The QE Index declined 0.2% to close at 10,843.0. Losses were led by the Telecoms and Banks & Financial Services indices, falling 1.1% and 0.3%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.2% to close at 10,843.0. Losses were led by the Telecoms
and Banks & Financial Services indices, falling 1.1% and 0.3%, respectively. Top
losers were Qatar Cinema & Film Distribution and Qatari German Co for Med. Dev.,
falling 7.5% and 2.0%, respectively. Among the top gainers, Qatar Industrial
Manufacturing Co. gained 3.2%, while Ezdan Holding Group was up 2.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.2% to close at 10,825.0. Losses were led by the
Utilities and Software & Services indices, falling 2.2% and 1.9%, respectively. Al
Moammar Information Systems Co. declined 3.8%, while Fitaihi Holding Group was
down 3.7%.
Dubai: The DFM Index fell 0.1% to close at 2,779.8. The Transportation index
declined 0.7%, while the Services index fell 0.6%. Al Mazaya Holding Company
declined 7.4%, while Ithmaar Holding was down 6.8%.
Abu Dhabi: The ADX General Index fell 0.1% to close at 6,963.2. The Insurance
index declined 1.4%, while the Banks index fell 0.7%. Union Insurance Co. declined
10.0%, while National Corporation Tourism & Hotel was down 3.1%.
Kuwait: The Kuwait All Share Index fell 0.3% to close at 6,367.3. The Utilities index
declined 1.3%, while the Telecommunications index fell 0.7%. Metal & Recycling Co.
declined 10.0%, while Commercial Bank of Kuwait was down 7.3%.
Oman: The MSM 30 Index gained 0.3% to close at 4,120.4. Gains were led by the
Services and Financial indices, rising 0.2% and 0.1%, respectively. Al Hassan
Engineering Company rose 65.5%, while Oman Investment & Finance Company was
up 2.4%.
Bahrain: The BHB Index fell 0.2% to close at 1,575.0. The Commercial Banks index
declined 0.4%, while the Services index fell 0.1%. Ithmaar Holding declined 25.0%,
while Nass Corporation was down 2.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Industrial Manufacturing Co 2.89 3.2 41.7 (9.9)
Ezdan Holding Group 1.69 2.9 18,163.4 (4.8)
Qatar Islamic Insurance Company 8.13 1.6 45.3 17.8
Medicare Group 8.90 0.9 99.3 0.7
Mazaya Qatar Real Estate Dev. 1.11 0.8 6,555.7 (12.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 1.69 2.9 18,163.4 (4.8)
Salam International Inv. Ltd. 0.95 (0.7) 13,901.5 46.4
Investment Holding Group 1.11 0.5 12,000.5 85.3
Mazaya Real Estate Dev. 1.11 0.8 6,555.7 (12.2)
Qatar Gas Transport Company Ltd 3.19 (0.3) 4,769.2 0.3
Market Indicators 08 Jul 21 07 Jul 21 %Chg.
Value Traded (QR mn) 258.0 335.1 (23.0)
Exch. Market Cap. (QR mn) 627,795.6 628,068.9 (0.0)
Volume (mn) 99.4 120.0 (17.2)
Number of Transactions 7,575 7,361 2.9
Companies Traded 47 47 0.0
Market Breadth 15:27 23:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 21,464.34 (0.2) 0.3 7.0 18.3
All Share Index 3,433.18 (0.2) 0.2 7.3 19.0
Banks 4,510.45 (0.3) (0.2) 6.2 15.7
Industrials 3,640.01 (0.1) 0.7 17.5 28.0
Transportation 3,501.14 (0.1) 2.8 6.2 22.5
Real Estate 1,812.33 0.2 1.2 (6.0) 17.2
Insurance 2,619.48 (0.1) 0.1 9.3 23.2
Telecoms 1,071.68 (1.1) (2.4) 6.0 28.4
Consumer 8,125.58 (0.2) 0.1 (0.2) 27.3
Al Rayan Islamic Index 4,568.02 0.0 0.2 7.0 19.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 1.69 2.9 18,163.4 (4.8)
Bank Muscat Oman 0.44 2.3 1,266.2 22.8
Abu Dhabi Islamic Bank Abu Dhabi 5.55 2.2 2,490.2 18.1
Dr Sulaiman Al Habib Saudi Arabia 159.60 1.7 237.5 46.4
Mouwasat Medical Serv. Saudi Arabia 174.80 1.2 130.5 26.7
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Rabigh Refining & Petro. Saudi Arabia 26.00 (3.5) 6,374.5 88.1
Riyad Bank Saudi Arabia 25.90 (2.8) 2,165.3 28.2
Banque Saudi Fransi Saudi Arabia 38.05 (2.7) 487.4 20.4
Saudi Electricity Co. Saudi Arabia 24.92 (2.7) 2,970.1 17.0
Jabal Omar Dev. Co. Saudi Arabia 34.50 (2.5) 2,472.0 18.6
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 3.70 (7.5) 0.3 (7.3)
Qatari German Co for Med. Dev. 2.83 (2.0) 2,298.6 26.5
Widam Food Company 4.46 (1.4) 310.5 (29.4)
Ooredoo 7.27 (1.4) 1,220.5 (3.3)
