1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.1% to close at 9,540.7. Losses were led by the
Insurance and Banking & Financial Services indices, declining 1.2% and 0.3%
respectively. Top losers were Qatar Gen. Ins. & Rein. Co. and Qatar Electricity
& Water Co., falling 3.7% and 1.5% respectively. Among the top gainers, Al
Khaleej Takaful Group rose 3.2%, while National Leasing gained 2.2%.
GCC Commentary
Saudi Arabia: The TASI index gained 1.0% to close at 7,740.5. Gains were
led by the Agriculture & Food Ind. and Retail indices, rising 2.2% and 2.0%
respectively. Aljazira Takaful rose 10.0%, while Allied Coop. Ins. was up 8.6%.
Dubai: The DFM index rose 1.8% to close at 2,541.5. The Inv. & Financial
Ser. index gained 5.4%, while the Real Estate & Construction index was up
1.7%. Mashreq Bank rose 11.5%, while Dubai Nat. Ins. & Rein. was up 6.7%.
Abu Dhabi: The ADX benchmark index gained 0.9% to close at 3,857.5. The
Real Estate index rose 5.7%, while the Energy index was up 1.0%. FOODCO
Holding gained 10.0%, while Gulf Cement Co. was up 9.2%.
Kuwait: The KSE index rose 0.6% to close at 7,988.4. The Technology index
gained 1.9%, while the Health Care index was up 1.2%. Kuwait Gypsum
Manu. & Trading Co. rose 12.5%, while Securities House was up 8.2%.
Oman: The MSM index gained 0.2% to close at 6,633.5. The Banking &
Investment index rose 0.5% while all other sub-indices ended in red. National
Bank of Oman and Dhofar Int. Dev. & Inv. gained 1.8% each.
Bahrain: The BHB index declined 0.3% to close at 1,185.5. The Commercial
Banking index fell 0.9% while all other sub-indices ended in green. Ithmaar
Bank declined 3.8%, while National Bank of Bahrain was down 2.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 44.50 3.2 20.4 21.4
National Leasing 36.45 2.2 187.1 (19.4)
Medicare Group 47.20 1.8 383.1 32.2
Qatar Fuel Co. 262.00 1.2 35.4 19.1
Dlala Brok. & Inv. Holding Co. 27.50 1.1 65.0 (11.5)
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 23.05 0.7 1,219.8 29.5
Gulf International Services 46.50 1.1 612.2 55.0
Doha Bank 47.85 0.5 586.4 3.2
Masraf Al Rayan 27.60 (0.7) 420.3 11.3
Medicare Group 47.20 1.8 383.1 32.2
Market Indicators 21 July 13 18 July 13 %Chg.
Value Traded (QR mn) 244.0 252.1 (3.2)
Exch. Market Cap. (QR mn) 524,111.0 524,619.1 (0.1)
Volume (mn) 5.4 6.1 (11.4)
Number of Transactions 2,908 3,312 (12.2)
Companies Traded 41 39 5.1
Market Breadth 23:15 26:07 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,631.49 (0.1) (0.1) 20.5 N/A
All Share Index 2,411.94 (0.1) (0.1) 19.7 13.0
Banks 2,294.78 (0.3) (0.3) 17.7 12.1
Industrials 3,205.12 (0.2) (0.2) 22.0 11.9
Transportation 1,686.25 0.0 0.0 25.8 12.1
Real Estate 1,868.72 (0.1) (0.1) 15.9 11.9
Insurance 2,236.02 (1.2) (1.2) 13.9 15.6
Telecoms 1,328.71 0.5 0.5 24.8 15.1
Consumer 5,647.84 0.9 0.9 20.9 23.0
Al Rayan Islamic Index 2,843.11 0.1 0.1 14.3 14.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Fawaz Alhokair & Co. Saudi Arabia 124.75 6.4 420.6 79.9
Aldar Properties Abu Dhabi 2.60 6.1 133,055.1 104.7
