1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 12,164.5. Losses were led by the
Real Estate and Industrials indices, falling 0.8% each. Top losers were Zad
Holding Co. and Mazaya Qatar Real Estate Development, falling 3.9% and
2.2%, respectively. Among the top gainers Islamic Holding Group rose 4.9%,
while Al Meera Consumer Goods Co. was up 3.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 9,834.5. Gains were led
by the Telecom. & IT and Industrial Inv. indices, rising 0.9% and 0.8%,
respectively. Arabia Insur. Coop. rose 9.3%, while Emaar EC was up 4.6%.
Dubai: The DFM Index gained 0.3% to close at 4,229.0. The Transportation
index rose 1.9%, while the Insurance index rose 1.8%. Gulf Navigation surged
14.7%, while Takaful Al-Emarat Insurance was up 11.4%.
Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,647.1. The
Banks index declined 1.0%, while the Real Estate index fell 0.6%. National
Bank of Abu Dhabi and National Takaful Co. were down 6.7% each.
Kuwait: The KSE Index rose 0.2% to close at 6,377.0. The Consumer Goods
index gained 0.8%, while the Industrial index rose 0.6%. Flex Resorts & Real
Estate Co. gained 8.3%, while ARZAN was up 8.2%.
Oman: The MSM Index rose 0.1% to close at 6,322.5. The Industrial index
gained 0.2%, while the other indices ended in red. Construction Materials Ind.
rose 2.5%, while Ahli Bank was up 1.9%.
Bahrain: The BHB Index declined 0.2% to close at 1,390.6. The Commercial
Bank index fell 0.5%, while the Services index declined 0.1%. Ithmaar Bank
fell 3.0%, while Bahrain Islamic Bank was down 2.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 121.70 4.9 364.0 (2.2)
Al Meera Consumer Goods Co. 246.90 3.3 34.5 23.5
Ooredoo 99.50 1.9 132.8 (19.7)
Gulf Warehousing Co. 72.90 1.3 16.2 29.3
Qatar Insurance Co. 80.70 0.9 28.2 2.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 16.90 (0.8) 1,953.9 2.7
Barwa Real Estate Co. 50.20 (1.2) 880.4 19.8
Gulf International Services 89.20 0.2 697.2 (8.1)
Ezdan Holding Group 17.00 (0.7) 516.5 13.9
Masraf Al Rayan 48.50 (1.5) 473.8 9.7
Market Indicators 30 Apr 15 29 Apr 15 %Chg.
Value Traded (QR mn) 441.7 726.9 (39.2)
Exch. Market Cap. (QR mn) 653,762.4 657,078.7 (0.5)
Volume (mn) 8.5 14.7 (42.2)
Number of Transactions 5,545 7,018 (21.0)
Companies Traded 41 42 (2.4)
Market Breadth 12:26 20:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,904.24 (0.7) 1.0 3.2 N/A
All Share Index 3,250.66 (0.6) 1.0 3.2 13.7
Banks 3,241.35 (0.8) 0.5 1.2 14.6
Industrials 4,038.32 (0.8) 1.6 (0.0) 14.2
Transportation 2,503.00 0.4 1.8 8.0 13.8
Real Estate 2,621.39 (0.8) 0.9 16.8 9.2
Insurance 4,185.24 0.3 2.1 5.7 19.3
Telecoms 1,304.90 1.2 (1.4) (12.2) 25.8
Consumer 7,355.43 0.2 1.9 6.5 28.6
Al Rayan Islamic Index 4,617.29 (0.6) 1.2 12.6 14.0
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Emaar Economic City Saudi Arabia 16.37 4.6 28,290.4 37.7
Tabuk Cement Co. Saudi Arabia 26.02 4.0 440.6 4.9
Al Meera Cons. Goods Qatar 246.90 3.3 34.5 23.5
Kuwait Food Co. Kuwait 2.66 3.1 207.2 (5.0)
Astra Industrial Group Saudi Arabia 34.44 2.5 1,688.8 17.9
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Knowledge Eco. City Saudi Arabia 29.37 (9.0) 28,912.4 73.5
Nat. Bank of Abu Dhabi Abu Dhabi 11.10 (6.7) 6,401.0 (12.8)
Comm. Bank of Kuwait Kuwait 0.62 (4.6) 3.0 (1.6)
Nat. Real Estate Co. Kuwait 0.11 (3.5) 182.5 (16.7)
