The QSE Index rose 1.2% to close at 9,502.4. Gains were led by the Banks & Financial Services and Real Estate indices, gaining 2.3% and 1.2%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.2% to close at 9,502.4. Gains were led by the Banks & Financial
Services and Real Estate indices, gaining 2.3% and 1.2%, respectively. Top gainers
were Widam Food Co. and Qatar German Co. for Medical Devices, rising 6.8% and
5.5%, respectively. Among the top losers, Qatar Islamic Insurance Co. fell 1.9%,
while Qatar Navigation was down 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 7,229.6. Losses were led by the
Media and Food & Staples Retailing indices, falling 2.6% and 1.5%, respectively.
Saudi Res. & Mark. fell 3.1%, while Abdullah Al Othaim Markets was down 2.9%.
Dubai: The DFM Index gained 0.1% to close at 3,582.3. The Consumer Staples index
rose 0.9%, while the Telecommunication index gained 0.7%. Al Salam Sudan rose
3.4%, while Ajman Bank was up 2.6%.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,594.2. The Services
index gained 1.2%, while the Investment & Financial Services index rose 1.1%.
Sharjah Islamic Bank gained 5.9%, while Union Cement Co. was up 4.0%.
Kuwait: The KSE Index declined 0.3% to close at 6,793.9. The Health Care index fell
12.0%, while the Consumer Goods index declined 1.0%. Al-Mowasat Healthcare Co.
fell 19.2%, while National Consumer Holding Company was down 17.7%.
Oman: The MSM Index fell 0.4% to close at 5,043.0. Losses were led by the
Industrial and Services indices, falling 0.8% and 0.4%, respectively. National
Aluminium Products fell 6.2%, while Raysut Cement was down 5.7%.
Bahrain: The BHB Index gained 0.3% to close at 1,319.0. The Industrial index rose
1.0%, while the Commercial Banks index gained 0.5%. Khaleeji Commercial Bank
rose 4.9%, while Nass Corporation was up 1.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Widam Food Co. 63.00 6.8 311.7 (7.4)
Qatar German Co. for Med. Devices 8.18 5.5 195.3 (19.0)
Qatar National Cement Co. 78.00 5.4 182.1 (0.2)
QNB Group 143.00 4.4 346.5 (3.4)
Vodafone Qatar 8.93 2.8 3,880.3 (4.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.93 2.8 3,880.3 (4.7)
Qatar International Islamic Bank 57.20 1.4 1,267.0 (8.9)
Ezdan Holding Group 12.98 2.2 437.5 (14.1)
National Leasing 14.05 0.8 414.5 (8.3)
Qatar First Bank 7.85 0.6 413.6 (23.8)
Market Indicators 19 Jul 17 18 Jul 17 %Chg.
Value Traded (QR mn) 335.5 144.6 132.1
Exch. Market Cap. (QR mn) 515,873.2 507,775.2 1.6
Volume (mn) 10.5 5.8 81.2
Number of Transactions 3,596 2,046 75.8
Companies Traded 41 41 0.0
Market Breadth 28:12 18:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,934.89 1.2 0.3 (5.6) 15.7
All Share Index 2,710.55 1.4 0.9 (5.5) 14.0
Banks 2,929.27 2.3 2.0 0.6 12.7
Industrials 2,899.99 0.5 (1.1) (12.3) 17.4
Transportation 2,104.63 (0.5) (0.3) (17.4) 12.4
