The QSE Index rose 0.2% to close at 9,340.7

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.2% to close at 9,340.7. The Banks & Financial Services gained
0.6%, while the other indices ended in the red. Top gainers were Islamic Holding
Group and Gulf Warehousing Company, rising 3.6% and 2.1%, respectively. Among
the top losers, Aamal Company fell 2.6%, while Mannai Corporation was down 1.0%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 8,405.1. Gains were led by the
Media and Food & Staples Retailing indices, rising 4.2% and 3.5%, respectively.
Saudi Industrial Export Co. rose 10.0%, while Saudi Real Estate Co. was up 9.9%.
Dubai: The DFM General Index gained 0.6% to close at 2,900.2. The Insurance index
rose 2.8%, while the Consumer Staples and Discretionary index gained 1.6%. Dar Al
Takaful rose 14.9%, while Al Salam Sudan was up 12.3%.
Abu Dhabi: The ADX General Index rose 0.2% to close at 4,696.2. The Energy index
gained 2.0%, while the Industrial index rose 0.6%. Methaq Takaful Insurance Co.
gained 6.5%, while Sudan Telecommunication Co. was up 3.9%.
Kuwait: The Kuwait Main Market Index fell 0.2% to close at 4,965.1. The Consumer
Services index declined 1.9%, while the Telecom. index fell 1.3%. Al Masaken Int.
Real Estate Dev. Co. fell 10.3%, while Al Mudon Int. Real Estate Co. was down 9.3%.
Oman: The MSM 30 Index rose 0.4% to close at 4,456.8. Gains were led by the
Financial and Services indices, rising 0.7% and 0.1%, respectively. Construction
Materials Ind. rose 20.0%, while Al Madina Investment was up 6.8%.
Bahrain: The BHB Index gained 0.1% to close at 1,343.8. The Commercial Banks
index rose 0.5%, while the Services index gained 0.2%. Bahrain Duty Free Complex
rose 2.1%, while Ahli United Bank was up 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 29.00 3.6 11.2 (22.7)
Gulf Warehousing Company 42.90 2.1 73.0 (2.5)
Dlala Brokerage & Inv. Holding Co. 15.87 1.7 602.2 8.0
Al Khaleej Takaful Insurance Co. 11.10 1.6 1.1 (16.2)
Qatar Islamic Bank 121.35 1.4 0.8 25.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Company Ltd. 15.91 (0.5) 952.4 (1.2)
Vodafone Qatar 9.08 (0.2) 923.4 13.2
Dlala Brokerage & Inv. Holding Co. 15.87 1.7 602.2 8.0
Qatar Insurance Company 34.40 (0.3) 322.9 (23.9)
Masraf Al Rayan 35.95 0.4 315.6 (4.8)
Market Indicators 15 July 18 12 July 18 %Chg.
Value Traded (QR mn) 109.3 162.4 (32.7)
Exch. Market Cap. (QR mn) 509,150.7 508,296.6 0.2
Volume (mn) 4.8 7.7 (37.7)
Number of Transactions 1,818 2,926 (37.9)
Companies Traded 41 41 0.0
Market Breadth 17:20 12:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,457.26 0.2 0.2 15.1 13.8
All Share Index 2,694.87 0.1 0.1 9.9 14.0
Banks 3,266.22 0.6 0.6 21.8 13.1
Industrials 3,008.14 (0.2) (0.2) 14.8 15.8
Transportation 1,952.02 (0.2) (0.2) 10.4 12.2
Real Estate 1,607.01 (0.5) (0.5) (16.1) 14.0
Insurance 3,001.18 (0.1) (0.1) (13.8) 25.5
Telecoms 1,027.97 (0.5) (0.5) (6.4) 30.8
Consumer 6,218.49 (0.5) (0.5) 25.3 13.5
Al Rayan Islamic Index 3,720.64 0.2 0.2 8.7 15.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Kingdom Holding Co. Saudi Arabia 9.26 4.6 1,609.2 3.6
HSBC Bank Oman Oman 0.12 4.5 1,540.0 (8.6)
Bank Al-Jazira Saudi Arabia 15.30 2.7 10,697.8 31.9
Etihad Etisalat Co. Saudi Arabia 19.68 2.4 2,551.1 32.7
Arab National Bank Saudi Arabia 33.80 2.3 33.0 36.8
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Mabanee Co. Kuwait 0.65 (2.7) 204.7 (3.2)
VIVA Kuwait Telecom Co. Kuwait 0.71 (2.2) 37.2 (11.0)
