1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 11,966.7. Losses were led by the
Industrials and Telecoms indices, falling 1.0% and 0.6%, respectively. Top
losers were Industries Qatar and Qatar Electricity & Water Co., falling 1.9% and
1.5%, respectively. Among the top gainers Ahli Bank rose 4.3%, while Qatar
German Co for Medical Devices was up 2.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 9,131.4. Losses were led
by the Media & Publishing and Industrial Inv. indices, falling 1.4% and 1.3%,
respectively. Salama Cooperative Ins. fell 4.4%, while SAICO was down 3.4%.
Dubai: The DFM Index declined 0.3% to close at 4,055.8. The Services and
Banks indices fell 0.8% each. Drake & Scull International declined 4.5%, while
Takaful House was down 2.8%.
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,751.7. The
Telecommunication index gained 3.3%, while the Consumer Staples index
rose 0.6%. Etisalat gained 3.3%, while Arkan Building Mat. Co. was up 3.2%.
Kuwait: The KSE Index fell 0.4% to close at 6,167.4. The Health Care index
declined 1.8%, while the Technology index fell 1.3%. KGL Logistics Co.
declined 6.9%, while Safwan Trading & Contracting Co. was down 6.7%.
Oman: The MSM Index rose marginally to close at 6,435.0. However, all the
indices ended in red. Al Madina Investment rose 1.4%, while Al Madina
Takaful was up 1.2%.
Bahrain: The BHB Index declined 0.8% to close at 1,338.1. The Hotel &
Tourism index fell 3.9%, while the Investment index declined 2.3%. Arab
Banking Corporation fell 5.9%, while Gulf Hotel Group was down 5.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 48.00 4.3 0.0 (3.3)
Qatar German Co for Medical Dev. 16.93 2.9 307.9 66.8
Zad Holding Co. 100.80 1.8 0.1 20.0
Qatar Industrial Manufacturing Co. 46.85 1.7 0.2 8.1
Qatar Insurance Co. 97.00 1.5 13.9 23.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 51.90 (0.2) 679.7 23.9
Qatar Gas Transport Co. 22.00 (0.3) 637.5 (4.8)
Ezdan Holding Group 17.56 (0.3) 593.3 17.7
Vodafone Qatar 16.22 (0.2) 423.3 (1.4)
Qatar German Co for Medical Dev. 16.93 2.9 307.9 66.8
Market Indicators 6 July 15 5 July 15 %Chg.
Value Traded (QR mn) 176.0 97.7 80.1
Exch. Market Cap. (QR mn) 637,402.9 639,112.5 (0.3)
Volume (mn) 4.3 2.6 66.5
Number of Transactions 2,194 1,712 28.2
Companies Traded 41 42 (2.4)
Market Breadth 10:25 6:33 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,600.52 (0.3) (1.3) 1.5 N/A
All Share Index 3,203.95 (0.2) (1.1) 1.7 13.5
Banks 3,160.11 0.1 (0.8) (1.4) 14.3
Industrials 3,872.14 (1.0) (2.2) (4.1) 13.7
Transportation 2,425.61 (0.3) (0.9) 4.6 13.4
Real Estate 2,722.07 (0.3) (1.2) 21.3 9.6
Insurance 4,742.43 1.0 (0.1) 19.8 21.9
Telecoms 1,159.13 (0.6) (0.3) (22.0) 23.3
Consumer 7,340.54 0.1 (0.6) 6.3 28.5
Al Rayan Islamic Index 4,649.78 (0.5) (1.1) 13.4 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Fisheries Saudi Arabia 22.53 4.5 1,658.4 (18.4)
