1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index rose 5.6% to close at 12,134.1. Gains were led by the Real
Estate and Banking & Financial Services indices, gaining 7.3% and 6.8%,
respectively. Top gainers were Vodafone Qatar and Mazaya Qatar Real Estate
Dev., rising 10.0% each. Among the top losers, Qatar National Cement Co. fell
0.2%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.7% to close at 9,584.3. Gains were led
by the Hotel & Tourism and Tele. & Info. Tech. indices, rising 2.2% each. Umm
Al-Qura Cement gained 10.0%, while The Co. for Coop. Ins. was up 5.0%.
Dubai: The DFM index gained 3.2% to close at 4,067.7. The Investment &
Financial Services index gained 5.6%, while the Real Estate & Const. index
rose 4.9%. Dubai Investments gained 11.1%, while Arabtec was up 10.3%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,579.4. The
Inv. & Fin. Services index gained 6.3%, while the Real Estate index was up
5.6%. Nat. Marine Dredging surged 14.6%, while Eshraq Prop. gained 13.1%.
Kuwait: The KSE index fell 0.3% to close at 6,948.5. The Technology index
declined 1.1%, while the Oil & Gas index was down 0.9%. Pearl Of Kuwait
Real Estate Co. fell 13.2%, while Kuwait Syrian Holding Co. was down 9.1%.
Oman: The MSM index rose 0.2% to close at 7,020.5. Gains were led by the
Financial and Services indices, rising 0.2% and 0.1%, respectively. Ahli Bank
gained 5.5%, while Sohar Power was up 2.8%.
Bahrain: The BHB index declined 0.1% to close at 1,425.6. The Commercial
Banking index fell 0.3%, while other indices remained unchanged. Ahli United
Bank was down 0.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.27 10.0 3,281.2 61.3
Mazaya Qatar Real Estate Dev. 16.94 10.0 1,828.7 51.5
Ezdan Holding Group 21.39 10.0 2,126.5 25.8
Masraf Al Rayan 50.00 9.9 3,394.4 59.7
Widam Food Co. 54.00 9.1 28.2 4.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 50.00 9.9 3,394.4 59.7
Vodafone Qatar 17.27 10.0 3,281.2 61.3
Ezdan Holding Group 21.39 10.0 2,126.5 25.8
Mazaya Qatar Real Estate Dev. 16.94 10.0 1,828.7 51.5
Barwa Real Estate Co. 38.00 7.0 1,760.6 27.5
Market Indicators 01 Jul 14 30 Jun 14 %Chg.
Value Traded (QR mn) 848.9 560.7 51.4
Exch. Market Cap. (QR mn) 666,761.2 632,232.6 5.5
Volume (mn) 20.9 12.6 65.3
Number of Transactions 9,953 6,756 47.3
Companies Traded 41 43 (4.7)
Market Breadth 40:1 8:28 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,097.95 5.6 2.7 22.0 N/A
All Share Index 3,093.86 5.3 2.7 19.6 14.8
Banks 2,960.65 6.8 4.6 21.2 14.7
Industrials 4,172.59 3.9 2.3 19.2 16.3
Transportation 2,098.69 4.5 (1.0) 12.9 13.5
Real Estate 2,529.08 7.3 2.8 29.5 12.7
Insurance 3,403.99 0.4 (0.2) 45.7 8.9
Telecoms 1,512.47 6.2 (1.1) 4.0 20.9
Consumer 6,648.47 3.1 0.7 11.8 26.1
Al Rayan Islamic Index 4,024.81 5.9 2.2 32.6 17.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
National Mar. Dred. Co. Abu Dhabi 8.48 14.6 27,864.7 (1.4)
Dubai Investments Dubai 3.00 11.1 34,906.4 28.9
Arabtec Holding Co. Dubai 2.88 10.3 225,772.6 40.5
Vodafone Qatar Qatar 17.27 10.0 3,281.2 61.3
Ezdan Holding Group Qatar 21.39 10.0 2,126.5 25.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Investbank Abu Dhabi 2.70 (10.0) 86.0 10.4
Ajman Bank Dubai 2.30 (7.6) 131.3 (7.3)
Drake & Scull Int. Dubai 1.29 (4.4) 115,334.6 (10.4)
Dubai Financial Market Dubai 2.50 (4.2) 84,014.5 1.2
DP World Ltd. Dubai 19.00 (3.6) 98.7 7.3
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%
Qatar National Cement Co. 134.70 (0.2) 16.0 13.2
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 50.00 9.9 160,932.1 59.7
QNB Group 174.20 6.7 100,162.3 1.3
Barwa Real Estate Co. 38.00 7.0 65,426.5 27.5
Ooredoo 125.00 5.1 54,849.8 (8.9)
Vodafone Qatar 17.27 10.0 54,495.0 61.3
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,134.14 5.6 2.7 5.6 16.9 233.19 183,159.3 15.1 2.1 4.1
Dubai 4,067.67 3.2 (3.7) 3.2 20.7 554.85 81,210.8 16.3 1.6 2.6
Abu Dhabi 4,579.40 0.6 (1.8) 0.6 6.7 211.13 128,974.6 13.5 1.7 3.6
Saudi Arabia 9,584.31 0.7 0.2 0.7 12.3 1,392.37 522,345.1 19.1 2.3 2.9
Kuwait 6,948.47 (0.3) (0.5) (0.3) (8.0) 29.67 109,489.6 16.5 1.1 4.0
Oman 7,020.45 0.2 1.1 0.2 2.7 13.53 26,002.6 12.2 1.7 3.9
Bahrain 1,425.62 (0.1) (0.4) (0.1) 14.2 0.43 53,401.4 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
11,600
11,800
12,000
12,200
12,400
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 rose 5.6% to close at 12,134.1. The Real Estate
and Banking & Financial Ser. indices led the gains. The index
rose on the back of buying support from Qatari shareholders
despite selling pressure from non-Qatari shareholders.
