1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.3% to close at 12,248.4. Gains were led by the
Industrials and Consumer Goods & Services indices, rising 0.9% and 0.4%,
respectively. Top gainers were Zad Holding Co. and Mazaya Qatar Real Estate
Develop. Co., rising 5.0% and 3.1%, respectively. Among the top losers, Ahli
Bank fell 4.3%, while Qatar German Co. for Medical Devices was down 3.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.0% to close at 9,812.4. Gains were led
by the Energy & Utilities and Petrochemical Industries indices, rising 3.2% and
2.4%, respectively. KEC gained 8.4%, while Qassim Agriculture was up 6.7%.
Dubai: The DFM Index gained 0.8% to close at 4,215.2. The Financial &
Investment Services index rose 3.6%, while the Transportation index gained
1.3%. Gulf Navigation rose 9.2%, while Ajman Bank was up 4.8%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4,678.7. The
Consumer index gained 2.1%, while the Services index rose 0.9%. Abu Dhabi
Ship Building gained 9.4%, while Sharjah Cement & Indust. Dev. was up 5.9%.
Kuwait: The KSE Index rose 0.1% to close at 6,367.0. The Technology and
Basic Material indices gained 0.7% each. Gulf Finance House rose 8.3%,
while Real Estate Asset Management Co. was up 7.8%.
Oman: The MSM Index fell 0.1% to close at 6,314.1. Losses were led by the
Financial and Services indices, falling 0.5% and 0.2%, respectively. Al Jazeera
Steel Products fell 5.0%, while Al Madina Investment was down 4.6%.
Bahrain: The BHB Index gained 0.2% to close at 1,393.1. The Insurance
index rose 0.9%, while the Commercial Bank was up 0.5%. Bahrain & Kuwait
Insurance Co. gained 3.8%, while Ithmaar Bank was up 3.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 94.50 5.0 2.7 12.5
Mazaya Qatar Real Estate Dev. 19.30 3.1 1,432.6 5.8
Gulf International Services 89.00 2.8 1,274.6 (8.3)
Qatar Electricity & Water Co. 215.80 1.6 51.7 15.1
Doha Bank 55.00 1.5 603.6 (3.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 50.80 (0.2) 3,785.7 21.2
Vodafone Qatar 17.03 (1.8) 1,538.8 3.5
Mazaya Qatar Real Estate Dev. 19.30 3.1 1,432.6 5.8
Gulf International Services 89.00 2.8 1,274.6 (8.3)
Ezdan Holding Group 17.12 0.2 903.3 14.7
Market Indicators 29 Apr 15 28 Apr 15 %Chg.
Value Traded (QR mn) 726.9 326.6 122.6
Exch. Market Cap. (QR mn) 657,078.7 654,492.4 0.4
Volume (mn) 14.7 7.2 104.4
Number of Transactions 7,018 4,543 54.5
Companies Traded 42 42 0.0
Market Breadth 20:20 16:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,034.58 0.3 1.6 3.9 #N/A N/A
All Share Index 3,268.66 0.3 1.5 3.7 13.7
Banks 3,268.24 0.3 1.3 2.0 14.7
Industrials 4,071.87 0.9 2.4 0.8 14.4
Transportation 2,492.52 (0.2) 1.4 7.5 13.8
Real Estate 2,643.58 0.2 1.8 17.8 9.3
Insurance 4,171.94 (0.1) 1.8 5.4 19.3
Telecoms 1,289.42 (1.5) (2.6) (13.2) 21.0
Consumer 7,344.33 0.4 1.7 6.3 27.7
Al Rayan Islamic Index 4,646.07 0.0 1.9 13.3 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Knowledge Eco. City Saudi Arabia 32.29 8.4 23,110.5 90.7
Nat. Marine Dredging Abu Dhabi 7.25 5.1 1.0 5.1
Ajman Bank Dubai 2.42 4.8 182.7 (9.2)
