1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.7% to close at 13,644.6. Gains were led by the Banking &
Financial Services and Industrials indices, gaining 2.3% and 1.5%, respectively.
Top gainers were Qatar Islamic Bank and Doha Insurance Co., rising 4.1%
and 3.4% respectively. Among the top losers, Mesaieed Petrochemical Holding
Co. fell 1.6%, while Qatar German Co. for Medical Devices declined 1.3%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.1% to close at 10,650.1. Gains were led
by the Insurance and Real Estate Development indices, rising 1.7% and 0.8%,
respectively. AXA-Cooperative gained 9.9%, while Bupa Arabia was up 9.8%.
Dubai: The DFM index gained 0.7% to close at 4,825.6. The Services index
gained 1.8%, while the Investment & Financial Services index rose 1.1%. Al
Salam Sudan rose 10.8%, while Al Salam Group was up 3.5%.
Abu Dhabi: The ADX benchmark index gained 0.7% to close at 5,051.5. The
Real Estate index rose 1.9%, while the Energy index was up 1.6%. Abu Dhabi
Nat. Takaful gained 8.7%, while Abu Dhabi Nat. Co. for B & M was up 7.6%.
Kuwait: The KSE index gained marginally to close at 7,267.4. The Parallel
Market and Consumer Services indices rose 0.6% each. Al-Safat Tec Holding
Co. gained 9.3%, while Credit Rating & Collection was up 9.1%.
Oman: The MSM index declined marginally to close at 7,332.3. Losses were
led by the Services and Industrial indices, falling 0.2% each. Dhofar Cattle
Feed fell 2.6%, while Galfar Engineering & Contracting was down 2.4%.
Bahrain: The BHB index declined 0.3% to close at 1,471.9. The Industrial
index fell 1.6%, while the Com. Banking index was down 0.4%. Al Salam Bank
– Bahrain declined 3.8%, while Aluminium Bahrain was down 1.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Islamic Bank 115.00 4.1 528.2 66.7
Doha Insurance Co. 30.00 3.4 0.1 20.0
Widam Food Co. 63.00 2.9 145.4 21.9
QNB Group 194.30 2.9 430.5 13.0
Vodafone Qatar 21.55 2.6 1,216.7 101.2
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 19.85 (0.7) 4,110.9 16.8
Mazaya Qatar Real Estate Dev. 23.00 0.9 1,599.8 105.7
Masraf Al Rayan 56.00 2.2 1,356.4 78.9
Qatar Gas Transport Co. 24.35 (0.7) 1,271.0 20.2
Vodafone Qatar 21.55 2.6 1,216.7 101.2
Market Indicators 18 Aug 14 17 Aug 14 %Chg.
Value Traded (QR mn) 856.0 764.6 12.0
Exch. Market Cap. (QR mn) 726,343.9 716,935.4 1.3
Volume (mn) 17.8 22.5 (20.8)
Number of Transactions 8,513 8,388 1.5
Companies Traded 41 43 (4.7)
Market Breadth 30:10 28:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 20,350.86 1.7 1.0 37.2 N/A
All Share Index 3,450.40 1.6 1.0 33.3 16.9
