Qatar stock exchange

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.5% to close at 11,531.0. Losses were led by the
Telecoms and Insurance indices, falling 2.3% and 2.1%, respectively. Top
losers were Gulf International Services and Qatar Insurance Co., falling 3.8%
and 3.0%, respectively. Among the top gainers Gulf Warehousing Co. rose
2.0%, while Qatar German Co. for Medical Devices was up 1.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.4% to close at 8,812.4. Gains were led
by the Real Est. Dev. and Media and Publishing indices, rising 1.4% and 1.1%,
respectively. Arabia Ins. Coop. rose 10.0%, while National Petro. was up 7.8%.
Dubai: The DFM Index gained 0.5% to close at 3,531.8. The Consumer
Staples index rose 7.0%, while the Real Estate & Construction index gained
0.7%. Dubai Parks & Resorts rose 8.6%, while Al Salam Group was up 7.2%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,495.5. The
Real Estate index gained 2.0%, while the Industrial index rose 1.8%. Gulf Med.
Projects surged 14.6%, while Commercial Bank International was up 14.5%.
Kuwait: The KSE Index fell 0.7% to close at 6,236.5. The Insurance index
declined 1.7%, while the Real Estate index was down 1.5%. Al-Safat Energy
Holding fell 12.2%, while Kuwait Real Estate Holding Co. was down 9.8%.
Oman: The MSM Index rose marginally to close at 6,240.5. Gains were led by
the Industrial and Financial indices, rising 0.7% and 0.2%, respectively. Galfar
Engineering & Construction rose 6.5%, while Oman Fisheries was up 3.5%.
Bahrain: The BHB Index declined 1.6% to close at 1,426.6. The Commercial
Bank fell 3.1%, while the Services index declined 1.1%. Trafco Group fell
7.3%, while Al-Ahli United Bank was down 6.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 61.00 2.0 59.9 8.2
Qatar German Co for Medical Dev. 10.69 1.2 12.8 5.3
Qatar National Cement Co. 119.50 1.2 12.1 (0.4)
Dlala Brokerage & Inv. Holding Co. 36.60 1.1 18.0 (14.5)
Qatari Investors Group 38.75 0.5 10.8 (6.3)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 44.70 (0.9) 630.1 6.7
Mazaya Qatar Real Estate Dev. 18.10 (0.5) 624.0 (5.5)
Vodafone Qatar 17.61 (1.2) 474.1 7.1
Gulf International Services 92.40 (3.8) 404.4 (4.8)
Masraf Al Rayan 46.60 (2.2) 359.0 5.4
Market Indicators 01 Apr 15 31 Mar 15 %Chg.
Value Traded (QR mn) 282.9 564.9 (49.9)
Exch. Market Cap. (QR mn) 624,492.3 633,454.4 (1.4)
Volume (mn) 5.0 10.3 (51.5)
Number of Transactions 3,672 5,927 (38.0)
Companies Traded 40 40 0.0
Market Breadth 10:28 24:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,918.28 (1.5) 1.5 (2.2) N/A
All Share Index 3,091.98 (1.3) 1.4 (1.9) 14.2
Banks 3,122.75 (1.5) 0.5 (2.5) 14.4
Industrials 3,837.64 (1.2) 3.3 (5.0) 13.2
Transportation 2,396.03 (0.5) (0.0) 3.3 13.5
Real Estate 2,370.36 (1.1) 3.1 5.6 13.4
Insurance 4,098.01 (2.1) 0.7 3.5 19.1
Telecoms 1,295.78 (2.3) (1.0) (12.8) 21.1
Consumer 6,863.74 (0.7) 0.7 (0.6) 24.6
Al Rayan Islamic Index 4,248.96 (0.6) 1.9 3.6 14.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Petrochem. Co. Saudi Arabia 23.71 7.8 916.7 8.3
Invest Bank Abu Dhabi 3.05 7.0 0.3 18.6
Gulf Pharmaceutical Abu Dhabi 2.90 5.5 8.6 0.3
Ajman Bank Dubai 2.21 3.8 675.7 (21.1)
Saudi British Bank Saudi Arabia 33.29 3.6 249.3 (14.4)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.73 (8.7) 451.4 (8.7)
Nat. Real Estate Co. Kuwait 0.12 (7.5) 1,019.9 (6.1)
Ahli United Bank Bahrain 0.74 (6.3) 58.0 (3.5)
