1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 12,083.0. Losses were led by the
Real Estate and Insurance indices, falling 1.1% and 0.7%, respectively. Top
losers were Widam Food Co. and Dlala Brokerage & Investments Holding Co.,
falling 2.3% and 1.8%, respectively. Among the top gainers Qatar Electricity &
Water Co. rose 1.7%, while Aamal Co. was up 0.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.7% to close at 9,208.7. Losses were led
by the Petrochemical Industries and Transport indices, falling 3.2% and 2.7%,
respectively. TASNEE fell 7.3%, while AlRajhi Takaful was down 5.9%.
Dubai: The DFM Index declined 2.2% to close at 4,056.0. The Services index
fell 4.1%, while the Industrial index declined 3.4%. Dubai Islamic Insurance &
Reinsurance Co. declined 5.9%, while Dubai Financial Market was down 5.3%.
Abu Dhabi: The ADX benchmark index fell 0.9% to close at 4,719.3. The
Energy index declined 3.3%, while the Real Estate index fell 3.0%. Ooredoo
declined 7.9%, while Abu Dhabi National Energy Co. was down 6.0%.
Kuwait: The KSE Index declined 0.2% to close at 6,200.2. The Consumer
Goods Index fell 1.4%, while the Health Care index declined 0.9%. Al-Madina
For Finance & Inv. fell 7.4%, while Livestock Trans. & Trading was down 5.3%.
Oman: The MSM Index fell 0.1% to close at 6,432.3. Losses were led by the
Financial and Services indices, falling 0.4% and 0.2%, respectively. National
Gas fell 3.7%, while Al Madina Takaful was down 2.2%.
Bahrain: The BHB Index declined 0.2% to close at 1,365.3. The Commercial
Bank index fell 0.4%, while the Services index declined 0.3%. Bahrain Islamic
Bank fell 3.7%, while Al-Ahli United Bank was down 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Electricity & Water Co. 225.00 1.7 27.4 20.0
Aamal Co. 15.26 0.4 39.2 5.5
Salam International Investment Co. 14.12 0.4 119.3 (10.9)
QNB Group 185.70 0.2 236.1 (12.8)
Qatar Islamic Bank 106.90 0.2 7.7 4.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 52.10 (1.3) 428.2 24.3
Ezdan Holding Group 18.29 (1.1) 266.8 22.6
QNB Group 185.70 0.2 236.1 (12.8)
Gulf International Services 80.00 (1.0) 220.9 (17.6)
Vodafone Qatar 16.58 (1.0) 191.4 0.8
Market Indicators 28 June 15 25 June 15 %Chg.
Value Traded (QR mn) 151.4 177.0 (14.5)
Exch. Market Cap. (QR mn) 640,624.0 642,359.4 (0.3)
Volume (mn) 2.6 3.4 (23.4)
Number of Transactions 1,765 2,316 (23.8)
Companies Traded 39 41 (4.9)
Market Breadth 5:23 17:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,777.59 (0.4) (0.4) 2.5 N/A
All Share Index 3,227.07 (0.4) (0.4) 2.4 13.6
Banks 3,151.79 (0.2) (0.2) (1.6) 14.2
Industrials 3,926.65 (0.1) (0.1) (2.8) 13.9
Transportation 2,455.35 (0.3) (0.3) 5.9 13.6
Real Estate 2,789.71 (1.1) (1.1) 24.3 9.8
Insurance 4,710.00 (0.7) (0.7) 19.0 21.7
Telecoms 1,161.36 (0.3) (0.3) (21.8) 23.3
Consumer 7,400.19 (0.2) (0.2) 7.1 28.7
Al Rayan Islamic Index 4,711.51 (0.5) (0.5) 14.9 14.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Adv. & Public Saudi Arabia 119.50 9.9 50.7 32.0
United Electronics Co. Saudi Arabia 82.97 1.9 892.4 23.7
Gulf Cable & Elec. Ind. Kuwait 0.58 1.8 71.0 (15.9)
Qatar Elec. & Water Co. Qatar 225.00 1.7 27.4 20.0
Boubyan Petrochem. Kuwait 0.63 1.6 49.0 (3.1)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Industrialization Co. Saudi Arabia 19.62 (7.3) 16,578.7 (26.2)
Abu Dhabi Nat. Energy Abu Dhabi 0.63 (6.0) 0.5 (21.3)
