The QSE Index rose 1.0% to close at 9,436.1. Gains were led by the Real Estate and Transportation indices, gaining 2.2% and 1.7%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.0% to close at 9,436.1. Gains were led by the Real Estate and
Transportation indices, gaining 2.2% and 1.7%, respectively. Top gainers were Gulf
Warehousing Co. and Al Khalij Commercial Bank, rising 4.7% and 3.7%, respectively.
Among the top losers, Qatar Islamic Insurance Co. fell 2.9%, while Zad Holding Co.
was down 1.7%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 7,288.9. Losses were led by the
Consumer Services and Food & Beverages indices, falling 1.8% and 1.7%,
respectively. Banque Saudi Fransi fell 4.6%, while Saudi Fisheries was down 3.0%.
Dubai: The DFM Index gained 0.8% to close at 3,602.5. The Consumer Staples index
rose 1.4%, while the Real Estate & Construction index gained 1.3%. Damac
Properties Dubai Co. rose 3.7%, while Islamic Arab Insurance Co. was up 3.4%.
Abu Dhabi: The ADX benchmark index rose 1.1% to close at 4,575.6. The Banks
index gained 1.7%, while the Energy index rose 1.2%. Sharjah Islamic Bank gained
2.9%, while First Abu Dhabi Bank was up 2.8%.
Kuwait: The KSE Index declined 0.1% to close at 6,800.9. The Technology index fell
4.5%, while the Insurance index declined 0.8%. Al Masaken International Real
Estate Development fell 13.3%, while Automated Systems Co. was down 10.9%.
Oman: The MSM Index rose 0.2% to close at 5,073.3. Gains were led by the
Industrial and Financial indices, rising 1.1% and 0.6%, respectively. Oman Fisheries
rose 8.2%, while Galfar Engineering and Con. was up 5.6%.
Bahrain: The BHB Index gained 0.1% to close at 1,315.3. The Commercial Banks
index rose 0.2%, while the Investment index gained 0.1%. Inovest rose 6.0%, while
Ahli United Bank was up 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 49.00 4.7 210.9 (12.5)
Al Khalij Commercial Bank 14.00 3.7 34.6 (17.6)
Ezdan Holding Group 12.90 3.0 353.5 (14.6)
Gulf International Services 22.19 2.5 2,006.1 (28.6)
Qatar German Co. for Med. Devices 7.90 2.2 59.5 (21.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 22.19 2.5 2,006.1 (28.6)
Vodafone Qatar 8.58 (1.5) 1,375.0 (8.4)
Doha Bank 30.00 0.0 605.9 (11.0)
Ezdan Holding Group 12.90 3.0 353.5 (14.6)
Masraf Al Rayan 42.10 1.4 312.2 12.0
Market Indicators 17 Jul 17 16 Jul 17 %Chg.
Value Traded (QR mn) 208.9 131.6 58.7
Exch. Market Cap. (QR mn) 509,776.2 504,609.0 1.0
Volume (mn) 7.3 4.9 49.2
Number of Transactions 2,799 1,882 48.7
Companies Traded 42 39 7.7
Market Breadth 30:10 3:34 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,823.75 1.0 (0.4) (6.3) 15.5
All Share Index 2,685.10 1.1 (0.0) (6.4) 13.9
Banks 2,871.03 1.2 0.0 (1.4) 12.4
Industrials 2,899.57 0.4 (1.2) (12.3) 17.4
Transportation 2,121.62 1.7 0.5 (16.7) 12.5
Real Estate 2,076.87 2.2 1.7 (7.5) 13.1
Insurance 4,200.10 1.4 0.2 (5.3) 17.8
Telecoms 1,139.06 0.3 (0.6) (5.6) 21.5
Consumer 5,473.81 0.0 (1.2) (7.2) 12.1
Al Rayan Islamic Index 3,728.02 0.9 (0.1) (4.0) 16.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Research & Mark. Saudi Arabia 58.80 9.9 2,995.7 73.6
Gulf Warehousing Co. Qatar 49.00 4.7 210.9 (12.5)
Ahli Bank Oman 0.17 4.2 226.2 (10.7)
Nat. Ind. Group Holding Kuwait 0.14 3.8 8,164.3 11.5
