The QE index in Qatar rose 0.5% led by gains in the real estate and telecom indices. Regionally, indices were mixed with Abu Dhabi rising 1.1% and Kuwait up 0.4% while Saudi Arabia fell 0.1%. Globally, data showed the US initial jobless claims were lower than expected while durable goods orders exceeded forecasts. Earnings news included du reporting an 8.5% rise in revenue and 45.6% increase in profits.

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.5% to close at 9,694.7. Gains were led by the Real Estate
and Telecoms indices, gaining 0.9% and 0.8% respectively. Top gainers were
United Development Co. and Mannai Corp, rising 2.7% and 2.2% respectively.
Among the top losers, Qatar Cinema & Film Dist. Co. fell 4.9%, while
Commercial Bank of Qatar declined 1.3%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.1% to close at 7,770.5. Losses were led
by the Hot. & Tou. and Ind. Inv. indices, declining 2.2% and 0.8% respectively.
Gulf Union Coop. Ins. fell 7.3%, while Salama Coop. Ins. was down 4.3%.
Dubai: The DFM index gained 0.1% to close at 2,519.0. The Real Estate &
Construction index rose 0.9%, while the Telecommunication index was up
0.5%. Tamweel gained 7.3%, while Drake & Scull Int. was up 5.4%.
Abu Dhabi: The ADX benchmark index rose 1.1% to close at 3,908.4. The
Banking index gained 1.7%, while the Energy index was up 1.0%. Commercial
Bank Int. rose 12.0%, while First Gulf Bank was up 3.0%.
Kuwait: The KSE index gained 0.4% to close at 8,095.4. The Oil & Gas index
rose 2.5%, while the Consumer Goods index was up 1.6%. Ras Al khaimah
Co. for White Cement gained 8.1%, while Al-Aman Investment was up 7.6%.
Oman: The MSM index rose 0.4% to close at 6,705.7. Gains were led by the
Industrial and Banking & Investment indices, rising 0.7% and 0.3%
respectively. The Financial Corp. gained 10.0%, while Dhofar Ins. rose 6.4%.
Bahrain: The BHB index gained 0.3% to close at 1,188.6. The Commercial
Banking index rose 0.5%, while the Services index was up 0.4%. National
Bank of Bahrain gained 2.5%, while Esterad Investment Co. was up 1.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
United Development Co. 23.90 2.7 2,294.7 34.3
Mannai Corp 86.90 2.2 1.6 7.3
Medicare Group 48.55 2.2 1,069.7 36.0
Qatari Investors Group 28.65 1.6 75.5 24.6
Qatar Electricity & Water Co. 170.50 1.5 44.3 28.8
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 23.90 2.7 2,294.7 34.3
Medicare Group 48.55 2.2 1,069.7 36.0
Masraf Al Rayan 28.10 0.2 481.5 13.4
Barwa Real Estate Co. 27.00 (0.4) 378.5 (1.6)
Commercial Bank of Qatar 69.40 (1.3) 339.1 (2.1)
Market Indicators 25 July 13 24 July 13 %Chg.
