Qatar

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index fell 0.1% to close at 12,009.5. Losses were led by the Insurance
and Real Estate indices, falling 0.3% and 0.2%, respectively. Top losers were
Qatar Cinema & Film Distribution Co. and Qatar Electricity & Water Co., falling
7.1% and 1.7%, respectively. Among the top gainers, Zad Holding rose 7.3%,
while Qatar General Insurance & Reinsurance Co. was up 3.1%.
GCC Commentary
Saudi Arabia: Market closed since July 16, 2015.
Dubai: The DFM Index declined marginally to close at 4,182.1. The Telecom
index fell 1.1%, while the Services index was down 0.8%. National Industries
Group fell 9.7%, while Al-Madina for Finance and Inv. Co. was down 2.4%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,851.7. The
Investment & Financial Services index gained 2.4%, while the Energy index
rose 1.3%. Methaq Takaful Insurance Co. gained 10.7%, while Abu Dhabi
National Energy Co. was up 6.1%.
Kuwait: The KSE Index gained 0.5% to close at 6,304.4. The Health Care
index rose 2.2%, while the Financial Services index rose 1.1%. KAMCO
Investment Co rose 8.0%, while Specialties Group Holding Co. was up 5.4%.
Oman: The MSM Index rose 0.4% to close at 6,572.5. Gains were led by the
Services and Financial indices, rising 0.5% and 0.3%, respectively. National
Bank of Oman rose 2.4%, while Ooredoo was up 2.1%.
Bahrain: The Bahrain Index fell 0.2% to close at 1,335.0. The Hotel & Tourism
index declined 2.5%, while the Investment index fell 0.6%. Gulf Hotel Group
declined 3.6%, while Khaleeji Commercial Bank was down 1.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 101.50 7.3 5.3 20.8
Qatar General Insur. & Reins. Co. 55.80 3.1 0.1 8.8
Medicare Group 184.50 2.5 8.1 57.7
Gulf Warehousing Co 75.80 2.4 66.2 34.4
Dlala Brokerage & Inv Holding Co. 27.20 1.9 1.1 (18.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Aamal Co. 15.16 1.1 745.7 4.8
Ezdan Holding Group 18.14 (0.2) 495.6 21.6
Vodafone Qatar 16.57 0.4 216.4 0.7
Gulf International Services 75.60 (0.4) 147.0 (22.1)
Masraf Al Rayan 45.90 0.2 118.9 3.8
Market Indicators 16 Jul 15 15 Jul 15 %Chg.
Value Traded (QR mn) 100.5 180.9 (44.4)
Exch. Market Cap. (QR mn) 636,557.5 636,264.8 0.0
Volume (mn) 2.8 4.2 (34.0)
Number of Transactions 2,113 2,665 (20.7)
Companies Traded 38 40 (5.0)
Market Breadth 21;13 25:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,667.10 (0.1) 1.1 1.9 N/A
All Share Index 3,210.62 0.0 0.9 1.9 13.2
Banks 3,153.87 0.0 0.3 (1.6) 13.9
Industrials 3,828.04 0.1 0.2 (5.2) 13.4
Transportation 2,475.87 (0.0) 2.3 6.8 13.4
Real Estate 2,762.07 (0.2) 2.8 23.1 9.2
Insurance 4,832.73 (0.3) 1.6 22.1 22.8
Telecoms 1,167.42 0.0 0.6 (21.4) 23.5
Consumer 7,411.09 0.8 1.5 7.3 28.7
Al Rayan Islamic Index 4,671.41 0.3 1.5 13.9 13.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.70 6.1 276.8 (12.5)
Gulf Bank Kuwait 0.28 3.7 200.9 1.4