Agility Public Ware. Co. Kuwait 0.83 (1.5) 1,031.8 18.6
National Mobile Telecom. Kuwait 0.84 (1.5) 7.2 (22.7)
Kuwait Finance House Kuwait 0.62 (1.4) 9,812.3 17.4
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%
Aamal Company 9.50 (2.6) 4.3 9.4
Mannai Corporation 49.50 (1.0) 3.5 (16.8)
Ezdan Holding Group 8.08 (1.0) 156.0 (33.1)
Qatar Oman Investment Co. 6.20 (1.0) 3.4 (21.5)
Widam Food Company 63.45 (0.8) 2.4 1.5
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Gas Transport Co. Ltd. 15.91 (0.5) 15,276.0 (1.2)
Masraf Al Rayan 35.95 0.4 11,343.7 (4.8)
Qatar Insurance Company 34.40 (0.3) 11,146.3 (23.9)
Qatar Fuel Company 144.80 (0.7) 10,878.5 41.9
Dlala Brokerage & Inv. Holding 15.87 1.7 9,758.2 8.0
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* 9,340.69 0.2 0.2 3.5 9.6 30.06 139,863.7 13.8 1.4 4.7
Dubai 2,900.16 0.6 0.6 2.8 (13.9) 31.58 102,818.3 9.3 1.1 5.8
Abu Dhabi 4,696.20 0.2 0.2 3.0 6.8 23.72 129,149.5 12.6 1.4 5.1
Saudi Arabia 8,405.09 0.5 0.5 1.1 16.3 702.46 532,405.8 19.1 1.9 3.2
Kuwait 4,965.12 (0.2) (0.2) 2.1 2.8 74.42 34,280.6 15.4 0.9 4.0
Oman 4,456.76 0.4 0.4 (2.5) (12.6) 4.38 18,864.4 11.0 1.0 5.5
Bahrain 1,343.84 0.1 0.1 2.5 0.9 5.83 20,587.2 8.8 0.9 6.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,300
9,310
9,320
9,330
9,340
9,350
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 QSE Index rose 0.2% to close at 9,340.7. The gain was attributed to
Banks & Financial Services index. The index rose on the back of buying
support from Qatari shareholders despite selling pressure from GCC and
non-Qatari shareholders.
 Islamic Holding Group and Gulf Warehousing Company were the top
gainers, rising 3.6% and 2.1%, respectively. Among the top losers,
Aamal Company fell 2.6%, while Mannai Corporation was down 1.0%.
 Volume of shares traded on Sunday fell by 37.7% to 4.8mn from 7.7mn
on Thursday. Further, as compared to the 30-day moving average of
10.7mn, volume for the day was 54.8% lower. Qatar Gas Transport
Company Limited and Vodafone Qatar were the most active stocks,
contributing 19.8% and 19.2% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2018
% Change
YoY
Operating Profit
(mn) 2Q2018
% Change
YoY
Net Profit
(mn) 2Q2018
% Change
YoY
Arriyadh Development Co. Saudi Arabia SR – – 44.5 -12.4% 44.6 -3.0%
Mobile Telecommunication
Company Saudi Arabia
Saudi Arabia SR – – 179.0 -23.8% -38.0 N/A
Dhofar Beverages Food Stuff* Oman OMR 2.2 6.1% – – -0.1 N/A
National Mineral Water* Oman OMR 3.9 3.5% – – 0.2 N/A
Oman and Emirates Inv. Holding* Oman OMR 3.5 253.6% – – 1.5 N/A
Global Financial Investment Oman OMR 9.2 9.2% – – 1.2 301.2%
Ooredoo Oman OMR 71.1 5.8% – – 9.6 41.2%
Almaha Petroleum Products Mar.* Oman OMR 234.3 13.3% – – 3.0 10.4%
United Power* Oman OMR 2.1 9.3% – – 0.1 -58.6%
Oman Investment and Finance* Oman OMR 10.3 -3.5% – – 0.9 -34.9%
Oman National Engine. Invt. Oman OMR 20.3 -21.6% – – 0.6 -50.7%
Vision Insurance Oman OMR 13.9 18.4% – – 1.2 13.5%
Oman Chlorine* Oman OMR 6.1 77.7% 1.2 77.0% 0.7 12.5%
Salalah Mills* Oman OMR 25.5 -17.8% – – 1.5 -36.0%
Oman Qatar Insurance* Oman OMR 18.1 35.7% – – 0.8 -31.8%
Sweets of Oman* Oman OMR 6.2 -8.6% – – -0.4 N/A
Dhofar Insurance Oman OMR 20.6 -25.3% – – 0.7 N/A
Oman Flour Mills** Oman OMR 87.4 0.9% – – 12.6 -14.0%
Al Anwar Holding Oman OMR – – – – 0.1 -74.3%
Abrasives Manufacturing#
Oman OMR 32.9 358.8% – – -107.5 -4.0%
Construction Materials Ind. Oman OMR 1.8 20.9% – – 0.1 N/A
Oman United Insurance* Oman OMR 21.1 -1.7% – – 1.9 -16.7%
