The QSE Index declined 0.5% led by losses in the Telecom and Insurance indices. Ooredoo and Qatar Oman Investment Co. were the top losers. Regional indices also declined, with Saudi Arabia down 2.8% and Abu Dhabi down 2%. News mentioned credit to Qatar's private sector increasing QR14.2bn and Ooredoo Kuwait appointing a new CFO. Vodafone Qatar also completed an upgrade of network sites in Al Wakrah and Al Wukair.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.5% to close at 11,670.5. Losses were led by the Telecoms and
Insurance indices, falling 2.8% and 1.2%, respectively. Top losers were Ooredoo and
Qatar Oman Investment Co., falling 3.4% and 2.9%, respectively. Among the top gainers,
Gulf Warehousing Co. rose 1.2%, while Barwa Real Estate Co. was up 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 2.8% to close at 8,197.0. Losses were led by the Hotel
& Tourism and Insurance indices, falling 6.1% and 5.5%, respectively. Takween
Advanced Ind. Co. fell 10.0%, while Buruj Coop. Ins. was down 9.9%.
Dubai: The DFM Index declined 2.5% to close at 3,827.6. The Consumer Staples index
fell 3.7%, while the Financial & Investment Services index declined 3.6%. Agility fell
7.5% while Shuaa Capital was down 5.3%.
Abu Dhabi: The ADX benchmark index fell 2.0% to close at 4,539.9. The Real Estate
index declined 3.9%, while the Insurance index fell 2.7%. Abu Dhabi National Insurance
Co. declined 10.0%, while Eshraq properties Co. was down 6.9%.
Kuwait: The KSE Index declined marginally to close at 6,194.7. The Telecom. index fell
1.9%, while the Industrial index declined 0.7%. National Mobile Telecom. Co. fell 7.6%,
while Arabi Holding Group Co. was down 6.7%.
Oman: The MSM Index fell 0.5% to close at 6,191.4. Losses were led by the Services and
Financial indices, falling 0.6% each. Renaissance Services fell 6.4%, while Voltamp
Energy declined 4.1%.
Bahrain: The BHB Index declined 0.2% to close at 1,328.5. The Hotel & Tourism and
Commercial Banks index fell 0.5% each. Bahrain Tourism Co. declined 5.3%, while Al
Salam Bank – Bahrain was down 2.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 73.90 1.2 16.9 31.0
Barwa Real Estate Co. 48.50 1.1 343.7 15.8
Ahli Bank 51.90 0.8 0.3 4.6
Qatar International Islamic Bank 78.50 0.6 3.7 (3.9)
Qatar Islamic Bank 110.90 0.4 195.9 8.5
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.20 0.2 748.2 22.0
Vodafone Qatar 14.81 (1.7) 542.8 (10.0)
Commercial Bank 58.50 (1.0) 512.4 (6.1)
Masraf Al Rayan 43.80 (1.4) 412.8 (0.9)
Barwa Real Estate Co. 48.50 1.1 343.7 15.8
Market Indicators 18 Aug 15 17 Aug 15 %Chg.