Emirates NBD Dubai 10.50 7.8 1,484.2 18.1
Bank of Sharjah Abu Dhabi 1.63 1.9 30.0 (12.4)
Nat. Bank of Oman Muscat 0.35 2.4 266.3 20.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Sharjah Islamic Bank Abu Dhabi 1.71 (2.3) 400.0 (2.8)
Jazeera Airways Co. Kuwait 0.48 (2.1) 55.4 8.0
Mabanee Co. Kuwait 0.96 (2.0) 217.9 15.0
Aramex Dubai 3.41 (2.0) 1,212.3 10.0
Ajman Bank Dubai 1.94 (2.0) 96.2 (27.2)
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 Cinema & Film Distrib. Co. 42.50 (7.1) 0.1 6.3
Qatar Electricity & Water Co. 221.20 (1.7) 3.1 18.0
Qatar Insurance Co. 99.90 (1.1) 44.7 26.8
Qatar Navigation 98.10 (0.9) 6.1 (1.4)
Barwa Real Estate Co. 50.80 (0.6) 98.9 21.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Aamal Co. 15.16 1.1 11,300.4 4.8
Gulf International Services 75.60 (0.4) 11,122.5 (22.1)
Ezdan Holding Group 18.14 (0.2) 8,954.9 21.6
QNB Group 185.00 0.0 6,056.6 (13.1)
Masraf Al Rayan 45.90 0.2 5,444.7 3.8
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*#
12,009.54 (0.1) 1.1 (1.6) (2.2) 27.61 174,798.7 12.3 1.9 4.2
Dubai 4,182.05 (0.0) 2.0 2.3 10.8 112.44 106,458.9 12.6 1.4 6.2
Abu Dhabi 4,851.69 0.6 0.9 2.7 7.1 59.93 131,541.8 12.2 1.5 4.6
Saudi Arabia##
9,337.86 0.7 0.6 2.8 12.1 1,248.94 553,627.1 19.5 2.2 2.9
Kuwait 6,304.39 0.4 0.4 1.6 (3.5) 39.00 96,805.1 16.0 1.0 4.2
Oman 6,572.50 0.4 0.4 2.3 3.6 6.31 25,747.9 11.5 1.5 3.9
Bahrain#
1,335.00 (0.2) 0.0 (2.4) (6.4) 0.44 20,879.8 8.6 0.9 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, MSM, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any, #
Data as of July 16, 2015, ##
Data as of July 15, 2015 )
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 fell 0.1% to close at 12,009.5. The Insurance
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.
 Qatar Cinema & Film Distribution Co. and Qatar Electricity &
Water Co. were the top losers, falling 7.1% and 1.7%,
respectively. Among the top gainers, Zad Holding Co. rose 7.3%,
while Qatar General Insurance and Reinsurance Co. was up
3.1%.
 Volume of shares traded on Thursday fell by 34.0% to 2.8mn
from 4.2mn on Wednesday. Further, as compared to the 30-day
moving average of 5.4mn, volume for the day was 48.4% lower.
Aamal Co. and Ezdan Holding Group were the most active
stocks, contributing 26.8% and 17.8% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Kuwait Finance
House (KFH)
CI Kuwait FSR BBB+ BBB  Stable –
Saudi Arabian
Insurance Co.
(Damana)
AM Best Bahrain FSR/ICR –/– A-(Excellent)/a- – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency, ICR – Issuer Credit Rating)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Al Mazaya Holding Co. Kuwait KD 12.3 117.8% 3.4 59.4% 2.4 46.1%
Oman Cement Co. (OCC)* Oman OMR 25.5 -0.6% – – 6.0 -39.3%
Oman Hotels & Tourism
(OHTC)*
Oman OMR 3.4 -14.0% – – 1.4 7.4%
Oman Flour Mills (OFM)** Oman OMR 82.2 3.7% – – 8.1 15.6%
Al Batinah Dev. & Inv.
