The document summarizes stock market activity in Qatar and other GCC countries on August 11, 2015. The QSE index in Qatar rose 0.9% led by gains in the insurance and real estate sectors. In other markets, indexes fell in Saudi Arabia by 0.9% and Kuwait by 0.1%, while gaining marginally in Bahrain. Company earnings news is provided from Oman, Bahrain and China. The document also summarizes recent economic indicator results and notes upcoming infrastructure projects in Qatar.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.9% to close at 11,787.7. Gains were led by the Insurance and Real
Estate indices, gaining 2.1% and 1.3%, respectively. Top gainers were Commercial Bank
and Qatar Insurance Co., rising 3.0% each. Among the top losers, Dlala Brokerage &
Investments Holding Co. fell 3.0%, while Al Khaleej Takaful Group declined 1.3%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.9% to close at 8,758.1. Losses were led by the
Telecom. & IT and Insurance indices, falling 2.3% and 1.9%, respectively. Takween
Advanced Ind. fell 9.6%, while Saudi Public Transport was down 5.9%.
Dubai: The DFM Index gained 0.1% to close at 4,072.8. The Banks index rose 1.0%,
while Financial & Investment Services index gained 0.3%. Al Salam Group rose 4.3%,
while Al-Madina for Finance and Investment Co. was up 4.0%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,815.5. The Energy index
declined 0.9%, while the Telecommunication index fell 0.4%. International Fish
Farming declined 8.6%, while the Abu Dhabi Ship Building was down 3.8%.
Kuwait: The KSE Index fell 0.1% to close at 6,294.5. The Oil & Gas index declined 3.2%,
while the Basic Material index fell 1.6%. National Petroleum Services Co. declined 7.8%,
while Human Soft Holding Co. was down 6.3%.
Oman: The MSM Index fell 0.3% to close at 6,401.2. Losses were led by the Services and
Financial indices, falling 0.4% and 0.3%, respectively. Renaissance Services fell 4.4%,
while Bank Sohar was down 3.5%.
Bahrain: The BHB Index gained marginally to close at 1,333.8. The Investment index
rose 0.6%, while the other indices ended flat or in red. GFH Financial Group gained
4.9%, while Bahrain Duty Free Complex was up 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Commercial Bank 57.50 3.0 779.0 (7.7)
Qatar Insurance Co. 102.00 3.0 54.0 29.5
Qatar German Co for Medical Dev. 15.60 2.0 43.1 53.7
Barwa Real Estate Co. 46.90 1.8 238.5 11.9
Qatar Islamic Bank 112.00 1.8 59.8 9.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Commercial Bank 57.50 3.0 779.0 (7.7)
Masraf Al Rayan 44.80 1.6 640.0 1.4
United Development Co. 25.85 1.4 566.7 9.6
Ezdan Holding Group 17.79 1.1 408.9 19.2
Barwa Real Estate Co. 46.90 1.8 238.5 11.9
Market Indicators 11 Aug 15 10 Aug 15 %Chg.
