1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.2% to close at 9,332.9. Gains were led by the Telecoms
and Industrials indices, gaining 1.2% and 0.5% respectively. Top gainers were
Qatar German Co. for Med. Dev. and Islamic Holding Group, rising 1.8% and
1.5% respectively. Among the top losers, Al Ahli Bank fell 4.4%, while Dlala
Brok. & Inv. Holding Co. declined 1.3%.
GCC Commentary
Saudi Arabia: The TASI index declined marginally to close at 7,706.0. Losses
were led by the Media & Publishing and Multi-Investment indices, declining
0.9% and 0.7% respectively. Astra Industrial Group fell 4.1%, while Gulf Union
Cooperative Insurance Co. was down 3.8%.
Dubai: The DFM index rose 1.0% to close at 2,367.8. The Telecommunication
and Investment & Financial Services indices gained 1.6% each. Arab
Insurance Group rose 6.2%, while Dubai Investment was up 2.0%.
Abu Dhabi: The ADX benchmark index gained 0.6% to close at 3,702.2. The
Consumer and Energy indices rose 1.7% each. Abu Dhabi Ship Building Co.
gained 5.7%, while Methaq Takaful Insurance Co. was up 3.5%.
Kuwait: The KSE index fell 0.7% to close at 7,870.3. Losses were led by the
Real Estate and Banking indices, declining 1.4% and 1.3% respectively.
Manafae Investment Co. fell 7.9%, while Al-Aman Investment Co. was down
7.3%.
Oman: The MSM index declined marginally to close at 6,485.8. The Industrial
index fell 0.3%, while the Services & Insurance index was down 0.1%. The
Financial Corporation declined 5.3%, while ACWA Power Barka was down
1.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD%
Qatar German Co. for Med. Dev. 16.08 1.8 0.0 8.8
Islamic Holding Group 43.25 1.5 42.1 13.8
Ooredoo 124.50 1.3 36.1 19.7
Industries Qatar 158.80 1.0 139.6 12.6
Gulf Warehousing Co. 41.90 0.8 0.2 25.1
Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD%
Qatar Gas Transport Co. 18.39 (0.6) 396.9 20.5
Vodafone Qatar 8.97 0.2 266.5 7.4
Masraf Al Rayan 27.60 0.0 265.5 11.3
Dlala Brok. & Inv. Holding Co. 27.10 (1.3) 243.0 (12.8)
QNB Group 159.50 0.3 189.4 21.8
Market Indicators 10 July 13 09 July 13 %Chg.
Value Traded (QR mn) 111.7 156.6 (28.7)
Exch. Market Cap. (QR mn) 512,531.4 510,811.9 0.3
Volume (mn) 2.2 3.7 (40.3)
Number of Transactions 1,672 2,587 (35.4)
Companies Traded 34 38 (10.5)
Market Breadth 20:11 19:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,334.56 0.2 (0.4) 17.9 N/A
All Share Index 2,361.04 0.3 (0.4) 17.2 12.7
Banks 2,254.83 0.1 (1.0) 15.7 11.9
Industrials 3,098.93 0.5 (0.5) 18.0 11.5
Transportation 1,672.88 (0.2) (1.6) 24.8 11.8
Real Estate 1,833.98 0.1 0.6 13.8 11.7
Insurance 2,226.28 0.0 0.6 13.4 15.6
Telecoms 1,304.44 1.2 2.4 22.5 14.9
Consumer 5,526.95 0.2 0.3 18.3 22.6
Al Rayan Islamic Index 2,798.80 0.2 (0.0) 12.5 13.9
GCC Top Gainers##
Exchange Close#
1D% Vol. „000 YTD%
IFA Hotels & Resorts Kuwait 0.52 6.1 2.0 18.2
Dana Gas Abu Dhabi 0.59 3.5 12,023.6 31.1
