1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 11,777.9. Losses were led by the
Industrials and Insurance indices, falling 0.9% and 0.6%, respectively. Top
losers were Qatar Cinema & Film Distribution Co. and Gulf International
Services, falling 6.7% and 3.1%, respectively. Among the top gainers Medicare
Group rose 2.3%, while Barwa Real Estate Co. was up 0.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 8,966.3. Losses were led
by the Real Estate Dev. and Petrochemical Ind. indices, falling 4.3% and 1.1%,
respectively. Jabal Omar fell 5.6%, while Petro Rabigh was down 5.0%.
Dubai: The DFM Index gained 1.4% to close at 3,829.0. The Industrial index
surged 14.9%, while the Financial & Investment Services index rose 3.9%.
National Cement and United Kaipara Dairies were up 14.9% each.
Abu Dhabi: The ADX benchmark index rose marginally to close at 4,591.3.
The Real Estate index gained 1.4%, while the Construction index rose
marginally. Sudan Telecom. rose 8.1%, while Eshraq Properties was up 5.9%.
Kuwait: The KSE Index gained 0.1% to close at 6,282.5. The
Telecommunication index rose 1.8%, while the Basic Material index was up
1.0%. Kuwait Finance & Inv. rose 7.6%, while Al-Safat Energy was up 5.9%.
Oman: The MSM Index fell 0.4% to close at 6,242.3. Losses were led by the
Industrial and Services indices, falling 0.5% and 0.3%, respectively. Computer
Stationery Industry and Port Services Corporation were down 6.8% each.
Bahrain: The BHB Index declined 0.5% to close at 1,434.1. The Insurance
index fell 2.6%, while the Investment index declined 1.4%. Al Baraka Banking
Group fell 9.8%, while Arab Insurance Group was down 9.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Medicare Group 150.40 2.3 45.6 28.5
Barwa Real Estate Co. 46.90 0.9 578.0 11.9
Qatar Islamic Bank 101.30 0.8 58.2 (0.9)
Salam International Investment Co. 13.16 0.5 147.6 (17.0)
Qatar Gas Transport Co. 22.55 0.4 77.7 (2.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 83.50 (3.1) 2,250.3 (14.0)
Vodafone Qatar 17.53 (1.5) 1,127.7 6.6
Barwa Real Estate Co. 46.90 0.9 578.0 11.9
Ezdan Holding Group 16.65 (0.4) 574.8 11.6
Commercial Bank of Qatar 56.40 (0.4) 400.6 (9.4)
Market Indicators 14 Apr 15 13 Apr 15 %Chg.
Value Traded (QR mn) 383.7 491.6 (21.9)
Exch. Market Cap. (QR mn) 633,842.7 636,049.5 (0.3)
Volume (mn) 7.1 9.8 (27.6)
Number of Transactions 4,518 5,790 (22.0)
Companies Traded 38 40 (5.0)
Market Breadth 11:25 4:34 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,301.95 (0.4) (1.8) (0.1) N/A
All Share Index 3,145.64 (0.4) (1.6) (0.2) 14.3
Banks 3,162.90 (0.2) (1.0) (1.3) 14.4
Industrials 3,845.80 (0.9) (3.4) (4.8) 13.0
Transportation 2,407.05 (0.3) (1.2) 3.8 13.6
Real Estate 2,518.75 (0.0) (1.9) 12.2 14.3
Insurance 4,049.42 (0.6) (0.1) 2.3 18.8
Telecoms 1,336.22 (0.3) (0.0) (10.1) 21.8
Consumer 7,025.91 (0.4) (0.6) 1.7 27.0
Al Rayan Islamic Index 4,403.94 (0.2) (1.4) 7.4 15.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Emirates NBD Dubai 9.80 5.8 683.6 10.2
Boubyan Petrochem. Kuwait 0.60 5.3 10.5 (7.7)
Dubai Investments Dubai 2.89 5.1 58,046.8 21.4
