The QSE Index rose 0.3% to close at 10,186.2

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.3% to close at 10,186.2. Gains were led by the Real Estate and
Telecoms indices, gaining 0.9% and 0.6%, respectively. Top gainers were Barwa Real
Estate Co. and National Leasing, rising 5.0% and 2.9%, respectively. Among the top
losers, Doha Insurance Co. fell 2.7%, while Ahli Bank declined 2.5%.
GCC Commentary
Saudi Arabia: The TASI Index declined 0.2% to close at 6,805.8. Losses were led by the
Real Estate Development and Media & Publishing, falling 1.5% and 1.4%, respectively.
Arabia Ins. declined 8.8%, while Solidarity Saudi was down 8.2%.
Dubai: The DFM Index fell 0.4% to close at 3,491.9. The Consumer Staples index
declined 2.2%, while the Transportation index fell 1.6%. Damac Properties Dubai Co.
declined 7.9%, while Hits Telecom was down 3.5%.
Abu Dhabi: The ADX benchmark index declined 1.0% to close at 4,543.5. The Services
index fell 3.8%, while the Banks index declined 2.1%. Abu Dhabi National Hotels fell
10.0%, while Gulf Cement Co. was down 7.9%.
Kuwait: The KSE Index fell 0.7% to close at 5,391.8. The Technology index declined
2.3%, while Insurance index fell 1.7%. Real Estate Trade Centers Co. declined 9.4%,
while National Investments Co. was down 8.3%.
Oman: The MSM Index rose 0.1% to close at 5,942.7. Gains were led by the Industrial
and Financial indices, rising 0.5% and 0.2%, respectively. Al Madina Investment rose
3.2%, while Al Jazeera Steel Products was up 2.6%.
Bahrain: The BHB Index declined 0.1% to close at 1,110.5. The Investment and Services
indices fell 0.3% each. Bahrain Commercial Facilities declined 4.7%, while Seef
Properties was down 2.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 33.80 5.0 551.6 (15.5)
National Leasing 17.30 2.9 590.7 22.7
Qatar German Co for Medical Dev. 12.28 2.3 26.2 (10.5)
Gulf International Services 34.75 2.2 1,014.0 (32.5)
Qatar Oman Investment Co. 11.50 2.1 65.1 (6.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 13.75 (0.7) 3,563.6 (8.3)
Gulf International Services 34.75 2.2 1,014.0 (32.5)
National Leasing 17.30 2.9 590.7 22.7
Barwa Real Estate Co. 33.80 5.0 551.6 (15.5)
Ezdan Holding Group 18.40 (0.2) 501.2 15.7
Market Indicators 28 Apr 15 27 Apr 15 %Chg.
Value Traded (QR mn) 328.6 487.0 (32.5)
Exch. Market Cap. (QR mn) 549,534.3 548,440.3 0.2
Volume (mn) 10.5 22.3 (52.9)
Number of Transactions 5,468 7,564 (27.7)
Companies Traded 42 42 0.0
Market Breadth 23:16 17:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,480.55 0.3 (2.0) 1.7 13.9
All Share Index 2,841.16 0.2 (1.9) 2.3 13.5
Banks 2,738.18 (0.3) (0.7) (2.4) 11.6
Industrials 3,151.57 0.3 (1.8) (1.1) 14.5
Transportation 2,538.22 0.5 (1.8) 4.4 11.8
Real Estate 2,551.51 0.9 (4.9) 9.4 24.0
Insurance 4,344.01 0.5 (1.6) 7.7 10.9
Telecoms 1,162.96 0.6 (0.5) 17.9 17.6
Consumer 6,536.96 0.2 (2.9) 8.9 13.7
Al Rayan Islamic Index 3,965.13 0.3 (3.3) 2.8 17.3