Sharjah Islamic Bank Abu Dhabi 1.49 3.5 100.0 62.0
Al Tayyar Travel Group Saudi Arabia 72.00 3.2 1,204.9 70.7
Agility Kuwait 0.69 3.0 1,056.2 42.1
GCC Top Losers##
Exchange Close#
1D% Vol. „000 YTD%
Comm. Bank of Kuwait Kuwait 0.69 (6.8) 1.3 (2.8)
Al Ahli Bank Qatar 52.60 (4.4) 36.6 7.3
Astra Industrial Group Saudi Arabia 46.30 (4.1) 839.9 18.7
Comm. Facilities Co. Kuwait 0.30 (3.2) 0.5 (13.0)
SADAFCO Saudi Arabia 86.50 (2.5) 112.2 33.6
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)
Qatar Exchange Top Losers Close* 1D% Vol. „000 YTD%
Al Ahli Bank 52.60 (4.4) 36.6 7.3
Dlala Brok. & Inv. Holding Co. 27.10 (1.3) 243.0 (12.8)
Gulf International Services 41.55 (0.6) 16.0 38.5
Qatar Gas Transport Co. 18.39 (0.6) 396.9 20.5
Qatar National Cement Co. 100.00 (0.5) 2.2 (6.5)
Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD%
QNB Group 159.50 0.3 30,289.6 21.8
Industries Qatar 158.80 1.0 22,162.3 12.6
Masraf Al Rayan 27.60 0.0 7,309.2 11.3
Qatar Gas Transport Co. 18.39 (0.6) 7,306.5 20.5
Dlala Brok. & Inv. Holding Co. 27.10 (1.3) 6,711.2 (12.8)
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* 9,332.89 0.2 (0.4) 0.6 11.7 30.68 140,741.1 11.7 1.7 4.9
Dubai 2,367.77 1.0 4.6 6.5 45.9 60.83 60,631.7 15.2 1.0 3.4
Abu Dhabi 3,702.18 0.6 3.9 4.3 40.7 147.70 105,783.6 11.1 1.3 4.7
Saudi Arabia 7,706.01 (0.0) 0.5 2.8 13.3 802.19 409,973.1 16.3 2.0 3.6
Kuwait 7,870.32 (0.7) (1.2) 1.3 32.6 76.92 107,183.6 22.1 1.2 3.6
Oman 6,485.83 (0.0) 0.7 2.3 12.6 16.65 22,601.7 10.7 1.6 4.2
Bahrain 1,190.30 0.0 (0.1) 0.2 11.7 0.22 21,233.9 8.7 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,300
9,310
9,320
9,330
9,340
9,350
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 QE index rose 0.2% to close at 9,332.9. The Telecoms and
Industrials indices led the gains. The index rose on the back of
buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Qatar German Co. for Med. Dev. and Islamic Holding Group
were the top gainers, rising 1.8% and 1.5% respectively. Among
the top losers, Al Ahli Bank fell 4.4%, while Dlala Brok. & Inv.
Holding Co. declined 1.3%.
 Volume of shares traded on Wednesday declined by 40.3% to
2.2mn from 3.7mn on Tuesday. Further, as compared to the 30-
day moving average of 10.0mn, volume for the day was 77.9%
lower. Qatar Gas Transport Co. and Vodafone Qatar were the
most active stocks, contributing 17.9% and 12.0% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Arab National Bank
(ANB)
CI
Saudi
Arabia
FSR/ LT FCR/ ST FCR/
Support Level
A+/A+/A1/2 A+/A+/A1/2 – Stable –
Commercial Bank
of Dubai (CBD)
CI Dubai
LT FCR/ ST FCR/ FSR/
SR
A-/A2/BBB+/2 A-/A2/BBB+/2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating) (*Preliminary Rating
Assigned)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
Saudi Arabian Mining Co.
(MA'ADEN)
Saudi Arabia SR – – 50.1 -79.0% 41.0 -68.1%
National Medical Care Co.
