1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.1% to close at 12,184.8. Gains were led by the
Industrials and Consumer Goods & Services indices, rising 1.0% and 0.8%,
respectively. Top gainers were Aamal Co. and Gulf Warehousing Co., rising
6.1% and 2.7%, respectively. Among the top losers, Islamic Holding Group fell
2.0%, while Qatar Industrial Manufacturing Co. was down 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 9,716.7. Gains were led
by the Building & Cons. and Retail indices, rising 0.9% and 0.7%, respectively.
Saudi Arabian Cooperative Ins. rose 9.9%, while SABB Takaful was up 7.7%.
Dubai: The DFM Index gained 1.2% to close at 3,990.5. The Industrial index
surged 14.9%, while the Financial & Investment Services index rose 2.3%.
National Cement surged 14.9%, while Dubai Financial Market was up 4.4%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,589.8. The
Real Estate index gained 1.8%, while the Banks index rose 0.8%. Eshraq
properties Co. gained 4.1%, while Methaq Takaful Insurance Co. was up 3.0%.
Kuwait: The KSE Index gained 0.2% to close at 6,298.3. The Oil & Gas index
rose 1.3%, while the Consumer Goods index gained 0.6%. Contracting &
Marine Services rose 10.0%, while National Consumer Holding was up 8.1%.
Oman: The MSM Index rose 0.7% to close at 6,457.5. Gains were led by the
Financial and Services indices, rising 0.9% and 0.3%, respectively. Gulf
International Chemical gained 4.2%, while United Finance was up 3.0%.
Bahrain: The BHB Index gained 0.2% to close at 1,362.5. The Industrial index
rose 1.2%, while the Services index gained 0.4%. Aluminium Bahrain and
BMMI were up 1.2% each.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Aamal Co. 15.75 6.1 2,816.4 8.8
Gulf Warehousing Co. 75.00 2.7 156.1 33.0
Medicare Group 179.00 2.6 33.9 53.0
Al Meera Consumer Goods Co. 245.20 2.1 34.2 22.6
Qatar German Co for Medical Dev. 18.46 2.0 552.8 81.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Aamal Co. 15.75 6.1 2,816.4 8.8
Ezdan Holding Group 17.81 (1.5) 2,053.8 19.4
Barwa Real Estate Co. 51.60 1.0 1,569.1 23.2
Masraf Al Rayan 46.10 0.2 1,056.0 4.3
Mazaya Qatar Real Estate Dev. 19.00 (0.4) 564.8 4.2
Market Indicators 2 Jun 15 1Jun 15 %Chg.
Value Traded (QR mn) 452.7 602.9 (24.9)
Exch. Market Cap. (QR mn) 650,910.7 649,462.0 0.2
Volume (mn) 12.2 15.5 (21.3)
Number of Transactions 6,090 6,389 (4.7)
Companies Traded 41 42 (2.4)
Market Breadth 21:17 30:7 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,935.81 0.1 2.4 3.3 N/A
All Share Index 3,258.39 0.1 2.3 3.4 13.7
Banks 3,213.10 0.1 2.6 0.3 14.5
Industrials 3,951.13 1.0 4.0 (2.2) 13.9
Transportation 2,479.61 (0.6) 1.6 6.9 13.7
Real Estate 2,729.05 (0.6) (0.2) 21.6 9.6
Insurance 4,761.87 (0.3) (2.4) 20.3 22.0
Telecoms 1,257.68 (0.7) 7.4 (15.3) 24.9
Consumer 7,359.19 0.8 3.0 6.5 28.6
Al Rayan Islamic Index 4,679.64 0.7 3.3 14.1 14.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Aamal Co. Qatar 15.75 6.1 2,816.4 8.9
Dubai Financial Market Dubai 1.90 4.4 12,674.6 (5.5)
Arabtec Holding Co. Dubai 2.29 3.6 13,793.4 (17.9)
Nat. Bank of Abu Dhabi Abu Dhabi 11.00 2.8 627.9 (13.6)
Gulf Warehousing Co. Qatar 75.00 2.7 156.1 33.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 4.51 (8.0) 62.3 (34.6)
Comm. Bank of Kuwait Kuwait 0.61 (3.2) 2,618.2 (3.2)
Nat. Mobile Telecom. Kuwait 1.32 (2.9) 1.7 (5.7)
Qatar Ind. Manufacturing Qatar 45.60 (1.9) 15.4 5.2
Invest Bank Abu Dhabi 2.65 (1.9) 200.0 3.0
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%
Islamic Holding Group 140.00 (2.0) 126.5 12.4
Qatar Industrial Manufacturing Co. 45.60 (1.9) 15.4 5.2
Qatar Gas Transport Co. 22.47 (1.7) 89.6 (2.7)
Ezdan Holding Group 17.81 (1.5) 2,053.8 19.4
Qatar National Cement Co. 122.00 (1.5) 0.9 1.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 51.60 1.0 81,222.5 23.2
Masraf Al Rayan 46.10 0.2 48,941.2 4.3
Aamal Co. 15.75 6.1 43,235.0 8.8
Ezdan Holding Group 17.81 (1.5) 36,620.2 19.4
