1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.2% to close at 12,049.1. Losses were led by the
Telecoms and Real Estate indices, falling 1.6% and 1.4%, respectively. Top
losers were Ooredoo and Gulf Warehousing Co., falling 2.8% and 2.5%,
respectively. Among the top gainers Ahli Bank rose 4.3%, while Widam Food
Co. was up 2.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 9,104.3. Gains were led
by the Telecommunication & IT and Insurance indices, rising 2.1% and 1.4%,
respectively. Takween Adv. Ind. rose 10.0%, while Trade Union was up 9.8%.
Dubai: The DFM Index gained 0.1% to close at 4,092.3. The Services index
rose 2.7%, while the Telecommunication index gained 0.9%. Ajman Bank rose
6.4%, while Amanat Holdings was up 3.3%.
Abu Dhabi: The ADX benchmark index fell 0.6% to close at 4,697.1. The
Insurance index declined 2.9%, while the Services index fell 0.9%. National
Marine Dredging declined 9.9%, while Abu Dhabi Nat. Ins. was down 9.4%.
Kuwait: The KSE Index declined 0.2% to close at 6,187.6. The Technology
index fell 1.5%, while the Consumer Goods index declined 0.9%. Al-Safat Tec
Holding Co. fell 5.7%, while Danah Al Safat Foodstuff Co. was down 5.4%.
Oman: The MSM Index rose 0.1% to close at 6,429.1. The Financial index
gained 0.3%, while the Industrial index rose marginally. HSBC Bank Oman
rose 2.3%, while Oman Fisheries was up 1.9%.
Bahrain: The BHB Index declined 1.0% to close at 1,354.6. The Commercial
Banks index declined 1.9%, while the Industrial index fell 0.4%. Ithmaar Bank
declined 10.0%, while Al Salam Bank – Bahrain was down 5.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 49.00 4.3 7.9 (1.3)
Widam Food Co. 63.30 2.1 19.8 4.8
Qatar Industrial Manufacturing Co. 46.95 2.1 0.7 8.3
Qatar Navigation 98.90 2.0 16.8 (0.6)
Dlala Brokerage & Inv. Holding Co. 27.45 1.7 4.5 (17.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 16.42 (0.2) 1,104.9 (0.2)
Ezdan Holding Group 17.70 (1.6) 864.4 18.6
Masraf Al Rayan 45.65 (1.8) 475.0 3.3
Barwa Real Estate Co. 52.10 (1.7) 335.7 24.3
Qatar German Co for Medical Dev. 16.61 0.7 210.7 63.6
Market Indicators 1 July 15 30 June 15 %Chg.
Value Traded (QR mn) 206.2 518.4 (60.2)
Exch. Market Cap. (QR mn) 641,643.9 648,743.6 (1.1)
Volume (mn) 4.9 9.6 (48.8)
Number of Transactions 2,954 4,539 (34.9)
Companies Traded 41 40 2.5
Market Breadth 18:18 19:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,728.60 (1.2) (0.7) 2.2 N/A
All Share Index 3,224.55 (1.0) (0.4) 2.3 13.6
Banks 3,165.23 (1.3) 0.3 (1.2) 14.3
Industrials 3,935.85 (0.9) 0.1 (2.6) 13.9
Transportation 2,464.86 0.6 0.0 6.3 13.6
Real Estate 2,739.08 (1.4) (2.9) 22.0 9.7
Insurance 4,698.28 (0.6) (1.0) 18.7 21.7
Telecoms 1,156.59 (1.6) (0.7) (22.1) 23.2
Consumer 7,419.20 0.7 0.1 7.4 28.8
Al Rayan Islamic Index 4,689.00 (0.8) (1.0) 14.3 14.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dana Gas Abu Dhabi 0.49 6.5 26,494.8 (2.0)
Ajman Bank Dubai 2.00 6.4 663.4 (25.0)
Abu Dhabi Nat. Energy Abu Dhabi 0.74 5.7 1,292.5 (7.5)
Mobile Telecomm. Co. Saudi Arabia 12.03 5.5 25,184.2 0.8
Med. & Gulf Ins. Saudi Arabia 42.80 5.3 2,006.7 (14.5)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ithmaar Bank Bahrain 0.14 (10.0) 175.0 (15.6)
Nat. Marine Dredging Abu Dhabi 4.30 (9.9) 2.8 (37.7)
Abu Dhabi Nat. Ins. Abu Dhabi 5.30 (9.4) 5.0 (12.4)
