1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.7% to close at 12,121.2. Gains were led by the Real
Estate and Industrials indices, rising 1.9% and 0.7%, respectively. Top gainers
were Ezdan Holding Group and Commercial Bank of Qatar, rising 3.0% and
2.6%, respectively. Among the top losers, Al Khalij Commercial Bank and Qatar
Industrial Manufacturing Co. were down 1.7% each.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.7% to close at 9,275.3. Losses were led
by the Agriculture & Food Ind. and Real Estate Dev. indices, falling 1.3% and
1.2%, respectively. National Gypsum fell 8.1%, while Alujain was down 3.7%.
Dubai: The DFM Index gained 1.0% to close 4,135.4. The Real Estate &
Construction index rose 1.9%, while the Financial & Investment Services index
gained 1.7%. Amlak Finance surged 14.7%, while Arabtec was up 5.2%.
Abu Dhabi: The ADX benchmark index rose 0.7% to close at 4,620.7. The
Energy index gained 3.5%, while the Real Estate index rose 1.8%. National
Takaful Co. gained 12.9%, while Abu Dhabi Commercial Bank was up 4.7%.
Kuwait: The KSE Index declined 0.1% to close at 6,208.0. The Consumer
Goods index fell 0.5%, while the Telecommunication index declined 0.4%.
Strategia Investment Co. fell 9.1%, while Sanam Real Estate was down 8.3%.
Oman: The MSM Index rose marginally to close at 6,451.8. The Financial
index gained marginally, while the other indices ended in red. Phoenix Power
surged 36.4%, while Ahli Bank was up 1.0%.
Bahrain: The BHB Index gained 0.2% to close at 1,368.7. The Commercial
Bank and Services indices rose 0.3% each. Al-Ahli United Bank gained 0.7%,
while Bahrain Telecommunication Co. was up 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.65 3.0 4,002.5 25.0
Commercial Bank of Qatar 55.40 2.6 125.2 (11.0)
Doha Insurance Co. 26.10 2.4 5.7 (10.0)
Qatari Investors Group 54.00 2.1 71.3 30.4
United Development Co. 24.60 2.1 502.7 4.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.65 3.0 4,002.5 25.0
Vodafone Qatar 16.72 1.6 1,212.7 1.6
Barwa Real Estate Co. 53.50 (0.6) 926.4 27.7
Masraf Al Rayan 46.40 1.9 718.1 5.0
Industries Qatar 138.30 0.7 582.8 (17.7)
Market Indicators 22 June 15 21 June 15 %Chg.
Value Traded (QR mn) 528.9 198.4 166.6
Exch. Market Cap. (QR mn) 641,015.8 638,352.6 0.4
Volume (mn) 11.5 6.6 74.1
Number of Transactions 5,062 2,925 73.1
Companies Traded 41 37 10.8
Market Breadth 23:15 25:10 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,837.01 0.7 1.9 2.8 N/A
All Share Index 3,233.04 0.6 1.4 2.6 13.6
Banks 3,145.73 0.3 0.4 (1.8) 14.2
Industrials 3,913.10 0.7 1.2 (3.1) 13.8
Transportation 2,461.45 (0.2) 0.3 6.2 13.6
Real Estate 2,844.23 1.9 5.8 26.7 10.0
Insurance 4,716.07 (0.5) 0.2 19.1 21.8
Telecoms 1,167.15 (0.1) 0.7 (21.4) 23.5
Consumer 7,362.41 0.1 (0.4) 6.6 28.6
Al Rayan Islamic Index 4,720.55 0.9 2.1 15.1 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 2.83 5.2 154,612.7 1.4
Abu Dhabi Com. Bank Abu Dhabi 7.85 4.7 3,304.2 11.7
Dana Gas Abu Dhabi 0.47 4.4 29,380.9 (6.0)
Mobile Telecomm. Co. Kuwait 0.42 3.7 5,487.6 (20.8)
Tawuniya Saudi Arabia 90.99 3.1 635.3 82.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Al Rajhi Bank Saudi Arabia 63.84 (2.7) 3,333.2 24.1
Nama Chemicals Co. Saudi Arabia 11.11 (2.7) 1,400.7 3.8