Gulf International Services 77.90 (0.6) 27,775.8 (19.8)
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* 12,184.80 0.1 2.4 1.1 (0.8) 124.39 178,870.2 12.8 2.0 4.2
Dubai 3,990.46 1.2 (0.3) 1.7 5.7 170.75 97,982.4 9.2 1.5 5.4
Abu Dhabi 4,589.78 0.6 1.6 1.4 1.3 41.59 123,122.4 11.6 1.5 4.9
Saudi Arabia 9,716.71 0.2 (0.4) 0.3 16.6 1,571.67 570,226.7 20.4 2.3 2.8
Kuwait 6,298.29 0.2 (0.3) 0.1 (3.6) 56.72 96,453.2 15.9 1.1 4.2
Oman 6,457.53 0.7 1.1 1.1 1.8 14.82 24,660.2 9.3 1.4 4.1
Bahrain 1,362.53 0.2 (0.3) (0.1) (4.5) 0.20 21,309.2 8.7 0.9 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)
12,140
12,160
12,180
12,200
12,220
12,240
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index gained 0.1% to close at 12,184.8. The Industrials
and Consumer Goods & Services indices led the gains. The
index rose on the back of buying support from non-Qatari and
GCC shareholders despite selling pressure from Qatari
shareholders.
 Aamal Co. and Gulf Warehousing Co. were the top gainers,
rising 6.1% and 2.7%, respectively. Among the top losers,
Islamic Holding Group fell 2.0%, while Qatar Industrial
Manufacturing Co. was down 1.9%.
 Volume of shares traded on Tuesday fell by 21.3% to 12.2mn
from 15.5mn on Monday. Further, as compared to the 30-day
moving average of 16.4mn, volume for the day was 25.6% lower.
Aamal Co. and Ezdan Holding Group were the most active
stocks, contributing 23.0% and 16.8% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/02 US Bloomberg IBD/TIPP Economic Optimism June 48.1 49.8 49.7
06/02 US Census Bureau Factory Orders April -0.40% -0.10% 2.20%
06/02 EU Eurostat PPI MoM April -0.10% 0.10% 0.20%
06/02 EU Eurostat PPI YoY April -2.20% -2.00% -2.30%
06/02 EU Eurostat CPI Estimate YoY May 0.30% 0.20% 0.00%
06/02 EU Eurostat CPI Core YoY May 0.90% 0.70% 0.60%
06/02 Germany Deutsche Bundesbank Unemployment Rate May 6.40% 6.40% 6.40%
06/02 UK Bank of England Net Consumer Credit April 1.2B 1.0B 1.3B
06/02 UK Bank of England Money Supply M4 MoM April 0.40% – 0.30%
06/02 UK Bank of England M4 Money Supply YoY April 0.00% – -0.60%
06/02 UK Bank of England M4 Ex IOFCs 3M Annualised April 4.00% 4.00% 3.30%
06/02 UK Markit Markit/CIPS UK Construction PMI May 55.9 55.0 54.2
06/02 Spain Spanish Labour Ministry Unemployment MoM Net ('000s) May -118.0 -115.8 -118.9
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 June 2 – The Qatar
Central Bank (QCB) has auctioned treasury bills worth QR4bn
on June 2, for which it received bids totaling QR8.51bn. T-bills
worth QR2bn with a three-month maturity period were auctioned
at a yield of 0.92%. T-bills worth QR1bn with a six-month
maturity period were sold at a yield of 0.94%, while T-bills worth
QR1bn with a nine-month maturity period were auctioned at a
yield of 1.04%. (QCB)
 GDI takes steps to employ idle drilling rigs – Gulf Drilling
International (GDI), a wholly-owned subsidiary of Gulf
International Services (GISS), has leased out one of the two
jack-up drilling rigs whose contracts had gone idle and is also
considering leasing out the second one. GDI said that two of its
rigs were idle but one had already been booked for short-term
work in 2015 and a long-term contract starting in 1Q2016. The
second rig is also being considered for work that is scheduled to
commence in early 2016. The company also said its customers
had negotiated cuts of between 10-15% in daily operating rates
of drilling rigs. (QSE, Zawya)
 SGSS signs cooperation agreement with QNB Al Ahli –
Societe Generale Securities Services (SGSS) has signed a
cooperation agreement with Qatar National Bank Al Ahli (QNB
Al Ahli), a subsidiary of QNB Group (QNBK), to provide
securities services to international institutional investors and
corporate enterprises in Egypt. The agreement is part of SGSS’
strategy to develop its overall securities services offer to the
increasing number of international investors and corporate
