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QE Intra-Day Movement

Qatar Commentary

The QE index declined 0.2% to close at 13,753.5. Losses were led by the

Transportation and Real Estate indices, declining 1.0% and 0.6%, respectively.

Top losers were Qatar Navigation and Dlala Brokerage & Inv. Holding Co.,

falling 1.7% each. Among the top gainers, Ahli Bank rose 3.3%, while Qatar

Islamic Insurance Co. was up 2.9%.

GCC Commentary

Saudi Arabia: The TASI index rose 1.6% to close at 10,903.0. Gains were led by the Banking & Fin. Serv. and Media & Publi. indices, rising 4.0% and 1.2%, respectively. Alinma Bank gained 9.7%, while Bank Albilad was up 8.0%.

Dubai: The DFM index gained 1.1% to close at 4,963.1. The Inv. & Financial Services index gained 2.8%, while the Real Estate & Construction index rose 1.8%. National Ind. Group rose 9.8%, while Ekttitab Holding Co. was up 4.2%.

Abu Dhabi: The ADX benchmark index gained 0.6% to close at 5,081.7. The Industrial index rose 2.5%, while the Real Estate index was up 1.9%. Arkan Building Materials Co. surged 14.5%, while National Takaful Co. was up 8.2%.

Kuwait: The KSE index gained 0.6% to close at 7,392.2. The Technology index rose 2.3%, while the Oil & Gas index was up 1.7%. Humansoft Holding Co. gained 10.0%, while Pearl Of Kuwait Real Estate Co. was up 9.7%.

Oman: The MSM index declined marginally to close at 7,357.6. Losses were led by the Financial and Industrial indices, falling 0.3% and 0.2%, respectively. Oman Edu. & Training Inv. Hold. fell 7.1%, while Majan Glass was down 3.7%.

Bahrain: The BHB index gained 0.2% to close at 1,485.2. The Industrial index rose 1.0%, while the Commercial Banking index was up 0.3%. Ithmaar Bank gained 6.3%, while Aluminium Bahrain was up 1.0%.

Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%

Ahli Bank 53.80 3.3 3.8 27.2

Qatar Islamic Insurance Co. 92.60 2.9 10.8 59.9

Qatar International Islamic Bank 88.70 2.2 820.7 43.8

Qatar German Co. for Med. Dev. 14.20 1.6 269.7 2.5

Qatar National Cement Co. 146.00 1.4 5.7 22.7

Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%

Vodafone Qatar 21.50 (0.6) 1,688.6 100.7

Masraf Al Rayan 56.50 (1.6) 1,044.9 80.5

Mazaya Qatar Real Estate Dev. 23.85 (1.4) 957.6 113.3

Qatar International Islamic Bank 88.70 2.2 820.7 43.8

Ezdan Holding Group 19.70 (0.4) 784.0 15.9

Market Indicators 24 Aug 14 21 Aug 14 %Chg.

Value Traded (QR mn) 521.7 925.5 (43.6)

Exch. Market Cap. (QR mn) 730,997.0 730,195.0 0.1

Volume (mn) 10.1 20.4 (50.3)

Number of Transactions 5,527 8,823 (37.4)

Companies Traded 42 43 (2.3)

Market Breadth 14:27 21:18 –

Market Indices Close 1D% WTD% YTD% TTM P/E

Total Return 20,513.24 (0.2) (0.2) 38.3 N/A

All Share Index 3,477.56 0.0 0.0 34.4 17.0

Banks 3,369.73 0.1 0.1 37.9 16.5

Industrials 4,586.32 0.2 0.2 31.0 18.6

Transportation 2,309.69 (1.0) (1.0) 24.3 14.8

Real Estate 2,946.93 (0.6) (0.6) 50.9 15.7

Insurance 4,050.73 0.3 0.3 73.4 12.8

Telecoms 1,584.28 0.2 0.2 9.0 22.4

Consumer 7,585.25 (0.3) (0.3) 27.5 28.4

Al Rayan Islamic Index 4,767.12 (0.5) (0.5) 57.0 20.5

GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%

Alinma Bank Saudi Arabia 25.40 9.7 52,007.1 70.5

Bank Albilad Saudi Arabia 52.90 8.0 2,703.0 51.1

Ithmaar Bank Bahrain 0.17 6.3 830.0 (26.1)