Comm. Bank of Kuwait Kuwait 0.64 4.9 37.0 1.6
Almarai Co. Saudi Arabia 91.20 3.9 1,195.9 18.9
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Albaraka Banking Bahrain 0.74 (9.8) 104.7 (6.9)
Jabal Omar Deve. Saudi Arabia 73.82 (5.6) 2,419.1 40.6
Petro Rabigh Saudi Arabia 22.32 (5.0) 5,641.6 23.0
National Petrochemical Saudi Arabia 23.83 (4.8) 826.0 8.8
Raysut Cement Co. Oman 1.61 (3.9) 72.2 (3.9)
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 Cinema & Film Distrib. Co. 42.00 (6.7) 0.4 5.0
Gulf International Services 83.50 (3.1) 2,250.3 (14.0)
Qatar National Cement Co. 119.80 (2.6) 38.7 (0.2)
Vodafone Qatar 17.53 (1.5) 1,127.7 6.6
Aamal Co. 16.01 (1.4) 162.1 10.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 83.50 (3.1) 188,951.1 (14.0)
Barwa Real Estate Co. 46.90 0.9 27,109.6 11.9
Commercial Bank of Qatar 56.40 (0.4) 22,581.7 (9.4)
QNB Group 189.70 (0.1) 20,649.0 (10.9)
Vodafone Qatar 17.53 (1.5) 19,945.6 6.6
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* 11,777.91 (0.4) (1.8) 0.6 (4.1) 105.39 174,116.6 13.7 1.8 4.3
Dubai 3,828.99 1.4 2.0 9.0 1.5 169.63 93,184.1 8.8 1.5 5.4
Abu Dhabi 4,591.27 0.0 0.6 2.8 1.4 65.62 124,303.6 11.6 1.4 4.8
Saudi Arabia 8,966.33 (0.8) 0.2 2.1 7.6 1,972.93 520,432.3 17.8 2.1 3.0
Kuwait 6,282.48 0.1 0.1 0.0 (3.9) 77.22 94,996.4 16.9 1.1 4.0
Oman 6,242.26 (0.4) (0.4) 0.1 (1.6) 14.11 24,014.0 10.4 1.4 4.3
Bahrain 1,434.12 (0.5) (0.4) (1.1) 0.5 0.57 22,421.2 9.4 1.0 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)
11,740
11,760
11,780
11,800
11,820
11,840
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 0.4% to close at 11,777.9. The
Industrials and Insurance indices led the losses. The index fell
on the back of selling pressure from GCC and non-Qatari
shareholders despite buying support from Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Gulf International
Services were the top losers, falling 6.7% and 3.1%,
respectively. Among the top gainers Medicare Group rose 2.3%,
while Barwa Real Estate Co. was up 0.9%.
 Volume of shares traded on Tuesday fell by 27.6% to 7.1mn
from 9.8mn on Monday. Further, as compared to the 30-day
moving average of 7.9mn, volume for the day was 10.7% lower.
Gulf International Services and Vodafone Qatar were the most
active stocks, contributing 31.8% and 15.9% 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
Saudi Arabia Fertilizers Co. Saudi Arabia SR – – 583.0 -26.9% 590.0 -30.0%
Saudi Cable Co. (SCC)* Saudi Arabia SR – – -201.5 NA -201.7 NA
Hail Cement Co. (HCC) Saudi Arabia SR – – 38.8 6.8% 37.5 6.8%
Alahli Takaful Co. (ATC) Saudi Arabia SR 24.9 -19.5% – – 13.9 161.3%
Saudi Cement Co. Saudi Arabia SR – – 310.0 2.0% 303.0 5.9%
Saudi Ceramic Co. (SCC) Saudi Arabia SR – – 81.9 -7.4% 84.3 -3.6%
National Marine Dredging
Co. (NMDC)*
Abu Dhabi AED 1,629.2 -36.0% – – 89.5 -56.7%
Al Fajar Al Alamia Co.** Oman OMR 13.8 9.6% – – 1.4 -4.2%
Oman Chromite Co. (OCC) Oman OMR 0.6 34.9% – – 0.2 2.6%
Dhofar Poultry Co. (DPC) Oman OMR 1.7 103.1% – – 0.1 NA
National Hospitality Institute
(NHIS)
Oman OMR 0.2 -19.6% – – 0.0 NA
Taageer Finance Co. Oman OMR – – – – 1.0 13.2%
Oman ORIX Leasing Co.