Value Traded (QR mn) 305.1 263.0 16.0
Exch. Market Cap. (QR mn) 531,962.3 529,216.7 0.5
Volume (mn) 7.1 5.0 40.7
Number of Transactions 3,524 3,246 8.6
Companies Traded 39 40 (2.5)
Market Breadth 20:15 11:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,851.51 0.5 1.5 22.4 N/A
All Share Index 2,445.86 0.5 1.3 21.4 13.1
Banks 2,322.26 0.4 0.9 19.1 12.2
Industrials 3,219.27 0.6 0.2 22.5 12.0
Transportation 1,706.21 (0.1) 1.2 27.3 11.7
Real Estate 1,893.63 0.9 1.2 17.5 12.1
Insurance 2,229.55 0.0 (1.5) 13.5 15.0
Telecoms 1,429.33 0.8 8.1 34.2 16.1
Consumer 5,723.36 0.6 2.3 22.5 23.1
Al Rayan Islamic Index 2,867.03 0.5 0.9 15.2 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Public Trans. Co. Saudi Arabia 18.75 7.8 21,715.0 13.6
IFA Hotels & Resorts Kuwait 0.68 6.3 0.1 54.5
Drake & Scull Int. Dubai 1.18 5.4 170,367.4 67.6
First Gulf Bank Abu Dhabi 17.45 3.6 981.7 50.4
Comm. Facilities Co. Kuwait 0.31 3.3 0.1 (10.1)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Arab Bank Abu Dhabi 5.30 (5.4) 20.0 72.1
Al-Hassan G.I. Shaker Saudi Arabia 81.00 (3.6) 233.7 25.6
Al Othaim Markets Co. Saudi Arabia 117.00 (3.1) 99.7 42.2
Nat. Mobile Telecomm. Kuwait 2.08 (2.8) 7.1 (11.1)
Al Tayyar Travel Group Saudi Arabia 80.50 (2.7) 1,645.0 90.9
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)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Dist. Co. 52.30 (4.9) 0.1 (8.1)
Commercial Bank of Qatar 69.40 (1.3) 339.1 (2.1)
Qatar Industrial Manufacturing Co. 51.50 (1.0) 16.0 (3.0)
Qatar German Co for Med. Dev. 16.00 (0.9) 13.4 8.3
Dlala Brok. & Inv. Holding Co. 26.90 (0.4) 120.7 (13.4)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 23.90 2.7 54,185.6 34.3
Medicare Group 48.55 2.2 51,943.3 36.0
Industries Qatar 164.00 0.5 27,617.1 16.3
Commercial Bank of Qatar 69.40 (1.3) 23,507.3 (2.1)
Ooredoo 137.90 0.8 21,735.0 32.6
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* 9,694.70 0.5 1.5 4.5 16.0 83.81 146,076.9 12.1 1.7 4.8
Dubai 2,518.97 0.1 0.9 13.3 55.2 156.99 63,210.7 15.8 1.0 3.2
Abu Dhabi 3,908.37 1.1 2.3 10.1 48.6 63.42 111,871.1 11.5 1.4 4.5
Saudi Arabia 7,770.45 (0.1) 1.3 3.7 14.3 1,226.56 411,405.0 16.2 2.0 3.7
Kuwait 8,095.35 0.4 1.9 4.1 36.4 122.20 111,163.2 22.3 1.3 3.5
Oman 6,705.69 0.4 1.2 5.8 16.4 23.42 23,180.0 11.1 1.7 4.1
Bahrain 1,188.63 0.3 (0.0) 0.1 11.5 0.49 21,251.0 8.4 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)
9,620
9,640
9,660
9,680
9,700
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 0.5% to close at 9,694.7. The Real Estate
and Telecoms indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 United Development Co. and Mannai Corp were the top gainers,
rising 2.7% and 2.2% respectively. Among the top losers, Qatar
Cinema & Film Dist. Co. fell 4.9%, while Commercial Bank of
Qatar declined 1.3%.
 Volume of shares traded on Thursday rose by 40.7% to 7.1mn
from 5.0mn on Wednesday. Further, as compared to the 30-day
moving average of 6.1mn, volume for the day was 15.0% higher.
United Development Co. and Medicare Group were the most
active stocks, contributing 32.5% and 15.1% 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
Emirates
Telecommunications
Corporation
(Etisalat)
Fitch
Abu
Dhabi
LT IDR A+ A+ – Stable –
Sharjah Islamic
Bank (SIB)
CI
Abu
Dhabi
FSR/ LT FCR/ ST FCR/
SR
BBB+/A-/A2/2 BBB+/A-/A2/2 – Stable –
Ahli Bank (ABO) Fitch Oman
LT IDR/ ST IDR/ LT LC
IDR/ ST LC IDR/ VR/
SR/ SR floor
BBB+/F2/BBB+
/F2/bb+/2/
BBB+
BBB+/F2/BB
B+/F2/bb+/2/
BBB+
– Stable –
Bank Dhofar (BD) Fitch Oman
LT IDR/ ST IDR/ VR/
SR/ SR floor
BBB+/F2/bb/2/
BBB+
BBB+/F2/bb/2
/BBB+
– Stable –
Bank Muscat (BM) Fitch Oman
LT IDR/ ST IDR/ VR/
SR/ SR floor/ Senior
unsecured notes/
Senior unsecured -
EMTN program/ Senior
unsecured - EMTN
program
A-/F2/bbb/1/A-
/A-/A-/F2
A-
/F2/bbb/1/A-
/A-/A-/F2
– Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
Emirates Integrated
Telecommunications Co.
