The QSE Index gained 1.0% led by the Real Estate and Insurance indices. Ezdan Holding Group and Qatar Insurance Co. were the top gainers rising 7.3% and 6.0% respectively. Regional markets were mostly positive with Saudi and Abu Dhabi rising 0.5% and 0.4% respectively. Earnings news saw mixed results with some companies such as National Industries Group reporting profit growth while others such as Arabtec reported losses.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 1.0% to close at 12,366.9. Gains were led by the Real
Estate and Insurance indices, rising 4.7% and 4.0%, respectively. Top gainers
were Ezdan Holding Group and Qatar Insurance Co., rising 7.3% and 6.0%,
respectively. Among the top losers, Qatar National Cement Co. fell 2.3%, while
Qatar Oman Investment Co. was down 1.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 9,672.0. Gains were led
by the Multi-Investment and Petrochemical Industries indices, rising 1.3% and
1.1%, respectively. SACO rose 9.7%, while Sharqiya Dev Co. was up 3.8%.
Dubai: The DFM Index gained 0.3% to close at 4,067.4. The Consumer
Staples index rose 2.8%, while the Services index gained 2.2%. Gulfa Mineral
Water & Process. Ind. surged 14.8%, while Nat. Central Cooling was up 5.8%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,614.4. The
Fin. & Inv. Ser. index gained 5.6%, while the Real Est. index rose 2.9%. Abu
Dhabi Nat. Takaful surged 14.9%, while Abu Dhabi Ship Build. was up 14.7%.
Kuwait: The KSE Index fell marginally to close at 6,379.5. The Telecomm.
index declined 0.8%, while the Basic Material index fell 0.6%. Privatization
Holding declined 8.5%, while Kuwait Portland Cement was down 7.7%.
Oman: The MSM Index fell 0.1% to close at 6,314.8. Losses were led by the
Services and Industrial indices, falling 0.6% and 0.2%, respectively. Sohar
Power fell 8.1%, while Voltamp Energy was down 4.8%.
Bahrain: The BHB Index gained 0.3% to close at 1,393.2. The Investment
index rose 0.6%, while the Commercial Bank index gained 0.3%. Gulf Finance
House rose 7.0%, while Khaleeji Commercial Bank was up 3.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.00 7.3 11,829.6 20.6
Qatar Insurance Co. 92.20 6.0 822.3 17.0
Qatar Industrial Manufacturing Co. 46.50 2.2 0.0 7.3
Barwa Real Estate Co. 52.00 2.0 2,042.1 24.1
Zad Holding Co. 106.00 1.9 19.6 26.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.00 7.3 11,829.6 20.6
Barwa Real Estate Co. 52.00 2.0 2,042.1 24.1
Masraf Al Rayan 47.65 (0.2) 1,013.4 7.8
Qatar Insurance Co. 92.20 6.0 822.3 17.0
Doha Bank 55.50 0.4 728.8 (2.6)
Market Indicators 13 May 15 12 May 15 %Chg.
Value Traded (QR mn) 722.4 293.2 146.4
Exch. Market Cap. (QR mn) 661,488.6 658,846.7 0.4
Volume (mn) 21.4 7.0 205.0
Number of Transactions 7,632 3,906 95.4
Companies Traded 42 43 (2.3)
Market Breadth 18:21 14:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,218.83 1.0 0.7 4.9 N/A
All Share Index 3,301.34 0.7 0.5 4.8 13.9
Banks 3,260.85 (0.5) (0.0) 1.8 14.7
Industrials 4,029.85 (0.1) (1.4) (0.2) 14.2
Transportation 2,492.49 (0.0) (0.5) 7.5 13.8
Real Estate 2,752.84 4.7 4.5 22.6 9.7
Insurance 4,582.20 4.0 4.0 15.8 21.2
Telecoms 1,314.53 (0.5) (0.8) (11.5) 26.0
Consumer 7,505.46 0.6 0.7 8.7 29.1
Al Rayan Islamic Index 4,718.25 0.7 0.0 15.0 14.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 18.00 7.3 11,829.6 20.6