Kuwait Cement Co. Kuwait 0.36 (5.3) 5.0 (10.0)
Nat. Mobile Telecomm. Kuwait 1.14 (5.0) 2.1 (18.6)
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%
Ooredoo 84.60 (2.8) 131.9 (31.7)
Gulf Warehousing Co. 73.90 (2.5) 13.6 31.0
National Leasing 20.80 (2.4) 74.7 4.0
QNB Group 188.90 (2.1) 156.9 (11.3)
Masraf Al Rayan 45.65 (1.8) 475.0 3.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 188.90 (2.1) 29,683.3 (11.3)
Masraf Al Rayan 45.65 (1.8) 21,963.4 3.3
Vodafone Qatar 16.42 (0.2) 18,280.6 (0.2)
Barwa Real Estate Co. 52.10 (1.7) 17,658.1 24.3
Ezdan Holding Group 17.70 (1.6) 15,446.2 18.6
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* 12,049.10 (1.2) (0.7) (1.2) (1.9) 56.63 176,195.4 12.7 1.9 4.2
Dubai 4,092.30 0.1 (1.3) 0.1 8.4 260.86 104,638.0 13.2 1.5 5.3
Abu Dhabi 4,697.11 (0.6) (1.3) (0.6) 3.7 63.26 127,769.7 11.9 1.5 4.7
Saudi Arabia 9,104.27 0.2 (2.8) 0.2 9.3 2,214.85 539,645.9 19.1 2.2 2.9
Kuwait 6,187.55 (0.2) (0.4) (0.2) (5.3) 33.86 96,645.0 15.9 1.0 4.2
Oman 6,429.05 0.1 (0.2) 0.1 1.4 8.41 25,271.1 9.7 1.5 4.0
Bahrain 1,354.64 (1.0) (1.0) (1.0) (5.0) 1.20 21,186.2 8.7 0.9 5.2
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)
12,000
12,050
12,100
12,150
12,200
12,250
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 1.2% to close at 12,049.1. The
Telecoms and Real Estate indices led the losses. The index fell
on the back of selling pressure from non-Qatari shareholders
despite buying support from Qatari and GCC shareholders.
 Ooredoo and Gulf Warehousing Co. were the top losers, falling
2.8% and 2.5%, respectively. Among the top gainers Ahli Bank
rose 4.3%, while Widam Food Co. was up 2.1%.
 Volume of shares traded on Wednesday fell by 48.8% to 4.9mn
from 9.6mn on Tuesday. Further, as compared to the 30-day
moving average of 12.1mn, volume for the day was 59.4% lower.
Vodafone Qatar and Ezdan Holding Group were the most active
stocks, contributing 22.6% and 17.7% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Saudi Re for
Cooperative
Reinsurance Co
(Saudi Re)
S&P
Saudi
Arabia
LT IFSR/CCR BBB+/ BBB+ BBB+/ BBB+ – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, IFSR- Issuer Financial Strength Rating FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer
Default Rating, SR – Support Rating, LC – Local Currency, CCR – Counterparty Credit Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/01 US Mortgage Bankers Asso. MBA Mortgage Applications 26-June -4.70% – 1.60%
07/01 US ADP ADP Employment Change June 237K 218K 203K
07/01 US Census Bureau Construction Spending MoM May 0.80% 0.40% 2.10%
07/01 UK Markit Markit UK PMI Manufacturing SA June 51.4 52.5 51.9
07/01 Spain Markit Markit Spain Manufacturing PMI June 54.5 55.5 55.8
07/01 Italy Markit Markit/ADACI Italy Manufacturing PMI June 54.1 54.3 54.8
07/01 Italy ISTAT Deficit to GDP YTD 1Q2015 5.60% – 3.00%
07/01 Italy ANFIA New Car Registrations YoY June 14.35% – 11.19%
07/01 China China Fed. of Logistics Manufacturing PMI June 50.2 50.4 50.2
07/01 China China Fed. of Logistics Non-manufacturing PMI June 53.8 – 53.2
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QIBK completes QR2bn additional Tier 1 Perpetual Sukuk
issue – Qatar Islamic Bank (QIBK) has raised QR2bn in Basel
III compliant additional Tier 1 Perpetual Sukuk to enhance its
capital adequacy ratios and to support future business growth.
