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1 QSE Intra-Day Movement 8,960 8,940 8,920 8,900 8,880 8,860 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.1% to close at 8, Losses were led by the Real Estate and Telecoms indices, falling 0.9% and 0.6%, respectively. Top losers were Qatar Cinema & Film Distribution Co. and Qatar Islamic Insurance Co., falling 8.4% and 3.6%, respectively. Among the top gainers, Islamic Holding Group rose 7.8%, while Qatar German Co. for Medical Devices was up 3.8%. GCC Commentary Saudi Arabia: The TASI Index fell 0.9% to close at 7, Losses were led by the Utilities and Real Estate Mgmt & Dev't indices, falling 3.3% and 1.8%, respectively. Alahli Takaful Co. fell 4.2%, while United Electronics Co. was down 4.1%. Dubai: The DFM Index declined 0.5% to close at 3, The Real Estate & Construction index fell 1.0%, while the Services index declined 0.6%. Al Salam Group Holding fell 4.2%, while Marka was down 2.1%. Abu Dhabi: The ADX benchmark index fell 0.4% to close at 4, The Investment & Financial Serv. index declined 1.6%, while the Energy index fell 1.5%. Fujairah Cement Industries declined 9.7%, while Ras Al-Khaimah Cement was down 8.5%. Kuwait: The KSE Index rose 0.1% to close at 6, The Health Care index gained 5.1%, while the Real Estate index rose 1.1%. Real Estate Asset Management Company gained 12.9%, while International Resorts Co. was up 10.4%. Oman: The MSM Index rose 0.1% to close at 5, The Financial index gained 0.1%, while other indices ended in red. Oman Orix Leasing rose 2.4%, while Takaful Oman Insurance was up 1.7%. Bahrain: The BHB Index fell 0.1% to close at 1, The Investment index declined 0.4%, while the Services index fell 0.1%. Arab Banking Corporation declined 3.3%, while BMMI was down 0.6%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Islamic Holding Group (16.4) Qatar German Co. for Medical Dev (24.3) Widam Food Co (19.1) Al Khalij Commercial Bank (22.4) Gulf International Services ,701.0 (31.8) Market Indicators 06 Jul Jul 17 %Chg. Value Traded (QR mn) (11.6) Exch. Market Cap. (QR mn) 479, ,061.5 (0.1) Volume (mn) (3.9) Number of Transactions 2,850 2, Companies Traded Market Breadth 21:12 10:27 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14, (0.1) (1.2) (11.4) 14.7 All Share Index 2, (0.0) (1.8) (11.7) 13.1 Banks 2, (2.3) (8.2) 11.6 Industrials 2, (2.1) (17.1) 16.5 Transportation 2, (18.1) 12.3 Real Estate 1, (0.9) (3.1) (13.0) 12.3 Insurance 3, (0.1) (1.3) (10.1) 16.9 Telecoms 1, (0.6) (0.7) (7.6) 21.0 Consumer 5, (1.9) (10.5) 11.7 Al Rayan Islamic Index 3, (2.8) (9.2) 15.9 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Gulf Cable & Elec. Ind. Kuwait Bank of Sharjah Abu Dhabi (8.5) F. A. Alhokair & Co. Saudi Arabia Saudi Research & Mark. Saudi Arabia , Al Khalij Com. Bank Qatar (22.4) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Nat. Mobile Telecom. Kuwait 1.01 (8.2) 23.3 (15.8) United Electronics Co. Saudi Arabia (4.1) Arab Banking Corp. Bahrain 0.29 (3.3) (21.6) Saudi Electricity Co. Saudi Arabia (3.3) 1, Abu Dhabi Nat. Hotels Abu Dhabi 3.00 (3.2) 84.8 (5.4) 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) QSE Top Losers Close* 1D% Vol. 000 YTD% Qatar Cinema & Film Distribution (8.4) Qatar Islamic Insurance Co (3.6) Qatar National Cement Co (1.7) 2.7 (17.0) Barwa Real Estate Co (1.1) (4.5) Ooredoo (1.1) 42.6 (9.6) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar ,274.3 (13.1) Gulf International Services ,701.0 (31.8) Qatar Gas Transport Co. Ltd (20.8) Barwa Real Estate Co (1.1) (4.5) Qatar First Bank (26.7) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Gulf International Services ,034.8 (31.8) Vodafone Qatar ,475.9 (13.1) QNB Group (0.2) 16,100.5 (16.9) Barwa Real Estate Co (1.1) 15,528.9 (4.5) Industries Qatar (0.8) 10,807.9 (20.0) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (0.1) (1.2) (1.2) (14.5) , Dubai 3, (0.5) (3.7) , Abu Dhabi 4, (0.4) (0.7) (0.7) (3.3) , Saudi Arabia 7, (0.9) (3.0) (3.0) (0.1) , Kuwait 6, (1.2) (1.2) , Oman 5, (11.5) , Bahrain 1, (0.1) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 7

