The QE index in Qatar declined 0.3% led by losses in the transportation and real estate indices. Top losers were Al Khaleej Takaful Group and Qatar International Islamic Bank, falling 3.4% and 3.2% respectively. Indices in other GCC markets were mixed with Saudi Arabia and Oman rising while Kuwait and Bahrain fell. Trading activity on the Qatar Exchange increased compared to the previous day and 30-day average.

1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.3% to close at 13,871.2. Losses were led by the
Transportation and Real Estate indices, declining 1.1% each. Top losers were
Al Khaleej Takaful Group and Qatar International Islamic Bank, falling 3.4% and
3.2%, respectively. Among the top gainers, Dlala Brokerage & Inv. Holding Co.
rose 3.6%, while Islamic Holding Group was up 2.0%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.8% to close at 11030.0. Gains were led
by the Energy & Utilities and Multi-Investment indices, rising 2.3% and 2.2%,
respectively. Al Alamiya gained 9.9%, while WAFA Insurance was up 9.6%.
Dubai: The DFM index gained 0.2% to close at 4,986.1. The Real Estate &
Construction index rose 0.9%, while the Services index was up 0.6%. Dubai
National Ins. & Reinsurance Co. surged 14.7%, while Arabtec was up 4.8%.
Abu Dhabi: The ADX benchmark index gained 0.3% to close at 5,128.8. The
Real Estate index rose 1.8%, while the Industrial index was up 0.8%. Green
Crescent Insurance Co. gained 6.1%, while BILDCO was up 5.7%.
Kuwait: The KSE index fell 0.2% to close at 7,396.2. The Technology index
declined 0.9%, while the Banking index was down 0.7%. National Consumer
Holding Co. fell 6.4%, while Amwal International Inv. Co. was down 5.7%.
Oman: The MSM index rose 0.3% to close at 7,345.8. Gains were led by the
Services and Financial indices, rising 0.4% each. Majan Glass gained 5.0%,
while Renaissance Services was up 3.5%.
Bahrain: The BHB index declined 0.1% to close at 1,474.1. The Industrial
index fell 2.3%, while the Services index was down 0.1%. Bahrain CarPark Co.
declined 5.0%, while Ithmaar Bank was down 2.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding Co. 63.60 3.6 698.8 187.8
Islamic Holding Group 98.60 2.0 656.5 114.3
Industries Qatar 196.00 1.6 502.6 16.0
Qatar Islamic Bank 124.50 1.2 306.7 80.4
Qatar Oman Investment Co. 17.49 1.1 1,221.4 39.7
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 24.80 (1.8) 4,349.0 121.8
Ezdan Holding Group 19.25 (2.3) 1,392.8 13.2
Masraf Al Rayan 56.40 (2.3) 1,284.7 80.2
Qatar Oman Investment Co. 17.49 1.1 1,221.4 39.7
Mesaieed Petrochem. Holding Co. 33.95 (0.6) 1,116.3 239.5
Market Indicators 27 Aug 14 26 Aug 14 %Chg.