Dubai Investments Dubai 1.91 6.1 91,685.6 124.2
Nat. Marine Dredging Abu Dhabi 9.70 4.9 47.1 (3.0)
Abu Dhabi Nat. Hotels Abu Dhabi 2.20 4.8 300.0 24.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ithmaar Bank Bahrain 0.26 (3.8) 426.4 50.0
Qatar Gen. Ins. & Rein. Qatar 46.60 (3.7) 1.5 1.3
Al-Hassan G.I. Shaker Saudi Arabia 88.75 (3.5) 301.2 37.6
Co. for Coop. Ins. Saudi Arabia 30.00 (3.2) 900.1 (12.9)
United Arab Bank Abu Dhabi 5.40 (2.7) 596.4 75.3
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 General Ins. & Rein. Co. 46.60 (3.7) 1.5 1.3
Qatar Electricity & Water Co. 161.40 (1.5) 39.1 21.9
Qatar Insurance Co. 61.10 (1.0) 80.4 13.3
QNB Group 164.50 (0.9) 156.2 25.7
Barwa Real Estate Co. 27.10 (0.7) 354.2 (1.3)
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 46.50 1.1 28,474.2 55.0
United Development Co. 23.05 0.7 28,054.1 29.5
Doha Bank 47.85 0.5 27,869.0 3.2
QNB Group 164.50 (0.9) 25,736.4 25.7
Industries Qatar 164.70 (0.1) 22,949.0 16.8
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* 9,540.71 (0.1) (0.1) 2.9 14.1 60.24 143,920.9 12.0 1.7 4.8
Dubai 2,541.52 1.8 1.8 14.4 56.6 202.68 63,407.7 16.3 1.0 3.2
Abu Dhabi 3,857.52 0.9 0.9 8.6 46.6 128.02 111,028.3 11.6 1.4 4.5
Saudi Arabia 7,740.46 1.0 1.0 3.3 13.8 1,231.27 409,801.6 16.2 2.0 3.7
Kuwait 7,988.36 0.6 0.6 2.8 34.6 121.07 110,496.3 23.1 1.3 3.5
Oman 6,633.54 0.2 0.2 4.7 15.1 11.94 22,944.5 10.9 1.7 4.1
Bahrain 1,185.52 (0.3) (0.3) (0.2) 11.3 0.66 21,197.5 8.4 0.8 4.1
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,510
9,520
9,530
9,540
9,550
9,560
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 0.1% to close at 9,540.7. The Insurance
and Banking & Financial Services indices led the losses. The
index declined on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
shareholders.
 Qatar General Ins. & Rein. Co. and Qatar Electricity & Water Co.
were the top losers, falling 3.7% and 1.5% respectively. Among
the top gainers, Al Khaleej Takaful Group rose 3.2%, while
National Leasing gained 2.2%.
 Volume of shares traded on Sunday declined by 11.4% to 5.4mn
from 6.1mn on Thursday. Further, as compared to the 30-day
moving average of 8.1mn, volume for the day was 32.8% lower.
United Development Co. and Gulf International Services were
the most active stocks, contributing 22.5% and 11.3% 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 (KFH)
CI Kuwait
FSR/ Support level/ LT
FCR/ ST FCR
BBB+/2/A+/A1
BBB+/2/A+/A
1
– Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, ICR – Issuer Credit Rating) (*Preliminary Rating
Assigned)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
Saudi Basic Industries Corp.
(SABIC)
Saudi Arabia SR – – 9,970.0 5.5% 6,040.0 14.0%
Saudi United Cooperative
Insurance Co. (Wala'a)
Saudi Arabia SR 39.9 -11.1% – – – –
Alinma Tokio Marine Co.
(Alinma Tokio M)
Saudi Arabia SR 17.6 N/A – – – –
Al-Babtain Power &
Telecommunication Co. (Al-
Babtain)
Saudi Arabia SR – – 39.3 112.4% 51.0 153.7%
Saudi Enaya Cooperative
Insurance Co.
