The QSE Index rose 1.3% to close at 9,855.3.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.3% to close at 9,855.3. Gains were led by the Telecoms and
Insurance indices, gaining 3.8% and 2.8%, respectively. Top gainers were Islamic Holding
Group and Medicare Group, rising 10.0% and 9.9%, respectively. Among the top losers,
Qatar First Bank fell 1.5%, while the Qatar National Cement Co. was down 1.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.3% to close at 6,693.9. Gains were led by the
Insurance and Energy & Utilities indices, rising 2.0% and 1.9%, respectively. Al-Ahlia
Insurance Co. and Amana Cooperative Insurance Co. were up 9.9% each.
Dubai: The DFM Index declined 0.3% to close at 3,316.0. The Consumer Staples index
fell 1.5%, while the Real Estate & Construction index declined 0.9%. Damac Properties
fell 4.0%, while Al Salam Bank –Bahrain was down 2.5%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,476.5. The Consumer
Staples index gained 1.6%, while the Telecommunication index rose 0.8%. Int. Fish
Farming Holding Co. gained 14.7%, while Abu Dhabi Ship Building was up 11.1%.
Kuwait: The KSE Index declined 0.1% to close at 5,364.2. The Financial Services index
fell 0.9%, while the Telecommunication index declined 0.7%. The Energy House
Holding Co. fell 8.3%, while Sanam Real Estate Co. was down 6.9%.
Oman: The MSM Index rose 0.4% to close at 6,019.5. Gains were led by the Industrial
and Financial indices, rising 0.6% and 0.2%, respectively. National Gas rose 9.4%, while
Raysut Cement was up 3.3%.
Bahrain: The BHB Index fell 0.5% to close at 1,105.9. The Investment index declined
2.4%, while the Commercial Bank index fell 0.4%. Arab Banking Corporation declined
8.9%, while Al-Ahli United Bank was down 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 70.40 10.0 475.7 (10.5)
Medicare Group 97.30 9.9 464.2 (18.4)
Doha Insurance Co. 20.20 6.3 1.0 (3.8)
Ooredoo 90.00 4.4 170.8 20.0
Qatar Insurance Co. 77.00 3.5 111.1 10.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 13.50 (1.5) 1,063.9 (10.0)
Gulf International Services 34.15 3.5 537.4 (33.7)
Qatar Gas Transport Co. 22.55 1.0 488.5 (3.4)
Qatari Investors Group 52.10 2.8 487.0 38.2
Islamic Holding Group 70.40 10.0 475.7 (10.5)
Market Indicators 09 May 16 08 May 16 %Chg.
Value Traded (QR mn) 308.5 112.3 174.8
Exch. Market Cap. (QR mn) 531,311.9 525,569.3 1.1
Volume (mn) 7.8 3.9 102.6
Number of Transactions 5,241 2,328 125.1
Companies Traded 41 42 (2.4)
Market Breadth 29:9 18:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,945.25 1.3 1.1 (1.6) 13.4
All Share Index 2,752.79 1.2 0.9 (0.9) 13.1
Banks 2,660.59 0.7 0.6 (5.2) 11.3
Industrials 3,056.32 0.8 0.9 (4.1) 14.0
Transportation 2,463.18 0.8 0.1 1.3 11.4
Real Estate 2,436.07 1.7 1.2 4.4 22.5
Insurance 4,171.66 2.8 0.6 3.4 10.5
Telecoms 1,132.85 3.8 3.5 14.8 17.2
Consumer 6,495.35 1.1 1.2 8.2 13.6
Al Rayan Islamic Index 3,852.91 1.4 1.1 (0.1) 16.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Drake & Scull Int. Dubai 0.57 8.6 79,132.4 37.0
Solidarity Saudi Takaful Saudi Arabia 10.51 6.4 12,538.9 41.5
Nat. Bank of Abu Dhabi Abu Dhabi 8.70 4.8 249.3 9.3
Ooredoo Qatar 90.00 4.4 170.8 20.0
Mouwasat Med. Services Saudi Arabia 131.87 4.4 53.8 8.3
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Arab Banking Corp Bahrain 0.36 (8.9) 150.0 (15.3)
Kuwait Cement Co. Kuwait 0.37 (5.2) 58.1 (7.6)
Bank of Sharjah Abu Dhabi 1.29 (4.4) 43.0 (16.2)
Nat. Mobile Telecom. Kuwait 1.10 (3.5) 2.7 0.0
Saudi Fisheries Saudi Arabia 13.83 (3.1) 2,285.0 (14.6)
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%
Qatar First Bank 13.50 (1.5) 1,063.9 (10.0)
Qatar National Cement Co. 86.10 (1.3) 3.3 (7.1)
Al Meera Consumer Goods Co. 211.00 (1.2) 9.8 (4.1)
Al Khalij 16.68 (0.7) 2.0 (7.2)
