1. Page 1 of 8
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.7% to close at 13,776.2. Gains were led by the Banking &
Financial Services and Transportation indices, gaining 1.0% and 0.5%,
respectively. Top gainers were Qatar Islamic Bank and Doha Insurance Co.,
rising 6.0% and 3.5%, respectively. Among the top losers, Mazaya Qatar Real
Estate Dev. and Ahli Bank declined 2.8% each.
GCC Commentary
Saudi Arabia: The TASI index rose 0.2% to close at 10,734.8. Gains were led
by the Retail and Bank. & Fin. Ser. indices, rising 0.8% and 0.6%, respectively.
Al Rajhi Takaful gained 7.3%, while Alkhaleej Training & Edu. was up 5.7%.
Dubai: The DFM index gained 1.1% to close at 4,907.6. The Industrial index
rose 11.1%, while the Insurance index was up 4.7%. Takaful Emarat -
Insurance surged 14.9%, while National Cement Co. was up 11.1%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 5,051.3. The
Banking index declined 0.7%, while the Insurance index was down 0.2%. Abu
Dhabi National Takaful fell 10.0%, while Fujairah Cement Ind. was down 8.8%.
Kuwait: The KSE index rose 0.1% to close at 7,350.3. The Oil & Gas index
gained 1.0%, while the Healthcare index was up 0.9%. RAK White Cement
gained 8.1%, while Taiba Kuwaiti Holding Co. was up 7.7%.
Oman: The MSM index gained 0.3% to close at 7,358.9. Gains were led by
the Services index rising 0.7%, while the financial index gained marginally.
Renaissance Services rose 9.2%, while Al Madina Investment was up 2.1%.
Bahrain: The BHB index gained 0.4% to close at 1,482.8. The Hotel &
Tourism index rose 2.4%, while the Industrial index was up 1.2%. Gulf Hotel
Group gained 3.5%, while National Bank of Bahrain was up 2.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Islamic Bank 123.80 6.0 487.3 79.4
Doha Insurance Co. 32.10 3.5 106.2 28.4
Qatar International Islamic Bank 86.80 2.8 1,315.9 40.7
Salam International Investment Co. 20.80 2.7 1,108.8 59.9
Al Khaleej Takaful Group 48.70 2.6 298.3 73.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 24.20 (2.8) 4,378.0 116.5
Vodafone Qatar 21.63 2.0 2,578.7 102.0
Masraf Al Rayan 57.40 1.1 2,094.6 83.4
Ezdan Holding Group 19.77 0.4 1,766.3 16.3
United Development Co. 29.85 1.2 1,432.9 38.6
Market Indicators 21 Aug 14 20 Aug 14 %Chg.
Value Traded (QR mn) 925.5 867.7 6.7
Exch. Market Cap. (QR mn) 730,195.0 726,713.1 0.5
Volume (mn) 20.4 21.7 (6.2)
Number of Transactions 8,823 7,606 16.0
Companies Traded 43 43 0.0
Market Breadth 21:18 20:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 20,547.05 0.7 2.0 38.6 N/A
All Share Index 3,477.45 0.5 1.8 34.4 17.0
Banks 3,366.11 1.0 3.3 37.7 16.5
Industrials 4,577.32 0.3 1.6 30.8 18.5
Transportation 2,334.12 0.5 (0.8) 25.6 14.9
Real Estate 2,965.49 (0.1) 0.4 51.8 15.8
Insurance 4,036.77 (0.6) 1.6 72.8 12.7
Telecoms 1,581.34 0.1 (2.8) 8.8 22.4
Consumer 7,610.29 0.3 1.2 27.9 28.4
Al Rayan Islamic Index 4,788.86 1.0 2.9 57.7 20.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatar Islamic Bank Qatar 123.80 6.0 487.3 79.4
Union National Bank Abu Dhabi 6.89 3.9 1,297.3 23.2
Saudi Investment Bank Saudi Arabia 31.00 3.7 781.8 17.8
Dallah Healthcare Hold. Saudi Arabia 120.95 3.3 337.0 73.4
Gulf Pharmaceutical Ind. Abu Dhabi 3.10 3.3 6.3 4.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Arab Bank Abu Dhabi 6.45 (8.0) 25.5 15.0
Al Ahli Bank Qatar 52.10 (2.8) 2.1 23.1
Nat. Bank Of Abu Dhabi Abu Dhabi 14.40 (2.4) 98.9 14.0
United Real Estate Co. Kuwait 0.10 (1.9) 12.2 (11.9)
Saudi Print. & Pack. Co. Saudi Arabia 26.59 (1.8) 707.1 11.5
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%
Mazaya Qatar Real Estate Dev. 24.20 (2.8) 4,378.0 116.5
Ahli Bank 52.10 (2.8) 2.1 23.1
Widam Food Co. 60.90 (1.5) 20.5 17.8
Qatar Insurance Co. 96.40 (1.4) 59.5 81.2
Gulf International Services 121.50 (1.2) 137.0 149.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 57.40 1.1 120,446.2 83.4
Qatar International Islamic Bank 86.80 2.8 112,644.4 40.7
Mazaya Qatar Real Estate Dev. 24.20 (2.8) 108,968.6 116.5
Qatar Islamic Bank 123.80 6.0 59,577.5 79.4
Industries Qatar 188.00 1.4 58,464.7 11.3
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* 13,776.19 0.7 2.0 7.0 32.7 254.17 200,511.5 17.2 2.3 3.6
Dubai 4,907.55 1.1 2.0 1.5 45.6 164.82 94,905.6 20.4 1.8 2.0
Abu Dhabi 5,051.27 (0.1) (0.0) (0.1) 17.7 50.18 139,255.1 14.3 1.8 3.3
Saudi Arabia 10,734.76 0.2 1.4 5.1 25.8 2,105.95 583,448.9 20.6 2.6 2.7
Kuwait 7,350.34 0.1 1.6 3.1 (2.6) 91.23 114,536.1 17.8 1.2 3.7
Oman 7,358.85 0.3 0.5 2.2 7.7 18.46 27,080.9 11.1 1.7 3.8
Bahrain 1,482.80 0.4 0.4 0.8 18.7 2.35 54,463.7 11.4 1.0 4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
13,600
13,650
13,700
13,750
13,800
13,850
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QE index rose 0.7% to close at 13,776.2. The Banking &
Financial Services and Transportation indices led the gains.