Sharjah Islamic Bank Abu Dhabi 1.80 4.7 4.1 2.3
Saudi Basic Ind. Corp. Saudi Arabia 106.84 4.6 11,218.3 28.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ahli Bank Qatar 46.40 (4.3) 2.0 (6.5)
Med. & Gulf Ins. Saudi Arabia 57.25 (2.8) 687.9 14.3
Kuwait Food Co. Kuwait 2.58 (2.3) 110.0 (7.9)
United Real Estate Co. Kuwait 0.09 (2.1) 250.0 (6.0)
Vodafone Qatar Qatar 17.03 (1.8) 1,538.8 3.5
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%
Ahli Bank 46.40 (4.3) 2.0 (6.5)
Qatar German Co. for Med. Dev. 13.25 (3.3) 245.5 30.5
Vodafone Qatar 17.03 (1.8) 1,538.8 3.5
Aamal Co. 16.57 (1.8) 244.7 14.5
Ooredoo 97.60 (1.4) 91.2 (21.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 50.80 (0.2) 196,833.9 21.2
Gulf International Services 89.00 2.8 112,747.4 (8.3)
QNB Group 198.70 1.4 72,111.8 (6.7)
Industries Qatar 147.00 1.1 33,492.9 (12.5)
Doha Bank 55.00 1.5 33,086.1 (3.5)
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* 12,248.35 0.3 1.6 4.6 (0.3) 199.76 180,565.2 14.3 2.0 4.1
Dubai 4,215.21 0.8 3.1 19.9 11.7 465.13 101,448.5 9.5 1.6 5.1
Abu Dhabi 4,678.65 0.1 1.0 4.7 3.3 86.78 126,273.0 11.7 1.5 4.7
Saudi Arabia 9,812.40 1.0 2.1 11.8 17.7 3,271.17 573,665.8 20.7 2.4 2.8
Kuwait 6,367.01 0.1 0.6 1.3 (2.6) 68.32 98,567.1 17.4 1.1 4.0
Oman 6,314.14 (0.1) (0.7) 1.2 (0.5) 15.50 24,119.4 10.2 1.4 4.4
Bahrain 1,393.05 0.2 (0.3) (3.9) (2.3) 2.84 21,783.7 9.1 0.9 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (*Value traded ($ mn) do not include special trades, if any; ** TTM)
12,180
12,200
12,220
12,240
12,260
12,280
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index gained 0.3% to close at 12,248.4. The Industrials
and Consumer Goods & Services indices led the gains. The
index rose on the back of buying support from Qatari and GCC
shareholders despite selling pressure from non-Qatari
shareholders.
 Zad Holding Co. and Mazaya Qatar Real Estate Development
Co. were the top gainers, rising 5.0% and 3.1%, respectively.
Among the top losers, Ahli Bank fell 4.3%, while Qatar German
Co. for Medical Devices was down 3.3%.
 Volume of shares traded on Wednesday rose by 104.4% to
14.7mn from 7.2mn on Tuesday. Further, as compared to the 30-
day moving average of 8.6mn, volume for the day was 71.2%
higher. Barwa Real Estate Co. and Vodafone Qatar were the
most active stocks, contributing 25.7% and 10.4% 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
Dubai Investments (DI) Dubai AED – – – – 282.0 NA
Nakheel Dubai AED – – – – 1,350.0 1,14.6%
National Central Cooling Co.
(Tabreed)
Dubai AED 239.4 5.4% 73.5 -6.2% 61.2 5.2%
Emaar Malls Dubai AED 735.0 21.5% 635.0 22.1% 433.0 31.6%
Abu Dhabi Aviation (ADA) Abu Dhabi AED 441.1 25.2% 102.4 -3.6% 69.3 14.8%
Abu Dhabi National
Insurance Co. (ADNIC)*
Abu Dhabi AED 2,630.0 NA – – -280.0 NA
Dhofar Insurance Co. (DFI) Oman OMR 18.5 0.7% 0.0 -97.5% 0.0 -99.9%
National Gas Co. (NGC) Oman OMR 20.6 -31.2% – – 0.4 8.9%
Ooredoo Oman OMR 59.3 12.5% – – 10.7 21.6%
Bahrain Commercial
Facilities Co. (BCFC)
Bahrain BHD – – – – 4.1 35.2%
Bahrain Cinema Co. (Cineco
Bahrain)
Bahrain BHD – – – – 2.0 -25.4%
Bahrain
Telecommunications Co.