Real Estate 2,080.19 1.2 1.9 (7.3) 13.2
Insurance 4,215.90 0.8 0.6 (4.9) 18.3
Telecoms 1,145.79 1.1 0.0 (5.0) 21.6
Consumer 5,530.41 0.8 (0.1) (6.2) 12.3
Al Rayan Islamic Index 3,768.68 1.0 1.0 (2.9) 17.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Sharjah Islamic Bank Abu Dhabi 1.43 5.9 100.0 2.1
Qatar National Cement Qatar 78.00 5.4 182.1 (0.2)
QNB Group Qatar 143.00 4.4 346.5 (3.4)
Med. & Gulf Insurance Saudi Arabia 17.69 4.2 1,132.3 (34.6)
Abu Dhabi Nat. Hotels Abu Dhabi 3.20 3.2 0.5 0.9
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Com. Bank of Kuwait Kuwait 0.31 (6.1) 4.0 (16.8)
Raysut Cement Co. Oman 0.93 (5.7) 68.5 (37.0)
Gulf Cable & Elec. Ind. Kuwait 0.43 (3.4) 22.9 13.3
Saudi Research & Mark. Saudi Arabia 51.47 (3.1) 3,140.0 51.9
Abdullah Al Othaim. Saudi Arabia 118.47 (2.9) 7.2 19.9
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. 61.00 (1.9) 2.2 20.6
Qatar Navigation 71.90 (1.5) 28.4 (24.8)
Salam International Inv. Ltd 9.21 (1.0) 0.0 (16.7)
Zad Holding Co. 76.00 (0.9) 5.5 (14.8)
Barwa Real Estate Co. 33.60 (0.6) 244.0 1.1
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar International Islamic Bank 57.20 1.4 71,971.9 (8.9)
QNB Group 143.00 4.4 48,810.7 (3.4)
Vodafone Qatar 8.93 2.8 34,230.2 (4.7)
Widam Food Co. 63.00 6.8 19,446.6 (7.4)
Al Meera Consumer Goods Co. 139.60 1.6 17,029.9 (20.5)
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* 9,502.36 1.2 0.3 5.2 (9.0) 91.05 141,710.4 15.7 1.6 3.6
Dubai 3,582.25 0.1 1.3 5.6 1.5 85.37 100,435.0 16.6 1.3 4.0
Abu Dhabi 4,594.16 0.5 1.7 3.8 1.1 35.17 120,424.6 16.6 1.4 4.5
Saudi Arabia 7,229.56 (0.3) (1.1) (2.6) 0.3 769.95 456,468.3 17.2 1.7 3.3
Kuwait 6,793.89 (0.3) 0.1 0.5 18.2 45.19 92,406.9 18.3 1.2 5.3
Oman 5,043.00 (0.4) (1.5) (1.5) (12.8) 3.99 20,427.1 11.4 1.1 5.4
Bahrain 1,319.03 0.3 0.1 0.7 8.1 4.56 21,035.9 8.2 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)
9,350
9,400
9,450
9,500
9,550
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 1.2% to close at 9,502.4. The Banks & Financial
Services and Real Estate indices led the gains. The index rose on the
back of buying support from Qatari and non-Qatari shareholders despite
selling pressure from GCC shareholders.
 Widam Food Co. and Qatar German Co. for Medical Devices were the top
gainers, rising 6.8% and 5.5%, respectively. Among the top losers, Qatar
Islamic Insurance Co. fell 1.9%, while Qatar Navigation was down 1.5%.
 Volume of shares traded on Wednesday rose by 81.2% to 10.5mn from
5.8mn on Tuesday. However, as compared to the 30-day moving average
of 12.7mn, volume for the day was 17.1% lower. Vodafone Qatar and
Qatar International Islamic Bank were the most active stocks,
contributing 36.9% and 12.0% 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
Saudi Electricity Co. Saudi Arabia SR – – 2,925.0 3.9% 2,232.0 -0.4%
Aldrees Petroleum & Transport
Services Co.