Dubai Financial Market Dubai 1.96 (5.3) 20,345.2 (2.5)
Arabtec Holding Co. Dubai 2.58 (5.2) 35,348.1 (7.5)
Med. & Gulf Ins. Saudi Arabia 41.84 (4.3) 1,115.2 (16.5)
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%
Widam Food Co. 62.60 (2.3) 55.1 3.6
Dlala Brokerage & Inv Holding Co. 27.30 (1.8) 5.3 (18.4)
Barwa Real Estate Co. 52.10 (1.3) 428.2 24.3
Ezdan Holding Group 18.29 (1.1) 266.8 22.6
Qatar Insurance Co. 95.90 (1.0) 0.8 21.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 185.70 0.2 43,571.6 (12.8)
Barwa Real Estate Co. 52.10 (1.3) 22,357.1 24.3
Gulf International Services 80.00 (1.0) 17,655.9 (17.6)
Masraf Al Rayan 46.35 (1.0) 8,671.6 4.9
Ooredoo 85.20 0.0 6,126.8 (31.2)
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* 12,082.99 (0.4) (0.4) 0.3 (1.7) 41.59 175,979.4 12.7 1.9 4.2
Dubai 4,055.97 (2.2) (2.2) 3.4 7.5 202.74 99,656.4 9.4 1.5 5.4
Abu Dhabi 4,719.25 (0.9) (0.9) 4.2 4.2 41.84 129,034.1 11.9 1.5 4.7
Saudi Arabia 9,208.70 (1.7) (1.7) (5.0) 10.5 1,467.12 545,049.6 19.3 2.2 2.9
Kuwait 6,200.24 (0.2) (0.2) (1.5) (5.1) 42.52 96,768.9 15.4 1.0 4.4
Oman 6,432.29 (0.1) (0.1) 0.7 1.4 16.76 25,259.4 9.7 1.5 3.9
Bahrain 1,365.33 (0.2) (0.2) 0.1 (4.3) 0.74 21,353.1 8.8 1.0 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,040
12,060
12,080
12,100
12,120
12,140
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 0.4% to close at 12,083.0. The Real
Estate and Insurance indices led the losses. The index fell on the
back of selling pressure from Qatari and non-Qatari shareholders
despite buying support from GCC shareholders.
 Widam Food Co. and Dlala Brokerage & Investments Holding
Co. were the top losers, falling 2.3% and 1.8%, respectively.
Among the top gainers Qatar Electricity & Water Co. rose 1.7%,
while Aamal Co. was up 0.4%.
 Volume of shares traded on Sunday fell by 23.4% to 2.6mn from
3.4mn on Thursday. Further, as compared to the 30-day moving
average of 13.8mn, volume for the day was 81.3% lower. Barwa
Real Estate Co. and Ezdan Holding Group were the most active
stocks, contributing 16.6% and 10.4% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Earnings
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
First Gulf Bank
(FGB)
Capital
Intelligence
Abu
Dhabi
FSR/LT FCR/ST
FCR/SR
A+/ A+/A1/2 A+/ A+/A1/2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Al Firdous Holdings* Dubai AED 19.2 16.2% – – -15.6 NA
Source: Company data, DFM, ADX, MSM (*FY2014-15 results)
News
Qatar
 UDCD to disclose financials on July 15 – United
Development Company (UDCD) will announce the financial
reports for the period ending June 30, 2015 on July 15, 2015.
(QSE)
 QEWS to announce financials on July 13 – Qatar Electricity
and Water Company (QEWS) will disclose the financial reports
for the period ending June 30, 2015 on July 13, 2015. (QSE)
 QCB to issue T-bills worth QR4bn on July 1 – The Qatar
Central Bank (QCB) will issue new three-month treasury bills
worth QR2bn, along with six-month and nine-month T-bills worth
QR1bn each on July 1, 2015. (QCB)
 MDPS: Qatar May trade surplus hits QR15.2bn – According
to statistics released by the Ministry of Development Planning &
Statistics (MDPS), the value of Qatar’s total exports amounted
to QR24.8bn in May 2015, a decrease of 38.9% YoY. However,
the total exports of goods increased by 4.7% MoM in May 2015.