Al Khalij Com. Bank Qatar 14.00 3.7 34.6 (17.6)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Bank of Umm. Abu Dhabi 2.90 (6.5) 350.0 (6.5)
Banque Saudi Fransi Saudi Arabia 31.23 (4.6) 429.5 20.0
Gulf Pharma. Ind. Abu Dhabi 2.30 (3.8) 30.2 9.2
Saudi Fisheries Saudi Arabia 28.16 (3.0) 927.6 (24.6)
Aviation Lease & Fin. Kuwait 0.35 (2.8) 1,138.6 45.8
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 Islamic Insurance Co. 63.00 (2.9) 2.3 24.5
Zad Holding Co. 76.70 (1.7) 14.4 (14.0)
Ahli Bank 32.50 (1.5) 0.3 (12.5)
Vodafone Qatar 8.58 (1.5) 1,375.0 (8.4)
Widam Food Co. 58.60 (1.0) 21.4 (13.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 22.19 2.5 44,270.9 (28.6)
QNB Group 137.00 1.6 24,168.4 (7.5)
Doha Bank 30.00 0.0 18,152.5 (11.0)
Qatar International Islamic Bank 55.90 1.3 13,877.3 (11.0)
Masraf Al Rayan 42.10 1.4 13,038.4 12.0
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* 9,436.08 1.0 (0.4) 4.5 (9.6) 395.57 140,035.5 15.5 1.6 3.6
Dubai 3,602.46 0.8 1.8 6.2 2.0 121.39 100,665.9 16.5 1.3 3.9
Abu Dhabi 4,575.61 1.1 1.3 3.4 0.6 43.44 119,984.7 16.5 1.4 4.5
Saudi Arabia 7,288.89 (0.8) (0.3) (1.8) 1.1 674.32 459,791.5 17.3 1.7 3.1
Kuwait 6,800.91 (0.1) 0.2 0.6 18.3 50.44 92,076.9 18.5 1.2 5.3
Oman 5,073.29 0.2 (0.9) (0.9) (12.3) 7.39 20,529.4 11.4 1.1 5.7
Bahrain 1,315.34 0.1 (0.2) 0.4 7.8 4.17 20,970.9 8.2 0.8 6.0
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)
9,300
9,350
9,400
9,450
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 1.0% to close at 9,436.1. The Real Estate and
Transportation indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling pressure
from Qatari and GCC shareholders.
 Gulf Warehousing Co. and Al Khalij Commercial Bank were the top
gainers, rising 4.7% and 3.7%, respectively. Among the top losers, Qatar
Islamic Insurance Co. fell 2.9%, while Zad Holding C.o was down 1.7%.
 Volume of shares traded on Monday rose by 49.2% to 7.3mn from 4.9mn
on Sunday. However, as compared to the 30-day moving average of
13.2mn, volume for the day was 44.9% lower. Gulf International
Services and Vodafone Qatar were the most active stocks, contributing
27.6% and 18.9% 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
Yanbu National Petrochemical Co. Saudi Arabia SR – – 357.7 -51.6% 345.7 -53.7%
Saudi Kayan Petrochemical Co. Saudi Arabia SR – – 438.5 40.8% 242.0 148.7%
Qassim Cement Co. Saudi Arabia SR – – 49.0 -56.9% 53.2 -53.3%
Oman Int. Marketing#
Oman OMR – – – – -2.9 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (
#
values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/17 EU Eurostat CPI MoM June 0.0% 0.0% -0.1%
07/17 EU Eurostat CPI YoY June 1.3% 1.3% 1.3%
07/17 EU Eurostat CPI Core YoY June 1.1% 1.1% 1.1%
07/17 China National Bureau of Statistics GDP YoY 2Q2017 6.9% 6.8% 6.9%
07/17 China National Bureau of Statistics GDP YTD YoY 2Q2017 6.9% 6.8% 6.9%
07/17 China National Bureau of Statistics Industrial Production YoY June 7.6% 6.5% 6.5%
07/17 China National Bureau of Statistics Industrial Production YTD YoY June 6.9% 6.7% 6.7%
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 2Q2017 results No. of days remaining Status
CBQK Commercial Bank of Qatar 18-Jul-17 0 Due
WDAM Widam Food Company 18-Jul-17 0 Due
QIBK Qatar Islamic Bank 18-Jul-17 0 Due
ABQK Ahli Bank 18-Jul-17 0 Due
UDCD United Development Company 18-Jul-17 0 Due
