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QE Intra-Day Movement

Qatar Commentary

The QE index rose 1.1% to close at 13,596.7. Gains were led by the Telecoms

and Transportation indices, gaining 7.9% and 3.7%, respectively. Top gainers

were Vodafone Qatar and Qatar Electricity & Water Co. rising 9.9% and 8.8%,

respectively. Among the top losers, Qatar Cinema & Film Distrib. Co. fell 4.9%,

while QNB Group declined 4.2%.

GCC Commentary

Saudi Arabia: The TASI index rose 0.6% to close at 11,112.1. Gains were led by the Ins. and Energy & Utilities indices, rising 2.2% and 2.1%, respectively. WAFA Insurance gained 10.0%, while Sanad Ins. & Reins. was up 9.9%.

Dubai: The DFM index gained 2.7% to close at 5,063.0. The Real Estate & Construction index rose 5.1%, while the Banking index was up 1.4%. Emaar Properties Co. surged 8.8%, while Emirates NBD was up 2.9%.

Abu Dhabi: The ADX benchmark index gained 0.2% to close at 5,082.7. The Industrial index rose 0.9%, while the Energy index was up 0.7%. Ras Al Khaimah Ceramic Co. gained 6.3%, while BILDCO was up 3.2%.

Kuwait: The KSE index rose 0.4% to close at 7,430.5. The Technology index gained 1.8%, while the Oil & Gas index was up 0.9%. Al Qurain Holding Co. rose 8.2%, while Equipment Holding Co. was up 7.3%.

Oman: The MSM index rose 0.1% to close at 7,367.2. Gains were led by the Industrial and Services indices, rising 0.3% and 0.2%, respectively. Oman Fiber Optic gained 3.3%, while Port Services Corporation was up 2.1%.

Bahrain: The BHB index declined 0.2% to close at 1,472.2. The Industrial index fell 1.0%, while the Commercial Banking index was down 0.3%. Bahrain Islamic Bank declined 1.8%, while Aluminium Bahrain was down 1.0%.

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

Vodafone Qatar 21.25 9.9 2,713.7 98.4

Qatar Electricity & Water Co. 186.00 8.8 246.9 12.5

Ooredoo 122.50 7.2 223.1 (10.7)

Masraf Al Rayan 55.30 6.3 1,938.6 76.7

Qatar Navigation 94.20 5.8 37.1 13.5

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

Vodafone Qatar 21.25 9.9 2,713.7 98.4

Ezdan Holding Group 18.73 0.2 2,156.5 10.2

Mazaya Qatar Real Estate Dev. 24.85 1.4 1,979.5 122.3

Masraf Al Rayan 55.30 6.3 1,938.6 76.7

United Development Co. 29.25 0.3 802.4 35.9

Market Indicators 31 Aug 14 28 Aug 14 %Chg.

Value Traded (QR mn) 956.8 1,678.0 (43.0)

Exch. Market Cap. (QR mn) 721,181.0 719,428.8 0.2

Volume (mn) 17.5 22.0 (20.5)

Number of Transactions 8,467 10,445 (18.9)

Companies Traded 41 43 (4.7)

Market Breadth 22:11 4:37 –

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

Total Return 20,279.30 1.1 1.1 36.7 N/A

All Share Index 3,439.07 0.6 0.6 32.9 16.9

Banks 3,318.10 (0.3) (0.3) 35.8 16.2

Industrials 4,559.95 (0.1) (0.1) 30.3 18.5

Transportation 2,296.35 3.7 3.7 23.6 14.7

Real Estate 2,883.65 1.9 1.9 47.6 15.4

Insurance 4,105.37 0.2 0.2 75.7 13.0

Telecoms 1,569.92 7.9 7.9 8.0 22.2

Consumer 7,438.86 0.3 0.3 25.1 27.8

Al Rayan Islamic Index 4,691.19 1.4 1.4 54.5 20.2

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

Vodafone Qatar Qatar 21.25 9.9 2,713.7 98.4

Emaar Properties Dubai 11.15 8.8 65,816.8 60.5

Qatar Electricity & Water Co. Qatar 186.00 8.8 246.9 12.5

Ooredoo Qatar 122.50 7.2 223.1 (10.7)