Ajman Bank Dubai 1.96 (2.5) 453.2 (26.5)
Combined Group Cont. Kuwait 0.80 (2.4) 14.8 (4.3)
Almarai Co. Saudi Arabia 88.40 (2.2) 1,189.4 15.2
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%
Al Khalij Commercial Bank 22.11 (1.7) 1.5 0.3
Qatar Industrial Manufacturing Co. 46.05 (1.7) 2.8 6.2
Zad Holding Co. 99.20 (1.3) 2.4 18.1
Qatar German Co for Med. Dev. 16.42 (1.1) 167.8 61.8
QNB Group 185.10 (1.0) 462.4 (13.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 185.10 (1.0) 85,720.3 (13.1)
Industries Qatar 138.30 0.7 79,904.6 (17.7)
Ezdan Holding Group 18.65 3.0 74,029.3 25.0
Barwa Real Estate Co. 53.50 (0.6) 49,741.7 27.7
Masraf Al Rayan 46.40 1.9 33,108.2 5.0
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* 12,121.22 0.7 1.9 0.6 (1.3) 128.88 176,087.0 12.8 1.9 4.2
Dubai 4,135.37 1.0 1.8 5.4 9.6 499.48 100,667.8 9.6 1.5 5.2
Abu Dhabi 4,620.71 0.7 1.1 2.1 2.0 59.27 124,989.2 11.7 1.5 4.8
Saudi Arabia 9,275.27 (0.7) (2.4) (4.3) 11.3 1,330.10 543,744.7 19.5 2.2 2.9
Kuwait 6,207.98 (0.1) (0.5) (1.3) (5.0) 39.33 97,156.9 15.4 1.0 4.4
Oman 6,451.75 0.0 (0.1) 1.0 1.7 51.37 25,316.7 9.8 1.5 3.9
Bahrain 1,368.71 0.2 0.1 0.4 (4.1) 0.26 21,405.8 8.8 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)
11,950
12,000
12,050
12,100
12,150
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 gained 0.7% to close at 12,121.2. The Real
Estate and Industrials 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.
 Ezdan Holding Group and Commercial Bank of Qatar were the
top gainers, rising 3.0% and 2.6%, respectively. Among the top
losers, Al Khalij Commercial Bank and Qatar Industrial
Manufacturing Co. were down 1.7% each.
 Volume of shares traded on Monday rose by 74.1% to 11.5mn
from 6.6mn on Sunday. However, as compared to the 30-day
moving average of 15.1mn, volume for the day was 23.7% lower.
Ezdan Holding Group and Vodafone Qatar were the most active
stocks, contributing 34.7% and 10.5% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Banque Saudi
Fransi (BSF)
Capital
Intelligence
Saudi
Arabia
FSR/LT FCR/ST
FCR/SR
A/A+/A1/2 A+/A+/A1/2  Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/22 US National Assoc. of Real. Existing Home Sales MoM May 5.10% 4.40% -2.30%
06/22 US Chicago Fed Chicago Fed Nat Activity Index May -0.17 0.12 -0.19
06/22 EU European Commission Consumer Confidence June -5.6 -5.8 -5.6
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNBK to disclose financials on July 8 – QNB Group (QNBK)
will disclose the reviewed financial reports for the period ending
June 30, 2015 on July 8, 2015. (QSE)
 SFG: Qatar’s inflation to reach 2.5% in 2016; major
infrastructure spending to continue – Samba Financial Group
(SFG) in its latest country report, has said that domestic
population pressures may push Qatar’s inflation to 2.5% in 2016
from 2% in 2015. Consumer prices have fallen sharply since the
index was rebased and reweighted in January 2015, with
inflation standing at 0.9% YoY in April. A major outcome of the
change in the index is a smaller weighting of the rental
component. Rental inflation has been elevated over the last 12
months, offset by the strong dollar and soft international
commodity prices, which have kept a lid on the overall index.
