1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.6% to close at 9,178.0. Losses were led by the
Telecoms and Industrials indices, declining 1.6% and 0.8% respectively. Top
losers were Qatar Telecom and Dlala Brok. & Inv. Holding Co., falling 1.8% and
1.6% respectively. Among the top gainers, Islamic Holding Group rose 2.5%,
while Qatar Gas Transport Co. gained 2.1%.
GCC Commentary
Saudi Arabia: The TASI index gained 0.2% to close at 7,517.4. Gains were
led by the Hotel & Tourism and Real Estate Development indices, rising 1.5%
and 0.9% respectively. Middle East Specialized Cables Co. rose 6.6%, while
Halwani Bros. was up 4.9%.
Dubai: The DFM index rose 0.4% to close at 2,265.9. The Investment &
Financial Services index gained 1.9%, while the Real Estate & Construction
index was up 0.6%. Takaful House rose 7.8%, while Mashreq Bank was up
6.3%.
Abu Dhabi: The ADX benchmark index gained 0.4% to close at 3,538.9. The
Real Estate index rose 4.9%, while the Telecommunication index was up
2.7%. Aldar Properties gained 5.8%, while Sharjah Islamic Bank was up 5.3%.
Kuwait: The KSE index fell 0.2% to close at 7,926.3. Losses were led by the
Oil & Gas and Consumer Services indices, declining 1.8% and 0.7%
respectively. National Consumer Holding Co. fell 7.6%, while Burgan Co. for
Well Drilling was down 7.4%.
Oman: The MSM index declined 0.6% to close at 6,313.7. The Banking &
Investment index fell 0.7%, while the Industrial index was down 0.2%. Al
Batinah Dev. Inv. Holding fell 5.1%, while Global Financial Inv. declined 3.5%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 43.05 2.5 83.9 13.3
Qatar Gas Transport Co. 18.10 2.1 1,100.4 18.6
Al Ahli Bank 57.00 1.8 15.0 16.3
Ezdan Holding Group 17.50 1.4 17.7 (3.8)
Gulf International Services 42.40 1.1 234.2 41.3
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 18.10 2.1 1,100.4 18.6
Masraf Al Rayan 27.35 (0.4) 910.2 10.3
United Development Co. 23.01 (1.0) 695.5 29.3
Industries Qatar 159.60 (1.3) 365.3 13.2
QNB Group 151.50 0.3 307.1 15.7
Market Indicators 24 June 13 23 June 13 %Chg.
Value Traded (QR mn) 301.9 341.7 (11.6)
Exch. Market Cap. (QR mn) 505,871.0 507,657.0 (0.4)
Volume (mn) 6.2 9.4 (33.8)
Number of Transactions 3,989 4,104 (2.8)
Companies Traded 38 38 0.0
Market Breadth 11:23 15:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,113.23 (0.6) (0.7) 15.9 N/A
All Share Index 2,325.82 (0.5) (0.7) 15.4 12.6
Banks 2,187.63 (0.3) (0.4) 12.2 11.8
Industrials 3,108.85 (0.8) (1.3) 18.3 11.6
Transportation 1,645.25 0.5 0.1 22.8 11.6
Real Estate 1,855.49 (0.5) 0.1 15.1 11.9
Insurance 2,253.28 (0.1) (0.7) 14.8 14.8
Telecoms 1,255.79 (1.6) (1.8) 17.9 14.3
Consumer 5,462.01 (0.3) (0.3) 16.9 22.3
Al Rayan Islamic Index 2,799.73 (0.5) (0.4) 12.5 13.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Aldar Properties Abu Dhabi 2.18 5.8 71,806.0 71.7
Sharjah Islamic Bank Abu Dhabi 1.40 5.3 238.5 52.2
Sorouh Real Estate Co. Abu Dhabi 2.69 5.1 35,338.7 115.2
Deyaar Development Dubai 0.38 5.0 9,530.1 7.1
United Real Estate Co. Kuwait 0.11 3.6 6,663.1 (5.0)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Hotels Abu Dhabi 2.19 (6.4) 1.0 23.7
Investbank Abu Dhabi 2.30 (6.1) 261.6 42.0
Nat. Real Estate Co. Kuwait 0.17 (5.4) 2,783.8 45.0
Agility Kuwait 0.69 (4.2) 4,203.4 35.3
Ithmaar Bank Bahrain 0.24 (4.0) 17.6 41.2
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 Telecom 118.80 (1.8) 138.4 14.2
