Qatar

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index fell 0.7% to close at 11,831.3. Losses were led by the Real Estate and
Industrials indices, falling 1.0% and 0.7%, respectively. Top losers were Qatari Investors
Group and Gulf International Services, falling 2.7% and 2.4%, respectively. Among the
top gainers, Ahli Bank rose 6.5%, while Zad Holding Co. was up 1.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 9,090.8. Gains were led by the Hotel
& Tourism and Energy & Utilities indices, rising 0.8% each. Salama Cooperative
Insurance Co. rose 6.9%, while WAFA Insurance was up 3.1%.
Dubai: The DFM Index declined 0.9% to close at 4,110.0. The Consumer Staples index
fell 1.4%, while the Services index declined 1.2%. Gulf General Investment Co. fell 3.2%,
while Shuaa Capital was down 2.8%.
Abu Dhabi: The ADX benchmark index fell 0.4% to close at 4,854.6. The Investment &
Financial Services index declined 3.1%, while the Real Estate index fell 1.2%.
Commercial Bank International declined 9.1%, while Waha Capital declined 3.2%.
Kuwait: The KSE Index declined 0.4% to close at 6,235.5. The Banks and Consumer
Goods indices declined 0.8% each. Kuwait Building Materials Manufacturing Co.
declined 5.8%, while Kuwait Resorts Co. was down 5.5%.
Oman: The MSM Index fell 0.2% to close at 6,556.7. Losses were led by the Financial
and Industrial indices, falling 0.6% and 0.1%, respectively. National Gas fell 4.6%, while
Ahli Bank was down 2.3%.
Bahrain: The BHB Index declined 0.2% to close at 1,334.5. The Investment index fell
2.3%, while Commercial Bank index was down 0.3%. Gulf Finance House fell 8.9%,
while Khaleeji Commercial Bank was down 1.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 49.20 6.5 29.1 (0.9)
Zad Holding Co. 101.60 1.6 66.7 21.0
Qatar Islamic Insurance Co. 83.70 1.2 44.9 5.9
Qatar General Ins. & Reinsur. Co. 56.00 0.5 97.8 9.2
Qatar Navigation 98.00 0.4 46.7 (1.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 25.55 (2.1) 714.7 8.3
Ezdan Holding Group 17.70 (0.9) 688.3 18.6
Mazaya Qatar Real Estate Dev. 18.33 (0.4) 425.0 0.5
Masraf Al Rayan 45.20 (0.9) 323.3 2.3
Vodafone Qatar 16.16 (0.4) 299.5 (1.8)
Market Indicators 28 Jul 15 27 Jul 15 %Chg.
Value Traded (QR mn) 224.3 213.4 5.1
Exch. Market Cap. (QR mn) 6,28,806.1 6,31,976.2 (0.5)
Volume (mn) 4.8 5.3 (8.5)
Number of Transactions 7,217 5,937 21.6
Companies Traded 42 42 0.0
Market Breadth 8:32 15:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,390.11 (0.7) (0.9) 0.4 N/A
All Share Index 3,174.03 (0.5) (0.8) 0.7 13.0
Banks 3,124.75 (0.4) (0.4) (2.5) 13.8
Industrials 3,757.06 (0.7) (1.2) (7.0) 13.2
Transportation 2,470.43 0.3 0.2 6.6 12.7
Real Estate 2,728.62 (1.0) (1.2) 21.6 9.0
Insurance 4,794.45 (0.2) (1.8) 21.1 22.2
Telecoms 1,123.29 (0.5) (1.3) (24.4) 22.6
Consumer 7,501.69 (0.7) (0.2) 8.6 29.1
Al Rayan Islamic Index 4,652.15 (0.8) (0.6) 13.4 13.5
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Ahli Bank Qatar 49.20 6.5 29.1 (0.9)
IFA Hotels & Resorts Co. Kuwait 0.17 6.2 0.0 (14.0)
Comm. Bank of Dubai Dubai 6.75 5.5 10.0 29.8
Kuwait Cement Co. Kuwait 0.38 4.1 5.0 (5.0)
Co for Coop. Insurance Saudi Arabia 98.58 2.6 162.8 97.4
