1. Page 1 of 8
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.0% to close at 13,155.6. Losses were led by the
Telecoms and Consumer Goods & Services indices, declining 2.5% and 1.8%,
respectively. Top losers were Qatar Islamic Bank and Vodafone Qatar, falling
3.7% each. Among the top gainers, United Development Co. rose 5.3%, while
Gulf International Services was up 2.9%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.5% to close at 9,736.8. Losses were led
by the Hotel & Tourism and Real Est. Dev. indices, declining 1.8% and 1.1%,
respectively. Alujain Corp. fell 6.4%, while Astra Ind. Group was down 6.3%.
Dubai: The DFM index declined 6.0% to close at 4,609.7. The Investment &
Financial Services index fell 7.9%, while the Services index was down 7.7%.
Gulf Finance House and Gulf General Investments Co. declined 10.0% each.
Abu Dhabi: The ADX benchmark index fell 2.3% to close at 4,915.0. The Real
Estate index fell 9.8%, while the Investment & Financial Services index was
down 6.7%. RAK Properties and Eshraq properties Co. declined 9.9% each.
Kuwait: The KSE index fell 0.2% to close at 7,084.2. The Parallel Market
index declined 0.7%, while the Real Estate index was down 0.6%. Kuwait
Syrian Holding fell 9.8%, while Arkan Al-Kuwait Real Estate was down 7.9%.
Oman: The MSM index declined 0.2% to close at 7,188.5. Losses were led by
the Financial and Industrial indices, declining 0.5% and 0.1%, respectively.
Oman & Emirates Inv. Holding fell 3.3%, while Nat. Detergent was down 2.2%.
Bahrain: The BHB index gained marginally to close at 1,481.6. The Insurance
index rose 2.4%, while other indices remained unchanged or ended in red.
Arab Insurance Group gained 10.0%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
United Development Co. 27.85 5.3 4,986.9 29.4
Gulf International Services 115.00 2.9 322.1 135.7
Qatar Islamic Insurance Co. 83.40 2.8 127.3 44.0
Zad Holding Co. 82.50 1.9 2.0 18.7
Mannai Corp. 110.60 0.6 19.3 23.0
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 27.85 5.3 4,986.9 29.4
Salam International Investment Co. 19.20 (1.8) 2,458.6 47.6
Vodafone Qatar 19.70 (3.7) 2,169.4 83.9
Barwa Real Estate Co. 44.25 (1.6) 1,477.7 48.5
Masraf Al Rayan 54.80 (0.7) 1,132.6 75.1
Market Indicators 20 Jul 14 17 Jul 14 %Chg.
Value Traded (QR mn) 720.1 946.2 (23.9)
Exch. Market Cap. (QR mn) 706,275.6 714,313.2 (1.1)
Volume (mn) 18.9 22.6 (16.6)
Number of Transactions 7,830 9,737 (19.6)
Companies Traded 42 42 0.0
Market Breadth 7:34 26:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,621.43 (1.0) (1.0) 32.3 N/A
All Share Index 3,315.46 (1.0) (1.0) 28.1 16.0
Banks 3,155.36 (1.1) (1.1) 29.1 15.5
Industrials 4,373.19 (0.7) (0.7) 24.9 17.1
Transportation 2,317.47 (0.8) (0.8) 24.7 14.4
Real Estate 2,927.05 0.6 0.6 49.9 14.6
Insurance 3,723.24 (1.3) (1.3) 59.4 11.8
Telecoms 1,650.08 (2.5) (2.5) 13.5 22.8
Consumer 7,013.78 (1.8) (1.8) 17.9 26.9
Al Rayan Islamic Index 4,426.01 (1.1) (1.1) 45.8 18.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Development Co. Qatar 27.85 5.3 4,986.9 29.3
IFA Hotels & Resorts Kuwait 0.21 5.1 2.1 (27.0)
Savola Saudi Arabia 76.33 3.7 852.9 21.6
Abu Dhabi Nat. Hotels Abu Dhabi 3.20 3.2 3.0 3.2
Investbank Abu Dhabi 2.90 3.2 163.0 18.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Deyaar Development Dubai 1.18 (9.9) 74,503.2 16.8
Arabtec Holding Dubai 4.46 (9.9) 195,843.6 117.6
Drake & Scull Int. Dubai 1.46 (9.9) 84,961.2 1.4
Aldar Properties Abu Dhabi 3.50 (9.8) 47,850.5 26.8
Dubai Financial Market Dubai 3.28 (8.9) 41,941.1 32.8
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 Islamic Bank 104.00 (3.7) 135.4 50.7
Vodafone Qatar 19.70 (3.7) 2,169.4 83.9
Dlala Brokerage & Invest. Holding 55.70 (3.1) 310.7 152.0
Medicare Group 98.40 (2.9) 357.0 87.4
Ooredoo 134.50 (2.2) 71.1 (2.0)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 27.85 5.3 139,880.1 29.4
Barwa Real Estate Co. 44.25 (1.6) 66,444.6 48.5
Masraf Al Rayan 54.80 (0.7) 62,409.4 75.1
Salam International Investment Co 19.20 (1.8) 48,526.1 47.6
Vodafone Qatar 19.70 (3.7) 43,451.6 83.9
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* 13,155.58 (1.0) (1.0) 14.5 26.7 197.81 194,013.9 16.1 2.2 3.8
Dubai 4,609.67 (6.0) (6.0) 16.9 36.8 652.19 89,427.8 24.5 1.8 2.3
Abu Dhabi 4,914.95 (2.3) (2.3) 8.0 14.6 108.38 136,433.6 14.5 1.8 3.4
Saudi Arabia 9,736.79 (0.5) (0.5) 2.4 14.1 1,420.06 530,034.1 19.1 2.4 2.9
Kuwait 7,084.16 (0.2) (0.2) 1.6 (6.2) 50.33 111,350.7 16.8 1.1 3.9
Oman 7,188.48 (0.2) (0.2) 2.6 5.2 19.89 26,488.1 12.2 1.7 3.9
Bahrain 1,481.59 0.0 0.0 3.8 18.6 0.19 54,329.7 11.6 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)
13,000
13,100
13,200
13,300
13,400
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QE index declined 1.0% to close at 13,155.6. The Telecoms
and Consumer Goods & Serv. indices led the losses. The index
fell on the back of selling pressure from Qatari shareholders
despite buying support from non-Qatari shareholders.
