The QSE index rose 1.0% led by gains in the real estate and industrial indices. Top gainers were Qatari Investors Group (+10.0%) and Qatar German Company for Medical Devices (+9.9%). The index rose due to buying support from Qatari and non-Qatari shareholders despite selling from GCC shareholders. Overall market activity saw buying from Qatari investors at 64.07% while GCC investors were net sellers at 4.62%.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.0% to close at 11,892.2. Gains were led by the Real
Estate and Industrials indices, rising 2.1% and 1.5%, respectively. Top gainers
were Qatari Investors Group and Qatar German Company for Medical Devices,
rising 10.0% and 9.9%, respectively. Among the top losers, Qatar Industrial
Manufacturing Co. fell 0.8%, while QNB Group was down 0.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 2.2% to close at 9,164.5. Gains were led
by the Real Estate Dev. and Transportation indices, rising 3.8% and 3.2%,
respectively. Al Alamiya rose 9.8%, while Atheeb Telecom was up 9.4%.
Dubai: The DFM Index gained 2.9% to close at 3,941.8. The Financial. & Inv.
Services index rose 6.9%, while the Insurance index gained 3.2%. Al-Madina
for Finance and Inv. surged 14.9%, while Gulf Finance House was up 10.4%.
Abu Dhabi: The ADX benchmark index rose 0.7% to close at 4,622.3. The
Real Estate index gained 4.8%, while the Energy index rose 3.0%. Eshraq
Properties Co. and International Fish Farming Holding were up 14.4% each.
Kuwait: The KSE Index fell 0.3% to close at 6,264.3. The Oil & Gas and Basic
Material indices declined 1.6% each. Al-Nawadi Holding Co. fell 8.3%, while
Al-Salam Group Holding Co. was down 7.9%.
Oman: The MSM Index fell 0.2% to close at 6,232.0. Losses were led by the
Financial and Industrial indices, falling 0.6% and 0.4%, respectively. Al
Jazeera Steel Products fell 6.0%, while Oman United Ins. was down 3.3%.
Bahrain: The BHB Index declined 2.8% to close at 1,393.9. The Investment
index fell 10.5%, while the other indices ended flat or green. Nass Corporation
declined 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 45.65 10.0 187.3 10.3
Qatar German Co for Medical Dev. 12.39 9.9 557.4 22.1
Dlala Brokerage & Inv. Holding Co. 31.35 8.4 341.2 (6.2)
Ahli Bank 48.90 6.3 3.0 (1.5)
Ezdan Holding Group 17.03 2.3 1,175.7 14.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.71 1.0 1,242.8 7.7
Ezdan Holding Group 17.03 2.3 1,175.7 14.1
Gulf International Services 83.50 0.0 862.2 (14.0)
Barwa Real Estate Co. 47.90 2.1 642.3 14.3
Qatar German Co for Medical Dev. 12.39 9.9 557.4 22.1
Market Indicators 15 Apr 15 14 Apr 15 %Chg.
Value Traded (QR mn) 309.1 383.7 (19.4)
Exch. Market Cap. (QR mn) 638,831.3 633,842.7 0.8
Volume (mn) 7.2 7.1 2.2
Number of Transactions 4,584 4,518 1.5
Companies Traded 41 38 7.9
Market Breadth 32:4 11:25 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,479.47 1.0 (0.8) 0.8 N/A
All Share Index 3,174.59 0.9 (0.7) 0.7 14.5
Banks 3,172.41 0.3 (0.7) (1.0) 14.4
Industrials 3,902.40 1.5 (2.0) (3.4) 13.1
Transportation 2,427.18 0.8 (0.4) 4.7 13.7
Real Estate 2,571.77 2.1 0.1 14.6 14.6
Insurance 4,056.09 0.2 0.1 2.5 18.9
Telecoms 1,343.81 0.6 0.5 (9.5) 21.9
Consumer 7,078.58 0.7 0.1 2.5 27.2
Al Rayan Islamic Index 4,474.51 1.6 0.2 9.1 16.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatari Investors Group Qatar 45.65 10.0 187.3 10.3
Etihad Atheeb Saudi Arabia 7.00 9.4 17,348.7 3.9
Dubai Investments Dubai 2.92 6.9 93,320.3 29.8
Herfy Food Services Saudi Arabia 125.86 6.7 183.8 29.4
