1. Page 1 of 9
QE Intra-Day Movement
Qatar Commentary
The QE index rose 1.3% to close at 13,258.4. Gains were led by the Real
Estate and Industrials indices, gaining 2.4% and 1.6% respectively. Top gainers
were Doha Insurance Co. and Gulf International Services, rising 4.9% and
3.5%, respectively. Among the top losers, Qatar Cinema & Film Distribution
Co. fell 8.4%, while Dlala Brokerage & Invest. Holding Co. declined 3.6%.
GCC Commentary
Saudi Arabia: The TASI index rose 2.8% to close at 10,025.1. Gains were led
by the Real Estate Dev. and Petrochem. Ind. indices, rising 4.6% and 4.1%,
respectively. Buruj Coop. Ins. gained 9.9%, while Al Hammadi was up 9.8%.
Dubai: The DFM index declined 1.0% to close at 4,678.7. The Insurance index
fell 2.0%, while the Services index was down 1.7%. National Industries Group
declined 5.6%, while Dubai National Ins. & Reins. was down 5.5%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,977.2. The
Energy index fell 1.5%, while the Telecom. index was down 1.3%. National
Marine Dredging Co. declined 9.9%, while Insurance House was down 9.8%.
Kuwait: The KSE index gained 0.4% to close at 7,097.0. The Telecom. index
rose 2.0%, while the Technology index was up 1.5%. Al Eid Food Co. rose
9.4%, while Aayan Leasing & Investment Co. was up 7.1%.
Oman: The MSM index rose marginally to close at 7,184.0. Gains were led by
the Services index rising marginally, while other indices ended in red. Dhofar
International Dev. & Inv. Holding gained 3.6%, while Ominvest was up 2.9%.
Bahrain: The BHB index fell 0.5% to close at 1,474.2. The Investment index
declined 1.8%, while the Industrial index was down 1.2%. Arab Banking
Corporation fell 3.9%, while Al Baraka Banking Group was down 1.2%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Co. 27.90 4.9 203.7 11.6
Gulf International Services 117.00 3.5 579.7 139.8
Barwa Real Estate Co. 44.80 3.3 1,077.2 50.3
Medicare Group 101.00 3.1 359.4 92.4
QNB Group 182.90 2.2 306.4 6.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 27.95 0.9 2,511.2 29.8
Salam International Investment Co. 19.55 1.7 2,286.2 50.3
Masraf Al Rayan 56.10 2.0 1,466.3 79.2
Barwa Real Estate Co. 44.80 3.3 1,077.2 50.3
Ezdan Holding Group 23.30 (0.2) 832.7 37.1
Market Indicators 22 Jul 14 21 Jul 14 %Chg.
Value Traded (QR mn) 687.0 583.5 17.7
Exch. Market Cap. (QR mn) 712,786.8 705,139.5 1.1
Volume (mn) 14.9 11.6 28.5
Number of Transactions 8,470 5,872 44.2
Companies Traded 43 43 0.0
Market Breadth 26:16 13:26 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,774.80 1.3 (0.2) 33.3 N/A
All Share Index 3,344.45 1.2 (0.1) 29.3 16.1
Banks 3,204.17 1.0 0.4 31.1 15.6
Industrials 4,402.92 1.6 (0.0) 25.8 17.2
Transportation 2,263.11 (0.1) (3.2) 21.8 14.5
Real Estate 2,955.61 2.4 1.6 51.3 14.8
Insurance 3,772.73 1.0 (0.0) 61.5 12.0
Telecoms 1,640.49 1.3 (3.1) 12.8 22.6
Consumer 7,106.09 0.9 (0.5) 19.5 27.3
Al Rayan Islamic Index 4,452.52 1.1 (0.5) 46.7 18.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Hotels Abu Dhabi 3.50 9.4 1,049.0 12.9
Jabal Omar Dev. Co. Saudi Arabia 52.36 7.4 10,524.5 79.3
Saudi Basic Ind. Corp. Saudi Arabia 123.35 6.7 10,794.6 10.6
Samba Financial Group Saudi Arabia 42.01 6.1 4,977.9 12.0
Savola Saudi Arabia 80.31 6.1 1,545.0 28.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 7.64 (9.9) 3.5 (11.2)
Combined Group Cont. Kuwait 0.96 (4.0) 22.8 (21.3)
Arab Banking Corp. Bahrain 0.75 (3.8) 76.0 100.0
Hsbc Bank Oman Oman 0.17 (3.4) 1,024.0 (4.5)
Etihad Atheeb Tel. Saudi Arabia 12.63 (3.4) 6,422.3 (12.3)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distri. Co. 47.15 (8.4) 1.0 17.6
Dlala Brokerage & Invest. Holding 53.00 (3.6) 343.8 139.8
Zad Holding Co. 80.80 (2.3) 5.7 16.3
Ahli Bank 52.00 (1.9) 3.2 22.9
Qatar Navigation 93.00 (1.3) 142.2 12.0
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 56.10 2.0 81,325.7 79.2
United Development Co. 27.95 0.9 70,644.3 29.8
Gulf International Services 117.00 3.5 67,202.6 139.8
QNB Group 182.90 2.2 55,496.6 6.3
Barwa Real Estate Co. 44.80 3.3 47,700.7 50.3
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* 13,258.42 1.3 (0.2) 15.4 27.7 188.70 195,802.5 16.3 2.2 3.8
Dubai 4,678.72 (1.0) (4.6) 18.7 38.8 455.59 91,108.7 24.9 1.8 2.2
Abu Dhabi 4,977.22 (0.2) (1.1) 9.4 16.0 83.86 137,517.1 14.4 1.8 3.3
Saudi Arabia 10,025.14 2.8 2.4 5.4 17.5 3,265.26 548,053.9 19.3 2.5 2.8
Kuwait 7,096.98 0.4 (0.0) 1.8 (6.0) 35.16 111,592.5 16.8 1.1 3.9
Oman 7,183.95 0.0 (0.3) 2.5 5.1 11.43 26,455.8 12.2 1.7 3.9
Bahrain 1,474.22 (0.5) (0.5) 3.3 18.0 2.78 54,217.5 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)
13,050
13,100
13,150
13,200
13,250
13,300
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QE index rose 1.3% to close at 13,258.4. The Real Estate
and Industrials indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Doha Insurance Co. and Gulf International Services were the top
gainers, rising 4.9% and 3.5%, respectively. Among the top
losers, Qatar Cinema & Film Distribution Co. fell 8.4%, while
Dlala Brokerage & Invest. Holding Co. declined 3.6%.
