Qatar

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.7% to close at 11,858.0. Gains were led by the Real Estate and
Telecoms indices, gaining 1.7% and 1.1%, respectively. Top gainers were Ahli Bank and
Barwa Real Estate Co., rising 3.2% and 2.6%, respectively. Among the top losers, Zad
Holding Co. fell 4.1%, while Qatar Islamic Insurance Co. was down 2.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 8,683.7. Losses were led by the
Transport and Building & Construction indices, falling 1.4% and 1.2%, respectively.
Budget Saudi fell 3.6%, while Al-Babtain Power & Telecom. was down 3.1%.
Dubai: The DFM Index declined 0.9% to close at 3,985.4. The Services index fell 1.7%,
while the Real Estate & Construction index declined 1.3%. Ektetab Holding fell 5.5%,
while Al Salam Sudan was down 4.0%.
Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,730.3. The Investment &
Financial Services index declined 2.4%, while the Real Estate index fell 2.2%. Bank of
Sharjah declined 7.1%, while Abu Dhabi National Energy was down 4.3%.
Kuwait: The KSE Index rose 0.2% to close at 6,301.1. The Oil & Gas index gained 2.8%,
while the Insurance index rose 2.1%. Al-Qurain Holding Co. surged 11.8%, while
National Petroleum Services Co. was up 8.8%.
Oman: The MSM Index fell marginally to close at 6,318.6. Losses were led by the
Industrial and Services indices, falling 0.3% and 0.1%, respectively. Galfar Engineering
and Con. declined 2.6%, while Al Hassan Engineering was down 2.2%.
Bahrain: The BHB Index declined 0.1% to close at 1,334.5. The Services index fell 0.9%,
while the Industrial index declined 0.4%. Bahrain Telecommunication Co. fell 1.8%,
while Aluminium Bahrain was down 0.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 51.60 3.2 0.5 4.0
Barwa Real Estate Co. 48.80 2.6 663.8 16.5
Dlala Brokerage & Inv. Holding Co. 22.85 2.5 23.7 (31.7)
Mesaieed Petrochemical Hold. Co. 22.70 2.2 202.0 (23.1)
Qatar Fuel 160.50 1.8 55.5 (21.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 25.75 0.8 736.8 9.2
Barwa Real Estate Co. 48.80 2.6 663.8 16.5
Gulf International Services 66.60 0.6 488.2 (31.4)
Ezdan Holding Group 17.88 1.6 472.2 19.8
Masraf Al Rayan 44.95 0.1 466.9 1.7
Market Indicators 13 Aug 15 12 Aug 15 %Chg.
Value Traded (QR mn) 269.0 219.0 22.8
Exch. Market Cap. (QR mn) 626,497.3 622,380.3 0.7
Volume (mn) 5.2 4.0 30.6
Number of Transactions 3,900 3,211 21.5
Companies Traded 41 40 2.5
Market Breadth 28:11 11:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,431.57 0.7 0.7 0.6 N/A
All Share Index 3,163.28 0.7 0.5 0.4 13.0
Banks 3,138.91 0.4 0.7 (2.0) 13.9
Industrials 3,735.92 0.3 (0.6) (7.5) 13.1
Transportation 2,450.10 0.4 (0.7) 5.7 12.6
Real Estate 2,717.24 1.7 1.7 21.1 9.0
Insurance 4,924.87 0.9 2.6 24.4 23.2
Telecoms 1,087.27 1.1 0.0 (26.8) 28.6
Consumer 7,117.55 0.5 (0.8) 3.0 27.4
Al Rayan Islamic Index 4,605.67 0.5 0.5 12.3 13.4
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 5.75 15.0 11.0 (16.7)
Kuwait Cement Co. Kuwait 0.39 5.4 23.3 (2.5)
Boubyan Petrochem. Kuwait 0.54 3.6 264.6 (12.3)
Ahli Bank Qatar 51.60 3.2 0.5 4.0
Barwa Real Estate Qatar 48.80 2.6 663.8 16.5
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Bank of Sharjah Abu Dhabi 1.56 (7.1) 1.5 (16.2)