2 Qatar Market Commentary The QSE Index declined 0.1% to close at 8, The Real Estate and Telecoms indices led the losses. The index fell on the back of selling pressure from GCC and non-qatari shareholders despite buying support from Qatari shareholders. Qatar Cinema & Film Distribution Co. and Qatar Islamic Insurance Co. were the top losers, falling 8.4% and 3.6%, respectively. Among the top gainers, Islamic Holding Group rose 7.8%, while Qatar German Co. for Medical Devices was up 3.8%. Volume of shares traded on Thursday fell by 3.9% to 8.1mn from 8.4mn on Wednesday. Further, as compared to the 30-day moving average of 13.5mn, volume for the day was 40.2% lower. Vodafone Qatar and Gulf International Services were the most active stocks, contributing 28.1% and 21.1% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 51.30% 40.64% 19,848, Qatari Institutions 13.33% 16.50% (5,903,080.51) Qatari 64.63% 57.14% 13,945, GCC Individuals 0.29% 2.58% (4,257,050.02) GCC Institutions 0.02% 4.71% (8,733,953.90) GCC 0.31% 7.29% (12,991,003.92) Non-Qatari Individuals 13.77% 11.36% 4,494, Non-Qatari Institutions 21.28% 24.21% (5,449,351.82) Non-Qatari 35.05% 35.57% (954,488.67) Source: Qatar Stock Exchange (* as a % of traded value) Ratings, Earnings Releases, Global Economic Data and Earnings Calendar Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Ooredoo Moody s Qatar LT-IR A2 A2 Stable Qatar International Islamic Bank Moody s Qatar IR A2 A2 Negative Source: News reports (* LT Long Term, ST Short Term, FSR- Financial Strength Rating, FCR Foreign Currency Rating, LCR Local Currency Rating, IDR Issuer Default Rating, SR Support Rating, LC Local Currency, IR Issuer Ratings) Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 2Q2017 YoY (mn) 2Q2017 YoY (mn) 2Q2017 YoY Advanced Petrochemical Company Saudi Arabia SR % % Dhofar Poultry Co. # Oman OMR 5, % % % Source: Company data, DFM, ADX, MSM, TASI, BHB. ( # Values in 000) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/06 US Mortgage Bankers Association MBA Mortgage Applications 30-June 1.4% -6.2% 07/06 US Department of Labor Initial Jobless Claims 1-July 248k 243k 244k 07/06 US Department of Labor Continuing Claims 24-June 1,956k 1,940k 1,948k 07/06 US Markit Markit US Services PMI June /06 US Markit Markit US Composite PMI June /07 US Bureau of Labor Statistics Unemployment Rate June 4.4% 4.3% 4.3% 07/07 UK UK Office for National Statistics Industrial Production MoM May -0.1% 0.4% 0.2% 07/07 UK UK Office for National Statistics Industrial Production YoY May -0.2% 0.2% -0.8% 07/07 UK UK Office for National Statistics Manufacturing Production MoM May -0.2% 0.5% 0.2% 07/07 UK UK Office for National Statistics Manufacturing Production YoY May 0.4% 1.0% 0.0% 07/07 France INSEE Industrial Production MoM May 1.9% 0.6% -0.6% 07/07 France INSEE Industrial Production YoY May 3.2% 1.4% 0.1% 07/07 France INSEE Manufacturing Production MoM May 2.0% 0.6% -1.3% 07/07 France INSEE Manufacturing Production YoY May 3.3% 1.4% 0.6% 07/07 China National Bureau of Statistics Foreign Reserves June $3,056.8bn $3,061.0bn $3,053.6bn Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 7

3 Earnings Calendar Tickers Company Name Date of reporting 2Q2017 results No. of days remaining Status QNBK QNB Group 11-Jul-17 2 Due IHGS Islamic Holding Group 11-Jul-17 2 Due MARK Masraf Al Rayan 17-Jul-17 8 Due KCBK Al Khaliji 17-Jul-17 8 Due CBQK Commercial Bank 18-Jul-17 9 Due WDAM Widam Food Company 18-Jul-17 9 Due QIBK Qatar Islamic Bank 18-Jul-17 9 Due ABQK Ahli Bank 18-Jul-17 9 Due UDCD United Development Company 18-Jul-17 9 Due DHBK Doha Bank 19-Jul Due GWCS Gulf Warehousing Company 20-Jul Due QNCD Qatar National Cement Company 23-Jul Due QIIK Qatar International Islamic Bank 23-Jul Due QGTS Qatar Gas Transport Company (Nakilat) 24-Jul Due QIMD Qatar Industrial Manufacturing Company 25-Jul Due ORDS Ooredoo 26-Jul Due NLCS National Leasing (Alijarah) 27-Jul Due AKHI Al Khaleej Takaful Insurance 3-Aug Due Source: QSE News Qatar QNB Group expects oil prices at $58 a barrel in 2018 QNB Group expects oil prices to be capped at $58 a barrel in The banking group had expected average prices for 2017 to be at $55. QNB Group s weekly report cited projections of global under supply of around 0.8mn barrels a day as the main factor contributing to its forecast. The report discussed the volatility seen in oil prices in recent weeks, when oil prices moved in a five dollar range of $50-55 a barrel. The main