Value Traded (QR mn) 190.3 169.8 12.1
Exch. Market Cap. (QR mn) 616,038.3 619,634.8 (0.6)
Volume (mn) 4.2 3.5 18.5
Number of Transactions 3,321 2,650 25.3
Companies Traded 41 41 0.0
Market Breadth 9:25 7:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,140.12 (0.5) (1.6) (1.0) N/A
All Share Index 3,117.66 (0.5) (1.4) (1.1) 12.9
Banks 3,093.74 (0.7) (1.4) (3.4) 13.7
Industrials 3,662.38 (0.4) (2.0) (9.3) 12.9
Transportation 2,431.28 (0.2) (0.8) 4.9 12.5
Real Estate 2,734.07 0.4 0.6 21.8 9.1
Insurance 4,772.53 (1.2) (3.1) 20.6 22.5
Telecoms 1,030.65 (2.8) (5.2) (30.6) 27.2
Consumer 6,999.51 (0.5) (1.7) 1.3 27.0
Al Rayan Islamic Index 4,544.41 (0.3) (1.3) 10.8 13.3
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Investments Co. Kuwait 0.12 1.6 118.5 (18.4)
Kuwait Projects Co. Kuwait 0.66 1.5 562.4 (5.7)
Gulf Warehousing Co. Qatar 73.90 1.2 16.9 31.0
Burgan Bank Kuwait 0.42 1.2 354.2 (9.2)
Nat. Bank of Kuwait Kuwait 0.85 1.2 570.5 (1.9)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Ins. Abu Dhabi 4.32 (10.0) 54.0 (28.6)
Saudi Enaya Coop. Ins. Saudi Arabia 20.82 (9.4) 602.5 (19.7)
Saudi Real Estate Co. Saudi Arabia 26.39 (9.0) 1,645.7 (21.0)
Astra Industrial Group Saudi Arabia 23.50 (8.6) 1,782.6 (19.5)
Solidarity Saudi Takaful Saudi Arabia 10.67 (8.2) 1,121.2 (46.4)
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%
Ooredoo 75.00 (3.4) 102.6 (39.5)
Qatar Oman Investment Co. 15.15 (2.9) 122.2 (1.6)
Qatar National Cement Co. 116.50 (2.1) 7.9 (2.9)
Vodafone Qatar 14.81 (1.7) 542.8 (10.0)
Qatar Insurance Co. 99.00 (1.6) 26.3 25.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Commercial Bank 58.50 (1.0) 30,219.9 (6.1)
Qatar Islamic Bank 110.90 0.4 21,675.0 8.5
Masraf Al Rayan 43.80 (1.4) 18,147.2 (0.9)
Barwa Real Estate Co. 48.50 1.1 16,524.0 15.8
QNB Group 177.10 (1.0) 13,886.6 (16.8)
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* 11,670.50 (0.5) (1.6) (1.0) (5.0) 52.25 169,164.1 12.0 1.8 4.3
Dubai 3,827.59 (2.5) (4.0) (7.6) 1.4 135.99 98,940.5 12.3 1.2 6.8
Abu Dhabi 4,539.85 (2.0) (4.0) (6.1) 0.2 79.86 125,194.7 12.1 1.4 5.0
Saudi Arabia 8,197.02 (2.8) (5.6) (9.9) (1.6) 1,447.94 488,838.7 17.2 1.9 3.3
Kuwait 6,194.71 (0.0) (1.7) (0.9) (5.2) 28.87 94,944.4 14.6 1.0 4.3
Oman 6,191.44 (0.5) (2.0) (5.6) (2.4) 9.71 24,572.9 9.6 1.4 4.1
Bahrain 1,328.51 (0.2) (0.4) (0.2) (6.9) 0.61 20,778.4 8.4 0.8 5.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,660
11,680
11,700
11,720
11,740
11,760
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 0.5% to close at 11,670.5. The Telecoms and
Insurance indices led the losses. The index fell on the back of selling
pressure from non-Qatari shareholders despite buying support from Qatari
and GCC shareholders.
 Ooredoo and Qatar Oman Investment Co. were the top losers, falling 3.4%
and 2.9%, respectively. Among the top gainers, Gulf Warehousing Co. rose
1.2%, while Barwa Real Estate Co. was up 1.1%.