Value Traded (QR mn) 200.0 175.5 14.0
Exch. Market Cap. (QR mn) 622,957.3 619,476.2 0.6
Volume (mn) 4.2 3.1 36.1
Number of Transactions 3,007 3,076 (2.2)
Companies Traded 41 41 0.0
Market Breadth 27:10 22:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,322.31 0.9 0.1 (0.0) N/A
All Share Index 3,148.40 0.8 0.0 (0.1) 13.0
Banks 3,126.43 0.8 0.3 (2.4) 13.8
Industrials 3,733.58 0.4 (0.6) (7.6) 13.0
Transportation 2,447.96 0.1 (0.8) 5.6 12.6
Real Estate 2,682.48 1.3 0.4 19.5 8.9
Insurance 4,882.07 2.1 1.7 23.3 23.0
Telecoms 1,066.42 (0.7) (1.9) (28.2) 28.1
Consumer 7,177.41 0.4 0.0 3.9 28.1
Al Rayan Islamic Index 4,579.14 0.8 (0.1) 11.6 13.4
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Bank of Sharjah Abu Dhabi 1.60 3.2 1,122.0 (14.1)
Commercial Bank Qatar 57.50 3.0 779.0 (7.7)
Qatar Insurance Co. Qatar 102.00 3.0 54.0 29.5
Barwa Real Estate Co. Qatar 46.90 1.8 238.5 11.9
Qatar Islamic Bank Qatar 112.00 1.8 59.8 9.6
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Public Transport Saudi Arabia 22.92 (5.9) 3,143.0 (4.5)
Med. & Gulf Ins. Saudi Arabia 32.46 (4.2) 1,450.5 (35.2)
Etihad Etisalat Co. Saudi Arabia 29.72 (4.0) 8,562.1 (32.3)
Dur Hospitality Co. Saudi Arabia 33.56 (3.6) 103.9 15.0
Bank Sohar Oman 0.19 (3.5) 357.8 (6.3)
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%
Dlala Brokerage & Inv Holding Co. 22.95 (3.0) 77.1 (31.4)
Al Khaleej Takaful Group 38.00 (1.3) 8.7 (14.0)
Ooredoo 78.20 (1.3) 30.4 (36.9)
Qatar Oman Investment Co. 15.81 (0.6) 121.5 2.7
Qatar General Ins. & Reinsur. Co. 56.00 (0.5) 0.0 9.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Commercial Bank 57.50 3.0 44,829.7 (7.7)
Masraf Al Rayan 44.80 1.6 28,676.1 1.4
QNB Group 180.40 (0.1) 14,773.1 (15.3)
United Development Co 25.85 1.4 14,654.8 9.6
Industries Qatar 136.10 (0.2) 12,088.7 (19.0)
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* 11,787.71 0.9 0.1 0.0 (4.1) 54.92 171,064.1 12.1 1.8 4.3
Dubai 4,072.82 0.1 (1.2) (1.7) 7.9 110.10 104,596.0 12.6 1.3 6.4
Abu Dhabi 4,815.53 (0.2) (0.4) (0.4) 6.3 55.82 129,804.6 12.0 1.5 4.7
Saudi Arabia 8,758.07 (0.9) 1.2 (3.7) 5.1 1,032.12 519,265.0 18.5 2.0 3.1
Kuwait 6,294.47 (0.1) 0.7 0.7 (3.7) 42.57 94,098.1 15.3 1.0 4.2
Oman 6,401.20 (0.3) (0.5) (2.4) 0.9 6.48 25,172.3 9.5 1.5 3.9
Bahrain 1,333.76 0.0 0.1 0.2 (6.5) 0.60 20,860.4 8.4 0.8 5.3
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)
11,650
11,700
11,750
11,800
11,850
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 rose 0.9% to close at 11,787.7. The Insurance and Real
Estate indices led the gains. The index rose on the back of buying support
from GCC shareholders despite selling pressure from Qatari and non-Qatari
shareholders.
 Commercial Bank and Qatar Insurance Co. were the top gainers, rising 3.0%
each. Among the top losers, Dlala Brokerage & Investments Holding Co. fell
3.0%, while Al Khaleej Takaful Group declined 1.3%.
 Volume of shares traded on Tuesday rose by 36.1% to 4.2mn from 3.1mn
on Monday. Further, as compared to the 30-day moving average of 4.1mn,
volume for the day was 2.1% higher. Commercial Bank and Masraf Al Rayan
were the most active stocks, contributing 18.6% and 15.3% 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)
2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Renaissance Services* Oman OMR 117.9 0.5% – – -1.9 NA
Zain Bahrain Bahrain BHD 17.5 -3.6% 1.2 -17.4% 1.1 -8.2%
The Bahrain Shipping
Repairing & Engineering
(BASREC)
Bahrain BHD 1.5 18.6% – – 0.3 -10.7%
Banader Hotels Co.
