The QSE Index declined 1.1% to close at 9,748.8

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.1% to close at 9,748.8. Losses were led by Telecoms and
Insurance indices, falling 3.2% and 2.3%, respectively. Top losers were Ooredoo and
Qatar Insurance Co., falling 3.4% and 3.1%, respectively. Among the top gainers,
Medicare Group rose 3.5%, while Dlala' Brokerage & Investment Holding Co. was up
1.0%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.1% to close at 6,656.4. Gains were led by the
Petrochemical Industries and Banks & Financial Services indices, rising 2.4% and 1.3%,
respectively. Saudi Enaya Cooperative Insurance Co. rose 7.1%, while Saudi Kayan
Petrochemical Co. was up 7.0%.
Dubai: Market closed on May 05, 2016.
Abu Dhabi: Market closed on May 05, 2016.
Kuwait: Market closed on May 05, 2016.
Oman: Market closed on May 05, 2016.
Bahrain: The BHB Index gained marginally to close at 1,112.8. The Commercial Bank
index rose 0.1%, while the other indices ended flat. Khaleeji Commercial Bank was up
5.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Medicare Group 86.90 3.5 144.2 (27.2)
Dlala Brokerage & Inv. Holding Co. 21.55 1.0 111.5 16.5
Qatar Navigation 87.70 0.7 4.1 (7.7)
Gulf International Services 33.00 0.6 332.3 (35.9)
Qatar Oman Investment Co. 11.40 0.4 5.6 (7.3)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 11.42 (2.7) 1,187.3 (10.1)
Ezdan Holding Group 17.30 (0.8) 801.4 8.8
Widam Food Co. 59.10 0.2 605.1 11.9
Qatar Gas Transport Co. 22.55 (2.0) 528.8 (3.4)
Masraf Al Rayan 32.90 (0.2) 419.5 (12.5)
Market Indicators 05 May 16 04 May 16 %Chg.
Value Traded (QR mn) 252.4 298.4 (15.4)
Exch. Market Cap. (QR mn) 526,761.9 532,085.1 (1.0)
Volume (mn) 7.4 8.8 (16.3)
Number of Transactions 3,923 4,726 (17.0)
Companies Traded 38 41 (7.3)
Market Breadth 11:26 7:33 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,772.87 (1.1) (4.3) (2.7) 13.3
All Share Index 2,728.17 (1.0) (4.0) (1.8) 12.9
Banks 2,645.60 (1.0) (3.4) (5.7) 11.2
Industrials 3,029.57 (0.3) (3.9) (4.9) 13.9
Transportation 2,460.08 (0.7) (3.1) 1.2 11.4
Real Estate 2,406.13 (0.9) (5.7) 3.2 22.2
Insurance 4,144.87 (2.3) (4.6) 2.8 10.4
Telecoms 1,094.24 (3.2) (5.9) 10.9 16.6
Consumer 6,415.66 (0.1) (1.9) 6.9 13.4
Al Rayan Islamic Index 3,810.42 (0.6) (3.9) (1.2) 16.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Enaya Coop. Ins. Saudi Arabia 14.7 7.1 6,979.2 (11.7)
Saudi Kayan Petrochem. Saudi Arabia 6.9 7.0 44,842.2 1.8
Petro Rabigh Saudi Arabia 12.2 4.0 3,348.5 (1.0)
Advanced Petrochemicals Saudi Arabia 48.2 3.8 797.4 27.5
Sahara Petrochemical Co. Saudi Arabia 11.1 3.7 9,423.4 8.3
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Ooredoo Qatar 86.0 (3.4) 188.9 14.7
Qatar Insurance Co. Qatar 75.1 (3.1) 285.5 8.0
Vodafone Qatar Qatar 11.4 (2.7) 1,187.3 (10.1)
Doha Bank Qatar 35.8 (2.6) 11.8 (19.4)
Qatar Islamic Bank Qatar 97.4 (2.3) 111.7 (8.7)
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%
Ooredoo 86.00 (3.4) 188.9 14.7
Qatar Insurance Co. 75.10 (3.1) 285.5 8.0
Vodafone Qatar 11.42 (2.7) 1,187.3 (10.1)
