The QSE Index rose 0.3% led by gains in the Consumer Goods & Services and Insurance indices. National Leasing and Mazaya Qatar Real Estate Development were the top gainers rising 10.0% and 9.9% respectively. Regional indices were mixed with Saudi Arabia falling 0.5% while Kuwait gained 0.6%. Ezdan Holding Group plans to raise $2bn Sukuk to finance real estate mega projects.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.3% to close at 10,159.7. Gains were led by the Consumer Goods &
Services and Insurance indices, gaining 1.2% and 1.1%, respectively. Top gainers were
National Leasing and Mazaya Qatar Real Estate Development, rising 10.0% and 9.9%,
respectively. Among the top losers, Doha Insurance Co. fell 7.1%, while Ooredoo
declined 2.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.5% to close at 6,311.6. Losses were led by the
Telecommunication & IT and Industrial Investment indices, falling 2.3% and 1.2%,
respectively. National Gypsum Co. fell 5.0%, while Etihad Etisalat was down 4.2%.
Dubai: The DFM Index declined 0.3% to close at 3,423.9. The Banks and Real Estate &
Construction indices fell 0.4% each. SHUAA Capital declined 3.7%, while Gulf General
Investments Co. was down 3.1%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,391.0. The Real Estate
and Consumer Staples indices gained 1.2% each. Abu Dhabi National Co. for B and M
rose 6.4%, while Sudatel Telecommunications Group Co. was up 5.2%.
Kuwait: The KSE Index gained 0.6% to close at 5,284.4. The Health Care index rose
2.6%, while the Financial Services index gained 1.6%. Kuwait Real Estate Holding Co.
surge 13.9%, while National Investments Co. was up 8.8%.
Oman: The MSM Index rose 0.5% to close at 5,681.2. Gains were led by the Financial
and Industrial indices, rising 1.0% and 0.9%, respectively. National Aluminium
Products rose 7.3%, while Galfar Engineering and Con. was up 6.9%.
Bahrain: The BHB Index declined 0.2% to close at 1,116.3. The Insurance index fell
2.0%, while the Commercial Bank index declined 0.3%. Arab Insurance Group fell 9.2%,
while BBK was down 5.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
National Leasing 18.70 10.0 2,787.0 32.6
Mazaya Qatar Real Estate Dev. 14.84 9.9 2,769.0 9.7
Medicare Group 119.00 4.4 507.4 (0.3)
Vodafone Qatar 12.57 3.8 2,098.6 (1.0)
Qatar Industrial Manufacturing Co 38.50 3.6 12.7 (3.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
National Leasing 18.70 10.0 2,787.0 32.6
Mazaya Qatar Real Estate Dev. 14.84 9.9 2,769.0 9.7
Vodafone Qatar 12.57 3.8 2,098.6 (1.0)
Qatar Gas Transport Co. 23.40 (0.0) 509.4 0.2
Medicare Group 119.00 4.4 507.4 (0.3)
Market Indicators 11 Apr 16 10 Apr 16 %Chg.