Qatar Oman Investment Company 0.97 (1.3) 1,800.7 8.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 17.90 (0.4) 48,278.6 0.4
Ezdan Holding Group 1.69 2.9 30,691.8 (4.8)
Industries Qatar 13.60 (0.1) 15,557.5 25.1
Qatar Gas Transport Company 3.19 (0.3) 15,388.4 0.3
Investment Holding Group 1.11 0.5 13,318.7 85.3
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,842.99 (0.2) 0.3 1.0 3.9 69.77 169,567.6 18.3 1.6 2.7
Dubai 2,779.75 (0.1) (1.3) (1.1) 11.5 37.62 104,414.4 21.1 1.0 2.9
Abu Dhabi 6,963.23 (0.1) 0.9 1.9 38.0 329.93 269,988.3 23.6 2.0 3.5
Saudi Arabia 10,825.01 (1.2) (1.4) (1.4) 24.6 2,883.80 2,567,858.5 35.4 2.4 2.1
Kuwait 6,367.32 (0.3) (0.3) (0.3) 14.8 111.97 121,302.8 41.0 1.6 1.9
Oman 4,120.41 0.3 1.0 1.4 12.6 9.06 18,772.8 14.4 0.8 3.8
Bahrain 1,575.02 (0.2) (0.8) (0.8) 5.7 2.41 119,868.9 13.4 0.8 3.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,820
10,840
10,860
10,880
10,900
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 0.2% to close at 10,843.0. The Telecoms and
Banks & Financial Services indices led the losses. The index fell on the
back of selling pressure from Qatari and Arab shareholders despite buying
support from GCC and foreign shareholders.
 Qatar Cinema & Film Distribution and Qatari German Co for Med. Dev.
were the top losers, falling 7.5% and 2.0%, respectively. Among the top
gainers, Qatar Industrial Manufacturing Co gained 3.2%, while Ezdan
Holding Group was up 2.9%.
 Volume of shares traded on Thursday fell by 17.2% to 99.4mn from
120.0mn on Wednesday. Further, as compared to the 30-day moving
average of 159.2mn, volume for the day was 37.6% lower. Ezdan Holding
Group and Salam International Inv. Ltd. were the most active stocks,
contributing 18.3% and 14.0% to the total volume, respectively.
Source: Qatar Stock Exchange (*as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2021
% Change
YoY
Operating Profit
(mn) 2Q2021
% Change
YoY
Net Profit
(mn) 2Q2021
%
Change
YoY
Oman Cables Industry* Oman OMR 110.1 31.4% – – 3.4 41.3%
Al-Anwar Ceramic Tiles Co.* Oman OMR 14.2 40.9% – – 3.5 153.9%
Dhofar Cattle Feed Co.* Oman OMR 16.6 -5.8% 0.2 N/A (0.0) N/A
Oman Refreshment Co.* Oman OMR 34.6 26.6% – 4.7 113.2%
Hotels Management Co. Int.#* Oman OMR 856.0 -66.6% – – (1,402.6) N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (#Values in Thousands, *Financial for 6M2021)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08-07 US Department of Labor Initial Jobless Claims 03-Jul 373k 350k 371k
08-07 US Department of Labor Continuing Claims 26-Jun 3339k 3350k 3484k
09-07 US US Census Bureau Wholesale Inventories MoM May 1.30% 1.10% 1.10%
09-07 US US Census Bureau Wholesale Trade Sales MoM May 0.80% – 1.10%
09-07 UK UK Office for National Statistics Monthly GDP (3M/3M) May 3.60% 3.90% 1.50%
09-07 UK UK Office for National Statistics Monthly GDP (MoM) May 0.80% 1.50% 2.00%
09-07 UK UK Office for National Statistics Industrial Production MoM May 0.80% 1.40% -1.00%
09-07 UK UK Office for National Statistics Industrial Production YoY May 20.60% 21.60% 27.20%
09-07 UK UK Office for National Statistics Manufacturing Production MoM May -0.10% 1.00% 0.00%
09-07 UK UK Office for National Statistics Manufacturing Production YoY May 27.70% 29.50% 39.10%
09-07 Japan Bank of Japan Money Stock M2 YoY Jun 5.90% 6.00% 7.90%
09-07 Japan Bank of Japan Money Stock M3 YoY Jun 5.20% 5.20% 6.80%
09-07 China National Bureau of Statistics CPI YoY Jun 1.10% 1.20% 1.30%
09-07 China National Bureau of Statistics PPI YoY Jun 8.80% 8.80% 9.00%
09-07 China The People's Bank of China Money Supply M2 YoY Jun 8.60% 8.20% 8.30%
09-07 China The People's Bank of China Money Supply M0 YoY Jun 6.20% 5.50% 5.60%
09-07 China The People's Bank of China Money Supply M1 YoY Jun 5.50% 6.00% 6.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 37.91% 38.91% (2,582,982.5)
Qatari Institutions 21.62% 23.39% (4,566,003.6)
Qatari 59.54% 62.31% (7,148,986.1)
GCC Individuals 0.69% 0.79% (259,855.3)
GCC Institutions 3.26% 0.55% 6,992,216.8
GCC 3.94% 1.33% 6,732,361.5
Arab Individuals 12.02% 12.61% (1,536,835.9)
Arab Institutions 0.02% 0.15% (325,431.3)