Eastern Province Cem. Saudi Arabia 51.78 (6.1) 394.6 (6.4)
United Real Est. Co. Kuwait 0.09 (5.1) 300.0 (6.0)
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%
Gulf International Services 92.40 (3.8) 404.4 (4.8)
Qatar Insurance Co. 77.00 (3.0) 22.6 (2.3)
Al Meera Consumer Goods Co. 212.00 (2.8) 85.2 6.0
Ooredoo 97.00 (2.7) 48.1 (21.7)
QNB Group 189.00 (2.3) 219.1 (11.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 189.00 (2.3) 41,774.4 (11.2)
Gulf International Services 92.40 (3.8) 38,217.4 (4.8)
Industries Qatar 137.30 (1.2) 34,775.3 (18.3)
Barwa Real Estate Co. 44.70 (0.9) 28,346.9 6.7
Al Meera Consumer Goods Co. 212.00 (2.8) 18,005.3 6.0
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,531.01 (1.5) 1.1 (1.5) (6.1) 77.71 171,548.0 13.7 1.8 4.3
Dubai 3,531.78 0.5 3.7 0.5 (6.4) 69.02 87,209.5 8.1 1.4 5.9
Abu Dhabi 4,495.51 0.6 2.8 0.6 (0.7) 73.73 123,588.2 12.9 1.6 4.1
Saudi Arabia 8,812.35 0.4 (1.0) 0.4 5.7 1,693.06 508,293.5 17.5 2.1 3.0
Kuwait 6,236.52 (0.7) 0.2 (0.7) (4.6) 34.87 94,359.9 16.4 1.1 3.9
Oman 6,240.46 0.0 2.1 0.0 (1.6) 8.04 23,819.5 10.4 1.4 4.4
Bahrain 1,426.59 (1.6) (1.2) (1.6) 0.0 2.02 22,304.7 9.3 0.9 4.8
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)
11,500
11,550
11,600
11,650
11,700
11,750
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 1.5% to close at 11,531.0. The
Telecoms and Insurance indices led the losses. The index fell on
the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari and GCC shareholders.
 Gulf International Services and Qatar Insurance Co. were the top
losers, falling 3.8% and 3.0%, respectively. Among the top
gainers Gulf Warehousing Co. rose 2.0%, while Qatar German
Co for Medical Devices was up 1.2%.
 Volume of shares traded on Wednesday fell by 51.5% to 5.0mn
from 10.3mn on Tuesday. Further, as compared to the 30-day
moving average of 8.6mn, volume for the day was 41.9% lower.
Barwa Real Estate Co. and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 12.6%
and 12.5% 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) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Islamic Arab Insurance Co.
(Salama)*
Dubai AED 730.8 -29.0% 163.2 28.1% 38.8 NA
National Industries Group
Holding (NI Group)*
Dubai KD 126.6 8.3% – – 28.3 177.9%
Al Qudra Holding* Abu Dhabi AED 1,557.00 124.4% – – 104.0 65.1%
Kuwait Telecommunications
Co. (VIVA)*
Kuwait KD 239.0 NA – – 40.3 66.5%
Source: Company data, DFM, ADX, MSM (*FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/01 US Mortgage Bankers Asso. MBA Mortgage Applications 27-March 4.60% – 9.50%
04/01 US Mortgage Bankers Asso. MBA Mortgage Applications 27-March 4.60% – 9.50%
04/01 US Census Bureau Construction Spending MoM February -0.10% -0.10% -1.10%
04/01 US Inst. for Supply Manag. ISM Manufacturing March 51.5 52.5 52.9
04/01 US Inst. for Supply Manag. ISM Prices Paid March 39.0 38.0 35.0
04/01 UK Markit Markit UK PMI Manufacturing SA March 54.4 54.4 54.1
04/01 Spain Markit Markit Spain Manufacturing PMI March 54.3 54.8 54.2
04/01 Italy Markit Markit/ADACI Italy Manufacturing PMI March 53.3 52.1 51.9
04/01 China Federation of Logistics Manufacturing PMI March 50.1 49.7 49.9
04/01 China Federation of Logistics Non-manufacturing PMI March 53.7 – 53.9
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QCB auctions T-bills worth QR4bn on April 1 – The Qatar
Central Bank (QCB) has auctioned treasury bills worth QR4bn
on April 1, 2015, for which it received bids totaling QR 6.37bn.