Holding (ABDIH)*
Oman OMR – – – – 0.2 -76.5%
Ooredoo Oman (ORDS) Oman OMR 62.6 12.8% – – 11.5 16.2%
Bahrain Cinema Co. (BCC) Bahrain BHD 5.0 3.4% 1.6 -5.9% 1.6 -15.1%
Bahrain Flour Mills (BFM) Bahrain BHD 1.7 -0.2% -0.1 NA 0.0 -86.5%
Gulf Hotels Group (GHG) Bahrain BHD 8.3 -6.9% 3.6 -13.2% 2.9 -20.4%
Source: Company data, DFM, ADX, MSM (*1H2015 results. **FY2015-16 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/16 US Bloomberg Bloomberg Consumer Comfort 12-Jul 43.2 -- 43.5
07/16 US Bloomberg Bloomberg Economic Expectations Jul 45.5 -- 47.5
07/16 US AHB NAHB Housing Market Index Jul 60 59 59
07/17 US BLS CPI MoM Jun 0.30% 0.30% 0.40%
07/17 US BLS CPI YoY Jun 0.10% 0.10% 0.00%
07/16 EU MBA CPI MoM Jun 0 0 0.002
07/17 EU Eurostat Construction Output MoM May 0.20% 0.20% 0.20%
07/17 EU Eurostat Construction Output YoY May 0.30% -- -0.20%
07/20 Germany
German Federal
Statistical Off
PPI MoM Jun 0.30% -- -1.10%
07/20 Germany
German Federal
Statistical Off
PPI YoY Jun -0.10% -0.10% 0.00%
07/20 UK Rightmove Rightmove House Prices MoM Jul 0.001 -- 0.03
07/20 UK Rightmove Rightmove House Prices YoY Jul 5.10% -- 4.50%
07/16 Spain Trade Balance May -1657.3M -- -2253.1M
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 58.96% 58.91% 57,566.89
GCC 2.69% 1.16% 1,539,564.16
Non-Qatari 38.34% 39.93% (1,597,131.05)

3. Page 3 of 6
News
Qatar
 Alijarah records QR33.5mn loss in 2Q2015 – National
Leasing (Alijarah) reported a net loss of QR33.5mn in 2Q2015
as compared to a net profit of QR5.7mn in 1Q2015 (net profit of
QR9.3mn in 2Q2014) as its total income dipped 46% QoQ (-
19% YoY) to QR30.5mn in 2Q2015. Further, the company
booked an impairment loss of QR10.8mn on available for sale
financial assets in 2Q2015 which further impacted the bottom-
line. Loss per share amounted to QR0.68 in 2Q2015 as
compared to earnings per share of QR0.12 in 1Q2015. (QSE)
 Fitch affirms Nakilat Inc. senior secured bonds at A with
stable outlook – Qatar Gas Transport Company (Nakilat)
reported that on July 17, 2015, Rating Agency “Fitch Ratings”
affirmed Nakilat Inc. senior secured bonds rating at A' with
stable outlook. (QSE)
 WDAM to announce financials on August 13 – Widam Food
Company (WDAM) has announced its intent to disclose the
reviewed financial reports for the period ending June 30, 2015
on August 13, 2015. (QSE)
 MRDS to disclose financials on August 3 – Mazaya Qatar
Real Estate Development (MRDS) will announce its financial
reports for the period ending June 30, 2015 on August 3, 2015.
(QSE)
 IQCD to announce financials on August 3 – Industries Qatar
(IQCD) will disclose its financial reports for the period ending
June 30, 2015 on August 3, 2015. (QSE)
 GISS to disclose financials on August 4 – Gulf International
Services (GISS) will announce its financial reports for the period
ending June 30, 2015 on August 4, 2015. (QSE)
 MPHC to announce its financials on August 5 – Mesaieed
Petrochemical Holding Company (MPHC) will disclose its
financial reports for the period ending June 30, 2015 on August
5, 2015. (QSE)
 ORDS to sell entire stake in Liberty Telecommunications –
Ooredoo (ORDS) has agreed to sell its entire stake in
Philippines-based Liberty Telecommunications Holdings to Vega
Inc., a subsidiary of San Miguel Corporation and a major
stockholder of Liberty. All parties are proceeding with finalizing
the transaction and fulfilling the necessary regulatory approval.
This divestment will enable ORDS to focus on its core business.