Value Traded (QR mn) 374.7 222.2 68.6
Exch. Market Cap. (QR mn) 543,562.7 541,895.9 0.3
Volume (mn) 13.2 6.2 112.5
Number of Transactions 5,912 3,777 56.5
Companies Traded 38 39 (2.6)
Market Breadth 23:14 18:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,372.21 0.3 (0.1) 1.0 12.3
All Share Index 2,830.60 0.4 0.1 1.9 12.2
Banks 2,732.45 0.3 (0.2) (2.6) 11.5
Industrials 3,132.07 0.1 0.3 (1.7) 13.6
Transportation 2,539.13 0.0 (0.2) 4.5 11.8
Real Estate 2,460.61 0.6 (0.4) 5.5 12.0
Insurance 4,588.60 1.1 1.8 13.8 11.5
Telecoms 1,156.48 (0.8) (1.1) 17.2 21.2
Consumer 6,709.02 1.2 2.3 11.8 13.9
Al Rayan Islamic Index 4,002.68 1.0 0.9 3.8 14.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
National Leasing Qatar 18.70 10.0 2,787.0 32.6
Saudi Enaya Coop. Ins. Saudi Arabia 11.41 8.9 3,658.5 (31.3)
Nat. Investments Co Kuwait 124.00 8.8 8,374.1 40.9
Vodafone Qatar Qatar 12.57 3.8 2,098.6 (1.0)
Qatar Ind. Manufact. Qatar 38.50 3.6 12.7 (3.4)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 5.04 (8.2) 11.8 (8.0)
Dana Gas Abu Dhabi 0.56 (6.7) 46,015.1 9.8
BBK Bahrain 0.31 (5.5) 293.5 (28.4)
Etihad Etisalat Co. Saudi Arabia 30.55 (4.2) 1,839.2 8.0
Saudi Real Estate Co. Saudi Arabia 17.93 (3.1) 505.3 (22.0)
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%
Doha Insurance Co. 19.50 (7.1) 17.5 (7.1)
Ooredoo 89.80 (2.1) 117.1 19.7
Dlala Brokerage & Inv. Holding Co 18.29 (1.7) 405.8 (1.1)
Commercial Bank 39.10 (1.0) 205.2 (14.8)
Qatar Electricity & Water Co. 204.00 (1.0) 29.6 (5.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Medicare Group 119.00 4.4 59,678.2 (0.3)
National Leasing 18.70 10.0 50,818.9 32.6
Mazaya Qatar Real Estate Dev. 14.84 9.9 40,289.8 9.7
Vodafone Qatar 12.57 3.8 26,012.4 (1.0)
Widam Food Co. 60.00 0.3 20,186.9 13.6
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* 10,159.66 0.3 (0.1) (2.1) (2.6) 102.90 149,262.3 12.3 1.5 4.2
Dubai 3,423.91 (0.3) 1.1 2.0 8.7 209.02 89,408.7 11.7 1.3 3.6
Abu Dhabi 4,390.98 0.2 0.9 0.0 1.9 72.99 123,849.2 11.2 1.4 5.7
Saudi Arabia 6,311.58 (0.5) 0.9 1.4 (8.7) 1,226.58 387,305.5 14.5 1.5 4.2
Kuwait 5,284.37 0.6 1.0 1.1 (5.9) 48.39 81,854.3 15.7 1.0 4.7
Oman 5,681.22 0.5 1.3 3.9 5.1 17.92 22,768.3 12.9 1.2 4.6
Bahrain 1,116.34 (0.2) (0.1) (1.3) (8.2) 0.89 17,572.4 8.5 0.6 4.9
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)
10,080
10,100
10,120
10,140
10,160
10,180
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 rose 0.3% to close at 10,159.7. The Consumer Goods &
Services and Insurance indices led the gains. The index rose on the back of
buying support from non-Qatari and GCC shareholders despite selling
pressure from Qatari shareholders.
 National Leasing and Mazaya Qatar Real Estate Development were the top
gainers, rising 10.0% and 9.9%, respectively. Among the top losers, Doha
Insurance Co. fell 7.1%, while Ooredoo declined 2.1%.
 Volume of shares traded on Monday rose by 112.5% to 13.2mn from 6.2mn
on Sunday. Further, as compared to the 30-day moving average of 11.3mn,
volume for the day was 16.6% higher. National Leasing and Mazaya Qatar
Real Estate Development were the most active stocks, contributing 21.1%
and 21.0% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Qatar International
Islamic Bank (QIIK)
Capital
Intelligence
Qatar
FSR/LT FCR/ST
FCR
–/A/A2 A-/A/A2 – Positive –
Qatar Islamic Bank
(QIBK)
Capital
Intelligence
Qatar
FSR/LT FCR/ST
FCR/SR
A/A/A2/2 A/A/A2/2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local
Currency)
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2016
% Change
YoY
Operating Profit
(mn) 1Q2016
% Change
YoY
Net Profit
(mn) 1Q2016
% Change
YoY
United Wire Factories Co. Saudi Arabia SR – – 20.2 27.8% 17.3 23.6%
Oman Cables Industry Oman OMR 61.5 -15.9% – – 4.7 -2.4%
Oman Chlorine Oman OMR 1.8 -2.6% 0.9 -4.0% 0.5 -17.3%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/11 Italy ISTAT Industrial Production MoM February -0.60% -0.90% 1.70%
