Qatar sto

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 1.0% to close at 12,334.1. Gains were led by the
Insurance and Real Estate indices, rising 4.2% and 1.7%, respectively. Top
gainers were Qatari Investors Group and Qatar Insurance Co., rising 5.4% and
5.2%, respectively. Among the top losers, Islamic Holding Group fell 1.7%, while
Gulf International Services was down 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.3% to close at 9,781.7. Gains were led
by the Hotel & Tourism and Petrochemical Industries, rising 0.7% and 0.6%,
respectively. MEPCO gained 9.8%, while AXA-Cooperative was up 5.5%.
Dubai: The DFM Index gained 1.1% to close at 4,114.7. The Consumer
Staples index rose 4.3%, while the Fin. & Inv. Ser. index gained 2.4%. Gulfa
Mineral Water & Pro. Ind. surged 15.0%, while Gulf Fin. House was up 13.3%.
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 4,566.0. The
Energy index declined 1.0%, while the Telecommunication index fell 0.9%.
RAKWCT declined 9.7%, while Arkan Building Materials was down 4.8%.
Kuwait: The KSE Index rose 0.4% to close at 6,416.2. The Basic Material
index gained 1.1%, while the Industrial index rose 0.8%. Dulaqan Real Estate
Co. surged 15.4%, while City Group Co. was up 8.0%.
Oman: The MSM Index rose marginally to close at 6,352.6. The Industrial
index gained 0.1%, while the other indices ended in red. Oman Cables
Industry rose 1.5%, while Al Madina Takaful was up 1.2%.
Bahrain: The BHB Index gained 0.2% to close at 1,390.9. The Investment
index rose 0.6%, while the Industrial index gained 0.4%. Gulf Finance House
rose 7.5%, while Khaleeji Commercial Bank was up 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 49.40 5.4 197.6 19.3
Qatar Insurance Co. 85.00 5.2 51.3 7.9
Qatar General Insur. & Reins. Co. 58.60 4.1 2.1 14.2
Qatar National Cement Co. 129.00 4.0 13.4 7.5
Barwa Real Estate Co. 51.00 4.0 3,103.0 21.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 51.00 4.0 3,103.0 21.7
Vodafone Qatar 17.43 1.3 1,743.3 6.0
Qatar German Co for Medical Dev. 16.24 (0.9) 1,718.0 60.0
Gulf International Services 85.80 (1.4) 1,100.5 (11.6)
United Development Co. 23.90 2.9 1,087.4 1.3
Market Indicators 06 May 15 05 May 15 %Chg.
Value Traded (QR mn) 762.0 374.9 103.3
Exch. Market Cap. (QR mn) 663,827.9 657,527.5 1.0
Volume (mn) 16.2 9.1 77.8
Number of Transactions 7,190 5,643 27.4
Companies Traded 41 43 (4.7)
Market Breadth 27:11 28:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,167.78 1.0 1.4 4.6 N/A
All Share Index 3,297.69 1.0 1.4 4.7 13.9
Banks 3,271.34 0.4 0.9 2.1 14.8
Industrials 4,122.29 1.3 2.1 2.0 14.5
Transportation 2,504.98 0.1 0.1 8.0 13.8
Real Estate 2,651.96 1.7 1.2 18.2 9.4
Insurance 4,369.81 4.2 4.4 10.4 20.2
Telecoms 1,319.78 0.6 1.1 (11.2) 26.1
Consumer 7,519.34 0.2 2.2 8.9 29.2
Al Rayan Islamic Index 4,725.89 1.5 2.4 15.2 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Kuwait Cement Co. Kuwait 0.38 5.6 0.5 (5.0)
Qatari Investors Group Qatar 49.40 5.4 197.6 19.3
Qatar Insurance Co. Qatar 85.00 5.2 51.3 7.9
Qatar Gen. Ins. & Re. Qatar 58.60 4.1 2.1 14.2
Qatar Nat. Cement Co. Qatar 129.00 4.0 13.4 7.5
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
DP World Ltd. Dubai 22.11 (3.9) 119.5 5.3
Nat. Medical Care Co. Saudi Arabia 64.02 (2.2) 1,070.1 16.7
Dana Gas Abu Dhabi 0.47 (2.1) 22,549.9 (6.0)
Union National Bank Abu Dhabi 6.60 (2.1) 719.5 13.8
Kuwait Int. Bank Kuwait 0.25 (2.0) 1,143.2 0.8
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%
Islamic Holding Group 130.00 (1.7) 666.4 4.4
Gulf International Services 85.80 (1.4) 1,100.5 (11.6)
Zad Holding Co. 98.80 (1.1) 4.3 17.6
Qatar German Co for Med. Dev. 16.24 (0.9) 1,718.0 60.0
Aamal Co. 16.31 (0.8) 148.1 12.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 51.00 4.0 155,668.0 21.7
Gulf International Services 85.80 (1.4) 95,508.0 (11.6)
Islamic Holding Group 130.00 (1.7) 89,129.2 4.4
QNB Group 200.00 0.6 75,851.0 (6.1)
Industries Qatar 151.90 2.0 48,446.7 (9.6)
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* 12,334.06 1.0 1.4 1.4 0.4 337.50 182,353.5 13.0 2.0 4.1
Dubai 4,114.73 1.1 (2.7) (2.7) 9.0 283.50 100,027.2 9.2 1.5 5.2
Abu Dhabi 4,566.00 (0.5) (1.7) (1.7) 0.8 85.95 123,378.0 11.5 1.4 4.9
Saudi Arabia 9,781.69 0.3 (0.5) (0.5) 17.4 2,002.06 572,444.0 20.7 2.4 2.8