Abu Dhabi Nat. Energy Abu Dhabi 0.67 (4.3) 255.0 (16.2)
United Int. Transport Saudi Arabia 54.71 (3.6) 506.0 (2.3)
Kuwait Food Co. Kuwait 2.70 (3.6) 55.1 (3.6)
Abu Dhabi Islamic Bank Abu Dhabi 5.00 (3.5) 238.4 (8.3)
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%
Zad Holding Co. 95.90 (4.1) 1.6 14.2
Qatar Islamic Insurance Co. 79.70 (2.1) 0.3 0.9
Mannai Corp 106.80 (1.8) 7.2 (2.0)
Al Khalij Commercial Bank 22.01 (1.7) 34.8 (0.2)
Al Meera Consumer Goods Co. 269.20 (1.4) 1.8 34.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar National Bank 181.00 0.3 40,556.2 (15.0)
Gulf International Services 66.60 0.6 32,364.1 (31.4)
Barwa Real Estate Co. 48.80 2.6 32,262.9 16.5
Commercial Bank 58.70 1.4 23,178.2 (5.7)
Masraf Al Rayan 44.95 0.1 20,907.3 1.7
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,858.01 0.7 0.7 0.6 (3.5) 73.87 172,098.8 12.2 1.8 4.3
Dubai 3,985.40 (0.9) (3.3) (3.8) 5.6 107.22 102,710.8 12.4 1.2 6.5
Abu Dhabi 4,730.27 (0.7) (2.2) (2.2) 4.4 50.68 127,878.8 12.6 1.5 4.8
Saudi Arabia 8,683.74 (0.3) 0.3 (4.6) 4.2 776.63 515,622.3 18.3 2.0 3.1
Kuwait 6,301.12 0.2 0.8 0.8 (3.6) 51.76 93,759.2 15.3 1.0 4.2
Oman 6,318.62 (0.0) (1.7) (3.7) (0.4) 8.57 24,934.1 9.7 1.5 4.0
Bahrain 1,334.47 (0.1) 0.1 0.2 (6.5) 0.25 20,871.4 8.4 0.8 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,700
11,750
11,800
11,850
11,900
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 0.7% to close at 11,858.0. The Real Estate and Telecoms
indices led the gains. The index rose on the back of buying support from
non-Qatari and GCC shareholders despite selling pressure from Qatari
shareholders.
 Ahli Bank and Barwa Real Estate Co. were the top gainers, rising 3.2% and
2.6%, respectively. Among the top losers, Zad Holding Co. fell 4.1%, while
Qatar Islamic Insurance Co. was down 2.1%.
 Volume of shares traded on Thursday rose by 30.6% to 5.2mn from 4.0mn
on Wednesday. Further, as compared to the 30-day moving average of
4.2mn, volume for the day was 25.3% higher. United Development Co. and
Barwa Real Estate Co. were the most active stocks, contributing 14.1% and
12.7% 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
HITS Telecom Dubai KD 15.9 -68.9% 0.9 -29.4% 0.1 -85.6%
Emaar Properties Dubai AED 3,484.0 24.1% – – 1179.2 35.9%
Al-Sagr National Insurance
Co. (ASNIC)
Dubai AED 75.0 43.9% 3.3 -70.9% -29.0 NA
National Industries Group
Holding
Dubai KD 37.4 19.0% – – 3.5 16.9%
Emaar Malls Group (EMG) Dubai AED 727.3 11.3% – – 411.5 42.8%
Dar Al Takaful Dubai AED 48.7 75.2% 2.3 -55.1% -10.4 NA
Dana Gas Abu Dhabi AED 425.0 -38.0% – – 25.0 -85.2%
Abu Dhabi National Insurance
Co. (ADNIC)
Abu Dhabi AED 304.4 -19.2% -276.4 NA -303.8 NA
Al Khaleej Investment Abu Dhabi AED 6.2 52.7% – – 4.3 -45.4%
Abu Dhabi National Company
for Building Materials
(BILDCO)
Abu Dhabi AED 9.5 55.3% – – -1.1 -113.0%
Al Waha Capital Abu Dhabi AED 79.0 98.2% – – 166.9 -85.3%
Sharjah Insurance Co. Abu Dhabi AED 8.6 -3.0% -1.8 NA 8.3 31.3%
National Takaful Co.
(Watania)
Abu Dhabi AED 29.8 46.0% – – -10.3 NA
Umm Al-Qaiwain Cement
Industries Co. (UCIC)
Abu Dhabi AED 3.0 -3.0% – – 6.3 NA
United Insurance Co.* Abu Dhabi AED 86.5 -14.5% -24.2 NA -16.6 NA
Abu Dhabi National Energy
Co. (TAQA)
Abu Dhabi AED 1,587.0 -48.5% – – -421.0 -276.2%
Al Ain Ahlia Insurance Co.