enterprises present in the country. QNB Al Ahli will combine its
local expertise and knowledge of the Egyptian market with
SGSS’ commercial support, operational management and
extensive international coverage. Meanwhile, QNBK received
several awards from two banking magazines, The Asian Banker
and Banker Middle East, in recognition of its “exceptional
banking performance and continued progress in 2014”. (SocGen
Press Release, Gulf-Times.com)
 BCG: Qatar outperforms GCC, rest of world in SEDA scores
– According to a latest report released by The Boston
Consulting Group (BCG), Qatar has outperformed the GCC and
the rest of the world in most dimensions – including income,
employment, health, infrastructure, income equality, civil society,
and governance – when it comes to its current-level of
Sustainable Economic Development Assessment (SEDA)
scores. Qatar has topped the average scores of both the GCC
and the rest of the world across all the above dimensions.
However, the dimensions in which Qatar lags behind are
environment and economic stability. In terms of education, Qatar
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.49% 68.35% (35,605,399.94)
GCC 11.05% 7.19% 17,490,271.84
Non-Qatari 28.46% 24.46% 18,115,128.10

3. Page 3 of 6
underperforms relative to the GCC yet exceeds the median
score of the rest of the world. The fact-based, comprehensive
analysis measured the relative well-being of 149 countries and
their performance in converting wealth into well-being along
social and economic indicators. (Peninsula Qatar)
 Qatar to soon award tender to build five new hospitals –
The Minister of Public Health, HE Abdullah bin Khalid Al Qahtani
said it will soon issue a tender to build five new hospitals in the
country. The hospitals will be built and operated by the private
sector. He added that the management of some healthcare
facilities will also be outsourced to the private sector. Moreover,
three hospitals will be opened by early 2016 exclusively for
expatriate single workers in Qatar. The three hospitals will be
located in the Industrial Area, Mesaieed Industrial City and Ras
Laffan. (Peninsula Qatar)
 Barwa Bank AGM approves 10% cash dividend – Barwa
Bank’s annual general meeting (AGM) has approved distribution
of 10% cash dividend for the fiscal year ended December 31,
2014. Shareholders at the AGM also signed off the development
and registration of an EMTN (Euro Medium Term Note) program
to facilitate the issuance of non-convertible senior unsecured
Sukuk, with a cap standing at $2bn or its equivalent in other
currencies. The planned issue will be carried out through the
establishment of a special purpose vehicle in full compliance
with the instructions of the Qatari Central Bank and in
accordance with the provisions and amendments of the 2002
commercial companies law number 5. (Zawya)
 Qatar's real estate trades exceed QR757.5mn last week –
According to statistics released by the Land Registry
Department of the Ministry of Justice, the combined trading
value of real estate transactions (sales contracts) registered
during last week reached QR757.5mn. The real estate sales
included lands, shopping centers, houses residential complexes
and towers. The sales were distributed in the municipalities of
Doha, Umm Salal, Al Khor, Al Dhakira, Al Rayyan, Al Zain, Al
Wakra and Al Shamal. (Bloomberg)
International
 US factory orders decline; robust auto sales a bright spot –
According to data published by the US Commerce Department,
new orders for factory goods fell in April on weak demand for
transportation equipment and other goods, suggesting that
manufacturing remained constrained due to a strong dollar and
spending cuts in the energy sector. New orders for
manufactured goods slipped 0.4% after increasing 2.2% in
March. Factory orders have declined in eight of the last nine
months. Orders for non-defense capital goods excluding aircraft,