Kuwait 6,416.18 0.4 0.6 0.6 (1.8) 50.23 98,496.7 16.8 1.1 4.1
Oman 6,352.57 0.0 0.5 0.5 0.1 7.07 24,261.0 9.1 1.4 4.4
Bahrain 1,390.89 0.2 0.0 0.0 (2.5) 1.24 21,750.1 9.2 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)
12,150
12,200
12,250
12,300
12,350
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index gained 1.0% to close at 12,334.1. The Insurance
and Real Estate indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite
selling pressure from Qatari and GCC shareholders.
 Qatari Investors Group and Qatar Insurance Co. were the top
gainers, rising 5.4% and 5.2%, respectively. Among the top
losers, Islamic Holding Group fell 1.7%, while Gulf International
Services was down 1.4%.
 Volume of shares traded on Wednesday rose by 77.8% to
16.2mn from 9.1mn on Tuesday. Further, as compared to the 30-
day moving average of 9.0mn, volume for the day was 80.5%
higher. Barwa Real Estate Co. and Vodafone Qatar were the
most active stocks, contributing 19.2% and 10.8% 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
International Financial
Advisors (IFA)*
Dubai KD 17.1 -66.6% – – -34.1 NA
Source: Company data, DFM, ADX, MSM (FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/06 US MBA MBA Mortgage Applications 1-May -4.60% – -2.30%
05/06 US ADP ADP Employment Change April 169K 200K 175K
05/06 EU Eurostat Retail Sales MoM March -0.80% -0.70% 0.10%
05/06 EU Eurostat Retail Sales YoY March 1.60% 2.40% 2.80%
05/06 UK Markit Markit/CIPS UK Services PMI April 59.5 58.5 58.9
05/06 UK Markit Markit/CIPS UK Composite PMI April 58.4 58.1 58.7
05/06 Spain Markit Markit Spain Services PMI April 60.3 57.4 57.3
05/06 Spain Markit Markit Spain Composite PMI April 59.1 – 56.9
05/06 Italy Markit Markit/ADACI Italy Services PMI April 53.1 52.0 51.6
05/06 Italy Markit Markit/ADACI Italy Composite PMI April 53.9 52.7 52.4
05/06 China Markit HSBC China Composite PMI April 51.3 – 51.8
05/06 China Markit HSBC China Services PMI April 52.9 – 52.3
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QP invites firms to bid for Al-Shaheen field – Qatar
Petroleum (QP) has initiated an evaluation process for the
selection of a partner to undertake the future development of the
Maersk Oil-operated Al Shaheen field, as the current agreement
expires in mid-2017. Maersk Oil has been operator of the Al
Shaheen field since 1992 and together with QP has been
successfully unlocking the potential of the field for more than 20
years producing around 300,000 barrels per day, some 40% of
Qatar’s daily oil production. Al Shaheen is located off the
northeast coast of Qatar in the Persian Gulf, 180 kilometers
north of Doha. (Gulf-Times.com, Bloomberg)
 Al Rayan Bank’s operating income jumps 168% in 2014 – Al
Rayan Bank, formerly known as Islamic Bank of Britain (IBB),
announced its strongest financial performance to date, resulting
in the Bank more than doubling its operating income and posting
its first profit since its inception in 2004. The bank’s operating
income increased 168% to £11.8mn in 2014 from £4.4mn in
2013. The bank saw 86% increase in total customer financing,
to £450.3mn. Retail deposits increased 59% to £509.8mn and
wholesale deposits increased 53% to £31.7mn. Al Rayan Bank’s
achievements follow its acquisition by Masraf Al Rayan (MARK)
in early 2014. This was accompanied by a £75mn additional
investment by MARK and the implementation of a number of
strategic initiatives in order to help the Bank achieve sustained
profitability. (Peninsula Qatar)
 MERS, LREDC sign MoU – Al Meera Consumer Goods
Company (MERS) has signed a MoU with Lusail Real Estate
Development Company (LREDC) to operate two community
retail locations/plots as community facilities to serve the local
community by offering a supermarket and supporting stores to
service the day-to-day needs of the residents. (QSE)
 QSE inclusion in MSCI, S&P gets $1.25bn inflow – The CEO
of Qatar Stock Exchange (QSE), Rashid bin Ali Al Mansoori said
inclusion of the QSE in the coveted MSCI and S&P Emerging
Market indices in 2014 has led to an inflow of an impressive
$1.25bn into the market and a near-trebling of average daily
turnover. The QSE, in collaboration with QNB Financial Services
and HSBC, opened a two-day road-show in London to enhance