 Vodafone Qatar and Mazaya Qatar Real Estate Dev. were the
top gainers, rising 10.0% each. Among the top losers, Qatar
National Cement Co. fell 0.2%.
 Volume of shares traded on Tuesday rose by 65.3% to 20.9mn
from 12.6mn on Monday. However, as compared to the 30-day
moving average of 21.9mn, volume for the day was 4.6% lower.
Masraf Al Rayan and Vodafone Qatar were the most active
stocks, contributing 16.3% and 15.7% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/01 US Markit Markit US Manufacturing PMI June 57.3 57.5 57.3
07/01 US ISM ISM Manufacturing June 55.3 55.9 55.4
07/01 US ISM ISM Prices Paid June 58.0 60.0 60.0
07/01 US Bloomberg IBD/TIPP Economic Optimism July 45.6 48.0 47.7
07/01 EU Markit Markit Eurozone Manufacturing PMI June 51.8 51.9 51.8
07/01 EU Eurostat Unemployment Rate May 11.60% 11.70% 11.60%
07/01 France Markit Markit France Manufacturing PMI June 48.2 47.8 48.2
07/01 Germany Deutsche Bundesbank Unemployment Change (000's) June 9K -10K 26K
07/01 Germany Deutsche Bundesbank Unemployment Rate June 6.70% 6.70% 6.70%
07/01 Germany Markit Markit/BME Germany Manufacturing PMI June 52.0 52.4 52.0
07/01 UK Markit Markit UK PMI Manufacturing SA June 57.5 56.8 57.0
07/01 Spain Markit Markit Spain Manufacturing PMI June 54.6 53.0 52.9
07/01 Italy Markit Markit/ADACI Italy Manufacturing PMI June 52.6 53.2 53.2
07/01 Italy ISTAT Unemployment Rate May 12.60% 12.60% 12.50%
07/01 Italy Italian Treasury Budget Balance June 7.7B – -6.4B
07/01 China CFLP Manufacturing PMI June 51.0 51.0 50.8
07/01 China Markit HSBC China Manufacturing PMI June 50.7 50.8 50.7
07/01 Japan Markit Markit/JMMA Japan Manufacturing PMI June 51.5 – 51.5
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QCB auctions T-bills worth QR4bn – The Qatar Central Bank
(QCB) has auctioned treasury bills worth QR4bn on July 1,
2014, for which it received bids totaling QR10.66bn. T-bills worth
QR2bn with a three-month maturity period were auctioned at a
yield of 0.66%. T-bills with six-month maturity worth QR1bn
were sold at 0.82% yield, while T-bills with nine-month maturity
worth QR1bn were auctioned at 0.90% yield. (QCB)
 MDPS: Qatar trade surplus rises 7.8% in May – Qatar’s
foreign trade surplus rose to QR33.3bn in May 2014 from
QR30.9bn in May 2013, up by 7.8%. A Ministry of Development
Planning & Statistics (MDPS) statement said that exports of
petroleum gases and other gaseous hydrocarbons increased
10.7% YoY to QR27.2bn in May. In May 2014, the major
destination countries for Qatar’s exports were Japan with
QR9.3bn, a share of 22.1% of the total exports, South Korea
with QR7.3bn (17.3%), and India with QR5.7bn (13.5%). Motor
cars and other passenger vehicles were at the top of the
imported group of commodities in May 2014, with QR0.5bn,
reflecting a decrease of 22.4% as compared to May 2013. In
second and third place were imports of iron ores and
concentrates, including roasted iron pyrites reaching QR0.5bn,
increasing by 96%, and aircraft spare parts with QR0.4bn,
decreasing by 10.7%. In May 2014, China was the leading
country of origin of Qatar’s imports with QR0.9bn, a share of
10.3% of the imports. (Peninsula Qatar)
 Qatari banks geared up to boost capital base in line with
Basel III norms – Qatar’s banking industry is all geared up to
strengthen its capital base in line with the new Basel III norms.