Value Traded (QR mn) 967.9 734.5 31.8
Exch. Market Cap. (QR mn) 736,429.6 738,333.9 (0.3)
Volume (mn) 18.0 13.7 31.9
Number of Transactions 8,980 7,165 25.3
Companies Traded 42 41 2.4
Market Breadth 12:24 18:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 20,688.78 (0.3) 0.7 39.5 N/A
All Share Index 3,505.06 (0.2) 0.8 35.5 17.2
Banks 3,400.47 (0.5) 1.0 39.2 16.6
Industrials 4,667.09 0.8 2.0 33.3 18.9
Transportation 2,284.17 (1.1) (2.1) 22.9 14.6
Real Estate 2,908.20 (1.1) (1.9) 48.9 15.5
Insurance 4,062.75 (0.4) 0.6 73.9 12.8
Telecoms 1,616.42 0.3 2.2 11.2 22.9
Consumer 7,516.14 (0.6) (1.2) 26.4 28.1
Al Rayan Islamic Index 4,787.14 (0.5) (0.0) 57.7 20.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Etihad Atheeb Telecom. Saudi Arabia 11.85 6.2 16,773.3 (17.7)
Dar Al Arkan Real Estate Saudi Arabia 15.63 5.8 81,907.2 58.7
Arabtec Holding Co. Dubai 4.79 4.8 243,224.6 133.7
Sahara Petrochemical Saudi Arabia 27.05 4.3 10,413.4 36.6
Saudi Int. Petrochem. Saudi Arabia 42.79 4.2 2,867.3 34.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Arab Bank Abu Dhabi 6.41 (8.4) 1.2 14.3
Commercial Facilities Co. Kuwait 0.29 (3.4) 6.5 3.6
Qatar Int. Islamic Bank Qatar 89.10 (3.2) 925.4 44.4
Com. Bank Of Kuwait Kuwait 0.68 (2.9) 0.0 2.0
Ithmaar Bank Bahrain 0.17 (2.9) 345.0 (26.1)
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%
Al Khaleej Takaful Group 47.35 (3.4) 140.6 68.6
Qatar International Islamic Bank 89.10 (3.2) 925.4 44.4
Ezdan Holding Group 19.25 (2.3) 1,392.8 13.2
Masraf Al Rayan 56.40 (2.3) 1,284.7 80.2
Zad Holding Co. 90.60 (1.8) 4.8 30.4
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
QNB Group 198.50 (0.4) 113,059.9 15.4
Mazaya Qatar Real Estate Dev. 24.80 (1.8) 110,430.3 121.8
Industries Qatar 196.00 1.6 98,566.8 16.0
Qatar International Islamic Bank 89.10 (3.2) 85,179.1 44.4
Masraf Al Rayan 56.40 (2.3) 73,520.2 80.2
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* 13,871.21 (0.3) 0.7 7.7 33.6 265.81 202,223.6 17.3 2.3 3.6
Dubai 4,986.13 0.2 1.6 3.2 48.0 501.78 95,563.2 20.7 1.8 2.0
Abu Dhabi 5,128.82 0.3 1.5 1.5 19.5 115.46 140,641.3 14.5 1.8 3.2
Saudi Arabia 11,029.95 0.8 2.7 8.0 29.2 3,527.54 598,201.0 21.2 2.7 2.6
Kuwait 7,396.20 (0.2) 0.6 3.7 (2.0) 61.41 113,319.1 18.2 1.2 3.7
Oman 7,345.76 0.3 (0.2) 2.0 7.5 12.12 27,060.6 11.1 1.7 3.8
Bahrain 1,474.12 (0.1) (0.6) 0.2 18.0 0.41 54,333.5 11.3 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)
13,750
13,800
13,850
13,900
13,950
14,000
14,050
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QE index declined 0.3% to close at 13,871.2. The
Transportation and Real Estate indices led the losses. The index
fell on the back of selling pressure from Qatari shareholders
despite buying support from non-Qatari shareholders.
 Al Khaleej Takaful Group and Qatar International Islamic Bank
were the top losers, falling 3.4% and 3.2%, respectively. Among
the top gainers, Dlala Brokerage & Inv. Holding Co. rose 3.6%,
while Islamic Holding Group was up 2.0%.