factors contributing to the moves were rising oil output, mainly from the US, pushing prices down and declining inventory as a result OPEC cuts, which is pushing prices up. The report also focused on a trend of rising non-opec output next year. It cited forecasts by the International Energy Agency (IEA) that US production will increase by one million barrels next year. (Gulf- Times.com) Qatar Chamber: Qatar s non-oil exports up 12.2% to reach QR1.49bn in May Qatar s non-oil exports stood at QR1.49bn in May, a 12.2% increase over the QR1.33bn recorded in April, Qatar Chamber said in its monthly report. The report, which was prepared based on certificates of origin issued by Qatar Chamber s Research and Studies Department and Member Affairs Department, said non-oil exports reached QR7.76bn in the first five months of However, non-oil exports in April 2017 dropped 13.2% YoY. (Gulf-Times.com) Qatar set to emerge stronger and more resilient from blockade Dr Khalid Rashid Alkhater, specialist in monetary policy and political economy and Fellow Researcher at the Center for Macroeconomic and the Institute of New Economic Thinking at Cambridge University, believes that Qatar will emerge a stronger country as a result of the blockade. In an interview with Gulf Times, he addressed some of the pressing questions related to the economic and political dimensions of the crisis. Regarding the impact on trade he said, Intra-trade within the GCC countries relative to the rest of the world has remained low at around 10% for decades now. The blockade is mostly affecting a narrow range imports, namely, dairy products and vegetable supply chains and construction materials. Imports from the UAE stand at 9%, mostly re-exports through Dubai. These can be rerouted through other ports in the region such as Oman, or can be imported from their sources (re-exports to Qatar constitute about 30%). Imports from KSA amount to 4% and from Bahrain 1%. This relatively small amount can be substituted with imports from other countries. Therefore, there is not much room to pressure through trade sanctions and the effect will be limited, he said. (Gulf-Times.com) S hail Shipping and Maritime Services expands its fleet Qatarbased S hail Shipping and Maritime Services added another panamax gearless bulk carrier to its fleet last month. Named as S hail Al Mafyar, the ship was built in Mitsui, Japan and is about 75,500 dwt (deadweight tonnage) at meters draft. Chairman and Managing Director Mohamed Khalifa al-sada said, We are proud to expand our fleet of Qatari flagships. We remain committed to building our nation s capacity for movement of raw materials, having made its foray into shipping. Al-Sada said he is now keen in entering into maritime services and is looking out for suitable opportunities. The company is studying various options and is likely to finalize soon, he added. (Gulf-Times.com) Qatar Airways set to start buying shares in American Airlines Qatar Airways is to press on with plans to build a stake of up to 4.75% in American Airlines in the near future, despite the categorical opposition of the US company's management, Qatar Chief Executive Akbar al-baker said. The state-owned carrier notified American Airlines last month that it was interested in buying up to 10% of its shares but would not exceed 4.75% without the approval of American Airlines board. (Reuters) RasGas delivers its 500th LNG cargo to Italy's Edison RasGas has delivered its 500th liquefied natural gas (LNG) cargo to Italy's Edison, further cementing the long-term relations between the two companies. RasGas LNG tanker 'Al Areesh' Page 3 of 7

4 delivered the cargo on July 1 to the Adriatic LNG Terminal located in the northern Adriatic Sea, about 15 kilometers off the Veneto coastline in Italy. (Gulf-Times.com) Hamad Port opens five new service lines to consolidate trade ties As part of its efforts to ensure continuous flow of supplies and meet the needs of local market in light of the recent measures taken against the state, Qatar Ports Management Company-Mwani Qatar in cooperation with its partners has inaugurated five new direct service lines between Hamad port and a number of ports in the region and beyond in less than 20 days. The launch of the new lines comes within the framework of