Dlala Brok. & Inv. Holding Co. 27.30 (1.6) 83.8 (12.2)
Qatar Electricity & Water Co. 154.70 (1.5) 40.1 16.8
Qatar Navigation 70.50 (1.4) 188.4 11.7
Industries Qatar 159.60 (1.3) 365.3 13.2
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 159.60 (1.3) 58,683.8 13.2
QNB Group 151.50 0.3 46,479.8 15.7
Masraf Al Rayan 27.35 (0.4) 24,924.1 10.3
Qatar Gas Transport Co. 18.10 2.1 19,811.7 18.6
Qatar Telecom 118.80 (1.8) 16,609.1 14.2
Source: Bloomberg (* in QR) (All QE listed companies data as of June 24)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar*#
9,177.98 (0.6) (0.7) (0.6) 9.8 82.91 138,912.2 11.6 1.6 5.0
Dubai 2,265.85 0.4 (4.0) (4.3) 39.6 119.73 58,943.9 14.6 0.9 3.7
Abu Dhabi 3,538.88 0.4 (2.6) (0.7) 34.5 95.94 102,447.7 10.8 1.3 5.0
Saudi Arabia 7,517.36 0.2 (0.1) 1.5 10.5 1,376.80 400,283.7 16.0 2.0 3.7
Kuwait 7,926.29 (0.2) (1.7) (4.5) 33.6 127.52 108,405.3 24.9 1.4 3.4
Oman 6,313.71 (0.6) (1.2) (1.6) 9.6 15.99 22,176.1 10.8 1.7 4.4
Bahrain 1,194.46 (0.3) (0.6) (0.2) 12.1 0.52 21,236.8 8.7 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) (
#
Data as of June 24)
9,160
9,180
9,200
9,220
9,240
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 0.6% to close at 9,178.0. The Telecoms
and Industrials indices led the losses. The index declined on the
back of selling pressure from non-Qatari shareholders despite
buying support from Qatari shareholders.
 Qatar Telecom and Dlala Brok. & Inv. Holding Co. were the top
losers, falling 1.8% and 1.6% respectively. Among the top
gainers, Islamic Holding Group rose 2.5%, while Qatar Gas
Transport Co. gained 2.1%.
 Volume of shares traded on Monday declined by 33.8% to 6.2mn
from 9.4mn on Sunday. Further, as compared to the 30-day
moving average of 12.0mn, volume for the day was 47.8% lower.
Qatar Gas Transport Co. and Masraf Al Rayan were the most
active stocks, contributing 17.6% and 14.6% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Ras Laffan
Liquefied Natural
Gas Co. Ltd. (II)'s
(RasGas (II)) and
Ras Laffan
Liquefied Natural
Gas Co. Ltd. (3)'s
(RasGas (3))
Fitch Qatar Senior secured bonds A+ A+ – Stable –
Mashreq Bank
(MASQ)
CI Dubai
FSR/ LT FCR/ ST FCR/
SR
BBB+/A-/A1/3 BBB+/A-/A1/3 – Stable –
First Gulf Bank
(FGB)
CI Abu Dhabi
FSR/ LT FCR/ ST FCR/
SR
A/A+/A1/2 A+/A+/A1/2 * Stable –
Gulf International
Bank (GIB)
CI Bahrain
LT FCR/ ST FCR/ FSR/
Support level
A/A1/BBB+/1 A/A1/BBB+/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, SR – Support Rating)
(*Rating upgrade for FSR)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/25 US US Census Bureau Durable Goods Orders May 3.60% 3.00% 3.60%
06/25 US FHFA House Price Index MoM April 0.70% 1.10% 1.50%
06/25 US Conference Board Consumer Confidence June 81.4 75.1 74.3
06/25 US US Census Bureau New Home Sales May 476K 460K 466K
06/25 US US Census Bureau New Home Sales MoM May 2.10% 1.30% 3.30%
06/25 France INSEE Production Outlook Indicator June -42 -44 -46
06/25 France INSEE Business Confidence Indicator June 93 93 92
06/24 Germany IFO IFO - Business Climate June 105.9 105.9 105.7
06/24 Germany IFO IFO - Current Assessment June 109.4 109.6 110
06/24 Germany IFO IFO - Expectations June 102.5 102 101.6
06/25 UK CBI CBI Reported Sales June 1 -3 -11
06/25 Spain INE Producer Prices (MoM) May 1.30% 0.10% -1.20%
06/25 Spain INE Producer Prices (YoY) May 0.80% -0.30% -0.60%