(Batelco Group)
Bahrain BHD 93.7 -4.0% – – 14.2 -1.6%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/29 US Mortgage Bankers Asso. MBA Mortgage Applications 24-April -2.30% – 2.30%
04/29 US Bureau of Eco. Analysis Personal Consumption 1Q2015 1.90% 1.70% 4.40%
04/29 US Bureau of Eco. Analysis GDP Price Index 1Q2015 -0.10% 0.50% 0.10%
04/29 US Bureau of Eco. Analysis Core PCE QoQ 1Q2015 0.90% 1.00% 1.10%
04/29 US National Assoc. of Realt. Pending Home Sales MoM March 1.10% 1.00% 3.60%
04/29 US National Assoc. of Realt. Pending Home Sales NSA YoY March 13.40% 5.10% 12.50%
04/29 EU European Central Bank M3 Money Supply YoY March 4.60% 4.30% 4.00%
04/29 EU European Central Bank M3 3-month average March 4.10% 4.10% 3.80%
04/29 EU European Commission Industrial Confidence April -3.2 -2.9 -2.9
04/29 EU European Commission Economic Confidence April 103.7 103.9 103.9
04/29 EU European Commission Services Confidence April 6.7 6.0 6.1
04/29 Germany Destatis CPI MoM April -0.10% -0.10% 0.50%
04/29 Germany Destatis CPI YoY April 0.40% 0.40% 0.30%
04/29 Germany Destatis CPI EU Harmonized MoM April -0.10% -0.10% 0.50%
04/29 Germany Destatis CPI EU Harmonized YoY April 0.30% 0.20% 0.10%
04/29 UK Nationwide Buil. Society Nationwide House PX MoM April 1.00% 0.20% 0.10%
04/29 UK Nationwide Buil. Society Nationwide House Px NSA YoY April 5.20% 4.10% 5.10%
04/29 UK CBI CBI Reported Sales April 12.0 25.0 18.0
04/29 Spain INE Retail Sales YoY March 3.70% 3.60% 2.60%
04/29 Spain INE Retail Sales SA YoY March 2.80% – 2.70%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 67.86% 66.78% 7,801,840.64
GCC 8.39% 6.73% 12,053,246.11
Non-Qatari 23.76% 26.49% (19,855,086.75)

3. Page 3 of 7
04/29 Italy ISTAT Consumer Confidence Index April 108.2 110.4 110.7
04/29 Italy ISTAT Business Confidence April 104.1 103.6 103.7
04/29 Italy ISTAT Economic Sentiment April 102.1 – 103.0
04/29 China Deutsche Boerse AG Westpac-MNI Consumer Sentiment April 111.1 – 114.7
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Reuters: Qatar expected to be best performing among six
GCC economies – According to a Reuters poll, Qatar is
expected to be the best-performing among the six GCC
economies, as the world’s top natural gas exporter steps up a
vast infrastructure building program. The Qatari GDP is
projected to grow 6.7% in 2015 and 6.4% in 2016. According to
the poll, the outlook for most of the rich Gulf Arab economies
has dimmed for 2015 and 2016 as oil prices have remained
relatively low. Heavy state spending and strong private
consumption are cushioning the impact of a plunge in oil export
revenues. Nevertheless, some construction and economic
development projects are being suspended, cooling economic
growth. (Peninsula Qatar)
 ORDS’ net profit plunges 43% YoY to QR501mn in 1Q2015 –
Ooredoo’s (ORDS) net profit in 1Q2015 plunged 43% YoY to
QR501mn. Group’s profit was impacted by adverse currency
movements primarily due to the depreciation of the Algerian
Dinar and the Indonesian Rupiah. Revenue for 1Q2015 stood at
QR8,037mn, reflecting a decrease of 1% YoY. The company
reported a 5% YoY decline in its EBITDA to QR3,205mn in
1Q2015, while the EBITDA margin fell to 40% in 1Q2015 from
42% in 1Q2014. The group’s customer base rose by 14% YoY
to 111mn in 1Q2015, driven by Indonesia, Myanmar and Algeria
markets. ORDS’ data revenue for 1Q2015 increased to 30% of
the group’s total revenue supported by investment in its
broadband networks, data infrastructure, driving smart phone
penetration and creating innovative new bundles and data offers
for customers. EPS amounted to QR1.56 in 1Q2015 as
compared to QR2.77 in 1Q2014. (Company Press Release)
 BRES net profits soars 1,127.6% YoY to QR3.25bn in
1Q2015 – Barwa Real Estate Company's (BRES) net profit
soared 1,127.6% YoY (jumped 54.7% QoQ) to QR3.25bn in
1Q2015. BRES booked a one-off QR2.7bn as profit on sale of
properties in 1Q2015, which mainly led to the exponential profit
growth. Further, a higher net fair value gain from investment
properties (up 135.5% YoY to QR309.9mn in 1Q2015) and
income from consultancy & other services (up 37.9% YoY to
QR133.6mn in 1Q2015) also aided the net income growth.