 Volume of shares traded on Wednesday rose by 31.9% to
18.0mn from 13.7mn on Tuesday. Further, as compared to the
30-day moving average of 17.4mn, volume for the day was 3.5%
higher. Mazaya Qatar Real Estate Dev. and Ezdan Holding
Group were the most active stocks, contributing 24.1% and 7.7%
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
08/27 US MBA MBA Mortgage Applications 22-August 2.80% – 1.40%
08/27 France INSEE Production Outlook Indicator August -20.0 – -19.0
08/27 France INSEE Manufacturing Confidence August 96.0 96.0 97.0
08/27 France INSEE Business Confidence August 91.0 93.0 93.0
08/27 France French Labor Office Total Jobseekers July 3,424.4k 3,412.5k 3,398.3k
08/27 France French Labor Office Jobseekers Net Change July 26.1 14.5 9.4
08/27 Germany Destatis Import Price Index MoM July -0.40% -0.10% 0.20%
08/27 Germany Destatis Import Price Index YoY July -1.70% -1.40% -1.20%
08/27 Germany GfK AG GfK Consumer Confidence September 8.6 8.9 8.9
08/27 UK London Gold Market Fix. London Gold Market PM Fix 27-August 1,282.8 – 1,286.0
08/27 Spain INE Total Mortgage Lending YoY June 13.20% – -9.20%
08/27 Spain INE House Mortgage Approvals YoY June 19.00% – -3.40%
08/27 Italy ISTAT Consumer Confidence Index August 101.9 104.0 104.4
08/27 Italy Banca D'Italia 6M Bill Allotment 27-August 7.500B – 7.000B
08/27 Italy Banca D'Italia 6M Bill Average Yield 27-August 0.14% – 0.24%
08/27 Italy Banca D'Italia 6M Bill Bid/Cover Ratio 27-August 1.63% – 1.75%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 New Port set to be operational by 2016-end – The first phase
of the QR27bn worth new port project is set to be operational by
2016-end with an initial capacity to accommodate 2mn
containers. The port would accommodate 4mn containers in
2018 and 6mn containers when completed in 2020. HE the
Prime Minister and Interior Minister Sheikh Abdullah bin Nasser
bin Khalifa Al-Thani attended a ceremony marking the final step
of building the wall of the new port’s basin in northern
Mesaieed’s industrial zone. Officials briefed the Premier on the
progress of construction work of the 26 square kilometer project.
The new port has divisions like the economic zone, the
commercial port and the naval base. The port’s first phase is set
to be completed by the end of December 2016. The Prime
Minister while expressing his happiness over the work
progressing as per the timeframe set by the government voiced
his optimism that the project would conclude ahead of schedule.
HE the Minister of Transport Jassim Seif Ahmed Al Sulaiti said
that the project was progressing ahead of schedule and that the
port’s full operation was pushed forward by 10 years from 2030
to 2020. (Gulf-Times.com)
 Ashghal set to open Al Markhiya, Dahl Al Hamam
intersections – The Public Works Authority (Ashghal) will open
Al Markhiya and Dahl Al Hamam intersections that have been
converted from roundabouts into signalized intersection, starting
from August 31, 2014. Ashghal also announced that the final
layer of asphalt will be laid on Al Markhiya intersection on
August 29 and 30. Therefore, the Al Markhiya intersection and
accesses to roads leading to it will be closed during these two
days so that the intersection can be opened for traffic on Sunday
morning (August 31). (Bloomberg, Qatar Peninsula)
 70% of Al Shamal project done – 70% of the work on flyovers
and underpasses in Al Shamal has been completed.
Construction companies said that the flyovers and the project
will be finished by the middle of 2015. (Peninsula Qatar)
 QA set to get new Airbus plane – Qatar Airways (QA) – the
launch customer of the Airbus A350 Xtra Wide Body (XWB)
aircraft – is set to receive its first delivery before the end of
2014. The airline has ordered 80 of the wide-body A350 XWB,
which will be deployed on a wide variety of routes. The A350
MSN005 development aircraft recently concluded a world tour,
touching down in 14 cities, demonstrating its readiness for
airline operations on a global scale. (Peninsula Qatar)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.55% 67.02% (62,556,103.98)
Non-Qatari 39.44% 32.98% 62,556,103.98

3. Page 3 of 6
International
 CBO: US budget gap narrows to smallest since 2007 –
According to the Congressional Budget Office, the US budget
deficit will narrow less than forecast this year even as it falls to
the lowest level since 2007 as a share of the economy. The non-
partisan CBO said in a report that the projected shortfall will be
$506bn in the 12 months ending September 30 as compared to
an April prediction for $492bn and a $680bn gap posted last
year. The budget deficit is projected to shrink for a sixth straight
year in 2015 to $469bn, capping the longest stretch of fiscal
improvement since 2000, near the end of an era of surpluses.