Qatar Insurance Co. Qatar 92.20 6.0 822.3 17.0
Abu Dhabi Com. Bank Abu Dhabi 7.86 5.8 7,680.2 11.8
Deyaar Development Dubai 0.84 3.8 25,629.2 (1.3)
Aldar Properties Abu Dhabi 2.79 3.7 22,040.9 5.3
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 2.46 (3.5) 59,622.6 (11.8)
Commercial Facilities Kuwait 0.23 (3.4) 1,390.0 (17.1)
Etihad Etisalat Co. Saudi Arabia 35.53 (3.3) 9,461.5 (19.0)
Saudi Airlines Catering Saudi Arabia 166.02 (2.7) 482.3 (10.7)
Gulf Pharmaceutical Abu Dhabi 2.55 (2.3) 12.7 (7.4)
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 National Cement Co. 125.10 (2.3) 4.6 4.3
Qatar Oman Investment Co. 16.74 (1.8) 404.6 8.7
Qatari Investors Group 51.10 (1.5) 41.3 23.4
Islamic Holding Group 130.20 (1.4) 75.8 4.6
Widam Food Co. 61.00 (1.3) 56.7 1.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 18.00 7.3 211,613.5 20.6
Barwa Real Estate Co. 52.00 2.0 105,794.1 24.1
Qatar Insurance Co. 92.20 6.0 76,706.7 17.0
Masraf Al Rayan 47.65 (0.2) 48,370.6 7.8
Doha Bank 55.50 0.4 40,667.7 (2.6)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,366.92 1.0 0.7 1.7 0.7 198.43 181,710.9 13.0 2.0 4.1
Dubai 4,067.42 0.3 (0.9) (3.8) 7.8 227.91 99,289.6 9.2 1.5 5.3
Abu Dhabi 4,614.36 0.4 1.3 (0.7) 1.9 83.09 124,404.3 11.7 1.5 4.9
Saudi Arabia 9,671.97 0.5 (0.5) (1.7) 16.1 1,522.59 568,432.5 20.2 2.3 2.8
Kuwait 6,379.54 (0.0) (0.3) 0.0 (2.4) 48.78 97,834.0 16.8 1.1 4.1
Oman 6,314.80 (0.1) (0.0) (0.1) (0.4) 16.70 24,143.4 9.1 1.4 4.2
Bahrain 1,393.23 0.3 0.2 0.2 (2.3) 4.64 21,782.5 8.9 1.0 5.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,200
12,250
12,300
12,350
12,400
12,450
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index gained 1.0% to close at 12,366.9. The Real
Estate 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.
 Ezdan Holding Group and Qatar Insurance Co. were the top
gainers, rising 7.3% and 6.0%, respectively. Among the top
losers, Qatar National Cement Co. fell 2.3%, while Qatar Oman
Investment Co. was down 1.8%.
 Volume of shares traded on Wednesday rose by 205.0% to
21.4mn from 7.0mn on Tuesday. Further, as compared to the 30-
day moving average of 9.2mn, volume for the day was 131.8%
higher. Ezdan Holding Group and Barwa Real Estate Co. were
the most active stocks, contributing 55.3% and 9.5% to the total
volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 1Q2015
% Change
YoY
Operating Profit
(mn) 1Q2015
% Change
YoY
Net Profit (mn)
1Q2015
% Change
YoY
Dar Al Takaful Dubai AED – – 7.1 55.0% 0.2 -89.0%
Emirates Refreshments Co.
(ERC)
Dubai AED 14.3 -13.9% -2.5 NA -2.5 NA
National Industries Group
Holding (NI Group)
Dubai KD 51.7 4.6% 17.2 7.3% 5.9 17.3%
Alliance Insurance Dubai AED – – – – 13.9 2.1%
Arabtec Holding Dubai AED 1,791.3 902.1% – – -279.8 NA
Ras Al Khaimah Poultry &
Feeding Co. (RAPCO)
Abu Dhabi AED 16.3 30.8% – – 4.5 -67.1%
Union Insurance Co. (UIC) Abu Dhabi AED 172.4 23.9% 27.0 42.6% -16.9 NA
National Marine Dredging
Co. (NMDC)
Abu Dhabi AED 494.5 26.9% – – 22.2 -159.1%
Gulf Pharmaceutical
Industries (Julphar)
Abu Dhabi AED 397.6 1.1% – – 60.5 -13.8%
Sharjah Insurance Co.
(SICO)
Abu Dhabi AED 8.3 -18.3% 1.3 NA 1.0 -84.7%
Al Fujairah National
Insurance Co. (AFNIC)
Abu Dhabi AED 28.3 -5.3% 4.8 42.7% 3.7 -26.5%
Umm Al Qaiwain Cement
Industries Co. (QCEM)
Abu Dhabi AED 3.3 9.5% – – 1.5 -93.3%
Al Ain Ahlia Insurance Co.