Ahli Bank Qatar 48.90 6.3 3.0 (1.5)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Bank of Sharjah Abu Dhabi 1.63 (5.8) 220.5 (12.4)
Nat. Real Estate Co. Kuwait 0.11 (3.4) 50.0 (15.2)
Kuwait Projects Co. Kuwait 0.60 (3.2) 1,820.2 (14.3)
Kuwait Food Co. Kuwait 2.50 (3.1) 336.9 (10.7)
Nat. Investments Co. Kuwait 0.13 (3.1) 142.5 (17.1)
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)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Industrial Manufacturing Co. 46.10 (0.8) 0.4 6.3
QNB Group 188.50 (0.6) 126.3 (11.5)
Gulf Warehousing Co. 61.00 (0.3) 30.5 8.2
National Leasing 21.18 (0.0) 132.8 5.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 83.50 0.0 72,528.1 (14.0)
Barwa Real Estate Co. 47.90 2.1 30,520.1 14.3
Industries Qatar 142.50 1.9 24,166.7 (15.2)
QNB Group 188.50 (0.6) 23,725.5 (11.5)
Vodafone Qatar 17.71 1.0 21,910.2 7.7
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* 11,892.15 1.0 (0.8) 1.5 (3.2) 84.92 175,486.9 13.8 1.8 4.3
Dubai 3,941.77 2.9 5.0 12.2 4.4 390.92 95,001.2 9.0 1.5 5.3
Abu Dhabi 4,622.30 0.7 1.3 3.5 2.1 117.15 124,892.9 11.7 1.4 4.8
Saudi Arabia 9,164.45 2.2 2.4 4.4 10.0 2,326.54 529,272.2 18.2 2.2 2.9
Kuwait 6,264.28 (0.3) (0.2) (0.3) (4.2) 64.24 95,262.0 16.4 1.1 4.0
Oman 6,231.95 (0.2) (0.6) (0.1) (1.8) 19.34 23,969.5 10.4 1.4 4.3
Bahrain 1,393.94 (2.8) (3.2) (3.9) (2.3) 1.97 21,799.3 9.1 0.9 5.1
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)
11,700
11,750
11,800
11,850
11,900
11,950
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 1.0% to close at 11,892.2. The Real Estate
and Industrials indices led the gains. The index rose on the back
of buying support from Qatari and non-Qatari shareholders
despite selling pressure from GCC shareholders.
 Qatari Investors Group and Qatar German Company for Medical
Devices were the top gainers, rising 10.0% and 9.9%,
respectively. Among the top losers, Qatar Industrial
Manufacturing Co. fell 0.8%, while QNB Group was down 0.6%.
 Volume of shares traded on Wednesday rose by 2.2% to 7.2mn
from 7.1mn on Tuesday. However, as compared to the 30-day
moving average of 7.9mn, volume for the day was 8.7% lower.
Vodafone Qatar and Ezdan Holding Group were the most active
stocks, contributing 17.2% and 16.2% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 1Q2015
% Change
YoY
Operating Profit
(mn) 1Q2015
% Change
YoY
Net Profit (mn)
1Q2015
% Change
YoY
Saudi Marketing Co. (Farm
Superstores)
Saudi Arabia SR – – 32.6 16.1% 29.1 5.2%
Alinma Tokio Marine Co. Saudi Arabia SR 14.3 25.7% 0.0 NA 0.2 -56.7%
The National Shipping
Company of Saudi Arabia
(Bahri)
Saudi Arabia SR – – 427.9 156.7% 398.4 104.2%
Saudi Steel Pipe Co. (SSP) Saudi Arabia SR – – 14.6 61.3% 11.4 183.8%
Southern Province Cement
Co. (SPC)
Saudi Arabia SR – – 271.0 20.4% 266.0 20.4%
Yamama Cement Co. (YCC) Saudi Arabia SR – – 167.7 -0.8% 175.4 0.4%
Arabian Shield Cooperative
Insurance Co. (ASCI)
Saudi Arabia SR 147.3 31.3% – – 1.2 14.3%
Arriyadh Development Co.
(ADCO)
Saudi Arabia SR – – 72.4 41.4% 71.2 38.5%
Deyaar Development Dubai AED 62.7 -80.2% -4.8 NA 55.2 6.0%
Asaffa Foods Oman OMR 8.4 12.2% – – 1.5 -18.1%
Ooredoo Oman OMR 59.3 12.5% – – 10.7 21.6%
Oman International
Marketing Co. (OIMS)
Oman OMR 0.0 -87.8% – – 0.0 NA
Dhofar Fisheries and Food
Industries Co. (DIFC)
Oman OMR 0.7 -48.1% – – -0.2 NA
Sembcorp Salalah Oman OMR 16.8 12.9% – – 2.7 8.1%
A'Sharqiya Investment
Holding Co. (SIHC)
Oman OMR 0.9 -5.6% – – 0.7 -1.5%
National Gas Co. (NGC) Oman OMR 20.6 -31.5% – – 0.4 -7.3%
Gulf International Chemicals
(GIC)
Oman OMR 1.3 36.3% – – 0.3 195.9%
Al Suwadi Power Co. Oman OMR 7.6 32.7% – – -3.4 NA
Shell Oman Marketing Co.