Doha Bank 35.85 (2.6) 11.8 (19.4)
Qatar Islamic Bank 97.40 (2.3) 111.7 (8.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Widam Food Co. 59.10 0.2 35,842.7 11.9
Qatar Insurance Co. 75.10 (3.1) 22,092.0 8.0
Industries Qatar 99.90 (0.1) 16,646.7 (10.1)
Ooredoo 86.00 (3.4) 16,523.7 14.7
Ezdan Holding Group 17.30 (0.8) 13,987.8 8.8
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* 9,748.78 (1.1) (4.3) (4.3) (6.5) 69.34 144,701.5 13.3 1.5 4.2
Dubai# 3,307.61 (0.5) (5.3) (5.3) 5.0 137.15 88,324.7 11.1 1.2 4.3
Abu Dhabi# 4,428.61 1.1 (2.5) (2.5) 2.8 44.19 125,184.7 11.6 1.5 5.6
Saudi Arabia 6,656.41 1.1 (2.2) (2.2) (3.7) 1,488.24 408,426.9 15.4 1.6 3.7
Kuwait# 5,373.17 (0.0) (0.3) (0.3) (4.3) 31.22 81,970.9 17.4 1.0 4.8
Oman # 5,979.75 (0.1) 0.6 0.6 10.6 9.52 23,560.7 12.2 1.3 4.4
Bahrain 1,112.80 0.0 0.2 0.2 (8.5) 0.17 17,516.7 9.2 0.6 4.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any; #Data as of May 04, 2016)
9,700
9,750
9,800
9,850
9,900
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 declined 1.1% to close at 9,748.8. The Telecoms and
Insurance indices led the losses. The index fell on the back of selling
pressure from Qatari shareholders despite buying support from non-Qatari
and GCC shareholders.
 Ooredoo and Qatar Insurance Co. were the top losers, falling 3.4% and
3.1%, respectively. Among the top gainers, Medicare Group rose 3.5%,
while Dlala' Brokerage & Investment Holding Co. was up 1.0%.
 Volume of shares traded on Thursday fell by 16.3% to 7.4mn from 8.8mn on
Wednesday. Further, as compared to the 30-day moving average of 9.5mn,
volume for the day was 21.8% lower. Vodafone Qatar and Ezdan Holding
Group were the most active stocks, contributing 16.1% and 10.8% 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) Moody’s Qatar IR A2 A2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, IR – Issuer Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2016
% Change
YoY
Operating Profit
(mn) 1Q2016
% Change
YoY
Net Profit
(mn) 1Q2016
% Change
YoY
Bahrain Tourism Co. Bahrain BHD 1.8 5.7% – – 0.8 20.8%
Takaful International Co. Bahrain BHD – – – – 0.1 -38.8%
Bahrain Telecommunication Co. Bahrain BHD 90.9 -3.0% – – 9.6 -32.4%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/05 US Department of Labor Initial Jobless Claims 30-April 274k 260k 257k
05/05 US Department of Labor Continuing Claims 23-April 2,121k 2,128k 2,129k
05/06 US Bureau of Labor Statistics Change in Nonfarm Payrolls April 160k 200k 208k
05/06 US Bureau of Labor Statistics Change in Private Payrolls April 171k 195k 184k
05/06 US Bureau of Labor Statistics Change in Manufact. Payrolls April 4k -5k -29k
05/06 EU Markit Markit Eurozone Retail PMI April 47.9 – 49.2
05/06 France Markit Markit France Retail PMI April 48.2 – 45.5
05/06 Germany Markit Markit Germany Construction PMI April 53.4 – 55.8
05/06 Germany Markit Markit Germany Retail PMI April 51.0 – 54.1
05/05 UK Markit Markit/CIPS UK Services PMI April 52.3 53.5 53.7
05/05 UK Markit Markit/CIPS UK Composite PMI April 51.9 53.2 53.6