(OOLC)
Oman OMR 3.8 21.1% – – 1.2 24.3%
Ubar Hotels and Resorts Co. Oman OMR 1.6 -15.0% 0.5 -28.5% 0.4 -34.3%
Al Jazeira Services Co.
(AJSS)
Oman OMR 2.8 17.8% 0.5 24.3% 1.1 3.0%
Source: Company data, DFM, ADX, MSM (*FY2014 results, **9M-FY2014-15 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/14 US Bureau of Labor Stat. PPI Final Demand MoM March 0.20% 0.20% -0.50%
04/14 US Bureau of Labor Stat. PPI Ex Food, Energy, Trade MoM March 0.20% 0.10% 0.00%
04/14 US Bureau of Labor Stat. PPI Final Demand YoY March -0.80% -0.90% -0.60%
04/14 EU Eurostat Industrial Production SA MoM February 1.10% 0.40% -0.30%
04/14 EU Eurostat Industrial Production WDA YoY February 1.60% 0.80% 0.40%
04/14 Germany Destatis Wholesale Price Index MoM March 1.00% – 0.50%
04/14 Germany Destatis Wholesale Price Index YoY March -1.10% – -2.10%
04/14 UK ONS CPI MoM March 0.20% 0.20% 0.30%
04/14 UK ONS CPI YoY March 0.00% 0.00% 0.00%
04/14 UK ONS CPI Core YoY March 1.00% 1.20% 1.20%
04/14 UK ONS Retail Price Index March 257.1 257.4 256.7
04/14 UK ONS RPI MoM March 0.20% 0.30% 0.50%
04/14 UK ONS RPI YoY March 0.90% 1.00% 1.00%
04/14 UK ONS ONS House Price YoY February 7.20% – 8.40%
04/14 Spain INE CPI Core MoM March 0.50% 0.50% 0.00%
04/14 Spain INE CPI Core YoY March 0.20% 0.20% 0.20%
04/14 Italy Banca D'Italia General Government Debt February 2169.2B – 2165.9B
04/14 China National Bureau of Stat. Aggregate Financing CNY March 1,180.0B 1,500.0B 1,353.2B
04/14 China National Bureau of Stat. Foreign Reserves March $3,730.0B $3,820.0B $,3843.0B
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.97% 55.79% 19,886,942.28
GCC 9.47% 12.10% (10,096,946.61)
Non-Qatari 29.57% 32.12% (9,789,995.67)

3. Page 3 of 6
News
Qatar
 Qatar gets region’s first RMB center; QNBK hopes to play a
significant role – QNB Group has given its full support and will
further explore potential opportunities arising from the
establishment of the first Middle East “Clearing Hub” for Chinese
Currency launched in Doha. With the Clearing Hub now
opened, QNB Group hopes to play a significant future role in
assisting Middle Eastern and African clients with respect to their
Renminbi requirements. This is derived from its strong South
East Asian presence and its ability to conduct specialist
business transactions across the areas of currency clearing,
trade finance, asset and wealth management and treasury
services. Commenting on the significance of the new Clearing
Hub initiative with China, Noor Al Noaimi, Acting GM Treasury
said: “As the biggest bank in Qatar, QNB is fully aligned and
supportive of this QCB led initiative. The creation of the first
official Middle East and Africa based Clearing Hub for Renminbi
will serve client needs and place Doha at the heart of Middle
East-China trade. It will provide a significant “East-West”
corridor for those clients and businesses who wish to transact in
RMB currency and do business in one of the largest economies
in the world. As the only Qatari Bank based in China, we believe
that QNB is well placed to commercially benefit from this direct
clearing infrastructure and provide future value and benefit for a
growing number of clients who have an international
perspective. (QNB Group Press Release)
 MEC offers license for large poultry project – The Ministry of
Economy & Commerce (MEC) has announced that it is offering
a license to set up a comprehensive poultry project to produce
40,000 tons of poultry meat and 7,500 tons of eggs annually.
