1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined marginally to close at 11,982.7. Losses were led by the
Banks & Financial Services and Industrials indices, falling 0.4% and 0.2%,
respectively. Top losers were Qatar Islamic Insurance Co. and United
Development Co., falling 1.7% and 1.5%, respectively. Among the top gainers
Qatar Cinema & Film Dist. Co. rose 9.4%, while Qatar Ins. Co. was up 2.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 8,961.1. Gains were led
by the Energy & Utilities and Industrial Invest. indices, rising 3.7% and 1.2%,
respectively. Amana Ins. rose 9.7%, while Allied Coop. Ins. was up 7.4%.
Dubai: The DFM Index gained 1.4% to close at 3,805.4. The Consumer
Staples index rose 2.8%, while the Real Estate & Con. index gained 2.1%. Al-
Madina For Fin. & Inv. surged 15.0%, while Takaful Al-Emarat was up 11.5%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,560.4. The
Consumer index declined 1.8%, while the Industrial indices fell 0.5%. National
Bank of Abu Dhabi and Gulf Pharmaceutical Industries were down 2.5% each.
Kuwait: The KSE Index rose 0.1% to close at 6,285.2. The Basic Material
index gained 2.5%, while the Oil & Gas index rose 0.6%. Al-Safat Energy
Holding surged 15.6%, while Al-Kout Industrial Projects Co. was up 8.9%.
Oman: The MSM Index fell 0.1% to close at 6,265.0. Losses were led by the
Financial and Industrial indices, falling 0.2% and 0.1%, respectively. Global
Financial Inv. declined 9.7%, while Oman And Emirates Inv. was down 2.4%.
Bahrain: The BHB Index gained 0.1% to close at 1,440.6. The Services index
rose 0.9%, while the other indices ended red or flat. BMMI gained 5.0%, while
National Bank of Bahrain was up 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 45.00 9.4 1.9 12.5
Qatar Insurance Co. 78.20 2.2 18.5 (0.7)
Medicare Group 149.00 2.1 29.1 27.4
Ooredoo 102.50 1.9 59.9 (17.3)
Gulf International Services 95.70 1.3 611.0 (1.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.05 0.8 2,524.4 9.7
Ezdan Holding Group 17.10 0.6 2,012.4 14.6
Barwa Real Estate Co. 47.00 (1.3) 738.3 12.2
United Development Co. 21.40 (1.5) 616.4 (9.3)
Gulf International Services 95.70 1.3 611.0 (1.4)
Market Indicators 12 Apr 15 09 Apr 15 %Chg.
Value Traded (QR mn) 306.2 454.5 (32.6)
Exch. Market Cap. (QR mn) 642,878.9 643,850.3 (0.2)
Volume (mn) 9.0 13.5 (33.1)
Number of Transactions 3,848 5,979 (35.6)
Companies Traded 41 41 0.0
Market Breadth 20:19 25:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,620.10 (0.0) (0.0) 1.6 N/A
All Share Index 3,195.44 (0.1) (0.1) 1.4 14.6
Banks 3,180.35 (0.4) (0.4) (0.7) 14.5
Industrials 3,974.63 (0.2) (0.2) (1.6) 13.7
Transportation 2,433.84 (0.1) (0.1) 5.0 13.7
Real Estate 2,564.94 (0.1) (0.1) 14.3 14.5
Insurance 4,109.12 1.4 1.4 3.8 19.1
Telecoms 1,357.60 1.6 1.6 (8.6) 22.1
Consumer 7,112.16 0.6 0.6 3.0 25.5
Al Rayan Islamic Index 4,467.47 (0.0) (0.0) 8.9 16.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Dubai 2.69 5.5 46,143.6 (8.2)
Bank of Sharjah Abu Dhabi 1.74 5.5 277.9 (6.5)
Abu Dhabi Nat. Energy Abu Dhabi 0.79 5.3 151.5 (1.3)
Saudia Dairy & Food. Saudi Arabia 129.94 4.8 48.9 9.3
Saudi Electricity Co Saudi Arabia 17.82 4.0 4,821.7 19.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Aviation Lease & Fin. Kuwait 0.22 (3.6) 322.6 (8.6)
Comm. Bank of Kuwait Kuwait 0.61 (3.2) 0.3 (3.2)
Nat. Bank of Abu Dhabi Abu Dhabi 11.65 (2.5) 756.5 (8.5)
Gulf Pharmaceutical Abu Dhabi 2.78 (2.5) 323.1 (3.8)
Saudi Investment Bank Saudi Arabia 24.03 (2.1) 374.8 0.4
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Islamic Insurance Co. 80.60 (1.7) 1.1 2.0
United Development Co. 21.40 (1.5) 616.4 (9.3)
Qatar Navigation 98.40 (1.3) 45.7 (1.1)