investor relations between international investment institutions
and Qatari listed companies. Al Mansoori also said that in
addition to ongoing work on the infrastructure side, Qatar has
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.61% 66.42% (44,274,099.71)
GCC 6.43% 6.74% (2,309,752.69)
Non-Qatari 32.96% 26.84% 46,583,852.40

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taken concrete steps to improve access to foreign investors
pursuant to the Emiri Decree in 2015, raising the foreign
ownership limit in Qatari stocks. (Peninsula Qatar)
 Al Attiyah: Qatar 'well positioned' to meet rising energy
demand in Asia – HE the former Deputy Premier, Abdullah bin
Hamad Al Attiyah said with long-term energy demand in Asia set
to rise, Qatar is “well positioned” to supply existing and new
customers in the region, going forward. Al Attiyah said that
Qatar will continue to employ a flexible marketing position for its
customers, but as a supplier it will also keep in mind its limited
gas reserves and the sales price will be set accordingly. Al
Attiyah further added that Qatar is committed to its National
Vision 2030, which aims to create a balance between an oil-
based and a knowledge-based economy, and therefore seeks to
build a sustainable economy for future generations. Qatar’s
energy sector will play a critical role in supporting the National
Vision by ensuring responsible and sustainable exploitation of
the country’s hydrocarbon resources, and diversifying into other
forms of energy such as renewables. (Gulf-Times.com)
 QA forms JV with Royal Air Maroc, eyes stake in India's
IndiGo – Qatar Airways (QA) has entered into a joint venture
(JV) with Morocco’s flagship airline, Royal Air Maroc. QA CEO
Akbar Al Baker said that this will be a joint business partnership
and will provide QA a huge access into Africa, especially into
western and central Africa. Royal Air Maroc will begin operating
three flights a week between Casablanca and Doha under the
deal. Together, the two carriers will fly 10 times weekly on the
route. Meanwhile, Akbar Al Baker said that QA would be
interested in buying up to 49% stake in India's IndiGo though the
owners of the sub-continent's largest carrier by market share
have no immediate plans to sell. (GulfBase.com, Bloomberg)
 26-year-old ministerial decree amended – A 26-year-old
ministerial decree on technical specifications related to
electricity conservation in Qatar's buildings has been amended,
as a result of the joint efforts of the Qatar General Electricity &
Water Corporation (Kahramaa) and Ministry of the Municipality
and Urban Planning. According to Kahramaa, the new
ministerial decree No.108/2015 has now replaced the provisions
of the Ministerial decree No 6/1989 and made good thermal
insulation mandatory. Kahramaa termed the decree amendment
as a vital step toward achieving a comprehensive economic and
environmental development in the country in line with the goals
of the Qatar National Vision 2030. (Gulf-Times.com)
International
 US private payrolls growth eases; productivity falls – Private
employers in the US have hired the fewest number of workers in
more than a year in April, which could raise concerns over the
economy's potential to strongly rebound from the 1Q2015
slump. According to the ADP National Employment Report,
private payrolls increased by 169,000 in April, which was the
lowest since January 2014; and far below the economists'
expectations for a gain of 200,000 jobs. March payrolls were
revised down to show 14,000 fewer jobs created than previously
reported. Meanwhile, the report was jointly developed with
Moody's Analytics, and was released ahead of the government's
more comprehensive employment report on Friday. Although it
has a poor track record of predicting non-farm payrolls, the ADP
report poses a downside risk to economists' expectations for
non-farm payrolls growth of 224,000 in April. Further, yields on
the US Treasuries have risen and the US stock index futures
traded slightly higher after the data. The dollar was weaker
against a basket of currencies. A combination of cold weather, a
strong dollar, port disruptions and deep spending cuts by energy
companies have held down 1Q2015 economic growth to a 0.2%