Saudi Print. & Pack. Saudi Arabia 22.46 (3.5) 383.6 20.1
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 90.80 (3.9) 0.3 8.1
Mazaya Qatar Real Estate Dev. 18.87 (2.2) 436.1 3.5
Qatar Islamic Bank 100.50 (2.0) 55.2 (1.7)
Qatar German Co for Med. Dev. 13.00 (1.9) 431.3 28.1
Aamal Co. 16.27 (1.8) 147.4 12.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 89.20 0.2 62,727.0 (8.1)
Barwa Real Estate Co. 50.20 (1.2) 44,678.3 19.8
Islamic Holding Group 121.70 4.9 43,978.9 (2.2)
Industries Qatar 145.10 (1.3) 37,817.6 (13.6)
Vodafone Qatar 16.90 (0.8) 33,082.0 2.7
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* 12,164.48 (0.7) 1.0 3.9 (1.0) 121.32 179,588.5 12.8 1.9 4.2
Dubai 4,229.04 0.3 3.4 20.3 12.1 349.58 101,732.3 9.5 1.5 5.1
Abu Dhabi 4,647.12 (0.7) 0.3 4.0 2.6 90.16 124,936.1 11.7 1.5 4.7
Saudi Arabia 9,834.49 0.2 2.3 12.0 18.0 3,066.22 575,981.4 20.8 2.4 2.8
Kuwait 6,377.00 0.2 0.7 1.5 (2.4) 64.92 98,940.4 17.5 1.1 4.0
Oman 6,322.50 0.1 (0.6) 1.4 (0.3) 19.08 24,140.4 9.2 1.4 4.4
Bahrain 1,390.62 (0.2) (0.5) (4.1) (2.5) 0.53 21,746.0 9.1 0.9 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,160
12,180
12,200
12,220
12,240
12,260
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.7% to close at 12,164.5. The Real
Estate and Industrials 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.
 Zad Holding Co. and Mazaya Qatar Real Estate Development
were the top losers, falling 3.9% and 2.2%, respectively. Among
the top gainers Islamic Holding Group rose 4.9%, while Al Meera
Consumer Goods Co. was up 3.3%.
 Volume of shares traded on Thursday fell by 42.2% to 8.5mn
from 14.7mn on Wednesday. Further, as compared to the 30-day
moving average of 8.8mn, volume for the day was 3.5% lower.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 22.9% and 10.3% 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 Development Co.
(DDC)
Dubai AED – – – – -0.02 NA
Finance House Abu Dhabi AED 79.3 -13.0% – – 27.0 -16.9%
Sharjah Cement and
Industrial Development Co.
(SCIDC)
Abu Dhabi AED 160.9 -8.7% – – 11.2 23.0%
Jazeera Airways Kuwait KD – – 2.4 NA 3.0 NA
Oman Telecommunications
Co. (Omantel)
Oman OMR 129.4 7.7% – – 34.6 0.6%
United Finance Co. Oman OMR 3.0 -1.4% – – 1.1 1.2%
Port Services Corporation
(PSC)
Oman OMR 1.1 -82.8% – – -0.5 NA
Bahrain National Holding
Co. (BNH)
Bahrain BHD 3.4 -3.6% 0.6 -14.0% 1.6 1.1%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/01 US Census Bureau Construction Spending MoM March -0.60% 0.50% 0.00%
05/01 US Institute for Supply Man. ISM Manufacturing April 51.5 52.0 51.5
05/01 US Institute for Supply Man. ISM Prices Paid April 40.5 42.0 39.0
04/30 US Deutsche Boerse AG Chicago Purchasing Manager April 52.3 50.0 46.3
04/30 US Bloomberg Bloomberg Consumer Comfort 26-April 44.7 – 45.4
04/30 US Bureau of Eco. Analysis Employment Cost Index 1Q2014 0.70% 0.60% 0.50%
04/30 US Bureau of Eco. Analysis Personal Income March 0.00% 0.20% 0.40%
04/30 US Bureau of Eco. Analysis Personal Spending March 0.40% 0.50% 0.20%
04/30 US Bureau of Eco. Analysis Inflation Adjusted Personal Spending March 0.30% 0.30% 0.00%
04/30 US Bureau of Eco. Analysis PCE Deflator YoY March 0.30% 0.40% 0.30%
04/30 US Bureau of Eco. Analysis PCE Core YoY March 1.30% 1.40% 1.30%
04/30 EU Eurostat Unemployment Rate March 11.30% 11.20% 11.30%
