The QSE Index rose 1.8% to close at 9,825.1.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.8% to close at 9,825.1. Gains were led by the Banks & Financial
Services and Real Estate indices, gaining 3.7% and 1.3%, respectively. Top gainers
were QNB Group and Dlala Brokerage & Investment Holding Company, rising 5.4%
and 4.1%, respectively. Among the top losers, Doha Insurance Group fell 5.4%, while
Qatar First Bank was down 3.0%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.2% to close at 8,294.8. Losses were led by the
Health Care Eq. and Telecom. Services indices, falling 1.0% and 0.8%, respectively.
National Medical Care declined 4.8%, while Nama Chemicals Co. was down 4.1%.
Dubai: The DFM General Index declined 0.3% to close at 2,956.0. The Services index
fell 1.1%, while the Investment & Fin. Services index declined 0.7%. Al Salam Bank
- Bahrain fell 5.7%, while Dar Al Takaful was down 4.6%.
Abu Dhabi: The ADX General Index rose 0.3% to close at 4,859.5. The
Telecommunication index gained 1.2%, while the Industrial index rose 0.3%. Invest
Bank gained 10.1%, while Emirates Driving Company was up 8.8%.
Kuwait: The Kuwait Main Market Index fell 0.2% to close at 4,933.0. The
Technology index declined 3.6%, while the Banks index fell 1.3%. Kuwait & Middle
East Financial Inv. Co. fell 9.1%, while Warba Insurance Co. was down 7.8%.
Oman: The MSM 30 Index rose 0.4% to close at 4,336.6. The Financial index gained
0.6%, while the other indices ended in red. Nat. Pharmaceutical Ind. rose 3.5%,
while National Bank of Oman was up 2.4%.
Bahrain: The BHB Index fell 0.9% to close at 1,358.4. The Commercial Banks index
declined 1.4%, while the Industrial index fell 0.8%. Al Salam Bank - Bahrain
declined 8.7%, while Khaleeji Commercial Bank was down 3.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
QNB Group 175.00 5.4 511.5 38.9
Dlala Brokerage & Inv. Holding Co. 14.61 4.1 550.1 (0.6)
Qatar Islamic Bank 133.00 3.9 292.0 37.1
Zad Holding Company 92.80 3.1 11.4 26.0
The Commercial Bank 40.80 2.4 240.6 41.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 5.12 (3.0) 1,214.8 (21.6)
Vodafone Qatar 9.15 0.4 1,063.4 14.1
Qatar Gas Transport Company Ltd. 16.79 (0.7) 1,061.3 4.3
United Development Company 13.90 1.2 889.5 (3.3)
Ezdan Holding Group 9.05 2.3 775.5 (25.1)
Market Indicators 31 July 18 30 July 18 %Chg.
Value Traded (QR mn) 362.3 241.6 50.0
Exch. Market Cap. (QR mn) 539,850.5 528,046.4 2.2
Volume (mn) 10.2 8.4 20.8
Number of Transactions 4,986 3,407 46.3
Companies Traded 41 42 (2.4)
Market Breadth 27:10 20:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,310.75 1.8 2.3 21.1 14.8
All Share Index 2,847.79 2.0 2.9 16.1 14.9
Banks 3,518.36 3.7 4.3 31.2 14.3
Industrials 3,166.76 0.4 1.7 20.9 16.8
Transportation 2,008.27 (0.1) 2.3 13.6 12.5
Real Estate 1,711.25 1.3 4.8 (10.7) 14.6
Insurance 3,112.17 0.5 2.1 (10.6) 27.9
Telecoms 1,009.76 0.8 (3.4) (8.1) 39.6
Consumer 6,298.01 0.1 (0.6) 26.9 13.6
Al Rayan Islamic Index 3,858.99 0.7 0.8 12.8 16.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
QNB Group Qatar 175.00 5.4 511.5 38.9
DAMAC Properties Dubai 2.33 5.0 1,955.9 (29.4)
National Mobile Telecom. Kuwait 0.81 4.4 120.9 (25.0)