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
DP World Ltd Dubai 22.00 (4.8) 130.5 4.8
Ahli United Bank Kuwait 0.55 (3.5) 308.8 (5.5)
Bank Albilad Saudi Arabia 34.29 (3.0) 804.0 (3.9)
Qatari Investors Group Qatar 50.30 (2.7) 13.3 21.5
Dubai Financial Market Dubai 1.91 (2.6) 3,777.7 (5.0)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 50.30 (2.7) 13.3 21.5
Gulf International Services 71.80 (2.4) 239.1 (26.1)
United Development Co. 25.55 (2.1) 714.7 8.3
Dlala Brokerage & Inv. Holding Co 26.15 (1.9) 35.3 (21.8)
Qatar German Co for Medical Dev. 16.51 (1.6) 28.3 62.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 25.55 (2.1) 18,592.8 8.3
Gulf International Services 71.80 (2.4) 17,356.6 (26.1)
Masraf Al Rayan 45.20 (0.9) 14,695.4 2.3
Al Meera Consumer Goods Co. 277.70 (0.8) 13,245.7 38.9
QNB Group 182.50 (0.6) 12,894.2 (14.3)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,831.33 (0.7) (0.9) (3.0) (3.7) 61.60 1,72,670.2 12.1 1.8 4.3
Dubai 4,110.00 (0.9) (2.2) 0.6 8.9 79.02 1,04,933.3 12.1 1.4 6.3
Abu Dhabi 4,854.63 (0.4) (0.9) 2.8 7.2 35.66 1,31,998.4 12.0 1.5 4.6
Saudi Arabia 9,090.84 0.1 (3.0) 0.0 9.1 906.09 5,38,511.1 19.2 2.2 2.9
Kuwait 6,235.47 (0.4) (0.8) 0.5 (4.6) 45.92 96,084.9 15.5 1.0 4.3
Oman 6,556.74 (0.2) (0.5) 2.1 3.4 10.92 25,677.4 11.8 1.6 4.0
Bahrain 1,334.49 (0.2) (0.2) (2.4) (6.5) 0.60 20,871.8 8.6 0.9 5.3
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)
11,820
11,840
11,860
11,880
11,900
11,920
11,940
09:30 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 fell 0.7% to close at 11,831.3. The Real Estate and Industrials
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.
 Qatari Investors Group and Gulf International Services were the top losers,
falling 2.7% and 2.4%, respectively. Among the top gainers, Ahli Bank rose
6.5%, while Zad Holding Co. was up 1.6%.
 Volume of shares traded on Tuesday fell by 8.5% to 4.8mn from 5.3mn on
Monday. However, as compared to the 30-day moving average of 4.8mn,
volume for the day was 1.2% higher. United Development Co. and Ezdan
Holding Group were the most active stocks, contributing 14.8% and 14.2%
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)
2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Savola Group Saudi Arabia SR – – 554.4 -17.4% 434.4 -15.4%
National Metal Manufacturing
and Casting Co. (Maadaniyah)
Saudi Arabia SR – – 12.9 29.2% 9.4 6.8%
Takween Advanced
Industries Co. (TAI)
Saudi Arabia SR – – 38.8 260.5% 28.0 0.7%
Allied Cooperative Insurance
Group (ACIG)
Saudi Arabia SR 119.8 339.3% – – 3.2 9.3%
Emirates
Telecommunications
Corporation (Etisalat)
Abu Dhabi AED 13,300.0 NA – – 1,500.0 NA
Al Maha Petroleum Products
Marketing Co.*
Oman OMR 173.3 -0.8% – – 5.2 -7.8%
Port Services Corp. (PSC)* Oman OMR 3.3 -75.4% – – 0.1 -98.1%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/28 US Conference Board Consumer Confidence Index July 90.9 100.0 99.8
07/28 US Richmond Fed Richmond Fed Manufact. Index July 13.0 7.0 7.0
07/28 UK UK ONS GDP QoQ 2Q2015 0.70% 0.70% 0.40%
07/28 UK UK ONS GDP YoY 2Q2015 2.60% 2.60% 2.90%
07/28 UK UK ONS Index of Services MoM May 0.30% 0.30% 0.20%