ORDS acquired a 40% shareholding in Liberty in 2008 to
develop a WiMAX business in the Philippines. (QSE)
 Hamad Port may start early operations by 2015-end – HE
the Minister of Transport Jassim Seif Ahmed al-Sulaiti has said
that the new Hamad Port is expected to handle more than 6mn
containers a year once all three phases of the project are
completed even as authorities are eyeing “early operations” by
2015-end. The Transport Minister, who is also the chairman of
the Hamad Port Steering Committee, said that Phase 1 of the
project was expected to be completed by 2016-end, allowing
Hamad Port to handle 2mn containers. Al-Sulaiti said Hamad
Port’s “early operations” under the Qatar Ports Management
Company (Mwani) by 2015-end would focus on limited types of
ships and cargo. He added the new port’s full operations in 2016
will increase the container handling capacity at the existing
Doha Port. Meanwhile, HE the Prime Minister and Minister of
Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani
welcomed the arrival of heavy load-carrier Zhen Hua 10, the first
ship to be docked at the Hamad Port at Umm Alhoul in the
Mesaieed area. The ship, which arrived directly from China,
delivered the first cranes for Hamad Port's operations, mainly
four ship-to-shore (STS) and eight rubber tire gantry (RTG)
cranes. (Gulf-Times.com)
 QA launches flights to two more Pakistani cities – Qatar
Airways (QA) has launched services to two new destinations in
Pakistan - Sialkot and Faisalabad - on consecutive days. The
airline commenced on July 16 four weekly passenger services
to Sialkot, where it already operates dedicated freighter
services. QA added on July 17 Faisalabad to its Pakistan
network with three flights a week. Sialkot and Faisalabad have
joined Karachi, Lahore, Islamabad and Peshawar as QA’s
routes to Pakistan served by non-stop flights from the airline’s
Doha hub. Multan will be added from August 2 as the airline’s
next Pakistani destination with three flights a week. (Gulf-
Times.com)
 Qatar Transport Forum 2015 to highlight state projects –
Ministry of Transport will host the Qatar Transport Forum 2015
at Sheraton Doha on September 15-16, 2015. The forum will
highlight plans, initiatives and projects such as the Hamad Port,
Civil Aviation Authority, Qatar Ports, Karwa, Civil Aviation
College and Qatar Rail. The forum, organized by MEED, will
provide a platform for the Ministry of Transport to have an open
dialogue with local investors about establishing processing,
manufacturing and logistics industries in Qatar in order to cater
to the needs of regional and international markets. The forum
will also be a great opportunity for local, regional, and
international businesses, project managers, technology
providers and industry experts to display their expertise and
view investment opportunities in Qatar’s transport sector. (QNA)
 IMF: Qatar top per capita energy subsidizer – Qatar has been
named the top per capita energy subsidizer in the world. The
International Monetary Fund’s (IMF) latest update on global
energy subsidies shows Qatar is the top subsidizer in terms of
per capita, China is top in dollar terms and Ukraine in percent of
GDP. Qatar’s total energy subsidies (post-tax) are projected to
hit an estimated $14.47bn in 2015. Of these, petroleum subsidy
accounts for $6.78bn, while natural gas and electricity subsidies
account for $5.17bn and $2.51bn, respectively. Qatar’s energy
subsidies in terms of per capita are projected at $5,995.25 for
2015. A product breakdown shows petroleum as the highest
subsidized product, amounting to $2,810.29 per capita. Natural
gas amounts to $2,143.83 and electricity subsidy to $1,041.12.
According to the IMF, Qatar’s energy subsidy is expected to
touch 6.37% of its GDP in 2015. Petroleum subsidy accounts for
2.99% of the GDP, natural gas 2.28% and electricity 1.11%. The
country-level estimates in the GCC shows Kuwait is the second
biggest per capita energy subsidizer ($3,429.95), followed by
Saudi Arabia ($3,395.03). (Peninsula Qatar)
International
 New Fed rule requires eight biggest US banks to bump up
capital – The US Federal Reserve adopted a rule for the eight
largest US banks to hold more equity capital, amid fears on Wall
Street that the measure may make it less profitable. Regulators
want US banks, whose failure could threaten markets to fund
themselves more with shareholder equity, and less with
borrowed funds. They also want to discourage banks from
relying on unstable short-term borrowing, a key contributing
factor to the demise of Lehman Brothers at the height of the
financial crisis. The rule is largely similar to when it was
proposed in December 2014, when the US central bank and
bank regulator said the firms would face a surcharge of between
1% and 4.5% of their assets. The Fed said that all the firms
were on their way to meet the surcharges over the three-year
period, during which they will need to implement the measure.