Ahli Bank Qatar 48.00 4.3 0.0 (3.3)
Savola Saudi Arabia 69.45 3.7 762.4 (11.8)
Kingdom Holding Co Saudi Arabia 20.79 3.6 764.6 14.9
Emirates Telecom Corp. Abu Dhabi 14.25 3.3 1,543.9 43.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arab Banking Corp. Bahrain 0.64 (5.9) 62.7 (8.6)
Drake & Scull Int. Dubai 0.84 (4.5) 44,876.7 (6.1)
Abu Dhabi Nat. Energy Abu Dhabi 0.69 (4.2) 310.9 (13.8)
Med. & Gulf Ins. Saudi Arabia 40.43 (2.9) 501.7 (19.3)
Emirates NBD Dubai 9.60 (2.0) 142.5 8.0
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%
Industries Qatar 137.90 (1.9) 137.1 (17.9)
Qatar Electricity & Water Co. 222.10 (1.5) 7.5 18.5
Gulf Warehousing Co. 75.00 (1.1) 1.2 33.0
Qatar Islamic Insurance Co. 82.60 (0.8) 3.6 4.6
Ooredoo 85.30 (0.7) 57.3 (31.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 51.90 (0.2) 35,071.2 23.9
Industries Qatar 137.90 (1.9) 18,965.7 (17.9)
Qatar Gas Transport Co. 22.00 (0.3) 14,072.9 (4.8)
QNB Group 189.00 0.4 11,647.2 (11.2)
Commercial Bank of Qatar 54.50 0.0 11,537.1 (12.5)
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* 11,966.70 (0.3) (1.3) (1.9) (2.6) 48.34 175,030.8 12.6 1.9 4.2
Dubai 4,055.82 (0.3) (0.8) (0.8) 7.5 171.93 103,633.1 12.1 1.3 6.4
Abu Dhabi 4,751.72 0.3 0.5 0.6 4.9 83.80 130,498.0 12.0 1.5 4.7
Saudi Arabia 9,131.36 (0.3) (0.1) 0.5 9.6 1,164.83 541,247.9 19.1 2.2 2.9
Kuwait 6,167.40 (0.4) (0.2) (0.6) (5.6) 26.01 96,387.5 15.9 1.0 4.2
Oman 6,435.04 0.0 (0.1) 0.2 1.4 11.11 25,327.0 9.7 1.5 4.0
Bahrain 1,338.10 (0.8) (0.9) (2.2) (6.2) 1.94 20,928.1 8.6 0.9 5.2
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)
11,940
11,960
11,980
12,000
12,020
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 0.3% to close at 11,966.7. The
Industrials and Telecoms 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.
 Industries Qatar and Qatar Electricity & Water Co. were the top
losers, falling 1.9% and 1.5%, respectively. Among the top
gainers Ahli Bank rose 4.3%, while Qatar German Co for Medical
Devices was up 2.9%.
 Volume of shares traded on Monday rose by 66.5% to 4.3mn
from 2.6mn on Sunday. However, as compared to the 30-day
moving average of 11.0mn, volume for the day was 60.8% lower.
Barwa Real Estate Co. and Qatar Gas Transport Co. were the
most active stocks, contributing 15.7% and 14.7% to the total
volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Saudi National
Insurance Co.
(SNIC)
S&P Bahrain IFSR/CCR BBB/BBB BBB/BBB – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, IFSR- Insurer Financial Strength Rating ,FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer
Default Rating, SR – Support Rating, LC – Local Currency, CCR – Counterparty Credit Rating)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
A'Saffa Foods* Oman OMR 16.9 9.3% – – 3.4 -8.4%
Oman Chromite Co. (OCC) Oman OMR 1.1 27.5% – – 0.3 10.4%
Al Anwar Ceramic Tiles Co.