T-bills worth QR2bn with a three-month maturity period were
auctioned at a yield of 0.93%. T-bills worth QR1bn with a six-
month maturity period were sold at a yield of 1.07%, while T-bills
worth QR1bn with a nine-month maturity period were auctioned
at a yield of 1.20%. (QCB)
 DHBK completes amalgamation of India operations of
HSBC Bank Oman – HE Sheikh Fahad Bin Mohamed Bin Jabor
Al Thani, chairman of the board of directors of Doha Bank
(DHBK) has informed that DHBK has completed the
amalgamation of India operations of HSBC Bank Oman at the
close of business on March 31, 2015 and has taken over the
operations of their two branches in Mumbai (in state of
Maharastra), and Kochi (in state of Kerala) on a going concern
basis. He also stated that the scheme of amalgamation was in
line with the approval accorded by the regulatory authorities in
Qatar, Sultanate of Oman and India viz. Qatar Central Bank,
Central Bank of Oman and Reserve Bank of India, respectively.
(QSE)
 MDPS: Qatar’s population rises to 2.35mn in March –
According to the Ministry of Development Planning & Statistics
(MDPS), Qatar’s population has grown to 2.35mn in March
2015, the highest-ever in Qatar. In March, the YoY increased
was more than 10%, rising over the population of 2.14mn in
March 2014. Further, there has been a marginal fall (582,374) in
the number of women as compared to February 2015, which
stood at 584,427. The male population went up by around
15,000, while there were 1.76mn men on March 31, the number
on February 28 stood at 1.75mn. As per the latest figures, there
has been a 46 % rise in population since November 2008. (Gulf-
Times.com)
 KPMG: PPP projects in Qatar see major interest – According
to KPMG in Qatar, the Qatari government is showing an
increasing appetite to enter into public private partnerships
(PPPs) to deliver infrastructure projects and drive growth in the
Overall Activity Buy %* Sell %* Net (QR)
Qatari 50.60% 58.92% (23,523,346.71)
GCC 8.99% 5.06% 11,110,067.29
Non-Qatari 40.41% 36.03% 12,413,279.42

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country. The scale of Qatar’s infrastructure plans and the
government’s commitment to increase the role of the private
sector in the nation’s economic growth have led to an increase
in the number of infrastructure assets being considered for
development through the PPP model. This strategy is in line with
the desire to carve out a larger role for the private sector in the
economic diversification process. According to the World Bank,
over the last few years, the private sector’s contribution to public
infrastructure through PPPs in emerging economies has
averaged about $180bn a year. (Peninsula Qatar)
 Qatar Rail signs cooperation pact with Moroccan Railways
– Qatar Railways Company (Qatar Rail) and the National Office
of Railways of Morocco have signed a cooperation agreement in
Doha. The agreement aims at developing relations between
Qatar and Morocco in rail transport through the activation of a
partnership between the two sides. Meanwhile, HE the Minister
of Transport Jassim Seif Ahmed Al-Sulaiti held separate talks
with the Moroccan Minister of Equipment, Transport and
Logistics Aziz Rabbah. They discussed the aspects of
cooperation and promotion of bilateral relations in the transport
sector. (Gulf-Times.com)
 Al Rayan Bank launches 12 month fixed term ISA – Masraf
Al Rayan’s (MARK) UK based subsidiary Al Rayan Bank PLC,
formerly known as Islamic Bank of Britain (IBB), has launched a
12 Month Fixed Term Deposit (FTD) ISA, for savers looking to
make a tax free, lump-sum investment over a fixed period of
time. The expected profit rate for this account is 1.90%. A
minimum deposit of GBP1,000 is required to open the 12 Month
FTD ISA while profit will be paid to savers either quarterly or on
maturity and transfers-in are allowed for up to 30 days after the
account has been opened. (Bloomberg)
 QGRI subsidiary acquires Oriental Enterprises – General
Real Estate Company, a wholly owned subsidiary of Qatar
General Holding Company (QGH), which is wholly owned by
Qatar General Insurance & Reinsurance Company (QGRI), has
acquired the entire share capital of Oriental Enterprises
Company. However, this transaction is subject to the approval of
the regulatory authorities, including Qatar Central Bank. This
acquisition will support the company's real estate activities, as
well as diversifying the sources of income of the parent
company, QGRI. (QSE)
 QGRI subsidiary completes initial designs of “MOZOON
TOWERS” project – Mozoon Real Estate, a subsidiary
company of Qatar General Holding Company (QGH), which is
wholly owned by Qatar General Insurance & Reinsurance
Company (QGRI), has completed the initial designs of
“MOZOON TOWERS” project. The project comprising four hotel
and apartment towers and 3,485 square meters of quality retail
space, is located in the Doha City- Al-Dafnah area. General
Real Estate Company, wholly owned by QGRI has been
appointed to manage the project. OBEROI & MARRIOTT will
operate the hotels and serviced apartments. General Real
Estate Company will commence the work during April 2015.