Saudi Arabia SR 18.1 N/A – – – –
Tihama Advertising & Public
Relations Co. (Tihama)
Saudi Arabia SR – – (13.1) N/A (13.8) N/A
Al-Rajhi Co. for Cooperative
Insurance (AlRajhi Takaful)
Saudi Arabia SR 139.7 43.0% – – – –
Trade Union Cooperative
Insurance Co. (Trade Union)
Saudi Arabia SR 94.4 8.4% – – – –
Al Jouf Cement Co. (ALjouf
cement)
Saudi Arabia SR – – 17.0 -42.5% 13.8 -47.3%
National Gas &
Industrialization Co.
(NATIONAL GAS)
Saudi Arabia SR – – 37.6 26.6% 37.8 11.8%
Middle East Specialized
Cables Co. (MESC)
Saudi Arabia SR – – 7.7 -50.0% 0.0 -99.9%
United Cooperative
Assurance Co. (UCA)
Saudi Arabia SR 150.2 -0.5% – – – –
Wataniya Insurance Co.
(Wataniya)
Saudi Arabia SR 53.9 194.4% – – – –
Amana Cooperative
Insurance Co. (Amana
Insurance)
Saudi Arabia SR 5.2 -50.6% – – – –
Saudi Industrial Services Co.
(SISCO)
Saudi Arabia SR – – 43.9 53.5% 19.6 78.7%
Arabia Insurance
Cooperative Co. (AICC)
Saudi Arabia SR 143.3 65.7% – – – –
Salama Cooperative
Insurance Co. (Salama)
Saudi Arabia SR 59.2 32.9% – – – –
Anaam International Holding
Group Co. (Anaam Holding)
Saudi Arabia SR – – (6.6) N/A (7.9) N/A
Sadara Basic Services Co.
(Sadara)
Saudi Arabia SR – – – – (199.1) 139.3%
The Co. for Cooperative
Insurance
Saudi Arabia SR 1,144.7 16.1% – – – –
Gulf General Cooperative
Insurance Co. (GGI)
Saudi Arabia SR 42.8 -5.2% – – – –
Emaar The Economic City Saudi Arabia SR – – 23.3 -78.9% 3.1 -96.6%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 71.44% 82.32% (26,519,459.73)
Non-Qatari 28.55% 17.68% 26,519,459.73

3. Page 3 of 6
Dallah Healthcare Holding
Co. (Dallah Health)
Saudi Arabia SR – – 30.2 -20.9% 23.6 -36.4%
Weqaya Takaful Ins. & Rein.
Co. (Weqaya Takaful)
Saudi Arabia SR 60.3 -3.3% – – – –
Saudia Dairy & Foodstuff
Co. (SADAFCO)
Saudi Arabia SR – – 37.2 5.1% 33.3 4.2%
Knowledge Economic City
(KEC)
Saudi Arabia SR – – (4.8) -49.4% (3.0) 288.5%
Saudi Aramco Total Refining
& Petrochemical (SATORP)
Saudi Arabia SR – – – – (145.1) 99.2%
Abdullah A. M. Al-khodari
Sons Co. (ALKHODARI)
Saudi Arabia SR – – 32.5 -32.7% 25.4 -42.9%
City Cement Co. Saudi Arabia SR – – 78.9 0.8% 72.9 -5.2%
Kingdom Holding Co.
(KINGDOM)
Saudi Arabia SR – – 327.9 12.7% 181.2 1.3%
Al-Ahsa Development Co. Saudi Arabia SR – – 3.7 -26.4% 3.5 -20.6%
Saudi Arabian Cooperative
Insurance Co. (SAICO)
Saudi Arabia SR 83.9 30.1% – – – –
Abdullah Al Othaim Markets
Co. (A.Othaim Market)
Saudi Arabia SR – – 33.2 -6.3% 39.7 8.1%
Buruj Cooperative Insurance
Co. (Buruj Insurance)
Saudi Arabia SR 49.2 -11.4% – – – –
Bishah Agriculture
Development Co. (Bisha
Agri)
Saudi Arabia SR – – (0.2) -23.9% (0.1) -1.6%
Saudi Research & Marketing
Group (SRMG)*
Saudi Arabia SR – – 69.5 76.8% 12.2 -60.3%
Dubai Financial Market Co.
