1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 12,040.1. Losses were led by the
Insurance and Banks & Financial Services indices, falling 0.7% and 0.6%,
respectively. Top losers were Qatar Insurance Co. and QNB Group, falling 1.0%
each. Among the top gainers Mazaya Qatar Real Estate Development rose
3.5%, while Industries Qatar was up 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.1% to close at 9,725.2. Gains were led
by the Petrochemical Ind. and Industrial Inv. indices, rising 3.1% and 1.6%,
respectively. AXA-Cooperative rose 10.0%, while Saudi Cable was up 9.9%.
Dubai: The DFM Index gained 2.1% to close at 4,172.1. The Financial &
Investment Services index rose 5.2%, while the Insurance index gained 2.6%.
Gulf Finance House surged 14.9%, while Gulf Navigation was up 13.3%.
Abu Dhabi: The ADX benchmark index rose 0.7% to close at 4,666.4. The
Real Estate index gained 4.5%, while the Energy index rose 2.7%. Eshraq
properties Co. surged 14.3%, while Gulf Cement Co. was up 12.2%.
Kuwait: The KSE Index gained 0.2% to close at 6,340.9. The Technology
index rose 1.3%, while the Financial Services index gained 0.8%. Gulf Finance
House rose 10.0%, while Mashaer Holding Co. was up 9.3%.
Oman: The MSM Index fell 0.2% to close at 6,346.6. Losses were led by the
Financial and Industrial indices, falling 0.6% and 0.2%, respectively. Gulf Inv.
Services declined 5.2%, while Construction Materials Ind. was down 4.8%.
Bahrain: The BHB Index declined 0.9% to close at 1,384.8. The Investment
index fell 3.5%, while the Commercial Bank index declined 0.1%. Arab
Banking Corp. fell 7.9%, while Al Baraka Banking Group was down 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 19.66 3.5 1,085.8 7.8
Industries Qatar 145.00 1.4 84.8 (13.7)
Qatar Oman Investment Co. 15.58 1.2 369.8 1.2
Qatar German Co for Medical Dev. 13.94 1.0 554.6 37.3
Salam International Investment Co. 13.71 0.8 763.7 (13.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 17.06 0.3 1,398.1 14.3
Mazaya Qatar Real Estate Dev. 19.66 3.5 1,085.8 7.8
Salam International Investment Co. 13.71 0.8 763.7 (13.5)
Qatar German Co for Medical Dev. 13.94 1.0 554.6 37.3
Vodafone Qatar 17.15 (0.2) 426.6 4.3
Market Indicators 26 Apr 15 23 Apr 15 %Chg.
Value Traded (QR mn) 205.7 330.7 (37.8)
Exch. Market Cap. (QR mn) 646,211.5 646,931.2 (0.1)
Volume (mn) 6.9 8.7 (20.8)
Number of Transactions 3,502 4,737 (26.1)
Companies Traded 38 38 0.0
Market Breadth 16:20 23:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,710.88 (0.1) (0.1) 2.1 N/A
All Share Index 3,215.84 (0.1) (0.1) 2.1 14.8
Banks 3,207.09 (0.6) (0.6) 0.1 14.4
Industrials 3,994.68 0.5 0.5 (1.1) 14.2
Transportation 2,454.91 (0.2) (0.2) 5.9 13.7
Real Estate 2,605.54 0.3 0.3 16.1 14.9
Insurance 4,069.54 (0.7) (0.7) 2.8 18.8
Telecoms 1,315.85 (0.6) (0.6) (11.4) 21.5
Consumer 7,234.03 0.2 0.2 4.7 27.2
Al Rayan Islamic Index 4,571.69 0.2 0.2 11.5 16.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Solidarity Saudi Takaful Saudi Arabia 17.56 7.9 7,451.7 (11.7)
Nat. Petrochemical Co. Saudi Arabia 27.91 7.1 1,630.4 27.4
Alabdullatif Ind. Inv. Saudi Arabia 41.21 6.3 959.2 23.5
Dubai Investments Dubai 2.89 6.3 35,057.3 28.7