SFG expects these trends to persist. Meanwhile, SFG said
major infrastructure investments in Qatar will go ahead on the
back of planned and ongoing capital expenditure (capex) worth
around $200bn. The spending explicitly linked to the 2022 FIFA
World Cup is about $15.4bn, which represents only 7.5% of the
capex. Aided by large reserves built up from years of
accumulated oil & gas revenues, SFG expects the authorities
concerned to continue implementing the spending set out in the
National Development Strategy (NDS) when oil prices were over
$100 a barrel. (Gulf-Times.com)
 Woqod signs MoU with QMIC for managing logistics –
Woqod (QFLS) has entered into a MoU with Qatar Mobility
Innovations Center (QMIC) for its ‘Masarak’ solution. As part of
the agreement, Woqod will be using Masarak’s iFleet solution
for fleet logistics and telematics management. Masarak is an
intelligent end-to-end solution and suite of services, which was
developed locally by QMIC, in partnership with the Ministry of
Municipality & Urban Planning. (Gulf-Times.com)
 Al Khafji Street development to start from Wednesday – The
Public Works Authority, Ashghal will start the three-month long
first phase of the developmental works of Al Khafji Street in the
West Bay area on June 24, 2015. The works include converting
the Jelaiha roundabout into a signal-controlled intersection as
well as upgrading around 300 meters of the streets surrounding
the roundabout, namely Al Khafji Street and the Arab League
Street. (Gulf-Times.com)
 Ministry blacklists 807 firms – The Ministry of Labor & Social
Affairs blacklisted 807 companies for violation of labor laws in
1H2015. The ministry has so far banned 3,913 companies —
around 5% of the total number of companies registered in Qatar.
The blacklisted companies are barred from recruiting new
workers. (Peninsula Qatar)
 Council returns draft law on expats for further study – The
Advisory Council has expressed serious apprehensions about
several articles in the draft law organizing the exit, entry and
stay of foreign workers and has returned the draft for further
study. The draft law was put to vote after discussion during a
regular session of the Council on Monday, and a majority of the
members voted against it. Al Sharq reported that the Council
Chairman, Mohammed bin Mubarak Al Khulaifi, concluded the
discussion on the draft by saying that there was no need to
hurry in passing the law. The Council also sought to review
samples of new job contracts and the procedures for protecting
rights of employers and needs of citizens and expatriates. The
Overall Activity Buy %* Sell %* Net (QR)
Qatari 50.21% 68.97% (99,214,347.03)
GCC 19.88% 13.12% 35,789,890.46
Non-Qatari 29.91% 17.91% 63,424,456.57

3. Page 3 of 6
members urged the bodies concerned at the Ministry of Interior
to pay heed to their opinion on the draft law. (Peninsula Qatar)
 Advisory Council approves draft law to regulate private
schools – The Advisory Council has approved a draft law
regulating private schools. The draft law replaces the old law
governing private schools and stipulates new rules and
regulations for licensing and monitoring of private schools. The
Council also approved the draft law stipulating stiffer
punishments on private education centers for violations. Centers
violating the rules can be closed for up to 60 days and their
name boards can be removed under a court order. Violators can
be forced to refund all the fees it collected from students.