04/30 EU Eurostat CPI Estimate YoY April 0.00% 0.00% -0.10%
04/30 EU Eurostat CPI Core YoY April 0.60% 0.60% 0.60%
04/30 France INSEE PPI MoM March 0.10% – 0.80%
04/30 France INSEE PPI YoY March -2.20% – -2.50%
04/30 France INSEE Consumer Spending MoM March -0.60% -0.60% 0.20%
04/30 France INSEE Consumer Spending YoY March 2.10% 1.80% 3.10%
04/30 Germany Destatis Retail Sales MoM March -2.30% 0.50% -0.10%
04/30 Germany Destatis Retail Sales YoY March 3.50% 3.10% 3.30%
04/30 Germany Deutsche Bundesbank Unemployment Change (000's) April -8K -15K -14K
04/30 Germany Deutsche Bundesbank Unemployment Rate April 6.40% 6.40% 6.40%
05/01 UK Bank of England Net Consumer Credit March 1.2B 0.8B 0.8B
05/01 UK Bank of England Net Lending Sec. on Dwellings March 1.8B 1.8B 1.8B
05/01 UK Bank of England Mortgage Approvals March 61.3K 62.5K 61.5K
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.86% 58.82% 13,437,773.79
GCC 8.01% 4.67% 14,779,073.86
Non-Qatari 30.12% 36.51% (28,216,847.65)

3. Page 3 of 7
05/01 UK Bank of England Money Supply M4 MoM March 0.30% – -0.20%
05/01 UK Bank of England M4 Money Supply YoY March -0.60% – -3.20%
05/01 UK Bank of England M4 Ex IOFCs 3M Annualised March 2.50% 2.20% 5.10%
05/01 UK Markit Markit UK PMI Manufacturing SA April 51.9 54.6 54.0
04/30 Spain INE GDP YoY 1Q2014 2.60% 2.50% 2.00%
04/30 Spain INE CPI EU Harmonised YoY April -0.70% -0.70% -0.80%
04/30 Spain INE CPI YoY April -0.60% -0.60% -0.70%
04/30 Italy ISTAT PPI YoY March -3.10% – -3.20%
04/30 Italy ISTAT PPI MoM March -0.10% – 0.60%
04/30 China China Fed. of Logistics Manufacturing PMI April 50.1 50.0 50.1
04/30 China China Fed. of Logistics Non-manufacturing PMI April 53.4 – 53.7
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 GWCS signs agreement with UPS – Gulf Warehousing
Company (GWCS) has signed an agreement with United Parcel
Service (UPS) to become the authorized service contractor for
its express parcel service starting June 2015. The agreement
allows GWCS to provide UPS products & services, including
express parcel delivery, as well as access to the UPS global
network serving over 220 countries and territories worldwide.
This agreement will help local and international businesses
within Qatar by offering both speed of transit and a high level of
customer service. (Bloomberg)
 NLCS’ net profit plunges to QR5.7mn in 1Q2015 – Alijarah
Holding Company’s (NLCS) net profit plunged 73.3% YoY (down
11.2% QoQ) in 1Q2015 to QR5.7mn as income from core
business dropped 58.0% YoY to QR35.2mn. As a result, the
company’s total income declined by 39.5% YoY (up by 5.8%
QoQ) to QR56.1mn in 1Q2015. The decline in the company’s
profit and revenue is directly related to Lusail project which is
coming to an end, in addition to the increase in expenses over
new investment and projects that are under construction such as
industrial area project, valued at QR125mn, as well as an
increase in investment in Alijarah Equipment. However, NLCS’
other income soared to QR13.8mn in 1Q2015 from QR0.2mn in
1Q2014. The company’s EPS amounted to QR0.12 in 1Q2015
versus QR0.43 in 1Q2014. (QSE)
 WDAM’s profit declines to QR11.2mn in 1Q2015 – Widam
Food Company (WDAM) reported a net profit of QR11.2mn in
1Q2015 as compared to QR19.4mn in 1Q2014. The company’s
EPS amounted to QR0.62 in 1Q2015 versus QR1.08 in 1Q2014.