 Volume of shares traded on Tuesday rose by 18.5% to 4.2mn from 3.5mn
on Monday. Further, as compared to the 30-day moving average of 3.9mn,
volume for the day was 8.0% higher. Ezdan Holding Group and Vodafone
Qatar were the most active stocks, contributing 18.0% and 13.1% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/18 US US Treasury Net Long-term TIC Flows June $103.1B – $93.0B
08/18 US Census Bureau Housing Starts MoM July 0.20% 0.50% 12.30%
08/18 US Census Bureau Building Permits MoM July -16.30% -8.00% 7.00%
08/18 UK ONS CPI YoY July 0.10% 0.00% 0.00%
08/18 UK ONS CPI Core YoY July 1.20% 0.90% 0.80%
08/18 UK ONS RPI YoY July 1.00% 1.00% 1.00%
08/18 UK ONS PPI Input NSA YoY July -12.40% -12.70% -13.10%
08/18 UK ONS PPI Output NSA YoY July -1.60% -1.50% -1.60%
08/18 UK ONS PPI Output Core NSA YoY July 0.30% 0.20% 0.10%
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 53.76% 50.75% 5,732,477.36
GCC 12.56% 8.71% 7,336,493.50
Non-Qatari 33.67% 40.54% (13,068,970.86)

3. Page 3 of 6
News
Qatar
 Credit to private sector up QR14.2bn – According to the data
published by the Qatar Central Bank (QCB), the Qatari banks’
assets (and liabilities) have increased by QR42.1bn, up 4.1%
(MoM) to QR1.06tn in June 2015 from QR1.02tn. Total domestic
loans and credit facilities provided by the banks to the local
private sector increased about QR14.2bn to QR385.6bn, in
addition to loans & facilities worth QR12.2bn for the non-banking
financial sector. The month also witnessed an increase in the
government and public sector deposits by about QR6.2bn to reach
QR228.1bn. The local banks’ assets with banks outside Qatar
increased QR8.1bn to reach QR78.6bn and loan to foreign parties
increased QR1.5bn to QR 74.9bn. In contrast, foreign banks
liabilities on banks in Qatar increased QR12.4bn to hit QR140.9bn
while the indebtedness of local banks to foreign parties in the form
of bonds and certificates of deposit settled at the level of
QR39.1bn. The total domestic public debt — government,
government institutions, quasi-governmental institutions, bills and
bonds — increased around QR5.7bn to reach the level of
QR324.9bn. (Peninsula Qatar)
 Ooredoo Kuwait appoints CFO – Ooredoo Kuwait has appointed
Gabor Kocsis as its Chief Financial Officer (CFO). Kocsis succeeds
Peter Kuncewicz, who will become a regional CFO reporting to the
Group CFO Ajay Bahri. (ORDS, Reuters)
 DHBK offers customized, low-interest personal loans – Doha Bank
(DHBK) is offering customers around Qatar the opportunity to
avail “customized personal loans at competitive interest rates”.
DHBK said the personal loan scheme, available to all salary
transfer customers, offers “higher eligibility and lower EMIs” and
allows customers to personalize their loans according to their
needs and EMI appetite. The summer promotion from DHBK also
enables customers to consolidate their payments into one plan
and, thus, benefit from a lower overall installment. It further offers
a wide array of perks and benefits. (Gulf-Times.com)
 VFQS completes upgrade of network cell sites – Vodafone (VFQS)
has completed the upgrade of its cell sites in Al Wakrah and Al
Wukair as part of the company’s network enhancement across
Qatar. The upgrade covered 30 sites in Al Wakrah and Al Wukair
uplifting both areas’ 3G capacity by around three times and 4G
capacity by around four times. VFQS also added 13 new 4G LTE
sites to Al Wakrah, covering 43% more of the area to provide
“better LTE and data coverage.” Furthermore, VFQS expanded 15
sites with HSDPA Dual Carrier uplifting existing 3G speeds up to
43.2 Mbps. The company also announced that all 4G sites in Al
Wakrah and Al Wukair have been uplifted to 4G+ capacity. VFQS
Chief Technology Officer Ramy Boctor said the initiative is part of
the company’s network upgrade program, which was launched in
January 2015 to offer customers “superfast” voice and data
services. (Gulf-Times.com)
 Cisco urges Qatar to give priority to ICT development – Cisco Vice
President on Global Technology Policy, Dr. Robert Pepper has said
that Qatar must take full advantage of the potential offered by
information and communications technologies (ICTs) to drive
social and economic transformation. He said Qatar can make
massive strides in connecting more citizens and bringing about
positive social and economic change by improving its networked
readiness. According to the Global Information Technology Report
2015 (GITR), Qatar ranked 27th out of 143 countries, dropping
four places in the World Economic Forum’s Network Readiness
Index. The GITR report suggests that investing in infrastructure
and education, supporting the development of local content and
creating an enabling environment by promoting competition
through sound regulation “will correct the imbalance in Qatar”.