Saudi Arabia SR – – 21.9 -31.6% 18.3 -35.8%
Sharjah Group Company Abu Dhabi AED – – – – 1.4 -53.0%
Dhofar Int. Dev. and Inv. Hold.* Oman OMR 2.6 -15.5% – – 3.2 -54.6%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*1H2016)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/19 US Mortgage Bankers Association MBA Mortgage Applications 14-July 6.30% – -7.40%
07/19 EU Eurostat Construction Output MoM May -0.70% – 0.30%
07/19 EU Eurostat Construction Output YoY May 2.60% – 3.30%
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
GWCS Gulf Warehousing Company 20-Jul-17 0 Due
QNCD Qatar National Cement Company 23-Jul-17 3 Due
QIIK Qatar International Islamic Bank 23-Jul-17 3 Due
QGTS Qatar Gas Transport Company (Nakilat) 24-Jul-17 4 Due
QIGD Qatari Investors Group 25-Jul-17 5 Due
BRES Barwa Real Estate Company 25-Jul-17 5 Due
QATI Qatar Insurance Company 25-Jul-17 5 Due
QIMD Qatar Industrial Manufacturing Company 25-Jul-17 5 Due
QEWS Qatar Electricity & Water Company 26-Jul-17 6 Due
DBIS Dlala Brokerage & Investment Holding Company 26-Jul-17 6 Due
QFBQ Qatar First Bank 26-Jul-17 6 Due
ERES Ezdan Real Estate Company 26-Jul-17 6 Due
ORDS Ooredoo 26-Jul-17 6 Due
VFQS Vodafone Qatar* 27-Jul-17 7 Due
NLCS National Leasing (Alijarah) 27-Jul-17 7 Due
QOIS Qatar & Oman Investment 30-Jul-17 10 Due
AHCS Aamal Company 30-Jul-17 10 Due
GISS Gulf International Services 31-Jul-17 11 Due
QNNS Qatar Navigation (Milaha) 1-Aug-17 12 Due
QISI Qatar Islamic Insurance 2-Aug-17 13 Due
AKHI Al Khaleej Takaful Insurance 3-Aug-17 14 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 40.23% 41.53% (4,341,481.14)
Qatari Institutions 29.46% 25.56% 13,111,032.42
Qatari 69.69% 67.09% 8,769,551.28
GCC Individuals 0.37% 3.11% (9,166,350.21)
GCC Institutions 3.25% 9.24% (20,097,476.10)
GCC 3.62% 12.35% (29,263,826.31)
Non-Qatari Individuals 9.46% 9.75% (965,630.51)
Non-Qatari Institutions 17.22% 10.82% 21,459,905.54
Non-Qatari 26.68% 20.57% 20,494,275.03

3. Page 3 of 7
DOHI Doha Insurance 6-Aug-17 17 Due
SIIS Salam International Investment 6-Aug-17 17 Due
MERS Al Meera Consumer Goods Company 10-Aug-17 21 Due
QFLS Qatar Fuel Company 10-Aug-17 21 Due
Source: QSE (* Results for 1Q2017-18)
News
Qatar
 DHBK’s net profit declines 3.6% QoQ in 2Q2017, in line with our
estimate – Doha Bank’s (DHBK) net profit declined 3.6% QoQ (-
0.9% YoY) to QR351.12mn in 2Q2017, in line with our estimate
of QR339.76mn (+3.3% variation). Net interest income came in
at QR571.89mn in 2Q2017, increasing by 9.8% QoQ (+9.2%
YoY). DHBK’s total assets stood at QR91.80bn at the end of June
30, 2017, up 1.2% QoQ (+5.1% YoY). Loans & advances to
customers fell 0.5% QoQ to QR59.19bn at the end of June 30,
2017. However, on YoY basis Loans & advances to customers
increased 6.8%. Customer deposits rose 3.7% QoQ (+6.8% YoY)
to QR56.0bn, an evidence of the strong liquidity position of the
bank. Earnings per share declined to QR1.25 in 2Q2017 from
QR1.41 in 1Q2017 and QR1.32 in 2Q2016. In 1H2017, the bank’s
net operating income grew 4.8% to QR1.47bn. DHBK’s
Managing Director Sheikh Abdul Rehman bin Mohamad bin
Jabor al-Thani said, “Through the strategic utilization of the
shareholders’ funds by way of increasing our performance
levels, the return on average shareholders’ equity is 14.7%, one
of the best in the industry.” The bank, given the scale of
operations, has achieved a very high return on average assets
of 1.57%, which is a clear demonstration of the effective
utilization of shareholders’ funds and optimum asset allocation
strategies, he said. Highlighting its key achievements and
innovations, he said the bank, as a founder, is in the final stage
of launching the QE Index exchange traded fund (QETF), which
would invest and replicate the Qatar Index’s largest 20
companies in term of market capitalization and liquid listings.