However, the rental income declined 24.6% YoY and 57.9%
QoQ to QR258.0mn in 1Q2015. (QSE)
 MRDS reveals QR26mn net profit in 1Q2015 – Mazaya Qatar
Real Estate Development Company (MRDS) revealed a net
profit of QR26mn in 1Q2015 as compared to QR22.3mn in
1Q2014. The EPS in 1Q2015 amounted to QR0.26 versus
QR0.22 in 1Q2014. (QSE)
 QGMD reports net loss of QR3.8mn in 1Q2015 – Qatari
German Company for Medical Devices (QGMD) posted a net
loss of QR3.8mn in 1Q2015 as compared to a net loss of
QR2.8mn in 1Q2014. The Loss per Share (LPS) amounted to
QR0.333 versus LPS of QR0.243 in 1Q2014. (QSE)
 ZHCD reports QR53.9mn net profit in 1Q2015 – Zad Holding
Company (ZHCD) reported a net profit of QR53.9mn in 1Q2015
as compared to QR46.4mn in 1Q2014. The company’s EPS
amounted to QR2.50 in 1Q2015 versus QR2.16 in 1Q2014.
(QSE)
 DHBK launches full-scale India operations – Doha Bank
(DHBK) formally launched its operations in Asia’s third largest
economy on April 29, becoming the first Qatari bank to establish
full-scale banking operations in India. The well-attended
ceremony at the Trident Hotel here also saw the e-inauguration
of DHBK’s Kochi branch and the launch of DHBK (India)
website. With special focus on small and medium enterprises,
DHBK’s India operations will provide a comprehensive range of
financial services by deploying consumer-centric technology and
innovative delivery channels. Besides Mumbai and Kochi, DHBK
is also looking to open a branch in Chennai. (Gulf-Times.com)
 QCSD raises AHCS’ foreign ownership to 49% – The Qatar
Central Securities Depository (QCSD) has amended the foreign
ownership percentage in Aamal Company’s (AHCS) shares,
increasing it to 49% of the total capital effective from April 30,
2015. This amendment is pursuant to Law no. 9 that allows
foreign investors to own shares in listed companies by no more
than 49% of each company’s capital listed on the Qatar Stock
Exchange. The law also provides for the treatment of the GCC
citizens as Qataris in terms of owning the shares of the listed
companies. (QSE)
 QInvest reports QR27.21mn net profit in 1Q2015 – QInvest
revenues were up 27% YoY to QR75.36mn and net profit
increased 57% YoY to QR27.21mn in 1Q2015. During 1Q2015
QInvest’s three revenue-generating business lines – Investment
Banking, Principal Investments and Asset Management –
continued to cultivate new business and develop existing
relationships. The Asset Management division has had a robust
start in 1Q2015. QInvest made a selected number of new equity
investments; in aggregate deploying approximately
QR127.42mn in 1Q2015. (GulfBase.com)
 Doha mulls privatization of city bus network – Qatar officials
are considering privatizing bus services in Doha. The Qatar
government is mulling reducing its share in public transport in
the capital city to 20%. Qatar’s Minister of Transport, Jassim
Seif Ahmed Al Sulaiti said that the taxi transport services are
currently semi-privatized, and the government is considering
privatizing bus transport services, while the rail and metro
services remain under the state authority. He further added that
there is no timeline in place for privatizing public bus transport,
but the privatization will bring about efficiency and improved
quality of service to passengers. (Bloomberg)
 QA takes delivery of four new aircraft in a day – Qatar
Airways (QA) Group has set a “new industry record” with the
delivery of four new Al Maha Airways aircraft to Doha in just one
day from manufacturer Airbus. The four latest-generation A320
aircraft will join the QA fleet and operate on the airline’s key
destinations across the Middle East region prior to the
commencement of operations of Al Maha Airways, a new,
independent airline based in Saudi Arabia that will operate an
expanding fleet of aircraft featuring the distinctive and familiar
Oryx livery. (Gulf-Times.com)
 QIA plans to open office in New York – Qatar’s Ambassador
to the US, Mohammed bin Jaham Al Kuwari said that the Qatar
Investment Authority (QIA) plans to open an office in New York
in order to manage the growing investment portfolio in the US
market. He said that Qatar will continue its current pace of

4. Page 4 of 7
spending on major capital projects in the areas of health,
infrastructure & railway projects as well those related to the
2022 FIFA World Cup. He highlighted the financial measures
taken by Qatar to increase the reserves of Qatar Central Bank
as an investment capital along with the QIA, stressing the
country’s quest to provide self-protection to cope with
fluctuations in energy prices in the global markets. (Peninsula
Qatar)
International
 Weather, lower energy prices stall the US economy in
1Q2015 bite – Economic growth in the US has braked more
sharply than expected in 1Q2015 since harsh weather
dampened consumer spending, while energy companies are still
struggling with low prices slashed spending. However, there are
signs that activity is picking up. The Commerce Department said
that GDP growth of just 0.2% was a big step down from 2.2%
growth in 4Q2014 and marked the weakest reading in a year.