(AACT)
Oman OMR 14.7 3.7% – – 4.0 -7.1%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/06 US Institute for Supply Man. ISM Non-Manf. Composite June 56.0 56.4 55.7
07/06 US Federal Reserve Labor Market Conditions Index Change June 0.8 2.0 0.9
07/06 EU Markit Markit Eurozone Retail PMI June 50.4 – 51.4
07/06 EU Sentix Behavioral Ind. Sentix Investor Confidence July 18.5 15.0 17.1
07/06 France Markit Markit France Retail PMI June 48.9 – 48.7
07/06 Germany Deutsche Bundesbank Factory Orders MoM May -0.20% -0.40% 2.20%
07/06 Germany BMWi Factory Orders WDA YoY May 4.70% 3.80% 1.30%
07/06 Germany Markit Markit Germany Construction PMI June 50.7 – 50.8
07/06 Germany Markit Markit Germany Retail PMI June 54.0 – 55.8
07/06 UK Society of Motor Manuf. New Car Registrations YoY June 12.90% – 2.40%
07/06 Spain INE Industrial Output NSA YoY May 1.70% – 2.50%
07/06 Spain INE Industrial Output SA YoY May 3.40% 2.80% 1.70%
07/06 Italy Markit Markit Italy Retail PMI June 46.7 – 48.3
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.04% 54.78% 11,012,162.54
GCC 5.20% 3.76% 2,537,084.17
Non-Qatari 33.77% 41.46% (13,549,246.71)

3. Page 3 of 7
News
Qatar
 SIIS to disclose financials on July 29 – Salam International
Investment Limited (SIIS) will announce the financial reports for
the period ending June 30, 2015 on July 29, 2015. (QSE)
 BRES BoD approves new business plan for 2016-20 period
– Barwa Real Estate Group’s (BRES) board of directors has
approved the new business plan for the 2016–2020 period. The
framework of BRES’ new business plan includes maximizing
shareholders’ equity through setting a percentage of return on
equity of no less than 15% and doubling shareholders’ equity by
2020-end. The plan also includes increasing rental operating
income and doubling the 2014 achieved amount by 2020-end by
developing and leasing new projects. The company is targeting
a QR15bn capital expenditure for the next 5 years ending 2020,
as well as maintaining a solid capital structure, provided that the
debt financing does not exceed stakeholders’ equity. BRES,
which holds a large land property of 4.5mn square meters in
Qatar in different areas such as Lusail City, Mesaimeer, New
Doha, Wakrah, Energy City, Al Khor, Grand Hamad Street and
Ras Laffan, aims to complete the development of all these plots
by 2020. The plan aims to pursue BRES’ developmental path in
order to achieve its vision and mission to meet its shareholders’
ambitions by increasing their equity & returns and ensuring
sustainable growth. (QSE, Gulf-Times.com)
 Greek crisis: Little impact seen on Qatar, GCC economies –
Greece’s financial crisis is going to have very little direct impact
on Qatar and the GCC countries although majority of Greeks
rejected creditor demands for further austerity in return for more
bailout funds, which may lead to Greece’s exit from the
eurozone. Economists say the impact of capital control and a
potential exit of Greece from the euro or ‘Grexit’ will have
minimal direct negative impact on GCC economies. Doha Bank
Group CEO Dr. Seetharaman said despite Greek voting against
austerity and the present terms of bailout, Greece is expected to
continue its negotiations and the outcome from these
negotiations will determine the impact on eurozone and across
the globe. It will also depend on the European Central Bank's
(ECB) response to the situation. If the ECB decides to stop
emergency lending to Greece's banks, it could lead to
insolvency of the country's lenders. He said oil prices had also
fallen a bit over concerns about the situation in Greece. He
further added that if there is a persistent and steep fall in oil
prices, it will have implications on GCC economies. However,
this and other market movements will be contingent on
developments from Greece negotiations and ECB’s response.
(Gulf-Times.com)
 Ashghal, QPMC sign agreement for 51mn tons gabbro
supply – The Public Works Authority (Ashghal) and Qatar
Primary Materials Company (QPMC) have signed a framework
agreement aimed at supplying Ashghal with 51mn tons of
gabbro for the next five years. The agreement aims to provide
Ashghal with 51mn tons of gabbro and 41mn tons of limestone
for five years as part of the ongoing efforts to ensure availability
of construction materials for its planned infrastructure
development projects. (Gulf-Times.com)
 ORDS enhances managed security solutions for
businesses – Ooredoo (ORDS) has continued to enhance its
managed security service portfolio, in response to growing
demand from Qatari companies looking to protect their
businesses from hackers and cyber threats. According to the
‘Gulf Information Security Expo and Conference 2015’ report,
more than half of the companies in the GCC region are planning
to step up their investments in IT security by at least 25% in
2015, in response to the new generation of security threats. In
order to help businesses reduce their exposure, ORDS has
rolled out a range of security upgrades in 2015, including
enhancements to its popular cloud-based security solution, the
first cloud security solution in Qatar that integrates web, e-mail,
mobile and the latest channels of communication to combat
cyber-attacks. (Gulf-Times.com)
 Najma Street to remain partially closed for four months –
Around 700 meters of Najma Street between Al Hadara and Al
Thumama will remain partially closed for a period of four months
starting today. The remaining two lanes will stay open on either
side of the road throughout the construction period. The traffic
safety measures will also be in place on Al Hadara and Al
Thumama Streets to allow construction of the new signaled
traffic intersection on Najma Street. The traffic diversion aims to
facilitate the construction of a new signal-controlled junction at
the intersection of Al Hadara Street with Najma Street and Al
Thumama Street, which will enhance traffic flow in the area.
