1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.5% to close at 11,977.4. Gains were led by the
Consumer Goods & Services and Banks & Financial Services indices, rising
1.7% and 1.1%, respectively. Top gainers were Medicare Group and Al Khalij
Commercial Bank, rising 5.0% and 4.7%, respectively. Among the top losers,
Gulf Warehousing Co. fell 2.1%, while Qatar Navigation was down 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 9,558.9. Losses were led
by the Telecomm. & IT and Energy & Utilities indices, falling 3.0% and 2.3%,
respectively. Etihad Etisalat declined 7.2%, while Alujain was down 5.2%.
Dubai: The DFM Index gained 0.7% to close at 4,123.0. The Financial & Inv.
Services index rose 2.2%, while the Telecommunication index gained 0.8%.
Union Properties rose 10.7%, while Gulf General Investment was up 8.7%.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,679.1. The
Services index gained 3.5%, while the Real Estate index rose 3.2%. RAKWCT
surged 14.5%, while National Corp for Tourism and Hotels was up 13.9%.
Kuwait: The KSE Index declined 0.7% to close at 6,308.6. The Technology
index fell 2.7%, while the Telecommunication index declined 1.6%. Future
Communications Global fell 11.6%, while Kuwait Med. Serv. was down 9.1%.
Oman: The MSM Index rose 0.1% to close at 6,329.9. The Industrial index
gained 0.1%, while the Financial index rose marginally. Takaful Oman
Insurance gained 2.9%, while Oman Investment & Finance was up 2.6%.
Bahrain: The BHB Index gained 0.2% to close at 1,395.2. The Commercial
Bank index rose 0.5%, while the Industrial index gained 0.4%. Al Salam Bank
– Bahrain and Al-Ahli United Bank were up 0.7% each.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Medicare Group 168.00 5.0 121.5 43.6
Al Khalij Commercial Bank 20.99 4.7 313.3 (4.8)
Doha Insurance Co. 26.30 3.3 5.9 (9.3)
Doha Bank 54.20 3.0 847.0 (4.9)
National Leasing 22.12 2.6 1,030.0 10.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
National Leasing 22.12 2.6 1,030.0 10.6
Ezdan Holding Group 16.88 0.9 941.0 13.1
Doha Bank 54.20 3.0 847.0 (4.9)
Salam International Investment Co. 13.59 1.6 733.3 (14.3)
Barwa Real Estate Co. 48.45 0.9 531.9 15.6
Market Indicators 21 Apr 15 20 Apr 15 %Chg.
Value Traded (QR mn) 368.4 323.9 13.7
Exch. Market Cap. (QR mn) 643,782.7 639,505.7 0.7
Volume (mn) 8.9 7.0 26.1
Number of Transactions 5,525 4,662 18.5
Companies Traded 42 42 0.0
Market Breadth 28:12 19:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,611.86 0.5 (0.0) 1.6 N/A
All Share Index 3,202.35 0.6 0.2 1.6 14.6
Banks 3,215.44 1.1 0.7 0.4 14.4
Industrials 3,932.32 0.2 (0.6) (2.7) 13.8
Transportation 2,435.76 (0.8) 0.2 5.1 13.6
Real Estate 2,569.30 0.8 0.2 14.5 14.6
Insurance 4,117.25 (0.0) 0.5 4.0 18.9
Telecoms 1,333.86 (0.2) (1.2) (10.2) 21.8
Consumer 7,228.70 1.7 0.7 4.7 27.7
Al Rayan Islamic Index 4,524.86 0.6 0.1 10.3 16.5
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Deyaar Development Dubai 0.88 6.7 296,352.4 2.9
Saudi Print. & Pack. Co Saudi Arabia 20.39 6.5 1,036.6 9.0
City Cement Co. Saudi Arabia 25.74 6.1 3,842.8 13.1
G.I. Shaker Co. Saudi Arabia 86.79 5.4 973.7 45.1