annual pace. (Reuters)
 Markit: Eurozone business contributes toward healthy
growth in 2Q2015 – According to a survey, Eurozone
businesses have contributed to a healthy growth in 2Q2015
since a buoyant order book again has encouraged them to hire
more. Any sign that the bloc's recovery is gaining traction will be
welcomed by the European Central Bank, which had embarked
on a trillion-euro bond buying stimulus program in March,
although the survey has indicated that firms were still cutting
prices. Markit's final composite Purchasing Managers' Index that
is seen as a good guide to growth was 53.9 in April, which is
ahead of an earlier flash reading of 53.5 but just behind March's
11-month high of 54.0. Meanwhile, the recent data showed that
Eurozone retail sales were weaker than expected in March,
turning negative on a monthly basis for the first time since last
September. The European Union's statistics office Eurostat said
retail sales in the Eurozone fell 0.8% MoM for a 1.6% YoY rise.
Reuters had expected only a 0.7% monthly fall and a 2.4%
annual increase. Further, a decline in the sales was observed
despite a sharp improvement of sentiment both among
consumers and in the retail sector in March, as measured by the
European Commission's monthly economic sentiment survey.
(Reuters)
 Greece unemployment rate eases to 25.4% in February –
According to the statistics agency ELSTAT, the rate of
unemployment in Greece dropped slightly to 25.4% in February
from a downwardly revised 25.6% rate in April. February's
reading, which is based on seasonally adjusted data, is the
lowest since July 2012 when the rate of unemployment was
25.3%. The rate of unemployment hit a record high of 27.9% in
September 2013. Unemployment has come down from record
high rates as the economy stabilized in 2014 after a severe
slump, but has remained more than double the Eurozone's
average of 11.3% in February. According to the latest EU
Commission forecasts, Greece's economy, which grew at 0.7%
in 2014, is expected to expand by just 0.5% in 2015. (Reuters)
 China HSBC services’ PMI hits 2015 high in April –
According to a private survey, China's services sector has
expanded at its fastest pace in April due to a sizzling stock
market rally that helped boost consumer confidence and
spending. The HSBC/Markit China Services Purchasing
Managers' Index (PMI) has indicated that final prices of services
hit a 15-month low in April as some firms were forced to cut
prices to lift sales. However, the services PMI rose to a four-
month high of 52.9 in April from 52.3 in March, comfortably
above the 50-point level on a monthly basis. Meanwhile, some
companies stated that part of the pick-up in new business is
attributable to the strong stock market, which hit a seven-year
peak in April, suggesting that the wealth effect had seeped into
parts of the world's second-biggest economy. However, other
firms reported greater stress. Final prices charged slipped to
49.2 in April, a low not seen since January 2014 and pointing to
further pressure on profit margins. Companies also pared their
business expectations, though the subindex remained a good
way above the 50-point level. Meanwhile, the International
Monetary Fund said China should allow greater flexibility in its
exchange rate policy by reducing intervention, as part of its
efforts to secure a gradual moderation in growth while pursuing
economic reforms. (Reuters)
 PMI: Indian services growth loses more steam in April –
According to a business survey, growth in India's dominant
services industry continued to lose momentum in April as
domestic demand softened. Coupled with a slowing
manufacturing sector and falling inflation, the findings are likely

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to strengthen expectations that the Reserve Bank of India will
cut interest rates for the third time in 2015, possibly before its
next scheduled policy review on June 2. The HSBC Services
Purchasing Managers' Index (PMI), compiled by Markit, fell to a
three-month low of 52.4 in April from 53.0 in March, but
remained well at the 50 level and has been above that level for a
year. The index monitoring new business fell to a six-month low
of 51.6 from March's 53.5, prompting some firms to cut jobs.