Given the expected increase in the capital adequacy ratio
(CAR), many lenders are now contemplating moves to enhance
their capital either through rights issue or hybrid routes. The
Qatar Central Bank (QCB), which has already stipulated a
higher 12.5% Basel III CAR from the previous level of 10%, is
expected to increase it further to 14% by 2015 and to 16% by
2019 so as to ensure adequate “cushioning”, while the lenders
go in for funding the major infrastructure projects, which are
being announced in the run-up to Qatar hosting the 2022 FIFA
World Cup. The final Basel III circular for capital, liquidity, and
leverage ratios was issued in January 2014. The credit pick-up
has already started showing signs of strengthening and is
expected to gain traction since the country has outlined $150bn
to $200bn commitments toward infrastructure spending, ahead
Overall Activity Buy %* Sell %* Net (QR)
Qatari 65.85% 54.49% 96,440,902.13
Non-Qatari 34.15% 45.51% (96,440,902.13)

3. Page 3 of 7
of the FIFA World Cup. The International Monetary Fund (IMF)
said that broad money indicators and private sector credit have
continued to grow robustly after its Article IV consultation with
Qatar. (Gulf-Times.com)
 SCH: 48 healthcare projects are in the pipeline – The
Supreme Council of Health (SCH) has announced that as many
as 48 healthcare infrastructure projects will be completed by
2020 as part of the Qatar Health Facilities Master Plan
(QHFMP). The projects include 31 health centers, eight
diagnostic & treatment units, a general & specialized hospital
each, two long-term facilities and five hospital expansion plans.
Out of these facilities, 14 health centers and eight diagnostic
units will be completed within 2016. The general & special
hospitals, two long-term facilities and four hospital expansion
plans will be completed over 2015-2019. Another hospital
expansion will be completed over 2016-2020, while 17 more
health centers are to be completed within 2018-2020. This will
be part of the first action plan adopted for 2013-2018. SCH
clarified that the exact configuration of these facilities may
change in order to deliver the necessary services to the public.
QHFMP is a 20-year roadmap created toward improving the
country’s healthcare sector and is expected to be completed by
2033. The comprehensive blueprint, produced as part of the
National Health Strategy 2011-2016, outlines how Qatar can
support its vision for a world-class health system in new
buildings and facilities through the wise use of its resources.
(Gulf-Times.com)
 Demand for small plots for housing soaring – Demand for
small plots of land across the country for housing purposes has
been soaring, especially in Doha and its near & far-off suburbs.
The Ministry of Justice has released the transaction details
which showed that 157 deals were concluded between June 22
and June 26. The deals worth QR914.45mn were dominated by
the sale of small plots in Doha, Umm Salal, Al Khor, Al Wukair,
Al Rayan, Muathier among other places. A house admeasuring
only 93 square meters in Fereej bin Omran was sold for
QR1.22m. The most expensive deal was that of a house
admeasuring 1,123 square meters in Fereej bin Mahmoud that
was sold for QR90m at the rate of QR80,000 per square meters.
(Peninsula Qatar)
 Turkey's Kiler Holding signs MoU with Al Rayyan to operate
supermarkets in Doha – Turkey's Kiler Holding has signed a
MoU with Qatar-based Al Rayyan to open and operate Kiler
supermarkets in Doha. Under the terms of the agreement, Kiler
and Al Rayyan will open and operate Kiler stores & introduce
Turkish products to the market. Kiler is expecting the final
agreement to be signed by September 2014 and the first store is
expected to be opened in early 2015, with at least 5 stores
expected to be rolled out in Doha. (Reuters)
 AKHI to disclose results on July 16, 2014 – Al Khaleej
Takaful Group (AKHI) will disclose its financial reports for the
period ending June 30, 2014, on July 16, 2014. (QE)
 MCGS to disclose results on July 16, 2014 – Medicare Group
(MCGS) will disclose its financial reports for the period ending
June 30, 2014, on July 16, 2014. (QE)
 MARK to disclose results on July 21, 2014 – Masraf Al Rayan
(MARK) will disclose its financial reports for the period ending
June 30, 2014, on July 21, 2014. (QE)
 VFQS to disclose 1Q2014 results on July 22, 2014 –
Vodafone Qatar (VFQS) will disclose its 1Q2014 financial results
on July 22, 2014. VFQS’s financial year runs from April 1 to
March 31 every year. (QE)
 QE suspends trading of QIGDs shares on July 2 – The Qatar
Exchange (QE) has announced trading suspension of Qatari
Investors Group (QIGD) shares on July 2, 2014 due to the
company’s scheduled EGM on that day. (QE)
International
 PMI: Global manufacturing activities accelerated in June –
A business survey showed global manufacturing activities
accelerated in June, and with new orders coming in faster output
is likely to pick up in the coming months. JPMorgan's Global
Manufacturing Purchasing Managers' Index (PMI) rose to a four-
month high of 52.7 in June from May's 52.1, holding above the
50 mark indicating growth for the 19th month in a row. A director
at JPMorgan David Hensley said the global PMI suggests the
growth of manufacturing output strengthened further into