 Volume of shares traded on Tuesday rose by 28.5% to 14.9mn
from 11.6mn on Monday. Further, as compared to the 30-day
moving average of 14.2mn, volume for the day was 5.3% higher.
United Development Co. and Salam International Investment Co.
were the most active stocks, contributing 16.8% and 15.3% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn)2Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Tamweel Dubai AED 110.9 -22.0% – – 28.3 8.7%
Waha Capital Abu Dhabi AED 1,281.52 1158.5% – – 1,137.76 2865.7%
Umm Al-Qalwaln Cement
Industries Co. (QCEM)
Abu Dhabi AED 3.1 -6.7% – – -3.6 NA
Oman Cement Co. (OCC)* Oman OMR 25.7 -6.1% – – 9.9 4.3%
Construction Materials
Industries & Contracting
(CMIC)
Oman OMR 1.4 -17.8% – – -0.2 NA
Bahrain Cinema Co. (BCC) Bahrain BHD 4.8 3.5% 1.7 -4.1% 1.9 -20.5%
Source: Company data, DFM, ADX, MSM (* 1H2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/22 US BLS CPI MoM June 0.30% 0.30% 0.40%
07/22 US BLS CPI YoY June 2.10% 2.10% 2.10%
07/22 US BLS CPI Core Index SA June 238.083 238.227 237.78
07/22 US BLS CPI Index NSA June 238.343 238.535 237.9
07/22 US FHFA FHFA House Price Index MoM May 0.40% 0.20% 0.10%
07/22 US Richmond Fed Richmond Fed Manufact. Index July 7.0 5.0 4.0
07/22 UK ONS Public Finances (PSNCR) June 11.8B – 8.4B
07/22 UK ONS Central Government NCR June 18.1B – 12.3B
07/22 UK ONS Public Sector Net Borrowing June 9.5B 9.4B 11.9B
07/22 UK CBI CBI Business Optimism July 19.0 30.0 33.0
07/22 Japan METI All Industry Activity Index MoM May 0.60% 0.60% -4.60%
07/22 Japan ESRI Leading Index CI May 104.8 – 105.7
07/22 Japan ESRI Coincident Index May 111.3 – 111.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.44% 70.81% (64,406,307.26)
Non-Qatari 38.56% 29.19% 64,406,307.26

3. Page 3 of 9
News
Qatar
 VFQS posts narrower June 2014 loss on postpaid driven
ARPU growth and lower than expected expenses – In
1QFY2015, Vodafone Qatar’s (VFQS) net loss narrowed by
16% on a QoQ basis and 68% on a YoY basis and stood at
QR27mn. We were expecting a net loss of QR35mn. Results
were helped by an increase in revenue with June quarter
revenue up 6% QoQ and 27% YoY to QR585mn. Reported
revenue was 3% above our estimate of QR570mn. VFQS’
mobile customer growth was modestly disappointing at 2%
QoQ; subs reached 1.354mn (up 18% YoY) vs. our estimate of
1.388mn. Quarterly ARPU however exceeded our expectation,
coming in at QR131 (+2% QoQ, +7% YoY) vs. our estimates of
flattish sequential ARPU at QR128. ARPU growth was driven by
postpaid customers that contributed 18% of total revenue (vs.
17% in March 2014). The company reported a quarterly EBITDA
margin of 27.2% vs. our estimate of 28.5% and March 2014
quarter’s 27.7%. VFQS’ June 2014 quarter's EBITDA of
QR159mn (+4% QoQ, +61% YoY) was 2% lower than our
estimate of QR163mn. (QE, QNBFS)
 GISS 1H2014 net profit rises 58% YoY to QR463.7mn – Gulf
International Services (GISS) posted a net profit of QR463.7mn
in 1H2014, up 58% on QR170.6mn in 1H2013. The rise in
earnings stemmed from growth across all its business portfolios,
particularly drilling operations. GISS recorded revenue of
QR1.59bn in 1H2014. Robust performance from GDI drove the
QoQ and YoY growth. Several initiatives drove GDI’s growth in
2Q2014. first and foremost, GISS completed the buy-out of
Japan Drilling Company Limited’s 30% shareholding in Gulf
Drilling International for a total consideration of $157.7mn,
resulting in GDI becoming a 100% subsidiary of GISS with effect
from May 1, 2014. The buy-out contributed an additional profit of
QR40.0mn for two months period ended 30 June 2014.
Revenue in the Drilling segment closed the first half of 2014 at
QR697.6mn, a YoY increase of QR316.5mn, or 83%. This
performance was driven by a combination of factors: the
acquisition with effect from May 1, 2014 of Japan Drilling
Company’s 30% stake in GDI; added QR 103.9 million in
revenue, the deployment of the Al-Jassra and Leshat offshore
rigs in the second and fourth quarter of 2013 contributed a
further QR131.3mn and revisions to three rolled-over offshore
contracts during the latter part of 2013 and to four onshore
contracts during the current quarter. On QoQ basis, revenue
was up by QR174.4mn or 67.0%, principally due to the buy-out
of JDC and the onshore contract revisions. Aviation segment
revenue for the first half increased by a moderate QR11.7mn, or
3.8%, to total QR320.0mn, as an increase in the number of
helicopters in the fleet (2014, H1: 45 helicopters versus 2013,
H1: 43 helicopters) and the success of GHC’s proactive
business development strategy which resulted in operations in a
number of new territories, were partially mitigated by the end of
its long-term relationship with the National Health Authority for
providing a helicopter emergency medical service. Compared to
the previous quarter, revenue increased by QR14.1mn or 9.2%
due to an increase in business across all lines of business within
the segment. The group’s insurance subsidiary registered gross
insurance revenue for the period ended June 30, 2014 of
QR381.1mn, a resolute QR44.3mn, or 13.2%, improvement on
the same period of 2013. The main contributor to this growth
was the medical line of business, as an additional 8,000
members joined the Al Koot Global Care Medical Insurance
Scheme versus the first half of 2013. The medical line of
business has grown by an annual average of circa 20% per year
since 2009, and now contributes circa 40% of Al Koot’s annual
revenue. Results in the core Energy line remained flat showing a
minimal year-on-year growth of 0.3%, in line with Qatar
Petroleum’s reduced capital expenditure activity. Revenue was
slightly down in the first quarter of 2014, by QR2.2mn, or 1.1%.