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Etihad Atheeb Telecom Saudi Arabia 4.50 9.8 22,776.2 (17.4)
Nat. Mobile Telecom. Kuwait 1.14 7.5 12.1 3.6
Nat. Bank of Fujairah Abu Dhabi 4.79 7.4 0.1 11.5
United Real Estate Co. Kuwait 0.09 5.7 162.0 (2.1)
Barwa Real Estate Co. Qatar 33.80 5.0 551.6 (15.5)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Hotels Abu Dhabi 2.70 (10.0) 20.0 (6.9)
Nat. Investments Co. Kuwait 0.11 (8.3) 5,237.4 25.0
Solidarity Saudi Takaful Saudi Arabia 9.27 (8.2) 6,785.0 24.8
Abu Dhabi Com. Bank Abu Dhabi 6.60 (7.7) 4,812.8 0.2
Abu Dhabi Islamic Bank Abu Dhabi 4.05 (6.7) 2,198.4 2.8
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%
Doha Insurance Co. 19.80 (2.7) 5.7 (5.7)
Ahli Bank 43.35 (2.5) 13.8 (1.2)
Qatar Islamic Insurance Co. 61.50 (2.2) 30.9 (14.6)
Qatar Islamic Bank 98.20 (1.3) 51.8 (8.0)
Qatar International Islamic Bank 63.20 (1.1) 6.5 (1.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar First Bank 13.75 (0.7) 48,701.8 (8.3)
Gulf International Services 34.75 2.2 35,394.7 (32.5)
QNB Group 144.00 0.2 33,095.5 (1.3)
Ooredoo 91.70 0.5 26,605.0 22.3
Widam Food Co. 63.90 1.3 23,052.1 21.0
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,186.18 0.3 (2.0) (1.8) (2.3) 90.28 150,957.1 13.9 1.2 4.3
Dubai 3,491.91 (0.4) (2.6) 4.1 10.8 131.18 91,772.1 11.8 1.3 4.1
Abu Dhabi 4,543.53 (1.0) (2.0) 3.5 5.5 72.27 127,865.3 11.9 1.5 5.5
Saudi Arabia 6,805.84 (0.2) 3.3 9.4 (1.5) 1,792.35 415,508.6 15.7 1.6 3.8
Kuwait 5,391.81 (0.7) 0.8 3.1 (4.0) 50.39 82,782.7 17.5 1.0 4.7
Oman 5,942.72 0.1 2.2 8.7 9.9 19.17 23,457.1 13.5 1.3 4.4
Bahrain 1,110.53 (0.1) (1.0) (1.8) (8.7) 2.99 17,481.2 8.8 0.6 4.9
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)
10,130
10,140
10,150
10,160
10,170
10,180
10,190
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index rose 0.3% to close at 10,186.2. The Real Estate and Telecoms
indices led the gains. The index rose on the back of buying support from
non-Qatari shareholders despite selling pressure from Qatari and GCC
shareholders.
 Barwa Real Estate Co. and National Leasing were the top gainers, rising
5.0% and 2.9%, respectively. Among the top losers, Doha Insurance Co. fell
2.7%, while Ahli Bank declined 2.5%.
 Volume of shares traded on Thursday fell by 52.9% to 10.5mn from 22.3mn
on Wednesday. However, as compared to the 30-day moving average of
10.0mn, volume for the day was 5.3% higher. Qatar First Bank and Gulf
International Services were the most active stocks, contributing 34.0% and
9.7% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2016
% Change
YoY
Operating Profit
(mn) 1Q2016
% Change
YoY
Net Profit
(mn) 1Q2016
% Change
YoY
Jabal Omar Development Co. Saudi Arabia SR – – 17.4 -87.7% -44.0 NA
Dubai Investments Dubai AED 714.7 31.6% – – 297.5 5.4%
Deyaar Development Dubai AED 60.2 66.4% – – 51.0 -12.5%
United Foods Co. Dubai AED 99.9 0.6% – – 6.6 2.7%
National Central Cooling Co. Dubai AED 255.5 6.7% – – 63.4 3.6%
Ras Al Khaimah Poultry & Feeding
Co.