(AAAIC)
Abu Dhabi AED 98.8 19.8% 46.9 17.1% 36.9 0.4%
Kuwait Financial Centre
(Markaz)
Kuwait KD – – – – 1.3 -47.6%
Renaissance Services Oman OMR 58.4 3.5% 11.0 -13.4% 1.2 -77.8%
Securities and Investment
Co. (SICO)
Bahrain BHD 3.0 -29.5% – – 1.4 -45.3%
Delmon Poultry Co.
(DEPCO)
Bahrain BHD 3.8 25.7% 0.2 NA 0.5 83.2%
Bahrain Car Parks Co.
(CPARK)
Bahrain BHD – – 0.3 -21.0% 0.3 -14.9%
Bahrain Ship Repairing and
Engineering Co.
Bahrain BHD 1.3 16.8% – – 0.4 16.2%
Bahrain Duty Free Shop
Complex (BDFS)
Bahrain BHD 6.6 2.8% 1.1 4.6% 2.3 29.6%
Al Ahlia Insurance Co. (AAI) Bahrain BHD 1.3 -1.9% 0.4 344.0% 0.5 30.8%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/13 US Mortgage Bankers Asso. MBA Mortgage Applications 8-May -3.50% – -4.60%
05/13 US Census Bureau Retail Sales Control Group April 0.00% 0.50% 0.50%
05/13 US Bureau of Labor Stat. Import Price Index MoM April -0.30% 0.30% -0.20%
05/13 US Bureau of Labor Stat. Import Price Index YoY April -10.70% -9.70% -10.90%
05/13 EU Eurostat Industrial Production SA MoM March -0.30% 0.00% 1.00%
05/13 EU Eurostat Industrial Production WDA YoY March 1.80% 1.90% 1.90%
05/13 France INSEE National Stat. Offi CPI MoM April 0.10% 0.10% 0.70%
05/13 France INSEE National Stat. Offi CPI YoY April 0.10% 0.10% -0.10%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 42.60% 70.13% (198,823,761.15)
GCC 12.88% 5.71% 51,757,480.53
Non-Qatari 44.51% 24.15% 147,066,280.62

3. Page 3 of 6
05/13 Germany German Fed. Stat. Off Wholesale Price Index YoY April -0.90% – -1.10%
05/13 Germany German Fed. Stat. Off GDP SA QoQ 1Q2015 0.30% 0.50% 0.70%
05/13 Germany German Fed. Stat. Off GDP WDA YoY 1Q2015 1.00% 1.20% 1.40%
05/13 Germany German Fed. Stat. Off GDP NSA YoY 1Q2015 1.10% 1.30% 1.60%
05/13 Spain INE CPI Core MoM April 1.10% – 0.50%
05/13 Spain INE CPI Core YoY April 0.30% 0.30% 0.20%
05/13 Italy ISTAT GDP WDA QoQ 1Q2015 0.30% 0.20% 0.00%
05/13 Italy ISTAT GDP WDA YoY 1Q2015 0.00% -0.20% -0.50%
05/13 China National Bureau of Stat. Retail Sales YoY April 10.00% 10.40% 10.20%
05/13 China National Bureau of Stat. Retail Sales YTD YoY April 10.40% 10.50% 10.60%
05/13 China National Bureau of Stat. Industrial Production YoY April 5.90% 6.00% 5.60%
05/13 China National Bureau of Stat. Industrial Production YTD YoY April 6.20% 6.30% 6.40%
05/13 China Bloomberg Bloomberg GDP Monthly Estimate YoY April 6.40% – 6.35%
05/13 China People's Bank of China Money Supply M1 YoY April 3.70% 3.50% 2.90%
05/13 China National Bureau of Stat. New Yuan Loans CNY April 707.9B 903.0B 1180.0B
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 ERES to remain in the MSCI EM Index – We have learnt from
multiple sources that Ezdan Holding Group (ERES) will remain
part of the MSCI EM Index with a provisional weight of 0.07%.
