Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.6% to close at 12,443.5. Losses were led by the
Real Estate and Transportation indices, falling 1.6% and 0.5%, respectively.
Top losers were Ezdan Holding Group and Gulf International Services, falling
3.0% and 2.7%, respectively. Among the top gainers Qatar Industrial
Manufacturing Co. rose 1.5%, while Barwa Real Estate Co. was up 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.4% to close at 9,768.1. Gains were led
by the Transport and Hotel & Tour. indices, rising 4.2% and 1.4%, respectively.
Fitaihi Group rose 9.5%, while National Shipping Co. of Saudi was up 6.1%.
Dubai: The DFM Index gained 0.2% to close at 4,118.6. The Consumer
Staples index rose 2.4%, while the Telecommunication index gained 0.6%.
National Industries Group rose 12.1%, while Al Mazaya Holding was up 6.7%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,650.7. The
Telecommunication index gained 3.1%, while the Consumer index rose 1.1%.
Foodco Holding gained 8.1%, while Abu Dhabi Ship Building Co. was up 5.6%.
Kuwait: The KSE Index fell 0.7% to close at 6,332.3. The Real Estate index
declined 2.2%, while the Technology index fell 1.6%. Kuwait Medical Services
Co. plunged 24.4%, while Warba Insurance Co. was down 8.3%.
Oman: The MSM Index declined 0.3% to close at 6,383.4. Losses were led by
the Financial and Industrial indices, falling 0.7% and 0.2%, respectively. United
Power fell 3.5%, while Al Batinah Dev. Inv. Holding was down 3.1%.
Bahrain: The BHB Index fell marginally to close at 1,379.7. The Industrial
index declined 0.8%, while the Services index fell 0.4%. Esterad Investment
Co. declined 3.8%, while Al Salam Bank – Bahrain was down 2.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Industrial Manufacturing Co. 46.70 1.5 0.1 7.7
Barwa Real Estate Co. 51.00 1.4 1,643.4 21.7
National Leasing 21.14 1.4 219.9 5.7
Al Khalij Commercial Bank 22.00 1.4 192.6 (0.2)
Islamic Holding Group 141.00 1.4 307.9 13.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 20.41 (3.0) 4,844.9 36.8
Barwa Real Estate Co. 51.00 1.4 1,643.4 21.7
Masraf Al Rayan 45.80 (0.5) 1,391.0 3.6
Vodafone Qatar 17.88 0.1 722.6 8.7
Qatar German Co for Medical Dev. 18.00 (0.9) 713.2 77.3
Market Indicators 21 May 15 20 May 15 %Chg.
Value Traded (QR mn) 566.8 497.1 14.0
Exch. Market Cap. (QR mn) 661,974.0 664,894.9 (0.4)
Volume (mn) 13.9 15.7 (11.7)
Number of Transactions 6,142 6,273 (2.1)
Companies Traded 42 41 2.4
Market Breadth 15:22 24:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,337.83 (0.6) (0.6) 5.5 N/A
All Share Index 3,317.40 (0.5) (0.5) 5.3 14.0
Banks 3,229.60 (0.5) (0.8) 0.8 14.6
Industrials 3,975.54 (0.1) (1.2) (1.6) 14.0
Transportation 2,465.69 (0.5) (0.8) 6.3 13.6
Real Estate 2,954.15 (1.6) 1.9 31.6 10.4
Insurance 4,776.70 0.7 (1.0) 20.7 22.0
Telecoms 1,291.85 0.0 (1.1) (13.0) 25.5
Consumer 7,392.12 (0.4) (1.6) 7.0 28.7
Al Rayan Islamic Index 4,752.59 (0.5) 0.0 15.9 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
National Shipping Co. Saudi Arabia 53.49 6.1 3,787.2 57.4
Emirates Tele. Corp. Abu Dhabi 11.75 3.1 2,382.6 18.0
Zamil Ind. Investment Saudi Arabia 64.50 2.7 389.4 37.2
Mouwasat Med. Ser. Saudi Arabia 138.89 2.1 28.6 12.5