(Gulf-Times.com)
 Qatar Executive aircraft management business witness
significant growth – Qatar Executive’s service portfolio has
received a significant boost, as Qatar Airways’ private jet
division is rapidly developing and expanding its aircraft
management business from its Doha hub. In response to “great
demand” from Qatari customers who have acquired their own
business aircraft, Qatar Executive has seen a substantial growth
in aircraft management agreements and added three owned jets
to its fleet over the last 18 months. (Gulf-Times.com)
International
 Markit: US service sector growth eases in June – According
to financial firm Markit, the US services sector expansion eased
for a third straight month in June, pressured by a slowdown in
employment and output growth. Markit said its final reading of
the services sector PMI slipped to 54.8 in June, matching the
preliminary reading. The services index’s employment
component declined to 54.1 from the 55.5 in May, which was the
highest level since June 2014. Markit’s composite PMI, a
weighted average of its manufacturing and services indexes,
was 54.6, also matching the preliminary reading for June and
down from the 56.0 in May. Markit's final read on the US
manufacturing activity last week showed growth fell to its
slowest pace since October 2013 in June. Markit Chief
Economist Chris Williamson said the loss of growth momentum
observed in the surveys means the GDP growth could slacken
off again in 3Q2015 and could also affect hiring. (Reuters)
 Greece extends capital controls, bank holiday – Greece’s
creditors are turning up the heat on Prime Minister Alexis
Tsipras to devise a plan to stay in the euro, as banknotes
become scarcer and the nation has been forced to extend
capital controls. The onus is on Greece to act quickly to avoid a
meltdown of its banks, which the government said will now
remain shut till Wednesday. German Chancellor Angela Merkel
and French President Francois Hollande are due to meet other
euro-region leaders on Tuesday as the crisis escalates while the
European Central Bank (ECB) is also evaluating its next moves
to prevent the country’s impending financial calamity. In a bid to
speed the process, Greek Finance Minister Yanis Varoufakis
said he was stepping down after over five months of
confrontation. He was replaced by Deputy Foreign Minister
Euclid Tsakalotos, a trusted party hand who has been more
involved in negotiations as Varoufakis took a back seat. Greece
desperately needs to secure a new deal to save its economy
from collapse. Banks may run out of cash within days if not

4. Page 4 of 7
hours unless the ECB extends an emergency lifeline.
(Bloomberg)
 Britain targets selling 50% stake in RBS – According to
sources, Britain is planning to sell off half of its stake in Royal
Bank of Scotland (RBS), worth £16bn, within two years of a
possible first sale in September. Finance Minister George
Osborne has indicated that he wanted to begin reducing the
government's £32bn stake in the coming months. However, the
sources said the shares would be sold at a faster rate than
previously expected, which may cause a substantial loss on the
initial sales to the government. A final decision on Britain’s
biggest privatization is yet to be made and its progress would
depend on RBS’s performance, market conditions and ongoing
investigations into the past misconduct. Britain pumped £45.8bn
into RBS to rescue the bank during the 2007-09 financial crisis,
leaving the government with a 78% stake. At current share
prices, the government is sitting on a loss of £14bn. (Reuters)
 China repeats pledge to increase state spending – According
to the ‘China Economic Weekly’ magazine, Vice Finance
Minister Zhu Guangyao has said that China would gradually
increase government spending over the course of 2015 as
planned to support its slowing economy. He said China would
“appropriately increase the size of its fiscal deficit” to 2.3% of
GDP in 2015, as announced by the government in March.