(Care)
Saudi Arabia SR – – 21.6 -28.9% 22.2 -25.0%
Yanbu Cement Co. Saudi Arabia SR – – 286.0 26.5% 274.0 26.9%
Source: Company data, Tadawul
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/10 US MBA MBA Mortgage Applications 5-July -4.00% – -11.70%
07/10 US US Census Bureau Wholesale Inventories May -0.50% 0.30% -0.10%
07/10 US US Census Bureau Wholesale Sales MoM May 1.60% 0.30% 0.70%
07/10 France INSEE Industrial Production (MoM) May -0.40% -0.80% 2.20%
07/10 France INSEE Industrial Production (YoY) May 0.40% -0.20% -0.50%
07/10 France INSEE Manufacturing Production (MoM) May -1.10% -0.90% 2.60%
07/10 France INSEE Manufacturing Production (YoY) May -0.80% -0.50% -0.30%
07/10 Germany Destasis CPI MoM June 0.10% 0.10% 0.40%
07/10 Germany Destasis CPI YoY June 1.80% 1.80% 1.50%
07/10 Italy ISTAT Industrial Production sa (MoM) May 0.10% 0.30% -0.30%
07/10 Italy ISTAT Industrial Production nsa(YoY) May -4.20% – -0.20%
07/10 China National Bureau of Stat. Exports YoY% June -3.10% 3.70% 1.00%
07/10 China National Bureau of Stat. Imports YoY% June -0.70% 6.00% -0.30%
07/10 Japan ESRI Consumer Confidence Index June 44.3 45.6 45.7
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 43.94% 58.46% (16,219,088.07)
Non-Qatari 56.06% 41.53% 16,219,088.07

3. Page 3 of 6
News
Qatar
 QNB Group‟s 1H2013 net profit rises by 15.1% YoY – The
QNB Group has reported a net profit of QR4.7bn in 1H2013,
representing an increase of 15.1% YoY. Earnings per share
stood at QR6.8 in 1H2013 as compared to QR5.9 in 1H2012.
Total assets rose 30.4% YoY to QR431bn in 1H2013, while
loans & advances rose 26.3% YoY to QR296bn. Customer
deposits increased by 32.7% to QR326bn. This led to the
group‟s loan-to-deposit ratio to stand at 91%. The ratio of non-
performing loans to gross loans has been maintained at 1.5%.
Meanwhile, the group‟s conservative policy on provisioning
continued with the coverage ratio reaching 118% in June 2013.
The total equity rose by 10.3% from June 2012 to reach
QR49bn as on June 30, 2013. The 1H2013 results include that
of NSGB in Egypt as well, in which the group had acquired a
controlling stake of 97.12% during the first quarter of 2013.
(QNB Press Release)
 QNB Group‟s Indian subsidiary to commence in 3Q2013 –
The QNB Group said its fully-owned subsidiary in India will
commence operations in 3Q2013, as it seeks to expand its
presence and take on competition in leading markets. Further,
the group said that it has received all regulatory approvals to
open a representative office in China as well. (Gulf-Times.com)
 MSCI Qatar Index assigns provisional weight on Qatari
firms – Morgan Stanley Capital International (MSCI) said the
QNB Group‟s (QNBK) provisional closing weight is set at
21.68% on MSCI Qatar Index. Further, the provisional closing
weight for Industries Qatar (IQCD) has been set at 18.59%,
Masraf Al Rayan‟s (MARK) at 16.48%, Ooredoo‟s (QTEL) at
15.78%, Qatar Electricity & Water Company‟s (QEWS) at
6.44%, Commercial Bank of Qatar‟s (CBQK) at 5.68%, Qatar
Islamic Bank‟s (QIBK) at 5.53%, Doha Bank‟s (DHBK) at 4.94%
and Vodafone Qatar‟s (VFQS) at 4.87%. Qatar‟s provisional
weight in the MSCI EM Index works out to be around 0.49%.
