1. Page 1 of 6
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.3% to close at 12,333.5. Losses were led by the Cons.
Goods & Ser. and Banking & Fin. Ser. indices, declining 1.4% and 0.8%,
respectively. Top losers were Qatar Cinema & Film Distrib. Co. and Qatar Elect.
& Water Co., falling 5.7% and 2.4%, respectively. Among the top gainers, Qatar
National Cement rose 4.6%, while Qatar General Ins. and Reins. was up 3.1%.
GCC Commentary
Saudi Arabia: The TASI index rose 0.7% to close at 9,752.2. Gains were led
by the Energy & Utilities and Agr. & Food Ind. indices, rising 2.6% and 1.4%,
respectively. Bupa Arabia gained 9.8%, while Advanced Petro. was up 6.1%.
Dubai: The DFM index gained 4.4% to close at 4,593.6. The Investment &
Financial Services index gained 7.2%, while the Real Estate & Const. index
rose 6.5%. Arabtec surged 14.8%, while Gulf General Inv. Co. was up 13.9%.
Abu Dhabi: The ADX benchmark index rose 1.7% to close at 4,849.5. The
Real Est. index gained 5.3%, while the Energy index was up 5.0%. Al Buhaira
National Ins. surged 14.8%, while Commercial Bank Int. gained 11.1%.
Kuwait: The KSE index fell 0.3% to close at 6,980.8. The Parallel Market
index declined 2.8%, while the Consumer Services index was down 1.2%.
Alshamel Int. fell 43.5%, while Future Kid Ent. & Real Estate was down 15.6%.
Oman: The MSM index rose 0.4% to close at 7,079.1. The Financial index
gained 0.3%, while the Services index rose marginally. Al Anwar Holding
gained 3.0%, while HSBC Bank Oman was up 2.4%.
Bahrain: The BHB index fell 0.1% to close at 1,425.7. The Commercial
Banking index declined 0.3%, while the Hotel & Tourism index was down
0.1%. Banader Hotels Co. fell 1.7%, while Ahli United Bank was down 0.6%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar National Cement Co. 138.80 4.6 19.5 16.6
Qatar General Ins. and Reins. Co. 46.00 3.1 1.1 15.2
Dlala Brokerage & Inv. Holding Co. 53.00 1.9 32.9 139.8
Al Khalij Commercial Bank 22.10 1.8 70.7 10.6
Salam International Investment Co. 16.59 1.7 168.6 27.5
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 21.30 0.0 1,090.0 25.3
Masraf Al Rayan 50.00 (0.6) 784.2 59.7
Qatar Gas Transport Co. 21.90 (1.7) 779.5 8.1
Vodafone Qatar 17.70 (1.6) 426.2 65.3
Mesaieed Petrochem. Holding Co 32.00 (0.9) 374.9 220.0
Market Indicators 06 Jul 14 03 Jul 14 %Chg.