(du)
Dubai AED 2,660.1 8.5% – – 473.9 45.6%
Gulf Medical Projects Co.
(GMPC)
Abu Dhabi AED 123.8 21.7% – – 23.5 -31.7%
Gulf Pharmaceutical
Industries (Julphar)
Abu Dhabi AED 366.2 14.3% – – 54.5 6.0%
National Mobile
Telecommunications Co.
(Wataniya Telecom)*
Kuwait KD 378.9 2.9% – – 42.4 -10.5%
Oman Fiber Optic Co.
(OFOC)*
Oman OMR 14.7 43.6% – – 1.9 94.4%
Port Ser. Corporation (PSC)* Oman OMR 13.4 15.5% – – 3.6 20.3%
Oman Cables Industry
(OCI)*
Oman OMR 128.8 14.9% – – 7.3 58.7%
National Biscuit Industries
(NBI)*
Oman OMR 5.7 -12.3% – – – –
Esterad Investment Co.
(ESTERAD)
Bahrain BHD – – – – 0.8 837.5%
Source: Company data, DFM, ADX, MSM (*1H2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/25 US Department of Labor Initial Jobless Claims 20-July 343K 340K 336K
07/25 US Department of Labor Continuing Claims 13-July 2997K 3025K 3116K
07/25 US US Census Bureau Durable Goods Orders June 4.20% 1.40% 5.20%
07/25 US Bloomberg Bloomberg Consumer Comfort 21-July -27.3 – -28.4
Overall Activity Buy %* Sell %* Net (QR)
Qatari 64.45% 72.59% (24,845,156.21)
Non-Qatari 35.56% 27.41% 24,845,156.21

3. Page 3 of 6
07/25 EU ECB M3 Money Supply YoY June 2.30% 3.00% 2.90%
07/25 EU ECB M3 3-month average June 2.80% 3.00% 2.90%
07/26 France INSEE Consumer Confidence July 82 79 79
07/25 Germany IFO IFO Business Climate July 106.2 106.1 105.9
07/25 Germany IFO IFO Current Assessment July 110.1 109.7 109.4
07/25 Germany IFO IFO Expectations July 102.4 102.5 102.5
07/26 Germany Destasis Import Price Index MoM June -0.80% -0.30% -0.40%
07/26 Germany Destasis Import Price Index YoY June -2.20% -1.60% -2.90%
07/25 UK ONS GDP QoQ 2Q2013 0.60% 0.60% 0.30%
07/25 UK ONS GDP YoY 2Q2013 1.40% 1.40% 0.30%
07/25 Spain INE Unemployment Rate 2Q2013 26.26% 27.20% 27.16%
07/25 Italy ISTAT Consumer Confidence Index July 97.3 95.5 95.8
07/27 China Nat. Bureau of Statistics Industrial Profits YTD YoY June 11.10% – 12.30%
07/26 Japan
Ministry of Internal
Affairs & Comm.
Natl CPI YoY June 0.20% 0.10% -0.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MCGS reports QR20.9mn net profit in 2Q2013 – Medicare
Group (MCGS) has reported a net profit of QR20.9mn in
2Q2013, indicating a QoQ decrease of 14.0% (+171.7% YoY).