the directives of the Ministry of Transport and Communications in order to ensure the vessel movement, shipping operation and maritime navigation are not affected by these measures. (Peninsula Qatar) Kahramaa 'can meet power, water needs for next five years' Qatar General Electricity and Water Corporation (Kahramaa) currently has the capacity to meet all the country's electricity and water needs over the next five years, the corporation's President Issa bin Hilal al-kuwari stressed. Al-Kuwari said that Kahramaa has all the necessary reserves to operate all the projects in the country whenever required, and that it has many plans to enhance its role to fulfill its mission of providing sufficient quantities of electricity and water to meet the country's future needs, in accordance with internationally recognized standards. (Gulf-Times.com) Moody's sees 'limited' impact on QP from blockade The economic blockade by the siege countries, notably Saudi Arabia and the UAE, is expected to have only limited impact on Qatar Petroleum (QP), whose exports are majorly to the Asian economies, according to global credit rating agency, Moody's. While the current dispute has resulted in some logistical challenges to the company, Moody's expects that the impact on QP's credit profile would remain limited. Meanwhile, the shipments of Qatari liquefied natural gas (LNG) vessels through the Strait of Hormuz could be unhindered despite the current economic blockade by the siege countries, according to Moody s. Expecting that a disruption of Qatari LNG vessels ability to transit the Strait of Hormuz is very unlikely ; Moody s said Qatar can currently export LNG through the Strait without entering the UAE or Saudi Arabia territorial waters. (Gulf- Times.com) Nakilat assumes Al Sheehaniya management Qatar Gas Transport Company (Nakilat) has assumed full ship management and operations of Q-Flex LNG (liquefied natural gas) carrier Al Sheehaniya from STASCo (Shell Trading and Shipping Company). This comes as part of the planned and phased transition announced on October 19, With a cargo carrying capacity of 210,200 cubic meters, Al Sheehaniya, chartered by Qatargas, is the ninth wholly-owned LNG vessel that came under the management of Nakilat Shipping Qatar (NSQL), bringing the total number of vessels managed by NSQL to 17, comprising 13 LNG and four liquefied petroleum gas carriers. (Gulf-Times.com) QNCD s General Manager: Siege has not affected the company s cement production Qatar National Cement Company s (QNCD) General manager Mohammad Ali Al Sulaity said the siege has not affected the company's production, confirming the company is self-sufficient in cement production and is able to secure the local market's needs. In an interview with Al Sharq, Al Sulaity said all the raw material necessary for the production are available in the country, and all the simple materials, such as gypsum and iron oxide, are imported from Sultanate of Oman according to previously signed agreements. Al Sulaity said the company has a surplus in production and is able to meet the country's needs of cement and sand, adding that the company will run furnace number five in September at a capacity of 5,000 tons per day, which will increase its daily production of clinker to 19,000 tons per day and cement to 21,000 tons. (Peninsula Qatar) QNCD to disclose its semi-annual financials on July 23 Qatar National Cement Company (QNCD) announced it would disclose its semi-annual financial reports for the period ending June 30, 2017 on July 23, (QSE) QGTS to disclose its semi-annual financials on July 24 Qatar Gas Transport Company (QGTS) announced it would disclose its semi-annual financial reports for the period ending June 30, 2017 on July 24, (QSE) Moody s affirms QIIK s rating at A2 again International credit rating agency Moody s has affirmed Qatar International Islamic Bank s (QIIK) rating for the second consecutive year at A2, which is a sign of strength of the bank s financial position, QIIK said. Moody s decision to affirm the ratings of QIIK reflects the resilience in the bank s financial performance underpinned by continued strong asset quality and capital buffers, QIIK said. (Gulf-Times.com) Moody s affirms Ooredoo ratings with stable outlook Global credit rating agency