(Gulf-Times.com)
 Real estate deals stood at QR965.45mn – The real estate
transactions between August 9 and 13, 2015 registered at the Real
Estate Registration Department of the Ministry of Justice were
worth QR965.45mn. The list of properties that were sold includes
plots, houses and multi-purpose buildings. (Gulf-Times.com)
 Qatar Rail key sponsor of Fourth Annual Qatar Transport Forum –
Qatar Railways Company (Qatar Rail) has announced its
participation as a platinum sponsor at the fourth Annual Qatar
Transport Forum, which aims to focus on the “sharp increase” in
transport project activity in Qatar over the next few years. The
event will be held during September 14-16, 2015 at Sheraton
Doha. The forum aims to bring Qatar’s various investment
opportunities and ongoing projects to the forefront. It will draw
the audience’s attention to initiatives and projects such as Hamad
Port, Civil Aviation Authority, Qatar Ports, Karwa, Civil Aviation
College and Qatar Rail. (Gulf-Times.com)
 Al Maha Services new partner of ORDS loyalty program – Ooredoo
(ORDS) has announced Al Maha Services as the newest partner for
its Al Nokhba Loyalty Program. Al Maha Services is a personalized
meet-and-assist service for passengers arriving at or departing
from the Hamad International Airport. Al Maha Services hostesses
will be available to ensure that members enjoy seamless airport
experience with services, including meet and assist in departure
and arrival lounges. (Peninsula Qatar)
International
 KIA eyes consortium bid for London City Airport – According to
sources, Kuwait Investment Authority’s (KIA) investment vehicle,
Wren House Infrastructure Management is teaming up with
Ontario Teachers' Pension Plan and Hermes to bid for London City
Airport, which has been valued at £2bn. The consortium will come
up against a group led by the infrastructure arm of Australian
financial group Macquarie, which is also understood to be
preparing a rival approach for London City. London City is close to
Canary Wharf and is a popular airport for workers in the financial
services sector. It expects to carry around 4.1mn passengers in
2015, and is targeting 6m passengers a year by 2023. (Bloomberg)
 US housing starts near eight-year high in July – According to a
report by the US Commerce Department, housing starts rose to a
near eight-year high in July as builders ramped up construction of
single-family homes, suggesting that the economy was firing on
almost all cylinders. Groundbreaking increased 0.2% to a
seasonally adjusted annual pace of 1.21mn units, the highest level
since October 2007. June and May starts were revised higher, a
sign that builders are growing more confident in the economy.
Building permits fell 16.3% in July to a 1.12mn-unit pace.
However, the fall in permits followed three straight months of
hefty increases and the decline was likely related to the expiration
of the tax incentives in New York. The housing report added to
solid payrolls, retail sales and industrial output data in suggesting
the economy got off to a strong start in 3Q2015. The steady flow of
upbeat economic reports has bolstered views that the Federal
Reserve will raise interest rates in September. (Reuters)
 PwC: European banks to sell a record €139bn of loans – According
to PricewaterhouseCoopers (PwC), European banks are set to
divest a record €139bn of loans this year led by the UK, as the
industry accelerates asset sales to meet new rules. PwC, in a
report, said that the banks had offloaded €54.5bn of debt and
further loans worth €84bn are in the process of being sold. The UK
and Ireland account for over 60% of deals in progress this year,
after disposing of €125bn in the five years through 2014.
Commercial real estate debt and secured mortgages accounted for

4. Page 4 of 6
83%, or €45bn, of loans sold by banks so far in 2015. PwC
estimated UK banks are expected to sell another €42.5bn this year,
raising the total to €56bn for 2015. Ireland may account for
€18.5bn of sales. Spanish lenders, with about 15 deals in progress,
will dispose of about €20bn in total, with German and Italian
banks expected to sell €22bn and €16bn respectively. Banks have
been shrinking their balance sheets since the financial crisis to
comply with a raft of regulations that require them to maintain
capital buffers as a proportion of assets, to absorb losses and
protect taxpayers from bailouts. (Reuters)
 Japan export growth slows in July – Japan’s export growth slowed
in July, a sign that foreign demand is failing to provide much
support to the world’s third-biggest economy. According to the
Japanese Ministry of Finance, shipment values increased 7.6% YoY,
slowing down from a 9.5% gain in June. A slowdown in China is
taking a toll, with export volumes to Japan’s biggest trading
partner falling for a sixth month on weaker demand for cars.