Some respondents also reported tougher competition. Further, a
slowdown in the services & manufacturing industries could
further amplify calls for much-needed economic reforms in India.
India's GDP is expected to have grown 7.4% in 1Q2015, down
from 7.5% in 4Q2014. (Reuters)
Regional
 Al Alamiya seeks shareholders’ nod for not distributing
dividend – Al Alamiya For Cooperative Insurance Company (Al
Alamiya) has invited its shareholders to consider and approve
the recommendation not to distribute dividend payout for the
year ended December 31, 2014. Shareholders will also consider
approval of the transactions with related parties and insurance
contracts. (Tadawul)
 KACST: KSA plans to increase petrochemicals production –
King Abdulaziz City for Science & Technology’s (KACST)
President Prince Turki bin Saud bin Mohammed Al-Saud, said
that Saudi Arabia is planning to increase its petrochemicals
production capacity to around 100mn tons per year. He said
such an increase would make the Kingdom contribute 10% of
the world production, thus becoming the third largest global
exporter of petrochemicals. (GulfBase.com)
 IMF: Boosting productivity next big challenge for Gulf
states – According to the International Monetary Fund’s (IMF)
Chief Economist for the Middle East, Masood Ahmed, boosting
productivity is the next big challenge for Gulf States accustomed
to swapping oil wealth for industrial development. A lot of the
growth of Gulf countries has come from increasing the total
amount of capital and labor that is, by hiring more expats and
building new skyscrapers rather than increasing productivity.
The GCC states need to start looking at the effectiveness of
money spent on education, and to think about ways to get more
output from it. (GulfBase.com)
 JMC announces dividend for 1Q2015 – Jarir Marketing
Company (JMC) has announced that Arab National Bank (ANB)
will distribute the dividend for 1Q2015 (SR 2.25 per share) to all
eligible shareholders registered in Jarir’s share registry by the
end of April 28, 2015 (record date). The dividend payment
process will start on May 7, 2015 (payment date). The due
dividends will be deposited in the current accounts of all eligible
shareholders. (Tadawul)
 HSBC: Saudi mid-market firms generate $232bn turnover –
According to a report released by HSBC Group, Saudi Arabia’s
mid-market enterprises (MMEs), defined as firms with annual
sales between $50mn and $500mn, generated $232bn turnover.
The study is part of a 15-country research sponsored by HSBC
Group and developed with Oxford Economics, and is considered
the first of its kind in terms of its focus on MMEs. With a 10.3%
share in Saudi Arabia GDP, MMEs provide 930,000 jobs
representing 13.9% of the national number of jobs. Nearly
28.7% of MMEs are in the Saudi manufacturing sector, followed
by the wholesale and retail sectors which accounted for 19.9%
of all MMEs. With an estimated $66bn in turnover, the
manufacturing sector enjoyed the largest share of MME turnover
in Saudi Arabia. (GulfBase.com)
 SEC eyes investment options – Saudi Electricity Company
(SEC) is looking for investment opportunities to offset the
financial pressures on its core electricity business. SEC CEO
Ziyad Al-Shiha said that the company is in desperate need of
financial resources, and would like to diversify its portfolio
through investment opportunities, to make a good rate of return
that can make it stronger. (GulfBase.com)
 Shurooq unveils AED80mn Al Noor Island in Sharjah – The
Sharjah Investment & Development Authority (Shurooq) has
launched the AED80mn tourism project on Al Noor Island in
Sharjah’s Khalid Lagoon. The project is in line with the emirate’s
aggressive plans of developing its tourism sector. The move is
part of Shurooq’s commitment to develop the emirate, raise its
economic and social merits as well as reinforce its position as a
leading cultural, tourism and investment destination in the region
that serves the ambition of its residents and visitors and meets
their interests. (Maktoob)
 FCA: UAE’s non-oil trade reaches AED1.07tn – The Federal
Customs Authority’s (FCA) preliminary statistical data revealed
an increase in the total non-oil direct trade of the UAE to
AED1.07tn during 2014, reflecting an increase of 1% YoY. As
per the FCA data, the share of imports of the UAE’s total direct
non-oil trade amounted to AED696.4bn during 2014, showing an
increase of 2% YoY. The value of exports amounted to about
AED132.2bn, and the value of re-exports stood at AED243.7bn
with a growth rate of 5% YoY. The FCA declared that the UAE
direct non-oil trade is witnessing an increasing growth in recent
years, given the solid economic growth achieved by the country.