Al Ahlia Insurance* Oman OMR 15.2 0.6% – – 2.8 7.6%
Acwa Power Barka* Oman OMR 33.9 -0.8% – – 5.2 103.4%
Nat. Pharmaceutical Ind. Oman OMR 7.5 7.2% – – 0.7 18.4%
National Aluminium Products Oman OMR 24.1 53.1% – – 0.7 N/A
Raysut Cement* Oman OMR 42.8 14.5% 2.2 -64.4% 0.7 -84.8%
Salalah Beach Resort* Oman OMR 0.8 -38.4% – – -0.3 N/A
Al Madina Takaful Oman OMR – – – – 1.2 N/A
Takaful Oman Insurance* Oman OMR – – – – 1.2 8.0%
Phoenix Power* Oman OMR 61.5 -1.0% 17.9 5.0% 6.4 58.8%
Arabia Falcon Insurance Oman OMR 9.3 6.7% – – 0.3 149.6%
Al Jazeera Steel Products* Oman OMR 63.1 36.5% – – 2.6 23.4%
Majan Glass Oman OMR 3.6 -4.7% – – -0.9 N/A
Taageer Finance* Oman OMR 7.5 3.3% – – 1.2 -43.1%
Muscat Thread Mills* Oman OMR 1.5 10.5% – – 30.0 -36.0%
Shell Oman Marketing* Oman OMR 256.1 13.4% – – 5.9 -9.6%
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 63.63% 57.80% 6,373,978.00
Qatari Institutions 18.53% 12.20% 6,913,378.44
Qatari 82.16% 70.00% 13,287,356.44
GCC Individuals 0.64% 0.43% 236,911.49
GCC Institutions 0.36% 8.77% (9,190,278.96)
GCC 1.00% 9.20% (8,953,367.47)
Non-Qatari Individuals 9.61% 8.29% 1,451,402.58
Non-Qatari Institutions 7.23% 12.52% (5,785,391.55)
Non-Qatari 16.84% 20.81% (4,333,988.97)

3. Page 3 of 7
Gulf Stones* Oman OMR 1.7 -5.7% – – 0.1 N/A
Almaha Ceramics* Oman OMR 4.3 -7.7% – – 0.6 -30.5%
Al Fajar Al Alamia** Oman OMR 21.2 18.1% 1.8 1,555.9% 1.6 N/A
United Finance* Oman OMR 5.1 -9.9% – – 0.3 -75.8%
Al Omaniya Financial Ser.* Oman OMR 8.8 -10.0% – – 2.0 -24.2%
Muscat Insurance* Oman OMR 12.0 7.1% – – 0.7 -3.4%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for 1H2018; **Financials for FY2017-18;
#
Values in ‘000)
Earnings Calendar
Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status
MARK Masraf Al Rayan 16-Jul-18 0 Due
WDAM Widam Food Company 17-Jul-18 1 Due
ERES Ezdan Holding Group 17-Jul-18 1 Due
QEWS Qatar Electricity & Water Company 18-Jul-18 2 Due
UDCD United Development Company 18-Jul-18 2 Due
CBQK The Commercial Bank 18-Jul-18 2 Due
QIIK Qatar International Islamic Bank 18-Jul-18 2 Due
GWCS Gulf Warehousing Company 19-Jul-18 3 Due
IHGS Islamic Holding Group 19-Jul-18 3 Due
KCBK Al Khalij Commercial Bank 19-Jul-18 3 Due
ABQK Ahli Bank 19-Jul-18 3 Due
DHBK Doha Bank 19-Jul-18 3 Due
QIGD Qatari Investors Group 23-Jul-18 7 Due
QNCD Qatar National Cement Company 23-Jul-18 7 Due
QATI Qatar Insurance Company 24-Jul-18 8 Due
VFQS Vodafone Qatar 24-Jul-18 8 Due
BRES Barwa Real Estate Company 24-Jul-18 8 Due
QOIS Qatar Oman Investment Company 25-Jul-18 9 Due
DBIS Dlala Brokerage & Investment Holding Company 25-Jul-18 9 Due
QIMD Qatar Industrial Manufacturing Company 26-Jul-18 10 Due
NLCS Alijarah Holding 26-Jul-18 10 Due
ORDS Ooredoo 29-Jul-18 13 Due
QNNS Qatar Navigation (Milaha) 30-Jul-18 14 Due
QFLS Qatar Fuel Company 30-Jul-18 14 Due
QFBQ Qatar First Bank 30-Jul-18 14 Due
AHCS Aamal Company 30-Jul-18 14 Due
QISI Qatar Islamic Insurance Company 30-Jul-18 14 Due
AKHI Al Khaleej Takaful Insurance Company 30-Jul-18 14 Due
QGRI Qatar General Insurance & Reinsurance Company 31-Jul-18 15 Due
SIIS Salam International Investment Limited 31-Jul-18 15 Due
DOHI Doha Insurance Group 31-Jul-18 15 Due
MCCS Mannai Corporation 2-Aug-18 17 Due
Source: QSE
News
Qatar
 QIBK’s bottom line rises 14.8% YoY and 12% QoQ in 2Q2018,
beating our estimate – Qatar Islamic Bank’s (QIBK) net profit
rose 14.8% YoY (+12% QoQ) to QR700.08mn in 2Q2018, beating
our estimate of QR630.12mn (variation of +11.1%). Total net