Abu Dhabi AED 10.0 -38.7% – – 3.8 -15.3%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/29 US Bureau of Economic Analysis Personal Income March 0.40% 0.30% 0.10%
04/29 US Bureau of Economic Analysis Personal Spending March 0.10% 0.20% 0.20%
04/29 US Bureau of Economic Analysis Real Personal Spending March 0.00% 0.10% 0.30%
04/29 US Bureau of Economic Analysis PCE Deflator MoM March 0.10% 0.10% -0.10%
04/29 US Bureau of Economic Analysis PCE Deflator YoY March 0.80% 0.80% 1.00%
04/29 US Bureau of Economic Analysis PCE Core MoM March 0.10% 0.10% 0.20%
04/29 US Bureau of Economic Analysis PCE Core YoY March 1.60% 1.60% 1.70%
04/29 US Bureau of Labor Statistics Employment Cost Index 1Q2015 0.60% 0.60% 0.50%
04/28 US Bloomberg Bloomberg Consumer Comfort 24-April 43.4 – 42.9
04/28 US Department of Labor Initial Jobless Claims 23-April 257k 259k 248k
04/28 US Department of Labor Continuing Claims 16-April 2,130k 2,136k 2,135k
04/28 US Bureau of Economic Analysis GDP Annualized QoQ 1Q2015 0.50% 0.70% 1.40%
04/28 US Bureau of Economic Analysis Personal Consumption 1Q2015 1.90% 1.70% 2.40%
04/28 US Bureau of Economic Analysis GDP Price Index 1Q2015 0.70% 0.50% 0.90%
04/28 US Bureau of Economic Analysis Core PCE QoQ 1Q2015 2.10% 1.90% 1.30%
04/28 EU European Commission Economic Confidence April 103.9 103.4 103.0
04/28 EU European Commission Business Climate Indicator April 0.1 0.1 0.1
04/28 EU European Commission Industrial Confidence April -3.7 -4.0 -4.2
04/28 EU European Commission Services Confidence April 11.5 10.0 9.6
04/29 EU Eurostat Unemployment Rate March 10.20% 10.30% 10.40%
04/29 EU Eurostat CPI Estimate YoY April -0.20% -0.10% 0.00%
04/29 EU Eurostat CPI Core YoY April 0.70% 0.90% 1.00%
04/29 EU Eurostat GDP SA QoQ 1Q2015 0.60% 0.40% 0.30%
04/29 EU Eurostat GDP SA YoY 1Q2015 1.60% 1.40% 1.60%
04/29 France INSEE GDP QoQ 1Q2015 0.50% 0.40% 0.30%
04/29 France INSEE GDP YoY 1Q2015 1.30% 1.00% 1.40%
04/29 France INSEE PPI MoM March 0.30% – -0.50%
04/29 France INSEE PPI YoY March -4.00% – -4.20%
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 32.60% 38.24% (18,520,102.12)
Qatari Institutions 19.29% 18.29% 3,294,059.32
Qatari 51.89% 56.53% (15,226,042.80)
GCC Individuals 0.82% 4.25% (11,266,915.18)
GCC Institutions 5.79% 7.14% (4,444,667.60)
GCC 6.61% 11.39% (15,711,582.78)
Non-Qatari Individuals 12.57% 12.40% 557,083.53
Non-Qatari Institutions 28.92% 19.68% 30,380,542.05
Non-Qatari 41.49% 32.08% 30,937,625.58

3. Page 3 of 7
04/29 France INSEE CPI EU Harmonized MoM April 0.10% 0.10% 0.80%
04/29 France INSEE CPI EU Harmonized YoY April -0.10% -0.10% -0.10%
04/29 France INSEE CPI MoM April 0.10% 0.10% 0.70%
04/29 France INSEE CPI YoY April -0.20% -0.10% -0.10%
04/29 France INSEE Consumer Spending MoM March 0.20% -0.40% 0.50%
04/29 France INSEE Consumer Spending YoY March 2.70% 2.10% 1.60%
04/29 Germany Destatis Retail Sales MoM March -1.10% 0.40% 0.00%
04/29 Germany Destatis Retail Sales YoY March 0.70% 2.70% 5.50%
04/28 Germany Destatis CPI MoM April -0.40% -0.20% 0.80%
04/28 Germany Destatis CPI YoY April -0.10% 0.10% 0.30%
04/28 Germany Destatis CPI EU Harmonized MoM April -0.50% -0.20% 0.80%
04/28 Germany Destatis CPI EU Harmonized YoY April -0.30% 0.00% 0.10%
04/28 Germany Deutsche Bundesbank Unemployment Change (000's) April -16k 0k -2k
04/28 Germany Deutsche Bundesbank Unemployment Claims Rate SA April 6.20% 6.20% 6.20%
04/29 UK Bank of England Mortgage Approvals March 71.4k 74.2k 73.2k
04/29 UK Bank of England Money Supply M4 MoM March -0.40% – 0.90%
04/29 UK Bank of England M4 Money Supply YoY March 1.60% – 2.20%
04/29 UK Bank of England M4 Ex IOFCs 3M Annualised March 6.50% 6.00% 5.60%
04/29 UK Bank of England Net Consumer Credit March 1.9bn 1.3bn 1.4bn
04/29 UK GfK NOP (UK) GfK Consumer Confidence April -3.0 -1.0 0.0
04/28 UK Nationwide Building Society Nationwide House PX MoM April 0.20% 0.40% 0.70%
04/28 UK Nationwide Building Society Nationwide House Px NSA YoY April 4.90% 5.00% 5.70%