 Qatar Islamic Bank and Vodafone Qatar were the top losers,
falling 3.7% each. Among the top gainers, United Development
Co. rose 5.3%, while Gulf International Services was up 2.9%.
 Volume of shares traded on Sunday fell by 16.6% to 18.9mn
from 22.6mn on Thursday. However, as compared to the 30-day
moving average of 15.0mn, volume for the day was 26.1%
higher. United Development Co. and Salam International
Investment Co. were the most active stocks, contributing 26.4%
and 13.0% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Earnings
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Kuwait Finance
House (Baitak)
CI Kuwait
FSR/LT FCR/ST
FCR/SR
BBB+/A+/A1/2 BBB+/A+/A1/2 – Stable –
Oman Insurance S&P Oman FSR/CCR A-/A- A-/A- – Positive –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency, CCR – Counterparty Credit Rating)
Earnings Releases
Company Market Currency
Revenue
(mn)2Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Al Rajhi Co. for Cooperative
Insurance (ARCCI)
Saudi SR 238.6 38.0% – – 12.0 NA
National Gypsum Co. Saudi SR – – 3.2 -58.2% 5.2 -34.2%
Tabuk Cement Co. Saudi SR – – 43.8 -8.2% 43.1 -15.3%
Alahli Takaful Co. Saudi SR 39.7 23.2% – – 6.6 309.2%
Arabia Insurance
Cooperative Co.
Saudi SR 88.9 -24.1% – – -8.5 NA
Allied Cooperative Insurance
Group
Saudi SR 41.8 -53.2% – – 2.9 89.1%
Emaar The Economic City Saudi SR – – 228.2 879.4% 212.8 19245.5%
Trade Union Cooperative
Insurance Co.
Saudi SR 159.0 10.8% – – 2.5 -74.0%
Saudi Airlines Catering Co. Saudi SR – – 160.8 2.2% 164.4 -2.2%
Al Hassan Ghazi Ibrahim
Shaker Co. (Shaker Group)
Saudi SR – – 58.8 -10.9% 382.5 410.4%
Al-Ahsa Development Co. Saudi SR – – 1.3 -65.7% -8.3 NA
Al Jouf Cement Co. Saudi SR – – 19.5 14.2% 16.1 16.4%
Solidarity Saudi Takaful Co. Saudi SR 24.2 -58.2% – – -0.3 NA
Sadara Basic Services Co. Saudi SR – – -513.0 NA -518.7 NA
Saudi Indian Co. for
Cooperative Insurance
Saudi SR 59.8 34.8% – – -4.2 NA
Nama Chemicals Co. Saudi SR – – -25.6 NA -28.4 NA
Qassim Agriculture Co. Saudi SR – – 0.3 28.1% 2.1 4381.4%
Red Sea Housing Services
Co. (RSH)
Saudi SR – – 41.6 17.7% 40.8 23.1%
Knowledge Economic City
(KEC)
Saudi SR – – 7.3 NA 15.5 NA
Saudi Real Estate Co.
(SRECO)
Saudi SR – – 36.7 1.9% 48.0 149.3%
Wataniya Insurance Co. Saudi SR 73.4 -25.4% – – -6.9 14.9%
MetLife AIG ANB
Cooperative Insurance Co.
(ANB Insurance)
Saudi SR 1.0 NA – – -5.8 NA
Saudi Industrial Services Co.
(SISCO)
Saudi SR – – 41.0 -7.0% 21.7 10.8%
Sabb Takaful Saudi SR 53.2 17.2% – – 4.8 -7.1%
National Agriculture
Marketing Co. (THIMAR)
Saudi SR – – 2.6 151.0% 3.0 8.8%
Aseer Trading, Tourism &
Manufacturing Co.
Saudi SR – – 103.7 63.6% 64.4 121.3%
Dallah Healthcare Holding
Co.