The license is being offered jointly by the MEC’s technical
committee and the Ministry of Environment to encourage private
investment. According to a proposed plan for the first agriculture
and food complex in the country, a space of 5.7 square
kilometer (sq km) has been assigned for the project and its
facilities in Markhiya. These facilities will include a meat-
producing chicken farm (4.5 sq km), an egg-laying farm (1 sq
km), hatching facilities (0.02 sq km), a fodder mill (0.09 sq km)
and a slaughterhouse & food processing facility (0.08 sq km).
The target is to achieve the production capacity within 24
months of implementation. (Gulf-Times.com)
 Qatar invests $4.9bn globally in 2014 – According to CBRE’s
“Middle East In and Out 2015” report, Qatar was the largest
source of Middle Eastern capital in 2014, with $4.9bn invested
globally. Saudi Arabia was the fastest growing source of
outbound Middle Eastern investment with $2.3bn invested.
Middle Eastern buyers invested a total of $14.1bn outside their
home region in 2014, making the region the third largest source
of cross-regional capital globally. Europe remains the preferred
market for Middle Eastern investors, receiving $10.2bn in 2014.
(Peninsula Qatar)
 Qatargas awarded CIPS Standard Certification – Qatargas
Supply Department has successfully achieved the worldwide
Standard Certification given by the Chartered Institute of
Procurement & Supply (CIPS) for its outstanding procurement
policies & procedures. CIPS Corporate Certification is an
independent, procurement-specific process to assess the
efficiency of procurement teams in working toward achieving
organizational goals. (QNA)
 DBIS’ EGM approves capital increase; QCSD deposits
bonus shares – Dlala Brokerage & Investments Holding
Company’s (DBIS) extraordinary general assembly meeting
(EGM) has approved to increase the company’s capital through
the distribution of 28% bonus shares. The EGM approved 6.2mn
bonus shares to bring DBIS’ total number of shares to
28.416mn. With this, DBIS’ new capital stands at QR284.16mn.
Meanwhile, the Qatar Central Securities Depository (QCSD) has
deposited the bonus shares into DBIS shareholders’ accounts.
Shareholders may trade these shares from April 15, 2015
onward. (QSE)
 QIBK participates in syndicated finance to Albaraka Turk
bank – Qatar Islamic Bank (QIBK), along with a group of Gulf-
based banks, has arranged a syndicated Murabaha financing
facility for Albaraka Türk Bank, acting as Initial Mandated Lead
Arrangers (IMLA) underwriting $25mn. The tenor of the facility is
2 years. The total facility is worth $268mn. (QSE)
 Barwa Bank net profit up 41.5% YoY in 2014 – Barwa Bank
reported net profit of QR713mn in 2014, up 41.5% as compared
to 2013. The bank’s total assets grew by 14% YoY to reach
QR38bn, driven mainly by the growth in the bank's financing
portfolio, which rose from QR19.3bn to QR23bn. Customer
deposits stood at QR21.9bn at the end of December 31, 2014
as compared to QR21.2bn in the 2013, representing a 3% YoY
rise. EPS amounted to QR2.40 in 2014. Meanwhile, the board of
directors has recommended a 10% cash dividend to
shareholders. (Zawya)
 CBQK advances 1Q2015 disclosure date – The Commercial
Bank of Qatar (CBQK) has brought forward the disclosure date
of its financial results for 1Q2015 to April 22, 2015 from April 26,
2015. (QSE)
 ZHCD to disclose 1Q2015 results on April 30 – Zad Holding
Company (ZHCD) will announce its financial results for 1Q2015
on April 30, 2015. (QSE)
International
 IMF: Currency shifts support global economic growth – The
International Monetary Fund (IMF) said that recent shifts in
exchange rates should help the global economy, boosting Japan
and Europe in particular, amid increasing divergence in the
growth paths of major economies. The Washington-based
institution kept its global growth forecasts unchanged at 3.5% in
2015, while it raised the estimate for 2016 to 3.8% from earlier
3.7%. The IMF cut its US expansion forecast by 0.5% to 3.1%,
while it increased the growth outlook for Japan to 1% from 0.6%.
