The QSE Index fell slightly by 0.1% as losses in the Consumer Goods & Services and Real Estate indices outweighed gains elsewhere. National Leasing and Ahli Bank were the top two decliners for the day. Meanwhile, Industries Qatar and Qatar Navigation saw gains. Trading activity increased compared to the previous day and 30-day average, with National Leasing and Ezdan Holding Group being the most active stocks by volume.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index fell 0.1% to close at 11,822.2. Losses were led by the Consumer Goods &
Services and Real Estate indices, falling 1.1% and 0.8%, respectively. Top losers were
National Leasing and Ahli Bank, falling 4.5% and 1.6%, respectively. Among the top
gainers, Industries Qatar rose 1.5%, while Qatar Navigation gained 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 9,107.4. Gains were led by the
Insurance and Transport indices, rising 1.9% and 1.1%, respectively. Tawuniya rose
6.4%, while ACE Arabia Cooperative Insurance was up 5.3%.
Dubai: The DFM Index gained 0.5% to close at 4,131.8. The Telecommunication index
rose 2.1%, while the Consumer Staples index gained 1.5%. National Industries Group
rose 9.7%, while Gulf Navigation was up 6.7%.
Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,822.0. The
Telecomunication index declined 5.4%, while the Services index fell 1.6%. Al Khazna
Ins. declined 10.0%, while Nat. Corp for Tourism & Hotels was down 7.4%.
Kuwait: The KSE Index rose 0.2% to close at 6,245.0. The Health Care index gained
2.1%, while the Consumer Services index rose 1.8%. Kuwait Resorts Co. gained 9.1%,
while Kout Food Group was up 7.3%.
Oman: The MSM Index fell marginally to close at 6,555.9. Losses were led by the
Industrial and Financial indices, falling 0.2% and 0.1%, respectively. Oman Orix Leasing
fell 3.3%, while Gulf Investment Services was down 2.9%.
Bahrain: The BHB Index declined 0.2% to close at 1,332.3. The Services and Commercial
Bank indices fell 0.3% each. Ithmaar Bank fell 7.1%, while Bahrain Telecommunication
Co. was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Industries Qatar 135.00 1.5 92.8 (19.6)
Qatar Navigation 99.40 1.4 16.9 (0.1)
Qatar Insurance Co. 99.70 1.2 27.7 26.6
Qatari Investors Group 50.80 1.0 82.0 22.7
Widam Food Co. 61.40 0.5 33.4 1.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
National Leasing 18.92 (4.5) 927.1 (5.4)
Ezdan Holding Group 17.51 (1.1) 781.9 17.4
Salam International Inv. Co. 14.08 0.1 420.1 (11.2)
Masraf Al Rayan 45.05 (0.3) 338.1 1.9
Barwa Real Estate Co. 50.40 (0.6) 308.5 20.3
Market Indicators 29 Jul 15 28 Jul 15 %Chg.
