1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.5% to close at 11,488.9. Losses were led by the
Telecoms and Transportation indices, declining 4.1% and 3.3%, respectively.
Top losers were Widam Food Co. and Gulf Warehousing Co., falling 5.7% and
5.4%, respectively. Among the top gainers, Qatar National Cement Co. rose
6.6%, while Ezdan Holding Group was up 3.2%.
GCC Commentary
Saudi Arabia: The TASI index fell marginally to close at 9,513.0. Losses were
led by the Insurance and Real Estate Dev. indices, declining 1.2% and 0.7%
respectively. Gulf Union Coop. fell 4.7%, while Sanad Ins. was down 4.0%.
Dubai: The DFM index declined 4.4% to close at 3,942.8. The Financial
Services & Investment index fell 8.4%, while the Services index was down
6.5%. Arabtec Holding and Drake & Scull International declined 10.0% each.
Abu Dhabi: The ADX benchmark index fell 2.1% to close at 4,551.0. The
Investment & Fin. Ser. index fell 9.8%, while the Real Estate index was down
9.4%. Commercial Bank Int. and Fujairah Building Ind. declined 10.0% each.
Kuwait: The KSE index fell 0.1% to close at 6,971.4. The Banking index
declined 1.0%, while the Oil & Gas index was down 0.9%. Kuwait Syrian
Holding Co. fell 8.3%, while Ekttitab Holding Co. was down 7.6%.
Oman: The MSM index rose 0.8% to close at 7,008.3. Gains were led by the
Financial and Services indices, rising 0.6% and 0.2%, respectively. Dhofar
University gained 7.7%, while Al Batinah Power was up 3.0%.
Bahrain: The BHB index gained marginally to close at 1,427.6. The Industrial
index rose 0.4%, while the Commercial Banking index was up 0.2%. Bahrain
Islamic Bank gained 2.5%, while National Bank of Bahrain was up 2.0%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar National Cement Co. 135.00 6.6 22.3 13.4
Ezdan Holding Group 19.45 3.2 1,245.7 14.4
Mesaieed Petrochemical Holding 31.00 2.5 865.2 210.0
Medicare Group 76.00 1.7 18.9 44.8
Mannai Corp. 111.80 1.2 17.6 24.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.70 (2.8) 1,949.1 46.6
Masraf Al Rayan 45.50 (2.2) 1,511.0 45.4
Ezdan Holding Group 19.45 3.2 1,245.7 14.4
Barwa Real Estate Co. 35.50 (0.3) 952.4 19.1
Qatar Gas Transport Co. 20.20 (3.8) 914.5 (0.2)
Market Indicators 30 Jun 14 29 Jun 14 %Chg.
Value Traded (QR mn) 560.7 414.4 35.3
Exch. Market Cap. (QR mn) 632,232.6 636,954.4 (0.7)
Volume (mn) 12.6 10.6 19.5
Number of Transactions 6,756 5,569 21.3
Companies Traded 43 43 0.0
Market Breadth 8:28 7:36 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,135.55 (1.5) (2.8) 15.5 N/A
All Share Index 2,937.98 (1.4) (2.5) 13.5 14.1
Banks 2,772.81 (1.7) (2.0) 13.5 13.8
Industrials 4,016.51 (0.5) (1.5) 14.8 15.7
Transportation 2,007.72 (3.3) (5.3) 8.0 12.9
Real Estate 2,357.88 (0.1) (4.2) 20.7 11.8
Insurance 3,390.10 (0.4) (0.6) 45.1 8.9
Telecoms 1,423.92 (4.1) (6.9) (2.1) 19.6
Consumer 6,448.76 (0.4) (2.3) 8.4 25.4
Al Rayan Islamic Index 3,798.84 (0.8) (3.6) 25.1 16.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Arab Bank Abu Dhabi 7.19 10.6 0.3 28.2
Qatar Nat. Cement Qatar 135.00 6.6 22.3 13.4
DP World Ltd Dubai 19.70 4.7 199.0 11.2
Al Tayyar Saudi Arabia 119.88 4.2 562.8 40.1
A. Othaim Market Saudi Arabia 106.50 3.6 743.5 70.7
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co Dubai 2.61 (10.0) 78,875.4 27.3
Drake & Scull Int. Dubai 1.35 (10.0) 37,093.8 (6.3)
Ajman Bank Dubai 2.49 (9.8) 142.3 0.4
Dubai Fin. Market Dubai 2.61 (9.7) 13,848.9 5.7
Aldar Properties Abu Dhabi 3.10 (9.6) 51,120.1 12.3
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%
Widam Food Co. 49.50 (5.7) 23.2 (4.3)
Gulf Warehousing Co. 44.95 (5.4) 36.4 8.3
Salam International Investment Co 15.38 (5.1) 373.8 18.2
Ooredoo 118.90 (4.4) 339.7 (13.3)
Qatar Oman Investment Co. 13.35 (4.0) 93.8 6.6
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 45.50 (2.2) 69,248.5 45.4
QNB Group 163.30 (1.0) 59,831.4 (5.1)
Ooredoo 118.90 (4.4) 40,365.3 (13.3)
Qatar Insurance Co. 80.00 0.0 37,706.2 50.4
Industries Qatar 169.00 0.0 36,349.4 0.1