04/11 Italy ISTAT Industrial Production WDA YoY February 1.20% 1.40% 3.80%
04/11 Italy ISTAT Industrial Production NSA YoY February 5.20% – 0.60%
04/11 China National Bureau of Statistics CPI YoY March 2.30% 2.40% 2.30%
04/11 China National Bureau of Statistics PPI YoY March -4.30% -4.60% -4.90%
04/11 China National Bureau of Statistics Leading Index February 99.0 – 98.1
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 Individuals 53.50% 55.69% (8,170,453.69)
Qatari Institutions 6.30% 12.04% (21,479,272.99)
Qatari 59.80% 67.73% (29,649,726.68)
GCC Individuals 1.87% 1.31% 2,087,638.39
GCC Institutions 4.67% 2.53% 8,010,135.71
GCC 6.54% 3.84% 10,097,774.10
Non-Qatari Individuals 22.99% 21.82% 4,366,155.12
Non-Qatari Institutions 10.67% 6.62% 15,185,797.46
Non-Qatari 33.66% 28.44% 19,551,952.58

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 1Q2016 results No. of days remaining Status
QIGD Qatari Investors Group 12-Apr-16 0 Due
QIBK Qatar Islamic Bank 13-Apr-16 1 Due
DHBK Doha Bank 18-Apr-16 6 Due
CBQK Commercial Bank 19-Apr-16 7 Due
KCBK Al Khaliji 19-Apr-16 7 Due
QEWS Qatar Electricity & Water Company 19-Apr-16 7 Due
QATI Qatar Insurance Company 19-Apr-16 7 Due
MARK Masraf Al Rayan 19-Apr-16 7 Due
MRDS Mazaya Qatar 19-Apr-16 7 Due
QGTS Qatar Gas Transport Company (Nakilat) 19-Apr-16 7 Due
DOHI Doha Insurance 20-Apr-16 8 Due
QIMD Qatar Industrial Manufacturing Company 20-Apr-16 8 Due
ABQK Al Ahli Bank 20-Apr-16 8 Due
MCCS Mannai Corp. 20-Apr-16 8 Due
GWCS Gulf Warehousing Company 20-Apr-16 8 Due
MCGS Medicare Group 20-Apr-16 8 Due
QNNS Qatar Navigation (Milaha) 23-Apr-16 11 Due
QCFS Qatar Cinema & Film Distribution Company 24-Apr-16 12 Due
UDCD United Development Company 25-Apr-16 13 Due
QOIS Qatar & Oman Investment 25-Apr-16 13 Due
QFLS Qatar Fuel Company 26-Apr-16 14 Due
ORDS Ooredoo 27-Apr-16 15 Due
QGRI Qatar General Insurance & Reinsurance 27-Apr-16 15 Due
MERS Al Meera Consumer Goods Company 27-Apr-16 15 Due
AHCS Aamal Company 28-Apr-16 16 Due
ERES Ezdan Real Estate Company 28-Apr-16 16 Due
Source: QSE

4. Page 4 of 7
News
Qatar
 ERES plans to raise $2bn Sukuk to finance real estate “mega
projects” – Ezdan Holding Group (ERES) CEO Ali al-Obaidli said
that the company is planning to raise a $2bn Sukuk to finance
“mega projects” in the real estate sector as part of its strategy in
investment diversification. Ezdan received the green signal during
its ordinary and extraordinary general assembly, which approved
the issuance of Shariah- compliant bonds worth $2bn and
endorsed the board’s recommendation to distribute 5% cash
dividends to shareholders at the rate of Dh50 per share. Ali al-
Obaidli also said, “We have now received the approval from the
board and plan to raise the funds in stages. The first stage will
involve $500mn, which we plan to raise by May or June this year.”
He added “The use of the remaining funds will depend on our
spending. Maybe by the end of 2016 we may use part of it and the
rest will depend on the progress of our projects. The $500mn will
be used to finance Ezdan’s current real estate development
projects.” (Gulf-Times.com)
 QSE suspends trading of QIGD shares on April 12 – The Qatar Stock
Exchange (QSE) suspended trading of Qatari Investors Group’s
(QIGD) shares on April 12, 2016 due to its EGM being held on that
day. (QSE)
 QISI ratifies 40% cash dividends – Qatar Islamic Insurance
Company (QISI), in its Annual General Meeting (AGM), approved
all items on agenda, including the board’s proposal to distribute
cash dividends of 40% of the paid-up capital (QR4 per share) for
FY2015. (Peninsula Qatar)
 CI affirms QIBK ratings; outlook stable – Capital Intelligence
Ratings (CI), a global credit rating agency, affirmed Qatar Islamic
Bank’s (QIBK) financial strength rating (FSR) at ‘A’ and long- and
short-term foreign currency ratings at ‘A’ and ‘A2’, respectively.