EPS stood at QR1.61 in 1H2013 as compared to QR1.09 in
1H2012. Net profit for 1H2013 rose by 47.5% YoY to
QR45.3mn. Operating income increased by 9.4% QoQ (+21.8%
YoY) to QR111mn, while it went up 19.0% YoY to QR212.4mn
in 1H2013. (QE)
 QNB Group: Qatar’s LNG boost key for MENA region
growth – According to a report released by the QNB Group,
despite a steady growth in the MENA region‟s oil exporting
countries, the hydrocarbon production of these nations is likely
to level off in 2013, putting a cap on the regional growth. QNB
Group said the completion of the current phase of Qatar‟s LNG
expansion program is a key factor for the growth of MENA oil &
gas exporters. Commenting on the IMF‟s latest economic
outlook that revised down its projections for 2013 global growth
by 0.2% to 3.3%, the QNB Group‟s report noted that despite the
regional instability caused by the ongoing crisis in Syria, oil
importers are bouncing back slightly from the negative impact on
growth of their political transitions. Growth among oil importer
countries picked up from 1.4% in 2011 to 1.9% in 2012 and is
expected to rise further. Although there are considerable
downside risks associated with the uncertainties of political
transition. (Peninsula Qatar)
 CBQK to launch mandatory offer for 4.16% Alternatifbank
stake from public – The Commercial Bank of Qatar (CBQK),
which recently acquired a 70.84% stake in Alternatifbank, has
said it will launch a mandatory tender offer to buy another 4.16%
stake from the public. (Gulf-Times.com)
 Qatar to award contracts for $7.4bn port – According to
sources, three contracts for building the $7.4bn New Port project
at Doha are scheduled to be awarded within the next four-six
weeks. The contracts comprise delivery of 12 ship-to-shore and
38 rubber-tired gantry cranes, development of the port's cargo
terminal, as well as implementation of marine works at the Qatar
Economic Zone 3 industrial area. In addition, the contract for
building infrastructure and utility works for the site's naval base
is also scheduled to be awarded within six weeks. (Bloomberg)
 BG Group: Qatar to supply LNG from July – BG Group, the
UK‟s third-largest natural-gas producer, said Qatar will begin
supplying LNG by the end of July to counter lost volumes from
Egypt, which were diverted to the domestic market. BG Group is
set to receive two of five Qatari LNG cargoes between July and
September. (Bloomberg)
 Qatar Luxury Group to launch first Qela brand boutique –
Qatar Luxury Group, owned by the Qatar Foundation, is set to
launch the first boutique under its luxury brand „Qela‟ in Doha in
late September. The boutique will sell leather goods, shoes,
jewelry and customized clothing designed with Qatari heritage in
mind. (Reuters)
 Mobile hotel planned at HIA – A new mobile hotel has been
designed for passengers at the Hamad International Airport
(HIA) in Doha. Once ready, passengers would be able to step
directly into the hotel from the plane, which would be moving to
different places at the airport. The hotel is expected to cater to
passengers who would like to stay in Doha for a short period
without travelling around the city. (Peninsula Qatar)
International
 IMF sees market volatility in Fed’s exit from asset
purchases – The IMF cautioned that the US Federal Reserve‟s
exit from its unprecedented asset purchases could spur market
reactions, causing “excessive” interest-rate volatility. The fund
said effective communication on the exit strategy and a careful
calibration of its timing will be critical for reducing these risks.
The IMF left its US growth forecast for this year unchanged at
1.7%, stating that the housing and labor markets are improving
even as the Fed‟s decision looms and the country‟s fiscal policy
remains a drag on growth. The fund projected a growth of 2.7%
for 2014, remaining unchanged from a forecast earlier this
month. (Bloomberg)
 IMF: ECB should cut rates, launch new cheap loans to
banks to help growth – The IMF said the European Central
Bank (ECB) may have to cut interest rates and launch a fresh
round of unconventional monetary easing to help boost the
Eurozone economy, which is still weighed down by spending
cuts. The fund said the Eurozone would remain in recession for
the second year in a row, contracting another 0.6% before
returning to a 0.9% growth in 2014. (Reuters)
 Germany to take on less new debt this year than planned –
Germany‟s Finance Minister Wolfgang Schaeuble said the
country will take on slightly less new debt this year than
planned. The government is aiming to utilize higher revenues to
achieve a balanced budget in 2014, which is for the first time in
decades. The government has said it will borrow around €25bn
of new debt this year. (Reuters)

4. Page 4 of 6
 Greece gets green light for €4bn funds – The European
Commission said Eurozone officials have approved the transfer
of €4bn of funding to Greece, which Eurozone governments are
expected to approve for disbursement by Monday. The funding,
worth €4bn, is split between €2.5bn from the Eurozone's
temporary bailout fund, the EFSF, and income generated from
various central banks' holdings of Greek government bonds.