Value Traded (QR mn) 361.2 590.0 (38.8)
Exch. Market Cap. (QR mn) 672,567.3 676,253.0 (0.5)
Volume (mn) 6.8 16.1 (57.9)
Number of Transactions 4,431 7,331 (39.6)
Companies Traded 42 41 2.4
Market Breadth 19:17 18:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,395.36 (0.3) (0.3) 24.0 N/A
All Share Index 3,134.73 (0.4) (0.4) 21.1 15.0
Banks 2,998.51 (0.8) (0.8) 22.7 14.9
Industrials 4,201.00 0.0 0.0 20.0 16.4
Transportation 2,175.31 (0.2) (0.2) 17.1 14.0
Real Estate 2,584.14 (0.5) (0.5) 32.3 12.9
Insurance 3,462.96 1.1 1.1 48.2 9.1
Telecoms 1,549.09 0.1 0.1 6.6 21.4
Consumer 6,627.97 (1.4) (1.4) 11.4 26.1
Al Rayan Islamic Index 4,111.93 0.1 0.1 35.4 17.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 4.04 14.8 259,681.1 97.1
Dubai Financial Market Dubai 3.40 12.6 26,259.0 37.7
Dana Gas Abu Dhabi 0.76 7.0 30,236.0 (16.5)
Deyaar Development Dubai 1.18 6.3 75,025.8 16.8
Advanced Petrochem. Saudi Arabia 46.15 6.1 2,249.5 13.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dp World Ltd. Dubai 18.81 (4.0) 4.1 6.2
Bank Of Sharjah Abu Dhabi 1.85 (2.6) 230.0 3.4
Qatar Elect. & Water Co. Qatar 180.00 (2.4) 115.1 8.9
Ajman Bank Dubai 2.88 (2.4) 148.1 16.1
Qatar Fuel Co. Qatar 209.00 (2.3) 249.0 (4.4)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 49.50 (5.7) 2.7 23.4
Qatar Electricity & Water Co. 180.00 (2.4) 115.1 8.9
Qatar Fuel Co. 209.00 (2.3) 249.0 (4.4)
QNB Group 173.90 (2.3) 199.7 1.1
Qatar Gas Transport Co. 21.90 (1.7) 779.5 8.1
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Co. 209.00 (2.3) 52,324.5 (4.4)
Masraf Al Rayan 50.00 (0.6) 39,248.6 59.7
QNB Group 173.90 (2.3) 35,035.6 1.1
Gulf International Services 98.40 1.2 34,220.7 101.6
Ezdan Holding Group 21.30 0.0 23,430.4 25.3
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* 12,333.54 (0.3) (0.3) 7.4 18.8 99.22 184,754.2 15.4 2.1 4.1
Dubai 4,593.57 4.4 4.4 16.5 36.3 628.82 89,383.4 18.4 1.8 2.3
Abu Dhabi 4,849.47 1.7 1.7 6.6 13.0 157.36 134,642.5 14.3 1.8 3.4
Saudi Arabia 9,752.16 0.7 0.7 2.5 14.3 1,989.67 531,965.7 19.4 2.4 2.9
Kuwait 6,980.84 (0.3) (0.3) 0.1 (7.5) 18.55 110,522.9 16.6 1.1 4.0
Oman 7,079.12 0.4 0.4 1.0 3.6 15.31 26,113.7 12.2 1.7 4.0
Bahrain 1,425.71 (0.1) (0.1) (0.1) 14.2 0.50 53,490.6 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)
12,250
12,300
12,350
12,400
12,450
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 0.3% to close at 12,333.5. The Cons.
Goods & Ser. and Bank. & Fin. indices led the losses. The index
fell on the back of selling pressure from Qatari shareholders
despite buying support from non-Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Qatar Electricity &
Water Co. were the top losers, falling 5.7% and 2.4%,
respectively. Among the top gainers, Qatar National Cement
rose 4.6%, while Qatar General Ins. and Reins. was up 3.1%.
 Volume of shares traded on Sunday fell by 57.9% to 6.8mn from
16.1mn on Thursday. Further, as compared to the 30-day
moving average of 21.9mn, volume for the day was 68.9% lower.
Ezdan Holding Group and Masraf Al Rayan were the most active
stocks, contributing 16.0% and 11.5% to the total volume
respectively.
Source: Qatar Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 2Q2014
% Change
YoY
Net Profit (mn)
2Q2014
% Change
YoY
Almarai Company Saudi Arabia SR – – 507.5 4.9% 433.3 8.8%
Yanbu Cement Company
(YNCCO)
Saudi Arabia SR – – 229.0 -19.9% 241.0 -12.0%
Al Omaniya Financial
Services
Oman OMR 9.2 0.4% – – 2.9 7.1%
Source: Company data, DFM, ADX, MSM
News
Qatar
 Muntajat to market 10mn tons of Qatari Petrochemical
Products – Qatar Chemical and Petrochemical Marketing and
Distribution Company’s (Muntajat) CEO Abdulrahman Ali Al-
Abdulla expects the company to increase the amount of
products it markets to 10mn tons in 2014, from 8mn tons last
year. Al-Abdulla said that Muntajat was now in charge of
marketing all Qatar's petrochemical and chemical products.