which are seen as a measure of business confidence and
spending plans, fell 0.3% in April instead of the 1.0% advance
reported in March. On the other hand, auto sales rose to a
seasonally adjusted annual rate of 17.79mn units in May, the
strongest since summer 2005, up from a 16.50mn-unit pace in
April. Strong auto sales could buoy May consumer spending,
which was flat in April after households cut back on purchases
of motor vehicles. A rebound in consumer spending is being
eyed after slowing down sharply in 1Q2015. (Reuters)
 Eurozone returns to inflation in May – The eurozone returned
to inflation in May with a higher than expected increase in
consumer prices after five months of falls and stagnation, due to
rising food costs and the waning impact of cheap energy. The
European Union's statistics office, Eurostat said that consumer
prices in the 19 countries sharing the euro rose 0.3% YoY after
a flat reading in April, beating market expectations of a 0.2%
increase. Excluding the volatile energy prices, which were 5%
lower in May than 12 months earlier, consumer prices rose
1.0%. Core inflation, excluding energy and unprocessed food,
rose 0.9%, a nine-month high, accelerating from a revised 0.7%
in April. However, prices at factory gates in April added some
uncertainty to the inflation outlook, falling 0.1% MoM and 2.2%
YoY. (Reuters)
 China services sector activity accelerates in May – Activity in
China's services sector accelerated in May as new business
rose at the fastest pace in three years, a rare piece of good
news for policymakers struggling to reviving a cooling economy.
The headline HSBC/Markit Purchasing Managers' Index (PMI)
for May reached 53.5, up from 52.9 in April and well above the
50-point level that separates expansion from contraction. The
latest data represented the fourth straight month of acceleration.
The new business sub-component stood at 54.4, up from 52.8 in
April and recording the highest reading since 54.7 in May 2012.
Employment at services firms grew at the fastest rate since
January 2013, another encouraging sign for policymakers as
layoffs continue in the manufacturing sector. However,
economists still remain cautious on China's overall economic
outlook, as credit growth remains weak and manufacturing
stagnates, reinforcing views that authorities will have to roll out
more stimulus to avert a sharper slowdown. (Reuters)
 Australia grows above forecast in 1Q2015 on higher exports
– Australia grew faster than forecast in 1Q2015 as newly built
mines boosted exports, validating the central bank’s decision to
keep interest rates steady. The GDP advanced 0.9% QoQ
above the median forecast for a 0.7% gain. The economy was
spurred by a 5% jump in exports in 1Q2015 even as commodity
prices fell. The economy expanded 2.3% YoY in 1Q2015, faster
than the median forecast for a 2.1% rise but below the
economy’s 30-year average rate of 3.3%. Exports added 1.1
percentage points to GDP growth. Household spending
advanced 0.5%, adding 0.3% to the expansion while non-
dwelling construction fell 4.9%, subtracting 0.4 percentage point
from the rate of growth. (Bloomberg)
 India’s central bank cuts rate for third time in 2015 – India's
central bank cut interest rates for a third time in 2015 on
Tuesday, taking advantage of subdued inflation to lend more
support to an economy that the bank itself says is not doing as
well as latest impressive growth numbers suggest. The Reserve
Bank of India (RBI) also left open the possibility of further cuts
later this year, even with forecasts of a below-average monsoon
that could put pressure on food prices. The RBI reduced the
repo rate by a quarter points to 7.25%. Previous cuts in January
and March had also been by 25 basis points. The reduction
showed policymakers recognized the need to put the economy
on a sounder footing, regardless of data released on May 29
that showed India outpaced China by growing 7.5% in the March