MSCI does not consider charitable organization stakes as
strategic and thus considers them as part of the free float. We
expect the stock to react positively. (QNBFS Research)
 MDPS: Qatar’s current account balance around 25.9% of
GDP – According to the “Window on Economic Statistics of
Qatar” report released by the Ministry of Development Planning
& Statistics (MDPS), the economic performance of Qatar, in
terms of real GDP growth rate, inflation rate as measured by the
CPI, and the current account balance as % of GDP compares
favorably with that of the other countries and regions. Qatar’s
real GDP growth rate of 6.2% is among the highest performance
rates in 2014, similar to that of developing Asian countries,
which also grew at 6.7%, while the World GDP growth rate is
estimated at 3.6% and that for advanced economies at 2.2%. As
for the CPI inflation, Qatar’s inflation rate of 2.8% in 2014 is
slightly lower than the rest of the World (3.5%), but much lower
than the 8.4% recorded in the MENA region, and the 5.5%
registered in the “Emerging markets & developing economies”.
Qatar is one of the few countries that have positive current
account balance representing around 25.9% of GDP. (QSA)
 QSE launches Exchange Views – The Qatar Stock Exchange
(QSE) has opened a periodical event ‘Exchange Views’ on
Wednesday. The event aims to bring together leading decision
makers and industry professionals within Qatar to engage,
discuss and debate on topics that matter to the Qatari capital
market. The first session, entitled ‘the investment climate in the
State of Qatar,’ was held in the presence of a group of investors,
financial experts, and decision makers from the financial
industry. (QSE)
 MARK mulls Sukuk issue – According to sources, Masraf Al
Rayan (MARK) may sell Qatar’s first Sukuk in more than 17
months. MARK has received proposals from banks for a
benchmark sized, debut Shari’ah-compliant offering. According
to Bloomberg, seven Qatari borrowers have sold Sukuk,
compared with at least 35 in the UAE. Ooredoo was the last
Qatari issuer to tap the market when it had raised $1.25bn in
December 2013. (Bloomberg)
 QSE awaiting regulatory nod to launch 3 live ETFs – The
Qatar Stock Exchange (QSE) said it is ready to launch three live
exchange-traded funds (ETFs) but is awaiting final clearance
from the regulator. The QSE said ETFs provide investors with
the ability to buy the index through a single trade on the
exchange and ETFs also offer exposure to a diversified portfolio
of stocks with a single execution. They can also be used to
provide exposure to non-domestic markets using the local
currency. ETFs globally have $3tn of assets under
management. (Gulf-Times.com)
International
 Business inventories barely rise in US; Import prices fall for
10th straight month – US business inventories barely rose in
March as sales recorded their biggest gain in eight months, the
latest indication that the economy actually contracted in
1Q2015. The Commerce Department said business inventories
edged up 0.1% after a downwardly revised 0.2% gain in
February. Reuters had forecast inventories rising 0.2% in March
after a previously reported 0.3% increase in February.
Inventories are a key component of GDP. In March, business
sales had increased 0.4%, the largest rise since last July, after
falling 0.2% in February. Meanwhile, import prices in the US fell
for the tenth straight month in April, likely reflecting the impact of
a strong dollar, a sign of benign inflation pressures that could
encourage the Federal Reserve to delay raising interest rates.
The Labor Department said import prices fell 0.3% in April after
slipping 0.2% in March. Reuters had forecast import prices rising
0.3%. (Reuters)
 French economy gathers steam, German growth slows;
Eurozone economy rises – According to official data, France
posted its fastest economic growth rate in two years in 1Q2015;
however, Germany slowed from the robust pace it rattled along
in late 2014. The country’s growth of 0.6% QoQ surpassed the
market expectations for a 0.4% expansion but the German
economy disappointed by growing 0.3%, well below the 0.7%
rate of 4Q2014. Eurozone countries appear to have benefited
from cheap energy and food prices, a weak euro and European
Central Bank (ECB) money printing so far in 2015. However,
with oil prices way higher than it was in January and government
borrowing costs starting to back up despite the ECB’s bond-
buying, there are clouds on the horizon. Meanwhile, the GDP in
the Eurozone rose 0.4% QoQ for a 1.0% YoY rise - just below
Reuters' forecasts. The Eurozone's third biggest economy Italy
grew 0.3% QoQ, slightly more than expected thanks to a pick-up
in domestic demand, fueling hopes of a recovery in 2015 after
three years of recession. (Reuters)
 Greece plays down referendum option, economy stutters –
The Greek government ruled out rushing for a referendum to
secure public support for unpopular reforms, opting instead to

4. Page 4 of 6
make a final push for a compromise with lenders by the end of
May. Running out of both cash and options to pursue, Prime
Minister Alexis Tsipras was to preside over his third cabinet
meeting in four days on Wednesday to seek a way out of an
impasse in talks with lenders, who refuse to dole out more aid.