(QSE)
 QATI wins QR9.3mn tender – Qatar Insurance Company
(QATI) has won a tender for the comprehensive insurance of
Hamad International Airport and Doha International Airport, with
a premium of QR9.33mn. The one-year insurance coverage will
start from May 1, 2015. (QSE)
 QSE mandates Iridium to design credible framework for IR
Excellence program – The Qatar Stock Exchange (QSE) has
launched a program that rewards excellence in investor relations
(IR), and will host a special event in December 2015 to
announce the results. The QSE has mandated Iridium, an
independent investor relations advisory firm, to design a fair,
transparent and credible framework for the IR Excellence
Program. The program also features a detailed ranking of
corporate investor relations websites. (QSE)
 RBS returns Qatar banking license, country head departs –
The Royal Bank of Scotland (RBS) has closed its Qatar branch
with its country head departing. The bank returned its local
license to the Qatar Financial Centre Regulatory Authority on
March 25, 2015. RBS had held the license since 2007, offering
markets and international banking services. Douglas Kerr, who
was appointed RBS country head in September 2014, left the
bank in April 2015. (Reuters)
 Msheireb Properties inks agreement with MEEZA for smart
city solutions – Qatar’s leading sustainable developer
Msheireb Properties, a subsidiary of Qatar Foundation, has
inked an agreement with MEEZA, Qatar’s leading IT solutions &
services provider to provide Msheireb Properties with a system
integrator service. The agreement is a strategic step
encompassing a wide range of agreements to create an
integrator environment with the best smart cities solutions at
Msheireb Downtown Doha (MDD). MEEZA will provide MDD
with all information technology, and integrator systems for all
design, operation and maintenance processes. (Bloomberg)
 OBG: Qatar realty market growth to extend beyond 2015 –
According to a forecast made by Oxford Business Group (OBG),
steady growth in Qatar’s real estate market is expected to
continue well beyond 2015. OBG said in its 2015 report that
rapid expansion in Qatar’s real estate market in 2014 was driven
by a growing population, shrinking average household sizes,
and a shortage of available units in the residential sector. OBG
added that determined to develop the industry sustainably, the
government introduced legislative reforms in 2014 aimed at
strengthening stability and market confidence, while a host of
major infrastructure projects launched under the auspices of the
Qatar National Vision 2030 (QNV 2030) are expected to boost
the office and retail sectors well beyond 2015. OBG reported
that demand for residential units has led growth in the real
estate market, though rapid inflation in rental rates and land
prices pose considerable challenges to sustainable long-term
expansion. (Gulf-Times.com)
 Project Qatar expo opens on May 03, 2015 – The 12th edition
of Project Qatar will be held for the second consecutive year at
the Qatar National Convention Centre (QNCC) from May 03,
2015. The 3-day Project Qatar 2015 will feature 1130 exhibitors
representing more than 2000 companies and brands, and 21
national pavilions from 40 countries. (Gulf-Times.com)
International
 US consumer sentiment rises; manufacturing growth holds
at low level in April – The US consumer’s sentiment rose in
April 2015 as the University of Michigan's final index on
consumer sentiment increased to 95.9 from 93.0 in March. The
survey's final reading of the subindex on current conditions rose
to 107.0 from 105.0 in March, while a reading on final consumer
expectations rose to 88.8 from 85.3. Meanwhile, the pace of US
manufacturing growth held at its slowest in almost two years as
the Institute for Supply Management’s (ISM) index of national
factory activity stood at 51.5 in April, matching the March
reading. The employment index fell into contractionary territory

4. Page 4 of 7
for the first time since May 2013, dropping to 48.3, the lowest
reading since September 2009. (Reuters)
 Manufacturing in slow lane in America, Asia – Manufacturing
activity growth remained sluggish in some of the world's major
economies in April 2015, suggesting that global economic
growth remains moderate and uneven. The expansion in the US
manufacturing sector weakened as Markit’s final US
manufacturing PMI fell to 54.1 from 55.7 in March. Activity in
Canada's manufacturing sector shrank as the RBC/Markit
Canadian manufacturing PMI remained almost unchanged at a
seasonally adjusted 49.0 in April from 48.9 in March. Further,
the UK Markit manufacturing PMI fell to a seven-month low of
51.9 from a downwardly revised 54.0 in March, underlining the
uneven nature of the economic recovery. China's factories also
stayed stuck in the slow lane in April, as indicated by the official
PMI, which held at 50.1 in April, just above the mark separating
growth from contraction. Meanwhile, the Markit/JMMA PMI
reading for Japan fell to 49.9 in April from 50.3 in March, taking
it into contractionary territory for the first time since May 2014.