Banks 3,313.12 2.3 1.7 35.6 16.2
Industrials 4,565.46 1.5 1.3 30.4 18.5
Transportation 2,330.29 (0.1) (0.9) 25.4 14.9
Real Estate 2,962.33 1.1 0.3 51.7 15.8
Insurance 4,016.41 1.3 1.1 71.9 12.7
Telecoms 1,602.04 (0.2) (1.5) 10.2 22.7
Consumer 7,543.16 0.9 0.3 26.8 28.2
Al Rayan Islamic Index 4,707.59 1.7 1.1 55.1 20.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Real Estate Co. Saudi Arabia 48.21 7.1 2,105.3 39.3
United Real Estate Co. Kuwait 0.11 5.8 30.8 (6.8)
The Co. for Coop. Ins. Saudi Arabia 54.24 5.6 1,713.5 54.1
Qatar Islamic Bank Qatar 115.00 4.1 528.2 66.7
United Int. Transport Saudi Arabia 83.22 3.6 1,008.6 54.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Mabanee Co. Kuwait 1.04 (3.7) 240.2 (2.5)
Nat. Investments Co. Kuwait 0.16 (3.7) 446.0 (1.3)
Yanbu Nat. Petrochem. Saudi Arabia 74.26 (2.6) 764.9 0.7
SAVOLA Saudi Arabia 80.39 (2.0) 417.3 28.1
Al Tayyar Travel Group Saudi Arabia 130.31 (1.8) 322.4 52.2
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%
Mesaieed Petrochemical Holding 34.30 (1.6) 1,065.8 243.0
Qatar German Co. for Med. Dev. 13.90 (1.3) 296.2 0.4
Ooredoo 125.30 (1.2) 271.2 (8.7)
Aamal Co. 16.60 (1.1) 32.3 10.7
Qatar Islamic Insurance Co. 90.00 (1.1) 10.7 55.4
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 186.40 2.4 135,906.6 10.4
QNB Group 194.30 2.9 82,647.5 13.0
Ezdan Holding Group 19.85 (0.7) 82,098.0 16.8
Masraf Al Rayan 56.00 2.2 75,577.2 78.9
Qatar Islamic Bank 115.00 4.1 60,122.6 66.7
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* 13,644.64 1.7 1.0 6.0 31.5 235.09 199,454.0 17.0 2.3 3.7
Dubai 4,825.60 0.7 0.3 (0.2) 43.2 129.74 93,364.4 20.0 1.8 2.1
Abu Dhabi 5,051.53 0.7 (0.0) (0.1) 17.7 57.26 138,702.4 14.3 1.8 3.3
Saudi Arabia 10,650.09 0.1 0.6 4.3 24.8 2,593.07 579,752.9 20.5 2.6 2.7
Kuwait 7,267.37 0.0 0.5 1.9 (3.7) 53.95 113,548.2 17.3 1.2 3.7
Oman 7,332.26 (0.0) 0.2 1.8 7.3 23.94 27,075.5 11.0 1.7 3.8
Bahrain 1,471.85 (0.3) (0.3) 0.0 17.9 0.49 54,296.4 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)
13,300
13,400
13,500
13,600
13,700
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 1.7% to close at 13,644.6. The Banking &
Financial Services 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 Islamic Bank and Doha Insurance Co. were the top
gainers, rising 4.1% and 3.4%, respectively. Among the top
losers, Mesaieed Petrochemical Holding Co. fell 1.6%, while
Qatar German Co. for Medical Devices declined 1.3%.
 Volume of shares traded on Monday fell by 20.8% to 17.8mn
from 22.5mn on Sunday. However, as compared to the 30-day
moving average of 17.2mn, volume for the day was 3.5% higher.