Saudi SR – – 33.5 10.9% 34.3 45.3%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 73.21% 77.70% (32,348,742.60)
Non-Qatari 26.79% 22.29% 32,348,742.60

3. Page 3 of 8
Saudi Re for Cooperative
Reinsurance Co.
Saudi SR 90.9 91.4% – – -7.2 NA
National Industrialization Co. Saudi SR – – 915.2 40.2% 408.3 34.7%
Saudi Arabian Cooperative
Insurance Co.
Saudi SR 150.2 31.5% – – 4.6 NA
Abdullah A. M. Al-Khodari
Sons Co. (ALKHODARI)
Saudi SR – – 17.2 -47.1% 7.9 -68.8%
Saudi Basic Industries
Corporation (SABIC)
Saudi SR – – 10070.0 1.0% 6460.0 7.0%
Dar Al-Arkan Real Estate
Development Co.
Saudi SR – – – – 121.3 17.0%
Al Mazaya Holding Co. Kuwait USD – – – – 5.8 680.0%
Al Batinah Development &
Investment Holding Co*
Oman OMR – – – – 0.8 1638.1%
National Aluminium
Products*
Oman OMR 8.6 -18.9% – – 0.3 -54.8%
Source: Company data, DFM, ADX, MSM (* 1H2014 results)
News
Qatar
 QNNS reports net profit of QR168.9mn in 2Q2014 – Qatar
Navigation (QNNS) reported generally weak results in 2Q2014
both on a QoQ and YoY basis. QNNS posted a net profit of
QR168.9mn in 2Q2014, declining by 51.7% QoQ and 26.2%
YoY. The drop in the bottom-line was due to a combination of a
slowdown in revenue and a spike in expenses. The company
posted revenue (including investment income) of QR545.3mn,
declining by 21.6% QoQ (down 0.6% YoY). Milaha capital and
Milaha Offshore were the primary units that hindered top-line
growth QoQ. Milaha Capital’s revenue regressed by ~70% QoQ
due to a lack of dividends and muted investment gains and/or
losses. Moreover, Milaha Offshore’s revenue receded by ~4%
QoQ. On the other hand, Milaha Maritime & Logistics and
Milaha Gas & Petrochem posted growth of ~10% and ~19%
QoQ, respectively. Expenses jumped by 14.5% and 25.6%
QoQ, respectively. We retain our price target of QR101.20 and a
Market Perform rating (QE, QNBFS)
 GWCS reports net profit of QR67.66mn in 1H2014 – Gulf
Warehousing Company (GWCS) reported a net profit of
QR67.66mn in 1H2014 compared QR52.08mn in 1H2013. The
company’s EPS amounted to QR1.42 in 1H2014 versus QR1.10
in 1H2013. (QE)
 QOIS 1H2014 net profit rises to QR17.89mn – Qatar & Oman
Investment Company (QOIS) posted a net profit of QR17.89mn
in 1H2014 as compared to QR13.11mn in 1H2013. The
company’s EPS stood at QR0.57 in 1H2014 versus QR0.42 in
1H2013. (QE)
 DOHI delivers strong 1H2014 results, net profit surges
49.3% YoY – Doha Insurance Company (DOHI) reported a net
profit of QR53.9mn in 1H2014, reflecting an increase of 49.3%
on a YoY basis (QR30.6 in 2Q2014, up 106.5% YoY and 31.3%
QoQ ). The strong net profit growth was supported by higher
underwriting profit and investment &other income. Net
underwriting profit rose 22.2% to reach QR48.4mn in 1H2014.