Meanwhile, the US government said that a strong dollar and a
now-resolved labor dispute in the West Coast ports also
slammed growth. Meanwhile, the Federal Reserve downgraded
its view of both the US labor market and the economy in a policy
statement, which suggested that the central bank may have to
wait until at least till the end of 3Q2015 to begin raising interest
rates. The statement put in place a meeting-by-meeting
approach on the timing of its first rate hike since June 2006,
making such a decision solely dependent on incoming economic
data. (Reuters)
 CBI: UK retail sales growth eases in April – According to an
industry survey, British retail sales growth has eased
unexpectedly in April 2015, but shops' optimism about sales in
the coming month rose strongly. The Confederation of British
Industry's (CBI) retail sales balance fell to +12 in April from +18
in March, as against the expected +25 rise. Although, sales
have increased across a majority retailer types, sales among
grocers declined, which impacted overall growth. (Reuters)
 Eurozone morale slips in April, but deflation threat eases –
Confidence in the Eurozone economy slipped slightly in April,
but business morale has improved. Household expectations of
rising prices suggested that the threat of deflation may have
been overcome. The European Commission's economic
sentiment indicator fell by 0.2 points to 103.7, worse than the
Reuters forecast of 103.9; however, there were no signs that a
recovery, which began in December is falling away. Business
morale rose 0.09 points to 0.32, while consumer inflation
expectations continued to rise for a third straight month from
their record low in January; hence, demonstrating the desirable
effect of the European Central Bank's (ECB) money-printing
plan. Further, the ECB has begun printing money to buy
Eurozone government bonds in order to combat low inflation,
through a policy known as quantitative easing (QE) that will see
it pump €60bn a month into the Eurozone's economy.
Meanwhile, the ECB stated that lending in the Eurozone has
increased for the first time in three years by 0.1% YoY, giving
hope for an economic recovery in Europe. Despite a slight
increase, it seals a recent upward trend and demonstrates a
significant improvement after three years of nearly uninterrupted
and often sharp monthly falls due to banking and debt crisis.
(Reuters)
 Greece prepares reform bill, lenders seek concessions –
Eurozone officials sought to wring policy concessions from
Greece to unlock urgently needed aid, following Athens
announcement regarding a list of reforms for legislation that help
demonstrate its seriousness towards implementing its promises.
The draft bill was not expected to include major novelties
beyond measures already discussed with EU and IMF lenders,
but Athens is hoping it will speed up slow-moving talks and
permit at least an initial deal to ease its searing cash crunch.
The reforms, including some privatizations and tax steps, were
to be outlined to senior Eurozone finance ministry officials in
Brussels. Further, Greece government officials said that the
reforms will be assessed in more detail when technical-level
teams from Greece and the lenders meet on April 30. Despite
lenders' skepticism, Greece government is hoping an interim
deal can be struck before a May 12 payment of €750mn to the
IMF, which Greece officials have suggested could be difficult to
make without more aid. Meanwhile, according to a government
official, Greece government is considering selling stakes in its
two largest ports as a concession to reach an agreement with its
lenders and unlock bailout funds. Prime Minister Alexis Tsipras's
new government had sought to cancel significant terms of
Athens' bailout program, calling it a "crime" to sell off strategic
national assets. (Reuters)
 Brazil readies a steep interest rate rise to salvage credibility
– Brazil is poised to deliver another big interest rate increase as
the government tries to convince investors it is committed to
taming high inflation, despite the risk of recession. The Central
Bank's 9-member monetary policy committee is widely expected
to raise the Selic rate by 50 basis points - the fourth straight
increase since December - to 13.25%, the highest in six years.
The Selic towers above the interest rates of fellow emerging
economies India and Turkey, both at 7.5%. While those
countries and other major economies have cut rates to shore up
growth, Brazil has raised its rate 175 basis points in just six
months. The Central Bank is spearheading efforts of the
President Dilma Rousseff, in order to salvage credibility with
investors after years of interventionist policies and lavish
spending jacked up prices and threatened Brazil's investment
grade rating. The Central Bank was sharply criticized for
bringing interest rates to a record low of 7.25% in 2012 to
bolster a slow-moving economy, despite pressure on prices.