(BANADER)
Bahrain BHD – – – – -0.1 NA
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/11 US Census Bureau Wholesale Inventories MoM June 0.90% 0.40% 0.60%
08/11 US Census Bureau Wholesale Trade Sales MoM June 0.10% 0.50% 0.20%
08/11 EU ZEW Zentrum fuer Europaeische ZEW Survey Expectations August 47.6 – 42.7
08/11 Germany Destatis Wholesale Price Index MoM July 0.10% – -0.20%
08/11 Germany Destatis Wholesale Price Index YoY July -0.50% – -0.50%
08/11 UK The British Retail Consortium BRC Sales Like-For-Like YoY July 1.20% 1.00% 1.80%
08/11 Italy ISTAT CPI FOI Index Ex Tobacco July 107.2 – 107.3
08/11 China National Bureau of Statistics New Yuan Loans CNY July 1,480.0B 750.0B 1,279.1B
08/11 China National Bureau of Statistics Aggregate Financing CNY July 718.8B 1,006.7B 1,858.1B
08/11 China The People's Bank of China Money Supply M0 YoY July 2.90% 3.10% 2.90%
08/11 China The People's Bank of China Money Supply M1 YoY July 6.60% 4.90% 4.30%
08/11 China The People's Bank of China Money Supply M2 YoY July 13.30% 11.70% 11.80%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 48.03% 50.86% (5,650,949.81)
GCC 19.78% 7.39% 24,783,980.12
Non-Qatari 32.19% 41.76% (19,133,030.31)

3. Page 3 of 6
News
Qatar
 QEWS to start QR10bn power and water project in Umm Al Houl –
Qatar Electricity and Water Company (QEWS) General Manager
Mr. Fahad Hamad Al Mohannadi has announced the launch of the
construction of a major power and water project in Umm Al Houl.
The station with a production capacity of 2520 megawatts (MW)
of electricity and 136mn gallons of drinking water per day is
expected to cost QR10bn. The construction is expected to start in
October 2015. QEWS owns 60% of the project while other
stakeholders include state-owned Qatar Petroleum and Qatar
Foundation. The Umm Al Houl plant will be implemented in three
phases. The first stage will process 40mn gallons of water per day
in April 2017 while additional 20mn gallons of water will be
processed in the second phase in May 2017. The Umm Al Houl will
also witness the production of 1620 MW of electricity in July 2017.
The project will be implemented fully by 2H2018. (QSE, Peninsula
Qatar)
 Ashghal: Lane on Al Shamal Road to be closed for three months –
The Public Works Authority (Ashghal) has announced closure of
one lane in each direction of Al Shamal Road (near the Al Rayyan
interchange) from August 13, 2015 midnight. Ashghal said the
closure, which extends to about 300 meters and is scheduled to
last three months, will not affect traffic as an alternative lane will
be provided in each direction. This will be done to maintain the
same number of lanes - three - as the existing road. The closure is
being carried out to facilitate the construction of a bridge that will
link Al Rayyan Road with Al Shamal Road. It will help reduce traffic
congestions in the Rayyan area. (Gulf-Times.com)
 Kahramaa switching to smart meters by 2016 – According to
sources, Qatar General Electricity & Water Corporation
(Kahramaa) intends to replace conventional meters in the Doha
area with smart meters by 2016. Smart meter installation provides
real-time information on energy, water or natural gas
consumption of a building. (Gulf-Times.com)
 QA wins two awards for flagship A380 and A350 aircraft – Qatar
Airways (QA), crowned Airline of the Year at the Skytrax World
Airline Awards 2015, has won two awards at the recent Australian
Business Traveler Awards. The Doha-based carrier’s superjumbo
A380 Lounge was named “Best Inflight Lounge” and the airline
also won the “Best Economy Class” accolade for its A350 Economy
Class cabin. Meanwhile, QA has deployed the world’s newest
aircraft on the Doha-Dubai route during August 2015. Starting
August 8, the airline is showcasing its state-of-the-art A350 on 28
of its Dubai Shuttle frequencies, up until September 1. (Bloomberg,
Gulf-Times.com)
International
 US productivity rebounds in 2Q2015, but trend still soft – The US
non-farm productivity rebounded in 2Q2015, but a weak