07/28 UK UK ONS Index of Services 3M/3M May 0.40% 0.50% 0.50%
07/28 Spain INE Total Mortgage Lending YoY May 15.10% – 0.30%
07/28 Spain INE House Mortgage Approvals YoY May 10.90% – 21.40%
07/28 Spain Ministerio de Hacienda Spain Budget Balance YtD June -23.45B – -23.26B
07/28 Italy ISTAT Consumer Confidence Index July 106.5 109 109.3
07/28 Italy ISTAT Business Confidence July 103.6 103.7 103.9
07/28 Italy ISTAT Economic Sentiment July 104.3 – 104.7
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 64.76% 52.94% 2,65,09,744.47
GCC 1.88% 4.00% (47,22,861.41)
Non-Qatari 33.36% 43.07% (2,17,86,883.06)

3. Page 3 of 6
News
Qatar
 QCB real estate price index hits record high – Qatar’s real estate
price value rebounded by 23.5% YoY in June 2015 after softening a
bit in April 2015. The Qatar Central Bank (QCB) updated the real
estate price index, which tracks Qatar’s real estate market value.
The bank noted that the index hit a record high of 284.0 points in
June 2015 compared to 230.6 points in June 2014. The QCB’s real
estate index witnessed a slowdown during April 2015. The index
slipped to 269.5 points in April 2015 from the previous month’s
271.3 points. The index rose by 27.7 points in May, before jumping
to 284.0 points in June. The QCB index performance is a reflection
of the surging value of the country’s real estate market. (Peninsula
Qatar)
 MDPS: Qatar machinery, equipment index edges higher in 1H2015 –
According to statistics released by the Ministry of Development
Planning & Statistics (MDPS), higher prices, especially for special
purpose machines such as underground rock cutters and
earthmovers as well as machinery like electric motors, led Qatar to
register a 0.69% YoY increase in the Machinery & Equipment
Index (MEPI) in 1H2015. MDPS said the MEPI, which is calculated
semi-annually, had shown a 0.39% increase compared to 2H2014.
Under the new indicator, office, accounting and computing
machinery group carries the maximum weight of 41.45% followed
by transport equipment (28.34%), special purpose machines
(22.78%) and machinery and electrical appliances (7.43%). The
special purpose machines saw their index expand by 1.58% YoY
owing to a 1.99% increase in the prices of underground rock
cutters and tunneling machinery; 1.58% in mining and quarrying
machinery and 1.48% in excavators, bulldozers and such other
equipment. The special purpose machines index grew by 0.39% on
the back of 1.89% rise in the price of underground rock cutters
and tunneling machinery; 0.39% in mining and quarrying
machinery and 0.19% in excavators, bulldozers and such other
equipments against 2H2014. (Gulf-Times.com)
 QCB: Forex firms warned not to charge special fee – The Qatar
Central Bank (QCB) has issued strict warnings to money exchange
companies against collecting commissions from customers while
selling and buying foreign currencies. In a circular to the
companies, QCB Governor Sheikh Abdulla bin Saoud Al Thani
directed them to stop levying the fee with immediate effect. The
QCB warned the companies that any violation of its order would be
treated as a violation of the central bank’s Law No. 13/12012.