DHBK Doha Bank 19-Jul-17 1 Due
GWCS Gulf Warehousing Company 20-Jul-17 2 Due
QNCD Qatar National Cement Company 23-Jul-17 5 Due
QIIK Qatar International Islamic Bank 23-Jul-17 5 Due
QGTS Qatar Gas Transport Company (Nakilat) 24-Jul-17 6 Due
QIGD Qatari Investors Group 25-Jul-17 7 Due
BRES Barwa Real Estate Company 25-Jul-17 7 Due
QATI Qatar Insurance Company 25-Jul-17 7 Due
QIMD Qatar Industrial Manufacturing Company 25-Jul-17 7 Due
QEWS Qatar Electricity & Water Company 26-Jul-17 8 Due
DBIS Dlala Brokerage & Investment Holding Company 26-Jul-17 8 Due
QFBQ Qatar First Bank 26-Jul-17 8 Due
ERES Ezdan Real Estate Company 26-Jul-17 8 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.71% 43.54% (10,073,250.14)
Qatari Institutions 23.04% 29.98% (14,488,149.39)
Qatari 61.75% 73.52% (24,561,399.53)
GCC Individuals 1.03% 6.42% (11,241,581.09)
GCC Institutions 1.17% 0.88% 614,674.30
GCC 2.20% 7.30% (10,626,906.79)
Non-Qatari Individuals 8.70% 8.36% 709,620.72
Non-Qatari Institutions 27.34% 10.84% 34,478,685.60
Non-Qatari 36.04% 19.20% 35,188,306.32

3. Page 3 of 6
ORDS Ooredoo 26-Jul-17 8 Due
VFQS Vodafone Qatar* 27-Jul-17 9 Due
NLCS National Leasing (Alijarah) 27-Jul-17 9 Due
QOIS Qatar & Oman Investment 30-Jul-17 12 Due
AHCS Aamal Company 30-Jul-17 12 Due
GISS Gulf International Services 31-Jul-17 13 Due
QNNS Qatar Navigation (Milaha) 1-Aug-17 14 Due
QISI Qatar Islamic Insurance 2-Aug-17 15 Due
AKHI Al Khaleej Takaful Insurance 3-Aug-17 16 Due
SIIS Salam International Investment 6-Aug-17 19 Due
QFLS Qatar Fuel Company 10-Aug-17 23 Due
Source: QSE (* Results for 1Q2017-18)
News
Qatar
 KCBK’s net profit declines 1.3% QoQ in 2Q2017, in-line with our
estimate – Al Khalij Commercial Bank (KCBK) reported a net
profit of QR158.9mn in 2Q2017 vs. QR160.9mn in 1Q2017
(QR164.1mn in 2Q2016), in-line our estimates of QR164.4mn (-
3.4% variation). KCBK reported total revenue of QR297.7mn, in-
line with our estimate (QR289.1mn, +3.0% variation).
Moreover, net operating income also came in-line at
QR209.9mn vs. our estimate of QR204.4mn (+2.7% differential).
KCBK’s net profit receded by 1.3% QoQ due to lackluster non-
funded income and higher opex. The bank posted non-funded
income of QR32.4mn (QR81.2mn in 1Q2017), dropping by 60.2%
due to f/x losses and investment losses. On the other hand,
opex gained by 4.9% to QR87.8mn. As such the C/I ratio moved
up to 29.5% vs. 26.8% in 1Q2017. Profitability on a YoY basis
retreated by 3.2% on the back of a 50.2% drop in non-funded
income and higher credit provisions. Provisions for credit losses
came in at QR50.7mn vs. QR26.4mn. Margins significantly
improved. Net interest income jumped by 14.9% and16.9% QoQ
and YoY to QR265.3mn, respectively. Net interest margin
expanded by 28bps and 30bps QoQ and YoY to 1.93%,
respectively. Net Loans and deposits declined. Net loans
decreased by 1.7% QoQ (flat YTD) to QR35.2bn. Further,
deposits declined by 5.5% QoQ (-1.8% YTD) to QR32.4bn. As
such KCBK’s LDR remained elevated at 108% vs. 104% in
1Q2017 (106% in FY2016). Indicating, liquidity is still an issue
for KCBK. Asset quality further worsened but remains
manageable. The bank’s NPLs increased by 10.8% and 18.3%
QoQ and YTD to QR644.4mn. As such, the NPL ratio jumped to
1.79% vs. 1.59% in 1Q2017 (1.52% at the end of 2016).