Arab National Bank Saudi Arabia 35.07 5.0 1,394.1 34.0

Jazeera Airways Kuwait 0.46 4.6 1.1 (7.1)

GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%

Com. Bank Of Dubai Dubai 5.85 (8.6) 286.3 35.8

NBQ Abu Dhabi 3.15 (5.4) 252.0 (4.6)

Commercial Facilities Co Kuwait 0.28 (3.5) 4.4 1.8

Gulf Pharmaceutical Ind. Abu Dhabi 3.01 (2.9) 26.4 1.3

United Int. Transport Saudi Arabia 80.11 (2.6) 486.2 48.9

Source: Bloomberg (# in Local Currency) (

## GCC Top gainers/losers derived from the Bloomberg GCC

200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)

Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%

Qatar Navigation 94.90 (1.7) 22.2 14.3

Dlala Brokerage & Inv. Holding Co 59.50 (1.7) 7.3 169.2

Zad Holding Co. 90.00 (1.6) 9.9 29.5

Masraf Al Rayan 56.50 (1.6) 1,044.9 80.5

Qatar Islamic Bank 122.00 (1.5) 311.5 76.8

Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%

Qatar International Islamic Bank 88.70 2.2 72,819.8 43.8

Industries Qatar 189.00 0.5 65,931.2 11.9

Masraf Al Rayan 56.50 (1.6) 59,921.8 80.5

QNB Group 196.80 1.2 41,179.5 14.4

Qatar Islamic Bank 122.00 (1.5) 38,093.0 76.8

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* 13,753.51 (0.2) (0.2) 6.8 32.5 143.28 200,731.8 17.2 2.3 3.6

Dubai

4,963.10 1.1 1.1 2.7 47.3 388.73 95,570.8 20.6 1.8 2.0

Abu Dhabi

5,081.73 0.6 0.6 0.5 18.4 86.09 139,509.7 14.4 1.8 3.3

Saudi Arabia

10,903.04 1.6 1.6 6.7 27.7 2,867.69 590,607.6 21.0 2.6 2.6

Kuwait 7,392.18 0.6 0.6 3.7 (2.1) 76.19 113,802.5 17.9 1.2 3.7

Oman 7,357.64 (0.0) (0.0) 2.2 7.7 8.48 27,072.5 11.1 1.7 3.8

Bahrain 1,485.24 0.2 0.2 0.9 18.9 0.51 54,503.0 11.4 1.0 4.6

Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)

13,700

13,750

13,800

13,850

13,900

9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary

The QE index declined 0.2% to close at 13,753.5. The Transportation and Real Estate indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.

Qatar Navigation and Dlala Brokerage & Inv. Holding Co. were the top losers, falling 1.7% each. Among the top gainers, Ahli Bank rose 3.3%, while Qatar Islamic Insurance Co. was up 2.9%.

Volume of shares traded on Sunday fell by 50.3% to 10.1mn from 20.4mn on Thursday. Further, as compared to the 30-day moving average of 17.6mn, volume for the day was 42.4% lower. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 16.7% and 10.3% to the total volume respectively.

Source: Qatar Exchange (* as a % of traded value)

News

Qatar

MoI: New sponsorship law soon – Qatar’s new sponsorship

law is likely to be issued either in 2014 or 2015. The Ministry of Interior’s (MoI) Director of Search & Follow up Department Brigadier Nasser Mohammed Al Sayed said that the issuance of the law can be expected in 2014 or 2015. He said that there are legislative challenges to be addressed ahead of issuing the law. After holding discussions at various levels, including the Qatar Chamber & Advisory Council, the proposal has to undergo strict legal process. He added that this is an important law that is going to change the existing employer-employee relationship in the country. (Peninsula Qatar)

