. (GulfBase.com)
 CBB: Sukuk Al-Ijara issue fully subscribed – The Central Bank of
Bahrain (CBB) announced that the monthly issue of the short-term
Islamic leasing bonds, Sukuk Al-Ijara, has been subscribed 100%.
Subscriptions worth BHD26mn were received for the BHD26mn
issue, which carries a maturity of 182 days. (GulfBase.com)
 Mumtalakat acquires equity stake in Envirogen Group – Bahrain
Mumtalakat Holding Company Mumtalakat (‘Mumtalakat’), the
investment arm of the Kingdom of Bahrain, has acquired a
significant equity stake in a UK-based specialized water treatment
company, Envirogen Group SA. (‘Envirogen’). The acquisition was
completed alongside Gecos Invest SA and Hermes GPE
Environmental Innovation Fund LP through a joint investment
syndicate led by Promethean UK Opportunities Fund II, LP
(‘PUOFII’). (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
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
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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%)
(0.4%)
(0.2%)
0.4%
0.1%
(0.3%)
(0.2%)
(0.6%)
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,335.85 (0.2) 0.0 25.9 MSCI World Index 1,736.10 0.0 1.1 4.4
Silver/Ounce 19.71 (1.3) 0.0 42.2 DJ Industrial 18,576.47 (0.2) 0.2 6.6
Crude Oil (Brent)/Barrel (FM Future) 46.97 2.0 6.1 26.0 S&P 500 2,184.05 (0.1) 0.1 6.9
Crude Oil (WTI)/Barrel (FM Future) 44.49 2.3 6.4 20.1 NASDAQ 100 5,232.90 0.1 0.2 4.5
Natural Gas (Henry Hub)/MMBtu 2.70 1.2 (5.2) 16.7 STOXX 600 346.09 (0.1) 2.1 (2.8)
LPG Propane (Arab Gulf)/Ton 44.62 2.9 2.9 16.3 DAX 10,713.43 (0.2) 4.1 2.1
LPG Butane (Arab Gulf)/Ton 52.25 1.7 (0.2) (5.2) FTSE 100 6,916.02 (0.4) 0.6 (2.8)
Euro 1.12 0.2 0.7 2.8 CAC 40 4,500.19 0.0 2.8 (0.3)
Yen 101.30 (0.6) (0.5) (15.7) Nikkei 16,919.92 1.3 4.7 6.0
GBP 1.29 (0.3) (1.2) (12.3) MSCI EM 910.08 0.3 2.8 14.6
CHF 1.03 0.1 0.6 2.8 SHANGHAI SE Composite 3,050.67 1.5 2.7 (15.8)
AUD 0.77 (0.6) 0.4 5.0 HANG SENG 22,766.91 0.8 2.8 3.8
USD Index 95.72 (0.1) (0.5) (2.9) BSE SENSEX 28,152.40 0.9 0.2 6.7
RUB 64.76 0.6 (1.1) (10.7) Bovespa 58,298.41 (1.1) 1.5 67.6
BRL 0.31 (1.4) (0.8) 24.1 RTS 954.58 0.2 2.0 26.1
133.5
99.3
99.1