(QNBFS Research, Company financials, Gulf-Times.com)
 QGRI posts net loss of ~QR3.3mn in 2Q2017 – Qatar General
Insurance & Reinsurance Company (QGRI) reported net loss of
~QR3.3mn in 2Q2017 as compared to net profit of QR43.1mn in
1Q2017. Earnings per share amounted to QR0.45 in 1HQ2017 as
compared to QR0.98 in 1H2016. (QSE)
 IBQ’s net profit jumps 20% YoY to QR278mn in 1H2017 – Aided
by its robust corporate banking, International Bank of Qatar
(IBQ), which is in the midst of a three-way merger with Masraf
Al Rayan and Barwa Bank has reported 20% YoY jump in net
profit to QR278mn in 1H2017. The bank, whose total operating
income grew 17%, has continued to derisk its balance sheet and
reduce its reliance on wholesale interbank funding, its
spokesman said. These factors coupled with the current
situation has seen some contraction in total assets, even
though loans and advances remained stable, while the bank
continues to rely on client deposits and deepening relationships
to fund its asset book, said IBQ, which enjoys an ‘A+’ rating
from Fitch and an ‘A2’ from Moody’s. “This strong set of results
is the outcome of IBQ’s focus on deepening its exceptional
client franchise, maintaining conservative risk management,
and delivering consistently high standards of service quality to
its customers,” IBQ’s Managing Director, Omar Bouhadiba said.
The bank’s asset quality has remained stable with the non-
performing loan ratio at 1.19%. Its net interest margin, return
on average assets and most operating metrics continued to
improve and the bank’s return on average equity now stands at
a healthy 12.3% compared to 10.8% last year. “All business
segments contributed positively to the total operating income
result with corporate banking delivering a stellar set of first half
results,” the spokesman said. Expenses continued to be tightly
managed with the cost-to-income ratio showing a 13%
reduction from last year, as the lender successfully controlled
the day-to-day operating model while retaining oversight on
good corporate governance. (Gulf-Times.com)
 Siege will not stop Qatar from pursuing sustainable growth –
The unilateral illegal land, sea and air siege imposed on Qatar
by the Saudi-led bloc will not deviate it from achieving
sustainable development, prosperity and growth, HE the
Minister of Development Planning and Statistics, Dr. Saleh
Mohamed Salem al-Nabit, said. Speaking at a meeting of the
2017 high-level political forum on sustainable development at
the United Nations headquarters in New York, the Minister said
that after the contrived crisis, Qatar is addressing the siege
with the power of truth, logic and transparency, along with the
support of its friends in the region and the world. Dr Al-Nabit
stressed Qatar's commitment to the UN charter and relevant
international conventions in every step it takes, reiterating that
nothing would deviate it from the path it chose and set for itself
in Qatar National Vision 2030, represented in achieving
sustainable development. The Minister referred to the
international indicators and comparisons that reflect Qatar's
continuous and steady progress in all the different economic
development indicators as well as the social, human, safety
indicators and peace in the world. (Gulf-Times.com)
 Hamad Port breaks siege with new lines – Hamad Port has
succeeded in breaking the siege imposed on Qatar since June 5
with the opening of five new shipping lines under the direction
of the Ministry of Transport and Communications and in
cooperation with partners such as Mediterranean Shipping
Company (MSC), Maersk Company and Qatar Navigation
Company (Milaha), said Captain Abdul Aziz al-Yafei, Director of
Hamad Port. Captain Al-Yafei said that Hamad Port’s new lines
connect directly to several ports in the region and beyond such
as Sohar and Salalah in Oman, Mundra and Nhava Sheva in
India, Izmir in Turkey and other ports served by these
international companies from all over the world. (Gulf-
Times.com)
 Qatari banks confident in future growth – A vast majority of
banks in Qatar believe that systemic risk in the country’s
banking sector will decrease or remain the same in the current
year. A ‘risk perception survey-2017’, conducted by Qatar
Central Bank (QCB), found almost all the banks expressing
confidence in the financial stability of the country’s banking

4. Page 4 of 7
sector. “Around 70% of the respondent banks opined the
systemic risk in the banking sector will decrease or remain the
same in the current year and the year ahead”, the QCB said in
its survey conducted as part of its eighth Financial Stability