quarter. (Reuters)
Regional
 SASCO completes selling fractions shares – Saudi
Automotive Services Company (SASCO) has completed the
selling of 1,231 fractions shares arising out of the company's
capital increase. The company had sold the shares on May 25,
2015 for a value of SR33,113.90, at an average price of
SR26.90 per share. Meanwhile, the Saudi Fransi Bank will
deposit the fractional shares’ amount into the company
shareholders’ accounts on June 10, 2015. (Tadawul)
 AIG Insurance announces latest developments regarding
capital increase – Metlife AIG ANB Cooperative Insurance
Company (AIG Insurance) has announced latest developments
regarding the board of directors’ recommendations to increase
the company’s capital by SR175mn through rights issuance. The
company said that it had received a letter from the Saudi

4. Page 4 of 6
Arabian Monetary Agency (SAMA) on May 7, 2015, and it is
working to meet the capital increase requirements. (Tadawul)
 SEDCO Capital signs three real estate deals worth
$145.5mn – SEDCO Capital has signed three real estate deals
worth $145.5mn, boosting its investments in the US. These new
deals underscore SEDCO’s powerful partnerships across the
US, where it aims to not only continue its legacy, but also bring
excellent investment opportunities for its clients. (GulfBase.com)
 IMF lifts outlook for Saudi GDP, expects bigger budget gap
in 2015 – The International Monetary Fund (IMF) has raised its
outlook for Saudi Arabia's economic growth in 2015 but also
predicted a much bigger state budget deficit after talks with the
Saudi officials. The IMF said that the Saudi economy will keep
expanding strongly in 2015, showing little effect from the oil
price drop; however, the growth will slow down in 2016 as lower
oil revenues hit state spending. Meanwhile, the GDP is
projected to grow by 3.5% in 2015, unchanged from 2014,
marking an upgrade from May 2015, when the IMF forecasted
3.0% growth for Saudi Arabia in 2015. Further, the IMF said that
the government spending in 2015 is expected to remain strong,
partly due to a number of one-off factors, while oil revenues
have declined; however, the growth may slow down to 2.7% in
2016 as government spending will start adjusting to the lower oil
price environment. Moreover, the growth is expected to be
around 3.0% over the medium-term. The IMF also projected that
the government would run a fiscal deficit of around 20.0% of
GDP in 2015, which is the biggest deficit since at least 1999,
and much larger than the 14.2% gap that it had forecasted in
May 2015. (Reuters)
 Five Saudi stocks to be closed to foreign investors – Shares
in five listed Saudi Arabian companies will not be open to foreign
investments when the market permits direct stock purchases by
foreign institutions in June 2015. The five companies are Jabal
Omar Development, Taiba Holding Company, Knowledge
Economic City, National Shipping Co. of Saudi Arabia (Bahri)
and Makkah Construction & Development Company.
Meanwhile, Jabal Omar, Makkah Construction and Taiba are
focusing on the holy cities of Mecca and Medina; Saudi media
has previously reported that this could be a major reason for the
restrictions on ownership of their shares. There are about 170
companies listed on the exchange. (Reuters)
 Sahara Petrochemical MD retires – Sahara Petrochemical
Company has announced the retirement of its Managing
Director (MD), Eng. Esam Fuad Himdy Sahara, effective June
15, 2015. Eng. Esam shall continue as the board member until
June 26, 2015, the day when the 3rd Sahara’s board of directors
session period will be ending. (Tadawul)
 SAICO secures SAMA temporary approval for insurance
product – Saudi Arabian Cooperative Insurance Company
(SAICO) has obtained temporary approval from the Saudi
Arabian Monetary Agency (SAMA) to use motor third party
liability product for a period of three months from June 2, 2015.