Value Traded (QR mn) 212.8 224.3 (5.1)
Exch. Market Cap. (QR mn) 6,28,026.0 6,28,806.1 (0.1)
Volume (mn) 5.2 4.8 7.6
Number of Transactions 7,396 7,217 2.5
Companies Traded 42 42 0.0
Market Breadth 9:28 8:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,375.87 (0.1) (1.0) 0.3 N/A
All Share Index 3,168.01 (0.2) (1.0) 0.5 13.0
Banks 3,113.21 (0.4) (0.8) (2.8) 13.7
Industrials 3,771.16 0.4 (0.9) (6.6) 13.2
Transportation 2,474.73 0.2 0.4 6.7 12.7
Real Estate 2,706.03 (0.8) (2.0) 20.6 9.0
Insurance 4,831.65 0.8 (1.0) 22.1 22.4
Telecoms 1,126.08 0.2 (1.0) (24.2) 22.6
Consumer 7,420.80 (1.1) (1.3) 7.4 28.8
Al Rayan Islamic Index 4,642.34 (0.2) (0.8) 13.2 13.5
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Co. for Cooperative Ins. Saudi Arabia 104.91 6.4 524.0 110.1
IFA Hotels & Resorts Co. Kuwait 0.18 5.8 0.0 (9.0)
Med. & Gulf Ins. Saudi Arabia 44.57 3.8 2,025.0 (11.0)
Nat. Mobile Telecom. Kuwait 1.18 3.5 1.1 (15.7)
Nat. Investments Co. Kuwait 0.13 3.1 679.4 (13.2)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Ithmaar Bank Bahrain 0.13 (7.1) 232.0 (18.8)
Emirates Telecom Corp. Abu Dhabi 14.00 (5.4) 3,950.1 40.6
National Leasing Qatar 18.92 (4.5) 927.1 (5.4)
Savola Saudi Arabia 68.57 (4.0) 959.3 (12.9)
Kuwait Cement Co. Kuwait 0.37 (2.6) 5.0 (7.5)
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%
National Leasing 18.92 (4.5) 927.1 (5.4)
Ahli Bank 48.40 (1.6) 63.1 (2.5)
Al Meera Consumer Goods Co. 273.40 (1.5) 10.4 36.7
Qatar Fuel 167.00 (1.5) 66.4 (18.3)
Doha Bank 53.10 (1.5) 58.0 (6.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar National Bank 181.90 (0.3) 34,744.3 (14.6)
National Leasing 18.92 (4.5) 17,726.7 (5.4)
Barwa Real Estate Co. 50.40 (0.6) 15,618.3 20.3
Masraf Al Rayan 45.05 (0.3) 15,246.4 1.9
Ezdan Holding Group 17.51 (1.1) 13,893.9 17.4
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,822.17 (0.1) (1.0) (3.1) (3.8) 58.45 1,72,455.9 12.1 1.8 4.3
Dubai 4,131.80 0.5 (1.7) 1.1 9.5 92.15 1,05,379.5 12.1 1.4 6.3
Abu Dhabi 4,821.99 (0.7) (1.6) 2.1 6.5 74.80 130,422.8 11.9 1.5 4.6
Saudi Arabia 9,107.39 0.2 (2.8) 0.2 9.3 984.80 5,40,615.4 19.3 2.2 2.9
Kuwait 6,245.03 0.2 (0.7) 0.7 (4.4) 39.14 95,899.5 15.6 1.0 4.2
Oman 6,555.87 (0.0) (0.5) 2.0 3.4 11.59 25,681.3 10.4 1.6 4.0
Bahrain 1,332.33 (0.2) (0.4) (2.6) (6.6) 0.48 20,838.0 8.7 0.9 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,820
11,840
11,860
11,880
11,900
09:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index fell 0.1% to close at 11,822.2. The Consumer Goods &
Services and Real Estate indices led the losses. The index fell on the back of
selling pressure from non-Qatari shareholders despite buying support from
Qatari and GCC shareholders.
 National Leasing and Ahli Bank were the top losers, falling 4.5% and 1.6%,
respectively. Among the top gainers, Industries Qatar rose 1.5%, while
Qatar Navigation gained 1.4%.
 Volume of shares traded on Wednesday rose by 7.6% to 5.2mn from 4.8mn
on Tuesday. Further, as compared to the 30-day moving average of 4.8mn,
volume for the day was 8.7% higher. National Leasing and Ezdan Holding
Group were the most active stocks, contributing 17.8% and 15.0% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Eastern Province Cement Co. Saudi Arabia SR – – 92.0 13.6% 93.0 13.4%
Arabia Insurance Cooperative
Co.
Saudi Arabia SR 37.3 -25.8% 91.2 2.6% 0.5 NA
Alujain Corp. Saudi Arabia SR – – 117.2 72.8% 50.2 -4.5%
Al-Ahsa Development Co. Saudi Arabia SR – – -0.3 NA 30.3 NA
Methanol Chemicals Co. Saudi Arabia SR – – -6.8 NA -21.4 NA
Saudi Telecom Co. (STC) Saudi Arabia SR – – 2,963.0 0.1% 2,558.0 -8.7%
Saudi United Cooperative
Insurance Co.
Saudi Arabia SR 137.7 62.8% 199.4 13.6% -40.4 NA
Al Sagr Cooperative
Insurance Co.