Adding further pressure on the government, the recent data
showed the country slipped back into recession in 1Q2015, just
months after exiting a six-year depression. Analysts blamed the
0.2% decline in output largely on the hit to sentiment and
demand from the standoff. For now, Tsipras government aims to
strike a deal with its international creditors rather than turn to a
referendum or early elections. At a recent cabinet meeting,
Athens reiterated hopes for a deal by the end of May - by which
time it risks running out of cash without new funds. (Reuters)
 BoJ: Japan emerging from tax-hike hit, sees positive
momentum – Bank of Japan (BoJ) Governor Haruhiko Kuroda
said the economy was gradually emerging from recession, but
he acknowledged 2014 sale tax hike dealt a bigger blow on
growth than initially expected. Japan's economy emerged from
recession caused in part by April 2014 sales tax hike to 8% from
5%, though private consumption has lacked momentum as
wage growth has failed to catch up with the rising cost of living.
However, in a glimmer of hope, the recent data showed Japan's
service sector sentiment improved for the fifth straight month in
April as consumers began to feel the benefits of rising wages &
bonuses. An index measuring the outlook also improved for the
fifth straight month, with some retailers pointing to booming
consumption from tourists visiting from overseas. The BoJ kept
its monetary policy steady in April even as it cut its price
forecasts as slumping oil costs and soft consumption ground
inflation to a halt, pushing it further away from the bank's
ambitious 2% target. Kuroda repeated the BoJ's view that Japan
is likely to see inflation hit 2% around 1H-FY2016-17, as the
economy continues to recover moderately. (Reuters)
 China economy loses more steam in April, further stimulus
on the cards – China's money supply grew at its slowest pace
on record and investment growth sank to its lowest in nearly 15
years as April data showed the world's second-largest economy
was still losing momentum despite a concentrated burst of policy
easing. The recent data added to concerns that Beijing's growth
target of around 7% for 2015 is already at risk, and reinforced
views that authorities need to take bolder measures to head off
job losses and debt defaults by local governments and
companies. The People's Bank of China (PBoC) is expected to
follow this week's interest rate cut with more stimulus in coming
months, while the government may ramp up spending in a bid to
energize the economy, which looks set for its worst year in 25
years. The central bank has cut benchmark interest rates three
times in the past six months, including a move early this week,
on top of reductions in banks' reserve requirement ratio (RRR)
and measures to shore up the ailing property market, which
accounts for around 15% of the economy. (Reuters)
Regional
 EY: MENA IPO activity declines in 1Q2015 – According to
Ernst & Young (EY), initial public offering (IPO) activity in Middle
East and North Africa (MENA) declined in 1Q2015 after an
active 4Q2014, with only two IPOs across the region collectively
raising $255.7mn. Meanwhile, the capital raised by MENA firms
through IPOs decreased by 80%; and the number of IPOs
decreased by 60% in 1Q2015 as compared to 1Q2014.
Similarly, the capital raised by MENA firms through IPOs
decreased by 97% and the number of IPOs decreased by 75%
in 1Q2015, as compared to 4Q2014. Further, both the IPOs that
closed in 1Q2015 were companies based in Egypt, with
Orascom Construction opting for a dual listing on the Egyptian
Stock Exchange (ESE) and Nasdaq Dubai. However, the
regional markets, especially Saudi Arabia and Egypt, are
encouraging increased capital inflow from foreign investors by
proposing and implementing further regulatory reforms. (Khaleej
Times)
 Petrorabigh extends maintenance work on VDU unit –
Rabigh Refining & Petrochemical Company (Petrorabigh) has
extended the maintenance work on its vacuum distillation unit
(VDU) by a further six days. Petrorabigh is a joint venture
between Saudi Arabian Oil Company (Saudi Aramco) and
Japan’s Sumitomo Chemical. (Reuters)
 Maaden, Alcoa aluminum smelter output to increase in 2015
– Saudi Arabian Mining Company (Maaden) said a massive
smelter run jointly with US group Alcoa, which had experienced
a few technical glitches on start-up, will produce above its initial
capacity target in 2015. The smelter had an initial annual
capacity of 740,000 tons per year, but it is expected to achieve a
slightly higher production of 760,000 tons in 2015.