According to CBO data, a declining jobless rate that is lifting the
individual and corporate tax revenue will help narrow the gap
next year to about a third of the record $1.4tn deficit reached in
2009. The report shows a fiscal picture that is improving in the
near-term before starting to deteriorate, with deficits swelling
again starting in 2018. The CBO said that the deficit will be 2.9%
of GDP this year and 2.6% next year. In 2007, it was 1.1% of
GDP. (Bloomberg)
 Lagarde to explain her role in French legal case to IMF
board – The International Monetary Fund’s board will meet as
early as this week to hear Managing Director Christine Lagarde
explain her involvement in a French court decision that
threatens to tarnish the lender’s reputation. The fund’s 24
directors are awaiting details from Lagarde as she returns from
Paris, where she was placed under formal investigation for
“negligence” in a 2008 decision she made as French finance
minister. Lagarde has denied any wrongdoing. She received
public support from the board in previous steps of the legal
process. The board’s meeting is tentatively planned for
Thursday, according to two board officials who asked not to be
named because the information is not public. IMF spokeswoman
Conny Lotze declined to comment. (Bloomberg)
 BCC: UK to enjoy fastest growth since 2007 – Britain's
economy looks set to grow at its fastest rate since 2007 this
year, but the rapid pace is unlikely to be sustained, the British
Chambers of Commerce (BCC) said after nudging up its growth
forecasts for this year and next. The BCC said it expected
Britain's economy to grow by 3.2% this year and by 2.8% in
2015, up from forecasts of 3.1% and 2.7% three months earlier
and a little above economists' average forecast in a Reuters
poll. Britain's upturn contrasts with a stagnant Eurozone.
However, this strong growth comes from higher consumer
spending on the back of faster-than-expected recent falls in
unemployment, and the BCC said it was halving its forecast for
exports growth this year to just 0.8%. The BCC's forecast for
trade is much more downbeat than one made by the Bank of
England earlier this month, which predicted an export growth of
2.25% this year. (Reuters)
 PBOC resolve tested as $6tn shadow banking industry
sours – Rising stress in China’s $6tn shadow banking industry
is testing central bank Governor Zhou Xiaochuan’s resolve to
limit monetary easing as risks to the government’s growth target
rise. At least 10 trusts backed by assets spanning coal mines in
Shanxi to forests in Fujian have struggled to meet payments
over the past three months, sparking protests by investors
outside banks that distributed their products. A slump in new
credit in July underscored strains on the industry that funded as
much as half of China’s recent growth, presenting Zhou with a
choice: ease policy to avert a slowdown, or hold the line. At
stake is Li Keqiang’s economic expansion target of about 7.5%
this year. That is already threatened by a slowdown in industrial
production and investment growth, a slumping property market,
and a pullback in manufacturing. While the People’s Bank of
China (PBOC) has not changed its benchmark lending and
deposit rates for the past two years, local media reported last
month that it had extended a 1tn Yuan ($163bn), three-year loan
to a state development bank to support the funding of
government-backed housing projects. The PBOC said it recently
granted a 20bn Yuan relending quota to some regional bank
branches to support agriculture. (Bloomberg)
 China's industrial profits grow 13.5% YoY in July – China's
industrial profits grew 13.5% in July as compared to a year-ago
period, slowing from June's 17.9% annual rise. Between
January and July, profits rose 11.7% as compared to the same
period last year. China's economy has had a rough ride this year
as unsteady foreign and domestic demand dragged on exports,
factory output and domestic investment. A surprisingly sharp
slowdown in the housing market has also further dampened