Saudi Arabia SR 234.3 447.4% 265.9 251.2% 12.7 706.7%
Sadara Basic Services Co. Saudi Arabia SR – – -555.0 NA -574.9 NA
Filing And Packing Materials
Manufacturing Co.
Saudi Arabia SR – – 6.2 -7.9% 5.5 -15.6%
Saudi Indian Company for Co-
Operative Insurance
Saudi Arabia SR 129.7 260.8% 161.7 170.4% 0.8 NA
Ace Arabia Cooperative
Insurance Co.
Saudi Arabia SR 26.8 6.4% 72.8 25.1% 8.2 NA
Altayyar Travel Group Saudi Arabia SR – – 405.0 8.0% 396.0 8.8%
Al-Ahlia Insurance Co. Saudi Arabia SR 73.1 61.1% 78.4 52.7% -15.9 NA
Arabian Shield Cooperative
Insurance Co.
Saudi Arabia SR 89.5 19.1% 136.7 21.7% 2.6 23.6%
United Electronics CO. (Extra) Saudi Arabia SR – – 13.2 -76.5% 11.8 -78.0%
Al Alamiya For Cooperative
Insurance Co.
Saudi Arabia SR 57.6 21.8% 88.1 25.4% 9.8 NA
Aramex Dubai AED 967.0 5.7% – – 92.6 14.6%
Al Wathba National Insurance
Co.
Abu Dhabi AED 53.0 -3.6% 13.8 24.5% 41.5 -45.9%
Jazeera Airways Kuwait KD 13.2 NA – – 3.2 NA
Zain Kuwait KD – – – – 39.0 -33.7%
Shell Oman Marketing Co.
(SOMC)*
Oman OMR 165.6 -12.1% – – 6.9 21.6%
Ooredoo Oman OMR 62.6 12.8% – – 11.5 16.2%
Bahrain Commercial Facilities
Co. (BCFC)
Bahrain BHD – – – – 4.4 5.5%
Aluminium Bahrain (Alba) Bahrain BHD 199.4 3.0% – – 29.8 95.7%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 67.76% 57.38% 2,20,75,387.04
GCC 4.08% 2.98% 23,42,339.61
Non-Qatari 28.16% 39.64% (2,44,17,726.65)

3. Page 3 of 6
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/29 US MBA MBA Mortgage Applications 24-July 0.80% – 0.10%
07/29 US Nat. Assoc. of Realtors Pending Home Sales MoM June -1.80% 0.90% 0.60%
07/29 US Nat. Assoc. of Realtors Pending Home Sales NSA YoY June 11.10% 11.10% 7.90%
07/29 France INSEE Consumer Confidence July 93.0 94.0 94.0
07/29 Germany GfK AG GfK Consumer Confidence August 10.1 10.1 10.1
07/29 UK Bank of England Net Consumer Credit June 1.2B 1.1B 1.1B
07/29 UK Bank of England Mortgage Approvals June 66.6K 66.0K 64.8K
07/29 Spain INE Retail Sales YoY June 3.80% – 1.80%
07/29 Spain INE Retail Sales SA YoY June 2.30% 3.60% 3.10%
07/29 China Deutsche Boerse AG Westpac-MNI Consumer Sentiment July 114.5 – 112.3
07/29 China Nat. Bureau of Stat. Leading Index June 98.7 – 98.7
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 VFQS reports a net loss of QR99.9mn in 1QFY2016 – Vodafone
(VFQS) reported a higher net loss of QR99.9mn in 1QFY2016
compared to a net loss of QR66.0mn in March 2015 and our
estimate of a net loss of QR57.2mn (Bloomberg mean estimate:
QR42.8mn). The company’s revenue declined 5.8% QoQ and 8.0%
YoY to QR537.9mn in June 2015 (a 6.8% divergence vs. our
estimate). Led by the decline in net revenue, the company’s
EBITDA decreased to QR110.1mn in June 2015 compared to
QR145.8mn in March 2015 and QR159.1mn in June 2014,
representing a QoQ decline of 24.5% and a YoY decline of 30.8%.