Finance Minister Lou Jiwei said in March that China’s fiscal
deficit should be worth 2.7% of GDP in 2015 after taking into
account around $18bn of cash that was allocated to previous
budgets but has not been spent. China ran a fiscal deficit of
2.1% of GDP in 2014. He added that China’s economic growth
momentum will further stabilize and strengthen in 2H2015. On
China’s protracted talks with the US to hammer out a bilateral
investment treaty that gives both sides mutual access to each
other’s markets, Zhu said he hoped for significant progress at
the next round of negotiations in September. (Reuters)
 Brazil unveils job protection plan to encourage cutting
hours rather than jobs – The Brazilian government unveiled a
job protection plan that would supplement employees’ income if
employers stung by the country’s economic slowdown cut
workers’ hours rather than firing them. Under the plan,
employers would be able to cut regular hours of employees by
up to 30%, with an equivalent reduction in their wage bill. The
government will use a labor-stimulation fund known as FAT to
make up half of the workers’ lost salary up to a limit of
BRL900.84. The government said the decree would allow
Brazilian companies to reduce wages without resorting to
layoffs. The government said employers would also witness
payroll-tax obligations, such as for the FGTS unemployment,
housing fund and for social security, fall to 85% of the previous
level. It is the latest measure from the government struggling to
reduce spending, increase revenue, fight inflation and kick-start
a rapidly slowing economy. (Reuters)
Regional
 Wamda Capital unveils $75mn growth stage venture fund –
Wamda Capital has launched a $75mn regional growth stage
venture fund, Wamda Mena Ventures I, the largest of its kind in
the Middle East and North Africa (MENA) region. The fund has
completed its first close with leading regional and international
investors, including the International Finance Corporation (IFC),
a member of the World Bank Group, Abraaj Group, Crescent
Enterprises and Zain Group. (GulfBase.com)
 IDC: GCC mobile devices market expanded 16.7% YoY in
1Q2015 – According to the International Data Corporation (IDC),
the GCC region’s mobile connected devices market expanded
16.7% YoY in 1Q2015 and saw record shipments of over 8.7mn
units. The Saudi market accounted for over 50% of mobile
connected devices shipped across the GCC region in 1Q2015,
with the UAE ranking second with around 265 share of the
market’s volume. Kuwait recorded the only negative
performance in the region’s mobile connected devices, with
shipments falling 10% YoY. Qatar recorded the region’s highest
rate of YoY growth in 1Q2015, with shipments up by over 45%,
driven by ongoing projects and initiatives associated with
enhancing the country’s infrastructure and its continuing
preparations for the FIFA 2022 World Cup. IDC expects the
GCC region’s mobile connected devices market to continue
growing over the coming years, with shipments forecasted to
increase from a total of 35mn units in 2015 to 45mn in 2019,
representing a CAGR of 7.6%. (GulfBase.com)
 APICORP plans first international Sukuk in 2015 – Saudi
Arabia-based Arab Petroleum Investments Corporation
(APICORP) has planned to issue its first Sukuk later in 2015, as
part of its recently established $3bn Sukuk program. The Sukuk
issuance will allow APICORP to diversify its funding sources,
reduce the overall cost of financing, extend the company’s debt
maturity profile, as well as enhance its access to a diverse set of
global investors. (Reuters)
 Cayan Group begins construction of SR100mn Riyadh
tower – Saudi-based property developer Cayan Group has
begun construction on a SR100mn office tower project in
Riyadh. Cayan is developing the 14-storey CMC Tower on King
Fahd Road, in partnership with Mefic Capital. Both the firms will
set up their headquarters in the building once the project
completes, which is anticipated to be built in two years’ time. A
contract to oversee the construction was awarded to the
Jordan’s Consolidated Consultants in 2015. (GulfBase.com)
 Saudi banks unruffled by Greece crisis – According to
sources, Saudi Arabia’s banking system remains largely
insulated from the ongoing events in the eurozone, with high
levels of liquidity and solid capitalization ratios. Ihsan Bu-
Hulaiga, head of the Joatha Consulting, has said that the impact
of Greece crisis will be minimal on Saudi Arabia because the
trade between the two countries is limited to about $4bn, which
is in favor of Saudi Arabia. He said there would not be any
negative impact because there is no much exposure of Saudi
banks to recent developments in the eurozone. John
Sfakianakis of Ashmore Group said there are very few first and
second round effects on Saudi Arabia and Gulf economies,
especially in the banking sector. He said in terms of trade, there
is negligible effect on the Gulf. There would be some negative
effect on regional stock markets. (GulfBase.com)
 APC to distribute dividend on July 9 – Advanced
Petrochemical Company (APC) announced that distribution of
dividend for 2Q2015 will start on July 9, 2015. Riyadh Bank will
credit the dividend to all eligible shareholders in their respective
bank accounts, which are linked with the portfolios and
registered in Tadawul records on the closing of trading on June
30, 2015, in all local Saudi banks at SR0.75 per share.
