1. Page 1 of 7
QE Intra-Day Movement
Qatar Commentary
The QE index rose 0.5% to close at 9,847.6. Gains were led by the Banking &
Financial Services and Consumer Goods & Services indices, gaining 0.9% and
0.5% respectively. Top gainers were Medicare Group and Masraf Al Rayan,
rising 2.3% and 2.0% respectively. Among the top losers, Al Ahli Bank fell
3.8%, while Qatar Navigation declined 1.3%.
GCC Commentary
Saudi Arabia: The Saudi market was closed on August 12, 2013.
Dubai: The DFM index declined 1.7% to close at 2,622.7. Losses were led by
the Investment & Financial Services and Real Estate & Construction indices,
declining 2.2% and 2.1% respectively. Dubai Financial Market fell 3.3%, while
Ajman Bank was down 3.2%.
Abu Dhabi: The ADX benchmark index fell 0.6% to close at 3,877.2. The Real
Estate index declined 2.1%, while the Industrial index was down 0.8%.
Fujairah Building Industries fell 8.6%, while Abu Dhabi National Co. for B & M
was down 4.5%.
Kuwait: The KSE index declined 0.1% to close at 8,058.7. The Banking index
fell 1.2%, while the Technology index was down 0.9%. Securities House
declined 7.7%, while Real Estate Trade Centers Co. was down 4.8%.
Oman: The MSM index was closed on August 12, 2013.
Bahrain: The BHB index gained marginally to close at 1,199.8. The Insurance
index rose 2.5%, while the Investment index was up 0.4%. Bahrain National
Holding Co. gained 9.7%, while Nass Corporation was up 3.9%.
Qatar Exchange Top Gainers Close* 1D% Vol. „000 YTD%
Medicare Group 47.55 2.3 272.3 33.2
Masraf Al Rayan 30.00 2.0 1,605.8 21.0
Qatar International Islamic Bank 56.30 2.0 292.4 8.3
QNB Group 176.50 1.1 61.3 34.8
Vodafone Qatar 9.15 1.0 255.7 9.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. „000 YTD%
Masraf Al Rayan 30.00 2.0 1,605.8 21.0
Al Khaliji 17.03 0.9 721.0 0.2
Qatari Investors Group 28.60 0.0 376.5 24.3
Qatar International Islamic Bank 56.30 2.0 292.4 8.3
Medicare Group 47.55 2.3 272.3 33.2
Market Indicators 07 Aug 13 06 Aug 13 %Chg.
Value Traded (QR mn) 257.6 267.8 (3.8)
Exch. Market Cap. (QR mn) 539,344.4 537,006.8 0.4
Volume (mn) 5.8 5.5 5.8
Number of Transactions 2,986 3,925 (23.9)
Companies Traded 36 38 (5.3)
Market Breadth 18:14 17:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,069.99 0.5 1.5 24.4 N/A
All Share Index 2,479.91 0.5 1.5 23.1 13.1
Banks 2,410.05 0.9 2.1 23.6 12.8
Industrials 3,184.33 0.4 1.3 21.2 11.8
Transportation 1,747.79 (0.6) 0.9 30.4 12.0
Real Estate 1,798.24 (0.0) (0.3) 11.6 14.0
Insurance 2,292.70 (0.2) 1.1 16.8 9.5
Telecoms 1,449.25 (0.3) 0.1 36.1 15.3
Consumer 5,776.80 0.5 2.1 23.7 23.9
Al Rayan Islamic Index 2,832.72 0.4 1.0 13.8 14.8
GCC Top Gainers##
Exchange Close#
1D% Vol. „000 YTD%
Investbank Abu Dhabi 2.53 3.3 167.1 56.2
Nat. Industries Group Kuwait 0.26 2.0 2,205.7 21.5
Mabanee Co. Kuwait 1.14 1.8 191.5 6.3
ALAFCO Kuwait 0.30 1.7 596.3 (16.9)
Abu Dhabi Com. Bank Abu Dhabi 5.25 1.5 983.9 74.4
GCC Top Losers##
Exchange Close#
1D% Vol. „000 YTD%
Bank of Sharjah Abu Dhabi 1.70 (3.4) 37.8 32.8
Comm. Facilities Co. Kuwait 0.30 (3.3) 61.3 (14.5)