 Qatar Islamic Bank and Doha Insurance Co. were the top
gainers, rising 6.0% and 3.5%, respectively. Among the top
losers, Mazaya Qatar Real Estate Dev. and Ahli Bank declined
2.8% each.
 Volume of shares traded on Thursday fell by 6.2% to 20.4mn
from 21.7mn on Wednesday. However, as compared to the 30-
day moving average of 17.6mn, volume for the day was 15.7%
higher. Mazaya Qatar Real Estate Dev. and Vodafone Qatar
were the most active stocks, contributing 21.5% and 12.7% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
National Bank of
Ras Al-Khaimah
(Rakbank)
Capital
Intelligence
Abu
Dhabi
FSR/LT FCR/ST
FCR/SR
BBB+/A-/A2/2 BBB+/A-/A2/2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/21 US Department of Labor Initial Jobless Claims 16 August 298K 303K 312K
08/21 US Markit Markit US Manufacturing PMI August 58.0 55.7 55.8
08/21 US Bloomberg Bloomberg Consumer Comfort 17 August 36.6 – 36.8
08/21 US Bloomberg Bloomberg Economic Expectations August 45.0 – 46
08/21 US NAR Existing Home Sales July 5.15M 5.02M 5.03M
08/21 US NAR Existing Home Sales MoM July 2.40% -0.50% 2.40%
08/21 US Conference Board Leading Index July 0.90% 0.60% 0.60%
08/21 EU Markit Markit Eurozone Manufacturing PMI August 50.8 51.3 51.8
08/21 EU Markit Markit Eurozone Services PMI August 53.5 53.7 54.2
08/21 EU Markit Markit Eurozone Composite PMI August 52.8 53.4 53.8
08/21 EU European Commission Consumer Confidence August -10.0 -9.1 -8.4
08/21 France Markit Markit France Composite PMI August 50.0 49.6 49.4
08/21 France Markit Markit France Manufacturing PMI August 46.5 47.8 47.8
08/21 France Markit Markit France Services PMI August 51.1 50.2 50.4
08/21 Germany Markit Markit/BME Germany Manu. PMI August 52.0 51.5 52.4
08/21 Germany Markit Markit Germany Services PMI August 56.4 55.5 56.7
08/21 Germany Markit Markit/BME Germany Composite PMI August 54.9 54.6 55.7
08/21 UK ONS Public Finances (PSNCR) July -9.7B – 11.9B
08/21 UK ONS Central Government NCR July -2.4B – 18.1B
08/21 UK ONS Public Sector Net Borrowing July -1.1B -1.7B 9.8B
08/21 China Markit HSBC China Manufacturing PMI August 50.3 51.5 51.7
08/21 Japan Markit Markit/JMMA Japan Manufacturing PMI August 52.4 51.5 50.5
08/21 Japan JCA Supermarket Sales YoY July -2.10% – -2.80%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNBK: Qatar inflation to stay at around 3.5% until 2015-end
– According to a recent report by QNB Group (QNBK), Qatar’s
inflation should remain moderate at around 3.5% until the end of
2015, mainly due to declining global food prices. QNBK said
since the country has virtually no domestic food production,
lower international food prices are likely to continue to push
Qatar’s food prices down for the foreseeable future, albeit with a
lag. In Qatar, while domestic inflation is being pushed up by
rising rents, it has been partly offset by falling food prices. Food
inflation in Qatar peaked at an annual increase of 5.9% in June
2011 and since then has slowed to a negative 0.6% in June
2014. QNBK said international food prices have been declining
in recent months, reflecting record harvests and weak global
demand. Declining food prices have in turn contributed to lower
inflation in the Eurozone, the UK and the US. This trend,
coupled with a weak Eurozone recovery and mixed economic
data in the US, suggests that the risk of global deflation remains
high. As such, QNBK expects the European Central Bank, the
Bank of England and the Federal Reserve to maintain their
Overall Activity Buy %* Sell %* Net (QR)
Qatari N/A N/A N/A
Non-Qatari N/A N/A N/A

3. Page 3 of 8
record-low interest rates for an extended period of time. (Gulf-
Times.com)
 Panel to boost Qatarisation in private sector – The Ministry
of Labor and Social Affairs has set up a special committee to
reinforce the ambitious Qatarisation process in the private
sector. The panel will monitor companies and establishments
whether they are complying with the mandatory 20% recruitment
of Qataris as per a decision approved by the Cabinet. The new
committee would interact with companies, encourage them to
recruit and train Qataris in various fields and help enroll locals in
research programs to hone skills. It would also hold periodical
meetings with companies to discuss their commitment to
Qatarisation and ensure the workforce of each company
represents a minimum of 20% Qataris. (Peninsula Qatar)
