1. Page 1 of 8
QE Intra-Day Movement
Qatar Commentary
The QE index declined 2.4% to close at 11,816.5. Losses were led by the
Telecoms and Real Estate indices, declining 3.7% and 2.8%, respectively. Top
losers were Qatari Investors Group and Qatar Cinema & Film Distri. Co., falling
9.9% and 8.2%, respectively. Among the top gainers, Qatar General Insurance
& Reins. Co. rose 2.4%, while Salam International Inv. Co. was up 1.8%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.1% to close at 9,569.5. Losses were led
by the Hotel & Tour. and Trans. indices, declining 2.4% and 1.1% respectively.
Ash-Sharqiyah Dev. Co. fell 4.9%, while Al-Ahlia Ins. Co. was down 3.5%.
Dubai: The DFM index declined 0.7% to close at 4,222.8. The Financial &
Investment Services index fell 3.6%, while the Services index was down 3.2%.
Shuaa Capital declined 7.7%, while Arabtec Holding was down 5.5%.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,664.8. The
Energy index gained 2.3%, while the Consumer index was up 1.9%. United
Arab Bank rose 9.8%, while International Fish Farming Holding was up 9.6%.
Kuwait: The KSE index gained 0.2% to close at 6,981.9. The Technology and
Financial Services indices rose 0.9% and 0.8%, respectively. Housing Finance
Co. gained 6.3%, while Kuwait Cement Co. was up 6.2%.
Oman: The MSM index rose 0.3% to close at 6,943.2. Gains were led by the
Financial and Industrial indices, rising 0.4% and 0.3%, respectively. Al Batinah
Dev. Inv. Holding gained 2.9%, while Galfar Engineering & Con. was up 2.5%.
Bahrain: The BHB index gained 0.1% to close at 1,432.1. The Investment
index rose 0.6%, while the other indices remained unchanged or ended in red.
BBK gained 2.7%, while Arab Banking Corporation was up 1.4%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 46.90 2.4 2.4 17.5
Salam International Investment Co. 17.30 1.8 596.8 33.0
Doha Insurance Co. 25.25 0.8 219.1 1.0
Qatar Islamic Insurance Co. 76.90 0.3 73.5 32.8
Al Ahli Bank 50.10 0.2 4.0 18.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 48.00 (4.8) 1,581.5 53.4
Vodafone Qatar 17.95 (4.8) 978.0 67.6
Mazaya Qatar Real Estate Dev. 16.33 (3.5) 741.5 46.1
QNB Group 162.00 (2.7) 623.7 (5.8)
Salam International Investment Co. 17.30 1.8 596.8 33.0
Market Indicators 26 Jun 14 25 Jun 14 %Chg.
Value Traded (QR mn) 531.5 580.0 (8.4)
Exch. Market Cap. (QR mn) 643,796.2 657,100.2 (2.0)
Volume (mn) 9.9 11.3 (12.5)
Number of Transactions 6,247 8,011 (22.0)
Companies Traded 43 42 2.4
Market Breadth 5:35 8:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,624.20 (2.4) (5.1) 18.8 N/A
All Share Index 3,013.84 (2.1) (4.8) 16.5 14.4
Banks 2,830.80 (2.7) (6.2) 15.8 14.1
Industrials 4,077.90 (1.2) (4.0) 16.5 15.9
Transportation 2,120.53 (1.3) (4.1) 14.1 13.6
Real Estate 2,460.67 (2.8) (4.9) 26.0 12.3
Insurance 3,410.57 (0.2) (0.3) 46.0 8.9
Telecoms 1,529.05 (3.7) (4.8) 5.2 21.1
Consumer 6,603.51 (1.2) (2.6) 11.0 26.0
Al Rayan Islamic Index 3,939.89 (2.6) (5.5) 29.8 17.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Arab Bank Abu Dhabi 6.26 9.8 13.5 11.6
Emirates NBD Dubai 8.37 7.3 126.0 31.8
Kuwait Cement Co. Kuwait 0.43 6.2 6.8 17.8
Com. Bank of Dubai Dubai 5.85 4.5 100.0 35.8
Abu Dhabi Com. Bank Abu Dhabi 7.3 4.3 2,016.5 12.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatari Investors Group Qatar 52.5 (9.9) 134.3 20.1
Arabtec Holding Dubai 3.1 (5.5) 110,791.5 51.2
Vodafone Qatar Qatar 17.95 (4.8) 978.0 67.6
Masraf Al Rayan Qatar 48 (4.8) 1,581.5 53.4
Dubai Financial Mark. Dubai 3.06 (4.4) 6,251.8 23.9
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%
Qatari Investors Group 52.50 (9.9) 134.3 20.1
Qatar Cinema & Film Distri. Co. 41.50 (8.2) 4.3 3.5
Vodafone Qatar 17.95 (4.8) 978.0 67.6
Masraf Al Rayan 48.00 (4.8) 1,581.5 53.4
Medicare Group 77.50 (4.6) 21.8 47.6
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
QNB Group 162.00 (2.7) 101,958.9 (5.8)
Masraf Al Rayan 48.00 (4.8) 78,043.8 53.4
Industries Qatar 170.00 0.0 39,346.6 0.7
Commercial Bank of Qatar 63.30 (3.7) 29,629.5 7.3
Qatar Islamic Bank 85.10 (0.1) 26,736.6 23.3
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* 11,816.50 (2.4) (5.1) (13.7) 13.8 145.98 176,786.4 14.7 2.0 4.2
Dubai 4,222.75 (0.7) (8.1) (17.0) 25.3 271.98 83,980.8 17.0 1.7 2.5
Abu Dhabi 4,664.77 0.5 (2.9) (11.2) 8.7 85.65 131,013.5 13.8 1.7 3.6
Saudi Arabia 9,569.49 (0.1) (0.8) (2.6) 12.1 2,050.19 522,125.5 19.1 2.3 2.9
Kuwait 6,981.85 0.2 0.6 (4.2) (7.5) 54.26 109,770.2 16.5 1.1 4.0
Oman 6,943.19 0.3 0.4 1.3 1.6 22.44 25,736.1 12.1 1.7 4.0
Bahrain 1,432.05 0.1 (0.2) (1.9) 14.7 0.65 53,495.9 11.2 1.0 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,800
11,900
12,000
12,100
12,200
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QE index declined 2.4% to close at 11,816.5. The Telecoms
and Real Estate indices led the losses. The index fell on the
back of selling pressure from non-Qatari shareholders despite
buying support from Qatari shareholders.