Dlala' Brokerage & Inv. Hold. Co. 22.00 (0.6) 134.6 19.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Medicare Group 97.30 9.9 43,663.7 (18.4)
Islamic Holding Group 70.40 10.0 32,599.0 (10.5)
Qatari Investors Group 52.10 2.8 25,385.8 38.2
Industries Qatar 99.90 0.4 18,880.7 (10.1)
Gulf Warehousing Co. 60.00 1.7 18,373.4 5.4
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* 9,855.32 1.3 1.1 (3.2) (5.5) 84.73 145,951.4 13.4 1.5 4.2
Dubai 3,315.98 (0.3) 0.3 (5.0) 5.2 96.48 88,479.1 11.2 1.2 4.3
Abu Dhabi 4,476.48 0.6 1.1 (1.5) 3.9 48.69 126,293.3 11.7 1.5 5.4
Saudi Arabia 6,693.91 0.3 0.6 (1.6) (3.2) 1,490.61 410,275.6 15.5 1.6 3.7
Kuwait 5,364.23 (0.1) (0.2) (0.5) (4.5) 43.58 81,828.4 17.4 1.0 4.8
Oman 6,019.51 0.4 0.7 1.3 11.3 13.36 23,663.8 11.5 1.4 4.3
Bahrain 1,105.93 (0.5) (0.6) (0.4) (9.0) 0.92 17,408.9 9.2 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)
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 rose 1.3% to close at 9,855.3. The Telecoms and Insurance
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.
 Islamic Holding Group and Medicare Group were the top gainers, rising
10.0% and 9.9%, respectively. Among the top losers, Qatar First Bank fell
1.5%, while the Qatar National Cement Co. was down 1.3%.
 Volume of shares traded on Monday rose by 102.6% to 7.8mn from 3.9mn
on Sunday. However, as compared to the 30-day moving average of 9.3mn,
volume for the day was 15.5% lower. Qatar First Bank and Gulf
International Services were the most active stocks, contributing 13.6% and
6.9% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2016
% Change
YoY
Operating Profit
(mn) 1Q2016
% Change
YoY
Net Profit
(mn) 1Q2016
% Change
YoY
Damac Properties Dubai AED 160.0 -34.2% – – 105.0 -14.6%
Air Arabia Dubai AED 946.0 6.8% – – 114.0 34.1%
Emirates Insurance Co. Abu Dhabi AED 134.7 2.9% 24.0 -45.6% 38.5 -35.2%
Abu Dhabi National Hotels Abu Dhabi AED – – – – 92.2 4.0%
Ras Al Khaimah Poultry & Feeding Co. Abu Dhabi AED 10.0 -38.7% – – 3.8 -15.3%
Agthia Abu Dhabi AED 485.9 11.7% – – 67.5 14.4%
Seef Properties Bahrain BHD – – – – 2.2 10.7%
Banader Hotels Co. Bahrain BHD – – – – -1.1 NA
Source: Company data, DFM, ADX, MSM
Earnings Calendar
Tickers Company Name Date of reporting results No. of days remaining Status
VFQS Vodafone Qatar 17-May-16 7 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 48.69% 48.27% 1,297,423.59
Qatari Institutions 11.87% 18.54% (20,585,614.47)
Qatari 60.56% 66.81% (19,288,190.88)
GCC Individuals 0.90% 3.17% (6,998,728.37)
GCC Institutions 4.46% 5.96% (4,630,477.58)
GCC 5.36% 9.13% (11,629,205.95)
Non-Qatari Individuals 15.89% 13.90% 6,121,276.65
Non-Qatari Institutions 18.21% 10.17% 24,796,120.18
Non-Qatari 34.10% 24.07% 30,917,396.83

3. Page 3 of 6
News
Qatar
 QSE suspends trading of DHBK shares on May 10 – The Qatar Stock
Exchange (QSE) suspended trading of Doha Bank’s (DHBK) shares
on May 10, 2016 due to its AGM being held on that day. (QSE)
 NLCS postpones EGM to May 11 – National Leasing Holding
Company (NLCS) announced that its extraordinary general
assembly (EGM) meeting was not held on May 8, 2016 due to lack
of quorum. The alternate EGM will be held on May 11, 2016. (QSE)
 DOHI, QISI, AKHI boards approve stake hike in Qatari Unified
Bureau Insurance – Doha Insurance Company (DOHI), Qatar
Islamic Insurance Company (QISI) and Al-Khaleej Takaful Group
(AKHI) announced that their boards have approved increasing
their respective share in the Qatari Unified Bureau Insurance
W.L.L from 20% to 25% for QR6.75mn. QISI is currently in the
process of completing the final signing procedures of the contract.
Qatari Unified Bureau Insurance is a limited liability company
established in 1999, and it provides insurance on vehicles entering