 Keppel delivers Dukhan jackup rig to Qatar's GDI – Keppel
FELS, a unit of Keppel Offshore & Marine (KOM), has delivered
its fourth jackup rig Dukhan (300' ILC) to Gulf Drilling
International (GDI) nine days ahead of schedule and within
budget. “Dukhan” is a high specification rig built on Keppel’s
proprietary KFELS B class design. Keppel FELS has previously
delivered three similar jackup rigs to GDI. Dukhan will be
chartered to Qatar Petroleum for five years. The KFELS B Class
is equipped with larger spud cans for reduced bearing pressure,
which expands its operational coverage, especially in sea beds
with soft soil. Besides the four jackup rigs that Keppel has built
for GDI, N-KOM – its JV shipyard with Qatar Gas Transport
Company – is constructing a self-propelled and self-elevating
lifeboat customized for GDI. N-KOM has also been awarded a
six-year repair and maintenance contract for GDI’s fleet of
jackup rigs operating in the Middle East. (Bloomberg)
 ORDS reaches 1mn milestone in Myanmar, eyes 25mn by
2014-end – Ooredoo (ORDS) has already crossed the 1mn
customer milestone in its newest market of Myanmar, within
three weeks of launching its services, and aims to reach 25mn
by the end of 2014. Since the launch of its services in the
country, the company has experienced unprecedented demand
for its mobile phone and internet services, with people queuing
overnight to purchase the low-cost Ooredoo SIM cards. The
company said this demand demonstrates the potential for
growth and the strong appetite for data services in Myanmar,
with many customers using mobile phones and accessing the
internet for the first time. ORDS has installed the world’s first
next-generation purely UMTS900 network across Myanmar,
which will provide fast internet and is primed to enable a smooth
transition to a 4G LTE network in the future. (Gulf-Times.com)
 MERS to open 9 new outlets – Al Meera Consumer Goods
Company’s (MERS) Deputy CEO Dr. Mohammed Nasser Al
Qahtani stated that the company is working at full capacity to
complete a workshop on building new complexes with the
advent of 4Q2014 and intends to open 9 new branches after
obtaining the required approvals from the competent authorities.
Dr. Al-Qahtani said that the new branches will be opened in Al-
Wakra, Al-Thumamah, Al-Wajbah, Muaither, Al-Aziziyah, Al-
Zakhira, Al-Mereikh and Jaryan Nijaimah. In addition, a branch
will be rented at the Gulf Mall, which will open soon.
(Bloomberg)
 QBIC appoints CEO – Qatar Business Incubation Center
(QBIC), the largest mixed-use start-up incubator in the Middle
East, has appointed Aysha Al Mudahka as its new Chief
Executive Officer. Earlier, she served as the Executive Director
of Injaz Qatar since March 2011, where she began as a
volunteer in 2007. Prior to Injaz Qatar, she worked at the Qatar
Financial Centre and the Qatar Finance & Business Academy.
(Bloomberg)
International
 Yellen riding US growth veers From Draghi as EU stalls –
The world’s two most powerful central bankers are about to
create a transatlantic gap in monetary policy as the US Federal
Reserve considers raising interest rates, while the European
Central Bank (ECB) signals more stimulus. The potential for
divergence was on display as the Fed Chairperson Janet Yellen
and the ECB President Mario Draghi both outlined differing
economic outlooks in Jackson Hole, Wyoming. The
unemployment rate in the US stood at 6.2% compared with
11.5% in the Eurozone. Yellen said with the US labor market
healing, US central bankers are shifting to debating when to roll
back the extraordinary monetary support. By contrast, Draghi
said ECB officials stand ready to adjust the ECB’s policy stance
further, while adding that investor bets on the bloc’s inflation
have exhibited significant declines on all horizons in August
2014. (Bloomberg)
 BoE’s Broadbent says path of rates to be materially
different – The Bank of England (BoE) Deputy Governor Ben
Broadbent said the path of interest rates in the UK is going to be
materially different than in the past. Speaking to fellow central
bankers in Jackson Hole, Wyoming, Broadbent echoed
Governor Mark Carney’s point that any increase in the UK
benchmark rate from 0.5% will be gradual. Broadbent used the
conference to argue the financial crisis has changed the global
economic landscape and central banks must now consult labor
market data to assess price pressures in their economy.