Qatar Islamic Bank Qatar 133.00 3.9 292.0 37.1
The Commercial Bank Qatar 40.80 2.4 240.6 41.2
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Salam Bank-Bahrain Bahrain 0.11 (8.7) 336.1 (7.9)
Ahli United Bank Kuwait 0.30 (3.6) 852.1 (10.6)
Gulf Bank Kuwait 0.26 (3.0) 6,029.7 10.1
Kuwait Finance House Kuwait 0.58 (2.3) 11,580.6 11.3
Etihad Etisalat Co. Saudi Arabia 19.20 (2.1) 1,883.3 29.5
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Group 12.30 (5.4) 0.5 (12.1)
Qatar First Bank 5.12 (3.0) 1,214.8 (21.6)
Qatar National Cement Company 56.57 (2.4) 4.9 (10.1)
Qatari German Co for Med. Dev. 5.17 (0.8) 17.7 (20.0)
Qatar Gas Transport Co. Ltd. 16.79 (0.7) 1,061.3 4.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 175.00 5.4 88,196.8 38.9
Qatar Islamic Bank 133.00 3.9 38,422.5 37.1
Industries Qatar 124.50 0.4 33,547.7 28.4
Qatar Fuel Company 146.00 (0.4) 23,344.8 43.1
Qatar Electricity & Water Co. 190.00 0.8 20,181.0 6.7
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* 9,825.11 1.8 2.3 8.9 15.3 100.87 148,296.9 14.8 1.5 4.5
Dubai 2,955.95 (0.3) 0.2 4.8 (12.3) 37.08 104,196.3 9.4 1.1 5.7
Abu Dhabi 4,859.45 0.3 0.3 6.6 10.5 58.46 132,639.3 12.7 1.4 4.9
Saudi Arabia 8,294.83 (0.2) (0.9) (0.2) 14.8 910.94 525,366.9 17.8 1.9 3.3
Kuwait 4,932.98 (0.2) (0.3) 1.4 2.2 72.40 34,056.0 15.4 0.9 4.0
Oman 4,336.55 0.4 0.0 (5.1) (15.0) 3.38 18,524.2 10.5 0.9 6.3
Bahrain 1,358.35 (0.9) (0.7) 3.6 2.0 3.06 20,845.3 8.5 0.9 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,600
9,700
9,800
9,900
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 1.8% to close at 9,825.1. The Banks & Financial
Services and Real Estate indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite selling
pressure from Qatari and GCC shareholders.
 QNB Group and Dlala Brokerage & Investment Holding Company were
the top gainers, rising 5.4% and 4.1%, respectively. Among the top
losers, Doha Insurance Group fell 5.4%, while Qatar First Bank was
down 3.0%.
 Volume of shares traded on Tuesday rose by 20.8% to 10.2mn from
8.4mn on Monday. Further, as compared to the 30-day moving average
of 7.1mn, volume for the day was 43.8% higher. Qatar First Bank and
Vodafone Qatar were the most active stocks, contributing 12.0% and
10.5% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2018
% Change
YoY
Operating Profit
(mn) 2Q2018
% Change
YoY
Net Profit
(mn) 2Q2018
% Change
YoY
City Cement Co. Saudi Arabia SR – – 12.0 -11.2% 9.9 -20.1%
United International
Transportation Company
Saudi Arabia SR – – 44.5 -7.2% 40.8 -4.3%
Abdulmohsen Al Hokair Group for
Tourism and Development# Saudi Arabia SR – – -1.2 N/A 3.1 -79.1%
Al Gassim Investment Holding Co. Saudi Arabia SR – – 0.9 56.3% 1.0 37.9%
National Medical Care Co. Saudi Arabia SR – – 25.9 14.2% 20.3 3.9%
Middle East Paper Co. Saudi Arabia SR – – 36.5 40.1% 28.9 59.1%
Al Yamamah Steel Industries Co. Saudi Arabia SR – – -1.3 N/A -5.6 N/A
Dubai Insurance Co. Dubai AED 135.1 3.5% – – 18.6 52.8%
Dubai Investments Dubai AED 652.8 11.3% – – 129.1 -32.4%
Orient Insurance Dubai AED 1,011.5 -16.8% – – 88.8 20.6%
Amlak Finance Dubai AED 105.5 18.1% – – 4.5 -2.6%
Sharjah Cement and Industrial
Development Co.