04/28 Spain INE Unemployment Rate 1Q2015 21.00% 20.90% 20.90%
04/28 Spain INE CPI EU Harmonised MoM April 0.40% 0.80% 2.00%
04/28 Spain INE CPI EU Harmonised YoY April -1.20% -0.90% -1.00%
04/28 Spain INE CPI MoM April 0.70% 1.10% 0.60%
04/28 Spain INE CPI YoY April -1.10% -0.70% -0.80%
04/29 Spain INE GDP QoQ 1Q2015 0.80% 0.70% 0.80%
04/29 Spain INE GDP YoY 1Q2015 3.40% 3.30% 3.50%
04/29 Spain Bank of Spain Current Account Balance February -1.5bn – -0.7bn
04/29 Italy ISTAT PPI MoM March 0.20% – -0.50%
04/29 Italy ISTAT PPI YoY March -3.90% – -4.10%
04/29 Italy ISTAT Unemployment Rate March 11.40% 11.60% 11.60%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 ERES net profit surges 33.2% QoQ in 1Q2016 – Ezdan Holding
Group’s (ERES) net profit jumped 33.2% QoQ and 12.1% YoY to
QR585.7mn in 1Q2016, on the back of ongoing expansion of
projects and comprehensive development plans on facilities and
assets. It should be noted that the primary QOQ jump in the
bottom-line was led by dividend income (which is generally absent
in the fourth quarter). Earnings per share (EPS) increased to
QR0.22 in the 1Q2016 compared to QR0.20 in 1Q2015. The
company’s rental income slipped 5.3% QoQ (+8.7% YoY) to
QR394.4mn in 1Q2016. To expand the funding sources for its plans
to enter the international markets, the group has started
proceedings to issue $2bn Sukuk, in addition to “ambitious plans”
to launch real estate, hospitality, and shopping malls projects in
2016. ERES CEO Ali Mohamed al-Obaidli said the company is
studying opportunities for its overseas expansion after acquiring
leading position locally and regionally, in addition to several
awards it received for investment excellence. (QSE, QNBFS
Research, Gulf-Times.com)
 MPHC bottom-line declines 29% QoQ in 1Q2016 – Qatar
Petroleum’s subsidiary, Mesaieed Petrochemical Holding
Company’s (MPHC) net profit plummeted 29% QoQ to QR212.4mn
in 1Q2016. However, on a YoY basis net profit surged 83%, on the
back of increased sales volumes and other income. The company’s
profit growth was also aided by recognition of higher tax refund in
1Q2016. The company continued to benefit from the supply of
competitively priced ethane feedstock and fuel gas under long-
term supply agreements. This contracting arrangement is an
important value driver for the group’s profitability in a challenging
market condition. Earnings per share (EPS) came in at QR0.17 in
1Q2016 as compared to QR0.09 in 1Q2015. The company’s Share
of profit from Joint Ventures declined 29% QoQ (up 86% YoY) to
QR193.5mn in 1Q2016. (QSE, Zawya, QNBFS Research)
 QGMD posts QR2.1mn net loss in 1Q2016 – Qatari German
Company for Medical Devices (QGMD) reported a net loss of
QR2.1mn in 1Q2016 compared to a loss of QR2.0mn in 4Q2015.
Revenue declined 70.1% QoQ and 34.5%YoY to reach 2.0mn in
1Q2016. The loss per share amounted to QR 0.18 in 1Q2016
compared to loss per share QR0.33 in 4Q2015. (QSE, QNBFS
Research)
 AHCS net income down QoQ in 1Q2016 to QR129.2mn – Aamal
Company (AHCS) recorded a decline of 53.0% QoQ in 1Q2016 net
profit to QR129.2mn. However, on a YoY basis net profit surged
25.4%. Revenue fell 15.9% QoQ (up 6.9% YoY) to QR679.6mn in
1Q2016. AHCS Chairman Sheikh Faisal bin Qassim al-Thani said
that its financial gearing (net debt to net debt plus equity) reduced
further to 2.5% (against 3.8% as of December 31, 2015), which
reflects the strong free cash flow generation, which is a testimony
to the focus it has put on generating positive returns on the capital
deployed, thereby helping to sustain its profitable growth and
create shareholder value. He said “This low gearing also means
that we can move swiftly should we identify suitable commercial

4. Page 4 of 7
opportunities that we would like to exploit”. In 1Q2016, AHCS
continued to grow its operations through organic means, including
investing to expand the bulk carrying capacity at Aamal Maritime
Transportation Services through the acquisition of a second vessel.