(QSE)
 BRES to disclose financials on July 15 – Barwa Real Estate
Company (BRES) will announce the financial reports for the
period ending June 30, 2015 on July 15, 2015. (QSE)
 GWCS to announce financials on July 15 – Gulf Warehouse
Company (GWCS) will disclose the financial reports for the
period ending June 30, 2015 on July 15, 2015. (QSE)
 QIMD to disclose financials on July 16 – Qatar Industrial
Manufacturing Company (QIMD) will announce the financial
reports for the period ending June 30, 2015 on July 16, 2015.
(QSE)
 QCB auctions T-bills worth QR4bn on July 1 – The Qatar
Central Bank (QCB) has auctioned treasury bills worth QR4bn
on July 1, for which it received bids totaling QR11.6bn. T-bills
worth QR2bn with a three-month maturity period were auctioned
at a yield of 0.86%. T-bills worth QR1bn with a six-month
maturity period were sold at a yield of 0.86%, while T-bills worth
QR1bn with a nine-month maturity period were auctioned at a
yield of 0.95%. (QCB)
 Qatar: AIIB to play vital role in Asian infrastructure sector –
Minister of Finance, HE Ali Shareef Al Emadi said the Asian
Infrastructure Investment Bank (AIIB) is expected to play a vital
role in providing investment needed to develop infrastructure for
hundreds of millions in the Asian continent. He further added
that the launch of the bank will have a positive impact in
achieving development and promoting economic growth in the
region. The Minister was speaking on the sidelines of the
signing the contract agreement for setting up the AIIB, a
ceremony which was attended by the representatives from the
prospective founding members (PFMs) of the AIIB. (Peninsula
Qatar)
 Ashghal launches major project to develop Al Sailiya – The
Public Works Authority (Ashghal) has launched a major
infrastructure project to develop Al Sailiya, an important city
suburb north of Salwa Road. Ashghal said the development
project costing over QR573.48m will benefit about 720 housing
units and improve the safety of roads surrounding the residential
Overall Activity Buy %* Sell %* Net (QR)
Qatari 48.56% 45.59% 6,129,915.61
GCC 8.02% 3.09% 10,160,505.21
Non-Qatari 43.43% 51.33% (16,290,420.82)

3. Page 3 of 6
and school area. It is expected to be completed by 2016-end.
The area houses the sprawling Barwa Housing Complex,
Masaken Sailiya and other residential units, schools, as well as
a number of warehouses and labor accommodations. The
project will be implemented in two segments covering an area of
1,460,000 square meters. The Ministry of Municipality & Urban
Planning has announced plans to set up a new central market in
Al Sailiya and several other projects are also on the anvil.
(Peninsula Qatar)
 HIA opens new office for issuing temporary permits – In a
bid to ease the temporary pass issuance to Hamad International
Airport (HIA), the Airport Security Department has opened an
office at Departure Terminal, in front of the counters for weighing
baggage. The new office will issue temporary permits for
companies, institutions, authorities and ministries to enter the
HIA. (Gulf-Times.com)
 Traffic diversion on Rayyan road stretch for 18 months – A
temporary traffic diversion will be in place on Al Rayyan Road
west bound from the direction of the Olympic Roundabout
(Sports Roundabout) towards 22 February Intersection, after
works are taken up there from today. The diversion will be in
place for the next 18 months. It will start at the Jassim Bin
Hamad intersection with Al Rayyan Road. The diversion is
effected to allow the construction of an underpass beneath Al
Rayyan Road as part of its upgrade and reconstruction. (Gulf-
Times.com)
 QNBK customer care center receives ISO 27001
certification – QNB Group (QNBK) customer care center has
received the ISO 27001:2013 certification, which is the latest
international standard for management of information security.