Al Khalij Comm. Bank Qatar 20.99 4.7 313.3 (4.8)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Etihad Etisalat Saudi Arabia 37.94 (7.2) 35,031.2 (13.6)
Saudi Public Transport Saudi Arabia 29.89 (5.0) 4,843.3 24.5
Solidarity Saudi Takaful Saudi Arabia 16.20 (5.0) 4,215.4 (18.6)
Saudi Airlines Catering Saudi Arabia 182.74 (3.4) 114.5 (1.7)
Med. & Gulf. Ins. Saudi Arabia 61.73 (3.2) 2,177.0 23.3
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 Warehousing Co. 66.50 (2.1) 166.2 17.9
Qatar Navigation 98.00 (1.5) 21.7 (1.5)
Gulf International Services 86.80 (1.4) 398.4 (10.6)
Islamic Holding Group 113.90 (1.0) 40.0 (8.5)
Qatar General Insur. & Reins. Co. 55.00 (0.7) 5.3 7.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Doha Bank 54.20 3.0 45,266.0 (4.9)
Gulf International Services 86.80 (1.4) 34,992.3 (10.6)
QNB Group 190.50 1.2 27,759.7 (10.5)
Barwa Real Estate Co. 48.45 0.9 25,655.0 15.6
National Leasing 22.12 2.6 22,576.9 10.6
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* 11,977.35 0.5 (0.0) 2.3 (2.5) 101.19 176,782.7 14.0 1.9 4.2
Dubai 4,122.95 0.7 1.1 17.3 9.2 717.13 99,286.6 9.4 1.6 5.1
Abu Dhabi 4,679.13 0.5 0.5 4.7 3.3 178.09 126,363.4 11.9 1.4 4.7
Saudi Arabia 9,558.89 (0.3) 3.3 8.9 14.7 2,671.05 554,080.1 19.7 2.3 2.8
Kuwait 6,308.56 (0.7) 0.2 0.4 (3.5) 71.80 96,017.8 17.1 1.1 4.0
Oman 6,329.93 0.1 0.9 1.5 (0.2) 15.49 24,198.6 10.2 1.4 4.4
Bahrain 1,395.24 0.2 0.1 (3.8) (2.2) 0.92 21,817.5 9.2 0.9 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)
11,900
11,920
11,940
11,960
11,980
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 rose 0.5% to close at 11,977.4. The Consumer
Goods & Services and Banks & Financial Services indices led
the gains. The index rose on the back of buying support from
non-Qatari shareholders despite selling pressure from Qatari and
GCC shareholders.
 Medicare Group and Al Khalij Commercial Bank were the top
gainers, rising 5.0% and 4.7%, respectively. Among the top
losers, Gulf Warehousing Co. fell 2.1%, while Qatar Navigation
was down 1.5%.
 Volume of shares traded on Tuesday rose by 26.1% to 8.9mn
from 7.0mn on Monday. Further, as compared to the 30-day
moving average of 8.1mn, volume for the day was 9.6% higher.
National Leasing and Ezdan Holding Group were the most active
stocks, contributing 11.6% and 10.6% 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
Kingdom Holding Co.
(Kingdom)
Saudi Arabia SR – – 250.2 -0.1% 139.4 10.3%
Mobile Telecommunications
Company Saudi Arabia
(ZAIN KSA)
Saudi Arabia SR – – -59.0 NA -257.0 NA
Tihama Advertising & Public
Relations Co. (TAPRCO)
Saudi Arabia SR – – 2.5 NA 1.6 NA
Abdullah Al Othaim Markets
Co. (A.Othaim Market)
Saudi Arabia SR – – 42.3 -1.0% 48.9 5.2%
Saudi Fisheries Co. (SFICO) Saudi Arabia SR – – -9.0 NA -11.0 NA
Al-Ahlia Insurance Co. (Al-
Ahlia)
Saudi Arabia SR 60.2 -29.1% – – 0.5 6.4%
Saudi Paper Manufacturing
Co. (SPM)
Saudi Arabia SR – – 15.3 -5.6% 4.9 -40.2%
Saudia Dairy and Foodstuff.
Co. (SADAFCO)
Saudi Arabia SR – – 33.9 -37.0% 29.4 -44.9%
Arabian Pipes Co. (APC) Saudi Arabia SR – – 0.4 NA -6.3 NA
Qassim Agriculture Co.