Earnings per share (EPS) amounted to QR0.21 in 1Q2016 vs.
QR0.16 in 1Q2015. (QSE, Gulf-Times.com, QNBFS Research)
 NLCS comes out of the red in 1Q2016 – Alijarah Holding (NLCS)
reported a net profit of QR2.1mn in 1Q2016 vs. a net loss of
QR45.7mn in 4Q2015. The total income declined 5.1% QoQ to
QR55.6mn. On a YoY basis, although net profit declined 63.0%,
total income grew 4.0%. Earnings per share amounted to QR0.04
in 1Q2016 vs. QR0.12 in 1Q2015. (QSE, QNBFS Research)
 QGRI raises stake in Qatari Unified Bureau Insurance – Qatar
General Insurance and Reinsurance Company (QGRI) announced
its approval to increase its share in the Qatari Unified Bureau
Insurance WLL from 20% to 25%, for an amount of QR6.8mn.
Qatari Unified Bureau Insurance is a limited liability company
established in 1999 and its activity is to provide insurance cover
for vehicles entering the country and to sell insurance cards for
vehicles traveling outside the country (QSE).
 Kahramaa bans import of incandescent light bulbs; launches major
programs to maintain water security – Qatar General Electricity
and Water Corporation (KAHRAMAA), in cooperation with the
Ministry of Municipality and Environment and a number of
agencies concerned in the state, announced a ban on import and
circulation of incandescent light bulbs (Tungsten 75 and 100
watts), with effect from May 1, 2016, as part of a plan aiming to cut
electricity and water consumption and harmful carbon emissions
rates through the National Program for Conservation and Energy
Efficiency (Tarsheed). Meanwhile, Kahramaa has launched major
initiatives to achieve water security in the country. Water
consumption in Qatar rose to 535mn cubic meters in 2015 from
195 million cubic meters in 2005, and its demand in Qatar has
been growing by an annual average of 10.6% over the past 11
years and expected to reach about 902mn cubic meters in 2025.
Kahramaa President, Eng Essa bin Hilal Al Kuwari said, “Qatar is
known for its scarcity of renewable water resources and during
the last decade pressure on water resources has increased
significantly, due to natural climatic conditions, population
increase, and intended level of agricultural and industrial
development.”(Peninsula Qatar)
 UDCD unveils iconic Al Mutahidah Towers project – United
Development Company (UDCD), the master developer of The Pear
Qatar (TPQ), has unveiled a new project named “Al Mutahidah
Towers” at the ongoing “Cityscape Qatar 2016” exhibition. Al
Mutahidah Towers, consisting of around 450 high-end apartments
and retail space, will be located at Viva Bahriya in TPQ, an urban
mixed-use township close to West Bay. Ibrahim Jassim Al Othman,
President & CEO, UDCD said, “We are planning to begin the
construction works on the project by early fourth quarter of this
year, which is expected to be completed within three years.”
(Peninsula Qatar)
 Aspetar opens first sports surgery training center in region –
Aspetar, the Doha-based orthopaedic and sports medicine
hospital, opened the region’s first Sports Surgery Training Center
for training surgeons in sports related injuries. Aspetar has
targeted some countries in the region for the training, which
include countries from the Middle East, North Africa (MENA)
region and a few European and Asian countries. (Gulf-Times.com)
 Ezdan Mall to open in Wakrah by 2016-end – Residents of Wakrah
are expected to see the first mall in the area opening its gates for
customers in 2016. Ezdan Holding Group (ERES) announced it is
planning to open the swanky Ezdan Mall in Wakrah by 2016-end.