Broadbent’s comments at the symposium come a year after the
BoE introduced forward guidance and linked its policy to
unemployment.(Bloomberg)
 Markit PMI: Eurozone business growth slows in July, prices
fall – According to a recent survey, private business growth in
the Eurozone slowed more than expected this month, despite
widespread price cutting, as both manufacturing and service
industry activities dwindled. The Eurozone’s economic growth
ground to a halt during the second quarter, dragged down by a
shrinking economy in Germany and a stagnant France, even
before any impact from sanctions due to the Ukraine crisis.
Markit's Composite Purchasing Managers' Index (PMI) will
provide gloomy reading for the ECB, suggesting its two biggest
economies are struggling like the other smaller members. The
Composite Flash PMI fell to 52.8 in mid-August from July's 53.8,
far short of expectations in a Reuters poll for a modest dip to
53.4. However, readings above 50 still indicate expansion.
Markit said the data points to third-quarter economic growth of
0.3%, matching predictions from a Reuters poll last week.
(Reuters)
 HSBC sued in US for $250mn over alleged role in 'death
bonds' – HSBC Holdings Plc was sued for $250mn for allegedly
ignoring red flags that a colorful British entrepreneur, the late
David Elias, was committing fraud through an investment
vehicle. The complaint was filed in the US District Court in
Manhattan by the liquidator of Luxembourg-based SLS Capital
SA (SLSC), which failed in 2009. According to the complaint,
HSBC had been a custodian of life insurance policies used as
collateral for bonds that SLSC sold to investors, and which were
falsely marketed as safe. Securities backed by such policies are
known as ‘death bonds’. One prominent seller of these bonds
was Keydata Investment Services, which had business dealings
with SLSC, and whose sales caused big losses for thousands of
UK pensioners. Keydata also failed in 2009. Britain's Serious
Fraud Office dropped a probe into that company in May 2011,
saying it lacked enough evidence to prosecute. (Reuters)

4. Page 4 of 8
 Fitch cuts Ukraine rating as conflict hurts growth –
Ukraine’s credit rating was cut by Fitch Ratings, which cited a
worsening economic outlook as the military conflict with pro-
Russian separatists in the nation’s east curbs business activity.
The company lowered its assessment to CCC from B-, which
signals a high risk of default. Only Argentina, which failed to
make an interest payment last month, is rated lower than
Ukraine among 104 countries that Fitch tracks. While the
government has recaptured territory from the rebels, conflict
may persist or intensify, delaying economic revival and
damaging productive assets, Fitch stated. Ukraine and its allies
say the war is being fueled by Russian support for the
insurgents. Ukraine’s economy has been rocked by Russia’s
annexation of Crimea and pro-Russian separatist attacks in the
nation’s eastern industrial heartland. Meanwhile, the
government signed a $17bn loan from the International
Monetary Fund to stave off bankruptcy and received the first
tranche in May 2014. (Bloomberg)
 BoJ may ease policy for some time to slay deflation – The
Bank of Japan (BoJ) Governor Haruhiko Kuroda said the central
bank may have to pursue its aggressive monetary policy easing
for some more time to fully vanquish deflation. Kuroda said the
central bank's efforts to overcome deflation by stimulating
Japan's economy with large-scale asset purchases were proving
to be effective. However, the public was not yet convinced
Japan's central bank would reach its 2% inflation target.
Creating that expectation was necessary to get firms to raise
wages – a key step in Japan's long war with deflation. Kuroda
said Japan is showing significant improvement in its labor
markets, though it still faces challenges including a large share
of part-time workers in the service sector. He said the
quantitative easing stimulus is helping Japan escape from a
deflationary cycle of falling wages and demand, adding that the
BoJ is trying to manage the program to avoid any abrupt shock
to markets. (Reuters)
Regional
 Saudi CMA publishes draft rules for QFFI investment in
listed shares – Saudi Arabian Capital Market Authority (Saudi
CMA) board has issued its resolution dated 21 Aug, 2014 which
includes publishing the draft Rules for Qualified Foreign
Financial Institutions’ (QFFI) investment in listed shares.
Saudi Arabia's stock market regulator proposed rules for
opening the $580 billion market to direct investment by foreign
institutions, including a rule capping foreign ownership at 10% of
the market's value. Among draft rules issued on Thursday,
QFFI’s must have AUM of at least $5bn, although the CMA may
make exceptions down to $3bn, and have a minimum of 5-years
experience. Foreign Ownership Limits (FOL) of 20% for each
stock, 5% for any one investor on an individual stock, and a total
of 10% of market value. A quota, which would currently be
$58bn with the overall Saudi market cap at $580bn. The CMA
will now conduct a 90-day consultation period with market
participants. (Tadawul, Peninsula Qatar)
 16 MENA market IPOs raises $2.4bn in 1H2014 – The MENA
initial public offering (IPO) market performed robustly in 1H2014
raising $2.4bn from 16 IPOs, up 14% for both volume and
proceeds when compared to 1H2013. This has been the
market's best performance in terms of volumes and proceeds in
the aftermath of the economic crisis in 2008 when it raised
$9.4bn from 36 issues in 1H2008. Ernst & Young’s (EY) 2Q2014
MENA IPO update revealed that 11 IPO raised $1.1bn in
2Q2014, a 129% increase on 1Q2014 and a rise of 22%
compared to 2013 by deal numbers. IPO from the GCC
represented 90% of all MENA deals in 1H2014, with 10 of them
raising $2.26bn. Saudi Arabia led the GCC activity during the
period with four IPO’s followed by UAE with three, Oman with
two and Qatar with one. (GulfBase.com )
 GCC exploring ways to up petrochemicals production by
25% – GCC states are planning to increase their share of
petrochemicals' production in the global market, upto 25% in
2025, but are wary of the many challenges they face. The Gulf
petrochemical industry has witnessed a strong revival over the
years, reinforcing its position as a global key resource.