Yanbu Nat. Petrochem. Saudi Arabia 52.11 5.9 2,639.9 9.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arab Banking Corp. Bahrain 0.70 (7.9) 100.0 0.0
Sharjah Islamic Bank Abu Dhabi 1.72 (6.0) 16.0 (2.3)
Comm. Facilities Co. Kuwait 0.24 (5.1) 559.5 (12.0)
Arriyadh Development Saudi Arabia 24.08 (3.5) 3,581.8 18.0
United Int. Transport Saudi Arabia 61.20 (3.2) 583.0 9.3
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%
Qatar Insurance Co. 77.20 (1.0) 7.3 (2.0)
QNB Group 191.10 (1.0) 37.0 (10.2)
Al Khalij Commercial Bank 20.61 (0.9) 6.5 (6.5)
Widam Food Co. 60.50 (0.8) 41.6 0.2
Qatar National Cement Co. 118.00 (0.8) 5.6 (1.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 17.06 0.3 23,967.5 14.3
Mazaya Qatar Real Estate Dev. 19.66 3.5 21,122.0 7.8
Barwa Real Estate Co. 49.50 0.1 19,737.5 18.1
Industries Qatar 145.00 1.4 12,172.3 (13.7)
Gulf International Services 86.50 (0.2) 11,334.8 (10.9)
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* 12,040.06 (0.1) (0.1) 2.8 (2.0) 56.50 177,449.7 14.1 1.9 4.2
Dubai 4,172.14 2.1 2.1 18.7 10.5 402.82 100,636.0 9.4 1.6 5.1
Abu Dhabi 4,666.39 0.7 0.7 4.4 3.0 152.03 126,064.1 11.7 1.5 4.7
Saudi Arabia 9,725.17 1.1 1.1 10.8 16.7 2,544.45 565,012.4 20.5 2.3 2.8
Kuwait 6,340.85 0.2 0.2 0.9 (3.0) 70.21 98,732.9 17.1 1.1 4.0
Oman 6,346.62 (0.2) (0.2) 1.7 0.1 8.93 24,214.6 10.3 1.4 4.4
Bahrain 1,384.84 (0.9) (0.9) (4.5) (2.9) 3.42 21,656.5 9.1 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)
11,980
12,000
12,020
12,040
12,060
12,080
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 0.1% to close at 12,040.1. The
Insurance and Banks & Financial Services indices led the losses.
The index fell on the back of selling pressure from non-Qatari
and GCC shareholders despite buying support from Qatari
shareholders.
 Qatar Insurance Co. and QNB Group were the top losers, falling
1.0% each. Among the top gainers Mazaya Qatar Real Estate
Development rose 3.5%, while Industries Qatar was up 1.4%.
 Volume of shares traded on Sunday fell by 20.8% to 6.9mn from
8.7mn on Thursday. Further, as compared to the 30-day moving
average of 8.3mn, volume for the day was 16.7% lower. Ezdan
Holding Group and Mazaya Qatar Real Estate Development
were the most active stocks, contributing 20.2% and 15.7% to
the total volume respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn) 1Q2015
% Change
YoY
Operating Profit
(mn) 1Q2015
% Change
YoY
Net Profit (mn)
1Q2015
% Change
YoY
Dubai Financial Market
(DFM)
Dubai AED – – – – 67.7 -68.5%
Oman & Emirates
Investment Holding Co.
(OEIHC)
Oman OMR 0.9 -64.3% – – 0.1 -88.5%
Oman Chlorine Oman OMR 1.9 2.9% 0.9 -1.1% 0.6 -11.4%
Oman Hotels and Tourism
Co. (OHTC)
Oman OMR 2.0 -6.3% – – 0.9 7.9%
Source: Company data, DFM, ADX, MSM
News
Qatar
 ERES’ net profit surges 51.3% QoQ in 1Q2015 – Ezdan
Holding Group (ERES) reported a net profit of QR522.5mn,
surging 51.3% QoQ while a faster growth in rents and dividend
income helped the net income to rise by 13.4% YoY in 1Q2015.
Rental income grew 20.3% YoY (down 2.3% QoQ) to
QR362.9mn whereas dividend income from ‘available-for-sale’
financial assets gained by 13.6% YoY to QR183.6mn. ERES’
share from results of ‘equity-accounted investees’ rose 16.7% to
QR75.3mn which further contributed to YoY net profit rise.