(SOMC)
Oman OMR 80.2 -20.6% – – 2.6 -2.6%
Al Batinah Power Co. Oman OMR 8.1 24.8% – – -3.2 NA
Gulf Investment Services
Holding (GIS)
Oman OMR 0.8 -67.1% – – 0.4 -82.2%
Majan Glass Oman OMR 2.7 31.1% – – 0.2 NA
Oman Oil Marketing Co. Oman OMR 87.0 13.5% – – 2.6 9.6%
The Financial Corporation
(FINCORP)
Oman OMR 1.0 -57.5% 0.0 -96.8% -0.2 NA
Financial Services Co.
(FSC)
Oman OMR 0.2 -44.1% – – 0.0 -87.4%
National Securities Co.
(NSC)
Oman OMR 0.4 20.7% – – -1.0 -241.7%
Oman Cement Co. (OCC) Oman OMR 15.9 10.6% – – 3.8 3.7%
Oman Foods International Oman OMR 0.8 -6.8% – – 0.1 -175.0%
ACWA Power Barka Oman OMR 10.4 15.6% – – 1.9 -16.7%
Al-Batinah Development &
Investment Holding Co.
Oman OMR 0.2 -68.3% – – 0.2 -69.7%
Al Maha Petroleum Products
Marketing Co. (MHAS)
Oman OMR 82.9 1.8% – – 2.6 -1.2%
Source: Company data, DFM, ADX, MSM
Overall Activity Buy %* Sell %* Net (QR)
Qatari 64.07% 63.40% 2,108,288.42
GCC 4.62% 6.48% (5,762,630.69)
Non-Qatari 31.30% 30.12% 3,654,342.27

3. Page 3 of 7
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/15 US Federal Reserve Industrial Production MoM March -0.60% -0.30% 0.10%
04/15 US Federal Reserve Capacity Utilization March 78.40% 78.60% 79.00%
04/15 US Federal Reserve Manufacturing (SIC) Production March 0.10% 0.10% -0.20%
04/15 EU Eurostat Trade Balance SA February 22.0B 22.0B 21.2B
04/15 EU Eurostat Trade Balance NSA February 20.3B 21.0B 7.9B
04/15 EU European Central Bank ECB Main Refinancing Rate 15-April 0.05% 0.05% 0.05%
04/15 EU European Central Bank ECB Deposit Facility Rate 15-April -0.20% -0.20% -0.20%
04/15 EU European Central Bank ECB Marginal Lending Facility 15-April 0.30% 0.30% 0.30%
04/15 France INSEE CPI EU Harmonized YoY March 0.00% 0.00% -0.30%
04/15 France INSEE CPI MoM March 0.70% 0.70% 0.70%
04/15 France INSEE CPI YoY March -0.10% 0.00% -0.30%
04/15 China NBS Retail Sales YoY March 10.20% 10.90% --
04/15 China NBS Retail Sales YTD YoY March 10.60% 10.80% 10.70%
04/15 China NBS Industrial Production YoY March 5.60% 7.00% --
04/15 China NBS Industrial Production YTD YoY March 6.40% 6.90% 6.80%
04/15 China NBS Fixed Assets Ex Rural YTD YoY March 13.50% 13.90% 13.90%
04/15 China NBS GDP YoY 1Q2014 7.00% 7.00% 7.30%
04/15 China NBS GDP SA QoQ 1Q2014 1.30% 1.40% 1.50%
04/15 China NBS GDP YTD YoY 1Q2014 7.00% 7.00% 7.40%
04/15 China Bloomberg Bloomberg GDP Monthly Estimate YoY March 6.35% – 6.28%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QIBK’s net profit jumps 19.4% YoY (drop of 15.1% QoQ) to
QR400.4mn in 1Q2015 – Qatar Islamic Bank (QIBK) has posted
a net profit of QR400.4mn in 1Q2015 beating our estimates by
7.3%. The beat came on the back of lower provisions and lower
minority interest. QIBK’s total income for 1Q2015 reached
QR734.7mn, up 10.2% YoY (down 6.5% QoQ). Moreover net
operating income clocked in at QR484.3, 2.7% shy from our
estimate. On a QoQ basis, results were weak across the board.