(GACO)
Saudi Arabia SR – – -2.8 NA -3.0 NA
Saudi Industrial Services Co.
(SISCO)
Saudi Arabia SR – – 35.9 32.8% 18.5 49.3%
Etihad Etisalat Co. (Mobily) Saudi Arabia SR – – -104.0 NA -199.0 NA
Arabian Aramco Total
Services Co. (SATROP)
Saudi Arabia SR – – 662.7 NA 472.4 NA
Saudi Electricity Co. (Saudi
Electric.)
Saudi Arabia SR – – -1,402.0 NA -1,940.0 NA
Amana Cooperative
Insurance Co. (Amana
Insurance)
Saudi Arabia SR 35.6 -62.7% – – -25.9 NA
Al Jouf Cement Co. (Jouf
Cement)
Saudi Arabia SR – – 28.3 55.8% 25.8 71.6%
The Mediterranean and Gulf
Insurance and Reinsurance
Co. (MEDGULF)
Saudi Arabia SR 1,299.6 44.1% – – -52.4 NA
Solidarity Saudi Takaful Co.
(Solidarity)
Saudi Arabia SR 69.2 77.5% – – -64.0 NA
Al-Baha Investment and
Development Co. (Al-baha)
Saudi Arabia SR – – – – 0.0 NA
Saudi Cable Co. (SCC) Saudi Arabia SR – – -15.8 NA -7.9 NA
Al-Babtain Power
&Telecommunication Co.
(Al-Babtain)
Saudi Arabia SR – – 31.5 25.0% 26.3 18.5%
Middle East Specialized
Cables Co. (MESC)
Saudi Arabia SR – – 3.0 NA -3.0 NA
Takween Advanced
Industries
Saudi Arabia SR – – -21.4 NA -15.5 NA
Mohammad Al Mojil Group
Co. (MMG)
Saudi Arabia SR – – -105.1 NA -110.5 NA
Orient Insurance Dubai AED 147.9 19.5% 61.1 30.9% 117.8 8.6%
Aramex Dubai AED 930.0 9.2% – – 86.6 10.0%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 56.87% 57.57% (2,594,026.04)
GCC 8.32% 11.51% (11,744,261.29)
Non-Qatari 34.81% 30.92% 14,338,287.33

3. Page 3 of 6
Abu Dhabi National Energy
Co. (TAQA)
Abu Dhbai AED 27,325.0 6.1% – – -2,289.0 NA
Hotels Management
Company International
Oman OMR – – – – 1.3 -5.0%
Oman Fiber Optic Co. (OFO) Oman OMR 4.3 -23.7% – – 0.2 -29.9%
Salalah Mills Co. (SMC) Oman OMR 16.3 -1.1% – – 1.3 -29.8%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/21 EU Eurostat Govt Debt/GDP Ratio 6-July 91.90% – 90.90%
04/21 EU ZEW ZEW Survey Expectations April 64.8 – 62.4
04/21 Germany ZEW ZEW Survey Current Situation April 70.2 56.5 55.1
04/21 Germany ZEW ZEW Survey Expectations April 53.3 55.3 54.8
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QATI reports 33.6% QoQ surge in 1Q2015 net profit – Qatar
Insurance Company (QATI) posted a net profit of QR296.62mn
in 1Q2015, in-line with our estimate of QR302mn (variation of
1.7%). Conversely, the profit was down 11.7% on YoY basis,
despite net earned premiums and net underwriting results
registering a growth of 25.4% and 10.9% YoY to QR1,017.8mn
and QR247.6mn, respectively. However, the 21.7% YoY drop
recorded in investment income to QR178.7mn primarily resulted
in YoY profit decline. The EPS amounted to QR1.61 in 1Q2015
as compared to QR1.82 in 1Q2014. (QSE)
 QIIK reports net profit of QR212mn in 1Q2015 – Qatar
International Islamic Bank (QIIK) reported a net profit of
QR212.3mn (+5.7% and +4.0 QoQ and YoY, respectively) in
1Q2015, in-line with our estimate of QR212.3mn. The primary
driver of growth was the reversal of provisions. The bank’s total
loans grew by 6.1% YTD to QR23.2bn, while deposits dropped
by 5.5% YTD to QR25.2bn. Thus, the LDR was lifted to 92% vs.