(AAAIC)
Abu Dhabi AED 36.1 -26.8% 8.6 -54.2% 6.6 -76.7%
Inovest Bahrain USD 2.7 42.8% -0.2 NA -1.0 NA
Bahrain Duty Free Shop
Complex (DUTYF)
Bahrain BHD 7.4 0.4% 1.7 42.2% 2.9 70.2%
GFH Financial Group Bahrain USD 32.7 -26.5% – – 1.1 -88.2%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/14 US Federal Reserve Industrial Production MoM July 0.60% 0.30% 0.10%
08/14 US Univ. of Michigan Survey Research Univ. of Michigan Sentiment August 92.9 93.5 93.1
08/14 US Bureau of Labor Statistics PPI Ex Food, Energy, Trade MoM July 0.20% 0.10% 0.30%
08/14 US Bureau of Labor Statistics PPI Ex Food, Energy, Trade YoY July 0.90% 0.70% 0.70%
08/13 US Bloomberg Bloomberg Consumer Comfort 9-August 40.7 – 40.3
08/13 US Census Bureau Business Inventories June 0.80% 0.30% 0.30%
08/13 US Bureau of Labor Statistics Import Price Index MoM July -0.90% -1.20% 0.00%
08/13 US Bureau of Labor Statistics Import Price Index YoY July -10.40% -10.70% -9.90%
08/14 EU Eurostat GDP SA QoQ 2Q2015 0.30% 0.40% 0.40%
08/14 EU Eurostat GDP SA YoY 2Q2015 1.20% 1.30% 1.00%
08/14 EU Eurostat CPI MoM July -0.60% -0.60% 0.00%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 44.90% 60.75% (42,643,947.57)
GCC 5.26% 4.71% 1,472,702.56
Non-Qatari 49.85% 34.54% 41,171,245.01

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08/13 France INSEE CPI MoM July -0.40% -0.40% -0.10%
08/13 France INSEE CPI YoY July 0.20% 0.30% 0.30%
08/14 France INSEE GDP YoY 2Q2015 1.00% 1.10% 0.90%
08/14 France INSEE GDP QoQ 2Q2015 0.00% 0.20% 0.70%
08/14 Germany Destatis GDP WDA YoY 2Q2015 1.60% 1.50% 1.10%
08/14 Germany Destatis GDP NSA YoY 2Q2015 1.60% 1.60% 1.20%
08/14 UK ONS Construction Output SA YoY Jun 2.60% 3.30% 2.10%
08/13 Spain INE CPI Core MoM July -1.00% – 0.10%
08/13 Spain INE CPI Core YoY July 0.80% 0.60% 0.60%
08/13 Italy Banca D'Italia General Government Debt June 2,203.6B – 2,218.2B
08/14 Italy ISTAT GDP WDA QoQ 2Q2015 0.20% 0.30% 0.30%
08/14 Italy ISTAT GDP WDA YoY 2Q2015 0.50% 0.50% 0.10%
08/14 China National Bureau of Statistics Foreign Direct Investment YoY CNY July 5.20% 5.00% 0.70%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 GWCS EGM to discuss 25% capital increase – Gulf Warehousing
Company (GWCS) will hold its extraordinary general meeting
(EGM) on September 13, 2015. The EGM will consider approving
the increase in firm’s capital by 25% through issuance of
11,890,244 shares at a price of QR38.5 through a rights issue to
existing shareholders. Shareholders will also consider amending
Article 6 of the company by-laws and approving to give board of
directors the right to decide on the fraction shares. If the quorum
is not met the company will hold a second meeting on September
16, 2015. (QSE)
 WDAM net profit nearly doubles in 2Q2015 – Widam Food
Company’s (WDAM) net profit surged to QR21.7mn in 2Q2015 as
compared to QR11.2mn in 1Q2015. The increase in net profit was
primarily supported by increased government compensation (up
24.6% QoQ to QR100.5mn). Moreover, revenue grew by 22.4%
QoQ to QR122.2mn. However, this was partially offset by cost of
sales that grew 23.0% QoQ to QR196.6mn in 2Q2015. EPS rose to
QR1.21 in 2Q2015 from QR0.62 in 1Q2015. (QSE, QNBFS
Research)
 QGMD lowers net loss in 2Q2015 – Qatari German Company for
Medical Devices (QGMD) reported a lower net loss of QR3.0mn in
2Q2015 versus a net loss of QR3.8mn in 1Q2015. Reduction in net
loss was supported by rise in revenue (+9.8% QoQ to QR3.3mn)
as well as a 27.7% QoQ decline in general & administrative
expenses to QR1.5mn. (QSE, QNBFS Research)
 ZHCD bottom-line edges up in 2Q2015 – Zad Holding Company’s
(ZHCD) bottom-line edged up 3.5% QoQ (-32.5% YoY) to
QR55.8mn as its revenue grew 12.6% QoQ (+18.7% YoY) to
QR283.9mn. However, acceleration in overall costs reduced the
pace of net income growth. Direct costs advanced 14.6% QoQ to
QR225.6mn whereas total other expenses (including general and
selling expenses) jumped 47.9% QoQ to QR39.8mn, led by the
company booking QR6.5mn as provision for impairment of
accounts receivable in 2Q2015 vs. none in 1Q2015. EPS improved
to QR2.6 in 2Q2015 from QR2.5 in 1Q2015. (QSE, QNBFS
Research)
 CBQK offers benefits for new arrivals – Commercial Bank (CBQK)
has launched a number of new benefits for those relocating to
Qatar. The bank will provide specialized services for new arrivals
through its “Life in Qatar” offer that reduces the stress of
relocating. “Life in Qatar” is designed with customers in mind to
help them settle in faster. Customers can currently open an
account even before they arrive and receive a complimentary
