1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.1% to close at 12,209.5. Gains were led by the
Insurance and Transportation indices, rising 1.3% and 0.5%, respectively. Top
gainers were Qatar Insurance Co. and Qatar Navigation, rising 2.0% and 1.5%,
respectively. Among the top losers, Doha Insurance Co. fell 1.7%, while Qatar
German Co. for Medical Devices was down 1.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose marginally to close at 9,713.1. Gains were
led by the Real Estate Dev. and Media & Pub. indices, rising 2.3% and 1.7%,
respectively. Trade Union rose 9.8%, while Arabia Insur. Coop. was up 9.4%.
Dubai: The DFM Index gained 0.7% to close at 4,182.0. The Financial &
Invest. Services index rose 2.8%, while the Real Estate & Const index gained
1.4%. Gulf Finance House rose 8.1%, while Dubai Investment was up 4.2%.
Abu Dhabi: The ADX benchmark index fell marginally to close at 4,673.2. The
Services index declined 2.1%, while the Real Estate index fell 0.9%. AL
Khaleej Invest. fell 10.0%, while International Fish Farming was down 9.9%.
Kuwait: The KSE Index rose 0.1% to close at 6,360.1. The Health Care index
gained 0.9%, while the Telecommunication index rose 0.4%. Kuwait Gypsum
Manufact. & Trading gained 9.1%, while Kuwait Cable Vision was up 8.5%.
Oman: The MSM Index fell 0.1% to close at 6,323.2. Losses were led by the
Financial and Services indices, falling 0.3% each. The Financial
Corporation declined 9.6%, while Al Hassan Engineering was down 3.5%.
Bahrain: The BHB Index declined 0.2% to close at 1,389.6. The Commercial
Bank index fell 0.4%, while the other indices ended flat or green. Al Salam
Bank - Bahrain fell 3.5%, while Nass Corporation was down 1.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Insurance Co. 80.50 2.0 195.1 2.2
Qatar Navigation 101.00 1.5 224.3 1.5
Widam Food Co. 62.50 1.1 89.9 3.5
Mannai Corp. 112.20 1.1 39.5 2.9
Aamal Co. 16.87 1.0 266.0 16.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 50.90 (0.2) 1,523.6 21.5
Salam International Investment Co. 14.21 (0.8) 858.4 (10.3)
Ezdan Holding Group 17.09 (0.5) 534.8 14.5
Vodafone Qatar 17.35 (0.3) 454.0 5.5
Masraf Al Rayan 49.80 1.0 407.8 12.7
Market Indicators 28 Apr 15 27 Apr 15 %Chg.
Value Traded (QR mn) 326.6 719.9 (54.6)
Exch. Market Cap. (QR mn) 654,492.4 654,163.9 0.1
Volume (mn) 7.2 18.3 (60.6)
Number of Transactions 4,543 7,620 (40.4)
Companies Traded 42 41 2.4
Market Breadth 16:19 33:6 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,974.26 0.1 1.3 3.5 N/A
All Share Index 3,259.27 0.1 1.2 3.4 15.0
Banks 3,259.11 0.2 1.0 1.7 14.7
Industrials 4,035.27 0.1 1.5 (0.1) 14.2
Transportation 2,497.82 0.5 1.6 7.7 13.8
Real Estate 2,638.24 (0.3) 1.6 17.5 15.0
Insurance 4,177.80 1.3 2.0 5.5 19.3
Telecoms 1,309.50 (0.1) (1.0) (11.9) 21.4
Consumer 7,318.66 (0.4) 1.4 6.0 27.6
Al Rayan Islamic Index 4,645.21 0.1 1.8 13.3 16.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Print. & Pack. Saudi Arabia 23.07 8.1 1,400.7 23.4
Dubai Investments Dubai 2.99 4.2 40,066.8 33.2
Invest Bank Abu Dhabi 2.75 3.8 168.0 6.9
Deyaar Development Dubai 0.91 3.6 74,340.2 7.1
SAFCO Saudi Arabia 119.74 3.5 837.6 6.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Bank of Sharjah Abu Dhabi 1.61 (4.7) 2.8 (13.5)
Ajman Bank Dubai 2.31 (4.1) 27,075.3 (13.4)
Aramex Dubai 3.40 (3.1) 436.4 9.7
Saudi Ind. Inv. Group Saudi Arabia 28.66 (2.5) 2,431.4 12.7
Nat. Industries Group Kuwait 0.19 (2.1) 1,948.6 (1.1)
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%
Doha Insurance Co. 25.55 (1.7) 4.3 (11.9)