(Gulf-Times.com)
International
 PMI: Asian factory growth stays weak, Europe and US
sluggish – According to recent business surveys, global
manufacturing growth slowed in June with most Asian
economies remaining weak, while Greece's woes kept Eurozone
factories in check and US manufacturing turned in a mixed
performance. JPMorgan's Global Manufacturing Purchasing
Managers' Index, produced with private data vendor Markit,
slipped to 51.0 in June from 51.3 in May, matching April's near
two-year low. However, June was the 31st month the index has
been above the 50 level. The global PMI index combines data
from countries including the US, Japan, Germany, France,
Britain, China and Russia. According to Markit, the growth in the
US manufacturing sector eased in June, hitting its slowest since
October 2013, but accelerated according to an alternative
reading from the Institute of Supply Management. Markit's
reading declined to 53.6 in June, its lowest since October 2013,
from 54.0 in May. China’s factory activity contracted for the
fourth straight month in June but at a slower pace than in May,
signaling the slowdown in the world's second-largest economy
may be leveling out. The HSBC/Markit Flash China
Manufacturing PMI edged up to 49.4 from 49.2 in May,
remaining in contraction territory. Japanese manufacturing
activity barely expanded in June despite a strong pick-up in
export demand. The Nikkei/Markit final Japan Manufacturing
PMI was 50.1 in June, down from 50.9 in May, adding to fears of
a sharp slowdown in economic activity in 2Q2015. Speculation
that Greece would default on its debts and possibly leave the
Eurozone kept Europe's manufacturing output revival in check in
June. Markit's final Eurozone manufacturing PMI reached a 14-
month high but only nudged up to 52.5 from May's 52.2.
Germany's manufacturing sector expanded with Markit's PMI
rising to 51.9 from 51.1 in May, while France's PMI rose for the
first time since April 2014. (Reuters)
 Bullish US jobs, factory data brighten growth picture –
Private employers in the US hired the most workers in six
months in June and factory activity picked up, providing fresh
evidence the economy was gathering solid momentum after
contracting at the start of 2015. The brightening growth outlook
was also bolstered by other data showing auto sales remained
strong in June and construction spending rose in May to its
highest level in just over 6-1/2 years. The recent raft of upbeat
data supports views of a September interest rate hike from the
Federal Reserve, although market-based forecasting tools
suggest lift-off may not occur until late in 2015 or even in 2016.
The ADP National Employment Report showed 237,000 private-
sector jobs were created in June, beating the Reuters median
expectation for a gain of 218,000 jobs. Private payrolls
increased 203,000 in May. June's gain marked the third straight
month of improvement since the pace of hiring had slumped to a
14-month low back in March. Job increases in June were led by
small businesses and the services sector. Employment in the
construction industry increased 19,000 jobs, though down from
the 28,000 jobs added in May. Manufacturing payrolls rose
7,000, more than recouping the 2,000 jobs lost in May. (Reuters)
 IMF: Greece must reform before debt relief; Moody's cuts
ratings to Caa3 – One day after Greece became the first
developed economy to default on a loan with the International
Monetary Fund (IMF), IMF Managing Director Christine Lagarde
suggested Greece should move to reform its economy before its
European creditors give it a break on its debt. Greece's
government had pushed for debt relief in months of negotiations
with its European and IMF lenders on a cash-for-reform deal
before Athens abruptly called a referendum. A defiant Tsipras
urged Greeks to reject an international bailout deal - which calls
for even greater austerity measures - wrecking any prospect of
repairing broken relations with EU partners before the
referendum on July 5, that may decide Greece's future in
Europe. Meanwhile, rating agency Moody's cut its rating on
Greece to 'Caa3' from 'Caa2' as the country became the first
developed economy to default on a loan with the IMF. Moody's
said the likelihood of Greece obtaining support from its creditors
had fallen since the ratings agency's prior review of the country
in April. (Reuters)
 WB to lend $650mn for Indian rail project; censures China
for interfering in financial sector – The World Bank (WB) said
it had cleared a $650mn loan for a huge Indian freight rail
corridor that will span 1,840 kms (1,140 miles) across the
northern heartland of the country. Construction of the Eastern
Dedicated Freight Corridor will help speed up the carrying of
goods between Ludhiana in the west of India and Kolkata in the
east, and is part of a series of new freight lines the WB says
India needs to ease congestion on its network. The loan is the
third from the WB to help fund the freight corridor. In 2014 the
bank had approved a $1.1bn outlay and in 2011 $975mn.