Arab 12.04% 12.76% (1,862,267.2)
Foreigners Individuals 4.06% 4.28% (567,292.0)
Foreigners Institutions 20.43% 19.33% 2,846,183.9
Foreigners 24.49% 23.60% 2,278,891.8

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 2Q2021 results No. of days remaining Status
QNBK QNB Group 11-Jul-21 0 Due
QFLS Qatar Fuel Company 11-Jul-21 0 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 12-Jul-21 1 Due
MARK Masraf Al Rayan 13-Jul-21 2 Due
WDAM Widam Food Company 14-Jul-21 3 Due
VFQS Vodafone Qatar 14-Jul-21 3 Due
QIBK Qatar Islamic Bank 14-Jul-21 3 Due
QEWS Qatar Electricity & Water Company 14-Jul-21 3 Due
QNNS Qatar Navigation (Milaha) 15-Jul-21 4 Due
MCGS Medicare Group 15-Jul-21 4 Due
KCBK Al Khalij Commercial Bank 15-Jul-21 4 Due
NLCS Alijarah Holding 15-Jul-21 4 Due
ABQK Ahli Bank 15-Jul-21 4 Due
QIIK Qatar International Islamic Bank 26-Jul-21 15 Due
DHBK Doha Bank 27-Jul-21 16 Due
ORDS Ooredoo 28-Jul-21 17 Due
QIMD Qatar Industrial Manufacturing Company 28-Jul-21 17 Due
IHGS INMA Holding Group 08-Aug-21 28 Due
Source: QSE
News
Qatar
 QNB expands its footprint in Asia with Hong Kong branch
opening – QNB Group, the largest financial institution in the
Middle East and Africa, has opened officially its branch in Hong
Kong, one of the world’s prominent global financial hubs.
Commenting on the occasion, QNB Group CEO, Mr. Abdulla
Mubarak Al-Khalifa, said: “We are pleased to announce the
official opening of our first branch in Hong Kong, one of the most
attractive markets in the world. As part of our Group’s strategy to
expand into strategically located markets with excellent
infrastructure and a business friendly environment, we are
planning to continue diversifying our sources of revenue and
profit, particularly in the MEASEA markets’’. As a newcomer to
the market, QNB seeks to position itself as a reputable foreign
bank to customers with trade and investment flows between Hong
Kong, the Middle East, Africa, and Mainland China. The Branch
aims to facilitate cross border business with a range of corporate
banking products and services, treasury and investments, foreign
exchange solutions, syndication strategies, and project financing.
Hong Kong is the gateway for the Group’s clients to Mainland
China and wider Asia. It is a major trade hub accounting for USD
1,077.5 billion in imports and exports. The Branch will work
closely with the Group’s global network, and particularly the
Singapore branch and Shanghai representative office. It will
advise QNB’s clients in China on their outbound growth through
Hong Kong as a base and will link with Singapore to cover South
East Asia region. (Press Release)
 FIFA WC Qatar 2022: Five Out Of Eight Stadiums Complete
As 500-day Countdown Begins – With just about 500 days to
go until Qatar hosts the very first FIFA World Cup in the Middle
East and Arab world, Qatari officials informed that five out of the
eight stadiums have been completed and the rest will be ready by
the end of this year, sources reported’. The 22nd edition of the
tournament is scheduled to kick off on November 21, 2022, when
Qatar, who are the reigning champions of Asia, will make their
FIFA World Cup Finals debut in the tournament's first match at
the stunning 60,000-seat Al Bayt Stadium in Al Khor City.
(Bloomberg)
 ORDS to disclose its semi-annual financial results on July 28
– Ooredoo (ORDS) will disclose its financial statement for the
period ending June 30, 2021 on July 28, 2021. (QSE)
 ORDS to hold its investors relation conference call on July
29 – Ooredoo (ORDS) will hold the conference call with the
Investors to discuss the financial results for the semi-annual 2021
on July 29, 2021 at 02:00pm , Doha Time. (QSE)
 QNNS to disclose its semi-annual financial results on July 15
– Qatar Navigation (QNNS) will disclose its financial statement for
the period ending June 30, 2021 on July 15, 2021. (QSE)
 QNCD to disclose its Semi-Annual financial results on
28/07/2021. Qatar National Cement Co. discloses its financial
statement for the period ending 30th June 2021 on 28/07/2021.
