1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index declined 0.9% to close at 12,323.5. Losses were led by the
Industrials and Banking & Financial Services indices, declining 1.9% and 0.9%
respectively. Top losers were Qatar Cinema & Film Distribution Co. and Ezdan
Holding, falling 9.7% and 3.5%, respectively. Among the top gainers, Qatar
General Ins. & Reins. Co. rose 3.4%, while Masraf Al Rayan was up 1.8%.
GCC Commentary
Saudi Arabia: The TASI index fell 0.3% to close at 9,522.1. Losses were led
by the Retail and Telecom & IT indices, declining 1.3% and 1.0% respectively.
Saudi Air. Catering fell 4.1%, while Mobile Tele. Co. Saudi was down 2.1%.
Dubai: The DFM index declined 6.7% to close at 4,009.0. The Industrial index
fell 10.0%, while the Services index was down 9.7%. Deyaar Development and
Dubai Investments declined 10.0% each.
Abu Dhabi: The ADX benchmark index fell 3.3% to close at 4,553.3. The
Investment & Fin. Ser. index declined 9.7%, while the Energy index was down
8.6%. Dana Gas was down 10.0%, while Methaq Takaful Ins. declined 9.9%.
Kuwait: The KSE index fell 0.5% to close at 6,936.5. The Oil & Gas index
declined 1.8%, while the Financial Services index was down 1.1%. Al Qurain
Holding Co. fell 8.3%, while Gulf Investment House was down 7.7%.
Oman: The MSM index declined 0.2% to close at 6,921.1. Losses were led by
the Industrial and Services indices, declining 0.6% and 0.2% respectively.
Asaffa Foods fell 6.1%, while Oman Fisheries was down 3.2%.
Bahrain: The BHB index fell marginally to close at 1,427.3. The Industrial
index declined 1.7%, while the Investment index was down marginally.
Aluminum Bahrain fell 1.8%, while Esterad Investment Co. was down 1.5%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 46.00 3.4 6.9 15.2
Masraf Al Rayan 50.40 1.8 1,298.1 61.0
Qatar Islamic Insurance Co. 76.30 1.1 49.9 31.8
Qatar Navigation 91.60 0.7 62.8 10.4
Qatar Insurance Co. 80.00 0.6 255.5 50.4
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 50.40 1.8 1,298.1 61.0
Vodafone Qatar 19.55 0.3 813.1 82.5
Doha Bank 56.60 (2.4) 765.4 (2.7)
Mazaya Qatar Real Estate Dev. 17.06 (0.6) 627.1 52.6
Ezdan Holding Group 20.27 (3.5) 623.7 19.2
Market Indicators 24 Jun 14 23 Jun 14 %Chg.
Value Traded (QR mn) 458.8 336.8 36.2
Exch. Market Cap. (QR mn) 670,722.1 679,958.5 (1.4)
Volume (mn) 8.4 7.1 18.4
Number of Transactions 5,431 5,191 4.6
Companies Traded 43 42 2.4
Market Breadth 14:28 14:26 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,380.31 (0.9) (1.0) 23.9 N/A
All Share Index 3,131.33 (0.9) (1.1) 21.0 15.0
Banks 2,967.76 (0.9) (1.7) 21.4 14.7
Industrials 4,192.61 (1.9) (1.3) 19.8 16.3
Transportation 2,187.87 (0.1) (1.0) 17.7 14.1
Real Estate 2,565.19 (0.8) (0.9) 31.3 12.8
Insurance 3,429.75 0.9 0.3 46.8 9.0
Telecoms 1,647.04 (0.2) 2.5 13.3 22.7
Consumer 6,664.87 (0.5) (1.7) 12.1 26.2
Al Rayan Islamic Index 4,099.68 (0.9) (1.7) 35.0 17.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ithmaar Bank Bahrain 0.14 3.7 490.0 (39.1)
Qatar General Ins. Qatar 46.00 3.4 6.9 15.2
Jabal Omar Dev. Co. Saudi Arabia 46.50 2.7 1,931.7 59.3
Astra Industrial Group Saudi Arabia 53.47 2.4 475.6 0.9
Saudi Fisheries Saudi Arabia 38.14 2.3 5,142.1 23.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Deyaar Development Dubai 0.96 (10.0) 56,493.9 (4.7)
Dubai Investments Dubai 2.79 (10.0) 35,908.3 19.9
Dana Gas Abu Dhabi 0.63 (10.0) 32,493.3 (30.8)
Drake & Scull Int. Dubai 1.54 (9.9) 47,894.5 6.9
Arabtec Holding Dubai 3.12 (9.8) 152,064.4 52.2
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distri. Co. 50.20 (9.7) 1.9 25.2
Ezdan Holding Group 20.27 (3.5) 623.7 19.2
Al Khaleej Takaful Group 42.20 (3.4) 178.2 50.3
Medicare Group 79.60 (3.3) 25.2 51.6
Salam International Investment Co 16.62 (3.3) 356.9 27.7
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
QNB Group 172.10 (2.2) 66,829.9 0.1
Masraf Al Rayan 50.40 1.8 65,027.9 61.0
Doha Bank 56.60 (2.4) 43,667.1 (2.7)
Gulf International Services 95.00 (0.3) 31,615.2 94.7
Qatar Fuel Co. 212.60 0.3 28,380.8 (2.7)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,323.45 (0.9) (1.0) (10.0) 18.7 126.02 184,247.4 15.4 2.1 4.1