On the other hand, investment & other income jumped 82.0% to
reach QR44.7mn in 1H2014. EPS amounted to QR1.37 in
1H2014 vs. QR1.25 in 1H2013. (QE)
 BRES completes its 95% stake sale in BCA for QR9.02bn –
Following the receipt of the non-objection of the Qatar Financial
Markets Authority (QFMA) on transaction, Barwa Real Estate
Company (BRES) announced that on July 14, 2014, it has
closed the sale of all the shares it owns in the share capital of
Barwa Commercial Avenue Company (BCA) (equaling 95% of
the share capital) to Labregah Real Estate Company – a wholly-
owned subsidiary of Qatari Diar Real Estate Investment
Company (QDREIC), pursuant to a share sale and purchase
agreement signed between Barwa Real Estate and Labregah on
June 22, 2014, which was disclosed to the QFMA and the
market on June 23, 2014 for a purchase price of QR9.02bn,
which will be subject to a customary price adjustment. This
transaction has been entered into pursuant to the framework
agreement between QDREIC and BRES, which has been
previously announced to the market on June 6, 2013 and
November 17, 2013. With the closing of the Barwa Commercial
Avenue transaction, BRES has now been transferred to
Labregah Real Estate with approximately QR19bn worth of
assets under the framework agreement leaving approximately
15% of asset value that remains to be transferred under the
framework agreement. BRES and QDREIC have agreed to
extend the long stop date under the framework agreement to
transfer these remaining assets to December 31, 2014. (QE)
 Woqod to open seven new petrol stations – Woqod (QFLS)
has signed seven new contracts with two local contracting
companies for the establishment of fuel stations in different
areas of Qatar. QFLS’ CEO Ibrahim Jaham al-Kuwari and Al
Uqab Trading and Contracting Company’s CEO Siva Prasad
signed the contracts at the Woqod Tower in Doha. Al-Kuwari
said that the construction work shall start immediately at Al
Qtaifyah, Freij Bin Derham (Bin Dirham Road), Al Rayyan and Al
Jadeed in Doha. Further, he added that the contracts covered
the construction of two stations on the Salwa Road, particularly
along the Al Mseihabiyah and Sodanthell Crossroads areas. He
stated that the company was expected to build and operate
some 13 new stations over 2014-2015, following its plans to
build 100 stations by the end of its 2014-2018 plan. (Gulf-
Times.com)
 AREDC: Property projects to hit QR35bn in five years –
According to the Al Asmakh Real Estate Development Company
(AREDC), about 25,000 new housing units will be available in
Qatar by 2014-end. The total value of real estate projects is
expected to reach QR35bn in the next five years. The new
launches are aimed at meeting the increasing demand for new
housing units. Qatar is witnessing a sharp rise in its population
due to new infrastructure projects launched for the 2022 FIFA
World Cup and Qatar’s National Vision 2030. The growing
demand in the real estate sector has also led to an increase in
the prices of housing units. (Peninsula Qatar)
 MERS to announce results on August 6 – Al-Meera
Consumer Goods Company (MERS) will disclose its financial
reports for the period ending June 30, 2014, on August 6, 2014.
(QE)
 33 sites shut down for violation of labor laws – Labor
inspectors conducted 4,335 and 5,083 visits in May and June
2014, respectively, and closed down 33 sites for violations of

4. Page 4 of 8
laws in Qatar. Listing the steps taken by the government to
improve working conditions of expatriates in the country, the
Ministry of Labor and Social Affairs said it has increased the
number of safety inspectors from 200 to 243 and readied new
facilities for housing up to 150,000 foreign workers at the
Industrial City and Barwa City. The ministry said companies
specializing in property management and leasing will run the two
cities. Welcoming the recent progress on labor law reforms, HE
the Minister of Labor and Social Affairs Abdullah Saleh Mubarak
al-Khulaifi called for continued co-operation with the home
countries of expatriate workers to ensure the safety and fair
treatment of those working in Qatar. (Gulf-Times.com)
International
 Britain to detail pensions overhaul with tax, annuity reforms
– Britain will publish new rules for the pensions industry giving
retirees greater access to their savings and free financial advice,
fleshing out reforms announced earlier this year that shook the
share value of British insurers. Finance Minister George
Osborne caught Britain's pensions industry by surprise in March
when he scrapped a rule forcing people to buy an annuity, a
financial product which converts a retiree's pension pot into a
guaranteed retirement income. Osborne is keen to give people
more freedom to tap into the cash they set aside during their
working life by scrapping tax penalties imposed on those, who
want to withdraw their savings in a lump sum. He wants that
change to drive innovation in the £12bn per year British annuity
market. In order to accompany the reforms, he also wants to
make free independent financial advice available. The
government will confirm its intention to go ahead with such
plans, seen as the biggest reform of pensions in a generation,
and will add details to its proposals, following a consultation with
industry, employers and consumer groups. (Reuters)
 Spain marks year of recovery in economy hooked on
exports –As Spain looks to enter a second year of recovery,
Prime Minister Mariano Rajoy’s repair job on the Euro region’s
fourth-biggest economy might only be half done. While a Bank
of Spain estimate may show in the coming days that it
completed a full 12 months of growth in the last quarter, that
report and unemployment data will also reveal how much work
the prime minister has left to do. The economy remains
dependent on exports fueled by the country’s adjustment during
the debt crisis, with limited support from domestic demand. With
elections due next year, Rajoy can take comfort from bond
yields closing at record lows, a recovery that has shown some
durability, and surveys revealing manufacturing growth at a
seven-year high. Yet, much of the industrial rebound driving the
economy hinges on declining wages and government measures,
aiding car sales and job hiring rather than product innovation.
(Bloomberg)
 German savings bank group warns of price bubbles – The
head of Germany's Sparkassen savings banks association fears
that the European Central Bank's (ECB) expansive monetary
policy stance could create price bubbles, without specifying
which markets were causing him concern. Georg Fahrenschon
stated that the bank is seeing irresponsible risks being taken
due to plenty of money coming from all angles. In Germany,
traditionally a nation of savers, the decision by the ECB to push
interest rates to record lows in June has led to fears that cheap
credit could fuel real estate and stock market bubbles. The
media has seized on rising house prices as evidence of this.
Fahrenschon said the risks are being priced incorrectly, and
there is growing danger that bubbles will be created and then
pop. Bundesbank chief Jens Weidmann said last week that the
ECB should tighten policy as soon as it can. (Reuters)
 China's first mortgage debt since crisis shows Li’s Concern
– China will revive mortgage-backed debt sales this week after a
six-year hiatus, as the government extends help to homebuyers
in a flagging property market. According to a statement on the
website of Chinabond, Postal Savings Bank of China Co., which
has 39,000 branches in the country, plans to sell 6.8bn Yuan of
the notes backed by residential mortgages tomorrow.