Further, the Advisory Council’s Services & Public Utilities
Committee studied a floor request forwarded by a number of
members on the cost of health insurance. (Peninsula Qatar)
International
 US home resale jumps to over five-year high in May – Home
resale in the US surged to a five-and-a-half years high in May as
first-time buyers stepped into the market, the latest indication
that housing and overall economic activity gathered steam in
2Q2015. The National Association of Realtors said existing
home sales increased 5.1% to an annual rate of 5.35mn units,
the highest level since November 2009. That put sales on track
for their strongest gain in 2015 since 2007. The Realtors group
revised April’s sales pace up to 5.09mn units from the previously
reported 5.04mn units. First-time buyers accounted for 32% of
transactions, the largest share since September 2012. Still, the
share remains well below the 40-45% that economists and
realtors say is required for a robust housing market. Tightening
labor market conditions are starting to spur stronger wage
growth, boosting demand for housing. (Reuters)
 Greece proposes new measures to avert default, creditors
hopeful – Greece took a step back from the abyss on Monday
with the presentation of new budget proposals that Eurozone
leaders welcomed as a basis for a possible agreement in the
coming days to unlock the frozen aid and avert a looming
default. The Greek proposals included higher taxes and welfare
charges and steps to curtail early retirement, but not the nominal
pension and wage cuts first sought by lenders. Leftist Prime
Minister Alexis Tsipras also appeared to have avoided raising
value added tax on electricity or loosening job protection laws.
European Council President Donald Tusk called the Greek
proposals “a positive step forward”. He said the aim was to get
the euro group finance ministers’ approval for a cash-for-reform
package on Wednesday evening and put it to Eurozone leaders
for their final endorsement on Thursday morning. (Reuters)
 Japan manufacturing declines in June as new orders dip –
The manufacturing sector in Japan contracted slightly in June as
new orders fell and output growth slowed indicating the
economy may have lost some momentum. The Markit/JMMA
flash Japan Manufacturing Purchasing Managers Index (PMI)
fell to a seasonally adjusted 49.9 in June from a final 50.9 in
May. The output index fell to a preliminary 50.5 in June,
following 51.9 in May. New orders fell to a preliminary 49.4 from
50.9 in May, also indicating the first decline in a month.
However, new export orders rose to 53.6 from a final 50.6 in the
previous month. That marked the fastest expansion in four
months, suggesting overseas demand is starting to gather
strength. The final Markit/JMMA PMI for June is due on July 1.
(Reuters)
 China factory activity contracts in June; Beige Book survey
says economy recovers in 2Q2015 – According to the
HSBC/Markit Flash China Manufacturing Purchasing Managers’
survey, China’s factory activity contracted for the fourth straight
month in June but showed some signs of stabilizing. The PMI
index edged up to 49.6, a three-month high, from 49.2 in May,
but remained below the 50 mark, which separates contraction
from expansion. New orders returned to positive territory at 50.4
and new export orders fell at a slower pace, but companies
stepped up layoffs. Meanwhile, according to the China Beige
Book survey, published by New York-based CBB International,
China’s economy saw a broad-based recovery in 2Q2015 on
resurgence in retail and a rebound in property. The survey said
that companies are doing better than the official data shows,
and deflation risks may have peaked. The economy is
rebalancing as central and southwest regions outperform.
Leland Miller, President of the survey publisher, and Craig
Charney, Director of Research & Polling, said that expanding
sales volumes, rather than a stock rally, fueled the recovery.