 Qatari Investors Group and Qatar Cinema & Film Distribution Co.
were the top losers, falling 9.9% and 8.2%, respectively. Among
the top gainers, Qatar General Insurance & Reins. Co. rose
2.4%, while Salam International Investment Co. was up 1.8%.
 Volume of shares traded on Thursday fell by 12.5% to 9.9mn
from 11.3mn on Wednesday. Further, as compared to the 30-day
moving average of 22.6mn, volume for the day was 56.2% lower.
Masraf Al Rayan and Vodafone Qatar were the most active
stocks, contributing 16.0% and 9.9% 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
Gulf Investment
Corporation (GIC)
Fitch Kuwait LT IDR/ST IDR/SR/VR BBB/F3/2/bb A-/F1/1/bb  Stable –
Dubai Investments
Park Development
Company (DIPDC)
S&P UAE LT CCR/SIR BB/BB BB+/BB+  Stable –
First Gulf Bank
(FGB)
CI UAE
FSR/LT FCR/ST
FCR/SR
A+/A+/A1/2 A+/A+/A1/2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency, VR – Viability Rating, CCR – Corporate Credit Rating, Sukuk Issue Ratings – SIR)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/26 US Department of Labor Initial Jobless Claims 21 June 312K 310K 314K
06/26 US Department of Labor Continuing Claims 14 June 2571K 2565K 2559K
06/26 US BEA Personal Income May 0.40% 0.40% 0.30%
06/26 US BEA Personal Spending May 0.20% 0.40% 0.00%
06/26 US BEA PCE Core MoM May 0.20% 0.20% 0.20%
06/26 US BEA PCE Core YoY May 1.50% 1.50% 1.40%
06/26 US Bloomberg Bloomberg Consumer Comfort 22 June 37.1 – 37.1
06/27 EU European Commission Economic Confidence June 102.0 103.0 102.6
06/27 EU European Commission Industrial Confidence June -4.3 -3.0 -3.1
06/27 EU European Commission Services Confidence June 4.2 4.0 3.8
06/27 EU European Commission Business Climate Indicator June 0.2 0.4 0.4
06/26 France INSEE Consumer Confidence June 86.0 85.0 85.0
06/27 France INSEE GDP YoY 1Q2014 0.70% 0.80% 0.80%
06/27 France INSEE Consumer Spending MoM May 1.00% 0.30% -0.20%
06/27 France INSEE Consumer Spending YoY May -0.60% -1.10% -0.40%
06/27 France INSEE PPI MoM May -0.50% – -0.20%
06/27 France INSEE PPI YoY May -0.20% – -0.90%
06/27 Germany Destatis Import Price Index MoM May 0.00% 0.00% -0.30%
06/27 Germany Destatis Import Price Index YoY May -2.10% -2.20% -2.40%
06/27 Germany Destatis CPI MoM June 0.30% 0.20% -0.10%
06/27 Germany Destatis CPI YoY June 1.00% 1.00% 0.90%
06/27 UK GfK NOP (UK) GfK Consumer Confidence June 1.0 2.0 0.0
06/27 UK Lloyds Bank Lloyds Business Barometer June 51.0 – 41.0
06/27 UK ONS GDP QoQ 1Q2014 0.80% 0.80% 0.80%
06/27 UK ONS GDP YoY 1Q2014 3.00% 3.10% 3.10%
06/27 UK ONS Current Account Balance 1Q2014 -18.5B -17.3B -23.5B
06/27 UK ONS Index of Services MoM April 0.30% 0.30% 0.50%
06/27 UK ONS Index of Services 3M/3M April 0.90% 0.90% 0.80%
06/27 UK ONS Total Business Investment QoQ 1Q2014 5.00% 2.70% 2.70%
06/27 UK ONS Total Business Investment YoY 1Q2014 10.60% 8.70% 8.70%
06/27 Spain INE CPI YoY June 0.10% 0.10% 0.20%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 66.51% 46.36% 107,097,032.25
Non-Qatari 33.49% 53.64% (107,097,032.25)

3. Page 3 of 8
06/27 Italy ISTAT Business Confidence June 100 100 99.8
06/27 Italy ISTAT Economic Sentiment June 88.4 – 86.9
06/27 China NBS Leading Index May 99.46 – 99.68
06/27 Japan MIC Jobless Rate May 3.50% 3.60% 3.60%
06/27 Japan MIC Overall Household Spending YoY May -8.00% -2.30% -4.60%
06/27 Japan MIC Natl CPI YoY May 3.70% 3.70% 3.40%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MDPS: Qatar reports higher consumer confidence in
1Q2014 – According to the Ministry of Development Planning &
Statistics (MDPS), Qatar’s economic development, the
consequent job opportunities and better income, has led Qatar
to report higher consumer confidence in 1Q2014. However,
rising prices in general and rents in particular, resulted in
pessimism about the financial situation of households, which
made consumers to become wary of higher inflation in the
coming months. The Qatar Consumer Confidence Index (CCI),
released by MDPS showed that 46.7% of households felt that
their financial situation improved over the past 12 months as
compared to 47.4% in the December 2013 survey results.