Income from financing activities grew by 18.9% YoY (+4.0%
QoQ) to QR673.3mn in 1Q2015. On the other hand income from
investing activities (QR143.7mn) dropped by 5.8% and 19.1%
YoY and QoQ, respectively. Net fee & commission income
reached QR100.4mn in 1Q2015, exhibiting an increase of
17.2% YoY (down 2.3% QoQ). Operating expenses climbed up
by 13.8% YoY and 6.4% QoQ, lifting the cost-to-income ratio to
34.1% vs. 29.9% in 4Q2014 (33.0% in 1Q2014) The bank’s loan
(QR64.5bn) and deposit (QR70.9bn) books expanded by 8.1%
and 6.5% YTD, respectively. As such, the bank’s LDR rested at
91%. Further, the bank’s NPL ratio improved to 0.8% in 1Q2015
vs. 0.9% at the end of 2014. (QE, QNBFS Research)
 QCSD raises DHBK’s foreign ownership to 49% – The Qatar
Central Securities Depository (QCSD) has amended the foreign
ownership in Doha Bank’s shares, taking it to 49% of the total
capital effective from April 15, 2015. This amendment is
pursuant to Law no. 9 that allows non-Qatari investors to own
shares in listed companies by no more than 49% of a company’s
capital. This move comes after DHBK received an approval from
its general assembly to amend the Articles of Association in line
with the regulatory provisions, as well as an approval from the
Ministry of Economy & Commerce on the amendment. (QSE)
 QGMD’s AGM endorses agenda – Qatar German Company for
Medical Devices’ (QGMD) annual general meeting (AGM) gave
the nod to appoint new board members for three years.
Shareholders also approved the board’s report on the
company’s financial position for the fiscal year ended December
31, 2014. (QSE)
 MDPS: Qatar inflation rises 1.4% YoY in March – According
to the Ministry of Development Planning & Statistics (MDPS),
the Consumer Price Index (CPI) in Qatar rose by 1.4% YoY
while it fell 0.1% MoM in March 2015. The YoY price increase is
primarily affected by the increasing prices in the seven groups
namely: Tobacco products by 14.1%, Education by 11.1%,
Transport 6.1%, Housing, Water, Electricity & Gas 4.1%,
Furniture & Household Equipment 1.1%, Restaurants & Hotels
0.6% and Health 0.4%. However, there has been a decrease in
price levels in four other groups namely: Recreation and Culture
by 7.8%, Communications 1.9%, miscellaneous goods &
services 0.6% and Clothing & footwear 0.1%. Food & Beverages
group has been the only exception, where there is no annual
change in the price index. The CPI of March 2015 excluding
Housing, Water, Electricity & Gas group shows a decrease of
0.1% MoM and an increase of 0.7% YoY. (QSA)
 Single-window licensing for businesses soon – Qatar News
Agency (QNA) reported that a law is being drafted that would
facilitate foreign and local investors seeking to start a business
to get all the necessary approvals under one roof. For this
purpose a single-window licensing system is being installed. A
draft commercial companies’ law has been initially approved by
the Cabinet and was forwarded to the Advisory Council for
recommendations and the Council has sent it back to the
Cabinet. QNA stated that the Cabinet perused the
recommendations and took the necessary steps to get the draft
law endorsed. The draft law carries amendments to some
provisions of a current commercial companies’ law (Number 5 of
2002) issued 13 years ago, and since then a lot of changes
have taken place in the way business is done. (Peninsula Qatar)
 MERS to disclose 1Q2015 results on April 26 – Al Meera
Consumer Goods Company (MERS) will announce its financial
results for 1Q2015 on April 26, 2015. (QSE)
 NLCS to disclose 1Q2015 results on April 30 – Alijarah
Holding Company (NLCS) will announce its financial results for
1Q2015 on April 30, 2015. (QSE)

4. Page 4 of 7
International
 Reuters: US to continue engage China on AIIB – US officials
have expressed hope that the new Beijing-led development
bank would work with existing institutions, thereby agreeing to
their high governance standards for transparency and avoiding
corruption, while protecting both the environment and labor
rights. Washington has generally given the Asian Infrastructure
Investment Bank (AIIB) a chilly reception, warning that it is yet to
embrace the standards established over the last 70 years by
other development organizations such as the World Bank.
Beijing aims to use the AIIB to boost its global clout, and
Washington suffered a diplomatic blow when its European allies
such as Britain, France and Germany pledged to join the AIIB.