Qatar German Co. for Med. Dev. 13.70 (1.2) 159.3 35.0
Medicare Group 169.60 (1.2) 5.3 45.0
Zad Holding Co. 90.00 (1.1) 3.0 7.1
Qatar Oman Investment Co. 15.85 (0.9) 329.6 2.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 50.90 (0.2) 77,762.1 21.5
QNB Group 196.00 0.0 25,164.4 (7.9)
Qatar Navigation 101.00 1.5 22,526.6 1.5
Masraf Al Rayan 49.80 1.0 20,243.1 12.7
Qatar Insurance Co. 80.50 2.0 15,454.6 2.2
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* 12,209.54 0.1 1.3 4.3 (0.6) 89.71 179,789.1 14.3 2.0 4.1
Dubai 4,182.04 0.7 2.3 19.0 10.8 294.58 100,961.2 9.4 1.6 5.1
Abu Dhabi 4,673.18 (0.0) 0.9 4.6 3.2 61.27 126,008.8 11.7 1.5 4.7
Saudi Arabia 9,713.07 0.0 1.0 10.6 16.6 2,846.55 565,629.5 20.5 2.3 2.8
Kuwait 6,360.11 0.1 0.5 1.2 (2.7) 57.84 98,433.8 17.2 1.1 4.0
Oman 6,323.16 (0.1) (0.6) 1.4 (0.3) 15.04 24,135.3 10.3 1.4 4.4
Bahrain 1,389.63 (0.2) (0.6) (4.2) (2.6) 0.55 21,730.8 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)
12,160
12,180
12,200
12,220
12,240
12,260
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 0.1% to close at 12,209.5. The Insurance
and Transportation indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite
selling pressure from Qatari and GCC shareholders.
 Qatar Insurance Co. and Qatar Navigation were the top gainers,
rising 2.0% and 1.5%, respectively. Among the top losers, Doha
Insurance Co. fell 1.7%, while Qatar German Co. for Medical
Devices was down 1.2%.
 Volume of shares traded on Tuesday fell by 60.6% to 7.2mn
from 18.3mn on Monday. Further, as compared to the 30-day
moving average of 8.6mn, volume for the day was 16.3% lower.
Barwa Real Estate Co. and Salam International Investment Co.
were the most active stocks, contributing 21.1% and 11.9% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 1Q2015
% Change
YoY
Operating Profit
(mn) 1Q2015
% Change
YoY
Net Profit (mn)
1Q2015
% Change
YoY
Emirates Integrated
Telecommunications
Company (du)
Dubai AED 3,050.6 3.2% 936.1 8.0% 487.1 -0.6%
Global Financial Investments
Holding Co. (GFIH)
Oman OMR 1.0 -37.0% – – 0.3 -28.4%
Oman Cement Co. (OCC) Oman OMR 14.7 12.7% – – 4.3 4.9%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/28 US S&P/Case-Shiller S&P/CS 20 City MoM SA February 0.93% 0.70% 0.88%
04/28 US S&P/Case-Shiller S&P/CS Composite-20 YoY February 5.03% 4.70% 4.48%
04/28 US S&P/Case-Shiller S&P/CaseShiller 20-City Index NSA February 173.7 173.1 172.8
04/28 US S&P/Case-Shiller S&P/Case-Shiller US HPI MoM February 0.42% – 0.53%
04/28 US S&P/Case-Shiller S&P/Case-Shiller US HPI YoY February 4.22% – 4.41%
04/28 US S&P/Case-Shiller S&P/Case-Shiller US HPI NSA February 166.8 – 166.6
04/28 France INSEE Consumer Confidence April 94.0 94.0 93.0
04/28 UK British Bankers' Asso. BBA Loans for House Purchase March 38,751 37,800 37,453
04/28 UK ONS GDP QoQ 1Q2015 0.30% 0.50% 0.60%
04/28 UK ONS GDP YoY 1Q2015 2.40% 2.60% 3.00%
04/28 UK ONS Index of Services MoM February 0.30% 0.50% -0.20%
04/28 UK ONS Index of Services 3M/3M February 0.70% 0.70% 0.80%
04/28 Spain INE Total Mortgage Lending YoY February 1.20% – 11.90%
04/28 Spain INE House Mortgage Approvals YoY February 29.20% – 20.00%
04/28 Spain Ministerio de Hacienda Spain Budget Balance YtD March -9.85B – -12.21B
04/28 China NBS Leading Index March 98.3 – 98.6
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 63.47% 67.27% (12,412,633.93)
GCC 10.61% 10.90% (921,911.41)
Non-Qatari 25.91% 21.83% 13,334,545.34

3. Page 3 of 6
News
Qatar
 AHCS posts net profit of QR103mn in 1Q2015 – Aamal
Company (AHCS) posted a net profit attributable to