MDPS: Monthly industrial PPI rises by 4.1% in June – Higher

prices for crude, natural gas, basic chemicals and refined petroleum goods led a 4.1% YoY rise in Qatar’s Producer Price Index (PPI) in June 2014. The Ministry of Development Planning & Statistics (MDPS) released the PPI for the industrial sector, which measures average changes in prices received by domestic producers for their output. The PPI for mining (carries a weight of 77% in the PPI basket), surged 4.2% in June due to a 4.2% increase in the price of crude petroleum and natural gas and 1% in stone, sand and clay. The manufacturing sector, (21% weight), reported 3.9% rise in June, driven by a 9.2% increase in the price of basic chemicals, 2.5% in refined petroleum products, 1.3% in grain mill & other products and 1.1% in cement & other non-metallic products. However, beverages prices fell 3.2% and dairy products by 1.4%. The electricity & water group, which has a 2% weight in the PPI basket, saw its index shrink 3.3% in June. Water and electricity prices fell 4.1% and 1.8%, respectively. (Gulf-Times.com)

Qatar entrepreneurs hold great potential for its economic future – According to global hydrocarbon major ExxonMobil,

entrepreneurs in Qatar possess great potential for the future of the country’s economic progress. ExxonMobil Qatar’s Chief Bart Cahir said that developing people and creating sustainable, long-term benefits for local communities are essential to their industry around the world, especially in Qatar. In this regard, ExxonMobil has already tied up with Injaz Qatar, which is laying the groundwork for future innovations. ExxonMobil sees the value that Injaz Qatar provides to Arab youth through experiential education, training in work readiness, financial literacy and entrepreneurship. (Gulf-Times.com)

International

Reuters: Pressure builds within Fed to signal course change – Pressure is building within the US Federal Reserve

for officials to move as early as next month to clearly acknowledge improvements in the US economy and lay the groundwork for the central bank’s first interest rate hike in nearly a decade. According to some US central bankers, signs of economic resilience and growing anxiety about the risks of holding rates too low for too long have set the stage for an intense debate over rewriting their policy. It is uncertain whether officials will use their upcoming meeting on September 16-17 to scrap key parts of the language they have been using to keep rate-hike expectations at bay. A miscommunication by the world's most powerful central bank could shock the global financial markets and, in a worst case, reverse the economic recovery it seeks to foster. At issue is a 5-month old pledge from the Fed to keep benchmark rates near zero for a considerable time after it shelves its asset-purchase program in October 2014. (Reuters)

Central bankers feel labor markets need lower rates for now – Global central bankers led by Federal Reserve Chairperson

Janet Yellen said labor markets still need more time to heal before their economies can weather higher interest rates. Even as they signaled international monetary policies are set to diverge as economic recoveries increasingly differ, officials meeting in Jackson Hole, Wyoming placed jobs at the center of their decision making by stating stronger hiring and wages are still needed to drive demand. The focus on jobs suggests that the Fed and the Bank of England will tighten their policy within a year as their economies recover. By contrast, the European Central Bank President Mario Draghi and the Bank of Japan Governor Haruhiko Kuroda acknowledged they may be forced to deploy fresh stimulus. (Bloomberg)

Draghi pushes ECB closer to QE as deflation risks rise –

The European Central Bank President Mario Draghi has pushed the bank closer to quantitative easing (QE). With Eurozone data this week poised to show the weakest inflation since 2009, the ECB President warned that investor bets on prices have exhibited significant declines. His comments will fan speculation that to ward off a Japanese-style deflation, the ECB is finally heading for some form of monetary stimulus. Draghi had previously said that a worsening medium-term inflation outlook would provide a reason for broad-based asset purchases. According to the median forecast in a Bloomberg News survey, the Eurozone’s inflation slowed to 0.3% this month, a fraction of the ECB’s goal of around 2%. Similarly, GDP in the 18-nation currency bloc stagnated in the second quarter. (Bloomberg)

French economy minister urges alternative to German austerity – French Economy Minister Arnaud Montebourg said

Overall Activity Buy %* Sell %* Net (QR)

Qatari 60.09% 77.64% (91,609,813.58)