06/24 Italy ISTAT Consumer Confidence Ind. sa June 95.7 86.2 86.4
06/25 Italy ISTAT Retail Sales s.a. (MoM) April -0.10% -0.10% -0.30%
06/25 Italy ISTAT Retail Sales (YoY) April -2.90% -2.60% -3.20%
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 62.60% 43.72% 56,997,219.02
Non-Qatari 37.40% 56.28% (56,997,219.02)

3. Page 3 of 6
News
Qatar
 S&P: Qatar ratings to remain amid transfer of power – S&P
said the transfer of power in Qatar has no immediate effect on
the sovereign credit ratings of the country. The ratings agency
said it expects to gain a clearer understanding of the extent to
which a change in Emir will lead to a reshuffle of ministerial
positions and affect the elections to the advisory council, which
are expected later in 2013. (Gulf-Times.com)
 QNB Group to disclose 2Q2013 financial results on July 10
– QNB Group announced its intent to disclose 2Q2013 reviewed
financial statements on July 10, 2013. (QE)
 QNB Group signs MoU with Attijariwafa Bank of Morocco –
QNB Group has signed a MoU with Attijariwafa Bank of Morocco
to focus on mutual business in various areas such as capital
markets, trade finance and investment flows between Qatar and
Morocco. (QNB Group Press Release)
 Fitch affirms RasGas II & 3 bonds at A+; outlook Stable –
Fitch Ratings has affirmed Ras Laffan Liquefied Natural Gas
Company Limited (II)’s (RasGas (II)) and Ras Laffan Liquefied
Natural Gas Company Limited (3)’s (RasGas (3)) senior secured
bonds at “A+” with “Stable” outlook. (Reuters)
 Turk Telekom signs $100mn loan with CBQK – The Turkish
telecommunications company, Turk Telekom has signed a
$100mn loan deal with the Commercial Bank of Qatar (CBQK).
Turk Telekom said the annual rate on the three-year bond will
be LIBOR plus 2.75%. (Reuters)
 QA to fly Boeing 787 Dreamliners to Scandinavian routes –
Qatar Airways (QA) has announced an expansion of its Boeing
787 Dreamliner services to Europe, deploying them on three
Scandinavian routes. QA will fly the new state-of-the-art aircraft
to the Swedish capital Stockholm on August 1, 2013, followed
by flights to Copenhagen, Denmark and Oslo, Norway, effective
from September 1. (GulfBase.com)
International
 IMF: Fed’s talk on QE exit could trigger volatility – The IMF’s
Chief Economist Olivier Blanchard said the US Federal
Reserve's recent talk of exiting from its stimulus program could
trigger more volatility in global markets. Olivier Blanchard said
the problem was that the rules for exiting from quantitative
easing were not clear and the Fed has not made any
commitments in terms of quantities. (Reuters)
 G20 task force to study LIBOR reform – The Financial
Stability Board (FSB), set up by the G20, will establish a task
force to look at reforming the London Interbank Offered Rate
(LIBOR) after a scandal surfaced, in which three banks were
found rigging the global interest rate benchmark. The FSB will
report next year on whether the LIBOR benchmark should be
changed and over what period. (Reuters)
 Brazil: BRICS seek to limit fallout of US stimulus withdrawal
– The Brazilian government said major emerging-market nations
will work together to limit the effects of a stronger US dollar on
their economies as the US Federal Reserve signals plans to
scale back its massive stimulus program. The Brazilian
President Dilma Rousseff and her Chinese counterpart, Xi
Jinping discussed ways to strengthen policy coordination.