05/05 China Caixin Caixin China PMI Services April 51.8 – 52.2
05/05 China Caixin Caixin China PMI Composite April 50.8 – 51.3
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting results No. of days remaining Status
VFQS Vodafone Qatar 17-May-16 9 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 42.85% 46.74% (9,823,663.79)
Qatari Institutions 24.89% 30.22% (13,466,216.39)
Qatari 67.74% 76.96% (23,289,880.18)
GCC Individuals 0.69% 0.51% 443,470.51
GCC Institutions 0.95% 0.87% 201,577.11
GCC 1.64% 1.38% 645,047.62
Non-Qatari Individuals 12.08% 10.08% 5,046,173.21
Non-Qatari Institutions 18.55% 11.58% 17,598,659.35
Non-Qatari 30.63% 21.66% 22,644,832.56

3. Page 3 of 6
News
Qatar
 MERS terminates process of negotiation with Spinneys owners – Al
Meera Consumer Goods Company (MERS) has decided to
terminate the process of negotiation with Spinneys owners. (QSE)
 GHC signs contract with Saudi Aramco to maintain fleet of AW 139
helicopters – Gulf International Services (GISS) has announced that
its subsidiary Gulf Helicopters Company (GHC) has signed a new
contract with Saudi Aramco to perform heavy maintenance on its
fleet of Agusta Westland (AW) 139 helicopters. GHC has so far
undertaken over fifteen 4-year inspections on AW 139s and
amassed a wealth of know-how and capabilities to carry out heavy
inspections on the type. The Company’s maintenance capabilities
also extend to the other types of helicopters operated, like AW
189, S 92, Bell 412, Bell 212, Bell 206 L3, and MD 902. (QSE)
 Moody’s affirms QIIK rating at ‘A2’ with a ‘stable’ outlook – Qatar
International Islamic Bank (QIIK) has announced that leading
international credit rating agency Moody’s has affirmed the bank’s
rating at ‘A2’ with a ‘stable’ outlook. Moody’s affirmation comes
shortly after Fitch’s affirmation of the bank’s rating at ‘A+’ with a
‘stable’ outlook and Capital Intelligence’s affirmation of the QIIB
rating at ‘A-’ with a ‘positive’ outlook. QIIK said Moody’s action
was based on “many considerations”, including the fact that the
bank was among the oldest Islamic banks in Qatar and that it
provides “distinguished” services, particularly in retail banking.
The bank also maintains “good” liquidity position, “high quality”
assets that exceed $11bn as well as a “strong capital and
profitability”. Moody’s also highlighted the bank’s high-quality
financing portfolio. It said QIIK’s bad debt ratio remained within
the limit set for such non-performing debts within Qatar’s banking
system and lower than the globally prevailing and prescribed
ratios among banks within the same category. Moreover, Moody’s
noted that the government support, when necessary, can help
improve the rating, along with Qatar’s strong economy and the
ongoing major infrastructure projects that support the economic
growth in general. (Gulf-Times.com)
 QSE suspends trading of NLCS shares on May 08 – The Qatar Stock
Exchange (QSE) suspended trading of National Leasing (NLCS)
shares on May 08, 2016 due to its EGM being held on that day.