(QSE)
 Barwa Real Estate Group Extends Agreement to Sell
Janadriyah Land in Saudi Capital, Riyadh. Barwa Real Estate
Company Q.P.S.C. announced the extension of the Sale
Agreement to sell the land plot owned by Wahat Al-Riyadh Real
Estate Company, "wholly owned by Barwa Group", for additional
50 days. The Agreement shall be extended and all its terms and
conditions shall remain in full force and effect, provided that the
sale process is completed and registered with the notary upon
fulfilling all the terms and conditions of the agreement and paying
the rest of the sale price within a period not exceeding 50 days
from the date of signing the sale agreement extension. Wahat Al-
Riyadh Real Estate Company received an amount of SAR 30
million as a deposit for sale. As previously announced, the total
sale price is SAR 742,380,100 (seven hundred and forty-two
million, three hundred and eighty thousand and one hundred
Saudi riyals), excluding real estate transfer tax. The
aforementioned land was purchased in 2016 for a value of SAR
659,277,850, along with other amounts spent on land

4. Page 4 of 7
development as well as financing costs. As previously
announced, all financial terms of the agreement, its financial
impact and the estimated amounts of profits generated from the
sale transaction will be announced after the sale is completed and
the land is evacuated for the buyer. This will allow the company
to precisely calculate all costs and expenses related to the land.
It should be noted that there is no conflict of interest between the
contracting parties and that the extension of the contract term has
no impact on the company's financial statements. (QSE)
 KCBK final reminder on uncollected dividends for 10+ years
– In compliance with Qatar Central Bank’s regulations concerning
dividends that have remained uncollected for more than 10 years,
and in order to protect the interests of its shareholders who have
not received their dividend payments, Al Khalij Commercial Bank
(KCBK, al Khaliji) is pleased to announce that the list of
shareholders with uncollected dividends for more than 10 years
is now available on the Bank’s website www.alkhaliji.com under
the “Investor Relations- Dividend” section. The shareholders
whose name appear on the said list are kindly requested to
contact the email or phone number below or visit any branch of al
Khaliji to collect their shares’ dividends entitled since 10 years
within a month from the date of releasing this reminder. The
unclaimed dividends not claimed by this date will be transferred
to the General Authority for Minors Affairs in accordance with
Qatar Central Bank’s regulations concerning dividends that have
remained uncollected for 10 years. For more information and
clarification regarding dividend payments or any other dividend-
related issues, al Khaliji’s shareholders can contact the Investor
Relations Department at Investor-Relations@alkhaliji.com or call
our Contact Center +974-44940077 available 24/7. (QSE)
 ORDS introducing 'world-class' Wi-Fi 6 to customers –
Ooredoo (ORDS) has announced that it is bringing Wi-Fi 6 to all
consumer homes in partnership with Netgear, the leading
provider of mesh whole-home Wi-Fi systems. Ooredoo is the first
operator in the world to make available the latest generation of
Wi-Fi 6 technology by including it with 1Gbps and 10Gbps
Ooredoo ONE plans. Key benefits of Wi-Fi 6 include higher data
speeds, increased capacity, lower latency, better performance
and lower power consumption in homes with many connected
devices, the company has said in a statement. Wi-Fi 6 provides
the foundation for meeting the needs of emerging customer
trends, including streaming 8K ultra high-definition movies,
applications, such as gaming that require high bandwidth and low
latency, smart home deployments and the Internet of Things
(IoT). Wi-Fi 6 devices will provide households the required
bandwidth to address the increasing demands of today’s homes,
such as streaming ultra-high definition (UHD) video and using
streaming services, such as Shahid VIP, Starz Play and the OSN
streaming app, together with online gaming, online exercise
classes and live video meetings. The new Ooredoo Wi-Fi 6
devices provide the capability to support upward of 40 devices
simultaneously without interruption, while provide great home
coverage, the statement notes. (Gulf-Times.com)
 Mekdam Holding all to join QSE venture market – The Qatar
Stock Exchange (QSE) Thursday said all the procedures have
been completed for the listing of Mekdam Holding Group, which
will be the second entity to get listed on the venture market or
QEVM. “Coordination is currently taking place between the QSE
and the Qatar Financial Market Authority to determine the
appropriate time for the market to list the shares of Mekdam
Holding Group, as all the necessary procedures for listing have
been completed,” QSE chief executive Rashid bin Ali Al-Mansoori
said in a tweet. The company, which was assigned 'gcBBB-' Gulf
regional rating by Standard & Poor's in March this year, will be
included in the market for small and medium enterprises. Its
listing comes after Al Faleh Educational Holding Company got
listed on the QEVM in April this year. (Gulf-Times.com)
 Building permits issued in Qatar more than double MoM in
June – Qatar’s real estate sector showed signs of rebound as it
witnessed a strong 28.3% YoY expansion in the total number of
building permits issued and a more than doubled MoM jump this
June. In terms of yearly performance, Umm Slal reported 53.3%