Masraf Al Rayan Qatar 55.30 6.4 1,938.6 76.7

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

QNB Group Qatar 193.50 (4.2) 647.3 12.5

Mabanee Co. Kuwait 1.04 (3.7) 1,266.5 (2.5)

Abu Dhabi Nat. Energy Co. Abu Dhabi 1.19 (3.3) 154.5 (19.1)

Qatar Islamic Bank Qatar 116.20 (2.4) 386.7 68.4

Jazeera Airways Kuwait 0.46 (2.2) 145.0 (8.1)

Source: Bloomberg (# in Local Currency) (

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

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

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

Qatar Cinema & Film Distrib. Co. 47.55 (4.9) 1.8 18.6

QNB Group 193.50 (4.2) 647.3 12.5

Qatar Islamic Bank 116.20 (2.4) 386.7 68.4

Industries Qatar 189.90 (1.9) 542.5 12.4

Widam Food Co. 60.20 (1.0) 23.9 16.4

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

QNB Group 193.50 (4.2) 126,471.1 12.5

Masraf Al Rayan 55.30 6.3 107,165.3 76.7

Industries Qatar 189.90 (1.9) 104,079.4 12.4

Vodafone Qatar 21.25 9.9 56,585.7 98.4

Islamic Holding Group 99.50 2.6 53,876.1 116.3

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* 13,596.66 1.1 1.1 5.6 31.0 262.75 198,036.3 17.0 2.3 3.7

Dubai

5,062.96 2.7 2.7 4.8 50.2 416.42 97,283.0 21.0 1.9 1.9

Abu Dhabi

5,082.72 0.2 0.2 0.5 18.5 66.87 139,206.9 14.4 1.8 3.3

Saudi Arabia

11,112.12 0.6 0.6 8.8 30.2 2,601.47 602,096.0 21.4 2.7 2.6

Kuwait 7,430.51 0.4 0.4 4.2 (1.6) 89.13 113,537.3 18.1 1.2 3.7

Oman 7,367.16 0.1 0.1 2.3 7.8 17.32 27,096.7 11.1 1.7 3.8

Bahrain 1,472.16 (0.2) (0.2) 0.0 17.9 0.53 54,306.6 11.3 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)

13,400

13,500

13,600

13,700

13,800

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 rose 1.1% to close at 13,596.7. The Telecoms and Transportation indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders.

Vodafone Qatar and Qatar Electricity & Water Co. were the top gainers, rising 9.9% and 8.8%, respectively. Among the top losers, Qatar Cinema & Film Distribution Co. fell 4.9%, while QNB Group declined 4.2%.

Volume of shares traded on Sunday fell by 20.5% to 17.5mn from 22.0mn on Thursday. Further, as compared to the 30-day moving average of 17.7mn, volume for the day was 1.3% lower. Vodafone Qatar and Ezdan Holding Group were the most active stocks, contributing 15.5% and 12.3% to the total volume respectively.

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

News

Qatar

QCB to issue T-bills worth QR4bn on September 2 – The

Qatar Central Bank (QCB) will issue three-month treasury bills worth QR2bn, along with six-month and nine-month T-bills worth QR1bn each. These bills will be issued on September 2, 2014. (QCB)

International

EEF: UK manufacturing growth cools as export orders slip – The EEF, Britain's main manufacturing trade association,

trimmed its growth forecast for 2014 after its members reported the first fall in export orders since early 2013. The EEF said its quarterly survey showed slowing growth in output and new business over the last three months, forcing it to cut its forecast for the factory output growth in 2014 to 3.3% from 3.5%. Despite the cut, this would still be the sector's fastest expansion since 2010, when its output rebounded by 4.2% after slumping more than 10% in 2009. However, the EEF forecast downgrade adds to signs that the British economy may lose some pace in the second half of the year. The EEF said that with the Eurozone economy stagnating, the pound sterling strengthening and political risks rising, the outlook for demand has become now more uncertain, though the overall picture remained positive. (Reuters)