On the other hand, the imports of goods in May 2015 amounted
to QR9.6bn, an increase of 10% YoY. However on a MoM basis,
imports decreased by 9.3%. The foreign merchandise trade
balance, which represents the difference between total exports
and imports, showed a surplus of QR15.2bn in May 2015, a
decrease of QR16.7bn or 52.3% YoY. However, the trade
balance increased by QR2.1bn or 16% MoM. According to a
QNA report, the YoY decrease in total exports was mainly due
to lower exports of petroleum gases and other gaseous
hydrocarbons, reaching QR15.9bn in May 2015, a decrease of
41.4%, petroleum oils & oils from bituminous minerals (crude)
reaching QR3.6bn, and petroleum oils & oils from bituminous
minerals (non crude) reaching QR1.1bn. In May 2015, Japan
was the top destination of Qatar’s exports with QR4.8bn, a
share of 19.3% of the total exports followed by South Korea with
QR4.4bn (17.8%) and India with QR3.1bn (12.5%). The US was
the leading country of origin in May 2015 of Qatar’s imports with
QR1.1bn, a share of 11.6% of the imports followed by China
with QR1.0bn (10%) and the UAE with QR0.9bn (9.6%). During
May 2015, motor cars & other passenger vehicles were at the
top of the imported commodities with QR0.7bn, showing an
increase of 41.8% YoY. Aircraft parts and helicopters stood at
the second place with QR0.5bn, showing an increase of 24.7%
while electrical apparatus for line telephony/telegraphy,
telephone sets, etc were at the third place. (Peninsula Qatar)
 MDPS: Industrial sector PPI slid in April 2015 – The Ministry
of Development Planning & Statistics (MDPS) has released the
Monthly Producer Price Index (PPI) for the Industrial sector for
April 2015. The PPI for April 2015 is estimated at 62.2, recording
a decrease of 2.7% MoM and a decrease of 37.4% YoY. The
PPI covers goods relating to Mining (weight: 72.7%),
Manufacturing (weight: 26.8%) and Electricity & Water (weight:
0.5%). Compared with March 2015, the Mining sector PPI for
April 2015 showed a decline of 3.1%, primarily due to the falling
prices recorded in crude petroleum and natural gas. The PPI
declined by 41.5% YoY in April 2015. The Manufacturing sector
PPI decreased by 1.7% MoM in April 2015, while it showed a
decline of 26.8% on a YoY basis. The Electricity & Water PPI
decreased by 0.4% compared with March 2015, resulting from
the price fall in the Electricity sector by 0.6%, whereas it was
down 2.1% YoY. (QSA)
 New sponsorship law makes headway – A committee of the
Advisory Council is to complete its review of the draft law
regulating the entry and residence of expatriates, more
commonly known as the new sponsorship law after a meeting
with HE the Minister of Labor and Social Affairs Dr. Abdullah bin
Saleh Al-Khulaifi on Monday. Qatar News Agency (QNA)
reported that the Internal and Foreign Affairs Committee at the
Overall Activity Buy %* Sell %* Net (QR)
Qatari 52.46% 71.36% (28,626,409.72)
GCC 33.04% 5.14% 42,247,901.01
Non-Qatari 14.50% 23.50% (13,621,491.29)

3. Page 3 of 6
Advisory Council discussed the draft law with HE the Prime
Minister and Minister of Interior Sheikh Abdullah bin Nasser bin
Khalifa Al-Thani at a session at the White Palace. (Gulf-
Times.com)
 BMI Research: Qatar set for 40% growth in auto sales –
According to a recent report by BMI Research, Qatar is set to
witness over 40% growth in auto sales over the next four years
with total new vehicle sales expected to reach 143,774 units by
2019. The BMI report states that around 101,982 private
vehicles were registered in Qatar in 2014, representing an
annual increase of 8.7% and slightly ahead of BMI's predictions
of just over 6% growth. The BMI calculations were based on
figures from Qatar's Monthly Statistics book prepared by Qatar's
Ministry of Development Planning & Statistics (MDPS). BMI
expects a growth of 8.7% in overall new vehicle sales in 2015, to
reach over 110,000 units. (Gulf-Times.com)
 VNI: Qatar ideally placed to boost digital businesses –
According to the 10th annual Cisco Visual Networking Index
(VNI) Forecast 2015 launched on Sunday, Qatar is ideally-
placed to advance digital businesses and society as total
internet users in the Middle East and Africa will grow 1.6-fold to
425mn by 2019 or 27% of the population, due to growing
demand for mobile devices, video and social networking. There
will be around 3.9bn global internet users by 2019, up from
2.8bn in 2014. In the Middle East and Africa, IP traffic will grow
six-fold by 2019, a compound annual growth rate of 44%.