Barwa Real Estate Co. 47.00 (1.3) 738.3 12.2
QNB Group 189.00 (1.0) 80.5 (11.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 95.70 1.3 58,581.4 (1.4)
Vodafone Qatar 18.05 0.8 45,535.5 9.7
Barwa Real Estate Co. 47.00 (1.3) 34,839.4 12.2
Ezdan Holding Group 17.10 0.6 34,445.0 14.6
Industries Qatar 142.80 (0.8) 15,846.5 (15.0)
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* 11,982.65 (0.0) (0.0) 2.3 (2.5) 84.09 176,534.6 14.0 1.8 4.2
Dubai 3,805.41 1.4 1.4 8.3 0.8 156.86 92,187.6 8.7 1.5 5.4
Abu Dhabi 4,560.44 (0.1) (0.1) 2.1 0.7 50.14 123,526.5 11.6 1.4 4.8
Saudi Arabia 8,961.13 0.1 0.1 2.1 7.5 1,943.79 520,195.2 17.8 2.1 2.9
Kuwait 6,285.21 0.1 0.1 0.0 (3.8) 34.85 93,903.2 16.4 1.1 4.0
Oman 6,265.00 (0.1) (0.1) 0.4 (1.2) 4.87 24,066.1 10.5 1.4 4.3
Bahrain 1,440.64 0.1 0.1 (0.6) 1.0 0.37 22,522.2 9.4 0.9 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)
11,960
11,980
12,000
12,020
12,040
12,060
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 marginally to close at 11,982.7. The
Banks & Financial Services and Industrials indices led the
losses. The index fell on the back of selling pressure from Qatari
shareholders despite buying support from GCC and non-Qatari
shareholders.
 Qatar Islamic Insurance Co. and United Development Co. were
the top losers, falling 1.7% and 1.5%, respectively. Among the
top gainers Qatar Cinema & Film Distribution Co. rose 9.4%,
while Qatar Insurance Co. was up 2.2%.
 Volume of shares traded on Sunday fell by 33.1% to 9.0mn from
13.5mn on Thursday. However, as compared to the 30-day
moving average of 8.0mn, volume for the day was 13.0% higher.
Vodafone Qatar and Ezdan Holding Group were the most active
stocks, contributing 28.0% and 22.4% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn) 1Q2015
% Change
YoY
Operating Profit
(mn) 1Q2015
% Change
YoY
Net Profit (mn)
1Q2015
% Change
YoY
United Wire Factories
Company (ASLAK)
Saudi Arabia SR – – 15.8 -47.9% 14.0 -53.9%
Al-Jouf Agricultural
Development Co. (JADCO)
Saudi Arabia SR – – 8.2 50.0% 8.6 66.1%
Gulf Stone Company** Oman OMR 1.1 -11.2% – – 0.0 -87.8%
Global Investment House* Bahrain BHD 22.5 71.5% – – 6.5 250.4%
Source: Company data, DFM, ADX, MSM (*FY2014 results,**FY2015 results)
News
Qatar
 GISS net profit surges 88.6% YoY in 1Q2015 – Gulf
International Services (GISS) has posted a net profit of
QR355.7mn in 1Q2015 vs. QR188.6mn in 1Q2014, reflecting an
increase of 88.6% YoY (down 43.4% QoQ). The increase in
profit was primarily led by 96.2% YoY (partly due to
consolidation effect of GDI) (+1.3% QoQ) jump in revenue to
QR1.21bn. EPS increased to QR1.91 in 1Q2015 from QR1.01 in
1Q2014. (Gulf-Times.com)
 GISS: GDI client to ‘release’ jack-up rigs – Gulf International
Services (GISS) stated that as a result of the sharp decline in oil
prices, one of Gulf Drilling International’s (GDI) jack-up rigs
currently working under contract will be released by one of its
clients in early May 2015. In addition, GDI has entered into
negotiations to reduce the current rig day rates of another client
at that client's request. Despite the excellent 1Q2015 results,
these reductions will negatively impact GDI's FY2015 financial
results. The company is working with other potential clients to
secure a work contract for the released rig. (GISS Press
Release)
 Meed: Qatar expected to be GCC's fastest-growing projects
market in 2015 – Meed has said in its report that Qatar is
expected to be the fastest-growing GCC projects market in 2015
with $30bn worth new contracts to be awarded during 2015. It
said that a similar figure will be spent in 2016 as the country
accelerates its preparations for the 2022 FIFA World Cup.