(Reuters, Bloomberg)
 Brazil current account deficit in May lower than estimated –
Brazil’s current account deficit in May was narrower than
economists had estimated, as the trade surplus grew from the
month before. According to the central bank report, the deficit in
the current account, the broadest measure of trade in goods and
services, narrowed in May to $3.4bn from $6.9bn in April and
was lower as compared to estimates of $4.6bn deficit. Foreign
investment in Brazil rose to $6.6bn from $5.8bn during May. The
current account gap through May 2015 totaled $35.8bn, down
from a $44.9bn deficit in the same period last year. Foreign
direct investment reached $25.5bn through May, compared to
$39.3bn during the same period of 2014. The central bank
lowered its estimate for the current account to a gap of $81bn in
2015 from $84bn, and left its forecast for foreign investment
unchanged at $80bn. (Bloomberg)
Regional
 Strategy&: MENA digitization could add $820bn to regional
economy – According to a report released by Strategy&, the
Middle East and North Africa’s (MENA) digital market value is
expected to reach $35bn in 2015 and overall digitization
initiatives could add $820bn to the regional economy, even as
the region is seen as an attractive target for a wide array of
cyber-threats. Strategy& in its report suggested that a central
national cyber-security body (CNCB) should be initially
established, and be in charge of defining the national cyber-
security agenda. (GulfBase.com)
 AATSC announces partial redemption of Sukuk – Arabian
Aramco Total Services Company (AATSC) has partially
redeemed the AATSC Sukuk (that is scheduled in every six
months) on June 21, 2015. The redemption resulted in a fixed
distribution payment of SR90mn, representing 2.40% of the
aggregate face amount of AATSC Sukuk. Accordingly, the face
amount of AATSC Sukuk becomes SR95,480 and the aggregate
face value becomes SR3.58bn. (Tadawul)
 Sadara receives SAGIA’s highest investment rating –
Sadara Chemical Company (Sadara) has been classified as
‘Strategic’ by the Saudi Arabian General Investment Authority
(SAGIA). This puts Sadara in the highest classification category
achievable under SAGIA's current investment rankings.
(GulfBase.com)
 Riyad Bank prices SR4bn capital-boosting Sukuk –
According to banking sources, Riyad Bank has issued capital-
boosting Sukuk worth SR4bn. The sources said that the deal,
which will enhance the bank's Tier 2 or supplementary capital,
was priced at the end of last week at 115 basis points over the
Saudi interbank offered rate. The bank had announced the
privately-placed Sukuk on May 5, 2015 with a tenor of 10 years

4. Page 4 of 6
although it allows the issuer to redeem the security after five
years. (Reuters)
 ICD secures $300mn Islamic Murabaha financing – The
Islamic Corporation for the Development of the Private Sector
(ICD), the private sector arm of the Islamic Development Bank
Group (IDB), has secured a 13-month $300mn Islamic
Murabaha financing facility from Dubai Islamic Bank, First Gulf
Bank, Mizuho Bank (Malaysia) and Mizuho Bank Nederland in
early June 2015. Dubai Islamic Bank acted as the sole
coordinator of the facility, in addition to being the mandated lead
arranger along with First Gulf Bank, Mizuho Bank Malaysia and
Mizuho Bank Nederland. (GulfBase.com)
 Saudi Aramco may shut Jeddah refinery – According to
sources, Saudi Arabian Oil Company (Saudi Aramco) is
considering whether to close its 90,000 barrel per day crude oil
refinery in Jeddah for several years because of age and
environmental concerns. Saudi Aramco was originally
considering whether to close it in 2018 but is now likely to
postpone the closure to as late as 2022 because of growing
domestic demand for oil products and since construction of a
new refinery at Jizan, also on the Red Sea coast, has been
delayed. (Reuters)
 Nokia Networks, Zain KSA complete Saudi-first carrier
aggregation project – Nokia Networks and Zain KSA have
completed the Saudi-first carrier aggregation project, where they
combined FDD-LTE bands of 1,800 and of 2,100 megahertz
(MHz). (Reuters)
 NCB completes issuance of SR1bn capital-boosting Sukuk
– The National Commercial Bank (NCB) has raised a capital-
boosting Sukuk worth SR1bn. The privately-placed Sukuk,
which would boost its Tier 1 or core capital, is Basel III compliant
and has a perpetual tenor, although the bank would have the
right to call the Sukuk on a predefined date. The Sukuk will also