shareholders of QR103mn in 1Q2015, an increase of 24.5%
YoY (down 65.5% on a QoQ basis), led by margin expansion
and robust performance of its realty development. The
company’s net underlying profit margins (excluding share of
profits of equity accounted for investments in associates and
joint ventures) improved to 16.5% in 1Q2015 as against 13.3%
in 1Q2014. AHCS’ Chairman Sheikh Faisal bin Qassim Al-Thani
said the property division achieved a revenue growth of almost
19%, accompanied by a strengthening in margin. The revenue
marginally declined 0.5% YoY to QR635.6mn (up 18.0% QoQ).
The EPS amounted to QR0.16 in 1Q2015 as compared to
QR0.13 in 1Q2014. (Company Press Release, Gulf-Times.com)
 QEWS inaugurates largest power plant in Oman – Qatar
Electricity & Water Company (QEWS) inaugurated the QR6bn
Sur IPP project with a total capacity of 2000 megawatts (MW) in
Sur province of Oman. It is the largest power plant in the
Sultanate, representing more than 28% of the current installed
capacity. The plant is expected to play an important role to meet
growing energy demand in Oman during the coming years. Sur
IPP project agreements were signed between the Oman Power
& Water Procurement Company and Phoenix Power Company
in 2011, which is owned by a group of international developers
namely QEWS, Marubeni Corporation and Chubu Electric
Power from Japan and Multitech Company from Oman. (QSE)
 MDPS: Industrial sector PPI rises 3.6% MoM – The Ministry of
Development Planning & Statistics (MDPS) said the monthly
Producer Price Index (PPI) of the industrial sector stood at 108.3
in February 2015, showing an increase of 3.6% over the PPI of
January 2015. The overall PPI of February 2015 declined 38.9%
YoY. The breakdown of the overall PPI for February 2015 by
main groups showed a rise of 5% MoM (down 41.3% YoY) in
the Mining group (77% weight), with the price of crude
petroleum and natural gas rising by 4.9%. The Manufacturing
group PPI (21% weight) showed a fall of 0.8% MoM (decline of
30.9% YoY). The PPI of Electricity & Water group (with 2%
weightage) declined 0.8% MoM (down 0.1% YoY), resulting
from the effect of the price decline seen in Electricity by 1.6%
and an increase in Water by 0.5% on a MoM basis. The
indicator i.e. PPI is a measure of the average selling prices
received by domestic producers for their output. (Peninsula
Qatar)
 Qatar launches $1bn gas recovery project – Qatar has
officially launched a $1bn Jetty Boil-Off Gas Recovery (JBOG)
project on April 28, 2015 that will reduce burning of gas (or
flaring) by 90% while loading at Ras Laffan LNG berths. The
project will save 29bn standard cubic feet of gas per year,
enough to power 300,000 homes or to produce 750 megawatts
of power. JBOG is the largest boil-off gas recovery project in the
world. The project marks a major step toward conserving
environment as the reduction is equivalent to an annual
greenhouse gas savings of 1.6mn tons of CO2, which is
equivalent to the annual GHG emissions of about 175,000
vehicles. (Peninsula Qatar)
 Real estate deals hit QR705mn – According to statistics
released by the Land Registry office of the Ministry of Justice,
the total trading value in real estate sales contracts reached
QR705.83mn from April 19 to 23. The real estate sales included
lands, shopping centers, houses residential complexes and
towers. (Peninsula Qatar)
 QCSD deposits MRDS’ bonus shares – The Qatar Central
Securities Depository (QCSD) has deposited the bonus shares
of the Mazaya Qatar Real Estate Development Company
(MRDS) into the shareholders’ accounts. With this addition,