Non-Qatari 39.92% 22.36% 91,609,813.58

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the time has come for France to resist Germany's obsession with austerity and promote alternative policies across the Eurozone that support household consumption. Montebourg said deficit-reduction measures carried out since the 2008 financial crisis have crippled Europe's economies and governments need to change course swiftly or they will lose their voters to extremist parties. Montebourg further added that, consensus was growing among economists worldwide on the need for growth-oriented policies and mentioned his German socialist counterpart Sigmar Gabriel and Italy's premier Matteo Renzi as potential allies. (Reuters)

Kuroda: Japan must consider hiring foreigners to fill job gaps – The Bank of Japan Governor Haruhiko Kuroda said that

using foreign workers to help mitigate potential labor force shortages in Japan deserves consideration. Kuroda said the examination should be done in addition to ensuring increased participation of women and the elderly in the work force. Prime Minister Shinzo Abe has embraced the potential for greater numbers of working women, and a limited increase of immigrants, tied to labor needs ahead of the 2020 Summer Olympics in Tokyo. The nation’s population slid for a third year in 2013, with the proportion of people over the age of 65 at a record high, underscoring the challenge the world’s most-indebted economy faces in financing its aging society. (Bloomberg)

Regional

Middle East e-learning market to grow 8.2% yearly until 2016 – According to research conducted by Docebo entitled E-

learning Market Trends & Forecast 2014-2016 Report, the global and regional education suppliers are raising their stakes in the Middle East as the region’s e-learning market sees revenues rising to $560.7mn by 2016 amid a very competitive growing size of the self-paced e-learning market. Oman is the top performer in e –learning and has the highest growth rate in the region at 19.6%, followed by Lebanon (16%), Turkey (12.9%), Kuwait (12.6%) and Qatar (11.3%). This is mainly because the Oman government is interested in issues relating to education and computer literacy and, consequently, is investing heavily in this sector. (GulfBase.com)

Contracts for new GCC medical facilities rise 25% –

Contracts for new medical facilities across GCC are expected to reach $9.53bn by 2014 end, a 25% increase on 2013. According to the Dubai Health Authority (DHA), Dubai plans to attract 500,000 patients for treatment by 2020 as a part of its drive to become a center for medical excellence in the region and bring a new stream of visitor revenue. DHA said that 18 private and four public hospitals will be built over the next few years to cater to these patients. The UAE has doubled its health care budget since 2007 and currently ranks among the top 20 destinations for medical tourism. The country spends 3.3% of its GDP on health care, the third highest in the GCC. According to Alpen Capital Investment Banking, the UAE’s medical tourism sector drew revenue of $1.69bn in 2013. Visa rules in the UAE were changed to help encourage medical tourism, simplifying the process for patients to access the country. Dubai Tourism and Marketing believes this market could be worth as much as $30mn a year. (Gulf-Base.com)

CCI renews Saudi Enaya’s license for one year – Saudi

Enaya Cooperative Insurance Company announced that the Council of Cooperative Insurance (CCI) has renewed the license for the company for one year starting from August 24, 2014. (Tadawul)

CDSI: Saudi Arabia June imports fall 8.2% – According to the

Central Department of Statistics and Information (CDSI) , Saudi

Arabia’s imports fell an annual 8.2% in June, the eighth drop in a row, while non-oil exports rose 14.9%. Non-oil exports account for around 12% of overall exports of Saudi Arabia. Analysts polled by Reuters in April forecasted a Saudi Arabian current account surplus of 16.6% of GDP in 2014 and 11.9% in 2015. (Gulf-Base.com)

Saudi Arabian market reforms to boost demand for corporate ratings – Saudi Arabia’s plans to open up the

domestic capital markets to global investors is expected to boost demand for Saudi equity and Sukuks from international investors. Standard & Poor’s (S&P) Managing Director & Regional Head Middle East, Stuart Anderson said that issuers targeting a share of this demand are likely to seek credit ratings to improve the comfort level of global fund managers. According S&P’s estimates, between now and 2020, the number of listed companies in Saudi Arabia is expected to increase somewhere between 250 and 300. Saudi Arabia is working on a regulatory framework for global rating agencies to set up operation in the kingdom. (Gulf-Base.com)