ERES’ CEO Ali Al-Obaidli said the group will launch other
projects in 2015, including “Ezdan Palace” hotel that would
feature 210 guest rooms and suites. He also highlighted plans to
enhance operational efficiency in some of ERES’ prime assets,
including the group’s hotels in Al Dafna. (QSE, Gulf-Times.com)
 UDCD posts near fourfold rise in net profit from 4Q2014 –
United Development Company’s (UDCD) bottom-line soared
292.9% QoQ in 1Q2015 to QR261.8mn. The net profit also
registered an increase of 8.5% YoY even as the top-line
dropped 17.5% YoY to QR399.7mn. The company reported
other income of QR97.9mn, registering an increase of
QR77.7mn from 1Q2014, which mainly aided the yearly profit
growth. UDCD’s Chairman and Managing Director, Turki Al
Khater highlighted that the continued focus on project delivery of
premium residential and commercial units at The Pearl-Qatar,
as well as the successful investment in strategic partnerships
resulted the company in delivering good quarterly results. (QSE,
Peninsula Qatar)
 DBIS’ net profit plunges 61.9% YoY to QR6.4mn in 1Q2015 –
Dlala Brokerage & Investments Holding Company’s (DBIS) net
profit plunged 61.9% YoY to QR6.4mn in 1Q2015. The
company’s EPS fell to QR0.29 in 1Q2015 as compared to
QR0.76 in 1Q2014. (QSE)
 QIMD’s net profit declines 15.2% YoY in 1Q2015 – Qatar
Industrial Manufacturing Company (QIMD) reported a net profit
of QR39.0mn in 1Q2015, reflecting a decrease of 15.2% YoY.
The company’s revenue fell 2.6% YoY to QR82.2mn in 1Q2015.
EPS amounted to QR0.82 in 1Q2015 versus QR0.97 in 1Q2014.
(QSE)
 QSE suspends trading of MRDS shares on April 27 – The
Qatar Stock Exchange (QSE) has announced trading
suspension of Mazaya Qatar Real Estate Development
Company’s (MRDS) shares on April 27, 2015 due to its EGM
being held on that day. (QSE)
 SEC, QSE discuss prospects of cooperation – US Securities
and Exchange Commission’s (SEC) Commissioner, Mr. Daniel
Gallagher visited the Qatar Stock Exchange (QSE) to meet the
CEO, Mr. Rashid bin Ali Al-Mansoori where they have discussed
the prospects of cooperation between the two countries in the
areas of capital markets and exchanges industry. The two sides
discussed many topics of mutual interest in global and regional
securities industry, as well as areas of possible future
cooperation and areas where regional markets could learn from
the recent experience of US markets. They also discussed the
regulatory environment post financial crisis and its impact on
securities markets. (QSE)
 Qatar Green Building Council launches Qatar Green
Directory – The Qatar Green Building Council (QGBC) has
launched a Qatar Green Directory, an online interactive
platform, aimed at increasing awareness of sustainable products
and services in the state and the region. This was announced at
the inaugural Qatar Green Building Conference that opened at
the Qatar National Convention Centre on April 26. More than
500 delegates from Qatar and around the world are taking part
in the two-day conference and exhibition. (Gulf-Times.com)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 72.30% 66.82% 11,283,246.74
GCC 3.58% 6.57% (6,156,457.13)
Non-Qatari 24.12% 26.61% (5,126,789.61)

3. Page 3 of 6
 DTZ: Leasable space in retail sector going up – According to
a report released by real estate management and research
agency DTZ, the total leasable area in the organized retail
market in Qatar has grown to over 690,000 square meters (sqm)
at the end of 1Q2015. According to the agency, the newly-
opened Gulf Mall which has more than 100,000sqm of leasable
space, City Center Doha and Villaggio together account for
more than 50% of the current organized retail space available in
the country. Besides the three malls, the real estate agency has
named 11 other shopping locations across the country on the
list. The report says more than 12mn sqm of retail space in 12
new shopping malls is currently in various stages of design or
construction and may be opened before 2019. This would
eventually represent a 220% rise on current supply. (Gulf-
Times.com)
International
 EU to consider resuming trade negotiations with Southeast
Asia – More than six years after the collapse of negotiations
between the European Union (EU) and the Association of
Southeast Asian Nations, the EU will now explore the possibility
of resuming talks on a free trade agreement with the latter. The
EU Trade Commissioner Cecilia Malmstroem said the officials
will meet towards the end of 2015 to take stock of developments
in the two regions, which will help decide when to restart the
discussions. However, she declined to quote a timeframe when
a decision will be made on resuming negotiations. Trade
between the EU and Asean rose to $248.2bn in 2014, up from
$242.6bn in 2012. The EU is Asean’s second-largest trading
partner, while the European grouping is the biggest source of
foreign direct investment inflow to the Southeast Asian region.