Dubai Financial Market Dubai 2.07 (3.3) 40,328.0 102.9
Ajman Bank Dubai 2.13 (3.2) 1,215.2 50.0
Kuwait Int. Bank Kuwait 0.32 (3.1) 1,753.1 6.8
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%
Al Ahli Bank 53.50 (3.8) 0.7 9.2
Qatar Navigation 78.80 (1.3) 157.4 24.9
Al Meera Consumer Goods Co. 134.00 (1.3) 119.3 9.5
Qatar Islamic Bank 69.10 (1.0) 40.2 (7.9)
Qatar & Oman Investment Co. 13.00 (0.8) 4.9 4.9
Qatar Exchange Top Val. Trades Close* 1D% Val. „000 YTD%
Masraf Al Rayan 30.00 2.0 48,026.5 21.0
Qatar International Islamic Bank 56.30 2.0 16,390.2 8.3
Al Meera Consumer Goods Co. 134.00 (1.3) 16,046.9 9.5
Qatar Electricity & Water Co. 166.00 0.4 15,624.5 25.4
Industries Qatar 160.00 0.4 14,921.8 13.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar*#
9,847.62 0.5 1.5 1.5 17.8 152.68 148,104.0 12.4 1.7 4.7
Dubai 2,622.73 (1.7) (1.9) 1.3 61.6 158.29 65,101.8 15.6 1.1 3.1
Abu Dhabi 3,877.16 (0.6) (1.3) 0.8 47.4 81.33 111,366.3 10.9 1.4 4.7
Saudi Arabia##
8,072.30 N/A N/A 2.0 18.7 N/A N/A 16.9 2.1 3.6
Kuwait 8,058.74 (0.1) (0.1) (0.1) 35.8 93.74 110,318.9 20.0 1.3 3.5
Oman##
6,759.92 N/A N/A 1.8 17.3 N/A N/A 11.2 1.7 4.1
Bahrain 1,199.78 0.0 0.1 0.4 12.6 0.41 21,918.0 8.5 0.9 4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data for Qatar is as of Aug
07) (
##
Closed on Aug, 12)
9,740
9,760
9,780
9,800
9,820
9,840
9,860
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 rose 0.5% to close at 9,847.6. The Banking &
Financial Services and Consumer Goods & Services indices led
the gains.
 Medicare Group and Masraf Al Rayan were the top gainers,
rising 2.3% and 2.0% respectively. Among the top losers, Al Ahli
Bank fell 3.8%, while Qatar Navigation declined 1.3%.
 Volume of shares traded on Wednesday rose by 5.8% to 5.8mn
from 5.5mn on Tuesday. Further, as compared to the 30-day
moving average of 5.4mn, volume for the day was 6.1% higher.
Masraf Al Rayan and Al Khaliji were the most active stocks,
contributing 27.9% and 12.5% to the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Qatar Gas Transport
Co. (QGTS)
Fitch Qatar
$850mn series A senior
secured bonds due
2033/ $300m series A
subordinated second
priority secured bonds
due 2033
A+/A- A+/A- – Stable –
Islamic Arab
Insurance Co. (IAIC)
S&P Dubai FSR A- BBB+  Negative –
Al Baraka Banking
Group (ABG)
S&P Bahrain
LT counterparty credit
rating/ ST counterparty
credit rating
BBB-/A-3 BB+/B  Negative –
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)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2013
% Change
YoY
Operating Profit
(mn) 2Q2013
% Change
YoY
Net Profit (mn)
2Q2013
% Change
YoY
Dubai National Insurance
and Reinsurance (DNIR)
Dubai AED 15.3 41.3% – – 7.7 -4.5%
Al Sagr National Insurance
Co. (ASNIC)
Dubai AED 55.3 -4.3% – – (3.3) N/A
National Cement Co. (NCC) Dubai AED 66.6 31.7% – – 21.9 -13.1%
Al Wathba National
Insurance Co. (AWNIC)
Abu Dhabi AED 61.0 13.4% – – 30.4 25.4%
Aldar Properties (Aldar) Abu Dhabi AED 1,261.8 -72.8% – – 1,252.0 199.6%
Al Fujairah National
Insurance Co. (AFNIC)*
Abu Dhabi AED 78.2 -3.6% – – 12.5 13.6%
Al Khazna Insurance Co.