The company’s loss per share amounted to QR0.12 in 1QFY2016
versus QR0.03 in 1QFY2015. VFQS continues to report below
forecast results, facing significant competition and market share
erosion from ORDS. We rate the stock a Market Perform with a
QR14.60 price target and believe company fundamentals do not
justify its current market price. (QNBFS Research, Company
Financials)
 ORDS reports QR501.22mn net profit in 2Q2015 – Ooredoo (ORDS)
reported a net profit of QR501.22mn in 2Q2015 as compared to a
net profit of QR501.16mn in 1Q2015 and QR817.39mn in 2Q2014.
ORDS net profit increased marginally on a QoQ basis, however it
plunged 38.7% on a YoY basis. The YoY profit slump at the former
monopoly follows difficulties in North Africa and war-torn Iraq
and sharp declines in the Indonesian rupiah. The company’s
revenue stood at QR8.0bn, reflecting a decrease of 0.4% QoQ and
4.7% YoY. Also, EBITDA declined 7% YoY to QR3,251mn in
2Q2015 while EBITDA margin stood at 41% in 2Q2015 against
42% in 2Q2014. The company’s EPS amounted to QR1.56 in
2Q2015 versus QR1.56 in 1Q2015. On the other hand, the
company’s customer base increased from 94.3mn in 2Q2014 to
114.2mn in 2Q2015 driven by strong performances in Indonesia,
Myanmar and Algeria. (Company Financials & Press Release,
QNBFS Research, Reuters)
 SIIS net profit declines 48.1% QoQ in 2Q2015 – Salam International
Investment Limited’s (SIIS) operating income declined 1.3% QoQ
(up 2.8% YoY) in 2Q2015 to reach QR623.2mn. Also, the
company’s other income fell 89.7% QoQ and 47.0% YoY to
QR0.8mn in 2Q2015. Net profit stood at QR15.4mn, representing a
decline of 48.1% QoQ and 10.8% YoY in 2Q2015. Consequently,
earnings per share (EPS) declined to QR0.13 in 2Q2015 from
QR0.26 in 1Q2015. Meanwhile, in a preliminary approval, the
Board of Directors has approved investment worth QR33.7mn to
acquire small residential real estate in Doha. (QSE, Company Press
Release, QNBFS Research)
 Samsung C&T wins $2.46bn Qatar power plant deal; plant 60%
owned by QEWS – According to sources, Samsung C&T Corp, South
Korea’s number one builder, has won a $2.46bn contract to build a
power plant in Qatar. Quoting from Samsung C&T’s regulatory
filing, the Yonhap news agency said that the contract calls for the
construction of a combined thermal power plant with a capacity of
2,520 MW, about 15 km from the Qatari capital Doha. The project,
also known as Facility D and developed by Umm Al Houl Power, is
part of a major integrated water and power project - the biggest in
Qatar - being built at a cost of $3.15bn. The plant at Umm Al Houl,
20 km south of Doha, will also provide 136.5mn gallons per day of
water, with the first stage set to be finished in 2017 ahead of full
operation in 2018. Qatar Electricity and Water Co. (QEWS) owns
60% of Facility D. (Bloomberg, QNBFS Research)
 UrbaCon JV wins QR1.69bn contract in Qatar – A joint venture (JV)
between Qatar’s UrbaCon Trading & Contracting and Spain’s Sacyr
has been awarded a QR1.69bn contract to design and build an
urban area in the Ras Bufontas of Qatar, situated beside the Hamad
International Airport (HIA) terminal. Both companies have been
awarded the project by Manateq, an organization set up by the
Qatari government to develop economic zones across the country.