Around $135bn worth of contracts are due to be awarded in
Qatar during 2015-20. This is on top of around $100bn placed
since Qatar was appointed in 2010 to host the finals. Meed
Projects Content & Analysis Director, Ed James forecasts that
the value of contracts placed in the GCC will rise to $172bn in
2015. (Gulf-Times.com)
 QNNS in talks with UACC on possible business
combination – Milaha (QNNS) is initiating talks with United
Arab Chemical Carriers (UACC) in the UAE regarding a possible
combination of their respective product and chemical tanker
businesses. According to a Milaha official, the deal, if
successful, is expected to result in a larger and stronger
business, provide better financial returns, and strengthen the
combined business market position. The potential transaction is
subject to due diligence and the other necessary approvals.
(Gulf-Times.com)
 NLCS issues clarification on property sold in Aziziyah –
AlIjarah Holding Company (NLCS) has issued a clarification that
the land plot located in the Aziziyah area was purchased for
QR122mn. During 4Q2014, the property was re-evaluated and
the market value reached QR135mn; however, the expected
sale value was QR130mn. Accordingly, the property was sold
for an amount of QR130mn. (QSE)
 AHCS forms JV with ECE – Aamal Company (AHCS) has
signed an agreement with ECE Projektmanagement to establish
a new joint venture (JV) entity ‘Aamal ECE W.L.L.’. AHCS and
ECE already have an established track record of successful
collaboration with ECE acting as manager of AHCS’ flagship
City Center retail mall in West Bay, Doha for the past 10 years.
The newly-formed JV entity will leverage the combined expertise
and capabilities of the parent companies to meet the growing
demand for comprehensive property management of shopping
centers, both in Qatar and potentially across the wider MENA
region. Aamal ECE will offer property management together with
related consultancy and letting services for the portfolio of
shopping centers owned by AHCS and those owned outside the
Group both in Qatar and the MENA region. AHCS will own 51%
of the JV and ECE will own the remaining 49%. The new
company will continue to manage City Center mall. ECE is a
Germany-based retail mall and shopping center operator. (QSE)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 67.06% 75.53% (25,934,872.96)
GCC 6.82% 2.51% 13,209,712.79
Non-Qatari 26.12% 21.97% 12,725,160.17

3. Page 3 of 6
 QNCD to disclose 1Q2015 results on April 21 – Qatar
National Cement Company (QNCD) will announce its financial
results for 1Q2015 on April 21, 2015. (QSE)
 IQCD to disclose 1Q2015 results on April 19 – Industries
Qatar Company (IQCD) will announce its financial results for
1Q2015 on April 19, 2015. (QSE)
 QATI to report 1Q2015 results on April 21 – Qatar Insurance
Co.(QATI) will announce its financial results for 1Q2015 on April
21, 2015. (QSE)
 QCFS to disclose 1Q2015 results on April 27 – Qatar Cinema
and Film Distribution Company (QCFS) will announce its
financial results for 1Q2015 on April 27, 2015. (QSE)
 QGTS to disclose 1Q2015 results on April 19 – Nakilat
(QGTS) will announce its financial results for 1Q2015 on April
19, 2015. (QSE)
 QSE suspends trading of DBIS shares on April 13 – The
Qatar Stock Exchange (QSE) has announced trading
suspension of Dlala Brokerage & Investments Holding
Company’s (DBIS) shares on April 13, 2015 due to its EGM
being held on that day. (QSE)
 BBG’s TFI to buy residential compound in Riyadh for
SR300mn – The First Investor (TFI), the investment banking
unit of Qatar-based Barwa Bank Group (BBG), has reached an
agreement with Manazel Compounds Real Estate to acquire the
Radium residential compound in Riyadh, Saudi Arabia for
SR300mn. Manazel has leased the compound to Saudi Arabian
Airlines, which is currently accommodating more than 1,000
cabin crew staff in the compound. Alinma Bank backed the
acquisition by providing financing facility for the acquisition.