the country as well as sell insurance cards for vehicles traveling
outside the country. (QSE)
 ABQK to raise $250mn three-year loan – According to sources, Ahli
Bank (ABQK) started talks to raise a $250mn three-year loan. The
loan will be partially used to refinance an existing $200mn facility
the bank had signed in September 2014 and is due to mature in
2017. ABQK completed a $500mn debut bond issue in April with
five-year tenure. The sale was arranged by Barclays, HSBC and
QNB Capital. (Reuters)
 Al-Thani: Qatar emerges as important investment destination – HE
the Minister of Economy and Commerce Sheikh Ahmed bin Jassim
bin Mohamed al-Thani said Qatar has become one of the world’s
important investment destinations across a wide range of sectors,
particularly in the construction industry, amid the ongoing major
infrastructure projects. The minister, who inaugurated the 13th
edition of Project Qatar, emphasized that Qatar’s investment
atmosphere is promising and the economic growth continues to
move forward. Project Qatar 2016, the 13th International
Construction Technology and Building Materials Exhibition, will
run until May 12 at the Doha Exhibition and Convention Center
(DECC). It features 900 companies in the building and
construction industry from 37 countries. Citing the “Global
Competitive Index” prepared by the World Economic Forum
(WEF), the minister stressed that Qatar led the MENA region at
14th position globally. (Gulf-Times.com)
 QOC strategies in line with Qatar National Vision 2030 – Qatar
Olympic Committee Secretary General HE Dr Thani Abdulrahman
al-Kuwari said the country has achieved success due to the wise
directives of HH the Emir Sheikh Tamim bin Hamad al-Thani. In an
interview with Qatar News Agency (QNA), Al-Kuwari said QOC has
prepared plans and strategies to be adopted soon in order to
achieve more successes that reflect the leadership’s great support
and the attention of HE the President of the Qatar Olympic
Committee Sheikh Joaan bin Hamad al-Thani. Al-Kuwari said QOC’s
strategies are in line with the Qatar National Vision 2030, which
considers the development of the sports sector as a top priority
and gives special attention to the overall development process in
the country, including the sports sector. He highlighted QOC’s
keenness to promote community sports through events and
activities organized throughout the year to encourage the
community to exercise and promote the concept of sport for all
and sport for life. (Gulf-Times.com)
 Minister visits newly-constructed Doha North Sewage Treatment
Plant – HE the Minister of Municipality and Environment,
Mohamed bin Abdullah al-Rumaihi visited the newly-constructed
Doha North Sewage Treatment Plant (STP). He was accompanied
by infrastructure affairs director Jalal Yousef al-Salhi and other
senior officials at Ashghal. The minister was briefed about the
progress of the project, engineering & construction techniques in
its implementation, components, and advantages of the new
treatment plant, thermal drying plant, the plants’ advanced
systems and also the status of the ongoing works. The Doha North
STP uses advanced treatment techniques such as ultra-filtration
and ultra-violet technologies to produce high quality treated
water, which can be used in irrigation. (Gulf-Times.com)
 Ministry issues 78 consumer violations for local retailers and
service providers in April – The Ministry of Economy and
Commerce (MEC) issued 78 different consumer violations for local
retailers and service providers during April. The violations were
registered in breach of law no 8 on consumer protection, enforced
by MEC inspectors during their inspection campaigns to monitor
and control the local market, aimed at controlling prices of