Dubai 4,009.01 (6.7) (12.7) (21.2) 19.0 501.12 80,325.9 16.1 1.6 2.6
Abu Dhabi 4,553.31 (3.3) (5.2) (13.3) 6.1 139.73 128,741.0 13.5 1.7 3.6
Saudi Arabia 9,522.10 (0.3) (1.3) (3.1) 11.6 2,043.52 517,529.5 19.0 2.3 3.0
Kuwait 6,936.48 (0.5) (0.1) (4.9) (8.1) 40.72 109,489.8 16.4 1.1 4.0
Oman 6,921.08 (0.2) 0.1 0.9 1.3 74.30 25,697.4 12.0 1.7 4.0
Bahrain 1,427.30 (0.0) (0.5) (2.2) 14.3 0.50 53,424.4 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
12,500
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE index declined 0.9% to close at 12,323.5. The Industrials
and Banking & Financial Services indices led the losses. The
index fell on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Ezdan Holding Group
were the top losers, falling 9.7% and 3.5%, respectively. Among
the top gainers, Qatar General Insurance & Reinsurance Co.
rose 3.4%, while Masraf Al Rayan was up 1.8%.
 Volume of shares traded on Tuesday rose by 18.4% to 8.4mn
from 7.1mn on Monday. However, as compared to the 30-day
moving average of 24.0mn, volume for the day was 65.0% lower.
Masraf Al Rayan and Vodafone Qatar were the most active
stocks, contributing 15.4% and 9.7% 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
Al Bayan Holding
Group
RAM
Saudi
Arabia
LT CCR/ST CCR AA3/P1 AA3/P1 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, CCR – Corporate Credit Ratings)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/24 US FHFA FHFA House Price Index MoM April 0.00% 0.50% 0.70%
06/24 US S&P/Case-Shiller S&P/CS 20 City MoM SA April 0.19% 0.80% 1.25%
06/24 US S&P/Case-Shiller S&P/CS Composite-20 YoY April 10.82% 11.50% 12.37%
06/24 US S&P/Case-Shiller S&P/CaseShiller Home Price Index NSA April 168.71 169.09 166.8
06/24 US Conference Board Consumer Confidence Index June 85.2 83.5 82.2
06/24 US Richmond Fed Richmond Fed Manufact. Index June 3.0 7.0 7.0
06/24 Germany IFO Institute IFO Business Climate June 109.7 110.3 110.4
06/24 Germany IFO Institute IFO Current Assessment June 114.8 115.0 114.8
06/24 Germany IFO Institute IFO Expectations June 104.8 106.0 106.2
06/24 UK BBA BBA Loans for House Purchase May 41,757 41,000 41,934
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNBK: Global exports fall on weak EM demand – The QNB
Group (QNBK) said that world exports are stalling on a weak
global recovery. According to data released last week by the
World Trade Organization (WTO), world merchandise export
volumes declined by 1.0% in the fourth quarter of 2013
compared to the previous quarter on a seasonally-adjusted
basis. This represents the largest quarterly decline since the
Great Recession of 2008-09. Weak export demand from
emerging markets (EMs) and sluggish growth in advanced
economies (AEs) are the main factors behind this large decline.
Unless world export growth picks up again, the global recovery
is likely to falter in 2014. (Gulf-Times.com)
 MDPS: Qatari economy expected to grow 6.3% in 2014,
7.8% in 2015 – According to the Ministry of Development
Planning & Statistics (MDPS), Qatar is expected to report solid
economic growth in 2014 and 2015, driven by the non-
hydrocarbon sector owing to accelerated investment spending
and population growth. The country’s real GDP (adjusted for
inflation) is slated to grow 6.3% in 2014 from 6.5% in 2013, and
7.8% in 2015, said the Qatar Economic Outlook (QEO) 2014-15,
which was released by MDPS. HE the Minister of Development
Planning and Statistics Dr. Saleh Mohamed Salem al-Nabit said
that the impulse to growth from hydrocarbon production in past
years is receding, and growth is increasingly dependent on solid
performance of the other sectors. According to the QEO, output
from the hydrocarbon sector is set to shrink 2.5% in 2014 largely
due to declining production from maturing oil fields. Gas output
is expected to remain largely unchanged in 2014, having
saturated in 2013. Flat gas production and receding oil output
are expected to check overall growth in 2014, but with the
commissioning of the Barzan gas project in 2015, the gas output
is anticipated to increase, taking the aggregate growth higher.