(Bloomberg)
International
 WB cuts 2015 growth forecast for EAP region, China – The
World Bank (WB), in its latest East Asia and Pacific Economic
Update report, has cut its 2015 growth forecasts for developing
East Asia & Pacific (EAP) region and China, and warned of
"significant" risks from global uncertainties including the
potential impact from a strengthening dollar and higher US
interest rates. The Washington-based lender expects the
developing EAP region, which includes China, to grow 6.7% in
each of 2015 and 2016, down from 6.9% growth achieved in
2014. That is down from its previous forecast in October of 6.9%
growth in 2015 and 6.8% in 2016. The WB said China's
economy is likely to slow to 7.1% in 2015 and 7.0% in 2016,
from 7.4% in 2014 due to policies aimed at putting its economy
on a more sustainable footing and tackling financial
vulnerabilities. The previous forecast was for 7.2% growth in
2015 and 7.1% in 2016. The WB said the prospect of a
sustained period of low oil costs will help underpin growth in the
region, as will an expected improvement in high-income
economies. However, due to uncertainties in the global
economy, there are "significant risks" to the regional outlook.
(Reuters)
 BDI industry group forecasts Germany to grow by 2% in
2015 – Germany-based BDI industry association is more
optimistic about the prospects for Europe's biggest economy
than it was three months ago due to cheap oil, strong private
consumption and a weak euro. BDI expects Germany’s gross
domestic product (GDP) to grow by 2% in 2015 versus its
previous forecast of 1.5% made in January. BDI expressed
concerns about the economic developments in Russia and
Brazil but pointed to India, the US, Spain and Britain as bright
spots that could help Germany. In March 2015, Germany's
panel of economic advisers raised their growth forecast to 1.8%
for 2015 from its previous estimate of 1.0%, citing cheaper oil
and a weaker euro. German economy grew by 1.6% in 2014.
(Reuters)
 Japan core machinery orders down in February; wholesale
prices rise in March – According to data released by Japan’s
Cabinet Office, core machinery orders fell for the second straight
month in February by 0.4% MoM in a sign of soft business
investment that could challenge policy makers' efforts to shake
off decades of economic malaise. Core machinery orders, which
exclude those of ships and electric power utilities, increased
5.9% YoY. Machinery orders are regarded as an indicator of
capital spending in the coming six to nine months. Further, data
published by Bank of Japan (BoJ) showed wholesale prices rose
0.7% in the year to March and follows a 0.4% annual increase
recorded in February. Overall final goods prices, the prices of
finished products charged to businesses rose 0.2% YoY while
domestic final goods prices, which loosely track the consumer
price index, fell 1.3% YoY. Meanwhile, BoJ Governor Haruhiko
Kuroda voiced confidence over the country's economic recovery
and stressed that the central bank will maintain its massive
stimulus program for as long as needed to hit its 2% inflation
target. (Reuters)
 China's March exports shrink 15% YoY – According to data
published by the General Administration of Customs, China's
exports contracted 15% YoY in March 2015 in a surprise drop
that will exacerbate concerns about the slackening Chinese
economy. In a sign of soft domestic demand, imports into the
world's second-biggest economy also shrunk 12.7% YoY. The
trade performance left China with a trade surplus of $3.1bn In
March, much smaller than forecasts for a $45.4bn trade gap.