Moody s has affirmed A2 long-term issuer rating of telecommunication services provider Ooredoo as well as A2 senior unsecured ratings of Ooredoo International Finance (OIF), a wholly owned finance vehicle, and Ooredoo Tamweel, all with stable outlook. (Gulf-Times.com) International US trade deficit narrows as exports hit two-year high The US trade deficit fell in May as exports increased to their highest level in just over two years, however, trade could still weigh on economic growth in the second quarter. The Commerce Department said the trade gap decreased 2.3% to $46.5bn. April's trade deficit was unrevised at $47.6bn. Economists polled by Reuters had forecasted the trade gap falling to $46.2bn in May. When adjusted for inflation, the trade deficit narrowed to $62.8bn from $63.8bn in April. Real goods exports increased to an all-time high in May, propelled by record high petroleum exports. Still, the real trade deficit averaged $63.3bn in April and May, above the first quarter's average of $62.2bn. That suggests trade will be a drag on gross domestic product in the second quarter after contributing 0.23 percentage point to the economy's 1.4% annualized growth pace in the first three months of the year. (Reuters) US job growth accelerates in June, wages continue to lag US job growth increased more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate hike this year despite sluggish wage gains. Non-farm payrolls jumped by 222,000 jobs last month, driven by hefty gains in healthcare, government, restaurants and professional Page 4 of 7

5 and business services sectors, the Labor Department said. That was the second biggest payrolls increase this year and beat economists' expectations for a 179,000 rise. The economy also created 47,000 more jobs in April and May than previously reported. While the unemployment rate rose to 4.4% from a 16- year low of 4.3% in May, that was because more people were looking for work, a sign of confidence in the labor market. (Reuters) NIESR: UK economy likely expanded 0.3% in second quarter British economic growth barely improved during the second quarter after a slow start to the year, the National Institute of Economic and Social Research (NIESR) said, after a disappointing batch of official data. The economy likely grew 0.3% in the three months to June over the first quarter, when the economy expanded only 0.2%, NIESR said. Growth in services has offset a contraction in industrial output, yet remains subdued when compared with last year, research fellow at NIESR, Rebecca Piggott said. Official data showed output by British factories unexpectedly fell in May, raising questions about the likelihood of the Bank of England raising interest rates this year. (Reuters) Strong rise in German industrial output signals solid second quarter growth German industrial production rose more than expected in May, boosting expectations that factories will support growth in Europe's biggest economy in the second quarter. The surprisingly bullish figures are the latest in a batch of strong data that are likely to help Chancellor Angela Merkel and her conservatives burnish their economic credentials before a September 24 federal election in which she will seek a fourth term. Industrial output jumped by 1.2% MoM in May, data from the Economy Ministry showed. That was the fifth consecutive monthly increase and easily beat the consensus forecast in a Reuters poll for a 0.3% gain. The upturn was driven by a rise in energy production and factories producing more capital and consumer goods. (Reuters) Greece's unemployment drops to 21.7% in April Greece's jobless rate dropped to 21.7% in April from 22.0% in the previous month, statistics agency ELSTAT said; however, the unemployment rate remained Eurozone's highest. Unemployment in March was revised lower from 22.5%. The seasonally adjusted data showed that the number of officially unemployed reached 1.04mn people. Hardest hit were young people aged 15 to 24 years, with their jobless rate dropping to 45.5% from 49.9% in April last year. Greece's jobless rate hit a record high of 27.9% in September It has come down from record highs but remains more than double the Eurozone's average. Unemployment in the 19 countries sharing the Euro stood at 9.3% in April. Greece's