chauffeur pick-up service from the airport, mobile and
entertainment packages through the bank’s partnership with
Ooredoo (ORDS) and support in searching for a new home. (Gulf-
Times.com)
 QSE-listed companies report QR24.3bn net profit for 1H2015 – The
Qatar Stock Exchange (QSE) has announced that 42 out of the 43
listed companies at the QSE have disclosed their financial results
for the six month period ended June 30, 2015. The combined net
profit of all companies as of June 30, 2015 amounted to QR24.3bn
versus QR21.6bn for the corresponding period in 2014, indicating
an increase of 12.23% YoY. Vodafone Qatar (VFQS) was not
included in the announcement of 1H2015 as its financial year
starts on April 1 and ends on March 31 each year. (QSE)
 MERS opens second branch in Wakrah – Al Meera Consumer Goods
Company (MERS) has opened its newest branch in Al Wakrah,
marking the 44th addition to the supermarket chain. The 2,470
square meter (sqm) branch, the second in Wakrah, includes
1,926sqm of supermarket area. The branch will feature an array of
shops and restaurants that are set to open soon. This comes as
part of the company’s plan to becoming a network of 56 branches
throughout Qatar. (Gulf-Times.com)
 Al Sharq: Healthcare spending exceeds budget – Arabic daily Al
Sharq reported that government spending on healthcare in the
2013-2014 fiscal amounted to over QR12.69bn, surpassing the
estimated budget by QR251mn. The budget earmarked for this
sector was QR12.44bn. As per the report, the Supreme Council of
Health (SCH) and Qatar Council for Healthcare Practitioners
(QCHP) had spent QR3.88bn over the same period, marking a 97%
increase as compared to the 2011-2012 fiscal year. Hamad Medical
Corporation (HMC) had spent QR8.6bn during the 2013-2014
fiscal, reflecting a rise of 57% from 2011-2012, while the Primary
Health Care Corporation (PHCC) had spent QR1.2bn, up 59%. The
rise in spending was attributed to significant developments and
innovations in the sector. Healthcare spending by individuals
remained low due to the availability of high-quality free health
services in the country for both Qataris and expatriates. (Gulf-
Times.com)
 Qatari government provides QR242.95mn subsidy on meat and
wheat flour – According to local Arabic daily Al Arab, the Qatari
government provided subsidy to Widam (WDAM) on meat and
wheat flour amounting to QR242.95mn in 1H2015. The subsidy
had increased by 12.5% YoY from QR215.9m in 1H2014. A lion’s
share of it was on meat — QR181.12mn as compared to
QR151.9mn in 1H2014. WDAM ensures that Australian mutton is
an easily accessible source of protein for consumers and is sold at
a subsidized price of QR14.50 per kg. (Peninsula Qatar)
 Al Watan: Qatar ranked 2nd in terms of retail fuel price in Gulf – Al
Watan, citing the International Monetary Fund, has reported that
Qatar has been ranked second after Saudi Arabia in terms of low
retail petrol prices in the Gulf. Petrol in Qatar is the cheapest after
Saudi Arabia, priced at $0.21 a liter. The fuel is the most expensive

4. Page 4 of 7
in the UAE, at $0.74. In Kuwait, Bahrain and Oman the retail rates
are $0.23, $0.27 and $0.31, respectively. (Peninsula Qatar)
 Ashghal: Closure of lanes on part of Al Shamal Road – The Public
Works Authority (Ashghal) said that one lane in each direction will
be closed at a section of Al Shamal Road from today. The closure
will be carried out over a distance of around 800 meters near the
Al Kheesa bridge at Al Kheesa interchange (Interchange 10) in the
Al Kharaitiyat area. The traffic will be diverted to the three
remaining lanes in both the south-bound and north-bound
portions of the road for a period of one month. Ashghal is
implementing the temporary diversion in order to complete the
construction of a flyover, which is part of the road enhancement
works for the North Road project. (Gulf-Times.com)
 ORDS: Dawli QR20 data offer now permanent – Ooredoo (ORDS)
said that its Dawli QR20 data offer is now permanent, which
means Hala customers, who activate a Dawli QR20 International
Calling Card, will always automatically receive 2GB of data for
personal use. The bonus data has proven popular with customers,
who use the card to call home and use data to send online and
social media updates to friends around the world, or surf the
internet. Dawli International Calling Cards can be used to call 15
destinations, including Nepal, Pakistan, Indonesia, Sri Lanka and
the Philippines, with 45 international calling minutes for QR20,
offering an effective calling rate of less than QR0.45 per minute.