Meanwhile, the WB censured China for the state's extensive
interference in the financial system, saying it could stoke
potential instability unless Beijing undertakes urgent reforms to
eliminate distortions in the broader economy. In its China
economic update, the bank welcomed the slowdown in Asia's
powerhouse economy as it showed the growth model was
changing for the better, reducing vulnerabilities built up by a
credit-fueled bounce that followed the 2008 global financial
crisis. However, WB also criticized the Chinese government for
interfering extensively in the financial sector and undermining its
own efforts at developing a sound financial system. WB said the

4. Page 4 of 6
extent of state intervention seen in China has "no parallel in
modern market economies" (Reuters)
Regional
 SADAFCO OGM approves SR113.75mn dividend – Saudia
Dairy and Foodstuff Company’s (SADAFCO) ordinary general
assembly meeting (OGM) has approved the distribution of 35%
dividend (SR 3.5 per share) amounting to SR113.75mn. The
shareholders registered in the registers of the Securities
Depository Center (Tadawul) on June 30, 2015, will be eligible
to receive the dividend. The dividend distribution date will be
announced at a later date. (Tadawul)
 SAMA net foreign assets dropped 1% to $672.2bn in May
2015 – Saudi Arabian Monetary Agency’s (SAMA) net foreign
assets fell to $672.2bn in May 2015, down by $6.6bn or 1% from
April 2015 as the Kingdom continued to draw down reserves to
cover a budget gap caused by cheap oil. Assets dropped by
8.1% from a year earlier to their lowest level since April 2013.
The International Monetary Fund (IMF) predicted that if oil prices
stay in their recent range the government will run a fiscal deficit
of around 20% of GDP in 2015, equivalent to roughly $150bn.
Saudi officials have said they may start issuing local currency
debt to cover part of the deficit, and the IMF believes this could
begin before 2015-end. The central bank data shows Saudi
Arabia has mainly been running down its bank accounts rather
than selling securities. Deposits fell 22% between August 2014
and May 2015, while securities holdings were just 7% lower.
(GulfBase.com)
 Saudi Arabia to cut August 2015 medium, heavy crude oil
prices – Traders said that Saudi Arabia is expected to cut
monthly prices for medium and heavy grades it sells to Asia in
August 2015 on weaker fuel oil cracks, while keeping the price
for its flagship light crude little changed. According to a survey
conducted by four refiners and traders, Arab Heavy crude prices
could fall as much as 70 cents a barrel in August 2015 while
Arab Light could post a small drop of up to 20 cents. The price
cuts reflect lower crude demand in Asia as refining margins
weakened. OPEC's supply, at its highest level in three years in
June 2015 also weighed on the market. As per Reuters survey,
OPEC supply has risen in June to 31.60mn bpd from a revised
31.30mn bpd in May 2015 due to record or near-record output
from Iraq and Saudi Arabia. (Reuters)
 GOIC: Small firms performing above expectations in GCC
region – According to Gulf Organisation for Industrial Consulting
(GOIC), small and medium factories in the GCC region are
performing above expectations. Small and medium factories that
employ 44% of the GCC region’s total industrial workforce have
got only 4.1% share ($15.3bn) of the $380.1bn invested in the
sector in 2014. As per the GOIC data, small and medium
factories made up 82.7% of manufacturing units in the region. Of
the 16,292 factories counted at the end of 2014, 10,809 were
found to be small and 2,671 were medium. (GulfBase.com)
 Bahri, Hyundai Samho sign agreement for additional five
VLCCs – The National Shipping Company of Saudi Arabia
(Bahri) has signed a contract with Hyundai Samho Heavy
Industries to build additional five very large crude carriers
(VLCCs). This agreement follows an earlier commitment
between the companies of five VLCCs. The total VLCCs
presently under construction will become 10. These carriers will
be delivered during 2017/2018. The financial impact of these
contracts will appear after the delivery of the vessels. (Tadawul)
 Petro Rabigh BoD recommends SR438mn dividend for 2014
– Rabigh Refining and Petrochemical Company’s (Petro Rabigh)
board of directors has recommended distribution of 5% dividend
(SR0.5 per share) amounting to SR438mn for the calendar year
2014. The eligibility of dividends shall be for the shareholders
registered at Tadawul at the end of trading day of the general
assembly, which is expected to be held on July 27, 2015.