The ratings reflect the QIBK’s intrinsic financial profile, the robust
growth potential of the economy and ongoing government support
for all Qatari banks. Based on the strength of the Qatari
government balance sheet, the support rating is affirmed at ‘2’.
Although the outlook on all ratings is maintained at “Stable”, CI
said this is beginning to come under considerable pressure due to
tight liquidity. The FSR is not only supported by good asset quality,
still good profitability, and a more-than-satisfactory total capital
adequacy ratio but also by its leadership role in the Islamic
banking, which is growing faster than the conventional ones
domestically. (Gulf-Times.com)
 CEO: CI rating affirmation reflects on QIIK’s strong initiatives –
Qatar International Islamic Bank (QIIK) CEO Abdulbasit Ahmed al-
Shaibei said that the rating affirmation from Capital Intelligence
(CI) “reflects the strong initiatives made by the bank and the
systematic and continuous implementation” of the interim and
strategic plans approved by its Board of Directors. Al-Shaibei said
it also reflects on the “maximum efforts” made by QIIK for taking
advantage of low-risk opportunities, both internally and
externally. Recently, Capital Intelligence Ratings confirmed QIIK’s
financial strength rating at ‘A-‘ with a positive outlook. It also
affirmed the bank’s long- and short-term foreign currency ratings
at ‘A’ and ‘A2’, respectively, clearly indicating the bank’s strong
position and credit worthiness. On the grounds of the QIIB rating
affirmation, CI said the bank maintained the profitability level of
the operational activities and its high quality assets, as well as high
levels of liquidity; in addition to maintaining the capital adequacy
at a good level and working to its enhancement through the
issuance of capital instruments eligible under the first tranche of
the capital. (Gulf-Times.com)
 Q-Post launches new e-commerce service – To cash in on the
growing e-commerce market across the world, Qatar Postal
Services Company (Q-Post) launched its new service “Connected
by Qatar Post”. The formal launch of the international parcel
forwarding service was announced at the Arab Future Cities
Summit in the presence of HE the Transport and Communication
Minister Jassim Saif Ahmed al-Sulaiti. Speaking on the occasion, Q-
Post Chairman and Managing Director Faleh al-Naiemi expressed
the hope that the country’s residents would avail the services of
the new platform developed by the postal corporation while
placing orders for their ever growing requirements from such
markets as the US and the UK. Within a couple of weeks, the e-
commerce platform will also cover Japan, China, and Germany.
More countries are to be added to the network later. (Gulf-
Times.com)
 Booz Allen: Around 19% of current retail payments in Qatar made
digitally – According to a report by global consulting and
technology firm Booz Allen Hamilton, nearly 19% of the current
retail payments by value in Qatar are made digitally, compared
with 72% in the UK and 90% in Sweden. The report noted that
Middle East and North Africa (MENA) countries have the
opportunity to double or triple adoption of digital payments. A
modern payment infrastructure has the potential to create new
and sustainable revenue streams for commercial banks in the
region. The report, titled “Doubling Digital Payments in Mena,”
recommends that in the face of a slowing global economy, regional
central banks adopt a more strategic approach to regulatory policy
making in order to realize the full potential of the digital economy
in the MENA region. (Gulf-Times.com)
 CRA to launch new domain ‘.doha’ for city entities, organizations –
Communications Regulatory Authority (CRA) to launch “.doha” as
a new top-level domain (TLD) for eligible entities and
organizations in the city to register their websites. This comes as
part of CRA’s strategy to foster the development of Qatar’s domain
extensions as a key public resource, by providing stable, secure,
and trusted domain name services, as a priority in helping shape
the country’s role in the digital economy. (Gulf-Times.com)
 Canon Solutions opens direct operation in Qatar – Canon Middle
East, a leader in imaging solutions, held the official inauguration of
its direct operation Canon Office Imaging Solutions (Doha) and the
launch of its first dedicated business solutions showroom. This is
the first time a global technology brand has set up a direct in-
country presence in Qatar, Canon Middle East claimed in a
statement. Canon Office Imaging Solutions (Doha) has been
established in partnership with Salam Technology, Canon’s
longstanding imaging solutions distribution partner in Qatar.