(Peninsula Qatar)
 Kahramaa opens new service center in Industrial Area – The
Qatar General Electricity & Water Corporation (Kahramaa) has
opened a new service center in Industrial Area. The center on
Street No. 100 in Zone No. 56 became operational on Sunday. It
is equipped with many facilities to help customers, including a
spacious waiting lounge. It will remain open from Sunday to
Thursday between 9am to 2pm during Ramadan. (Peninsula
Qatar)
 Ashghal completes new FCC building – The Public Works
Authority (Ashghal) has completed the new building of the
Family Consultation Center (FCC) in the Al-Uqla area at a cost
of around QR76.147mn. The FCC offers the public various free
services, which cover different aspects of family life. Work on
the project had started in April 2013. The three-storey building
with a basement measuring 11,400,000 square meters (sqm)
overlooks two streets from the eastern and southern facades,
each 24 meters in width. The total space of the building is
19,283,000sqm. (Gulf-Times.com)
International
 Greece shuts banks as expiring bailout sparks withdrawals
– Greece moved to avert a collapse of its financial system,
shutting lenders and imposing capital controls as of Monday, a
measure that will deepen the recession and risk driving the
nation toward an exit from the euro. The move to husband
resources followed the breakdown of aid talks with the
international creditors late on June 26 and the European Central
Bank’s (ECB) decision to freeze its lifeline to Greek banks.
Queues at ATMs and gas stations indicated how daily life was
about to be disrupted in the country. The ECB delivered its blow
on Sunday afternoon. The central bankers froze the ceiling on
the Emergency Liquidity Assistance to Greek lenders at just
below €89bn, refusing for the first time in 2015 to maintain a
buffer as deposits fled. A Greek government official said banks
will be closed for a week until July 6 with limits set on
withdrawals from cash machines. Meanwhile, International
Monetary Fund (IMF) Managing Director Christine Lagarde said
the IMF will be prevented by its rules from providing additional
financial assistance to Greece if they miss a June 30 payment.
(Bloomberg, Reuters)
 Japan industrial production drops in May, denting recovery
– Japan’s industrial production dropped more than forecast in
May, sapping a recovery in the world’s third-largest economy.
The trade ministry said output fell 2.2% from April when it had
increased 1.2%. Retail sales rose 1.7% from the previous
month, more than estimated. According to a government survey
included in Monday’s output report, manufacturers plan to
increase production 1.5% in June and expand output 0.6% in
July. The rebound from recession last year is showing signs of
losing momentum at a time when global uncertainty is
increasing with a slowdown in China and financial turmoil in
Greece. (Bloomberg)
 BIS: Low rates posing risk to global financial stability,
growth – The Switzerland-based Bank for International
Settlements (BIS) in its annual report said global interest rates
are too low and pose a rapidly growing risk to financial stability
and economic growth. The central bank said economic growth
across the world is uneven, debt burdens in many areas are
high and rising, and the explosion of credit growth shows
financial imbalances are building up again. It said a prolonged
period of ultra-low rates would further weaken the financial
sector and squeeze bank profitability, but a “normalization” of
borrowing costs would reverse the debt-fueled inflation of asset
prices and hit banks’ own loss-absorbing equity capital. The BIS
report added that central banks with inflation targets are at a
growing risk of policy errors because they are struggling to
adequately understand what drives inflation. The BIS further
stated that a decade of robust growth has broadly strengthened
emerging market economies but the associated asset price
booms and credit surges have increased their vulnerability to
crises. Its study estimated that government and non-financial
private sector debt was around 50% higher relative to GDP than
during the Asian crisis of 1997, primarily because private sector
borrowing in emerging economies has doubled in this period to
around 120% of GDP. (Reuters)
 Chinese banks dominate global rankings for profits,
strength – According to a study by the Banker magazine,
Chinese banks are strengthening their position as the best
capitalized and biggest profit makers in the world. Chinese
banks filled the top four spots for profits across the industry in
2014 after making over $180bn between them in the magazine’s
annual rankings of profits and capital strength. Industrial and
Commercial Bank of China's (ICBC) $59.1bn profit in 2014
topped the rankings, ahead of China Construction Bank,
Agricultural Bank of China (Agbank) and Bank of China. The US
bank, Wells Fargo, ranked fifth with a $33.8bn profit followed by
JPMorgan and HSBC. ICBC also topped the ranking of the
strongest banks in the world for the third year, which is based on
the amount of capital held, in amount rather than as a ratio of
assets. China had four names in the top six strongest banks.