Amwaj Catering Services Limited contributed QR548.7mn to
group revenue, representing the largest segment at 34% of
group revenue. Compared to last year, the segment improved
by QR74.3mn, or 15.7%, due to the expansion of the core
industrial catering and manpower contracting services to a
number of projects throughout Qatar. On a quarterly basis,
Amwaj’s performance was similar to the first three months of
2014 with a positive QR4.6mn, or 1.7%, variance, mainly
attributed due to winning contracts in new segments and clients
(GISS Press Release)
 ERES 1H2014 net profit reaches QR718.1mn – Ezdan Holding
Group Company (ERES) reported a strong increase in its net
profit reaching to QR718.1mn in 1H2014 as compared to
QR478.7mn in 1H2013. EPS amounted to QR0.27 in 1H2014 as
compared to QR0.18 in 1H2013. (QE)
 QIGD posts net profit of QR119.5mn in 1H2014 – Qatari
Investors Group (QIGD) has posted a net profit of QR119.5mn
in 1H2014 as compared to QR111.3mn in 1H2013. QIGD’s EPS
stood at QR0.96 in 1H2014 vs. QR0.90 for 1H2013. (QE)
 Woqod posts net profit of QR530mn in 1H2014 – Woqod
(QFLS) posted a 12.5% YoY increase in its net profit to
QR530mn in 1H2014. The company’s assets exceeded
QR10.4bn in 1H2014, up 9.65% as compared to 1H2013. EPS
amounted to QR6.28 for 1H2014, compared with QR5.58 for
1H2013. During 1H2014, the total volume of sales of petroleum
products (diesel, gasoline and jet fuel) reached 3,446mn litres,
registering an increase of 11.6% as compared to 1H2013. (Gulf-
Times.com)
 QIMD discloses a net profit of QR80.4mn in 1H2014 – Qatar
Industrial Manufacturing Company (QIMD) reported a net profit
of QR80.4mn in 1H2014 as compared to QR80.7mn in 1H2013.
EPS stood at QR1.69 in 1H2014 versus QR1.70 in 1H2013. The
company’s total shareholders' equity amounted to QR1,487mn
in 1H2014 compared to QR1,409mn for 1H2013. (QE)
 VFQS 1Q2015 distributable profit hits QR73mn – Vodafone
Qatar (VFQS) delivered strong growth in its “distributable profit”
that reached to QR73mn in 1Q2015 on the back of continued
customer growth and increased revenue per user. The results
showed that the company’s mobile customer base reached
1.35mn in June, registering an 18% YoY growth. VFQS reported
1Q2015 revenue of QR585mn, indicating a 27% YoY growth.
Mobile average revenue per user (ARPU) increased YoY by
QR8 to QR131 in 1Q2015. EBITDA reached QR159mn,
registering a 61% YoY increase in 1Q2015. The company’s net
loss reduced to QR27mn in 1Q2015. The loss per share stood
at a negative of QR0.03 in 1Q2015 compared with a negative
ofQR0.1 in 1Q2014. (Gulf-Times.com)
 Abank completes inaugural issuance of $250mn notes –
Alternatifbank (Abank), 74.25% owned by the Commercial Bank
of Qatar (CBQK), has completed the pricing and closing of its
inaugural $250mn five-year senior unsecured RegS notes issue,
guaranteed by CBQK. The notes, rated A by Fitch, were issued
at a spread of 143 basis points over mid-swaps with a coupon of
3.125% per annum, and are listed on the Irish Stock Exchange.
The issue was arranged and offered through a syndicate of joint
lead managers comprising Bank of America Merrill Lynch and
Commerzbank, and attracted substantial global interest with
orders in excess of $1.5bn. (QE)

4. Page 4 of 9
 Real Fitch Affirms Nakilat's Bonds at 'A+'/'A-'; Outlook
Stable – Fitch Ratings has affirmed Nakilat’ (QGTL) senior and
subordinated bond ratings. The $850mn series A senior secured
bonds due 2033 have been affirmed at 'A+' with a Stable
Outlook while $300mn series A subordinated second priority
secured bonds due 2033 are affirmed at 'A-' with a Stable
Outlook. The rating affirmations reflect Nakilat's stable operating
and financial performance. Reported revenues of $828mn partly
reflecting a pass-through of higher operating costs slightly
exceeded Fitch's expectations for 2013. EBITDA remains in line
with Fitch's base case. (Reuters)
 QF terminates contract for construction of Sidra facilities –
Qatar Foundation (QF) has terminated the contract for design &
construction of the Sidra facilities in Doha, which was awarded
in 2008 to the OHL Internacional/Contrack (Cyprus) JV. QF said
the Sidra Medical & Research Center (Sidra) is a crucial project
for the people of Qatar. According to a source, the contract was
terminated apparently because of the contractor’s failure to
deliver the project on time. The Sidra Medical & Research
Center or the Sidra hospital for women and children, as it is
popularly known, is one of Qatar’s most ambitious healthcare
projects. The medical and academic center, which was originally
scheduled to open in 2011, has failed to meet the launch dates
since then. Sidra is being built with a QF endowment of over
QR28bn, one of the largest endowments ever provided to a
medical and research center anywhere in the world. (Gulf-
times.com)
 WDAM to announce results on August 10 – Widam Food
Company (WDAM) will disclose its financial reports for the
period ending June 30, 2014, on August 10, 2014. (QE)
 estate deals stood at QR1.3bn between July 13-17 – The real
estate registration department at the Ministry said that the real
estate transactions in Qatar between July 13 and 17 for the real
estate sales contracts registered at the Ministry of justice were
worth QR1.3bn. The list of properties that were traded by sale
includes open plots of land, two floors villas, annexes, houses,
residential buildings and compounds and Kindergartens located
in the municipalities of Umm Salal, Al Khor, Al Dhakira, Doha, Al
Rayyan, Al Shamal, Al Daayen and Al Wakra. (Peninsula Qatar)
 QIIK appoints new COO – Qatar International Islamic Bank
(QIIK) has appointed Ehab Eshehawi as its new Chief Operating
Officer (COO). QIIB chief executive officer Abdulbasit A al-
Shaibei said the appointment of a new COO was part of the
bank’s continuous efforts to strengthen its core management
team with top international professionals. Al-Shaibei said
Eshehawi has a proven track record with considerable years of
banking experience and several high qualifications in the
industry. (Gulf-times.com)
International
 US consumer inflation rises on high gasoline prices – US
consumer prices rose in June as the cost of gasoline surged, but
the underlying trend remained consistent with a gradual build-up
of inflationary pressures. The Labor department said that its
Consumer Price Index (CPI) increased 0.3% last month, with