Since February 2013, Muntajat has been in charge of marketing
eight companies including QAFCO and QAFAC. Muntajat also
distributed 90% of Qatar's chemical and petrochemical products.
Al Abdulla added that there was a ministerial decision issued on
April 13, 2014 to make Muntajat in charge of distributing 100%
of the products. (Bloomberg)
 Qatar takes part in ECOSOC Annual Ministerial Review –
Qatar will participate in the three-day meeting of the United
Nations Economic and Social Council (ECOSOC), slated to take
place on 7-9 July 2014 at United Nations Headquarters in New
York. The Qatari delegation is headed by HE Dr. Saleh Bin
Mohammed al-Nabit, Minister of Development Planning and
Statistics. During the Annual Ministerial Review (ANR) of the
Economic and Social Council, HE Dr. Saleh will deliver a
presentation on Qatar’s achievements in human development,
sustainable development, and national well-being, according to
the goals and aspirations of Qatar National Vision (QNV) 2030
and the objectives of the National Development Strategy (NDS)
2011–2016. Qatar’s participation in the ECOSOC National
Voluntary Presentations (NVP) is based on its proven track
record with regard to the Millennium Development Goals. (QSA)
 Ooredoo, Rocket Internet to support Myanmar startups –
Ooredoo (ORDS), together with its German partner Rocket
Internet, is supporting local startups and entrepreneurs to set up
businesses in the newly opened-up country. One of the ventures
that ORDS and Rocket Internet launched in June 2012 with a
first-mover advantage, online job portal Work.com.mm, has
reportedly reached 50,000 registered job seeker profiles, 4,000
company profiles and 600,000 monthly page views. Given the
fact that there are just 4mn people in Myanmar, who have an
internet connection — some 7% of the population — the job
portal potential is huge, says Jort Statema, the country manager
of Rocket Internet in Myanmar. The job portal is not the only one
the Rocket Internet and Ooredoo are pursuing in Myanmar.
(Gulf-Times.com)
International
 Lagarde hints at global forecast cut even as US rebounds –
International Monetary Fund Managing Director Christine
Lagarde signaled a cut in the institution’s global growth
forecasts, saying investment is still weak and that risks remain in
the US even as its rebound accelerates. Lagarde added that the
global economy is gathering speed, although the pace may be a
bit less than it previously predicted because of the lower growth
potential and lackluster investment spending. The remarks
underline the threats to global economic growth at a time when
the US Federal Reserve is trimming stimulus and the European
Central Bank is fighting inflation that is less than half its targeted
level. The IMF is preparing to update its economic forecasts this
month after predicting on April 8 that the global economy will
expand 3.6% this year and 3.9% in 2015. Lagarde stated that
the growth in the US, the world’s largest economy, is set to
accelerate in the coming months and Asia’s emerging market
economies will avoid a hard landing, although the European
recovery is still not as strong as it should be. (Bloomberg)
 ECB’s Coeure: Interest rates to stay low, Europe needs
more investment – The European Central Bank (ECB)
policymaker Benoit Coeure said ECB will keep interest rates low
for a long period of time to ensure monetary stability, but
Eurozone governments must do their part to boost growth and
trim debt. The Eurozone has a major investment deficit, said
Coeure, a member of the ECB's executive board, adding that
governments must also "invest in Europe" by cooperating more
closely – another condition for stability. Coeure stated that the
current economic situation of high debt, high unemployment and
Overall Activity Buy %* Sell %* Net (QR)
Qatari 70.51% 72.58% (7,472,990.64)
Non-Qatari 29.49% 27.41% 7,472,990.64

3. Page 3 of 6
weak growth is worrying. He said that investing is the only way
out and should not be done by "piling more debt on old debt".