MRDS’ new capital stands at QR1.05bn distributed across
105mn shares. The shareholders may trade these shares from
April 28, 2015 onward. (QSE)
 Msheireb Properties’ new building gets Leed certification –
Qatar’s leading sustainable developer Msheireb Properties, a
subsidiary of Qatar Foundation, has achieved Leed (Leadership
in Energy and Environmental Design) Platinum status for its new
building located at its flagship development Msheireb Downtown
Doha. The developer has achieved the certification for its Diwan
Annex building. Certified by the US Green Building Council
(USGBC) under the Leed Core & Shell Version 2.0, the Diwan
Annex has met and, in some areas, surpassed all requirements
in achieving Platinum Certification. (Bloomberg)
 Qatar can cope with oil prices as low as $60 per barrel –
Former minister of Energy and Industry, HE Abdullah bin Hamad
Al Attiyah said Qatar can sustain oil prices as low as $60 per
barrel, or even lower if the necessary steps are taken to adapt to
the current global context, thanks to the country’s low production
costs and the diversification of the economy. (Peninsula Qatar)
International
 US consumer confidence index drops; home prices rise –
The Conference Board’s US consumer confidence index
dropped to a four-month low of 95.2 in April. The 6.2 point drop
in April was the highest since the federal government shutdown
in October 2013. The March figure was revised up to 101.4 from
a previously reported 101.3. Further, the Conference Board’s
consumer expectations’ gauge for the next six months was the
weakest since September, while the measure of present
conditions dropped to a four-month low. Meanwhile, a report
showed that home prices across 20 US cities appreciated at a
faster pace than forecasted in the year ended February 2015.
The S&P/Case-Shiller index has increased by 5% after rising by
4.5% in the 12 months through January. (Bloomberg)
 EU: US-EU trade deal talks to stretch into 2016 – The
European Union’s (EU) Chief Negotiator Ignacio Garcia Bercero
said that talks between the US and the EU on a transatlantic
trade accord will extend till 2016, and that the discussions are
about to enter a "more difficult" stage. Further, the year 2015 is
seen as crucial period for making progress on the Transatlantic
Trade & Investment Partnership (TTIP), since the US
presidential election will be held in 2016 and President Barack
Obama will leave office during January 2017. Meanwhile, one of
the major stumbling blocks for the deal, which seeks to reduce
trade barriers, and harmonize regulations, is an investor
protection clause sought by the US. Proponents of the deal are
expecting that it could add $100bn toward the annual economic
output on both sides of the Atlantic. (Reuters)
 French consumer confidence reaches highest level in 5
years – French consumer confidence has risen for the third
consecutive month in April 2015 to reach its highest level since
January 2010. The consumer morale index released by the
official statistics agency INSEE has reached 94 in April from 93
in March. Households said they were more willing to make
significant purchases and were slightly more optimistic about
both - the state of their future finances and their ability to save.
However, concerns that unemployment would continue to rise
have increased sharply. (Reuters)

4. Page 4 of 6
 Greece expects debt deal in May; threatens referendum –
Greece Prime Minister Alexis Tsipras said that he is confident of
an outline deal with international creditors within two weeks.