gasoline accounting for two-thirds of the gain, after May's 0.4%
rise. The CPI increased 2.1% after a similar rise in May, in the
12 months through June. Inflation is creeping up as the
economy's recovery becomes more durable, a welcome
development for some Federal Reserve officials who had
worried that price pressures were too low. The steady increases
have led some economists to predict that a separate inflation
gauge watched by the Fed, currently running below the US
central bank's 2% target, could breach that target by year-end
as acceleration in job growth lifts wages. Fed Chairperson Janet
Yellen warned last week the Fed could raise interest rates
sooner than currently envisioned if the labor market continued to
improve faster than anticipated by policy makers. The last
month's increase in the CPI was in line with economists'
expectations. Gasoline prices jumped 3.3%, the largest rise in a
year, after increasing 0.7% in May. (Reuters)
 US housing turning the corner, inflation creeping up – US
home resales hit an eight month-high in June, suggesting the
housing market was gradually regaining momentum and would
help the economy to stay on a higher growth path this year. The
National Association of Realtors reported the third straight
month of home sales gains, added to employment and retail
sales data that have indicated economic growth ended the
second quarter on a firmer note. A separate report showed
inflation moved slightly higher. Bank of Tokyo-Mitsubishi UFJ in
New York’s Chief Financial Economist said that the economy is
normalizing from whatever went wrong in the first quarter and
the growth is up and running. Existing home sales rose 2.6% to
an annual rate of 5.04mn units last month, with the median
house price touching its highest level since 2007. The housing
market stumbled in the second half of 2013, raising concerns it
could undermine the economy's recovery. Now, its rebound is
bolstering forecasts for stronger growth. (Reuters)
 Eurozone debt rises in first quarter, set to peak this year –
The Eurozone public debt rose to 93.9% of economic output in
the first quarter of 2014, approaching the peak it is expected to
reach later in 2014. The EU's statistics office Eurostat said that
the government debt of the 18 countries sharing the Euro stood
at €9.055tn in the first three months of 2014 as compared to
€8.905tn in the last quarter of 2013. The EU's executive arm -
the European Commission - expects the debt to peak at 96.0%
of GDP this year and then ease to 95.4% of GDP in 2015.
Nearly 80% of the bloc's debt is in bonds and treasury bills.
Loans account for 17.9% of the debt. Twice bailed-out Greece
was the Eurozone's most indebted country with sovereign debt
of 174.1% of GDP, followed by the bloc's third-biggest economy
Italy, with debt equivalent to 135.6% of GDP in the first quarter.
Only two countries – Germany and Luxembourg – saw their debt
fall as compared to the last quarter of 2014 and the first quarter
of 2013. (Reuters)
 Nielsen: More than half of global consumers upbeat on job
prospects – According to a survey carried out by Nielsen, more
than half of global consumers expect job prospects to be good
to excellent in the year ahead. That helped push global
consumer confidence up in the second quarter to its highest
since the first quarter of 2007. India overtook Indonesia as the
most optimistic consumer market, while Portugal and Slovenia
were the most pessimistic. Japan and Hong Kong saw the
biggest declines in confidence from the previous quarter.
According to the survey, conducted between May 12 and 30, the
Nielsen Global Consumer Confidence Index rose 1 point in the
second quarter to 97. The reading headed closer to the 100
mark that signals optimism among consumers. By region,
consumers in the Asia Pacific were most confident about job
prospects with 65% seeing favorable job opportunities for the
year ahead, up from 64% in the first quarter. Globally, 56% of
respondents to the survey viewed their personal finances
positively, up from 55% over the past three consecutive
quarters. North America reported the biggest increase, with 63%
of respondents feeling secure in money matters over the next 12
months, up from 59% in the first quarter. The Nielsen survey
covered more than 30,000 online consumers across 60 markets.
(Reuters)
 Credit Suisse posts big loss after US tax settlement – Credit
Suisse Group AG will quit commodities trading after chalking up

5. Page 5 of 9
its biggest loss since the 2008 financial crisis, the result of a
1.6bn Swiss franc fine from US authorities for helping its clients
evade taxes. The Swiss bank reversed a recent vow to stick with
its commodities unit, and thus joins the ranks of trading firms
answering regulatory demands for more capital by significantly
reducing or even shuttering their natural resource trading arms.
Credit Suisse's fixed income unit outshone both its wealthy
client unit and its US rivals with a 4% rise in sales and trading,
flouting its own downbeat guidance in May. That compares to
drops of at least 10% at American banks like Goldman Sachs
and JPMorgan last week. Credit Suisse said the commodities
cuts, set to save $75mn, would allow resources and funds to be
reassigned to its private bank, which disappointed investors with
a 39% drop in revenue & weaker margins, and swung to a loss
due to the fine. (Reuters)
 Japan government trims economic growth estimate for
2014 – Japan's government slightly lowered its growth forecast
for the current fiscal year due to sluggish exports and a drop in
demand after the April sales-tax hike, but the forecasts were
largely in line with the Bank of Japan's projections. Members of
the government's top advisory panel did not object to the BOJ's
view that consumer prices will continue to rise under its
quantitative easing program, showing there is little difference
between the government's and the BOJ's assessment of the
economy. The convergence of views suggests the BOJ is
unlikely to face pressure from the government to ease monetary
policy further as the government turns its attention to compiling
next fiscal year's budget. Economics Minister Akira Amari said
the private sector members agreed that consumer prices can
continue to rise as the output gap moves into the positive
territory. The government now sees real GDP growth at 1.2% in
fiscal 2014/15, versus 1.4% forecasted earlier this year.