Qurain Petrochem. Ind. Kuwait 0.20 2.0 477.7 0.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Industries Group Kuwait 0.18 (5.3) 1,543.9 (5.3)
Gulf Cable & Ele. Ind Kuwait 0.56 (5.1) 0.2 (18.8)
Ezdan Holding Group Qatar 20.41 (3.0) 4,844.9 36.8
Saudi Airlines Catering Saudi Arabia 167.22 (2.9) 702.4 (10.1)
Nat. Mobile Telecomm. Kuwait 1.36 (2.9) 110.5 (2.9)
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%
Ezdan Holding Group 20.41 (3.0) 4,844.9 36.8
Gulf International Services 78.90 (2.7) 678.2 (18.7)
Zad Holding Co. 99.60 (1.9) 0.1 18.6
Al Meera Consumer Goods Co. 246.30 (1.4) 9.5 23.2
Qatar Islamic Bank 105.20 (1.2) 12.4 2.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 20.41 (3.0) 100,838.5 36.8
Barwa Real Estate Co. 51.00 1.4 84,019.6 21.7
Masraf Al Rayan 45.80 (0.5) 63,967.2 3.6
Gulf International Services 78.90 (2.7) 53,968.3 (18.7)
Islamic Holding Group 141.00 1.4 43,624.0 13.3
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* 12,443.49 (0.6) (0.6) 2.3 1.3 155.73 181,844.2 13.1 2.0 4.1
Dubai 4,118.60 0.2 1.1 (2.6) 9.1 114.39 100,443.8 9.5 1.5 5.3
Abu Dhabi 4,650.66 0.4 0.4 0.1 2.7 41.74 125,798.5 11.7 1.5 4.8
Saudi Arabia 9,768.09 0.4 0.4 (0.7) 17.2 3,272.06 574,018.4 20.4 2.3 2.7
Kuwait 6,332.27 (0.7) (0.4) (0.7) (3.1) 49.82 96,193.9 16.6 1.1 4.2
Oman 6,383.35 (0.3) 0.3 1.0 0.6 15.17 24,362.6 9.2 1.4 4.1
Bahrain 1,379.68 (0.0) (0.9) (0.8) (3.3) 1.36 21,574.8 8.9 1.0 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,400
12,450
12,500
12,550
12,600
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 0.6% to close at 12,443.5. The Real
Estate and Transportation indices led the losses. The index fell
on the back of selling pressure from Qatari and GCC
shareholders despite buying support from non-Qatari
shareholders.
 Ezdan Holding Group and Gulf International Services were the
top losers, falling 3.0% and 2.7%, respectively. Among the top
gainers Qatar Industrial Manufacturing Co. rose 1.5%, while
Barwa Real Estate Co. was up 1.4%.
 Volume of shares traded on Thursday fell by 11.7% to 13.9mn
from 15.7mn on Wednesday. However, as compared to the 30-
day moving average of 12.3mn, volume for the day was 13.0%
higher. Ezdan Holding Group and Barwa Real Estate Co. were
the most active stocks, contributing 34.9% and 11.8% 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) 1Q2015
% Change
YoY
Operating Profit
(mn) 1Q2015
% Change
YoY
Net Profit (mn)
1Q2015
% Change
YoY
International Financial
Advisors (IFA)
Dubai KD 4.6 -14.1% – – -3.1 –
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/21 US Markit Markit US Manufacturing PMI May 53.8 54.5 54.1
05/21 US Bloomberg Bloomberg Consumer Comfort 17-May 42.4 – 43.5
05/21 US Bloomberg Bloomberg Economic Expectations May 44.0 – 50.0
05/22 US Bureau of Labor Stat. CPI MoM April 0.10% 0.10% 0.20%
05/22 US Bureau of Labor Stat. CPI YoY April -0.20% -0.20% -0.10%
05/21 EU Markit Markit Eurozone Manufacturing PMI May 52.3 51.8 52.0
05/21 EU Markit Markit Eurozone Services PMI May 53.3 53.9 54.1
05/21 EU Markit Markit Eurozone Composite PMI May 53.4 53.9 53.9
05/21 EU European Central Bank ECB Current Account SA March 18.6B 26.0B 27.3B
05/21 EU European Central Bank Current Account NSA March 24.9B – 14.7B
05/21 EU European Commission Consumer Confidence Maych -5.5 -4.8 -4.6