(QSE)
 QCSD deposits QCFS’ bonus shares – The Qatar Central
Securities Depository (QCSD) has announced the addition of
bonus shares into the shareholders’ accounts of the Qatar
Cinema & Film Distribution Company (QCFS). With this addition,
QCFS’ new capital stands at QR62.81mn distributed across to
6.28mn shares. The shareholders may trade these shares from
today onwards. (QSE)
 QIIK opens new corporate branch – Qatar International
Islamic Bank (QIIK) has opened a new corporate branch at
Grand Hamad Street, Doha in line with its local outreach
strategy. The branch is equipped with a dedicated service
platform for small & medium enterprises (SMEs). The branch will
offer a wide range of services such as funding working capital,
supportive funding, financing fixed assets, construction works
including bidding and managing tenders and following up
construction stages with contractors to ensure timely completion
of projects. The corporate branch also funds contractors in order
to meet their various requirements for equipment and
infrastructure. (Peninsula Qatar)
 WDAM postpones AGM to April 6 – Widam Food Company’s
(WDAM) general assembly meeting (AGM) has been postponed
to April 6, 2015 due to a lack of legal quorum for the meeting.
(QSE)
 IHGS to disclose 1Q2015 results on April 8 – Islamic Holding
Group (IHGS) will announce its financial results for 1Q2015 on
April 8, 2015. (QSE)
 ABQK to disclose 1Q2015 results on April 16 – Ahli Bank
(ABQK) will announce its financial results for 1Q2015 on April
16, 2015. (QSE)
 QFLS to disclose 1Q2015 results on April 20 – Woqod
(QFLS) will announce its financial results for 1Q2015 on April
20, 2015. (QSE)
 QGRI to disclose 1Q2015 results on April 19 – Qatar General
Insurance & Reinsurance Company (QGRI) will announce its
financial results for 1Q2015 on April 19, 2015. (QSE)
International
 Markit: US factory activity at five-month high in March, ISM
says national factory activity fell to 51.5 in March – Financial
data firm Markit said its final US Manufacturing Purchasing
Managers' Index (PMI) rose to 55.7 in March from 55.1 in
February and to its highest since October, when the PMI was
55.9. It also came above the preliminary reading of 55.3. The
index's output component rose to 58.8 in March from 57.3 in
February and better than the flash reading of 58.2. The index
measuring employment growth rose in March to 53.8, just over
the preliminary 53.7 reading and above the final 52.8 in
February. Input prices fell at the fastest pace since June 2009.
Meanwhile, the Institute for Supply Management (ISM) said its
index of national factory activity fell to 51.5 in March from 52.9 in
February. The reading was shy of Reuters’ expectations of 52.5
and was the lowest reading since May 2013. This was the 28th-
consecutive headline reading at or above 50. The new orders
index eased to 51.8 in March from 52.5 in February, and the
employment index was at 50 from 51.4, both also at a 22-month
low. The prices paid index rose to 39 from 35 for the fourth
consecutive month below 40. (Reuters)
 US construction spending falls for second straight month –
Construction spending in the US unexpectedly fell in February
and March outlays were revised to show a steeper decline than
previously estimated, which could see economists further mark
down their 1Q2015 growth forecasts. The Commerce
Department said construction spending dipped 0.1% to an
annual rate of $967.2bn. January's outlays were revised to show
a 1.7% decline instead of the previously reported 1.1% drop.