However, coverage ratio reached 113%, which is positive.
Capitalization remained healthy. KCBK ended 2Q2017 with a
CAR of 15.7% vs. 15.8% in 2016. Recommendation and valuation:
The stock trades at a P/TB of 0.8x on our 2017 estimates. For
now we maintain our Market Perform rating. (Company
financials, QNBFS Research)
 MARK’s net profit remains flat QoQ in 2Q2017, in-line with our
estimate – Masraf Al Rayan’s (MARK) net profit remained flat
QoQ at QR509.63mn in 2Q2017, in-line with our estimate of
QR507.02mn (+0.5% variation). Total net income from
financing & investing activities rose 6.1% QoQ to QR951.74mn
in 2Q2017. Net loans displayed flattish performance QoQ and
YTD to QR67.96bn. On the other hand, deposits declined by
3.0% QoQ (+5.5% YTD). As such MARK’s LDR remained
elevated at 111% vs. 1075 in 1Q2017 (117% in FY2016). On the
profitability indicators, the bank’s return-on-average-assets for
1H2017 stood at 2.21% and return-on-average-equity at 16.37%
despite depositors’ share of profits increasing 42.1% due to
higher cost profits on deposits at local and international levels.
Asset quality remained an non-issue for the bank. In 1H2017,
the bank’s operational efficiency (cost-to-income) ratio stood at
22.09% and capital adequacy ratio, using Basel-III norms, was
19.43% compared to 18.01% in the year-ago period, reflecting
strong and prudent credit risk management policies and
procedures. According to MARK’s Chief Executive Officer, Adel
Mustafawi, the methodical implementation of the prudent
strategy set by the board of directors paved the way to develop
high quality assets, while maintaining diversity. Mustafawi
added, “The different due diligence stream and valuation
exercises are ongoing on the merger of Masraf Al Rayan with
Barwa Bank and International Bank of Qatar.” MARK’s book
value per share reached QR16.29 at the end of June 30, 2017
against QR15.68 in the comparable period of 2016. (Company
financials, QNBFS Research, Gulf-Times.com)
 ABQK reports decent set of results, net profit of QR172.19mn in
2Q2017, in-line with our estimate – Ahli Bank (ABQK) reported
net profit of QR172.19mn, reflecting growth of 1.3% QoQ
(+2.6% YoY) in 2Q2017, in-line with our estimate of
QR171.05mn (variation of +0.7%). Net interest income
increased 4.1% QoQ (+20.3% YoY) to QR210.55mn in 2Q2017.
Moreover, the bank’s net interest margin improved by 10bps
and 11bps to 2.38%, respectively. Net operating income rose
8.4% QoQ (+22.6% YoY) to QR192.22mn in 2Q2017 as a result of
a 5.8% decline in opex (bank is exercising prudent cost control).