05/21 France Markit Markit France Manufacturing PMI May 49.3 48.5 48.0
05/21 France Markit Markit France Services PMI May 51.6 51.9 51.4
05/21 France Markit Markit France Composite PMI May 51.0 51.0 50.6
05/22 France INSEE Business Confidence May 97.0 97.0 96.0
05/22 France INSEE Manufacturing Confidence May 103.0 101.0 102.0
05/22 France INSEE Production Outlook Indicator May -1.0 – 2.0
05/21 Germany Markit BME Germany Manufacturing PMI May 51.4 52.0 52.1
05/21 Germany Markit Markit Germany Services PMI May 52.9 53.9 54
05/22 Germany Destatis Private Consumption QoQ 1Q2015 0.60% 0.60% 0.70%
05/22 Germany Destatis Government Spending QoQ 1Q2015 0.70% 0.20% 0.30%
05/22 Germany Destatis Capital Investment QoQ 1Q2015 1.50% 0.80% 0.80%
05/22 Germany Destatis Exports QoQ 1Q2015 0.80% 0.50% 1.00%
05/22 Germany Destatis Imports QoQ 1Q2015 1.50% 1.60% 1.90%
05/21 UK CBI CBI Trends Total Orders May -5.0 3.0 1.0
05/21 UK CBI CBI Trends Selling Prices May 2.0 – -3.0
05/22 UK ONS Public Finances (PSNCR) Apr -4.0B – 21.6B
05/22 Italy ISTAT Industrial Orders MoM March -0.30% 0.70% 0.80%
05/22 Italy ISTAT Industrial Sales MoM March 1.30% – 0.40%
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 57.99% 71.04% (73,987,558.95)
GCC 3.47% 4.87% (7,936,801.91)
Non-Qatari 38.54% 24.09% 81,924,360.86

3. Page 3 of 6
News
Qatar
 Online system to assess work of state contractors soon –
Qatar is developing a unified online system to continuously
assess the performance of contractors doing government
projects worth QR40mn and above. The system is being
developed for a contractors’ grading panel at the Central
Tenders Committee of the Ministry of Finance. The proposed
online evaluation system will be unified for all government
departments and agencies, including the ministries that award
state projects to contractors. (Peninsula Qatar)
 SAK Holding launches initiative to boost real estate sector
– SAK Holding Group has announced that its subsidiary SAK
Partnerships Company will join hands with investors and land
owners as part of a key initiative named "Partner with us", which
is aimed at developing Qatar's real estate sector. SAK Holding
Group Chairman Sheikh Thani bin Abdulla Al-Thani said that
SAK is ready to share in building and developing all kinds of
first-rate land and property in the country to help investors meet
their objectives and get attractive returns, as well as increase
the readiness of Qatar’s real estate sector. He stated that
besides landlords and property owners, “Partner with us” is also
open to real estate investors, owners of ailing projects, and
other prospective partners. SAK Partnerships Company General
Manager, Adel Hassan M Saeed said that there are currently six
projects in the residential and hotel sector under the “Partner
with us” initiative. (Gulf-Times.com)
 Medical Commission to soon open new unit at Mesaimeer –
The Medical Commission will soon open a new unit at
Mesaimeer area for workers. The new unit, which could receive
500 visitors a day, is part of the cooperation between the
Medical Commission Department and Qatar Red Crescent.
(Gulf-Times.com)
 Jumbo Electronics plans major expansion – Video Home &
Jumbo Electronics is expecting to reach a turnover of QR1bn by
2016 as compared to QR65mn turnover recorded in 2000.