China's finance ministry said that 57 countries will be joining as
founding members of the AIIB. Beijing has said it will have the
largest share in the bank, but will not hold veto power. However,
among the Group of Seven (G7) industrialized countries, the
US, Japan and Canada remain holdouts. (Reuters)
 BofA’s profit beats expectations as legal expenses fall –
Bank of America Corp. (BofA), the No. 2 US bank by assets,
reported a better-than-expected 1Q2015 profit, reversing from a
year-earlier loss, as legal costs fell steeply and the bank earned
more from mortgage lending. BofA reported net income of
$2.98bn, compared with a loss of $514mn in 1Q2014. Revenue
from the bank's bond trading unit fell 6.8% to $2.75bn. Currency
trading revenue doubled, however, helped by the Swiss central
bank's shock move in January to remove the Swiss franc's cap
against the euro, which set off frenzied trading. Mortgage
banking revenue increased 68.4% to $694mn, while income
from investment and brokerage services rose 3.3% to $3.38bn.
Overall revenue, excluding adjustments, fell 5.9% to $21.42bn.
However, BofA's cost-cutting efforts fell short of what some in
the market had expected. (Reuters)
 ECB: Eurozone economy to keep strengthening – The
European Central Bank (ECB) President Mario Draghi said the
Eurozone's economy had gained momentum since the end of
2014 and the recovery would gradually strengthen. Noting the
small pickup in inflation to -0.1% in March, Draghi said that
although it was likely to remain low, inflation is expected to
increase later in 2015 and to pick up further during 2016 and
2017. Draghi further added that while remaining on the
downside, the risks surrounding the economic outlook for the
Eurozone have become more balanced on account of the recent
monetary policy decisions, the fall in oil prices and a lower euro
exchange rate. In March 2015, the ECB boosted its predictions
for growth in the Eurozone economy to 1.5% in 2015, but said
that oil prices would keep price inflation flat in 2015 before
advancing toward 1.8% in 2017. (Reuters)
 S&P cuts Greek rating over prolonged talks with lenders –
The ratings agency Standard & Poor's (S&P) cut the credit
rating for Greece to 'CCC+' from 'B-‘, which is deeper into the
junk territory, citing worsening economic conditions due to
prolonged negotiations between the country and its lenders.
Greece has been locked in talks with its EU and IMF creditors
on economic reforms for months and would run out of cash
within weeks if it fails to strike a deal to unlock fresh bailout
funds. S&P said it expected the Greek government to be able to
continue to pay salaries and pensions in cash, although its fiscal
income was weakening. However, the agency warned that
without deep economic reforms or further relief, it expects
Greeks debt and other financial commitments will become
unsustainable. (Reuters)
 Japan edges out China as largest holder of US Treasuries –
According to the US Treasury Department, Japan edged out
China as the largest holder of US Treasuries in February. Data
showed outflows from US Treasuries totaled $6.30bn in
February, down from net selling of $55.1bn in January, which
was the highest in three years. Japan eclipsed China as the
largest US Treasury holder for the first time since August 2008.
Japan's holdings actually declined in February to $1.22tn from
$1.23tn in January, while China's also fell to $1.22tn from
$1.23tn. Foreign central banks sold $11.1bn in Treasuries in
February, shedding the US government debt for a fifth straight
month. The data was in line with market movements in the
Treasury market, which showed investors selling US Treasuries
in February as yields on the long end rose. Benchmark 10-year
US yields in February ranged between 1.65% at the beginning
of the month to 2.00% at the end. (Reuters)
 China FDI stays robust at $12.4bn in March – Foreign direct
investment (FDI) in China rose 2.2% YoY in March 2015, while
outbound flows posted a milder rise, as foreign corporate
investors remain undeterred by a weakening domestic economic
performance. That brings the inbound FDI up 11.3% to
$34.88bn for 1Q2015. The data follows a series of disappointing
data releases, highlighting the flagging domestic fixed-asset
investment, including in property, and a slowing industrial
activity. Foreign investment projects take time to implement,
making FDI a lagging indicator of general confidence, however,
they have remained strong in recent months nevertheless.
(Reuters)
Regional
 IMF reduces growth forecast for Mideast amid oil price fall –
The International Monetary Fund (IMF) has reduced the growth
forecast for the Middle East (Mideast) to 2.9% in 2015 from its
earlier prediction of 3.3%. The IMF said that oil price declines
will sharply slow growth for oil exporters. The IMF expects a
3.5% growth in the UAE in 2015, down 1% point from its earlier
prediction in October 2014. (GulfBase.com)
 Bank Al Bilad EGM approves capital increase via bonus
shares – Bank Al Bilad’s extraordinary general meeting (EGM)
has approved the capital increase via bonus shares and the
addition shares have been deposited into the investors’
portfolios. The fluctuation limits on April 15, 2015 for Bank Al
Bilad was based on a share price of SR37.18. (Tadawul)
 ANB reports SR770.6mn net profit in 1Q2015 – Arab National
Bank (ANB) reported a net profit of SR770.6mn in 1Q2015,
reflecting an increase of 8.09% YoY. The bank’s total assets
grew 9.49% YoY to SR164.79bn in 1Q2015. Loans & advances
reached SR108.35bn, showing an increase of 23.94% YoY,
while customer deposits stood at SR131.11bn. EPS amounted
to SR0.77 in 1Q2015 as compared to SR0.71 in 1Q2014.