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* 11,488.87 (1.5) (2.8) (16.1) 10.7 154.00 173,674.3 14.3 1.9 4.4
Dubai 3,942.82 (4.4) (6.6) (22.5) 17.0 268.51 79,707.2 15.8 1.5 2.6
Abu Dhabi 4,551.02 (2.1) (2.4) (13.4) 6.1 120.92 128,590.5 13.5 1.7 3.7
Saudi Arabia 9,513.02 (0.0) (0.6) (3.2) 11.5 1,399.87 518,576.8 18.9 2.3 3.0
Kuwait 6,971.44 (0.1) (0.1) (4.4) (7.7) 51.69 109,337.5 16.5 1.1 4.0
Oman 7,008.27 0.8 0.9 2.2 2.5 40.90 25,903.7 12.2 1.7 3.9
Bahrain 1,427.61 0.0 (0.3) (2.2) 14.3 0.79 53,428.0 11.2 1.0 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,400
11,500
11,600
11,700
11,800
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE index declined 1.5% to close at 11,488.9. The Telecoms
and Transportation indices led the losses. The index fell on the
back of selling pressure from non-Qatari shareholders despite
buying support from Qatari shareholders.
 Widam Food Co. and Gulf Warehousing Co. were the top losers,
falling 5.7% and 5.4%, respectively. Among the top gainers,
Qatar National Cement Co. rose 6.6%, while Ezdan Holding
Group was up 3.2%.
 Volume of shares traded on Monday rose by 19.5% to 12.6mn
from 10.6mn on Sunday. However, as compared to the 30-day
moving average of 22.2mn, volume for the day was 43.1% lower.
Vodafone Qatar and Masraf Al Rayan were the most active
stocks, contributing 15.4% and 12.0% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Sharjah Islamic
Bank (SIB)
Moody’s UAE LT IR/ST IR/BFSR – A3/Prime-2/D+ – Stable –
Union National Bank
(UNB)
CI
Abu
Dhabi
FSR/LT FCR/ST
FCR/SR
A/A/A1/1 A/A/A1/1 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IR – Issuer Rating, SR – Support Rating, LC – Local
Currency, BFSR – Bank Financial Strength Rating)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
Sudatel Telecom Group
(Sudatel)*
Abu Dhabi USD 453.2 -11.7% 150.9 1.7% -16.9 NA
Source: Company data, DFM, ADX, MSM (* FY2013 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/30 EU European Central Bank M3 Money Supply YoY May 1.00% 0.80% 0.70%
06/30 EU European Central Bank M3 3-month average May 0.90% 0.80% 1.00%
06/30 EU Eurostat CPI Estimate YoY June 0.50% 0.50% 0.50%
06/30 EU Eurostat CPI Core YoY June 0.80% 0.70% 0.70%
06/30 UK Bank of England Mortgage Approvals May 61.7K 61.8K 62.8K
06/30 UK Bank of England Money Supply M4 MoM May -0.10% -0.10% -0.20%
06/30 UK Bank of England M4 Money Supply YoY May -0.90% -0.30% -0.60%
06/30 UK Bank of England M4 Ex IOFCs 3M Annualised May 2.70% 3.10% 4.50%
06/30 Spain Bank of Spain Current Account Balance April -1.6B – -1.8B
06/30 Italy ISTAT PPI MoM May -0.10% – -0.20%
06/30 Italy ISTAT PPI YoY May -1.70% – -1.70%
06/30 Japan METI Industrial Production MoM May 0.50% 0.90% -2.80%
06/30 Japan METI Industrial Production YoY May 0.80% 1.50% 3.80%
06/30 Japan Shoko Chukin Bank Small Business Confidence June 47.3 – 46.6
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 57.97% 37.60% 114,225,263.63
Non-Qatari 42.03% 62.40% (114,225,263.63)

3. Page 3 of 7
News
Qatar
 MDPS: Qatari economy grows by 6.2% YoY in 1Q2014, PPI
rises 0.6% YoY in April – According to the Ministry of
Development Planning & Statistics (MDPS), Qatar’s inflation-
adjusted (real) economy is estimated to have grown by 6.2%
YoY in 1Q2014 with construction, trade and finance sectors
witnessing double-digit growth. However, the country’s
hydrocarbon sector witnessed a 1.2% YoY fall in the review
period due to receding crude oil production and flat full capacity
gas production, but was more than made up by a 11.5% growth
in the non-hydrocarbon segment. The country had seen its real
economy (at constant prices) expand 2.3% in 1Q2014 as
compared to 4Q2013 with both hydrocarbon & non-hydrocarbon
sectors reporting 1.8% and 2.5% growth, respectively. The
construction sector surged YoY 19.6%; trade, hotels &
restaurant (19%); finance, insurance, real estate & business
services (14.6%); transport & communication (9%); utilities
(5.9%); agriculture & fishing (7.9%) and manufacturing (0.6%).