(Peninsula Qatar)
 QNB Group unveils new insurance service for cargo – QNB Group
(QNBK), in association with Qatar Insurance Company (QATI),
recently announced a new addition to its line of bancassurance
services with the addition of the marine cargo insurance service
accessible to all current and new QNBK corporate customers. The
new bancassurance product was issued as part of QNBK’s
continuous efforts to significantly enhance the quality of services
offered to its customers through its corporate bancassurance
products, and to align with its vision of becoming a banking
industry icon and bring value to its customers through relevant
consumer insurance products. This new product offers cost saving
and speed issuance of the insurance certificate, in addition to a
valuable insurance coverage to QNBK corporate customer’s cargo
business. (Peninsula Qatar)
 QA may acquire stake in IndiGo; denies rumors of stake plan in
SpiceJet – Qatar Airways (QA) is in talks to acquire a stake in
India’s IndiGo, which would expand QA’s foothold in one of the
world’s fastest growing aviation markets. QA has long coveted a
stake in IndiGo, the fast-growing airline owned by InterGlobe
Aviation, which in June 2015 filed a draft prospectus for a stock
market listing. QA CEO Akbar Al Baker in May 2015 said that QA
would be interested in buying up to 49% of IndiGo stake, although
he said then that there had been no talks. He also said IndiGo
owners had no immediate plans to sell. On the other hand, QA has
dismissed rumors that it is in talks to pursue a commercial stake in
India’s SpiceJet, saying the airline is not interested in engaging in a
partnership with the Gurgaon-based airline. QA said the claim that
it is picking up a stake in SpiceJet is “inaccurate” and denied that
the two carriers have reached an agreement regarding an interline
agreement. Meanwhile, QA Cargo will launch a new freighter
service to Djibouti on August 1, becoming the carrier’s seventh
dedicated African freighter destination. The weekly A330F service
will satisfy increasing airfreight demand from customers in the
Middle East, South Asia and Europe into east Africa. (Reuters, Gulf-
Times.com)
 GOIC: Qatar ranks second in manufacturing sector investments in
GCC – According to GCC manufacturing industries report by the
Gulf Organization for Industrial Consulting (GOIC), Qatar is ranked
second in terms of the size of investments. Qatar, at 21.7%, is
second only to Saudi Arabia (55.3%) in terms of the size of
investments in manufacturing sector. The GOIC Secretary General
Abdulaziz bin Hamad al-Ageel noted that GOIC, in collaboration
with Qatar’s Ministry of Environment, the GCC Standardization
Organization and Gulf Association for Metrology (GULFMET) will
hold the first Gulf Metrology Forum in Doha in December. Through
this event, experts hope to shed light on the importance of
metrology in guaranteeing industrial development in GCC
countries. Further, GOIC and ICIS will organize the first Middle
East Surfactants Summit in Qatar in October 2015. (Gulf-
Times.com) Page No. 36
 QIA JV to build 57-storey residential tower in London – Canary
Wharf Group, a wholly owned joint venture between Brookfield
Property Partners and the Qatar Investment Authority (QIA), has
received planning approval to build a striking residential tower at
its New Phase site (formerly known as Wood Wharf). The 57-
storey building will comprise 468 apartments ranging from
studios to large three-bedroom family units. It will occupy a
prominent waterfront location on the edge of South Dock, directly
to the east of the existing Canary Wharf estate. The wider
development site will be transformed into a 4.9mn square feet (sq
ft) mixed use, waterside community providing over 3,200 new
homes, nearly 2mn sq ft of high quality commercial office space,
and a further 335,000 sq ft of shops, restaurants, a school and
landscaped parks and walkways. (Gulf-Times.com)
 Ashghal upgrades customer service management system – The
Public Works Authority (Ashghal) has announced that the first
phase of the customer service management system has been
completed. According to a report in local Arabic daily Arrayah, the
project jointly implemented by Ashghal and Microsoft aims to
enhance services provided to the authority’s clients and make
communication easier between Ashghal and members of the
public. The accomplishment of the first phase would provide
better services to various categories of Ashghal customers. (Gulf-
Times.com)
 Al Khor Park has ‘strong potential’ to lure visitors – According to
sources, the scheduled reopening of the renovated Al Khor Park,
which features world-class tourism amenities, has “strong
potential” to draw many visitors to the northern part of Qatar. The
park, renovated at a cost of around QR250mn and spread over
240,000 square meters, is due to reopen in August, pending safety
