1. QE Intra-Day Movement Market Indicators 12 Aug 12 9 Aug 12 %Chg.
8,420 Value Traded (QR mn) 170.8 243.0 (29.7)
Exch. Market Cap. (QR mn) 459,938.3 460,654.9 (0.2)
8,410 Volume (mn) 5.4 5.9 (9.4)
Number of Transactions 2,901 3,737 (22.4)
8,400
Companies Traded 38 41 (7.3)
8,390 Market Breadth 18:17 20:16 –
8,380 Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 11,374.58 (0.1) (0.1) 2.0 N/A
8,370 All Share Index 2,022.29 (0.1) (0.1) 5.0 9.5
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Banks 2,035.59 (0.3) (0.3) 3.0 11.3
Qatar Commentary Industrials 2,481.17 0.3 0.3 8.8 11.3
The QE index fell 0.1% to close at 8,404.7. Losses were led by the Telecoms Transportation 1,329.41 0.1 0.1 (9.9) 10.5
and Insurance indices, declining 1.3% and 0.8% respectively. Top losers were Real Estate 1,626.89 0.7 0.7 (3.0) 2.8
Zad Holding Co. and Qatar Telecom, both decreasing 1.7%. Among the top Insurance 1,958.26 (0.8) (0.8) 11.7 12.1
gainers, Islamic Holding Group rose 9.9%, while United Development Co. Telecoms 1,105.59 (1.3) (1.3) 16.1 15.5
increased 1.8%. Consumer 4,409.53 0.2 0.2 30.2 12.1
GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Arabia: The TASI index rose 0.1% to close at 6,995.4. Gains were led Herfy Food Serv. Co. Saudi Arabia 96.50 4.9 44.5 12.9
by the Agriculture & Food Industries and Retail indices, increasing 2.1% and
1.4% respectively. Allied Cooperative Insurance Group gained 9.8%, while Mouwasat Saudi Arabia 52.00 4.4 196.6 10.3
Middle East Specialized Cables Co. was up 7.9%. Takween Adv. Ind. Co. Saudi Arabia 46.60 4.0 568.2 N/A
Dubai: The DFM index fell 0.3% to close at 1,568.4. Losses were led by the
Transportation and Real Estate & Construction indices, declining 2.4% and United Electronics Co. Saudi Arabia 92.00 3.4 144.2 19.1
0.2% respectively. Air Arabia decreased 3.0%, while Aramex was down 2.2%. Alhokair Saudi Arabia 98.25 3.1 226.1 52.3
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 2,540.7. Gains
## #
were led by the Banking and Services indices, both gaining 0.4%. Methaq GCC Top Losers Exchange Close 1D% Vol. ‘000 YTD%
Takaful Ins. Co. jumped 5.0%, while Abu Dhabi National Hotels gained 1.8%.
SHARِACO Saudi Arabia 28.50 (4.7) 78.4 26.7
Kuwait: The KSE index declined 0.4% to close at 5,679.3. Losses were led by
the Oil & Gas and Banking indices, falling 1.0% and 0.9% respectively. Top Gulf Bank Kuwait 385.00 (3.8) 205.0 (20.7)
losers were Mena Real Estate Co. and Pearl Of Kuwait Real Estate Co., falling
Air Arabia Dubai 0.64 (3.0) 7,724.7 9.2
11.3% and 7.8% respectively.