commodities and services as well as to spot any manipulation or
fraud. Most of these violations were regarding not posting the
price tags for items on display or services, other spotted violations
include fraud in describing items & services, issuance of
incomplete & non-standard purchase invoices and posting
incomplete information about the items on display, in addition to
other related issues. The violating outlets were issued violation
reports and incurred penalties ranging from a fine of QR5,000-
30,000 to administrative closure of the outlet for a certain period
of time. (Gulf-Times.com)
 QA receives 50th Boeing 777 – Qatar Airways (QA) received its
50th Boeing 777 recently, taking the total count of aircraft in
operation to more than 180 single-aisle and wide-body aircraft.
The global carrier operates the Boeing 777 to a host of
destinations – including Houston, Buenos Aires and Los Angeles,
which are a few of QA’s longest destinations as measured by flight
hours. QA Group Chief Executive Akbar al-Baker said the company
places passenger comfort and flying experience at the forefront of
its aircraft program, and added that with the introduction of the
Boeing 777 into the fleet just under a decade ago, its crew and
passengers have come to know how comfortable and spacious its
cabins are. (Gulf-Times.com)
 Qatar Chamber signs MoU with QBIC – Qatar Chamber (QC) signed
a Memorandum of Understanding (MoU) with Qatar Business
Incubation Center (QBIC) to coordinate among them training
programs, exchange related information & experiences, and
provide due consultations. The MoU aims at supporting small and
medium enterprises (SMEs) in the country. It was signed by QC
Director General Hamad Saleh al-Sharqi and the CEO of QBIC
Aysha al-Mudahka. According to the MoU, QC and QBIC would
cooperate at the related events organized by both parties, whether
inside or outside Qatar. (Gulf-Times.com)
 QNBK holds annual strategy conference – QNB Group (QNBK) held
its annual strategy conference, which was attended by the Group’s
Executive Management, General Managers and CEOs from across
the Group’s international network. The conference was also
attended by the Chairman and top officials of Finansbank, which is
considered the fifth largest private sector bank in Turkey, in
addition to the Group’s Executive Management and Heads of the
Group’s branches and subsidiary companies. The attendees
discussed a number of points listed on this year’s strategy
conference agenda, including but not limited to asset & wealth
management, global market updates & trends, and the Group’s
global expansion strategy. The conference also discussed a number
of important topics such as QNBK’s vision to become a Middle East
and Africa (MEA) icon by 2017 as well as focusing on the best
practices necessary for the enhancement of the Group’s strategy,
both locally and internationally. (Peninsula Qatar)

4. Page 4 of 6
 KNOMAD: Remittances from Qatar and GCC countries continue to
grow in 3Q2015 – According to a report released by the World
Bank Group’s Global Knowledge Partnership on Migration and
Development (KNOMAD), remittances from Qatar and GCC
countries have continued to grow despite the sharp drop in oil
prices. Total remittances by expatriates from Qatar were around
$11.2bn in 2014. However, the remittance outflow from the region
is likely to witness a slowdown due to low oil prices and other
factors. Globally, Qatar is ranked 11th among top remittance
sending countries while the US is on top with an estimated
$56.3bn recorded outflows in 2014. “More recent data from the
fourth quarter, however, indicate a slowdown in remittances from
the GCC countries. If lower oil prices persist, remittance outflows
from GCC countries are likely to slow further,” said the report.