(DFM)
Dubai AED 112.7 127.2% – – 69.5 581.4%
National Detergent Co.
(NDC)*
Oman OMR – – – – 0.6 32.4%
Dhofar Poultry Co. (DPC) Oman OMR – – – – 0.2 8.3%
Oman United Insurance Co.
(OUIC)*
Oman OMR 24.4 14.2% – – 2.7 22.4%
Source: Company data, Tadawul, MSM (* 1H2013 Reusults)
News
Qatar
 DHBK net profit declines 10.7% QoQ – Doha Bank (DHBK)
has reported a net profit of QR353.1mn in 2Q2013, reflecting a
QoQ decline of 10.7% (+ 0.9% YoY). The reported net income
fell below our estimate of QR368.7mn. The bank’s net profit rose
by 1.1% YoY to QR748.4mn in 1H2013. EPS stood at QR3.14 in
1H2013 as compared with QR3.35 in 1H2012. Net interest
income rose by 9.0% QoQ (+13.2% YoY) to QR464.2mn, while
it was up 4.8% YoY to QR890mn in 1H2013. Total assets at the
end of June 2013 stood at QR59.2bn, indicating YTD increase
of 7.3%. Loans & advances rose by 7.1% YTD to QR36.2bn,
while customer deposits declined by 1% YTD to QR34.1bn.
(Gulf-Times.com, QNBFS Research)
 GWCS reports net profit of QR52.1mn in 1H2013 – Gulf
Warehousing Company (GWCS) has reported a net profit of
QR31.4mn in 2Q2013 vs. our estimate of QR28.4mn and
1Q2013 net income of QR20.6mn. Earnings per share
amounted to QR1.10 in 1H2013 versus QR0.85 in 1H2012. (QE)
 QNNS reports net profit of QR473.7mn in 1H2013 – Qatar
Navigation or Milaha (QNNS) has reported a net profit of
QR473.7mn in 1H2013 in comparisons to QR441mn in 1H2012.
Earnings per share amounted to QR5.01 as of June 30, 2013
versus QR3.85 for the corresponding period in 2012. (QE)
 Qatari fund eyes assets of Italian Risanamento – Qatar's
sovereign wealth fund, Qatar Holding could team up with the
real estate company Hines to buy assets from a troubled Italian
developer, Risanamento. Qatar Holding has approached some
of Risanamento's shareholders for a potential bid on the assets
owned by the Italian group in France and its Santa Giulia
redevelopment area in Italy. The total value of the assets is
unknown, but Qatar may offer around €1.3bn for the French
properties. (Reuters)
 QPI acquires 25% stake in Greek power plant – Qatar
Petroleum International (QPI) has signed a definitive agreement
with GEK TERNA to acquire a 25% stake in the Heron II Power
Plant in Greece. This would be QPI’s first investment in Greece.
(Gulf-Times.com)
 Laffan refinery hydrotreater to commence in 2Q2014 –
QatarGas said the Laffan refinery hydrotreater will start its
operation in 2Q2014. QatarGas said that this hydrotreater will
produce diesel with sulfur content of less than 10 parts per
million and will process 54,000 bpd of light gasoil feedstock.
(Bloomberg)
 Qatar may award $32.8bn contracts in 2013 – According to
Ventures Middle East Report, Qatar is likely to award $32.8bn
worth of contracts in 2013 as the country builds momentum to
beat its construction deadlines well before the beginning of the
FIFA World Cup in 2022. The report mentioned that Qatar's
preparation for the FIFA World Cup has intensified with the
government speeding up the pace of construction activities in
the country. The report also said that construction remains a
cornerstone of growth in the country. (Qatar Tribune)
 Masraf Al Rayan’s arm bags MENA Sukuk Manager award –
Masraf Al Rayan’s asset management arm, Al Rayan
Investment has been recognized as the “MENA Sukuk Manager
of the Year” at the 2013 Investment Excellence Awards. (Gulf-
Times.com)
 Enterprise Qatar appoints new CEO – Enterprise Qatar has
announced the appointment of Abdulaziz Bin Nasser Al-Khalifa
as its new CEO. (AME Info)
International
 UK PM: Improving economy may allow UK to cut taxes –
The UK Prime Minister David Cameron said the UK economy is
healing, which should allow the government to reduce taxes.