Spread over an area of 64,785 square meters, the mall will host
several reputed global brands. (Peninsula Qatar)
International
 US labor costs rise modestly in 1Q2016 – The Labor Department
said US labor costs rose steadily in the 1Q2016 as the firming jobs
market struggled to generate strong wage growth, which could
give the Federal Reserve more latitude to hold off on an interest
rate hike until later in 2016. The Employment Cost Index, the
broadest measure of labor costs, increased 0.6% after an
unrevised 0.5% gain in the 4Q2015. The 1Q2016 increase in the
ECI was in line with economists' expectations. In the 12 months
through March, labor costs rose 1.9%, well below the 3%
threshold that economists say is needed to bring inflation closer to
the Fed's 2% inflation target. Labor costs increased 2.0% in the
year to December. (Reuters)
 UK mortgage approvals fall ahead of new tax, but lending surges –
Bank of England (BoE) data showed British mortgage approvals
fell for the first time in six months in March shortly before a new
tax took effect, but consumers borrowed at the fastest rate in over
a decade. Mortgage approvals for house purchases numbered
71,357 in March, down from 73,195 in February. Analysts had
forecast 74,500 mortgage approvals were made in March. British
finance minister George Osborne announced in November that he
would add a surcharge on the purchase of buy-to-let properties
and second homes from April 1, in a move aimed to boost home
ownership by first-time buyers. The news spurred an increase in
buying of such properties in recent months before March's
slowdown as the deadline approached. Net mortgage lending,
which lags approvals, rose by 7.435bn pounds last month, the
biggest increase since October 2007, before the global financial
crisis hit and above all forecasts. The BoE said consumer credit
grew by 1.883bn pounds last month, the strongest increase since
March 2005 and a long way above the median forecast for an
increase of 1.3bn pounds in the Reuters poll of economists. The
rise was not a one-off: in the 1Q2016 as a whole, consumer credit
rose by an annualized 11.6%, the strongest increase since the first
three months of 2015. The BoE has said it is not worried about the
rise of borrowing in the economy as a whole although it has
highlighted some areas of consumer lending, such as car loans, for
closer monitoring. The BoE also said purchases of British
government bonds by foreign investors touched their highest level
in four months at 7.811bn pounds in March, more than reversing
net sales of 3.029bn pounds in February. (Reuters)
 German industrial workers down tools in dispute over wages –
More than 100,000 workers in the German metals and electrical
industries staged walkouts across the country after labor union IG
Metall rejected a wage offer for the 3.8mn employees it represents.
IG Metall union turned down an offer from employers for a wage
rise of 2.1%, saying it fell too far short of its demand for a 5%
increase. The 2.1% over 24 months still keep workers on a
restricted diet in favor of profits. IG Metall union said that warning
strikes would continue into the coming week, adding that it would
start 24-hour strikes if no agreement was reached by the
Pentecost holiday in mid-May. The union said in the southwestern
state of Baden-Wuerttemberg, the home of car brands Porsche and
Mercedes, more than 37,000 workers from over 150 companies
joined walkouts. Around 17,000 workers at companies including
industrial group Thyssenkrupp and carmaker Daimler took part in
industrial action in North Rhine-Westphalia. Overall, nearly
110,000 workers joined the walkouts and participated in
industrial action. (Reuters)
 France sees economic growth spurt from consumers and business –
The INSEE national statistics agency said in a preliminary estimate
of gross domestic product (GDP) that the French growth

5. Page 5 of 7
accelerated more than expected at the start of 2016 with the
strongest increase in consumer spending since 2004 and a pick-up
in business investment. The economy grew 0.5% in the 1Q2016,
beating even the most optimistic forecast in a Reuter’s poll, as
consumers splurged on clothes, cars and housing equipment.
Consumer spending was up 1.2% over the three months, with
higher spending on heating after a mild end to 2015, also offering a
boost and offsetting the impact of a global slowdown that hurt
exports. If consumers led the way in the quarter, however,
economists particularly took heart in a 1.6% rise in business
investment, the strongest increase in five years. Investment by
companies in the manufacturing sector surged by 3.3%, the
highest since the spring of 2006. (Reuters)
 Russian central bank holds rates but says it may cut soon – Russia's
central bank left its main policy rate on hold as expected, citing
inflation concerns, but hinted it may cut it in the months ahead as
inflation falls. The bank has now left the rate on hold at 11% since
July, signaling its determination to bear down on inflation to meet
its target of 4% by the end of 2017. It has made clear it regards
this as a bigger worry than stimulating the economy, which is
expected to contract for a second consecutive year in 2016 under
the impact of low oil prices and Western financial sanctions linked
to the Ukraine conflict. But in an accompanying statement, the
bank also said a rate cut could take place at a "forthcoming"
meeting should inflation risks abate. It has previously said this
expression means at one of the next three central bank meetings.