Also, the construction activity is projected to expand 14.1% in
2014, up from 13.6% in 2013, and may well accelerate a shade
faster in 2015. The QEO added that the main driver is the
government’s heavy investments in economic infrastructure,
especially local roads, expressways, the Doha metro & rail, and
drains & sanitation at a pace that is likely to pick up over 2014
and 2015. (Gulf-Times.com)
 MDPS: Domestic demand to heighten inflationary pressures
– According to the MDPS, domestic inflationary pressures are
expected to heighten over the remainder of 2014 and in 2015 on
strong domestic demand. As per the MDPS’ QEO 2014-15,
annual inflation, as measured by the change in the consumer
price index, is expected to average 3% in 2014, similar to 2013’s
outcome, and increase modestly to 3.4% in 2015. However, the
Overall Activity Buy %* Sell %* Net (QR)
Qatari 55.81% 47.95% 36,073,767.78
Non-Qatari 44.19% 52.05% (36,073,767.78)

3. Page 3 of 7
QEO added that the moderate inflation in 1H2014 will restrain
the year’s average, and a benign global inflation outlook will help
offset domestic sources of inflationary pressures over the near-
term. (Gulf-Times.com)
 Qatar’s CA surplus slated to fall; forex reserves to cover 6.5
months of imports – According to official estimates, Qatar’s
current account (CA) surplus is slated to fall in 2014 and 2015
but remain sizeable at 25.1% and 19.5% of GDP. Foreign
exchange reserves are adequate to cover more than 6.5 months
of imports. The MDPS also expects Qatar’s fiscal surplus to
narrow to 9.3% of the GDP and then to fall to 5.5% in 2015,
down from a preliminary estimate of a 12.9% surplus in 2013.
MDPS said in its QEO 2014-15 that the shrinkage is owing to a
combination of expenditure growth, as the public investment
program gathers pace, and the expected decline in hydrocarbon
revenue. (Gulf-Times.com)
 Woqod in process of finalizing its five year plan 2014-2018 –
Woqod’s (QFLS) CEO, Ibrahim Jaham Al - Kuwari, revealed the
main features of its upcoming five years plan (2014 - 2018). The
plan which is in its final stages of preparations is in line with the
Qatar’s National Vision 2030 and the huge modernization and
development efforts at the various levels in Qatar, and in
preparation for the upcoming global event, World Cup 2022, to
be hosted by Qatar. The plan emphasizes on expanding the
current stations, addition of new technical centers, developing
and modernizing infrastructure for Q-JET, expanding the
operational capacity of WOQOD Marine Services' fleet by
increasing the number of new vessels ( expected to reach 8-10
vessels by the end of 2018 from the current five vessels), and
investing QR70mn to expand the storage facilities at Mesaieed
area and increase its operational capacity to exceed 20,000
metric tons of Bitumen to deal with the new demand during the
coming five years. (QE)
 Woqod to import 300,000 Shafaf cylinders – Woqod’s (QFLS)
CEO Ibrahim Jaham Al-Kuwari said that some 300,000
transparent (Shafaf) cooking gas cylinders are being imported to
help ease their shortage ahead of Ramadan. Orders for the
supply of the cylinders have already been placed with the
exporters, local petroleum products distributor and cooking gas
supplier. A top QFLS official said that the corporation is
encouraging ‘Shafaf’ retailers to accept metal cylinders from
buyers in exchange (for the new cylinder) and give them a
discount of QR50. (Peninsula Qatar) first page
 Qatar, ICANN sign MoU on supporting cooperation in
internationalized domain names – Qatar’s Ministry of
Information & Communications Technology (MICT) and the
Internet Corporation for Assigned Names and Numbers (ICANN)
have signed a MoU to cooperate with the aim of supporting the
development of the domain name industry and internationalized
domain names (such as those in Arabic script) in the region, as
well as to promote the multi-stakeholder model of internet