underlying trend suggested inflation could pick up more quickly
than what economists have anticipated. The Labor Department
said productivity increased at a 1.3% annual rate in the April-June
period. But productivity, which measures hourly output per
worker, rose only 0.3% YoY. In line with annual revisions to GDP
published last week, the 1Q2015 productivity was revised to show
it falling at a 1.1% rate instead of the previously reported 3.1%
pace of decline. Productivity is one of the metrics the Federal
Reserve is watching as it contemplates raising interest rates for
the first time in nearly a decade. Meanwhile, the National
Federation of Independent Business said its Small Business
Optimism Index increased 1.3 points to 95.4 in July as owners
anticipated solid sales and inventory growth, providing another
boost to the economic outlook for 3Q2015. (Reuters)
 German investor confidence slid in August on global slowdown –
German investor confidence unexpectedly fell, signaling concern
that a global slowdown could weigh on Europe’s powerhouse
economy. The ZEW Center for European Economic Research said
its index of investor and analyst expectations, which aims to
predict economic developments six months ahead, slid to 25 in
August from 29.7 in July. The reading is the lowest since November
2014. ZEW President Clemens Fuest said that the German
economic engine is still running smoothly. However, under the
current geopolitical and global economic circumstances, a
substantial improvement of the economic situation in Germany
over the medium term is improbable. That is why economic
sentiment has declined. (Bloomberg)
 Greece reaches bailout deal with creditors – Greece and its
international lenders reached an €85bn bailout agreement on
Tuesday after nailing down the terms of new loans needed to save
the country from financial ruin. The deal, which came after 23
hours of talks that continued through the night, must still be
adopted by Greece’s parliament and by Eurozone countries. The
currency bloc’s finance ministers are expected to approve it on
August 14, in time for Greece to make a crucial €3.2bn debt
repayment that falls due next week. A Greek Finance Ministry
official said the pact would be worth up to €85bn in fresh loans
over three years. Greek banks would get €10bn immediately and
would be recapitalized by 2015-end. The talks also agreed on final
fiscal targets that should govern the bailout effort, aiming for a
primary budget surplus, which excludes interest payments, from
2016. (Reuters)
 IMF: China’s new yuan midpoint mechanism a welcome step – The
International Monetary Fund (IMF) has said that the move by
China’s central bank on Tuesday to change the mechanism for
setting the daily reference rate for the yuan “appears a welcome
step” as it should allow market forces to have a greater role in
determining the exchange rate. An IMF spokesperson said greater
exchange rate flexibility is important for China as it strives to give
market forces a decisive role in the economy and is rapidly
integrating into global financial markets. The spokesperson added
the announced change by China has no direct implications for the
criteria used in determining the composition of the IMF’s SDR
basket. Nevertheless, a more market-determined exchange rate
would facilitate SDR operations in case the Renminbi were
included in the currency basket going forward. (Reuters)
Regional
 MENA records PE deals worth $2.7bn in 1H2015 – According to Al
Masah Capital, the Middle East and North Africa (MENA) region
recorded private equity (PE) activity worth $2.7bn and IPOs worth
$915mn during 1H2015. The staggering figures come on the back
of a steady economic outlook for the region, which is forecasted at
2.4% in 2015 for oil-exporting countries. Al Masah Capital stated
that the region witnessed a total of 16 PE deals worth $2.67bn
during 1H2015 as compared to 26 deals worth $128.7mn in
1H2014. Both Saudi Arabia and the UAE witnessed the largest
number of deals in 1H2015, while Algeria led in terms of value.