According to Cabinet Office estimates, the growth is expected to
accelerate to 1.4% in the following year. The estimates are
broadly in line with projections made by the Bank of Japan,
which last week cut its economic growth forecasted for the
current fiscal year to 1.0%. The BOJ expects growth to pick up
to 1.5% the following fiscal year. The Cabinet Office estimates
also showed that overall consumer prices, including those of
fresh food & energy, are seen rising 1.2% YoY in fiscal 2014/15
and increasing 1.8% in the following year. The consumer price
estimates exclude the effect of the sales tax hike. That is little
changed from the BOJ's CPI estimates, which are 1.3% this
fiscal year and 1.9% in fiscal 2015/16. (Reuters)
Regional
 CITC: Saudi Arabia mobile subscriptions jump 165% to
50mn in 1Q2014 – According to the Communications &
Information Technology Commission (CITC), the number of
subscriptions in the mobile telecommunications services across
Saudi Arabia reached about 50mn in 1Q2014, indicating a
penetration rate of 165% of the population. The number of
internet users reached about 18.1mn in 1Q2014, with a
penetration rate of more than 59%. Fixed telephone lines
operating in 1Q2014 reached about 4.8mn lines.
(GulfBase.com)
 Intigral appoints two new GMs – Middle East’s leading digital
media, content and services company, Intigral, has appointed
Jose Valles as General Manager (GM) of Digital Product
Marketing & Innovation, Digital, and J. Moreno as GM of
Operations, Digital. Valles was earlier associated with
Telefonica Digital in the UK and Moreno with Orange Spain.
(AMEinfo)
 STC renews partnership with JWT Riyadh – Saudi Telecom
Company (STC) has renewed its partnership with JWT Riyadh
for a further 3 years. After a highly competitive pitch process for
the consumer and enterprise business, JWT’s dynamic offering,
coupled with its unique insights into the Saudi market and its
understanding of the STC brand, helped JWT seal the deal.
(AMEinfo)
 Saudi Arabia’s Dabbagh Group to mull IPO of Petromin –
According to sources, Petromin Corporation may offer its shares
to public through an IPO in 2015 after Saudi-based Dabbagh
Group canceled a proposed 20% stake sale in Petromin. The
offer may value Petromin at $700mn to $1bn. Petromin is fully
owned by Dabbagh Group and makes more than 150 lubricant
products & exports to more than 35 countries in the Middle East,
Africa and Asia. (Bloomberg)
 India-based Rolta bags Sadara engineering contract –
Sadara Chemical Company (Sadara), an alliance between
Saudi Aramco and The Dow Chemical Company, has awarded
India-based Rolta a contract for the implementation of a
comprehensive engineering system at the Sadara complex.
Rolta announced that this multi-million dollar award of additional
scope is an amendment to its original contract. With a total
investment of about $20bn, Sadara is now building and will own
and operate an integrated chemical complex in Jubail Industrial
City II in Saudi Arabia. Comprising 26 world scale manufacturing
units, the Sadara complex will possess flexible cracking
capabilities and will produce over 3mn metric tons of high value-
added chemicals & performance plastic products.
(GulfBase.com)
 SACC BoD recommends SR143.5mn dividend for 2Q2014;
plans catering academy – Saudi Airlines Catering Company
(SACC) board of directors has recommended the distribution of
17.5% dividend (SR1.75 per share) amounting to SR143.5mn
for 2Q2014. Shareholders, who are registered in the registers of
the Securities Depository Center (Tadawul) on August 7, 2014,
will be eligible to receive the dividend. The dividend will be
distributed on August 19, 2014. Meanwhile, the company’s
board has approved to establish a catering academy for training
in the art of cooking and hospitality services, and appointed Mr.
Wajdy Ghabban as a General Manager with full authority to
establish the academy and do all the needful. (Tadawul)
 Shaker Group receives LOA to supply air-conditioning units
– Ibrahim Hussein Shaker Projects & Maintenance Company, a
wholly-owned subsidiary of Al Hassan Ghazi Ibrahim Shaker
Company (Shaker Group), has received a Letter of Award from
Saudi Arabia’s Ministry of Education (MoE) to supply air
conditioning units of LG brand as per the MoE special
specifications, to a number of its associated schools located in
several regions across Saudi Arabia for a value of SR38.3mn.
The work has to be carried out within four months from the date
of signing the contract. (Tadawul)
 Alkhodari announces dividend payment date – Abdullah A.
M. Al-Khodari Sons Company (Alkhodari) announced the
payment of SR0.50 cash dividend per ordinary share for FY2013
through National Commercial Bank by a way of SARIE transfer
on July 24, 2014 to the shareholders of record at Saudi Stock
Exchange. (Tadawul). (Tadawul)
 UACC signs Islamic financing agreement with SABB – Umm
Al-Qura Cement Company (UACC) has signed an Islamic
financing agreement aggregating SR618.87mn with The Saudi
British Bank (SABB). The facility's duration extends from July
22, 2014 to July 22, 2017. (Tadawul)
 Gulf Union announces non-renewal of motor insurance
policy – Gulf Union Cooperative Insurance Company (Gulf
Union) announced the non-renewal of motor insurance policy

6. Page 6 of 9
with Aksat Global for Business Trading Company for 2015,
which expires on June 30, 2014. (Tadawul)
 Savola Group appoints new CEO & MD – Savola Group’s
CEO and Managing Director, Dr. Abdulraouf Mohammed
Mannaa, has resigned from his position, due to personal
reasons. On the same day, the company appointed its current
board member, HE Eng. Abdullah Mohammed Noor Rehaimi, as
the CEO and Managing Director for the Group with effect from
January 1, 2015. Meanwhile, Dr. Mannaa will continue with his
role and responsibilities until December 31, 2014. (Tadawul)
 MEED: Investment in wellness programs to yield healthy
returns for firms – A research report conducted by MEED has
revealed that investment in corporate wellness programs is one
of the most effective ways to improve business performance.