governance. The agreement also calls for the collaboration in
joint projects & activities in areas related to ICANN's mission
and mandate. (Bloomberg)
 QE suspends QIGD share trading on June 25, to disclose
1H2014 results on July 9 – The Qatar Exchange (QE) has
announced trading suspension of Qatari Investors Group’s
(QIGD) shares on June 25, 2014 due to the latter’s scheduled
EGM on that day. Meanwhile, QIGD announced that the
company will disclose the financial reports for the period ending
June 30, 2014 on July 9, 2014. (QE)
 IHGS to disclose results on July 09, 2014 – Islamic holding
Group (IHGS) will disclose the financial reports for the period
ending June 30, 2014 on July 9, 2014. (QE)
 Realty transactions worth over QR800mn between June 15-
19 – The real estate registration department at the Ministry said
that the real estate transactions between June 15 and 19 for the
real estate sales contracts registered at the Ministry of justice
are worth QR811.8mn. The list of properties that were traded by
sale includes open plots of land, two floors villas, annexes,
houses and residential buildings which are located in the
municipalities of Umm Salal, Al Khor, Al Dhakira, Doha, Al
Rayyan, Al Shamal, Al Daayen and Al Wakra. (Bloomberg)
International
 Consumer confidence, housing data bolster US growth
outlook – US consumer confidence jumped to its highest level
in nearly 6-1/2 years in June, while sales of new homes surged
in May, indicating latest signs that the economy has regained
momentum. Growth is accelerating after crumbling in the first
quarter, but Tuesday's robust reports are likely to exaggerate
strength. Nevertheless, they added to data on employment,
factory and services sector activities suggesting a sharp growth
rebound. The Conference Board said its consumer confidence
index rose to 85.2, the highest reading since January 2008, from
82.2 in May as households grew more optimistic about the labor
market. However, the reading was at odds with another survey
published last week, which showed consumer sentiment ticking
down in early June. Still, economists said it was in line with other
data showing an improvement in job market conditions. In
another report, the Commerce Department said new home sales
vaulted 18.6 percent to a seasonally adjusted annual rate of
504,000 units, the highest level since May 2008. (Reuters)
 Fed grants four banks more time to resubmit capital
distribution plans – The US Federal Reserve gave four banks
more time to resubmit capital distribution plans it had earlier
objected to, saying this would give the firms more time to
address capital planning weaknesses. The four banks, which
had asked for the extension, are Citigroup Inc. (C.N), HSBC
North America Holdings, Inc. (HSBA.L), RBS Citizens, Inc.
(RBS.L) and Santander Holdings USA, Inc. (SAN.MC). These
banks were originally scheduled to submit their plans by June
26, but now have time until January 5, 2015 to carry out the
same. The firms will not be able to raise their capital
distributions to shareholders, such as dividends and share buy-
backs, until the new plans are approved. Citigroup Chief
Executive Mike Corbat has said that the bank would not make a
new request this year for permission to buy back stock and pay
more dividends. Instead, the bank would focus on preparing its
application for next year’s scheduled review of its capital plan.
(Reuters)
 Fed's Dudley sees mid-2015 rate hike as 'reasonable' – An
influential Fed policymaker said the US Federal Reserve can
reasonably wait to raise interest rates until mid-2015 without
risking an undesirable rise in inflation. President of the New York
Federal Reserve Bank, William Dudley said they can get the
unemployment rate considerably lower and still not have an
inflation problem. The US jobless rate stood at 6.3% in May, the
lowest level since the end of 2008, and unchanged from April.