(Peninsula Qatar)
International
 US industrial output rose in July, consumer sentiment slips in
August – US industrial output advanced at its strongest pace in
eight months in July as auto production surged, another bullish
sign for 3Q2015 economic growth that boosts the prospects of a
Federal Reserve interest rate hike next month. Industrial
production shot up 0.6% in July after a downwardly revised
increase of 0.1% in June. The gain in output reflected a 0.8%
increase in factory production that was spurred by a 10.6% surge
in motor vehicle output, the largest increase since September
2009. Despite the surge in July, industrial production remains
constrained by a strong dollar and lower oil prices. Meanwhile, the
University of Michigan said its consumer sentiment index slipped
to 92.9 in early August from a reading of 93.1 in July. However,
households were upbeat about their personal finances, a good
omen for consumer spending. (Reuters)
 Eurozone growth cools in 2Q2015 as Germany, France fall short –
Eurozone economic growth unexpectedly slowed in 2Q2015 as the
region’s three largest economies fell short of estimates,
highlighting the fragility of the recovery amid uncertainty
surrounding the global outlook. The European Union’s statistics
office said that the GDP in the 19-nation region rose 0.3%. That fell
short of the median prediction by economists that the 0.4% pace of
1Q2015 would be maintained. While German growth accelerated,
the improvement was less than anticipated, and France’s economy
stagnated. Germany’s economy grew 0.4% in 2Q2015 and Italy
expanded 0.2%. In France, where the economy failed to register
growth for the first time in a year, the expectation was that the
GDP would rise 0.2%. (Bloomberg)
 German lawmakers to hold Greek vote on August 19 – German
lawmakers will vote on August 19 on a new aid package for
Greece, which needs approval to meet a debt payment deadline a
day later. The vote will follow euro area finance ministers’ decision
on August 14 to endorse the €86bn loan program. The new Greek
program will see funds disbursed over three years as the
government enacts economic reforms, though Prime Minister
Alexis Tsipras will get a portion immediately to cover looming
bills. One of those, a €3.2bn payment to the European Central
Bank, is due on August 20, 2015. The euro region finance ministers
said €26bn will be made available in the first disbursement,
including €10bn for a fund to recapitalize Greek banks. As Tsipras
awaits the new cash injection for his ailing economy and crippled
banks, he is facing political pressure at home. The prime minister
has suffered multiple defections from his Syriza-led coalition over
the new bailout terms, and only won parliament approval for the
reforms by relying on the opposition. (Bloomberg)
 IMF: China yuan move a welcome step to more flexible rate – The
International Monetary Fund (IMF) said that China’s move to link
the yuan’s value to market forces is an encouraging step toward
what may become a freely floated currency within the next few
years. The yuan depreciated 2.9% in the week ending August 14
after the People’s Bank of China announced its move on August 11
toward a more market-determined rate. The IMF’s mission chief to
China Markus Rodlauer said the changes by China will help it
gradually transition from a tightly managed system linked to the
US dollar to one that is more open and more flexible and more
responsive to market conditions. Rodlauer reiterated the IMF’s
assessment that the yuan is no longer undervalued, even after the
currency dropped nearly 3% this week. (Bloomberg)
 India wholesale inflation recorded steep fall in July – India’s
wholesale prices dropped more than estimated, in line with retail
inflation, adding pressure on central bank Governor Raghuram
Rajan to cut interest rates. The Commerce Ministry reported
wholesale prices fell 4.05% YoY in July, the steepest fall in data
going back to 2005. Food prices fell 1.16% and fuel and power
dropped 12.81% YoY in July. Prime Minister Narendra Modi’s
government reiterated calls to lower one of Asia’s highest
borrowing costs after data on August 12 showed consumer
inflation was lower than anticipated. Rajan left the benchmark
repurchase rate unchanged at 7.25% on August 4 as he sought
more clarity on the impact of a poor monsoon on food inflation,
and the timing and magnitude of an expected increase in US rates.
(Bloomberg)
Regional
 S&P: Declining oil revenues may hit Islamic banks – According to
Standard & Poor’s (S&P), Islamic banks in the Gulf region face a
gradually weakening operating outlook in 2015-2016, largely due
to declining oil revenues. The ratings agency expects global oil
prices to remain relatively weak through 2015. S&P forecasted
Brent crude to average $55 per barrel in 2015, $65 in 2016, and
around $75 in 2017. However, the agency believes investor
demand for Shari’ah-compliant products and supportive
government actions will enable Islamic banks to continue growing
and gradually enhance their market share. (GulfBase.com)
 Al Tayyar declares 40% acquisition of Equinox Group – Al Tayyar
Travel Group Holding Company (Al Tayyar) declared its
acquisition of 40% of Equinox Group Limited. The transaction
value is SR8mn and was funded by Al Tayyar’s own financial
resources. Equinox Group is a provider of integral and strategic
consultations of asset management in the hospitality and hotel
industry. This acquisition is in line with Al Tayyar’s expansion
strategy in the business of Haj and Umrah tourism. The financial
impact of the transaction is expected to start in 4Q2014.