4. Page 4 of 6
Seven already meet it now. The rule does not require the firms
to meet the surcharges in the Fed’s so-called stress tests, an
annual health check, during which banks have to run through a
simulated severe economic and financial crisis. (Reuters)
 S&P upgrades Greece rating on bailout talks – Standard &
Poor’s (S&P) upgraded Greece’s sovereign credit rating by two
notches on Tuesday and revised its outlook to stable from
negative, citing the eurozone countries’ initial agreement to start
negotiations with the country on a third bailout. S&P raised its
rating for Greece to CCC+ from CCC-, saying the country's
liquidity perspective has improved after the eurozone finance
ministers last week gave their initial consent to a three-year loan
program to keep the country in the eurozone. S&P is the first to
upgrade Greece after it clinched a last-minute deal with its
lenders last week, which opened the way for bridge financing
that will cover Athens’ funding needs through July and for
bailout talks on a third aid package. (Reuters)
 BRICS launch bank in Shanghai, to work with AIIB – Officials
from the BRICS countries - Brazil, Russia, India, China and
South Africa - launched the New Development Bank (NDB) on
Tuesday. It is the second of the two new policy banks heavily
backed by Beijing that are being pitched as alternatives to
existing institutions such as the World Bank. NDB, also known
as the BRICS bank, is headquartered in Shanghai and will fund
infrastructure and development projects in the BRICS nations.
The NDB will have an initial capital of $50bn to be equally
funded by the five members, who will have equal voting rights.
The capital will be expanded to $100bn within the next couple of
years. The members will also establish a reserve currency pool
worth over another $100bn. China has pledged to contribute
$41bn, Brazil, India and Russia will each contribute $18bn, while
South Africa will contribute $5bn. NDB President Kundapur
Vaman Kamath, a former executive with India’s largest private
bank ‘ICICI Bank’, said the NDB had decided to set up a
“hotline” with the AIIB to discuss issues, and to forge closer ties
between “new institutions coming together with a completely
different approach”. (Reuters)
 Reuters Tankan: Japan business mood subdued on
uncertainty over China – According to Reuters Tankan survey,
confidence of Japanese manufacturers in July was subdued and
the service sector mood dimmed the most in over a year,
reflecting worries about sluggish consumption and exports as
growth cools in major trading partner China. The survey - which
closely tracks the Bank of Japan’s quarterly tankan survey -
showed both manufacturers’ and service-sector morale staying
muted over the next three months. The Reuters Tankan
sentiment index for manufacturers held steady at 14 in July. The
service-sector index tumbled from a record high of 36 in June to
24, the biggest decline since May 2014 when a sales tax hike
dealt a blow to consumers. Retailers’ mood plunged from over
one year highs witnessed in June, weighing on the overall
service sector mood. That bodes ill for private consumption,
which accounts for roughly 60% of the economy and is needed
to pick up a recovery from an expected slowdown in growth in
2Q2015. (Reuters)
 China FDI rises marginally in June – According to data
published by the Commerce Ministry, China attracted $14.6bn in
foreign direct investment (FDI) in June. The amount of FDI
China drew in June was only 0.7% more than the year-earlier,
underlining how a slowing economy continues to dent investor
confidence. China drew $68.4bn in FDI in 1H2015, up 8.3%
from a year earlier. China’s fast-growing services sector
attracted $43.4bn of FDI in 1H2015, up 23.6% YoY. FDI in
manufacturing dropped 8.4% YoY to $20.9bn. Among the 10
countries that were the biggest sources of China’s FDI in
1H2015, investment from France jumped 46.9% on an annual
basis and those from European Union rose 13.7%. In contrast,
investment from Japan plunged 16.3% YoY while FDI from the
US dropped 37.6%. The ministry said last week that China’s FDI
was expected to hit a high of $125bn in 2015 with annual growth
pace quickening to around 4%. (Reuters)