82% at the end of 2014. QIIK’s NPL ratio decreased to 0.96%
vs. 0.98% at the end of 2014. The bank’s cost to income ratio
remained unchanged YoY at 23.1% (4Q2014: 31.9%). QIIK’s
capital adequacy under Basel III reached 18.49%. (QNBFS
Research, Company Financials)
 QEWS posts QR346mn net income in 1Q2015 – Qatar
Electricity & Water Company (QEWS) revealed a net profit of
QR346mn in 1Q2015 as compared to QR299mn in 1Q2014.
The EPS stood at QR3.15 in 1Q2015 versus QR2.69 in 1Q2014.
(QSE)
 MPHC’s net profit plunges 74.9% YoY to QR116.2mn in
1Q2015 – Mesaieed Petrochemical Holding Company’s (MPHC)
net profit plunged 74.9% YoY to QR116.2mn in 1Q2015, driven
by planned major maintenance shutdowns and due to weak
product prices. The EPS stood at QR0.09 in 1Q2015 versus
QR0.37 in 1Q2014. (QSE)
 MCGS discloses QR49.4mn net profit in 1Q2015 – Medicare
Group (MCGS) reported a net profit of QR49.4mn in 1Q2015 as
compared to QR34.1mn in 1Q2014. The EPS amounted to
QR1.75 in 1Q2015 versus QR1.21 in 1Q2014. (QSE)
 SIIS profitability soars 166.8% QoQ in 1Q2015 – Salam
International Investment Limited’s (SIIS) operating Income
increased by 6.6% QoQ (up 10.9% YoY) in 1Q2015 while the
bottom-line soared 166.8% QoQ to QR29.6mn (up 11.2% YoY)
in 1Q2015. Consequently, the EPS rose to QR0.26 in 1Q2015
from QR0.23 in 1Q2014. (QSE)
 KCBK sells first-ever privately placed MTNs – Al Khalij
Commercial Bank (KCBK) has sold its first ever privately placed
medium term notes (MTNs) on April 21, 2015. The issuer placed
a pair of short dated floating rate MTNs through Commerzbank.
KCBK raised $15mn with an April 2016 note, which pays a
coupon of quarterly dollar Libor plus 49 basis points (bps), and a
€10mn three year, paying three month Euribor plus 36bps. The
deals were priced at par. (Bloomberg)
 QCSD raises QGRI’s foreign ownership to 49% – The Qatar
Central Securities Depository (QCSD) has amended the foreign
ownership in the Qatar General Insurance & Reinsurance
Company’s (QGRI) shares, taking it to 49% of the total capital
effective from April 22, 2015. This amendment is pursuant to
Law no. 9 that allows non-Qatari investors to own shares in
listed companies by no more than 49% of a company’s
capital. This move comes after QGRI received an approval in
this regard from its general assembly to amend the Articles of
Association in line with the regulatory provisions, as well as an
approval from the Ministry of Economy & Commerce on the
amendment. (QSE)
 Real estate deals peak at QR3.2bn – According to statistics
released by the Land Registry office of the Ministry of Justice,
the aggregate value of property transactions in Qatar soar to a
record high of QR3.2bn in less than a fortnight from April 5 to
16, led by the three major deals struck earlier in April 2015. Data
showed that the total value of just three deals, including a tower
in Al Dafna, was over QR1.43bn, or nearly half of the fortnight’s
total. The Dafna tower measuring 2,472 square meters was sold
out for QR936mn. A residential complex in Al Wakra fetched its
owners QR400mn, while another residential complex in
Ummghuwalina in Doha got its owners QR100mn. (Peninsula
Qatar)
 MRDS AGM endorses agenda, EGM postponed to April 27 –
Mazaya Qatar Real Estate Development Company’s (MRDS)
ordinary general assembly meeting (AGM) has approved its
agenda, including the proposal to distribute 3% cash dividend
i.e. QR0.3 per share, and 5% bonus shares (5 shares for each
100 shares). Meanwhile, MRDS’ extraordinary general assembly
meeting (EGM) has been postponed due to a lack of quorum.