China's trade sector has been buffeted by lackluster foreign and
domestic demand in the past year, in line with slowing economy,
raising concerns among policymakers. (Reuters)
 South Korea import prices fall for second straight month in
March – According to data published by Bank of Korea, South
Korea's import prices slowed their pace of decline for the
second straight month in March but only slightly as weak global
commodity markets continued to pressure import prices. Import
prices, seen as a gauge for future inflation, in won terms
dropped 17.1% YoY in March 2015, moderately slowing from a
17.8% drop recorded in February. On a MoM basis, import
prices rose 0.4%in March, gaining for the second straight month.
Meanwhile, export prices in won terms fell 6.8% YoY in March at
the slowest pace since December 2014. (Reuters)
Regional
 BvD & MRP: MENA M&A market reaches $9bn in 1Q2015 –
According to a report by Bureau van Dijk (BvD) & MENA
Research Partners (MRP), the value of merger and acquisitions
(M&A) in the MENA region touched $9bn during 1Q2015,
reaching its median level of the last six years. From a
geographic perspective, the deal activity remains driven by a
strong performance in the GCC region, coupled with a steady
pickup in selected Arab Spring countries like Egypt and
Morocco. As per the report, the GCC region continues to
account for the bulk of the regional deal flow with 42% of the
announced value and 63% of the volume of completed deals
during 1Q2015.
 SAIB reports SR366.7mn net profit in 1Q2015 – The Saudi
Investment Bank (SAIB) reported SR366.7mn net profit in
1Q2015, reflecting an increase of 8.65% YoY. The bank’s total
assets grew 10.0% YoY to SR91.14bn in 1Q2015. SAIB’s loans
& advances reached SR57.13bn, showing an increase of 9.4%
YoY, while customer deposits stood at SR69.41bn. The bank’s

4. Page 4 of 6
EPS amounted to SR0.56 in 1Q2015 as against SR0.52 in
1Q2014. (Tadawul)
 ANB Insurance receives SAMA’s approval for its products –
MetLife AIG ANB Cooperative Insurance Company (ANB
Insurance) has obtained temporary approval from the Saudi
Arabian Monetary Agency’s (SAMA) for using its insurance
products for a period of six months starting from April 1, 2015.
(Tadawul)
 ACE Arabia seeks nod for not distributing dividend – ACE
Arabia Cooperative Insurance Company has invited its
shareholders to consider and approve the board of directors’
recommendation to not to distribute dividend for the fiscal year
2014. (Tadawul)
 MoCI: Capital of Saudi productive factories reaches
SR992bn – According to data released by the Ministry of
Commerce & Industry (MoCI), the total capital of the Saudi
productive factories grew fourfold to reach SR992bn by January
2015-end as compared to SR268bn by the end of 2003. As per
the report, the Eastern Region captured nearly two-thirds of the
factories’ capital worth SR607.7bn (61%), despite the fact that
the region’s factories are just 23% of the total number of
productive factories across the Kingdom, which stands at 6,789.
The number of factories, which are yet to enter the production
stage stood at 1,123 with their capital standing at SR37.5bn.
(GulfBase.com)
 Zamil Industrial AGM approves SR1 DPS for 2H2014 – Zamil
Industrial Investment Company’s ordinary general assembly
meeting (AGM) has approved the board of directors’ proposal to
distribute SR1 per share dividend (DPS) for 2H2014, which
represents 10% of paid-up capital for a total amount of SR60mn.
This is in addition to previously distributed dividend of SR1 per
share for 1H2014. This brings the total distribution for the year
ending December 31, 2014 to SR2 per share, representing 20%
of paid-up capital. Shareholders registered at the close of
trading on the day of the general assembly date will be eligible.