Ezdan Holding Group and Mazaya Qatar Real Estate Dev. were
the most active stocks, contributing 23.1% and 9.0% to the total
volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn)2Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Sudatel Telecommunications
Group*
Abu Dhabi USD 233.0 – – NA 28.0 NA
Source: Company data, DFM, ADX, MSM (*1H2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/18 US NAHB NAHB Housing Market Index August 55.0 53.0 53.0
08/18 EU Eurostat Trade Balance SA June 13.8B 15.0B 15.2B
08/18 EU Eurostat Trade Balance NSA June 16.8B 15.1B 15.4B
08/18 UK Rightmove Rightmove House Prices MoM August -2.90% – -0.80%
08/18 UK Rightmove Rightmove House Prices YoY August 5.30% – 6.50%
08/18 China NBS Foreign Direct Investment YoY July -17.00% 0.80% 0.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatargas delivers first LNG cargo to CNOOC’s Hainan
terminal – Qatargas has delivered the first cargo of liquefied
natural gas (LNG) to China National Oil Corporation's (CNOOC)
Hainan LNG terminal located in the Hainan province. The cargo
arrived on August 8, 2014 on a Q-Max class LNG vessel and will
be used to commission the new LNG terminal owned by
CNOOC. Qatargas and CNOOC have an existing sales
agreement signed in 2008 to supply a total of 2mn tons per
annum of LNG. (Bloomberg)
 Colliers International appointed consultant for QIMD Tower
– Qatar Industrial Manufacturing Company (QIMD) has
appointed Colliers International as the real estate advisory
services consultant for Phase I of the company’s proposed
headquarters, QIMD Tower on Doha Corniche. Under the
agreement, Colliers International will initially conduct market
research, a design critique, feasibility study and then provide
recommendations to QIMD on the planned 58,000sqm QIMC
Tower mixed-use development. (Gulf-Times.com)
 20 commercial streets in Doha to be built – The Ministry of
Municipality & Urban Planning is expected to announce the
details of the 20 proposed commercial streets to be developed
under Doha Municipality. The proposed streets would be
exclusively dedicated for shops and outlets, including eateries,
supermarkets, bakery, pharmacies, etc. (Peninsula Qatar)
 Ezdan: Combined value of Qatar realty transactions reach
QR6.8bn in July – According to Ezdan Holding Group’s (ERES)
monthly report, Qatar leads the real estate growth among the six
GCC states. Qatar’s combined value of transactions and
mortgages during July 2014 reached QR6.8bn, witnessing a
record increase of 70% as compared to June when it stood at
QR4bn. Ezdan Holding Group said that the Qatari real estate
sector witnessed a strong performance during July in terms of
real estate transactions and mortgages, despite the usual
stagnation that accompanies the summer holiday and Ramadan,
pointing out that the sector spearheaded the growth among the
GCC markets. The monthly report predicted the overall GCC
real estate sector to grow even further later this year with the
implementation of more projects. According to the Real Estate
Registration Department’s weekly bulletins, the value of
transactions during the first week of July (from June 29 to July 3,
2014) reached QR914.7m, while transactions achieved about
QR1.86bn in the second week (from July 6-10, 2014), and then
in the third week (13-17) reached QR1.31bn, while the fourth
and last week of July (20-24) had a major rise in transactions
with a value of QR2.76bn. (Peninsula Qatar)
 Qatar job market most attractive in MENA – According to the
latest MENA Job Index Survey by Bayt.com and YouGov
survey, civil engineers and junior executives are in high demand
in Qatar, and around 62% of employers are expected to hire up
to 10 employees over the next three months. Similarly, 52% of
Qatar respondents felt Qatar is more attractive as a job market
than any other country in the Middle East & North Africa region.
Over 50% respondents in Qatar also consider their current
industry more attractive as a potential employer than any other
Overall Activity Buy %* Sell %* Net (QR)
Qatari 57.83% 61.91% (34,955,388.97)
Non-Qatari 42.17% 38.09% 34,955,388.97

3. Page 3 of 6
business. The latest survey by Bayt.com, and YouGov revealed
that 37% of companies in Qatar are definitely hiring in the next
three months. (Peninsula Qatar)
 QA to increase flights to Istanbul; ties up with CreditMax –
Qatar Airways (QA) announced the addition of three weekly
flights to Istanbul’s Sabiha Gökçen Airport making the route
daily, commencing from October 26, 2014. With the additional
flights from Doha to Istanbul, the number of flights will rise from
14 to 17 per week. Meanwhile, CreditMax, a credit card issuer
and acquirer, has launched a three-month joint promotion with
QA on August 15, 2014. The promotion will offer discounts to
CreditMax holders upon purchasing tickets from QA. The
discount will amount to either 10% on economy class or 15% for
premium class tickets. (Bloomberg)
International
 US homebuilder confidence rises to seven-month high –
Confidence among US homebuilders in August rose to the
highest level in seven months, showing the industry is making
headway after weakness earlier in 2014. The National
Association of Home Builders/Wells Fargo sentiment measure
climbed to 55 from 53 in July. The median forecast in a
Bloomberg survey of economists had projected it would hold at
53. Historically, low mortgage rates and increased employment
brought home purchases within the reach of more Americans.