German unease at calls for ECB aid shows growth dilemma; France urges ECB action to weaken Euro – German Finance

Minister Wolfgang Schaeuble said a deficit-fueled growth leads to economic decline, signaling discord with Italy and France as the Eurozone’s policy makers sought ways to avoid deflation and spur growth. Schaeuble said those Eurozone countries that pursued austerity policies in return for sovereign bailouts are doing much better than the others in Europe. German leaders are sharpening their opposition as the European Central Bank (ECB) President Mario Draghi signaled readiness to expand the ECB’s toolkit with quantitative easing. Meanwhile, French Prime Minister Manuel Valls called for more action from the ECB to lower the Euro’s value, amid concerns the 18-nation region is heading toward deflation. While Valls considered the ECB’s package of measures taken in June as a strong signal, he also urged for the need to go even further. Valls’ comments came ahead of Mario Draghi’s meeting with French President Francois Hollande on September 1 in Paris. Draghi had also suggested it would be helpful if EU governments with room to ease fiscal policy did so, prompting German leaders to sharpen their tone. Meanwhile, governments in France and Italy, reacted against German Chancellor Angela Merkel’s insistence on debt reduction even as Europe’s debt crisis wanes. (Bloomberg)

MoF capex data shows Japanese 2Q2014 GDP grew marginally – Japanese firms raised their capital spending in

April-June 2014 from a year earlier for a fourth consecutive quarter, but a QoQ decline suggests revised data is likely confirm the economy's deepest contraction since the March 2011 disaster. According to the Ministry of Finance (MoF) data, the 3.0% annual rise followed a 7.4% annual increase in the previous three months. The seasonally adjusted QoQ figure, which excludes software, showed a 1.8% decline. The data suggests Japan's GDP figures are likely to be little changed from the preliminary estimate when revised GDP data is due on September 8. The capital spending data follows a recent batch of weak indicators including industrial output and household spending, which cast doubt on the strength of recovery from April's sales tax hike, and the Bank of Japan's rosy economic outlook. The MoF data showed sales by Japanese firms rose 1.1% YoY in April-June, and recurring profits rose 4.5% YoY, slowing sharply from the previous few quarters, reflecting decline in demand after the sales tax hike. (Reuters)

PMI data shows China losing growth momentum as manufacturing pulls back – China’s manufacturing expanded

at a slower pace last month, which added to data on weaker-than-anticipated credit, production and investment in suggesting the country’s economy is losing momentum. The National Bureau of Statistics and China Federation of Logistics & Purchasing said the Purchasing Managers’ Index stood at 51.1 for August 2014, missing the median 51.2 estimate in a Bloomberg News survey. The final reading from another manufacturing gauge issued by HSBC and Markit Economics stood at 50.2. Both readings dropped from 51.7 in July and remain above 50, indicating expansion. A pullback in manufacturing, coming as the property market slumps, adds pressure on the government to step up efforts to meet its expansion target of 7.5% this year. (Bloomberg)

Regional

eXtra buys land in Oman for SR33mn – United Electronics

Company (eXtra) has purchased a land from a non-related party in northern Muscat (Seeb area) that has a demographic growth potential with a total land space of 7,048 square meters and a total value of SR33mn. The company will use the plot to construct a second store in Muscat and a third outside Saudi Arabia in line with its expansion plan, which will contribute to the improvement of its profits in the future after the store roll-out. The new store is expected to open in 1Q2015. The value of the total investment is financed by an Islamic three-year medium-term loan of SR50mn from SABB bank, guaranteed by

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

Qatari 62.14% 55.15% 66,908,951.19

Non-Qatari 37.86% 44.85% (66,908,951.19)

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promissory note to finance the land price and the construction of the store. (Tadawul)

Al Alamiya receives SAMA approval for online sale of insurance products – Al Alamiya for Cooperative Insurance