extend the maturity profile of NCB's liabilities while continuing to
diversify its sources of funding. JP Morgan and NCB Capital
acted as the arrangers for the transaction. (Reuters)
 NCB: Saudi Arabia sees moderate business cycle during
2015-2016 – The National Commercial Bank (NCB) in its ‘Saudi
Economic Review’ for June 2015 said that the Kingdom will face
a moderate business cycle during 2015 and 2016, growing
around 3% in real terms. In 2015, the macroeconomic
projections were based on an average Arabian Light crude oil
price of $65/bbl and an average daily crude oil production level
of 9.8MMBD. Accordingly, this projected decline in oil prices will
result in lower oil revenues, which will weigh negatively on the
fiscal and current accounts that will register deficits of 11.7%
and 3% out of GDP, respectively. The real GDP growth is
expected to rise by 3.4%, mainly due to expected growth in the
non-oil sector by 5.1%, driven by the private sector that will
compensate for the insignificant contribution of oil. As per the
report, the key beneficiaries in 2015 will be trade, construction
and manufacturing sectors, growing at 7%, 6% and 6%,
respectively. The projections for the three sectors are supported
by the recent royal decrees, buoyant activity in the projects’
market and resilient business confidence. (GulfBase.com)
 CMA approves Alistithmar Capital’s offering of investment
fund – The Capital Market Authority (CMA) Board of
Commissioners has approved the “SAIB Saudi IPO Fund” offer
by Alistithmar Capital for financial securities and brokerage
company (Alistithmar Capital). (Tadawul)
 NI creates e-commerce solution for SMEs – Network
International (NI) has partnered with Nexxus Payment Group
and Aramex to create NexxusPay, an end-to-end e-commerce
solution for small & medium enterprises (SMEs) in the UAE.
NexxusPay is a customized and cost-effective one-stop platform
for small businesses looking to venture into e-commerce.
(GulfBase.com)
 Foreign ownership restriction on Etisalat shares lifted –
Emirates Telecommunications Corporation (Etisalat) announced
that Federal Government decided to lift the restriction on Etisalat
stock ownership by the local institutions, foreign institutions and
expatriate individuals, provided such ownership does not exceed
20%. Currently, the UAE government owns 60% of Etisalat
shares through Emirates Investment Authority (EIA) while UAE
nationals hold 40%. EIA has no intention to reduce its stake in
Etisalat. (ADX)
 DI completes acquisition of 59.66% stake in Al Mal Capital –
Dubai Investments (DI) has completed acquisition of 59.66%
stake in Al Mal Capital, which when allied to the 1.20% already
held by the company, equates to an overall shareholding of
60.86%. Al Mal offers a wide range of investment products
spread across its business lines of investment banking,
brokerage and asset management. This acquisition will enhance
DI’s in-house capabilities in managing its investment activities
while at the same time providing a steady pipeline of deal flow to
Al Mal. (DFM)
 UPAC signs agreement to build mall in UAE – United
Projects Company for Aviation Services (UPAC), a subsidiary of
Agility Public Warehousing, has signed an agreement with one
of the subsidiaries of National Real Estate Company for the
development of a commercial mall in Abu Dhabi. UPAC’s
investment in the project may reach $225mn over the next three
years. (DFM)
 52mn subscriptions in Emaar Misr’s IPO – Emaar Misr for
Development, the Egypt-based subsidiary of Emaar Properties,
has witnessed 52mn subscriptions in its IPO. The subscriptions
phase started on June 16 and will last until June 25, 2015.
Earlier, Emaar Misr has announced its plans to offer 600mn
shares, around 13% of the company’s capital, at a price ranging
between EGP3.5 and EGP4.25 per share. Around 15% of the
company’s offered shares, 90m shares, will be on the Egyptian
Stock Exchange (EGX). (GulfBase.com)
 S&P: Dubai property prices likely to fall 10-20% in 2015 –
According to Standard & Poor's (S&P), Dubai residential
property prices are likely to fall 10-20% in 2015 because of
subdued demand, slower economic activity and downbeat
investor sentiment. In early 2015, non-resident demand from
Russia and other member countries of the Gulf Cooperation
Council remained largely subdued. S&P expects oil prices to
remain weak through to 2016-end, as the economic growth in
the UAE as a whole is likely to slow markedly in 2015 and 2016.