Dividend distribution will commence from April 23, 2015 through
National Commercial Bank. (Tadawul)
 RSHS appoints new CFO – Red Sea Housing Services
Company (RSHS) has appointed Prabhakar Kesavan as its new
Chief Financial Officer (CFO). Kesavan will be responsible for
overseeing the finance, accounting, tax and treasury
departments of RSHS’ Industrial Housing, Building Materials,
and Affordable Housing divisions. (GulfBase.com)
 Saudi CMA suspends trading of Petro Rabigh shares – The
Saudi Capital Market Authority (Saudi CMA) had suspended
trading of Rabigh Refining & Petrochemical Company’s (Petro
Rabigh) shares on April 12, 2015, since the joint venture
between Saudi Aramco and Sumitomo Chemical has failed to
provide essential information on time. The suspension will
remain in place until the company meets regulatory
requirements on disclosure. (GulfBase.com)
 SAG wins key Saudi projects worth SR70mn – Saudi
American Glass (SAG) has secured new projects worth more
than SR70mn across Saudi Arabia. The new projects are:
Tharawat Al Mashaer Development and new commercial towers
in Makkah, Dr. Sulaiman Al Habib Medical Centre, Al Obeikan &
Elegance Towers, Al Rajhi Hotel and General Audit Bureau HQ
in Riyadh, Double Tree Hilton Hotel in Al Khobar, a five-star
hotel in Jeddah, as well as universities in Dammam, Najran,
Jizan, Madinah, Hail, Tabuk and Qassim. SAG is a part of Glass
LLC and a subsidiary of Dubai Investments. (GulfBase.com)
 Dusit signs JV deal with Dyar Hotels & Resorts – Asian
hospitality group Dusit International has signed a joint venture
(JV) agreement with Saudi-based Dyar Hotels & Resorts for
expanding its operations in the Gulf region. The company
already has three projects confirmed in its pipeline, one of which
will be located in Jeddah under the Dusit Thani label. The other
two projects, to be located in Jeddah and Doha, will come under
the dusitD2 brand, whose newest hotel recently opened in
Nairobi, Kenya. (GulfBase.com)
 Nshama awards Dubai residential project to Binladin
Contracting – UAE-based Nshama has awarded the first phase
deep services contract for the Town Square, an upcoming green
project in Dubai, to Saudi-based Binladin Contracting Group.
Located in New Dubai near Al Barsha, Town Square is a 31mn
square feet development anchored by a central square. The
deep service contract, to be executed in 180 days, covers
excavation and back filling for district cooling piping network,
storm drainage and main sewers, across the area that includes
the recently launched Zahra and Hayat Townhouse
communities. (GulfBase.com)
 DIFC Courts seeks ties with Chinese courts – Dubai
International Financial Centre’s (DIFC) Courts is seeking an
agreement with Chinese law courts on enforcing its judgments
as trading ties between the two economies expand. DIFC Courts
has sought to strengthen its global clout since 2014 by signing
several deals with foreign courts on mutual enforcement of
decisions. As per the Dubai official statistics, the emirate's trade
with China jumped 29% in 2014 to AED175bn. (Reuters)
 DIB obtains banking license from CBK – Dubai Islamic Bank
(DIB), operating under the name ‘DIB Kenya’ in the East African
country, has obtained a banking license from the Central Bank
of Kenya (CBK). The bank has been issued with an approval-in-
principle to operate, which is pending completion of the licensing
process. (GulfBase.com)
 FBI AGM approves 7.5% bonus shares – Fujairah Building
Industries’ (FBI) general assembly meeting (AGM) has approved
the proposal to distribute 7.5% bonus shares from the share
capital for the fiscal year ended December 31, 2014. (ADX)
 NBAD targets Africa, Asia for wealth management growth –
The National Bank of Abu Dhabi (NBAD) is seeking to expand
its wealth management business in Africa and Asia, as it looks
to maintain strong growth at a time when its home region is
affected by political and economic uncertainty. NBAD has been
focusing on growing its fee-paying businesses such as wealth
management in recent quarters, as it aims to offset intense
competition in traditional banking products in the UAE and
diversify its product offering into areas dominated by
international lenders. (Reuters)
 NBF to launch diamond financing business – The National
Bank of Fujairah (NBF) has established a specialized team
focused on financing manufacturers and traders of rough and
polished diamonds. To be part of NBF’s precious metals
division, the diamond financing team has recently opened a new
office at Almas Tower and is expected to commence operations
this summer. The team will complement the bank’s focus on
precious metals and jewelry sectors. (GulfBase.com)
 Aldar starts Ansam project in Yas Island – Aldar Properties
has started construction of the Ansam residential development
on Yas Island. The development features four Andalusian-style
apartment buildings, comprising over 500 apartments that
overlook the Yas Links golf course and the Yas Island
waterfront. All units available for sale were sold out in June
2014, which will be handed over to owners in 2017.