(Tadawul)
 SHB net profit surges 29.25% YoY in 1Q2015 – Saudi
Hollandi Bank (SHB) reported a 29.25% YoY increase in its net
profit to SR538.94mn 1Q2015. The bank’s total assets grew
14.17% YoY to SR97.1bn in 1Q2015. Loans & advances
reached SR66.86bn, reflecting an increase of 17.29% YoY,
while customer deposits stood at SR77.77bn. EPS amounted to
SR0.94 in 1Q2015 versus SR0.73 in 1Q2014. (Tadawul)
 Saudia to buy more than 100 aircraft in five years – Saudi
Arabian Airlines’ (Saudia) board has decided to increase its
operations under its five-year plan from 2015-2020 by
purchasing more than 100 new aircraft. The plan also aims at
improving the performance of Saudia employees, especially its
frontline staff who deal with passengers and other customers, as
well as to modernize the airline’s infrastructure and its strategic
units. (GulfBase.com)

5. Page 5 of 7
 Tadawul net profit surges 74% to SR265mn in 2014 – The
Saudi Stock Exchange’s (Tadawul) net profit surged 74% to
SR265mn in 2014, supported by higher income from trading.
Revenue rose 41% to SR487mn in 2014, aided by an increase
in the value of shares traded. The average daily value of trading
volumes rose to SR8.6bn 2014 from SR5.5bn in 2013. Earlier, in
2014, the Saudi’s Capital Market Authority (CMA) had
announced that it will open the stock market to direct investment
by foreign institutions in 1H2015. (GulfBase.com)
 Al-Eqtisadiah daily: Saudi insurance premiums reaches
SR111.8bn in 5 years – According to a report filed and
analyzed by Al-Eqtisadiah daily, the volume of spending on
insurance (subscribed premiums) in the Kingdom totaled
SR111.8bn in the last five years. The subscribed premiums in
the Saudi insurance market were the highest in 2014, at
SR30.5bn as compared to SR25.2bn in 2013, or an increase of
21%. As per the report, medical insurance captured the lion’s
share of the Saudi insurance market in the past five years at the
value of SR58.3bn or 52% of the market, followed by the vehicle
insurance sector at SR26.2bn or 23.5%. In terms of growth rates
in 2014, vehicle insurance was the highest at 22% to reach
SR8bn as compared to SR6.4bn in 2013. (GulfBase.com)
 KAEC signs contract with Abdullah Abbar & Sons Company
– King Abdullah Economic City (KAEC) has signed a contract
with Abdullah Abbar & Sons Cold Stores Company for an
Industrial & Logistics plot in KAEC’s Industrial Valley-Phase III.
The contract includes a land plot of 102,702 square meters for
the construction of a distribution and logistics center as well as
packaging operations and 3PL (third-party logistics) services.
(GulfBase.com)
 G3 Global Grain to acquire 50.1% stake in CWB for $201mn
– G3 Global Grain Group will acquire a 50.1% stake in Canadian
Wheat Board (CWB) for $201mn. The remaining stake will be
held in trust for Canadian farmers with G3 having an option to
buy them out after seven years. Farmers owned an equity stake
in CWB, until the government stripped it of its Western Canadian
grain monopoly in 2012. G3 Global Grain Group is a new joint
venture between US grain trader Bunge Limited and the Saudi
Agricultural and Livestock Investment Company (SALIC).
(Reuters)
 DIB net profit surges 34% YoY in 1Q2015 – Dubai Islamic
Bank’s (DIB) net profit increased to AED850mn in 1Q2015,
showing an increase of 34% YoY. The bank’s total income
increased 19% YoY to AED1.77bn in 1Q2014. Net operating
revenue increased to AED1.56bn, reflecting an increase of 20%
YoY. The bank’s total assets stood at AED139.6bn as compared
to AED123.8bn at the end of 2014, representing an increase of
13%. Customer deposits amounted to AED104.1bn as
compared to AED92.3bn at the end of 2014. EPS amounted to
AED0.18 in 1Q2015 versus AED0.12 in 1Q2014. The bank’s
cash coverage ratio improved to 81% as compared to 78% at
the end of 2014. (DFM)
 Tecom Investments completes AED4bn loan upsizing –
Dubai-based business park operator Tecom Investments said
that – a unit of Dubai Holding – has completed an AED4bn loan
after exercising an option to increase the size of an existing
facility completed earlier in 2015. Earlier, in January 2015, the
company had raised AED3.53bn through a loan which also had
a tranche, which allowed Islamic banks to participate.