(QSE)
 UAE-Qatar joint investment to rise – Federation of the UAE
Chambers of Commerce and Industry Chairman & Abu Dhabi
Chamber of Commerce and Industry Chairman Mohammed Thani
Murshid Al Rumaithi has said that the bilateral trade between
Qatar and the UAE will increase further in coming years due to the
positive steps taken by both governments. Speaking on the
occasion of the 2nd UAE-Qatar Business Forum 2016, which was
held in Doha, Qatar, he said fraternal and historic ties between the
UAE and Qatar are growing stronger due to the common
denominators that organize the distinguished bilateral relations,
thanks to the wise leadership of President His Highness Sheikh
Khalifa Bin Zayed Al Nahyan and His Highness Sheikh Tamim Bin
Hamad Al Thani, Emir of the State of Qatar, which made ties a
lively role model in cooperation and in the economic integration
field as part of the umbrella of the Cooperation Council for the
Arab States of the Gulf. The trade exchange between the UAE and
Qatar has amounted to QR26bn or $7bn in 2015. (GulfBase.com)
 Qatar may see sustained 3.6% average growth in 2016-2018 –
According to the MENA (Middle East and North Africa) Economic
Monitor Report - Spring 2016, Qatar may see a sustained 3.6%
average growth during 2016-18 mainly powered by non-
hydrocarbon sectors, even as its key medium-term risk is the
persisting low global oil & gas prices as well as intensifying
competition in the gas market. The report, which supplements the
World Bank’s bi-annual MENA quarterly economic brief, stated the
outlook for Qatar economic growth remains moderate, despite the
slowdown in the hydrocarbon sector. The hydrocarbon sector has
been going through stagnating production since 2012 (largely due
to the self-imposed moratorium on additional production from the
North Field), and from plummeting oil & gas prices since mid-
2014. However, non-hydrocarbon growth may be slower than in
previous years due to a reduction in manufacturing growth as the
push from the expansion of the fertilizers and petrochemicals
sectors fades. Services (real estate, transport, communications,
and business services) are projected to contribute the bulk of GDP
growth over the forecast period, although these sectors would
grow at a slower rate than in the past as population growth
decelerates and fiscal spending is reined in. (Gulf-Times.com)
 Qatar could host Summer Olympics – The Head of world athletics,
Sebastian Coe, refused to rule out the summer Olympics being held
in Qatar. Coe said athletics aspired to being a global sport. He
stated “We have consistently turned up to conferences to talk
about globalization and using sport to impact and imprint on the
lives of young people.” (Peninsula Qatar)
 42% in Qatar read news online as smartphone penetration rises –
According to a six-nation survey conducted by Northwestern
University in Qatar (NU-Q), in partnership with Doha Film
Institute (DFI), there are more people in Qatar, who get their news
online than some countries in the Middle East. Qatar leads in
reading news online daily (42%), followed by Saudi Arabia (39%).
Daily newspaper readership in Qatar is 32% and 25% in the UAE.
While internet penetration levels are up in the region, internet and
smartphone penetration are significantly higher in the GCC than in
other countries included in the survey. The UAE has the highest
rate of internet penetration with most nationals saying they are
being connected to the internet in 2016. Closely following are
Qatar and Saudi Arabia, both at 93% internet penetration,
followed by Lebanon (84%). (Peninsula Qatar)
 Energy rating for ACs soon – Starting July 2016, the General
Electricity and Water Corporation (Kahramaa) will implement the
Energy Star rating system to enhance power efficiency of air
conditioners (ACs) in Qatar. The measure will be introduced as
part of Kahramaa’s National Program for Conservation and Energy
Efficiency (Tarsheed), in cooperation with the Ministry of
Municipality and Environment. Energy Star is an international
standard for energy-efficient consumer products originated in the
US. It was created in 1992 by the Environmental Protection
Agency and the Department of Energy. Since then, many Western
countries have adopted the program. Devices carrying the Energy
Star service mark generally use 20-30% less energy than required
by federal standards. (Gulf-Times.com)
 Ministry issues 1,351 commercial registrations – The commercial
registration and licenses department at the Ministry of Economy
and Commerce (MEC) issued some 1,351 new commercial
registrations last month. One-person companies topped the
registrations with 494 licenses (53% of the total number issued),
followed by companies with limited liability with 379 (41%), and
solidarity companies with 56 (6%). The most commercial
registrations in April were for contracting companies (27%),
followed by building materials trade (12%), detergents (9%),
eateries, fast foods, and vegetables and fruits (7%), groceries
(5%), other companies and activities stood at 40%. Some 50% of
the new registrations were issued for Al Rayyan Area, followed by
Doha (38%), Wakrah (5%), and Umm Salal (4%). (Gulf-
Times.com)
 MoI opens service office at SC headquarters – The Ministry of
Interior (MoI) has opened a service office at the headquarters of

4. Page 4 of 6
the Supreme Committee for Delivery and Legacy (SC) to serve
customers and facilitate their relevant transactions and
procedures at the ministry. The services to be provided by the
office include all services available at other service centers such as
expatriates affairs services, criminal evidence and information
service, traffic department services, and other services. Director of
the Unified Services Department at Ministry of Interior Brig.