Company has announced that it received a letter on August 28, 2014 from the Saudi Arabian Monetary Agency (SAMA) containing approval for the sale of some of its insurance products through its website. This is applicable to the following insurance products: travel insurance, motor insurance (third-party liability), home insurance and medical malpractice insurance. The approval is conditional that this activity should be performed in line with the company’s online insurance business plan. (Tadawul)

NCB: Saudi Arabia heading for healthier trade balance –

According to the Saudi Economic Review published by the National Commercial Bank (NCB), Saudi Arabia’s economy witnessed a robust year that has trickled down to the consumer, which drove businesses to expand and grow to meet the rising demand. The newly-opened letters of credits (LCs) grew by 11.8% annually during June 2014 at SR18.5bn. Noticeably, the newly-opened LCs for building materials grew by 73.7% YoY in June 2014 and, over 1H2014, with settled LCs for building materials reaching SR12.5bn, rising by 24.0% YoY. The LCs represents the consumer spending prospects as businesses import goods for future demand. The economic environment is favorable for local businesses and the depreciation of currencies against the dollar will support a healthier trade balance. (GulfBase.com)

IFC completes SR375mn equity investment in Saudi-based ACWA Power – The International Finance Corporation (IFC), a

unit of World Bank, has completed a SR375mn equity investment in Saudi Arabia-based water and power project developer ACWA Power. The investment will boost the funding for renewable energy projects to help meet the growing power demand in the Middle East and Africa. (Reuters)

Mobily launches VC fund for technology start-ups – Etihad

Etisalat Company (Mobily) has launched a new venture capital (VC) fund, Mobily Venture, the corporate venture capital arm of Mobily. Mobily Venture invests in high-tech startup companies in the telecommunication, information technology, media and entertainment industries. The fund is established to focus on early stage and growth stage start-ups in a number of areas. (GulfBase.com)

SPC announces periodic prescheduled maintenance for affiliate’s plant – Sahara Petrochemicals Company (SPC)

announced that one of its affiliate, Tasnee & Sahara Olefins Company with Saudi Ethylene & Polyethylene Company (SEPC) will start periodic prescheduled maintenance for the producing unit of ethylene and propylene from September 1, 2014, where the periodic prescheduled maintenance is expected to last for a period of 24 days which means a missed opportunity for profitability of around SR3.8mn. The company’s clients will be supplied from the standby inventory available in its warehouse. It is worth mentioning that SPC owns indirectly 24.41%, while Tasnee owns 45.34% indirectly of SEPC. (Tadawul)

NCB: Saudi Arabia achieves 58% YoY growth in awarded contracts – According to data by National Commercial Bank

(NCB), Saudi Arabia recorded a significant upswing in the value of awarded contracts as it reached SR84.9bn in 2Q2014 as compared to SR53.6bn in 2Q2013, reflecting 58% growth. It marked a strong rebound from 1Q2014. Total value of awarded contracts in 1H2014 grew 21% YoY to reach SR124.6bn.The NCB said in its Construction Contracts Index that the key sectors took hold of the majority of spending, as the power and

oil & gas sectors accounted for approximately 60% of the value of awarded contracts. Those two sectors have also dominated the value of awarded contracts during 1H2014, accounting for 49% of contracts. The roads sector garnered a distant third, with 9% of the value of awarded contracts during 1H2014. Beyond the power and oil & gas sector during 2Q2014, the value of awarded contracts was nearly even across a majority of the remaining sectors. (GulfBase.com)

Saudi’s Eastern Province builders plan new firm –

Contractors in Ihsa, in Saudi Arabia's Eastern Province, are planning to establish a joint-stock company to carry out mega projects in the kingdom. Chairman of Ihsa Chamber of Commerce and Industry and head of the Contractors' Committee, Yousuf Al Tarifi said that currently a study is being conducted to establish a joint-stock company that will comprise as many Saudi contractors as possible. The focus of the new venture will be on large projects, highlighting local contractors’ capabilities to compete with larger firms. (Gulf-Base.com)