(Tadawul)
 SDF grants $30mn for four Jordan industrial cities – The
Jordanian government and the Saudi Development Fund (SDF)
have signed a funding grant agreement worth $30mn, to finance
infrastructure project for new industrial cities in Jordan. These
industrial cities will be established in the governorates of Tafila,
Madaba, Jerash and Balqa. Jordan Industrial Estates
Corporation (JIEC) intends to implement and finance these
through the fund and the company's self-revenue. JIEC CEO Ali
Madadha said that the grant comes within the framework of joint
cooperation between the governments of Jordan and Saudi
Arabia, as it is part of the second phase of SDF’s grant
agreement with Jordan. (GulfBase.com)
 AIF signs a MoU with University of Bolton – Aafaq Islamic
Finance (AIF) has signed a MoU with the University of Bolton’s
Center for Islamic Finance. As per the MoU, both parties will
collaborate on a series of projects and initiatives, which include
conducting and commissioning joint research in the field of
Islamic Finance; developing and promoting a new Islamic
Banking Professional Certification program and organizing an
annual Islamic finance-based event. (GulfBase.com)
 DSI mandates banks for dollar Sukuk issue – Drake & Scull
International (DSI) has mandated Emirates NBD Capital and
HSBC as the joint global coordinators; and Al Hilal Bank,
Emirates NBD Capital, HSBC and Standard Chartered Bank as
joint lead managers, to arrange a series of fixed income investor
meetings in the Middle East and Europe. These meeting will
begin on June 4, 2015, and may follow an unrated dollar-
denominated regulation S senior perpetual Sukuk offering,
depending on the market conditions. (DFM)
 Marka confirms short-term acquisition – Marka has
confirmed that it will carry out acquisition shortly. However, no
fixed date is said to have been set as the company is awaiting
the approval of the Securities and Commodities Authority (SCA).
The company has also confirmed that it is planning for more
than one acquisition over the short and medium terms. (DFM)
 Emirates 24/7: Emaar Properties sells units in Forte –
Emirates 24/7 reported that Emaar Properties has sold units in
Forte in Downtown – Opera District with a full Dubai Opera view
for AED2,700 per square feet (psf). The front-facing apartments
were sold at the launch for AED2,700 psf, while the rest were
sold for AED2,100 psf. (GulfBase.com)
 Dana Gas concludes participation agreement with BP in
Egypt – Dana Gas has concluded an agreement with BP for
drilling and exploration well in El Matariya onshore concession
area in Egypt’s Nile Delta. The well was awarded to BP and
Dana, during the EGAS 2014 International Bid Round. Under
the agreement’s terms, BP as operator will carry Dana Gas for
its 50% share in the well’s cost, subject to an agreed cap of
$39mn (Dana Gas share). Meanwhile, in consideration for the
carry, BP has the option, subject to government’s approval, to
farm in parts of Dana Gas’s West El Manzala (WEM)
Concession Area; while retaining WEM Operatorship, and
ownership of the existing and future shallow gas business with
Dana Gas. In addition, BP has a further option, again subject to
government’s approval, to farm in other areas of Dana Gas’s
WEM Concession and in the recently-awarded North El Salhiya
Concession Area, for a 50% participating interest in each case,
if it elects to drill a second exploration well and carry Dana Gas’s
50% share of the related well costs, again subject to a similar
agreed cap. As with the first farm-in option, operatorship and
ownership of the existing and future shallow gas business of the
farm-in areas will remain with Dana Gas. (ADX)
 ADIA manages more of its funds in-house in 2014 – Abu
Dhabi Investment Authority (ADIA) had managed more of its
money in-house in 2014, as it strengthened its capabilities and
added staff in some areas. ADIA, in its annual review, said that
the proportion of its assets managed by external fund managers
had fallen to 65% in 2014, from 75% in 2013. The authority
invests across the world - from developed and emerging market
equities, fixed income and private equity to real estate and
infrastructure. 55% of the ADIA’s assets are invested via index-
replicating strategies. Further, its 20-year annualized rate of
return had risen from 7.2% to 7.4% during 2013-end to 2014-

5. Page 5 of 6
end respectively; while ADIA’s 30-year annualized rate of return
had risen to 8.4% from 8.3%. (Reuters)
 NBK: Kuwait inflation ticks up to 3.4% in April, core
inflation eases – According to a report released by the National
Bank of Kuwait (NBK), Kuwait’s consumer price index (CPI) rose
slightly from 3.3% YoY in March 2015 to 3.4% YoY in April
2015. The rising inflation was mainly due to a rise in local food
inflation. However, local food inflation remains relatively low and
is expected to trend lower, given the continued decline in
international food prices. Meanwhile, the NBK expects overall
inflation to average at a rate close to 3.5% in 2015. As per the
report, core inflation slowed down marginally in April 2015 but
remains relatively high at 3.7% YoY. Inflation in the food price
index climbed from 1.7% YoY in March 2015 to 2.3% YoY in
April 2015. (GulfBase.com)
 NMWC to sell Wadi Kabir-based asset – At the extraordinary
general meeting (EGM), National Mineral Water Company’s
(NMWC) board has recommended to sell a proposed asset of
the company, situated at Wadi Kabir, to Al Hail Investment.