Faster wage gains would help provide an additional push for the
industry, which is struggling to lure first-time buyers beset by
tougher credit conditions. (Bloomberg)
 US Treasury to take time to weigh options on tax inversions
– A US Treasury Department official said that the Obama
administration will need more than a few weeks to weigh
potential administrative actions to discourage companies in the
US from reducing their tax bills by moving to other countries.
Staff at the US Treasury has been assembling a list of options
for Treasury Secretary, Jack Lew. Analysts are divided over how
much the administration could deter inversions without
legislation, and Treasury officials have been urging lawmakers
to act on the matter. Under an inversion, a US company shifts its
tax home base to a lower-tax country by combining with a
company based in that country. Popular destinations are Ireland
and the Netherlands. (Reuters)
 China January-July FDI falls for first time in 17 months –
China's foreign direct investment (FDI) inflows between January
and July fell for the first time in 17 months as compared to the
same period a year earlier, as firms in Japan, Europe and the
US cut spending in the manufacturing sector. The weak
investment data came as China's economic growth appeared to
be softening again after a hopeful bounce in June, with
indicators ranging from lending to output and investment all
pointing to more sluggish activity. However, officials described
the sudden drop as an anomaly, and stressed the decline was
not due to a spate of recent Chinese probes into foreign firms for
alleged monopolistic behavior. The commerce ministry said that
China attracted $71.1bn in FDI between January and July, down
0.4% from a year ago and its first decline since February 2013.
For July alone, China’s economy attracted $7.8bn worth of FDI,
the least in two years. The commerce ministry’s spokesman
Shen Danyang said that it is quite normal for FDI flows to
fluctuate between months and FDI is expected to maintain a
steady growth with the total FDI in 2014 expected to remain at
the similar level with last year. (Reuters)
 Russian central bank moves closer to free float by widening
Ruble corridor – Russia's central bank moved a step closer to
its goal of a freely floating Ruble exchange rate by widening its
trading corridor for the currency and reducing its interventions.
The move is part of a long-term policy shift to make inflation a
more important benchmark than the exchange rate after the
bank was forced to defend the Ruble this year, which came
under pressure due to the crisis in Ukraine. As part of the plan,
the Ruble's trading corridor will be abolished altogether from
January 2015 and regular daily interventions will cease,
although the bank will reserve the right to make discretionary
interventions in the interests of financial stability. The bank said
it had widened its exchange-rate corridor by 2 Rubles to 9
Rubles and reduced the intervention threshold for moving the
corridor against a Dollar-Euro basket to $350mn from $1bn.
(Reuters)
 StanChart nears deal over compliance failure in US –
Standard Chartered Plc is close to finalize a deal to pay a
penalty of $200-300mn to resolve allegations by New York’s
banking regulator that it failed to review high-risk transactions,
two years after agreeing to reform its practices. The
announcement of the settlement is expected to come this week.
The penalty would be the second the British bank will pay to the
New York Department of Financial Services in two years. In
August 2012, StanChart agreed to a $340mn settlement over
allegations that it stripped identifying information from
transactions linked to Iran, making it impossible for US banks to
detect them. (Reuters)
Regional
 Arab investors look to pump huge funds in Europe – Arab
investors are increasingly looking to the UK and continental
Europe's commercial real estate markets to pump their huge
funds. Europe is the preferred target of Arab investors with 80%
of the expected $180bn Arab investment flowing into the UK and
Europe over the next 10 years. The British commercial real
estate, specially the City of London, is expected to take the
largest share of GCC’s real estate investments. (GulfBase.com)
 Trade and investment: Asia enjoys competitive edge over
GCC – According to the Economist Intelligence Unit (EIU) and
the World Bank 2014 reports, the Gulf Cooperation Council
(GCC) countries presented a strong business environment in the
last few years due to the wide fiscal surplus. These countries
remain major global suppliers of oil products and, due to high
energy product prices, their fiscal surplus continues to widen.