The Eurozone is projected to expand 1.5% with the IMF stating
that weakening currencies provide a “welcome boost”. Growth in
the emerging markets is projected to slow to 4.3% from 4.6% in
2014 with India expected to grow more quickly in 2015 than
China for the first time since 1999. IMF predicts India to expand
at a 7.5% and China at 6.8%. Among the other BRICS
economies, Brazil and Russia are forecasted to contract by 1%
and 3.8%, respectively in 2015. (Reuters, Bloomberg)
 WTO cuts world trade growth forecasts for 2015, 2016 – The
World Trade Organization (WTO) said global goods trade will
grow by 3.3% in 2015 and by 4.0% in 2016, less than previously
forecasted, mainly due to sluggish economic growth. Although
the forecasts do suggest some modest growth in world goods
trade, they follow repeated downward revisions as the economic
outlook worsened. The new expectation of 3.3% growth in 2015
– already revised down twice, from 5.3% and then 4.0% – is a
small acceleration as compared to 2.8% trade growth recorded
in 2014, but far below the long-term trend. The WTO added that
the long-standing trend of trade growing about twice as fast as
GDP appears to have broken, making forecasting particularly
difficult. (Reuters)

4. Page 4 of 6
 US retail sales rebound, signals thaw in economic activity –
A report by the US Commerce Department showed that retail
sales increased 0.9% in March, snapping three straight months
of declines and registering the largest gain since March 2014.
Retail sales rose as consumers stepped up purchases of
automobiles and other goods, suggesting a sharp slowdown in
economic growth in the first quarter was temporary. However,
retail sales excluding automobiles, gasoline, building materials
and food services rose 0.3% after dropping 0.2% in February.
Meanwhile, a Labor Department report showed that the
Producer Price Index (PPI) for final demand rose 0.2% in March,
with rising prices for goods accounting for more than half of the
increase. The PPI had declined 0.5% in February. In the 12
months through March, producer prices fell 0.8%, the biggest
YoY decline since the revamped series started in 2009.
(Reuters)
 Eurozone banks see loan demand rising sharply after ECB
boost – The European Central Bank’s (ECB) quarterly Bank
Lending Survey, which polls more than 140 top banks, showed
that Eurozone banks expect the strongest demand for loans in
more than a decade in coming months as the ECB’s bond-
buying program improves funding conditions. A net 39% of
banks – the highest since the ECB started collecting the data in
2003 – foresee stronger demand for loans from companies in
the coming three months, while 29% expected demand to rise
for house purchases. The survey also showed that lending
standards were also gradually being loosened. Among the big
Eurozone countries, Italy saw the biggest improvement, with
25% of its banks loosening lending standards over the last three
months, while 13% eased standards in the Netherlands and 7%
in France. However, many banks said the quantitative easing
was likely to hurt their profits by reducing their margins on loans.
(Reuters)
 UK consumer prices stagnate for second month – Consumer
prices in the UK stagnated for a second month as inflation rate
remained at zero in March 2015. Further, the core rate of
inflation – excluding energy, food, alcohol and tobacco – slowed
to 1%, the lowest since July 2006, whereas retail-price inflation
slowed to 0.9%, the lowest since November 2009. Weak price
growth means there is little pressure on the Bank of England to
raise its key interest rate from a record-low 0.5%. Inflation
averaged 0.1% between January and March 2015, the lowest
quarterly rate since at least 1997. In a separate report, the
Office for National Statistics said UK’s producer prices rose
0.2% MoM in March, but were down 1.7% YoY. Input prices
rose 0.3% MoM and fell 13% YoY. (Bloomberg)
 China's economic growth slows to six-year low in 1Q2015 –
According to data published by the National Bureau of Statistics,