income from financing and investing activities increased 5.1%
YoY and 6.7% QoQ in 2Q2018 to QR1,537.01mn. The company’s
total income came in at QR1,731.55mn in 2Q2018, which
represents an increase of 4.9% YoY (+5.8% QoQ). The bank’s
total assets stood at QR152.46bn at the end of June 30, 2018, up
3.8% YoY (+0.4% QoQ). Financing assets were QR100.26bn,
declining 8.6% YoY (-4.2% QoQ) and customer deposits of the
bank stand at QR98.9bn at the end of June 30, 2018. On YoY
basis customers’ current accounts fell 6.6% to reach QR18.24bn
at the end of June 30, 2018. However, customers’ current
accounts rose 4.6% QoQ. EPS amounted to QR2.96 in 2Q2018 as
compared to QR2.58 in 2Q2017 and QR2.65 in 1Q2018. In
1H2018, net profit attributable to the shareholders of the bank
amounted to QR1,325.3mn representing a growth of 13.8% for
the same period in 2017. Total income for the six months’ period
was QR3,368mn registering 7% growth compared to
QR3,146mn for the same period in 2017. Total net income from
financing and investing activities has grown by 6.8% to reach
QR2,977mn at the end of the six months’ period compared to
QR2,788mn for the same period in 2017, reflecting a healthy
growth in the bank’s core operating activities. QIBK was able to
maintain the ratio of non-performing financing assets to total
financing assets at 1.1% reflecting the quality of the bank’s

4. Page 4 of 7
financing assets portfolio and its effective risk management
framework. QIBK continues to pursue the conservative
impairment provisioning policy with the coverage ratio for non-
performing financing assets at 121.2% as of June 2018. Total
shareholders’ equity of the bank has reached QR14.5bn. Total
capital adequacy of the bank under Basel III guidelines is 17.5%
as of June 2018, higher than the minimum regulatory
requirements prescribed by Qatar Central Bank and Basel
Committee. In June 2018, Fitch Ratings affirmed Qatar Islamic
Bank at ‘A’ with a ‘Stable’ outlook and Moody’s Investors
Service affirmed long term deposit ratings to QIBK at ‘A1’. In
April 2018 Standard & Poor’s affirmed the bank’s credit rating
at ‘A-’ and Capital Intelligence Ratings has affirmed the bank’s
Financial Strength Rating (FSR) of ‘A’. (QNBFS Research, QSE)
 QIIK changes the date of disclosure of its interim financial
results for the period ended June 30, 2018 – Qatar International
Islamic Bank (QIIK) decided to change the date of disclosure of
its interim financial results for the period ended June 30, 2018 to
be on July 18, 2018 instead of July 19, 2018. (QSE)
 Qatar’s CPI edges up in June – Qatar’s cost of living, based on
consumer prices index (CPI), expanded 0.4% in May 2018
compared to the previous month, owing to higher expenses,
particularly towards transportation, food, clothing, recreation
and furniture. The CPI inflation was up 0.1% YoY in June this
year as the country witnessed price increase in the seven
sectors, according to the Ministry of Development Planning and
Statistics. Transport, which has 14.59% weightage, saw its
group index vault 7.2% YoY and 1.1% on a monthly basis. The
sector has the direct linkage to the dismantling of administered
prices in petrol and diesel, which have witnessed sustained
increase in the recent past as part of lessening the subsidies.
Food and beverages, which has a weightage of 12.58% in the
CPI basket, witnessed 0.7% increase in its group index on a
monthly basis, although it was unchanged on a yearly basis.