The next meeting will be held on April 27, 2015. (QSE)
 Qatar Rail completes 20% tunnel work for Doha metro –
Qatar Railways Company (Qatar Rail) has completed digging
nearly 20% of tunnels i.e. 18.6 kilometers (km) for the Doha
Metro project. Qatar Rail had already received the 21 tunnel
boring machines (TBMs) assigned for the project, after being
imported from German company Herrenknecht. Most of Qatar
Rail TBMs are currently operational, with tunneling phase
expected to be completed by 2Q2017. Meanwhile, Qatar Rail
has assured that the operation of tunnel boring machines

4. Page 4 of 6
(TMBs) deployed for the Doha Metro project will not pose any
safety hazard to people and establishments above ground.
Furthermore, Qatar Rail has placed orders for about 70 ‘train
sets’ (coaches and at least one engine make a train set) from a
Japanese consortium. (Bloomberg, Gulf-Times.com, Peninsula
Qatar)
International
 ZEW: German economic sentiment drops unexpectedly in
April – The ZEW indicator of German economic sentiment fell to
53.3 points in April 2015 from 54.8 in March, recording its first
fall since October 2014. ZEW said the world economy was
dampening Germany's export prospects and reducing the
potential for further improvement, and some economists also
cited concerns about Greece's debt crisis as a factor in
investors' weaker expectations. However, ZEW economists said
the investors surveyed expected the good situation to continue
for at least the next half year and noted that German private
consumption, seen as the mainstay of growth in 2015, would
strengthen further. (Reuters)
 Greece hopes to reach deal on Russian gas pipeline soon –
Greece hopes that it would soon reach a deal with Russian gas
giant Gazprom on a pipeline that will bring Russian gas to
Europa via its territory. Greek Energy Minister Panagiotis
Lafazanis said Greece is continuing talks with the Russian side
and hopes to reach an agreement very soon. Gazprom's Chief
Executive Officer, Alexei Miller said Gazprom would pump up to
47 billion cubic meters (bcm) of gas via Greece through the
pipeline, which would be implemented strictly according to the
EU law. However, Russia denied a German media report on
April 18 that suggested the gas pipeline deal could add up to
€5bn to Athens' depleted state coffers. (Reuters)
 Japan reports first trade surplus in three years – Japan
posted its first trade surplus in nearly three years in March 2015
as exports of cars and electronics picked up, an encouraging
sign that the economic growth may be back on track after a
sluggish start to the year. Exports rose at an annual rate of 8.5%
in March while imports by value tumbled 14.5% weighed down
by lower oil prices, leaving Japan with a trade surplus of
¥229.3bn for the first time since June 2012. Exports to China,
Japan's largest trading partner, rose 3.9% YoY in March
whereas exports to Asia rose an annual 6.7%. Shipments to the
US rose 21.3% in the year to March, faster than a 14.3% gain in
the previous month as Japan sent more cars to the world's
largest economy. (Reuters)
 China pledges proactive employment policy as economy
slows – China's cabinet pledged to implement more proactive
employment policies to cope with the rising pressures on job
creation. The State Council said the government would take
steps, including giving tax breaks for firms set up by college
graduates and unemployed people, to help create more jobs.
The government will also support companies if they refrain from
laying off workers via the unemployment insurance scheme and
also help rural migrant workers to start new businesses. The
government's pledge to boost employment came after data
showed China's annual economic growth slowed to a six-year
low of 7% in 1Q2015. (Reuters)
 Australia’s core inflation matches forecast; leaves rate-cut
scope – Australia’s core consumer prices advanced 0.6% QoQ
in 1Q2015, matching economists’ forecasts and providing scope
for the central bank to reduce interest rates. The consumer price
index rose 0.2% QoQ and 1.3% YoY. The Reserve Bank of
Australia (RBA) aims for inflation between 2 and 3% on an
average. The RBA has left the key rate unchanged over the past
two months after cutting to a record 2.25% in February.