Economists polled by Reuters had forecast construction
spending being flat in February. The economic growth slowed
markedly in 1Q2015, held back by bad weather, a strong dollar,
weaker overseas demand and a now-settled labor dispute at the
country's busy West Coast ports. The estimates for 1Q2015
GDP range between a 0.8% and 1.2% annual pace. The
economy expanded at a 2.2% rate in 4Q2014. Construction
spending in February was restrained by a 0.8% drop in public
construction outlays. (Reuters)

4. Page 4 of 7
 European factories buoyant but weak Asia adds to stimulus
calls – Companies struggled in China and much of the rest of
Asia in March, suggesting central banks may have to resort to
more stimulus, just as factories in the Eurozone begin to reap
rewards from ultra-easy policy there. Any indication of recovery
will delight the European Central Bank which embarked on a
quantitative easing program in March, aiming to buy around
€60bn of bonds every month to drive up inflation and spur the
recovery. However, the three separate surveys of China's
factory and services sectors showed stubborn weakness in the
world's second-biggest economy, putting the government's
newly minted growth target of around 7% YoY at risk. Markit's
final March Manufacturing Purchasing Managers' Index (PMI)
for the Eurozone was at a ten-month high of 52.2, up from 51.0
in February and the 21st month in a row it has been above the
50 mark. (Reuters)
 Greece says sent more details on reforms to lenders – A
Greek finance ministry official said the country has sent more
details on its proposed reforms to Eurozone and International
Monetary Fund lenders but the two sides remain at loggerheads
on the issues of pension and labor reforms. Eurozone deputy
finance ministers discussed the cash-strapped country's
proposed reforms which it must have approved to unlock the
much needed aid. Meanwhile, the deputy ministers (Euro
Working Group) have prepared the meetings of Eurozone
finance ministers that can decide whether to disburse new loans
to Greece, which is running out of cash and could be bankrupt
by the end of April 2015. In order to release funds to Athens,
Eurozone ministers have asked for a series of reforms that
would make Greek public finances sustainable and its economy
competitive. (Reuters)
Regional
 EPC AGM approves SR2.50 per share dividend – Eastern
Province Cement Company’s (EPC) ordinary general assembly
meeting (AGM) has approved the distribution of SR2.50 per
share dividend equivalent to 25% of the nominal share value.
Shareholders enrolled the company's shares according to the
records of the Securities Depository Center (Tadawul) at the end
of the trading date of AGM i.e. March 31, 2015 will be entitled to
receive the dividend. (Tadawul)
 NADEC announces dividend distribution date – The National
Agricultural Development Company (NADEC) announced that
the cash dividend amounting to SR0.50 per share for FY2014
will be distributed on April 15, 2015 through AlRajhi bank.
Shareholders listed at the end of the trading day of the general
assembly meeting i.e. on March 17 2015 will be eligible to
receive the dividend. (Tadawul)
 SPC to launch trial operations of Butanol plant in 3Q2015 –
Sahara Petrochemicals Company (SPC) announced that the
construction work in the Butanol plant is going on, and based on
the evaluation of the level of progress, the plant is expected to
commence its trail start up in 3Q2015 and will last for three to
six months subject to the performance test of the plant and
efficiency of production in accordance with the technology
licenser and EPC contracts. The project is equally owned by
Sadara Chemicals Company, Saudi Kayan Petrochemicals
Company and Saudi Acrylic Acid Company (SAAC) to own and
finance a plant to produce Butanol with a capacity of 330,000
metric tons per annum of n-butanol and 11,000 metric tons per
annum of iso-butanol, and SPC owns 43.16% of SAAC.
(Tadawul)
 Dallah announces termination of Bagedo purchase
agreement– Dallah Healthcare Holding Company has
announced the termination of its sale and purchase (SPA)
agreement to acquire Bagedo & Dr. Erfan General Hospital
Company from Bagedo Trading Holding Company and
Mohamed Ahmed Erfan & Sons Holding Company. The SPA
was terminated and its provisions, except for certain provisions
such as confidentiality and applicable law provisions, have
ceased to have effect from March 31, 2015 as a result of non-
satisfaction of a number of completion conditions by the long
stop date. (Tadawul)
 ANB Insurance finalizes transfer of protection and saving
portfolio of ALIC – MetLife AIG ANB Cooperative Insurance
Company (ANB Insurance) has finalized the agreement of
transferring the protection and saving portfolio of American Life
Insurance Company (ALIC). The company has also finalized the
agreement of reinsurance of the entire portfolio with ALIC.