In nominal terms (at current prices), Qatar’s economy is
estimated to have grown 2.6% YoY in 1Q2014 with construction,
trade, finance, utilities and transport & communication
expanding in double-digits. While the hydrocarbon sector growth
fell 4.5%, the country’s non-hydrocarbon segment accelerated
12.3%. Qatar’s construction saw a 22.4% growth, followed by
trade, hotels & restaurants (21.8%); finance, insurance, real
estate & business services (18.1%); electricity & water (15.7%);
transport & communication (10.2%); agriculture & fishing (9.5%)
and manufacturing (1%). The economy had grown 2.1% as
compared to 4Q2013 with both the hydrocarbon and non-
hydrocarbon sectors growing 2.9% and 2.1%, respectively.
Meanwhile, driven by higher prices for basic chemicals &
metals, crude petroleum & natural gas and water, Qatar’s
producer price index (PPI) rose 0.6% YoY in April 2014,
according to MDPS. However, the PPI, which measures
average changes in prices received by domestic producers for
their output, plunged 3.1% as compared to March 2014 mainly
on a steep fall in mining and manufacturing indices. (Gulf-
Times.com)
 Advisory Council approves draft law on tax exemption for
foreign investors – The Advisory Council has approved the
draft law sent by the Cabinet to exempt foreigners trading in
Qatari stocks from paying tax on capital gains and on income
from dividends & interest on bonds, including Sukuk. The draft
law applies to foreign investment, mutual and portfolio funds.
Foreign companies and individuals with subscriptions to the
funds could also avail tax exemption on earnings once the law is
enforced. The Financial and Economic Affairs Committee of the
council prepared a report on the draft law after the council asked
it to have a fresh look at it. The committee had originally asked
the council to approve the draft law, but the council raised some
objections and referred the draft back to it. The committee in its
fresh report recommended the approval of the draft. (Peninsula
Qatar)
 Ashghal: C-Ring Road project sees considerable progress –
The Public Works Authority (Ashghal) has made considerable
progress on the construction of the first phase of the C-Ring
Road development project. Ashghal said that the Umm
Ghuwailina roundabout, also known as the VIP roundabout has
been removed and converted into an intersection. Ashghal is
currently laying the pre-final layer of asphalt on the newly-added
lanes on this intersection and will soon start installing traffic
lights & connecting them to the Intelligent Transportation System
(ITS). As part of the project, Ashghal has diverted & protected
the existing infrastructure utilities in the area and upgraded
them, in addition to laying asphalt on both sides of the road
stretching from Umm Ghuwailina roundabout to Najma
intersection. The construction work on the first phase of the
project is expected to be completed as per schedule in the third
quarter of 2014. The C-Ring Road development project is part of
a series of projects implemented by Ashghal to improve the
network of local roads and expressways across the country.