Tsipras also said that he is expecting a deal with creditors by
May 9, three days before a €750mn debt payment to the IMF
falls due. He ruled out a default but stressed that the priority
would be to pay wages and pensions. He also mentioned that
Greece was hoping for a €3-5bn pre-payment of future profits if
it struck a deal with Russia on Turkish Stream, a gas pipeline
project. However, he threatened to call a referendum if lenders
insist on demands that are deemed unacceptable by his
government. (Reuters)
 Brazil’s unemployment rate climbs in March – According to
data published by Brazil’s national statistics agency IBGE, the
country’s unemployment rate had risen from 5.9% in February
2015 to 6.2% in March, reaching the highest level in three years.
The economy has laid off 64,907 jobs in the first two months of
2015, which is the worst performance since 2009. The
deterioration of Brazil’s labor market is a blow to President
Dilma Rousseff, who was pointing to low unemployment rates as
one of the achievements of her administration until 2014.
(Bloomberg)
Regional
 GCC investors, LHG acquire majority stake in LCC – Libya
Holdings Group (LHG) has acquired a majority stake in the
Libyan Cement Company (LCC) from Austria-based QuadraCir
Group for an undisclosed sum. LHG’s CEO, Ahmed Ben Halim
said that investors from the UAE and Saudi Arabia, including a
market-listed industrial group, were joining as co-investors. He
said the cement maker owns three plants in eastern Libya but
only one was operational, producing just 300,000 tons annually
– a fraction of its capacity of 3mn tons. The new owners planned
to invest more than €50mn in the three plants to boost the total
capacity by 25%, but money would flow only once Libya sees
some stability. (GulfBase.com)
 Alpen Capital: GCC food consumption to grow by 3.5%
CAGR till 2019 – Alpen Capital, in its ‘GCC Food Industry
Report’ said the food consumption among the GCC countries is
expected to grow at a CAGR of 3.5% between 2014 and 2019 to
reach 51.9mn metric tons (MT), supported by encouraging
macroeconomic drivers. Cereals are likely to remain the most
consumed food category, accounting for 46.5% of the region’s
total food consumption in 2019. However, the rising
consumption of high-priced protein-rich and healthy foods is
expected to gradually eat into the share of cereals.
Subsequently, cereals consumption is expected to show an
annualized growth of 3% between 2014 and 2019, slower as
compared to the 4.4% and 3.8% rise in meat and fruit
consumption, respectively. During this period, food consumption
in Qatar and the UAE is expected to grow at a CAGR of 5.5%
and 4.8%, respectively, the fastest in the GCC region. The
largest food consuming nation, Saudi Arabia is estimated to
show an annual growth of 3.0% from 2014. Oman, Kuwait and
Bahrain will also show similar growth patterns, ranging from
2.7% to 3.2%. Alpen Capital said the food demand in the GCC
region is driven by several factors including a growing
population base, increasing affluence and a rising tourist inflow
within the region. (Gulf-Base.com)
 SPC updates on use of rights issue proceeds – Sahara
Petrochemicals Company (SPC) has announced that the
proceeds from the rights issue amounted to SR1.46bn, of which
SR1bn were already used by the end of 1Q2015. The current
balance of the subscription proceeds stands at SR455.89mn
and proceeds were not used in any other aspect other than
those mentioned in the prospectus. (Tadawul)
 SASCO signs SR550.94mn financing deal with BSF – Saudi
Automotive Services Company (SASCO) has signed a Shari’ah-
compliant financing deal worth SR550.94mn with Banque Saudi
Fransi (BSF). The agreement is as part of SASCO's expansion
plan, which will finance the purchase of new lands and stations
including construction and renovation of existing stations. The
agreement starts from April 28, 2015 and ends on December 31,
2021. (Tadawul)
 ZSCC awarded SR90.8mn Dammam shopping mall contract
– Zamil Steel Construction Company (ZSCC), a wholly-owned
subsidiary of Zamil Industrial Investment Company, has been
awarded a turnkey project contract worth SR90.8mn by Gulf
Real Estate Company for its new shopping mall project in
Dammam, Saudi Arabia. The duration of the contract is 12
months, with the company set to begin supplying the building
materials in 3Q2015. Work on all projects is expected to be
completed by 2Q2016. The project is expected to have a
positive impact on the company's consolidated financials at the
end of each stage during 2015 and 2016. (Tadawul)
 JLL: Riyadh property sales sink due to tough mortgage
rules – According to a report by Jones Lang LaSalle (JLL),
residential property sales in Riyadh have plunged since the
Kingdom introduced tougher mortgage rules in November 2014.