Bloomberg-compiled data shows the last such security in the
nation was sold by China Construction Bank Co. in 2007.
Premier Li Keqiang is seeking to avert a collapse of the real-
estate market after data last week showed new home prices
dropped in a record number of cities in the world’s second-
largest economy. The central bank in May called on the nation’s
biggest lenders to accelerate the granting of mortgages to first-
home buyers, and cities including Nanning, Hohhot and Jinan
eased property restrictions. (Bloomberg)
Regional
 EY: MENA IPO raises $2.4bn in 1H2014, up 14% – According
to an Ernst & Young’s (EY) IPO update report, the MENA IPO
market recorded a total of 16 deals raising $2.4bn in 1H2014, up
14% for both volume and proceeds over the same period in
2013. The report revealed that eleven IPOs raised $1.1bn in
2Q2014, indicating a 129% increase from the previous quarter
and a rise of 22% as compared to 2013 by deal numbers. IPOs
from the GCC region represented 90% of all MENA deals in
1H2014, with ten of them raising $2.26bn. Saudi Arabia led the
GCC activity during the period with four IPOs, followed by the
UAE with three, Oman with two and Qatar with one.
(Bloomberg)
 SABIC CEO: Global outlook for petrochemical demand
positive for next three years – Saudi Basic Industries
Corporation’s (SABIC) CEO, Mohamed al-Mady said that the
global outlook for petrochemical demand is positive over the
next three years and there is room for prices to rise. Forecasts
suggest shale gas, a potential feedstock for petrochemicals, will
only be produced in large quantities from the US in 2018,
leaving room for improvement in petrochemical prices. (Reuters)
 SAMA: Saudi banks provide SR123bn real estate loans in
1Q2014 – According to data released by the Saudi Arabian
Monetary Agency (SAMA), the volume of real estate loans
provided by the Saudi banks to individuals and corporate
enterprises amounted to SR123.4bn in 1Q2014. The real estate
loans given to individuals rose by 33% to SR76.8bn in 1Q2014,
as compared to SR57.9bn in 1Q2013. The consumer loans in
the Kingdom rose by 9% to SR333.75bn in 1Q2014 as
compared to the figures of 1Q2013. On the other hand, loans for
credit cards grew by 13% by the end of 1Q2014 to reach
SR8.87bn as compared to SR7.84bn in 1Q2013.
(GulfBase.com)
 ACE Arabia’s BoD decides to apply for de-licensing of
health insurance activities – ACE Arabia Cooperative
Insurance Company’s (ACE Arabia) board of directors has
decided to apply to Saudi Arabian Monetary Agency (SAMA) for
de-licensing of its (remaining) health insurance activities
effective September 1, 2014 and limit its insurance license to
general insurance activities from the same date. The company
has taken this decision in order to focus fully on its core
business of general insurance, in which it benefits from a strong
track record of growth, supported by the expertise, global
experience and technical knowledge of its joint venture
shareholder ACE. (Tadawul)

5. Page 5 of 8
 Saudi GACA plans to ramp up airport capacity to 100mn
passengers – Saudi's General Authority of Civil Aviation
(GACA) is planning to scale up capacities of airports nationwide
to more than 100mn passengers by 2020. GACA’s board
members approved the 2020 strategy that included many
objectives like expansion of 27 domestic & regional airports, and
aims to increase competitiveness in the ground services &
handling sector, cargo and airplane supplies. (Bloomberg)
 Saudi CMA suspends trading of AICC shares for two hours
on July 21 – The Saudi Capital Market Authority (Saudi CMA)
has announced a two-hour trading suspension of Arabia
Insurance Cooperative Company (AICC) from the start of the
trading session on July 21, 2014, while orders maintenance will
start from 12:30 pm, as the company’s accumulated losses
reached 73.64% of its capital. Saudi CMA will place a yellow flag
next to the company’s name on Tadawul. (Tadawul)
 Trading of Wafa Insurance shares suspended for two hours
on July 21 – The Saudi Capital Market Authority (Saudi CMA)
has announced a two-hour trading suspension of Saudi Indian
Co. for Cooperative Insurance (Wafa Insurance) from the start of
the trading session on July 21, 2014, while orders maintenance
will start from 12:30 pm, as the company’s accumulated losses
reached 73.3% of its capital. Saudi CMA will place a yellow flag
next to the company’s name on Tadawul. (Tadawul)
 UAE CB launches new Interim Margin Lending Facility – The
UAE Central Bank (UAE CB) has introduced a new lending
facility to assist banks which face short-term liquidity shortfalls in
the future. The facility, called the Interim Margin Lending Facility
will provide funding on an overnight basis for banks, which are
able to provide eligible securities and instruments as collateral.