The results of the study suggested that companies could see as
much as 300% return on investment on money spent on
corporate wellness initiatives. The report was conducted as a
part of the Daman Corporate Health Awards, which aim to
recognize the best employers in the UAE for their successful
health and wellness initiatives. The report stressed that
companies must appreciate the commitment required to deliver
a successful health and wellness program. (GulfBase.com)
 UAE’s second tallest tower 80% complete – Sheffield
Holdings announced that the second tallest tower, Marina 101 in
the UAE is over 80% complete. The 425-metre tower, which will
trail only the 828m Burj Khalifa, is expected to be completed by
early 2015. Upon completion the tower will feature 420 hotel
rooms & hotel apartments, 60 three-bedroom residential units,
eight duplexes, a five-star hotel, plus health clubs and swimming
pools on different levels. (GulfBase.com)
 Egypt proposes three petrochemical projects to UAE –
Egypt has proposed three petrochemical projects to the UAE for
a total investment of $540mn. The proposed projects involve
establishing refineries and plants across various regions,
including Ain Sokhna, the North Coast, Alexandria, and Upper
Egypt. The projects include establishing a factory to produce
bio-ethanol from molasses, the output of which would reach
100,000 tons of molasses annually, with investment in the
project totaling $250mn; a factory for the production of bio-
ethanol from rice straw, with a capacity of 100,000 tons of rice
straw produced per year with an investment of $240mn. The
third project would increase polyvinyl chloride (PVC) production,
used in making pipes, with the target implementation date as FY
2016-17. (GulfBase.com)
 DED: Dubai consumer confidence remains steady – A
quarterly survey conducted by the Department of Economic
Development (DED) showed that consumer confidence
remained steady in Dubai at 143 points in 2Q2014, but job
security continues to pose the biggest concern, followed by
work/life balance. Positive sentiment is running deeper among
consumers in Dubai with personal finances improving and more
people are willing to put their spare cash into savings &
holidays. The local population seems to be more optimistic
about the current state of the economy and personal finance as
compared to expats. According to the survey, the percentage of
the consumers who believe that the economy will recover in next
12 months also slightly decreased to 74% from 77%. The DED
survey revealed that rising rental & property prices and tourism
boom are the causes of optimism for the next 12 months, while
the lack of job opportunities and not much increase in salary
levels are the main concerns. The consumer confidence index
for 2Q2014 showed optimism prevailing for the fifth quarter in a
row even when it remained at 143 points, the same as 1Q2014.
Job security and salary levels remaining unchanged are
concerns for a significant number of consumers, but 81% of the
consumers rated current job prospects as excellent/good while
93% see improvements in the next 12 months. The survey
showed that personal finance estimates are brighter with 81% of
consumers having a positive outlook currently and 92% in the
next 12 months. Apparently, more than half of the consumers
are putting their spare cash into savings & holidays buoyed by
the expectations of stable finances and 35% of them are likely to
make such spending in the next 12 months. (GulfBase.com)
 DFM to close from July 28 on occasion of Eid Al Fitr – Dubai
Financial Market (DFM) announced it will remain closed from
July 28, 2014 till July 30, 2014 on account of Eid Al Fitr. Trading
will resume after the holiday on July 31, 2014. (DFM)
 Arenco awards two Dubai Palm Jumeirah hotel projects to
CSCEC – Dubai-based developer Arenco Real Estate has
awarded two contracts to China State Construction Engineering
Company (CSCEC) to build two new hotels at Palm Jumeirah.
The scope of work includes all civil works, MEP, external works
and finishes. The hotels, which are on adjoining plots, will be
five-star resort hotels of around 100,000 square meters each.
The projects will take 940 days to complete. (Bloomberg)
 ADIA boosts services for summer season – Abu Dhabi
International Airport (ADIA) has geared up for a huge spike in
passenger numbers during the summer season by providing a
series of facility developments and service upgrades. The Abu
Dhabi Airports company said that a range of recently completed
ground improvements and new services at the capital’s main air
gateway are expected to offer a smooth and enjoyable passage
through the main passenger terminals at the airport. The
number of travelers to the city are set to soar to record levels,
and as a result, the airport will provide service developments
which include setting up 20 new boarding bus gates (now fully
open) to passengers and flights in Terminal 3, increasing the
airport’s flight capacity by 44%, with a total of 66 boarding gates,
and installing six new code E aircraft stands for wide-bodied
aircrafts, which will increase the airport’s aircraft handling
capability by 10%, with a total of 63 stands. Abu Dhabi Airports’
Chairman, Ali Majed Al Mansoori, expects the number of flights
during the peak travel months to leap by 18% to nearly 170
every single day of the week as compared to the summer of
2013. (GulfBase.com)
 Aldar, Chalhoub to launch region's largest department store
in Yas Mall – Aldar Properties has signed an agreement with
Chalhoub Group to create the region’s largest department store
experience, comprising 200,000 square feet of prime retail
space within Yas Mall. The mall is now 95% committed ahead of
the opening in November 2014. The remaining units will be
leased-up on a selective basis to ensure that they complement
the existing retail mix, while bringing new experiences to Abu
Dhabi. (ADX)
 ADCB reports profit of AED1.058bn in 2Q2014 – Abu Dhabi
Commercial Bank (ADCB) reported a net profit of AED1.058bn
in 2Q2014 as compared to AED917mn in 2Q2013, reflecting an
increase of 15% YoY. Net profit for 1H2014 was AED2.16bn as
compared to AED1.82bn, up by 19%. The bank recorded total
net interest income of AED1.41bn in 2Q2014 as compared to
AED1.46bn in 2Q2013. Total assets stood at AED197.8bn as of
June 30, 2014 against AED183.1bn as of December 31, 2013.