Moreover, Australia’s jobless rate fell to 6.1% in March as
employers boosted hiring, spurring optimism the RBA’s effort to
shore up the economy is paying off. (Bloomberg)
Regional
 Sipchem announces startup of PBT plant – Saudi
International Petrochemical Company (Sipchem) has
announced the startup of the Polybutylene Terephthalate plant
(PBT) at its complex in Jubail Industrial City. The plant is owned
by Sipchem Chemical Company (SCC), an affiliate of Sipchem,
which will produce 63,000 metric tons of polybutylene
terephthalate, a highly-specialized, thermal engineering polymer
used in the automotive industry and the production of electrical
and electronic materials. The move followed the successful
testing of the plant equipment. The total project cost is around
SR600mn, where Sipchem owns 95% of SCC’s capital, while
the remaining stake is held by Sipchem Marketing Company.
(Tadawul)
 RSHS’ AGM approves SR60mn cash dividends for 2014 –
Red Sea Housing Services Company’s (RSHS) ordinary general
assembly meeting (AGM) has approved the distribution SR60mn
as cash dividends (SR1 per share) for 2014, representing 10%
of the nominal share value. Shareholders, who are registered
with the Securities Depository Center (Tadawul) on April 20,
2015, will be eligible to receive the dividend. (Tadawul)
 Tasnee to cut costs, revise contracts after 1Q2015 loss –
National Industrialization Company (Tasnee) said that it would
cut costs and revise foreign exchange and derivatives contracts
at a subsidiary after swinging to a loss of SR332.5mn in
1Q2015. (GulfBase.com)
 Marafiq selects DEC to enhance training services – Marafiq
Power & Water Utility Company has contracted Doble
Engineering Company (DEC), a subsidiary of ESCO
Technologies to provide consulting & training services for
supporting reliable best practices within its transmission &
distribution division. DEC will maintain a strong presence in the
region, working hand-in-hand with the Marafiq team on
implementation, supported by a team of Doble apparatus
specialists. (GulfBase.com)
 AHAB to put revised debt proposal to creditors – Saudi-
based Ahmad Hamad Algosaibi & Brothers (AHAB) will put an
improved offer to its creditors in a fresh attempt to reach a
settlement. AHAB has liabilities to banks and financial
institutions worth around $6bn, which it disclosed in May 2014,
when it made an initial offer to repay creditors a minimum of 20
cents on every dollar owed. AHAB said it had agreed with the
steering committee, the five-member group charged with
negotiating on the behalf of creditors, to present improved
settlement terms to the full claimant group. The five-member
steering committee comprises Arab Banking Corporation, BNP
Paribas, Emirates NBD, Fortress Investment Group and
Standard Chartered. (Reuters)
 Etisalat, Al Falak to develop video monitoring solution –
Emirates Telecommunications Corporation (Etisalat) has
selected Al-Falak Electronic Equipment & Supplies Company to
provide a comprehensive video monitoring solution to analyze
the quality of service and user experience. (GulfBase.com)
 Dubai Crown Prince approves Islamic economy initiatives –
Dubai Crown Prince and the Chairman of Dubai Executive
Council Shaikh Hamdan Bin Mohammad bin Rashid Al Maktoum
has approved a series of initiatives proposed by the board of
Dubai Islamic Economy Development Centre (DIEDC). The
initiatives include the launch of the second Islamic Economy
Index, the third edition of the Islamic Economy Award, the

5. Page 5 of 6
second Global Islamic Economy Summit and the release of the
third State of Global Islamic Economy Report. As part of the
plans for 2015, DIEDC will seek collaborations with international
museums to position Dubai as the capital of Islamic fashion, art
and design. (Gulfbase.com)
 Nakheel invites bids for Dubai mixed-use project – Nakheel
has invited tenders for the development of the retail component
at Warsan Village, a family-oriented neighborhood containing
942 three-bedroom modern townhouses on the southwestern
corner of the International City in Dubai. Nakheel has invited
bids for two zones within Warsan Souk involving the
development of around 1,160 retail units, 52 food & beverage
outlets and 333 town houses. The last date for submitting the
tenders has been set for May 13, 2015. (GulfBase.com)
 Noor Bank tightens guidance for $500mn debut Sukuk
issue – Noor Bank has tightened the pricing guidance for its
$500mn, five-year, debut US dollar Sukuk issue. The bank has
revised the guidance to 130-135 basis points (bps) over
midswaps, from the 140 bps area indicated earlier on April 21,
2015. Order books for the transaction are in the vicinity of
$1.9bn and include $900mn interest from the lead managers.