JLL predicted the restrictions would spur further country-wide
declines. Buyers can now only borrow a maximum 70% of a
property's sale price; previously, there were no limits. The curbs
were announced in 2013 and were implemented in November
2014 after the introduction of laws to facilitate mortgage lending.
As per the report, the number of house sales in Riyadh between
the time the new lending limits were introduced and the end of
March 2015 fell 70% YoY. The number of apartment sales
dropped 33% as well. Riyadh house sales prices fell 2% in
1Q2015 versus 4Q2014, while rents rose 2%. (GulfBase.com)
 UAE bank lending rises 8.2% YoY in March 2015 – According
to the latest data by the UAE Central Bank, bank lending in the
UAE grew 8.2% YoY in March 2015, accelerating from 7.8% in
February 2015. However, money supply (M3) growth fell to 7.6%
in March 2015, the slowest rate since March 2013, from 9.5%.
(Reuters)
 EIBank reports AED21.2mn net profit in 1Q2015 – Emirates
Investment Bank (EIBank) reported a net profit of AED21.23mn
in 1Q2015, indicating an increase of 9% YoY. The bank’s
operating income for 1Q2015 stood at AED41.1mn as compared
to AED35.23mn in 1Q2014. EIBank’s total assets stood at
AED3.89bn at the end of March 31, 2015 as compared to
AED3.5bn at the end of December 31, 2014. Loans & advances
reached to AED532.67mn, while customer deposits stood at
AED3.38bn. The EPS amounted to AED30.33 in 1Q2015 versus
AED27.88 in 1Q2014. (DFM)
 Dubal Holding mulls buying stakes in energy projects –
Dubal Holding, the holding company for Dubai's stake in
Emirates Global Aluminium and other assets, is considering
possible acquisitions in local and international energy projects.
The company is looking for equity interests related to coal, solar,
gas, and other alternative sources of energy. (GulfBase.com)
 DEWA to invest AED60bn in utility projects until 2020 – The
Dubai Electricity & Water Authority (DEWA) will invest AED60bn
in utility projects until 2020. This investment will include
expansion projects aimed at enhancing DEWA’s power
generation capacity by 20% to meet the rising demand in Dubai

5. Page 5 of 6
from customers and development projects, particularly ahead of
hosting the mega event, the World Expo 2020. (GulfBase.com)
 Etisalat plans bond tap issuance, signs MoU with AUS –
Emirates Telecommunication Corporation (Etisalat) is planning
to issue tap notes under its established $7bn Global Medium
Term Note (GMTN) Program. The company said it will launch
the bonds when market conditions are favorable. Moreover, the
company has revised the guidance on its $500mn June 2019
bond re-opening at 72.5 basis points over midswaps. Order
books for the transaction stood at around $1bn. HSBC and the
National Bank of Abu Dhabi are bookrunners for the bond tap.
Meanwhile, Etisalat and the American University of Sharjah
(AUS) have signed a MoU to develop business opportunities
between the two parties. (ADX, GulfBase, Reuters)
 Agthia targets takeovers backed by AED200mn budget –
Abu Dhabi-based Emirates FoodStuff & Mineral Water Company
(Agthia) is in early talks with potential takeover targets as it
seeks to deploy a war chest worth AED200mn. The company
wants to grow in the UAE and the Gulf region through
acquisitions in the water, juice and dairy segments. Agthia said
cost reduction, diversification and launch of new products,
expansion of the distribution reach and strengthening of
underperforming businesses besides mergers & acquisitions will
be its growth strategy in 2015. (GulfBase.com)
 NCT&H seeks to refinance old debt – National Corporation for
Tourism & Hotels (NCT&H) is in discussions with lenders to
refinance about AED880mn of loans to manage its liquidity and
meet other investment requirements. The loans under
consideration consist of an AED600mn facility, of which
AED468mn is earmarked for future investment opportunities,
AED132mn for the repayment of existing loans and an
AED280mn facility aimed at a specific investment opportunity in
the early stages of discussions. (GulfBase.com)
 SCAD: Chemicals help industrial production to rise in Abu
Dhabi – According to data from the Statistics Centre–Abu Dhabi
(SCAD), industrial production in Abu Dhabi rose YoY in 4Q2014.