(Tadawul)
 Emaar Misr expects Egyptian listing on July 5 – Emaar Misr
for Development, the Egypt-based subsidiary of Emaar
Properties, will now be listed on the Egyptian Stock Exchange
on or around July 5, 2015, marginally later than earlier expected
July 2, 2015. The share sale, which took place between June 4
and June 25, 2015, raised around $298.8mn. (GulfBase.com)
 DED, Hawkamah sign agreement to set up Islamic
Management and Governance Center in Dubai – The
Department of Economic Development (DED) in Dubai and the
Institute of Corporate Governance (Hawkamah), a subsidiary of
the Dubai International Financial Centre (DIFC), have signed an
agreement to cooperate in the setting up of an Islamic
Management and Governance Center in Dubai. The center will
focus on management aspects in organizations, including
Islamic financial institutions but will also work to ensure its
implementation in alignment with best global governance
practices. (GulfBase.com)
 ICD profit surged 63% in 2014 – Investment Corporation of
Dubai (ICD) posted a 63% profit increase in 2014 amid growth in
its core businesses, a gain from the transfer of Dubai
Aluminium’s assets to Emirates Global Aluminium and a partial
sale of its equity in the London Stock Exchange (LSE). ICD’s
profit attributable to equity holders rose to AED23.8bn in 2014
from AED14.6bn in 2013. The fund’s assets grew 10.5% to
AED672.3bn in 2014, while revenues edged up 11% to
AED198.4bn in 2014 from AED178.3bn in 2013. (GulfBase.com)
 DBS Bank receives approval to issue LCs for trading on
DME – The Dubai Mercantile Exchange (DME) announced that
the DBS Bank’s Singapore office has been approved to issue
Letters of Credit (LCs) for trading crude oil on the exchange.
DBS is the first Singapore bank to receive such approval and
will be able to issue LCs directly from Singapore on behalf of its
clients to guarantee deliveries of Oman crude oil through the
DME. (GulfBase.com)
 Nestle to invest $118.9mn in Dubai factory – Nestle will invest
$118.9mn to build a coffee and culinary product factory in Dubai
to keep pace with rising demand in the Middle East. The Swiss
food group said that the new factory will eventually employ 400
staff. (Reuters)
 Dunia Finance mulls sale – According to sources, Dunia
Finance, whose shareholders include Mubadala Development
Company and a unit of Temasek Holdings Pte, has hired
Morgan Stanley to explore a sale of the company. Reportedly, a
formal sale process for the consumer finance business has
started and is likely to attract banks and other financial
institutions. Dunia may fetch about $400mn in a sale.
(Bloomberg)
 Bank of China lists $322mn bonds on Nasdaq Dubai – The
Bank of China's Abu Dhabi branch listed its $322mn bonds for
the Belt and Road initiative on Nasdaq Dubai. (Bloomberg)
 CBI appoints new Head of Islamic Banking – Commercial
Bank International (CBI) has appointed Mamoon Abdel Kader as
its new Head of Islamic Banking. His previous position was
Regional Head of Corporate Banking at Emirates Islamic Bank.