Thereafter the company seeks to achieve a constant compound
annual growth rate (CAGR) of around 10% till 2020. The
company’s expansion plans include opening new showrooms
exclusively for LG’s high-end range of products as well as a
second showroom of the group’s subsidiary company, Spark
Lifestyle Electronics, at an upcoming mall. Jumbo Electronics
also plans to set up a full-fledged facility management division
and build major IT hardware & software solutions as well as
management solutions. The company also plans to add three
more satellite service centers with an outlet for spare parts
distribution in Al Furjan neighborhood shopping complexes at
Um Al Saneem, Rawdat Al Gadeem and Rawdat Al Hamama,
issuing 10,000 new Jumbo Digits Loyalty Cards and expanding
the MEP division. Moreover, Jumbo Electronics has also
commenced a real estate division and has an investment budget
of around QR500mn for the next few years in real estate
development, buying, leasing and sales. (Gulf-Times.com)
 QA seeks more Doha-Manila flights – Qatar and Philippines
are set to hold bilateral air talks on May 27 and 28 in Doha, after
Qatar Airways (QA) requested for 13 additional weekly flights to
the NinoyAquino International Airport in Manila from Doha’s
Hamad International Airport. Once granted, the request would
boost the services of the Qatari airline to 21 Doha-Manila flights
a week, the highest frequency of flights offered by any Middle
Eastern airline to the Philippine capital. (Bloomberg)
International
 US core inflation inches toward Fed’s goal – The cost of
living in US, excluding what households pay for food and fuel,
climbed more than forecasted in April, indicating inflation is
gravitating toward the Federal Reserve’s goal. The Labor
Department report showed that the core consumer-price index
rose 0.3% MoM, the biggest gain since January 2013 and
reflecting broad-based increases. Prices rose 1.8% YoY, the
same as in March 2015. Including food and fuel, the gauge was
up a more moderate 0.1% as prices fell at grocery stores and
gas stations. Costs may continue to firm as fuel expenses
rebound, apartment rents climb and healthcare services become
more expensive. Such price pressures should help Fed policy
makers gain confidence in their forecast that inflation will move
toward a 2% goal as they consider their first interest-rate rise
since 2006. (Bloomberg)
 German business confidence declines as Greece
uncertainty remains – German business confidence fell for the
first time in seven months in May, signaling caution over the
growth outlook for Europe’s largest economy. The Ifo institute’s
business climate index dropped to 108.5 from 108.6 in April.
Ifo’s measure of current conditions climbed to 114.3 in May from
a revised 114 in April. A gauge of expectations fell to 103 from
103.4. The Bundesbank has predicted that German expansion
will continue in the coming months as record-low unemployment
supports consumer spending. At the same time, risks remain,
notably from uncertainty over Greece, where the government
might run out of cash and precipitate a regional crisis that could
hurt German businesses. (Bloomberg)
 China-backed AIIB expects to be operational by 2015-end –
The China-backed Asia Infrastructure Investment Bank (AIIB)
said that it expects to be operational by the end of 2015. China
is likely to hold a 25-30% stake in the new investment bank,
while India will be the second-biggest shareholder. Overall,
Asian countries are expected to own between 72-75% of the
bank, while European and other nations will own the rest. A total
of 57 countries have joined AIIB as its prospective founding
members, throwing together countries as diverse as Iran, Israel,
Britain and Laos. The US and Japan have stayed out of the
institution, which is seen as a rival to the US-dominated World
Bank and Japan-led Asian Development Bank, citing concerns
about transparency and governance. (Reuters)
 Brazil sheds job in April, announces spending freeze –
Brazil unexpectedly lost jobs in April for the first time on record
as the economy heads toward the deepest recession in 25
years. The report published by the Labor Ministry showed that
the economy shed 97,828 formal job posts. Meanwhile, the
government has announced freezing $22.6bn in spending from
the 2015 budget and said it would raise taxes on profits at
banks, brokerages and credit-card processors to 20% from 15%
as it steps up efforts to shrink a widening budget gap. President
Dilma Rousseff is trying to rein in the largest budget gap in 16
years that threatens Brazil’s investment grade. (Bloomberg)
 South Africa warns of higher rate as inflation risks rise –
South Africa’s central bank gave its strongest indication yet that
it will raise interest rates in coming months as higher energy
costs and a weaker rand threaten the inflation target. While the
Monetary Policy Committee agreed to keep the benchmark
repurchase rate unchanged at 5.75% on May 21, two of the six
members favored an increase of 25 basis points. The central
bank Governor, Lesetja Kganyago informed that the policy
makers have kept borrowing costs unchanged since July 2014
to help support the economy that has been hit by strikes and
power cuts. Inflation risks are rising, though, with the rand likely
to come under more pressure as the US Federal Reserve

4. Page 4 of 6
tightens monetary policy and South Africa’s state-owned power
utility pushes to raise tariffs. Inflation quickened to 4.5% in April
from 4% in March, remaining within the bank’s 3-6% target band
for the eighth month. (Bloomberg)
Regional
 Gartner: MENA to spend $11.97bn on IT products and
services in 2015 – According to Gartner, governments in the
Middle East and North Africa (MENA) will spend $11.97bn on IT
products and services in 2015, reflecting an increase of 0.4%
YoY. This forecast includes spending on internal services,
software, IT services, data center, devices and telecom
services. Telecom services, which include fixed and mobile
telecom services, will be the largest overall spending category
throughout the forecasted period within the government sector.