(AKIC)*
Abu Dhabi AED 49.1 -47.8% 7.9 -49.8% (10.8) N/A
Ras Al Khaimah National
Insurance Co. (RAK
Insurance)
Abu Dhabi AED 46.6 33.4% – – 11.3 66.5%
Umm Al Qaiwain Cement
Industries Co. (QCEM)
Abu Dhabi AED 3.3 20.1% – – 5.0 565.2%
Kuwait Projects Co. (Kipco) Kuwait KD 307.6 23.0% – – 9.5 10.5%
Oman Insurance Co. (OIC) Oman OMR 339.1 22.2% – – 49.5 27.3%
Arab Insurance Group
(ARIG)
Bahrain USD 65.1 7.1% – – 3.0 N/A
Source: Company data, DFM, ADX, MSM (*1H2013 Result)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/07 US MBA MBA Mortgage Applications 2-August 0.20% – -3.70%
08/08 US Federal Reserve Consumer Credit June $13.82B $15.00B $17.54B
08/08 US Department of Labor Initial Jobless Claims 3-August 333K 335K 328K
08/08 US Department of Labor Continuing Claims 27-July 3018K 2950K 2951K
08/08 US MBA Mortgage Delinquencies 2Q2013 6.96% – 7.25%
08/08 US MBA MBA Mortgage Foreclosures 2Q2013 3.33% – 3.55%
08/09 US US Census Bureau Wholesale Inventories MoM June -0.20% 0.40% -0.60%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 72.77% 72.96% (506,190.51)
Non-Qatari 27.23% 27.03% 506,190.51

3. Page 3 of 7
08/09 US US Census Bureau Wholesale Trade Sales MoM June 0.40% 0.70% 1.50%
08/07 France Banque De France Bank of France Bus. Sentiment July 95 97 96
08/09 France INSEE Industrial Production MoM June -1.40% 0.30% -0.30%
08/09 France INSEE Industrial Production YoY June -0.20% 1.50% 0.90%
08/09 France INSEE Manufacturing Production MoM June -0.40% 0.50% -0.90%
08/09 France INSEE Manufacturing Production YoY June -0.60% 0.30% -0.30%
08/07 Germany Bundesbank Industrial Production SA MoM June 2.40% 0.30% -0.80%
08/07 Germany Federal Ministry of Eco. Industrial Production WDA YoY June 2.00% -0.30% -1.20%
08/08 Germany Bundesbank Exports SA MoM June 0.60% 0.90% -2.00%
08/08 Germany Bundesbank Imports SA MoM June -0.80% 0.50% 1.40%
08/07 UK Lloyds Bank Lloyds Employment Confidence July -22 – -33
08/09 UK ONS Construction Output SA MoM June -0.80% -1.90% -0.20%
08/09 UK ONS Construction Output SA YoY June 1.20% 0.20% -4.80%
08/08 Spain INE Industrial Output WDA YoY June -1.90% -1.20% -1.50%
08/08 Spain INE Industrial Output NSA YoY June -4.60% – -1.60%
08/09 Italy ISTAT CPI EU Harmonized YoY July 1.20% 1.20% 1.40%
08/08 China National Bureau of Stat. Exports YoY July 5.10% 2.00% -3.10%
08/08 China National Bureau of Stat. Imports YoY July 10.90% 1.00% -0.70%
08/09 China National Bureau of Stat. CPI YoY July 2.70% 2.80% 2.70%
08/09 China National Bureau of Stat. PPI YoY July -2.30% -2.10% -2.70%
08/09 China National Bureau of Stat. Industrial Production YTD YoY July 9.40% 9.20% 9.30%
08/09 China National Bureau of Stat. Industrial Production YoY July 9.70% 8.90% 8.90%
08/09 China National Bureau of Stat. Retail Sales YTD YoY July 12.80% 12.80% 12.70%
08/09 China National Bureau of Stat. Retail Sales YoY July 13.20% 13.50% 13.30%
08/09 Japan ESRI Consumer Confidence Index July 43.6 45.0 44.3
08/12 Japan ESRI GDP SA QoQ 2Q2013 0.60% 0.90% 0.90%
08/12 Japan ESRI GDP Consumer Spending QoQ 2Q2013 0.80% – 0.90%
08/12 Japan ESRI GDP Business Spending QoQ 2Q2013 -0.10% 0.60% -0.30%
08/12 Japan METI Industrial Production MoM June -3.10% – 1.90%
08/12 Japan METI Industrial Production YoY June -4.60% – -1.10%
08/12 Japan METI Capacity Utilization MoM June -2.30% – 2.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group expects rents in Qatar to increase on rental
inflation – The QNB Group expects rents in Qatar to increase
on the back of rental inflation, which has already reached
around 7% in June 2013. The QNB Group has forecasted
further increases in rents due to ramp-up of several major
projects over the next year or so, resulting in slightly higher
inflation at 3.6% in 2013 and 3.8% in 2014. Highlighting that
inflation in Qatar has accelerated this year as influx of
expatriates has driven up prices. QNB Group said rental inflation
reached 6.7% in the year to June 2013, after remaining negative
almost every month from early 2009 to mid-2012. However, food
inflation in Qatar remained relatively flat at an average of 2.5%
so far this year. The QNB Group also said inflation is likely to
“stabilize” at a moderate level around 3% mark in the GCC
region over the near-term as higher increases in housing costs
are offset by lower food price rises. This compares with the
global inflation average of 3.8% and the MENA region inflation
of 9.3% in 2013-14. Moreover, the QNB Group said Saudi
Arabia accounts for around half of the GCC region economy and
rising inflation has been the main driver of price increases in the
GCC region. Further, food price inflation averaged 5.8% in
1H2013 as local supply constraints pushed up prices despite
falling global food indices. (Gulf-Times.com)
 Ashghal launches $474mn sanitation project – The Public
Works Authority (Ashghal) has announced a planned $474mn
sanitation project in the northern area of Doha. This project
involves designing and building a major wastewater pumping
station, a pipeline network as well as a lifting station in order to
improve sanitation in new Doha. Ashghal has also completed
the expansion work of the second phase of the $190mn Doha
south wastewater treatment plant. The plant’s capacity is now
180,000 cubic meters per day, up from 106,000 cubic meters.