(Gulf-Times.com)
International
 UK consumers slow their spending in March – According to two
surveys, British consumers reined in their spending last month,
which added to signs of a slowdown in the country’s economy. The
British Retail Consortium (BRC) said retail sales failed to grow for
the first time in nearly a year in March as the Easter holiday hit
food sales because many supermarkets were closed on Easter
Sunday. The BRC’s figures are not seasonally adjusted. Food sales
over the last three months fell by 0.7%, their biggest decline since
June 2015. However, at the same time the holiday provided a boost
to sales of furniture. Shoppers typically splash out on big-ticket
items in the days after Easter. BRC CEO Helen Dickinson said the
numbers were “relatively disappointing”. She said they also
suggested that consumers were spending more money online
rather than at shops and on leisure and entertainment, which do
not feature in the retail sales numbers. On a like-for-like basis,
stripping out changes in the amount of retail space open to
shoppers over the past 12 months, sales fell by 0.7% in March,

5. Page 5 of 7
their worst performance since August 2015. British households
have been the main engine of the country’s economic recovery,
which began in 2013, helped by near-zero inflation, falling
unemployment and gradually rising pay. However, consumer
confidence has weakened recently, possibly reflecting concerns
about the global economy and Britain’s referendum on its
membership of the European Union, which is due to take place on
June 23. (Reuters)
 German economy gained pace at start of year – The Economy
Ministry said Germany’s economy has picked up pace at the start
of 2016, driven by the domestic economy, while the foreign trade
environment remains subdued. (Reuters)
 Japan machinery orders fall, strong yen clouds outlook – Cabinet
Office data has revealed that Japan’s core machinery orders fell
less than expected in February in a sign that capital expenditure is
starting to stabilize, but a strong yen, which can hurt corporate
earnings, clouds the outlook. The 9.2% monthly decline in core
orders, a highly volatile data series regarded as a leading indicator
of capital spending in the coming six to nine months, was less than
economists’ median estimate for a 12.4% MoM fall. Japan’s
policymakers are counting on capital expenditure to create more
jobs and raise wages. However, if recent gains in the yen continue,
companies could curb investment plans on worries that corporate
profits will fall. Orders from manufacturers fell 30.6% MoM, which
was the largest decline on record. Orders from the services sector
rose 10.2%, marking the biggest increase since September. In
January, core machinery orders jumped 15.0% MoM, the biggest
gain since January 2003, due to large orders from the steel
industry. The Cabinet Office said machinery orders are showing
signs of picking up, unchanged from its assessment last month.
The yen has gained more than 10% against dollar in 2016, as
investors seek the currency as a safe haven. A rising yen tends to
worry Japanese companies because it lowers exporters’ earnings.
(Reuters)
 BOJ: Japan households’ inflation expectations hit three-year low –
According to a central bank survey, Japanese households’
sentiment worsened in the three months to March and their
expectations of inflation fell to levels before the Bank of Japan
(BOJ) deployed its massive asset-buying program three years ago.
The survey’s bleaker outlook keeps alive expectations of additional
monetary stimulus even as BOJ Governor Haruhiko Kuroda
maintained his optimism that the world’s third-largest economy
was recovering moderately. Kuroda, however, warned that he was
closely watching how a recent surge in the yen and slumping
Tokyo stock prices could affect the outlook. Kuroda said, “Global
financial markets remain unstable as investors are becoming
increasingly risk averse due to uncertainty over the outlook of
emerging and resource-exporting economies.” He said, “The BOJ
will not hesitate to take additional easing steps if needed to
achieve its inflation target.” The BOJ’s quarterly survey on people’s
livelihood showed the ratio of households who expect prices to
rise a year from now stood at 75.7% in March, down from 77.6%
in December and the lowest level since March 2013. The survey
showed eighty percent of the total number of households surveyed
expects inflation to pick up five years from now, down slightly
from December. That level was the lowest since December 2012. A
separate index measuring households’ confidence about the
economy stood at minus 22.5 in March, worsening from minus
17.3 in December to the lowest level since March 2015. The
gloomy outcome underscores the dilemma the BOJ faces as it
battles mounting external headwinds for the economy with its
dwindling policy tool-kit. (Reuters)
 Premier: China economy shows positive signs but pressure lingers –
Premier Li Keqiang has said that China’s economy has showed
more positive signs but downward pressures still persisted,
vowing to take steps to deal with overcapacity. The government
will push forward “supply-side reforms”, while keeping economic
growth within a reasonable range. Li said, “There are more
positive factors in economic operations, but the downward
pressure remains relatively big.” “We cannot ignore risks in some
sectors.” Li said the government would ensure the launch of
investment projects in a timely manner to help underpin growth.