S&P also warned that a fall in Dubai's stock index would likely
affect investor views on property. (Reuters)
 DSC: Dubai inflation rose 4.7% in May 2015 – According to
the Dubai Statistics Center (DSC), Dubai's annual inflation rate
rose 4.7% in May 2015, its highest level since 2009. The
housing and utility costs, which account for around 44% of
consumer expenses, jumped 7.8% from a year earlier in May
2015 and rose 0.7% as compared to April 2015. The food &
beverage prices, which account for 11% of the basket, rose
1.7% YoY and 3% MoM. (GulfBase.com)
 Amlak mulls partnership with Emaar – Dubai-based Amlak
Finance is in talks with Emaar Properties to develop land in
distinctive locations. (GulfBase.com)
 Moody's assigns P-1 rating to NBAD's Euro Commercial
Paper program – Moody's Investors Service has assigned a

5. Page 5 of 6
Prime-1 short-term foreign and local currency ratings to the
$5bn Euro-commercial paper (ECP) program of National Bank
of Abu Dhabi (NBAD; Aa3 long term bank deposits rating with a
stable outlook; baseline credit assessment a3; Prime-1 short
term ratings). (GulfBase.com)
 ADIC appoints Chairman – Abu Dhabi Investment Council
(ADIC) has appointed Sheikh Mohammed bin Zayed Al-Nahyan,
the Crown Prince of Abu Dhabi, as its Chairman. He replaces
President Sheikh Khalifa bin Zayed Al-Nahyan. (Reuters)
 Kuwait’s Al-Zour oil refinery to be delayed beyond 2019 –
Kuwait's Al-Zour oil refinery is expected to be pushed beyond
early 2019 as state refiner Kuwait National Petroleum Company
(KNPC) is seeking additional funds to finance the refinery. The
615,000 barrels per day oil refinery, originally planned more than
a decade ago, would be the biggest in the Middle East, but the
project has been repeatedly delayed by bureaucratic and
political issues, including tensions between Kuwait's parliament
and the cabinet. (Reuters)
 NBK: Kuwait current account surplus narrows on lower oil
prices – According to National Bank of Kuwait (NBK), Kuwait
current account surplus narrowed from KD20.2bn in 2013 to
KD15.1bn in 2014. The surplus was mainly driven lower by a
decline in the goods and services balance, as oil export
revenues declined and the deficit in net services outflows
swelled to a new high. Higher investment income though helped
offset some of that decline. The goods and services balance slid
from KD25.6bn in 2013 to KD22bn in 2014, mainly on the back
of a 10% YoY decline in oil exports. Solid import growth and a
widening of the net services deficit also contributed to the
decline in the trade balance. The fall in oil exports was due to a
9% YoY drop in oil prices and a 2% YoY decrease in production.
Imports grew at a slower but still strong pace of 7% YoY in
2014, rising to KD7.8bn. Meanwhile, net services outflows
continued to rise and hit a new high of KD5bn in 2014. The rise
was predominantly driven by a KD0.4bn increase in travel
spending. (GulfBase.com)
 CBO approves Ominvest-ONIC merger – The Central Bank of
Oman’s (CBO) board has approved the merger between Oman
International Development & Investment Company (Ominvest)
and Oman National Investment Corporation (ONIC).