(Reuters)
 Irish central bank cuts 2013 growth forecast – Ireland's
central bank has cut its growth forecasts for the country, citing
sluggish exports and a deeper contraction in consumer
spending. The bank also said the government should stick
rigidly to its austerity plans. The bank said it expects GDP to
grow 0.7% in 2013 rather than the 1.2% it had forecast three
months ago. A poll of Reuters economists last week forecast
growth of 0.8%. (Reuters)
Regional
 Saudi Aramco plans new gas plant at Fadhili oilfield – Saudi
Aramco is planning to build a new gas plant at al-Fadhili oilfield,
which will have a processing capacity of 1bn standard cubic feet
per day (scfd) of sour gas. The new plant will process gas
arriving from Khursaniyah and Hasbah fields. The al-Fadhili
plant, which is scheduled to be operational in 2018, will be able
to deliver 520mn scfd of gas to the market. Saudi Aramco has
invited companies to bid for design & management contracts for
the Fadhili project by August 4. (GulfBase.com)
 ICD, Kolon sign MoU for pharma venture in West Africa –
The Islamic Corporation for the Development of the Private
Sector (ICD) and South Korea-based Kolon Group have signed
an MoU to establish a joint venture and pharmaceutical plant in
the Republic of Cote d‟Ivoire, West Africa. The JV will engage in
the sales of pharmaceutical products in Cote d‟Ivoire and other
parts of West Africa. (GulfBase.com)
 UAE banking sector’s expansion accelerates – According to
the data released by the UAE‟s central bank for May 2013,
banking indicators are advancing in nearly all categories amid a
booming national economy. The data showed that total UAE
bank assets rose 4.6% since January to reach AED1.87tn by the
end of May, while bank deposits edged up 6.7% to AED1.25tn.
The figures revealed that lenders granted more loans to retail
clients. Loans & advances increased 2.9% to reach AED1.13tn,
of which 23.87% were personal loans. However, non-resident
deposits fell 5.7% since January. Total investments by banks
surged 8.7% to touch AED168.7bn. (Bloomberg)
 Mashreq Bank’s net profit up 40% in 1H2013 – Mashreq Bank
has reported a 40% YoY increase in its net profit, which climbed
to AED828mn in 1H2013. The bank's net interest income
increased by 14.4% QoQ to reach AED556mn in 2Q2013. EPS
stood at AED4.9 in 1H2013 as compared to AED3.5 in 1H2012.
Total assets at the end of June 30 stood at AED81.2bn,
reflecting a YTD increase of 6.3%. As on June 30, 2013, loans &
advances grew by 14.6% YTD to AED47.4bn, while customer
deposits increased by 7.4% YTD at AED51.0bn. (DFM)
 Etisalat hires GS to advise on Pakistan Telco buy – Emirates
Telecommunications Corporation (Etisalat) has hired Goldman
Sachs Group Inc (GS) to advice on its planned bid for Pakistan
mobile operator, Warid Telecom. (Reuters)
 Emirates NDB Capital arranges $200mn syndicated loan
facility for BoC – Sri Lanka-based Bank of Ceylon (BoC) has
announced the signing of a one-year $200mn syndicated loan
facility arranged by Emirates NDB Capital Limited, Dubai. This
loan has attracted the lowest rate below 3.00% per annum. The
proceeds of the syndication will be utilized for BoC‟s trade
finance and general corporate purposes. (Bloomberg)
 Nakheel to launch two new hotels in Dubai – Dubai-based
developer Nakheel‟s Chairman Ali Rashid Lootah said the
company is planning to strengthen its retail and hospitality
business by launching two hotels in Dubai to cash in on the
boom in the tourism sector. Lootah added that the developer is
in the process of appointing the operator for these new hotel
projects, which are expected to be announced soon. He also