Noor Bank has chosen Standard Chartered as the global
coordinator and Al Hilal Bank, Barwa Bank, Citigroup, Dubai
Islamic Bank, Emirates NBD, Qinvest and Sharjah Islamic Bank
as joint lead managers for the issue. (Reuters)
 ADCB’s net profit surges 31% YoY to AED1.25bn in 1Q2015
– Abu Dhabi Commercial Bank (ADCB) reported a net profit of
AED1.25bn in 1Q2015, reflecting an increase of 31% YoY and
22% QoQ. The bank’s net fees & commission income reported a
significant growth, up 32% YoY to reach AED375mn in 1Q2015.
This was primarily attributable to higher corporate banking fees,
up 46% YoY at AED157mn, and higher retail banking fees, up
13% YoY at AED220mn. ADCB’s total assets stood at
AED206.89bn in 1Q2015 as compared to AED186.1bn in
1Q2014. EPS amounted to AED0.23 in 1Q2015 versus
AED0.16 in 1Q2014. Net loans & advances reached to
AED141.1bn, while customer deposits stood at AED128.47bn.
As at March 31, 2015, the bank was a net lender of AED18bn in
the interbank market, and the liquidity ratio improved to 25.5%
from 22.9% as at March 31, 2014. The cost-to-income ratio for
the quarter improved to 31.9% as compared to 32.9% in
1Q2014. (ADX)
 ADNOC still in talks with companies on oil concessions –
Abu Dhabi National Oil Company’s (ADNOC) Director General,
Abdulla Nasser Al Suwaidi said that the company is still in talks
with international companies about concessions at the Emirate’s
largest fields and has not set a deadline for deciding on the
awards. Meanwhile, ADNOC’s Offshore Division Manager,
Qasem Al-Kayoumi said that Abu Dhabi is planning to invest
over $25bn in the next five years on boosting its oil production
capacity from offshore fields. ADNOC’s current plan is to reach
3.5mn barrels per day (bpd) and to sustain it. He said that the
company is planning to drill around 160 wells per year in the
next couple of years. (GulfBase.com, Reuters)
 Gulf Bank posts 12% YoY rise in net profit in 1Q2015 –
Kuwait’s Gulf Bank reported a net profit of KD9.8mn in 1Q2015,
showing an increase of 12% YoY. The bank’s operating profit
before provisions rose by 15% to KD27.2mn in 1Q2015 from
KD23.6mn in 1Q2014, mainly due to an increase in net interest
income by 9%. The bank's key metrics have also witnessed
strong growth, which contributed to the overall improvement in
the bank’s performance. The capital adequacy ratio as per Basel
III norms is at 15.2% against the regulatory requirement of
12.5%. The bank's non-performing loans (NPL) ratio also
continued to improve to 3% at the end 1Q2015, decreasing from
6.5 % at the beginning of 2014. The NPL coverage ratio also
increased to 290% at 1Q2015-end against the 187% coverage
at the beginning of 2014. (Zawya)
 NBO signs construction contract with Al Turki Enterprises –
The National Bank of Oman (NBO) has signed a contract with Al
Turki Enterprises, a construction company, to build a new head
office in Athaiba. The project is estimated to be valued at
OMR50mn and expected to open in 2Q2017. The new building
will be of nine storeys and will provide approximately 50,000
square meters of high-quality office space and support facilities
for the bank, as it enters a new growth phase. Spread over two
basements, the building will also have a massive car parking
facility that can accommodate around 560 cars at any point of
time. (GulfBase.com)
 Bank Sohar announces closure of trading rights – Bank
Sohar had announced that April 21, 2015 was the last day for
trading of its rights entitlements within the ongoing rights issue