The UAE, Saudi Arabia, Lebanon and Egypt are expected to be
frontrunners in PE activity during 2H2015. In terms of fund raising
activities during the period, the MENA region undertook 16 IPOs
worth $914.9mn. (Peninsula Qatar)
 OPEC raises 2015 oil demand outlook despite dull markets – The
Organization of the Petroleum Exporting Countries (OPEC) revised
upward its growth forecast for global oil demand in 2015 and
maintained projected record levels of world consumption in 2016,
despite turbulent market conditions spurred by financial
instability in Greece and China. In its August monthly report, the

4. Page 4 of 6
OPEC said it was expecting world oil demand to grow by 1.38mn
barrels per day – around 90,000 more than announced in its July
estimates, following an increase in July. Earlier this year, OPEC
slashed its prediction of non-OPEC supply for 2015, expecting
lower prices to lead to a slowdown. (Gulf-Base.com)
 Tadawul announces beginning of first subscription period for AMTC
– The Saudi Stock Exchange (Tadawul) announced that first
subscription period and tradable rights trading for Alinma Tokio
Marine Company (AMTC) has begun which starts from August 11
and ends on August 20. (Tadawul)
 Sipchem to shut down methanol plant for maintenance – Saudi
International Petrochemical Company (Sipchem) will shut down
its methanol plant for around four weeks for maintenance in
4Q2015. The company would upgrade major equipment at the
plant. Sipchem said that there is enough inventory to limit the
impact of this maintenance program. (GulfBase.com)
 SABB plans dollar-denominated bond issue – According to sources,
Saudi British Bank (SABB) is planning to issue a dollar-
denominated bond in international markets. The deal would
happen by 3Q2015-end, subject to market conditions, and would
look to refinance an existing $600mn bond which is set to mature
in November 2015. The deal is likely to be arranged solely by
HSBC, which has a 40% stake in SABB. (Reuters)
 Mansour Al Mosaid wins NPCC bidding – Saudi-based Mansour Al
Mosaid has won bidding of Pakistan-based National Power
Construction Company (NPCC) as privatization of national
institutions continues. The company has bought NPCC with a bid of
at least Pakistani Rupees (PKR) 2.49bn. Mosaid offered PKR1,420
per share. The Pakistan government had offered 80% of the
company’s shares to potential buyers, while the remaining 12%
are owned by the employees. (Bloomberg)
 Indian Prime Minister to visit UAE to enhance two-way trade –
Indian Prime Minister Narendra Modi's two-day visit next week to
the UAE promises to give a new impetus and focus to the thriving
trade and investments between the two countries, besides paving
the way for a spate of accords covering a wide range of topics.
India-UAE trade, valued at $180mn per annum in the 1970s, is
today around $60bn, making UAE India's third largest trading
partner for the year 2014-15 after China and the US. The UAE is
the second largest export destination of India with an amount of
over $33bn for the year 2014-15, while for the UAE, India is the
largest trading partner for the year 2014 with an amount of over
$28bn (non-oil trade). There is an estimated $8bn UAE investment
in India, of which around $3.01bn (January 2015) is in the form of
FDI, while the remaining is portfolio investment. (GulfBase.com)
 NBAD to act as borrowing agent in UAE – National Bank of Abu
Dhabi (NBAD) had won approval to act as the first securities
lending and borrowing agent in the UAE, as part of reforms aimed
at adding liquidity and efficiency to the market. NBAD will be able
to borrow, and lend out, shares for use in market making activities.
Lenders will be able to earn revenue from the use of their shares
and NBAD as the borrower, will be obliged to return the securities
to the lender at an agreed date, on demand. (Bloomberg)
 Amanat acquires 35% beneficial interest in Sukoon International
Holding – Amanat Holdings through its affiliate has acquired 35%
beneficial interest in Sukoon International Holding for a
consideration of SR179.2mn. Sukoon is a Saudi Arabian healthcare
company specializing in extended care and critical care medical
services, with operations in Jeddah and expansion plans underway
in Riyadh. (DFM)
 EIBank reports AED6.6mn net profit in 2Q2015 – Emirates
Investment Bank (EIBank) reported a net profit of AED6.6mn in
2Q2015 as compared to AED15.77mn in 2Q2014. Operating
income stood at AED22.98mn in 2Q2015 as compared to
AED32.99mn in 2Q2014. The bank’s total assets stood at
AED3.51bn as of June 30, 2015 as compared to AED3.50bn at the
end of December 31, 2014. Net loans & advances reached
AED639.59mn, while customer deposits stood at AED2.99bn. EPS
amounted to AED9.43 in 2Q2015 versus AED22.53 in 2Q2014.