said the company is planning to build another community center
comprising a large park, clubs, food & beverage outlets and
walks inside the International City by 2014. (GulfBase.com)
 MAF reports revenue of AED11.3bn in 1H2013; to sell hybrid
bond when markets recover – Dubai mall developer Majid Al
Futtaim (MAF) has reported revenues of AED11.3bn in 1H2013,
up 10% YoY. The sales of MAF‟s UAE tenants grew 10% YoY in
1H2013, while Carrefour‟s sales rose by 7% YoY. The average
occupancy of the company's hotels stood at 88%. MAF recorded
revenue growth of 11% in abroad. Meanwhile, MAF said it is still
considering issuing a hybrid bond that will partly fund its recent
buyout of French retailer Carrefour's stake in a JV. MAF had
delayed its plans to raise at least $500mn from hybrid bonds in
June 2013 due to market volatility. MAF has hired banks to
partly finance the $683mn acquisition of Carrefour's 25% stake
in a JV through a hybrid bond issue, which combines elements
of both debt and equity. (GulfBase.com)
 Arabtec raises AED2.4bn via rights issue – Arabtec Holding
has raised AED2.4bn through a rights issue of shares. The
company has issued 1.56bn new shares at AED1.5 per share
and the rights issue was oversubscribed by nearly 30%. Arabtec
will use the proceeds to advance the implementation of its
growth strategy announced earlier in 2013. Arabtec said these
newly allotted shares will begin trading from July 28. Arabtec
has stated that it will target a dividend payout of at least 10% per
annum as part of its commitment to enhance shareholder value.
(GulfBase.com)
 Emaar Properties seeks to change loan terms – Emaar
Properties is seeking to change the terms of a loan worth
AED3.6bn secured by its Dubai Mall unit, after the company‟s
credit ratings improved. Emaar said it has requested its banking
partners to review the terms of the loan following its improved
credit profile. According to sources, the company is seeking a
reduction in the loan‟s interest rate from 350 basis points to 175
basis points over the London interbank offered rate.
(GulfBase.com)
 Ducab expects increase in sales by 20% in 2013 – Dubai
Cable (Ducab) stated that it expects more than AED5bn in sales
with a 20% growth in 2013. (GulfBase.com)
 du Telecom’s BoD recommends distribution of dividend to
its shareholders – Emirates Integrated Telecommunications
Company‟s (du Telecom) board of directors has recommended
to distribute dividend of AED1bn (AED0.10 per share). In
addition, du Telecom initiated the company‟s interim dividend
program from 2Q2013 calculated at AED0.12 per share in 2013.
(DFM)
 DPG to start Mudon handovers in June – Dubai Properties
Group (DPG) has announced that townhouses at its Mudon
development in Dubai are now more than 50% complete with
handovers set to begin by June 2014. (Bloomberg)
 Adenium Capital buys Italian solar park for €52mn – Dubai-
based energy investment company Adenium Capital has
purchased a 24 mega watt solar power farm in Italy. The €52mn
acquisition has been done in partnership with ForVEI. Adenium

5. Page 5 of 6
said the acquisition will nearly double the capacity of its solar
portfolio. (Bloomberg)
 Shuweihat 2 launches $825mn 2036 senior secured notes at
6% – Abu Dhabi-based independent power & water plant
Shuweihat 2 (S2) has launched $825mn 2036 senior secured
bond at 6%. The final terms are at the tight end of revised
guidance of 6-6.125%. The maturity date is August 31, 2036 and
the weighted average life is 21 years, with 10 semi-annual
repayments starting on February 2032. Citigroup, BNP Paribas,
HSBC, Mitsubishi UFJ, National Bank of Abu Dhabi and
Standard Chartered are the lead managers for this bond.