Moreover, Ashghal is expected to complete the development
works on Muntazah Street by the last quarter of 2014. The
project will connect the Industrial Area and F-Ring Road with
Abu-Hamor Central Market Road and Mesaimer St, with an easy
access to Barwa city as well. (Gulf-Times.com)
 Hyundai Engineering wins part of $300mn port order from
Qatar – Hyundai Engineering has won a part of $300mn port
order from Qatar. The construction of the project will be
completed in approximately 30 months. (Bloomberg)
 Qatar lines up plans to augment water and electricity
production capacity – According to a report released by the
General Secretariat of the Council of Ministers, Qatar is set to
augment its water and electricity production capacity by
launching new projects and enhancing existing infrastructure.
The report revealed that government agencies have signed
agreements to meet production and distribution targets of the
utilities by 2016. The report further stated that a separate study
is underway to boost production of the utilities in order to meet
the projected demand in 2030. A feasibility study on linking
Qatar’s water network with the GCC region is also underway.
Moreover, the report indicated that Qatar Water & Electricity
Corporation (Kahramaa) has completed its consulting services
with agencies ahead of distributing power to its major

4. Page 4 of 7
subscribers in North Doha, Barwa Village, Barzan and Lussail
as well as at the New Doha International Airport. (Peninsula
Qatar)
 Fitch affirms QGTS senior and subordinated bond ratings;
outlook “Stable” – Fitch has affirmed Qatar Gas Transport
Company’s (QGTS) $850mn series A senior secured bonds due
2033 at “A+” with a “Stable” outlook and $300mn series A
subordinated second priority secured bonds due 2033 at “A-“
with a “Stable” Outlook. The rating affirmations reflect the
project's stable operating and financial performance.
(GulfBase.com)
 Tasweeq offers to sell jet fuel cargo – Qatar International
Petroleum Marketing Company Limited (Tasweeq) has offered
to sell 40,000 metric tons per month A-1 jet fuel cargoes from
Ras Laffan for the September-December period and 30,000
metric tons of 97-RON gasoline from Mesaieed for September
29-30 delivery. Further, Tasweeq has also offered to sell six
cargoes of Al-Shaheen crude totaling 3.6mn barrels for October
loading. (Bloomberg)
 AIS: LNG tanker Bu Samra sailing to one of Britain‟s
terminals – According to AIS Live ship tracking data, Qatari
LNG tanker Bu Samra is sailing to one of Britain’s terminals. The
vessel can carry a maximum of 256,000 cubic meters of the
super-cooled fuel and was last seen on Sunday off the Libyan
coast. The cargo is likely to reach its destination on August 27.
(Peninsula Qatar)
 RasGas‟ first LNG vessel arrives in Kochi – The first cargo
vessel carrying liquefied gas from RasGas in Qatar arrived at
the LNG Terminal at Puthuvype near the south Indian port city of
Kochi. The vessel, carrying about 1,00,000 cubic meters of
LNG, is anchored about 20 kilometers off Kochi. (Qatar Tribune)
 Mowasalat to expand Doha airport fleet – Public transport
company Mowasalat is set to add 50 new vans to its airport fleet
with the aim of providing a hassle-free travelling experience to
passengers, who use the Doha International Airport. (Gulf-
Times.com)
 Qatari foreign exchange transactions touch QR33bn in
1H2013 – According to sources, QR33bn has been transferred
to destinations abroad through various exchange houses in
Qatar during 1H2013. The Qatari foreign exchange market has
seen an annual growth of around 15-20%. In addition, Qatar’s
foreign exchange market is likely to become robust and higher
growth is expected as the 2022 FIFA World Cup approaches.