Imports slid 3.2%, leaving a deficit of ¥268.1bn. Calls are emerging
for Prime Minister Shinzo Abe to step up fiscal stimulus after two
quarters of growth fizzled with last quarter’s 1.6% annualized
drop in GDP. Weak exports combined with cutbacks in spending by
consumers and businesses were the main reasons for the
contraction. (Bloomberg)
 China home prices gain for a third month in July – Chinese home
prices rose for a third consecutive month in July, fueled by a pick-
up in sales and market sentiment, a rare counterpoint to a growing
list of grim indicators in the world’s second-largest economy.
According to Reuters calculations based on data released by the
National Bureau of Statistics (NBS), average new home prices rose
0.3% MoM in July, slightly slower than June’s 0.4% rise. Compared
with previous year, home prices still fell 3.7% in July, easing from
the previous month’s 4.9% drop. Property sales bottomed out
during 1H2015 after declining for over a year, propped up by a
barrage of government support measures since September 2014,
including a series of interest rate cuts and lower down payment
requirements. Even a modest recovery in a sector that accounts for
around 15% of GDP is a welcome boost for an economy heading
for its weakest growth in 25 years. (Reuters)
 Moody’s lowers 2015 India growth forecast on below-normal
monsoon – Moody’s Investors Service has lowered its growth
forecast for India, saying below normal rainfall will offset higher
government spending. Moody’s said GDP will expand around 7%
in 2015 compared with an earlier estimate of as much as 7.5%. It
still estimated 7.5% growth in 2016. Moody’s analysts, led by
Marie Diron, said a key risk to growth forecast is slowdown in the
pace of reforms “once the least controversial aspects of the
government’s plan have been implemented”. The International
Monetary Fund predicts India’s economy will grow 7.5% in the 12
months through March 2016, compared with a government
forecast of 8-8.5% for the same period. The Moody’s forecast is for
the calendar year. (Bloomberg)
Regional
 Almarai announces new SR denominated Sukuk issuance – Almarai
Company has announced that its shareholders have decided to
issue a new Senior Sukuk. This issuance will be Saudi Arabian
Riyal (SR) denominated totaling up to SR2bn, fully compatible
with Islamic Shari’ah, subject to market conditions. The decision
follows Almarai’s intention to utilize Sukuk to help finance its
2016 to 2020 SR21bn capital investment program. Hence, the total
Sukuk issuances of Almarai will equal its share capital of SR6bn, in
line with the approval of the EGM held in September 2013. Almarai
has mandated HSBC Saudi Arabia Limited and Samba Capital &
Investment Management Company to act as joint lead managers.
(Tadawul)
 AIC chooses IFS applications to consolidate operations – Arabian
International Company for Steel Structures (AIC) has chosen IFS
Applications to consolidate operations and provide a single view
across the business. IFS Applications will manage HR, finance,
procurement, manufacturing, planning & scheduling, fabrication,
and maintenance for the company’s steel structure, tower and
galvanizing divisions by better resource & capacity planning and
supply chain management. (GulfBase.com)
 IMF cuts growth forecast for Saudi Arabia on weak oil prices – The
International Monetary Fund (IMF) cut its economic growth
forecasts for Saudi Arabia, as the Kingdom struggles to cope with
low oil prices and a fiscal deficit of 19.5% of GDP. The IMF
forecasted that the Saudi economy will grow by 2.8% in 2015,
down 0.2 percentage points from its previous estimate of 3% in
2015. The country will grow by 2.4% in 2016, slower than the
IMF’s previous estimate of 2.7%. The collapse of oil prices from
$110 in June 2014 to about $50 per barrel now has dramatically
reduced oil revenues accruing to the Kingdom, while the
government ploughs ahead with infrastructure megaprojects
designed to help the country reduce dependence on hydrocarbons.
Saudi Arabia issued approximately $5bn of bonds in 2015, with
another $27bn expected before 2015-end, as the world’s largest oil
exporter hopes to avoid further drawing down on its reserves. The
IMF called on Saudi Arabia to enact “comprehensive energy price
reforms, firm control of the public sector wage bill, greater
efficiency in public sector investment, and an expansion of non-oil
revenues, including introducing a VAT and a land tax.