(Gulf-Times.com)
 QEWS to build new plant – Qatar Electricity & Water Company
(QEWS) will expand its production capacity by building a plant
with an installed capacity of 2,400MW of power and 130mn
gallons of desalinated water per day. The plant will be located in
Umm Al Haul. QEWS’ General Manager Fahad Al Muhannadi
said that the company expects to award the contract within the
next three months. Al Muhannadi said that four companies have
evinced interest to participate in the bidding process. According
to reports, Qatar’s current power generation capacity is
8,700MW, while the expected peak load during summer 2014 is
about 6,800MW, which means there is a surplus capacity of
about 2,000MW. All power stations are fully equipped and
prepared to operate at full capacity to meet the peak demand
during the summer which coincides with Ramadan when
demand for electricity and water is expected to increase. QEWS
is the first private sector company in the region, engaged in the
generation of electricity and desalinated water supplied to Qatar
General Electricity & Water Corporation (Kahramaa) – the sole
distributor of utilities in the country. (Peninsula Qatar)
 MERS teams up with ORDS as Nojoom partner – Ooredoo
(ORDS) has announced that Al Meera Consumer Goods
Company (MERS) will be its newest Nojoom partner this
Ramadan. The telecom giant said that the move was an effort to
continue bringing a larger variety of reward options for
customers during the holy month. Ooredoo customers can now
redeem Nojoom points and complete their shopping at selected
Al Meera outlets in Qatar until July 27. (Gulf-Times.com)
 QD-CPC Industries commences operations in Qatar – QD-
CPC for Industries has announced the inception of its business
in Qatar in the areas of construction & real estate development
in the Qatari market, as well as to provide contractors and real
estate developers in Qatar with all their needs under its recent
vast urban renaissance. QD-CPC for Industries was founded in
2011 as a Saudi-Qatari partnership which includes the Qatari
Diar, Barwa Real Estate Company (BRES), Saudi Binladen and
CPC International, an affiliate of Construction Products Holding
Company (CPC), which is specialized in providing all
construction products under one roof. (GulfBase.com)
 QIBK to disclose results on July 14, 2014 – Qatar Islamic
Bank (QIBK) will disclose the financial reports for the period
ending June 30, 2014, on July 14, 2014. (QE)
 QGTS to disclose results on July 15, 2014 – Qatar Gas &
Transport Co. (QGTS) will disclose its financial results for the
period ending June 30, 2014, on July 15, 2014. (QE)
 QNNS to disclose results on July 20, 2014 – Qatar Navigation
(QNNS) will disclose its financial results for the period ending
June 30, 2014, on July 20, 2014. (QE)
 ORDS to disclose results on July 23, 2014 – Ooredoo
(ORDS) will disclose its financial results for the period ending
June 30, 2014, on July 23, 2014. (QE)

4. Page 4 of 7
International
 Fed awards record amount of reverse repos – According to
the New York Federal Reserve the Federal Reserve awarded a
record amount of reverse repurchase agreements to banks,
money market funds and mortgage finance agencies on
Monday. The US central bank has ramped up testing of its fixed-
rate reverse repo program which it created to help achieve its
interest rate target when it decides to move away from its
current near-zero rate policy. The New York Fed said, the
central bank on Monday issued $339.5bn of these overnight
loans to 97 bidders to whom it will pay an overnight rate of
0.05%. This was more than double the $140.9bn the Fed
awarded on Friday. (Reuters)
 BNP to pay almost $9bn to end US sanctions probe – BNP
Paribas SA (BNP) agreed to plead guilty to US sanctions
violations and pay $8.97bn after prosecutors resisted French
opposition to the record punishment, saying it serves as a
warning to financial firms. BNP Paribas, France’s largest bank,
admitted in court documents yesterday that it processed almost
$9bn in banned transactions from 2004 to 2012 involving Sudan,
Iran and Cuba. The company will be barred from US dollar-
clearing operations for one year for its oil and gas commodity
finance business, and it promised not to employ 13 key
executives. Overtures this year by numerous French officials,
including President Francois Hollande, weren’t enough to
persuade US authorities to take a more lenient approach with
the Paris-based lender amid concerns that a large penalty could
undermine Europe’s financial system. The bank said it will take
a second-quarter charge of $7.9bn. (Bloomberg)
 ECB to wait for June measures to bite as inflation stays low
– Euro zone inflation remained stuck at levels last seen during
the 2009 recession and lending to companies and households
contracted again, data showed on Monday, further highlighting
the bloc's feeble economic state. The reports - for June and
May, respectively - underlined the reason for the European
Central Bank's(ECB) unprecedented policy steps earlier in June
when it cut interest rates to record lows and promised to hand
out more long-term loans to encourage banks to lend more
freely. It will take a while for the measures to take effect and
they would not have influenced Monday's releases. Details have
not yet been announced for the long-term loans and most
economists do not expect any fresh policy steps when the ECB
meets on Thursday. But there is no sign that the pressure on the
ECB is easing. The European Union's statistics office Eurostat
said annual euro zone inflation stayed at 0.5% in June
compared with last month. Core annual inflation - excluding
energy, food, alcohol and tobacco - inched up to 0.8%.