It is expected to be $5.2bn in 2015, led by growth in mobile
network services. The software segment includes enterprise
resource planning (ERP), supply chain management (SCM),
customer relationship management (CRM), enterprise
application software, infrastructure software and vertical specific
software. Software spending will grow 6.7% YoY to reach
$1.2bn in 2015. The software spending will be led by growth in
the ERP, SCM, CRM and enterprise application software which
includes office suites & content, communications and
collaboration amongst others. (GulfBase.com)
 ATMC secures SAMA temporary approval for insurance
products – Alinma Tokio Marine Company (ATMC) has
obtained the Saudi Arabian Monetary Agency’s (SAMA)
temporary approval for use of insurance products for six months
starting from May 21, 2015. (Tadawul)
 Al Alamiya obtains SAMA final approval for insurance
product – Al Alamiya for Cooperative Insurance Company has
obtained the Saudi Arabian Monetary Agency’s (SAMA) final
approval for Medical Malpractice Insurance product. (Tadawul)
 SAMA: Saudi Arabian mutual fund industry maintains
largest position in MENA – According to a report released by
the Saudi Arabian Monetary Agency (SAMA), Saudi Arabia’s
mutual fund industry has maintained the largest position in
Middle East North Africa (MENA) region in terms of asset under
management. The industry has shown a remarkable growth of
assets under management over the past couple of years. But
the number of subscribers reduced to 242,802 subscribers by
1Q2015-end, the lowest in 10 years, showing a decrease of
5.3% on a YoY basis. As per the report, the reason for the
decline is direct access to the traders and investors for trading in
local as well as in international stocks and commodities.
However, mutual funds offer a number of advantages to
investors in comparison to equity investments e.g.
diversification, portfolios under professional management, lower
entry level, economies of scale and minimization of losses.
(GulfBase.com)
 Bonki Rushdi Tojikiston signs deal with ICD – Bonki Rushdi
Tojikiston has signed an advisory services agreement with the
Islamic Corporation for the Development of the Private Sector
(ICD), the private sector arm of the Islamic Development Bank
Group (IDB) in order to process and support its conversion to full
Shari’ah-compliant operations. The agreement is designed to
develop an advisory process to effectively deliver full conversion
by also identifying challenges and addressing impediments. The
ICD will dedicate seven key teams across the full conversion
process in areas of project management, Shari’ah-compliance,
treasury, accounting, human resources, information technology,
marketing and legal framework. (GulfBase.com)
 Borouge Phase III expansion to reach full capacity by 2016
– UAE-based petrochemical firm Borouge said that the third
phase of expansion, which is set to raise its annual production
capacity to 4.5mn tons of polyolefins, would be fully operational
by 2016. The company said that its average production is
expected to be 3.5mn tons in 2015. Borouge owned by Abu
Dhabi National Oil Company and Borealis, an arm of Austria’s
OMV, is also expanding its compounds-manufacturing plant in
Shanghai, which makes products for the automotive industry.