midyear. He further added that with new order inflows
strengthening and inventories of finished goods indicated to be
declining, the stage is set for robust output gains in the coming
months. The survey revealed that new orders came in at their
fastest rate since February, while firms ran down stocks for the
third month. The US, Britain and much of Asia recorded solid
increases in manufacturing activities last month, but factories in
the Eurozone lost momentum. (Reuters)
 Factories sustain gains as US growth picks up – American
factories, propelled by the strongest orders of the year,
sustained gains in June and are poised to be part of the rebound
in economic growth. The Tempe, Arizona-based group’s report
showed the Institute for Supply Management’s manufacturing
index was 55.3 last month, which changed little from a five-
month high of 55.4 in May. Readings greater than 50 indicate
expansion. Producers of wood products, furniture, metals and
machinery were among those seeing a pick-up in demand as
gains in auto & home sales rippled through the world’s largest
economy. Growing consumer spending, lean inventories and
improving overseas markets will probably keep assembly lines
busy in the second half of 2014. The figures showed that
factories globally were also mostly on an upswing. According to
a gauge from the National Bureau of Statistics and China
Federation of Logistics and Purchasing, manufacturing activities
in China grew at the fastest pace of the year in June. According
to Markit Economics in the UK, manufacturing expanded in June
at the strongest pace in seven months. Other Markit data
showed that factories in the 18-nation Eurozone cooled last
month, as a deepening downturn in France offset a pick-up in
Spain. (Bloomberg)
 UK manufacturing unexpectedly quickens on demand surge
– The UK manufacturing growth unexpectedly accelerated to the
fastest pace in seven months as demand surged, adding to
signs of a broadening recovery. Markit Economics said the
industry index rose to 57.5 in June from 57 in May. Economists
forecast a decline to 56.8, based on the median estimate in a
Bloomberg News survey. A gauge of new orders increased to
61.1 from 59.5, also a seven-month high. The pound
strengthened after the report. The survey follows a report from
the Confederation of British Industry that showed demand at
factories strengthened in June and order books were the fullest
since December. Business investment is also recovering, and
Britain’s strengthening economy has prompted speculation
about when the Bank of England will raise its benchmark
interest rate from a record low. According to the report, the
growth in new orders in June was one of the fastest since the
survey began in 1992, while export orders increased for the 15th
month. Markit estimates that manufacturing expansion in the
second quarter may have exceeded the 1.5% pace recorded in
the three months through March. (Bloomberg)

4. Page 4 of 7
 Euro area jobless rate unchanged as crisis legacy lingers –
The Euro area unemployment rate was unchanged in May as
the currency bloc struggled to shake off the legacy of the debt
crisis. The European Union’s statistics office in Luxembourg said
the jobless rate remained at 11.6% after the April number was
revised down from 11.7%. The median forecast in a Bloomberg
News survey of 26 economists was for the rate to hold at the
previous level. The European Central Bank last month unveiled
a package of measures including a negative deposit rate and
conditional long-term loans to banks to stoke lending and drive
growth. ECB President Mario Draghi said in April that his
“biggest fear” is a stagnation that leads to high unemployment
becoming structural. London-based Markit Economics said
manufacturing activities in the Euro area slowed more than
initially estimated in June. Manufacturing grew at the fastest
pace since 2007 in Spain, while contracting for a second month
in France. (Bloomberg)
Regional
 Moody’s: High-risk assets continue to dominate GCC
insurers’ investment mix – According to a report by Moody's
Investors Service, the Gulf Cooperation Council (GCC) insurers
continue to face investment risks given the dominance of high-
risk assets in their investment mix. The report stated that equity
and real estate account for a material portion of GCC insurers'
total invested assets. Equities remain the key asset class for
GCC insurers, accounting for over 40% of the total investments
in 2013. Middle Eastern equities have historically provided
volatile returns given the market's relatively small size and the
recent turbulence in the global financial markets. Furthermore,
the Middle East lacks extensive use of risk mitigation strategies
such as hedging, and a significant rise in the use of such
techniques is unlikely over the medium-term. Real estate is also
a key investment class, accounting for over 20% of the total
invested assets in 2013. The main risks of real estate assets
stem from their valuation and liquidity. Specifically, real estate
assets are often recorded in insurers' financial statements at
market value, exposing the balance sheet to volatility. In
addition, the liquidity of real estate is frequently low, with a
surplus of completed properties further limiting the ability to
liquidate real estate assets quickly at balance-sheet values.