Regional
 NMC Health to invest in Saudi Arabia, Qatar – NMC Health, a
London-listed and UAE-based healthcare provider, is planning
to invest in Saudi Arabia and Qatar, part of the $325mn which it
has available for carrying out acquisitions. The company had
secured an $825mn loan from banks in February 2015 to pay
debt and fund acquisitions; so far, $350mn has been used to
refinance debt and $150mn for acquisitions. While the company
is looking at acquisition targets in the UAE and the developed
world, its first cross-border expansions in the Gulf would be in
Saudi Arabia and Qatar. (Reuters)
 Avantha Group signs contract to provide ZIV protections
for SEC – Avantha Group Company CG has signed a new
contract to provide ZIV protections for Saudi Electricity
Company (SEC). CG was also recently selected as SEC´s main
supplier of three phase smart meters for its smart grid
deployment and has also provided Voltage Sensors for MV
automation. With this order, CG reinforces its position as an
important supplier of Substation Automation equipment to SEC,
providing Feeder Protections, Transformer Differential
Protections, Transformer Voltage Regulators and Teleprotection
Systems. (GulfBase.com)
 BFM to sell vehicles to Al-Kifah, Motores De Los Andes –
Beiqi Foton Motor Company (BFM) has signed sales contracts
with Saudi’s Al-Kifah Motors and Chile's Motores De Los Andes
to sell a total of 455 vehicles. (Reuters)
 Saudi crude exports fell to lowest level in five months in
May 2015 – Saudi Arabia's crude oil exports fell to their lowest
level in five months in May 2015 despite near record production,
as the OPEC kingpin turns itself into a major refined-fuels power
and as domestic consumption rises. Saudi Arabia shipped
6.935mn barrels per day (bpd) on an average in May 2015,
down from 7.737mn bpd in April 2015 and the lowest since
December 2014. As crude exports slide, the OPEC producer is
offering customers millions of barrels of diesel from new
refineries as it turns itself into a major supplier of refined oil
products, potentially triggering a price war with Asian
competitors as its exports feed into a glut. Joint Organization
Data Initiative (JODI) reported that domestic refineries, including
a 400,000 bpd plant which opened in Yanbu in April 2015,
processed 2.423mn bpd in May 2015, up 9% from 2.224mn bpd
a month earlier. Crude directly burnt by Saudi Arabia to
generate power rose to 677,000 bpd in May 2015 from 358,000
bpd in April 2015. Saudi Arabia's crude production for May stood
at 10.333mn bpd, slightly above the April figure of 10.308mn
bpd. (Reuters)
 NBS: UAE inflation edged down to 4.2% YoY in June 2015 –
According to the National Bureau of Statistics (NBS), the UAE’s
consumer inflation edged down to 4.2% YoY in June 2015.
Housing and utility costs, which account for over 39% of
consumer expenses, jumped 10.2% YoY and rose 0.8% MoM in
June 2015. Abu Dhabi hiked electricity and water tariffs from
January 1, 2015, while the real estate market has been rising.
Food and soft drink prices, which account for around 14% of the
basket, rose 1.4% YoY and 0.8% MoM. (Reuters)
 Tecom Investment inks agreement with Amlak to offer
Shari’ah-compliant financing options – Tecom Investments

5. Page 5 of 6
has signed an agreement with Amlak Finance to offer Shari’ah
compliant financing options via its Amlak Tatweer program to all
purchasers of freehold Villa Lantana homes, including non-
resident and self-employed buyers. Amlak will offer financing up
to 50% of the property value prior to project handover, with the
option to refinance up to 75% upon completion for tenures of up
to 25 years at highly competitive rates. (DFM)
 Emaar Properties to end JV with India’s MGF Development
– According to Economic Times, Emaar Properties is in talks
with its Indian partner MGF Development about winding down
its 10-year-old joint venture (JV) in the country. Both the entities
were reportedly thrashing out a deal to separate assets owned
by the JV, which was set up in February 2005 with an
investment of about $1.5bn by Emaar Properties. Emaar MGF is
expected to have a land bank of 3,035 hectares and 55 projects
under development with a saleable area of 6mn square meters.