Oman: The MSM index increased 0.2% to close at 5,473.5. Gains were led by Com. Real Estate Co. Kuwait 70.00 (2.8) 1,119.0 (9.1)
the Banking & Investment and Services & Insurance indices, rising 0.5% and
Dana Gas Abu Dhabi 0.40 (2.4) 11,542.9 (11.1)
0.2% respectively. Top gainers were Financial Services Co. and Gulf
Investments Services, gaining 7.1% and 3.8% respectively. 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 Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 29.90 9.9 94.3 17.9 Zad Holding Co. 56.50 (1.7) 0.3 18.9
United Development Co. 17.95 1.8 624.4 2.6 Qatar Telecom 107.10 (1.7) 263.1 13.6
Qatar & Oman Investment Co. 11.74 1.5 198.4 17.4 Qatar Meat & Livestock Co. 60.30 (1.5) 208.0 89.3
Industries Qatar 138.00 1.1 70.1 3.8 Gulf Warehousing Co. 40.40 (1.3) 21.0 8.7
Qatar International Islamic Bank 49.45 0.9 24.6 (8.4) Qatar Insurance Co. 71.10 (1.3) 13.4 9.9
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Qatari Investors Group 25.70 (1.0) 1,010.2 67.6 Qatar Telecom 107.10 (1.7) 28,493.1 13.6
Mazaya Qatar Real Estate Dev. 12.17 0.4 635.6 55.8 Qatari Investors Group 25.70 (1.0) 26,241.6 67.6
United Development Co. 17.95 1.8 624.4 2.6 Masraf Al Rayan 27.05 (0.6) 13,708.3 (2.9)
Masraf Al Rayan 27.05 (0.6) 505.9 (2.9) Qatar Meat & Livestock Co. 60.30 (1.5) 12,559.9 89.3
Vodafone Qatar 9.07 0.3 469.3 20.1 United Development Co. 17.95 1.8 11,189.8 2.6
Source: Bloomberg (* in QR)
Exch. Val. Traded Exchange Mkt. Dividend
Regional Indices Close 1D% WTD% MTD% YTD% P/E** P/B**
($ mn) Cap. ($ mn) Yield
Qatar* 8,404.69 (0.1) (0.1) 1.3 (4.3) 46.91 126,299.1 8.9 1.6 4.4
Dubai 1,568.38 (0.3) (0.3) 1.7 15.9 18.92 49,194.6 14.8 0.7 3.9
Abu Dhabi 2,540.69 0.2 0.2 1.4 5.8 19.06 76,266.1 9.3 1.0 4.8
Saudi Arabia 6,995.40 0.1 0.6 1.7 9.0 1,635.71 370,533.5 14.4 1.9 3.5
Kuwait 5,679.26 (0.4) (0.4) (0.7) (2.3) 34.81 98,168.7 26.3 1.1 3.6
Oman 5,473.48 0.2 0.2 2.1 (3.9) 17.06 18,999.2 10.7 1.6 4.6
Bahrain 1,079.16 (0.0) (0.0) (1.9) (5.6) 0.07 19,635.6 10.1 0.8 4.6
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
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2. Qatar Market Commentary
 The QE index fell 0.1% to close at 8,404.7. The Telecoms and
Overall Activity Buy %* Sell %* Net (QR)
Insurance indices were the major contributors to this loss. The
index declined due to selling pressure from non-Qatari Qatari 64.67% 64.56% 184,776.84
shareholders despite buying support from Qatari shareholders. Non-Qatari 35.33% 35.43% (184,776.84)
 Zad Holding Co. and Qatar Telecom were the top losers, both
Source: Qatar Exchange (* as a % of traded value)
declining 1.7%. Among the top gainers, Islamic Holding Group
rose 9.9%, while United Development Co. increased 1.8%.
 Volume of shares traded on Sunday decreased by 9.4% to
5.4mn from 5.9mn on Thursday. However, as compared to the
30-day moving average of 5.0mn, volume for the day was 6.6%
higher. Qatari Investors Group and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 18.8%
and 11.9% to the total volume respectively.
Earnings
Earnings Releases
Revenue % Change Operating Profit % Change Net Profit (mn) % Change
Company Market Currency
(mn) 2Q12 YoY (mn) 2Q12 YoY 2Q12 YoY
AI-Sagr National Insurance Co.
Dubai AED 57.8 1.8% – – 7.0 61.5%
(ASNIC)
Dubai Development Co.
Dubai AED – – – – 0.1 (32.1%)
(DDC)#
Gulf General Investments Co.
Dubai AED 523.0 (18.6%) – – (55.0) (49.8%)
(GGICO)
Dubai Islamic Insurance &
Dubai AED 30.0 (10.6%) – – (6.2) 23.7%
Reinsurance Co. (Aman)
Dubai National Insurance &
Dubai AED 10.9 2.4% – – 8.1 65.1%
Reinsurance (DNIR)
Ras Al Khimah Co. for White
Cement & Construction Abu Dhabi AED 100.2 0.4% – – 8.3 (64.4%)
Materials Co. (RAKWCT)
Eshraq Properties Co.
Abu Dhabi AED 1.1 N/A – – (2.9) N/A
(ESHRAQ)
Emirates Driving Co. (DRIVE) Abu Dhabi AED 32.5 (7.1%) – – 6.8 (37.7%)
Umm Al Qaiwain Cement
Abu Dhabi AED 2.8 (37.6%) – – 0.8 (67.1%)
Industries Co. (UAQCIC)
Al Wathba National Insurance
Abu Dhabi AED 35.0 (6.0%) – – 7.1 NM
Co. (AWNIC)
Global Financial Investments
Oman OMR – – – – 4.0 NM
Holding Co. (GFIC) #
Computer Stationery Ind.