(Tadawul)
 Saudi Aramco appoints CEO for trading unit – According to sources,
Saudi Arabian Oil Company (Saudi Aramco) has appointed Yasser
Al-Mufti as CEO of its trading unit, Aramco Trading. Aramco
Trading former CEO Said Al-Hadrami was appointed as Acting
Executive Director of Aramco’s new international operations.
(Bloomberg)
 Network International: Overall card spending in UAE up 14%
during Ramadan 2015 – According to Network International, the
overall consumer spending in the UAE had posted positive gains in

5. Page 5 of 7
June and July 2015, with transactions through credit and debit
cards during 2015 Ramadan going up by 14% as compared to
2014. The overall increase is fueled largely by domestic, as well as
international spending, each posting 17% and 7% growth,
respectively. It is also led by a surge in spending on restaurants,
fashion, supermarkets and services. (GulfBase.com)
 Nakheel awards AED38mn contract for mosque and retail center at
Al Furjan – Nakheel has awarded a construction contract worth
AED38mn for a new mosque and a second retail center at its 560
hectare Al Furjan community in Dubai. The 8,000 square feet (sq
ft) mosque – the first in Al Furjan – will accommodate 500
worshippers and sit alongside a new, 90,000 sq ft Nakheel Pavilion
retail center, with over 35 shops, cafes’ restaurants and services
including a nursery, gym and supermarket. Nakheel has appointed
Dubai-based Al Sakher Contracting to construct the project, which
is scheduled to open in 2017. (GulfBase.com)
 Dubai invites design bids for 60,000-capacity stadium – According
to sources, Dubai has launched a competition to design a 60,000-
seater stadium that will be built in the Emirate to stage matches
for 2019 Asian Cup Soccer Tourney. The Asian Football
Confederation (AFC) in March had awarded hosting rights for the
24-nation tournament to the UAE, rejecting a proposal from Iran.
The Stadium will be built near the Dubai Sports City, which is
already home to a 25,000-capacity cricket stadium that is also
expected to host matches for the 2019 Asian Cup Soccer Tourney.
(Reuters)
 Emirates to launch services to Panama City – Emirates is planning
to launch services to Panama City, beginning February 1, 2016.
The new service will be the longest non-stop flight in the world
(17 hours 35 minutes in the Westbound direction) and will be
Emirates’ first gateway destination in Central America. The
airline’s service to Panama City will commence with a daily flight
operated by a Boeing 777-200LR aircraft in a 3-class layout - 8 in
first, 42 in business, and 216 in economy. (Emirates.com)
 Abraaj Group acquires majority stake in URBANO Express – Abraaj
Group, through one of its funds, has acquired a majority stake in
URBANO Express. URBANO is a leading courier and light logistics
solutions company in Latin America with operations in Peru,
Ecuador and El Salvador. (Press Release)
 ADIB rights to start trading on ADX on August 16 – Abu Dhabi
Islamic Bank (ADIB) rights are due to start trading on the Abu
Dhabi Securities Exchange (ADX) on August 16, 2015, the first
time rights issued by a UAE bank will be traded on a public
exchange. Investors holding ADIB shares as at 14:00 hrs on August
13, 2015 will be entitled to receive rights to subscribe to new
shares issued by the bank. Each shareholder will receive the right
to subscribe to 56 new shares for every 1,000 shares held.
Shareholders can subscribe for new shares at a price of AED3 per
share. The rights will be tradable on the Abu Dhabi Securities
Exchange between August 16, 2015 and September 3, 2015. This
allows existing shareholders, who do not wish to subscribe to the
new shares, to sell all or part of their rights, and for interested
potential shareholders to buy rights and then subscribe to the new
shares. The issue of 168mn new shares, approved by ADIB
shareholders in June 2015, will raise AED504mn to support the
bank’s growth. (GulfBase.com)
 Mubadala seeks better terms for $1bn university loan – According
to sources, Abu Dhabi state investment fund Mubadala is planning
to refinance a $1bn loan that helped the construction of a campus
at the Emirate's Zayed University. The refinancing will result in a
much reduced interest rate for the facility which was originally
signed at the end of 2009 and was used to build a campus catering
to 6,000 students. Reportedly, the pricing on the deal has been set
at around 130 basis points (bps) over the benchmark interest
rates. National Bank of Abu Dhabi and Abu Dhabi Commercial
Bank are leading the refinancing process. (Reuters)
 RBS to sell loans of $1.1bn to NBAD – According to sources, Royal
Bank of Scotland (RBS) is poised to sell loans worth $1.1bn given
to Indian companies such as Reliance Industries and Vedanta to
the National Bank of Abu Dhabi (NBAD) as it retreats from
international banking to focus on the UK retail business.