(GulfBase.com)
 MoF signs MoU with Rakia – The Ministry of Finance (MoF)
has signed a MoU with the Ras Al Khaimah Investment
Authority (Rakia) to ensure the implementation of international
standards of transparency in the exchange of information for tax
purposes, as per the Organisation for Economic Cooperation
and Development (OECD) regulations and principles.
(GulfBase.com)
 JLL & BCG: Dubai among top-5 most improved cities –
Dubai has made it to the list of top-five most improved cities
since 2010, which has been compiled by global property expert
Jones Lang LaSalle (JLL) in partnership with The Business of
Cities Group (BCG). According to a study conducted by property
expert Jones Lang LaSalle (JLL) in partnership with the
Business of Cities Group (BCG), Dubai was among the top-5
most improved cities worldwide since 2010. In terms of the most
improved cities, the UAE emirate showed marked progress
climbing up the global ranking in respect of two diverse
indicators, financial services and innovation. (GulfBase.com)
 Arabtec appoints new Chairman – Arabtec said that its board
has elected Abu Dhabi businessman Mohamed Thani Murshed
Ghannam al-Rumaithi as new Chairman. Rumaithi, who is also
Chairman of the Abu Dhabi Chamber of Commerce and
Industry, replaces Khadem Abdulla al-Qubaisi, who was not
nominated for renewed board membership in April 2015. (Gulf-
Base.com, Bloomberg)
 DI plans to increase market share in Qatar – Dubai
Investments (DI) is planning to increase its market share in the
Qatari market for its innovative and diversified product portfolio
in the building materials sector to cater to the current
construction boom in the country. In order to reinforce its
commitment, DI is making a mark with strong presence in
Project Qatar 2015, and its participation is part of the strategy to
further expand its footprint internationally. (DFM)

5. Page 5 of 6
 IFA BoD recommends non-distribution of dividends –
International Financial Advisors’ (IFA) board of directors has
recommended not to distribute dividend for the year ended
December 31, 2014. Meanwhile, IFA’s BoD recommended
writing-off accumulated losses of KD65.5mn for the financial
period ended December 31, 2014, through KD30.86mn from
legal reserves, KD30.56mn from voluntary reserves and
KD4.08mn against share premium. (DFM)
 DPR signs MoU with Dnata – Dubai Parks & Resorts (DPR)
has signed a MoU with Dnata to be the preferred travel partner
for the destination, which will open in October 2016. The
commercial agreement allows DPR access to Dnata’s extensive
travel portfolio to support them in the sale & distribution of
tickets and visitor packages to customers across the globe.
(DFM)
 Tabreed seeks shareholders’ nod for bond buyback –
National Central Cooling Company (Tabreed) is planning to
convene an ordinary general assembly (OGM), where it would
present a proposal to shareholders to buy back 28% of the
mandatory convertible bonds (MCB) currently held by Mubadala.
In the proposal, Tabreed will seek shareholders’ approval to buy
back 854mn MCB at a cost of AED1bn. The MCB were issued
to Mubadala as part of Tabreed’s 2011 recapitalization program.
The buyback will be financed through a new loan which Tabreed
secured during its 2014 refinancing, and which has a lower cost
of servicing than the MCB. (DFM)
 RP Global breaks ground on AED1.5bn Dubai tower – RP
Global, a part of RP Group of Companies, has broken ground on
its AED1.5bn RP Heights, a multi-storey residential tower
project. The developer will initially work on two big projects
worth AED5.5bn in Dubai. RP Heights, the first project in
Downtown Dubai is a multi-storey residential tower, while the
second project, RP One will be a mixed-use development on
Sheikh Zayed Road, which will be unveiled in 2H2015.