The work covers an area of around 4.1 sq km, which is Qatar's first
economic zone. (GulfBase.com)
 QIIK launches four major IT and business projects with GBM – The
Qatar International Islamic Bank (QIIK) has successfully launched
four major information technology (IT) and business projects with
Gulf Business Machines (GBM), the leading provider of IT and
business solutions in the region. The underlying business objective
of these initiatives is to enhance the overall customer experience
at the bank. The four projects are the provision of a new
datacenter and an upgrade to the network, new systems for
production and disaster recovery, a middleware platform to
connect all systems and business channels and a feature-rich
mobile banking application. (Gulf-Times.com)
 QA Cargo to launch express service – Qatar Airways (QA) Cargo will
launch an express airfreight service for door-to-door and time-
critical shipments in August 2015. The new QR On-Board Courier
service will be rolled out across the cargo carrier’s global network
on August 1, enabling customers to book time-definite airfreight
delivery solutions. (Gulf-Times.com)
 Nakilat Damen unveils two locally built vessels – Nakilat Damen
Shipyards Qatar (NDSQ) has launched two new locally built
vessels. Al Ghaf, a pilot boat and Al Nafayed, a tug boat, were
delivered to the owners, towage operator, Nakilat
SvitzerWijsmuller (NSW). Nakilat Managing Director Abdullah
Fadhala Al Sulaiti said that Nakilat and its family of companies are
manufacturing, delivering and utilizing the highest quality of
marine vessels. Al Ghaf is the 25th successfully delivered vessel.
Nakilat currently has 17 ongoing projects at the yard, contributing

4. Page 4 of 6
to the Qatari National Vision, providing 100% made in Qatar
vessels. (Peninsula Qatar)
 Al Wakrah parallel road work on track – According to Al Sharq, the
Public Works Authority (Ashghal) has completed a significant level
of work on new bridges for Al Wakrah parallel road project. The
project is in the final phase of building seven bridges, with 77% of
pillars ready. Ashghal started building Al Wakrah parallel road,
which extends from Al Mashaf to Mesaieed in September 2014.
The road is an 11km stretch with five lanes on both sides. The
QR2.18bn project is expected to be completed by 2018. (Peninsula
Qatar)
International
 Jack Lew: US can stay under debt ceiling till at least late October –
US Treasury Secretary Jack Lew has said that the US federal
government can stay below its legal limit on borrowing until at
least late October 2015 and likely do so a little longer than that. In
a letter to the Republican Speaker of the House of the
Representatives, John Boehner, Lew said the Treasury would
continue to refrain from issuing debt related to government
worker pension funds in order to buy the government time before
it breaches its $18tn debt cap. (Reuters)
 CBI: UK July retail sales growth slows, outlook weakens – According
to a survey by the Confederation of British Industry (CBI), British
annual retail sales growth slowed in July, despite a big rise in
clothing purchases, and is expected to weaken further in August
2015. The CBI distributive trades survey's retail sales balance fell
for a second successive month after hitting a five-month high in
May, dropping to +21 in July from +29 in June, bucking
economists’ forecasts for a modest rise to +30. The outlook for
sales in August was even gloomier, with the index dropping to a
two-year low of +13 from +33. The CBI said clothing sales rose at
the fastest annual rate since January, but food sales were flat and
shoe sales fell. (Reuters)
 ECB says eurozone economies further apart – The European
Central Bank (ECB) has said that the eurozone’s founding
members are further apart economically than they were initially, a
“disappointing” outcome defying the premise that laggards would
slowly catch up in the common currency bloc. Early members
failed to recognize that lower borrowing costs, a key benefit in the
currency union, would only provide a temporary boost. If left
unchecked, the union would actually lead to many troubles, which
plunged the euro bloc into its debt crisis. The unusually strong
commentary from the bank highlights the fragility of the currency
union, which is still fighting an existential crisis after Greece came
close to being forced out after years of failed reforms and
ballooning debt. (Reuters)
 Greek PM says won’t implement measures beyond those set at
summit – Greek Prime Minister Alexis Tsipras has said that his
government would not implement reform measures beyond what
was agreed with the lenders at a eurozone summit earlier in July
2015. Tsipras also said the country would report a primary budget
balance that breaks even or registers a deficit in 2015, depending
on the financial situation. Meanwhile, International Monetary Fund
(IMF) head Christine Lagarde said Greece’s international creditors
would have no choice but to accept an easing of the terms of
Athens’ debts. The IMF has teamed up with the European Union
and the European Central Bank in recent years to lend Greece
money repeatedly to save it from a debt crisis. The IMF and the US
argue that Greece’s loan burdens are unsustainable and have
advocated for an easing of some of the terms of Greece’s debts to
international creditors. European governments have resisted the
idea as they negotiate with Athens on further bailout funds.