(GulfBase.com)
 IPIC earnings dropped 29% to AED5.6bn in 2014 on lower
oil prices – International Petroleum Investment Company (IPIC)

5. Page 5 of 6
reported that its earnings were down 29% to AED5.6bn in 2014
as compared to AED7.9bn in 2013. The company’s revenues for
2014 fell by 3% to AED188bn, with lower oil prices partially
offset by revenue from new acquisitions. The company valued
total assets at AED243.5bn, down from AED251.2bn at the end
of 2013. (GulfBase.com)
 Kuwait passes $23.2bn deficit budget on sharp drop in oil
prices – Kuwait parliament has passed the 2015/2016 state
budget which projects a $23.2bn deficit due to the sharp drop in
oil prices. The budget projects revenues at $40.7bn, a massive
39.2% drop from last year's estimates. Oil income, which
normally contributes over 90% of total public revenues, dropped
sharply by 42.8% and is estimated at $38.8bn. Spending is
projected at $63.9bn, 17.4% lower than last year's estimates. Oil
income in the new budget is calculated on the basis of $45 a
barrel, down from last year's $75 a barrel, while the country's
average production is projected at 2.7mn barrels per day.
(Times of Oman)
 Bank Sohar, Bank Dhofar plan due diligence on proposed
merger – Bank Dhofar has entered into a non-binding MoU with
Bank Sohar on a proposed merger. Both the entities agreed to
proceed with due diligence, subject to receiving regulatory
approvals. The lenders will keep the shareholders apprised of
developments in this regard, through suitable disclosures in line
with the disclosure requirements. (MSM)
 Renaissance Services mandates banks for proposed bond
issuance – Renaissance Services has mandated Standard
Chartered Bank (StanChart) as sole structuring advisor and
National Bank of Oman, Bank Sohar and StanChart as joint lead
managers to arrange investor discussions on its behalf
commencing July 1, 2015. A subordinated perpetual bond
issuance denominated in dollar or Omani Riyal, by a wholly-
owned overseas subsidiary of Renaissance may follow subject
to market conditions. (MSM)
 Bank Muscat signs 10-year partnership agreement with
AXA Gulf – Bank Muscat has signed a 10-year partnership
agreement with AXA Gulf to offer bancassurance products
covering life protection, investment and savings to its customers.
The alliance combines the regional expertise and footprint of
Bank Muscat with the global knowhow and technical capabilities
of AXA, and marks an important milestone for both companies.
This agreement enables both the entities to strengthen their
position in Omani insurance sector. (GulfBase.com)
 Napco on track to double aluminum production – National
Aluminium Products Company (Napco) said its expansion plan
to double capacity is on track with equipment beginning to arrive
in Oman ahead of schedule. Napco has ordered two fully
automated extrusion presses from Spain’s Tecalex and a
vertical powder coating line from Trasmetal, Italy, to double its
current capacity of 18,000 tons per year. (GulfBase.com)
 Noor Bank lists debut $500mn Sukuk on Nasdaq Dubai –
Noor Bank has listed $500mn Sukuk on Nasdaq Dubai. The
Sukuk, the first to be issued by Noor Bank, underlines Dubai’s
established expertise in the Islamic bond sector, whose growth
is playing a key role in the expansion of the Emirate as the
global Capital of the Islamic Economy. Dubai’s exchanges have
attracted 31 Sukuk listings since the start of 2014. (Nasdaq
Dubai)
 OTIL seeks US, African footholds in growth push – Oman is
planning to buy, lease or build fuel-storage tanks in East Africa
to boost sales in the continent and open a US office to trade
refined products and Latin American crude. Oman Trading
International Limited (OTIL) CEO Talal Al Awfi said that the
company intends to invest less than $50mn in facilities to store
fuel in Mozambique or Tanzania to help supply markets in
Africa’s landlocked interior. He said that the infrastructure
investments in Africa and a physical presence in the US are vital
for the company to extend its reach beyond traditional markets
in Asia. (GulfBase.com)
 CBO sets up Islamic banking department – Central Bank of
Oman (CBO) has established an independent department to
handle Islamic banking. This move will help further growth of
Oman’s fledgling Shari’ah-compliant finance industry. Oman
was the last country in the six-nation GCC to introduce Islamic
finance, granting licenses to Alizz Islamic Bank and Bank Nizwa
in 2013. The government is planning to sell its first Sukuk, an
issue of OMR200mn, in coming months, while a central bank
task force has been studying Islamic money market operations.