The list of Qatari stocks expected to be included in the index
falls right in line with our expectations. (Bloomberg, QNBFS
Research)
 QE CEO: MSCI upgrade will attract QR3bn to QE – The Qatar
Exchange‟s (QE) CEO Rashid Bin Ali Al Mansoori said the
recent MSCI upgrade of the Qatar market to an emerging-
market status will attract QR3bn to QE. (Bloomberg)
 Qatar trade balance at QR31.3bn in May 2013 – According to
the data released by the Statistics Authority, Qatar posted a
trade balance of QR31.3bn in May, up 0.5% YoY backed by
higher revenues from exports. Total exports in May stood at
QR39.6bn and imports QR8.3bn. Total exports rose in May
despite a drop in exports of some hydrocarbon commodities.
The data also showed that Japan topped among the export
destinations in May and accounted for 29% of Qatar‟s exports,
followed by South Korea (16%) and India (10%). The data also
revealed that among Qatar‟s major import items in May were
motor cars, other vehicles and aircraft spares. The US was the
biggest exporter to Qatar in May (15%), followed by China
(10%) and the UAE (7%). (Gulf-Times.com)
 QTEL changed to ORDS – According to Qatar Exchange,
effective Wednesday 10 July 2013, Qatar Telecom (QTEL) will
be renamed Ooredoo (ORDS). (QE)
 Qatar plans to spin off petroleum firm QP – According to
Reuters, Qatar plans to spin-off Qatar Petroleum (QP) from the
Energy Ministry to allow it to grow more quickly abroad at a time
of rising rivalry from new producers. Industry sources say Qatar
believes that the spinoff will speed up decision making.
(Reuters)
 Qatar‟s SWF-backed Louis Vuitton acquires 80% stake in
Loro Piana – The French luxury goods company, LVMH Louis
Vuitton Moet Hennessy, which is partly owned by Qatar‟s
sovereign wealth fund (SWF), has acquired 80% of Italian luxury
cashmere clothing brand Loro Piana for €2bn. (Bloomberg)
 RasGas widens global reach with the first Mexico LNG
cargo delivery – RasGas has made its first delivery of liquefied
natural gas at the Manzanillo LNG terminal in Mexico. The LNG
cargo was sent to Mexico through RasGas customer, RWE. The
cargo was delivered by RWE-chartered conventional sized
vessel, „Cadiz Knutsen‟. (Gulf-Times.com)
 RDIF appoints QIA CEO as its advisor – The Russian Direct
Investment Fund (RDIF) has appointed three new members to
the fund‟s International Advisory Board, which includes the
Qatar Investment Authority‟s (QIA) CEO Ahmad Al Sayed. The
other two new members are the China Investment Corporation‟s
President Gao Xiqing, and Mubadala Development Company‟s
CEO Khaldoon Khalifa Al Mubarak. (Peninsula Qatar)
International
 Bernanke backs stimulus for foreseeable future amid QE
debate – The US Federal Reserve Chairman Ben Bernanke has
backed sustained stimulus for the foreseeable future even as
the minutes of the Fed policy makers‟ meeting in June showed
them debating whether to halt bond buying this year. Bernanke
said a highly accommodative monetary policy is needed in the
US economy for the foreseeable future. He also said low
inflation and high unemployment mean the Fed still needs to
press on with its stimulus, but he expects inflation to soon return
closer to the central bank‟s 2% goal. (Bloomberg)
 Greece says it does not foresee fiscal gap – The Greek
Finance Minister Yannis Stournaras denied that Greece would
witness a primary budget deficit this year or the next, stating that
its EU-IMF bailout program was on track to meet all the targets
agreed with its international lenders. (Reuters)