(Peninsula Qatar)
 Kharji: Qatar's traffic mortality rate far below global average –
According to Director of the General Directorate of Traffic Brig.
Mohammed Saad al Kharji, the traffic-related death rate in Qatar is
below the global average, thanks to a rise in traffic awareness and
close coordination among various authorities. Kharji said the
traffic mortality rate was 8.2 per 100,000 populations in 2015,
which is less than the global average that ranges between 10 and
15 per 100,000 populations. (Qatar-Tribune)
 Abercrombie & Fitch Co expects to open first store in Qatar in
1Q2017 – Abercrombie & Fitch Co expects to open its first store in
Qatar in 1Q2017, and in the Kingdom of Saudi Arabia in 2H2017.
The firm expanded its existing relationship with Majid Al Futtaim
fashion through a franchise development agreement. (Reuters)
 HMC opens Home Healthcare Services’ branch in Al Khor – Hamad
Medical Corporation (HMC) has opened Home Healthcare
Services’ branch office in Al Khor to serve patients in the north of
Qatar. It will provide administrative support for patients and
families from Al Khor and the surrounding region as well as serve
as a base from which healthcare teams will conduct home visits.
(Peninsula Qatar)
International
 Eurozone looks to help Greece on debt from 2018 upon reform
completion – Eurozone Finance Ministers offered to grant Greece
debt relief by giving it longer grace periods and bond maturities
from 2018 if the country delivers by then on all reforms agreed
under its latest bailout. The offer, to be worked out in detail by
Deputy Finance Ministers by May 24, appears to be a compromise
between Germany, which does not believe Greece needs additional
debt relief, and the International Monetary Fund, which insists it is
necessary. Meanwhile the document, prepared by the European
Stability Mechanism (ESM) for talks of Eurozone Finance
Ministers, says that under the main scenario, Greece's economic
growth would be 3.1% in 2018, 2.8% in 2019, 2.5% in 2020, 1.5%
in 2025 and 1.3% from 2030 to 2060. Under this base scenario,
Athens would maintain a 3.5% of GDP primary budget surplus
from 2018 until 2025. After that it would start declining to stay at
1.5% in 2040-2060. Based on the ESM document, Eurozone deputy
finance ministers will work on various debt relief steps for Greece
over the next two weeks and present their findings to Eurozone
Finance Ministers on May 24, 2016. (Reuters)
 IMF more upbeat on Germany outlook as factory orders rise –
International Monetary Fund (IMF) said German industrial orders
rose more than expected in March and "a bit more optimistic"
about the outlook for Europe's largest economy, which is heading
into 2Q2016 on a solid footing. The surprisingly strong economic
data, published by the Economy Ministry, and the upbeat
comments made by a senior IMF official in Berlin were the latest
signs that the German economy's solid start to the year may
extend into the summer. Contracts for "Made in Germany" goods
were up 1.9% MoM, the biggest increase since last June, beating
Reuter’s consensus forecast of 0.7%. In April, the IMF forecast
German growth of 1.5% GDP in 2016. In 2015, the economy grew
by 1.7%, the strongest rate in four years, driven mainly by strong
private consumption and higher state spending on refugees.