However, the Central Bank has promised to bring 12-month
inflation to the official target of 4.5% by 2016 from 8.13% in
March owing to the aggressive fiscal tightening. (Reuters)
Regional
 Fitch: Strong start for Sukuk in 1Q2015 in tough markets –
Fitch Ratings said that the total new Sukuk from GCC+7 issuers
has risen 13% YoY in 1Q2015. Total Sukuk and bond issuance
in 1Q2015 were up 47% MoM, when volumes were
exceptionally weak due to falling oil prices and rising geopolitical
tensions. However, stability in oil prices enabled some new
deals in 1Q2015. Sukuk accounted for 26% of total new
issuance, marginally down from 31% in 4Q2014. Meanwhile,
loans in the GCC region and Malaysia were down 25% in
1Q2015. Fitch also forecasted that the Islamic finance could
continue growing rapidly. However, the QoQ share of Islamic
finance deals was up by 198% and accounted for 20% of total
new loans, which came mainly from Saudi Arabia and the UAE.
Further, Islamic banks are also trying to strengthen their balance
sheets to prepare for Basel III norms, which means tapping the
Sukuk market. (GulfBase.com)
 MHR to open 10 new hotels in Mideast – Movenpick Hotels &
Resorts (MHR), an upscale international hotel chain, is planning
to boost its Middle East portfolio by more than 10 hotels over the
next five years. According to the figures revealed by a statistics
portal Statista, tourism to GCC countries is on track to hit the
64.27mn mark by 2020, as compared to nearly 41mn in 2010
and a predicted 53.64mn by the end of 2015. MHR currently
operates 30 hotels and resorts regionally, and may increase the
number to 40-plus properties, focusing on high-growth markets,

5. Page 5 of 7
including the UAE, Saudi Arabia, Qatar and Oman where
tourism numbers are forecasted to grow exponentially.
(GulfBase.com)
 STC partners with Oracle for tech transformation – Saudi
Telecom Company (STC) has signed a purchase agreement
with Oracle to acquire a variety of systems, software, and cloud
and support services. STC’s purchase includes Oracle’s Cloud
Platform as a Service and Cloud Software as a Service,
Hyperion financial planning suite, data management appliances
Exadata. (GulfBase.com)
 Saudi foreign assets drop in March 2015 – According to the
central bank data, net foreign assets at Saudi Arabia's central
bank dropped 4.7% YoY to SR2.59tn in March 2015, its lowest
level since July 2013. Although the reserves' drop is partly due
to the strong US dollar, which has cut the value of the portion
denominated in non-dollar currencies, the steep fall suggests
Saudi Arabia is running down its assets to cover a budget deficit
due to low oil prices. The central bank acts as the country's
sovereign wealth fund by storing its huge earnings from oil
exports. (GulfBase.com)
 NMC Health acquires two healthcare firms for $100mn –
NMC Health, the London-listed UAE healthcare provider, has
acquired Americare Group and Dr. Sunny Healthcare Group for
a value of $100mn. Americare Group is a Abu Dhabi-based
provider of in-home healthcare, while DSHG runs six medical
centers and three pharmacies in the emirate of Sharjah. This
acquisition will diversify NMC's revenues and provide referrals
for its existing specialty hospitals. (Reuter)
 Al Mazaya borrows KD6mn to buy land in Kuwait; to receive
KD837,806 from KBT – Al Mazaya Holding Company has
signed a five-year securitization agreement with a Kuwaiti bank,
operating according to the provisions of Islamic laws, for
KD6mn. The company will use the loan in buying land in east
Kuwait through its subsidiary Al-Mazaya Real Estate
Development Company. Total cost of the land property is worth
KD8mn, while Mazaya’s subsidiary has paid the remaining
KD2mn. Meanwhile, Kuwait Business Town Real Estate (KBT)
has been ordered to pay the defendant Al Mazaya Holding
Company KD837,806. As per the court ruling, KBT has to pay
the sum with legal interest of 7% per year as of June 24, 2013,
until the sum and fees have been fully paid, in addition to
KD1,000 as actual legal fees. (DFM)
 DI eyes several buys as 1Q2015 net profit gains – Dubai
Investments (DI) is planning to enter into new markets in Africa
and the Gulf region, after it reported a 6.5% rise in 1Q2015. DI
said several new investment proposals are currently under
evaluation, with some of them in advanced stages of
negotiations. The firm is targeting diversified sectors such as
financial services, education, healthcare and energy. The
company also said it increased its stake in Emirates Float Glass
by 20.15%, bringing its total ownership to 87.43%. (Reuters)
 GP launches first Indian focused real estate fund – Gulf
Petrochem Group (GP) has launched GP Property Fund (CEIC)
Ltd domiciled in Dubai International Financial Centre (DIFC),
and has also committed $10mn as seed capital to the fund that
aims to raise $100mn. This is the first DIFC-domiciled fund
focused on Indian real estate and marks the launch of a new
area of focus for GP in the asset management space. The fund
would primarily invest in equity, equity-related or debt securities
in real estate-related projects based in India. The fund will be
managed by Gateway Investment Management Services.