 BoJ keeps monetary policy steady, offers rosy picture on
economy – The Bank of Japan has maintained its monetary
policy steady and offered a more optimistic view of the
Japanese economy based on signs that the positive effects of a
weak yen and the government's reflationary policies are
widening. In a quarterly review of its long-term growth estimates,
the central bank made no major changes to its forecast on the
core consumer inflation which is expected to accelerate to near
2% by March 2016. As widely expected, the BoJ voted
unanimously to maintain its pledge to increase base money, or
cash and deposits at the central bank, at an annual pace of 60-
70tn yen. (Reuters)
 BoK holds rate after cut in May to boost economy – The
Bank of Korea (BoK) held its interest rate unchanged for the
second straight month, as it gauges the effect of a cut in May to
boost economic growth that is clouded by a surge in bond yields
and a slowdown in China. The central bank has maintained the
benchmark seven-day repurchase rate at 2.5%. All of the 18
economists surveyed by Bloomberg News predicted this
decision. (Bloomberg)
 OPEC: Shale boom eroding demand for its crude in 2014 –
The Organization of Petroleum Exporting Countries (OPEC) has
forecasted that the world will need less of its crude in 2014,
even as the global oil demand growth rebounds to its strongest
pace since 2010, amid shale boom. OPEC said demand for its

4. Page 4 of 6
crude will slip by 300,000bpd to 29.6mn bpd in 2014, reflecting a
decline of 2.6%, less than the 12-member group is pumping
now. OPEC also said that the need for its crude will diminish
even as the global oil demand growth recovers to 1mn bpd in
2014, from 800,000bpd in 2013, amid rising output from the US
and Canada. (Bloomberg)
Regional
 PwC: GCC markets‟ average offering value fall with 86%
QoQ drop in 2Q2013 – According to a report by the
PricewaterhouseCoopers (PwC), the depressed IPO activity in
the GCC region continued in 2Q2013 with three new listings
raising a total of just $48mn. This compares poorly with the two
IPOs in 1Q2013 that raised an aggregate of $337mn,
representing 86% decrease. The report added that the average
offering value has dropped 94% YoY in 2Q2013. (AME Info)
 ANB reports SR717.9mn net profit in 2Q2013 – The Arab
National Bank (ANB) has reported a net profit of SR717.9mn in
2Q2013, remaining unchanged over previous year. The bank‟s
net profit increased by 1.7% YoY in 1H2013 to reach SR1.4bn.
EPS stood at SR1.64 in 1H2013 as compared to SR1.62 in
1H2012. Total assets at the end of June 2013 stood at
SR136.1bn over SR120.4bn in June 2012. Loans & advances
rose by 5.9% YoY to SR85.5bn, while customer deposits were
up by 8.7% YoY to SR103.0bn. (Tadawul)
 SABB‟s net profit rises 9.8% YoY in 2Q2013 – Saudi British
Bank (SABB) has reported a net profit of SR1.0bn in 2Q2013,
indicating 9.8% YoY increase. SABB‟s net profit rose by 10.4%
YoY in 1H2013 to reach SR2.0bn. EPS stood at SR1.95 in
1H2013 as compared to SR1.77 in 1H2012. Total assets at the
end of June 2013 stood at SR161.9bn over SR151.9bn in June
2012. Loans & advances rose by 11.9% YoY to SR106.0bn,
while customer deposits were up by 7.1% YoY to SR125.9bn.
(Tadawul)
 Samba Financial reports SR1.2bn net profit in 2Q2013 –
Samba Financial Group has reported a net profit of SR1.2bn in
2Q2013, reflecting an increase of 1.5% YoY. The group‟s net
profit was up by 1.4% YoY in 1H2013 to reach SR2.3bn. EPS
stood at SR2.59 in 1H2013 as compared to SR2.56 in 1H2012.