China's economy grew 7.0% YoY in 1Q2015 as expected,
reinforcing bets that policymakers will take more steps to bolster
growth. The economic growth slowed to 1.3% QoQ in 1Q2015
after seasonal adjustments – the slowest rate in six years – as
compared with 1.5% QoQ recorded in 4Q2014. Factory output
climbed 5.6% YoY in March, while fixed-asset investment rose
13.5% YoY. Meanwhile, another data released by the People’s
Bank of China showed that foreign exchange reserves dropped
$113bn to $3.73tn in 1Q2015, registering the third straight
quarterly decline and fueling speculation that the central bank is
selling its holdings to support the Chinese Yuan as money
flowed out of the world’s second-largest economy. Aggregate
financing, China’s broadest measure of credit growth, stood at
CNY1.18tn in March, less than Bloomberg’s median estimate of
CNY1.5tn. (Reuters, Bloomberg)
Regional
 AMF: Arab countries to grow by 3% in 2015 – According to
the Arab Monetary Fund’s (AMF) first edition of “Arab Economic
Outlook” report, Arab countries are expected to grow by 3% in
2015. As per the report, the macroeconomic performance of
Arab countries will be affected by a number of factors in 2015,
including the declining trend of oil prices and the recent internal
developments in some oil-exporting countries. The international
oil prices have declined by 60% in January 2015 over June 2014
prices. Moreover, oil prices remained below $55 per barrel
during 1Q2015. This decline is expected to affect the economic
growth of Arab oil-exporting countries, which contribute around
78% of the total GDP of the Arab economies. In this context, the
AMF expects the economic performance to remain uneven
across the region during 2015. The economic growth for Arab
oil-exporting countries is forecasted to reach 2.9% in 2015 as
compared to 3.7% in 2014. The economies of the GCC region
are expected to be less affected by the recent decline of oil
prices as compared to other Arab oil-exporting countries, due to
the countercyclical fiscal policy adopted in these countries to
mitigate the effect. (GulfBase.com)
 Mideast P&P industry to grow by 5% until 2019 – According
to industry sources participating at the Gulf Print & Pack
exhibition, the Middle East print and packaging (P&P) industry is
expected to register a CAGR of 5% until 2019, to be valued at
$52bn. Latest industry estimates show that the regional growth
forecast will slightly outpace the global growth projection, which
is estimated to be at 4%. In addition, hosting of the Dubai World
Expo 2020 will further drive regional paper industry growth.
(Gulf-Base.com)
 WanderBat: Saudia among top ten carriers – According to a
survey conducted by WanderBat travel site, Saudi Arabian
Airlines (Saudia) has won the 9th position among the top 10
reliable carriers in the world. Saudia has achieved an average
on-time flight arrival and departure rate of 90%, while the
average age of a Saudia aircraft is 10.1 years. As per the
survey, Saudia achieved 87.1% in flight arrivals to win the fifth
position among 215 airlines in this category. Qatar Airways (QA)
won the top position, while Emirates was placed third and Etihad
Airways 15th. (GulfBase.com, Peninsula Qatar)
 Union Properties, Naif Al-Rajhi sign MoU – Union Properties
Real Estate Company has signed a MoU with Naif Al-Rajhi
Investment Company Saudi Arabia, to establish a limited liability
company specialized in real estate investment and development
in the Kingdom. The agreement includes real estate
management, the purchase of residential and commercial
assets, as well as land for the purpose of commercial &
residential development. (GulfBase.com)
 Al Othaim’s EGM approves 17.5% cash dividends, leasing
contracts – Abdullah Al Othaim Markets Company’s (Al
Othaim) extraordinary general assembly meeting (EGM) has
approved cash dividend of 17.5% or SR1.75 per share for
FY2014, totaling SR78.75mn. Shareholders registered at the
close of trading on the day of the EGM will be eligible for
dividend, which will be paid on April 29, 2015 via Al-Rajhi Bank.