economy expanded in the first three months of Economic output grew 0.4% compared to the final quarter of (Reuters) Japan s May machinery orders seen bouncing Japan's core machinery orders are expected to have rebounded in May, a Reuters poll showed, and Analyst say the near term outlook points to solid capital spending although in the longer run businesses remain cautious due to uncertainty around US trade policies. Core machinery orders are seen rising 1.7% in May from the previous month following a 3.1% drop in April, the Reuters poll of 17 economists found. The highly volatile data series is regarded as a leading indicator of capital spending in the coming six to nine months. Analysts say a pickup in the global economy and a weaker yen should underpin core machinery orders, as companies enjoying strong earnings continue to spend on equipment. Those signs were evident in some recent solid data, helping bolster the world's third-biggest economy. The latest Bank of Japan's survey showed confidence among Japan's big manufacturers hit its highest level in more than three years in the June quarter. In the longer term, however, business spending might remain uneven due to uncertainty over US trade policies. Concerns persist about President Donald Trump's pledge to adopt protectionist trade policies, which could hurt Japan's export-driven economy. (Reuters) Regional Moody's: Refinancing risk on $1tn debt for EMEA firms eases The refinancing risk for speculative-grade non-financial companies in Europe, the Middle East and Africa (EMEA) region has considerably fallen, with over half of the almost $1tn debt now due in 2022 and beyond as investors continued strong appetite for higher yields pushes maturities further out, according to Moody's Investors Service (Moody's). The highest proportion of debt due in each year from is concentrated among Ba- rated companies, which account for more than half of total refinancing requirements in each of the years for both bonds and loans supporting upcoming refinancing needs. MENA spending on elevators, escalators to hit $281bn Driven by strong construction industry boom in the Middle East and North Africa (MENA) region particularly the UAE sectors such as the elevators, escalators, and moving walkways are witnessing significant growth. In recent times, the regions respective governments have devoted spending to improving the existing infrastructure, promoting the vibrant construction market expansion with regional spending set to reach $281bn by 2018, according to BMI Research. With the Middle East and North Africa s (MENA) infrastructure spend set to top $280bn by 2018, one of the region s largest players of people-moving machinery, ETA MELCO, is ramping up its support for megaprojects with a complete digital transformation with SAP. SAMA's foreign assets slows in May Saudi Arabian Monetary Agency's (SAMA) foreign assets, which the government has been liquidating to cover a budget deficit caused by low oil prices, fell at the slowest pace for a year in May, official data showed. Net foreign assets shrank by a little over $1bn from the previous month to $492bn, their lowest level since May It was the smallest drop since assets increased for a single month in May On YoY basis, foreign assets shrank 14.2% in May. They hit a record high of $737bn in August 2014 before starting to fall along with oil prices. (Zawya) Japan to raise crude storage capacity for Saudi Aramco The Japanese government is preparing to raise the crude storage capacity that it lends to Saudi Aramco by 1.9mn barrels this summer, according to the Trade Ministry. Japan and Saudi Arabia last October agreed to raise the storage capacity in Okinawa, from 1mn kl to 1.3mn kl (8.2mn barrels) by the Page 5 of 7