Germany's domestic industrial orders fell by 1.2% in March, but
foreign demand rose by 4.3%, with bookings from countries
outside the Eurozone soaring by 6.2%. For the whole 1Q2016,
industrial orders rose by 0.5% QoQ, with bookings from abroad
increasing by 2.0% and domestic orders falling by 1.3%. The
surprisingly strong March figure suggests that industrial output is
likely to pick up in the coming months. (Reuters)
 Japanese regulator banks should keep role in determining lending
risks – A senior Japanese regulator said a move by banking
regulators to curb the ability of banks to assess for themselves
their lending risks could backfire if as a result they lose the
incentive to reduce those risks in order to cut the amount of
capital they must hold as a buffer against possible defaults. The
Basel Committee of banking supervisors from nearly 30 countries
is adding the finishing touches to the new rules on capital
requirements introduced after the financial crisis. This includes
restrictions on the models big banks use to calculate the total
amount of risky lending they hold on their books in order to
determine how much core equity capital they need to hold to
survive another financial crisis. Banks say this could make lending
harder as it would amount to a higher "Basel IV" capital
requirement compared with the demands made under the Basel III
accord introduced after the 2007-2009 crises. (Reuters)
 NBS: China April consumer inflation less than expected, producer
deflation eases – The National Bureau of Statistics (NBS) said
China's consumer prices rose slightly less than expected in April,
while a four-year slump in producer prices continued to show
signs of moderating, easing strains on companies facing sluggish
demand and high debt levels. The consumer price index (CPI) rose
2.3% YoY in April, unchanged from March, though prices fell 0.2%
MoM. Inflation appeared to be driven largely by higher food prices,
rather than an improvement in broader economic activity which
many global investors had been hoping for. The price of pork
jumped 33.5%, accelerating from a 28.4% surge in March. Food
prices actually fell 1.4% MoM, indicating a recent uptick in
inflation could be short lived as food price moderate and the prices
of other goods and services remain muted. Analysts polled by
Reuters had predicted the consumer price index (CPI) would rise
2.4% in April, compared with 2.3% in March. Producer prices in
April fell 3.4% YoY, compared fall of 4.3% in March. (Reuters)
Regional
 Saudi to transfer Riyadh finance district project to PIF – According
to sources, Saudi Arabia is to transfer ownership of Riyadh’s
floundering King Abdullah Financial District to the Public
Investment Fund (PIF) from the Public Pension Agency (PPA). The
move is an attempt to rescue the project, started a decade ago with
the aim of making the Saudi capital a global financial center, and is
another example of the burgeoning power of the PIF, which the
Gulf state wants to make the world’s largest sovereign wealth
fund. (Reuters)
 SAGO looking to sell stake – According to sources, Saudi General
Grains Organization (SAGO) is looking to sell a stake to a strategic
buyer as part of its privatization for which HSBC's Saudi Arabian
arm has been chosen as its advisor. The agency in charge of the
Kingdom’s extensive wheat-buying program is one of the first to
appoint an advisor as the Kingdom eyes the privatization of a host
of state bodies under its recently-announced Vision 2030
economic plan, a move to bridge budget shortfalls caused by lower
oil prices. (Zawya)

5. Page 5 of 6
 Let-up in oil’s two-year downward spiral allowing Middle East
governments to reopen access to international capitals markets –
The let-up in oil’s two-year downward spiral is allowing Middle
Eastern governments and companies to step back from raiding
reserves and belt-tightening by reopening access to international
capital markets. Since Abu Dhabi’s $5bn Eurobond in April brought
an end to a drought that pushed issuance to a seven-year low in
2015, Qatar’s government, a real estate group in the country, a