(Reuters)
 Rating agencies: Greece’s missed payment to IMF, ECB not
to be classified as default – International rating agencies,
Standard and Poor's (S&P), Fitch and DBRS said that since the
IMF and ECB are not standard creditors, a missed payment to
either, although likely to push Greece's rating even deeper into
junk, would not be classed as a default. This is critical in keeping
the life-support mechanism, the ELA emergency cash provided
by the Greek central bank with the blessing of the ECB, flowing
to banks because the ECB would not accept any securities
issued by a government in default. Moody's also agrees with the
other rating agencies on a missed IMF payment but differs on
the ECB. According to Moody’s, Greece not paying the ECB
would be a default as the bonds it holds are potentially
marketable and so could be looked on as the same as any other
marketable debt. (Reuters)
 China unveils new incentives to boost employment –
China's cabinet unveiled new measures on May 1, 2015 to
boost employment, offering more flexible tax breaks to
companies to hire the jobless, preferential loans and incentives
for farmers and new graduates. The State Council, or cabinet,
said that companies will get tax breaks for employing people
who have been out of work for more than six months, rather
than more than one year earlier. More preferential loans will be
given to people who want to set up their own businesses and
the process will be simplified, while banks will be encouraged to
lend to small firms. Migrant workers who wish to return to their
hometowns to set up businesses will also be supported with tax
breaks and simplified procedures, while graduates will get loans
and reduced tuition if they work in less developed parts of China
for a certain period of time. (Reuters)
Regional
 EY: GCC countries could earn $17.7bn through
diversification – According to a report released by Ernst &
Young (EY), the GCC countries could earn as much as $17.7bn
through diversification, especially in transport, financial services,
tourism, telecoms and research & development (R&D) sectors.
EY said if the GCC countries were to achieve the average
Organization for Economic Cooperation & Development (OECD)
level of diversification, the research suggests that this would be
correlated with an increase in real GDP of 1.6%. In other words,
a diversified GCC would see an additional gain of up to $17.7bn.
The diversification will progress very slowly if the GCC region
looks inward, focusing on protecting existing companies and
jobs, rather than pushing them to be globally competitive. With
the recent oil price volatility, diversification is on the top of the
agenda but new approaches are needed. (GulfBase.com)
 Bahrain-Dubai JV closes third Bombadier deal – According
to sources, Bahrain-Dubai joint venture (JV) has closed a
$94mn deal at list prices for the lease of three Bombardier Q400
NextGen planes, its third Shari’ah-compliant aviation deal since
December 2014. The use of lease financing has expanded
among commercial airlines. Large carriers, which tend to secure
lower lease rates, reduce the risk of a fall in the value of their
fleets, while smaller rivals gain aircraft they could not buy
outright. Under the 12-year deal, Bahrain-based Ibdar Bank and
Dubai-based Palma Holding will lease the Canadian-built aircraft
to Abu Dhabi-based Falcon Aviation Services. (Reuters)
 SACC EGM approves SR143.5m dividend for 4Q2014 –
Saudi Airlines Catering Company’s (SACC) extraordinary
general assembly meeting (EGM) has approved the distribution
of 17.5% dividend (SR1.75 per share), amounting to
SR143.5mn for 4Q2014. Shareholders, who are registered in
the registers of the Securities Depository Center (Tadawul) on
April 29, 2015, will be eligible to receive the dividend. The
dividend will be distributed on May 14, 2014. (Tadawul)
 Dallah Healthcare cancels acquisition, proposes bonus
issue – Dallah Healthcare Holding Company has cancelled its
previous recommendation about increasing capital, as part of
the acquisition of Bagedo & Dr. Erfan General Hospital
Company. However, Dallah Healthcare’s board of directors has
proposed raising capital from SR472mn to SR590mn by
distributing 1 bonus shares for every 4 shares owned. The
increase will be done through capitalizing SR118mn from the
retained earnings account. The move aims to boost the capital
base as well as to keep up with the company's growth and
expansion. The proposed bonus shares are subject to the
necessary approvals from the official authorities and the
extraordinary general assembly. (Tadawul)
 Saudi Arabia restructures Saudi Aramco – Saudi Arabia is
restructuring Saudi Arabian Oil Company (Saudi Aramco), in a
move apparently aimed at letting it operate more at arm's length
from the powerful oil ministry. Saudi Arabia has created a new
10-member supreme council for the state-run oil company,
headed by HRH Prince Mohammed bin Salman Al Saud, the