(GulfBase.com)
 Saudi CMA approves capital hike for Dallah Healthcare –
The Saudi Capital Market Authority (CMA) has approved Dallah
Healthcare Holding Company’s request to increase its capital to
SR590mn from SR472mn by issuing one bonus share for every
four existing shares. This increase will be paid by transferring an
amount of SR118mn from the retained earnings account to the
company's capital. The bonus shares’ eligibility is limited to
those shareholders, who are registered at the close of trading on
the day of the extraordinary general assembly. (GulfBase.com)
 Mobily clarifies on telecom towers sale – With reference to
the news indicating that the company is planning to sell its
telecommunications towers, Etihad Etisalat Company (Mobily)
clarified that it is currently at the phase of studying the possibility
of selling the towers. It has not entered into any agreement in
that regard, nor determined the financial impact thereof.
(Tadawul)
 CDSI: Building sector consumes over 80% of Saudi-
generated electricity – According to the Central Department of
Statistics & Information (CDSI), the building sector consumes
more than 80% of Saudi- generated electricity. Air-conditioning
sets alone consume around 70% of the building sector’s total
energy consumption at an annual growth rate of 12%.
Meanwhile, experts at the Saudi Center for Energy Efficiency
(SCEE) have stressed the need to curb power consumption at
government buildings by at least 25%, which will in turn, reduce
costs of power consumption by SR1.2bn per annum.
(GulfBase.com)
 Tabreed seeks shareholders’ nod for bond buyback –
National Central Cooling Company (Tabreed) has invited its
shareholders to consider and approve a buyback of 28%
mandatory convertible bonds (MCB) currently held by MDC
Industry Holding Company. Meanwhile, Tabreed will repurchase
AED854mn MCB at an aggregate cost of AED1bn. (DFM)
 Emirates NBD: Dubai property outlook better than forecasts
– According to a report released by Emirates NBD, the outlook
for Dubai’s property market may not be as bearish as forecasted
by the industry analysts. As per the report, a majority of
householders are expecting a rise in rents and house prices in
Dubai. The report said that the momentum in Dubai’s non-oil
sector has slowed down in April 2015, although the emirate’s
real estate market remained stable. The Emirates NBD Dubai
Business Activity Index posted a score of 57.2 in April 2015,
down from the index’s March 2015 score of 60.6 – where a

5. Page 5 of 6
score above 50 implies an expansion in economic activity.
(GulfBase.com)
 GS Energy to acquire stake in Abu Dhabi oil concession –
South Korea's GS Energy has agreed to acquire a 3% stake in a
new 40-year onshore oil concession in Abu Dhabi for a
purchase consideration of $676mn. Moreover, the stake in the
Abu Dhabi Company for Onshore Oil Operations (ADCO)
concession would provide South Korea with its biggest oil asset
of 800mn barrels. (Reuters)
 UFC invites three lenders for M&A bids – United Finance
Company (UFC) has invited National Bank of Oman (NBO),
Bank Nizwa and Al Omaniya Financial Services to participate in
the M&A bidding process. Earlier, UFC had received an offer
from NBO in April 2015 to buy the company. However, the offer
appeared to challenge a proposed merger between UFC and
Bank Nizwa, which was already under discussion. (Reuters)
 OHTC acquires land for hotel project – Oman Hotels &
Tourism Company (OHTC) has acquired a 3,044 square meter
plot of land in Al Khuwair area in order to construct a hotel. The
transaction is valued at OMR2.06mn. (MSM)
 MIC partners with Muscat Finance – Muscat Insurance
Company (MIC) has partnered with Muscat Finance for the
distribution of its general insurance products, through its branch
network. (GulfBase.com)
 Ominvest calls shareholders to approve merger – Oman
International Development & Investment Company (Ominvest)
has invited its shareholders to consider and approve the