currently open for subscription till April 29, 2015. (MSM)
 BP eyes 1 bcf gas output from Khazzan field by 2017 –
British Petroleum (BP) could start natural gas production from
Oman's Khazzan field by 2017 at a rate of 1bn cubic feet (bcf) a
day. BP Middle East’s President, Michael Townshend said that
the company is planning to drill 20 wells in 2015, boosting it to
50 wells in the next couple of years, and is already building a
plant to handle the produced gas. He said that the total
investment in the first phase to reach the initial gas production
target will be $16bn. Earlier, BP has said it expects to invest
around $9.6bn, in accordance with its 60% stake in the project,
while the Oman Oil Company Exploration & Production holds
the remaining 40% stake. (GulfBase.com)
 Ithraa, MoCI signs pact to attract inward investment in
Oman – Ithraa and the Ministry of Commerce & Industry (MoCI)
have signed a MoU that takes Oman's efforts to attract and
facilitate inward investment to a new height. The MoU has been
designed to improve Oman's business climate by streamlining
inward investment processes and simplifying regulations for
inward investors. The agreement grants Ithraa the authority to
manage inward investment of OMR10mn and above. (Gulf)
 AUB sets IPTs for benchmark dollar Tier 1 bond – Ahli
United Bank (AUB) has set the initial price thoughts (IPTs) for a
benchmark US dollar-denominated bond in the low 7% area.
AUB expects the bond boost its Tier 1 (core) capital. The bank
has hired Goldman Sachs, HSBC and Morgan Stanley to
arrange investor meetings for the bonds. The perpetual, non-call
five deal, at present has commitments from lead arrangers worth
$375mn. (Reuters)

6. Contacts
Saugata Sarkar Ahmed Al-Khoudary Sahbi Kasraoui
Head of Research Head of Sales Trading – Institutional Head of HNI
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
engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report
has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any
representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis,
expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical
technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment
decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on April 21, 2015) Source: Bloomberg (*$ adjusted returns;
#
Market closed on April 21, 2015)
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
(0.3%)
0.5%
(0.7%)
0.2% 0.1%
0.5%
0.7%
(1.2%)
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,202.34 0.5 (0.2) 1.5 MSCI World Index 1,781.95 0.2 0.7 4.2
Silver/Ounce 16.03 0.4 (1.5) 2.1 DJ Industrial 17,949.59 (0.5) 0.7 0.7
Crude Oil (Brent)/Barrel (FM
Future)
62.08 (2.2) (2.2) 8.3 S&P 500 2,097.29 (0.1) 0.8 1.9
Crude Oil (WTI)/Barrel (FM
Future)
55.26 (2.0) (0.9) 3.7 NASDAQ 100 5,014.10 0.4 1.7 5.9
Natural Gas (Henry
Hub)/MMBtu
2.57 0.8 (2.6) (14.3) STOXX 600 409.12 0.6 1.1 6.2
LPG Propane (Arab Gulf)/Ton#
56.50 0.0 (1.3) 15.3 DAX 11,939.58 0.4 1.9 7.7
LPG Butane (Arab Gulf)/Ton#
66.62 0.0 (1.7) 1.7 FTSE 100 7,062.93 0.5 1.1 3.3
Euro 1.07 (0.0) (0.6) (11.3) CAC 40 5,192.64 0.1 0.7 8.0
Yen 119.67 0.4 0.6 (0.1) Nikkei 19,909.09 1.3 0.8 14.0
GBP 1.49 0.1 (0.2) (4.2) MSCI EM 1,042.21 0.8 (0.0) 9.0
CHF 1.05 0.1 (0.3) 4.1 SHANGHAI SE Composite 4,293.62 1.7 0.1 32.9
AUD 0.77 (0.2) (0.9) (5.7) HANG SENG 27,850.49 2.8 0.7 18.0
USD Index 98.00 0.1 0.5 8.6 BSE SENSEX 27,676.04 (0.5) (3.3) 1.1
RUB 53.70 0.6 3.3 (11.6) Bovespa #
53,761.27 0.0 0.5 (6.5)
BRL 0.33 (0.1) 0.2 (12.6) RTS 1,007.69 1.2 0.9 27.4
172.1
141.5
128.0