Further, 45.7% of households felt their financial situation was
the same as 12 months before as compared to 37.8% in
December 2013. However, a few households (6.7%) felt that
their financial situation was worse during 1Q2014, owing to an
increase in prices of essentials and a general rise in living
expenses. The CCI found 37.2% of households do not buy
durable goods as long as they do not need them as compared to
23.7% in December. 21.3% of respondents said it is not the
suitable time to buy these goods as against 29.6% in December,
which reflects an improvement in the household financial
situation. (GulfBase.com, QSA)
 QCB to issue T-bills worth QR4bn – The Qatar Central Bank
(QCB) will issue three-month treasury bills worth QR2bn, and
six-month and nine-month bills worth QR1bn each. These bills
will be issued on July 1, 2014. (QCB)
 QC: Qatar opens doors to foreign construction firms –
According to a senior official of the Qatar Chamber (QC), Qatar
needs more contractors in line with more than $200bn worth of
infrastructure development projects and other construction work
related to the hosting of the 2022 FIFA World Cup. QC’s Vice
Chairman Mohamed bin Ahmed al-Kuwari emphasized that
Qatar’s construction sector is open to the international market,
particularly for companies that are willing to take part in the
country’s economic development. Qatar is experiencing a
drastic change in economic development, which is why Al-
Kuwari stated that the country needs more contractors to be
involved in the coming years. (Gulf-Times.com)
 QATI acquires Antares – Qatar Insurance Company (QATI)
has completed the acquisition of Antares Holdings, a specialist
insurance and reinsurance group operating in the Lloyd’s
market. QATI has obtained all the necessary regulatory
approvals for the acquisition, which will enable the company to
strengthen its position in the global insurance market.
(Bloomberg)
 Barwa Bank to jointly manage UK debut sovereign sukuk –
Barwa Bank has been appointed as one of the five Joint Lead
Managers for the UK’s £200m debut sovereign sukuk, a
landmark transaction that will see the first Shari’ah-compliant
issuance by a western nation. Barwa Bank takes its place
alongside HSBC, Standard Chartered, the National Bank of Abu
Dhabi and CIMB of Malaysia. Among the five banks involved,
Barwa Bank is the only Qatari bank selected and the only wholly
Shari’ah-compliant mandated bank on the panel. (Peninsula
Qatar)
 QIGD postpones EGM – Qatar Investors Group (QIGD) has
postponed its Extraordinary General Meeting (EGM) due to lack
of quorum. The second meeting will now be held on July 2, 2014
at 10:00 pm. (QE)
 Nebras Power acquires shares in Jordan solar plant –
Qatar-based Nebras Power Company has entered into an
agreement to acquire significant shares in a 52.5MW solar
power plant in Jordan along with Diamond Generating Europe,
Ltd (DGE) – a subsidiary of Mitsubishi Corporation and Kawar
Group. Upon completion of the transaction, Nebras Power will
have 35%, DGE 35% and Kawar Group 30% interest in the
project. Nebras Power said that the transaction is subject to
customary approvals and is expected to be closed in July 2014.
Nebras Power along with its partners will finance, build own and
operate the solar power plant in Ma’an city in Jordan, one of the
first and the largest clean energy power projects in Jordan.
(Peninsula Qatar)
 Regency opens branch at SCH – Regency Travel & Tours has
opened a branch at the headquarters of the Supreme Council of
Health. Hassan Mohamed al-Abdullah, Head of Media
Supporting Services at the Supreme Council of Health, and
other dignitaries attended the inaugural ceremony. Al-Abdullah
said the opening of the SCH branch was part of the council’s
efforts to provide the best services to its employees and visitors.
(Gulf–Times.com)
 QIIK launches Qatar’s only Ferrari Credit Card – Qatar
International Islamic Bank (QIIK) has launched Qatar’s first
‘Ferrari Credit Card’, which is available exclusively to the bank’s
elite ‘Wajaha’ members. The Wajaha Ferrari credit card was
launched at a ceremony held recently. Dignitaries included QIIK
Chairman & Managing Director Sheikh Dr Khalid bin Thani bin
Abdullah al-Thani, Commercial Bank Director Omar Alfardan
and QIIK’s CEO, Abdulbasit A.al-Shaibei. (Gulf-Times.com)
 QE trading hours unchanged during Ramadan – The Qatar
Exchange (QE) announced that its working hours will not
change during the holy month of Ramadan. Trading hours will
be from 9.30am to 1.15pm with a pre-opening session starting at
9:00am and ending at 9:30am. Normal working hours for other
business and services will be from 8.30am to 1.30pm. (QE)
 QA to add flights to Japan route – Qatar Airways (QA) has
announced plans to expand its connectivity to Japan, following
its new route launch to Tokyo Haneda International Airport last
week. The Doha-based carrier said that from July 12 it will
partner with its fellow Oneworld alliance member, Japan
Airlines, for an additional five code share domestic routes.