Moody's expects GCC insurers' investment strategies to shift
toward higher allocations to lower-risk assets over a period of
time. (GulfBase.com)
 MEBAA: Saudi Arabia owns 35% of private jets in Middle
East – According to a report released by the Middle East
Business Aviation Association (MEBAA), Saudi Arabia has a
total of 164 business jets, or 35% of all the registered planes in
the Middle East. Bombardier, Airbus and Embraer had sold the
most jet engine aircrafts since 2000. However, Boeing still
maintains the strongest presence with 38 jets registered across
10 countries in the Middle East. (GulfBase.com)
 Tabuk Pharmaceuticals, Pfizer sign commercial agreement
– Tabuk Pharmaceuticals has entered into a commercial
agreement with US-based global pharmaceutical company,
Pfizer. Under the terms of the agreement, Pfizer will grant Tabuk
exclusive rights to carry out manufacturing processes under
license as well as commercialize and distribute second brand
versions of four Pfizer products in Saudi Arabia. In addition,
Tabuk will give Pfizer rights to twelve high-value generic
products in Saudi Arabia. Both companies will seek the relevant
authorities’ approvals for registration, production and
commercialization. This agreement enables Tabuk to strengthen
its position in its domestic pharmaceutical market, as well as
expand its offering of innovative medicines in Saudi Arabia.
(GulfBase.com)
 Tadawul listed power firm sales up by 6% to SR37.46bn –
The energy & utilities sector comprising the two listed
companies – Saudi Electricity Company (SEC) and National
Gas & Industrial Company (GASCO) – registered a 6% increase
in sales to reach SR37.46bn in 2013 as compared to SR35.4bn
in 2012. However, the sales of the energy & utilities sector in
1Q2014 fell by 12.4% to SR7.53bn as compared to SR8.6bn in
1Q2013. In the mean time, the net losses of the sector rose by
42% to SR879.5mn in 1Q2014 as compared to SR620.7mn in
1Q2013. The capitals of SEC and GASCO stood at SR41.66bn
and SR750mn, respectively, while the market capitalization of
both firms is worth SR68bn, or 3.5% of the market value of the
capital market. (GulfBase.com)
 Korean consortium secures MIS deal for Saudi hospitals –
A Korean consortium comprising the Seoul National University
Bundang Hospital and SK Telecom Company has secured a
deal to provide medical information system (MIS) to Saudi
Arabian hospitals. The deal worth 70bn South Korean won was
struck with Saudi Arabia's Ministry of National Guard to provide
MIS to six hospitals over the next two years. The South Korean
partners will also establish a joint venture with the ministry to
expand sales to other countries in the Middle East. The deal is
expected to bring some 300bn South Korean won in sales over
the next five years. (GulfBase.com)
 BAE Systems restructures Saudi businesses; Riyadh Wings
to acquire 49% stake – Defense group BAE Systems said it is
bringing together its stakes and those of partner Riyadh Wings
Aviation Academy in companies specializing in training,
electronics and IT systems engineering under a single holding
company. Riyadh Wings will progressively acquire a 49% stake
in the holding company with BAE continuing to hold a majority
stake. BAE said the restructuring would improve the growth
prospects of the Saudi Arabian businesses and would not
significantly affect the underlying earnings over the near-term.