(Reuters)
 Japan’s companies lift investment plans even as mood
weakens – Japanese companies increased their investment
plans more than forecast even as a sales-tax hike dented
sentiment, potentially aiding Prime Minister Shinzo Abe’s effort
to stoke an economic recovery. A Bank of Japan report showed
large companies across all industries plan to lift capital spending
7.4% this fiscal year through March, more than a 0.1% increase
they signaled three months earlier. That was above a median
6% gain forecast in a survey of 22 economists by Bloomberg
News. A gauge of sentiment among large manufacturers fell to
12 from 17 in March. Abe is counting on companies to use
record cash holdings to boost investment and wages as
consumers feel a crunch from inflation five-times faster than
income growth as the Bank of Japan pumps record stimulus.
Capital expenditure remains well below a 2007 peak, and about
the same level as in the late 1980s, underscoring Abe’s intention
to create fresh business opportunities and incentives for
corporate spending at home. (Bloomberg)
 China manufacturing gauge rises to six-month high –
China’s manufacturing expanded in June at the fastest pace this
year, adding to signs that the government’s efforts to arrest a
slowdown are helping to stabilize the world’s second-biggest
economy. The National Bureau of Statistics and China
Federation of Logistics and Purchasing said the Purchasing
Managers’ Index (CPMINDX) was at 51.0, matching the median
estimate of analysts surveyed by Bloomberg News. May’s
reading was 50.8, with numbers above 50 signaling expansion.
The pickup will help protect the government’s growth target of
about 7.5% this year, after authorities unveiled steps including
faster infrastructure investment, tax breaks and lower reserve
requirements for some banks. A slumping property market and
rising bad debts threaten to sap any gains in the second half.
(Bloomberg)
Regional
 OPEC June output rises as members fill in for Iraq loss – A
Bloomberg survey showed that OPEC crude production climbed
for the second month in June as gains in Saudi Arabia and
Nigeria made up for the loss of Iraqi barrels. According to the
survey of oil companies, producers and analysts, production by
the 12-member OPEC rose by 278,000 bpd to 30.223mn. Last
month’s total was revised 43,000 barrels a day lower to
29.945mn because of changes to the Kuwaiti, Libyan and
Ecuadorian estimates. Violence flared up in Iraq, OPEC’s
second-biggest producer this month as a militant group seized
Mosul, the country’s biggest northern city, and advanced south
toward Baghdad. Fears that the upsurge may ignite a civil war
sent prices higher. (Bloomberg)
 Abraaj mandates Citi to evaluate options for K-Electric
stake – Abraaj Group has hired Citigroup to evaluate strategic
options for its stake in K-Electic, an integrated power utility
based in Pakistan. Earlier, Abraaj acquired a controlling share in
K-Electric in 2009 through its investment in KES Power, the
majority shareholder of K-Electric. (Bloomberg)
 Falcom, Sedco sign strategic partnership agreement –
Falcom Financial Services and Sedco Capital have signed a
strategic partnership agreement in Riyadh. Under the terms of
the agreement, Sedco Capital will manage the investment
portfolio of Falcom Arab Markets registered at the Capital
Market Authority (CMA). (GulfBase.com)
 Qalaa, CPC ink sale-purchase agreement for sale of Sphinx
Glass – Egypt-based Qalaa Holdings (formerly known as
Citadel Capital) and Saudi-based Construction Products Holding
Company’s (CPC) subsidiary – CPC Emirates have signed a
sale and purchase agreement for the sale of 100% of Sphinx
Glass. The size of the transaction implies an enterprise value of
around $180mn, which translates into a cash consideration of
$114.2mn for 100% of the shares after deducting debt and
liabilities to be assumed by CPC. The transfer of cash and
shares is expected to conclude in July 2014. Qalaa Holdings’
73.3% stake in Sphinx Glass will result in cash proceeds of
around $73mn to Qalaa Holdings after the estimated capital
gains tax. (GulfBase.com)
 Saudi Post, Alinma Bank sign global remittance deal with
Western Union – Saudi Postal Corporation and Alinma Bank
have entered into an agreement with Western Union to offer
Western Union money transfer services in the Kingdom. Under
the terms of the agreement, remittance services will be offered
through the Ersal money transfer service, which is the money
transfer JV launched by Saudi Post and Alinma Bank in 2013.

5. Page 5 of 7
Starting in Ramadan, the service will be available at 15 post
office locations across the Kingdom, taking the number of
Western Union locations in the country to over 200.
(GulfBase.com)
 Saudi unveils SR55bn Madinah residential development –
Saudi Arabia is set to develop a mammoth housing project in
Madinah at a cost of SR55bn on a 1.6mn square meters area.