(Bloomberg)
International
 QNB Group: Singapore provides useful lessons in
economic diversification for Qatar, GCC – QNB Group
(QNBK) stated that Singapore’s remarkable development over
the last five decades provides useful lessons for Qatar and other

4. Page 4 of 8
GCC countries, which seek to diversify their economies away
from oil into a more sustainable model of development. Back in
the 1960s when it was a regional trading post serving the British,
Singapore was one of the poorest countries in Asia. Since then,
it has transformed itself into an advanced economy, with the
third highest per capita GDP in the world after Qatar and
Luxembourg. Singapore went through several stages in its
astonishing development, starting with basic industrialization,
and then moving to more sophisticated industries, before
developing as a regional hub for trade and financial services. Its
latest phase of development is establishing itself as a
knowledge-based economy. In 1960, British military bases
accounted for nearly a fifth of nominal GDP and around 75%
population had no primary education. Since then, the economy
developed at a remarkable speed. Between 1966 and 2013, its
real GDP per capita grew fifteen-fold. (Gulf-Times.com)
 QNB Group: China set to become world’s largest economy
in 2014 – China is set to become the world’s largest economy in
2014 even as it faces the challenges of advancing to a
consumer-based society with open capital markets and a
modern financial system. In its ‘China Economic Insight 2014’,
QNB Group (QNBK) stated that China has the highest savings
in the world worth around $5tn. The report analyses how China
is surpassing the US and the EU to become the biggest
economy in the world and faces the challenges of advancing to
a consumer-based society with open capital markets and a
modern financial system. The country is now the most populous
nation (1.36bn people), the largest contributor to global growth
and the largest exporter in the world. China has transformed
itself over the last 30 years from a predominantly agrarian
economy to become the world’s factory, lifting 500mn people out
of poverty in the process. Nevertheless, China remains a
middle-income country, with the challenge of raising itself to a
high-income economy — GDP per capita was just under
$12,000 in China in 2013, compared with $53,000 in the US.
QNBK said that real GDP growth is expected to slow gradually
from 7.7% in 2013 to 7.2% by 2016, reflecting an investment
slowdown and a recovery of global demand. (Gulf-Times.com)
 US consumer sentiment rose to 82.5 in June – Consumer
sentiment in the US improved in June as higher stock prices and
an improving labor market helped bolster Americans' views of
the economy. The Thomson Reuters/University of Michigan’s
Final Sentiment Index climbed to 82.5 from 81.9 in May. Earlier,
economists surveyed by Bloomberg projected an increase to 82.
Better employment opportunities, record stock prices and
improved property values are giving confidence to consumers,
reducing the odds that consumers will retrench. At the same
time, Americans are paying more at gas pumps and grocery-
store checkout lines, underscoring the need for bigger wage
gains. The index averaged 89 in the five years before December
2007, when the recession began, and 64.2 in the 18-month
contraction that followed. Stocks fluctuated, with the S&P 500
Index poised for a weekly drop, while utilities and consumer
shares led gains. (Bloomberg)
 Eurozone economic sentiment slumps in June – Economic
sentiment in the Eurozone fell unexpectedly in June on fears
that fighting in Iraq would push up oil prices and that any
escalation in the Ukraine crisis could drag on its growth. The
European Commission's Economic Sentiment Index (ESI) for
the 18 country group fell to 102.0 from a revised 102.6 in May.
Earlier, economists had forecast a rise to 103.0. The decline
was mainly due to a drop in optimism in the industry and
construction sectors, as well as among consumers. The ESI
survey is typically carried out in the first half of the month, since
when tensions have eased between Moscow and western
countries over Ukraine, where an uprising by pro-Russian
separatists has claimed hundreds of lives. Oil prices have
dropped nearly $3 from a nine-month high of $115.71 hit on
June 19 as output from Iraq's major southern oilfields remained
unaffected by fighting in the north and west. The decline in
economic sentiment confirms the previous poor data such as the
Purchasing Managers Indices (PMIs), and adds urgency to EU
leaders' attempts to accelerate growth. (Reuters)
 Japan prices rise most since 1982 on tax, utility fees;
jobless rate hits 16-year low – Japan’s consumer prices
climbed at the fastest pace in 32 years, boosted by higher utility
charges and a sales-tax increase that contributed to the biggest
slide in household spending since the March 2011 earthquake.
The official statistics bureau said consumer prices excluding
fresh food rose 3.4% YoY in May, matching the median
projection in a Bloomberg News survey of 30 economists.
Household expenditure dropped 8% YoY, more than any
forecast. The Bank of Japan (BoJ) Governor Haruhiko Kuroda
said price gains will probably slow in coming months before
accelerating again toward the bank’s 2% target. Now, Prime
Minister Shinzo Abe’s task is to convince companies to dig into
record cash stockpiles and raise wages to keep up with inflation.