The development of the facility originated from regular
consultations between the Central Bank and the UAE Banks
Federation, specifically in the context of introducing new ways to
further strengthen and consolidate the banking sector as a
whole. (GulfBase.com)
 NBS: UAE’s CPI increased by 1.91% in 1H2014 – According
to the National Bureau of Statistics (NBS), the Consumer Price
Index (CPI) in the UAE reached 119.75 in 1H2014, and
compared with its 2007 base year, the average increase of
prices amounted to 1.91% as compared to 1H2013. The CPI’s
uptrend was driven by increases in prices of major groups in
consumer basket in the UAE, except health services. Average
consumer price for 1H2014 indicated increases in the following
major expenditure groups: education 4.47%, furniture &
household goods 3.73 %, housing, water, electricity & gas
2.32%, food & non-alcoholic drinks 2.16%, alcoholic beverages
& tobacco 1.66%, restaurants & hotels 1.16%, miscellaneous
goods & services 1.39%, transport 1%, recreational & cultural
0.76 %, clothing & footwear 0.58 %, and communications
0.32%. At the same time, the report added there was a
decrease of 0.16% in the health group. (Bloomberg)
 UAE may issue federal government bonds by 2018 – UAE is
expecting to issue its first-ever federal government bonds before
2018 to help the country's banks meet global liquidity rules. UAE
banks, such as National Bank of Abu Dhabi and Emirates NBD,
could buy the AED-denominated government debt to help meet
the liquidity requirements being phased in under the Basel III
global banking standards. (Reuters)
 United Arab Bank reports net profit of AED328mn in 1H2014
– United Arab Bank reported a net profit of AED328mn for
1H2014, reflecting an increase of 26% over 1H2013. The bank
generated an operating profit of AED475mn, while the total
income increased to AED 676mn, with a solid performance
across both net interest income and non-interest income, up
40% and 46% respectively as compared to 1H2013. Total loans
& advances improved by 35% to AED17.9bn as compared to
1H2013, while customer deposits increased by an outstanding
49% over the same period to stand at AED18.6bn, further
reinforcing the depth of the bank’s customer relationships and
ongoing sustainability of UAB’s growth strategy. (Bloomberg)
 Emirates NBD repays AED4bn to UAE MoF – The UAE
Ministry of Finance (MoF) has revealed that Emirates NBD has
repaid AED4bn to the Ministry. The funds were the final part of a
total support package made available to the bank of AED12.6bn.
In total, the UAE Government had approved around AED70bn to
support the banking sector at the height of the financial crisis in
October 2008. (GulfBase.com)
 Marka established as public joint stock company,
operations begin – Marka has obtained the final approval from
the UAE Ministry of Economy (MoE), the Securities &
Commodities Authority (SCA) and the Department of Economic
Development (DED). Marka has announced that the company is
now formally established as a public joint stock company. Marka
was recently incorporated with a capital of AED500mn. The
inaugural general assembly of Marka ratified the Memorandum
of Association (MOA) &Articles of Association (AOA) of the
company and approved the proposal submitted by the founders
committee. The inaugural general assembly followed the
successful IPO of the company's shares, which was
oversubscribed by more than 36 times. (GulfBase.com)
 Dubai FDI launches digital magazine to showcase
advantages – The Dubai Investment Development Agency
(Dubai FDI), an agency of the Department of Economic
Development (DED) has launched ‘Invest,’ a digital magazine on
business and investment in Dubai. Available on the Apple
Newsstand, ‘Invest’ was launched as part of its drive to connect
with investors worldwide and attract greater global attention to
Dubai. The interactive news application (App) showcases the
vast business and investment opportunities in Dubai, while also
celebrating the success of foreign companies in the emirate.
Public and private sector representatives will appear in
successive issues of the magazine with testimonials & advice on
life in Dubai and setting up businesses in the emirate for
improved efficiencies & greater coverage of high growth
markets. (GulfBase.com)
 Azizi Developments unveils AED140mn Orchid Residence
project – Azizi Developments has unveiled a AED140mn new
project named Orchid Residence, a contemporary establishment
of 99 units. The project comes with fully furnished 1/2/3
bedroom apartments along with all necessary amenities and
ready for immediate occupancy. The property development will
remain a lucrative investment for the property owners, who will
in turn, offer it on rent for short or long-term basis for tenants
coming to the UAE either for business or leisure purposes and
also gearing toward the Expo 2020 requirements.