(Tadawul)
 Saudi Real Estate-Alinma to buy SR1.8bn worth land –
Saudi Real Estate Company has signed an agreement with
Alinma Investment, a unit of Alinma Bank, to jointly buy SR1.8bn
of 4.5mn sq m land in Riyadh. The investment will be financed
through a real estate fund to be managed by Alinma Investment
after licensing and regulatory approval is given by the Saudi
Arabian Capital Market Authority. The land will be used for
property projects. (Reuters)
 F&S: UAE logistics market to be worth $27bn in 2015 –
According to Frost & Sullivan (F&S), the UAE logistics market is

5. Page 5 of 7
expected to be worth $27bn in 2015, up 15% from 2013, due to
a surge in import and export figures as well as an uptick in local
manufacturing. The sustained growth across key economic
sectors such as FMCG, retail, pharmaceuticals, oil & gas,
automotive and logistics is fuelling demand for high quality
materials handling products and services across the Middle
East. As per the report by Alpen Capital, the retail space across
the GCC region stood at 10mn square meter in 2013, while
regional retail sales are set to grow by 7.3% annually to reach
$284.5bn by 2020. (GulfBase.com)
 Tasneef signs agreement with Logmarin – The Emirates
Classification Society (Tasneef) has signed an agreement with
Logmarin, a consultancy company specialized in shipping
logistics and advisory, in order to bring new ideas to the UAE
marine industry and strengthen ties between Tasneef and Italian
marine companies. This agreement enables the UAE to develop
its maritime resources and open doors for engineers to be
trained to play a vital role in the development of local maritime
industry. (GulfBase.com)
 Tabreed completes repurchase of 28% mandatory
convertible bonds – National Central Cooling Company
(Tabreed) has completed repurchase of 28% mandatory
convertible bonds Series B due in 2019 from MDC Industry
Holding Company (MDCI) for an aggregate purchase price of
AED1bn. The bonds were issued by Tabreed in 2011 to MDCI.
(DFM)
 DIFC begins construction of Gate Village Building 11 –
Dubai International Financial Centre (DIFC) has begun
construction of Gate Village Building 11. With an investment of
AED205mn from DIFC, the Gate's 11th office building is
scheduled to complete by 2Q2017. The development will put
DIFC in a prime position to leverage new opportunities and
accelerate its future growth. (GulfBase.com)
 TechSource launches audit management system –
TechSource, a wholly-owned subsidiary of Dubai Investments
(DI), has launched the TechSource Audit Management System.
The newly launched audit management system facilitates the
management of audit process through a range of value-added
services that include planning, scheduling, audit closure logs,
check lists, timesheets, resource planning and allocation, audit
trackers and analysis reports with charts for management.
(GulfBase.com)
 ADIB mulls acquisitions in 2016 – Abu Dhabi Islamic Bank
(ADIB) CEO Tirad Al-Mahmoud has said that the bank is looking
for acquisitions in Malaysia and Indonesia, as well as Algeria,
Jordan and Morocco, although the remainder of 2015 would not
be the right time for deals, in part due to slower economic
growth in the UAE. He said it is time to let things settle down
and (instead) “we will be looking to do deals in 2016”.
(GulfBase.com)
 Al Ahli Bank gets Kuwaiti regulator nod to buy Piraeus
Bank Egypt – Kuwait's Al Ahli Bank has received approval from
the Gulf state's central bank to buy 98.5% stake in Piraeus Bank
Egypt for a purchase consideration of $150mn. Al Ahli Bank is
still waiting for assent from Egypt’s central bank for the deal.