Rousseff will contact other leaders of the BRICS Group, which
include Russia, India and South Africa, later this week to discuss
concrete measures. (Reuters)
 China's central bank seeks to allay fears of credit crunch –
China's central bank, the People's Bank of China (PBOC) has
moved to further assure markets it would provide cash to
troubled financial institutions following days of turmoil that
pushed shares to their lowest level in more than four years on
fears of a banking crisis. PBOC said it has already provided
cash to some institutions facing temporary shortages and would
continue to do so if needed. The central bank said it will use all
tools to safeguard stability in its money markets and ease the
tight liquidity. (Reuters, Bloomberg)
Regional
 Tadawul announces holidays during June 27-29 amid
change in working days – The Saudi Stock Exchange
(Tadawul) has announced that due to a change in its official
working days, the coming weekly holiday will start from June 27,
2013 till June 29, 2013. (Tadawul)
 Saudi non-oil exports decline to SR46.8bn in 1Q2013 –
According to a report released by the Department of Statistics &
Information (DSI), Saudi Arabia's non-oil exports for 1Q2013
amounted to SR46.8bn, representing a fall of 2.1% YoY (a
decline of SR1bn). Meanwhile, the Kingdom's imports amounted
to SR154.9bn, representing a climb of 13.5% YoY in 1Q2013 (a
rise of SR18.4bn).
 Kingdom implements SR7bn tourism & heritage projects –
Saudi Arabia is implementing a number of tourism and heritage
projects amounting to around SR7bn in various regions during
2013. These projects are being carried out to support the
development of tourism & architectural heritage activities in the
Kingdom, which include rehabilitation of heritage sites, roads,
tourist cities, parks, gardens, museums, airport expansion and
others. The investment in private sector projects for the
development of tourism in the Kingdom amounts to SR3.5bn
and these projects include commercial and recreational
complexes, resorts, hotels, exhibitions, festivals and private
museums. (Bloomberg)
 SaBuCo receives ministry approval to build butanol plant in
Jubail – Saudi Butanol Company (SaBuCo) has received
approval from the Saudi Ministry of Commerce & Industry to
build $517mn butanol plant, which will be located in Jubail,
Saudi Arabia. The plant is scheduled to go on-stream in 2015
with a design capacity of 330,000 metric tons per annum of n-
butanol and 11,000 metric tons per annum of iso-butanol. (AME
Info)
 Saudi Aramco-Dow JV to pay 1.25% over LIBOR on loans –
Sadara Chemical Company, a JV between Saudi Aramco and
Dow Chemical, which had raised $10.5bn in a recent financing
deal, will pay the initial interest of 125 basis points over the
LIBOR benchmark rate on its dollar loans. Interest on the loans
will increase to 155 basis points above the London interbank
offered rate (LIBOR) for the first five years after the construction
of its chemicals facilities is completed. This rate will climb to 185
basis points above the benchmark for the remainder of the
loan’s 16-year tenure. (GulfBase.com)
 Al-Khodari Sons gets SR64.8mn city cleaning contract –
Abdullah A. M. Al-Khodari Sons Company has signed a
SR64.8mn contract with the Ministry of Municipal & Rural Affairs
(Eastern Province Municipality) for sanitary cleaning of cities
namely, Safwa, Qudaih, Awwamiyah and their surrounding
villages. Al-Khodari Sons expects the financial impact of this
project to be visible in 2Q2013. (Tadawul)

4. Page 4 of 6
 Almarai gets CMA approval to increase its capital by bonus
shares – Almarai Company has obtained approval from the
Saudi Capital Market Authority (CMA) to increase its capital from
SR4bn to SR6bn. This will be carried out through an issue of 1
bonus share for every 2 existing shares owned by its
shareholders who are registered in the registry at the closing of
trading on the day of EGM. (Tadawul)
 MESC obtains CMA approval to increase its capital – The
Middle East Specialized Cables Company (MESC) has received
an approval from the Saudi CMA to increase its capital by
SR200mn through a rights issue. (Tadawul)
 SADAFCO declares SR97.5mn dividends for FY2013 –
Saudia Dairy & Foodstuff Company’s (SADAFCO) shareholders
have approved the board’s recommendation to distribute
dividends worth SR97.5mn (SR3 per share) – equivalent to 30%
of its capital – to shareholders registered at the closing of the
trading day of its AGM on June 24, 2013. (Tadawul)
 Axiom led-consortium gets Saudi MVNO license – A
consortium led by Axiom Mobile has been selected for a mobile
virtual network operator (MVNO) license in Saudi Arabia,
enabling it to provide mobile telecom services across the
Kingdom. Axiom said it is now entering the final phase of the
initiation process with the Saudi Communications & Information
Technology Commission. (Bloomberg)
 UAE’s inflation up 0.97% YoY in May – According to the data
released by the UAE National Bureau of Statistics (NBS),
consumer prices in the UAE increased 0.97% YoY in May 2013,
as food & soft drinks items featured prominently among the
items that pushed the inflationary trends. The data showed that
inflation rose 0.26% MoM to reach 117.67 points in May.