(Reuters)
 China July official factory PMI steady at 50.2 but still tepid – A
Reuters poll showed that growth in China’s manufacturing sector
steadied in July 2015 but remained at a subdued pace, fuelling
hopes that a slowdown in the world’s second-largest economy may
be gradually bottoming out. According to the median forecast, the
official manufacturing Purchasing Managers’ Index (PMI) stood at
50.2 in July, on par with June reading. However, the growth was
tepid, with the reading just above the 50 point mark on a monthly
basis. The flash Caixin/Markit PMI released last week showed
China’s factory activity contracted the most in 15 months in July,
reinforcing views that the struggling Chinese economy needs more
stimulus. Weighed down by a cooling property market, factory
overcapacity and sluggish domestic demand, China’s economy
grew 7% in 1H2015, which is in line with Beijing’s full-year target.
However, the equity market panic since mid-June has fueled
concerns about the health of the economy and risks to the financial
system. (Reuters)
Regional
 NCB: Kingdom's non-oil exports reached SR15.2bn in May 2015 –
According to a report released by National Commercial Bank
(NCB), the Kingdom’s external trade saw a moderation in non-oil
export activity in May 2015, recording the second largest slump
since February 2015, slowing by 16.7% YoY. Total non-oil exports
stood at SR15.2bn, affected by the sharp declines in the largest
export categories, plastics, chemical products, and base metals. On
the import side, headline import figures also declined in value,
albeit to a lesser extent, at SR51.7bn. On an annual basis, imports
slipped 5.1% on the back of a large decline in imports of base
metals and chemical products. (GulfBase.com)
 Knight Frank: KSA economy expanded by 3.5% in 2014 – According
to a report released by Knight Frank, Saudi Arabia's economy
expanded by 3.5% in 2014 underpinned by the oil sector re-
entering the positive territory after two years of decline.
Meanwhile, the growth in the non-oil economy eased in 2014;
however, the pace of expansion remained robust. On a sector-by-
sector basis, the finance, real estate & business services and the
government services sectors - together accounting for around 24%
of the total GDP in Saudi Arabia – witnessed weaker growth in
2014, of 4.1% and 3.3%, respectively. In 1H2015, Grade A and B
office rental values in the capital stood at SR1,300 and SR900 per
square meter per annum, respectively. (GulfBase.com)
 UAE consumer confidence at highest level in MEA – According to
the latest Nielsen's Consumer Confidence Index Report, consumer
confidence in the UAE has declined seven index points in 2Q2015
to a score of 108. Despite the decline from 1Q2015, the consumer
confidence level remains the highest level in the Middle East and
Africa (MEA). In the UAE, sentiment for the three economic
indicators decreased, as future job prospects declined four
percentage points to 62%, personal finances sentiment decreased
three percentage points to 64%, and immediate spending
intentions declined three percentage points to 47%. The UAE’s
41% respondents believe they are in recession, as the sentiment
increased two percentage points from 1Q2015. (GulfBase.com)
 Central Bank: Growth in UAE credit demand slowed further in
2Q2015 – The Central Bank said that the growth in demand for
business credit and personal loans in the UAE slowed further in
2Q2015 as the industry continued to adjust from unusually fast
growth in mid-2014. In its quarterly credit sentiment survey, the
net balance measure for business lending - the weighted
percentage of respondents reporting an increase in demand for
loans minus those reporting a fall in demand - dropped to 5.9 from
13.6 in 1Q2015 and 29.6 in 4Q2014. (Reuters)

5. Page 5 of 6
 DP World building new $1.6bn Jebel Ali terminal – DP World is
building a new $1.6bn terminal at its flagship Jebel Ali Port in
response to expected growth in demand leading up to Expo 2020.
DP World said the Phase I of the new Container Terminal 4 will
add 3.1mn twenty-footy equivalent units (TEUs), a shipping
container measurement, by 2018, increasing capacity at the port to
22.1mn. The port complex will have at least 100 cranes and the
length of the quay will be around 11,000 meters by 2018.