UAE to provide Egypt with $8.7bn petroleum products – The

UAE will provide Egypt with petroleum products worth $8.7bn over a year starting September 2014. Oil-producing Gulf countries have come to Egypt’s aid since the army, prompted by mass protests, ousted Islamist President Mohammad Mursi in 2013. The UAE, Saudi Arabia and Kuwait have together provided Egypt with more than $20bn in grants, loans and petroleum products after Mursi’s overthrow. (Bloomberg)

UAE banks record growth in personal loans – The UAE

Banks increased their personal loans to AED295.9bn in June 2014 as compared to AED279.5bn in December 2013 and AED293.5bn in May 2014, up by 6% and 0.8% respectively. The total loans stood at AED1.3tn as compared to AED1.2tn in December 2013, up by 4.2%. The total assets of the banking sector rose by 6.5% to AED2.2tn in June 2014 as compared to AED2.1tn in December 2013. Deposits also grew significantly by 9.5% to AED1.4tn as compared to AED1.2tn in December 2013. The increase saw a growth of 9% in resident deposits to AED1.2tn as compared to AED1.1tn in December 2013, while the non-resident deposits rose by 15.5% to AED132.8bn as compared to AED115bn. The branches of banks rose to 858 branches by the end of June 2014 as compared to 855 branches in May 2014 and 841 branches in December 2013. (GulfBase.com)

Dubai 33-year growth rate was world’s fastest – According to

the Dubai Economic Council (DEC), Dubai’s economy from 1975 through 2008 grew by a factor of 11, making it the fastest-growing economy in the world over the period. The study breaks down the growth between 1975 through 1990 showing an annual rise in GDP of around 6%, then 1990 through 2005 showing an annual rise of about 9%. If one focuses on the years 2000 through 2008, one sees an extraordinary growth rate, on an average, of over 10% per year. Dubai had managed to catch Singapore with its higher labor productivity by 2007 in some sectors such as retail, wholesale trade, construction, transport and communications. (GulfBase.com)

Omniyat, DSI forge partnership to launch residential project in Palm Jumeirah – Omniyat and Drake & Scull International

(DSI) have entered into a partnership to build a landmark project strategically located at the entrance of the Palm Jumeirah. The project is expected to be one of the most significant to make its debut at the forthcoming Cityscape Global 2014 – One at Palm is jointly developed by both companies and will be managed by Omniyat. The enabling works are due to commence within the next two months. (DFM)

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Emaar Properties plans to list EMG – Emaar Properties

announced its intention to proceed with the sale of existing shares in Emaar Malls Group (EMG) via an initial public offering (IPO) on the Dubai Financial Market (DFM). The offering will be made available to individual investors (30% of the offering), as well as qualified institutional investors (70% of the offering), with 10% being targeted for preferential allocation to existing Emaar Properties shareholders as of September 10, 2014. Emaar Properties expects to sell at least 15% of EMG as part of the offering. (DFM)

Tasneef signs contract with Drydocks World – Emirates

Classification Society (Tasneef) has signed a contract with Drydocks World that stipulates that Tasneef will provide the classification and maritime surveying services to Drydocks fleet, which comprises approximately 11 ships including a marine excavator. (GulfBase.com)

Dubai airport passenger traffic slips 2.9% in July 2014 –

According to operator Dubai Airport, passenger traffic at Dubai's main airport dropped 2.9% from a year earlier to 5.16mn people in July 2014, as construction work temporarily reduced its capacity. Dubai International has cut back flights by about 26% for a period of 80 days from May 1 2014 as both its runways were refurbished and upgraded. Normal services resumed on July 21, 2014. Passenger numbers rose 4.9% to 39.83mn people in the first seven months of 2014. Cargo volume in July 2014 dropped 10.7% to 184,720 tons, while in the first seven months of 2014, volume totaled 1.37mn tons, down 3.1%. All dedicated freighter services moved permanently to Al Maktoum International, Dubai's other major airport, by May 1, 2014. (Reuters)

Dubai Festival City Mall begins phase two of retail expansion project – Dubai Festival City Mall launched the

phase two of its retail expansion project which will feature more space to house new fashion, lifestyle and unique dining choices overlooking the iconic Dubai Creek. The project will deliver an enlarged Festival Square connecting with the unique waterfront dining locations creating a stunning environment for guests to meet, shop and dine overlooking the backdrop of Dubai’s skyline and Dubai Creek. (Bloomberg)