Total assets at the end of June 2013 stood at SR205.4bn over
SR199.5bn in June 2012. Loans & advances rose by 16.4%
YoY to SR111.4bn, while customer deposits were up by 9.6%
YoY to SR156.1bn. (Tadawul)
 Al Rajhi Bank‟s net profit up 1.4% YoY in 2Q2013 – Al Rajhi
Bank has reported a net profit of SR2.1bn in 2Q2013, indicating
1.4% YoY rise. The bank‟s net profit rose by 1.7% YoY in
1H2013 to reach SR4.2bn. EPS stood at SR2.78 in 1H2013 as
compared to SR2.74 in 1H2012. Total assets at the end of June
2013 stood at SR273.3bn from SR238.2bn in June 2012. Loans
& advances rose by 16.9% YoY to SR184.9bn, while customer
deposits were up by 16.9% YoY to SR223.7bn. (Tadawul)
 Saudi Customs got SR22.3bn revenues in 2012 – The Saudi
Customs Department‟s revenue for FY2012 stood at SR22.3bn,
indicating an increase of 13.5% YoY. The Saudi Customs said
that the value of goods imported to Saudi Arabia amounted to
SR587.8bn, an increase of 19% YoY, while the value of non-oil
goods exported by Saudi Arabia rose by 8% with a total of
SR170.4bn. (Bloomberg)
 Saudi Binladin sells SR1bn sukuk for airport project – Saudi
Binladin Group has raised SR1bn from the sale of one-year
sukuk for the expansion of the King Abdul Aziz International
Airport in Jeddah. The sukuk was issued as a zero coupon bond
and was sold below par to provide a 2.5% profit rate. The lead
arrangers for this deal were GIB Capital and BNP Paribas
Investment. (Bloomberg)
 Saudi Aramco‟s new Jizan refinery faces 6-12 month delay
– Saudi Aramco‟s oil refinery in Jizan will be reportedly delayed
by 6-12 months due to work on associated infrastructure going
behind schedule and also due to the delay in awarding the
contract to build a plant to supply power. The complex was
scheduled to be completed by late 2016, but delays in dredging
port areas, needed to bring in equipment by sea, is holding up
progress of other parts of the project. (Peninsula Qatar)
 Saudi Aramco to supply full August crude volumes to
Europe – The Saudi Arabian Oil Company (Saudi Aramco) is
set to supply full volumes in August to customers in Europe,
unchanged over July. Saudi Aramco will provide 100% of its
crude cargoes sold under long-term contracts to Europe.
(Bloomberg)
 SABIC signs $387mn poly-acetal plant deal – Saudi Basic
Industries Corp (SABIC) has awarded the Spanish firm
Dragados with a $387mn contract to design and build a new
50,000 ton per year poly-acetal plant. Dragados will start the
engineering work in August and the project for SABIC‟s National
Methanol Company is due to be completed in 1Q2016.
(Peninsula Qatar)
 Bupa Arabia signs health insurance agreement with MFA –
Bupa Arabia for Cooperative Insurance (Bupa Arabia) has
signed a health insurance agreement with the Saudi Ministry of
Foreign Affairs (MFA) to provide health insurance for its
employees and their families abroad. The coverage period is for
one year starting July 20, 2013, which is in accordance with
government procurement procedures. Bupa Arabia expects that
revenues from this contract to be more than 5% of its 2012
annual gross written premiums. (Tadawul)
 MSCI UAE Index assigns provisional weight on UAE firms –
Morgan Stanley Capital International said Emaar Properties has
been assigned a provisional closing weight of 28.1% on the
MSCI UAE Index. The provisional closing weight for DP World is
set at 16.04%, Aldar Properties‟ at 12.87%, National Bank of
Abu Dhabi‟s at 11.57%, Abu Dhabi Commercial Bank‟s at
9.95%, First Gulf Bank‟s at 9.39%, Dubai Financial Market‟s at
6.34% and Arabtec Holding‟s at 5.73%. (Bloomberg)
 DMCC signs up more companies in 1H2013 than all of 2011
– According to the data released by the Dubai Multi
Commodities Centre, companies are registering for trade at a
much faster rate than anticipated, with around 1,270 signing up
in 1H2013 alone, more than the total companies for the entire
2011. The data showed that there are 6,890 companies
registered at the DMCC now, indicating an increase of 30%
YoY. (GulfBase.com)
 DUBAL, Mubadala complete acquisition of Guinea Alumina
– Dubai Aluminum (DUBAL) and Mubadala Development
Company have secured the full ownership of Guinea Alumina
Corporation. DUBAL and Mubadala have completed the
acquisition of the remaining project interests in their JV from
Global Alumina Corporation and BHP Billiton. (Bloomberg)
 ZTE wins contract to provide 3G Wi-Fi Router MF29 to du
Telecom – Chinese multinational ZTE Corporation has won a
contract to provide 3G Wi-Fi Router MF29 to the Emirates
Integrated Telecommunications Company (du Telecom). Made
available from the end of June 2013, the routers will be used by
du Telecom for its “Office Connect” voice & broadband solutions
that are offered in the UAE market. (WSJ)

5. Page 5 of 6
 Etihad, SAA sign code-share agreement – Etihad Airways
has entered into a code-share services agreement with South
African Airways (SAA). (GulfBase.com)
 Etihad Rail signs MoU with Emirates Transport – Etihad Rail
has signed a MoU with Emirates General Transport & Services
Corporation (Emirates Transport), to receive the benefits of
Emirates Transport‟s integrated vehicle & maintenance services.