Coeure urged Eurozone states to ensure flexibility to implement
the bloc's stability pact based on reforms that have been proven
or carried out, not just on pledges. (Reuters)
 Finance Minister: France to stick to budget savings plan –
French finance minister Michel Sapin said France stands by its
plan to cut public spending by €21bn in 2015. The French
government unveiled a plan at the end of April through which it
aims to cut the budget deficit while improving the
competitiveness of French companies. The plan included €50bn
of public spending cuts over a three-year period. According to
Sapin, out of the €50bn (euros of budget savings) over 2015,
2016 and 2017, France has earmarked €21bn for the year 2015.
He further added that next year's plan includes €8bn of savings
by the French state, €4bn by local governments and €9bn from
the social security system. The savings in the health field will be
achieved without reducing reimbursements to France. The April
plan also includes €16bn of spending cuts in 2016 and €13bn in
2017. (Reuters)
 PBOC wades into fiscal waters as China boosts stimulus –
The People’s Bank of China (PBOC) is seeking to support
economic growth with unconventional tools that Credit Suisse
Group AG and Everbright Securities Co. say look more like
fiscal policy. The PBOC started a 100bn Yuan quota this year
for relending earmarked for agriculture and small businesses.
The bank offered another 300bn Yuan for low-income housing.
Governor Zhou Xiaochuan is trying to carry out Communist
Party orders to protect this year’s 7.5% economic-growth target
without resorting to nationwide stimulus that stokes debt
dangers. While selective tools such as relending can bypass
riskier industries including property, JPMorgan Chase & Co.
says they lack transparency and are in contrast with the PBOC’s
efforts to shift to market from state-directed credit. The
economic growth in the first three months of 2014 slowed to
7.4% from a year earlier, the weakest in six quarters. June
lending and money-supply figures due from the PBOC by mid-
July and data, including second-quarter gross domestic product
on July 16, will indicate the impact of government efforts to avert
a deeper slowdown. (Bloomberg)
Regional
 Moody's: Regulatory changes will enhance GCC insurance
market – Moody's Investors Service said that the regulatory
measures that are being rolled out in the GCC region will
enhance the credit profile of the region's insurance market and
aid market stability & transparency. Moody's says that the
measures will serve to strengthen several credit factors such as
capital, by implementing risk-based capital (RBC) measures to
ensure capital is more correlated to the risk undertaken, and
asset/liability quality by respectively limiting asset concentration
and enhancing valuation measures. These follow the rapid, but
recently slowing growth and surge in the region's insurance
sector. The rating agency says that the insurance industry in the
GCC countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia,
and UAE – has almost tripled through 2006-13, with insurance
premiums increasing to $18.4bn from $6.4bn. Moody's
highlighted that several takaful-specific regulations are credit
positive as they strengthen policyholder security both directly
and indirectly – directly by ensuring availability of capital and, in
select cases & indirectly by improving capital access through
requiring companies to list on the stock markets. Increasing
mandatory insurance covers, such as health, unemployment,
motor third-party and liability have also increased market
awareness & represent important credit-positive product
evolution for the market's diversification. (Bloomberg)
 GCAA, TRA sign MoU – The UAE General Civil Aviation
Authority (GCAA) and Telecommunications Regulatory Authority
(TRA) have signed a MoU to enhance co-operation to better
serve the aviation industry. GCAA and TRA will ensure the
aeronautical spectrum services safely meet the needs of
airports, airlines, air navigation service providers and search &
rescue organizations in order to achieve the vision of facilitating
a safe, secure and sustainable civil aviation system in the UAE.