(Gulf-Times.com)
 Around 200 companies to join ‘Made in Qatar’ 2018 exhibition
in Oman – Around 200 companies will participate in this year’s
‘Made in Qatar’ exhibition slated from November 5 to 9 in
Muscat, Oman, according to Qatar Chamber’s Vice-Chairman,
Mohamed Bin Towar Al Kuwari. Al Kuwari said this year’s
edition of ‘Made in Qatar’ aims to open new channels between
Qatari and Omani companies, and to exchange experiences in
the industrial sector. The exhibition, which is organized in
cooperation with the Ministry of Energy and Industry and Qatar
Development Bank (QDB), also aims to introduce high-quality
Qatari products to the Omani market and to enable small and
large companies to tap new foreign markets. Al Kuwari
underscored the previous ‘Made in Qatar’ editions, saying last
year’s exhibition attracted 320 Qatari companies and factories,
as well as 140 owners of handicraft businesses. (Gulf-
Times.com)
 Ministry of Economy to host workshop on dispute settlement –
The Ministry of Economy and Commerce in cooperation with
the World Trade Organization (WTO), is organizing a workshop
on the dispute settlement mechanism, as part of the ministry’s
efforts aimed at building the capacity of Jurists, economists and
workers in the field of international cooperation and
international agreements in the state, and developing their
skills for international trade, trade negotiations and the dispute
settlement mechanism within the WTO. The aim of the
workshop is to prepare and qualify these jurists and economists
technically to understand all aspects of the WTO dispute
settlement mechanism, so that participants can then contribute
to the provision of specialized services in this field to all
stakeholders from the public and private sectors, QNA reported.
(Peninsula Qatar)
 Lusail Plaza towers to be completed on schedule – Lusail Plaza
towers, the upcoming iconic towers in the heart of Lusail City,
are expected to be completed on schedule. The developmental
works on the massive infrastructure project, including the four
mega towers, considered as one of the most challenging
projects in the country, is fast progressing. The heart of the
smart city project comprises of six large infrastructure projects,
including four multi-storey towers, is surrounded by other
ongoing projects as well as the other districts of the city that
are already inhabited. (Peninsula Qatar)
International
 China’s June industrial output weaker; investment in line with
expectations – China’s industrial output grew 6.0% in June from
a year earlier, missing expectations, while fixed-asset
investment growth slowed to 6.0% in the first half of the year,
in line with forecasts, data showed. Analysts polled by Reuters
had predicted industrial output growth would slow to 6.5%
from 6.8% in May, and fixed-asset investment to cool to 6.0% in
the first half from 6.1% in January-May. Private sector fixed-
asset investment rose 8.4% in January-June, compared with an
increase of 8.1% in the first five months. (Reuters)
 China’s second-quarter GDP growth cools as factory output
weakens, trade row flares – China’s economic growth slowed as
expected in the second quarter as the government’s efforts to
tackle debt risks crimp activity and an intensifying trade war
with the US threatens to knock exports. The economy grew
6.7% in the second quarter from a year earlier, cooling slightly
from the first quarter, the National Bureau of Statistics stated.
Activity data for June also indicated slowing momentum,
backing views that growth is cooling, with some analysts
calling for the government to take stronger measures to support
the economy. Further, China’s property investment posted its
weakest growth in six months in June as developers faced fresh
curbs and tighter funding conditions, in a sign one of the
economy’s key drivers was losing steam. Growth in real estate
investment, which mainly focuses on residential but also
includes commercial and office space, cooled to 8.4% in June
YoY, compared with 9.8% rise in May, according to Reuters
calculations based on data from the National Bureau of
Statistics. (Reuters)
 China to invest $3bn in Nigerian oil operations – China National
Offshore Oil Corporation (CNOOC) is willing to invest $3bn in
its existing oil and gas operation in Nigeria, according to
Nigerian National Petroleum Corporation (NNPC). China based
oil company had invested more than $14bn in its Nigerian
operations and expressed readiness to invest more. CNOOC’s
CEO, Yuan Guangyu said that Nigeria was their largest
investment destination and also asked the NNPC to seek
common grounds with CNOOC for enhanced productivity.
Nigeria has been holding talks with oil majors over new finance

5. Page 5 of 7
agreements for joint ventures since last year. NNPC last year
signed financing agreements with Chevron and Shell worth at
least $780mn to boost crude production and reserves. Other
western oil companies, including ExxonMobil operate in Nigeria
through joint ventures with NNPC. (Peninsula Qatar)
Regional
 Saudi Arabia boosts Fintech drive with the UAE and Bahrain
talks – Saudi Arabia is discussing a coordinated approach to the
regulation and nurturing of Fintech startups with the UAE and
Bahrain. Such discussions form part of the Kingdom’s attempts
to boost its nascent Fintech ecosystem and to encourage the
increased adoption of technology by incumbent lenders. The
acting Head of Fintech, the division of the central bank of Saudi
Arabia, Mishari Al-Assailan said that Discussions with central
banks in the UAE and Bahrain would help to coordinate the
Fintech activities of financial centers around the GCC, all of
whom are seeking to attract international and domestic
entrepreneurs. (GulfBase.com)
 Bankruptcy reforms to spur Saudi Arabian investment – Saudi
Arabia will introduce its first comprehensive bankruptcy law on
August 18 in a move designed to encourage foreign and
domestic investment in private business, experts said. The
move is also seen as providing a boost for competitiveness and
jobs, and to help pave the way for the transfer of knowledge
and skills as part of a drive to modernize the economy. Based on
internationally recognized insolvency standards, the new rules
have been drawn up to offer protection to creditors such as
banks, as well as stricken companies that seek to wind up their
affairs in an orderly manner, thereby shielding themselves from
arbitrary seizure of their assets. (GulfBase.com)
 Al Rajhi Bank announces the distribution of dividend – The
Board of Directors of Al Rajhi Bank recommended the
distribution of dividend to the shareholders for 1H2018. The
dividends will cover the total number of 1.6bn outstanding
shares. Dividend per share is SR2, which represents 20% of the
face value. (Tadawul)
 The UAE, South Africa non-oil trade hits $3.2bn – Foreign non-
oil trade between the UAE and South Africa saw a marked
increase of 23% in 2017 to $3.2bn from $2.6bn in 2016 boosted
by UAE’s re-exports to South Africa which also increased its
exports to the UAE. During the first five months of 2018, non-
oil trade between the two countries rose slightly to $1.2bn from
$1.1bn for the corresponding period last year. (GulfBase.com)
 Trade between the UAE and China grew 15.1% YoY in 2017 –
The UAE’s trade with China has grown substantially since
2015. The value of trade between the UAE and China in 2017
grew 15.1% over 2016, according to the UAE’s Ministry of
Economy. The UAE also plays a vital role as a distribution point
for 60% of Chinese exports to the region, according to sources.