(GulfBase.com)
 Emirates NBD sets pricing for $500mn 5-year bond –
Emirates NBD has set the price for its five-year, Regulation S-
compliant, benchmark US dollar bond issue at 150 basis points
over midswaps. The size of the issue is capped at $500mn, but
books exceeded $650mn with more accounts to respond.
Emirates NBD has mandated HSBC, Morgan Stanley, Standard
Chartered Bank and itself as bookrunners for the senior
unsecured issue. (Reuters)
 NBAD reports AED1.42bn net profit in 1Q2015 – The National
Bank of Abu Dhabi (NBAD) reported a net profit of AED1.42bn
in 1Q2015, reflecting an increase of 1% YoY and 4% QoQ.
NBAD’s net interest income stood at AED1.79bn in 1Q2015, up
13% YoY, but down 6% QoQ, while non-interest income was up
4% QoQ to AED894mn in 1Q2015. Revenues grew 7% to
AED2.68bn in 1Q2015 as compared to AED2.51bn in 1Q2014.
EPS amounted to AED0.26 for 1Q2015 versus AED0.25 for
1Q2014. The bank’s total assets stood at AED400.3bn at the
end of March 31, 2015, up 3.5% as compared to AED361.3bn at
the end of March 31, 2014. Customer loans reached to
AED200.2bn, while deposits stood at AED249.8bn. Basel-II
ratios remain strong and well above the minimum 12% and 8%
(Tier-I), with a capital adequacy ratio of 15.5% and a Tier-I ratio
of 14.3% as of March 31, 2015. (ADX)
 TCA Abu Dhabi initiative to boost SME participation – Abu
Dhabi’s Tourism & Culture Authority (TCA) has unveiled plans to
boost the participation of SMEs active in the emirate’s
burgeoning tourism and leisure sector. TCA will encourage local
and international tourism operators in Abu Dhabi to engage
more with local entrepreneurs for the provision of goods and
services. TCA also aims to boost local and foreign investment
among SMEs active in the sector, in line with the Abu Dhabi
government’s efforts to stimulate non-oil industries as part of its
2030 economic vision. (GulfBase.com)
 Etisalat prices $400mn 2019 tap notes – Emirates
Telecommunication Corporation (Etisalat) has successfully
priced $400mn of tap notes to be issued under its $7bn Global
Medium Term Note (GMTN) Program. The notes will form part
of the same series as the existing $500mn aggregate principal
amount of notes that were previously issued on June 18, 2014.
All notes in this series carry an interest rate of 2.375% and
mature on June 18, 2019. (GulfBase.com)
 Doha link bridge project to be built at KD165.7mn cost –
Kuwaiti Minister of Public Works and the Minister of Electricity &
Water, Ahmad Al Jassar said that the Doha link project is a key
project, which is part of Kuwait’s national development plan. He
said the 12-kilometer long bridge that will link Shuwaikh Port to
Doha Peninsula in Jahra, is considered complementary to the
Sheikh Jaber Al Ahmad Al Sabah Causeway. The link is to be
implemented over four years as per the contract worth
KD165.7mn signed with South Korea’s GS Engineering and
Construction in 2014. The project will turn Kuwait into a global
economic and financial hub. (Bloomberg)
 Wartsila wins contract for 104MW SPG power plants in
Oman – Wartsila, a Finland-based power equipment
manufacturer, has received orders to supply two smart power
generation (SPG) power plants for the Rural Areas Electricity
Company (RAECO), which oversees electricity generation and
distribution to areas outside the main grids in Oman. The larger
of the two power plants will be located on the island of Masirah
on Oman’s eastern coast, and will consist of seven Wartsila 32
engines, having a combined output of 56 megawatts. The other
power plant located in Saih Al Khairat will have six Wartsila 32
engines with a total output of 48MW. Both units will be operated

6. Page 6 of 7
using light fuel oil and are scheduled to be operational in 2016.