(Bloomberg)
 Germany and Greece to stay in touch to reach debt deal –
Greek Prime Minister Alexis Tsipras and German Chancellor
Angela Merkel have both agreed, during a phone conversation,
to maintain contact during the talks between Athens and its
lenders, in order to reach a debt deal. The technical teams from
Greece and its creditors would hold a teleconference on April
27, and later convene on April 29, 2015 to speed up
negotiations. Earlier, during a regular meeting at the Latvian
capital of Riga on April 24, Eurozone finance ministers warned
Greece that it would not receive a new aid until it agrees for a
complete economic reform plan. (Reuters)
 Deutsche Bank 1Q2015 profit falls as legal charges bite –
Deutsche Bank's net profit has fallen by half to reach to €559mn
during 1Q2015, versus 1Q2014, despite a 24% rise in revenue,
driven primarily by an increase in client trading activity. Group
revenue has risen to a near record €10.4bn. A €1.5bn charge to
fortify the bank’s legal reserves, depleted as a result of $2.5bn
legal settlement for alleged rate rigging, has harmed the bottom-
line. The US and the British regulators have fined Deutsche a
record $2.5bn on April 23 for trying to manipulate benchmark
interest rates. The bank also announced a new strategic plan,
including the sale of its Postbank retail chain and additional
paring back in investment banking, the details of which will be
unveiled on April 27. (Reuters)
 NBS: China industrial profits slid 0.4% YoY in March –
According to data released by the National Bureau of Statistics
(NBS), profits earned by Chinese industrial firms fell 0.4% YoY
in March 2015 to Yuan 508.61bn as compared with a 4.2% YoY
decline recorded in the first two months of 2015. The profits
dipped 2.7% YoY to Yuan 1.25tn in 1Q2015. The NBS attributed
the narrower decline in March profits to a deeper fall in raw
material prices and lower financing costs after the central bank
cut interest rates. Prices of raw materials fell 5.7% YoY in
March, 0.2 percentage point more than in the first two months of
2015, aiding profit margins. Further, financial costs of industrial
enterprises were Yuan 6.59bn lower in March on a YoY basis as
China cut interest rates from March 1, compared with Yuan
2.74bn YoY rise registered in January-February 2015. (Reuters)
Regional
 Ma’aden Gold & Base Metals signs SR1.2bn financing deal
with SIDF – Ma’aden Gold & Base Metals Company, a wholly-
owned subsidiary of Saudi Arabian Mining Company (Ma’aden),
has signed a financing agreement worth SR1.2bn with the Saudi
Industrial Development Fund (SIDF) to develop Ad Duwayhi
mine. The loan will be repaid in 14 semi-annual installments and
will continue for seven years and was financially guaranteed by
Ma’aden. (Tadawul)
 Jarir Bookstore opens new showroom in Jazan – Jarir
Bookstore has announced the opening of its first showroom in
Jazan on April 23, 2015, taking the total number of Jarir
showrooms to 32 inside Saudi Arabia and 37 in Saudi Arabia
and GCC countries. The company invested more than SR25mn
in this new showroom, which includes all Jarir items of office &
school supplies, wide range of Arabic & English books, in
addition to a huge number of arts & engineering materials.