Abu Dhabi AED 145.8 -15.6% – – 4.4 -77.6%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (
#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/31 EU Eurostat Unemployment Rate June 8.3% 8.3% 8.3%
07/31 EU Eurostat CPI Core YoY July 1.1% 1.0% 0.9%
07/31 Germany German Federal Statistical Office Retail Sales MoM June 1.2% 1.0% -2.1%
07/31 Germany German Federal Statistical Office Retail Sales YoY June 3.0% 1.5% -1.6%
07/31 Germany Deutsche Bundesbank Unemployment Change (000’s) July -6k -10k -14k
07/31 France INSEE National Statistics Office CPI MoM July -0.1% -0.2% 0.0%
07/31 France INSEE National Statistics Office CPI YoY July 2.3% 2.2% 2.0%
07/31 Japan Ministry of Internal Affairs and Communications Jobless Rate June 2.4% 2.3% 2.2%
07/31 Japan Ministry of Economy Trade and Industry Industrial Production MoM June -2.1% -0.3% -0.2%
07/31 Japan Ministry of Economy Trade and Industry Industrial Production YoY June -1.2% 0.6% 4.2%
07/31 China China Federation of Logistics & Purchasing Composite PMI July 53.6 – 54.4
07/31 China China Federation of Logistics & Purchasing Non-manufacturing PMI July 54.0 54.9 55.0
07/31 China China Federation of Logistics & Purchasing Manufacturing PMI July 51.2 51.3 51.5
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 Individuals 26.16% 41.28% (54,781,964.05)
Qatari Institutions 8.70% 17.31% (31,216,906.01)
Qatari 34.86% 58.59% (85,998,870.06)
GCC Individuals 0.55% 0.45% 358,369.67
GCC Institutions 1.31% 2.27% (3,484,097.98)
GCC 1.86% 2.72% (3,125,728.31)
Non-Qatari Individuals 6.56% 9.99% (12,418,200.05)
Non-Qatari Institutions 56.73% 28.70% 101,542,798.42
Non-Qatari 63.29% 38.69% 89,124,598.37

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status
MCCS Mannai Corporation 2-Aug-18 1 Due
GISS Gulf International Services 5-Aug-18 4 Due
QCFS Qatar Cinema & Film Distribution Company 5-Aug-18 4 Due
MPHC Mesaieed Petrochemical Holding Company 6-Aug-18 5 Due
MCGS Medicare Group 6-Aug-18 5 Due
IGRD Investment Holding Group 6-Aug-18 5 Due
MERS Al Meera Consumer Goods Company 7-Aug-18 6 Due
QGMD Qatari German Company for Medical Devices 8-Aug-18 7 Due
IQCD Industries Qatar 8-Aug-18 7 Due
ZHCD Zad Holding Company 9-Aug-18 8 Due
MRDS Mazaya Qatar Real Estate Development 13-Aug-18 12 Due
Source: QSE
News
Qatar
 QGRI reports net loss of QR1.07mn in 2Q2018 – Qatar General
Insurance & Reinsurance Company (QGRI) reported a net loss
of QR1.07mn in 2Q2018 as compared to a net loss of QR3.36mn
in 2Q2017 and net profit of QR55.10mn in 1Q2018. In 1H2018,
QGRI’s net profit widened to QR54.03mn from QR39.69mn in
1H2017. The company's net earned premiums came in at
QR43.65mn in 2Q2018, which represents a decrease of 6.5%
YoY (-1.5% QoQ). Loss per share amounted to QR0.01 in 2Q2018
as compared to loss per share of QR0.04 in 2Q2017 and earnings
per share of QR0.63 in 1Q2018. (QSE)
 DOHI posts 6.9% YoY increase but 75.3% QoQ decline in net
profit in 2Q2018 – Doha Insurance Group’s (DOHI) net profit
rose 6.9% YoY to QR6.91mn in 2Q2018. However, on a QoQ
basis net profit declined 75.3%. In 1H2018, DOHI’s net profit
widened to QR34.93mn from QR33.96mn for the comparable
period of the previous year. The company's net premiums came
in at QR72.50mn in 2Q2018, which represents an increase of
23.8% YoY. However, on a QoQ basis, net premiums declined
4.5%. EPS amounted to QR0.70 in 1H2018 as compared to
QR0.68 in 1H2017. (QSE)
 SIIS reports net loss of QR4.44mn in 2Q2018 – Salam
International Investment Limited (SIIS) reported a net loss of
QR4.44mn in 2Q2018 as compared to net losses of QR2.64mn in
2Q2017 and QR8.22mn in 1Q2018. In 1H2018, SIIS reported a
net loss of QR12.66mn as compared to net profit of QR17.75mn
in 1H2017. The company's operating income came in at
QR625.43mn in 2Q2018, which represents a decrease of 18.0%
YoY (-14.0% QoQ). Loss per share amounted to QR0.11 in
1H2018 as compared to earnings per share of QR0.16 in 1H2017.