Net loans & advances stood at AED134.3bn, while customer
deposits stood at AED119bn as of June 30, 2014. EPS as of
June 30, 2014 was AED0.36 for 1H2014 as compared to
AED0.29 in 1H2013. (ADX)
 FGB 2Q2014 profit touches AED1.35bn – First Gulf Bank
(FGB) reported net profit of AED1.35bn in 2Q2014 as compared

7. Page 7 of 9
to AED1.17bn in 2Q2013, reflecting an increase of 16%. The
bank made net profit of AED2.68bn in 1H2014 as compared to
AED2.21bn in 1H2013, up by 21%. Total net interest income for
2Q2014 was AED1.65bn as compared to AED1.47bn in
2Q2013, an increase of 12%. EPS for 2Q2014 amounted to
AED0.35 as against AED0.28. FGB’s total assets as of June 30,
2014 increased by 7% YoY and 3% QoQ to touch AED198.2bn.
Loans & advances increased by 6% to AED128.2bn, while
customer deposits increased by 11% to AED137.5bn, as of June
30, 2014. (ADX)
 NBAD reports profit of AED2.83bn for 1H2014 – National
Bank of Abu Dhabi (NBAD) reported net profit of AED2.83bn for
1H2014, up 7.9% over AED2.62bn in 1H2013. In 2Q 2014, net
profits were up 17.5% YoY to AED1.42bn as compared to
AED1.21bn in 2Q2013. Total net interest income increased by
3.7% to AED3.33bn in 1H2014, as compared to AED3.21bn in
1H2013. NBAD’s total assets grew by 7.2% to AED348.5bn as
of June 30, 2014 as compared to AED325.1bn as of December
31, 2014. Net Loans and advances increased 4.8% YoY and
1.8% QoQ to AED181.7bn, while customer deposits grew 8.2%
YoY and 1.0% QoQ to AED237.4bn as of June 30, 2014. EPS
amounted to AED0.56 for 1H2014. (ADX)
 CBI profit rises by 22.27% to AED108.66mn in 1H2014 –
Commercial Bank International (CBI) net profit increased by
22.27% to AED108.66mn during 1H2014 as compared to
AED88.87mn in 1H2013. Total Assets increased by 12.63% to
AED16.68bn as compared to AED14.81bn at the end of
December 2013. EPS at the end of June 2014 amounted to
AED0.066. Loans & advances increased by 11.11% to
AED11.8bn as compared to AED10.62bn at the end of
December 2013. Customer deposits increased by 15.62% to
AED12.14bn as compared to AED10.50bn at the end of
December 2013. Meanwhile, CBI’s board of directors approved
calling for EGM to approve capital increase through rights issue
or authorize board to execute loans for more than three years.
(ADX)
 RAKBank reports profit of AED365.9mn in 2Q2014 – The
National Bank of Ras Al-Khaimah (RAKBank) recorded a net
profit of AED365.9mn in 2Q2014 as compared to AED392.1 in
2Q2013. The bank made a profit of AED700mn in 1H2014 as
compared to AED760mn in 1H2013. Total net interest income
grew to AED675.7mn in 2Q2014 as compared to AED605mn in
2Q2013. Total assets as of June 30, 2014 stood at AED34.5bn
as compared to AED30.1bn as of December 31, 2013. EPS
amounted to AED0.22 during 2Q2014 as against AED0.23 in
2Q2013. Net loans & advances stood at AED23.4bn, while
customer deposits stood at AED25.5bn as of June 30, 2014.
(ADX)
 SIB 1H2014 profit jumps 50% to AED202.1mn – Sharjah
Islamic Bank (SIB) reported 50% increase in its 1H2014 net
profits to AED202.1mn as compared to AED134.7mn in 1H2013.
The bank’s customer deposits were up 14.8% to AED13.7bn at
the end of 1H2014 as compared to December 31, 2013. Total
assets grew 7.7% to reach AED23.4bn at the end of 1H2014.
(GulfBase.com)
 Kuwait Bourse Company established as step to privatizing
the Kuwait market – Kuwait Bourse Company Constituent
General Assembly was convened on July 20, 2014 as the latest
step by the Kuwait Capital Market Authority (Kuwait CMA) to
transfer the possession of the Kuwait Stock Exchange (KSE) to
the private sector. Khaled Abdelrazzaq Al-Khaled, Chairman of
Bourse Company said that the privatization would be achieved
in two stages. 50% of the overall capital will be sold at an
auction in the first stage, while the other 50% will be sold to
Kuwaiti citizens through a public offer in the second stage. The
company has been capitalized at KD60mn. (Bloomberg)
 OOCEP aims first gas from Block 60 Abu Tubul field in
3Q2014 – Oman Oil Company’s (OOC) subsidiary, Oman Oil
Company Exploration & Production (OOCEP) is targeting first
gas from the gas-rich Abu Tubul tight gas field in Block 60 in
central Oman during 3Q2014. Block 60, a roughly 1,500 sq
kilometer concession encompassing the wilayats of Ibri &
Haima, is 100% owned and operated by OOCEP. The
concession was acquired by OOCEP in December 2010 after
the previous operator, UK-based BG International, relinquished
the block. The output from the Abu Tubul development is
targeted at a peak production rate of 90mn standard cubic feet
per day (mmscf/d). Condensate production is envisaged at
6,000bpd. Under a contract awarded by OOCEP in 2012,
Enerflex Middle East, a subsidiary of Canadian energy services
firm Enerflex Ltd, is constructing a gas processing plant at Abu
Tubul at a cost of around $228mn. (GulfBase.com)
 OCEC appoints new executives – The Oman Convention and
Exhibition Center (OCEC) has appointed Salim al Flaiti as
Director of Human Resources, Ahmed al Habsi as Director of
Finance & Administration and Akram al Maawali as Protocol &
Liaison Manager. (GulfBase.com)
 alizz islamic bank reports loss of OMR2.6mn – alizz islamic
bank reported loss of OMR2.6mn for the period ended June 30,
2014. Total assets as of June 30, 2014 stood at OMR101.6mn
as compared to OMR99.7mn as of December 31, 2013. During
the period ended June 30, 2014, the financing portfolio reached
OMR27mn as compared to OMR20mn in 1Q2014. The bank’s
deposits base increased to OMR5mn during the same period.