Kingdom's deputy crown prince. Saudi Aramco Senior Vice-
President, Amin Al-Nasser has been named the Acting CEO of
the state oil giant until further notice, while Saudi King Salman
appointed Saudi Aramco's previous CEO Khalid Al-Falih as the
Chairman of the state oil firm and health minister, as part of a
major reshuffle. (Reuters)
 SAMA will welcome insurance mergers – Saudi Arabian
Monetary Agency’s (SAMA) Governor, Fahad Al-Mubarak said
that SAMA would welcome mergers among local insurance
companies as long as they were positive for all parties. He said
a number of Saudi insurance firms have been loss-making for
years because of severe competition in the market, where large
companies with capital of some SR1bn dominate small firms
capitalized at around SR200-SR400mn, which find it hard to
compete. Economists have called for mergers between small
companies to create bigger entities that are more able to
survive. (GulfBase.com)
 RCY signs lease agreement with Advanced Metal Industries
Complex Limited – The Royal Commission in Yanbu (RCY)
has signed a lease agreement for an industrial land with
Advanced Metal Industries Complex Limited, a subsidiary of
National Industrialization Co. (Tasnee). Under the terms of the
agreement, RCY will establish a factory for titanium sponge
production with an estimated cost of SR1.6bn. The company,

5. Page 5 of 7
under the scope of the contract, will also expand the current
plant using high-pressure oxidation line technology for the
production of titanium dioxide at a cost of SR1.35bn. The total
production of the two projects is likely to reach 15,600 metric
tons per year of titanium sponge – it is expected to start
production by 2017. (GulfBase.com)
 Al-Bassam plans $751mn Turkey property fund – Al-Bassam
Group said that the group will set up a new fund worth
$751.17mn with Saudi Sumou Holding to invest in Turkey's real
estate market. The group is aiming to work with state companies
such as TOKI, Emlak Konut and Kiptas. (GulfBase.com)
 F&S: UAE logistics market expected to grow to $27bn in
2015 – According to Frost & Sullivan (F&S), the UAE logistics
market is expected to grow to $27bn in 2015 due to a surge in
import and export trade volumes and upward trend of local
manufacturing. Statistics indicate that the UAE’s logistics market
had accounted for 6% of the country’s GDP value in 2013.
(GulfBase.com)
 UAE realty sector to remain stable in 2015 – According to a
study conducted by Standard Real Estate (SRE), the property
sector will remain stable across the emirates in 2015. The study
also pointed out the stability of rents in Sharjah, Ajman, Fujairah
and Umm Al Quwain during 2015 as well. SRE CEO Abdul
Karim Hassan Al Mulla noticed that the real estate investment
will remain attractive and will be able to lure investors looking for
decent returns over the long-term period under the stability of
the market scenario through 2015. (GulfBase.com)
 Arabtec AGM approves 5% bonus shares – Arabtec Holding’s
annual ordinary general assembly meeting (AGM) has approved
the distribution of 5% bonus shares from the paid capital,
reaching 219.765mn shares, as dividends for the financial year
ended December 31, 2014. Shareholders also approved
amending the Memorandum and Article of Association of the
company by increasing the share capital from 4.4bn shares to
4.615bn shares. (DFM)
 Arqaam hires Rothschild to explore financing options –
Dubai-based investment bank Arqaam Capital has hired
Rothschild to explore financing options as it seeks to expand
into Saudi Arabia and Africa. The bank said that it has presence
in five countries in the Middle East and Africa, has about
$150mn million in cash and may need extra financing for
acquisitions. (GulfBase.com)
 Dubai’s TSC on track for 2016 completion – UAE-based
Diamond Developers said that the work at The Sustainable City
(TSC) in Dubai is progressing well and is scheduled for
completion by 2016-end. TSC is a five-million square feet
development located in Dubailand on Al Qudra Road, and is a
practical implementation of social, economic and environmental
sustainability. In phase I, Diamond Developers will see the
construction of five residential clusters of 100 villas each, a
community mall, a central green spine, an equestrian center,
horse, bicycle, walking and jogging tracks. The phase II
comprises an eco-resort, a country club, a green school, a
science museum and the sustainability center of excellence.
(GulfBase.com)
 CosmeSurge, EHG to expand footprint in UAE and abroad –
CosmeSurge and Emirates Hospital Group (EHG) are planning
to open more centers & hospitals in the UAE & abroad, in
addition to acquiring specialized medical companies by investing
about AED1bn. The group is on target to complete the transition
to a new 85-bed facility next to Emirates Hospital in Jumeirah by
4Q2016. The new facility will have delivery services, cardiac
angiographies and expanded surgical and medical capabilities.