Production increased from about 50mn tons in 2004 to more
than 100mn tons currently, ranging from chemical products to
fuel additives, polyvinyl and aromatics. In order to support the
petrochemicals sector in the Gulf, and to align the efforts to find
a sophisticated strategy for the petrochemical industry in the
region, the Gulf Organization for Industrial Consulting (GOIC), in
cooperation with the IEC, will organize a workshop titled
'Petrochemicals: Key issues and strategy', from August 26 to 27,
at the Rosewood Hotel in London. (GulfBase.com)
 Elaf Hotel reports 96% occupancy during Ramadan – Elaf
Group of Companies announced that Elaf Hotel at the Red Sea
Mall in Jeddah has successfully achieved a 96% occupancy rate
during Ramadan. The high occupancy rate went higher than its
original sales target with the company’s offered packages being
sold out for the Ramadan period. (GulfBase.com)
 Vela vessel transferred to Bahri's ownership – National
Shipping Company of Saudi Arabia (Bahri) announced that
Antares Star, one of the VLCC vessels in the Vela fleet, was
transferred to Bahri's ownership on August 21, 2014 and its
name was changed to Niban. The remaining Vela vessels shall
be transferred to Bahri on a staggered basis according to an
agreed upon vessel delivery schedule with Vela and is expected
to be completed by 2014-end. (Tadawul)
 Saudi Petromin to invest SR2.5bn for petrol, service
stations – Saudi Arabia’s state-owned Petromin oil lubricants
producer is planning to invest SR2.5bn to construct 200 new
petrol stations and 600 road service centers. The new stations
would cost an average SR12.5mn each. The project comes after
Petromin won a government contract to manage petrol and
services stations on the Gulf kingdom’s motorways following
competition with other bidders. (Bloomberg)
 Saudi biometrics mart to reach $1.5bn by 2019 – According
to the “Saudi Arabia Biometrics Market (2014-2019): Market
Forecast by Technology, Application and Regions” report, the
market for biometrics in Saudi Arabia is incrementing on the
back of increasing IT spending, growth registered in biometric
based access control systems, and increasing adoption of
biometrics technologies across industry verticals. Saudi Arabia’s
biometrics market is in its nascent stage, where market is yet to
witness swashbuckling growth. Saudi Arabia’s biometrics market
is projected to reach $1.5bn by 2019. The growth of the market
would be majorly controlled by fingerprint biometrics technology.
(Gulfbase.com)
 Infinia strengthens its executive leadership team – Infinia
Services and Solution (Infinia) has appointed Firdaus Mogul as
Chief Sales Officer and Amit Marwah as Chief Marketing Officer.
This addition enables Infinia in supporting and challenging its
clients in equal measure and making a measurable impact in all
facets of their business. Infinia is a UAE-based loyalty and
payment solutions company. (GulfBase.com)
 UAE’s hotel continues to maintain robust performance –
According to a survey, UAE’s hotel industry continues to
maintain robust performance as it enters 3Q2014. The emirate
of Dubai alone has reported massive occupancy as it hosted a
plethora of events that attracted a huge influx of international

5. Page 5 of 8
visitors that propelled occupancy rates in the four and five-star
hotel category respectively. The strong demand has also
allowed hoteliers to increase yields through its 100% occupancy.
Most of the international hotel brands in the UAE are in the
process of establishing new branches or refurbishing existing
facilities to provide their respective customers with quality
services and accommodation facilities. (GulfBase.com)
 UAE’s retail sector continues to grow – The retail sector in
the UAE continues to grow at a steady pace and has now
become one of the major contributors to the country’s economy
following the high purchasing power that has been reflected in
its massive family consumption. The booming retail business is
testimony of the newly opened Carrefour outlet at the
refurbished Burjuman shopping mall in Bur Dubai. Carrefour is a
large French hypermarket chain with stores operating in the
UAE by the Majid Al Futtaim (MAF Group). (GulfBase.com)
 Etihad plan to buy Darwin 33.3% stake fails to meet Swiss
rules – Switzerland's Federal Office of Civil Aviation (FOCA)
have warned that a plan by Etihad Airways to buy a third of
Switzerland's Darwin Airline does not meet legal requirements to
be approved, as foreign stakes in European airlines come under
increasing scrutiny. FOCA examined whether the deal complied
with rules that the majority of Darwin shares must be owned by
Swiss or EU citizens, who must also effectively control the
airline. Eithad plans to acquire a 33.3% in Darwin, adding to its
portfolio of minority stakes in global airlines, but the FOCA said
the deal as it stands would nevertheless give Etihad effective
control over the Swiss carrier. Darwin, rebranded as Etihad
Regional, has until September 30, 2014 to make changes to the
agreement, which would then undergo a second review.