Inflation has been running below the Fed's 2% goal, although
some recent readings have been firmer. Dudley added that the
market is expecting the Federal Reserve to raise short-term
interest rates around the middle of 2015, which according to him
sounds like a reasonable forecast, but added that forecasts
often go astray. (Reuters)
 Insee: French GDP Growth to Miss Hollande’s Target in
2014 – The French economy will expand less than President
Francois Hollande’s government expects this year and
unemployment will climb as consumer spending and exports fail

4. Page 4 of 7
to accelerate, the national statistics office predicted. Insee said
the GDP will grow 0.7% in 2014. The government is counting on
growth of 1% to help fulfill its promise of reducing the budget
deficit to 3.8% of GDP. Insee stated that the purchasing power
of households has improved, of course, but too modestly to
bring a real acceleration in spending. Faced with low demand
and low margins, companies are not inclined to invest and
French exports will not fully benefit from the improved world
trade. The remarks show how Hollande is struggling to revive
Europe’s second-largest economy after two years in office. The
Socialist president has pledged to cut public spending by €50bn
over the next three years and halt tax increases in an effort to
bolster confidence and investment. So far, the business
sentiment has failed to improve. The Bank of France’s index of
manufacturing sentiment fell to 97 from 98 in May, while the
Markit Economics Purchasing Managers Index for services and
industries declined to 47.8 this month from 49.6. The national
statistics office predicts that unemployment will continue to climb
in the second half of 2014, reaching 10.2% by the end of the
year. (Bloomberg)
 Japan PM Abe says 'positive cycle' emerging in economy;
urges businesses to mobilize women power for economy –
Japanese Prime Minister Shinzo Abe said that a "positive cycle"
was appearing in the country's economy as rising corporate
revenues led to higher wages and household income. But Abe
said the recovery has yet to reach broader sectors of the
economy, stressing the need to ensure the positive economic
cycle does not end up as a temporary phenomenon. He said the
mandate of 'Abenomics' is to make people across Japan feel the
benefits of the economic recovery. Meanwhile, Abe urged the
nation's business leaders to do more to boost the role of working
women, a key plank of a new growth strategy he was set to
unveil later in the day. Abe, who took office 18 months ago
pledging to end deflation and generate sustainable growth with a
three-pronged strategy of monetary easing, fiscal spending and
reform, is due to outline the latest tranche of his so-called "Third
Arrow" of long-term economic policies. The package will include
steps to boost the role of working women - seen as vital to
address the shrinking workforce in one of the world's most
rapidly aging societies. In a meeting with business executives,
Abe urged companies to set targets for promoting female
workers to senior jobs and disclose information on progress in
annual earnings reports. He also said the government would
make necessary legal changes to promote female participation
in the workforce in central and local governments, as well as in
the private sector. (Reuters)
 S&P's Kraemer: Eurozone countries have much to do to cut
debt, boost growth – A senior Standard & Poor’s(S&P) official
said Eurozone countries still have much work to do to cut debt &
boost growth and their credit ratings are unlikely to rise until they
get their economies in better shape. S&P's head of sovereign
ratings for Europe, Middle East and Africa, Moritz Kraemer said
that he saw a "calm period ahead" for ratings actions in Europe.
He stated that much of the homework still needs to be done.
The over-indebtedness in a very low inflation environment poses
huge risks to the growth outlook for the Eurozone. There is no
need to raise the ratings until the (economic) fundamentals
improve. Kraemer added that the countries that had made most
progress in cutting debts included Ireland & Spain, and both had
seen their ratings upgraded. (Reuters)
 PBOC: A flexible Yuan can help China cope with bigger
capital flows – A senior researcher at the People's Bank of
China (PBOC) said China needs to make the Yuan more flexible
to cope with possible rises in capital flows. Ma Jun, the chief
economist at the central bank's research bureau, told a forum
that China's net capital flows may not be as big as some expect
once the country frees its closed capital account. However, he
said capital inflows into China’s bond market could increase as
domestic bond yields are higher relative to overseas markets.
This provides an arbitrage opportunity for investors compared
with the Yuan, which has limited scope to move. Ma also added
that as China's capital account is already partially open, there
could be "a substantial increase" in outbound foreign direct
investment (FDI) if China further loosens its grip on capital flows.
(Reuters)
Regional
 OPEC sees no shortage of oil; Saudi Arabia ready to pump
extra supplies – The OPEC is ready to pump extra oil in the
event of any supply disruptions caused by Iraq and its biggest
producer, Saudi Arabia, can ramp up to capacity if needed. The
OPEC Secretary General Abdullah al-Badri said that for now the
market is well-supplied and prices above $114 a barrel are the
result of market nervousness. An official from Saudi Arabia, the
only OPEC member with significant spare capacity, said it was
committed to supplying the market if needed. Saudi Arabia,
which produces around 9.7mn bpd, has the ability to pump to its