(GulfBase.com)
 Sharjah Airport handles 5.731mn passengers – Sharjah Airport
announced that it registered a growth of 4.34% in passenger
movement during 1H2018, with the number of its users
increasing to more than 5.731mn passengers, compared with
5.493mn passengers in 1H2017. The increase is a result of new
expanded service offerings for both passengers and airlines, as
well as the expansion of air carriers operating out of the airport,
making Shajrah Airport one of the most important transit
terminals in the UAE region. (GulfBase.com)
 DLD cooperates with Dubai Properties to support the Emirate’s
real estate sector – Dubai Land Department (DLD) announced a
strategic partnership with Dubai Properties, a member of Dubai
Holding, to promote Dubai’s real estate sector. Director General
of DLD, Sultan Butti Bin Mejren said, “We are striving to attract
more partners to support our projects and initiatives, which aim
to achieve a qualitative leap in the real estate sector. These
initiatives include the ‘Real Estate Self Transaction (REST)’,
which is the first digitized real estate market in Dubai that
allows investors to conduct real estate transactions with
multiple parties at any time and from anywhere in the world.
The new platform enables customers to manage their real
estate transactions digitally, eliminates paper documents and
reduces brokerage procedures, promoting Dubai’s position as
the preferred global destination for real estate investment.”
(GulfBase.com)
 Dubai Islamic Bank embarks on new growth phase, bets on
volume – Dubai Islamic Bank will be better positioned after the
rights issue to unlock growth opportunities in its domestic
market while meeting an increasing regulatory requirement, at
least in the near term, according to sources. The bank has
diversified its lending portfolio and refined underwriting
criteria which contributed favorably to credit quality, but it
may be challenging for the bank to sustain this trend while
expanding the loan book above the market. (Bloomberg)
 UNB’s net profit narrows to AED413.4mn in 2Q2018 – Union
National Bank (UNB) recorded net profit of AED413.4mn in
2Q2018 as compared to AED501.8mn in 2Q2017. Net interest
income came in at AED668.9mn as compared to AED600.1mn in
2Q2017. Operating income came in at AED885.1mn as
compared to AED922.7mn in 2Q2017. Total assets stood at
AED100.57bn at the end of June 30, 2018 as compared to
AED107.52bn at the end of December 31, 2017. Loans and
advances measured at amortized cost stood at AED67.32bn,
while customers’ deposits stood at AED70.28bn at the end of
June 30, 2018. EPS came in at AED0.15 in 2Q2018 as compared
to AED0.18 in 2Q2017. (ADX)
 SIB’s net profit rises to AED139.9mn in 2Q2018 – Sharjah
Islamic Bank (SIB) recorded net profit of AED139.9mn in
2Q2018 as compared to AED133.7mn in 2Q2017. Total Income
came in at AED413.6mn as compared to AED372.2mn in
2Q2017. Net operating income came in at AED269.4mn as
compared to AED242.2mn in 2Q2017. Total assets stood at
AED42.83bn at the end of June 30, 2018 as compared to
AED38.29bn at the end of December 31, 2017. Investment in
Islamic financing stood at AED22.59bn, while customers’
deposits stood at AED25.7bn at the end of June 30, 2018. EPS
came in at AED0.05 in 2Q2018 as compared to AED0.05 in
2Q2017. (ADX)
 HBMO posts 87.8% YoY rise in net profit to OMR15.4mn in
1H2018 – HSBC Bank Oman (HBMO) recorded net profit of
OMR15.4mn in 1H2018, an increase of 87.8% YoY. Operating
income rose 19.6% YoY to OMR42.8mn in 1H2018. Total assets
stood at OMR2.45bn at the end of June 30, 2018 as compared to
OMR2.37bn at the end of June 30, 2017. Net loans and advances
to customers stood at OMR1.4bn (5.0% YoY), while customers’

6. Page 6 of 7
deposits stood at OMR2.05bn (4.6% YoY) at the end of June 30,
2018. (MSM)
 BKMB posts 6.4% YoY rise in net profit to OMR89.7mn in
1H2018 – Bank Muscat (BKMB) recorded net profit of
OMR89.7mn in 1H2018, an increase of 6.4% YoY. Net interest
income and income from Islamic financing rose 5% YoY to
OMR144.9mn in 1H2018. Operating profit rose 5.3% YoY to
OMR123.4mn in 1H2018. Net loans and Islamic financing stood
at OMR8.54bn (5.6% YoY), while customer deposits and Islamic
deposits stood at OMR7.69bn (2.8% YoY) at the end of June 30,
2018. (MSM)
 BKSB's net profit rises to OMR14.0mn in 1H2018 – Bank Sohar
(BKSB) recorded net profit of OMR14.0mn in 1H2018 as
compared to OMR11.6mn in 1H2017. Operating profit came in
at OMR22.2mn as compared to OMR18.2mn in 1H2017.