(GulfBase.com)
 Amlak to resume trading on DFM on June 2 – Amlak
Finance’s board of directors has endorsed June 2, 2015 as the
date for the company’s shares to restart trading on the Dubai
Financial Market (DFM), subsequent to receiving approval from
the relevant regulatory authorities. The company has elected Ali
Ibrahim Mohamed as Board Chairman and Essamuddin Hussain
Galadari as Vice Chairman, while Arif Abdulla Alharmi has been
appointed as Managing Director. (DFM)
 Amanat buys stake in Al Noor Hospitals – Amanat Holdings
has purchased a stake in the UAE’s Al Noor Hospitals Group
from Deutsche Bank for AED250mn. The stake, reaching to
4.8mn shares or 4.14% was executed through an off-market
transaction. Al Noor is a FTSE 250-listed company on the
London Stock Exchange (LSE) and provides primary, secondary
and tertiary care services through its portfolio of UAE-wide
hospitals and medical centers in the UAE. (DFM)
 TAQA looking to raise $3.5bn five-year loan – According to
sources, Abu Dhabi National Energy Company (TAQA) is
looking to raise a $3.5bn five-year loan as it seeks to
consolidate its existing debts into one facility with a lower rate of
interest. The sources said that TAQA is looking for a facility of
five years duration and is working with Bank of Tokyo-Mitsubishi
and National Bank of Abu Dhabi for the same. As per the
sources, among the existing debts which TAQA could refinance
using the new facility is a $2.bn loan which is set to mature in
December 2015, while it has a $1bn bond which it could also set
aside cash for ahead of its maturity in October 2016.
(GulfBase.com)
 ADCO awards $334mn contract to develop Mender field –
Abu Dhabi Company for Onshore Petroleum Operations
(ADCO) has awarded the engineering, procurement &
construction (EPC) contract worth $334mn for the development
of the Mender field to China Petroleum Engineering &
Construction Corporation (CPECC). The Mender field project,
with a production capacity of about 20,000 barrels per day (bpd),
will boost ADCO’s daily crude production from 1.6mn bpd to
1.8mn bpd by 2017. The contract covers the construction of
gathering stations, pipelines and power transmission lines, as
well as sewage systems. (GulfBase.com)
 JAG approves KD20mn special dividend – Jazeera Airways
Group’s (JAG) annual general meeting (AGM) has approved the
cash distribution of KD20mn as special dividend for 2014.
Additionally, JAG’s BoD has recommended the distribution of an
additional KD30mn in cash in 2015, subject to shareholders’
approval, in the form of shareholder pay outs as part of a share
buyback scheme targeted to readjust the company’s capital in
line with the size of its current operations. (GulfBase.com)
 ABK to acquire 98.5% stake in PBE for $150mn – Al Ahli
Bank of Kuwait (ABK) will pay $150mn cash for a 98.5% stake in
Piraeus Bank's Egyptian unit. The purchase, struck at 1.5-times
Piraeus Bank Egypt's (PBE) book value at the end of 2014, still
requires regulatory approval in Egypt, Greece and Kuwait, as
well as approval from the Hellenic Financial Stability Fund. In
addition, ABK will also acquire at par value loans worth $26mn

5. Page 5 of 6
from Piraeus Bank, which are related to its Egyptian operations.
This acquisition will allow ABK to expand beyond highly
competitive domestic markets and increase its profitability.
(Reuters)
 NBO to bid for UFC – National Bank of Oman (NBO) has
confirmed its interest to participate in a merger and acquisition
bidding process with United Finance Company (UFC).
 Sohar Power’s technical problems to affect earnings –
Sohar Power Company said that its water desalination plant,
which had faced some operational issues in early April 2015, will
be brought back to full capacity by June 20, 2015. The repair
activities for resolving the problem have been started. The
company said that it faced two technical problems – one due to
bursting of a sea water pipeline belonging to Orpic refinery on
May 3, 2015 and the other one due to operational issues at
Sohar power and water desalination plant on April 2, 2015. The
financial impact related to these operational issues is expected
to vary between OMR0.7mn and OMR1.4mn, depending on the
outcome of actions undertaken by the company to mitigate such
impact. (MSM)
 Raeco proposes four solar power projects – Rural Areas
Electricity Company (Raeco) has proposed four solar power
projects as pilot ventures in a move to efficiently utilize
renewable energy, which will reduce use of fossil fuels. These
four pilot projects are planned in Ibri (2,000 kilowatt), Sharqiya
(2,000 kilowatt), Mudhaibi (2,000 kilowatt) and Dhofar (500
kilowatt). The project will help prove the feasibility of wind
technology for Oman and address energy sustainability issues.