The project will be executed in two phases and is expected to be
completed within two years. The first phase will involve
infrastructure preparations for the project at a cost of SR12bn,
while the second phase will witness the construction of the
towers which will begin before the upcoming Hajj season. The
project will boast of 20 administrative towers and 80 residential
towers (each over 30-storey high) besides a monorail station,
restaurants and shops. The project will also house a 400-bed
hospital and catering facilities. (GulfBase.com)
 Saudi CMA approves change in Nomura’s business profile
– The Saudi CMA’s board of commissioners has approved the
amendment of the business profile of Nomura Saudi Arabia
Company by cancelling its dealing as principal and agent,
managing investment fund, discretionary portfolio management
and custody. The company is now authorized to conduct
arranging and advising activities. (Tadawul)
 Saudi CMA approves change in Anfaal Capital’s business
profile – The Saudi CMA’s board of commissioners has
approved the amendment of the business profile of Anfaal
Capital Company by adding its dealing as principal activity. The
company is now authorized to conduct dealing as principal,
managing investment funds, discretionary portfolio
management, arranging, advising and custody activities.
(Tadawul)
 Saudi CMA approves SEDCO’s capital increase – The Saudi
CMA’s board of commissioners has approved SEDCO Capital
Company’s request to increase its capital from SR50mn to
SR200mn. (Tadawul)
 SAMAPCO begins commercial operations – The joint venture
of Saudi Arabia Mining Company (MAADEN) and Sahara
Petrochemical Company, Sahara & Maaden Petrochemical
Company (SAMAPCO), has begun commercial operations. The
plant is designed to produce 250,000 tons per year of
concentrated caustic soda and 300,000 tons of ethylene
dichloride (EDC). (Tadawul)
 KHC, PBME sign JV agreement to invest in Africa – Kingdom
Holding Company (KHC) and PineBridge Investments Middle
East (PBME) have signed a MoU to establish a joint venture
(JV) platform to invest in direct private equity opportunities in
Africa. The JV will invest in African companies, in response to
rising investor demand for exposure to the continent's fast-
growing economies. The key focus sectors include
manufacturing, consumer-driven sectors, infrastructure, financial
services and other sectors. (Bloomberg)
 Atheeb sells Riyadh real estate for SR160mn – Etihad Atheeb
Telecommunications Company (Atheeb) has sold a building and
two plots of land in Riyadh for SR160mn. These assets had a
book value of SR60mn, giving Atheeb a gain of SR100mn.
(Reuters)
 SMC ties up with Bavarian-Arab Society – The Sharjah Media
Centre (SMC) has signed a MoU with the Munich-based
Bavarian-Arab Society to promote Sharjah’s presence in the
German media and business sector. The two sides will use the
MoU to boost media cooperation and exchange knowledge &
skills. Both parties will coordinate efforts in organizing
conferences, forums and other events at the International Press
Club of Munich. (GulfBase.com)
 Nakheel unveils plan for Deira Islands shopping mall –
Dubai developer Nakheel will construct a 620,000 square
meters retail, dining and entertainment hub at Deira Islands, its
new 15.3 square kilometers waterfront destination development
in Dubai as part of its retail expansion strategy. Nakheel has
awarded a contract for nearly AED40mn to RSP Architects,
Planners and Engineers to work as the design and supervision
consultant for Deira Islands Mall, which will have over 200,000
sq m of leasable space, hundreds of shops, cinemas and a wide
variety of cafes & restaurants. RSP has also been appointed the
design consultant for Nakheel Mall on Palm Jumeirah.
(GulfBase.com)
 Etisalat & Huawei announce successful trial of optical
transport network technology – Emirates Telecommunication
Corporation (Etisalat) and Huawei have announced the
successful trial of a new OSN9800 U16 & 400G optical transport
network technology in the UAE, which can be used to expand
Etisalat’s network capacity in the future in order to meet the
increasing bandwidth requirements from local customers. The
latest trial is the first time that the Huawei’s flagship OptiX OSN
9800 U16 solution has been tested worldwide and it is the first
time in the MENA region that a commercially available OTN-
based 400G line board has been tested. (GulfBase.com)
 SCAD: Total value of non-oil foreign merchandise trade
reaches AED34.9bn in 1Q2014 – According to a report
released by the Statistics Centre Abu Dhabi (SCAD), the total
value of non-oil foreign merchandise trade reached AED34.9bn
in 1Q2014, reflecting an increase of AED1.9bn (5.9%) as
compared to 1Q2013. Imports increased by AED763mn (3.1%),
non-oil exports rose by AED1,602mn (44.2%), while the value of
re-exports decreased by AED431mn (9.9%) over the same
period. Imports contributed 73.8% of the total foreign trade in
1Q2014, while non-oil exports and re-exports contributed 15%
and 11.2% respectively. Machinery & transport equipment was
the largest contributor to imports in 1Q2014, representing 47.8%
of the total imports. Its value increased by AED1,101mn (9.8%)
as compared to 1Q2013. The second largest section in 1Q2014
was manufactured goods classified by material at AED5,655mn,
indicating a decrease of AED434mn (7.1%) as compared to
1Q2013. The third largest was chemicals and related products
representing 10.2% of the total. Its value increased by
AED319mn (13.8%) over the same period. The Asia continent
represented the leading source (43.9%) of imports in 1Q2014.