Abdullah Ahmad al Ansari said this office will provide MoI’s
services for employees and visitors to the office of the SC. (Qatar
Tribune)
 ‘Doha Sooq’ to launch Qatar’s first online supermarket – Doha
Bank’s award-winning e-commerce portal ‘Doha Sooq’ has
partnered with leading supermarket chain Grand Mart to launch
the first online supermarket in Qatar with free delivery facility.
The move will see Grand Mart offer groceries and a wide variety of
consumer products via Doha Sooq, providing customers across the
country the opportunity to make everyday purchases from the
convenience of their home and have them delivered right at their
doorstep. (Peninsula Qatar)
International
 US jobless claims rise; planned layoffs surge – The number of
Americans filing for unemployment benefits rose more than
expected last week, posting the biggest gain in more than a year,
but the underlying trend continued to point to a strengthening
labor market. Another report showed a 35% surge in planned
layoffs by US-based employers last month. Most of the announced
job cuts were concentrated in the energy sector, which is reeling
from low oil prices that have hurt profits. The Labor Department
said initial claims for state unemployment benefits increased
17,000 to a seasonally adjusted 274,000 for the week ended
April30. Last week's increase was the largest since February of last
year. (Reuters)
 Obama: New tax rule will fight corruption, help economy – The US
President Barack Obama said a long-delayed rule requiring the
financial industry to identify the real owners of companies will
help fight corruption and tax evasion and boost the economy. His
administration issued the Customer Due Diligence rule in the
works since 2012 and proposed legislation meant to stop prevent
criminals from using shell companies to evade taxes, launder
money and finance terror. (Reuters)
 China central bank pledges policy fine-tuning, yuan flexibility –
China's central bank said that it will fine tune policy in a pre-
emptive and timely way, as the economy still faces downward
pressure despite signs of steadying. The People's Bank of China, in
its first-quarter monetary policy implementation report, said it
will stick to its long-standing prudent stance and keep the yuan
currency basically stable. The central bank said it would create "an
appropriate monetary and financial environment for structural
adjustments, transformation and upgrading", and take measures to
ward off systemic financial risks. The central bank said downward
pressure still exists on China's economy due to weak global
economy and domestic structural adjustments, adding that it
would closely watch changes in consumer prices. The central bank
also pledged to let the market play a bigger role in determining the
yuan exchange rate and improve the currency's two-way
flexibility. Meanwhile, the International Monetary Fund's (IMF)
deputy division Chief of Asia department, Roberto Guimaraes, said
it could be time for China to tighten monetary policy rather than
ease it further to avoid the risk of overheating in parts of the giant
economy. He said that further Chinese interest rate cuts and
stimulus could increase the chance of unhealthy debt growth
(Reuters)
 China exports fall 1.8% in April, missing forecasts – According to
the customs data, China's April exports disappointed analyst
expectations, falling 1.8% YoY, while imports fell by 10.9%. The
General Administration of Customs said that left the country with a
trade surplus of $45.56bn for the month. Analysts polled by
Reuters had expected exports to fall by 0.1%, and predicted
imports would fall by 5.0%. (Reuters)
 India, Iran agree to clear $6.4bn in oil payments via European banks
– India's Oil Minister Dharmendra Pradhan said the central banks
of India and Iran have reached an arrangement to use European
banks to process pending oil payments to Tehran, unlocking
$6.4bn in stalled funds. Buyers of Iranian oil were prevented from
using global banking channels to clear their transactions after
sanctions were imposed on Iran in 2011 over its nuclear program.