proposed merger of Oman National Investment Corporation
Holding (ONICH) into Ominvest. Shareholders are also required
to consider approving the increase in the authorized capital of
Ominvest to OMR90mn from OMR50mn. Further, shareholders’
approval is also needed to increase issued capital to
OMR55.29mn from OMR37.04mn by allocating increased
shares to ONICH shareholders proportionately as part of the
merger, and amending Ominvest’s Articles of Association
accordingly. (MSM)
 NMWC seeks shareholders’ approval to sell land – National
Mineral Water Company (NMWC) has invited its shareholders to
consider and approve the proposed sale of a residential
commercial land owned by NMWC. (MSM)
 AKPC appoints new CEO – GDF Suez has appointed Yaqoub
Harbi Salem al Harthi as the first Omani CEO for Al Kamil Power
Company (AKPC). (GulfBase.com)
 Nama Group invests OMR363mn to develop network –
Nama Group has invested OMR363mn toward the development
of its network in 2014. The company has launched an effective
capital investment program to further enhance its existing
network, in addition to developing new networks to cater to the
economic development of the country. Meanwhile, the capital
delivery program will be financed by retained earnings and
through Project Lamar, which was launched in 2014 with Bank
Muscat/JP Morgan to raise OMR800mn. The company recorded
an increase in its customer base in 2014, which contributed to a
11% growth in unit sales. (GulfBase.com)
 BisB net profit rises 23% YoY to BHD3.1mn in 1Q2015 –
Bahrain Islamic Bank (BisB) reported BHD3.1mn net profit for
1Q2015, reflecting an increase of 23% YoY. The bank’s total
income stood at BHD9.7mn in 1Q2015 as compared to
BHD10.6mn in 1Q2014, while the total expenses stood at
BHD4.8mn, which is 10% less than BHD5.4mn worth total
expenses in 1Q2014. The bank’s total asset as of March 31,
2015 stood at BHD862.1mn as against BHD875.2mn at the end
of December 31, 2014. Further, EPS stood at 3.29 fils per share
in 1Q2015 as compared to 2.68 fils per share in 1Q2014.
Meanwhile, BisB’s board of directors has also decided to set
aside provisions worth BHD1.8mn during 1Q2015 as compared
to BHD2.7mn in 1Q2014. (Bahrain Bourse)
 GFH wins $90.64mn legal case against ex-Chairman – Gulf
Finance House (GFH) announced that the Bahrain Chamber for
Dispute Resolution (BCDR) has issued its verdict in favor of the
GFH on a legal case against two of its ex-Chairman. The verdict
amounted to $90.64mn plus a 5% annual interest effective
March 13, 2014 until the date of final settlement. This is
expected to positively impact GFH’s financial results, subject to
the full enforcement of the count’s verdict, which is currently
appealable before the Court of Cassation. (Bahrain Bourse)

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is
not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
0.5%
1.0%
(0.0%)
0.3%
(0.1%)
0.4%
0.3%
(0.4%)
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,215.67 1.8 2.3 2.6 MSCI World Index 1,789.97 0.3 (0.3) 4.7
Silver/Ounce 17.13 3.5 4.0 9.1 DJ Industrial 18,060.49 (0.0) (0.7) 1.3
Crude Oil (Brent)/Barrel (FM
Future)
66.81 (0.1) 2.2 16.5 S&P 500 2,098.48 (0.0) (0.8) 1.9
Crude Oil (WTI)/Barrel (FM
Future)
60.50 (0.4) 1.9 13.6 NASDAQ 100 4,981.69 0.1 (0.4) 5.2
Natural Gas (Henry
Hub)/MMBtu
2.86 0.2 3.4 (4.4) STOXX 600 395.46 1.0 0.1 8.5
LPG Propane (Arab Gulf)/Ton 50.50 (1.5) 2.3 3.1 DAX 11,351.46 0.1 (1.8) 8.3
LPG Butane (Arab Gulf)/Ton 59.50 (0.8) 1.7 (5.2) FTSE 100 6,949.63 0.5 0.5 7.0
Euro 1.14 1.3 1.4 (6.1) CAC 40 4,961.86 0.9 (1.2) 9.1
Yen 119.15 (0.6) (0.5) (0.5) Nikkei 19,764.72 1.3 2.5 13.6
GBP 1.57 0.5 1.9 1.1 MSCI EM 1,033.88 0.5 (0.1) 8.1
CHF 1.09 1.4 1.5 8.5 SHANGHAI SE Composite 4,375.76 (0.5) 4.2 35.4
AUD 0.81 1.7 2.3 (0.8) HANG SENG 27,249.28 (0.6) (1.2) 15.5
USD Index 93.62 (1.0) (1.2) 3.7 BSE SENSEX 27,251.10 1.9 0.2 (2.0)
RUB 49.32 (1.3) (3.1) (18.8) Bovespa 56,372.04 (0.6) (2.3) (1.2)
BRL 0.33 (0.7) (2.1) (12.8) RTS 1,082.21 1.1 2.1 36.9
177.7
143.1
129.2