Review. The perception of the respondent banks on credit and
market risk also indicate a higher majority expect the risk levels
will either decrease or remain at the same level during 2017 and
2018. On then liquidity risk, the opinion is equally distributed
on positive and negative perception. (Peninsula Qatar)
 Envoy: UK-Qatar ties strong – A luncheon event held by the
Qatar-British Business Forum (QBBF) in Doha recently “was an
opportunity to reassure businesses that the UK-Qatar
relationship remains as strong as ever,” British Ambassador to
Qatar, Ajay Sharma said. At the event, Ambassador Sharma
addressed more than 140 QBBF members. The QBBF luncheon
events encourage businesses to meet, collaborate and share
ideas on supporting trade between Qatar and the UK. (Gulf-
Times.com)
 Qatar Chamber to identify losses of firms from siege – Qatar
Chamber (QC) has launched an initiative aimed at identifying
losses sustained by Qatari companies from the economic
blockade imposed by Saudi Arabia and its allies. QC said it
recently published an online questionnaire on its website to
monitor and identify the extent of the damage caused by the
economic blockade to Qatari companies. The questionnaire will
aid the Compensation Claims Committee in addressing the
claims made not only by Qatari companies but also government
bodies, authorities, ministries, private companies, public
institutions and individuals. (Peninsula Qatar)
 Qatar Airways increases frequency to Moscow with additional
daily flight – Qatar Airways announced that it has added
additional flights to its Moscow route, bringing the total
frequency to 21 flights per week between Doha and the Russian
capital. Commencing August 2, the airline will introduce an
extra daily flight on the Doha-Moscow route to meet growing
demand to Moscow, a destination popular with both business
and leisure travelers. The additional frequency will be served by
an Airbus A320 aircraft. (Peninsula Qatar)
International
 US homebuilding hits four-month high – US homebuilding
increased to a four-month high in June, but construction
activity remains constrained by rising lumber prices and labor
and land shortages. June's better-than-expected increase in
housing starts ended three straight months of declines, offering
hope that investment in homebuilding was only a modest drag
on economic growth in the second quarter. Housing starts
jumped 8.3% to a seasonally adjusted annual rate of 1.22mn
units, the highest level since February, as both single-family
and multi-family construction rebounded after a recent slump,
the Commerce Department said. May’s sales pace was revised
up to 1.12mn units from the previously reported 1.09mn units.
Economists had forecasted groundbreaking activity rising to a
1.16mn-unit rate last month. Building permits shot up 7.4% to a
1.25mn-unit rate in June, with approvals for the single-family
housing segment snapping a three-month losing streak. Permits
for multi-family homes construction rose to a five-month high.
(Reuters)
 Finance Ministry: German economy to grow by around 0.6% in
second quarter – The German economy is humming and set for
solid growth despite external risks such as the unknown
outcome of Brexit negotiations and US President Donald
Trump's future trade policies, the German Finance Ministry
said. “The current picture of economic indicators suggests that
the economic upswing continued vigorously in the second
quarter,” the ministry said in its monthly report, pointing to
rising industrial output and buoyant business morale. German
gross domestic product (GDP) likely expanded in the second
quarter by a similar rate as in the previous three months when
the economy grew by 0.6% on the quarter, it said. “However,
risks arising from the Brexit negotiations and from the future
US trade policy remain,” the ministry added. The Federal
Statistics Office will publish preliminary second quarter GDP
growth figures in mid-August. The International Monetary
Fund (IMF) has raised its growth forecast for the German
economy. It now expects it to expand by 1.8% in 2017 and by
1.6% in 2018 in real terms. The German government remains
more cautious and so far has stuck to its estimates of 1.5% for
2017 and 1.6% for 2018, non-adjusted for workdays. This would
be below the 1.9% in 2016, which was the strongest rate in five
years. (Reuters)
 Japan's June export growth points to sustained economy
recovery – Japan's exports rose for a seventh straight month in
June led by shipments of cars and electronics, an indication
external demand continues to support a gradual economic
recovery and backing the central bank's upbeat economic view.