GCC countries are expected to maintain high positions during
the 2014-2018 period. The key driver in the coming years will be
the large infrastructure investments planned after Dubai and
Qatar won their bids to host the 2020 World Expo and the 2022
FIFA World Cup, respectively. The EIU’s “Business Environment
Ranking” report for 2014 is currently ranking Qatar in the 21st
place out of 82 countries, among the top 25% of the world and
the highest within GCC countries. Qatar is forecasted to remain
in the same position during the 2014-2018 period.
(GulfBase.com)
 Islamic banks to benefit from Basel III capital rules –
According to Standard & Poor’s Islamic Monetary Services
Board’s (IFSB), the revised capital needs for Basel III could help
to strengthen the Islamic finance industry in terms of
capitalization and liquidity management. The IFSB is expected
to release its guidance note on calculation of the liquidity
coverage ratio and net steady funding ratio in early 2015.
(Bloomberg)
 Americana denies acquisition talks with Savola – Kuwait
Food Company (Americana) announced that it had no
knowledge of any talks with Saudi Arabia's Savola Group over a
possible acquisition of Americana. Americana said the recently
held meeting between the two companies was intended only to

4. Page 4 of 6
discuss the possibility of joint cooperation in certain fields and
markets. (GulfBase.com)
 SPA: SAGIA approves series of measures to encourage
investments – According to the Saudi Press Agency (SPA), the
Saudi Arabian General Investment Authority (SAGIA) has
approved a series of measures that would enable international
companies to expand and develop their investments in Saudi
Arabia. SAGIA’s measures include cancelation and
amendments to existing laws that were seen as impediments to
investor growth in Saudi Arabia. (GulfBase.com)
 Mashreq Bank launches Gold Edge Invest account –
Mashreq Bank has launched the Gold Edge Invest (GEI)
whereby customers can invest in gold electronically, at attractive
market rates that are updated twice a day. The GEI account
allows customers to spread their personal investments across
different asset types, in alignment with advice from investment
experts. (GulfBase.com)
 NDC inaugurates new land rig – National Drilling Company
(NDC) has inaugurated a new land rig, as part of its fleet
expansion program, which covers offshore, onshore and land
rigs to serve the oil & gas industry in Abu Dhabi. The new rig will
help the company to keep itself abreast of the long-term plans of
its clients and step-up its ability to perform specific drilling
operations that require the availability of rigs of various
horsepower capabilities. (GulfBase.com)
 UAE, Japan trade rises 4.4% in 1H2014 – According to a
report released by Japan External Trade Organization (JETRO),
Japan’s trade deficit with the UAE remained relatively
unchanged in 1H2014 as trade between the two countries
increased by nearly 4.4%. Japan’s exports to the UAE for
1H2014 increased by almost 13% to $4.59bn, while imports rose
by 2.76% to $21.34bn. Motor vehicles accounted for more than
half of Japan’s total exports to the UAE, rising 11.36% during
1H2014 to $2.38bn. The exports of non-alcoholic beverages
surged 61.34% to $22.46mn. Imports from the UAE were almost
entirely oil-based. Mineral fuels covered 98.10% of the total
imports with $20.93bn imported in 1H2014, of which crude oils
accounted for $16.39bn. Japanese imports of UAE aluminum
increased by 28.8% to $347.7mn, but still only accounted for
1.63% of the total imports. The remainder of imports from the
UAE was copper scrap, precious stones & metals, animal feed
and fabrics. (Bloomberg)
 ICD to seek $880mn Atlantis debt refinancing – According to
sources, the Investment Corporation of Dubai (ICD) is seeking
to refinance $880mn loan taken out by resort hotel Atlantis, The
Palm. The company hired HSBC Holdings, Standard Chartered,
and Emirates NBD on the deal. The company is seeking a
significant cut on the 5.5% above the London interbank offered
rate price it has on the existing deal. The new loan will be used
to refinance the existing debt originally taken out to fund
construction activities. (Bloomberg)
 ADCB launches commercial offshore banking products –
Abu Dhabi Commercial Bank (ADCB) has launched new
commercial offshore banking products through its Jersey
branch. The eligible ADCB wholesale banking clients will now
have the option to diversify & preserve their resources with full
flexibility and control. (GulfBase.com)
 Du Telecom appoints new director to oversee Emiratisation
strategy – Emirates Integrated Telecommunications Company
(Du Telecom) has appointed Mohamed Alsaabri as its new
Senior Director of National Recruitment and Development.