Overall inflation was at 3.7%, while the gauge excluding
perishables and energy was at 2.2%. Meanwhile, the country’s
jobless rate fell to 3.5%, the lowest since 1997 and a level the
BoJ says is near full employment. (Bloomberg, Reuters)
 NBS: Chinese factory profit growth slows in May despite
positive data – Annual growth in China's industrial profits
slowed to 8.9% in May 2014, the weakest pace this year,
signaling challenges facing Chinese firms despite signs of
stabilization in the economy. The National Bureau of Statistics
(NBS) said profits earned by Chinese industrial firms rose 8.9%
in May to CNY512.7bn from a year earlier, slowing from a 9.6%
rise in April. The rise in profits was the slowest since December
2013. NBS only published combined profits for the first two
months of this year, which rose 9.4% from a year earlier. For the
first five months of 2014, profits rose 9.8% from the same period
of last year to CNY2.28tn. The pace was slower than the 10%
expansion in the first four months. Recent data reinforced
market expectations that the world's second-largest economy is
powering through its recent soft patch, as the government uses
targeted stimulus measures to support growth, even if the
recovery may be patchy. However, Chinese manufacturers are
struggling to cope with falling factory-gate prices, which have
eroded their profit margins. China's producer price index (PPI)
fell 1.4% in May from a year earlier – the 27th consecutive
month of decline. (Reuters)
Regional
 Yansab declares dividend for 1H2014 – Saudi-based Yanbu
National Petrochemical Company (Yansab) has proposed a
cash dividend of SR1.5 per share for 1H2014. The figure is
higher than the SR1.0 per share, which the company paid out
for 1H2013. (GulfBase.com)
 BHI wins HRSG contract for Rabigh power plant – Foster
Wheeler has announced that BHI Company, a licensee of its
Global Power Group, has been awarded a contract by Samsung
C&T for the design and supply of six heat recovery steam
generators (HRSGs) for the 2,100 megawatt Rabigh II
combined-cycle power plant in Saudi Arabia. Commercial
operation of the units is scheduled to begin in 2017. BHI will
design and supply the six HRSGs, which will be coupled to six
SGT6-5000F Siemens gas turbines firing natural gas and oil.
(GulfBase.com)

5. Page 5 of 8
 $27bn expansion works started in Mecca – Saudi Arabian
authorities have undertaken a major expansion project around
the Grand Mosque in Mecca. The project, estimated at up to
$27bn, is meant to expand and improve the infrastructure
around the holy pilgrimage site, enabling it to handle the
movement of as many as 130,000 pilgrims an hour. The project
is being carried out in stages and the first phase is set for
completion before the start of Ramadan. For the expansion
works in Mecca, Dubai Cable Company (Ducab) will supply fire
retardant and halogen cables that do not emit toxic gases, when
exposed to fire. The other phases of the expansion project
include facilities for the old and disabled, rest rooms and tunnels
to prevent overcrowding. Other infrastructure improvements
such as a district cooling plant and power and water stations are
planned. (GulfBase.com)
 ICD signs agreements with OFID, Republic of Sierra Leone
– The Islamic Corporation for the Development of the Private
Sector (ICD) and the OPEC Fund for International Development
(OFID) have signed an agreement for mutual cooperation for the
purpose of furthering their mandate and objectives. Meanwhile,
the Islamic Development Bank Group (IDBG), ICD and the
Ministry of Finance & Economic Development of the Republic of
Sierra Leone have signed a MoU to facilitate cooperation and
coordination between the parties in the development and
implementation of Special Economic Zones (SEZs) in Sierra
Leone. In addition, the parties seek to develop a clear roadmap
for SEZs that would help guide the prioritization of each SEZ
project giving the expected implication on the economic, legal
and institutional environment in Sierra Leone. (GulfBase.com)
 Jadwa appoints new head for PE & IB – Jadwa Investment
has appointed Saad Al-Saif as the Managing Director and head
of its Private Equity & Investment Banking (PE & IB) division. Al-
Saif will be responsible for leading Jadwa’s PE & IB business
and guiding its growth plans. Al-Saif has a longstanding track
record of more than 13 years in PE & IB, debt and equity capital
markets, and Islamic finance with a transactional experience
exceeding SR25bn. (GulfBase.com)
 RSHC pursues construction projects in KAEC – Red Sea
Housing Services Company (RSHC) has commenced
construction of a housing camp and a factory inside King
Abdullah Economic City (KAEC) in Rabigh. The housing camp is
to accommodate the employees of investing companies in
KAEC, while the factory will be specialized in the production of
prefabricated housing units. RSHC expects to complete the
housing project and commence operations by 2Q2015, while
construction of the factory is expected to be completed in
3Q2015. Total expenses associated with executing the first
phase of both the projects amounted to SR7.3mn. (Tadawul)
 SAAC to sell CPIC’s 5.5% stake for SR103mn – Saudi
Arabian Amiantit Company (SAAC) has entered into a share-
transfer agreement to sell its 5.4975% stake in its China-based
glass fiber producing company, Chongqing Polycomp
International Corporation (CPIC) to Yuntianhua Group
Company, for a purchase consideration of SR103mn. The
agreement has been submitted to the approving authorities of
China and is expected to be approved in the coming weeks. If
approved, the sale will generate a net capital gain of
approximately SR21mn for 2014. (Tadawul)
 SABIC, Mitsubishi Rayon sign SR4.5bn JV – Saudi Basic
Industries Corporation (SABIC) and Japan-based textile
company, Mitsubishi Rayon Company have proceeded with their
50:50 JV, following SABIC completing all requirements for
establishing the JV with a capital of SR1.35bn. The JV will
construct two plants in the east of the Kingdom worth SR4.5bn.