(Tadawul)
 Al-Khodari signs agreement for surplus equipment auction
– Abdullah A. M. Al-Khodari Sons Company (Al-Khodari) as part
of its annual plan to upgrade its plant and equipment, has
signed an agreement with Abdullah Fouad Holding Company
(Auction Division) to conduct an auction of its surplus equipment
from May 26-28 2015 at the Al Khodari yard in Dammam. The
auction is expected to have a positive impact on its 2Q2015
financials. (Tadawul)
 Petrorabigh starts maintenance work on VDU unit – Rabigh
Refining & Petrochemical Company (Petrorabigh) had started
unscheduled maintenance work on its vacuum distillation unit
(VDU) that was expected to last until May 10, 2015. Petrorabigh
is a joint venture between Saudi Arabian Oil Company (Saudi
Aramco) and Sumitomo Chemical. (GulfBase.com)
 BAJ plans to open 60 ‘Fawri’ money transfer centers –
Fawri, a popular remittance wing of the leading bank of Saudi
Arabia, Bank AlJazira (BAJ), is planning to open 60 model
money transfer centers within the next three years in an effort to
maximize its reach among customers and to add new services
to its portfolio. Fawri is the only market player in Saudi Arabia to
have a vast network of about 400,000 payout locations in more
than 200 countries. (GulfBase.com)
 Meethaq signs MoU to provide home finance for Al Taif II
and Al Hilal VI residential projects – Meethaq, the Islamic
banking arm of Bank Muscat and Zawaya Development has
signed a MoU to provide Meethaq home finance for Al Taif II
and Al Hilal VI residential projects. Al Taif 2 is Zawaya's second
project of the recently-introduced premium series (Al Taif) in
Baushar with excellent style and attractive pricing. Al Hilal 6 is
the latest project of the affordable series (Al Hilal) with a good
location and smart layouts in Al Khoud. (GulfBase.com)
 Moody’s: Saudi insurance sector poised for strong growth
– According to Moody’s Investors Service, Saudi Arabia’s
insurance market is the second-fastest growing in the GCC
region and has good potential for further gains due to its low
insurance penetration levels and improved profitability. The
results in 2014 showed a rebound with Saudi’s 37 listed
insurance companies reporting an overall combined profit of
over SR0.7bn in 2014 as compared to a loss of over SR1.4bn in
2013. The Kingdom’s insurance premiums grew by more than

4. Page 4 of 6
20% in 2014. However, Saudi’s insurance penetration levels
(1.1%) are still significantly below those of most advanced
economies. The largest Saudi insurers show a good and
consistent level of underwriting profitability, with combined ratios
typically in the low 90% range. However the overall industry
showed a different picture, with a poor underwriting performance
driven by the high level of competition. (Gulf-Base.com)
 Tasnee picks CTCI, Chiyoda to construct titanium sponge
plant – National Industrialization Company (Tasnee) has
elected Taiwan's CTCI and Japan’s Chiyoda Corporation to
build a titanium sponge plant for its majority-owned Cristal
subsidiary. The two contractors are expected to finish
construction of the plant in Yanbu on the Red Sea coast in
1H2017, with trial and commercial operations due in 3Q2017.
The plant, which will cost an estimated $290mn, is expected to
have an annual capacity of 15,600 tons. Titanium sponge is an
intermediate product that is purified into ingots and mill products.
(Reuters)
 Sipchem completes regular scheduled maintenance for
plants – Saudi International Petrochemical Company (Sipchem)
has announced the completion of regular scheduled
maintenance works in Carbon Monoxide (CO) Plant of the
International Gas Company and Acetic Acid Plant of the
International Acetyl Company, known to be two affiliates of
Sipchem. The company has taken all the necessary precautions
regarding its obligations to customers during the cease period,
which will have a financial impact of around SR18mn in 2Q2015.
(GulfBase.com)
 Itqan Capital signs MoU with MFS – Itqan Capital and
Mubasher Financial Services (MFS) have signed a MoU to
establish a Shari’ah-compliant global brokerage company.
(GulfBase.com)
 NBS: UAE inflation surges to six-year high in March 2015 –
According to the National Bureau of Statistics (NBS), inflation in
the UAE hit a nearly six-year high of 4.3% on an annual basis in
March 2015. The housing and utility costs, which account for
over 39% of consumer expenses, rose 9.3% YoY in March
2015. Abu Dhabi hiked electricity and water tariffs from January
1, 2015, while the real estate market has been rising strongly,
indicating that the annual inflation was at its highest level since
February 2009. (GulfBase.com)
 AIFC approves 30% cash dividend – Aafaq Islamic Finance
Company’s (AIFC) general assembly has approved a cash
dividend of 30%. AIFC said that the amount is still subject to the
final approval of the Central Bank of the UAE. (GulfBase.com)
 DLD: Dubai realty transactions value jumps to AED64bn in
1Q2015 – According to the Dubai Land Department (DLD),
citizens of GCC countries contributed highly in 1Q2015, as their
investments amounted to AED9bn from 1,964 investors. The
Dubai real estate market witnessed sustainable growth in 2015
as value of transactions jumped to AED64bn in 1Q2015 as
compared to AED61bn in 1Q2014. Real estate sales accounted
for 8,000 transactions with a total value of AED24bn, while the
mortgages contributed more than AED37bn from 3,000
transactions, leaving all remaining operations at only 546
transactions with a total value of AED2bn in 1Q2015.