Although most analysts had expected rates to stay on hold, many
had also foreseen a softening of rhetoric this month as a strong
rally in oil prices has lifted the rouble. Inflation has also dropped
sharply, falling to 7.3% in March from 16.9% in 2015. (Reuters)
Regional
 Sipchem announces periodic maintenance turnaround for
production units – Saudi International Petrochemical Company
(Sipchem) is planning to carry out scheduled turnaround
maintenance at the following production units: Carbon Monoxide
of International Gases Company (IGC), Acetic Acid of International
Acetate Company (IAC), and Ethyl Acetate of Sipchem Chemicals
Company (SCC). This scheduled turnaround maintenance is in
accordance with each of the above company 2016 business plans
and is expected to increase both efficiency and reliability of each of
the production units. The scheduled turnaround maintenance will
commence on May 1, 2016 and is planned to be completed in 15
days. The financial impact of this activity will be announced once it
is completed and will also be reflected in 2Q2016 financial results.
(Tadawul)
 GGCI not to renew medical insurance policy with Al-Juffali
Companies – Gulf General Cooperative Insurance Company (GGCI)
will not renew the medical insurance policy with Al-Juffali
Companies Group, which will expire on April 30, 2016. The gross
written premium of this policy is estimated at SR0.41, which
represents 11% of the company overall gross written premium of
year 2015, and it is expected to have a negative impact on the
company financials for year 2016. (Tadawul)
 Metlife-AIG-ANB announces renewal of insurance policies – Metlife-
AIG-ANB Cooperative Insurance Company has announced the
renewal of Property All Risk policy with face amount of SR2.61bn
and Comprehensive General Liability Policy with a face amount of
SR50mn and Property Terrorism Policy with face amount of
SR75mn and Group Life and Disability insurance Policy for ANB
employees with face amount of SR824.8mn with a total premium
of SR2.59mn in favor of Arab National Bank. The proposals have
been accepted on April 28, 2016. The duration of the policies is
one year with effect from May 01, 2016 and renewable based on
mutual agreement thereafter. (Tadawul)
 SAMA net foreign assets fall $6bn in March 2016 – The Saudi
Arabian Monetary Agency (SAMA) reported a fall of $6bn in net
foreign assets in March 2016 as low oil prices took their toll. Net
foreign assets held by the central bank dropped by 1% from the
previous month to SR2.17tn in March 2016. Assets fell 16.2%YoY
to their lowest level since April 2012. They reached a record high
of $737bn in August 2014 before starting to shrink. The central
bank has been drawing down its assets to cover a huge state
budget deficit caused by low oil prices. Deposits with banks abroad
edged down 0.4% from the previous month to $132bn in February
2016, while investment in foreign securities fell 1.4% to $389bn.
(Bloomberg)
 IPIC pays interest on bonds after 1MDB default – International
Petroleum Investment Company (IPIC) has said that it had paid
interest due on bonds issued by 1MDB Energy (Langat) to fulfill its
obligation as a guarantor under the bonds’ terms. IPIC said the
payment was made after Malaysian state fund 1Malaysia
Development Bhd (1MDB) defaulted on the payments and that it
would now demand indemnity for repayment of the $50.3mn
interest. The coupon on the $1.75bn bond was due on April 18,
2016. (Reuters)
 DIB plans AED3.6bn share issue – Dubai Islamic Bank (DIB) is
planning to raise AED3.6bn from a share issue, as 1Q2016 profit
increased. The lender will sell 988.4mn shares at AED3.20 a piece.
DIB’s board approved the start of the share sale process that will
almost double share capital and support growth. (Bloomberg)
 UNB reports AED450mn net profit in 1Q2016 – Union National
Bank (UNB) reported a net profit of AED450mn in 1Q2016, up by
131% over the preceding quarter and down by 27% YoY. The
operating profit for 1Q2016 was AED551mn, a decrease of 19%
YoY. The operating income for three month period ended March
31, 2016 was down by 13% to AED813mn as compared to the
corresponding period of previous year. Loan & advances were up
by 2% YoY to AED68.3bn as at March 31, 2016. The investment
portfolio increased by 6% YoY to AED15.3bn as at March 31, 2016
partly to comply with the liquidity norms. The total assets of UNB
registered a growth of 2% to AED99.8bn as at March 31, 2016 as
compared to last year. Customer deposits stood at AED72.1bn by
1Q2016-end, registering an increase of 3% as compared to the
corresponding period in the previous year. (ADX)
 KNPC signs KD1.2bn loan for fuels project – Kuwait National
Petroleum Company (KNPC) has signed the first tranche of
financing for its multi-billion-dollar Clean Fuels Project, a major
plank of the country’s economic development plan. The tranche,
provided by local banks and lasting for 10 years, is worth KD1.2bn
and led by National Bank of Kuwait (NBK) and Kuwait Finance
House (KFH). The second tranche of the loan, which will be
arranged by international lenders, is expected to be $6bn and close
by 2016-end. The two tranches comprise around 70% of the total
financing required for the project, while the remaining 30% will be
financed from KNPC's own funds. NBK’s share of the first tranche
was worth KD400mn, and KFH’s portion was KD275mn. Eleven
banks, including five Islamic lenders, took part in the first tranche.