The government will quicken reforms to eliminate outdated
capacity in coal and steel sectors and use “market-based” debt-to-
equity swaps to help lower firms’ debt levels. China’s economy has
seen positive changes since the start of this year. Li said last week
China’s economic indicators showed signs of improvement in the
1Q2016. The government is due to release key economic data,
including 1Q2016 economic growth, next week. China’s economic
growth slowed to 6.8% in the 4Q2015, its weakest since the
financial crisis that began in 2007 and 2008. (Reuters)
 Russian Central bank says 1Q2016 current account surplus at
$11.7bn – According to the Central Bank, Russia’s current account
surplus was worth an estimated $11.7bn in the 1Q2016. The
estimated net capital outflow in 1Q2016 was $7bn. (Reuters)
Regional
 Banque Saudi Fransi net profit up by 2.67% YoY in 1Q2016 –
Banque Saudi Fransi has reported net profit of SR1.08bn in 1Q2016 as
compared to SR1.05bn in 1Q2015, representing an increase of 2.67%
YoY. The total assets of the bank stood at SR184.02bn at the end of
March 31, 2016 as compared to SR193.88bn on March 31, 2015.
Loans & advances reached SR124.98bn, while customer’s deposits
stood at SR141.82bn. EPS amounted to SR0.89 in 1Q2016 versus
SR0.87 in 1Q2015. (Tadawul)
 Alinma Bank net profit surges 13.66% YoY in 1Q2016 – Alinma Bank
has reported net profit of SR391mn in 1Q2016 as compared to
SR344mn in 1Q2015, representing an increase of 13.66% YoY. The
total assets of the bank stood at SR91.61bn at the end of March 31,
2016 as compared to SR83.69bn on March 31, 2015. Loans &
advances reached SR60.25bn, while customer’s deposits stood at
SR68.79bn. EPS amounted to SR0.26 in 1Q2016 versus SR0.23 in
1Q2015. (Tadawul)
 Buruj Cooperative Insurance announces renewal of insurance
license – The Saudi Arabian Monetary Agency (SAMA) has
renewed Buruj Cooperative Insurance Company’s insurance
license in General and Health insurance starting from March 23,
2016 for three years till February 18, 2019. (Tadawul)
 Saudi Real Estate OGM approves 5% dividend – Saudi Real Estate
Company’s ordinary general assembly meeting (OGM) has
approved distribution of 5% dividend (SR 5 per share) amounting
to SR60mn for 2H2015. Shareholders registered in Tadawul
records at the end of the trading day on which the assembly is held
will be eligible for dividend distribution. (Tadawul)
 Saudi Arabia to supply Egypt with 700,000 tons of petroleum
products a month – According to an Egyptian General Petroleum
Corp (EGPC) official, Saudi Arabia will provide Egypt with 700,000
tons of petroleum products a month under a five-year $23bn deal
between Saudi Aramco and EGPC. Under the 700,000 tons monthly
supply deal, Saudi Aramco will provide Egypt with 400,000 tons of
gas oil, 200,000 tons of benzene and 100,000 tons of Mazut. The
financing for the petroleum and petroleum products will have an
interest rate of 2% and will be repaid over 15 years. (Reuters)
 IPIC denies any links with BVI-incorporated firm linked to
Malaysia's 1MDB – International Petroleum Investment Company
(IPIC) said neither itself nor its unit Aabar Investments have any
links to a British Virgin Islands-incorporated firm named in a
report into the troubles at Malaysian state fund 1MDB. Both IPIC
and Aabar have confirmed that Aabar BVI was not an entity within

6. Page 6 of 7
either corporate group. Further, both IPIC and Aabar have
confirmed that neither has received any payments from Aabar BVI
nor has IPIC or Aabar assumed any liabilities on behalf of Aabar
BVI. (Reuters)
 Etihad Etisalat, Bayanat Al Oula sign agreement with Japan’s NEC –
Etihad Etisalat Company and Bayanat Al Oula have signed an
agreement with Japan’s NEC for provision of network managed
services for the upcoming three years. The agreement represents
an expansion in the scope of work between the two parties.