(Gulf-Times.com)
 New Economic Zones to spur non-hydrocarbon growth in
Qatar – Qatar’s ongoing policy to diversify its economy into non-
hydrocarbon sector is expected to get a huge boost with the
opening of three proposed Economic Zones scheduled in 2016-
2017. The three economic zones coming up in various locations
will be mainly dedicated to the start-ups, innovations and SMEs
in the non-hydrocarbon sectors. (Peninsula Qatar)
 DIA starts work on two-storey car parking facility at arrival
terminal – The Doha International Airport (DIA) has announced
that it has started work on a new two-storey car parking facility
at the arrival terminal. This project aims to ease the parking
space problems faced by people and also provide quality
services despite the space constraints. DIA further added the
new parking lot would be completed in October and would have
adequate facilities to park vehicles. (Gulf-Times.com)
 New seaside resort opens at Al Shamal – Al Koshtah Family
Resort has opened in Madinat Shamal, which is located about
150 kilometers away from Doha overlooking the Aba Al Duloof
beaches. (Qatar Tribune)
International
 US posts $97.6bn budget deficit in July – The US federal
government posted a budget deficit of $97.6bn in July, a rise
from the earlier month, though a rise in tax receipts may make
the annual budget gap the smallest in five years. In July, the
government spent $297.6bn and took in $200bn in revenue.
Analysts polled by Reuters had expected a deficit of $96bn. The
budget gap for the first ten months of the 2013 fiscal year,
including the July deficit, totaled $607.4bn, down 38% from the
year-ago period. (Reuters)
 ECRI: US economic growth gauge highest in over three
years – The Economic Cycle Research Institute (ECRI) said a
measure of future US economic growth edged up last week to
the highest in over three years, while the annualized growth rate
improved to its highest in over a month. ECRI further added that
its weekly leading index rose to 131.8 in the week ended August
2, which was the highest since May 2010, from 131.7 in the
previous week. The previous week was originally reported as
131.8. The index's annualized growth rate climbed to 5.3%,
marking the highest level since late June, from 4.9% a week
earlier. (Reuters)
 Obama to push ahead plans to have broad package of
housing reforms – US President Barack Obama said he would
push ahead with its plans to have a broad package of housing
reforms passed through Congress by 2013-end. Obama
announced a series of housing proposals that would include
winding down mortgage giants Fannie Mae and Freddie Mac.
He also added that he would advocate for his proposals once
lawmakers returned to Washington in September. (Reuters)
 Fitch Affirms Germany at AAA; outlook Stable – Fitch
Ratings has affirmed Germany's Long-term foreign and local
currency Issuer Default Ratings (IDR) at “AAA” with a Stable
outlook. The ratings agency has also affirmed the Short-term
foreign currency IDR at “F1+” and the Country Ceiling at “AAA”.
Fitch further added that Germany has all the ingredients of a
declining public debt path. The agency mentioned that the
economy is growing, the budget position is relatively favorable
and nominal interest rates are low. (Reuters, Bloomberg)
 German economy probably grew strongly in second quarter
– Germany’s Economy Ministry said the country’s economy is
likely to have expanded significantly during the April-June period
on the back of higher private consumption and construction
investments, but growth will be remain more modest for the
remainder of 2013. The ministry further added that the modest
underlying rate of growth in the economy should accelerate
slightly in the second half of the year, held back by the tough
European and international environment. (Reuters)
 Hungary repays 2008 IMF loan ahead of schedule – Hungary
has repaid all of its outstanding debt, worth €2.15bn, ahead of
schedule, owed to the IMF from a 2008 emergency loan
program. The last installment of the loan was due in the third
quarter of 2014. (Reuters)
 Greece stuck in recession, bailout targets at risk – Greece's
recession eased slightly in the second quarter but not adequate
enough to boost tax revenues to levels the government needs to
meet its bailout targets. The data showed that the economy
shrank at an annual pace of 4.6% in 2Q2013. The figure was
slightly better than economists' average forecast for a 5%
contraction. (Reuters)

5. Page 5 of 7
 China plans to set up more private banks to boost cash-
starved small firms – China’s cabinet plans to set up more
private banks to boost financial support for the cash-starved
smaller firms, in its latest bid to bolster the slowing economy.
The cabinet further said it will actively develop small-sized
financial institutions and open up the channel for private capital
to enter the financial sector. The Chinese government will
support the establishment of more village banks and credit
companies in areas where smaller firms are concentrated.