Thus the C/I ratio improved to 27.2% vs. 30.1% in 1Q2017
(33.6% in 2Q2016). On the other hand, provisions gained
significantly; ABQK posted net provisions and impairments of
QR20.0mn vs. 7.3mn in 1Q2017 (net reversals of QR11.0mn in
2Q2016). Hence, the bottom-line growth was restricted to
+1.3% QoQ (+2.6% YoY). Net loans gained by 1.0% QoQ (flat
YTD) QR26.9bn. On the other hand, customer deposits dropped
by 5.4% QoQ (-16.1% YTD) to reach QR22.9bn. (QNBFS
Research, QSE)
 CRA initiates full probe into Vodafone Qatar outage – The
Communications Regulatory Authority (CRA) said that it had
initiated a full investigation into the outage of Vodafone
Qatar’s network, which left many of its customers without
access to voice calls and data services. The authority has
requested Vodafone Qatar to provide a detailed investigation
report by July 20, addressing violations of the service

4. Page 4 of 6
continuity and customer information obligations stated in its
license. Vodafone Qatar has also been requested to address the
following points in the report: main cause of the outage, nature
and extent of the impact on customers, steps taken to resolve
the issue, and measures and procedures put in place to avoid
such outages in the future. In addition, Vodafone Qatar is bound
by its license to provide customers with appropriate
compensation for the disruption of service, CRA noted. (Gulf-
Times.com)
 GISS to disclose its semi-annual financials on July 31 – Gulf
International Services Company (GISS) announced it would
disclose its semi-annual financial reports for the period ending
June 30, 2017 on July 31, 2017. (QSE)
 Manateq signs QR488.5mn deal for business, tourism projects –
Special economic zone provider and developer Manateq and five
Qatari property developers signed a QR488.5mn deal for the
construction of hotels and hotel apartment complexes inside
the Ras Bufontas Special Economic Zone. The 4.01 square
kilometers Ras Bufontas SEZ will house two 4-star hotels and
three 3- and 4-star hotel apartments along the zone’s
waterfront area. Construction is expected to be completed by
April 2019, Manateq Chief Executive Officer Fahad Rashid al-
Kaabi announced during a signing ceremony held at the City
Center Rotana Doha. He said one of the hotels will be
constructed by Zukhrof Trading and Contracting and operated
by the Wyndham Hotel Group, while the other 185-room
property will be developed by Bab Ishtar Trading and
Contracting and operated by Aspire Hospitality to have another
branch of The Torch, Doha. (Gulf-Times.com)
 Qatar Chamber: Non-oil exports hit QR8.6bn in 1H2017 –
Qatar’s non-oil exports for 1H2017 stood at QR8.6bn, according
to Qatar Chamber’s monthly report on the private sector’s
foreign trade. The chamber said the report was based on the
certificates of origin issued last June by its Research & Studies
Department and Member Affairs Department. In 1H2017, Qatar
Chamber issued 29,941 certificates of origin for several
destinations in 66 international markets. According to the
report, the following is the breakdown of total value of non-oil
exports in the first six months of 2017: January (QR1.4bn),
February (QR1.71bn), March (QR1.83bn), April (QR1.32bn),
May (QR1.42bn), and June (QR793.7mn). (Gulf-Times.com)
 Ooredoo Myanmar appoints new official – Ooredoo Myanmar
has appointed Htar Thant Zin as its newest Chief Officer of
Sales and Distribution. Htar joined Ooredoo Myanmar in
November 2014 as Senior Manager in Marketing Intelligence.
Htar is an experienced leader, who has spent the last 3 years as
a key member of the Ooredoo Myanmar Senior Leadership
Team. (Peninsula Qatar)
International
 Eurozone’s June inflation slowdown confirmed, but core rate
rises – Eurozone’s headline inflation slowed in June but the core
figure excluding volatile unprocessed food and energy rose,
according to the European Union's statistics office, confirming
its earlier flash estimates. Eurostat said consumer prices in the
19 countries sharing the Euro rose 1.3% YoY in June, in line
with market expectations, decelerating form 1.4% in May and
1.9% in April. But its core measure of price growth, which
excludes unprocessed food and energy and is closely watched
by the European Central Bank, rose to 1.2% on the year from
1.0% in May. The figure was above market expectations of a
1.1% rise, but matched Eurostat's earlier flash estimate released
at the end of June. On a monthly basis, headline inflation was
zero in June, while core inflation was 0.2%, Eurostat said.
Headline inflation eased in June mostly because of the marked
slowdown of energy prices, which grew by 1.9% YoY from 4.5%
in May and 7.6% in April. On the month, energy prices were
down 0.9%. (Reuters)
 China's strong second-quarter GDP growth paves way for
deeper reforms – China's economy expanded faster-than-
expected in the second quarter, setting the country on course to
comfortably meet its 2017 growth target and giving
policymakers room to tackle big economic challenges ahead of
key leadership changes later this year. The boost to growth was
in part driven by firmer exports and production, in particular
steel, which could heighten trade tensions as the United States
and China begin economic talks this week. US President Donald
Trump has made the US trade deficit with China a top agenda
item in bilateral talks and has also flagged the steel trade as a
point of contention. China's gross domestic product rose 6.9% in
the second quarter from a year earlier, the same rate as the first
quarter, the National Bureau of Statistics said. That was higher
than analysts' expectations of a 6.8% expansion. Economic data
from the second quarter has prompted a number of analysts to
upgrade their GDP forecasts for China for 2017, although some
moderation in growth is expected later this year as
policymakers' efforts to rein in property and debt risks weigh on
activity. (Reuters)
Regional
 GCC petrochemical grows despite volatility – The Gulf
Petrochemicals and Chemicals Association’s Secretary General,
Abdulwahab Al-Sadoun said, “Despite continued market
volatility and increased competition abroad, petrochemical
growth in the GCC region topped the global average growth.