surge, Al Daayen (51%), Al Khor (40.9%), Al Rayyan (31.1%),
Doha (30.9%) and Wakra (4.8%); while Al Shahaniya witnessed
11.1% decline in the review period, said the figures released by
the Planning and Statistics Authority (PSA). On a monthly basis,
at the national level, the number of building permits issued grew
111% with Al Shamal witnessing 333% surge, Al Daayen (180%),
Umm Slal (156%), Al Khor (107%, Al Wakra (102%), Al Rayyan
(101%), Doha (76%) and Al Shahaniya 33%. Qatar issued a total
of 734 building permits in June 2021 with Al Rayyan, Doha and
Al Daayen municipalities together constituting as much as 68% of
the total. In its latest data, the PSA reported that of the total
number of new building permits issued, Al Rayyan constituted
30% or 219 permits, Al Daayen (21% or 151 permits), Al Wakra
(18% or 131 permits), Doha (17% or 127 permits), Umm Slal (6%
or 46 permits), Al Khor (4% or 31 permits), Al Shahaniya (2% or
16 permits) and Al Shamal (2% or 13 permits). The PSA data
indicates that the new building permits (residential and non-
residential) constituted 42% (310 permits) of the total building
permits issued in June 2021, additions 55% (400 permits) and
fencing 3% (24 permits). (Gulf-Times.com)
 Major boost to tourism seen in 3rd quarter with opening of
markets – Domestic tourism is seen to make great strides by the
third quarter of this year following the government’s easing of
pandemic-related protocols, as well as forecasts by authorities
that Qatar will be able to achieve herd immunity in the near
period, an expert in the travel industry has said. With a large
number of Qatar’s population getting vaccinated, “there is a lot of
positive vibes coming in, especially with the number of Covid-19
infection cases in Qatar dropping”, according to Tawfeeq Travel
Group CEO Rehan Ali Syed. (Gulf-Times.com)
 German magazine: Qatar among top countries in Covid
handling – German publication 'Der Spiegel' has ranked Qatar
among the countries that have handled the Covid-19 pandemic
the best. Qatar is ranked No 15 on the list, which is topped by
Finland. Qatar is the only Arab country in the top 15. Qatar's
handling of the pandemic, as well as its national vaccination
program, have come in for praise from various sources. A number
of hospitals have resumed normal services after discharging their
last Covid-19 patients, highlighting how the combined impact of
government restrictions, rollout of the vaccination program and
the community’s adherence to preventive measures have helped
curb the spread of the virus. As for inoculation, more than 1.5mn
people in the country have received both doses of the Covid-19
vaccine. (Gulf-Times.com)
 Phase 3 of lifting Covid restrictions begins – Residents
welcomed the start of Phase 3 of the gradual lifting of Covid-19
restrictions in Qatar Friday, while also stressing the need to keep
following the precautionary and preventive measures. Among
others, the highlights of this phase include permitting private
healthcare facilities to operate at full capacity, allowing children in
cinemas subject to conditions, increasing the capacity of Doha
Metro and public transport, driving schools, wedding halls,
barbershops, amusement parks, entertainment centers,
museums, libraries, nurseries, educational centers and private
training centers, and allowing more people in a group to gather in
parks and on beaches and opening playgrounds and exercising
equipment there. This phase is marked by several allowances for
vaccinated people, like the previous ones. Also, the Ministry of
Public Health (MoPH) has said Covid-19-recovered patients who

5. Page 5 of 7
have been infected in the last nine months are entitled to the
same privileges as vaccinated individuals. (Gulf-Times.com)
International
 Biden signs order to tackle corporate abuses across US
economy – President Joe Biden signed a sweeping executive
order on Friday to promote more competition in the US economy,
urging agencies to crack down on anti-competitive practices in
sectors from agriculture to drugs and labor. If fully implemented,
the effort will help lower Americans' internet costs, allow for airline
baggage fee refunds for delayed luggage, among other steps.
The order instructs antitrust agencies to focus on labor,
healthcare, technology and agriculture as they address a laundry
list of issues that have irritated consumers, and in the case of drug
prices, has bankrupted some. "No more tolerance of abusive
actions by monopolies. No more bad mergers that lead to
massive layoffs, higher prices and fewer options for workers and
consumers alike," Biden said at a White House signing ceremony.
The president noted areas where advocates feel that prices are
too high, wages are tamped down or new businesses excluded
from competition. "Let me be very clear, capitalism without
competition isn't capitalism, it's exploitation," he said. The White
House says the rate of new business formation has fallen by
almost 50% since the 1970s as large businesses make it harder
for Americans with good ideas to break into markets. Biden's
action goes after corporate monopolies across a broad swath of
industries, and includes 72 initiatives he wants more than a dozen
federal agencies to act on. Lower wages caused by lack of
competition are estimated to cost the median American
household $5,000 per year, according to a White House fact
sheet that cites research from the American Economic Liberties
Project - an influential Washington-based anti-monopoly group.