UAE SME sector set to become near-exclusive domain of Emirati banks – The UAE’s small and medium enterprise

(SME) sector is set to become the near-exclusive domain of Emirati banks, as international institutions back away from the sector over increasing concerns on international compliance and competition. The development of the SME sector has become a key economic priority for the UAE authorities as a means of diversifying the economy away from its dependence on oil revenues. Earlier, Standard Chartered announced plans to almost entirely exit the SME banking sector in the country, retaining only a small number of high-value customers. (GulfBase.com)

Al Razouki expands operation in UAE – Al Razouki

International Exchange, a company operating in financial transfers and foreign exchange, has recently opened three new branches in the local market in Abu Dhabi and Dubai. This step takes the total number of its branches to 19 outlets. The move will help Al Razouki to expand its operations in the local market to cover the different emirates. (GulfBase.com)

Emirates Transport reports AED1.5bn revenues for 2013 –

According to Federal Government Corporation’s 2013 annual report, Emirates General Transport and Services Corporation (Emirates Transport) reported total revenues of AED1.5bn, maintaining an annual growth rate of 18% over the past five years. Emirates Transport also reported total assets of approximately AED2bn for 2013. (GulfBase.com)

UAE’s FM services market to reach AED20bn by 2015 –

According to an industry expert, the boom in construction projects in the UAE could drive the facilities management (FM) services market to approximately AED20bn per annum by 2015. The statistic included FM services that ranged from cleaning services, pest control, office services, landscaping, waste management and building management systems with the exclusion of security services. An average of 60% of the industries in the UAE may outsource their FM requirements. (GulfBase.com)

Dubai Investments’ subsidiary companies bag new projects – Dubai Investments (DI) announced that its subsidiary

companies Glass LLC, Emirates Building Systems and Dubai Cranes have a won a number of new projects in Dubai, Abu Dhabi, Qatar and Saudi Arabia as the construction activity increases in the region. The projects won by DI subsidiaries include glass orders for Dubai Design district, Habtoor hotel, Masdar office building in Dubai, Credit Lebanese Head Quarters in Beirut, steel structures for Riyadh Public Transport, three

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petrochemical projects for Saudi Aramco, end-to-end steel building solutions for 2022 FIFA World Cup Stadiums in Qatar, petrochemical projects in Oman as well as residential and airport developments in the UAE and standard, overhead crane kits for ongoing projects with Emirates Aluminum, Dubai Aluminum and Dubai Electricity & Water Authority. The construction activity across the UAE has witnessed a major upswing this year, with projects worth $46bn awarded in 2014 alone, a significant rise from $38bn in 2013. (Bloomberg)

ICBC Leasing seeks $300mn Gulf Bank loan – According to

sources, ICBC Leasing, a unit of Industrial & Commercial Bank of China, hired Dubai-based Emirates NBD and Commercial Bank International to arrange a $300mn loan. The facility will be priced at 2.1% above the London interbank offered rate and the syndication is expected to be completed by the end of this month. Earlier, in April 2014, ICBC had agreed to buy Turkey-based Tekstil Bankasi as the Beijing-based lender seeks to boost earnings from the Middle East by 50% in 2014. (Bloomberg)

DTCM: Dubai witnesses more than 5.8mn tourists in 1H2014 – According to Dubai’s Department of Tourism and Commerce

Marketing (DTCM), Dubai's hotels witnessed more than 5.8mn tourists in 1H2014 – the highest number of visitors ever achieved in the first six months of the year. The guest numbers across all hotel establishments (hotels and hotel apartments) reached 5,828,449 in 1H2014, reflecting an increase in figures for the same period in 2013. Revenues for hoteliers and hotel apartment operators saw significant growth – with the total first half revenues reaching AED12.74bn, up by 10.9%. (Bloomberg)

ADFG’s subsidiary IAF expects to arrange AED3bn loans by 2014-end – Abu Dhabi Financial Group’s (ADFG) subsidiary,