Meanwhile, the EGM approved the leasing contracts with
different contract terms, which took place during FY2014
between the company and Al-Othaim Holding Company, totaling
SR745,050. The EGM also approved leasing contracts between
the company and Abdullah Al-Othaim Real Estate Investment &
Development Company and its subsidiaries with a total amount
of SR48.42mn. (Tadawul)
 STC ranks among Global 500 most valuable brands –
According to the Global 500 – 2015 report by Brand Finance,
the Saudi Telecom Company (STC) was once again ranked as

5. Page 5 of 6
one of the 500 most valuable brands in the world. STC is rated
the 240th most valuable brand, around the globe, up by 30
ranks over the previous year. The telecom giant’s brand value
has increased by 14% in 2014 to reach $5.695bn. (Gulf-
Base.com)
 ALJ mulls more acquisitions in renewable energy sector –
Abdul Latif Jameel Company (ALJ), the distributor of Toyota
vehicles in Saudi Arabia will pursue further acquisitions in
renewable energy to support the regional power growth, while
expanding the firm’s market share. ALJ’s strategy is to complete
a power project and sell the underlying assets and cash flow
after a period of five years. The company will then continue to
maintain operational control and use the proceeds from the sale
to fund further expansion. (GulfBase.com)
 KSA to expropriate 749 properties for infrastructure
projects – Arab News reported that the Saudi government is set
to expropriate over 749 properties around the country at a cost
of SR466.4mn for future infrastructure projects. The Ministry of
Municipal & Rural Affairs has already approved the expropriation
of these properties, which are to be mainly used for projects
linked to flood prevention measures, road works and regulating
neighborhoods. (GulfBase.com)
 Bank Aljazira’s net profit surges 42.77% YoY in 1Q2015 –
Bank Aljazira reported SR277mn net profit in 1Q2015, reflecting
an increase of 42.77% YoY. The bank’s total assets grew 14.4%
YoY to SR69.37bn in 1Q2015. Loans & advances reached
SR40.87bn, showing an increase of 11.42% YoY, while
customer deposits stood at SR55.42bn. EPS amounted to
SR0.57 in 1Q2015 versus SR0.4 in 1Q2014. (Tadawul)
 NCB reports SR2.6bn net profit in 1Q2015 – National
Commercial Bank (NCB) reported net profit of SR2.61bn in
1Q2015, showing a rise of 2.77% YoY. The bank’s total assets
grew 7% YoY to SR449.83bn in 1Q2015. Loans & advances
reached SR225.85bn, reflecting an increase of 14.42% YoY,
while customer deposits stood at SR342.13bn. EPS amounted
to SR1.31 in 1Q2015 as against SR1.27 in 1Q2014. (Tadawul)
 AATSC seeks shareholders’ nod on Sukuk – Arabian Aramco
Total Services Company (AATSC) has invited its shareholders
to consider and approve the contracts (Sukuk) worth SR3.67bn
between AATSC and Saudi Aramco Total Refining &
Petrochemical Company (SATORP). (Tadawul)
 Noor Bank mulls Reg S Sukuk issue – Noor Bank may
conduct a benchmark-sized Sukuk issue after setting up a $3bn
Sukuk trust certificates issuance program to be listed on
NASDAQ Dubai. The bank said its Sukuk program had been
arranged by itself as well as Citigroup and Standard Chartered.
Reportedly, Dubai Islamic Bank, Emirates NBD and Sharjah
Islamic Bank will act as bookrunners for the debut Sukuk
transaction. As per the document from lead arrangers, the bank
is planning to meet fixed income investors starting April 17, 2015
ahead of the potential sale of a debut Islamic bond issue.
(Reuters)
 Gulf Cement gets SCA approval to purchase 10% shares –
The Securities & Commodities Authority (SCA) has approved
Gulf Cement Company’s request to buy back 10% of its shares.
(ADX)
 NBK net profit rose 15% YoY in 1Q2015 – National Bank of
Kuwait (NBK) reported a net profit of KD96.52mn in 1Q2015,
reflecting an increase of 15% YoY boosted by income from the
sale of its stake in a Qatari bank. The bank’s net investment
income increased to KD30.2mn in 1Q2015 from KD3.5mn in
1Q2014. NBK’s also witnessed an 8.8% increase in net interest
income to KD106.5mn, which the bank attributed to higher
business volumes. (GulfBase.com)
 KFG mulls KSE delisting – Kuwait's Kout Food Group (KFG) is
seeking to delist from the Kuwait Stock Exchange (KSE)
because of disappointing share price performances and limited
liquidity. KFG’s board said that it would ask shareholders to vote
on the matter. (Reuters)
 Oman Tribune: SEZAD to award EPC contract for seawater
project – Oman Tribune reported that the Special Economic
Zone Authority at Duqm (SEZAD) in Oman is set to award an
engineering procurement and construction (EPC) contract for a
major seawater supply project in Oman. The tenders for the
contract are likely to be issued to pre-qualified companies in
3Q2015. The project is aiming at an output of 120,000 cubic
meters (cu m) per hour with provision to expand in future to
360,000 cu m per hour. The project is expected to begin in
3Q2015 and is scheduled for handover in 2017. (GulfBase.com)
 Bank Muscat reports OMR43.3mn net profit in 1Q2015 –
Bank Muscat reported a net profit of OMR43.3mn in 1Q2015, up
8.9% as compared to OMR39.76mn in 1Q2014. Net interest
income from conventional banking and income from Islamic
financing stood at OMR61.56mn in 1Q2015, showing an
increase of 4.1% as compared to OMR59.15mn 1Q2014. The
bank’s net loans and advances increased by 8.5% to
OMR6.47bn in 1Q2015 as against OMR5.97bn in 1Q2014.