(GulfBase.com)
 Maaden’s subsidiary signs SR18.9bn financing agreements
– Saudi Arabian Mining Company (Maaden) has announced that
its subsidiary Maaden Waad Al Shamal Phosphate Company
has entered into financing agreements with the Public
Investment Fund, commercial banks and other financial
institutions, for a total amount of SR18.9bn without any
corporate financial guarantees. The loans will be for a period of
16.5 years and will be repaid in semi-annual installments
starting from December 31, 2018. The project is estimated to be
about SR28bn and is expected to commence production in the
new facilities in late 2016. Maaden, The Mosaic Company and
Saudi Basic Industries Corporation (SABIC) will own 60%, 25%
and 15% of the joint venture (JV), developing the Waad Al
Shamal Phosphate project respectively. The company will use
the financing for the development and construction of the
Maaden Waad Al Shamal Phosphate Project. (Tadawul)
 TASI reports 1H2014 report – The TADAWUL All Share Index
(TASI) closed at a level of 9,513.02 points at the end of 1H2014,
gaining 2,016.45 points (26.90%) over 1H2013. The TASI
registered a increase of 11.45% on a YTD basis. Highest close
level for the index during the period was 9,905.68 points as of
June 10, 2014. Total equity market capitalization at the end of
the 1H2014 reached SR1,945.15bn, increased by 29.93% as
compared to 1H2013. The total value of shares traded increased
47.64% to SR1,123.24bn in 1H2014 as compared to 1H2013,
while the total number of shares traded reached 38.51bn shares
during 1H2014 as compared to 29.35bn shares traded in
1H2013, increasing by 31.23%. The TASI recorded 18.51mn
total number of transactions in 1H2014 as compared to 17.65mn
trades during 1H2013, up by 4.82%. (Tadawul)

5. Page 5 of 7
 AAP Complex begins commercial operations on July 1 –
The commercial operations of Saudi Acrylic Acid’s (SAAC)
Acrylic Acid Plants complex (AAP complex) commenced on July
1, 2014. Sahara Petrochemicals Company owns 43.16%, while
TASNEE owns 52.3% of SAAC. The AAP complex includes a
production utilities unit (100% owned By Saudi Acrylic Acid
Company (SAAC)), Acrylic Monomers factory of Saudi Acrylic
Monomers Company (75% owned by SAAC, 25% Dow
Chemicals Company) and Super Absorbent Polymers factory of
Saudi Acrylic polymers company (75% owned by SAAC, 25% by
Evonik of German) where the necessary tests for commercial
operations were completed. (Tadawul)
 NGIC BoD recommends SR30mn dividend for 2Q2014 –
National Gas and Industrialization Company’s (NGIC) board of
directors (BoD) has recommended the distribution of 4%
dividend (SR0.4 per share) amounting to SR30mn for 2Q2014.
The dividend will be distributed on July 15, 2014. (Tadawul)
 Dubai-based Lulu Group to invest 3.5bn Indian Rupee in
Kochi Infopark – The Dubai-based Lulu Group, owned by NRI
businessman M A Yusuf Ali, will invest 3.5bn Indian Rupee to
further develop the L&T Tech Park, located at the Infopark
campus in Kochi, which it recently acquired for 1.5bn Indian
Rupee. Currently, the L&T Tech Park has a 400,000 square feet
IT building in its 7.44 acre campus and is going to build another
900,000 square feet space. Subject to the approval of the
Registrar of Companies, the L&T Tech Park will be known as
Lulu Tech Park Limited. The construction work is expected to
start by October 2015. (Gulf-Times.com)
 Al Thuriah launches two towers – Al Thuriah announced that
the Sahara 3 Tower will be completed ahead of schedule and
will be ready for occupancy by residents, before the end of
2014. The company also announced the construction of two
more high-rise residential towers – Sahara 4 and Sahara 5. The
new towers will be located in the Sahara Complex. The towers
will have three hospitals, more than 10 schools and Sahara Mall
in the vicinity. The apartments in both Sahara Tower 4 and
Sahara Tower 5 are available for freehold (ownership as per the
Sharjah Government Rules and Regulations) to GCC nationals
and Arabs with a UAE Resident Visa. (GulfBase.com)
 Gama Aviation opens private aviation terminal at SIA –
Switzerland-based air charter company, Gama Aviation FZE has
opened its exclusive executive terminal (FBO) at the Sharjah
International Airport (SIA), creating a full-service private aviation
hub serving Sharjah, Dubai and the Northern Emirates. The SIA
facility is performing above its target for weekly movements as
operators and owners seek to cut the transit time of principals &
crew to the Northern Emirates. (Bloomberg)
 Noor Takaful service recognized by Emirates Post – Noor
Takaful, the Islamic insurance arm of Noor Investment Group,
has been recognized by Emirates Post as a key strategic
partner for the delivery of high-standard services. Noor Takaful’s
portfolio includes offerings such as the GCC’s first e-takaful
service that provides instant quotes and online payment
facilities. (GulfBase.com)
 Amlak Finance proposes new deal to restructure $2.7bn
debt – Dubai-based Amlak Finance has proposed a new deal to
restructure about $2.7bn in debt. If the deal is agreed, Amlak will
make an initial 20% downpayment to depositors worth about
AED2bn. The remaining debt to commercial depositors will be
paid over 12 years, with about AED1.4bn turned into a
convertible instrument. PricewaterhouseCoopers is advising the
creditor committee. Emirates NBD is chairing the committee,
which also includes Standard Chartered, Dubai Islamic Bank,
Abu Dhabi Islamic Bank, Dubai’s Department of Finance and the
National Bonds Corp. KPMG is advising Amlak. (Bloomberg)
 Nakheel plans to build 1,000 villas to boost leasing income
– Dubai-developer Nakheel is planning to build 1,000 villas in
the emirate to rent out as it seeks to boost recurring income.
The construction work is expected to start before the end of
2014 and the villas would take about 18 months to complete.