Ministry of Finance (MoF) data showed that exports grew 9.7%
YoY in June, versus a 9.5% annual gain expected by economists
in a Reuters poll. It followed a 14.9% YoY rise in the previous
month. The data comes hours before the Bank of Japan ends a
two-day rate review, at which it is expected to raise its growth
forecasts as robust exports and private consumption heighten
prospects of a moderate economic recovery. However, the
central bank is also likely to cut its price forecasts and hold off
from expanding stimulus, highlighting a gap between strong
growth and weak inflation. (Reuters)
 BoJ to cut inflation forecasts but stand pat on policy as
economy picks up – The Bank of Japan (BoJ) is set to paint a
brighter picture of the economy on July 20, but cut its inflation
forecasts again, reinforcing expectations that it will lag well
behind major global central banks in scaling back its massive
stimulus program. With robust exports and private
consumption pointing to a steady though modest economic
recovery, the Japanese central bank is expected to hold off from
expanding stimulus at its two-day rate review that ends on July
20. However, stubbornly weak price growth will likely force the
BoJ to cut its inflation forecasts, sources said, underscoring the
challenges the central bank faces as it tries to reflate the
economy and coax consumers into spending more. Depending
on how deep the cuts are, the BoJ may push back the timing for
hitting its 2% inflation target, the sources said, in a flesh blow
to Governor Haruhiko Kuroda's radical monetary experiment
aimed at sustainably ending deflation. (Reuters)
Regional
 GCC refining sector faces uncertain outlook – Plans for
Greenfield projects and refinery expansions across the GCC

5. Page 5 of 7
countries are entering a critical phase, the latest Energy
Research of Arab Petroleum Investments Corporation (Apicorp)
revealed. The region is leading the drive in the Middle East with
1.5mn barrels per day of new refining capacity expected online
by 2021. Substantial investments in the refining sector were
made to tackle increasing domestic demand and diversify away
from crude to more specialized product exports. At the same
time, these refinery additions are changing global trade flows,
with the region exporting more refined products, particularly to
Europe. As global capacity rises and fuel standards improve,
competition will become more intense meaning a more
uncertain outlook awaits the region’s refineries. (GulfBase.com)
 IoT solutions market in the GCC to hit $11bn by 2025 – The
Internet of Things (IoT) solutions market in the GCC region is
poised for solid growth and is likely to be worth $11bn over the
next eight years, said an industry expert. The IoT has the
potential to unlock up to 11% in incremental GDP driving
economic growth in the GCC region, according to AT Kearney’s
latest report, named ‘IoT in the GCC: Building a Brighter, More
Sustainable Future’. By 2025, the IoT solutions market will be
generating a potential value for the economy of nearly $160bn;
implying that every dollar spent on IoT solutions could produce
nearly $14.50 in economic value, stated the report.
(GulfBase.com)
 RIBL’s net profit falls 26.0% YoY to SR848mn in 2Q2017 – Riyad
Bank (RIBL) recorded net profit of SR848mn in 2Q2017,
registering decrease of 26.0% YoY due to 28.2% rise in
operating expenses, attributable to increase in impairment
charge for credit losses partially offset by drop in impairment
charge for investments. Total operating income fell 2.1% YoY to
SR1,984mn in 2Q2017, as decrease in fee and commission
income, net exchange income and gains on non-trading
investments were partially offset by increase in net special
commission income. Total assets stood at SR218.99bn at the
end of June 30, 2017 as compared to SR227.78bn at the end of
June 30, 2016. Loans and advances stood at SR141.18bn (-8.7%
YoY), while customer deposits stood at SR156.98bn (-4.3% YoY)
at the end of June 30, 2017. EPS decreased to SR0.63 in 1H2017,
as compared to SR0.77 in 1H2016. (Tadawul)
 Saudi Aramco reportedly considers Zuluf oilfield’s expansion –
Saudi Aramco is considering building new facilities to add
production of Arabian Heavy crude from the Zuluf offshore
oilfield, industry sources said. The central processing plant is
expected to have two units, known as trains, with a total
capacity of 600,000 barrels per day (bpd) to process Arabian
Heavy crude supplied by electrical submersible pumps (ESP).