The agreement also encompasses a working arrangement with
the International Civil Aviation Organisation (ICAO) and the
International Telecommunication Union (ITU) to coordinate
aeronautical spectrum services. (GulfBase.com)
 BoA: US overtakes Saudi as biggest oil producer –
According to a Bank of America (BoA) report, the US has
emerged as the world’s biggest oil producer in 2014. US
production of crude oil, along with liquids separated from natural
gas (LNG), surpassed the production of both Saudi and Russia
this year with daily output exceeding 11mn barrels in 1H2014.
This output is expected to increase to a peak of 13.1mn barrels
a day in 2019 and will remain at the same level for at least a
decade. The US oil output will reportedly surge to 13.1mn
barrels a day in 2019 and plateau thereafter. (GulfBase.com)
 PwC: Mideast infrastructure sector needs increasing private
finance – According to a PricewaterhouseCoopers’ (PwC)
Middle East Capital Projects & Infrastructure Survey June 2014
report, private finance is expected to play an increasingly
important role in the regional infrastructure sector despite the
wealth of many of the Middle East region’s governments. This is
partly driven by the desire to obtain access to private sector
expertise and rigor,and also because of the sheer scale and
public financial commitments of the developments planned
around the region. (GulfBase.com)
 Alpen Capital: GCC education sector expects to witness
$150bn investments – According to a GCC education industry
report released by Alpen Capital, the GCC education sector is
expected to witness investments worth $150bn over the next
couple of years due to the growing population. The total number
of students in the region is expected to grow at a CAGR of 3%
over 2013-2020 to reach 13.7mn, while the total number of
schools is expected to rise at a CAGR of 2.4% over 2013-2020.
The enrolment increase in private schools is expected at a 6.7%
CAGR over 2013-2020, due to the quality of education they offer
coupled with the favorable demographics in the region. The UAE
is the most developed education market in the GCC, and is an
emerging education hub, while Saudi Arabia is the largest
market, accounting for over 75% of the gross enrolment within
the GCC region. (GulfBase.com)
 SHB reports SR480.25mn net profit in 2Q2014 – Saudi
Hollandi Bank (SHB) reported a net profit of SR480.25mn in
2Q2014 as compared to SR374.79mn in 2Q2013, with profit
surging 28.1% on a YoY basis due to higher operating income.
The bank’s net profit for 1H2014 stood at SR897.21mn as
compared to SR721.04mn for 1H2013, up by 24.43%. EPS as of
June 30, 2014 amounted to SR1.88 as against SR1.51 in the
year-ago period. The bank’s total assets at the end of June 2014
stood at SR89.49bn as against SR76.43bn a year ago. Loans &
advances stood at SR60.45bn, while customer deposits stood at
SR71.16bn. (Tadawul)
 Al Tayyar Travel Group launches multilingual technical
communication center – Al Tayyar Travel Group has launched
a global multilingual technical communication center to answer
travel enquiries from customers across the globe. The center
features the latest cutting-edge technologies, which help

4. Page 4 of 6
customers to reserve flight tickets, register information among
others. (GulfBase.com)
 Tadawul excludes SEC’s Sukuk 2 – The Saudi Stock
Exchange (Tadawul) announced that the Saudi Electricity
Company’s (SEC) Sukuk 2 has been excluded from the Tadawul
Sukuk & Bonds Index as the Sukuk close price prior to its
suspension. (Tadawul)
 Tadawul announces 2Q2014 update on free floated shares –
The Saudi Stock Exchange (Tadawul) announced that the
number of free floated shares for all companies has been
revised for 2Q2014. The revised number of free floated shares
per company is used in the calculation of Tadawul indices,
replacing the previous number, and is effective July 6, 2014.
(Tadawul)
 Maceen Capital Corporation appoints new CEO – Financial
investment company, Maceen Capital Corporation has
appointed Badr Abdul Rahman Al-Musaibeh as its new CEO.