full capacity of 12.5mn bpd. The OPEC earlier this month
agreed to keep its output ceiling unchanged at 30mn bpd. Since
then, concerns that violence in Iraq could disrupt supplies have
stoked volatility and driven international benchmark Brent above
$114 a barrel. Disruption in Iraq would aggravate the impact of
outages in Libya, Syria and sanctions on Iran, which have
already curbed production by almost 3mn bpd, or more than 3%
of daily global demand. (Gulf-Times.com)
 SGPB appoints new CEO for MidEast – France-based Societe
Generale Private Banking (SGPB) – the wealth management
arm of Societe Generale Group – has appointed Gonzague de
Cerval as the Chief Executive Officer and Commercial Director
for Middle East. (Bloomberg)
 Petrochem completes SR1.2bn Sukuk issue – Saudi Arabia’s
National Petrochemical Company (Petrochem) has completed a
SR1.2bn debut Sukuk issue. The Islamic bond, which has a five-
year lifespan, was priced at 170 basis points over the six-month
Saudi interbank offered rate (Saibor). Deutsche Bank’s Saudi
Arabian arm and the investment banking arm of Riyad Bank
were the lead arrangers for the issue. (GulfBase.com)
 Maaden to tender $240mn Waad Al Shamal WWTP – Saudi
Arabian Mining Company (Maaden) will tender the $240mn
water & waste water treatment plant (WWTP) at Waad Al
Shamal Mining City in Al Hail in July 2014. The detailed design
of the WWTP project is expected to be completed later this
month and Maaden is expected to float the tender by the first
week of July 2014. The plant will serve the Waad Al Shamal
Mining City, a 440-square-kilometers industrial city being built by
Maaden. Radicon Gulf Consult Kentz (RGCK) is the main
consultant, while Byrne Looby Partners (BLP) is the concept
design consultant for the project. Construction work is expected
to start by end of November 2014 and is likely to be completed
by 2Q2016. (GulfBase.com)
 SABIC unveils first polycarbonate BIPV panels – Saudi Basic
Industries Corporation (SABIC) has launched the first
polycarbonate (PC) building-integrated photovoltaic (BIPV)
panels for roofing, cladding and glazing applications. The
innovative solution from SABIC’s innovative plastics business,
called LEXAN BIPV panel, provides architects & builders with
enhanced design freedom, thermal insulation, easy installation
and energy production in a single, integrated solution. These
panels, which are created through a close collaboration between
SABIC and Solbian Energie Alternative, combine tough,

5. Page 5 of 7
lightweight, transparent LEXAN Thermoclear PC sheet with
flexible PV laminated crystalline cells from Solbian and are
available in a broad range of structures, configurations and
colors. (GulfBase.com)
 EY: Jeddah, Riyadh, Madinah hotel occupancy expands –
According to a report by Ernst & Young (EY), Jeddah witnessed
an 8.8% expansion in hotel rooms' yield to $207 on a 6.7%
growth in average room rate to $266 and 1% in occupancy to
77%, during the first four months of 2014. Riyadh witnessed a
7.9% rise in hotel rooms' yield to $162 on account of a 7%
growth in occupancy to 73% even as average room rate fell
3.1% to $220. The hotel rooms' yield rose 2.6% to $151 in
Madinah as an 8.4% plunge in average room rate to $182 was
made good by a 9% jump in occupancy to 82%. Makkah
witnessed a 4.7% slump in rooms' yield to $136 as average
room rate plunged 16.7% to $165; while there was a 10% surge
in occupancy to 82%. (GulfBase.com)
 Saudi Arabia becomes major importer of hard, soft wheat –
The Grain Silos and Flour Mills Organization (GSFMO) said that
Saudi Arabia has bought 780,000 tons of hard and soft wheat in
a tender for shipment periods between September 10 and
November 30, 2013. Of the total, it bought 660,000 tons of hard
wheat and 120,000 tons of soft wheat. The accepted origins are
the European Union, North & South America and Australia at the
sellers’ option. The wheat is to be shipped in 13 consignments,
with 420,000 tons for shipment to the port of Jeddah and
360,000 tons for the port of Dammam. (GulfBase.com)
 Maaden Aluminum starts production at rolling mill plant –
Saudi Arabian Mining Company’s (Maaden) subsidiary –
Maaden Aluminum Company – has started initial production of
aluminum sheets from rolling mill from June 24, 2014. The
aluminum sheets will be used in the manufacture of aluminum
cans and other end-use products. The rolling mill will be in its
ramp-up stage until gradually reaching its designed capacity of
380 kmt per year. (Tadawul)
 SAAC German subsidiary faces legal actions in Iraq – The
Saudi Arabian Amiantit Company (SAAC) announced that its
German subsidiary, PWT Wasser-und Abwassertechnik GmbH
(PWT), is facing certain legal actions concerning its Al Samawa
Unified Water Treatment Plant located south of Iraq. (Tadawul)
 IDB to finance $447.6mn for new projects – Islamic
Development Bank (IDB) has approved $447.6mn toward
financing new development projects in member countries. The
bank also approved three grants under the IDB Waqf fund for
educational projects for Muslim communities in Kenya, Lesotho,
and Trinidad and Tobago. IDB will invest $304mn in the energy
sector, $220mn for a power grid extension project in Bangladesh
and $83.75mn for a 132KV Mirama-Kable transmission line and
distribution project in Uganda, while other approvals include
$87.5mn for improvement of wastewater management and
sanitary services in Al Ghadir drainage basin, Lebanon, an
additional $25mn for the second phase of the Queen Alia Airport
expansion project; $15mn for a primary healthcare services
expansion project in Chad; and $15mn to support the
development of technical & vocational schools project in Guinea.