(GulfBase.com)
 GDS wins AED40mn projects in 2015 – Gulf Dynamic
Switchgear (GDS), a wholly-owned subsidiary of Masharie, the
private equity arm of Dubai Investments, has achieved 24% YoY
growth in 2014. Further, the company has received orders for
projects worth of AED40mn in 2015, including a variety of
mixed-use buildings and industrial projects in the fields of
utilities, oil & gas and infrastructure. These include the Ibn
Battuta Mall expansion, Emirati Housing Program 2000 Villas,
Emaar Address Boulevard, Meraas Outlet Village, Manazel Al
Khor, New York University DCP, Meena Plaza Development and
Transco Strategic Water Storage & Recovery Project in Liwa.
(DFM)
 Damac affirms Reem Island development project – Damac
Properties confirmed that it will soon begin developmental work
on its site on Al Reem Island in Abu Dhabi. The project is
currently awaiting approvals and is expected to have a sales
value of around AED1bn. (DFM)
 Al Mazaya launches next phase of Q-Point – Al Mazaya
Holding Company has announced the ‘Q-Point’ project’s next
phase under the name of ‘Q-line’. At a later stage, the project
will be launched officially to sell the available units after
completing all the required legal formalities. (DFM)
 Recent acquisitions to affect Marka’s revenues – Marka
Holding said the total value of shares acquired in Cheeky
Monkeys Playland, its branches and Sweet Surprises amounts
to 60% worth AED30mn. The deal is subject to final adjustment
following the completion of the transaction and the official
transfer of share to Marka. Total revenues from the acquisition
during May–December 2015 are set to reach AED17.25mn.
Revenues for 2016 and 2017 are set to reach AED35.47mn and
AED46.11mn, respectively. (DFM)
 Finance House EGM approves AED400mn bonds issue –
Abu Dhabi-based Finance House’s extraordinary general
meeting (EGM) has approved a bond issue that will boost the
company’s financial position and the capital adequacy ratio. The
bond issue program will include non-convertible bonds worth
AED300mn in addition to convertible bonds at a value of
AED100mn, which will lead to an increase in capital to
AED400mn. (ADX)
 Abu Dhabi fund eyes Italian airport business – Abu Dhabi’s
sovereign fund may acquire a minority stake in Italy-based
Atlantia's airport business, Aeroporti di Roma. Atlantia's CEO
said that the company is very much interested in the
privatization of the airport located the French town of Nice.
(GulfBase.com)
 Serbia seals deal with Abu Dhabi developer for Belgrade
development – Serbia has signed an agreement with an Abu
Dhabi investor for a multi-billion-dollar riverside development
that has drawn fire from some Belgrade citizens, who are
worried about the scale and cost of the project. The ‘Belgrade
Waterfront’ marks the first foray into Central & Eastern Europe
by Abu Dhabi-based developer Eagle Hills and Emirates’ real
estate tycoon Mohamed Alabbar. Eagle Hills is planning to
spend $3bn for building a bunch of hotels, office buildings and
apartments to accommodate 14,000 people, the largest
shopping mall in the Balkans and a curvaceous 200-metre tower
on 2mn square meters of wasteland by the River Sava. The
agreement stipulates that construction would take a maximum of
30 years. (Reuters)
 SIP, SES partners for new Rotana hotel in Oman – Sundus
Investments Projects (SIP) has signed an agreement with
Shaksy Engineering Services (SES) to begin work on the Phase
I of Sundus Airport Heights development in Oman, which will be
operated by Rotana Hotels when complete. Phase I of the
project will include the construction of Sundus Rotana, a four-
star business hotel that is set to open in February 2017.