(GulfBase.com)
 Emaar EC’s PDC agrees SR5.21bn capital increase to fund
expansion – Emaar Economic City (Emaar EC) said that its
Port Development Company (PDC) subsidiary has agreed to a
capital increase of SR5.21bn to help finance the expansion of
the Saudi's first privately-owned port. This brings Emaar EC’s
current holding of the company to SR2.6bn or a 50% stake. The
company intends to use the capital to strengthen the financials
of the port company and facilitate funding ahead of the planned
second phase of work at the King Abdullah Economic City port,
which includes increasing capacity. The port currently has an
annual capacity of 1.3mn twenty-foot equivalent units, which is
expected to rise to 4mn TEUs in two years and 7mn in 2018.
(Reuters)
 SEC to receive SR2.7bn in debt – Saudi Electricity Company
(SEC) said that it will be paid SR2.7bn in debt owed by high-
profile customers. The debt was previously recorded as
provisions against receivables outstanding and the payment will
have a significant impact on its earnings. (GulfBase)
 South Korea-based SEC committed toward pursuing JV
bids with Arabtec – South Korea-based Samsung Engineering
Company (SEC) has committed to pursue joint venture (JV) bids
with Arabtec Holding. SEC declined to specify which projects the
JV was involved in, an industry source suggested it was
focusing on a $3.5bn contract to build an oil refinery in Fujairah.
The Fujairah refinery is being viewed as a litmus test for the JV,
launched as Arabtec Samsung Engineering in Seoul amid a
blaze of publicity. The partnership is yet to strike any deal to
back its ambition to tap the lucrative market in high-value
projects in the oil, gas and petrochemicals sectors, which are
Samsung specialties. SEC said even though there are changes
in the top management of Arabtec, there will be no impact on
the JV. The project proposals will be executed as planned.
(GulfBase.com)
 CBD arranges AED200mn financing for acquisition of
Movenpick Hotel – Commercial Bank of Dubai (CBD) has
arranged a financing of AED200mn on behalf of BMJBR
Properties, a company owned by BM GCC Property Income
Fund for the acquisition of Movenpick Hotel at Dubai’s Jumeirah
Beach Residence. This transaction enables CBD to establish
itself in the corporate banking segment in the UAE and across
the region – it highlights the bank’s commitment toward
servicing Dubai’s key growth engines. (GulfBase.com)
 DEWA awards AED203mn cable contracts – The Dubai
Electricity & Water Authority (DEWA) has awarded contracts
worth AED203mn for 620 kilometers of 11 kilovolt power cables
to a number of national companies as part of its efforts to
provide services to the highest levels of efficiency and reliability,
as well as to meet the criteria for its electricity distribution
network expansion. The scope of work includes manufacturing
and supply of aluminum & copper cables needed for expanding
electricity distribution in various areas of Dubai. (GulfBase.com)
 Nakheel awards AED44mn contract to MGC – Dubai-based
developer Nakheel has awarded a AED44mn worth contract to
Metac General Contracting (MGC) for the construction of a new,
10,000 square metre (sqm) retail and recreation center at its Al
Furjan community in Dubai. MGC will build the new facility,
which will contain 24 shops, including a 3,000sqm supermarket,
plus 10 cafes and restaurants. The center will also have a
swimming pool, gym, sports court and parking for 360 cars.
(GulfBase.com)
 Dubai Customs: Dubai glass trade stood at AED5bn in 2013
– According figures released by Dubai Customs, the value of
glass products traded through Dubai stood at around AED5bn in
2013, with AED2.6bn in imports; AED1.3bn in imports and
AED1bn in re-exports. (GulfBase.com)
 DEC signs MoU with Tech Mahindra to support ‘Smart City’
initiative – The Dubai Economic Council (DEC) has a signed of
a MoU with India-based information technology (IT) company,
Tech Mahindra to jointly set up a center of excellence to support
the Emirate’s smart city initiative. This alliance will support
Dubai’s complete transformation into a smart city.