(Bloomberg)
 MoE: UAE needs to roll back energy subsidies – The UAE
Minister of Energy (MoE), Suhail al-Mazrouei, said that the
country needs to roll back subsidies on fuel & power to help limit
its energy consumption and imports of natural gas. He added
that the government has yet to determine changes in prices and
subsidy levels. The UAE would retain some subsidies for its
citizens, who comprise about a 10th of its population.
(GulfBase.com)
 Aramex to inaugurate new Egypt facility in August – Aramex
announced that it will inaugurate its new 14,000 square meters
logistics and warehousing facility in the industrial complex of 6th
of October City, in August 2014. This facility will bring Aramex
Egypt’s cumulative warehousing capacity to 106,000 square
meters with an option to expand to a total of 134,000 square
meters in the near future. This logistics and warehousing facility
is Aramex Egypt’s third biggest investment of its kind.
(GulfBase.com)
 Emirates to consider A350, Dreamliner for ME routes –
Emirates Airline may still consider the Airbus Group A350 after
scrapping a contract for 70 of the wide-body planes valued at
$16bn two weeks ago. The A350 and Boeing’s rival 787
Dreamliner could meet the need for planes to operate routes
within the Middle East. Both types are smaller than the A380s
around which the current fleet is built, as well as the larger
version of the planned Boeing 777X Emirates plans to purchase.
(Bloomberg)
 Arabtec former CEO receives three offers for stake sale –
Arabtec’s CEO Hasan Abdullah Ismaik has three offers for his
28.85% stake, but is looking to sell his holding in the company
for more than AED6 or AED 7 per share. Hasan Ismaik, who
resigned as CEO on June 19, 2014 has offers from government
entities and an international construction firm. (Reuters)
 Borse Dubai refinances $500mn loan – Borse Dubai, the
UAE’s holding for its stock exchanges has refinanced a $500mn
three-year Shari’ah -compliant loan from Dubai Islamic Bank.
This replaced a maturing three-year loan arranged by Emirates
NBD. Reportedly, an ultra-low rate loan cost 90 basis points
over the London interbank offered rate, as compared to 210-220
bps for the previous loan. (Reuters)
 Mubadala Petroleum makes gas discovery in Malaysia –
Abu Dhabi’s Mubadala Petroleum has made a new gas
discovery with significant commercial potential in Malaysia, its
fourth discovery within its operating block. Mubadala Petroleum,
a unit of Abu Dhabi’s investment fund Mubadala said it found
substantial gas in the Pegaga well in its operating block SK320.
The four gas discoveries are in proximity, including the original
M-5 well success. (GulfBase.com)
 NDC inaugurates 7 new rigs in Upper Zakum – The National
Drilling Company (NDC) has inaugurated seven new rigs
assigned for drilling operations on artificial islands at the Upper
Zakum offshore oilfield. The rigs are part of NDC’s fleet
expansion plans that cover land, offshore and island rigs, to
serve the oil & gas industry in Abu Dhabi and keep abreast of
the long-term plans of its clients. NDC CEO, Abdullah Saeed Al
Suwaidi, said that the expansion plans have resulted in a
doubling of the rig fleet over the past three years.
(GulfBase.com)
 AHB raises $500mn from Sukuk issuance – Al Hilal Bank
(AHB) has raised $500mn from the sale of perpetual bonds as it
seeks funds to boost capital. The Sukuk has no maturity and will
pay a coupon of 5.5%. Pricing was tightened from an original
guidance of about 6% as bids of about $5bn were received. Al
Hilal Bank (AHB), Citigroup, Emirates NBD Capital, HSBC
Holdings, National Bank of Abu Dhabi and Standard Chartered
managed AHB’s bond sale. (Bloomberg)
 MCC, ADUG plans to form JV entity, Manchester Life
Development – Manchester City Council (MCC) is planning to
enter into a joint venture (JV) with Abu Dhabi United Group
(ADUG) to establish a new JV entity Manchester Life
Development Company or the regeneration of neighborhoods in
east Manchester, with the aim of building more than 6,000 new

6. Page 6 of 7
homes over ten years. As part of MCC’s 'Manchester Life'
initiative the newly-established JV entity will oversee
redevelopment & housebuilding in the city, with an initial focus
on the Ancoats and New Islington districts. (Bloomberg)
 Kuwait, Britain sign MoU – Kuwait and Britain have signed a
MoU for scientific research and higher education, along with a
six-month official plan of action for the joint steering group,
which aims to promote bilateral cooperation. Under the MoU,
both the countries agreed to consolidate bilateral cooperation in
the fields of defense, security, immigration, health care,
education, culture, trade, investment and energy, according to a
joint press release issued following the meeting. Furthermore,
both parties discussed the sharing of experience in the area of
oil, gas, renewable energy, investment and training.