(Tadawul)
 Saudi Polymers Company completes all financing
obligations with lenders – Saudi Industrial Investment Group
(SIIG) said that the Saudi Polymers Company, the project of its
50% owned subsidiary National Petrochemical Company
(Petrochems), has completed all the obligations required under
the financing agreements with its local and international lenders.
Therefore, certain financial obligations and recourse have been
transferred from the project sponsors to Saudi Polymers
Company. Upon reaching the important milestone, the project
sponsors (including SIIG) guarantees are released and the
obligations of Saudi Polymers Company under the financing
agreements are to be covered solely, using the proceeds from
its operations. Saudi Polymers Company is owned 65% by
Petrochem, and 35% by Arabian Chevron Phillips Petrochemical
Company Limited. (Tadawul)
 Ma’aden’s MPC resumes commercial operations at
ammonia plant – Saudi Arabian Mining Company (Ma’aden)
has announced that its subsidiary Maaden Phosphate Company
(MPC) has completed the technical repairs of the cooling facility
and successfully resumed commercial operations of the
ammonia plant located in Ma’aden’s complex at Ras Al Khair
city on April 1, 2015. (Tadawul)
 Swicorp raises SR112mn in equity, arranges SR132mn loan
facility for Ewan Al-Qayrawan Real Estate Development
Fund – Swicorp, a Saudi-based private equity and investment
banking firm, has successfully raised SR112mn in equity, and
arranged a SR132mn loan facility from a local bank for Ewan Al-
Qayrawan Real Estate Development Fund. The Fund was
established by Swicorp in partnership with Retal Urban
Development Company. (GulfBase.com)
 KHC AGM approves SR655mn quarterly dividend for 2014 –
Kingdom Holding Company’s (KHC) annual general meeting
(AGM) has approved the distribution of SR655mn quarterly
dividend for 2014. (Tadawul)
 Oil accounts for less than third of UAE GDP – The UAE’s
Minister of Economy (MoE), Sultan Al Mansouri said that oil
used to account for more than 90% of the UAE gross domestic
product (GDP) in the 1970s. However, the contribution of non-oil
sectors to the GDP rose to 69% at the end of 2014. Today, oil
accounts for less than a third of the UAE’s GDP. He further
added that the UAE has been able to secure a leading position
as an attractive destination for foreign investments and is ranked
first among Arab countries and 22nd globally in the Global
Investment Index for 2015. (GulfBase.com)
 UAE companies law eases flotation, seeks more
investments – The UAE has issued a long-awaited companies
law that loosens rules covering stock market flotations and aims
to attract more investment by moving corporate regulation closer

5. Page 5 of 7
to international standards. The law reduces the minimum free
float of shares in company flotation on the UAE's two main stock
markets to 30% from 55%, aiming to encourage the company
owners to go public. Previously, they could only sell less than
55% of their firms if they had obtained a waiver from regulators
or by listing on the smaller NASDAQ Dubai. The new law also
contains dozens of articles seeking to make limited liability and
joint stock firms simpler to manage and more attractive to
investors, while strengthening corporate governance in areas
such as company loans to directors. (Reuters)
 Salama recommends not to distribute dividend for FY2014 –
Islamic Arab Insurance Company’s (Salama) board of directors
has recommended not to distribute dividend for the financial
year ended December 31, 2014. (DFM)
 DIB makes offer for remaining Tamweel shares – Dubai
Islamic Bank (DIB) has offered AED1.25 per share in cash to
buy the remaining shares in its mortgage unit, Tamweel. The
bank currently holds 86.5% shares in the company and is
initiating the process of acquiring the remaining 13.5% shares.
This off¬er will be open for a period of one month commencing
from April 1, 2015. Following the acquisition of majority stake by
DIB in 2013, the company has been converted into a private
joint stock company and delisted from the Dubai Financial
Market. (DFM, Reuters)
 CBD to acquire AED3bn of UAE company loans from RBS –
Commercial Bank of Dubai (CBD) has agreed to acquire around
AED3bn of corporate loans from the Royal Bank of Scotland
(RBS). The transaction is expected to be completed during April
2015, with the bank using its own funds for the acquisition.