With the end of those sanctions in January, after an agreement to
curb the program, Iran is finally gaining needed access to the
funds. Iran hopes the money will revive its moribund economy and
raise Iranian living standards as well as help to integrate the
country into the global economic system. (Reuters)
 Brazil's inflation falls less than expected in April; plans inheritance
tax to pay for exemptions – Government statistics agency IBGE said
Brazil's 12-month inflation rate slowed less than expected in April
as the government allowed medicine prices to rise, adding to signs
that the central bank could wait longer before cutting interest
rates to counter a deep recession. Consumer prices as measured
by the benchmark IPCA index rose 9.28% in the 12 months
through April, down from an increase of 9.39% in March but above
forecasts for a 9.20% rate in a Reuters poll. Prices rose 0.61% in
April from March, up from an increase of 0.43% in the previous
month. Meanwhile, Embattled Brazilian President Dilma Rousseff
submitted legislation to raise the tax on inheritance and donations
in order to exempt more middle-class workers from income tax.
The finance ministry said in a statement the bill would increase
the income tax brackets by 5%, which would raise the take-home
pay for more middle-class workers. The measure will cost the
government 5bn reais in loss revenue per year, which the finance
ministry said will be compensated by tax increases on inheritance,
donations, image copyrights among other levies. (Reuters)
Regional
 Saudi shake-up rolls on with big reshuffle of economic posts – Saudi
Arabia's King Salman replaced his veteran Oil Minister and
restructured some big Ministries in a major reshuffle apparently
intended to support a wide-ranging economic reform program
unveiled recently. The most eye-catching move was the creation of
a new Energy, Industry and Natural Resources Ministry under
Khaled al-Falih, Chairman of the state oil company Aramco. He
replaces the 80-year-old Oil Minister Ali al-Naimi, in charge of
energy policy at the world's biggest oil exporter since 1995.
However, major changes were also made to the economic
leadership, with Majed al-Qusaibi named head of the new
Commerce and Investment Ministry, and Ahmed al-Kholifey made
governor of the Saudi Arabian Monetary Agency (SAMA), the
central bank. The changes, announced in a series of royal decrees,
go far beyond Salman's previous reshuffles since he became King
in January 2015, and also put the stamp of his son, Deputy Crown
Prince Mohammed bin Salman, author of the Vision 2030 reform
program, on the government. (Reuters)
 IATA: Mideast carriers see highest rise in passenger demand –
According to the International Air Transport Association’s (IATA)
latest report, Middle East carriers experienced a 12% YoY rise in
international passenger demand in March 2016, which was the
highest increase among regions. The association announced global
passenger traffic results for March showing that demand
(measured in revenue passenger kilometers, or RPKs) rose 5.3%
on YoY basis. (Peninsula Qatar)

5. Page 5 of 6
 GCC governments to raise $255bn-$390bn via bonds by 2020 –
Mena market intelligence Marmore has said in its latest “GCC
Sovereign Debt Forecast” Webinar that the GCC governments are
expected to raise between $255bn and $390bn cumulatively
through 2020 by issuance of local and international debts/bonds.
A flurry of activity in fixed income space is expected to present
investors with widespread opportunities in the region going
forward. Persisting low oil prices has exerted tremendous
pressure on government finances. The GCC countries between
2015 and 2016 are expected to post a fiscal deficit of $318bn.
(Peninsula Qatar)
 Fitch: Saudi Bank resolution draft unlikely to change support – Fitch
Ratings has said that Saudi Arabia’s Draft Law on the resolution of
financial institutions, currently under review, is unlikely, at least in
the foreseeable future, to change our view that there is an
extremely high probability of the government supporting its
banking system. The Saudi Arabian Monetary Agency (SAMA),
which supervises the banks, has a strong tradition of supporting
the banking sector and to date, no depositors or creditors of banks
have lost money. The rating agency believes it will take time to
implement a culture change, but that the enactment of a resolution
framework will introduce more transparency. The Financial
Stability Board’s (FSB) regional consultative group for the Middle
East and North Africa (MENA), at a recent meeting in Riyadh,
announced on April 25, 2016 that it had discussed regional
approaches to bank resolution, too-big-to-fail issues, and bail-in.