The initiatives will no doubt kick off a series of fights with the
affected industries. (Reuters)
 UK's economic rebound slowed in May despite looser COVID
rules – Britain's post-lockdown economic rebound slowed
sharply in May despite a relaxation of social-distancing rules,
according to official data which also showed a hit to carmakers
from the global shortage of microchips. Gross domestic product
expanded by a monthly 0.8%, much faster than its typical pre-
pandemic pace but down from April's 2.0% surge. It was also a
lot weaker than the median forecast of 1.5% in a Reuters poll of
economists. Britain suffered one of the biggest hits from the
pandemic among advanced economies last year and GDP in May
was 3.1% below its level in February 2020 just before the
pandemic struck. The Bank of England expects Britain's economy
to grow by 7.25% this year, the fastest since 1941. Last year
output plunged by almost 10%, the biggest drop in more than 300
years. April saw the easing of restrictions for many retailers,
hairdressers, and pubs and restaurants that could serve
customers outside. In May, hospitality firms were allowed to
resume indoor service. Britain's dominant services sector grew by
a weaker-than-expected 0.9% in May from April as a huge 37.1%
monthly jump for accommodation and food services failed to
offset slower increases elsewhere in the sector. Supermarket
sales fell as more people ate out, and education output dropped
due to a decline in school attendance. Reduced COVID-19 testing
also weighed on GDP. Industrial output grew by 0.8% but
manufacturing shrank narrowly. The chip shortage affecting
carmakers led to the biggest fall in their output since April 2020.
(Reuters)
 UK exports to EU recover from initial post-Brexit slump –
British goods exports to the European Union rose to their highest
since October 2019 in May, official data showed on Friday,
reversing a slump at the start of 2021 when Britain exited the
bloc's single market and customs union. Britain's government is
likely to view the data as backing its expectation that the change
in customs arrangements would only cause temporary
inconvenience to most businesses. However, overall trade with
the EU has lagged behind growth in sales to the rest of the world,
and business groups said they still faced extra red tape dealing
with European customers and suppliers as a result of Brexit.
Britain's Office for National Statistics said goods exports to the
European Union, excluding precious metals, rose to 14.0bn
Pounds ($19.4bn) in May on a seasonally adjusted basis, their
highest since October 2019 and almost twice January's level.
Total goods exports of 27.9bn Pounds, excluding precious
metals, were the highest since January 2020, just before the
coronavirus pandemic began to cause disruption. Imports from
the EU have also risen after a slump at the start of the year, when
COVID-19 disrupted traffic across the English Channel, although
they remain slightly below imports from the rest of the world.
Before 2021, Britain almost always sourced most of its imports
from the EU. (Reuters)
 Japan's households, firms keep saving on prolonged impact
of pandemic – Japan's currency in circulation and bank deposits
hit a record high for the fourth straight month in June, data
showed on Friday, as households and companies continued to
pile up savings on uncertainty over the economic fallout from the
COVID-19 pandemic. The data highlights how Japan is lagging
other major economies in emerging from the pandemic's blow,
with the government's declaration of fresh state of emergency
curbs in Tokyo expected to hurt already weak consumption.
Japan's M3 money stock - or currency in circulation and deposits
at financial institutions - rose 5.2% in June from a year earlier to
a record 1.52 quadrillion yen ($13.84 trillion), Bank of Japan data
showed. The increase followed a 6.8% gain in May and was the
slowest pace since May last year, the data showed. The
slowdown was largely due to the base effect of sharp rises last
year, when the initial hit from the pandemic forced companies to
hoard cash. Bank deposits were up 9.3% in June from a year
earlier, marking the slowest pace of increase since April last year,
though the total balance - at 863.5 trillion yen - was the second
highest on record, the data showed. (Reuters)
 China frees up $154bn for banks to underpin economic
recovery – China will cut the amount of cash that banks must
hold as reserves, releasing around 1 trillion yuan ($154.19bn) in
long-term liquidity to underpin its post-COVID economic recovery
that is starting to lose momentum. The People’s Bank of China
(PBOC) said on its website it would cut the reserve requirement
ratio (RRR) for all banks by 50 basis points (bps), effective from
July 15. The world’s second-largest economy has largely
rebounded to its pre-pandemic growth levels, driven by a
surprisingly resilient export sector. But growth is losing steam and
smaller firms are bearing the brunt of a recent surge in raw
material prices. Many analysts believe pent-up COVID demand
has now peaked and that growth rates will start to moderate in
the second half of the year, weighed down by weakening exports,
surging producer price inflation and Beijing’s continued
crackdown on the property market. (Reuters)
 China June new bank loans, broad credit growth surge past
expectations – China’s new bank loans rose more than expected
in June from the previous month, while broad credit growth also
picked up substantially, as the central bank seeks to shore up
slowing growth in the world’s second biggest economy. Chinese
banks extended 2.12tn Yuan ($327bn) in new yuan loans in June,
up from 1.5tn Yuan the previous month, data from the People’s
Bank of China showed on Friday. Analysts polled by Reuters had
predicted new yuan loans would rise to 1.8tn Yuan in June. The
Chinese economy has largely rebounded to its pre-pandemic
growth levels, driven by the surprisingly resilient export sector.