(Reuters)
 UP seeks AED700mn loans to fund new projects – Union
Properties (UP) is engaged in talks with local banks to borrow
about AED700mn to fund new projects. UP’s Managing Director,
Ahmad Al Marri said that UP has started talks with three banks
and is expected to sign an agreement by July 2015. He said the
developer is planning to start work on 226 villas and apartments
in the Green Community development in July and another 271
homes will be constructed in MotorCity by 2017. The company is
also planning to start building 700 homes in five towers to be
completed in 2019, and is also considering other development
work outside Dubai. (GulfBase.com)
 DME reaches significant 8bn barrel mark – Dubai Mercantile
Exchange (DME) announced that it has now reached the 8bn
barrel mark, with a total of 8mn contracts (equivalent 8bn
barrels) traded on the exchange. The increased interest in
DME’s value proposition was driven by new members from Asia
and their participation has contributed to the exchange’s trading
performance and enabled it to hit the new milestone in March
2015, despite the current challenging conditions for the global oil
markets. (GulfBase.com)
 Sobha plans to expand regionally and globally – Sobha LLC,
a part of Sobha Group, is planning to expand its footprint
regionally and globally. The company is in the process of
opening five sales offices in London, Singapore, Riyadh, Doha
and Kuwait City by July 2015 to tap into the growing demand for
its developments in the UAE in key international markets. The
company plans to break ground on its signature villas and
apartments, and its high quality infrastructure in 2Q2015.
(GulfBase.com)
 CBI AGM approves 5% bonus share, director appointment –
Commercial Bank International’s (CBI) general assembly
meeting (AGM) has approved 5% bonus share dividend for
FY2014. Shareholders have also approved the appointment of
Ali Rashed Muhannadi as Director replacing resigned Director
Fahad Abdulla AlKhalifah. (ADX)
 Al Qudra BoD recommends 7% cash dividend – Al Qudra
Holding’s board of directors has recommended 7% cash
dividend to the shareholders. (GulfBase.com)
 NBK sets final pricing for capital-boosting bond – National
Bank of Kuwait (NBK) has set the final yield for its bond, which
will boost its Tier 1 or core capital at 5.75%. The order books for
the transaction, which will be of benchmark size, have a
perpetual lifespan and which can only be redeemed by the bank
after the sixth year, are in the vicinity of $1.4bn. HSBC and
Standard Chartered are the joint global coordinators for the
transaction, while Citigroup, National Bank of Abu Dhabi and
NBK Capital are acting as joint lead managers for the issue. The
issue would be worth around $650mn. (Reuters)
 Al Suwadi Power appoints new CEO – Al Suwadi Power
Company has appointed Navneet Kasbekar as its new Chief
Executive Officer (CEO) – he replaces Przemek Lupa effective
from April 1, 2015. (MSM)
 Renaissance Services AGM approves 10% cash dividend –
Renaissance Services’ annual general meeting (AGM) has
approved the proposed cash dividend of 10% of the paid-up
capital i.e. 10 baizas per share. (MSM)
 GIS AGM approves 6% cash dividend – Gulf Investment
Services’ (GIS) annual general meeting has approved the
payment of cash dividend at the rate of 6% of the nominal value
of fully paid-up share i.e. 6 baizas per share. (MSM)
 TOI expands branch network – Takaful Oman Insurance (TOI)
has opened its new branch in Sohar in a major step to expand
its network across Oman. (GulfBase.com)
 Sharqiyah Desalination raises $42mn in new debt –
Sharqiyah Desalination Company has successfully refinanced
its existing debt of $120.8mn. In addition to the foregoing, the
company also raised new debt of $42.7mn for funding its
expansion project comprising the 10.6mn imperial gallons per
day reverse osmosis water desalination facility. Veolia Middle
East SAS and National Water & Power, the major shareholders
of the company, played a key role as developer, investor and
operators in fostering the transaction. The refinancing involved
taking over the loans from the existing lenders by a consortium
of international banks. (GulfBase.com)
 ORPIC plans pet coke storage facility – Oman Oil Refineries
& Petroleum Industries Company (ORPIC) will invest in facilities
for the handling and storage of petroleum coke (pet coke), large
quantities of which will be produced upon the completion of the
multibillion dollar Sohar Refinery Improvement Project.
(GulfBase.com)
 WTTC: Oman to witness 11% job growth from tourism
sector – According to the World Travel & Tourism Council’s
(WTTC) 2015 Travel & Tourism Economic Impact Report,
Oman’s push on developing the travel & tourism sector has
begun to show positive effects on the economy. Oman has been
placed higher than other GCC countries in most categories and
the direct contribution from travel & tourism to Oman’s
employment is expected to show a real growth of 11% in 2015,
the second highest among the 184 countries covered by WTTC.