The industry grew at 3.7% in 2016 reaching 150mn tons of
capacity, outpacing the global average of 2.2%. As
‘transformational’ new, highly complex projects come on
stream in 2017-2018, growth is set to continue, shifting the
focus from commodity chemicals to higher value specialty
products.” (GulfBase.com)
 Jarir expects market share expansion in 3Q2017 – Jarir expects
market-share growth to continue in 3Q2017 before it softens in
4Q2017, Chairman Muhammad Al-Agil said in a television
interview with Bloomberg. He added that restoration of
government bonus and benefits has led to a pickup in sales as
soon as the announcement happened. (Bloomberg)
 Saudi Arabia’s CMA approves the listing Musharaka REIT on
Tadawul – The Capital Market Authority (CMA) announced
that it has issued its resolution approving Musharaka Capital’s
request to offer, register and list ‘Musharaka REIT’ units on the
Saudi Stock Exchange (Tadawul) as Real Estate Investment
Traded Fund. (Tadawul)
 Saudi Electricity Company plans to increase jobs for nationals –
Saudi Electricity Company confirmed that it is working on
implementing a future strategy to increase the employment
opportunities for national cadres in the field of electrical
industries in the Kingdom based on two axes: The first one

5. Page 5 of 6
about training and qualifying thousands of Saudi Arabia’s
youth at its various institutes to work for the company or other
employers. The second one about converting the Kingdom into
a promising regional market in the field of electrical industries,
and attracting international plants and companies in order to
provide employment opportunities for qualified youth in the
field. (Zawya)
 UAE’s economy to ride on non-oil sector and infrastructure
spending – UAE's economy will expand on the back of non-oil
sector growth over the next 18 months, as Abu Dhabi loosens
its purse strings and Expo 2020-related spending in Dubai start
to kick in, according to economists. That estimation comes after
the IMF cut its outlook for the country's economy due to the
continued pressure on oil prices, which is down 14% year to
date, despite a global oil output cut, in which the UAE is
participating, that has so far failed to reduce inventories and
prop up prices. (GulfBase.com)
 Emirates Global Aluminium reportedly to weigh dual listing in
IPO – According to sources, Emirates Global Aluminium is
considering an initial public offering (IPO) in Dubai and Abu
Dhabi, potentially making it one of the first companies to be
represented on both exchanges. The company is weighing a
dual listing, which would address any potential political
concerns from the share sale. No final decisions have been
made and the firm may seek another alternative for the listing,
the source said. (Bloomberg)
 DP World, Indonesia sign pact to develop port – DP World
signed an agreement on July 16, 2017 with the Indonesian
government to share expertise, experience in increasing
efficiency, training, development for employees and developing
multi-modal transport hubs. (Bloomberg)
 Union Properties appoints Ahmed Khouri as CEO – UAE's Union
Properties appointed Ahmed Yousef Abdulla Hussain Khouri as
CEO. (Reuters)
 Kuwait International Bank’s net profit narrows to KD10.9mn in
1H2017 – Kuwait International Bank recorded net profit of
KD10.9mn in 1H2017 as compared to KD12.0mn in 1H2016.
Total operating revenue came in at KD30.7mn in 1H2017 as
compared to KD31.4mn in 1H2016. (Reuters)
 Commercial Bank of Kuwait’s net profit narrows sharply to
KD2.0mn in 1H2017 – Commercial Bank of Kuwait recorded net
profit of KD2.0mn in 1H2017 as compared to KD11.5mn in
1H2016. Total operating revenue came in at KD74.3mn in
1H2017 as compared to KD70.7mn in 1H2016. (Reuters)
 Al Ahli Bank of Kuwait’s net profit rises to KD16.2mn in
1H2017 – Al Ahli Bank of Kuwait recorded net profit of
KD16.2mn in 1H2017 as compared to KD15.1mn in 1H2016.