measures being reviewed by the Public Gardens Department at the
Ministry of Municipality and Urban Planning (MMUP). (Gulf-
Times.com)

4. Page 4 of 6
International
 US consumer confidence deteriorates in July – US consumer
confidence suffered its biggest blow in four years in July on a less
upbeat jobs outlook, while home appreciation in major cities
stalled in May, suggesting a spring pause in housing demand. The
Conference Board said its index of consumer attitudes fell to 90.9
in July from a downwardly revised 99.8 in June. The latest figure
was the lowest since September 2014, while the decline was the
steepest since August 2011. Meanwhile, the S&P/Case Shiller
composite home price index of 20 metropolitan areas in May rose
4.9% YoY, matching the pace in April. Data from the Commerce
Department showed the US home ownership rate dropped to
63.5% in 2Q2015 on a seasonally adjusted basis. However,
increasing household formation and an improving labor market,
however, are expected to pull more first-time buyers into the
market. (Reuters)
 British economy bounces back in 2Q2015 – British economic
growth got back on track in 2Q2015 but the strength of the pound
hurt manufacturers, putting the Bank of England in a tricky spot as
it gets closer to raising interest rates. The Office for National
Statistics (ONS) said the economy grew by 0.7% in the three
months up to June, following an unexpected slowdown to 0.4% in
1Q2015. But the figures showed an increased reliance on domestic
demand, with business and financial services powering ahead,
while the factory output suffered a rare quarterly fall. Domestic
demand is likely to stay strong, with households bolstered by
higher wages and temporarily low inflation, and signs that firms
are investing more as the recovery matures. The ONS said that in
the year up to June, British economic output rose by 2.6%, and
output per head finally returned to around its pre-crisis level.
(Reuters)
 Japan retail sales slip in June for a third time in 2015 – Japan’s retail
sales fell for the third time in 2015, sapping an economy that
analysts say struggled in 2Q2015 amid sluggish exports and
production. Sales slid by 0.8% MoM in June, following declines in
January and March. According to the economy ministry, sales of
machinery and equipment, automobiles, air-conditioners, apparel
and accessories all fell in June. Weakness in consumer spending
adds to risks to the world’s third-biggest economy, whose
manufacturing sector has struggled with softness in exports to
Asia. (Bloomberg)
 S&P: Brazil credit rating at risk of downgrade to junk – Standard &
Poor’s (S&P) said it may cut Brazil’s credit rating to junk, citing the
country’s political and economic challenges amid an ongoing
corruption probe. The ratings agency said it revised the outlook on
Brazil’s rating from stable to negative. The country already is at
BBB-, the lowest investment-grade level. A downgrade by S&P
would undo the progress made under former President Luis Inacio
Lula da Silva, who led the country in 2008 to obtain investment-
grade status for the first time. The ratings move also adds to
challenges for President Dilma Rousseff and her economic team
led by Finance Minister Joaquim Levy as they duel with Congress
to shore up fiscal accounts at the same time the country slips into
recession. (Bloomberg)
 Russian economy decline slows in June, but recovery elusive –
According to the official data released on Tuesday, the sharp
decline in Russia’s economy may have almost run its course,
slowed by a huge devaluation of the ruble and heavy government
spending on anti-crisis measures. While the GDP continued to
decline in YoY terms in June - down by 4.2% as compared to 4.8%
in May – seasonally adjusted output fell just 0.1% MoM. However,
recovery prospects are cloudy, with many analysts warning of a
sluggish rebound at best. Uncertainty about the pace of any
recovery is reflected in official forecasts, which present sharply
divergent views. The Economy Ministry predicts the economy
would grow by 2.3% in 2016 after a 2.8% decline in 2015. In
contrast, Russia’s central bank estimated the economy would grow
by only 0.7% in 2016 after declining 3.2% in 2015. (Reuters)
Regional
 Markaz: GCC issues $48.13bn Sukuks, bonds – The Kuwait Financial
Centre (Markaz) has stated in its latest GCC Bonds & Sukuk Market
Survey that the aggregate primary issuance of bonds and Sukuk by
GCC entities, including Central Banks, totaled $48.13bn in 1H2015,
reflecting a 15.19% YoY decrease. A total of $28.29bn was raised
by the GCC central banks of Kuwait, Bahrain, Qatar, and Oman
during 1H2015. The Central Bank of Kuwait raised the highest
amount of $12.85bn, representing 48.8% of the total amount
raised by Central Bank Local Issuances (CBLIs) through 36
issuances, followed by the Central Bank of Bahrain, which raised a
total of $6.69bn, 47.13% higher from $4.55bn raised in 1H2014.