Integrated Alternative Finance (IAF) said it had arranged AED1bn financing so far in 2014 and expects to complete AED3bn worth of transactions by 2014-end. The group has also arranged an AED786mn bridging facility for the acquisition of 1 Palace Street, London earlier in 2014. (GulfBase.com)

Aldar signs agreement to lease 607 residential units to Cleveland Clinic – Aldar Properties has signed significant bulk

deal to lease 607 apartments to Cleveland Clinic Abu Dhabi to provide accommodation for the hospital’s employees. The leased units are at the Gate Towers development on Al Reem Island and the Al Rayyana development in Khalifa City. Al Rayyana comprises 1,537 apartments across 33 low-rise residential buildings. The Gate Towers is made up of 3,533 units and offers a range of amenities for residents including a leisure podium with swimming pools, tennis and squash courts, children’s play areas, day care center, prayer rooms, recreational rooms, and much more. (ADX)

PIW: Oxy to sell $3bn stake in gas field to Mubadala –

According to Petroleum Intelligence Weekly (PIW), Occidental Petroleum Corporation (Oxy) is in talks to sell a $3bn stake in a gas field to Abu Dhabi-owned Mubadala Development Company. The companies are discussing the sale of as much as 30% of the $10bn Shah natural gas project in the UAE. The transaction is expected to be completed by 2014-end, with Oxy retaining part of its 40% stake and continuing to operate the field. Abu Dhabi National Oil Company (ADNOC) would retain its 60% holding in the project in a deal that would mark Mubadala’s first domestic investment in oil or gas production. (Bloomberg)

KFH prepaid and credit card issuance grow 20% in 1H2014 – Kuwait Finance House (KFH) recorded a 20% YoY growth in

the number of prepaid and credit cards it issued in 1H2014. Acting Deputy General Manager Cards, at KFH, Salem Al-Duwaisan, said that KFH ranks first in Kuwait in Knet

transactions. Knet is Kuwait’s electronic banking service, providing transactions clearing to all Kuwaiti banks. (GulfBase.com)

DCCI: Kuwaitis spend $7.4bn on family tourism in 2013 –

According to a report based on the analysis by Dubai Chamber of Commerce and Industry (DCCI), Kuwaitis spent $7.4bn on family tourism in 2013. The report revealed that the GCC countries contributed about 31% of the total expenditures on tourism activities regardless of the low population in the region, which is only about 3% of the worlds’ Muslim population. Saudi Arabia is a major source of family tourism as it spent $17.1bn on tourism in 2013, while the people of UAE spent $ 10.1bn and those of Kuwait spent $ 7.4bn in addition to the people of Iran who spent about $18.2bn on family tourism in 2013. There are speculations that the value will rise up to about $181bn by 2018 considering the growth of the world Muslim population and their economic progress. (GulfBase.com)

Oman’s CBO issues CDs worth OMR477mn – The Central

Bank of Oman (CBO) has allotted Certificates of Deposit (CD) worth OMR477mn for a period of 28 days, with the maturity on September 17, 2014. The bank said that the average interest rate of these certificates was 0.13%, while the maximum accepted interest rate was 0.13%. The certificates of deposit issued to licensed banks by the CBO as a monetary policy instrument is aimed at absorbing excess liquidity in the banking sector in particular, and maintaining stability of the interest rate and the money market in general. The repo rate during the period between August 20 to August 26, 2014 is 1%. (GulfBase.com)

MXO enhances bunker services at Sohar Port – Omanoil

Matrix Marine Services (MXO) has enhanced its physical bunker delivery services at the Port of Sohar with the deployment of a dedicated 6,000 MT IFO barge Azalea. With this, MXO has augmented its physical delivery services for fuel oil and gasoil to customers at the port. On request, bunker fuel can also be supplied by a 500 cubic metre (cbm) gasoil barge with access to all areas of the port. MXO is a joint venture between Germany-based Matrix Marine Holding and Oman Oil Marketing Company. (GulfBase.com)