(GulfBase.com)
 Dubai airport traffic rose 16.7% YoY in June 2015 – Dubai
International Airport recorded a 16.7% YoY jump in passenger
traffic in June 2015, reflecting runway maintenance during the
summer of 2014. Traffic rose to 5.91mn passengers from 5.07mnt
in June 2014. The growth in traffic was mitigated by a drop in the
number of passengers during Ramadan. Dubai International
Airport was reduced to one runway during May and July 2014 for
maintenance, which lasted 80 days. (Reuters)
 DIB net profit surges 35% in 1H2015 – Dubai Islamic Bank’s (DIB)
reported a net profit of AED1.8bn in 1H2015, reflecting an
increase of 35% YoY. Total income grew to AED3.63bn in 1H2015,
showing an increase of 21% YoY. Impairment losses declined to
AED276mn in 1H2015 as compared to AED355mn in 1H2014. The
bank’s total assets stood at AED146.7bn, reflecting an increase of
18% as compared to AED123.9bn at the end of 2014. Customer
deposits reached AED109.2bn as compared to AED92.3bn at the
end of 2014. EPS increased to AED0.41 in 1H2015 from AED0.29
in 1H2014. DIB CEO Adnan Chilwan said that the bank is targeting
20% loan growth in 2015. Meanwhile, DIB will reportedly advise
Pakistan on selling its 40% stake in Kot Addu Power Company
(Kapco). (DFM, GulfBase.com, Reuters)
 JLL: Dubai home sales plunge after officials move to ease volatility –
According to Jones Lang LaSalle (JLL), Dubai home sales shrank by
about two-thirds in 1H2015, and prices also slipped, with further
declines expected over the rest of 2015. The plunge in home sales
in 2015 is partly due to government steps to ease market volatility
- officials have upped minimum deposits required for mortgages
and doubled real estate transaction fees. JLL said that the total
value of residential property transactions fell 66% to AED12.7bn
in 1H2015 and the sales volume plunged 69% as compared to
1H2014. Sales prices have dropped by an average of 8% since June
2014. (Reuters)
 NBAD sees government deposit outflow easing after AED37bn
1H2015 exit – National Bank of Abu Dhabi (NBAD) reported a net
profit of AED1.45bn in 2Q2015, up from AED1.43bn in 2Q2014.
The bank does not expect further big outflows of government
deposits after AED37bn left the lender during the 1H2015.
Government finances in the oil-exporting Gulf states have been hit
by the fall in oil prices in 2014. Crude oil prices dropped from $115
a barrel in June 2014 to roughly half that level. Loans grew 20% on
the year to AED217.9bn at the end of June 2015. (Reuters)
 Kuwait reports healthy credit gains in May 2015 – Kuwait’s credit
growth in May 2015 was relatively strong, but annual growth
eased to 5.3% YoY on basis effects. Lending was up by KD175mn
during May 2015, supported by the household sector and some
business sectors. One exception was real estate, which weighed on
growth as the sector saw a net decline in credit. Despite strong
growth in private deposits, money supply growth eased on basis
effects. Meanwhile, interbank rates held steady and deposit rates
moved lower. Household borrowing remained robust adding
KD94mn, with growth accelerating to 12.2% YoY. Foreign
currency deposits declined by KD93mn following a couple of
months of strong increases. M1 growth picked up to 1.5% YoY.
Average customer deposit rates on dinar time deposits eased in
May 2015, while interbank rates were steady. KD interbank rates
held steady at 1.00%, up 21 basis points YTD. (GulfBase.com)
 Al Maha to appoint MD – Al Maha Petroleum Products Marketing
Company’s board of directors has resolved in its meeting to
nominate Mr. Mohammed Fareed Hussain Al-Darwish to the
position of the Managing Director (MD) with effect from July 29,
2015. (MSM)
 Alba BoD approves 5.5 per share as interim dividend – Aluminium
Bahrain’s (Alba) board of directors has approved distribution of
5.5 fils per share as interim dividend for eligible shareholders, who
are listed in the share register as of August 9, 2015. The
distribution of interim dividend will start from September 1, 2015.