Alsaabri will oversee Du's multi-phased Emiratisation strategy,
through which the company aims to support the UAE
government's vision of more Emiratis in the UAE workforce.
(Bloomberg)
 TDIC seeks bid to start work on Saadiyat Island marina
district – The Tourism Development and Investment Company
(TDIC) is seeking pre-qualification bids from contractors ahead
of a tender to start work on the project in Saadiyat Island’s
marina district. The tender includes work on underground
infrastructure such as sewage & storm water lines, sewage
pumping station, and irrigation transmission lines. Under the
master plan, the marina district will feature apartments, luxury
hotels and commercial spaces. (GulfBase.com)
 SCAD: Abu Dhabi’s inflation rate down to 3.2% in July 2014
– According to the Statistics Center Abu Dhabi (SCAD), Abu
Dhabi’s rate of inflation fell to 3.2% in July 2014, down from its
five-year high of 3.8% in June, as food price inflation slowed.
The cost of food rose at an annualized rate of 0.5% in July 2014,
as compared to an annualized rise of 2.3% before Ramadan.
The majority of YoY price increases were accounted for by a
rise in the cost of housing and utilities, which rose 4.4%.
Expenditure on housing represented around 40% of the total
consumer spending. The cost of furnishings and household
maintenance, which accounts for about 5% of consumer
spending, and is a measure of activity in the housing market,
increased 12.9%. Annualized inflation affecting the top 20% of
earners stood at 3.5%, while inflation for those in the bottom
income quintile stood at 2.1%. (GulfBase.com)
 NBS issues preliminary permit to set up bank – National
Bank of Serbia’s (NBS) executive board gave its preliminary
approval for the foundation of a bank from the United Arab
Emirates (UAE) to operate in Serbia under the name of
“Mirabank, akcionarsko društvo, Beograd“. The issuing of a
preliminary permit marks the end of the first stage of the bank
founding process. The founder is a part of the international
conglomerate known as the Royal Group, based in Abu Dhabi,
UAE. (Bloomberg)
 RAKBank’s AGM approves acquisition of majority stake in
RAK Insurance – The National Bank of Ras Al-Khaimah’s
(RAKBank) AGM has approved the acquisition of a majority
stake in Ras Al Khaimah National Insurance Company (RAK
Insurance). The bank’s management proposed the acquisition
price to be AED3.64 per share, which was approved by the
shareholders. (ADX)
 KMC appoints new Bahrain operations director – Kuwait-
based property developer, KMC has appointed Hasan Adel Abu
Hassan as its new operations director for Bahrain. Hasan Adel
will be responsible for the execution and delivery of existing &
upcoming projects and will be focusing on the ongoing growth &
expansion of KMC. (GulfBase.com)
 KPC signs 10-year deal with China’s Sinopec to export
crude oil – Kuwait Petroleum Corporation (KPC) has entered
into an agreement with China’s Sinopec Corporation’s trading
arm, Unipec to export 300,000 barrels per day (bpd) of crude oil,
which would amount to 15% of Kuwaiti petroleum exports and is
estimated to be worth $120bn. This new ten-year deal with
Sinopec nearly doubles KPC’s supplies as it offers to ship the oil
and sell it on a more competitive cost-and-freight basis.