(GulfBase.com)
 Agility announces bonus shares distribution date – Agility
Public Warehousing Company has made an announcement
based on the resolution of its adjourned extraordinary general
assembly meeting on June 5, 2014 to distribute 5% bonus
shares (5 shares for every 100 shares). The company said that
the distribution of the approved dividend will start on July 14
2014 for the shareholders, who are registered on the company's
shareholders record on July 7 2014. (DFM)
 BMI Bank appoints new BoD – BMI Bank – a subsidiary of Al
Salam Bank – announced that its newly-appointed board of
directors (BoD) had unanimously resolved to elect Salah Saleh
Asheer as Chairman and Habib Ahmed Kassim as the Deputy
Chairman of the board at their first board meeting held on June
25, 2014. The shareholders of BMI Bank had appointed the new
BoD at an extraordinary general meeting held on June 16, 2014.
(DFM)
 IMF: Dubai's finances stronger but still vulnerable – The
International Monetary Fund (IMF) has said that Dubai's ability
to finance its debts has improved because of stronger economic
growth and more conservative spending, but the emirate would
still be vulnerable to a major downturn of the global economy.
The IMF, after annual consultations with the UAE said that
Dubai's government debt is expected under a baseline scenario
to fall gradually to 41.6% of its GDP in 2019 from 60.2% in 2013.
Under a severe global downturn scenario, Dubai's debt,
however, would jump to 71% of its GDP in 2019. The IMF
estimated that together with its GREs, both majority and
minority-owned, Dubai will have to repay some $141.7bn in the
coming years, or 141% of its 2013 GDP. The heaviest
repayments of bonds and loans would hit Dubai in 2018, when
some $40.3bn is due. Dubai's government finances are
forecasted to swing to a small surplus of 0.5% of its GDP in
2014, from an estimated deficit of 0.3% in 2013. (Reuters)
 DAZ growth surges 63% in 1H2014 – Dubai Auto Zone (DAZ)
has recorded a 63% growth in 1H2014. The total DAZ trade hit
AED5bn during the period, reflecting an increase of AED2bn

5. Page 5 of 6
from the year-ago period. DAZ is part of Economic Zones World
and a sister organization of Jebel Ali Free Zone (Jafza), the
UAE’s flagship free zone operation. (Bloomberg)
 Kuwait Airways set to complete fleet upgrade plans – Kuwait
Airways is set to complete plans to develop its fleet by receiving
newly-bought and rented airplanes. The revamp plan, which will
be executed in cooperation with the Kuwaiti government and the
National Assembly, will aim to help Kuwait Airways see more
development. (GulfBase.com)
 Kuwait’s Americana say no knowledge of any suitors –
Kuwait Food Company (Americana) said that it had no
knowledge of any firms interested in buying its business,
contrary to recent media reports. Earlier, Reuters reported that
al-Kharafi family, the billionaire majority shareholder in
Americana, had hired investment bank Rothschild to help sell
the business. (Reuters)
 NCSI: Oman’s inflation up 1.48% in May 2014 – According to
a report issued by National Centre for Statistics and Information
(NCSI), the inflation rate in Oman recorded an increase of
1.48% in May 2014 as compared to May 2013, while it
increased by 0.22 % on a MoM basis. The increase is attributed
to the rising costs of food and non-alcoholic beverage prices by
0.7%, while transport costs also increased by 0.33%. In addition,
housing, water, electricity, gas and other fuels grew by 0.01%.
On the other hand, clothing & footwear declined by 0.04%,
furnishings, household equipment and routine household
maintenance also contracted by 0.14%. (GulfBase.com)
 Oman plans to establish two power projects in Ibri, Sohar –
The Omani government is considering establishing a pair of new
independent power projects (IPPs) of a combined electricity
generation capacity of 2,650 megawatt. The projects are
expected to be located in a greenfield inland site in Ibri in
Dhahirah Governorate, as well as a coastal site within the Sohar
Industrial Port Area. The procurement of this new capacity is
being overseen by Oman Power & Water Procurement
Company (OPWP), a wholly-owned subsidiary of Electricity
Holding Company (EHC).