Imports from Europe and North America represented 31.5% and
12.6% of the total imports during the quarter. The US emerged
as the leading destination of imports with AED3,025mn. There
were increases in imports from France (up AED501mn), Japan
(up AED366mn), China (up AED323mn), and Germany (up
AED300mn). These were partially offset by decreases from Italy
(down AED498mn), and Saudi Arabia (down AED438mn).
(GulfBase.com)
 ADFD provides AED33mn backing for Sierra Leone solar
park – Abu Dhabi Fund for Development (ADFD) is backing a
solar power project in Sierra Leone. As part of a long-term, low-
interest loan agreement, ADFD will provide AED33mn to build a
6 megawatt solar park in Sierra Leone’s capital Freetown. The
project will be directly monitored by ADFD. The total cost of the
project is $18mn, funded equally by ADFD and the Sierra Leone
government. The solar park will be constructed along the 21-
kilometre Toke-Lumley highway. (GulfBase.com)
 ADNOC, GE sign MoU with PI – Abu Dhabi National Oil
Company (ADNOC) and GE Oil & Gas (GE) have signed a MoU

6. Page 6 of 7
with the Petroleum Institute University & Research Center (PI) to
provide specialized training programs, summer internship
opportunities and educational tools for PI students as part of its
commitment to promote human capital development and
promote knowledge-sharing. As part of the three-year
agreement, GE will support at least one senior graduation
project per academic year and two training sessions per
semester on subjects related to turbo-machinery, rotating
equipment vibration analysis and inspection technologies. GE
will also host at least one field visit every academic semester
and initially provide about three to four summer internship
opportunities with the goal of expanding it to 10 internships over
the next three years. (GulfBase.com)
 TCA: Abu Dhabi hotel sector revenue rises 14% to
AED2.6bn – According to the Abu Dhabi Tourism & Culture
Authority (TCA), Abu Dhabi's hotel sector witnessed a 78%
increase in occupancy rates from January 2014 to May 2014.
More than 1.4mn guests stayed in the Emirate’s 155 hotels and
hotel apartments, reflecting a 30% increase over the same in
2013. Hotel revenues rose 14% to AED2.6bn with food &
beverage income climbing 12% to just over AED1bn. Abu Dhabi
saw a 30% growth in domestic guests for the first five months in
2014, while internationally India is now the top performing
market for the Emirate. (Bloomberg)
 Etihad, ANZ sign agreement to provide line maintenance
services – Etihad Airways and Air New Zealand (ANZ) have
signed an agreement to provide line maintenance services in
Melbourne, Australia and Los Angeles, US. The agreement
continues an existing service provided by ANZ to perform full-
line maintenance services for Etihad in Los Angeles. However,
Etihad will soon perform all scheduled and non-scheduled line
maintenance services on Air New Zealand aircraft in Melbourne.
ANZ operates an average of five daily flights from Melbourne to
destinations in New Zealand. (Bloomberg)
 Al Hamra secures AED850mn financing – Al Hamra Real
Estate Development (Al Hamra) has obtained an AED850mn
financing facility from international and local banks led by
Goldman Sachs. Al Hamra intends to use the seven-year facility
to refinance existing debt as well as to finance the planned new
real estate projects. (Reuters)
 OCC bags OMR58,000 export order from US – Oman
Ceramics Company (OCC) has received an export order worth
OMR58,000 from the US. The regular supply of the order has
already begun from January 2014. The company expects more
orders from the US and sales to this region are expected to go
up to 30% (of the total export sales) by 2014-end. OCC also
bagged another order worth OMR105,000 from Suhail Bahwan
for a residential project in Al Hail. (GulfBase.com)
 Muscat Fund to invest in IPOs, GDSs – Muscat Fund’s AGM
has decided to invest in IPOs in Oman and Global Depository
Receipts (GDRs) in global financial markets related to
companies listed on the Muscat Securities Market (MSM).