activity. (Reuters)
Regional
 IDB approves $987mn for funding development projects –
Islamic Development Bank (IDB) has approved $987mn in funds
for supporting economic and social development projects in its
member countries. This is in addition to grants for Muslim
communities among non-member countries. The funds
approved by the IDB's Board of Executive Directors at a recent
meeting include $176mn for Oman, $100 mn for Uzbekistan,
$179.3mn for Cameroon, $26.7mn for Lebanon, $20mn for
Yemen and $10mn for Uganda. (GulfBase.com)
 CPC acquires Sphinx Glass from Qalaa – Saudi-based
Construction Products Holding Company (CPC) has signed an
agreement on August 26, 2014 with Qalaa Holdings for the
purchase of Egypt-based Sphinx Glass for a consideration of
EGP1.3bn. The transaction enables CPC to expand its
international activities in Egypt, while the divestment will allow
Qalaa Holdings to abandon non-core projects, enabling it to
focus on strategic sectors. (GulfBase.com)
 OBG: Kingdom’s economic reforms generate interest of
investors – According to “The Report: Saudi Arabia 2014”
released by Oxford Business Group (OBG), Saudi Arabia’s drive
to create a more open business environment and broaden its
economic base has generated a new group of investors
interested in the Kingdom. The report analyzes the reforms that
are being rolled out in a bid to boost foreign investment,
including a landmark decision to liberalize the Kingdom’s capital
markets. It also covers the Kingdom’s efforts to increase natural
gas output. Further, the report analyzes the role that legislation
is expected to play in offering homebuyers more flexibility and
explores the potential for further growth and diversification in the
Islamic financial services segment. (GulfBase.com)
 NCB: Saudi hydrocarbon sector outlook dim – According to
the “Saudi Arabia Business Optimism Index – Q3 2014” report
published by the National Commercial Bank (NCB), the outlook
for Saudi Arabia’s hydrocarbon sector has turned bleak in
3Q2014. The Composite BOI for the hydrocarbon sector shrank
from 49 in 2Q2014 to 25 in 3Q2014, reaching the lowest level
since 4Q2012 as all constituent parameters reflected a
downward trend. The composite index for the non-hydrocarbon
sector registered a 14 points slide, partly due to the seasonal
downturn during summer and partly on the back of expectations
skewed toward a trend of stability. The country’s SME segment
holds a slightly stronger outlook with a Composite BOI of 38 as
compared to large companies’ BOI at 34. (Gulf-Base.com)
 Zad National to produce Turkish products at KAEC – Zad
National Ltd recently signed an agreement with King Abdullah
Economic City (KAEC) for purchasing 22,000 square meters of
land in KAEC’s Industrial Valley-Phase 1 to build a

4. Page 4 of 6
manufacturing facility for the production of sweets. The contract
was signed by Prince Abdullah bin Saud bin Mohammed bin
Abdulaziz, Chairman of the Board of Al-Ahlam Holding Group
and ZAD National, and Rayan Qutub, COO of the Industrial
Valley in KAEC. (Gulf-Base.com)
 SPC completes maintenance in affiliate plant – Sahara
Petrochemicals Company (SPC) announced that the necessary
maintenance works at its Al Waha Petrochemicals Company
plant have been completed. The company has also initiated the
necessary steps to restart the operation and production units
after the maintenance, which lasted 10 days. Earlier, SPC said
that the plant faced technical failure which affected the utilities
unit and resulted in the shutdown of the production units.
(Tadawul)
 Tecom Investments: UAE freehold property market
witnesses exponential growth – The UAE freehold property
market, especially in Dubai, continues to witness exponential
growth with the Real Estate Regulatory Agency bringing about
stability in the industry and rebuilding investor confidence. Badr
Al Gargawi, CEO, Development & Planning Division, Tecom
Investments, while launching Villa Lantana, a freehold villa
community, noted that the realty industry in the Emirate has