Cameron added that the government’s fiscal plans show further

4. Page 4 of 6
need for spending reductions in order to meet deficit targets, but
they do not include any plans for tax rise. (Bloomberg)
 BoJ not to rule out further steps if risks materialize – The
Bank of Japan’s (BoJ) board member Takehiro Sato said the
central bank has abandoned its previous approach of taking
incremental policy action, but will not rule out offering additional
stimulus if unexpected economic risks materialize. Sato also
said China's economic slowdown is worrying, but it is unlikely to
be a huge constraint on Japan's economic recovery. (Reuters)
 China's FM: economy set to turn around, no hard landing –
China's Finance Minister Lou Jiwei has denied that the world's
second-largest economy was entering into a crisis period, while
on the contrary, he believed that the economic growth could
even accelerate. Lou said the country’s power generation and
electricity consumption increased by 4% with the service
industry's consumption increasing by 8%. He stated that this
increased consumption indicated that the efforts to shift the
Chinese economy towards services from manufacturing are
bearing fruit. (Reuters)
Regional
 Egypt's central bank receives $2bn Saudi loan – The
Egyptian Central Bank has received $2bn funds from Saudi
Arabia in the form of a five-year interest-free loan. These funds
were deposited with the bank as part of a $5bn aid package to
Egypt that Saudi Arabia had pledged earlier. The aid will also
include $2bn in energy products and $1bn in cash. (Reuters)
 Rail projects awarded in MENA reach $434mn in 1Q2013 –
MEED Events Chairman Edmund O' Sullivan said the total value
of rail contracts awarded across the MENA region reached
$434mn in 1Q2013. This is roughly 17% of the total $2.55bn
contracts awarded in the overall transport sector. The contract
value is likely to rise further in 2013 as contracts to build about
33,712 kilometers of mainline routes and over 3,000 kilometers
of monorail and tram are expected to be awarded in 2H2013.
(AME Info)
 Kingdom approves SR3bn for infrastructure contracts – The
Saudi Ministry of Transportation and Ministry of Higher
Education have signed around 20 construction contracts worth
SR3bn, which include maintenance, construction, and
infrastructure projects around the Kingdom. (Bloomberg)
 SABIC looks at US Investments as Europe slowdown hurts
sales – Saudi Basic Industries Corp’s (SABIC) CEO Mohamed
Al-Mady said the company is studying investment opportunities
in the US as the economic slowdown in Europe and China has
pressured its sales in 2Q2013. He said that the company is in
the process of hiring management board for a JV with the Saudi
Arabian Oil Company and the Saudi Public Investment Fund.
(Bloomberg)
 Saudi Telecom in talks to sell Axis Telekom Indonesia –
Saudi Telecom Company (STC) has entered into negotiations to
sell its subsidiary in Indonesia, PT Axis Telekom Indonesia.
STC owns 80.10% shareholding directly and 3.725% indirectly
in Axis. The company has evaluated all alternatives related to
the continuity of Axis, and established that selling the company
is one of the best alternative available for Axis stakeholders.
(Bloomberg)
 RSH gets ECA approval to construct a labor camp in KAEC
– The Red Sea Housing Services Company (RSH) has received
approval from the Economic Cities Authority (ECA) to construct
an industrial labor camp in King Abdullah Economic City (KAEC)
in Rabigh at an estimated cost of SR50mn. The first phase of
the labor camp’s construction is scheduled to start by 1Q2014
and be operational by 3Q2014. This project will be financed
through RSH’s internal cash flow, along with credit facility lines
and banking loans that will be arranged locally. The financial
impact of this project is expected to be visible by 3Q2014.