(Reuters)
 Abu Dhabi wealth fund may be interested in Batista’s EBX
assets – According to sources, Mubadala Development
Company, the Abu Dhabi sovereign wealth fund, may be
interested in more of the Brazilian billionaire‟s businesses after
their value slumped. (Bloomberg)
 Global firms seek stake in Turk’s Acibadem Sigorta – Three
global firms are in the race to buy a stake in the Turkish health
insurer, Acibadem Sigorta. The insurer is a joint venture
between a holding company owned by Dubai-based Abraaj
Group and Mehmet Ali Aydinlar, the founder of Turkey's
Acibadem health group. (Reuters)
 KUFPEC signs $750mn, 5-year syndicated loan – Kuwait
Foreign Petroleum Exploration Company (KUFPEC) has signed
a 5-year syndicated loan worth $750mn. The fund will be used
to increase the company‟s liquidity and support its global
operations. Bank of Tokyo-Mitsubishi, HSBC, JP Morgan Chase,
National Bank of Kuwait and Royal Bank of Scotland have
arranged the loan. (GulfBase.com)
 Oman to award $65bn projects in key sectors – Oman‟s
projects market is set to receive a massive boost as the country
doubles its investment in turnkey projects over the next five
years. Around $65bn worth of projects will be awarded between
now and 2017. The leading projects of Oman‟s aggressive
expansion program are: BP‟s $15bn Khazzan tight gas project,
the development of a $10bn refinery and petrochemical complex
at Duqm and a nationwide railway construction project. Some of
the largest projects expected to be completed in 2013 include
the $560mn Sohar Steel Complex Expansion (Phase 3) and the
$480mn Musandam Oil & Gas Processing Plant.
(GulfBase.com)
 Bank Nizwa, Al Hilal Islamic sign up for interbank facility –
Bank Nizwa and the Al Hilal Islamic Banking Services of Ahli
Bank have entered into an agreement to facilitate interbank
placements between the two banks. The Wakala agreement by
the two banks will work to develop Oman as a frontrunner in the
international Islamic banking space. (Bloomberg)
 Strong demand for Bahrain’s $1.5bn sovereign bond –
Bahrain has attracted high demand for its $1.5bn issue of 10-
year sovereign bonds as its order books reached nearly $8bn.
The bond with a fixed coupon of 6.125% is priced at 99.4470.
The strong demand has allowed Bahrain to tighten the pricing
over its initial guidance of a 6.5% yield. BNP Paribas, Citigroup
Inc, Gulf International Bank and JP Morgan Chase & Co were
the bookrunners on the deal. (GulfBase.com)
 Gulf Air reports reduction in overall losses in 1H2013 –
Bahrain-based airline Gulf Air has reported that it has reduced
its overall losses by more than 50% YoY in 1H2013. Gulf Air
added that it performed 15% ahead of its financial target in
1H2013. Meanwhile, the company also said it expects to realize
additional improvements as it continues to remove excess
operational costs, renegotiate contracts with certain vendors &
suppliers, and fine-tune the network. (GulfBase.com)

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
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 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
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&P Pan Arab S&PGCC
(0.1%)
0.5%
0.4%
0.3%
0.4%
1.1%
0.1%
(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 1,333.30 (0.0) 2.9 (20.4) DJ Industrial 15,558.83 0.0 0.1 18.7
Silver/Ounce 20.01 (1.2) 2.5 (34.1) S&P 500 1,691.65 0.1 (0.0) 18.6
Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,613.17 0.2 0.7 19.7
Natural Gas (Henry
Hub)/MMBtu
3.60 (1.6) (4.8) 4.7 STOXX 600 298.91 (0.2) (0.3) 6.9
LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,244.91 (0.7) (1.0) 8.3
LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,554.79 (0.5) (1.1) 11.1
Euro 1.33 0.0 1.0 0.7 CAC 40 3,968.84 0.3 1.1 9.0
Yen 98.21 (1.1) (2.4) 13.2 Nikkei 14,129.98 (3.0) (3.2) 35.9
GBP 1.54 (0.1) 0.8 (5.4) MSCI EM 961.53 (0.1) 1.2 (8.9)
CHF 1.08 0.2 1.3 (1.4) SHANGHAI SE Composite 2,010.85 (0.5) 0.9 (11.4)
AUD 0.93 0.1 0.9 (10.9) HANG SENG 21,968.95 0.3 2.8 (3.0)
USD Index 81.66 (0.4) (1.2) 2.4 BSE SENSEX 19,748.19 (0.3) (2.0) 1.7
RUB 32.82 0.4 1.4 7.5 Bovespa 49,422.05 0.7 4.3 (18.9)
BRL 0.44 (0.5) (0.3) (9.0) RTS 1,348.37 (0.4) (2.5) (11.7)
139.3
122.6
111.7