(Reuters)
 Saudi Aramco extends bid date for clean fuels project – According to
sources, Saudi Aramco has extended the bidding deadline for a
clean fuels project at its biggest oil refinery in Ras Tanura. The
potential $2bn scheme to remove sulfur from refined products is
part of a drive to meet stricter environmental standards. It has
already had at least three bidding rounds. The deadline is now July
17, adding it had been extended from a May closing date because
companies needed more time to prepare bids. (Reuters)
 Aramco raises oil pricing for Asia by most since April 2015 – Saudi
Arabian Oil Company (Saudi Aramco) raised its pricing for June oil
sales to Asia by the most since April 2015, a sign that the world’s
biggest crude exporter expects demand to recover as the global
market rebalances. Aramco increased its official selling price for
Arab Light crude to Asia by $1.10 a barrel, 25 cents more than
regional benchmarks Oman and Dubai. The Company was
predicted to raise the grade by 65 cents a barrel. (Bloomberg)
 Saudi Enaya appoints advisor for capital reduction – Saudi Enaya
Cooperative Insurance Company appointed Aljazira Capital as a
financial advisor for a capital cut. The advisor will manage the
company’s capital reduction transaction after obtaining the
approval from the SAMA and the CMA. (Tadawul)
 Saudi Zain appoints new Chairman – Mobile Telecommunications
Company Saudi Zain has appointed HH Prince Naif bin Sultan bin
Mohammed bin Saud Al Kabeer as the Chairman of the board
(Independent Member) and Mr. Bader bin Nasser Al Kharafi as the
Vice Chairman of the board (Non-Executive-Member) for three
years starting from April 26, 2016. (Tadawul)
 Al Alamiya gets temporary approval from SAMA – Al Alamiya for
Cooperative Insurance Company has got a temporary approval
from the Saudi Arabian Monetary Agency (SAMA) for the use of
insurance products for six months starting from May 05, 2016.
(Tadawul)
 SACO opens new store in Hail – Saudi Company for Hardware
(SACO) has opened a new store in Hail on May 05, bringing the
total number of SACO stores to 27 in Saudi Arabia. The store area
is 5275 sq m and located in the unique place, Hail. The new store is
expected to play a major role in increasing the turnover and
profitability for the shareholders. The financial impact of this new
opening store will start from 2Q2016. (Tadawul)
 SAICO announces renewal of license by SAMA – Saudi Arabian
Cooperative Insurance Company (SAICO) has announced obtaining
the Saudi Arabian Monetary Agency (SAMA) renewal for the
company license to conduct insurance business in the Kingdom of
Saudi Arabia for three years. (Tadawul)
 Halal tourism spending to reach $200bn by 2020 – According to
Halal Travel 2016 report, Halal tourism numbers are expected to
hit 150mn in traveler’s volume and collectively spend an
estimated $200bn by 2020. Halal travelers highlight three core
themes that span the key drivers of travel: cultural experiences,
accommodation needs, and activity preferences. (GulfBase.com)
 DSI replaces CFO – Drake & Scull International (DSI) has replaced
its Chief Financial Officer (CFO) after just eight months in the role.
The company has also brought in the former Head of Arcadis’s
Middle East operations to the new post of the Chief Operating
Officer. (GulfBase.com)
 Abu Dhabi to delay building Fujairah LNG-import plant – According
to sources, Abu Dhabi is indefinitely delaying construction of the
first land-based facility for importing liquefied natural gas (LNG)
into the UAE after it contracted a floating supply terminal.
Emirates LNG is looking at other options for the planned onshore
facility in Fujairah, including storing gas at the site, reloading it on
ships for sale elsewhere and providing LNG as marine fuel.
(GulfBase.com)
 NBO offers mortgages on Bausher Heights villas – National Bank of
Oman (NBO) has announced that it has entered into an agreement
to offer mortgages on 16 villas currently being built in the Bausher
Heights development in Muscat. As per the mortgage lender
agreement with developer Sayyid Hamed Al Busaidi, NBO will offer
tailored loan packages for customers looking to secure a new
residential unit in the integrated tourism development. NBO’s
mortgage facilities are offered up to 80% of a property’s purchase
value and for terms of up to 25 years. (GulfBase.com)
 Chinese refiner trades Oman crude oil futures on DME – Shandong
Chambroad Petrochemicals Co has become the first independent
Chinese refiner to trade Oman crude oil futures on the DME, the
leading east of Suez energy exchange. The Chinese government
allowed independent refiners to import crude oil for the first time
earlier in 2016. So far 10 independent refiners have been granted
approval by the Chinese authorities, with more expected to follow.