Nakheel has announced plans to develop income-producing
assets, including 2,900 hotel rooms in the next three years as
well as 7.9mn square feet of shops, restaurants and leasing
space. (Bloomberg)
 DFM net foreign investment inflow reaches AED2.1bn in
June 2014 – According to statistics revealed by the Dubai
Financial Market (DFM), foreign investors bought stock worth
AED17.2bn comprising 48.3% of the total traded value in June
2014, while the value of stocks sold by foreign investors during
the same period reached AED15.1bn, comprising 42.4% of the
total value traded. Accordingly, DFM net foreign investment
inflow reached AED2.1bn. Arabs, others and GCC nationals
were net buyers on DFM in June 2014, while UAE national were
net sellers of AED2.1bn. Net buying reached AED1.2bn for
Arabs, AED780.5mn for others and AED138mn for GCC
nationals. The DFM General Index was down 22.5% to 3942.8
points at the end of June 2014 as compared to 5087.5 points at
the end of May 2014. The DFM General Index is up 17% year at
the end of June 2014. As for the sectors’ contribution to trading
volumes, the Real Estate and Construction sector was ranked
first in terms of traded value, to reach AED26.5bn, or 74.3% of
the total traded value in the market, followed by Financial &
Investment services sector with AED4.4bn or 12.4%. Market
activities during the month of June 2014 indicated that
investment decisions of foreign investors are derived from the
sound fundamentals of the national economy as well as the
strong and sustainable performance of the DFM-listed
companies. The statistics revealed constant interest from foreign
investors, whether retail or institutions, during June 2014,
despite the market volatility, which reflects their confidence and
the diversification & attractiveness of DFM opportunities. (DFM)
 EA plans to double flight frequency on India-UAE route –
Etihad Airways (EA) is planning more flights to double its flight
frequency on the India-UAE route. The airline will increase its
frequency of flights to Kochi, Bangalore, Chennai, Kozhikode
and Hyderabad from October 1, 2014 due to strong demand
from business and leisure travelers. The airline will utilize new
Airbus A320s, scheduled for delivery in 2014, to accommodate
much of the increased frequencies. (Bloomberg)
 UAB signs $100mn Murabaha syndication deal – United Arab
Bank (UAB) has announced the completion of a three-year
syndicated Murabaha facility worth $100mn with four banks
based in the UAE, Bahrain, and Kuwait. The Murabaha deal is
the first Islamic syndication completed by UAB. Al Hilal Bank
served as the mandated lead arranger and bookrunner for the
deal, while the Arab Banking Corporation, Sharjah Islamic Bank
and The National Bank of Kuwait were the other mandated lead
arrangers. The syndicated Murabaha facility, which has been
taken out for general corporate purposes, was almost twice
oversubscribed. This syndicated facility is the second for UAB in
a matter of months. (ADX)
 Zain Kuwait appoints new CCO – Zain Kuwait has appointed
Duncan Howard as its Chief Commercial Officer (CCO). Howard
joined Zain in September 2013 and had previously worked for
Vodafone and Vodafone Egypt. He will replace Albert
Fernandes, who resigned for personal reasons. (Reuters)

6. Page 6 of 7
 KKR, TPG looking to buy stake in Kuwait's Americana –
Private-equity firms KKR & Co and TPG Capital are among the
groups looking to buy a majority stake in food retailer Kuwait
Food Company (Americana). At least six groups are considering
bidding for the stake held by the Kuwait-based billionaire al-
Kharafi family. A deal could value the company at about $5bn,
Bloomberg reported. The other potential bidders include CVC
Capital Partners and Advent International Corp. The al-Kharafi
family owns 66.8% of Americana through its private investment
company MAK (Mohammed Abdulmohsin al-Kharafi & Sons).
(Reuters)
 OAB signs deal with OCC – Oman Arab Bank (OAB) has
signed new banking facilities for the new Cement Mill No. 5 to
the Oman Cement Company (OCC), including a term loan in
addition to the letters of credit. (GulfBase.com)
 SEZAD awards OMR36.27mn Duqm Airport Project contract
to Larsen & Toubro – The tender committee of the Special
Economic Authority at Duqm (SEZAD) has awarded the Duqm
Airport Terminal (Duqm Airport Project) contract valued at
OMR36.27mn to engineering contractor, Larsen & Toubro
(Oman). The contract represents Package 3 the Duqm Airport
project, which includes a modern passenger terminal with a
capacity to handle 500,000 passengers per annum, a 37-metre
high air traffic control tower, and an air cargo terminal equipped
to handle 25,000 tons of cargo per annum. (GulfBase.com)
 Majis unveils plans for new water projects at Sohar Port –
Majis Industrial Services has unveiled plans for a major ramp-up
of its infrastructure to help meet the rapidly escalating industrial
water needs of the Sohar Port and adjoining free zone. Majis
has invited expressions of interest (EoI) from qualified
contractors for two major projects planned for implementation at
the port. Estimated to cost tens of millions of dollars, the projects
in question pertain to the establishment of a central aerobic
treatment plant with membrane-based recycling and re-use plant
of 12,000 cubic m/d capacity, as well as the design &
construction of a seawater reverse osmosis (SWRO)
desalination plant of 28mn liters per day (MLD) capacity. Majis
will consider the engineering, procurement, construction (EPC)
route or set up a joint venture with the selected bidder for the
development and long-term operation of the facility.