There were four US banks in the top 10 - JPMorgan was the
third and Bank of America was the fifth – including a British and
a Japanese bank. The best returns on capital were made by
banks in South America at an average of 26% followed by 24%
for African banks, 19% in Asia and 15.5% in North America.
Italian and Greek banks made the biggest losses in 2014.
(Reuters)
Regional
 Al-Khodari wins two projects worth SR147mn – Abdullah A.
M. Al-Khodari Sons Company (Al-Khodari) has received two
letters of award from the Ministry of Transport to carry out
projects at a total value of SR147.3mn. The first project worth

4. Page 4 of 6
SR92.4mn will connect the Najran/ Sharura/ Wadia road within
24 months, while the second project worth SR54.9mn will
connect Assfan to Axial road in Jouf within 24 months. The
relevant financial impacts are expected to be seen in 3Q2015.
Meanwhile, Al-Khodari has informed its shareholders that it is
still in the process of preparing the application to approve the
capital increase through a rights issue in order to be submitted
to the Capital Market Authority (CMA) with its financial adviser
GIB Capital. The mentioned file is expected to be submitted to
the CMA within July 2015. (Tadawul)
 Almarai reaches final settlement with Arabian Shield –
Almarai Company has reached a full and final settlement with
Arabian Shield Cooperative Insurance Company (ASICO)
regarding its property damage and business interruption claims
pertaining to the fire damage to Western Bakeries Plant 1 and 3
in Jeddah on October 9, 2014. The amount finally agreed
reached SR790mn, net of the policy excesses. The payment on
account of SR250mn received by Almarai on March 25, 2015,
will be offset against this final payment. This settlement will have
a neutral effect on the income statement at the end of June 30,
2015, as the net proceeds will be used to offset various partial
assets write-off and goodwill amortization. (Tadawul)
 Mobily 2014 loss to rise by SR830mn after accounting
change – Etihad Etisalat Company (Mobily) said its 2014 loss
will increase by around SR830mn to SR1.745bn after revising
accounting policies following a probe. Mobily will change the
accounting for some of its contracts in response to a review by a
team appointed by the Capital Market Authority (CMA). Mobily
said it would reissue its financial statements for the year 2014
and 1Q2015 before releasing its 2Q2015 results. The company
said that in addition to increasing its 2014 loss, the changes
were expected to reduce its 1Q2015 loss by around SR207mn,
leading to a profit of SR8mn for the quarter. Separately,
Emirates Telecommunications Corporation, which owns 27.45%
of Mobily, said the operator’s revisions and provisions will cost it
about SR820mn. (GulfBase.com)
 Saudi Ceramic updates on second sanitary ware plant
project – Saudi Ceramic Company announced that the second
sanitary ware plant project’s progress rate achieved is 95%, and
is expected to be completed by December 31, 2015. (Tadawul)
 Saudi CMA updates on Alinma rights issue offering
applications – The Saudi Capital Market Authority (CMA)
clarified that Alinma Tokio Marine Company's application to
increase its share capital through rights issue will be presented
to the CMA’s board within two weeks from the date of
announcement. As of now, the CMA does not have any filed
capital increase applications through rights issue offering except
for the above mentioned application. (Tadawul)
 WTC: Tourism contributed AED126.7bn to UAE GDP in 2014
– According to a report released by the World Travel Council
(WTC), the direct and indirect contribution of the tourism sector