(DFM)
 Egypt-based Lumiglass Industries plans product diversification –
Egypt-based Lumiglass Industries is planning to diversify its
product offering in the architectural Bullet Resistant Glass sector
in line with rising industry demand amid rampant construction
activities in the region. The company aims to ramp up its market
presence across the GCC region, other Middle East countries, Asia
and possible expansion into new markets across the African
continent. Lumiglass Industries is a component of Glass LLC and a
subsidiary of Dubai Investments. (DFM)
 Dubai Customs delivers 4.5mn transactions in 1H2015 – According
to the statistics provided by Dubai Customs, Dubai Customs
processed around 4.5mn transactions in 1H2015 as compared to
4.2mn transactions processed in 1H2014. The customs
transactions for Dubai Customs customers comprise 19 main
services provided through 23 inland, port and airport customs
centers distributed across Dubai. There was a considerable
increase in the total number of transactions for ‘Request for
Guarantees/Deposits Claims and Refunds’ service from 488,334
transactions during 1H2014 to 628,455 during 1H2015.
(GulfBase.com)
 Emirates NBD: Dubai’s non-oil growth slows as weak crude prices
hit tourism – According to Emirates NBD, the growth in Dubai’s
non-oil sector slowed in July 2015 to its lowest rate since March
2012, as the effect of the low oil price spilt over into reduced
tourist activity in the Emirate. The Emirates NBD economic
tracker, an informal indicator of growth, offered a headline reading
of 53.8, down from 55.5 in June 2015. Any reading above 50.0
indicates that the economy is expanding. Tourism was especially
badly hit, falling to 50.5 in July 2015, down from 55.3 in June 2015.
Occupancy in Dubai’s hotels was down 15.4% in June 2015.
Revenue per available room, a measure of hotel profits, fell 22.7%
to AED373 per room, while the average daily room rate fell 8.6%
to AED593. Part of the slowing growth is probably because of the
plunge in oil prices, in which Brent crude fell from $100 per barrel
in June 2014 to about $50 per barrel this week. (GulfBase.com)
 Egypt-based Beltone joins NASDAQ Dubai as market maker –
Beltone Market Maker, a subsidiary of Egypt-based Beltone
Financial, has joined NASDAQ Dubai to provide market-making
services. Beltone Market Maker will initially focus on market
making in equities as well as offer simultaneous bid and offer
prices in selected securities listed on NASDAQ Dubai. (Reuters)
 Fujairah Cement Finance Manager steps down – Fujairah Cement
Industries announced that Mr. V. Sreenivasa Murthy has quit as
Finance Manager, effective July 31, 2015. Mr. B.T. Jacob has taken
over as the Finance Manager from August 1. (ADX)
 Finance House reports AED66.2mn net profit in 1H2015 – Finance
House reported a consolidated net profit of AED66.2mn in
1H2015, reflecting an increase of 8.2% YoY. The company said that
net interest income and income from Islamic financing and
investing assets grew by 46.7% YoY to reach AED93.4mn during
1H2015 on the back of a sustained growth in the lending book and
targeted expansion of the fixed income portfolio, as compared to
AED63.7mn 1H2014. Income from proprietary investment
portfolio stood at AED70.3mn in 1H2015, indicating an increase of
5.4% YoY. Earnings per share (EPS) surged 21% to 23 fils per
share in 1H2015 from 19 fils per share in 1H2014. (GulfBase.com)
 Etisalat’s Nigerian affiliate completes transfer of 555 telecom
towers to HIS – Emirates Telecommunication Corporation’s

5. Page 5 of 6