(Reuters)
 China set to tighten requirements for foreign firms – China
is set to revise rules over setting up of new banks in the country,
aimed at tightening requirements for foreign firms while easing
regulations for local entities. Foreign financial institutions that
want to establish new commercial banks in China or become
strategic investors in Chinese banks, must meet new capital
adequacy requirements. The regulatory capital level of these
institutions must meet the standards set by their home country
governments and also not be below 10.5%, as compared with
the current requirement of 8.5%. (Reuters)
 BoJ keeps monetary policy steady – The Bank of Japan (BoJ)
kept its monetary policy steady and held off on revising up its
assessment of the economy, opting to wait for more clues on
whether the positive mood will nudge companies to increase
capital expenditure. As widely expected, the BoJ voted
unanimously to maintain its pledge of increasing base money, or
cash and deposits at the central bank, at an annual pace of 60tn
yen to 70tn yen. The BoJ said Japan's economy is starting to
recover moderately. (Reuters)
 BoJ Governor calls for fiscal discipline as tax hike debate
heats up – Bank of Japan (BoJ) Governor Haruhiko Kuroda has
issued a strong warning against easing up on fiscal discipline,
stressing that the country can raise the sales tax and still keep
the economy strong enough to put an end to grinding deflation.
(Reuters)
 Japan‟s economy slows below forecast – Japan’s economy
slowed more than forecast in 2Q2013 as businesses cut
investments, undermining gains in consumer and government
spending that helped reduce deflationary pressures. Japan’s
Cabinet Office reported that the GDP rose at an annualized
2.6% from the three months through March, when it climbed
3.8%. The median of 32 estimates was for a 3.6% gain.
Unadjusted for price changes, nominal GDP growth accelerated
to 2.9%. (Bloomberg)
 Japanese PM: Economy steadily rising, government to keep
eye on pro-growth policy – Japanese Prime Minister Shinzo
Abe said the country's economy is steadily rising since late last
year and that the government will continue to focus on the
economy with an eye on a pro-growth policy toward autumn.
Abe further added that the Japanese economy grew at an
annualized rate of 2.6% in April-June, marking a third straight
quarter of expansion but slower-than-expected. (Reuters)
 Platts: OPEC crude oil output fell to 30.34mn bpd in July –
According to Platts survey of OPEC, crude oil output from the
Organization of the Petroleum Exporting Countries (OPEC) fell
to 30.34mn bpd in July from 30.45mn bpd in June. A 130,000
bpd increase from OPEC kingpin Saudi Arabia failed to offset
the 200,000 bpd month-over-month crude output drop in Libya,
where production and exports have been affected by strikes
about pay and conditions as well as protesters demanding oil
sector employment. The survey also revealed that OPEC
exceeded its overall production ceiling of 30mn bpd by 340,000
bpd in July. (Bloomberg)
 IEA trims outlook for oil demand – The International Energy
Agency (IEA) has trimmed its outlook for oil demand over the
next 18 months and highlighted threats to the dominance of
OPEC. IEA said new data on the difficulties the global economy
is having in picking up speed meant that oil demand would grow
by slightly less than it had foreseen in July. But the critical
underlying factors are the rise of North American shale energy
and the threat this poses to OPEC, referring to debate over
whether OPEC may have had its day. IEA further added that it
was trimming its growth forecast for global oil demand this year
by 30,000 bpd to 895,000 bpd because the International
Monetary Fund had lowered its growth forecast for the global
economy from 3.3% to 3.1%. (Peninsula Qatar)
 OPEC to reduce exports in 2013 – According to sources, the
Organization of Petroleum Exporting Countries (OPEC) will cut
shipments by the most since December as refiners in the US
and Europe conduct seasonal maintenance activities. OPEC will
cut exports by 740,000 barrels a day, or 3%, to around 23.7mn
barrels a day in the four weeks to August 24 from the period to
July 27. These figures exclude two of OPEC’s 12 members,
Angola and Ecuador. (Gulf-Times.com)
Regional
 Saudi Arabian oil output reaches 10mn bpd – Saudi Arabia
has produced around 10mn bpd of oil in July 2013, which is up
from 9.6mn bpd in June. The Kingdom has supplied a total of
9.99mn bpd to the domestic and export markets. The country
supplied around 9.6mn bpd to the market in May and 9.3mn bpd
in April. (GulfBase.com)
 Saudi Arabia awards $7bn Landbridge design contract –