 Renaissance Services awards construction contracts worth
OMR57mn – Renaissance Services has awarded construction
contracts worth over OMR57mn to four locally-based contractors
to develop the first phase of their Permanent Accommodation for
Contractors (PAC) in an appointed area within the Special
Economic Zone Authority at Duqm (SEZAD). Renaissance
appointed PWA in association with local partner Center Point
Engineering Consultancy in 2013 to carry out the design phase
of the project. The initial contracts were awarded to Deebaj for
bulk excavation & earthworks and International Piling Experts in
joint venture (JV) with Geosol for piling to buildings within soil
sensitive areas. Now, Renaissance has awarded two main
construction packages for the building works on a 50:50 cost
split due to the sheer volume of work within the construction
period of two years. Al Hajiry Trading has been awarded
Package 3A with Services & Trade Company securing Package
3B. However, within these packages there is over OMR12mn of
additional work to be tendered and awarded by the client’s team.
In order to conclude the construction phase of the project, two
further packages are to be tendered and awarded in 2014; the
STP facility and 11 kilovolt hook-up works. (MSM)
 Bahrain completes major sanitary project – Bahrain’s
Ministry of Works (MoW) has completed the implementation of
the sewerage network in Block 711 in Tubli. The BHD2.9mn
project is part of its plan to improve sanitary services in Bahrain.
The project comprised extending 18 kilometer long sewerage
pipes, constructing two main pumping stations & inspections
chambers, in addition to mechanical and electrical works. The
project serves 510 residential units and 280 real estates. The
project also connects the housing project in the area to the
sewerage network comprising 175 residential units and was
awarded to Bahrain Pipelines and Contracting (BPC).
(Bloomberg)

6. 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
QE Index S&P Pan Arab S&P GCC
0.7%
(0.3%) (0.3%) (0.1%)
0.4%
1.7%
4.4%
(1.0%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,320.55 0.0 0.0 9.5 DJ Industrial 17,068.26 0.0 0.0 3.0
Silver/Ounce 21.17 0.0 0.0 8.7 S&P 500 1,985.44 0.0 0.0 7.4
Crude Oil (Brent)/Barrel (FM
Future)
110.64 0.0 0.0 (0.1) NASDAQ 100 4,485.93 0.0 0.0 7.4
Natural Gas (Henry
Hub)/MMBtu
4.29 0.0 0.0 (1.2) STOXX 600 347.95 0.0 0.0 6.0
LPG Propane (Arab Gulf)/Ton 104.00 0.0 0.0 (17.6) DAX 10,009.08 0.0 0.0 4.8
LPG Butane (Arab Gulf)/Ton 121.38 0.0 0.0 (11.1) FTSE 100 6,866.05 0.0 0.0 1.7
Euro 1.36 0.0 0.0 (1.1) CAC 40 4,468.98 0.0 0.0 4.0
Yen 102.06 0.0 0.0 (3.1) Nikkei 15,437.13 0.0 0.0 (5.2)
GBP 1.72 0.0 0.0 3.6 MSCI EM 1,062.40 0.0 0.0 6.0
CHF 1.12 0.0 0.0 (0.1) SHANGHAI SE Composite 2,059.37 0.0 0.0 (2.7)
AUD 0.94 0.0 0.0 5.0 HANG SENG 23,546.36 0.0 0.0 1.0
USD Index 80.27 0.0 0.0 0.3 BSE SENSEX 25,962.06 0.0 0.0 22.6
RUB 34.47 0.0 0.0 4.9 Bovespa 54,055.90 0.0 0.0 4.9
BRL 0.45 0.0 0.0 6.8 RTS 1,360.48 0.0 0.0 (5.7)
177.2
151.3
137.2