(Reuters)
 NBK: Kuwait inflation at 3.3% in May 2015 – According to a
report released by the National Bank of Kuwait (NBK), the
country’s inflation in the consumer price index (CPI) inched
down from 3.4% YoY in April 2015 to 3.3% YoY in May 2015,
amidst a slowdown or stabilization across all components, with
the exception of healthcare and local food inflation. Core
inflation (CPI excluding food items) eased for the second
consecutive month in May 2015, from 3.7% YoY in April 2015 to
3.5% YoY. Subdued inflation across most components has
offered core inflation some reprieve recently. Inflation in the local
food price index edged up from 2.3% YoY in April 2015 to 2.6%
YoY in May 2015, while global food prices declined by 17.5%
YoY. (GulfBase.com)
 OCC Sales & Marketing GM steps down – Oman Ceramic
Company (OCC) announced that its General Manager (GM),
Sales & Marketing, Mr. Muhannad Dwedari has stepped down
from his position, with effect from June 30, 2015. (MSM)
 MUC awards new building contract to Wolf Comprehensive
– The Majan University College’s (MUC) board of directors has
awarded a contract to Wolf Comprehensive LLC to construct an
additional new building on the MUC campus. The contract is
valued at OMR1.59mn and also includes all MEP (mechanical,
electrical, and plumbing) and external works and demolition of
some old buildings. (MSM)
 OCC completes maintenance of kiln 3 – Oman Cement
Company (OCC) has completed necessary maintenance work at
one of its kiln with 4,000 tons per day clinker production
capacity. The kiln has commenced its normal production. (MSM)
 CBO: Oman Islamic banks’ finances surge 107% – According
to a report released by the Central Bank of Oman (CBO)
Oman’s Islamic banks and window operations surged 107% in
financing to reach OMR1.27bn during January-April 2015 as
compared to OMR611.1mn in January-April 2014. Total
customer deposits held by Islamic institutions grew 194.5% to
OMR847.3MN by April 2015-end, from OMR287.7mn at April
2014-end. Total assets of Islamic banks and windows stood at
OMR1.37bn at December 2014-end, an increase of 68.2% over
2013. (GulfBase.com)
 AES to add four new drilling rigs in 2015 – Abraj Energy
Services (AES) is planning to add four new drilling rigs to its
already formidable fleet in 2015. This move would further
strengthen AES’ standing as Oman’s largest drilling services
provider. Recent reports have identified OOC subsidiaries Oman
Oil Refineries and Petroleum Industries (Orpic) and AES as
potential candidates for disinvestment via an initial public
offering. AES is a subsidiary of the wholly government-owned
Oman Oil Company Exploration and Production (OOCEP).
(GulfBase.com)
 CBO: National Payments Systems Law on anvil – The
Central Bank of Oman in its 2014 annual report, said that an
ambitious National Payment Systems (NPS) strategy planned
for implementation will be underpinned by a robust regulatory
and legal framework. The proposed NPS is among a raft of
initiatives in various stages of development with a view to
modernize and strengthen Oman’s payment infrastructure. CBO
said that a well-developed payments and settlement system acts
as an important conduit for financial inclusion and inclusive
growth, contributes to public welfare and strengthens global
competitiveness through efficiency gains at a low cost.
(GulfBase.com)
 Oman Observer: Orpic issues EPCC tender for refinery –
Oman Observer has reported that Oman’s Oil Refineries &
Petroleum Industries Company (Orpic) recently floated the
engineering, procurement, construction and commissioning
(EPCC) tender for its facilities at a refinery near Muscat. The
tender on a call-off basis for the Mina Al Fahal refinery also
includes the polypropylene plant and aromatics plant in Sohar
and Raysut Terminal in Salalah. Orpic’s Muscat-Sohar Products
Pipeline (MSPP) and Al Jifinan Terminal project will connect the
company’s existing Mina Al Fahal refinery with refineries in

6. Page 6 of 7
Sohar via a new two-way, 290-km, multi-product pipeline valued
at $320mn. (GulfBase.com)
 Bahrain passes 2015-16 budget after parliament forces
changes – Bahrain's top government advisory body has passed
a state budget for 2015-2016 after a six-month delay during
which the parliament forced changes to the plan, underlining the
heavy financial pressure that Bahrain faces amid low oil prices.