SCAD’s Industrial Production Index, which measures output
across manufacturing sectors, was up 2.2% higher in 4Q2014
as against 4Q2013. This was led by a major increase in the
production of chemicals and chemical products, which rose by
38.3%. The manufacture of fabricated metal products rose
10.7% during this period. (GulfBase.com)
 ADDED: Abu Dhabi industrial sector continues to improve –
According to the Abu Dhabi Department of Economic
Development’s (ADDED), preliminary data for the performance
of the industrial sector in Abu Dhabi 2014, the manufacturing
industry is expected to achieve a growth rate of 10.4%,
assuming fixed prices. As per the performance index of the
industrial sector of Abu Dhabi, the prices of industrial products
have improved in 2014 as compared to 2013. The index
recorded about 100.2 points in 1Q2014, 101.4 points in 2Q2014
and 99.2 points in 3Q2014. The index value increased by 0.1%
YoY in 1Q2014, 4.2% YoY in 2Q2014 and 0.8% YoY in 3Q2014.
(GulfBase.com)
 Sanad raises $90mn in syndicated deal – Sanad Aero
Solutions (Sanad) a wholly-owned subsidiary of Mubadala
Development Company, has raised $90mn in financing to
expand its spare engine and components offering. Abu Dhabi
National Leasing, the wholly-owned lease financing arm of the
National Bank of Abu Dhabi, Bank of America-Merrill Lynch and
First Gulf Bank participated in the club deal. The transaction will
increase the company's total borrowing to $600mn.
(GulfBase.com)
 ABK reports KD9.1mn net profit in 1Q2015 – Al Ahli Bank of
Kuwait (ABK) reported a net profit of KD9.1mn in 1Q2015 as
compared to KD8.1mn in 1Q2014. The bank’s operating profit
stood at KD21.8mn in 1Q2015 as against KD21.1mn 1Q2014.
ABK’s total assets reached KD3.6bn at the end of March 31,
2015, reflecting an increase of 2.4% YoY, while the total
shareholders' equity increased to KD546mn. The EPS
amounted to 6 fils in 1Q2015 versus 5 fils in 1Q2014.
(Bloomberg)
 Oman: Ahli Bank net profit rises 12.5% YoY in 1Q2015 – Ahli
Bank reported a net profit of OMR6.82mn in 1Q2015, indicating
an increase of 12.5% YoY. The bank’s operating income
increased by 14.1% YoY to OMR14.08mn in 1Q2015, while
customer deposits rose by 15.1% YoY. The bank’s total assets
grew 28.6% YoY to reach OMR1.8bn at the end of March 31,
2015. (GulfBase.com)
 HBO’s net profit surges 22.6% YoY in 1Q2015 – HSBC Bank
Oman’s (HBO) net profit surged by 22.6% YoY to OMR3.8mn in
1Q2015 due to an increase in net operating income before loan
impairment charges. The bank’s net operating income before
loan impairment charges increased by 15.5% YoY to
OMR18.6mn in 1Q2015. HBO’s net interest income also rose by
5.2% YoY to OMR12.1mn led by an increase in corporate loans
& advances. Net fee income stood at OMR3.3mn, up 37.5%
YoY. Loans & advances grew by 20.5% YoY to OMR1.23bn due
to an increase in corporate loans and advances, while customer
deposits marginally decreased by 0.1% YoY to OMR1.95bn.