to the UAE’s GDP amounted to AED126.7bn in 2014. The
sector’s contribution to the country’s GDP is projected to grow
by 5.1% in 2015 to AED133.12bn. As per the report, the sector’s
direct contribution to the GDP stood at AED61bn or 4.1% in
2014 and is set to grow to 4.9% in 2015. The report emphasizes
that the tourism industry has a more powerful impact than other
domains such as education, the chemicals industry and
agriculture. Furthermore, the data reveals that the tourism
sector’s contribution to the national GDP will grow by 2.7%
annually in the next ten years. In 2014, the number of direct jobs
in the travel and tourism sector hit 307,000, comprising 5.4% of
the total number of jobs in the country. They are expected to
grow by 5.4% in 2015 and at an annual rate of 2.6% to reach
420,000 jobs by 2025. (GulfBase.com)
 Damac Properties launches Paramount Residences in
Dubai – Damac Properties has announced its latest hospitality
project in collaboration with Paramount Hotels & Resorts. The
company has launched Paramount Residences at the
Paramount Tower Hotel and Residences, an 826-key luxury
hotel and hotel residences tower on Sheikh Zayed Road. The
64-storey project has a private Paramount Pictures screening
room, a rooftop infinity pool, while each unit will have access to
a film library of more than 3,000 titles. The hotel residences,
situated on floors 38 to 64, will start at AED1,800 per square
foot. Units are available in one, two and three bedroom options,
plus there are two penthouses. The construction work on the
project is already underway, with completion scheduled for
Q32019. (DFM, GulfBase.com)
 Dubai Holding announces promotion of top executives –
Dubai Holding has promoted Ahmad Bin Byat to Vice-Chairman
(VC) and Managing Director (MD) of the Group. Fadel Al Ali will
assume the role of Chief Executive Officer (CEO).
(GulfBase.com)
 ADIA received record 1.87mn passengers in May 2015 – Abu
Dhabi International Airport (ADIA) has registered solid growth
across all key sectors in May 2015 with its passenger traffic
hitting 1.87mn, up 14.9% as compared to May 2014. The cargo
traffic also showed growth with a 9.8% increase in overall
tonnage to 73,476 as compared to 66,944 in May 2014. The
number of passengers to and from Italy has grown by 166.5%
as compared to May 2014 to over 50,000 passengers, as
Alitalia’s newly opened routes to Milan and Venice started to
take effect. In addition, passengers flying to and from the US
also registered similar increase with more than 106,000
passengers in May 2015, translating into 49% growth in traffic
as compared to May 2014. In terms of passenger numbers,
India topped the list in May 2015 with over 305,000 passengers
entering the UAE capital, up 58.6% as compared to May 2014.
(GulfBase.com)
 ADS Securities, Anoa Capital acting as lead managers for
RNTS Media’s €150mn bond – Abu Dhabi’s ADS Securities
and Anoa Capital are acting as joint lead managers and
bookrunners for Germany-based RNTS Media’s €150mn senior,
unsecured convertible bond offering. The bonds will be listed on
the Open Market (Freiverkehr) of the Frankfurt Stock Exchange.
(GulfBase.com)
 MCDC deposits unclaimed dividend of Al Batinah, Al
Suwadi – Al Batinah Power Company and Al Suwadi Power
Company have informed their respective shareholders that
Muscat Clearing & Depository Company SAOC (MCDC) has
deposited the unclaimed dividends, whose cutoff date was
December 1, 2014 with the Capital Market Authority (investors’
trust funds). Shareholders of both the company who have still
not claimed their dividends, are requested to approach MCDC.