Negotiations between the two banks are underway and valuation
of the portfolio is still being worked out. The loans denominated in
dollars were given to Indian companies by overseas lenders as
external commercial borrowings (ECBs) and are not part of the
local portfolio. The debt will be bought by the overseas branches of
NBAD, which has been beefing up its operations in the country.
(ET)
 Kuwait approves $10bn infrastructure projects – The finance
ministry said Kuwait has approved the construction of a series of
power plants, desalination facilities and other infrastructure
projects worth a total of around $10bn. Like neighboring Gulf
countries, Kuwait is struggling to meet soaring demand for
electricity and the planned projects will add around 3,580
megawatts (MW) of capacity, as well as waste treatment and
developments for the education ministry. Among the projects,
Kuwait plans a second phase of the gas-fired Az-Zour North power
and desalinated water plant that has an initial capacity of
1,800MW. It will also build the first phase of the Khairan power
plant with 1500MW of capacity, which will use different types of
fuel, and the Al Abdaliyah power plant with a capacity of 280MW,
of which 60MW will be from solar energy while the rest will be fed
by gas. (Gulf-Times.com)
 AUB to apply CBK amendments – Ahli United Bank (AUB) has
announced that it is ready to apply the latest amendments to the
regulations of Consumer and Installment Finance released by the
Central Bank of Kuwait (CBK) and will become one of the leading
banks to declare full completion of preparations to deal with the
newly issued regulations. The new amendments will also allow
customers to transfer their existing finances from other banks to
AUB and reschedule a new finance program in line with changes in
their income and needs. (GulfBase.com)
 KNPC awards $1.57bn contract to Saipem-led consortium – KUNA
reported that Kuwait National Petroleum Company (KNPC) has
awarded a new $1.57bn contract for its planned Al-Zour oil
refinery to a group of companies, led by Saipem. The 45-month
contract, valued at $1.57bn, was the lowest offer submitted in the
tender. (GulfBase.com)
 CBS: Kuwaiti exports down 46% YoY in 1Q2015 – According to the
Central Statistical Bureau (CBS), Kuwait’s exports stood at around
KD4bn in 1Q2015, reflecting a 46% YoY decrease, and imports
amounted to KD2.3bn, with an 11.1% YoY increase. In 1Q2015,
balance of trade was KD1.7bn, while it was KD5.4bn in 1Q2014.
Trade of volume was KD6.3bn in 1Q2015, down 33.6% while it
was KD9.6bn in 1Q2014. During 1Q2015, the top categories for
exports were Mineral fuels and oils (KD3.6bn) with share of 88.8%
and then organic chemicals (KD102mn) with a share of 2.5%.
(GulfBase.com)
 S&P affirms Kuwait’s 'AA/A-1+' ratings, Outlook Stable – Standard
& Poor's (S&P) Ratings Services has affirmed its 'AA/A-1+' long-
and short-term foreign and local currency sovereign credit ratings
on Kuwait. The outlook is stable. S&P said that the sharp fall in oil
prices over the past year has significantly affected Kuwait's fiscal
and current account (flow) positions. The rating agency estimates
that strong oil exports led to current account surpluses averaging
over 37% of GDP in 2008-2014, and forecasted that these
surpluses will fall to an annual average of 15% in 2015-2018. S&P
estimated the real GDP growth to average about 2.1% in 2015-

6. Page 6 of 7
2018, but GDP per capita growth to contract by about 1% annually,
partly because of high population growth, which is to an extent
linked to large numbers of expatriates. (Bloomberg)
 National Gas signs LPG purchase agreement with OTI – National Gas
Company has signed an agreement with Oman Trading
International (OTI) for purchase of LPG for exports outside Oman.
Though the quantities available would be entirely on an
availability basis and there is no guarantee of any minimum
supplies, continued supply if available would be impacting the
company positively. (MSM)
 Oman’s daily oil output tops 1mn barrels for first time – Oman
Ministry of Oil & Gas, in its monthly report, said that Oman’s crude
and condensate production in July 2015 had exceeded 1mn barrels
a day for the first time. Production rose 0.5% from June 2015
because of efficiency achieved through maintenance work. The
daily crude output stood at 894,000 barrels and condensate
accounted for 107,000 barrels. As per the report, exports dropped
13% MoM to 797,000 barrels a day as local refiner Orpic increased
its intake of crude. (Bloomberg)
 Omantel BoD decides to distribute 55% interim dividend, TRA
reduces fine – Oman Telecommunications Company’s (Omantel)
board of directors has decided to distribute interim dividend of
55% from the paid-up capital to shareholders registered on August
31, 2015. The distribution is as per the annual general meeting
(AGM) decision on March 22, 2015 where BoD was authorized to
distribute interim dividend. Meanwhile, Oman's
Telecommunications Regulatory Authority (TRA) has reduced the
fine amount it had imposed on Omantel for interruption of service
for nine hours on November 17, 2014 from OMR5mn to OMR3mn.