(MSM)
 CMIC EGM approves quarry asset sale – Construction
Materials Industries & Contracting’s (CMIC) EGM has approved
the sale of assets used in the Quarry & Lime Plant at Quriyat, as
well as other assets no longer used in production. Additionally,
the company will cancel some assets that cannot be sold.
(MSM)
 HSBC Bank Oman posts net profit of OMR5.7mn in 1H2014
– HSBC Bank Oman posted a net profit of OMR5.7mn for
1H2014, representing a decline of 38.7% over 1H2013. Net
interest income was flat at OMR23.1mn, while total other
operating income increased by 8.9% to OMR11mn as compared
to OMR10.1mn for 1H2013. (Bloomberg)
 Duqm airport to be operational from July 23; Oman Air to
launch flights – According to the Special Economic Zone
Authority in Duqm (SEZAD), the Duqm airport will be operational
from July 23, 2014. Meanwhile, Oman Air is set to start serving
Duqm airport from 23rd July and will consist of four flights per
week. The new flights will be operated by the carrier’s E175
aircraft. (Bloomberg)
 BHB extends maturity date and listing of GREF – Bahrain
Bourse (BHB) announced the maturity date extension and listing
of Global GCC Real Estate Fund (GREF) issued by Global
Investment House. (Bahrain Bourse)
 BBK net profit rises 7.8% to BHD27.2mn during 1H2014 –
BBK reported a growth of 7.8% in its net profit at BHD27.2mn for
1H2014, compared with BHD25.2mn for 1H2013. Bank made a
profit of BHD13.2mn during 2Q2014 as compared to
BHD12.1mn for 2Q2013, reflecting an increase of 8.6%. Net
interest income was BHD34.8mn in 1H2014 as against
BHD34.6mn in 1H2013. EPS for the period was 27 fils as
against 25 fils for the same period in 2013. Net loans &
advances grew by 12.3% to BHD1.74bn from BHD1.55bn a year

8. Page 8 of 9
earlier. Customer deposits increased by 5.1% to BHD2.39mn
when compared with BHD2.28bn a year earlier. (Bahrain
Bourse)
 NBB reports profit of BHD28.74mn for 1H2014 – National
Bank of Bahrain (NBB) recorded a net profit of BHD28.74mn for
1H2014 as compared to BHD26.77mn for 1H2013, an increase
of 7.4 %. For 2Q2014, the bank recorded a net profit of
BHD12.12mn as compared to BHD11.94mn for 2Q2013. The
net interest income for 1H2014 was BHD30.51mn as compared
to BHD28.36mn for 1H2013, an increase of 7.6%. EPS for
1H2014 improved to 30.5 fils from 28.5 fils for 1H2013. Total
assets as of June 30, 2014 stood at BHD2.86bn as compared to
BHD2.62bn a year earlier. Loans & advances as of June 30,
2014 stood at BHD852.5mn, while customer deposits stood at
BHD2.18bn. (Bahrain Bourse)
 Bahrain hires four banks for new US dollar bond – According
to sources, the Kingdom of Bahrain has hired four banks
including Citigroup, Gulf International Bank and Standard
Chartered to arrange a new US dollar bond issue. Bahrain could
be considering a 30-year bond deal. The timing of the
transaction is still unclear. (Reuters)
 Bahrain’s MoST rules out plan to issue fourth mobile
license – Bahrain’s Minister of State for Telecommunications
(MoST), HE Sheikh Fawaz Bin Mohamed Al Khalifa has ruled
out any plans to issue a fourth mobile network operator license
as it would have no economic feasibility. (Bloomberg)
 BIBF signs MoU with Bahrain SMEs Society – Bahrain
Institute of Banking and Finance (BIBF) has signed a MoU with
the Bahrain SMEs Society to collaborate on training and skills
development for members of both organizations. The bilateral
agreement also includes the organization of conferences &
seminars, as well as research & studies related to
entrepreneurship and SMEs. (Bloomberg)
 Gulf Air receives first A330 retrofitted aircraft – Gulf Air has
received its first retrofitted A330 aircraft at the Bahrain
International Airport on July 22, 2014 arriving from Canada. The
plane is newly configured for a total of 214 seats in a two-class
configuration of 30 falcon gold class and 184 economy seats
with significant enhancements across both cabins. (Bloomberg)

9. 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 9 of 9
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
2.8%
1.3%
0.4%
(0.5%)
0.0%
(0.2%)
(1.0%)
(2.0%)
0.0%
2.0%
4.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,306.43 (0.5) (0.4) 8.4 DJ Industrial 17,113.54 0.4 0.1 3.2
Silver/Ounce 20.95 0.1 0.4 7.6 S&P 500 1,983.53 0.5 0.3 7.3
Crude Oil (Brent)/Barrel (FM
Future)
107.33 (0.3) 0.1 (3.1) NASDAQ 100 4,456.02 0.7 0.5 6.7
Natural Gas (Henry
Hub)/MMBtu
3.80 (1.3) (2.9) (12.6) STOXX 600 342.44 1.3 0.8 4.3
LPG Propane (Arab Gulf)/Ton 104.00 0.4 0.5 (17.8) DAX 9,734.33 1.3 0.1 1.9
LPG Butane (Arab Gulf)/Ton 122.25 0.1 0.2 (9.9) FTSE 100 6,795.34 1.0 0.7 0.7
Euro 1.35 (0.4) (0.4) (2.0) CAC 40 4,369.52 1.5 0.8 1.7
Yen 101.46 0.1 0.1 (3.7) Nikkei 15,343.28 0.8 0.8 (5.8)
GBP 1.71 (0.1) (0.1) 3.1 MSCI EM 1,074.48 1.1 1.1 7.2
CHF 1.11 (0.5) (0.4) (1.1) SHANGHAI SE Composite 2,075.48 1.0 0.8 (1.9)
AUD 0.94 0.2 0.0 5.3 HANG SENG 23,782.11 1.7 1.4 2.0
USD Index 80.78 0.3 0.3 0.9 BSE SENSEX 26,025.80 1.2 1.5 22.9
RUB 34.96 (0.7) (0.5) 6.4 Bovespa 57,983.32 0.6 1.7 12.6
BRL 0.45 0.4 0.6 6.8 RTS 1,266.88 2.2 (0.7) (12.2)
190.5
156.0
140.8