The plants at Jubail Industrial City will be built by Taiwan-based
CTCI Corporation, to produce 250,000 metric tons annually of
Methyl Methacrylate Monomer (MMA) and the other plant of
40,000 metric tons capacity for Poly Methyl Methacrylate
(PMMA) a year. The engineering works are scheduled to begin
on June 25, 2014, and completed in 1Q2017. The project will be
financed by partners and banks. (Tadawul)
 Al-Khodari Sons’ BoD recommends adding new activities –
Abdullah A. M. Al-Khodari Sons Company’s (Al-Khodari Sons)
board of directors (BoD) has recommended adding new
activities in solar energy. The new activities recommended
include solar energy generation, power transmission &
distribution; operation & maintenance of solar energy systems;
trade in equipment and materials for solar energy generation
and distribution; supply and installation of solar energy systems,
as well as contracting, operation & maintenance services related
to nuclear energy. (Tadawul)
 Airbus, IDB back Islamic aircraft leasing fund – European
planemaker, Airbus Group and Islamic Development Bank (IDB)
are creating a Shari’ah-compliant aircraft leasing fund to cater to
growing demand for commercial financing from airlines in the
Middle East, Asia and Africa. Airbus developed the fund
together with Quantum Investment Bank and Palma Capital, and
will seed it together with the IDB. The fund, which will
exclusively finance Airbus aircraft, has a target size of $5bn and
could help boost Airbus’ edge against rival Boeing in the fast
growing commercial airline market in the Gulf region. Cayman
Islands-based International Airfinance Corporation will serve as
the fund manager. (Reuters)
 IDB aims to triple size of infrastructure fund to $2bn –
Islamic Development Bank (IDB) has relaunched its
infrastructure fund with backing from Saudi Arabia, Bahrain and
Brunei, with an aim to raise $2bn. The fund is targeting a final
closing for early 2015 with a combined $750mn in commitments
from these three countries. The new fund would mobilize up to
$24bn of aggregate financing to support development of key
infrastructure projects in member countries. Newly-formed
ASMA Capital Partners will manage the IDB fund, which is a
Bahrain-based asset management firm owned by the IDB and
the three sovereigns through their pension funds and finance
ministries. (Reuters)
 UAE firm to invest AED19.8bn in Belgrade project – UAE-
based Eagle Hills is planning to invest up to AED19.8bn to build
a large business, residential and commercial property in the
river zone of the Serbian capital, Belgrade. The project is
designed to completely rebuild a run-down area at the heart of
the Balkan city. The project includes a 200-meter tower similar
in style to Dubai's Burj Khalifa skyscraper, as well as a mega
shopping mall, flats, offices and leisure zones, covering one
million square meters. The project is expected to start in 2015.
(Bloomberg)
 Deyaar sells 5.98 acre land in Texas – Deyaar Development
has sold its 5.98 acre land in Houston, Texas for $34mn,
resulting in the current books a net gain of AED16mn. The
company aims to reinvest the funds into expanding its project
portfolio in Dubai. (DFM)
 DIC divests 66% stake in Globalpharma – Dubai Investments
(DIC) has divested 66% equity stake in its pharmaceutical
subsidiary, Globalpharma Company. The group will continue to
hold 34% equity in Globalpharma. This transaction yielded a
healthy IRR of 26% over a 10-year period for DIC, which has
divested 66% to an investor group led by Sanofi. Globalpharma
will be managed as a Sanofi company and will become the

6. Page 6 of 8
platform to manufacture and promote the generics portfolio of
Sanofi in the Middle East market. (Bloomberg)
 China invests AED1.3bn in Dubai realty – Chinese retail
investors have invested about AED1.3bn in Dubai’s real estate
in 2013, nearly tripling the figure of AED486mn in 2012.
Statistics from the Dubai Land Department (DLD) show that
about 1,000 individuals from China have invested in land,
residential housing and office in 2013 as compared to 288
investors in 2012. (GulfBase.com)
 Al Thuriah plans two new residential towers – Al Thuriah has
started the construction of two new residential towers on the
border of Sharjah and Dubai. Sahara 4 and 5 are the latest
additions to the Sahara Complex, which is being built. Sahara 4
will have 6 floors of reserved parking space and 27 residential
floors, while Sahara 5 will have 5 floors of parking space and 15
floors of residential space. The apartments in both Sahara
Tower 4 and Sahara Tower 5 are available for freehold to GCC
nationals and Arabs with a UAE resident visa. The company
added that its Sahara 3 Tower will be completed ahead of
schedule and ready for occupancy by December 2014.