(Bloomberg)
 Oman MoTC floats tender for Diba-Lima-Khasab road &
tunnel consultancy – Oman Ministry of Transport and
Communications (MoTC) has floated a tender to select a
consultant for preparing tender documents for Diba-Lima-
Khasab road and tunnel, which is on a design, build, operate
and maintain basis. The road is considered to be one of the
strategic linking roads in Oman that will enhance trade and
facilitate the flow of traffic between the wilayats of Musandam
governorate and contribute toward revitalizing tourism in the
governorate. The consultancy tender will be opened by July 15,
2014, while the documents will be distributed up to July 8, 2014.
The estimated cost will be in the range of $1bn, while the project
is among the most complex roads to be undertaken in the
Sultanate. As many as 31 local and international companies are
looking to pre-qualify for the construction work of the Diba-Lima-
Khasab road project. (GulfBase.com)
 SEZAD to seek fresh bids for design of Bulk Liquid Berths
project – The Special Economic Zone Authority at Duqm
(SEZAD) is seeking fresh bids for a contract to undertake the
front-end engineering design (FEED) of a major Bulk Liquid
Berths project at the Port of Duqm. Earlier, the offers submitted
by three bidders were cancelled by SEZAD on the ground that
the firms in question failed to comply with pricing criteria set out
in the tender. Liquids comprising crude oil, refined petroleum
products, chemicals and petrochemicals, will constitute a
significant part of Port of Duqm’s cargo mix. A dedicated area
for liquid berths is under development along the Northern Lee
Breakwater. (GulfBase.com)
 UNCTAD: Bahrain reports $989mn FDI in 2013 – According to
United Nations Conference on Trade and Development
(UNCTAD) World Investment Report 2014, total foreign direct
investment (FDI) to Bahrain in 2013 was $989mn, reflecting an
increase of 11% on 2012, outpacing global FDI flows which rose
by 9%. Earlier, Bahrain reported a FDI of $891mn in 2012,
reflecting a 14% increase on 2011. According to the report, 2013
Bahrain’s inward FDI stocks as a percentage of gross domestic
product (55.3%), FDI inflows as a percentage of nominal GDP
(3%), and FDI inflows as a percentage of gross fixed capital
formation (15.7%) were the highest in the GCC. (Bloomberg)

7. 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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (*Market closed on June 24, 2014) 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
(0.3%)
(0.9%)
(0.5%)
(0.0%) (0.2%)
(3.3%)
(6.7%)(7.5%)
(6.0%)
(4.5%)
(3.0%)
(1.5%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,318.40 0.1 0.3 9.4 DJ Industrial 16,818.13 (0.7) (0.8) 1.5
Silver/Ounce 20.93 0.2 0.2 7.5 S&P 500 1,949.98 (0.6) (0.7) 5.5
Crude Oil (Brent)/Barrel (FM
Future)
114.46 0.3 (0.3) 3.3 NASDAQ 100 4,350.36 (0.4) (0.4) 4.2
Natural Gas (Henry
Hub)/MMBtu
4.49 0.4 (0.4) 3.5 STOXX 600 345.57 (0.2) (0.7) 5.3
LPG Propane (Arab Gulf)/Ton* 108.00 0.0 (0.7) (14.6) DAX 9,938.08 0.2 (0.5) 4.0
LPG Butane (Arab Gulf)/Ton* 127.50 0.0 (0.8) (6.1) FTSE 100 6,787.07 (0.2) (0.6) 0.6
Euro 1.36 0.0 0.0 (1.0) CAC 40 4,518.34 0.1 (0.5) 5.2
Yen 101.97 0.0 (0.1) (3.2) Nikkei 15,376.24 0.0 0.2 (5.6)
GBP 1.70 (0.2) (0.2) 2.6 MSCI EM 1,048.14 0.6 0.4 4.5
CHF 1.12 0.1 0.1 (0.1) SHANGHAI SE Composite 2,033.93 0.5 0.4 (3.9)
AUD 0.94 (0.6) (0.2) 5.1 HANG SENG 22,880.64 0.3 (1.4) (1.8)
USD Index 80.33 0.1 (0.1) 0.4 BSE SENSEX 25,368.90 1.3 1.0 19.8
RUB 33.77 (1.1) (2.0) 2.7 Bovespa 54,280.78 0.1 (0.7) 5.4
BRL 0.45 (0.3) 0.3 6.3 RTS 1,421.07 3.8 4.6 (1.5)
177.1
147.2
133.7