(QSE)
 Fitch: Sector-wide government support for Qatari banks again
in – The Qatari authorities' propensity to support domestic
banks was again evidenced in 2017 with a cumulative $40bn
deposit injection (June-December) in the banking system, Fitch
Ratings (Fitch) stated. The Long-Term Issuer Default Ratings of
all nine Fitch-rated Qatari banks are driven by an extremely
high probability of support from the Qatari authorities, if
needed. This reflects Qatar's strong ability to support its banks,
as indicated by its rating (‘AA-’ /Stable), combined with Fitch’s
belief that there would be a strong willingness to do so. Qatar
enjoys a strong balance sheet and substantial holdings of
foreign reserves, together resulting in sovereign net foreign
assets of an estimated 141% of GDP in 2017. This is still
sufficient to finance two decades of fiscal deficits. After easing
in 1H2017, liquidity pressures re-emerged with the embargo on
Qatar in June 2017 by Saudi Arabia and the UAE. Funding costs
have risen by 20bp to 30bp as a result. The embargo has also
reduced economic growth and pressured the real estate,
contracting and hospitality sectors, to which Qatari banks are
largely exposed. Banks' funding costs have increased since 2017
due to rising rates and the political GCC dispute. Banks have
offset this pressure on profitability metrics by repricing their
loan books and net interest margins have been kept almost flat.
Banks have also managed their cost bases well and loan
impairment charges have remained low, maintaining their
overall profitability at levels that compare well with GCC peers.
(Bloomberg)
 QFC sees 69% jump in new firms in 1H2018 – Qatar Financial
Centre (QFC) witnessed 69% YoY jump in new firms registered
under it during the first half of this year. The total number of
firms on the QFC platform was recorded as 532 at the end of
1H2018 ended June 30, 2018. The majority of the new firms
joining the QFC platform have come from Europe, India and
Pakistan. There has also been a number of firms joining from
the US and Middle East and North Africa regions, according to
QFC’s spokesman. The newly registered firms come from a wide
variety of sectors including information technology, advisory
and consulting, advertising and marketing, legal services and
investment clubs. Since the first quarter of 2010, the QFC has
experienced 322% growth in the number of firms joining its
platform. In addition, since June 2017 the QFC has seen a
notable increase in international firms looking to establish in
Qatar. (Gulf-Times.com)
 Qatar Chamber to implement ATA Carnet system from August
1 – Qatar Chamber will start from August 1, 2018 to officially
implement the temporary export-import document system ATA
Carnet in the admission of goods to the country, joining 77
other countries that employ the system. In a statement issued,
Qatar Chamber stated that, as the entity concerned with the
issuance and guaranteeing, it will begin to issue special
registers to be available for the business community, noting
that business owners and customers can apply for ATA Carnet
either by visiting the chamber’s member affairs department or
registering online on its website. The register is then issued in

4. Page 4 of 7
return for a fixed fee and is valid for a year for commercial
samples and six months for on-display goods and professional
equipment. The implementation of the system in cooperation
with the General Authority of Customs and the International
Chamber of Commerce (ICC) Qatar is one of the important steps
that will enhance Qatar’s status as an attractive investment
destination and a global center for trade and business, Qatar
Chamber stated, adding that this will stimulate the conference
and tourism sector and support Qatar’s readiness to host the
2022 World Cup. (Peninsula Qatar)
 Qatar’s real estate trading volume exceeds QR467mn in a week
– The trading volume of registered real estates in Qatar
between July 22 to July 26 at the Ministry of Justice’s Real
Estate Registration Department stood at QR467,720,606. The
department’s weekly report stated that the trading included
empty lands, residential units, residential buildings, residential
complexes, commercial buildings and multipurpose building.
Most of the trading took place in Doha, Al Daayen, Al Rayyan,
Umm Salal, Al Wakrah, Al Khor, Al Thakhira and Al
Sheehaniya. The trading volume of registered real estates in
between July 15 to July 19 was 457,237,953. (Gulf-Times.com)
 Petrol and diesel prices to remain unchanged in August – Qatar
Petroleum (QP) announced that there will be no change in the
fuel prices for August 2018. QP set the diesel price for August at
QR2.05 per liter, super gasoline (95) at QR2.05 per liter and the
price for premium gasoline (91) at QR2 per liter. The prices
remain unchanged from the month of July. (Gulf-Times.com)
 Qatar leads GCC bonds & Sukuk issuance in 1H2018 – The
aggregate primary issuance of bonds and Sukuk by GCC
entities, including central banks local issuances, GCC sovereign
and corporate issuances, totaled $95.25bn in 1H2018, 9.64%
increase from the total amount raised in 1H2017. Qatar led the
GCC issuances in terms of total value raised, Kuwait Financial
Centre (Markaz) noted in its ‘GCC Bonds & Sukuk Market
Survey.’ Central bank local issuances are fixed income
securities issued by GCC central banks in local currencies and
with short maturities for the purpose of regulating levels of
domestic liquidity. During 1H2018, a total of $32.77bn was
raised by the GCC central banks, namely by the Central Bank of
Kuwait, Qatar, Bahrain, and Oman. Qatari issuers led the GCC in
1H2018, raising a total of $19.97bn through 47 issuances and
representing 31.9% of the total value raised in the GCC.