Meanwhile, analysts polled by Reuters in April had forecasted
an average inflation in the UAE to accelerate 1.6% in 2013 from
0.7% in 2012, which was the lowest level since 1990. However,
the IMF had expected inflation to climb further to reach 2% in
2013. Meanwhile, the NBS said the food & drinks segment,
which makes up nearly 14% of the basket, contributed the
biggest increase of 1.1%, while vegetables prices rose 6.3%,
fish 4.8%, and milk & eggs 1.1% in the April-May period.
(GulfBase.com)
 Dubai Chamber, ICC RBC-MENA issue rules for bank
payment obligation – The Dubai Chamber of Commerce &
Industry in partnership with the International Chamber of
Commerce’s Regional Banking Commission-MENA Region has
established the Uniform Rules for Bank Payment Obligation
(URBPO). The URBPO – regarded as the electronic letters of
credit and an alternative means of settlement in international
trade – have been developed by the ICC Regional Banking
Commission and are set to come into force from July 1, 2013.
URBPO provide the benefits of a letter of credit in an automated
environment, and enable banks to offer flexible risk mitigation
and financing services across the supply chain to their corporate
customers. (GulfBase.com)
 Dubai to make medical insurance compulsory – The Dubai
Health Authority’s (DHA) Director General Essa Al Haj Al
Maidoor said the Emirate’s plan to make medical insurance
compulsory would pave the way for collaborative ventures and
increase the private sector’s contribution to growth. He added
that the new regulations governing healthcare and the
compulsory insurance scheme are expected to boost investment
across the sector by producing significant partnership
opportunities. (GulfBase.com)
 Etihad may invest $50mn in Serbia-based JAT Airways –
According to sources, Etihad Airways may invest around $40-
50mn in Serbian airline JAT Airways in 2013 as part of a new
strategic partnership. Meanwhile, Etihad is set to increase its
Abu Dhabi-Sao Paulo service from the current three flights per
week to a daily schedule from August 1, 2013. (Bloomberg,
AME Info)
 Gulftainer to invest SR750mn in Saudi terminals – UAE-
based port operator, Gulftainer Company is planning to invest
SR750mn in Saudi port terminals in which it had acquired 51%
stake. (GulfBase.com)
 CSCEC-SKAI JV to invest in Dubai Island project – The
China State Construction Engineering Corp (CSCEC) has
formed a joint venture with SKAI Holdings to invest $1bn in hotel
and luxury-residential project on Dubai’s Palm Jumeirah.
(Bloomberg)
 Kempinski to open a hotel in Business Bay – Europe-based
Kempinski Hotels is set to open a hotel in Business Bay as
hospitality groups tap rising visitor numbers to Dubai.
Kempinski's President for the Middle East, Africa & India, Ulrich
Eckhardt said work to build the company’s latest hotel is
expected to begin over the next 6-10 months, which could be
completed in two years from now. He added that this hotel is
located on the edge of the Dubai Design District.