Oman OMR 1.8 (4.8%) – – 0.03 (72.2%)
(CSII)#
Oman Telecommunication
Oman OMR 123.3 10.3% 36.0 17.8% 32.1 10.9%
(OTEL)
United Gulf Investment
Bahrain BHD – – – – (1.8) NA
Corporation (UGIC)
#
Source: Company data, DFM, ADX, MSM, Bahrain bourse ( Data for 1H2012)
News
Qatar independent safety assessment worth $15mn. A logistics
coordinator contract for the project would be awarded in the
 Qatar awards $406.4mn contracts for planned metro – Qatar fourth quarter of 2012. (Reuters)
Railways Company signed contracts worth $406.4mn for its
 QP transfers 19% stake from Industries Qatar to pension
planned $36bn metro in Doha. The company awarded a contract
fund – Qatar Petroleum (QP) has lowered its stake in Industries
for consulting engineering services and project management to
Qatar to 51% from 70%, by transferring shares to another state-
US-based Jacobs Engineering Group for managing the metro's
owned entity. QP will transfer 104.5mn shares to the General
Red Line. A team comprising US-based Louis Berger and
Retirement and Social Insurance Authority. (Qatar Tribune)
France's Egis Rail will manage the Gold Line and main stations,
while another US firm, Hill International will manage the Green  QIB closes $380mn Islamic Murabaha financing with Nakilat
Line. The three contracts are worth $313.1mn. An enabling – Qatar Islamic Bank (QIB) has closed a $380mn of Islamic
works contract worth $79.1mn was also signed with PORR- Murabaha financing with Qatar Gas Transport Company
SBG-HBK Group, a division of the Qatari firm, HBK Contracting (Nakilat), in collaboration with Qatar International Islamic Bank.
Company. Britain's Lloyd's Register won a contract for QIB‟s share in the financing deal is $180mn. (QE)
Page 2 of 5

3.  Al Meera to tap equity market with rights issue – Al Meera  Japan's JGC wins Saudi Aramco, Sumitomo JV’s Saudi
Consumer Goods Company has invited its shareholders to contract – Japan's JGC Corp signed a deal to expand an
attend an EGM on August 29, 2012 to approve a BoD proposal ethane cracker plant for a petrochemicals complex owned by
to issue new shares at QR95 (par value of QR10 per share + a Saudi Aramco and Japan's Sumitomo Chemical. The contract is
premium of QR85 per share). (QE) valued in the range of $100-200mn. (Bloomberg)
 Qatar Industrial Manufacturing Co’s board to meet today –  Sipchem to distribute cash dividends for 1H2012 – Saudi
Qatar Industrial Manufacturing Company‟s board will hold its International Petrochemical Company (Sipchem) announced to
fourth ordinary meeting for 2012 today on August 13, 2012. (QE) distribute dividends of SR0.5 for each share for 1H2012.