(Peninsula Qatar)
 Rising supply of office space brings rents down – Qatar’s real
estate market is set to witness an additional office supply of
office space of over 720,000 square meters Gross Leasable Area
(GLA) in 2018 to the existing stock of 3.89mn square meters,
taking the total to 4.61mn square meters by the end of this year.
The additional office supply to the existing stock is likely to put
further pressure on the asking rents for office space. Some
analysts said that more affordable rents will attract new
companies and investors to expand and establish new
businesses in Qatar. The growth in office supply is expected to
continue in 2019 adding even more space of about 740,000
square meters, taking the total stock to 5.35mn square meters
(GLA) by the end of the year, according to the latest market
review by ValuStrat, a leading consulting firm. Projected supply
for 2018 has been adjusted downward from 960,000 square
meters to 720,000 square meters due to delayed deliveries.
(Peninsula Qatar)
 Qatar to award $85bn worth of projects in coming years – Qatar
is set to award an estimated $85bn worth of planned projects in
the coming years. Out of these planned, but un-awarded
projects, about $9.1bn worth projects are under study, $31.7bn
of projects are at some stage of tendering while $44bn of
projects are in designing stage. About $12.1bn of projects are
planned or under way in the oil and gas project market.
Upstream projects account for the biggest share of oil and gas
projects in Qatar, about 55%. Upstream and downstream
together account for more than 90% of the oil and gas projects
market in Qatar with a combined value of $20bn share by value,
leading market and business intelligence platform MEED
revealed. According to MEED, Qatar’s ten biggest construction
clients together have about $55.1bn worth of projects in
execution. Qatari Diar is the biggest project client in Qatar by
value of projects in execution, with about $18.5bn of projects
under construction. Barwa Real Estate Company is Qatar’s
second biggest construction client with about $10.9bn worth of
projects under construction. (Peninsula Qatar)
 Qatar, Ukraine sign MoU to raise maritime cooperation – Qatar
and Ukraine signed a memorandum of understanding (MoU) on
cooperating in the ports and maritime transport sector. The deal
is aimed at promoting joint work between both sides in the vital
field of sea transport. During the meeting, the ministers
discussed cooperation aspects between both countries in the
ports and maritime transport sector and the exchange of
expertise in this vital field. The meeting also discussed opening
new maritime routes between the ports of both countries, in
addition to investment opportunities in the ports sector.
Besides, the meeting discussed cooperation methods and
investment aspects in the aviation industry and a number of
topics of common interest to both countries. (Gulf-Times.com)
 Governor: QCB mulling matter of virtual currencies – Qatar
Central Bank (QCB) is adapting to the new digi-banking trends
like biometric-enabled ATM among others. Along with the
latest technologies in banking, QCB is considering the topic of
virtual currencies. Qatar is expected to have the fastest growth
rate for the digital transformation industry in the BFSI sector
from 2015 to 2020. QCB’s Governor, Sheikh Abdullah Bin Saud
Al Thani made the remark as he delivered a speech on Qatar’s
plans to build a hub for financial technology. He said the central
bank would not focus on a single virtual currency but would
look at how to set best practice for such currencies. (Qatar
Tribune)
International
 US consumer spending rises; wage growth slows in second-
quarter – US consumer spending increased solidly in June as
households spent more at restaurants and on accommodation,
building a strong base for the economy heading into the third
quarter, while inflation rose moderately. Other data showed
employers boosting benefits for workers in the second quarter,
but wage growth slowed down. With savings at lofty levels and
lower taxes increasing take-home pay for some workers,
spending is likely to remain strong this year. Accelerating home
prices, which are boosting wealth for some households, should
also underpin consumption. The Commerce Department stated

5. Page 5 of 7
consumer spending, which accounts for more than two-thirds
of US economic activity, rose 0.4% last month. Data for May
was revised up to show consumer spending advancing 0.5%
instead of the previously reported 0.2% gain. (Reuters)
 Trump to propose 25% tariff on $200bn of Chinese imports –
The Trump administration plans to propose slapping 25% tariff
on $200bn of imported Chinese goods after initially setting
them at 10%, in a bid to pressure China into making trade
concessions, according to sources. President Donald Trump’s
administration stated on July 10 it would seek to impose the
10% tariffs on thousands of Chinese imports. (Reuters)
 Mood among UK consumers, firms remains fragile – Confidence
among British consumers and businesses remains stuck well
below levels before the Brexit vote in 2016, surveys showed,
two days before an expected interest rate increase by the Bank
of England. Britain’s headline gauge of consumer confidence,
compiled by market research firm GfK for the European
Commission, edged down -10 in July from -9 in June, a touch
weaker than expected by economists who took part in a Reuters
poll. (Reuters)
 Germany’s labor market loses steam in July – Germany’s jobless
numbers dropped by less than expected in July, data showed,
reflecting a cooling economy. The Federal Labor Office stated
the seasonally adjusted jobless total fell by 6,000 to 2.338mn.