The GCC bonds and Sukuk market is composed of bonds and
Sukuks issued by GCC sovereign and corporate entities for
financing purposes and denominated in local and foreign
currencies. A total of $19.83bn was raised in the GCC bonds
market in 1H2015, a decline of 19.29% from $24.57bn raised in
1H2014. On the geographical allocation, the Markaz report stated
that the issuances by UAE entities raised the largest amount in GCC
Bonds & Sukuk market in 1H2015, representing 75.6% of the total
amount, or $14.99bn, and were the most active in terms of
issuance frequency with 99 issuances. (Peninsula Qatar)
 IHS Automotive: GCC car sales to slow as weaker oil prices put
brakes on economic growth –According to IHS Automotive, car
sales in the GCC region are expected to increase at a much slower
rate in 2015 as compared to the double-digit jump of 2014, as
consistently lower oil prices put the brakes on economic growth.
The IHS Automotive’s data showed that 1H2015 sale in the GCC
region were 890,000 units. Overall sales in 2015 are expected to
reach around 1.88mn units as compared to 1.78mn in 2014,
representing a growth of 5.6%. The UAE led the region in car sales
growth during 1H2015 at 3.5% as compared to 1H2014. Saudi
Arabia followed at about 3.2%, while Kuwait barely showed gains
of about 1%. Meanwhile, Oman was the only country to record
negative growth. (GulfBase.com)
 ANB Insurance receives SAMA approval for insurance products –
MetLife AIG ANB Cooperative Insurance Company (ANB
Insurance) has obtained Saudi Arabian Monetary Agency’s (SAMA)
final approval to use Motor TPL, Motor Comprehensive and Motor
Comprehensive - Commercial Fleet insurance products. (Tadawul)
 Savola Group BoD approves SR267mn dividend for 2Q2015 –
Savola Group’s board of directors has approved distribution of
SR267mn dividend, (i.e. SR 0.50 per share) for 2Q2015, which
represents 5% of the company's nominal share value. Therefore,
the dividends distributed to shareholders during 1Q2015, and the
proposed dividend to be distributed for 2Q2015 will reach
SR533.98mn (i.e. SAR 1 per share), which represents 10% of the
company's nominal share value. The maturity date for 2Q2015
dividend will be for all shareholders registered in the company’s
books at the end of the trading day on August 2, 2015. The
dividend payments will be processed as of August 16, 2015.
(Tadawul)
 Acwa Power acquires Ventis Enerji – According to a Cumhuriyet
daily, Acwa Power has acquired Ventis Enerji from Ahmet Munir
Gul for a purchase consideration of Turkish Lira 25.3mn. Acwa
Power is planning to establish a 900 megawatt gas turbine power
plant about 50 kilometers from the central Anatolian city of
Kirikkale, at a cost of $1bn. The company is planning to invest
hundreds of billions of dollars in Turkey over the next 15 years.
(GulfBase.com)

5. Page 5 of 6
 UAE to raise gasoline prices in August – The UAE, OPEC’s third-
biggest producer, will raise unleaded gasoline prices by 24% in
August 2015 when it becomes the first country in the oil-rich
Persian Gulf to remove subsidies on transport fuel. The official
WAM news agency reported that motorists will pay 2.14 dirhams
per liter for 95-octane unleaded gasoline starting August 1 as the
country deregulates fuel prices. The gasoline grade currently sells
for 1.72 dirhams per liter. Prices for diesel, which will also be
linked to global markets, will drop 29% to 2.05 dirhams per liter.