(Reuters)
 Investcorp new management team comes into effect –
Investcorp announced that the long planned changes to its
executive management have come into effect. As earlier
announced, Mohammed Al Ardhi will assume the position of
Executive Chairman, succeeding former Executive Chairman
and CEO, Nemir Kirdar who was recently appointed as
Chairman of the Board of Directors. Mohammed Al-Shroogi and
Rishi Kapoor will assume the position of Co-CEOs. (Bahrain
Bourse)
 HSBC shortlists three bidders for sale of Turkey unit –
According to sources, HSBC Holdings has shortlisted three
bidders for a sale of its unprofitable Turkish unit after hiring
advisers from Citigroup to help drive a sale. Netherlands’ ING
Groep NV, Paris-based BNP Paribas and Bahrain-based Arab
Banking Corporation (ABC) submitted binding bids for the unit.
Reportedly, the unit, which made Turkish lira 32.1mn lira loss in
1Q2015, may be valued at about $500mn. (Bloomberg)

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns;
#
Market closed on 01 July 2015)
80.0
100.0
120.0
140.0
160.0
180.0
Jun-11 Jun-12 Jun-13 Jun-14 Jun-15
QSE Index S&P Pan Arab S&P GCC
0.2%
(1.2%)
(0.2%)
(1.0%)
0.1%
(0.6%)
0.1%
(2.0%)
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,168.83 (0.3) (0.6) (1.4) MSCI World Index 1,747.18 0.7 (1.6) 2.2
Silver/Ounce 15.58 (1.0) (1.4) (0.8) DJ Industrial 17,757.91 0.8 (1.1) (0.4)
Crude Oil (Brent)/Barrel (FM
Future)
62.01 (2.5) (2.0) 8.2 S&P 500 2,077.42 0.7 (1.1) 0.9
Crude Oil (WTI)/Barrel (FM
Future)
56.96 (4.2) (4.5) 6.9 NASDAQ 100 5,013.12 0.5 (1.3) 5.9
Natural Gas (Henry
Hub)/MMBtu
2.81 1.4 1.6 (6.1) STOXX 600 387.07 0.8 (3.2) 3.4
LPG Propane (Arab Gulf)/Ton 41.75 (3.5) 1.8 (14.8) DAX 11,180.50 1.4 (3.4) 3.9
LPG Butane (Arab Gulf)/Ton 53.00 (6.2) 1.0 (15.5) FTSE 100 6,608.59 0.6 (2.9) 0.9
Euro 1.11 (0.8) (1.0) (8.6) CAC 40 4,883.19 1.2 (4.2) 4.6
Yen 123.17 0.5 (0.5) 2.8 Nikkei 20,329.32 (0.3) (1.2) 13.1
GBP 1.56 (0.6) (0.8) 0.3 MSCI EM 971.91 (0.0) (0.9) 1.6
CHF 1.05 (1.4) (1.6) 4.8 SHANGHAI SE Composite 4,053.70 (5.2) (3.2) 25.5
AUD 0.76 (0.8) (0.1) (6.5) HANG SENG#
26,250.03 0.0 (1.5) 11.2
USD Index 96.31 0.9 0.9 6.7 BSE SENSEX 28,020.87 0.9 0.7 1.3
RUB 55.84 0.9 1.9 (8.1) Bovespa 52,757.54 (1.3) (2.5) (10.7)
BRL 0.32 (1.4) (0.6) (15.8) RTS 930.66 (1.0) (1.3) 17.7
144.7
121.1
116.2