These have a combined value of about $5bn. (GulfBase.com)
 Aldar Properties changes accounting policies – Aldar
Properties has announced changes to its accounting policies
that will apply to its 2015 financial statements. The board has
taken the decision to adopt this standard from January 1, 2015.
The profile of revenue and profit recognition may therefore
change for Aldar as a result of the introduction of IFRS 15. The
most important change may relate to the timing of revenue
recognition from off plan developments. Currently, revenues
from off plan developments are recognized at a point in time on
delivery of a completed unit. Under IFRS 15 Aldar may also
recognize revenues over time up to the point of completion
based on the terms of its contracts. The 1H2015 financial
statements for Aldar Properties will reflect the full adoption of
IFR15. (ADX)
 Emirates Motor closes $175mn debut loan – Abu Dhabi-
based Emirates Motor Company, the authorized distributor for
Mercedes-Benz in Abu Dhabi and Al Ain, has closed a debut
$175mn syndicated dual tranche loan deal. Noor Bank was the
initial lead arranger for the syndicated structured facility and was
joined by Al Khalij Commercial Bank, ABC Islamic Bank and
National Bank of Oman in the loan deal. (Reuters)
 AHB Chairman steps down – According to sources, Al Hilal
Bank’s (AHB) Chairman, Ahmed Ateeq al-Mazrouei has
resigned from his position due to personal reasons. Senior
board member Mohamed Abdullah al-Rumaithi has been
appointed to succeed him. Last week AHB CEO Mohamed
Jamil Berro also resigned, citing personal reasons. (Reuters)
 SIB reports AED204.59mn net profit in 1H2015 – Sharjah
Islamic Bank (SIB) reported a net profit of AED204.59mn in
1H2015 as compared to AED202.11mn in 1H214. The bank’s
total assets stood at AED27.83bn at the end of June 30, 2015
as compared to AED26.01bn at the end of December 31, 2014.
Ijarah and financing receivables reached AED5.67bn and
AED10.26bn, respectively, while customer deposits stood at
AED15.28bn. EPS amounted to AED0.08 in 1H21015 versus
AED0.08 in 1H2014. (ADX)
 ADCB net profit surges 17% YoY to AED2.53bn in 1H2015 –
Abu Dhabi Commercial Bank (ADCB) reported a net profit of
AED2.53bn in 1H2015 as compared to AED2.16bn in 1H2014,
reflecting an increase of 17% on a YoY basis. Excluding income
attributable to non-controlling interests, net profit attributable to
equity shareholders grew by 26% to AED2.53bn in 1H2015.
Basic EPS stood at AED0.48 in 1H2015 versus AED0.36 in
1H2014. Total operating income reached AED4.23bn in
1H2015, reflecting an increase of 12% YoY. The bank's total
assets stood at AED212.18bn as of June 30, 2015 as compared
to AED204.02bn at the end of December 31, 2014. Net loans &
advances reached AED145.78bn, while customer deposits
stood at AED131.64bn. (ADX)
 Invest Bank reports AED193mn net profit in 1H2015 – Invest
Bank reported a net profit of AED193.11mn in 1H2015 as
compared to AED193.02mn in 1H2014. The bank posted an
operational income of AED352mn, while the net operational
profit reached AED262mn. Invest Bank’s total assets stood at
AED14.49bn at the end of June 30, 2015 as compared to
AED13.83bn at the end of December 31, 2014. Loans &
advances reached AED10.49bn, while customer deposits stood
at AED10.63bn. EPS amounted to AED0.12 in 1H2015 versus
AED0.12 in 1H2014. (ADX)
 Burgan Bank net profit surges 23% YoY in 2Q2015 – Burgan
Bank reported a net profit of KD19.9mn in 2Q2015 as compared
to KD16.2mn in 2Q2014, reflecting an increase of 23% on a
YoY basis. The bank said the rise in net profit was due to growth
in operations and increase in net gains from foreign currencies.
Burgan Bank CEO Eduardo Eguren said that the total group
revenue was rising at an annual rate of about 10 to 15%.