That compared with an expected drop of 10,000 forecast in a
Reuters poll. The unemployment rate was unchanged at 5.2%,
the lowest since German reunification in 1990. A robust labor
market has been the backbone of a consumption-led upswing in
Europe’s largest economy, which went through a soft patch at
the start of the year. (Reuters)
 Greece’s May retail sales rise 4.6% YoY, led by department
stores – Greece’s retail sales by volume rose 4.6% in May
compared to the same month last year after an upwardly
revised 1.5% increase in April, statistics service ELSTAT stated.
Retail sales were led higher by department stores and furniture
and house apparel, the data showed. Greece’s economy grew for
a fifth straight quarter in January-to-April, helped by stronger
exports. Gross domestic product expanded 0.8% in the first
quarter, accelerating from an upwardly revised 0.2% in 4Q2017.
The EU Commission sees the economy growing by 1.9% this
year, while the International Monetary Fund projects growth of
2.0%. (Reuters)
 Greece on path to successfully exit bailouts, says IMF – Greece
is on a path to successfully exit its international bailouts, but
the country needs further economic and banking reforms,
according to the International Monetary Fund (IMF). The last of
Greece’s three international bailout packages, worth a
combined $318.2bn since 2010, is due to expire on August 20.
The IMF’s executive board praised Greek authorities for
‘important reforms and policy choices in recent years’ that have
helped balance the government’s budget, stabilized the banking
sector and restored growth. Greek unemployment is down from
post-crisis highs but remains by far the highest in the Eurozone
at 20.2%, European statistics agency Eurostat reported. The
Greek economy grew 1.4% last year, with the IMF projecting
gross domestic product (GDP) expansion of 2% this and 2.4%
next year, helping to lower the jobless rate. (Qatar Tribune)
 Asian factories slow as China-US trade conflict intensifies –
Manufacturing activity across Asia slowed in July, deepening
concerns about the region’s economic outlook as an
intensifying trade conflict between the US and China sent
shudders through their trading partners. A survey of purchasing
managers released showed China’s manufacturing sector grew
at its slowest pace in eight months in July, with new export
orders suffering the worst slump since mid-2016. (Reuters)
 Japan July manufacturing activity, new orders slow – Japanese
manufacturing activity slowed less than initially reported in
July, a revised survey showed, but there are lingering concerns
about the economy due to the reduced pace at which new
orders increased. The final Markit/Nikkei survey for Japan
showed the manufacturing Purchasing Managers’ Index (PMI)
was a seasonally adjusted 52.3. That was an upward revision
from the flash reading of 51.6, which was the lowest in more
than one and a half years. In June, the index was 53.0. The
index remained above the 50 threshold that separates
expansion from contraction for the 23rd consecutive month.
(Reuters)
 Brazil’s jobless rate drops to 12.4% in quarter through June –
Brazil’s unemployment rate declined more than expected in the
quarter ending in June, a sign that an underwhelming economic
recovery is finally trickling down to workers. The jobless rate
fell to 12.4% from 13.1% in the three months through March,
government statistics agency IBGE stated. Economists polled
by Reuters expected a median 12.6% rate. (Reuters)
Regional
 GCC hospitality market expected to grow at 7.2% to $32.5bn by
2022 – The GCC hospitality market is expected to grow at 7.2%
to $32.5bn by 2022 on the back of upcoming mega events and
government initiatives to boost tourism, according to Alpen
Capital. Growth in hospitality sector revenue of individual GCC
countries is expected to range from 6% to 12%, it stated in a
report. Both the UAE and Qatar are set to witness high revenue
growth on significant investment activities in the tourism and
hospitality sector for the upcoming Expo 2020 and FIFA World
Cup 2022, it said, adding Bahrain and Oman are also expected to
grow at a rate higher than the GCC average. The average GCC
occupancy is expected to increase from 62% in 2017 to 68% in
2022. The average daily rate (ADR) is expected to increase at
1.1% to $161 in 2022, whereas the revenue per available room is
expected to increase at 2.9% to $109 in 2022. (Gulf-Times.com)
 UAE, Middle East business confidence rebounds – The UAE and
the Middle East as a whole are bucking global trends, with
business confidence rising to its highest level since 2Q2015,
according to Association of Chartered Certified Accountants
(ACCA) and Institute of Management Accountants (IMA).