(Tadawul)
 Belhasa Projects wins QR17mn contracts in last six months
– Belhasa Projects has won contracts worth more than QR17mn  Saudi construction sector to gather steam by 2H2012 –
in the last six months in Qatar. Significant projects include According to the National Commercial Bank‟s „Construction
installation of a power station at Al Baraha sewerage treatment Contracts Index‟, the Saudi construction sector is set to gather
plant for Ashghal; landscape works at Burj Marina building at steam in 2H2012. The NCB Construction Contracts Index
Lusail; supply and application of car parks surfacing; and two reached 309.12 points by the end of 2Q2012, with the total
swimming pools for Compass International School in Doha. value of awarded contracts reaching SR74.5bn. The value of
(AME Info) awarded contracts through 1H2012 reached SR126.7bn. during
this period, 16 projects worth SR1bn each were awarded, the
International bulk coming from the petrochemical sector alone. On a monthly
basis, June‟s value of contract awards increased to
 BOE Governor: Eurozone crisis has no obvious end in sight approximately SR32.3bn, led by the growth in the petrochemical
– Bank of England Governor Mervyn King said the UK must and power sectors. (GulfBase.com)
press on with reforms in its banking industry and repeated his
gloomy outlook for the Euro-area debt crisis which is impeding  Jarir set to open 10 new showrooms in 2 years – Jarir
Britain‟s economy. He said if the rest of the world was growing Marketing Company announced its plans to open 10 new
normally, the rebalancing and recovery of the UK economy showrooms over the next two years. The announcement at a
would be much easier. (Bloomberg) time when Jarir Bookstore opened its latest showroom in
Riyadh, which is its ninth showroom in the city. (GulfBase.com)
 Italian Finance Minister: Italy does not need bailout funds –
Italian Finance Minister Vittorio Grilli said the country does not  Dubai aims to spend to cut its gas bill – Dubai is hoping to
need to tap EU‟s bailout funds. Grilli said he would not introduce buy overseas energy assets in an attempt to reduce its bill for
more measures to reduce the nominal deficit this year as cuts importing gas. Dubai Supreme Council of Energy (DSCE) Chief
would further weaken the economy. He said the Italian Executive Nejib Zaafrani said Dubai can secure its supply in the
government is studying all options to reduce the nation‟s debt long run through different sources and options. He said DSCE is
while ruling out introducing a wealth tax and selling stakes in looking at all the options within the UAE, within the GCC region
state-owned companies, Finmeccanica, Enel and Eni at current and then beyond the region. He mentioned that the decision will
market prices. (Bloomberg) most likely be made before the end of the year. (GulfBase.com)
 Germany ‘will veto’ Greek aid if reforms fall short – The  FAL Oil to hire restructuring officer for debt talks – UAE-
deputy head of Chancellor Angela Merkel‟s conservative based FAL Oil, in talks with creditors on $700mn debt, is hiring a
parliamentary bloc, Michael Fuchs said Germany will block any Chief Restructuring Officer (CRO) to keep the faltering
new aid to ailing Greece if Athens does not fully comply with the discussions on track. The sources said the process of hiring a
terms of previous rescue packages, even if other countries CRO could be finalized in a week's time. (Reuters)
support unlocking funds. Fuchs said that even if other Eurozone  Nakheel sells Palm Jumeirah plot for AED400mn – Nakheel
countries call for releasing the funds, “Germany will use its veto” sold a plot of land on Palm Jumeirah for AED400mn. The
as part of the EFSF temporary rescue fund, if it concludes that 305,704 square-foot plot was bought by a local investor.
Greece “has not met the requirements”. (Gulf-Times.com) (Bloomberg)
 Romania completes talks with IMF, EU on review of its aid  New Abu Dhabi DED system active – Department of
deal – Romania successfully completed talks with the IMF and Economic Development in Abu Dhabi has announced the
the EU on the sixth quarterly review of the terms of a promotion and activation of online services for trade license
precautionary loan. The government secured the amount it transactions provided on its website, which are aimed at easing
needs to restore public wages to the level before a 25% cut was the burden on investors and businessmen, as well as saving
introduced in 2010. Further, the government also pledged to sell time. DED also announced the promotion and activation of its
majority stake in chemical company, Oltchim to a strategic G2G online services necessary for insuring all data and
investor by mid-September and hold a public sale of a 15% information concerning trade licenses required by all
stake in natural-gas grid operator, Transgaz. (Bloomberg) government institutes in Abu Dhabi through the Abu Dhabi
Government Network. (GulfBase.com)
Regional
 DHL partners with Etihad Rail – DHL has signed a MoU with
 Saudi inflation eases to slowest in almost three years – Etihad Rail. The deal will enable DHL to use the rail network as
Saudi Arabia‟s inflation rate fell to its lowest in almost three soon as Etihad Rail‟s second stage is operational, helping DHL
years as the increases in food costs eased down. Inflation to connect Jebel Ali in Dubai and Ghweifat at the Saudi Arabian
slowed to 4% in July, compared with 4.9% in June. Food prices border. The network will subsequently assist with transportation
increased 4%, down from 4.7% in June. The Saudi Arabian across the rest of the Emirates. (GulfBase.com)
Monetary Agency said inflationary pressures in the Kingdom are  NBAD inaugurates its first business banking center in Ras
expected to stabilize by 3Q3012 as global rise in food costs Al Khaimah – National Bank of Abu Dhabi (NBAD) has
slows and inflation in other countries eases. (Bloomberg) launched its first business banking center in Ras Al Khaimah as
Page 3 of 5

4. part of its strategy to expand its exclusive services to small and
medium-sized enterprises. (GulfBase.com)
 ADIB inaugurates Ibn Battuta Mall branch – Abu Dhabi
Islamic Bank (ADIB) inaugurated its latest branch at Egyptian
Court, Ibn Battuta Mall in Dubai. This is 14th ADIB branch in
Dubai. (GulfBase.com)
 Global Investment House plans KD122.2mn debt-for-equity
swap – Kuwaiti investment firm, Global Investment House (GIH)
which is undergoing its second debt restructuring in three years,
will seek shareholders‟ approval for a debt-for-equity swap. If
approved, this swap will see creditors own 70% of the company.