(GulfBase.com)
 Dubai Municipality allocates budget of AED3bn for eco-
smart projects – Dubai Municipality has allocated a budget of
AED3bn for the implementation of a series of projects across the
emirate in 2015. These projects are in line with Dubai’s
relentless drive toward smart city and sustainability and some of
them are focused on heritage and tourism areas, including Al
Shandagha area and Al Fahidi Historical District.
(GulfBase.com)
 Souq.com seeks $300mn for expansion – According to
sources, Souq.com, a Dubai-based online retailer, is seeking
$300mn for expansion. US-based Tiger Global and South
Africa-based Naspers Limited’s existing investors in the
company are leading the fund-raising program. The fund-raising
would value the business at about $1bn. (GulfBase.com)
 Emaar forecasts 2015 profit above market estimates –
Dubai's Emaar Properties has forecasted a 2015 net profit of
AED3.7bn. According to Thomson Reuters Eikon, this is higher
than the AED3.37bn average forecasted for 2015 by eight
analysts. (Reuters)
 EDC AGM approves 30% cash dividend – Emirates Driving
Company’s (EDC) general assembly meeting (AGM) has
approved the proposal to distribute 30% cash dividend from the
paid-up capital. (ADX)
 ADNH OGM approves 5% cash dividend – Abu Dhabi
National Hotels’ (ADNH) ordinary general meeting (OGM) has
approved the distribution of cash dividend for FY2015 at 5% of
capital or AED50mn. (ADX)
 KFH reports KD29.9mn net profit in 1Q2015 – Kuwait Finance
House’s (KFH) net profit rose to KD29.9mn in 1Q2015, reflecting
an increase of 14.6% YoY. The bank said its Turkish subsidiary
would begin operations in Germany, headquartered in Frankfurt,
by 2015-mid, with a starting capital of $47.8mn. (Reuters)
 AIB posts OMR1.57mn net loss in 1Q2015 – Alizz Islamic
Bank (AIB) posted a net loss of OMR1.57mn in 1Q2015 as
compared to a net loss of OMR1.47mn in 1Q2014. The bank’s
financing receivables rose to OMR112.67mn as compared to
OMR20.71mn in 1Q2014. AIB’s total assets grew to
OMR164.63mn in 1Q2015 from OMR100.44mn. AIB’s customer
current accounts amounted to OMR24.75mn. (MSM)
 Bank Nizwa reports OMR1.6mn net loss in 1Q2015 – Bank
Nizwa reported net loss of OMR1.61mn in 1Q2015 as compared
to a net loss of OMR1.99mn in 1Q2014. The bank’s total assets
grew to OMR259.11mn in 1Q2015 from OMR226.24mn in
1Q2014. Bank Nizwa’s operating income stood at OMR2.39mn
as compared to OMR1.64mn in 1Q2014. Financing to
customers reached OMR176.76mn, showing an increase of
259% YoY, while customer deposits amounted to SR107.59mn.
(MSM)
 PEIE signs OMR60mn agreements for two major industrial
estates in Oman – Public Establishment for Industrial Estates
(PEIE) has signed an agreements worth around OMR60mn to
develop Sumail and Sohar Industrial Estates. The first
agreement was signed with Larsen and Toubro - Oman for
infrastructure implementation in Sumail Industrial Estate in Al
Dakhiliyah Governorate with an estimated cost of OMR39.59mn.