Within the UAE, confidence moved from a negative outlook in
the first quarter to a positive one. The Middle East region
remains negative, but has improved significantly. The key
factor for the Middle East was the rise in oil prices. “The higher
oil price has caused an increase in fiscal revenues, which has led
to an easing in fiscal austerity,” the report noted.
(GulfBase.com)
 Gulf region’s e-commerce market to hit $20bn by 2020 – Based
on industry reports, the Gulf region’s e-commerce market is
expected to expand to $20bn by the end of 2020, while the

6. Page 6 of 7
projected growth for the conventional retail market size is
$206bn for the same period. Jayaraman Nair, Chairman, VIS
Exhibitions and Conferences, organizer of the trade show Smart
Stores Expo, said, “While more and more consumers nowadays
are increasingly enjoying the benefits of online shopping,
physical stores still have a lot to offer that their online
counterparts cannot provide. The key here is for brick and
mortar retailers to reinvent themselves and create better in-
store experiences for their shoppers.” (GulfBase.com)
 Saudi Arabian start-ups raise SR11.66mn funding in 2Q2018 –
The technology start-ups incubated by the Badir Program
successfully raised around SR11.66mn in 2Q2018, up by 7.66%
from the previous quarter when SR10.83mn was raised,
according to a report released by Badir Program. After a
relatively strong first quarter, the funding scene in Saudi Arabia
was able to keep pace in the second quarter of 2018, showing
strong signs of ecosystem growth in the Saudi Arabian market,
according to report. The report revealed that individual
investors were the most active in terms of funding size, having
pumped SR7.45mn into startups across four deals in 2Q2018.
They were followed by venture capital firms with two deals
reaching a combined total of SR1.40mn, the funding of the
private sector companies reached to SR2.80mn approximately
through one funding deal. The data showed that the total
funding has been increased to SR150.951mn since the
establishment of Badir program in 2008 until the end of June
2018. (GulfBase.com)
 PIF aims to raise between $6-8bn in first loan – Saudi Arabia’s
top sovereign wealth fund is seeking to raise between $6 and
$8bn from banks as it seeks to boost its firepower to help
finance the Kingdom’s economic transformation plans,
according to sources. Public Investment Fund (PIF) issued a
request for proposals to banks several weeks ago about raising
money for a syndicated loan, though the deal is not expected to
close before September. (Reuters)
 VAT refund for tourist to open doors for further growth in the
UAE – United Arab Emirates is the most preferred tourist
destination in the Middle East and to continue its positive
momentum, tourists visiting the country will be entitled to
claim back any Value Added Tax (VAT) payments they are
charged. “The UAE has become a regional magnet for foreign
investors and tourists, and the move to refund VAT, yet again
shows UAE’s strategic ability to drive the growth of the
country,” said Tejas Goenka, Executive Director of Tally
Solutions. (GulfBase.com)
 UAE, Indonesia sign MoU to boost halal industry, promote
trade exchange – The Emirates Authority for Standardization
and Metrology (ESMA) signed a Memorandum of
Understanding (MoU) with Indonesia’s National
Standardization Agency and National Accreditation Committee
to officially recognize halal certificates issued by National
Accreditation Committee. ESMA’s Director-General, Abdulla
Abdul Qader Al Maeeni said that the cooperation will
harmonize the standard for halal in the two countries and help
increase bilateral trade between UAE and Indonesia. He added
that cooperation between the two countries would increase the
volume of bilateral trade, especially as the official data indicate
that the volume of trade exchange between the UAE and
Indonesia is about $3.7bn and target the increase of $5.5bn.
(GulfBase.com)
 NASDAQ Dubai to launch futures trading of 12 Saudi Arabian
firms from September – NASDAQ Dubai will launch equity
futures trading of 12 Saudi Arabian companies from September,
stimulating investor interest in the Kingdom’s capital markets.