(GulfBase.com)
 MedcoEnergi seeks extension of Oman oilfields deal –
MedcoEnergi, a Indonesia-based oil & gas firm is negotiating a

5. Page 5 of 6
possible extension of the agreement for the operation of the
Karim Small Fields (KSF) cluster in Oman. The oilfield was
outsourced by Petroleum Development Oman (PDO) under a
groundbreaking exploration & production service contract signed
a decade ago. KSF is a cluster of 18 onshore fields owned by
PDO, as part of its Block 6 concession. (GulfBase.com)
 CBO: Omani economy stable despite drop in oil prices –
According to the Central Bank of Oman (CBO), the Omani
economy has managed to address the decline in oil prices in
1Q2015. The CBO expects a 5% growth in 2015, which is close
to the figures reported in 2014. The bank affirmed that despite
the decline in oil prices, the Omani economy can overcome this
situation. CBO added that there are good indicators in the
market such as the decline in non-performing loans (NPL) to
almost 2%, which is a good rate when compared to international
rates. Moreover, the Sultanate has good monetary reserves with
the banks and government bonds being one of the ways to
address the budget deficit. The country’s banking sector
remains sound with its monetary deposits standing at
OMR17.3bn at 2014-end, indicating a growth of 14% YoY. The
expected growth rate at fixed prices is set at 5.5% in 2015.
(GulfBase.com)
 AUB prices debut perpetual Additional Tier 1 securities at
6.875% – Ahli United Bank (AUB) has priced its maiden issue of
US dollar-denominated perpetual Additional Tier 1 securities at
a competitive coupon of 6.875% per annum. AUB will issue a
total of $400mn of these securities against the originally planned
size of $300mn on the back of strong investor demand that
exceeded $650mn. These securities represent a new form of
capital for AUB, which will further diversify its capital base and
reduce its effective capital costs. The bank intends to deploy this
new capital on both organic and inorganic growth opportunities.
(Bahrain Bourse)
 GIH promotes 3 managers to Executive VP – Global
Investment House (GIH) has promoted its three managers to
executive positions in the company. GIH has obtained the
approval of the Capital Markets Authority to promote Sulaiman
M. Al-Rubaie to Executive Vice President of Alternative Asset
Management, Bader G. Al-Ghanim to Executive VP of the
MENA Asset Management and Rasha A. Al-Qenaei to Executive
VP of Wealth Management. (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
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
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
1.1%
(0.1%)
0.2%
(0.9%)
(0.2%)
0.7%
2.1%
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,179.44 (1.2) (2.1) (0.5) MSCI World Index 1,799.86 0.4 1.7 5.3
Silver/Ounce 15.74 (0.7) (3.3) 0.2 DJ Industrial 18,080.14 0.1 1.4 1.4
Crude Oil (Brent)/Barrel (FM
Future)
65.28 0.7 2.9 13.9 S&P 500 2,117.69 0.2 1.8 2.9
Crude Oil (WTI)/Barrel (FM
Future)
57.15 (1.0) 2.5 7.3 NASDAQ 100 5,092.09 0.7 3.2 7.5
Natural Gas (Henry
Hub)/MMBtu
2.56 0.3 (2.9) (14.5) STOXX 600 408.42 0.6 1.9 6.9
LPG Propane (Arab Gulf)/Ton 57.00 0.9 (0.4) 16.3 DAX 11,810.85 1.0 1.7 7.5
LPG Butane (Arab Gulf)/Ton 67.75 1.1 0.0 3.4 FTSE 100 7,070.70 1.0 2.6 4.8
Euro 1.09 0.5 0.6 (10.1) CAC 40 5,201.45 0.7 1.8 9.2
Yen 118.99 (0.5) 0.1 (0.7) Nikkei 20,020.04 (0.3) 1.8 15.1
GBP 1.52 0.9 1.5 (2.5) MSCI EM 1,060.50 0.6 1.7 10.9
CHF 1.05 0.1 (0.2) 4.2 SHANGHAI SE Composite 4,393.69 (0.4) 2.5 36.1
AUD 0.78 0.6 0.5 (4.3) HANG SENG 28,060.98 0.8 1.5 18.9
USD Index 96.92 (0.4) (0.6) 7.4 BSE SENSEX 27,437.94 (1.8) (5.3) (0.9)
RUB 50.87 0.1 (2.1) (16.2) Bovespa 56,594.22 1.9 8.4 0.9
BRL 0.34 0.7 3.0 (10.2) RTS 1,037.52 0.9 3.9 31.2
173.0
143.4
129.6