(Bloomberg)
 FGB concludes 5-year bond on new Tokyo Pro-Bond Market
– First Gulf Bank (FGB) has concluded a 5-year 10bn Yen bond
as part of the $1bn Tokyo Pro-Bond Market program registered
by the bank on June 11, 2014. The bonds were priced at a
coupon rate of 0.863% per annum. HSBC Bank and Mizuho
International led the transaction, which has been listed on June
27, 2014 under the $1bn program listed on the Tokyo Stock
Exchange and registered under the First Gulf Bank $3.5bn Euro
Medium Term Note (EMTN) program. FGB is the first
organization from the Middle East to issue under the new Tokyo
Pro-Bond Market. (GulfBase.com)
 UNB wins two awards at 2014 Banker ME Product Awards –
Union National Bank (UNB) has won two product awards, Best
Car Loan and Best Personal Loan products at the 2014 Banker
Middle East Product Awards. This is the 5th year in a row that
UNB has won awards at the Banker Middle East product
awards. (GulfBase.com)
 Yahsat reveals plans to launch third satellite – Abu Dhabi’s
Yahsat has announced plans to launch its third satellite,
extending coverage of its satellite broadband service, YahClick,
to Latin America for the first time. The new satellite, named Al
Yah 3, will be launched in 2016. Yahsat is a wholly owned
subsidiary of the Abu Dhabi Government’s strategic investment
vehicle Mubadala Development. The new satellite would expand
its Ka-band coverage – which offers satellite broadband and
backhaul services for telecoms networks – to an additional 17
countries and 600mn users across Latin America and Africa.
This will include coverage for more than 95% of the population
in Brazil. The third satellite would place Yahsat as the world’s
eighth largest operator in terms of revenue. (GulfBase.com)
 Masdar awards Degremont contract to build desalination
plant – Masdar has awarded Degremont, a subsidiary of the
French utility Suez Environnement, a contract to build a
desalination pilot plant in Abu Dhabi powered 100% by
renewable energy. The plant will be more energy-efficient than
any other currently in operation. The pilot plant is expected to
have minimal environmental impact and be suitable for the
UAE’s seawater and desert conditions. Degremont will be
responsible for the design, engineering, procurement,
construction, operation, maintenance and evaluation of the pilot
plant, over the course of 18 months. Some elements of the
project will be conducted in collaboration with the Masdar
Institute of Science and Technology and Laborelec, a technical
centre of GDF Suez. The cost of building and operating the plant
and services will be shared with Masdar. The second phase of
the program will push Masdar to develop technology for large-
scale desalination technology plants fully powered by renewable
energy. (GulfBase.com)
 AECB, TRA sign MoU on information security – Abu Dhabi’s
Al Etihad Credit Bureau (AECB) has entered into a MoU with the
Telecommunications Regulatory Authority’s initiative, Computer
Emergency Response Team (aeCERT). The agreement will
build cooperation and joint action initiatives between the parties,
to increase awareness about the information security and to
strengthen IT systems. aeCERT provides services to
government companies and agencies to enhance the
confidentiality and security standards of IT and security systems
by providing the necessary guidance and e-instructions to
manage potential security threats. (Bloomberg)
 ADNOC Distribution to launch reformulated low sulfur
diesel – Abu Dhabi-based integrated energy company, ADNOC
Distribution is all set to launch a reformulated low-sulfur diesel
product in the UAE market starting July 1, 2014. This follows the
UAE Cabinet’s decision to standardize the specifications of
diesel products as part of updated guidelines announced by the
Emirates Authority for Standardization and Metrology. The new
diesel product contains 10 ppm of sulfur and will replace the
existing product that contains 500 ppm. (Bloomberg)
 Streit Group to expand in RAK FTZ – Canada-based
armoured vehicles manufacturer, Streit Group has signed a land
lease agreement that will triple the size of its facilities at the Ras
Al Khaimah Free Trade Zone (RAK FTZ). The most recent
expansion in Ras Al Khaimah, from 1.4mn square feet, will allow
the company to increase production from 1,450 units to 1,500
units per year, and to increase the number of its employees from
648 to 1,000 by the end of 2014. The expansion will also include
a larger employee accommodation, a bullet-proof glass factory,
pre-fabrication facilities, fuelling stations, a helipad and support
manufacturing facilities. (Bloomberg)
 Kuwait real estate sector performs strongly in May – Kuwait
real estate sales have reached KD355mn in May, 2014, with an
increase of 24% YoY. Sales were up 30% in the first five months
of 2014 compared to the same period in 2013. Sales in the
residential sector reached KD170mn in May, a 15% YoY
increase. The number of transactions reached 462 in May. In
terms of geographical distribution, 35% of all transactions took
place in Ahmadi governorate, followed by 24% in Mubarak Al-
Kabeer and 15% in Hawalli. In the residential sector, 57% of
transactions involved the purchase and sale of land or vacant
plots. Sales in the investment sector stood at KD145mn in May,
up 41% YoY. However, the sector also experienced a decline of
22% YoY in the number of transactions to 136, with the average
transaction size of KD1.1mn. Whole buildings accounted for
48% of all transactions in the investment sector, individual
apartments comprised 37% of all transactions. The majority of
these were in Mahboula. Transactions involving vacant plots
accounted for 10%. Sales in the commercial sector climbed to
KD40mn in May, an increase of 12.5% YoY. The sector
recorded 10 transactions. The Kuwait Credit Bank approved 551
loans worth approximately KD33mn in May. The value of loans
approved declined on a YoY basis by 16%. Meanwhile, the
value of loans disbursed by the Credit Bank reached KD16mn,
an increase of 60% YoY. (GulfBase.com)
 CBK approves final format of Basel III standard – The
Central Bank of Kuwait (CBK) has approved the instructions of
Basel III capital adequacy standard in its final format for both
conventional and Islamic banks. According to a CBK press

7. Page 7 of 8
release, the board had already adopted on December 24, 2013
the regulatory capital structure and the transitional phase for
implementation thereof in the light of the positive outcomes of
the quantitative impact study (QIS) reflecting the ability of banks
to meet Basel III capital adequacy standards despite the
additional requirements with respect to regulatory capital.