The bank’s capital adequacy ratio stood at 17.8% as at March
31, 2015 compared with 19.8% as at March 31, 2014.
(Gulfbase.com, MSM)
 Omani CMA fixes sale price for OFI minority shareholders –
Oman Foods International (OFI) announced that Omani Capital
Market Authority (Omani CMA) has fixed the sale price of
OMR0.476 per share for minority shareholders of the company
holding 5,000 shares or less. (MSM)
 Oman plans floating storage for DME crude delivery –
According to sources, Oman Tank Terminal Company (OTTCO)
is planning to start operating a floating storage unit later in 2015
to ease trade of crude oil futures on the Dubai Mercantile
Exchange (DME). The storage will increase the monthly trade
volumes on the DME by 2mn barrels and help curb price
volatility. Reportedly, the company will lease storage space
onboard a very large crude carrier, via a tender process to four
companies for a year. Each company will have space to store
one cargo, or 500,000 barrels. The tender could be issued in
June or July 2015 so that the storage space would be allocated
before September 2015, when trade in November 2015-loading
cargoes starts. (Reuters)
 ASBB’s net profit declines to BHD3.8mn in 1Q2015 – Al
Salam Bank-Bahrain (ASBB) reported a net profit of
BHD3.79mn in 1Q2015 as compared to BHD4.02mn in 1Q2014.
The bank’s total operating income reached BHD11.43mn in
1Q2015 against to BHD8.04mn in 1Q2014. However, the bank’s
operating expenses increased to BHD7.16mn compared to
BHD3.29mn in 1Q2014. ASBB’s total assets stood at
BHD1.95bn at the end of March 31, 2015 as compared to
BHD1.96bn at the end of December 31, 2014, while customer
current accounts stood at BHD242.52mn compared to
BHD226.65mn in 1Q2014. EPS amounted to 1.8 fils per share in
1Q2015 versus 2.7 fils per share in 1Q2014. (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)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
0.0%
0.1%
0.1%
(0.2%)
(0.1%)
(0.0%)
0.7%
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
0.6%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,212.18 0.9 2.8 2.3 MSCI World Index 1,803.39 0.1 0.2 5.5
Silver/Ounce 16.64 1.4 5.8 6.0 DJ Industrial 18,110.14 0.4 0.2 1.6
Crude Oil (Brent)/Barrel (FM
Future)
64.64 (0.3) (1.0) 12.8 S&P 500 2,114.76 0.3 (0.1) 2.7
Crude Oil (WTI)/Barrel (FM
Future)
57.06 0.1 (0.2) 7.1 NASDAQ 100 5,055.42 (0.1) (0.7) 6.7
Natural Gas (Henry
Hub)/MMBtu
2.53 2.0 (1.0) (15.4) STOXX 600 406.28 (0.9) 0.5 7.5
LPG Propane (Arab Gulf)/Ton 56.38 0.2 (0.7) 15.1 DAX 11,811.66 (1.3) 1.1 8.7
LPG Butane (Arab Gulf)/Ton 63.75 0.4 0.8 1.6 FTSE 100 7,030.53 (0.6) 0.4 5.3
Euro 1.10 0.8 1.0 (9.2) CAC 40 5,173.38 (1.3) 0.5 9.8
Yen 118.86 (0.2) (0.1) (0.8) Nikkei 20,058.95 0.4 0.3 15.5
GBP 1.53 0.7 1.0 (1.5) MSCI EM 1,067.01 0.1 0.6 11.6
CHF 1.05 (0.0) (0.2) 4.1 SHANGHAI SE Composite 4,476.21 (0.9) 1.7 38.4
AUD 0.80 2.1 2.5 (1.9) HANG SENG 28,442.75 0.0 1.4 20.5
USD Index 96.09 (0.7) (0.9) 6.5 BSE SENSEX 27,396.38 1.1 0.8 (0.1)
RUB 51.33 (1.3) 0.9 (15.5) Bovespa 55,812.03 0.6 0.9 1.8
BRL 0.34 (0.8) 0.4 (9.8) RTS 1,029.71 0.7 (0.8) 30.2
175.4
143.6
129.5