Operating income came in at OMR41.4mn as compared to
OMR35.6mn in 1H2017. Total assets stood at OMR3.01bn at the
end of June 30, 2018 as compared to OMR2.67bn at the end of
June 30, 2017. Net loans and advances stood at OMR2.2bn,
while deposits from customers stood at OMR1.71bn at the end
of June 30, 2018. (MSM)
 BKDB posts 9.9% YoY rise in net profit to OMR24.9mn in
1H2018 – Bank Dhofar (BKDB) recorded net profit of
OMR24.9mn in 1H2018, an increase of 9.9% YoY. Profit from
operations fell 2.3% YoY to OMR32.2mn in 1H2017. Total assets
stood at OMR4.23bn at the end of June 30, 2018 as compared to
OMR3.98bn at the end of June 30, 2017. Net loans and advances
to customers stood at OMR3.13bn (0.4% YoY), while deposits
from customers stood at OMR3.12bn (4.8% YoY) at the end of
June 30, 2018. (MSM)
 BKIZ’s net profit rises to OMR0.9mn in 1H2018 – Alizz Islamic
Bank (BKIZ) recorded net profit of OMR0.9mn in 1H2018 as
compared to net loss of OMR2mn in 1H2017. Net operating
income rose 73.9% YoY to OMR9.2mn in 1H2018. Total assets
stood at OMR671.81bn at the end of June 30, 2018 as compared
to OMR537.8bn at the end of June 30, 2017. Financing
receivables stood at OMR540.24bn (39.6% YoY), while total
deposits stood at OMR577.9bn (35.9% YoY) at the end of June
30, 2018. (MSM)
 NBOB’s net profit falls 2.7% YoY to OMR25.4mn in 1H2018 –
National Bank of Oman (NBOB) recorded net profit of
OMR25.4mn in 1H2018, registering decrease of 2.7% YoY.
Operating Profit fell 5.4% YoY to OMR33.3mn in 1H2017. Total
assets stood at OMR3.45bn at the end of June 30, 2018 as
compared to OMR3.61bn at the end of June 30, 2017. Loans,
advances and financing activities for customers (net) stood at
OMR2.67bn (-4.1% YoY), while customers’ deposits and
unrestricted investment accounts stood at OMR2.49bn (-3.9%
YoY) at the end of June 30, 2018. (MSM)
 BKNZ posts 101% YoY rise in net profit to OMR2.6mn in
1H2018 – Bank Nizwa (BKNZ) recorded net profit of OMR2.6mn
in 1H2018, an increase of 101% YoY. Operating profit before
provision and tax rose 75% YoY to OMR4.4mn in 1H2018. Total
assets stood at OMR773.09mn at the end of June 30, 2018 as
compared to OMR613mn at the end of June 30, 2017. Financing
to customers stood at OMR638.97mn (32% YoY), while
customers’ deposits stood at OMR619.02mn (40% YoY) at the
end of June 30, 2018. (MSM)
 ABOB's net profit rises to OMR14.2mn in 1H2018 – Ahli Bank
(ABOB) recorded net profit of OMR14.2mn in 1H2018 as
compared to OMR12.4mn in 1H2017. Operating income came in
at OMR29.5mn as compared to OMR25.8mn in 1H2017. Total
assets stood at OMR2.13bn at the end of June 30, 2018 as
compared to OMR1.94bn at the end of June 30, 2017. Loans &
advances and Financing (net) stood at OMR1.81bn (+11.6%
YoY), while customers’ deposits stood at OMR1.51bn (+9.5%) at
the end of June 30, 2018. (MSM)
 Oman’s banking sector maintains steady growth – Oman’s
banking sector continues to grow at a reasonable rate and
maintained its success in meeting the credit needs of all
economic segments, with special emphasis on the small and
medium enterprise (SME) sector, which has resulted in support
for economic activities including diversification initiatives.