(GulfBase.com)
 NBO net profit surges 23% YoY in 1Q2015 – National Bank of
Oman (NBO) reported net profit of OMR12.6mn in 1Q2015,
representing an increase of 23%. The bank posted an operating
profit of OMR17.1mn in 1Q2015, up 25% YoY. The bank’s total
assets grew to OMR3.2bn in 1Q2015. Loans, advances &
financing activities for customers reached OMR2.39bn, while
customers’ deposits & unrestricted investment accounts
amounted to SR2.44bn. (MSM)
 Bank Sohar net profit declines 17.2% YoY in 1Q2015 – Bank
Sohar reported a 17.2% YoY decline in its net profit to

6. Page 6 of 7
OMR6.59mn in 1Q2015. The bank’s operating income stood at
OMR16.13mn in 1Q2015 as compared to OMR17.11mn in
1Q2014. Bank Sohar’s total assets grew to OMR1.99bn in
1Q2015. Gross loans & advances reached OMR1.48bn, while
net loans & advances amounted to SR1.45bn. Deposits from
customers stood at OMR1.48bn in 1Q2015. (MSM)
 Bank Dhofar net profit surges 15.26% YoY in 1Q2015 – Bank
Dhofar reported a net profit of OMR11.78mn in 1Q2015, up
15.26% YoY. The bank’s operating income stood at
OMR26.8mn in 1Q2015 as compared to OMR23.67mn in
1Q2014. Bank Dhofar’s total assets grew to OMR3.29bn in
1Q2015. Net loans & advances to customers reached
OMR2.39bn, while deposits from customers amounted to
OMR2.64bn. (MSM)
 TRA fines Omantel OMR5mn – Oman's Telecommunications
Regulatory Authority (TRA) has fined Oman
Telecommunications Company (Omantel) OMR5mn. The
company has disputed the fine and will take the matter to
arbitration. (GulfBase.com)
 AFAI’s majority shareholder sells part of their shares – Al
Fajar Al Alamia (AFAI) announced that one of its majority
shareholders has sold part of their shares in the company to one
pension fund in Oman. The exchanged shares represent 10% of
the company’s share capital. (MSM)
 AUB plans capital boosting bond issue – Ahli United Bank
(AUB) has picked Goldman Sachs, HSBC and Morgan Stanley
to arrange investor meetings from April 16, 2015 for a potential
bond issue, which would boost the bank's Tier 1 (core) capital.
The road show will take place in Singapore on April 16, Hong
Kong on April 17, Abu Dhabi and Dubai on April 19, and London
on April 20 before finishing in Zurich and Geneva on April 21.
(GulfBase.com)
 Batelco signs MoU with Huawei – Bahrain Telecommunication
Company (Batelco) has signed a MoU with Huawei to set up an
R&D (Research & Development) Lab within Batelco’s ideas
Innovation Centre. (GulfBase.com)

7. Contacts
Saugata Sarkar Ahmed Al-Khoudary Sahbi Kasraoui
Head of Research Head of Sales Trading – Institutional Manager – Head of HNI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6548 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
2.2%
1.0%
(0.3%)
(2.8%)
(0.2%)
0.7%
2.9%
(4.2%)
(2.8%)
(1.4%)
0.0%
1.4%
2.8%
4.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,202.59 0.8 (0.4) 1.5 MSCI World Index 1,783.79 0.2 0.2 4.3
Silver/Ounce 16.35 1.0 (0.8) 4.1 DJ Industrial 18,112.61 0.4 0.3 1.6
Crude Oil (Brent)/Barrel (FM
Future)
60.32 3.2 4.2 5.2 S&P 500 2,106.63 0.5 0.2 2.3
Crude Oil (WTI)/Barrel (FM
Future)
56.39 5.8 9.2 5.9 NASDAQ 100 5,011.02 0.7 0.3 5.8
Natural Gas (Henry
Hub)/MMBtu
2.58 1.2 1.4 (13.8) STOXX 600 414.06 0.2 0.5 6.1
LPG Propane (Arab Gulf)/Ton 56.50 2.5 5.6 15.3 DAX 12,231.34 (0.3) (0.9) 9.0
LPG Butane (Arab Gulf)/Ton 62.00 2.1 5.1 (1.2) FTSE 100 7,096.78 0.4 1.1 2.6
Euro 1.07 0.3 0.8 (11.7) CAC 40 5,254.35 0.3 0.5 7.9
Yen 119.14 (0.2) (0.9) (0.5) Nikkei 19,869.76 (0.0) 0.7 14.2
GBP 1.48 0.4 1.4 (4.7) MSCI EM 1,036.87 0.0 0.2 8.4
CHF 1.04 0.8 1.5 3.1 SHANGHAI SE Composite 4,084.16 (1.1) 1.4 26.3
AUD 0.77 0.7 0.0 (6.0) HANG SENG 27,618.82 0.2 1.2 17.0
USD Index 98.32 (0.4) (1.0) 8.9 BSE SENSEX 28,799.69 (0.8) (0.5) 6.2
RUB 49.73 (2.4) (7.2) (18.1) Bovespa 54,918.74 2.7 2.3 (4.7)
BRL 0.33 1.1 1.6 (12.5) RTS 1,052.33 3.6 5.3 33.1
170.9
136.6
124.4