(MSM)
 Meezan Bank to acquire HBO’s Pakistan operations –
Meezan Bank has signed an agreement to acquire Pakistan
operations of HSBC Bank Oman (HBO). HBO’s operations in
Pakistan consist of one branch and gross assets of Pakistan
rupees 4.1bn at the end of 1Q2015. The acquisition is expected
to materialize in 2H2015, subject to regulatory approvals. HBO,
which was formed after merging Oman International Bank with
HSBC’s Oman operations, had decided in 2012 to sell off its
India and Pakistan operations. (GulfBase.com)

5. Page 5 of 6
 Investcorp appoints CFO – Bahrain-based Investcorp has
appointed Tony Robinson as its Chief Financial Officer (CFO),
with effect from July 1, 2015. The current CFO Rishi Kapoor will
assume responsibility as Co-Chief Executive Officer (CEO) of
Investcorp on July 1, 2015, together with Mohammed Al-
Shroogi, who is currently President, GulfBusiness. The pair is
replacing Nemir Kirdar, who led Investcorp for more than 30
years but will retire from his positions as Executive Chairman
and CEO on June 30, 2015. (Bahrain Bourse)
 GFH Financial partners with Adani for Mumbai Economic
Zone – GFH Financial Group has entered into an agreement
with India’s Adani Group for developing an economic
development zone in Mumbai. Under the terms of the
agreement, GFH’s unit Energy City Navi Mumbai (ECNM) and
Adani Group will work together in creating the master plan for
the lands of Phases II and III of the project, which will offer world
class business infrastructure for local and international services,
IT and energy companies. GFH’s ECNM and Mumbai IT and
Telecom City (MITTC) - are two core components of the Mumbai
Economic Development Zone (MEDZ). Following the requisite
approval of the master plan, Adani Group will develop the core
infrastructure on these lands and will also commence the pre-
sales and construction works on the site. Investors will receive a
15% revenue share from sales made by Adani Group on the
development on these lands and less local taxes. Around
$45mn has been received as part of the exit payments from the
developer, where GFH owns more than 6% of the total equity in
ECNM.(Bloomberg)

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
not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
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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
May-11 May-12 May-13 May-14 May-15
QSE Index S&P Pan Arab S&P GCC
(1.7%)
(0.4%)
(0.2%) (0.2%) (0.1%)
(0.9%)
(2.2%)
(4.0%)
(3.0%)
(2.0%)
(1.0%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,175.55 0.2 (2.1) (0.8) MSCI World Index 1,776.22 (0.3) 0.1 3.9
Silver/Ounce 15.80 (0.4) (1.9) 0.6 DJ Industrial 17,946.68 0.3 (0.4) 0.7
Crude Oil (Brent)/Barrel (FM
Future)
63.26 0.1 0.4 10.3 S&P 500 2,101.49 (0.0) (0.4) 2.1
Crude Oil (WTI)/Barrel (FM
Future)
59.63 (0.1) 0.0 11.9 NASDAQ 100 5,080.51 (0.6) (0.7) 7.3
Natural Gas (Henry
Hub)/MMBtu
2.77 (0.8) (1.5) (7.6) STOXX 600 396.85 (0.3) 1.2 6.8
LPG Propane (Arab Gulf)/Ton 41.12 1.8 17.5 (16.1) DAX 11,492.43 (0.3) 2.4 7.6
LPG Butane (Arab Gulf)/Ton 56.25 3.2 19.4 (14.1) FTSE 100 6,753.70 (0.8) (0.2) 3.9
Euro 1.12 (0.3) (1.6) (7.7) CAC 40 5,059.17 (0.1) 3.3 9.2
Yen 123.85 0.2 0.9 3.4 Nikkei 20,706.15 (0.5) 1.6 14.4
GBP 1.57 (0.0) (0.9) 1.1 MSCI EM 980.63 (0.8) 0.6 2.5
CHF 1.07 0.4 (1.6) 6.6 SHANGHAI SE Composite 4,192.87 (7.4) (6.4) 29.6
AUD 0.77 (1.1) (1.5) (6.4) HANG SENG 26,663.87 (1.8) (0.4) 13.0
USD Index 95.47 0.3 1.5 5.8 BSE SENSEX 27,811.84 (0.4) 1.6 0.6
RUB 54.81 0.2 1.4 (9.8) Bovespa 54,016.97 1.3 (0.9) (8.5)
BRL 0.32 (0.0) (1.0) (15.3) RTS 943.01 0.2 (2.5) 19.3
141.5
119.6
116.1