However, smaller firms are bearing the brunt of the recent surge
in raw material prices, as they struggle to pass on increased costs

6. Page 6 of 7
to consumers. To help small firms coping with rising costs, the
PBOC on Friday also announced a new cut in the amount of cash
that banks must hold as reserves, the first such move since April
last year when the economy was still badly affected by the
coronavirus crisis. Loans to households rose to 868.5bn yuan in
June from 623.2bn Yuan in May, while corporate loans surged to
1.46tn Yuan from 805.7bn Yuan in May. In June, total social
financing (TSF), a broad measure of credit and liquidity in the
economy, rose to 3.67tn Yuan from 1.92tn Yuan in May and
substantially higher than analysts’ forecasts of 2.87tn Yuan.
(Reuters)
Regional
 IMF sees Saudi growth at 2.4% this year with non-oil sector
leading rebound – The IMF said on Thursday Saudi Arabia's
economy is recovering well from the COVID-19 pandemic and the
fund expected the non-oil economy to grow by 4.3% this year,
with overall GDP growth seen at 2.4%. Real oil GDP is expected
to shrink by 0.4%, the IMF said in a statement, as production is
assumed to stay in line with an agreement between the OPEC,
Russia and allies, known as OPEC+. Saudi Arabia, the world's
biggest crude exporter, was pummeled by the double blow of last
year's historic oil price crash and the COVID-19 pandemic's
impact, though the economy showed signs of improvement from
late in the year. Investment by the Kingdom's sovereign wealth
fund, the Public Investment Fund, is expected to offset
government fiscal consolidation's drag on growth, the IMF said.
PIF's investments are a central part of the country's economic
development program Vision 2030, which aims to wean the
economy off oil. (Reuters)
 ACWA to invest $16bn in new projects this year – Saudi
renewable energy company ACWA Power will invest $16bn in
new projects around the world in 2021, Arab News reported, citing
the Chief Portfolio Management and interim Chief Investment
Officer Rajit Nanda. Four projects have already closed this year,
a couple of them will close in the next 30 days. ACWA is looking
at opportunities in Africa such as Senegal and Tunisia, and at
markets in Central Asia and parts of Southeast Asia, such as
Vietnam, Indonesia and Bangladesh. (Bloomberg)
 Private Department of Skeikh Mohamed Bin Khalid Al
Nahyan abandons bond sale – The Private Department of
Skeikh Mohamed Bin Khalid Al Nahyan has decided not to
proceed with the offering and will revisit at an appropriate time,
subject to market conditions, according to sources. (Bloomberg)
 Dubai's Ruler launches with big tech companies a national
program for coders – Dubai's Ruler, Sheikh Mohammed bin
Rashid al-Maktoum, on Saturday launched a national program for
coders that aims to establish 1,000 tech companies and increase
start-up investments from AED1.5bn to AED4bn. The program,
which is in cooperation with Google, Microsoft, Amazon AWS,
Cisco, IBM, HPE, LinkedIn, Nvidia, and Facebook, is aimed at
training 100,000 coders and establish tech companies that will go
global. "The new program represents a new step towards
establishing our digital economy. The world is rapidly changing
and the fast-growing digital economy will create new types of
jobs," he said. (Reuters)
 Mubadala's Yahsat IPO set to raise AED2.68bn after final
pricing – The IPO of Yahsat, the satellite company of Abu Dhabi
state investor Mubadala, is set to raise AED2.68bn after the deal
was priced around the middle of an indicative price range. Al Yah
Satellite Communications Co (Yahsat) priced its IPO at AED2.75,
against an earlier indicative price range of AED2.55-3.05 a share,
it said in a statement. This is the first major IPO on the Abu Dhabi
bourse since Abu Dhabi National Oil Co Distribution was listed in
2017. Mubadala is selling a 40% stake in the deal, giving Yahsat
a market capitalization of AED6.7bn. The Emirates Investment
Authority has exercised its preferential right to subscribe 5% of
the final offer size. The deal garnered strong demand for the IPO
at the middle of the indicative price range, Reuters reported on
Thursday, citing three sources familiar with the deal. (Reuters)
 Japanese firms, ADNOC to explore feasibility of ammonia
production in UAE – Japan's Inpex Corp, JERA, and Japan Oil,
Gas and Metals National Corp (JOGMEC) said on Thursday they
had agreed with Abu Dhabi National Oil Company (ADNOC) to
explore the feasibility of producing ammonia in the United Arab
Emirates (UAE). Inpex, Japan's biggest oil and gas company,
JERA, Japan's biggest power generator, and state-run JOGMEC
will work with ADNOC to study the commercial potential of
producing and transporting ammonia to Japan, they said in a
statement. Ammonia is used for fertilizer and industrial materials
but is also seen as an effective future energy source, along with
hydrogen. It does not emit carbon dioxide when burned, but its
production produces emissions if it is made with fossil fuel. The
four companies plan to explore the feasibility of producing
ammonia with a reduced carbon footprint from natural gas-
derived hydrogen, with most of the CO2 emitted from the
production of ammonia to be sequestered and utilized in
enhanced oil recovery operations at Abu Dhabi onshore oil fields.