(GulfBase.com)
 Nakheel launches sale of slots on Jumeirah Islands – Dubai-
based developer Nakheel has launched the sale of 84
townhouses and a 608,000 square feet waterfront recreational
area at Jumeirah Islands. (GulfBase.com)
 Limitless signs MoU with Vietnam to implement Halong Star
project – Dubai-based developer Limitless has signed a MoU
with the Vietnamese government for the implementation of
Halong Star, a mixed-use residential & tourism project in
Vietnam's Halong Bay. (AME Info)
 Aldar & Sorouh merger receives ADEC approval – Aldar
Properties and Sorouh Real Estate have announced that the
Abu Dhabi Executive Council (ADEC) has approved the
proposed merger of the two companies. They also said that the
Minister of Economy has issued its resolution on the declaration
of the merger pursuant to which the merger becomes effective
at the close of trading on June 27, 2013. After the Abu Dhabi
Securities Exchange completes its process to register the new
Aldar shares in the name of the entitled Sorouh shareholders,
trading in the new Aldar shares is expected to commence on
June 30, 2013. (ADX)
 Abu Dhabi power plant picks banks for $800 million bond
issue – Abu Dhabi-based Shuweihat 2 Power & Water Plant
has mandated BNP Paribas, Citigroup, HSBC Holdings,
Mitsubishi UFJ Securities, the National Bank of Abu Dhabi and
Standard Chartered to help arrange a potential bond issue.
Expected to be around $800 million, its successful transaction
would be a rare example of a project bond issued from the
region. (Reuters)
 China Mobile, Etisalat weighing bids for Pakistan telecom –
According to sources, Pakistani mobile operator Warid Telecom
has been put up for sale by its Abu Dhabi owners and is likely to
draw interest from China Mobile and Etisalat. The Abu Dhabi
Group is seeking to sell all of its 100% shares in Warid Telecom.
The group has mandated US investment bank Lazard and
British lender Standard Chartered as advisers for the process.
(Peninsula Qatar)
 ADNOC, OMV sign deal for joint exploration – The Abu Dhabi
National Oil Company (ADNOC) and OMV East Abu Dhabi
Exploration have signed an agreement to jointly unlock the oil &

5. Page 5 of 6
gas potential in the Eastern Region of Abu Dhabi.
(GulfBase.com)
 Emirates Steel’s unit diversifies its products for offshore
projects – Abu Dhabi-based Emirates Steel’s Heavy Sections
Mill is diversifying its product range to include a new range of
structural steel for supplying to offshore oil & gas structures.
(GulfBase.com)
 TDIC appoints Jannah H&R to operate Eastern Mangroves
Suites – The Tourism Development & Investment Company
(TDIC) has appointed UAE-based Jannah Hotels & Resorts
(Jannah H&R) to operate the Eastern Mangroves Suites, which
comprises 88 luxury units that are set to open in 3Q2013. (AME
Info)
 Farglory begins work on $1bn housing project in Al Maryah
– Taiwan-based property developer Farglory has commenced
the work on its $1bn worth housing & hotel tower project in Abu
Dhabi's Al Maryah island. Mubadala Real Estate is the master
planner for the project. (GulfBase.com)
 Shurooq: logistics in Sharjah to grow 15% during 2013-17 –
According to a report released by the Sharjah Investment &
Development Authority (Shurooq), the transport & logistics
sector in Sharjah is expected to grow at 15% annually over the
next four years, driven by its fast growing sea-air traffic.
Shurooq’s CEO Marwan bin Jassim Al Sarkal said transport &
logistics is a dynamic market in the Emirate, whose total market
size reached AED3.5bn in 2012. Out of this, around AED1.3bn
was sea freight and AED0.7bn was air freight, which offered
rewarding investment opportunities for both local and foreign
investors. (GulfBase.com)
 UREC raises KD60mn via 5-year bonds – Kuwait-based
United Real Estate Company (UREC) has raised KD60mn in a
bond sale, which would be mainly used to refinance its existing
paper. UREC said the five-year bonds were issued in fixed and
floating rate tranches and were oversubscribed by almost 50%.