been booming at a fast pace. The government with its various
regulatory bodies has gone an extra mile to bring about stability
by controlling supply and nipping problems that had been
experienced in the past. These timely steps have totally restored
the health of the realty estate, which has become more vibrant
than pre-recession days, Gargawi added. (GulfBase.com)
 Etihad to start A380, Dreamliner operations in December
2014 – Etihad Airways is all set to launch its Airbus A380 and
Boeing 787-9 Dreamliner operations in December 2014, with an
extensive pilot training program now under way. During its first
year of operations, the Airbus A380 will be deployed on Etihad’s
three daily flights between Abu Dhabi and London, along with
selected flights to Sydney. Between December 2014 and June
2015, the Boeing 787-9 will be introduced on six routes,
including Dusseldorf, Doha, Washington DC, Mumbai, Brisbane
and Moscow. (Bloomberg)
 Gulftainer records 14% YoY growth in SCT container
volumes – Gulftainer recorded a 14% YoY growth in container
volumes during 1H2014 at its Sharjah Container Terminal
(SCT). The growth in volume was driven in part by the robust
UAE-East Africa trade route and new projects in Sharjah. SCT
signed more than 20 new consignees and grew its market share
during the first half of the year, putting it on track to exceed its
targeted throughput by the end of the year. (Gulf-Base.com)
 GFH signs $105mn Murabaha deal with KFH-Bahrain – Gulf
Finance House (GFH) has entered into an agreement for a
$105mn credit facility from Kuwait Finance House – Bahrain
(KFH-Bahrain). The five-year facility, which will be extended to
GFH on an amortized basis and with an 18-month moratorium,
will be utilized by the bank to redeem two existing debt facilities
with 27 syndicate participants and allows the release of major
assets for GFH. Under the agreement terms, which is subject to
regulatory approvals, KFH-Bahrain will have the option to
convert its outstanding debts into shares in GFH. (DFM)
 Nakheel awards AED75mn contract – Nakheel has awarded
AED75mn contract to UAE-based Trojan General Contracting
for the construction of a residential complex with 130 apartments
on Dubai’s Palm Jumeirah. Construction is expected to begin
before December 2014, while completion is likely to be in mid-
2016. (Bloomberg)
 Forbes: Dubai world’s seventh most influential city –
According to a list published by Forbes magazine, Dubai has
been ranked as the seventh most influential city in the world,
ranking above global cities such as Los Angeles, Beijing and
Sydney. The list ranks the global cities based on eight factors
including the amount of foreign direct investment they have
attracted; the concentration of corporate headquarters; the
business niches they dominate; air connectivity; strength of
producer services; financial services; technology and media
power; and cultural diversity. The report also stated that the
UAE capital Abu Dhabi, which ranked 20th, could move up in
the future. (GulfBase.com)
 Phidar: Dubai villa prices decline 4% – According to Phidar’s
House Price Index (PHI), the residential prices in Dubai
witnessed a drop in the first six weeks of 3Q2014 with rates
falling 4% for villas and 0.6% for apartments, as compared to
2Q2014. The apartment and single family home (SFH) prices
are still up 28.8% and 14.5% YoY. For apartments in The
Greens, prices increased by 0.26%, but Uptown Motor City
decreased by 0.94%. For SFHs, Jumeirah Islands declined
8.4%, but The Lakes increased 6.4%. Nominal average
apartment lease and SFH rates are up 14.9% and 0.9% in
1H2014 as compared to 3Q2013. (GulfBase.com)
 TDA: Ras Al Khaimah welcomes 330,048 visitors in 1H2014
– According to the Ras Al Khaimah Tourism Development
Authority (TDA), Ras Al Khaimah witnessed 330,048 visitors
during 1H2014, generating $118.7mn in revenue. In the city,
hotel occupancy reached 64.11%, while the average daily rate
(ADR) stood at $69.85, generating a total revenue of $14.9mn.