(GulfBase.com)
 DLD: Dubai real estate transactions plunge 51.8% in April
2015 – According to the Dubai Land Department (DLD), the total
number of property transactions in Dubai plunged 51.8% YoY to
7,311 in April 2015. The total value of transactions in April 2015
stood at AED35.3bn, down 37.1% YoY. Sales numbers in Dubai
have been falling steadily since 2014-end after the Dubai
government introduced tough new mortgage caps and higher
transaction fees in an attempt to slow what had been one of the
fastest rising housing markets in the world. (GulfBase.com)
 KFH mulls selling Malaysia unit – Kuwait Finance House
(KFH) may sell some of its investments, including KFH Malaysia
and has picked Credit Suisse to advise it on the matter.
(Reuters)
 Fincorp launches Finxpress Trade & Islamic IB services –
The Financial Corporation (Fincorp) has launched Shari’ah-
compliant Islamic investment banking (IB) services and a new
mobile application ‘Finxpress Trade’. This application will enable
the users to trade in the Muscat Securities Market from their
smartphones. Shari’ah-compliant Islamic investment banking
services will cover brokerage, asset management, corporate
finance and advisory services. (MSM)
 BMB reports $1.4mn net profit in 1Q2015 – Bahrain Middle
East Bank (BMB) reported a net profit of $1.4mn in 1Q2015 as
compared to $1.5mn in 1Q2014. The bank’s total operating
income reached $2.8mn in 1Q2015 as compared to $3.0mn in
1Q2014. BMB’s total assets stood at $172.5mn at the end of
March 31, 2015 as compared to $172.8mn at the end of
December 31, 2014. Loans & advances reached $129.9mn,
while deposits from financial institutions and customers stood at
$124.2mn and $14.2mn, respectively. EPS was amounted to
0.58 US cents in 1Q2015 versus 0.63 US cents in 1Q2014.
(Bahrain Bourse)
 ABC Islamic Bank’s net profit surges 75% YoY in 1Q2015 –
ABC Islamic Bank reported a net profit of $6.1mn in 1Q2015,
showing an increase of 75% YoY and 68% QoQ. The bank’s
total operating income rose to $7.7mn, up 50% YoY. Operating
expenses remained flat at $1.6mn. ABC Islamic Bank’s total
assets stood at $1.38bn at the end of March 31, 2015 as
compared to $1.33bn at the end of December 31, 2014.
(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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns; Marked closed on May 6. 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
0.3%
1.0%
0.4%
0.2%
0.0%
(0.5%)
1.1%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,192.22 (0.1) 1.2 0.6 MSCI World Index 1,772.82 (0.0) (0.8) 3.7
Silver/Ounce 16.52 (0.2) 2.2 5.2 DJ Industrial 17,841.98 (0.5) (1.0) 0.1
Crude Oil (Brent)/Barrel (FM
Future)
67.77 0.4 2.0 18.2 S&P 500 2,080.15 (0.4) (1.3) 1.0
Crude Oil (WTI)/Barrel (FM
Future)
60.93 0.9 3.0 14.4 NASDAQ 100 4,919.65 (0.4) (1.7) 3.9
Natural Gas (Henry
Hub)/MMBtu
2.75 (0.5) 3.0 (8.3) STOXX 600 388.68 0.5 (0.2) 6.2
LPG Propane (Arab Gulf)/Ton 51.63 (2.6) (4.8) 5.4 DAX 11,350.15 1.3 0.1 7.8
LPG Butane (Arab Gulf)/Ton 61.00 (2.8) (3.6) (2.8) FTSE 100 6,933.74 0.3 0.0 3.2
Euro 1.13 1.4 1.3 (6.2) CAC 40 4,981.59 1.2 (0.3) 9.1
Yen 119.46 (0.3) (0.6) (0.3) Nikkei#
19,531.63 0.0 0.0 11.2
GBP 1.52 0.4 0.6 (2.1) MSCI EM 1,040.44 (0.7) (0.5) 8.8
CHF 1.09 1.1 1.8 8.5 SHANGHAI SE Composite 4,229.27 (1.5) (4.8) 30.9
AUD 0.80 0.3 1.5 (2.5) HANG SENG 27,640.91 (0.4) (1.8) 17.1
USD Index 94.09 (1.0) (1.3) 4.2 BSE SENSEX 26,717.37 (3.1) (1.1) (3.5)
RUB 50.82 0.6 (2.1) (16.3) Bovespa 57,103.14 (1.5) (0.1) (1.1)
BRL 0.33 0.8 (0.7) (12.6) RTS 1,066.19 (0.6) 3.6 34.8
177.2
144.1
130.2