(Zawya)
 IMF suggests UAE ease reins on spending to nudge growth –
The UAE should slow down its efforts to rein in spending this
year in order to nudge growth and invest in preparation for
Expo 2020, according to the International Monetary Fund (IMF)
mission country head Natalia Tamirisa. “There is some
slowdown in the pace of fiscal consolidation that the
Government is planning to implement and we believe that their
plans are appropriate. Growth is just starting to recover this
year”, Tamirisa said. (GulfBase.com)
 DIB’s net profit rises to AED1,057.4mn in 2Q2017 – Dubai
Islamic Bank (DIB) recorded net profit of AED1,057.4mn in
2Q2017 as compared to net profit of AED928.9mn in 2Q2016.
Income from Islamic financing and investing transactions came
in at AED1,907.7mn in 2Q2017 as compared to AED1,615.7mn
in 2Q2016. Total assets stood at AED193.08bn at the end of
June 30, 2017 as compared to AED174.97bn at the end of
December 31, 2016. Islamic financing and investing assets (net)
stood at AED125.44bn, while customers’ deposits stood at
AED141.38bn at the end of June 30, 2017. Earnings per share
came in at AED0.21 in 2Q2017, as compared to AED0.22 in
2Q2016. (DFM)
 EMIRATES NBD’s net profit rises to AED2,020.6mn in 2Q2017 –
Emirates NBD Bank recorded net profit of AED2,020.6mn in
2Q2017 as compared to AED1,910.2mn in 2Q2016. Net interest
income came in at AED2,195.1mn in 2Q2017 as compared to
AED2,123.5mn in 2Q2016. Total operating income came in at
AED3,835.8mn as compared to AED3,765.7mn in 2Q2016. Total
assets stood at AED456.22bn at the end of June 30, 2017 as
compared to AED448.0bn at the end of December 31, 2016.
Loans and receivables stood at AED256.73bn, while customers’
deposits stood at AED264.95bn at the end of June 30, 2017. EPS
came in at AED0.34 in 2Q2017, as compared to AED0.32 in
2Q2016. (DFM)
 EIB’s net profit rises sharply to AED165.7mn in 2Q2017 –
Emirates Islamic Bank (EIB) recorded net profit of AED165.7mn
in 2Q2017 as compared to net profit of AED92.1mn in 2Q2016.
Net operating profit came in at AED288.3mn in 2Q2017 as
compared to AED212.9mn in 2Q2016. Total assets stood at
AED60.50bn at the end of June 30, 2017 as compared to
AED59.23bn at the end of December 31, 2016. Financing and
investing receivables stood at AED35.36bn, while customers’
deposits stood at AED41.81bn at the end of June 30, 2017. EPS
increased to AED0.031 in 2Q2017, as compared to AED0.024 in
2Q2016. (DFM)
 CBI’s net profit narrows to AED31.8mn in 2Q2017 – Commercial
Bank International (CBI) recorded a net profit of AED31.8mn in
2Q2017 as compared to AED32.2mn in 2Q2016. Total interest
income and income from Islamic financing & investing assets
came in at AED211.8mn in 2Q2017 as compared to AED180.5mn
in 2Q2016. Net operating income came in at AED202.4mn in
2Q2017 as compared to AED210.7mn in 2Q2016. Total assets
stood at AED20.17bn at the end of June 30, 2017 as compared to
AED20.32bn at the end of December 31, 2016. Loans and
advances to customers stood at AED13.28bn, while customers’
deposits stood at AED13.31bn at the end of June 30, 2017. EPS
came in flat YoY at AED0.01 in 2Q2017. (ADX)
 Oil Minister: Kuwait plans to increase natural gas production
capacity – Kuwait’s Oil Minister, Issam Almarzooq said that the
country plans to increase natural gas production capacity by
510mcf by December. Kuwait currently produces 210mcf of gas,
and 80k bpd of light oil from northern fields. Kuwait plans to
develop Dorra gas field with Saudi Arabia in their shared
Neutral Zone and will also tender for development of Jurassic
gas project with capacity of 500kcf. (Bloomberg)
 Central Bank of Oman raises OMR41mn from treasury bills –
Oman raised OMR41mn by way of treasury bills this week. The
treasury bills are with a maturity period of 28 days, from July 19
to August 16, 2017. The average accepted price reached 99.924
for every OMR100, and the minimum accepted price arrived at

6. Page 6 of 7
99.920 per OMR100. Whereas the average discount rate and the
average yield reached 0.98881% and 0.98956%, respectively.