(Tadawul)
 Najran Cement’s BoD recommends SR102mn dividend for
1H2013 – Najran Cement Company’s board of directors has
recommended to distribute dividends worth SR102mn (SR0.6
per share), representing 6% of the face value, to its
shareholders for 1H2013. Shareholders who are registered with
the Securities Depository Center on July 22, 2013 are eligible for
this dividend. (Tadawul)
 SPCC’s board recommends SR420mn dividend for 1H2013
– The Southern Province Cement Company’s (SPCC) board has
recommended distribution of dividends amounting to SR420mn
(SR3 per share), representing 30% of the face value, to its
shareholders for 1H2013. Shareholders who are registered with
the Securities Depository Center on July 23, 2013 are eligible for
this dividend. (Tadawul)
 Zamil Industrial’s BoD recommends SR45mn dividend for
1H2013 – Zamil Industrial Investment Company’s board has
recommended distributing dividends worth SR45mn (SR0.75 per
share), representing 7.5% of the face value, to its shareholders
for 1H2013. Shareholders who are registered with the Securities
Depository Center on July 28, 2013 are eligible for this dividend.
(Tadawul)
 Dubai's GDP up by 4.7% in 2Q2013 – Dubai’s economy has
continued steadily on its post-crisis recovery and has expanded
by around 4.7% in 2Q2013, driven by strong performance in
trade and most of the non-hydrocarbon sectors. The Emirate’s
real GDP grew by 4.1% in 1Q2013 before rising further in
2Q2013, indicating a steady recovery after a drastic slowdown in
the wake of the 2008 global financial distress. The government
data showed that the Emirate is making consistent progress in
its programs to ease reliance on volatile oil exports, with the
hydrocarbon sector expected to contribute only around 12% in
the 2013 budget. Non-oil sectors dominated the Emirate’s GDP
with a share of 28% for trade, 16% for manufacturing, 14% for
financial enterprises, 13% for real estate and 8% for
construction. The government data showed the fiscal deficit has
declined from around AED1.8bn in 2012 to AED1.5bn in 2013
despite a 5.8% increase in expenditure. It attributed the decline
to a 7.2% rise in revenues to AED32.6bn in 2013 from
AED30.6bn in 2012. Oil revenues were estimated at AED3.9bn
in 2013, consisting of only around 12% of the total earnings.
(GulfBase.com)
 Dubai Investments’ subsidiary achieves 10% YoY growth in
retail sales – Dubai Investments’ subsidiary Marmum Dairy
Farm has achieved 10% YoY growth in retail sales during
FY2012-13. The company has announced that it is targeting
15% growth in the dairy segment and 20-25% growth in the juice
category this year, backed by plans to introduce premium
products in both segments. (AME Info)
 UAE Exchange confident of getting bank license in India –
Leading forex company UAE Exchange said it is confident of
getting a banking license in India and has already initiated work
for setting up an 800-branch network in the country with a focus
mostly on rural areas. (Bloomberg)
 RAKBANK reports AED760.1mn profit in 1H2013 – The
National Bank of Ras Al Khaimah (RAKBANK) has reported a
net profit of AED760.1mn in 1H2013, reflecting an increase of
13.7% YoY. Net interest income along with the net profit from
Islamic financing grew 5.3% YoY to AED1.15bn. Non-performing

5. Page 5 of 6
loans made up 2.3% of the loan portfolio. Total assets increased
by AED1.1bn over December 31, 2012 and stood at AED28.4bn
as at June 30, 2013. (GulfBase.com)
 AUB posts KD23.2mn net profit in 1H2013 – Ahli United Bank
(AUB) has posted KD23.2mn in net profit for 1H2013, up 12.9%
YoY. AUB’s profit per share stood at 19.8 fils. Total assets
amounted to KD2.98bn, up 13.5%. Total deposits were up
14.5% to KD2.62bn. (Bloomberg)
 Boubyan Bank reports net profit of KD6.3mn – Boubyan
Bank has reported a net profit of KD6.3mn for 1H2013,
increasing by 20% YoY. Earnings per share stood at 3.4 fils.