Saudi Arabia has appointed the Italferr engineering consultancy
– subsidiary of Italian national railway group FS – to undertake
design work for the $7bn Landbridge project. The development
of the planned 950 kilometer double-track mixed traffic line
between Riyadh and Jeddah Islamic Port is managed by Saudi
Railway on behalf of the government. The 14-month contract
covers the design of the track, bridges, other structures,
passenger & freight facilities, ETCS Level 2 signaling &
telecoms, as well as environmental impact assessment and
mitigation of the effects of sand. (GulfBase.com)
 UAE Central Bank lifts three-month ban on purchasing and
transferring loans to Emiratis – The UAE Central Bank has
lifted the three-month ban imposed on banks that prohibited
them from purchasing and transferring the loans of Emiratis. The
Central Bank will implement strict sanctions against banks that
would not abide by its instructions. Central Bank governor
Nasser Al Suwaidi said the move is aimed at controlling
borrowing and purchasing procedures as well as to monitor any
failures to decrease financial risks. (Bloomberg)
 Etihad Airways plans to expand shareholding in Virgin
Australia – Etihad Airways plans to boost its stakes in the
Australian market by hiking its shareholding in Virgin Australia
from 10% to 19.9% following a recent approval by the Foreign
Investment Review Board by deploying A380s, opening new
routes and starting additional flights. Etihad Airways President
and CEO James Hogan said the airline plans to start Airbus
A380 aircraft from Sydney and Melbourne to Abu Dhabi,
construct premium lounges at Sydney and Melbourne Airports
from 2014, start additional flights from Melbourne and Brisbane
to Abu Dhabi as well as commence non-stop flights between
Perth and Abu Dhabi. (GulfBase.com)
 City Pharmacy signs AED100mn lease agreement with
Kizad – The Khalifa Industrial Zone Abu Dhabi (Kizad) has
signed a AED100mn long-term ground development lease

6. Page 6 of 7
(Musataha) agreement with City Pharmacy. This signed
agreement is set to allocate 46,072 square meters of land over
50 years to City Pharmacy, which aims to use Kizad's strategic
location, access to global markets and its integrated
transportation network to distribute its products across the UAE
and international markets. (AME Info)
 Huawei Enterprise, Telematics ink channel partnership
agreement – China-based Huawei Enterprise has inked a
channel partnership agreement with Telematics, adding the
UAE-based Systems Integrator, ICT Engineering and Project
Management Company to its authorized partner network in the
region. (AME Info)
 Empower settles AED83mn half-yearly loan installment –
Emirates Central Cooling Systems Corporation (Empower) has
settled the half-yearly loan installment of AED83mn. The loan is
part of a syndicated loan facility comprising a consortium of
international, local banks and financial institutions with Emirates
NBD being the facility agent. This loan was used to finance the
development of Empower's district cooling plants and networks
in areas including Dubai International Financial Centre (DIFC),
Business Bay, Mirdif, TECOM C and Al Quoz. (AME Info)
 DEWA reports 3.3% increase in peak load of electricity –
Dubai Electricity & Water Authority (DEWA) MD and CEO HE
Saeed Mohammed Al Tayer said there has been an increase of
3.3% in the peak load of electricity to 6,857MW this year to date,
as compared to 6,637MW in 2012. For water, the demand
increased from 285mn imperial gallons per day (MIGD) to
295.5MIGD. (AME Info)
 EIBank reports net profit increase of 48% YoY to
AED12.3mn in 2Q2013 – Emirates Investment Bank (EIBank)
reported a net profit of AED12.3mn in 2Q2013, reflecting a YoY
increase of 48%. The bank’s net profit for 1H2013 was up 28%
YoY to AED27.7mn. Further, the bank’s total assets were up
21% YTD to AED2.2bn, while customer deposits grew 38% YTD
to AED1.11bn. (DFM)
 Noor Islamic Bank reports net profit of AED100mn in
1H2013 – Noor Islamic Bank has reported a net profit of
AED100mn for 1H2013, as compared to AED75.5mn in 1H2012.
The bank’s total assets were up 18.3% YTD at the end of June
2013. Total financing grew by AED2.9bn, while customer
deposits were up by 22% YTD at AED16.7bn. (AME Info)
 Abu Dhabi plans to triple passenger capacity with new
airport terminal – Abu Dhabi plans to triple its passenger
capacity with a new airport terminal. The so-called Midfield
Terminal, which is current under construction at the Abu Dhabi
International Airport, is due to open in late 2017 and will have
the maximum capacity of handling 40mn passengers. The
facility will be home to Etihad Airways and its partner airlines.