Oman Fiber Optic Company’s Chairman resigns – Oman

Fiber Optic Company’s Chairman of the board of directors, Dr. Amer bin Awadh Al Rawas, has resigned from his position effective August 20, 2014. The company has appointed Mr. Samy bin Ahmed Al Ghassany as the new Chairman of the board representing Oman Telecommunications Company (Omantel). (MSM)

JOC: Port of Salalah container productivity rises by 26% –

According to the independent research firm, Journal of Commerce (JOC), Port of Salalah enhanced its berth productivity levels by 26% in 2013 to rank as the 15 best ports globally and figure among top container ports in the world. Based on the 2013 average container moves per ship, the JOC also ranked the Port of Salalah as the third top port in the Europe, Middle East and Africa region, having achieved an average of 91 gross moves per hour (gmph), a 26% increase over the 2012 average of 71 gmph. (Gulf-Base.com)

ODC repairs Ibra LNG carrier – Oman Dry Dock Company

(ODC), the ship repair yard in the Middle East, has completed the repairs and maintenance of 'Ibra LNG' carrier. The company has successfully carried out maintenance work for the second ship of its type after obtaining GTT license which qualifies it to carry out repair works for LNG carriers. 'Ibra LNG' belongs to the huge fleet of Oman Shipping Company's vessels. (Gulf-Base.com)

Contacts

Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian

Head of Research Senior Research Analyst Senior Research Analyst

Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509

saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa

Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC

Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666

Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025 sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar

DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report.

COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5

Rebased Performance Daily Index Performance

Source: Bloomberg Source: Bloomberg

Source: Bloomberg Source: Bloomberg

80.090.0

100.0110.0120.0130.0140.0150.0160.0170.0180.0190.0200.0210.0

Jul-10 Jul-11 Jul-12 Jul-13 Jul-14

QE Index S&P Pan Arab S&P GCC

1.6%

(0.2%)

0.6%

0.2%

(0.0%)

0.6%

1.1%

(0.8%)

0.0%

0.8%

1.6%

2.4%

Saud

i Ara

bia

Qata

r

Kuw

ait

Bah

rain

Om

an

Abu D

habi

Dubai

Asset/Currency Performance Close ($) 1D% WTD% YTD%

Global Indices Performance Close 1D% WTD% YTD%

Gold/Ounce 1,280.08 0.0 0.0 6.2 DJ Industrial 17,001.22 0.0 0.0 2.6

Silver/Ounce 19.43 0.0 0.0 (0.2) S&P 500 1,988.40 0.0 0.0 7.6

Crude Oil (Brent)/Barrel (FM Future)

102.29 0.0 0.0 (7.7) NASDAQ 100 4,538.55 0.0 0.0 8.7

Natural Gas (Henry Hub)/MMBtu

3.86 0.0 0.0 (11.2) STOXX 600 336.75 0.0 0.0 2.6

LPG Propane (Arab Gulf)/Ton 101.50 0.0 0.0 (19.6) DAX 9,339.17 0.0 0.0 (2.2)

LPG Butane (Arab Gulf)/Ton 117.75 0.0 0.0 (13.7) FTSE 100 6,775.25 0.0 0.0 0.4

Euro 1.32 0.0 0.0 (3.6) CAC 40 4,252.80 0.0 0.0 (1.0)

Yen 103.95 0.0 0.0 (1.3) Nikkei 15,539.19 0.0 0.0 (4.6)

GBP 1.66 0.0 0.0 0.1 MSCI EM 1,083.07 0.0 0.0 8.0

CHF 1.09 0.0 0.0 (2.3) SHANGHAI SE Composite 2,240.81 0.0 0.0 5.9

AUD 0.93 0.0 0.0 4.5 HANG SENG 25,112.23 0.0 0.0 7.7

USD Index 82.34 0.0 0.0 2.9 BSE SENSEX 26,419.55 0.0 0.0 24.8

RUB 36.11 0.0 0.0 9.9 Bovespa 58,407.32 0.0 0.0 13.4

BRL 0.44 0.0 0.0 3.7 RTS 1,260.07 0.0 0.0 (12.7)

197.6

166.4

149.5