Kuwaiti bank and a United Arab Emirates investment company
have been sounding out potential investors as the region’s
borrowing costs dropped to near the cheapest in six months. The
impending issuance is an indication that the world’s biggest oil-
exporting region wants to move away from plundering rainy-day
funds to bridge the $900bn of fiscal shortfalls the IMF estimates
they will face through 2021. Although crude has rebounded more
than 60% from its January troughs, it still languishes at less than
half of 2014 prices. Saudi Arabia, which drained 20% of its foreign
assets since then, is also on the verge of its first-ever global debt
sale. (Bloomberg)
 CMA approves Lazurde Company’s initial public offering of
12,900,000 shares – The CMA Board has issued its resolution
approving Lazurde Company’s initial public offering of 12,900,000
shares representing 30% of the company’s share capital. CMA said
retail investors will be able to subscribe for shares from June 5 to
13, after the completion of the book building process for
institutional investors. (Tadawul)
 NCC receives 4th MR ship – National Shipping Company of Saudi
Arabia (Bahri) has announced that its subsidiary National
Chemical Carriers (NCC) has received the fourth MR ship STI
Olivia. The ship name was changed to NCC Ghazal after
transferring its ownership to NCC. Bahri expected the financial
impact of the ship to take place in 2Q2016. Earlier in February, the
company had announced that its unit signed a memorandum of
agreement (MoA) to purchase one VLCC Hanjin Ras Tanura built in
2011 at Hyundai Heavy Industries in South Korea at a purchase
price of SR281.25mn. (Tadawul)
 SAMA’s main priority is to maintain monetary stability – The Saudi
Arabian Monetary Agency (SAMA) new Governor Ahmed Al-
Kholifey said his main priority is to maintain monetary stability
and support the government’s Vision 2030 economic reforms. The
central bank has reaffirmed that it will keep the currency peg to
the dollar, supported by its monetary tools, one of which is its
foreign reserves. Meanwhile, ratings agency Fitch said the
Kingdom’s new draft law on the resolution of financial institutions
– currently under review – is unlikely to curb government support
of banks in the country. (GulfBase.com)
 Housing Ministry imposes annual tax on undeveloped lands – Saudi
Arabia's Housing Ministry would impose an annual tax on
undeveloped lands. The Ministry said on its Twitter account that
the tax would be equivalent to 2.5% of the value of the land held
by individuals or non-government entities. (GulfBase.com)
 Dubai plans to develop urban greenery – According to the official
announcement by Dubai Municipality at the fourth Middle East
Smart Landscape Summit-2016, Dubai is spending AED6bn to
develop 12,000 hectares of urban greenery, including 9 public
parks at a cost of AED77mn that will increase the supply of oxygen
and help environment. (GulfBase.com)
 IMF expects UAE economy to expand 2.3% in 2016 – The IMF
expects the UAE’s economy to expand 2.3% in 2016. The subdued
pace is largely due to the projected slowdown in capital Abu Dhabi,
home to 6% of global oil reserves and the world’s second-largest
sovereign wealth fund. Abu Dhabi has delivered strongly on fiscal
consolidation in 2015. Abu Dhabi and the UAE as a whole have
large fiscal buffers that provide them with a policy space to adjust
to new market conditions. (Bloomberg)
 TAQA considering bond issue – According to sources, Abu Dhabi
National Energy Company (TAQA) is the latest entity from the
region considering an international bond. The company has
recently sent an RFP to banks, which was due on May 8. If TAQA
issues bonds, it would follow in the footsteps of the sovereign,
which raised US$5bn in April through a dual-tranche offering.
Another state-owned Abu Dhabi company, Mubadala, is in the
market with a US$500mn seven-year bond, which it has begun
marketing at 170bp area over mid-swaps. (Reuters)
 Ooredoo Kuwait offers new internet packages – Ooredoo Kuwait
has launched tailor-made internet packages that offer customers a
wide range of internet volume and devices at competitive prices.