Travel & tourism’s direct contribution to Oman’s GDP in 2014
was OMR765.1mn (2.6% of the total GDP). The report has
forecast that this will rise by 5.2% in 2015 and to OMR1.45bn
(3.3% of total GDP) in 2025. The sector directly supported
44,500 jobs (2.8% of total employment) in 2014. (GulfBase.com)

6. Page 6 of 7
 Ithmaar Bank’s strategic initiatives yield results – Ithmaar
Bank announced that the strategic decisions taken by the bank’s
board of directors early in 2014 have already started yielding
results. The decisions, which are aimed at turning the Ithmaar
Group around by significantly transforming operations, included
initiatives for increased revenue, improved margins, divestment
of non-core assets and cost reductions across the group.
(Bahrain Bourse)
 AUB AGM approves cash dividend, bonus issue – Ahli
United Bank’s (AUB) annual general meeting (AGM) has
approved the distribution of 18% cash dividend (4.5 cents per
share) together with ordinary shares bonus of 5% (one share
per 20 ordinary shares held) for the financial year ended
December 31, 2014. Shareholders registered in the AUB’s share
book on March 31, 2015 will be eligible to receive the dividend.
Shareholders voted to extend for a further two years their
authorization for the BoD to decide on the timing, pricing and
terms of the issuance of up to $4bn in bonds, loans or any other
similar subordinated financial instruments required to support
the growth plans of the bank. (Bahrain Bourse)
 GFG inks management deal with ASDAL – Gulf Hotels Group
(GFG) has signed a management agreement with ASDAL Hotel
for the operation of a four-star deluxe hotel in Seef District,
Bahrain. The hotel is currently undergoing refurbishment work
and is expected to be opened in September 2015. Spread over
four floors, the hotel features 94 luxurious rooms and suites.
(Bahrain Bourse)

7. Contacts
Saugata Sarkar Ahmed Al-Khoudary Sahbi Kasraoui
Head of Research Head of Sales Trading – Institutional Manager – HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6548 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
0.4%
(1.5%)
(0.7%)
(1.6%)
0.0%
0.6% 0.5%
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,203.90 1.7 0.4 1.6 MSCI World Index 1,738.15 (0.2) (0.4) 1.7
Silver/Ounce 16.96 1.8 (0.0) 8.0 DJ Industrial 17,698.18 (0.4) (0.1) (0.7)
Crude Oil (Brent)/Barrel (FM
Future)
57.10 3.6 1.2 (0.4) S&P 500 2,059.69 (0.4) (0.1) 0.0
Crude Oil (WTI)/Barrel (FM
Future)
50.09 5.2 2.5 (6.0) NASDAQ 100 4,880.23 (0.4) (0.2) 3.0
Natural Gas (Henry
Hub)/MMBtu
2.60 (1.0) (1.3) (13.3) STOXX 600 398.52 0.8 (0.4) 3.7
LPG Propane (Arab Gulf)/Ton 53.25 3.1 (1.4) 8.7 DAX 12,001.38 0.8 (0.0) 8.5
LPG Butane (Arab Gulf)/Ton 60.25 2.1 (2.0) (4.0) FTSE 100 6,809.50 0.4 (1.0) (1.3)
Euro 1.08 0.3 (1.2) (11.0) CAC 40 5,062.22 1.1 (0.6) 5.6
Yen 119.76 (0.3) 0.5 (0.0) Nikkei 19,034.84 (0.5) (1.6) 9.0
GBP 1.48 0.0 (0.4) (4.8) MSCI EM 982.93 0.9 2.6 2.8
CHF 1.03 0.6 (0.6) 2.8 SHANGHAI SE Composite 3,810.29 1.6 3.4 17.9
AUD 0.76 (0.1) (2.0) (7.0) HANG SENG 25,082.75 0.7 2.5 6.3
USD Index 98.19 (0.2) 0.9 8.8 BSE SENSEX 28,260.14 1.1 3.4 4.3
RUB 57.60 (1.0) (0.4) (5.2) Bovespa 52,321.76 3.8 6.7 (12.3)
BRL 0.32 1.0 2.6 (16.2) RTS 910.41 3.4 6.3 15.1
165.7
131.0
120.2