As part of the amended decision Omantel will have to pay
OMR1mn in cash and build telecom towers at the cost of OMR2mn
in rural areas. (MSM)
 DUTYF BoD approves 20% interim cash dividend – Bahrain
Dutyfree Shop Complex’s (DUTYF) board of directors has
approved distribution of 20% interim cash dividend from the paid-
up capital, i.e. 20 fils per share for 2015. Shareholders registered
on the books as of August 13, 2015 will be eligible to receive the
dividend. Hence, DUTYF shares shall trade ex-dividend starting
August 16, 2015. (Bahrain Bourse)
 BMEB reports $1.81mn net profit in 2Q2015 – Bahrain Middle East
Bank (BMEB) reported a net profit of $1.81mn in 2Q2015 as
compared to $0.85mn in 2Q2014. Total operating income reached
$3.0mn in 2Q2015 as compared to $3.1mn in 2Q2014. The bank’s
total assets stood at $174.4mn as of June 30, 2015 as compared to
$172.8mn at the end of December 31, 2014. Loans & advances
reached $130.7mn, while deposits from financial institution and
customer stood at $125.2mn and $14.0mn, respectively. EPS
amounted to $0.75 in 2Q2015 versus $0.35 in 2Q2014. (Bahrain
Bourse)
 UGB reports 68% YoY decrease in 1H2015 net profit – United Gulf
Bank (UGB) reported a net profit attributable to shareholders of
parent of $5.2mn in 1H2015, reflecting a decrease of 68% on a YoY
basis. Total income reached $75.3mn in 1H2015 as compared to
$86.5mn in 1H2014. The bank’s total assets stood $2.7bn as of
June 30, 2015 as compared to $2.8bn at the end of December 31,
2014. Loans & receivables reached $920.5mn, while customer
deposits stood at $464.4mn. EPS amounted to $0.81 in 1H2015
versus $2.01 in 1H2014. (Bahrain Bourse)
 Gulf Air signs special prorate agreement with S7 Airlines – Gulf Air
has entered into a special prorate agreement with Russian carrier
S7 Airlines. This agreement will enable Gulf Air’s passengers to
take flights beyond Moscow to and from the Russian cities of St
Petersburg, Kazan, Samara, Volgograd, Rostov, Nizhny Novgorod,
Perm, Ufa, Sochi and Voronezh. (GulfBase.com)

7. 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
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recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on August 14, 2015) 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
(0.3%)
0.7%
0.2%
(0.1%) (0.0%)
(0.7%)
(0.9%)(1.2%)
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,115.09 (0.0) 1.9 (5.9) MSCI World Index 1,743.89 0.1 (0.2) 2.0
Silver/Ounce 15.26 (1.2) 2.9 (2.8) DJ Industrial 17,477.40 0.4 0.6 (1.9)
Crude Oil (Brent)/Barrel (FM
Future)
49.03 (0.4) 0.9 (14.5) S&P 500 2,091.54 0.4 0.7 1.6
Crude Oil (WTI)/Barrel (FM
Future)
42.50 0.6 (3.1) (20.2) NASDAQ 100 5,048.24 0.3 0.1 6.6
Natural Gas (Henry
Hub)/MMBtu
2.83 (3.1) 0.9 (5.6) STOXX 600 386.24 (0.1) (1.1) 3.8
LPG Propane (Arab Gulf)/Ton 37.63 2.4 3.1 (23.2) DAX 10,985.14 (0.3) (2.8) 2.6
LPG Butane (Arab Gulf)/Ton 50.13 0.3 2.6 (23.5) FTSE 100 6,550.74 0.0 (1.4) 0.2
Euro 1.11 (0.4) 1.3 (8.2) CAC 40 4,956.47 (0.6) (2.3) 6.8
Yen 124.31 (0.1) 0.1 3.8 Nikkei 20,519.45 (0.2) (0.9) 13.1
GBP 1.56 0.2 1.0 0.4 MSCI EM 863.83 (0.1) (2.4) (9.7)
CHF # 1.02 0.0 0.8 1.8 SHANGHAI SE Composite 3,965.34 0.4 2.9 19.0
AUD 0.74 0.3 (0.5) (9.7) HANG SENG 23,991.03 (0.1) (2.3) 1.6
USD Index 96.52 0.1 (1.1) 6.9 BSE SENSEX 28,067.31 2.4 (2.6) (0.8)
RUB 64.95 0.4 1.4 6.9 Bovespa 47,508.41 0.0 (1.1) (27.6)
BRL 0.29 1.1 0.7 (23.9) RTS 835.17 0.8 0.3 5.6
141.8
120.0
115.2