Marka appoints new CEO – Dubai’s retailing and restaurants

company, Marka has appointed Nick Peel as its CEO. The company raised AED275mn in an IPO of shares earlier this year and expects to list on the Dubai Financial Market in September 2014. (Bloomberg)

DDF sales at Al Maktoum International touch AED54.36mn –

Dubai Festivals and Retail Establishment (DFRE) said that Dubai Duty Free (DDF) sales at Al Maktoum International Airport in Dubai totaled to more than AED54.36mn YTD. DDF’s Executive Vice Chairman Colm McLoughlin said that sales recorded at the airport accounted for 1.3% of the airport retailer’s revenue. (Gulf-Base.com)

TCA: Abu Dhabi hotels see 26% increase in guest arrivals in July 2014 – According to the Tourism and Culture Authority

(TCA), hotels in Abu Dhabi saw a 26% YoY increase in guest arrivals during July 2014, with hotel revenues reaching AED317mn. The figures showed that 215,286 guests checked into the Emirate’s hotels and hotel apartments in July 2014, delivering 653,165 nights, with occupancy reaching 55%. Food & beverage revenues accounted for AED126.416mn, reflecting a 9% increase YoY. (Bloomberg)

Viva Kuwait receives regulatory approval to list on KSE –

Mobile operator Viva Kuwait has received regulatory approval to list on the Kuwait Stock Exchange (KSE) nearly six years after it

completed an initial public offering. The company raised $87.9mn after selling half of its shares to Kuwaiti nationals through an IPO in September 2008, beginning services later that year. (Reuters)

PEIE floats tender for Rusayl Industrial Estate expansion –

The Public Establishment for Industrial Estates (PEIE) has floated a tender for developing infrastructure facilities for Rusayl Industrial Estate expansion. The expansion program, which is now being implemented in a phased manner, will take the total size of the industrial estate to 7mn square meters. The last date for distributing tender documents is September 29, 2014, while the tender will be opened on October 27, 2014. This is part of a massive expansion of the industrial estate for meeting the growing demand for industrial plots for entrepreneurs. (GulfBase.com)

CBO: Savings and deposits in Oman’s banks rise –

According to a report issued by the Central Bank of Oman (CBO), the monetary management in 2014 continues to be confronted with abundance of bank liquidity. Narrow money stock (M1) grew sharply by 30.9% YoY, driven mainly by an increase in currency with the public by 16.8%, as well as an increase in demand deposits by 36.2%, at the end of June 2014. Quasi-money (savings and time deposits, certificates of deposits issued by commercial banks, margin deposits and foreign currency denominated deposits in Omani rials) witnessed a growth of 8.5% during the period. The share of quasi-money to the total money stock declined to 63.9% in June 2014 as compared to 68.1% a year ago. Broad money supply M2 (i.e. M1 plus quasi-money) stood at OMR13,046.6mn at the end of June 2014, up from OMR11,281mn a year ago, registering an increase of 15.7%. The CBO's policy rate for injection of liquidity, that is, the repo rate has remained unchanged at 1% since March, 2012. The CBO report pointed out that the ceiling interest rate on personal and housing loans was cut by 1% point to 6% with effect from October 2, 2013. The overnight domestic inter-bank lending rate in OMR declined from 0.156% in June 2013 to 0.128% in June 2014. (GulfBase.com)

ECGA: Documentary Credit Insurance Policy for exports soon – The Export Credit Guarantee Agency (ECGA) will

introduce guarantees to banks in Oman for adding confirmation of letters of credit for exports. This is being done as part of ECGA’s services in providing credit insurance and guarantee protection to exporters in mitigating credit risks. The scheme, known as Documentary Credit Insurance Policy (DCIP), is expected to facilitate and promote more of Omani non-oil exports. Under the terms of the policy, ECGA assumes payment risks by guaranteeing confirmation of letters of credit on the issuing banks of the buyer’s country against the non-payment of export bills to exporters confirmed by their banks. (GulfBase.com)