(Zawya)
 Julphar AGM approves cash, stock dividends – Gulf
Pharmaceutical Industries’ (Julphar) general assembly meeting
(AGM) has approved the distribution of 15% cash dividend and
5% bonus shares from the company’s capital for the fiscal year
ending December 31, 2014. (ADX)
 TAQA appoints acting CFO – Abu Dhabi National Energy
Company (TAQA) has appointed Grant Gillon as its acting Chief
Financial Officer (CFO). Gillon will replace Ryan Wong, effective
from May 1, 2015. (ADX)
 CBI reports AED22.99mn net profit in 1Q2015 – Commercial
Bank International (CBI) reported a net profit of AED22.99mn in
1Q2015 as compared to AED72.81mn in 1Q2014. The bank’s
total assets stood at AED18.81bn at the end of March 31, 2015
as compared to AED19.68bn at the end of December 31, 2014.
Non-performing loans (NPL) reduced by AED282mn to
AED2,082mn in 1Q2015. Loan & advances to customers
reached AED12.67bn, while customer deposits stood at
AED13.86bn. Advances to stable resources ratio is maintained
at 0.86:1 as against the Central Bank’s requirement of 1:1. EPS
amounted to AED0.013 in 1Q2015 versus AED0.042 in 1Q2014.
(ADX)
 ADIA to buy 50% stake in three Hong Kong hotels – The Abu
Dhabi Investment Authority (ADIA) has agreed to buy a 50%
stake in three Hong Kong hotels from a group led by New World
Development Company Limited (NWD) in a $2.4bn deal. Under
the transaction, NWD will sell 50% of its interest in three Hong
Kong hotels – Grand Hyatt Hong Kong, Renaissance Harbour
View and Hyatt Regency Hong Kong hotel to a joint venture (JV)
to be formed by NWD and ADIA. NWD, which has long planned
an IPO of its hotel properties, has instead teamed up with ADIA
to form a 50:50 JV to pursue acquisitions in the hospitality
industry. (Reuters)
 ADF signs MoU with Hydra Properties – Abu Dhabi Finance
(ADF) has signed a MoU with Hydra Properties, a privately
owned real estate developer, to finance its new Hydra Village
and Hydra Avenue developments. Hydra Village, located in Abu
Dhabi’s Shahama area, consists of 448 residential units of villas
and town houses, whereas Hydra Avenue, which is on Reem
Island, consists of 906 studios, and one and two-bedroom
apartments. (GulfBase.com)
 GIH files to relist on KSE – The Global Investment House
(GIH) has filed an application with the Kuwait regulator to relist
its shares on the Kuwait Stock Exchange (KSE). The timing for
the listing would be dependent on approval from Kuwait's
Capital Markets Authority. GIH, whose shares are also listed in
Bahrain and Dubai, was hit hard by the global financial crisis. It
underwent two restructurings in the space of several years,
asking creditors in September 2011 to suspend payments under
a $1.7bn debt plan agreed in 2009. (Reuters)
 Kuwaiti investments in Turkey exceed $5bn – Kuwait
Chamber of Commerce and Industry’s (KCCI) Deputy Chairman,
Abdulwahab Al-Wazzan said that Kuwait’s investments in
Turkey, public and private exceeded $5bn. He said that Kuwait’s
national development plan gives the private sector a leading
role, which in turn, offers a chance for a partnership with the
Turkish counterpart. The bilateral trade has also risen five times
as compared to 2003. (GulfBase.com)
 Al-Maha Petroleum General Manager – Finance &
Administration resigns – Al-Maha Petroleum Products
Marketing Company announced that Mr. Hany Ahmed Abd
Rabouh , General Manager (GM) – Finance & Administration,

6. Page 6 of 7
has stepped down from his role with effect from May 3, 2015 –
his resignation has been accepted. (MSM)
 PDO signs $600mn deal with Indonesia’s MedcoEnergi –
Petroleum Development Oman (PDO) has signed a $600mn
contract with the Indonesian oil & gas company, MedcoEnergi to
continue developing the Karim Small Fields (KSF) project in
southern Oman. PDO has been working in partnership with
MedcoEnergi on KSF to maximize production from a series of
18 depleting small and marginal fields. The sum of $600mn
covers the first five years from 2016-2021 when around 100 new
wells are expected to be drilled but should increase by $80-
130mn per year depending on variables such as the production
target and budget. (GulfBase.com)
 UFC, NBO to discuss possible acquisition – United Finance
Company (UFC) has received a communication from National
Bank of Oman (NBO) proposing the possibility of an acquisition.