The UAE Energy Minister Suhail Al Mazrouei said on July 22 that
removal of fuel subsidies is part of the government’s plan to make
the economy more competitive and diversify income. (Bloomberg)
 Emaar awards AED844m contract to AGCCI – Emaar Properties has
clarified the news published regarding awarding construction
contract, and said that it regularly doles out construction contracts
for its projects in normal course of business. The published report
has material inaccuracies and Emaar has awarded an AED844mn
contract to Al Ghandi and Consolidated Contractors International
(AGCCI) for the construction of The Hills project. (DFM)
 Dubai Trade logs 12.5% growth in new firms in 1H2015 –
According to recent statistics released by Dubai Trade, the online
gateway for trade and logistics services in Dubai, showed
improved figures in 1H2015 as compared to 1H2014. The 1H2015
witnessed a 12.5% growth in new companies registered with
Dubai Trade with 9,317 new companies on board. This led to an
8.7% growth in the number of transactions to 9.7mn. The increase
in the number of new companies and online transactions were a
result of Dubai Trade’s strategic goal to become a single window
for trade in Dubai and to escalate customer adoption, by offering a
streamlined trade facilitation process. (GulfBase.com)
 S&K Estate Agents says worsening market led to bankruptcy –
Dubai-based S&K Estate Agents said a deteriorating property
market in the Emirate contributed to its decision to file for
bankruptcy and be liquidated. The company said its reputation
had suffered from client complaints and a recruitment drive did
not yield desired results to save the business. S&K Estate Agents
said the current Dubai market factors did not help, as 2015
property transactions, both in number and value, have plunged.
(Reuters)
 JLL: Abu Dhabi real estate market stable in 2Q2015 – David Dudley,
international director and head of Abu Dhabi Office at JLL MENA
said that Abu Dhabi’s real estate market remained stable during
2Q2015, with performance of most sectors remaining flat, and a
slight increase in hospitality performance. This is primarily driven
by a slowdown in the pace of demand growth, but with short term
supply completions under control the market conditions are
stable. The softening of demand principally stems from the decline
in oil prices, which has directly affected Abu Dhabi’s dominant
petrochemical sector, and also led to a reduction in domestic
government spending as the government re-prioritizes its
projects, and a decline in investor sentiment. (GulfBase.com)
 KKR, Majid Al Futtaim considers bid for Abu Dhabi’s Dunia –
According to sources, KKR & Co. and Dubai’s Majid Al Futtaim
Holding (MAF) are among companies weighing a bid for Abu Dhabi
consumer finance firm Dunia Finance. Dunia’s shareholders,
including sovereign wealth fund Mubadala Development Co. and
Temasek Holdings’ unit Fullerton Financial, are seeking about four
to five times of the book value for the company. That may value
Dunia at about $800mn-$1bn. MAF is working with Citigroup on
its planned bid while Dunia shareholders hired Morgan Stanley to
explore a sale of the company. (Bloomberg)
 ADEC: Abu Dhabi schools earn AED8.8bn in 3 years – According to
the figures released by the Abu Dhabi Education Council (ADEC),
private schools in Abu Dhabi earned around AED8.8bn in three
years, while investment in the sector, including the construction of
new schools, exceeded AED2.4bn. The earnings were made during
the 2013-2015 scholastic years and largely surpassed those made
in the previous period due to a sharp rise in the number of
students and school fees. As per the report, investments by the
Emirate’s nearly 185 private schools stood at around AED2.43bn
during 2013-2015. (GulfBase.com)
 KNPC awards contracts worth KD3.48bn to build Al-Zour refinery –
KUNA reported that Kuwait National Petroleum Company (KNPC)
awarded contracts worth KD3.48bn to build the al-Zour oil
refinery, which would be one of the largest in the Middle East. The