Under the proposal, GIH will offer KD122.2mn of new shares to
creditors. The outstanding debt amount unmet by the swap will
be covered by the transfer of assets from GIH to a special
purpose vehicle which will be controlled by creditors. (Reuters)
 Oman to spend $1bn more on job creation – Oman plans to
spend an additional $1bn from its oil windfall to create jobs for
its citizens over the next 12 months. (Reuters)
 Topaz Energy and Marine signs new charters worth $65mn
and acquires two AHTS – Renaissance Services subsidiary,
Topaz Energy and Marine, a UAE-based oil field services
company, was awarded two new long term charters, totaling
over $65mn, in the GCC and the Caspian Sea. The company
also confirmed the acquisition of Topaz Rayyan and Caspian
Reliance, two Anchor Handling Tug Supply Vessel (AHTS).
Topaz Rayyan will be deployed in Qatar on a seven-year,
$50mn charter, for an international oil company. The second
AHTS, Caspian Reliance, is to be deployed in the Caspian Sea
with a firm contract value of $13.9mn. (MSM)
 Al Baraka Banking Group net profit up 13% – Al Baraka
Banking Group posted a net profit of $38mn for 2Q2012,
reflecting a YoY increase of 13%. Total operating income rose
by 13% YoY to $206mn. Total assets stood at $17.6bn at the
end of June, indicating YTD rise of 3%. Lending increased 8%
YTD to $12.7bn, while customer deposits grew 3% YTD to
$15.1bn. (Reuters)
 Muharraq Mall Co closes deal with Almoayyed Contracting
– Muharraq Seef Mall has signed a contract with AI Moayyed
Contracting Company to construct a project worth BHD15.65mn.
The development is situated between the Muharraq Club and
the Arad Fort. The mall will be constructed over two retail floors
offering approximately 30,000 square meters of retail space.
(Bahrain Bourse)
Page 4 of 5

5. Rebased Performance Daily Index Performance
140.0 0.3% 0.2%
0.2%
130.0 0.1%
0.1%
120.0 120.8
110.0 107.9 (0.1%) (0.0%)
100.0 100.3 (0.1%)
106.0 (0.3%)
(0.3%)
90.0 (0.4%)
98.2
(0.5%)
80.0
Saudi Arabia
Kuwait
Bahrain
Abu Dhabi
Dubai
Qatar
Oman
Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12
4
QE Index S&P Pan Arab S&P GCC
Source: Bloomberg Source: Bloomberg
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold 1,620.20 0.0 0.0 3.6 DJ Industrial 13,207.95 0.0 0.0 8.1
Silver 28.12 0.0 0.0 1.0 S&P 500 1,405.87 0.0 0.0 11.8
Crude Oil (Brent) 114.42 0.0 0.0 5.3 NASDAQ 100 3,020.86 0.0 0.0 16.0
Euro 1.23 0.0 0.0 (5.2) DAX 6,944.56 0.0 0.0 17.7
Yen 78.26 (0.0) (0.0) 1.8 FTSE 100 5,847.11 0.0 0.0 4.9
GBP 1.57 (0.1) (0.1) 0.8 CAC 40 3,435.62 0.0 0.0 8.7
CHF 1.02 0.0 0.0 (3.9) Nikkei 8,891.44 0.0 0.0 5.2
AUD 1.06 (0.2) (0.2) 3.4 Shanghai 2,168.81 0.0 0.0 (1.4)
USD Index 82.55 0.0 0.0 3.0 BSE Sensex 17,557.74 0.0 0.0 13.6
RUB 31.81 0.0 0.0 (1.0) Bovespa 59,280.93 0.0 0.0 4.5
BRL 0.50 0.0 0.0 (7.6) RTS 1,427.33 0.0 0.0 3.3
Source: Bloomberg Source: Bloomberg
Contacts
Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
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