(Bloomberg)
 Bank Dhofar to raise $75mn capital-boosting loan – Oman-
based Bank Dhofar’s board of directors has approved to raise a
$75mn subordinated loan to support their capital adequacy
position. The loan would support the bank’s Tier 2 capital and is
subject to legal and regulatory approval. (MSM)
 WJ Towell launches Future Generations to support SMEs –
WJ Towell has launched the Future Generations (Ajyal
Mustaqbal) as one of its corporate social responsibility (CSR)
initiatives whose role will be to help ambitious Omani youth to
develop their own small and medium size enterprises (SMEs)
that is aimed at providing real job opportunities away from
traditional fields of employment. Future Generations aims at
improving Omani individuals and developing their capabilities in
all fields, is a brainchild of WJ Towel which strongly believes in
competencies and skills of Omani men and women and develop
their own SMEs and in securing success for them through
financial partnership and strategic assistance. (GulfBase.com)
 AHEC to begin Ghaba North Redevelopment project – Al
Hassan Engineering Company (AHEC) has announced that it
has received a letter of award from PDO for the construction for
Ghaba North Redevelopment project. The project is worth about
OMR19mn, and is expected to be completed by August 31,
2016. AHEC is expecting reasonable income from this project.
(MSM)
 CBO: Oman’s foreign assets rose by 11.2% – According to a
report by the Central Bank of Oman (CBO), Oman’s foreign
assets during 2013 increased by 11.2% to OMR6.1bn compared
to OMR5.5bn at the end of December 2012. The balance of
payments position of the Sultanate continued to be comfortable
during 2013 supported by continued growth in Omani exports,
both oil and non-oil. Total merchandise exports stood at RO
21.7 billion during 2013 and increased by 8.2 per cent over the
last year. At the same time, merchandise imports rose sharply
by 24.2 per cent to RO 12.2 billion during 2013. According to the
report, the overall balance of payments position indicated a
surplus of RO 4.7 billion during 2013 leading to a rise in foreign
exchange reserves of Oman. (Bloomberg)
 Investcorp ends talks with fashion designer Cavalli –
According to sources, Bahrain-based Investcorp has ended talks
to acquire a majority stake in the Italian fashion house Roberto
Cavalli. Cavalli was hoping to receive an offer from Investcorp
by a June 30 deadline but the two could not agree on price, with
the fashion house wanting up to €450mn for the stake.
(GulfBase.com)
 Fine Fair to invest $20mn in Bahrain – UAE-based apparel
firm Emirates Fine Fair is planning to invest $20mn in Bahrain
over the next two years as it expands its family fashion brand,
Fine Fair, across the kingdom. Fine Fair has an annual turnover
of $100mn. (GulfBase.com)
 BHB announces trading hours for Ramadan – Bahrain
Bourse (BHB) has announced its work schedule for the holy
month of Ramadan, the trading hours will be from 10:30am to
12:30pm, with the pre-opening session starting at 10:15am to
10:30am. BHB’s official working hours will be from 8:00 am until
2:00pm. (BHB)

8. 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 8 of 8
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
QE Index S&P Pan Arab S&P GCC
(0.1%)
(2.4%)
0.2% 0.1%
0.3%
0.5%
(0.7%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,316.18 (0.0) 0.1 9.2 DJ Industrial 16,851.84 0.0 (0.6) 1.7
Silver/Ounce 20.96 (0.7) 0.4 7.7 S&P 500 1,960.96 0.2 (0.1) 6.1
Crude Oil (Brent)/Barrel (FM
Future)
113.30 0.1 (1.3) 2.3 NASDAQ 100 4,397.93 0.4 0.7 5.3
Natural Gas (Henry
Hub)/MMBtu
4.38 (3.8) (3.0) 0.8 STOXX 600 341.97 0.0 (1.8) 4.2
LPG Propane (Arab Gulf)/Ton 107.25 (0.2) (1.4) (15.0) DAX 9,815.17 0.1 (1.7) 2.8
LPG Butane (Arab Gulf)/Ton 121.75 (1.6) (3.2) (10.8) FTSE 100 6,757.77 0.3 (1.0) 0.1
Euro 1.36 0.3 0.4 (0.7) CAC 40 4,436.99 (0.1) (2.3) 3.3
Yen 101.42 (0.3) (0.6) (3.7) Nikkei 15,095.00 (1.4) (1.7) (7.3)
GBP 1.70 0.0 0.1 2.9 MSCI EM 1,046.18 (0.1) 0.2 4.3
CHF 1.12 0.3 0.4 0.2 SHANGHAI SE Composite 2,036.51 (0.1) 0.5 (3.8)
AUD 0.94 0.1 0.4 5.7 HANG SENG 23,221.52 0.1 0.1 (0.4)
USD Index 80.04 (0.2) (0.4) 0.0 BSE SENSEX 25,099.92 0.1 (0.0) 18.6
RUB 33.73 0.0 (2.2) 2.6 Bovespa 53,157.30 (0.7) (2.7) 3.2
BRL 0.46 0.2 1.7 7.7 RTS 1,379.75 0.2 1.5 (4.4)
169.8
147.8
134.2