615,000 barrel per day refinery was originally planned more than
a decade ago but has been delayed repeatedly by bureaucratic and
political problems, including conflict between Kuwait's parliament
and the cabinet. (Reuters)
 Kuwait preparing Islamic bond legislation to help finance budget –
Kuwait’s Finance Minister, Anas al-Saleh said that Kuwait is
preparing legislation to facilitate issues of Islamic bonds by the
government as it assesses options to finance a big budget deficit
caused by low oil prices. Early, in July 2015, Kuwait's parliament
approved a budget for the current fiscal year that envisages a
deficit of KD8.18bn - nearly half of the total spending - because of
the plunge in oil prices since mid-2014, which has slashed energy
export revenues. (Reuters)
 OPWP initiates steps to raise working capital facility – Oman Power
and Water procurement Company (OPWP) has initiated steps to
raise its working capital facility, and is intending to obtain working
capital facility from reputed local banks. (GulfBase.com)
 Oman Air signs MoU with Riyada – Oman Air has signed a MoU with
Riyada. The MoU allows small and medium-sized enterprises
(SMEs) registered with Riyada to bid for contracts with Oman Air
in a more convenient and efficient way. This agreement will offer
greater ease of access to the airline’s supply chain for small and
medium-sized enterprises (SMEs). (GulfBase.com)
 Raeco plans to invest OMR153mn in next three years – Rural Areas
Electricity Company (Raeco) is planning to invest OMR153mn in
the next three years between 2015 and 2017 in raising power
generation capacity, transmission lines and distribution networks
across the country. The company said as much as 60% of the
investment is for power projects and 40% for developing
transmission lines. (GulfBase.com)
 BBK made corrections to media news – BBK has rectified a news
report which states that BBK has recovered half of the Arcapita
$10bn loan. BBK said that the amount is $10mn and not $10bn as
stated in the news article. (Bahrain Bourse)
 ABC net profit decreases 30% in 1H2015 – Arab Banking
Corporation (ABC) reported a consolidated net profit of $96mn in
1H2015, 30% lower as compared to a profit of $137mn reported
in 1H2014. Net profit for 2Q2015 was $44mn, 33% lower than
$66mn reported for 2Q2014. The bank’s total assets stood at
$28bn at the end of June 30, 2015 as compared to $29.4bn at the
end of 2014. The ratio of NPLs to gross loans at 2.7% remained
healthy. Loans & advances reached $14.34bn, while customer
deposits stood at $13.46bn. EPS amounted to $0.03 in 1H2015
versus $0.04 in 1H2014. (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
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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
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
0.1%
(0.7%)
(0.4%) (0.2%) (0.2%) (0.4%)
(0.9%)
(4.0%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,095.56 0.1 (0.3) (7.5) MSCI World Index 1,747.06 0.8 0.1 2.2
Silver/Ounce 14.69 0.9 0.0 (6.4) DJ Industrial 17,630.27 1.1 0.4 (1.1)
Crude Oil (Brent)/Barrel (FM
Future)
53.30 (0.3) (2.4) (7.0) S&P 500 2,093.25 1.2 0.7 1.7
Crude Oil (WTI)/Barrel (FM
Future)
47.98 1.2 (0.3) (9.9) NASDAQ 100 5,089.21 1.0 0.0 7.5
Natural Gas (Henry
Hub)/MMBtu
2.88 1.7 2.1 (4.0) STOXX 600 390.02 0.5 (0.5) 4.0
LPG Propane (Arab Gulf)/Ton 39.88 (0.3) (3.9) (18.6) DAX 11,173.91 0.5 (0.9) 3.6
LPG Butane (Arab Gulf)/Ton 52.00 (3.7) (3.7) (17.1) FTSE 100 6,555.28 1.0 0.2 (0.1)
Euro 1.11 (0.3) 0.7 (8.6) CAC 40 4,977.32 0.4 (1.0) 6.4
Yen 123.56 0.3 (0.2) 3.2 Nikkei 20,328.89 (0.4) (0.9) 12.6
GBP 1.56 0.3 0.7 0.2 MSCI EM 891.24 (0.2) (2.1) (6.8)
CHF 1.04 0.0 0.0 3.3 SHANGHAI SE Composite 3,663.00 (1.7) (10.0) 13.2
AUD 0.73 0.9 0.8 (10.2) HANG SENG 24,503.94 0.6 (2.5) 3.8
USD Index 96.77 0.3 (0.5) 7.2 BSE SENSEX 27,459.23 0.3 (1.8) (1.0)
RUB 60.01 0.6 2.4 (1.2) Bovespa 49,601.60 0.2 (1.5) (23.1)
BRL 0.30 0.2 (0.1) (21.0) RTS 839.25 (0.1) (2.3) 6.1
142.1
121.3
115.9