Total operating revenue came in at KD75.5mn in 1H2017 as
compared to KD73.9mn in 1H2016. (Reuters)
 Gulf Bank’s net profit rises to KD22.8mn in 1H2017 – Kuwait's
Gulf Bank recorded net profit of KD22.8mn in 1H2017 as
compared to KD20.7mn in 1H2016. Total operating revenue
came in at KD90.3mn in 1H2017 as compared to KD85.6mn in
1H2016. (Reuters)
 Port of Salalah evolving into a multipurpose hub – The planned
addition of a dedicated jetty for LPG exports is the latest in a
success of infrastructure enhancements at the Port of Salalah
that are driving its transformation into a multipurpose hub,
according to a top official of the port. (GulfBase.com)
 BBK’s net profit rises to BHD16.4mn in 2Q2017 – BBK recorded
net profit of BHD16.4mn in 2Q2017 as compared to BHD15.2mn
in 2Q2016. Net interest income came in at BHD22.0mn in
2Q2017 as compared to BHD22.8mn in 2Q2016. Total operating
income came in at BHD34.8mn in 2Q2017 as compared to
BHD33.8mn in 2Q2016. Total assets stood at BHD3.49bn at the
end of June 30, 2017 as compared to BHD3.70bn at the end of
December 31, 2016. Loans and advances to customers stood at
BHD1.70bn, while customers’ current, savings and other
deposits stood at BHD2.17bn at the end of June 30, 2017.
Diluted EPS came in at BHD0.010 in 2Q2017, as compared to
BHD0.012 in 2Q2016. (Bahrain Bourse)
 Bahrain sells BHD43mn 91-Day Sukuk – Bahrain sold BHD43mn
of Sukuk due October 18, 2017. The 2.3% Sukuk will settle on
July 19. (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
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
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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 investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be
accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect.
For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also
express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in
part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns,
#
Market closed on July 17, 2017)
70.0
90.0
110.0
130.0
150.0
170.0
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
QSE Index S&P Pan Arab S&P GCC
(0.8%)
1.0%
(0.1%)
0.1% 0.2%
1.1%
0.8%
(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,234.03 0.4 0.4 7.1 MSCI World Index 1,948.58 0.0 0.0 11.3
Silver/Ounce 16.12 0.8 0.8 1.3 DJ Industrial 21,629.72 (0.0) (0.0) 9.4
Crude Oil (Brent)/Barrel (FM Future) 48.42 (1.0) (1.0) (14.8) S&P 500 2,459.14 (0.0) (0.0) 9.8
Crude Oil (WTI)/Barrel (FM Future) 46.02 (1.1) (1.1) (14.3) NASDAQ 100 6,314.43 0.0 0.0 17.3
Natural Gas (Henry Hub)/MMBtu 3.02 3.1 3.1 (18.0) STOXX 600 386.86 0.1 0.1 16.4
LPG Propane (Arab Gulf)/Ton 63.88 (0.4) (0.4) (11.0) DAX 12,587.16 (0.2) (0.2) 19.2
LPG Butane (Arab Gulf)/Ton 71.00 (1.7) (1.7) (26.8) FTSE 100 7,404.13 0.2 0.2 9.7
Euro 1.15 0.1 0.1 9.1 CAC 40 5,230.17 0.0 0.0 17.0
Yen 112.63 0.1 0.1 (3.7) Nikkei#
20,118.86 0.0 0.0 9.0
GBP 1.31 (0.3) (0.3) 5.8 MSCI EM 1,051.55 0.4 0.4 22.0
CHF 1.04 0.1 0.1 5.9 SHANGHAI SE Composite 3,176.47 (1.5) (1.5) 4.9
AUD 0.78 (0.4) (0.4) 8.2 HANG SENG 26,470.58 0.4 0.4 19.5
USD Index 95.13 (0.0) (0.0) (6.9) BSE SENSEX 32,074.78 0.1 0.1 27.2
RUB 59.34 0.6 0.6 (3.6) Bovespa 65,212.31 (0.2) (0.2) 10.7
BRL 0.31 (0.1) (0.1) 2.2 RTS 1,039.34 (0.5) (0.5) (9.8)
102.1
98.1
96.8