Maturing in June 2018, UREC said that the first tranche will pay
a fixed annual rate of 5.75%, while the other will pay 3.25% over
the central bank's discount rate. UREC will utilize the proceeds
to refinance its existing KD40mn bond that matured in June
2013 and for general corporate purposes as well. Gulf Bank,
Burgan Bank and KAMCO were the joint lead managers for this
bond offering. (GulfBase.com)
 Kipco’s units buy stake in Malta-based FIMBank – Kuwait
Projects Company (Kipco) said two of its units have together
bought a 38% stake in Maltese trade finance bank FIMBank.
Kipco said that the Kuwait-based Burgan Bank has acquired a
25% interest, while Bahrain-based United Gulf Bank a 13%
stake in FIMBank. (Bloomberg)
 Cluttons: Muscat Hills Phase II work begins – UK-based
developer Cluttons announced that the construction of the
Muscat Hills Phase II Golf & Country Club integrated tourism
complex has commenced. (Bloomberg)
 Bahrain approves 11% rise in 2013 budget spending –
Bahrain’s parliament has approved to increase its state
spending by 11% in 2013, after it approved BHD174.2mn in
additional expenditure. Budget expenditure in Bahrain is now
expected to reach BHD3.6bn in total in 2013, up from BHD3.3bn
spent in 2012. Similarly, Bahrain’s 2014 spending plan was
raised by BHD164.5mn from the initial finance ministry proposal,
to BHD3.7bn. (Reuters)
 CBB’s Sukuk Al-Salam securities oversubscribed by 150%
– The Central Bank of Bahrain’s (CBB) monthly issue of the
Sukuk Al-Salam Islamic securities worth BHD18mm has been
oversubscribed by 150%. The expected return on this issue
carrying a maturity of 91 days is 0.72%, as compared with
0.72% for the previous issue. (AME Info)
 Diyar sells 60% plots in new residence project – Diyar Al
Muharraq announced that 60% of the land plots in its new Sarat
residences project are already sold. (GulfBase.com)
 Türkiye Finans successfully closes $426mn and €57mn
financing facilities – Türkiye Finans Katilim Bankasi (Türkiye
Finans) has successfully closed a dual tranche Murabaha
financing facility worth $426mn and €57mn syndicated dual
currency. ABC Islamic Bank, Al Hilal Bank, Emirates NBD
Capital Limited, Noor Islamic Bank, Standard Chartered, Saudi
British Bank were the initial mandated lead arrangers and ABC,
Al Hilal, EMCAP, Noor, Standard Chartered were the book-
runners. (AME Info)

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 (*Data as of June 24)
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
QE Index S&P Pan Arab S&P GCC
0.2%
(0.6%)
(0.2%)
(0.3%)
(0.6%)
0.4% 0.4%
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar*
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,277.65 (0.4) (1.4) (23.7) DJ Industrial 14,760.31 0.7 (0.3) 12.6
Silver 19.64 (0.3) (2.4) (35.3) S&P 500 1,588.03 0.9 (0.3) 11.3
Crude Oil (Brent) 101.20 (0.3) (0.2) (10.3) NASDAQ 100 3,347.89 0.8 (0.3) 10.9
Euro 1.31 (0.3) (0.3) (0.9) DAX 7,811.30 1.5 0.3 2.6
Yen 97.81 0.1 (0.1) 12.7 FTSE 100 6,101.91 1.2 (0.2) 3.5
GBP 1.54 (0.1) 0.0 (5.1) CAC 40 3,649.82 1.5 (0.2) 0.2
CHF 1.07 (0.5) (0.4) (2.4) Nikkei 12,969.34 (0.7) (2.0) 24.8
AUD 0.93 0.1 0.4 (10.9) Shanghai 1,959.51 (0.2) (5.5) (13.6)
USD Index 82.58 0.2 0.3 3.5 BSE Sensex 18,629.15 0.5 (0.8) (4.1)
RUB 32.86 (0.2) 0.1 7.6 Bovespa 46,893.04 2.0 (0.3) (23.1)
BRL 0.45 0.6 1.4 (7.4) RTS 1,243.20 0.8 (0.2) (18.6)
131.9
118.0
107.3