The interest rate on the Repo operations with Central Bank of
Oman is 1.728% for the period from July 18, 2017 to July 24,
2017, while the discount rate on the Treasury Bills Discounting
Facility with Central Bank of Oman is 2.478%, for the same
period. (GulfBase.com)
 Oman Oil Company to close $1bn PXF loan imminently –
According to sources, Oman Oil Company expects to close
imminently, within two months at the latest, a pre-export
financing (PXF) loan of around $1bn. The petroleum firm has
hired Natixis and Societe Generale to lead the debt transaction,
which is being marketed to other lenders. The loan is in the
region of $1bn, but the final size could be larger, the source
added. (Reuters)
 NBB’s net profit rises to BHD17.0mn in 2Q2017 – National Bank
of Bahrain (NBB) recorded net profit of BHD17.0mn in 2Q2017
as compared to BHD14.0mn in 2Q2016. Net interest income
came in at BHD17.8mn in 2Q2017 as compared to BHD16.0mn
in 2Q2016. Total operating income came in at BHD26.9mn as
compared to BHD25.3mn in 2Q2016. Total assets stood at
BHD2.99bn at the end of June 30, 2017 as compared to
BHD2.97bn at the end of June 30, 2016. Loans and advances
stood at BHD1.05bn, while customers’ deposits stood at
BHD2.14bn at the end of June 30, 2017. EPS came in at
BHD0.0135in 2Q2017, as compared to BHD0.0111 in 2Q2016.
(Bahrain Bourse)

7. 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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on July 19, 2017) Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
QSEIndex S&PPanArab S&PGCC
(0.3%)
1.2%
(0.3%)
0.3%
(0.4%)
0.5%
0.1%
(0.5%)
0.0%
0.5%
1.0%
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 1,241.21 (0.2) 1.0 7.7 MSCI World Index 1,958.56 0.5 0.5 11.8
Silver/Ounce#
16.29 0.0 1.8 2.3 DJ Industrial 21,640.75 0.3 0.0 9.5
Crude Oil (Brent)/Barrel (FM Future) 49.70 1.8 1.6 (12.5) S&P 500 2,473.83 0.5 0.6 10.5
Crude Oil (WTI)/Barrel (FM Future) 47.12 1.6 1.2 (12.3) NASDAQ 100 6,385.04 0.6 1.1 18.6
Natural Gas (Henry Hub)/MMBtu 3.10 0.5 5.9 (15.8) STOXX 600 385.54 0.4 0.2 16.5
LPG Propane (Arab Gulf)/Ton 66.88 3.1 4.3 (6.8) DAX 12,452.05 (0.2) (0.9) 18.5
LPG Butane (Arab Gulf)/Ton 74.25 2.8 2.8 (23.5) FTSE 100 7,430.91 0.5 0.4 9.8
Euro 1.15 (0.3) 0.4 9.5 CAC 40 5,216.07 0.5 0.2 17.2
Yen 111.97 (0.1) (0.5) (4.3) Nikkei 20,020.86 0.4 0.3 9.4
GBP 1.30 (0.1) (0.6) 5.5 MSCI EM 1,060.12 0.7 1.2 22.9
CHF 1.05 (0.1) 0.8 6.6 SHANGHAI SE Composite 3,230.98 1.3 0.5 7.1
AUD 0.80 0.5 1.5 10.3 HANG SENG 26,672.16 0.5 1.1 20.4
USD Index 94.78 0.2 (0.4) (7.3) BSE SENSEX 31,955.35 0.8 (0.2) 26.9
RUB 58.98 (0.8) (0.0) (4.1) Bovespa 65,179.92 (0.1) 0.6 11.6
BRL 0.32 0.2 1.0 3.3 RTS 1,043.13 0.5 (0.1) (9.5)
102.9
97.8
96.4