Accordingly, NEC will provide the network managed services for
(Microwave-PTP) networks as business solutions reflected in the
control and management of daily operations, corrective actions,
and preventive maintenance, and improving the operating system,
as well as keeping pace with the latest developments of the
system. (GulfBase.com)
 KHI sells 100% stake in InterContinental Hotel Lusaka – Kingdom
Hotel Investments (KHI), a subsidiary of Kingdom Holding
Company (KHC), has sold its 100% interest in the InterContinental
Hotel Lusaka to QG Africa Hotel LP, a Mauritius-based fund
managed by QG Investments Africa Management, for a gross
consideration of $35.9mn. (GulfBase.com)
 Saudi Kayan Petrochemical restarts ethylene glycol/oxide ethylene
plant – Saudi Kayan Petrochemical Company has restarted a plant
that produces ethylene glycol and oxide ethylene after scheduled
maintenance and some technical repairs. The affiliate of Saudi
Basic Industries Corporation (SABIC) had said in January 2016
that it would shut the plant down on March 1 for 48 days, having
initially postponed the work from last October. (GulfBase.com)
 KSA might increase $8bn sovereign loan – According to sources,
Saudi Arabia has attracted substantial demand for its first foreign
borrowing in more than a decade, and is likely to increase the size
of the loan. Reportedly, the Kingdom asked banks for a loan worth
between $6-8bn that would run for five years, as the Kingdom
seeks to plug a record budget deficit caused by low oil prices.
(GulfBase.com)
 Morgan Stanley hires Motaz Alangari as KSA investment banking
head – According to Reuters, Morgan Stanley has appointed Motaz
Alangari as its investment banking head for Saudi Arabia. Motaz
joins the US bank from Samba Capital, the investment banking arm
of Samba Financial Group. (Reuters)
 DPR secures AED993mn in syndicated debt financing – Dubai Parks
and Resorts (DPR) has secured AED993mn of debt financing to
fund part of the proposed Six Flags branded theme park, which
would further enhance the DPR destination offering. The debt
portion accounts for approximately 37% of the total financing
being raised. Earlier, on March 28, 2016, the company announced
that it is seeking to raise AED 2.67 billion primarily to finance the
development of Six Flags Dubai, through a combination of debt and
equity funding. The debt funding is being provided by Abu Dhabi
Commercial Bank, Dubai Islamic Bank, and Sharjah Islamic Bank.
Six Flags Dubai is expected to open in 4Q2019. (DFM)
 Emirates NBD: Dubai private sector output rebounds in March –
According to the Emirates NBD Dubai Economy Tracker Index, the
private sector economy in Dubai, UAE signaled a solid rebound in
business conditions during March 2016, following the slight
deterioration recorded during February 2016. The seasonally
adjusted index, a composite indicator designed to give an accurate
overview of operating conditions in the non-oil private sector
economy rose to 52.5 in March 2016, up from 48.9 in February
2016. Moreover, the latest reading pointed to the fastest
improvement in business conditions since November 2015, largely
reflecting renewed output and new order growth alongside a slight
acceleration in staff hiring. (GulfBase.com)
 MRE establishes new subsidiary – Manazel Real Estate (MRE) has
announced the launch of Al Manzel, a new subsidiary responsible
for managing and operating the company’s Dari initiative.