(Bahrain Bourse)
 Bahrain government bond oversubscribed – The Central Bank of
Bahrain (CBB) announced that the public issue of five-year
government development bonds has been oversubscribed.
Subscriptions worth BHD181.2mn (121%) were received for the
BHD150mn issue, which carries a maturity of five years. The
expected interest rate on the issue, which begins from July 30,
2015 and matures on July 30, 2020, is 4%. The bonds are issued by
the CBB on behalf of the Bahrain government. (GulfBase.com)
 GDN: BCCI starts executive restructuring – The Gulf Daily News
(GDN) reported that the Bahrain Chamber of Commerce and
Industry (BCCI) has started implementation of a plan to
restructure its administrative and executive body. The reforms,
which are implemented in coordination with Bahraini firm Jafcon
Consultants entail job relocations, creation and elimination of
some departments and divisions, and revision of operations and
salary scale. The restructuring comes in implementation of the
board’s vision to solidify its role and upgrade its operations to
better serve the private sector. (Bloomberg)
 Falcon Holding to boost Bahrain’s aviation push – Mumtalakat CEO
Mahmood Al Kooheji said that the sovereign fund is looking for
acquisition opportunities in the aviation sector. He also said that
Falcon Holding, a proposed new company consolidating key
aviation assets of the Bahrain government, would implement the
fund’s plans for the sector that include enhancing the contribution
of aviation to the economy and maximizing the value of assets. The
plan is to help the aviation assets operate in an independent,
commercial and efficient manner, and look for new opportunities
in the aviation sector, which would add value in the business and
ultimately reflect on Mumtalakat’s portfolio and the economy of
Bahrain. (GulfBase.com)

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 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 engaged investment advice. We therefore
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Marked closed on July 29, 2015) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
0.2%
(0.1%)
0.2%
(0.2%)
(0.0%)
(0.7%)
0.5%
(2.0%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,096.80 0.1 (0.2) (7.4) MSCI World Index 1,760.69 0.8 0.9 3.0
Silver/Ounce 14.82 0.9 0.9 (5.6) DJ Industrial 17,751.39 0.7 1.0 (0.4)
Crude Oil (Brent)/Barrel (FM
Future)
53.38 0.2 (2.3) (6.9) S&P 500 2,108.57 0.7 1.4 2.4
Crude Oil (WTI)/Barrel (FM
Future)
48.79 1.7 1.4 (8.4) NASDAQ 100 5,111.73 0.4 0.5 7.9
Natural Gas (Henry
Hub)/MMBtu
2.90 0.9 3.0 (3.1) STOXX 600 394.01 0.9 0.4 4.9
LPG Propane (Arab Gulf)/Ton 39.00 (2.2) (6.0) (20.4) DAX 11,211.85 0.2 (0.7) 3.8
LPG Butane (Arab Gulf)/Ton# 52.00 0.0 (3.7) (17.1) FTSE 100 6,631.00 1.3 1.5 1.3
Euro 1.10 (0.7) 0.0 (9.2) CAC 40 5,017.44 0.7 (0.3) 7.1
Yen 123.94 0.3 0.1 3.5 Nikkei 20,302.91 (0.3) (1.2) 12.3
GBP 1.56 (0.1) 0.6 0.2 MSCI EM 900.12 1.0 (1.1) (5.9)
CHF 1.03 (0.6) (0.5) 2.7 SHANGHAI SE Composite 3,789.17 3.5 (6.9) 17.2
AUD 0.73 (0.6) 0.2 (10.8) HANG SENG 24,619.45 0.5 (2.0) 4.3
USD Index 96.98 0.2 (0.3) 7.4 BSE SENSEX 27,563.43 0.3 (1.5) (0.7)
RUB 58.68 (2.2) 0.1 (3.4) Bovespa 50,245.14 3.7 2.2 (20.3)
BRL 0.30 0.8 0.7 (20.4) RTS 865.84 3.2 0.8 9.5
142.0
121.3
116.0