(GulfBase.com)
 Salalah LPG plant likely to start production in 2019 – Salalah
LPG Extraction Project, which is to extract all propane, butane
and condensate associated with the natural gas pipeline from
Salalah area, is likely to start actual production run in 2019. The
project is the result of Oman Gas Company’s (OGC) efforts to
find ways to optimize the added value of the gas chain.
(GulfBase.com)
 ORPIC borrows OMR350mn from local, Gulf banks – Oman
Oil Refineries & Petroleum Industries Company (ORPIC) has
secured a OMR350mn ten-year loan from local and regional
banks, part of which will be used to fund expansion projects.
The syndicated loan was arranged by Bank Muscat, while the
consortium included Bank Dhofar, National Bank of Oman, Bank
Sohar, the local operation of QNB Group and other banks. Orpic
CFO Nazar Al-Lawati said that the company will use the funds to
‘meet general corporate requirements as well as for certain
current projects. (MSM)
 ABC finances OBALC purchase of aircrafts – Gulf Daily
News (GDN) reported that Bahrain-based Arab Banking
Corporation (ABC) has provided a financing facility to Oman
Brunei Aviation Leasing Company (OBALC). The facility is for
the purchase of two new B737-900ER aircraft leased to Oman
Air. (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
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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
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
QSE Index S&P Pan Arab S&P GCC
0.4%
(0.6%)
(0.7%)
(0.0%)
(0.3%)
0.4%
0.2%
(0.9%)
(0.6%)
(0.3%)
0.0%
0.3%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,206.34 (0.3) (1.4) 1.8 MSCI World Index 1,810.84 0.4 0.2 5.9
Silver/Ounce 17.16 0.2 (1.9) 9.3 DJ Industrial 18,285.74 0.0 0.1 2.6
Crude Oil (Brent)/Barrel (FM
Future)
66.54 2.3 (0.4) 16.1 S&P 500 2,130.82 0.2 0.4 3.5
Crude Oil (WTI)/Barrel (FM
Future)
60.72 3.0 1.7 14.0 NASDAQ 100 5,090.79 0.4 0.8 7.5
Natural Gas (Henry
Hub)/MMBtu
2.93 (1.8) (0.9) (2.1) STOXX 600 407.87 0.7 0.2 9.5
LPG Propane (Arab Gulf)/Ton 44.25 (1.7) (7.6) (9.7) DAX 11,864.59 0.4 0.9 10.8
LPG Butane (Arab Gulf)/Ton 58.25 (0.9) 0.6 (11.1) FTSE 100 7,013.47 0.9 0.2 7.5
Euro 1.11 0.2 (3.0) (8.2) CAC 40 5,146.70 0.6 0.4 10.8
Yen 121.04 (0.3) 1.5 1.1 Nikkei 20,202.87 0.2 1.0 14.2
GBP 1.57 0.8 (0.4) 0.5 MSCI EM 1,032.70 (0.3) (1.0) 8.0
CHF 1.07 0.0 (2.2) 6.1 SHANGHAI SE Composite 4,529.42 2.0 5.3 40.3
AUD 0.79 0.3 (1.7) (3.4) HANG SENG 27,523.72 (0.2) (1.1) 16.6
USD Index 95.26 (0.2) 2.3 5.5 BSE SENSEX 27,809.35 0.2 1.5 0.7
RUB 49.98 0.4 0.9 (17.7) Bovespa 55,112.05 0.2 (5.3) (3.9)
BRL 0.33 (1.2) (1.4) (12.8) RTS 1,047.47 1.5 (2.5) 32.5
178.8
143.6
130.0