Shandong Chambroad is expanding its international operations
significantly and expects to become a regular trader of the DME
Oman contract. The refiner will use DME Oman crude oil futures
for risk management and physical procurement. DME will hold a
roundtable for independent refiners in Shandong, China in mid-
May to assist other local participants with the Exchange’s
registration process. (GulfBase.com)
 KHCB net profit surges 70.7% YoY in 1Q2016 – Khaleeji
Commercial Bank (KHCB) net profit surged 70.7% YoY in 1Q2016
to BHD2.85mn. The bank is continuously expanding its business to
reach the gross assets of BHD 672.3mn, registering a growth of
2.8% YoY. Additionally, the gross fixed deposits from customers
have increased by 1.7% YoY to reach BHD493.6mn. The financing
assets have also shown a tremendous increase by 5.8% YoY to
reach BHD410.1mn. The bank has maintained its profit ratio and
strong financial positions with a liquid assets ratio reaching in an
excess of 21.9% with a capital adequacy ratio of 17.8%. EPS for
1Q2016 was BHD2.92 fils as compared to BHD1.72 fils for 1Q2015.
(Bahrain Bourse)

6. 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 Co. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“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 (#Data as of May 04, 2016)
Source: Bloomberg (#Market closed on May 06, 2016) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Apr-12 Apr-13 Apr-14 Apr-15 Apr-16
QSE Index S&P Pan Arab S&P GCC
1.1%
(1.1%)
(0.0%)
0.0%
(0.1%)
1.1%
(0.5%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait#
Bahrain
Oman#
AbuDhabi#
Dubai#
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,287.90 0.8 (0.4) 21.3 MSCI World Index 1,643.19 0.1 (1.7) (1.2)
Silver/Ounce 17.47 0.7 (2.1) 26.1 DJ Industrial 17,740.63 0.5 (0.2) 1.8
Crude Oil (Brent)/Barrel(FM Future) 45.37 0.8 (5.7) 21.7 S&P 500 2,057.14 0.3 (0.4) 0.6
Crude Oil (WTI)/Barrel (FM Future) 44.66 0.8 (2.7) 20.6 NASDAQ 100 4,736.16 0.4 (0.8) (5.4)
Natural Gas (Henry Hub)/MMBtu 1.84 (10.1) (3.5) (20.4) STOXX 600 331.67 (0.2) (3.0) (4.7)
LPG Propane (Arab Gulf)/Ton#
48.50 0.0 (2.5) 26.4 DAX 9,869.95 0.3 (1.8) (3.8)
LPG Butane (Arab Gulf)/Ton#
57.38 0.0 (1.1) 4.1 FTSE 100 6,125.70 (0.0) (3.0) (3.7)
Euro 1.14 (0.0) (0.4) 5.0 CAC 40 4,301.24 (0.3) (3.0) (2.5)
Yen 107.12 (0.1) 0.6 (10.9) Nikkei 16,106.72 (0.4) (1.8) (4.3)
GBP 1.44 (0.4) (1.3) (2.1) MSCI EM 805.34 (0.5) (4.1) 1.4
CHF 1.03 (0.5) (1.4) 3.1 SHANGHAI SE Composite 2,913.25 (2.8) (1.3) (17.9)
AUD 0.74 (1.3) (3.1) 1.1 HANG SENG 20,109.87 (1.6) (4.6) (8.4)
USD Index 93.89 0.1 0.9 (4.8) BSE SENSEX 25,228.50 (0.1) (1.7) (3.9)
RUB 66.17 0.4 2.2 (8.8) Bovespa 51,717.82 0.7 (5.6) 34.5
BRL 0.29 1.0 (2.0) 13.0 RTS 912.02 (0.5) (4.1) 20.5
110.2
88.4
88.0