Wipro plans to expand presence in Oman – India-based

Wipro announced that it plans to expand its workforce in Oman to meet the increasing business requirements. Wipro Gulf LLC, the entity established in 2011 in Oman to serve local clients, has been growing rapidly over the last three years, delivering critical projects across oil & gas, aviation, engineering, banks and government sectors within Oman. Wipro Oman currently employs 70 professionals and has provided services to more than 25 clients across sectors. Buoyed by the rising demand for its services, Wipro plans to double its headcount over the next 12-18 months. (Bloomberg)

Batelco continues to seek payment following Siva's bankruptcy – BMIC, a wholly-owned subsidiary of Batelco

Group, has successfully obtained over recent months from the

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High Court of England both a judgment against Chinnakannan Sivasankaran and Siva Limited (the Defendants) for $212mn and an indefinite worldwide freezing order against the defendants’ assets. BMIC has also successfully obtained an order against Sivasankaran to provide comprehensive documentary disclosure to the court regarding the nature, value and location of his assets globally and to attend court to be cross-examined about those assets. Sivasankaran has not opposed the worldwide freezing order or the orders relating to the provision of further information and his personal examination before the Court. On August 26, 2014 Sivasankaran was declared a bankrupt by the Supreme Court of Seychelles. The bankruptcy order was made following the filing of a debtor's petition by. Sivasankaran. An official receiver has been appointed as the receiver and manager of Sivasankaran's global assets with immediate effect. BMIC is the largest creditor of Sivasankaran's bankrupt estate and will pursue all legal avenues to recover the outstanding judgment debt from his global assets. (Bahrain Bourse)

Batelco’s Bahrain operations CEO resigns – Bahrain

Telecommunications Company (Batelco) said that the CEO of Batelco's domestic unit Rashid Abdulla has resigned. He stepped down after 40 years with the company. Group Chief Executive Alan Whelan will run Batelco's home unit until the company appoints a replacement for Abdulla, who became domestic head in 2011. (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 6 of 6

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

0.6%

1.1%

0.4%

(0.2%)

0.1% 0.2%

2.7%

(1.0%)

0.0%

1.0%

2.0%

3.0%

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 1,287.81 0.0 0.0 6.8 DJ Industrial 17,098.45 0.0 0.0 3.1

Silver/Ounce 19.47 0.0 0.0 (0.0) S&P 500 2,003.37 0.0 0.0 8.4

Crude Oil (Brent)/Barrel (FM Future)

103.19 0.0 0.0 (6.9) NASDAQ 100 4,580.27 0.0 0.0 9.7

Natural Gas (Henry Hub)/MMBtu

4.03 0.0 0.0 (7.3) STOXX 600 342.00 0.0 0.0 4.2

LPG Propane (Arab Gulf)/Ton 102.88 0.0 0.0 (18.5) DAX 9,470.17 0.0 0.0 (0.9)

LPG Butane (Arab Gulf)/Ton 120.00 0.0 0.0 (12.1) FTSE 100 6,819.75 0.0 0.0 1.0

Euro 1.31 0.0 0.0 (4.4) CAC 40 4,381.04 0.0 0.0 2.0

Yen 104.09 0.0 0.0 (1.2) Nikkei 15,424.59 0.0 0.0 (5.3)

GBP 1.66 0.0 0.0 0.2 MSCI EM 1,087.88 0.0 0.0 8.5

CHF 1.09 0.0 0.0 (2.8) SHANGHAI SE Composite 2,217.20 0.0 0.0 4.8

AUD 0.93 0.0 0.0 4.7 HANG SENG 24,742.06 0.0 0.0 6.2

USD Index 82.75 0.0 0.0 3.4 BSE SENSEX 26,638.11 0.0 0.0 25.8

RUB 37.12 0.0 0.0 12.9 Bovespa 61,288.15 0.0 0.0 19.0

BRL 0.45 0.0 0.0 5.6 RTS 1,190.23 0.0 0.0 (17.5)

195.4

168.8

143.6