The terminus will join an increasingly crowded space of regional
airports, with both Dubai and Doha in Qatar expanding their
capacities, and Istanbul building an aerodrome that will be
among the world’s largest. (GulfBase.com)
 White & Case advise Ruwais Power Company on $825mn
senior secured bond issue – White & Case have advised Abu
Dhabi-based Ruwais Power Company and its sponsors –
shareholders Abu Dhabi National Energy Company, Abu Dhabi
Water and Electricity Authority, International Power, Marubeni
Corporation and Osaka Gas Company Ltd. on the inaugural
issuance of $825mn 6% Senior Secured Bonds due 2036 and
the related refinancing of the Shuweihat 2 Independent Water
and Power Project (IWPP) in Abu Dhabi. Meanwhile, Trowers &
Hamlins have acted as legal counsel to the lenders and bond
underwriters on the $2.3bn refinancing of the Shuweihat S2
IWPP. The refinancing consists of $1.475bn long-term facilities
from lenders, including Japan Bank for International Cooperation
and $825mn bond issuance by the project company, Ruwais
Power Company. (AME Info, GulfBase.com)
 Aldar plans to refinance debt – Abu Dhabi-based Aldar
Properties plans to refinance debt, including a $1.2bn bond
maturing in 2014, after its quarterly earnings surged on the back
of a one-off gain from the acquisition of its main rival in the oil-
rich emirate. (GulfBase.com)
 Kuwait sets September crude OSP to Asia 55 cents higher –
Kuwait has set the official selling price (OSP) for its crude oil
sales to Asian buyers for September at 55 cents per barrel
above the average of Oman/Dubai quotes, up 55 cents from the
previous month. (Reuters)
 Burgan Bank operating income soars to KD71mn – Burgan
Bank has reported a net profit before precautionary provisions of
KD23.3mn in 2Q2013. The bank’s operating income soared to
KD71mn registering a growth of 48% as compared to the year-
ago period. Loans & advances were up 5%, while customer
deposits rose by 13%. (AME Info)
 ASAR to counsel $750mn syndicated loan facility – Al
Ruwayeh & Partners (ASAR) has acted as Kuwait law counsel
to the lead arrangers and agents of a $750mn syndicated loan
facility to Kuwait Foreign Exploration Company (KUFPEC). The
five-year syndicated loan will be used for KUFPEC's general
corporate purposes as well as to finance its international
expansion plans. (AME Info)
 Seera Investment Bank reports profit of $5.5mn in 2Q2013 –
Seera Investment Bank has reported a net profit of $5.5mn for
2Q2013 as compared to $0.83mn in 2Q2012. The bank’s net
income for 1H2013 was $5.1mn, as compared to $1.7mn in
1H2012. Total assets stood at $349mn at the end of June 30,
2013. (GulfBase.com)
 BNI, AAl in talks over major acquisition – The board of
directors of Bahrain National Insurance Company (BNI) – a
subsidiary of Bahrain National Holding Company (BNH) and Al
Ahlia Insurance Company (AAI) – have announced that
discussions are underway between BNI and a group of major
shareholders in AAl to provide an offer to buy traded shares in
Bahrain Bourse, which make up more than 50% of the
company’s total capital. If the purchase goes ahead, this will
allow both companies to manage their expenses more efficiently
and take advantage of the capabilities of common administrative
services and diversified products, as well as strengthen
cooperation between the two companies. (Bahrain Bourse)

7. Contacts
Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui
Head of Research Head of Trading Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@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
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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (*Market closed)
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
QEIndex S&PPan Arab S&PGCC
0.0%
0.5%
(0.1%)
0.0% 0.0%
(0.6%)
(1.7%)
(2.4%)
(1.8%)
(1.2%)
(0.6%)
0.0%
0.6%
SaudiArabia*
Qatar
Kuwait
Bahrain
Oman*
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,338.30 1.8 1.8 (20.1) DJ Industrial 15,419.68 (0.0) (0.0) 17.7
Silver/Ounce 21.41 4.1 4.1 (29.5) S&P 500 1,689.47 (0.1) (0.1) 18.5
Crude Oil (Brent)/Barrel 109.36 0.0 0.0 (3.1) NASDAQ 100 3,669.95 0.3 0.3 21.5
Natural Gas (Henry
Hub)/MMBtu
3.34 0.6 0.6 (4.9) STOXX 600 306.08 0.1 0.1 9.4
LPG Propane (Arab Gulf)/Ton 810.00 0.0 0.0 (16.4) DAX 8,359.25 0.3 0.3 9.8
LPG Butane (Arab Gulf)/Ton 807.00 0.0 0.0 (16.7) FTSE 100 6,574.34 (0.1) (0.1) 11.5
Euro 1.33 (0.3) (0.3) 0.8 CAC 40 4,071.68 (0.1) (0.1) 11.8
Yen 96.90 0.7 0.7 11.7 Nikkei 13,519.43 (0.7) (0.7) 30.1
GBP 1.55 (0.2) (0.2) (4.9) MSCI EM 957.82 0.7 0.7 (9.2)
CHF 1.08 (0.4) (0.4) (1.1) SHANGHAI SE Composite 2,101.28 2.4 2.4 (7.4)
AUD 0.91 (0.6) (0.6) (12.0) HANG SENG 22,271.28 2.1 2.1 (1.7)
USD Index 81.33 0.3 0.3 2.0 BSE SENSEX 18,946.98 0.8 0.8 (2.5)
RUB 33.00 0.4 0.4 8.1 Bovespa 50,299.49 0.9 0.9 (17.5)
BRL 0.44 (0.7) (0.7) (10.4) RTS 1,326.53 0.1 0.1 (13.1)
141.5
126.2
114.4