(GulfBase.com)
 SGRF, COFIDES to finance Spanish companies abroad –
Oman-based State General Reserve Fund (SGRF) and Spain-
based Compania Espanola de Financion del Desarollo
(COFIDES) have agreed to establish a fund, initially $220mn in
size, to finance Spanish firms. The new fund will focus on
companies interested in doing business in Oman as well as
other Gulf countries, East Africa, and South and Southeast Asia.
The fund will mainly look at the building materials, food,
infrastructure, energy and tourism sectors. (Reuters)
 ORPIC finalizes FEED for Liwa Plastics Industries Complex
– Oman Oil Refineries & Petroleum Industries Company
(ORPIC) has finalized a major milestone for its Liwa Plastics
Industries Complex by preparing the Front-End Engineering
Design (FEED) with cost details and layouts of the future
operations. The $3.6bn project developed by ORPIC in
partnership with Chicago Bridge & Iron Company (CB&I) will
enable Oman to produce polyethylene for the first time. The
FEED is now ready to be submitted to the companies that were
pre-qualified to participate in the Engineering, Procurement &
Construction (EPC) tender process. The awards of the EPC
packages are expected to be made in 4Q2015. (GulfBase.com)
 New mill to boost Oman Cement capacity by 150tph – Oman
Cement Company announced that it is about to complete the
installation of a new cement mill at its Rusayl complex by
4Q2015. The expansion will add 150 tons per hour (tph) of
additional capacity to the plant. (GulfBase.com)
 Cluttons: Industrial sector tops Oman’s property market –
Cluttons, in its Spring 2015 Muscat Commercial Property
Outlook report, said that the steady flow of investments by the
Oman government for the development of key infrastructure has
helped in boosting the country's industrial property market in
1Q2015. This investment will be a major driver in transforming
the sultanate into a major logistics hub in the southern Gulf. The
warehouse sector is set to be the outstanding performer in the
commercial market with improved infrastructure and connectivity
driving demand from occupiers. (GulfBase.com)

7. 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
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on 29 April 2015) Source: Bloomberg (*$ adjusted returns;
#
Market closed on 29 April 2015)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
1.0%
0.3%
0.1%
0.2%
(0.1%)
0.1%
0.8%
(0.4%)
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,204.65 (0.6) 2.1 1.7 MSCI World Index 1,795.87 (0.4) (0.2) 5.0
Silver/Ounce 16.56 (0.5) 5.2 5.5 DJ Industrial 18,035.53 (0.4) (0.2) 1.2
Crude Oil (Brent)/Barrel (FM
Future)
65.84 1.9 0.9 14.8 S&P 500 2,106.85 (0.4) (0.5) 2.3
Crude Oil (WTI)/Barrel (FM
Future)
58.58 2.7 2.5 10.0 NASDAQ 100 5,023.64 (0.6) (1.3) 6.1
Natural Gas (Henry
Hub)/MMBtu
2.56 0.9 (0.2) (14.7) STOXX 600 397.30 (0.7) (0.1) 6.8
LPG Propane (Arab Gulf)/Ton 55.25 (2.0) (2.6) 12.8 DAX 11,432.72 (1.7) (0.6) 6.9
LPG Butane (Arab Gulf)/Ton#
63.75 0.0 0.8 1.6 FTSE 100 6,946.28 (0.3) 0.1 4.9
Euro 1.11 1.3 2.3 (8.0) CAC 40 5,039.39 (1.0) (0.5) 8.6
Yen 119.02 0.1 0.0 (0.6) Nikkei#
20,058.95 0.0 0.3 15.5
GBP 1.54 0.6 1.6 (0.9) MSCI EM 1,059.51 (0.7) (0.1) 10.8
CHF 1.06 1.7 1.6 5.9 SHANGHAI SE Composite 4,476.62 0.1 1.8 38.5
AUD 0.80 (0.2) 2.4 (2.0) HANG SENG 28,400.34 (0.2) 1.2 20.4
USD Index 95.21 (0.9) (1.8) 5.5 BSE SENSEX 27,225.93 (1.2) (0.4) (1.3)
RUB 51.01 (0.6) 0.3 (16.0) Bovespa 55,325.29 (2.1) (1.3) (0.4)
BRL 0.34 (0.7) (0.4) (10.5) RTS 1,031.78 0.2 (0.6) 30.5
176.0
144.9
130.6