(GulfBase.com)
 JLL: Dubai residential sector shows signs of slowdown –
According to a report released by Jones Lang LaSalle (JLL), the
Dubai real estate market’s retail and hotel areas continue to
experience growth while its office sector remain varied and
residential sector is showing signs of a slowdown. JLL’s 2Q2014
Dubai Real Estate Overview report pointed out that although the
residential sector saw prices and rents increase across most
areas, the rate of growth has started to slow from what it was in
2014. The average sales prices grew 6% over the same period,
down from 10% in 1Q2014. The report stated that with signs of
reduced sales activity, particularly in the secondary villa market,
the asking prices in this sector is likely to decline further in the

6. Page 6 of 8
coming months. While the continued economic growth has
improved sentiment and generated demand for commercial
space, the high level of both current vacancy and future supply
continue to constrain the market. Meanwhile, the rents in best
performing regional malls have increased by as much as 12% in
2Q2014, with limited additions to stock and continued interest
from retailers, the report added. The Dubai hotel market
continues to grow, despite the completion of more than 1,500
additional rooms during the period, recording the highest Rev-
Par levels since 2008. The average occupancies have remained
relatively stable at around 85%, with room rates increasing three
per cent, making Dubai one of the strongest performing hotel
markets globally. (GulfBase.com)
 Al-Futtaim wins HVAC maintenance contract from FEWA –
Al-Futtaim Engineering Company’s facilities management
division has won a multi-million dirham contract from the Federal
Electricity and Water Authority (FEWA) for annual maintenance
of its HVAC units. The two-year contract will see the Al-Futtaim
maintain FEWA’s A/C units above 5 tons across its various
offices and sites, including commercial offices, power plants,
reverse osmosis plants, MEP plants, main stations, sub stations
and pumping stations. (GulfBase.com)
 Dubai RTA seeks bids for Dubai Creek bridge – Dubai’s
Roads and Transport Authority (RTA) has invited contractors to
prequalify for the construction of the Al Ittihad bridge project,
which will span across the Dubai Creek. Tenders for the
construction of the 2,700m bridge, which is designed to replace
the floating bridge, are scheduled to be issued in October 2014
with work to be launched in 4Q2014. (Bloomberg)
 UNB reports net profit of AED1,032mn in 1H2014 – United
National Bank (UNB) reported a net profit of AED1,032mn in
1H2014 as compared to AED987mn in 1H2013, reflecting an
increase of 5%. The profit for 2Q2014 grew 6% to AED520mn
from AED492mn in 2Q2013. The bank’s net interest income in
2Q2014 declined marginally to AED607mn from AED608mn in
2Q2013. Total assets stood at AED92.2bn as of June 30, 2014,
up by 15% over AED87.5bn a year earlier and up by 5% as
compared to December 2013. Loans & advances stood at
AED62bn as of June 30, 2014, up by 3% YoY, while customer
deposits grew 16% YoY to AED67bn as of June 30, 2014. EPS
amounted to AED0.19 at the end of 2Q2014 as against
AED0.18 a year earlier. (ADX)
 ADIB’s 2Q2014 net profit rises 22.5% to AED454.8mn – Abu
Dhabi Islamic Bank (ADIB) reported a net profit of AED454.8mn
in 2Q2014 as compared to AED371.4mn in 2Q2013. ADIB’s net
revenue increased 13.9% to reach to AED1.08bn. Loans
extended by the bank stood at AED64.9bn as of June 30, 2014,
up 15.4% YoY, while deposits grew 18.2% over the same
timeframe to AED79bn. (Reuters)
 KFH announces 0.80% return on three-month deposit in KD
during 2Q2014 – Kuwait Finance House (KFH) announced the
returns of its investment deposits that it offers to its clients in
foreign currencies, and the three-month deposit in KD during
2Q2014. KFH acting Chief Treasury Officer, Ahmad Al-Sumait
mentioned that the three-month deposit in KD has achieved
0.80% returns during 2Q2014. Moreover, Al-Sumait explained
that KFH offered competitive returns during 2Q2014 as
compared to the local and overseas markets, where the returns
in USD reached 0.32%, while the returns in USD during 1H2014
reached 0.35%, nine months returns reached 0.37%, and
annual return of 0.40%. He added that KFH distributed returns
on deposits in Euro by the end of 2Q2014 that reached 0.15%,
six months returns reached 0.152%, nine months returns
reached 0.157%, and annual returns reached 0.161%.
(GulfBase.com)
 AUB reports 1H2014 net profit of KD25.4mn – Kuwait's Ahli
United Bank (AUB) reported a net profit of 9.9% to reach
KD25.4mn in 1H2014 as compared to KD23.2mn in 1H2013.
EPS rose to 19.6 fils AS against 18 fils in 1H2013. The bank’s
operating revenues reached KD53.4mn, while assets surged by
12.5% to KD3.57bn in 1H2014, as against KD3.17bn by
December 2013. Customer deposits rose 9.9% to KD2.3bn.
(GulfBase.com)
 Kipco receives offer to acquire OSN – Kuwait Projects
Company (Kipco) has received an offer to acquire 100% of
OSN, the pay-TV company valued at $4.3bn by Arqaam Capital.
Kipco owns 60.5% of OSN, while Mawarid Group holds the rest.
The company will evaluate the non-binding confidential offer and
present it to its board & partner to take a decision. (Bloomberg)
 Al-Ahli Bank’s net profit grows 11% to KD19.1mn in 1H2014
– Al Ahli Bank of Kuwait reported a net profit of KD19.1mn for
1H2014 as compared to KD17.2mn in 1H2013, representing a
11% increase. EPS amounted to 12 fils as compared to 11 fils a
year earlier. The bank’s operational revenues amounted to
KD59.9mn as compared to KD57.8mn in 1H2013. The NPL ratio
had reduced to 2.18% as compared to 2.68% in 1H2013. Total
assets grew by 19% to KD3.8bn at the beginning of 2014.