(MSM)
 Tilal signs OMR30mn financing agreement with Meethaq –
Tilal Development Company has signed a financing agreement
worth OMR30mn with Meethaq, the Islamic banking arm of Bank
Muscat. The funds will be utilised for the expansion of Muscat
Grand Mall and the Millennium Executive Apartments at the Tilal
Complex, which is the first mixed-use development in Oman.
(GulfBase.com)
 Ibdar Bank reports $3mn net profit in 1Q2015 – Bahrain-
based Ibdar Bank reported a net profit of $3mn in 1Q2015,
reflecting an increase of 200% YoY. Meanwhile, the bank’s total
income stood at $6.3mn in 1Q2015, showing an increase of
65.8% YoY. The strong profit growth was aided by a 1,778%
increase in the bank’s income generated from investment
banking services over the previous year; and income generated
from the gains in the trading of investments & securities and
profitable exits from existing investments. Moreover, total
owners’ equity increased by 1.4% in 1Q2015 while the total
asset base grew by 3.3% reaching $441mn by March 31, 2015.
(GulfBase.com)

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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
May-11 May-12 May-13 May-14 May-15
QSE Index S&P Pan Arab S&P GCC
0.2%
0.1%
0.2% 0.2%
0.7%
0.6%
1.2%
0.0%
0.4%
0.8%
1.2%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,192.99 0.3 0.2 0.7 MSCI World Index 1,782.39 0.2 0.2 4.3
Silver/Ounce 16.79 0.1 0.3 6.9 DJ Industrial 18,011.94 (0.2) 0.0 1.1
Crude Oil (Brent)/Barrel (FM
Future)
65.49 0.9 (0.1) 14.2 S&P 500 2,109.60 (0.1) 0.1 2.5
Crude Oil (WTI)/Barrel (FM
Future)
61.26 1.8 1.6 15.0 NASDAQ 100 5,076.52 (0.1) 0.1 7.2
Natural Gas (Henry
Hub)/MMBtu
2.62 0.9 (0.7) (12.4) STOXX 600 396.45 1.3 1.0 6.9
LPG Propane (Arab Gulf)/Ton 45.38 0.0 2.8 (7.4) DAX 11,328.80 1.4 1.1 6.2
LPG Butane (Arab Gulf)/Ton 59.25 2.2 4.9 (5.6) FTSE 100 6,928.27 0.8 (0.2) 4.0
Euro 1.12 2.0 1.5 (7.8) CAC 40 5,004.46 1.9 1.8 8.2
Yen 124.11 (0.5) (0.0) 3.6 Nikkei 20,543.19 0.6 (0.0) 13.4
GBP 1.53 0.9 0.3 (1.5) MSCI EM 999.87 (0.3) (0.4) 4.6
CHF 1.07 1.4 0.8 6.6 SHANGHAI SE Composite 4,910.53 1.6 6.3 52.0
AUD 0.78 2.2 1.7 (4.9) HANG SENG 27,466.72 (0.5) 0.1 16.3
USD Index 95.84 (1.6) (1.1) 6.2 BSE SENSEX 27,188.38 (2.5) (2.3) (1.8)
RUB 52.85 (1.4) 1.0 (13.0) Bovespa 54,236.43 3.9 4.5 (8.2)
BRL 0.32 1.3 1.6 (15.3) RTS 973.45 2.1 0.5 23.1
175.1
142.5
129.2