(Reuters)
 Dubai’s RTA: NOL card sales up by 52% in 1H2014 – Dubai’s
Roads and Transport Authority (RTA) revealed that the sales of
NOL cards continued to soar considerably since the launch of
this service in August 2009, and during 1H2014 NOL card sales
proceeds increased by as much as 52% compared to the
previous period last year. The total number of NOL cards sold in
1H2014 amounted to 1.226mn whereas the number recorded
during 1H2013 was 806,000 cards. (GulfBase.com)
 Azizi Developments plans AED135mn Azizi.Iris Residence
project – Azizi Developments have announced another new
project Azizi.Iris Residence to benefit the affordable housing for
families with the promise of enjoying a genuine luxury lifestyle.
The project will be completed with the estimated value of
AED135mn in Dubai’s next top residential destination, Al Furjan.
(GulfBase.com)
 Nakheel awards AED146mn contract for Jumeirah Islands –
Nakheel has awarded contract worth over AED146mn for the
construction of 84 townhouses and a new retail centre at the
Jumeirah Islands community. Metac General Contracting will
build new homes and eight retail blocks as part of a new
waterfront park and recreational hub at Jumeirah Islands.
Construction is expected to start within two months and be
completed in early 2016. (GulfBase.com)
 Damac’s Akoya Oxygen sold out – Damac Properties
announced that the first release of houses at its green master
development ‘Akoya Oxygen’ have been sold out in record time.
Akoya Oxygen is the first green master development plan
spread over 55mn square foot in Dubailand, and will showcase
the greenest living spaces in Dubai with parklands, green open
spaces and private gardens. (GulfBase.com)
 ET transport division signs 126 contracts in 1H2014 –
Transport and Leasing Division at Emirates Transport (ET)
announced the signing of 126 new contracts during 1H2014,
worth a total value of AED255mn. ET in Dubai, had the most
significant return with AED213mn, followed by the Abu Dhabi
Transport and Leasing Centre, which revealed returns of nearly
AED32.5mn, and the Ras Al Khaimah Centre for Transport and
Leasing with a total value of AED7mn. (GulfBase.com)
 Kuwait's Khorafi family wins Dubai court ruling against
Bank Sarasin – Dubai International Financial Centre court has
ruled in favour of Kuwait's Khorafi family in a lawsuit against
Switzerland's Bank Sarasin over $200mn of investments that
went bad. The court found Sarasin mis-sold unsuitable
investments to family members in 2007 and 2008, and should
pay compensation to the family. (Reuters)
 Foreign investors purchased AED1.137bn worth of shares
on DFM – Dubai Financial Market (DFM) announced that the
value of shares bought by foreign investors from August 17 to
August 21, 2014, reached about AED1.137bn, while value of
stocks they sold stood at AED1.082bn, with net foreign
investment on the market reaching AED55.1mn during the
period, as aggregate buy. Value of shares bought by foreigner
investors comprised 45.7% of the total value of stocks traded
during the five days period, while value of stocks sold by foreign
investors during the same period represented 43.5% of stocks
traded during the period. The value of stocks bought by
institutional investors during the week reached AED732.1mn,
comprising 29.5% of the total value of stocks traded during the
period. The value of stocks sold by institutional investors during
the period reached AED605.7mn, representing 24.4% of the
total value of stocks traded during the period. Net institutional
investment on the market stood at AED126.4mn during the
period, as an aggregate buy. (Bloomberg)
 Dubai boosts investment opportunities to businesses in US
– Dubai is boosting investment opportunities to businesses in
the US in infrastructure, energy, and technology sectors arising
after the Expo 2020 win. Dubai Electricity and Water Authority
(Dewa), in partnership with the National US-Arab Chamber of
Commerce (NUSACC) and the US-UAE Business Council,
participated in roadshows in New York City, San Francisco, Los
Angeles, Houston and Austin, and met close to 300 business
leaders and executives. (AMEinfo.com)
 NBAD fund distributes 2.4% dividend – The National Bank of
Abu Dhabi (NBAD) distributed 2.4% dividend to NBAD MENA
Income & Growth Fund investors with the option to reinvest the
dividend in lieu of a cash payout. The distribution equals 2.4% of
the fund’s net asset value as of August 7, 2014. All those
investors who subscribed to the fund prior to August 5, 2014
would be eligible for dividend distribution. NBAD’s Asset
Management Group manages assets in excess of AED10.4bn.