(GulfBase.com)
 BofA-ML: UAE economy set for soft landing in 2015 – According to
analysts from Bank of America Merrill Lynch (BofA-ML), the UAE
economy is set for a soft landing in 2015, as growth slows to its
lowest rate in six years. Soft landing is an industry term for a
slowdown in economic growth that does not worsen inflation and
unemployment. BofA-ML Economist Jean-Michel Saliba said that
the economic activity in the UAE has started to show signs of
weakness. The IMF forecasted the UAE economic growth at 3% in
2015, down from 4.6% in 2014, as the oil slump results in weaker
real estate and corporate activity. The UAE’s pace of economic
growth is expected to decline 1% each year up to 2020 because of
planned government spending cuts. (GulfBase.com)
 UAE open to meeting Indian oil demand, Indian PM offers $1tn
investment opportunities – The UAE Minister of Economy (MoE),
Sultan Bin Saeed Al Mansouri said the country is open to meeting
any oil demand from India. Abu Dhabi currently provides 9% of
India’s energy needs and India is the world’s fourth biggest oil
consumer. Indian Prime Minister Narendra Modi extended the
proverbial red carpet to Indian and Middle Eastern investors to
make use of huge investment opportunities worth $1tn from his
housing programs, modernization of 500 railway stations and
investment in various tourism and related projects.
(GulfBase.com)
 Emicool plans capacity expansion to 500,000 TR by 2020 –
Emirates District Cooling (Emicool) is planning to scale up its
plant capacity to 500,000 tons of refrigeration (TR) by 2020 as
rampant construction is leading to pent-up demand for district
cooling services across the UAE and region. Emicool recorded a
30% increase in peak consumption in 1H2015, with customers
using up over 90mn TR per hour during the period. Emicool is
planning to expand its operations in Saudi Arabia and Qatar in the
coming years. (DFM)
 Dubai Ruler issues law regulating partnership between public,
private sectors – Vice President and Prime Minister of the United
Arab Emirates and Ruler of Dubai HH Sheikh Mohammed bin
Rashid Al Maktoum has issued Law No. 22 for 2015, regulating

5. Page 5 of 6
partnerships between the public and private sectors in the Emirate
of Dubai. The new law aims at encouraging the private sector to
participate in the development of projects and increasing
investment in different fields in a way that serves economic and
social development of Dubai. It also allows the government to
implement its strategic projects effectively and efficiently, as well
as harness financial, administrative, technical and technological
expertise of the private sector. This will also enable individuals in
the community to have better access to services at less cost.
(Bloomberg)
 Burgan Bank to redeem subordinated debt worth $730mn –
Kuwait-based Burgan Bank will redeem $730mn in subordinated
bonds denominated in both US dollars and Kuwaiti dinars as they
will not be eligible to boost the bank's capital under Basel III rules.
The bank has received central bank approval to redeem a $400mn
bond that is currently due to mature in September 2020, which
was sold through the Burgan Finance No 1 (Jersey) special
purpose vehicle. The bond has a clause in its documentation
allowing the bank to redeem the issue on or after September 29,
2015, although it did not give a date as to when the redemption
would take place. (Reuters)
 Oman Chlorine BoD invites shareholders to attend OGM & EGM –
Oman Chlorine’s board of directors has invited the company’s
shareholders to attend the ordinary and extraordinary general
meetings (OGM & EGM). Shareholders at the EGM will consider
renewing the company’s authorized capital to OMR12mn.