(Bloomberg)
 Sohar Islamic to finance housing and construction – Bank
Sohar’s Islamic banking window has introduced dedicated
construction financing. As with all Sohar Islamic financial
products, the construction finance product is also fully compliant
with Islamic Shari’ah law and provides a comprehensive Islamic
finance solution for anyone looking to build a new residential

5. Page 5 of 6
property or purchase under construction property. This is a
perfect complement to its existing Islamic home finance program
launched last year, which offers Shari’ah-compliant financing for
ready real estate property. (GulfBase.com)
 Bidders to extends bid bonds for Oman Rail PMC package –
Oman’s Tender Board has instructed bidders to extend their bid
bonds by a further two months for the Oman National Railway
Project. It has been over five months since three consortiums,
each led by a prominent international rail engineering services
provider, had submitted the firm technical and financial offers for
the prestigious project management consultancy package when
bids closed in March 2014. Consortiums headed by the Korea
Rail Network Authority (South Korea), Tecnicas Reunidas of
Spain, and Parsons International are in contention for the PMC
contract. (GulfBase.com)
 Al Tijaria sets up new real estate arm in Bahrain – Kuwait-
based Al Tijaria Real Estate Company (Al Tijaria) has
established a new real estate company, Al Tijaria Real Estate
Development Company in Bahrain. The new company will be Al
Tijaria’s real estate arm in the management, development and
maintenance of its projects in Bahrain. (GulfBase.com)
 Bahrain approves BD640mn infrastructure projects –
Bahrain has approved 674 new infrastructure projects worth
BD640mn in 2014. The projects are part of plans for major
urban development with improved sustainable infrastructure and
include hotels, buildings & residential properties.
(GulfBase.com)

6. 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
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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
0.1%
1.7%
0.0%
(0.3%)
(0.0%)
0.7% 0.7%
(0.8%)
0.0%
0.8%
1.6%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,298.43 (0.5) (0.5) 7.7 DJ Industrial 16,838.74 1.1 1.1 1.6
Silver/Ounce 19.63 0.3 0.3 0.8 S&P 500 1,971.74 0.9 0.9 6.7
Crude Oil (Brent)/Barrel (FM
Future)
101.60 (1.9) (1.9) (8.3) NASDAQ 100 4,508.31 1.0 1.0 7.9
Natural Gas (Henry
Hub)/MMBtu
3.76 (0.2) (0.2) (13.5) STOXX 600 333.60 1.2 1.2 1.6
LPG Propane (Arab Gulf)/Ton 101.38 (1.2) (1.2) (19.9) DAX 9,245.33 1.7 1.7 (3.2)
LPG Butane (Arab Gulf)/Ton 119.63 (1.7) (1.7) (11.9) FTSE 100 6,741.25 0.8 0.8 (0.1)
Euro 1.34 (0.3) (0.3) (2.8) CAC 40 4,230.65 1.3 1.3 (1.5)
Yen 102.57 0.2 0.2 (2.6) Nikkei 15,322.60 0.0 0.0 (5.9)
GBP 1.67 0.2 0.2 1.0 MSCI EM 1,077.07 0.2 0.2 7.4
CHF 1.10 (0.4) (0.4) (1.5) SHANGHAI SE Composite 2,239.47 0.6 0.6 5.8
AUD 0.93 0.0 0.0 4.6 HANG SENG 24,955.46 0.0 0.0 7.1
USD Index 81.58 0.2 0.2 1.9 BSE SENSEX 26,390.96 1.1 1.1 24.7
RUB 36.05 (0.4) (0.4) 9.7 Bovespa 57,560.72 1.0 1.0 11.8
BRL 0.44 0.1 0.1 4.6 RTS 1,243.56 0.9 0.9 (13.8)
196.1
163.3
147.0