(GulfBase.com)
 DHA launches BBM channel – The Dubai Health Authority
(DHA) has launched its official DHA BBM Channel on
BlackBerry BBM, a leading mobile messaging platform, in a
move to enhance social interaction with its customers. Every
day, the DHA BBM Channel will publish the most important
DHA-related news and events for BBM users across BlackBerry,
Android and iPhone smartphones in real time. (Bloomberg)
 Abu Dhabi’s Al Hilal Bank raises $500mn from Islamic
Bonds – According to source, Al Hilal Bank raised $500mn from
the sale of perpetual bonds as it seeks funds to boost capital. As
per the source, the Shari’ah-compliant securities, which don’t
mature, will pay a coupon of 5.5%. Pricing was tightened from
an original guidance of about 6% as bids of about $5bn were
received. Banks in the UAE, of which Abu Dhabi is the capital,
are selling perpetual bonds to boost core capital as they seek to

6. Page 6 of 8
expand lending. Emirates NBD (EMIRATES) and Dubai Islamic
Bank (DIB) are among lenders that sold perpetual securities last
year. According to JPMorgan Chase & Co. indexes, Bond sales
from the six-nation GCC, which includes the UAE and Qatar,
have surged in June as average yields in the region neared their
lowest. (Bloomberg)
 NBK: Kuwait real estate subdued in July – According to a
report by The National Bank of Kuwait (NBK), Kuwait's real
estate sector saw a modest performance in July as sales totaled
KD268mn. Sales dropped by 37% YoY and by 49% from June
2014, which was a record month. Sales across all sectors were
down, however, with the drop attributed to seasonality and the
fact that July only had 18 short working days when factoring in
the Holy month of Ramadan and the Eid Al-Fitr holiday. Sales in
the residential sector totaled KD132mn in July, a 31% YoY
decrease. The report noted that the number of transactions in
July dropped to 429, down 30% YoY. The overall outlook for the
sector, however, remains stable. Sales in the investment sector
stood at KD133mn in July, down 24% YoY. The sector
experienced a larger decline of 49% YoY in the number of
transactions, which led to an increase in the average transaction
size to KD1.2mn. Apartments accounted for 48% of all
transactions in the investment sector. Sales in the commercial
sector witnessed a sharp decline to KD3.4mn in July from
KD114.4mn in June. (Gulf-Base.com)
 Kuwait plans $7,565mn petrochemical projects – Anticipating
increase in demand, Kuwait has planned to expand its
petrochemical capacity from 3.4 MTPA in 2012 to 7.9 MTPA by
2015 at a CAGR of 32%. Kuwait Financial Centre (Markaz) in its
recent report said, petrochemical projects worth $7,565mn are
expected to be executed in Kuwait between 2011 and 2017.
Kuwait has implemented 100% FDI law in 2010, which is
expected to bring in foreign investors and encourage private
players in the petrochemicals sector, which, till now, has been
mainly funded by the Government of Kuwait. Major
Petrochemical projects under construction by the
Petrochemicals Industries Company (PIC) are the Olefins – III
plant at the Shauiba Complex of Kuwait worth $7,000mn which
is expected to be operational from 2015. (Gulfbase.com)
 OOC appoints CEO – Oman Oil Company’s (OOC) board of
directors has appointed Isam bin Saud al Zadjali as new the
company’s CEO. OOC is a commercial investment company
wholly owned by the government of the Sultanate of Oman.
(GulfBase.com)
 $75mn strategic fuel storage depot coming up at Salalah
Port – Mina Petroleum is investing around $75mn in the
construction of a 230,000 cubic meter storage depot in line with
a contract award secured from the US government to supply fuel
to its vessels calling at Salalah Port. Construction work on the
facility is under way on a site adjoining the fuel depot owned by
Oman Oil Refineries & Petroleum Industries Company. The
strategic fuel storage facility further reinforced Salalah Port’s
growing importance as a logistics hub on the Indian Ocean.
(GulfBase.com)
 WSP wins contracts for Omani airports – UK-based design
firm, WSP has been appointed by J&P Overseas to work on two
major airport facilities in Oman and extensive highway works in
Qatar. WSP is hired to design maintenance & cargo facilities at
Muscat airport and a cargo facility at Salalah airport in Oman.
These developments consist of 150,000 square meters of
facilities and the maintenance hangar at Muscat will
accommodate an Airbus A380 and two Code C aircrafts
simultaneously. Additionally, the company said it is also working
on the new Orbital Highway in Qatar. The works consist of 45
kilometers of dual five-lane highway along with a two-lane truck
highway and four major grade separated junctions. WSP will
provide full highway design services including bridges and civil
engineering structures. (Bloomberg)
 OOCEP plans to start Block 42 exploratory drilling in
3Q2014 – Oman Oil Company Exploration & Production
(OOCEP) is expected to commence exploratory drilling in Block
42 during the 3Q2014. Block 42, located in the eastern part of
the Sultanate, is a key part of OOCEP’s substantial portfolio of
operated and non-operated hydrocarbon assets in Oman. The
company also has interests in oil & gas fields in Kazakhstan.