(Reuter)
 Boubyan Bank gets nod to issue Tier 1 Sukuk – Boubyan Bank has
received regulatory approval to market and issue Sukuk, expected
to be $250mn in size, to boost its Tier 1 or core capital. Reuters
reported that the lender had picked banks to arrange a series of
fixed income meetings starting on May 1, 2016, ahead of a
potential US dollar-denominated Sukuk issue. (Reuters)
 OPWP floats tender for raising water capacity – Oman Power and
Water Procurement Company (OPWP) has floated a tender
seeking an international consultant to provide advisory services
for enhancing water production capacity from 2022. The tender

6. Page 6 of 7
documents are available between April 25 and May 8, while the
last date of bid submission is June 5. (GulfBase.com)
 IMF: Bahrain’s economy to slow further in 2016-17 – According to
the International Monetary Fund (IMF), Bahrain’s economy is
expected to slow further in 2016 and 2017, weighed down by
weak investor sentiment and fiscal adjustments, with financial
outflows expected to continue. The fund expects Bahrain’s fiscal
deficit to touch 19.5% of gross domestic product (GDP) in 2016
and sees it remaining high over the medium term, despite
measures to ensure fiscal sustainability. The Gulf country has seen
revenues take a hit from falling oil prices, with its GDP slowing to
an estimated 3.2% in 2015 from 4.5% in 2014. The IMF urged
Bahrain to address impediments to private investment if the Gulf
nation is to achieve diversified and sustainable growth, and
stressed the importance of a fiscal contingency plan and a strong
debt management strategy. (GulfBase.com)

7. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
`
QNB Financial Services Co. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on April 29, 2016) Source: Bloomberg (*$ adjusted returns; #Market closed on April 29, 2016)
80.0
100.0
120.0
140.0
160.0
180.0
Apr-12 Apr-13 Apr-14 Apr-15 Apr-16
QSE Inde x S&P Pa n Ara b S&P GCC
(0.2%)
0.3%
(0.7%)
(0.1%)
0.1%
(1.0%)
(0.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,292.99 2.1 4.9 21.8 MSCI World Index 1,670.80 (0.4) (0.9) 0.5
Silver/Ounce 17.84 1.6 5.1 28.7 DJ Industrial 17,773.64 (0.3) (1.3) 2.0
Crude Oil (Brent)/Barrel (FM Future) 48.13 (0.0) 6.7 29.1 S&P 500 2,065.30 (0.5) (1.3) 1.0
Crude Oil (WTI)/Barrel (FM Future) 45.92 (0.2) 5.0 24.0 NASDAQ 100 4,775.36 (0.6) (2.7) (4.6)
Natural Gas (Henry Hub)/MMBtu 1.91 0.8 0.5 (17.5) STOXX 600 341.48 (1.2) (0.1) (1.7)
LPG Propane (Arab Gulf)/Ton# 49.63 0.0 5.0 26.8 DAX 10,038.97 (1.9) (1.4) (2.0)
LPG Butane (Arab Gulf)/Ton 58.63 0.6 8.1 2.0 FTSE 100 6,241.89 (1.1) 0.6 (0.7)
Euro 1.15 0.9 2.0 5.4 CAC 40 4,428.96 (1.9) (1.2) 0.6
Yen 106.50 (1.5) (4.7) (11.4) Nikkei# 16,666.05 0.0 (2.3) (2.5)
GBP 1.46 0.0 1.5 (0.8) MSCI EM 840.19 (0.5) (0.6) 5.8
CHF 1.04 0.8 2.0 4.5 SHANGHAI SE Composite 2,938.32 (0.2) (0.2) (16.8)
AUD 0.76 (0.3) (1.4) 4.4 HANG SENG 21,067.05 (1.5) (1.9) (4.0)
USD Index 93.08 (0.7) (2.1) (5.6) BSE SENSEX 25,606.62 (0.1) (0.5) (2.2)
RUB 64.77 0.0 (2.7) (10.7) Bovespa 53,910.51 0.1 5.7 42.5
BRL 0.29 1.6 3.8 15.3 RTS 951.11 (1.4) 2.1 25.6
115.2
90.6
90.0