NASDAQ Dubai, which launched UAE futures trading in 2016,
had announced in May this year it would add Saudi Arabian
single futures. It identified the 12 Saudi Arabian companies,
which have a combined market capitalization of SR859bn,
representing 43% of the Saudi Arabian stock exchange. The
companies are Saudi Basic Industries Corp. (SABIC), Al Rajhi
Bank, Alinma Bank, Almarai Company, Dar Al Arkan Real
Estate Development Co, Etihad Etisalat Company, Rabigh
Refining and Petrochemical Co, Saudi Arabian Mining
Company, Saudi Cement Company, Saudi Electricity Company,
Saudi Kayan Petrochemical Company and Altayyar Travel
Group. (Reuters)
 ADIB plans to raise $1bn from rights issue and Sukuk sale – Abu
Dhabi Islamic Bank (ADIB) is planning to raise about $1bn from
a rights share issue and a Sukuk sale. The bank’s board
proposed selling 464mn shares at AED1 each and AED1.16
premium. It also proposed raising $750mn from a perpetual Tier
1 Sukuk and repaying a $1bn Sukuk sold in 2012. ADIB is doing
the deals to maintain its growth trajectory, while maintaining a
solid capital buffer, ADIB’s Vice-Chairman and acting CEO,
Khamis Buharoon said. (Gulf-Times.com)
 Kuwait places revival of budget transformation as its top
priority – Kuwait’s Minister of Finance, Nayef Al-Hajraf
disclosed that the ministry has placed on top of its priorities the
revival of budget transformation from bonds and clauses to
programs and performance, especially as the current method of
preparing budget constitutes an impediment that slows down
the wheel of financial and economic reform activities. Sources
said this step is coming in the framework of moving toward
restructuring the role of the Ministry of Finance, which is
important considering the ministry had been implementing
Decree Number 31/1978 concerning regulations governing the
preparation of public budget, and monitoring its
implementation and final accounts. With the consistent
economic changes experienced in Kuwait at the moment, it is
pertinent to restructure the responsibility of the ministry in a
way suitable for the anticipated financial and economic reform
plans. (GulfBase.com)
 KUFPEC taps banks for $1.1bn loan in shale push – Kuwait
Foreign Petroleum Exploration Company (KUFPEC) is
borrowing $1.1bn to spend on oil and natural gas projects as the
company plans to expand its shale operations, KUFPEC’s CEO,
Sheikh Nawaf Saud Al-Sabah said. Sumitomo Mitsui Banking
Corp and Societe Generale were the joint lead arrangers of the
five-year loan for KUFPEC, a unit of state-run Kuwait
Petroleum Corp, Al-Sabah said. The new financing includes a
two-year grace period and is in addition to $3.5bn that KUFPEC
has borrowed from banks since 2013. The company will finish
repaying the $3.5bn next year, he said. (Gulf-Times.com)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on July 31, 2018) Source: Bloomberg (*$ adjusted returns)
40.0
60.0
80.0
100.0
120.0
Jun-14 Jun-15 Jun-16 Jun-17 Jun-18
QSEIndex S&P Pan Arab S&P GCC
(0.2%)
1.8%
(0.2%)
(0.9%)
0.4% 0.3%
(0.3%)
(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,224.09 0.2 0.1 (6.1) MSCI World Index 2,153.10 0.2 (0.1) 2.4
Silver/Ounce 15.52 0.2 0.2 (8.4) DJ Industrial 25,415.19 0.4 (0.1) 2.8
Crude Oil (Brent)/Barrel (FM Future) 74.25 (1.0) (0.1) 11.0 S&P 500 2,816.29 0.5 (0.1) 5.3
Crude Oil (WTI)/Barrel (FM Future) 68.76 (2.0) 0.1 13.8 NASDAQ 100 7,671.79 0.5 (0.8) 11.1
Natural Gas (Henry Hub)/MMBtu#
2.72 0.0 (2.2) (23.2) STOXX 600 391.61 0.1 0.3 (2.0)
LPG Propane (Arab Gulf)/Ton 95.50 (2.1) (1.3) (3.5) DAX 12,805.50 (0.0) (0.0) (3.5)
LPG Butane (Arab Gulf)/Ton 106.00 (1.6) 0.2 (2.3) FTSE 100 7,748.76 0.5 0.7 (2.2)
Euro 1.17 (0.1) 0.3 (2.6) CAC 40 5,511.30 0.3 0.4 1.0
Yen 111.86 0.7 0.7 (0.7) Nikkei 22,553.72 (0.7) (1.5) (0.2)
GBP 1.31 (0.1) 0.1 (2.9) MSCI EM 1,087.46 (0.2) (0.4) (6.1)
CHF 1.01 (0.2) 0.4 (1.6) SHANGHAI SE Composite 2,876.40 0.2 (0.0) (17.0)
AUD 0.74 0.2 0.3 (4.9) HANG SENG 28,583.01 (0.5) (0.8) (4.9)
USD Index 94.55 0.2 (0.1) 2.6 BSE SENSEX 37,606.58 0.5 1.0 3.0
RUB 62.52 0.4 (0.4) 8.5 Bovespa 79,220.43 (1.8) (1.5) (8.5)
BRL 0.27 (0.7) (1.2) (11.8) RTS 1,173.06 0.9 1.9 1.6
84.1
81.5
71.7