Acquired in March 2012 under an Exploration and Production
Sharing Agreement (EPSA) signed with the Ministry of Oil and
Gas, Block 42 represents something of a ‘launchpad’ for
OOCEP’s efforts to venture into hydrocarbon exploration
operations in the Sultanate. Covering an area of approximately
25,600 square kilometers, Block 42 encompasses the northeast
coastal range of the Oman Mountains and the basin immediately
to the south (under Ramlat Sharqiyah). (Gulf-Base.com)
 Omantel to invest $31mn in submarine cable project –
Oman Telecommunications Company (Omantel) said that it is
investing $31mn in the construction of a landing station for the
Asia-Africa-Europe submarine cable network (AAE-1) in
Marseilles, France, which is going to be the first such station
operated by Omantel outside Oman. The landing station, which
is part of the transnational submarine cable network which
traverses South East Asia to Europe and across Egypt, while
connecting several countries, will be ready in 2015. (Gulf-
Base.com)
 Oman Air launches flights to Manila, Jakarta – OMAN Air is
launching new services from Muscat to Manila, in the
Philippines, and Jakarta, In Indonesia, from December 2014.
Starting on December 2, 2014, Oman Air will be offering two
flights a week to Manila, with a third frequency being operated
from December 13, 2014. Beginning December 12, 2014, three
flights per week will be offered to Jakarta, with a fourth
frequency being operated from January 2, 2015. Both the new
routes will meet strong demand from air travelers in Oman, the
Philippines and Indonesia. (Gulf-Base.com)
 Oman’s banking sector continues to be strong – The
performance of commercial banks in Oman continued to remain
favorable during 2014 so far. The total assets of commercial
banks increased by 12.4% to OMR24.6bn in June 2014 from
OMR21.9bn a year ago. Of the total assets, credit disbursement
accounted for 66.5% and increased by 11.2% as at end June
2014 to OMR16.4bn. While credit to the Government declined
by 28.5%, credits to the private sector and public enterprises
increased by 11.3% and 9.3%, respectively. The commercial
banks’ overall investments in securities increased by 32.0% to
OMR4.0bn as at the end of June 2014 from OMR3.0bn a year
ago. The aggregate deposits held with commercial banks
registered a significant increase of 16.0% to OMR17.3bn in June
2014 from OMR14.9bn a year ago. (Bloomberg)
 Kalaam Telecom signs deal with Datamena – Bahrain-based
Kalaam Telecom has signed an agreement with Datamena to
establish a point of presence (PoP) that will enable Kalaam to
leverage Datamena’s strategic location and expand Kalaam’s
reach into the Middle East, Europe and beyond. Datamena’s
carrier-neutral platform will enable Kalaam to carry all
synchronous digital hierarchy, Ethernet and Ethernet over
synchronous digital hierarchy (EoSDH) traffic from existing
carriers at Datamena to Bahrain and the rest of the Middle East
through its extensive network of NNIs and own PoPs.
(GulfBase.com)

7. Page 7 of 8
 Bahrain banks 'are ready for Basel III' – Bahrain banks rank
among leading global banking institutions in terms of readiness
to implement Basel III international standards as they enjoy the
highest capital adequacy levels worldwide. (Bloomberg)

8. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa 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
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. While this publication has been prepared with the utmost degree of care by our analysts,
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. 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.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 8 of 8
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
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
QE Index S&P Pan Arab S&P GCC
0.2%
0.7%
0.1%
0.4%
0.3%
(0.1%)
1.1%
(0.4%)
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,280.08 0.3 (1.9) 6.2 DJ Industrial 17,001.22 (0.2) 2.0 2.6
Silver/Ounce 19.43 (0.1) (0.7) (0.2) S&P 500 1,988.40 (0.2) 1.7 7.6
Crude Oil (Brent)/Barrel (FM
Future)
102.29 (0.3) (1.2) (7.7) NASDAQ 100 4,538.55 0.1 1.6 8.7
Natural Gas (Henry
Hub)/MMBtu
3.86 (0.3) 2.5 (11.2) STOXX 600 336.75 (0.2) 2.1 2.6
LPG Propane (Arab Gulf)/Ton 101.50 (0.6) (1.2) (19.6) DAX 9,339.17 (0.7) 2.7 (2.2)
LPG Butane (Arab Gulf)/Ton 117.75 (1.0) (2.0) (13.7) FTSE 100 6,775.25 (0.0) 1.3 0.4
Euro 1.32 (0.3) (1.2) (3.6) CAC 40 4,252.80 (0.9) 1.9 (1.0)
Yen 103.95 0.1 1.6 (1.3) Nikkei 15,539.19 (0.3) 1.4 (4.6)
GBP 1.66 (0.0) (0.7) 0.1 MSCI EM 1,083.07 0.1 0.8 8.0
CHF 1.09 (0.2) (1.2) (2.3) SHANGHAI SE Composite 2,240.81 0.5 0.6 5.9
AUD 0.93 0.2 (0.1) 4.5 HANG SENG 25,112.23 0.5 0.6 7.7
USD Index 82.34 0.2 1.1 2.9 BSE SENSEX 26,419.55 0.2 1.2 24.8
RUB 36.11 0.1 (0.2) 9.9 Bovespa 58,407.32 (1.0) 2.5 13.4
BRL 0.44 (0.4) (0.8) 3.7 RTS 1,260.07 (1.2) 2.3 (12.7)
198.0
164.7
148.2