(Reuters)
 CBK net profit surges 26% YoY in 1H2015 – The Commercial
Bank of Kuwait (CBK) has reported a net profit of KD16.7mn in
1H2015, reflecting an increase of 26% on a YoY basis. The
bank’s operating profit before provision was KD53mn in 1H2015
as compared to KD49.5mn in 1H2014. At the same time,
dividend income rose by 151% and fee income by 7%. CBK’s
total assets at the end of June 2015 reached KD4.3bn as
compared to KD4bn at the end of June 2014. Customer
deposits were up 11%. The bank’s capital adequacy ratio at the
end of June 2015 was 18.26% and its leverage ratio 10.4%. The
bank maintained its non-performing loans (NPL) ratio at 0.88%
as of June 30, 2015. (GulfBase.com)
 Investcorp Bank retires preference shares – Investcorp Bank
has retired an aggregate of 99,259 of its preference shares
effective, July 15, 2015, through a combination of redemptions
and purchases, for an aggregate price of $104.2mn. (Bahrain
Bourse)
 BSO: Bahrain inflation fell to 1.7% YoY in June 2015 –
According to Bahrain Statistics Office (BSO), Bahrain’s inflation
in June 2015 fell to 1.7% YoY. Housing and utility costs, which
account for 24% of consumer expenses, rose 2.3% as
compared to June 2015 but were flat from May 2015. Prices of
food and non-alcoholic beverages, which account for 16% of the
basket, climbed 3.8% YoY and 1.6% MoM. (Reuters)

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 (
#
Data as of July 16, 2015
, ##
Data as of July 15, 2015)
Source: Bloomberg (
#
Market closed on July 21, 2015) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
0.7%
0.6%
0.4% 0.4%
0.0%
(0.1%)
(0.2%)(0.4%)
0.0%
0.4%
0.8%
SaudiArabia##
AbuDhabi
Kuwait
Oman
Dubai
Qatar*#
Bahrain#
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,101.25 0.4 (2.9) (7.1) MSCI World Index 1,777.86 (0.2) (0.2) 4.0
Silver/Ounce 14.84 0.9 (0.3) (5.5) DJ Industrial 17,919.29 (1.0) (0.9) 0.5
Crude Oil (Brent)/Barrel (FM
Future)
57.04 0.7 (0.1) (0.5) S&P 500 2,119.21 (0.4) (0.3) 2.9
Crude Oil (WTI)/Barrel (FM
Future)
50.36 0.4 (1.0) (5.5) NASDAQ 100 5,208.12 (0.2) (0.0) 10.0
Natural Gas (Henry
Hub)/MMBtu
2.88 1.6 1.3 (3.8) STOXX 600 402.66 0.1 0.2 6.5
LPG Propane (Arab Gulf)/Ton#
42.25 0.0 (2.0) (13.8) DAX 11,604.80 (0.0) 0.4 6.7
LPG Butane (Arab Gulf)/Ton 55.00 1.9 0.9 (12.4) FTSE 100 6,769.07 (0.4) (0.5) 3.0
Euro 1.09 1.0 1.0 (9.6) CAC 40 5,106.57 0.4 0.6 8.3
Yen 123.89 (0.3) (0.2) 3.4 Nikkei 20,841.97 1.1 1.1 15.2
GBP 1.56 (0.0) (0.3) (0.1) MSCI EM 939.81 0.5 (0.2) (1.7)
CHF 1.04 0.6 0.4 3.7 SHANGHAI SE Composite 4,017.68 0.7 1.6 24.2
AUD 0.74 0.6 0.7 (9.2) HANG SENG 25,536.43 0.5 0.5 8.2
USD Index 97.33 (0.7) (0.5) 7.8 BSE SENSEX 28,182.14 (0.7) (1.2) 1.9
RUB 56.97 0.0 0.0 (6.2) Bovespa 51,474.28 1.1 (1.2) (14.1)
BRL 0.32 0.8 0.5 (16.4) RTS 905.33 0.5 (0.8) 14.5
144.2
123.8
118.0