Customer deposits grew by 19% to KD2.3bn during 2014.
(Bloomberg)
 Oman's Tender Board awards projects worth OMR616.3mn
in 1H2014 – The Oman Tender Board awarded projects to the
tune of more than OMR616.3mn in 1H2014 as compared to
OMR857.2mn in 1H2013. The road projects topped other
sectors in terms of value. The following projects were assigned:
The second phase of Bidbid-Sur Road dualisation. The project
cost was OMR189.8mn. Additional works on coastal Khasab-
Tibat road in Musandam Governorate, worth OMR42mn.
Dualisation of Taqah-Mirbat road in the Governorate of Dhofar,
worth OMR40.4mn. Dualisation of Aqbat A'Rustaq road. The
construction of the Wilayat of A'Rustaq Gate. Dualisation of Al
Iraqi Roundabout to Al Murba Roundabout. Dualisation of Al
Iraqi Roundabout to Wadi Al Sahtan road interjection on
A'Rustaq-Maskan road in the Governorate of South Al Batinah,
OMR27.7mn. Design and implementation of internal roads in the
Wilayats of Sur, Ja'alan Bani Bu Ali, Ja'alan Bani Bu Hassan, Al
Mudhaibi, Ibra, Bidiyah Al Qabil in the Governorate of South and
North A'Sharqiya. The tenders included the OMR22.6mn to be
spent on the first part, and OMR17.5mn worth of construction of
tunnels along the Al Batinah road (stage three). The tenders
also included other important projects in electricity, water,
health, housing and food supply sectors. (GulfBase.com)
 Oman appoints Madrid-based Ineco to draw up MPTS
master plan – The Omani Ministry of Transport and
Communications has appointed Madrid-based Ineco to draw up
the Muscat Public Transport System (MPTS) master plan. The
scope of Ineco’s study will cover not only overland options, but
also coastal maritime transportation, presently overseen by
state-owned National Ferries Company, as well as a national rail
network. The options for a light rail system integrated with the
national network will be explored as well. (GulfBase.com)
 Ominvest writes to ONIC Holding to open talks for possible
merger – Oman International Development & Investment
Company (Ominvest) has written to Oman National Investment
Corporation Holding (ONIC Holding) to open talks on a possible
merger. Ominvest disclosed that it has written to ONIC Holding
to explore the possibility of forming a strategic arrangement
between the two organizations, which is subject to both

7. Page 7 of 8
institutions agreeing on the terms of the transaction &
subsequent board of directors, shareholders and regulatory
approvals. (MSM, Reuters)
 NAPCO plans expansion; CEO resigns – National Aluminium
Products Company’s (NAPCO) board of directors has approved
a phased expansion program for adding substantial capacity to
implement the company’s strategic plan. The board envisages
the proposed plan will bring growth in volume and profitability to
the company. Meanwhile, NAPCO’s director Juma Abdullah
Khalfan Al Khamisi has resigned from the board of the company
as per letter dated July 17, 2014. His resignation has been
accepted by the BoD. (MSM)

8. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
QE Index S&P Pan Arab S&P GCC
(0.5%) (1.0%)
(0.2%)
0.0%
(0.2%)
(2.3%)
(6.0%)
(8.0%)
(6.0%)
(4.0%)
(2.0%)
0.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,311.10 0.0 0.0 8.7 DJ Industrial 17,100.18 0.0 0.0 3.2
Silver/Ounce 20.87 0.0 0.0 7.2 S&P 500 1,978.22 0.0 0.0 7.0
Crude Oil (Brent)/Barrel (FM
Future)
107.24 0.0 0.0 (3.2) NASDAQ 100 4,432.15 0.0 0.0 6.1
Natural Gas (Henry
Hub)/MMBtu
3.91 0.0 0.0 (10.1) STOXX 600 339.66 0.0 0.0 3.5
LPG Propane (Arab Gulf)/Ton 103.50 0.0 0.0 (18.0) DAX 9,720.02 0.0 0.0 1.8
LPG Butane (Arab Gulf)/Ton 120.25 0.0 0.0 (11.9) FTSE 100 6,749.45 0.0 0.0 0.0
Euro 1.35 0.0 0.0 (1.6) CAC 40 4,335.31 0.0 0.0 0.9
Yen 101.34 0.0 0.0 (3.8) Nikkei 15,215.71 0.0 0.0 (6.6)
GBP 1.71 0.0 0.0 3.2 MSCI EM 1,063.26 0.0 0.0 6.0
CHF 1.11 0.0 0.0 (0.6) SHANGHAI SE Composite 2,059.07 0.0 0.0 (2.7)
AUD 0.94 0.0 0.0 5.3 HANG SENG 23,454.79 0.0 0.0 0.6
USD Index 80.52 0.0 0.0 0.6 BSE SENSEX 25,641.56 0.0 0.0 21.1
RUB 35.13 0.0 0.0 6.9 Bovespa 57,012.90 0.0 0.0 10.7
BRL 0.45 0.0 0.0 6.1 RTS 1,276.28 0.0 0.0 (11.5)
189.0
152.6
138.3