 National Gas wins contract extension – National Gas
Company has received contract extension from upstream oil
production company, Daleel Petroleum for an additional two-
year period. The contract is extended considering the
performance of National Gas in last six years, and will be
effective till July 31, 2016. (MSM)
 ACWA Power Barka’s BoD clarifies dividend announcement
– Concurrent to ACWA Power Barka’s announcement on June
18, 2014, its board of directors has clarified that the 20%
announced dividend amounting to OMR3.2mn is based on the
retained earnings as per the audited financial statements as of
December 31, 2013. (MSM)
 Alba expansion work to start by 2014-end – Aluminium
Bahrain’s (Alba) CEO, Tim Murray, said that the company’s
proposed $2.5bn expansion program to add a sixth production
line is likely to start by the end of 2014. The bankable feasibility
study is almost complete and the project is now subject to
approvals from the board and authorities. The construction of a
fifth power station will also be a part of the expansion program.
The next steps include finalizing the long-term contracts to
secure gas supplies for powering the new line. The project
would take 36 months for completion from the commencement
date. Once the sixth potline goes on stream, Alba expects to
produce an additional 400,000 tons of aluminum a year,
boosting its current production capacity by 45% to around 1.3mn
tons. (GulfBase.com)
 Bahrain signs BHD13mn water project contracts – Bahrain
has signed BHD13mn contracts with two local companies for the
installation of ground storage tanks as part of the second phase
of its water transmission development project, which is financed
by the Kuwait Fund for Arab Economic Development. Electricity
and Water Authority CEO, Shaikh Nawaf bin Ibrahim Al Khalifa,
signed a BHD8.8mn contract with Panorama Contracting and
Engineering Services for the construction of two tanks with a
capacity of 20mn gallons at Hidd Pumping Station and a 10mn
gallons tank at the Refinery Distribution Station. The country has
also signed a BHD3.8mn contract with Ramsis Engineering for
two tanks with a capacity of 5mn gallons and another 2mn
gallons tank at the West Riffa Blending Station. (GulfBase.com)
 BAB signs MoU with 21CC – The Bahrain Association of
Banks (BAB) has signed a MoU with the newly-formed firm 21st
Century Consulting (21CC). The main objective of this
association is to help promote the highest standards of ethical
banking standards through the proliferation of knowledge,
education and research in this sector. (GulfBase.com)

7. 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 7 of 7
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
QE Index S&P Pan Arab S&P GCC
(0.0%)
(1.5%)
(0.1%)
0.0%
0.8%
(2.1%)
(4.4%)
(5.6%)
(4.2%)
(2.8%)
(1.4%)
0.0%
1.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,327.32 0.8 0.8 10.1 DJ Industrial 16,826.60 (0.1) (0.1) 1.5
Silver/Ounce 21.03 0.3 0.3 8.0 S&P 500 1,960.23 (0.0) (0.0) 6.1
Crude Oil (Brent)/Barrel (FM
Future)
112.36 (0.8) (0.8) 1.4 NASDAQ 100 4,408.18 0.2 0.2 5.5
Natural Gas (Henry
Hub)/MMBtu
4.42 0.9 0.9 1.7 STOXX 600 341.86 (0.0) (0.0) 4.1
LPG Propane (Arab Gulf)/Ton 105.63 (1.4) (1.4) (16.5) DAX 9,833.07 0.2 0.2 2.9
LPG Butane (Arab Gulf)/Ton 126.00 (0.6) (0.6) (7.2) FTSE 100 6,743.94 (0.2) (0.2) (0.1)
Euro 1.37 0.3 0.3 (0.4) CAC 40 4,422.84 (0.3) (0.3) 3.0
Yen 101.33 (0.1) (0.1) (3.8) Nikkei 15,162.10 0.4 0.4 (6.9)
GBP 1.71 0.4 0.4 3.3 MSCI EM 1,050.78 0.4 0.4 4.8
CHF 1.13 0.5 0.5 0.7 SHANGHAI SE Composite 2,048.33 0.6 0.6 (3.2)
AUD 0.94 0.1 0.1 5.8 HANG SENG 23,190.72 (0.1) (0.1) (0.5)
USD Index 79.78 (0.3) (0.3) (0.3) BSE SENSEX 25,413.78 1.3 1.3 20.0
RUB 33.98 0.8 0.8 3.4 Bovespa 53,168.22 0.0 0.0 3.2
BRL 0.45 (0.9) (0.9) 6.8 RTS 1,366.08 (1.0) (1.0) (5.3)
165.1
145.8
132.7