This deal also includes security services on the Etihad Rail sites.
(GulfBase.com)
 Mubadala Investment reduced after Batista‟s $10bn Rout –
Eike Batista‟s EBX Group Company has restructured a $2bn
investment by Mubadala Development Company after a stock-
market selloff pushed down the value of the Brazilian
billionaire‟s companies to half their combined debt. EBX, based
in Rio de Janeiro, and Abu Dhabi‟s Mubadala also reached
agreements to protect the wealth fund‟s remaining investments
in Batista‟s group of interlinked energy, commodities and
logistics startups. The partners will continue discussions on
developing EBX‟s companies. Under the new agreement, EBX
has redeemed a significant portion of Mubadala‟s initial
investment. EBX and Mubadala have also entered into new
agreements ensuring enhanced protection vis-a-vis the
remaining portion of the investment from Mubadala.
(Bloomberg)
 RSA Logistics breaks ground on new facility in DWC – RSA
Logistics has commenced the construction of a 9,500 square
meter temperature-controlled facility in Dubai World Central‟s
(DWC) Logistics District. The upcoming facility will be
operational by March 2014, which will target the automotive and
hi-tech industries. (AME Info)
 Allen & Overy advises Aldar on merger with Sorouh – Allen
& Overy has advised Abu Dhabi-based Aldar Properties on its
merger with Sorouh Real Estate. (GulfBase.com)
 Fitch affirms Kuwait‟s ratings, outlook “Stable” – Fitch
Ratings has affirmed Kuwait's long-term foreign and local
currency Issuer Default Ratings (IDR) at “AA” and short-term
foreign currency IDR at “F1+” with “Stable” outlook. Fitch has
also affirmed Kuwait's country ceiling at “AA+”. (Reuters)
 Moody's: Kuwait banking outlook remains “Stable” –
According to a report released by the Moody's, outlook for
Kuwait's banking system remains stable, reflecting the
expectation of a benign operating environment, supported by
high oil revenues and government spending (mainly current
account). The report said that over the 12-18 month outlook
period, the operating environment for the banks will remain
accommodative, underpinning the banking sector's robust
capitalization and ample liquidity. Moody's expects that Kuwait's
non-oil 2013 GDP growth will increase to 3.2%, the highest rate
for the past five years, mainly driven by the government's
current account spending. Moody's projects moderate credit
growth of 5-8% in 2013 rising to 8-10% in 2014 as business
opportunities related to the tendering of infrastructure projects
pick up. Moody's also expects system-wide non-performing
loans to stabilize within the 5-6% range, down from 10.4% in
2009, as banks have made considerable progress in
rehabilitating their loan books following the 2008-09 crisis.