(GulfBase.com)
 OHB EGA approves capital increase of OMR70mn – The
Oman Housing Bank’s (OHB) extraordinary general assembly
(EGA) has approved a proposal to increase the bank's capital
from OMR30mn to OMR100mn. The EGA approved to increase
the capital in cash and amend the related provisions of the
bank's articles of association accordingly. The increase will
enhance the bank's financial resources and enable it to meet its
loan plans, as well as support the construction growth in the
Sultanate. (GulfBase.com)
 Takaful, Copart Bahrain sign agreement – Takaful
International Company and Copart Bahrain have signed an
agreement to regulate the sale of damaged cars from traffic
accidents through an auction. This agreement will ensure full
regulation of the sale of damaged vehicles after reimbursing the
insured client. (Bahrain Bourse)
 GFH to appeal against BCDR’s decision – The Bahrain
Chamber for Dispute Resolution (BCDR) has dismissed the
legal case filed by the Gulf Finance House (GFH) against
Tanmiyat Investment Group and others. The legal case was filed
for the reimbursement of $60mn previously paid to the
defendant in 2005 by GFH as underwriting fees toward Legends
project. Accordingly, GFH’s legal team is considering the
reasons behind BCDR’s verdict, as it prepares to lodge an
appeal before the court of cassation. (Bahrain Bourse)
 CBB: Sukuk Al-Salam securities oversubscribed by 276% –
The Central Bank of Bahrain (CBB) announced that the monthly
issue of the Sukuk Al-Salam Islamic securities for the BHD43mn
issue, which carries a maturity of 91 days, has been
oversubscribed by 276%. The expected return on the issue,
which begins on June 24, 2015 and matures on September 23,
2015, is 1.20% equivalent to 1.20% for the previous issue on
May 27, 2015. The securities are issued by the CBB on behalf of
the Government of the Kingdom of Bahrain. (GulfBase.com)
 Mumtalakat plans more investments in 2015 – Bahrain’s
Mumtalakat Holding Company (Mumtalakat) is planning few
more investments before 2015-end, and is looking to invest in
the GCC region, Europe and the US, after making significant
investments in 2014 in its quest for diversification. The
sovereign fund’s 2014 revenues rose 11% to be at BHD1.2bn
with a gross profit of BHD181mn. (GulfBase.com)
 Alba appoints two new managers for key departments –
Aluminium Bahrain (Alba) has appointed S. Hussain S. Fadhel
as the Manager of Reduction Lines 1-3 and Mustafa A. Rahman
as the Manager for Carbon 3. (Bahrain Bourse)

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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns;
#
Market closed on 22 June, 2015)
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
(0.7%)
0.7%
(0.1%)
0.2%
0.0%
0.7%
1.0%
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,185.89 (1.2) (1.2) 0.1 MSCI World Index 1,796.12 1.2 1.2 5.1
Silver/Ounce 16.22 0.7 0.7 3.3 DJ Industrial 18,119.78 0.6 0.6 1.7
Crude Oil (Brent)/Barrel (FM
Future)
63.34 0.5 0.5 10.5 S&P 500 2,122.85 0.6 0.6 3.1
Crude Oil (WTI)/Barrel (FM
Future)
59.68 0.1 0.1 12.0 NASDAQ 100 5,153.97 0.7 0.7 8.8
Natural Gas (Henry
Hub)/MMBtu
2.78 (1.2) (1.2) (7.3) STOXX 600 394.25 2.4 2.4 8.1
LPG Propane (Arab Gulf)/Ton 35.63 2.5 2.5 (27.3) DAX 11,460.50 4.0 4.0 9.3
LPG Butane (Arab Gulf)/Ton 45.00 (1.1) (1.1) (28.3) FTSE 100 6,825.67 1.4 1.4 5.6
Euro 1.13 (0.1) (0.1) (6.3) CAC 40 4,998.61 4.0 4.0 9.9
Yen 123.37 0.5 0.5 3.0 Nikkei 20,428.19 0.7 0.7 13.4
GBP 1.58 (0.4) (0.4) 1.6 MSCI EM 987.30 1.3 1.3 3.2
CHF 1.09 (0.4) (0.4) 7.9 SHANGHAI SE Composite#
4,478.36 0.0 0.0 38.4
AUD 0.77 (0.6) (0.6) (5.5) HANG SENG 27,080.85 1.2 1.2 14.8
USD Index 94.33 0.3 0.3 4.5 BSE SENSEX 27,730.21 1.5 1.5 0.5
RUB 53.94 (0.2) (0.2) (11.2) Bovespa 53,863.68 0.3 0.3 (7.3)
BRL 0.32 0.6 0.6 (14.0) RTS 978.85 1.2 1.2 23.8
174.2
138.5
125.7