The new internet packages give costumers the chance to choose
between 200GB internet at KD4 per month, 400GB internet at KD7
per month and 1TB at KD10 per month. (GulfBase.com)
 Boubyan Bank targets $250mn capital-boosting Sukuk sale –
According to sources, Boubyan Bank is aiming to sell $250mn in
capital-boosting Sukuk after releasing initial pricing thoughts for
the issue. The deal, structured with a perpetual tenor and with an
option for the bank to redeem the paper after the fifth year, is
earmarked to price in the very low 7% area. No time frame for the
sale was given in the document. The Sukuk will enhance the bank's
Tier 1, or core, capital. The Shari’ah-compliant lender, a subsidiary
of National Bank of Kuwait, picked Dubai Islamic Bank, Emirates
NBD Capital, HSBC, KFH Capital, National Bank of Kuwait, Standard
Chartered and itself to arrange the issue. (Reuters)
 Bank Sohar converts convertible bonds into equity shares – Bank
Sohar has announced that the mandatory convertible bonds of
OMR7.150mn issued in 2013, one-third portion amounting to
OMR2.383mn has been converted into common equity shares on
April 28, 2016. As per the terms of the bonds issuance, the price
for the conversion is OMR0.126 and has been calculated at a 20%
discount to the weighted average closing market price of the
shares of the bank traded during the three months immediately
preceding April 28th, 2016. The overall process has been
completed and the conversion has been enforced by MSM on May
3, 2016. (MSM)
 Global Logistics Services’s newly-expanded warehouse launched –
Bahrain’s Transportation & Telecommunications Minister Kamal
Ahmed has launched the newly-expanded warehouse of Global
Logistics Services (GLS) at the Bahrain Logistics Zone (BLZ) in
Hidd. (GulfBase.com)
 Bahrain’s NTP to boost high-speed networks – Bahrain has
launched its fourth National Telecommunications Plan (NTP),
which aims to develop the telecom infrastructure with high-speed
fiber-optic network and ensure providing high speed services at
affordable prices. (GulfBase.com)

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
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged
investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been
obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or
warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or
recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume).
QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even
contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns; #Market closed on May 09, 2016)
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
0.3%
1.3%
(0.1%)
(0.5%)
0.4%
0.6%
(0.3%)
(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 1,263.93 (1.9) (1.9) 19.1 MSCI World Index 1,642.89 (0.0) (0.0) (1.2)
Silver/Ounce 17.03 (2.5) (2.5) 22.9 DJ Industrial 17,705.91 (0.2) (0.2) 1.6
Crude Oil (Brent)/Barrel (FM Future) 43.63 (3.8) (3.8) 17.0 S&P 500 2,058.69 0.1 0.1 0.7
Crude Oil (WTI)/Barrel (FM Future) 43.44 (2.7) (2.7) 17.3 NASDAQ 100 4,750.21 0.3 0.3 (5.1)
Natural Gas (Henry Hub)/MMBtu 1.97 7.0 7.0 (14.8) STOXX 600 333.22 0.2 0.2 (4.5)
LPG Propane (Arab Gulf)/Ton 47.00 (4.6) (4.6) 20.1 DAX 9,980.49 0.8 0.8 (3.0)
LPG Butane (Arab Gulf)/Ton 55.75 (3.0) (3.0) (3.0) FTSE 100 6,114.81 (0.6) (0.6) (4.3)
Euro 1.14 (0.2) (0.2) 4.8 CAC 40 4,322.81 0.2 0.2 (2.3)
Yen 108.32 1.1 1.1 (9.9) Nikkei 16,216.03 (1.0) (1.0) (5.2)
GBP 1.44 (0.1) (0.1) (2.2) MSCI EM 800.91 (0.6) (0.6) 0.9
CHF 1.03 0.1 0.1 3.2 SHANGHAI SE Composite 2,832.11 (3.1) (3.1) (20.4)
AUD 0.73 (0.7) (0.7) 0.4 HANG SENG 20,156.81 0.2 0.2 (8.2)
USD Index 94.13 0.3 0.3 (4.6) BSE SENSEX 25,688.86 1.6 1.6 (2.3)
RUB 66.54 0.6 0.6 (8.3) Bovespa 50,990.07 (2.8) (2.8) 30.7
BRL 0.28 (0.4) (0.4) 12.6 RTS# 912.02 0.0 0.0 20.5
111.4
89.0
88.6