Established to support UAE Nationals in 2012, Dari connects the
recipients of governmental housing loans with consultants,
qualified experts at Manazel, who oversee the new home’s
construction from design to delivery. (ADX)
 Aldar launches AED6bn Yas Acres project – Aldar Properties
Chairman Abo Bark Al-Khouri said that the company has launched
the Yas Acres project with investments worth AED6bn. This golf
and waterfront development, which will add 1315 villas to Yas
Island, is one of the most significant new residential developments
to be launched in Abu Dhabi by Aldar. (ADX)
 IPIC in talks with banks for potential bond sale – According to
sources, International Petroleum Investment Company (IPIC) is in
talks with banks over issuing a bond denominated in euros. The
company is talking to the nine banks that backed a €3.6bn euro
loan issued on behalf of its subsidiary Aabar Investments in March
2016 about the new bond issue. The proceeds of the potential
bond will be used to refinance an upcoming maturity. IPIC has a
€1.25bn bond that was originally sold in 2011 and falls due in mid-
May 2016. (Reuters)
 Emirates Driving AGM approves 30% cash dividend – Emirates
Driving Company’s general assembly meeting (AGM) has approved
the board of directors’ (BoD) proposal to distribute 30% cash
dividend from the paid-up capital for the year ended December 31,
2015. (ADX)
 Cluttons: Abu Dhabi sees big demand for affordable housing –
According to Cluttons’ Abu Dhabi Spring 2016 Property Market
Outlook report, the downward readjustment of housing
allowances among companies in Abu Dhabi is creating further
strain on the higher end of the residential market and underscores
the need to address the UAE capital’s lack of affordable housing
options. The shrinking pool of high-end management level tenants
in the oil & gas sector in particular, has meant rising void periods
for properties at the higher end of the rental spectrum and
increased demand for more affordable options. (GulfBase.com)
 Pembina Pipeline, PIC evaluate world-scale integrated
polypropylene facility in Alberta – Pembina Pipeline Corporation
and Kuwait's PIC have evaluated the world-scale integrated
polypropylene facility in Alberta. The project could consume
approximately 35,000 barrels per day (bpd) of propane and could
produce up to 800,000 metric tons per year of polypropylene.
Polypropylene would be transported in a pellet form to markets
across North America and internationally. The final investment
decision is expected to be made by middle of 2017. Subject to
regulatory, environmental and Pembina's BoD’s approval, the
project is expected to be in service by 2020. (Reuters)

7. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
`
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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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
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
QSE In d e x S&P Pa n Ara b S&P GCC
(0.5%)
0.3%
0.6%
(0.2%)
0.5%
0.2%
(0.3%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,257.90 1.5 1.5 18.5 MSCI World Index 1,632.14 (0.0) (0.0) (1.8)
Silver/Ounce 15.93 3.6 3.6 14.9 DJ Industrial 17,556.41 (0.1) (0.1) 0.8
Crude Oil (Brent)/Barrel (FM Future) 42.83 2.1 2.1 14.9 S&P 500 2,041.99 (0.3) (0.3) (0.1)
Crude Oil (WTI)/Barrel (FM Future) 40.36 1.6 1.6 9.0 NASDAQ 100 4,833.40 (0.4) (0.4) (3.5)
Natural Gas (Henry Hub)/MMBtu 1.88 (5.3) (5.3) (18.7) STOXX 600 332.87 0.4 0.4 (4.4)
LPG Propane (Arab Gulf)/Ton 45.38 2.0 2.0 16.0 DAX 9,682.99 0.7 0.7 (5.7)
LPG Butane (Arab Gulf)/Ton 53.00 1.0 1.0 (7.8) FTSE 100 6,200.12 0.8 0.8 (4.0)
Euro 1.14 0.1 0.1 5.0 CAC 40 4,312.63 0.3 0.3 (2.3)
Yen 107.94 (0.1) (0.1) (10.2) Nikkei 15,751.13 (0.1) (0.1) (7.6)
GBP 1.42 0.8 0.8 (3.4) MSCI EM 824.01 0.9 0.9 3.8
CHF 1.05 (0.1) (0.1) 5.0 SHANGHAI SE Composite 3,033.96 1.8 1.8 (13.9)
AUD 0.76 0.5 0.5 4.2 HANG SENG 20,440.81 0.4 0.4 (6.8)
USD Index 93.95 (0.3) (0.3) (4.7) BSE SENSEX 25,022.16 2.2 2.2 (4.3)
RUB 66.69 (0.6) (0.6) (8.0) Bovespa 50,165.47 2.6 2.6 29.8
BRL 0.29 2.7 2.7 13.4 RTS 900.98 2.5 2.5 19.0
116.2
91.3
89.4