Customer deposits, including CDs, increased by 6.7% to
OMR6.52bn in 1Q2015 as against OMR6.11bn in 1Q2014.
(MSM)
 Al Baraka’s unit completes $268mn syndicated loan facility
– Albaraka Turk Bank, a unit of Bahrain-based Al Baraka
Banking Group, has successfully closed a $268mn syndicated
Murabaha financing facility. ABC Islamic Bank, Emirates NBD
Capital, Kuwait International Bank, Noor Bank and Qatar Islamic
Bank (QIBK), collectively initial mandated lead arrangers and
bookrunners, were appointed to initially arrange a $150mn
facility. The facility is structured as syndicated Murabaha
financing with tenor of two years and three days. (QSE,
GulfBase.com)
 Mumtalakat plans to double key assets – Bahraini sovereign
fund Mumtalakat is planning to double its $6.4bn assets under
management in the next seven years, preferably through
partnerships with global investment firms. The fund currently has
assets worth around BHD2.4bn. Mumtalakat is seeking targets
in Europe and the US, across multiple sectors including logistics
and industrials. (GulfBase.com)

6. Contacts
Saugata Sarkar Ahmed Al-Khoudary Sahbi Kasraoui
Head of Research Head of Sales Trading – Institutional Manager – Head of HNI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6548 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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
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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns;
#
Market closed on April 14, 2015)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
(0.8%)
(0.4%)
0.1%
(0.5%) (0.4%)
0.0%
1.4%
(1.2%)
(0.6%)
0.0%
0.6%
1.2%
1.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,192.76 (0.5) (1.2) 0.7 MSCI World Index 1,779.85 0.4 0.0 4.1
Silver/Ounce 16.18 (0.6) (1.8) 3.0 DJ Industrial 18,036.70 0.3 (0.1) 1.2
Crude Oil (Brent)/Barrel (FM
Future)
58.43 0.9 1.0 1.9 S&P 500 2,095.84 0.2 (0.3) 1.8
Crude Oil (WTI)/Barrel (FM
Future)
53.29 2.7 3.2 0.0 NASDAQ 100 4,977.29 (0.2) (0.4) 5.1
Natural Gas (Henry
Hub)/MMBtu
2.55 (0.3) 0.2 (14.8) STOXX 600 411.70 0.3 0.3 5.9
LPG Propane (Arab Gulf)/Ton 55.13 2.1 3.0 12.5 DAX 12,227.60 (0.2) (0.6) 9.3
LPG Butane (Arab Gulf)/Ton 60.75 1.7 3.0 (3.2) FTSE 100 7,075.26 0.9 0.7 2.2
Euro 1.07 0.8 0.5 (11.9) CAC 40 5,218.06 0.0 0.2 7.6
Yen 119.40 (0.6) (0.7) (0.3) Nikkei 19,908.68 0.8 0.8 14.2
GBP 1.48 0.7 1.0 (5.1) MSCI EM 1,036.77 (0.5) 0.2 8.4
CHF 1.03 0.6 0.7 2.3 SHANGHAI SE Composite 4,135.57 0.4 2.5 27.7
AUD 0.76 0.5 (0.7) (6.7) HANG SENG 27,561.49 (1.6) 1.0 16.8
USD Index 98.73 (0.8) (0.6) 9.4 BSE SENSEX#
29,044.44 0.0 0.3 7.0
RUB 50.95 (2.5) (4.9) (16.1) Bovespa 53,981.92 0.5 (0.4) (7.2)
BRL 0.33 1.9 0.4 (13.5) RTS 1,015.51 1.1 1.6 28.4
169.2
134.7
122.8