(GulfBase.com)

5. Page 5 of 6
 Salalah Mills to distribute 65% cash dividend – Salalah Mills
has authorized Muscat Clearing & Depository Company (MCD)
to distribute the cash dividend of 65% (OMR0.065 per share) for
the year ended December 31, 2014. (MSM)
 GIH’s BoD recommends 5% cash dividend – Global
Investment House’s (GIH) board of directors has recommended
the distribution of 5% cash dividend (5 fils per share). The
recommendation is subject to approval by the general assembly
of the company’s shareholders and the concerned regulatory
authorities. (Bahrain Bourse)
 Manara launches 2 residential projects in Muharraq –
Manara Developments has launched two new residential
projects in Muharraq and the Northern Governorate, providing
136 apartments. Manara’s Managing Director, Dr Hasan Al
Bastaki said that the company had recently commenced civil
works on 'Wahati' within the ‘Wahat Al Muharraq’ project, which
was launched in 2011 to build a total of 227 villas, in addition to
'Kenaz Al Bahrain' located in the Northern Governorate.
(GulfBase.com)

6. Contacts
Saugata Sarkar Ahmed Al-Khoudary Sahbi Kasraoui
Head of Research Head of Sales Trading – Institutional Manager – HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6548 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
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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
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
0.1%
(0.0%)
0.1% 0.1%
(0.1%) (0.1%)
1.4%
(0.4%)
0.0%
0.4%
0.8%
1.2%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,207.57 1.1 0.4 1.9 MSCI World Index 1,779.47 0.4 1.7 4.1
Silver/Ounce 16.47 1.7 (4.5) 4.9 DJ Industrial 18,057.65 0.6 1.7 1.3
Crude Oil (Brent)/Barrel (FM
Future)
57.87 2.3 5.3 0.9 S&P 500 2,102.06 0.5 1.7 2.1
Crude Oil (WTI)/Barrel (FM
Future)
51.64 1.7 5.1 (3.1) NASDAQ 100 4,995.98 0.4 2.2 5.5
Natural Gas (Henry
Hub)/MMBtu
2.54 (3.2) (1.6) (15.0) STOXX 600 412.93 0.2 1.1 5.5
LPG Propane (Arab Gulf)/Ton 53.50 2.1 4.1 9.2 DAX 12,374.73 1.0 0.7 10.0
LPG Butane (Arab Gulf)/Ton 63.50 0.8 0.8 (3.1) FTSE 100 7,089.77 0.5 2.4 1.6
Euro 1.06 (0.5) (3.3) (12.3) CAC 40 5,240.46 (0.1) 0.5 7.4
Yen 120.22 (0.3) 1.1 0.4 Nikkei 19,907.63 (0.0) 1.4 13.3
GBP 1.46 (0.6) (1.9) (6.1) MSCI EM 1,034.59 0.6 4.1 8.2
CHF 1.02 (0.2) (2.9) 1.5 SHANGHAI SE Composite 4,034.31 1.7 3.3 24.6
AUD 0.77 (0.1) 0.6 (6.0) HANG SENG 27,272.39 1.2 7.9 15.6
USD Index 99.34 0.2 2.9 10.0 BSE SENSEX 28,879.38 0.0 2.3 6.7
RUB 53.59 3.1 (5.4) (11.8) Bovespa 54,214.11 (0.4) 4.0 (6.8)
BRL 0.33 (0.6) 1.5 (13.8) RTS 999.38 (0.4) 7.4 26.4
172.2
134.0
122.1