The parliament had opposed the cabinet's intention to cut
subsidies to save money, and there were disagreements over
how state funds would be distributed. The budget was approved
by the Shura Council. Under this draft, the deficit was forecast to
climb to KD1.47bn in 2015 and KD1.56bn in 2016, from an
originally planned KD914mn in 2014. Gulf Daily News reported
that after the revisions secured by parliament, the deficit would
rise to KD1.5bn in 2015 and total KD1.51bn in 2016. Under the
original budget plan, Bahrain was to begin cutting some of the
lavish subsidies it provides for goods and services such as meat
and electricity. Bahraini citizens, but not the many foreign
workers in the country, were to receive cash payments from the
state to offset price rises they would face. (Reuters)
 Alba production, sales rose in 2Q2015 – Aluminium Bahrain
(Alba) has scaled up its production in 2Q2015 by 3.1% YoY to
reach 238,904 metric tons (mt) as compared to 231,713 mt in
2Q2014. The company’s sales figures touched 232,193 mt in
2Q2015, an increase of 2,383 mt versus 229,810 mt in 2Q2014.
In addition, Alba was able to increase its value-added sales in
2Q2015 to 66% versus an average of 65% in 2Q2014.
(GulfBase.com)
 India-based VA Tech Wabag wins contract to build
wastewater plant in Bahrain – VA Tech Wabag Limited, an
India-based water-treatment company, has won a state contract
to build a $92mn wastewater plant in Bahrain within 24 months.
Wabag will build a10.6mn gallons a day plant at Al Madina Al
Shamaliya, a new town being developed in Bahrain.
(Bloomberg)

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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
(0.3%) (0.3%) (0.4%)
(0.8%)
0.0%
0.3%
(0.3%)
(2.0%)
(1.5%)
(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 1,170.35 0.2 0.2 (1.2) MSCI World Index 1,729.50 (0.9) (0.9) 1.2
Silver/Ounce 15.75 0.4 0.4 0.3 DJ Industrial 17,683.58 (0.3) (0.3) (0.8)
Crude Oil (Brent)/Barrel (FM
Future)
56.54 (6.3) (6.3) (1.4) S&P 500 2,068.76 (0.4) (0.4) 0.5
Crude Oil (WTI)/Barrel (FM
Future)
52.53 (7.7) (7.7) (1.4) NASDAQ 100 4,991.94 (0.3) (0.3) 5.4
Natural Gas (Henry
Hub)/MMBtu
2.74 (1.6) (1.6) (8.5) STOXX 600 378.68 (1.2) (1.2) 1.2
LPG Propane (Arab Gulf)/Ton 39.75 (7.0) (7.0) (18.9) DAX 10,890.63 (1.5) (1.5) 1.2
LPG Butane (Arab Gulf)/Ton 48.00 (11.1) (11.1) (23.5) FTSE 100 6,535.68 (0.5) (0.5) (0.2)
Euro 1.11 (0.5) (0.5) (8.6) CAC 40 4,711.54 (2.0) (2.0) 0.9
Yen 122.57 (0.2) (0.2) 2.3 Nikkei 20,112.12 (1.9) (1.9) 12.4
GBP 1.56 0.2 0.2 0.2 MSCI EM 943.44 (2.2) (2.2) (1.3)
CHF 1.06 (0.2) (0.2) 5.5 SHANGHAI SE Composite 3,775.91 2.3 2.3 16.7
AUD 0.75 (0.3) (0.3) (8.3) HANG SENG 25,236.28 (3.2) (3.2) 6.9
USD Index 96.30 0.2 0.2 6.7 BSE SENSEX 28,208.76 0.7 0.7 2.5
RUB 56.88 1.6 1.6 (6.4) Bovespa 52,149.37 (0.9) (0.9) (12.1)
BRL 0.32 (0.1) (0.1) (15.5) RTS 902.88 (1.8) (1.8) 14.2
143.7
121.4
116.0