Central Bank of Oman (CBO) recently issued several regulatory
amendments to boost liquidity and credit and to create an
attractive business environment to spur economic growth. The
total outstanding credit extended by other depository
corporations grew by 7.7% to OMR24.1bn at the end of April
2018 compared with the previous year. Credit extended to the
private sector increased by 6.0% to OMR21.5bn at the end of
April, 45.5% of which was made available to the household
sector, while 46.1% was granted to the non-financial corporate
sector. Financial corporations and other sectors obtained 4.9%
and 3.5% of the total amount of credit, respectively. Total
deposits registered a growth of 2.3% to OMR22.0bn, with
private sector deposits growing by 1.8% to OMR14.1bn at the
end of April 2018. (GulfBase.com)
 Oman’s exports rise 27% to OMR3.76bn – Oman recorded a
robust 27.2% growth in total export revenue in 1Q2018
compared with the same period last year, according to the
National Centre for Statistics and Information (NCSI). The total
export revenue for 1Q2018 hit OMR3.76bn, compared with
OMR2.96bn in 1Q2017. The value of oil and gas exports stood at
OMR2.36bn, equivalent to almost 63% of the total value of
commodity exports in 1Q2018, due to an increase in the price of
Omani crude oil. Of the total exports from the oil and gas sector,
OMR1.75bn was from oil exports, while liquefied natural gas
exports accounted for OMR394.3mn in export earnings during
the period, revealed the NCSI report. The Sultanate’s total non-
oil exports also rose by 28.8% to OMR968.6mn in 1Q2018, from
OMR751.8mn in 1Q2017. (GulfBase.com)
 IMF: Bahrain needs comprehensive package of economic
reforms – Bahrain needs a comprehensive package of reforms to
reduce its fiscal deficits over the medium term, the IMF stated,
as the island Kingdom seeks to secure crucial support from rich
neighbors to avoid currency devaluation. “Despite planned
fiscal consolidation measures, fiscal and external deficits are
projected to continue over the medium term, due to the large
and growing interest bill. Public debt is expected to increase
further over the medium term and reserves are projected to
remain low,” IMF’s executive board noted in a report.
(Bloomberg)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
40.0
60.0
80.0
100.0
120.0
Jun-14 Jun-15 Jun-16 Jun-17 Jun-18
QSE Index S&P Pan Arab S&P GCC
0.5%
0.2%
(0.2%)
0.1%
0.4%
0.2%
0.6%
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,241.45 (0.5) (1.1) (4.7) MSCI World Index 2,134.60 0.2 1.0 1.5
Silver/Ounce 15.81 (0.9) (1.4) (6.7) DJ Industrial 25,019.41 0.4 2.3 1.2
Crude Oil (Brent)/Barrel (FM Future) 75.33 1.2 (2.3) 12.7 S&P 500 2,801.31 0.1 1.5 4.8
Crude Oil (WTI)/Barrel (FM Future) 71.01 1.0 (3.8) 17.5 NASDAQ 100 7,825.98 0.0 1.8 13.4
Natural Gas (Henry Hub)/MMBtu 2.86 0.8 (1.7) (19.2) STOXX 600 385.03 0.1 0.1 (3.9)
LPG Propane (Arab Gulf)/Ton 91.25 (1.9) (4.6) (6.6) DAX 12,540.73 0.3 (0.3) (5.7)
LPG Butane (Arab Gulf)/Ton 99.75 (1.2) (5.0) (5.6) FTSE 100 7,661.87 0.1 0.2 (2.6)
Euro 1.17 0.1 (0.5) (2.7) CAC 40 5,429.20 0.4 0.4 (0.8)
Yen 112.38 (0.2) 1.7 (0.3) Nikkei 22,597.35 1.8 1.9 (0.6)
GBP 1.32 0.1 (0.5) (2.2) MSCI EM 1,075.64 0.5 1.5 (7.1)
CHF 1.00 0.1 (1.2) (2.7) SHANGHAI SE Composite 2,831.18 (1.4) 1.7 (17.2)
AUD 0.74 0.2 (0.1) (4.9) HANG SENG 28,525.44 0.2 0.7 (5.1)
USD Index 94.68 (0.2) 0.8 2.8 BSE SENSEX 36,541.63 (0.3) 2.9 0.0
RUB 62.56 0.5 (0.6) 8.6 Bovespa 76,594.35 1.0 3.1 (14.2)
BRL 0.26 0.8 0.3 (14.0) RTS 1,189.35 1.0 1.4 3.0
83.7
81.2
68.2