(GulfBase.com)
 Inovest appoints new CEO – Bahrain-based investment
company, Inovest has appointed Nabeel Al Tattan as its new
Chief Executive Officer. Al Tattan has more than 25 years of
experience in the investment industry and the Islamic banking
sector. He will replace Ahmed Al Qattan. (GulfBase.com)
 Arcapita sells CardioMEMS for $450mn – Arcapita through its
Arcapita Ventures I fund has completed the sale of 81% stake in
Georgia, US-based CardioMEMS to St. Jude Medical (SJM).
Earlier, SJM acquired a 19% stake in CardioMEMS for $60mn,
and has now exercised its exclusive option to purchase the
remaining 81% of the company, in a transaction valued in
excess of $450mn. CardioMEMS has recently received USFDA
approval for its heart failure management system.
(GulfBase.com)
 Bahrain ICM launches key initiative for SMEs – Bahrain
Industry and Commerce Ministry (ICM) has launched an
initiative to develop a national policy for entrepreneurship in the
country during the 18th meeting of the main committee to co-
ordinate and integrate SME activities. This is part of the
ministry's strategy regarding small & medium enterprises
(SMEs) and entrepreneurship. (GulfBase.com)
 ABG’s Turkish subsidiary issues $350mn Sukuk – Al Baraka
Banking Group’s (ABG) Turkish subsidiary, Al Baraka Turk
Participation Bank, has completed an issuance of Islamic Sukuk
worth $350mn in the form of Sukuk Al Wakala-Murabaha. The
value of the total subscriptions reached $750mn, more than
double the required amount. The issue is rated BB by Standard
& Poor’s and is listed on the Irish Stock Exchange, and carries a
profit rate of 6.25% per annum for a five-year period and is
payable on June 30, 2019. Many banks, financial institutions
and investment funds from different main world financial centers
participated in the issue with 61% from the Middle East, 31%
from Europe and 8% from Asia. The joint lead managers of the
issue were Emirates NBD Capital, Nomura, QInvest and
Standard Chartered Bank. (Bahrain Bourse)

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
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views and opinions included in this report.
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (* Market closed on July 01, 2014) Source: Bloomberg (* Market closed on July 01, 2014)
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
0.7%
5.6%
(0.3%) (0.1%)
0.2%
0.6%
3.2%
(2.0%)
0.0%
2.0%
4.0%
6.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,326.39 (0.1) 0.8 10.0 DJ Industrial 16,956.07 0.8 0.6 2.3
Silver/Ounce 21.03 (0.0) 0.3 8.0 S&P 500 1,973.32 0.7 0.6 6.8
Crude Oil (Brent)/Barrel (FM
Future)
112.29 (0.1) (0.9) 1.3 NASDAQ 100 4,458.65 1.1 1.4 6.8
Natural Gas (Henry
Hub)/MMBtu
4.43 0.3 1.2 2.0 STOXX 600 344.89 0.9 0.9 5.1
LPG Propane (Arab Gulf)/Ton 106.00 0.4 (1.1) (16.2) DAX 9,902.41 0.7 0.9 3.7
LPG Butane (Arab Gulf)/Ton* 126.00 0.0 (0.6) (7.2) FTSE 100 6,802.92 0.9 0.7 0.8
Euro 1.37 (0.1) 0.2 (0.5) CAC 40 4,461.12 0.9 0.5 3.8
Yen 101.53 0.2 0.1 (3.6) Nikkei 15,326.20 1.1 1.5 (5.9)
GBP 1.72 0.3 0.7 3.6 MSCI EM 1,051.39 0.1 0.5 4.9
CHF 1.13 (0.1) 0.4 0.6 SHANGHAI SE Composite 2,050.38 0.1 0.7 (3.1)
AUD 0.95 0.7 0.7 6.5 HANG SENG* 23,190.72 0.0 (0.1) (0.5)
USD Index 79.82 0.1 (0.3) (0.3) BSE SENSEX 25,516.35 0.4 1.7 20.5
RUB 34.33 1.0 1.8 4.4 Bovespa 53,171.49 0.0 0.0 3.2
BRL 0.45 0.5 (0.3) 7.4 RTS 1,362.10 (0.3) (1.3) (5.6)
174.4
147.8
134.2