NBO’s proposal will be discussed by UFC’s board of directors
and further disclosure concerning this matter will be made as
and when there are developments to report. The proposed
arrangement is subject to the approval of the board of directors,
the company’s shareholders and regulators. (MSM)
 NGC EGM approves new activities – National Gas Company’s
(NGC) extraordinary general meeting (EGM) has approved the
new activities related to filling, selling and distributing of liquefied
petroleum gas (LPG) as well as carrying out all related work or
ancillary or complementary to that effect. Additionally, NGC can
engage in various areas of work related to the production of
industrial lubricants and industrial additives, liquefied natural gas
and renewable energy. (MSM)
 ABC reports $52mn net profit in 1Q2015 – Arab Banking
Corporation (ABC) reported a net profit of $52mn in 1Q2015 as
compared to $71mn in 1Q2014. ABC achieved a total operating
income of $168mn in 1Q2015 as compared to $226mn in
1Q2014. The bank’s total assets stood at $28.64bn at the end of
March 31, 2015 as compared to $29.36bn at the end of
December 31, 2014. Loans & advances reached $13.89bn,
while customer deposits stood at $13.46bn. ABC’s consolidated
total capital adequacy ratio (CAR) continued to remain strong at
20.9%, comprising predominantly Tier 1 at 17.5%. EPS
amounted to $0.02 in 1Q2015 versus $0.02 in 1Q2014. (Bahrain
Bourse)
 TAIB Bank to release balance (final) Escrow Settlement –
TAIB Bank has informed its shareholders who sold 60% or more
of their shareholding in the bank to Dubai Financial Group LLC
at the rate of $2.59 per share during November 2007, that the
final outstanding balance from the Escrow Account placed with
HSBC London is now received by TAIB. This final Escrow
balance amount received shall be remitted to all the selling
shareholders using the same bank account details specified by
each of the selling shareholder in the order sheet. (Bahrain
Bourse)

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 Source: Bloomberg (*$ adjusted returns,
#
Market closed on May 1, 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
0.2%
(0.7%)
0.2%
(0.2%)
0.1%
(0.7%)
0.3%
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,178.59 (0.5) (0.1) (0.5) MSCI World Index 1,787.40 0.5 (0.7) 4.5
Silver/Ounce 16.16 0.1 2.7 2.9 DJ Industrial 18,024.06 1.0 (0.3) 1.1
Crude Oil (Brent)/Barrel (FM
Future)
66.46 (0.5) 1.8 15.9 S&P 500 2,108.29 1.1 (0.4) 2.4
Crude Oil (WTI)/Barrel (FM
Future)
59.15 (0.8) 3.5 11.0 NASDAQ 100 5,005.39 1.3 (1.7) 5.7
Natural Gas (Henry
Hub)/MMBtu
2.67 4.0 4.1 (11.0) STOXX 600 394.66 (0.6) (0.5) 6.4
LPG Propane (Arab Gulf)/Ton 54.25 (2.3) (4.8) 10.7 DAX#
11,454.38 0.0 0.2 7.8
LPG Butane (Arab Gulf)/Ton 66.37 (1.3) (2.0) 1.3 FTSE 100 6,985.95 (1.1) (1.5) 3.2
Euro 1.12 (0.2) 3.0 (7.4) CAC 40#
5,046.49 0.0 0.2 9.5
Yen 120.15 0.6 1.0 0.3 Nikkei 19,531.63 (0.5) (3.4) 11.2
GBP 1.51 (1.3) (0.3) (2.8) MSCI EM 1,045.99 (0.2) (1.4) 9.4
CHF 1.07 0.0 2.3 6.6 SHANGHAI SE Composite#
4,441.66 0.0 1.0 37.5
AUD 0.79 (0.7) 0.3 (4.0) HANG SENG#
28,133.00 0.0 0.2 19.2
USD Index 95.30 0.7 (1.7) 5.6 BSE SENSEX#
27,011.31 0.0 (1.5) (2.4)
RUB 51.92 0.6 2.0 (14.5) Bovespa#
56,229.38 0.0 (1.9) (1.0)
BRL 0.33 0.1 (2.1) (12.1) RTS#
1,029.31 0.0 (0.8) 30.2
174.8
145.0
130.9