Meanwhile, the OGM will consider and approve cancelling AGM’s
resolution dated March 17, 2011, regarding selling part of Oman
Chlorine shareholding in Gulf Chlorine Company WLL (Qatar) to
Oman Industrial Development Company (OIDC) at par value plus
the actual project development cost. Shareholders at OGM will
consider canceling AGM’s resolution dated March 18, 2013
regarding selling 24% of Oman Chlorine shareholding in Union
Chlorine Company LLC to OIDC at par value plus the actual project
development cost. (MSM)
 SEZAD floats EPC tender for Duqm refinery service corridor – The
Special Economic Zone Authority of Duqm (SEZAD) has floated a
major engineering, procurement & construction (EPC) tender for
building a service corridor between Duqm Refinery and a liquid
jetty. The scope of work includes earthworks, security-related
work and bridge work to allow Duqm Refinery to lay its pipes,
connecting it to the Port of Duqm in the industrial zone. Duqm
Refinery is developing a grassroots refinery in Duqm that will
produce an output of 230,000 barrels per day, with diesel, jet fuel,
naphtha and LPG as its primary products. (GulfBase.com)
 Seven multinational firms in race for Oman’s largest water
desalination project – According to Oman Power and Water
Procurement Company’s (OPWP) tender notification, seven
multinational developers from Singapore, Japan, France and Spain
are competing for the Oman’s largest independent water
desalination project, with a combined capacity of 531,000 cubic
meters per day (116.8mn imperial gallons per day (MIGD). The
project will include construction in two locations on Oman’s
Batinah coast - Barka and Sohar. The consortiums that have
submitted bids for the venture are Abengoa Water, Itochu
Corporation, JGC, GS Inima Environment SA, Veolia Middle East,
Valoriza Agua SL and Hyflux Limited. (TimesofOman)
 Bank Sohar appoints new head of Islamic banking – Bank Sohar has
appointed Salim Khamis Al Maskari, as the head of its Islamic
banking arm, Sohar Islamic. Mr. Salim had previously worked as
the district manager of the Sharquiyah region for Oman
International Bank and later moved to Bank Muscat as the regional
manager of the north capital region. (TimesofOman)
 CBO: Oman’s conventional bank credit grows 9% to OMR17.82bn –
According to the Central Bank of Oman (CBO), Oman’s
conventional banks have achieved an 8.89% growth in total credit
at OMR17.82bn in 1H2015 as compared to OMR16.37bn in
1H2014. It is lower than the 2014 loan growth and was mostly
driven by the private sector demand to fund their projects and
working capital requirements. Credit to the private sector in
1H2015 rose by 9.82% to OMR15.61bn from OMR14.21bn in
1H2014. Total deposits of Omani banks also rose by 6.83% in
1H2015 at OMR18.51bn from OMR17.32bn in 1H2014. As per the
report, total customer deposits held by Islamic institutions surged
238.64% to OMR1,183.9mn at the end of June 2015 from
OMR349.6mn in 1H2014. (TimesofOman)

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
QSE Index S&P Pan Arab S&P GCC
(2.8%)
(0.5%)
(0.0%)
(0.2%)
(0.5%)
(2.0%)
(2.5%)
(4.0%)
(3.2%)
(2.4%)
(1.6%)
(0.8%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,117.79 0.0 0.2 (5.7) MSCI World Index 1,744.20 (0.3) 0.0 2.0
Silver/Ounce 14.88 (3.0) (2.5) (5.2) DJ Industrial 17,511.34 (0.2) 0.2 (1.7)
Crude Oil (Brent)/Barrel (FM
Future)
48.81 0.1 (0.4) (14.9) S&P 500 2,096.92 (0.3) 0.3 1.8
Crude Oil (WTI)/Barrel (FM
Future)
42.62 1.8 0.3 (20.0) NASDAQ 100 5,059.35 (0.6) 0.2 6.8
Natural Gas (Henry
Hub)/MMBtu
2.71 (2.0) (4.1) (9.5) STOXX 600 388.13 (0.2) (0.5) 3.3
LPG Propane (Arab Gulf)/Ton 37.75 0.3 (0.7) (23.0) DAX 10,915.92 (0.7) (1.6) 1.0
LPG Butane (Arab Gulf)/Ton 50.00 0.5 (1.0) (20.3) FTSE 100 6,526.29 0.0 (0.3) (0.1)
Euro 1.10 (0.5) (0.8) (8.9) CAC 40 4,971.25 (0.7) (0.7) 6.1
Yen 124.41 0.0 0.1 3.9 Nikkei 20,554.47 (0.3) 0.0 13.1
GBP 1.57 0.5 0.1 0.5 MSCI EM 848.12 (0.8) (1.8) (11.3)
CHF 1.02 0.2 (0.1) 1.7 SHANGHAI SE Composite 3,748.16 (6.1) (5.5) 12.5
AUD 0.73 (0.4) (0.5) (10.2) HANG SENG 23,474.97 (1.4) (2.1) (0.6)
USD Index 97.04 0.2 0.5 7.5 BSE SENSEX 27,831.54 (0.2) (1.4) (2.2)
RUB 65.83 0.5 1.4 8.4 Bovespa 47,450.58 1.0 0.2 (27.4)
BRL 0.29 0.4 0.5 (23.6) RTS 809.64 (1.9) (3.1) 2.4
139.6
115.0
110.5