(Bloomberg)
 Kuwait pledges $4bn aid to Egypt – Kuwait has provided $4bn
aid package to Egypt. Kuwait will deposit $2bn with the Egyptian
central bank, will give $1bn as a grant and offer $1bn worth of oil
and oil products. (Bloomberg)
 IFA H&R‟s shareholders back 40% capital hike – Kuwait-
based IFA Hotels & Resorts‟ (IFA H&R) shareholders have
approved a capital increase by 40% to about KD63.5mn from
the current KD45.4mn. IFA H&R said it will offer the capital hike
shares at KD0.18 each, which will consist of a par value of
KD0.1 and an issue premium of KD0.08. (Gulf-Times.com)
 Oman‟s crude exports rose 3.2% in June from May –
According to a report released by the Ministry of Oil & Gas,
Oman‟s exports increased by 3.2% MoM to average 836,920
bpd and crude & condensate production increased by 4.5%
MoM in June. The report added that China received 62% of
Omani crude in June. (Bloomberg)
 DNO International expands exploration portfolio in Oman,
Yemen – The Norwegian oil & gas company, DNO International
ASA announced that it has been selected by the Ministry of Oil
and Minerals of Yemen as a successful bidder for the onshore
Block 84. The company also announced that it has separately
entered into a farm-in agreement for Block 36 onshore in Oman.
The Block 36 farm-in agreement provides for the transfer of a
75% participating interest to DNO Oman AS from Allied
Petroleum Exploration. (AME Info)
 Bank Nizwa, Sohar Islamic sign Wakala agreement – Bank
Nizwa and Sohar Islamic have entered into a Wakala agreement
for interbank placement activities between them.
(GulfBase.com)
 Oman Air starts weekly services to Madinah – Oman Air has
launched new weekly service between Muscat and Madinah.
(GulfBase.com)
 Fitch affirms Bahrain‟s ratings, “Stable” outlook – Fitch
Ratings has affirmed Bahrain's Long-term foreign currency
issuer default rating (IDR) at “BBB” and local currency IDR at
“BBB+” with “Stable” outlook. Fitch has simultaneously affirmed
Bahrain's country ceiling at “BBB+” and short-term foreign
currency IDR at “F3”. (Reuters)

6. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB 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. We therefore strongly advise potential
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
QE Index S&PPan Arab S&P GCC
(0.0%)
0.2%
(0.7%)
0.0%
(0.0%)
0.6%
1.0%
(1.0%)
(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 1,259.78 0.7 3.0 (24.8) DJ Industrial 15,291.66 (0.1) 1.0 16.7
Silver/Ounce 19.39 0.4 2.5 (36.1) S&P 500 1,652.62 0.0 1.3 15.9
Crude Oil (Brent)/Barrel 108.64 0.1 0.5 (3.7) NASDAQ 100 3,520.76 0.5 1.2 16.6
Natural Gas (Henry
Hub)/MMBtu
3.69 (0.0) 4.3 6.4 STOXX 600 294.84 0.1 2.3 5.4
LPG Propane (Arab Gulf)/Ton 810.00 0.0 2.0 (16.4) DAX 8,066.48 0.1 3.3 6.0
LPG Butane (Arab Gulf)/Ton 807.00 0.0 2.2 (16.7) FTSE 100 6,504.96 (0.1) 2.0 10.3
Euro 1.30 1.5 1.2 (1.6) CAC 40 3,840.53 (0.1) 2.3 5.5
Yen 99.68 (1.5) (1.5) 14.9 Nikkei 14,416.60 (0.4) 0.7 38.7
GBP 1.50 1.0 0.8 (7.6) MSCI EM 915.63 0.3 (0.2) (13.2)
CHF 1.04 1.5 0.6 (4.5) SHANGHAI SE Composite 2,008.13 2.2 0.0 (11.5)
AUD 0.92 (0.0) 1.2 (11.8) HANG SENG 20,904.56 1.1 0.2 (7.7)
USD Index 84.04 (0.6) (0.5) 5.4 BSE SENSEX 19,294.12 (0.7) (1.0) (0.7)
RUB 32.92 (0.3) (1.2) 7.8 Bovespa 45,483.43 0.9 0.6 (25.4)
BRL 0.44 (0.3) (0.5) (9.4) RTS 1,275.29 (0.6) 0.5 (16.5)
134.1
120.8
109.9