They aim to complete the joint study by November, a JERA
spokesman said. (Reuters)
 Abu Dhabi takes stake in EdgePoint Infrastructure, commits
up to $500mn – A subsidiary of the Abu Dhabi Investment
Authority (ADIA) has acquired a significant minority stake in
southeast Asia-focused digital infrastructure platform EdgePoint
Infrastructure, ADIA said. "ADIA has committed up to $500mn to
invest in EdgePoint and to support the future growth of the
platform, which is expected to include both acquisitions and the
development of new towers," ADIA said, without disclosing the
size of the stake. EdgePoint focuses on developing, acquiring and
operating telecommunication towers, distributed antenna
systems and related infrastructure in Southeast Asia, the
statement said. EdgePoint was formed by DigitalBridge Group,
Inc. It has secured more than 10,000 sites across Indonesia and
Malaysia and is looking at further growth opportunities in markets
across Asia-Pacific. (Reuters)
 Sohar International Bank plans OMR50mn Rights Issue –
Sohar International Bank plans OMR50mn Rights Issue as a
response to the increased international and regional focus o
enhanced regulatory capital requirements as a result of the Basel
III regime to further strengthen the quality of the capital base of
the bank to be in line with the best global practices. (Bloomberg)
 Ominvest gets approval to raise stake in Bank Muscat by up
to 5% – Bank Muscat says Oman International Development and
Investment Co., also known as Ominvest, received the Central
Bank’s approval to acquire additional shareholding of up to 5%.
Ominvest to make additional stake purchase “through the market
in a time-bound manner depending on the market conditions.”
(Bloomberg)
 GFH buys $100mn student housing portfolio in the US –
Bahrain’s GFH Financial Group has signed an agreement to
acquire a $100mn US-based student housing portfolio in
partnership with specialist asset manager Student Quarters. The
portfolio includes buildings and facilities near the University of
Arkansas, Florida State University and the University of
Tennessee. The deal is GFH’s first in partnership with Atlanta-
based Student Quarters. “Given the increasing pace at which the
US economy is recovering, with the vaccination drive successfully
implemented, the prospects for the student housing sector have
a positive outlook,” GFH said. (Bloomberg)

7. Contacts
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
info@qnbfs.com.qa
Doha, Qatar
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Mehmet Aksoy, PhD
Head of Research Senior Research Analyst Senior Research Analyst
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa mehmet.aksoy@qnbfs.com.qa
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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.
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
Jun-17 Jun-18 Jun-19 Jun-20 Jun-21
QSE Index S&PPan Arab S&PGCC
(1.2%)
(0.2%) (0.3%) (0.2%)
0.3%
(0.1%) (0.1%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
Saudi
Arabia
Qatar
Kuwait
Bahrain
Oman
Abu
Dhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,808.32 0.3 1.2 (4.7) MSCI World Index 3,053.12 1.0 0.2 13.5
Silver/Ounce 26.10 0.7 (1.4) (1.1) DJ Industrial 34,870.16 1.3 0.2 13.9
Crude Oil (Brent)/Barrel (FM Future) 75.55 1.9 (0.8) 45.8 S&P 500 4,369.55 1.1 0.4 16.3
Crude Oil (WTI)/Barrel (FM Future) 74.56 2.2 (0.8) 53.7 NASDAQ 100 14,701.92 1.0 0.4 14.1
Natural Gas (Henry Hub)/MMBtu 3.71 5.4 2.0 55.2 STOXX 600 457.67 1.5 0.4 11.3
LPG Propane (Arab Gulf)/Ton 110.63 1.8 (1.0) 47.0 DAX 15,687.93 1.9 0.4 10.4
LPG Butane (Arab Gulf)/Ton 123.00 1.4 (0.6) 77.0 FTSE 100 7,121.88 1.9 0.4 11.9
Euro 1.19 0.3 0.1 (2.8) CAC 40 6,529.42 2.3 (0.2) 14.2
Yen 110.14 0.4 (0.8) 6.7 Nikkei 27,940.42 (1.0) (2.0) (4.6)
GBP 1.39 0.8 0.6 1.7 MSCI EM 1,318.18 0.1 (2.7) 2.1
CHF 1.09 0.1 0.8 (3.2) SHANGHAI SE Composite 3,524.09 0.1 0.1 2.2
AUD 0.75 0.8 (0.5) (2.7) HANG SENG 27,344.54 0.7 (3.4) 0.2
USD Index 92.13 (0.3) (0.1) 2.4 BSE SENSEX 52,386.19 (0.0) (0.2) 7.5
RUB 74.35 (0.6) 1.5 (0.1) Bovespa 125,427.80 - (5.1) 4.0
BRL 0.19 0.0 (3.8) (1.2) RTS 1,635.04 0.5 (1.5) 17.8
143.0
136.6
109.1