(Etisalat) Nigerian affiliate has completed the transfer of 555
telecom towers to Africa's IHS, the second tranche of a sale and
leaseback deal announced in 2014. The move is part of Etisalat's
strategy to improve the quality of its network and to accelerate the
roll-out of 2G, 3G and 4G coverage in Nigeria. Following the deal,
HIS will own and manage over 15,500 installations in Nigeria and
over 23,100 in Africa as a whole. Earlier, in August 2014, Etisalat
Nigeria had signed a deal to sell 2,136 of its towers to privately-
held IHS and lease them back as part of plans to expand its
coverage in Africa's biggest economy. (GulfBase.com)
 Sembcorp Salalah clarifies on debt refinancing news – With
reference to media news on Sembcorp Salalah refinancing, the
company has clarified that in line with their Annual Report 2014, it
is exploring refinancing of its senior loans under the prevailing
market conditions. However, it is premature to conclude the
viability and the details of refinancing at this stage. (MSM)
 MPC’s promoters sign three major agreements for 120 megawatt
project – Musandam Power Company’s (MPC) promoters have
signed three major agreements with financial institutions and
government agencies for implementing the 120 megawatt project
in Musandam governorate. MPC has inked a finance agreement
with Bank Muscat, while it signed a power purchase agreement
and natural gas sales pact with Oman Power and Water
Procurement Company and Oman’s Ministry of Oil & Gas. MPC is
developing a new dual fuel independent power plant (Musandam
IPP) at Tibat in the Wilayat of Bukha in Musandam with a capacity
of 120 megawatt. (TimesofOman)
 Omani insurance firms achieve 9% growth in gross premiums –
Omani insurance companies’ gross direct premium grew by 9% to
OMR246.44mn in 1H2015 from OMR226.89mn in 1H2014. The
medical insurance sector witnessed the maximum growth of 32%
at OMR63.07mn for 1H2015 from OMR47.96mn in 1H2014. Net
direct premium also increased by 13% to OMR135.27mn in
1H2015 from OMR119.33mn in 1H2014. The maximum growth in
net direct premium was witnessed in group life insurance (55%)
and medical insurance (54%). (TimesofOman)

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
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Page 6 of 6
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
Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
QSE Index S&P Pan Arab S&P GCC
(0.9%)
0.9%
(0.1%)
0.0%
(0.3%)
(0.2%)
0.1%
(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 1,108.95 0.4 1.4 (6.4) MSCI World Index 1,749.63 (1.0) 0.1 2.3
Silver/Ounce 15.37 0.7 3.7 (2.1) DJ Industrial 17,402.84 (1.2) 0.2 (2.4)
Crude Oil (Brent)/Barrel (FM
Future)
49.18 (2.4) 1.2 (14.2) S&P 500 2,084.07 (1.0) 0.3 1.2
Crude Oil (WTI)/Barrel (FM
Future)
43.08 (4.2) (1.8) (19.1) NASDAQ 100 5,036.79 (1.3) (0.1) 6.3
Natural Gas (Henry
Hub)/MMBtu
2.84 (0.4) 1.4 (5.1) STOXX 600 393.61 (1.6) (0.3) 4.6
LPG Propane (Arab Gulf)/Ton 37.25 (2.0) 1.4 (24.0) DAX 11,293.65 (2.7) (1.2) 4.4
LPG Butane (Arab Gulf)/Ton 49.50 (1.0) 1.0 (21.1) FTSE 100 6,664.54 (1.2) (0.2) 1.4
Euro 1.10 0.2 0.7 (8.7) CAC 40 5,099.03 (1.9) (0.5) 8.7
Yen 125.13 0.4 0.7 4.5 Nikkei 20,720.75 (0.9) (0.7) 13.4
GBP 1.56 (0.1) 0.5 (0.0) MSCI EM 878.27 (1.1) (0.8) (8.2)
CHF 1.01 (0.5) (0.4) 0.6 SHANGHAI SE Composite 3,927.91 (1.8) 3.0 19.2
AUD 0.73 (1.5) (1.5) (10.7) HANG SENG 24,498.21 (0.2) (0.4) 3.7
USD Index 97.29 0.1 (0.3) 7.8 BSE SENSEX 27,866.09 (1.8) (2.3) (0.5)
RUB 64.27 2.1 0.4 5.8 Bovespa 49,072.34 (1.9) 1.2 (25.9)
BRL 0.29 (1.1) 1.0 (23.7) RTS 830.33 (2.1) (0.3) 5.0
141.0
121.1
116.2