Financing income rose by 19% YoY to KD28.8mn. The bank’s
assets exceeded KD2bn, growing by 18% YoY. Customer
deposits rose by 20% YoY to KD1.6bn, while the financing
portfolio were up by 18% YoY to KD1.4bn. (Bloomberg)
 KFH consolidates all its direct investment activities – Kuwait
Finance House’s (KFH) Acting CIO Shaheen Al-Ghanim said all
of the company’s investment holdings and activities across the
world shall be now consolidated and supervised by KFH
Investment Company (previously named Liquidity Management
House). Last week, shareholders of LMH, the fully owned
subsidiary of KFH, approved changing the company’s name to
KFH Investment Company. (GulfBase.com)
 OOMCO intends to buy 40% stake in Lubechem – The Oman
Oil Marketing Company (OOMCO) has announced that it is in
negotiations with the shareholders of Lubechem International
Industry to acquire 40% shareholding in Lubechem for
approximately AED1.5mn. OOMCO expects this transaction to
be concluded within the next 30 days. (MSM)
 Renaissance completes refinancing program for
OMR200.5mn – Renaissance Services has completed the
second and final phase of a marine refinancing program worth
OMR200.5mn. Around OMR130mn of this initiative has been
secured with Omani financial institutions such as Bank Muscat,
National Bank of Oman, Oman Arab Bank, Bank Sohar, Bank
Dhofar and Al Ahli Bank. The rest of the OMR70.5mn has been
secured with Renaissance’s marine subsidiary, Topaz. The
marine refinancing includes OMR22.5mn secured from Bahrain-
based Gulf International Bank and OMR48mn through Islamic
financing with Qatar-based Barwa Bank. (MSM)
 Bank Dhofar reports OMR40.8mn net profit in 1H2013 –
Bank Dhofar has reported a net profit of OMR40.8mn in
1H2013, indicating a YoY increase of 109.6%. Total assets at
the end of June 30, 2013 stood at OMR2.4bn, reflecting a rise of
12.1% YoY. Loans & advances were up by 11.9% YoY to
OMR1.8bn, while deposits from customers rose by 8.0% YoY to
OMR1.7bn. (MSM)
 ABC, NBB, BNP Paribas close $55mn term loan facility for
BCFC – The Arab Banking Corporation (ABC), the National
Bank of Bahrain (NBB) and BNP Paribas have acted as the
mandated lead arrangers to successfully close a $55mn four-
year term-loan facility for Bahrain Commercial Facilities
Company (BCFC). The loan facility would support BCFC’s
growing business activities in Bahrain. (Bahrain Bourse)

6. Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
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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
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QE Index S&P Pan Arab S&P GCC
1.0%
(0.1%)
0.6%
(0.3%)
0.2%
0.9%
1.8%
(0.6%)
0.0%
0.6%
1.2%
1.8%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,296.10 0.0 0.0 (22.6) DJ Industrial 15,543.74 0.0 0.0 18.6
Silver/Ounce 19.51 0.0 0.0 (35.7) S&P 500 1,692.09 0.0 0.0 18.6
Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,587.62 0.0 0.0 18.8
Natural Gas (Henry
Hub)/MMBtu
3.78 0.0 0.0 6.4 STOXX 600 299.85 0.0 0.0 7.2
LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,331.57 0.0 0.0 9.4
LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,630.67 0.0 0.0 12.4
Euro 1.31 0.0 0.0 (0.4) CAC 40 3,925.32 0.0 0.0 7.8
Yen 100.65 0.0 0.0 16.0 Nikkei 14,589.91 0.0 0.0 40.4
GBP 1.53 0.0 0.0 (6.1) MSCI EM 950.47 0.0 0.0 (9.9)
CHF 1.06 0.0 0.0 (2.7) SHANGHAI SE Composite 1,992.65 0.0 0.0 (12.2)
AUD 0.92 0.0 0.0 (11.8) HANG SENG 21,362.42 0.0 0.0 (5.7)
USD Index 82.61 0.0 0.0 3.6 BSE SENSEX 20,149.85 0.0 0.0 3.7
RUB 32.37 0.0 0.0 6.0 Bovespa 47,400.23 0.0 0.0 (22.2)
BRL 0.44 0.0 0.0 (8.8) RTS 1,382.33 0.0 0.0 (9.5)
137.1
122.5
111.4