6 summer of 2017, an official from the Ministry of Economy, Trade and Industry said. Saudi Aramco says oil reserves steady, output at record ahead of IPO Saudi Aramco, which is in the midst of auditing its oil reserves ahead of a planned stock market listing next year, said its crude oil and condensate reserves held steady last year despite record production. The company's daily crude production hit a new high of 10.5mn barrels per day (bpd) in 2016, up from 10.2mn bpd in Recoverable crude oil and condensate reserves, meanwhile, totaled 260.8bn barrels at the end of 2016, little changed from 261.1bn in (Reuters) Saudi Arabia cancels steel export duties, cuts cement duties by half Saudi Arabia said it would cancel all export duties on steel for two years to encourage local industries. Cement export tariffs will also be slashed by 50%, according to the trade ministry. (Reuters) Russian Energy Minister: Russia offers Saudi Aramco role in Arctic LNG project Russian Energy Minister, Alexander Novak said that energy cooperation with Saudi Arabia was "top-flight" and would deepen if Riyadh took up an offer to participate in Russia's Arctic gas project. To expand cooperation, he said Saudi Aramco was offered a role in the Arctic LNG-2 project led by Russia's largest private gas producer Novatek, which aims to start building the first processing unit, or train, to produce LNG in (Reuters) KKF eyes wider nonprofit sector contribution to Saudi Arabia s GDP by 2030 Princess Banderi Bint Abdulrahman AlFaisal, the Director General of the King Khalid Foundation (KKF), disclosed that Riyadh-based foundation assists the Kingdom to boost nonprofit sector contribution in the GDP to stand at 5% by According to the latest government statistics, the nonprofit sector accounts for less than 1% of GDP. Dubai s non-oil foreign trade rises 2.7% to reach AED327bn in 1Q2017 Dubai s non-oil foreign trade grew 2.7% to reach AED327bn in 1Q2017 compared to AED318bn in 1Q2016, according to Dubai Customs. (Bloomberg) Dubai Investments in talks to acquire Union Properties stake in Emicool Dubai Investments said it is in initial talks to buy Union Properties stake in Emirates District Cooling LLC (Emicool), in a move to take full control of the district cooling service provider. Emicool, an equally owned venture between Dubai Investments and Dubai property developer Union Properties, had been slated for a flotation this year. Malls and retailers revamp strategy to capitalize on DSS Retailers and malls are reinventing their strategies to capitalize on key sale events in the city, such as the upcoming Dubai Summer Surprises (DSS). According to Al Ghurair Retail, part of UAE-based diversified industrial conglomerate Al Ghurair, more and more shopping hubs now investing in on-site entertainment and attractions to increase footfall. Dana Gas CEO: Dana Gas will offer new Sukuk conditions in weeks Dana Gas CEO, Patrick Allman-Ward said that the company is planning to propose new conditions for its restructured Sukuk within weeks. He added that restructuring of company s Shari ah-compliant bonds due in October is necessary and in interest of all parties. The company will inform the Abu Dhabi Securities Exchange (ADX) of the conditions of its new Sukuk. (Bloomberg) Page 6 of 7

7 Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Rebased Performance Daily Index Performance % 0.1% 0.1% % (0.5%) (1.0%) (0.9%) (0.1%) (0.1%) (0.4%) (0.5%) 70.0 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 QSE Index S&P Pan Arab S&P GCC Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (1.0) (2.3) 5.3 MSCI World Index 1, (0.2) 9.2 Silver/Ounce (2.6) (6.1) (1.9) DJ Industrial 21, Crude Oil (Brent)/Barrel (FM Future) (2.9) (2.5) (17.8) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) (2.8) (3.9) (17.7) NASDAQ 100 6, Natural Gas (Henry Hub)/MMBtu (1.9) (21.5) STOXX (0.2) LPG Propane (Arab Gulf)/Ton (2.4) (0.8) (17.2) DAX 12, (0.0) LPG Butane (Arab Gulf)/Ton (2.0) 1.3 (41.3) FTSE 100 7, (0.4) (0.4) 7.4 Euro 1.14 (0.2) (0.2) 8.4 CAC 40 5, (0.2) Yen (2.6) Nikkei 19, (1.0) (2.0) 6.6 GBP 1.29 (0.6) (1.0) 4.5 MSCI EM 1, (0.4) (0.8) 16.3 CHF 1.04 (0.4) (0.6) 5.7 SHANGHAI SE Composite 3, AUD (1.1) 5.5 HANG SENG 25, (0.5) (1.7) 14.3 USD Index (6.1) BSE SENSEX 31, RUB (1.9) Bovespa 62, (0.2) 2.5 BRL (0.8) RTS (1.6) (0.6) (13.6) Source: Bloomberg Source: Bloomberg (*$ adjusted returns) Contacts Saugata Sarkar Shahan Keushgerian Zaid al-nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) Tel: (+974) Tel: (+974) Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) Tel: (+974) PO Box 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 financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment 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. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 7 of 7