Luxury & upscale hotels in the Emirate had an ADR of $140.83,
while beach hotels & resorts had an ADR of $168.58, generating
a total revenue of $103.8mn. (Bloomberg)
 Dubai Customs: Dubai foreign trade drops to AED654bn in
1H2014 – According to a report by Dubai Customs, foreign trade
in Dubai during 1H2014 amounted to AED654bn, down by 3.7%
as compared to AED679bn during 1H2013. Dubai’s total foreign
trade for entire 2013 stood at AED1.392tn. Imports during
1H2014 had a share of AED408bn, while exports had a share of
AED59bn and re-exports AED187bn. China was Dubai’s top
foreign trade partner during 1H2014, with a value of AED80.5bn,
followed by India with AED53bn, the US with AED41bn, and
Saudi Arabia with AED27bn. Phones and PCs accounted for
17% of Dubai’s total foreign trade in 1H2014. (Bloomberg)
 NBK Capital: Kuwait earnings flat despite strong bank
results – According to NBK Capital, aggregate profits of all
listed companies in Kuwait were unimpressive during 1H2014,
despite the strong bottom-line growth by banks. A solid
performance by banks during 1H2014, on the back of an
improving operational environment and reduced provisioning,
boosted the overall earnings and offset the weakness in other
sectors. Most of the weakness came from the real estate and
non-banking financial services sectors, following several years
of strong recovery in both. Despite flat reported earnings, stock
prices reacted positively as the outlook remains favorable. The
reported earnings of 165 listed Kuwaiti companies were down
1.3% YoY in 1H2014 to KD810mn. The aggregates conceal
more mixed results, with over 70 companies reporting declines
in profits as compared to a year ago, while 94 companies
reported healthy growth. This year was the first time since 2010
that total reported losses did not shrink; instead they doubled to
KD42mn, though the number of loss-making companies was
stable at 27. Banks continued to ride the economic upturn,
benefitting from reduced provisions and a healthier appetite for
credit. As a result, bank profits experienced their best half in four
years, growing by 16% YoY to KD315mn. At 39%, banks

5. Page 5 of 6
accounted for the lion’s share of total reported earnings. Their
contribution increased by seven percentage points as compared
to a year ago at the expense of the real estate and financial
services companies, as these saw their shares shrink to 10%
and 8%, respectively. (GulfBase.com)
 KHCB signs home finance deal with Eskan Bank – Khaleeji
Commercial Bank (KHCB) has entered into an agreement with
Eskan Bank to join the social housing finance program, which
was launched by the Ministry of Housing in October 2013. The
program aims at increasing the private sector’s participation,
including banks in provide housing solutions in Bahrain.
(Bahrain Bourse)
 Bapco achieves reliability milestone – Bapco has reported a
key performance achievement in its reliability standards. For the
first time since the introduction of the Refinery Reliability Clock
(RRC), the company has achieved 360 continuous days without
a clock reset. Not only has the refinery operated without a single
RRC reset for one full year, two of its operating sections (South
Process and North Process) have now surpassed two years
without a reset. (GulfBase.com)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
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
0.8%
(0.3%)
(0.2%) (0.1%)
0.3% 0.3% 0.2%
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,282.60 0.1 0.2 6.4 DJ Industrial 17,122.01 0.1 0.7 3.3
Silver/Ounce 19.46 0.5 0.2 (0.0) S&P 500 2,000.12 0.0 0.6 8.2
Crude Oil (Brent)/Barrel (FM
Future)
102.72 0.2 0.4 (7.3) NASDAQ 100 4,569.62 (0.0) 0.7 9.4
Natural Gas (Henry
Hub)/MMBtu
3.99 1.2 3.4 (8.2) STOXX 600 343.33 0.1 2.0 4.6
LPG Propane (Arab Gulf)/Ton 101.75 0.2 0.0 (19.6) DAX 9,569.71 (0.2) 2.5 0.2
LPG Butane (Arab Gulf)/Ton 120.00 0.9 0.5 (11.6) FTSE 100 6,830.66 0.1 0.8 1.2
Euro 1.32 0.2 (0.4) (4.0) CAC 40 4,395.26 0.0 3.3 2.3
Yen 103.88 (0.2) (0.1) (1.4) Nikkei 15,534.82 0.1 (0.0) (4.6)
GBP 1.66 0.2 0.0 0.1 MSCI EM 1,093.74 0.5 1.0 9.1
CHF 1.09 0.3 (0.1) (2.4) SHANGHAI SE Composite 2,209.47 0.1 (1.4) 4.4
AUD 0.93 0.3 0.2 4.7 HANG SENG 24,918.75 (0.6) (0.8) 6.9
USD Index 82.43 (0.3) 0.1 3.0 BSE SENSEX 26,560.15 0.4 0.5 25.5
RUB 36.17 (0.0) 0.2 10.0 Bovespa 60,950.57 1.9 4.4 18.3
BRL 0.44 0.1 0.8 4.6 RTS 1,260.72 0.1 0.1 (12.6)
199.3
168.2
150.6