1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.5% to close at 12,049.9. Gains were led by the Real
Estate and Industrials indices, rising 0.8% and 0.6%, respectively. Top gainers
were Qatari Investors Group and Qatar Oman Investment Co., rising 3.0% and
1.8%, respectively. Among the top losers, Commercial Bank of Qatar fell 2.8%,
while Qatar General Insurance & Reinsurance Co. was down 2.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.4% to close at 9,614.6. Gains were led
by the Transport and Petrochemical Industries indices, rising 3.3% and 1.2%,
respectively. Ash-Sharqiyah Develop. rose 6.7%, while Sipchem was up 5.0%.
Dubai: The DFM Index declined 1.1% to close at 4,088.1. The Real Estate &
Const. index fell 2.1%, while the Financial & Inv. Services index declined 1.1%.
Gulfa Mineral Water & Process. Ind. fell 9.9%, while Arabtec was down 3.7%.
Abu Dhabi: The ADX benchmark index fell 1.6% to close at 4,631.8. The Real
Estate index declined 2.9%, while the Banks index fell 2.0%. Sharjah Cement
& Indust. Dev. declined 7.3%, while Ras Al Khaimah Cement was down 5.6%.
Kuwait: The KSE Index rose 0.4% to close at 6,331.3. The Basic Material
index gained 2.4%, while the Insurance index rose 1.5%. Gulf Insurance
Group and Kuwait Foundry Co. were up 9.1% each.
Oman: The MSM Index rose 0.1% to close at 6,360.3. Gains were led by the
Industrial and Services indices, rising 0.6% and 0.1%, respectively. Voltamp
Energy gained 2.9%, while Oman Cables Industry was up 2.6%.
Bahrain: The BHB Index declined 0.2% to close at 1,397.8. The Investment
index fell 0.4%, while the Commercial Bank index declined 0.2%. United Gulf
Investment plunged 24.8%, while Bahrain Duty Free Complex was down 3.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 48.00 3.0 295.7 15.9
Qatar Oman Investment Co. 15.40 1.8 623.5 0.0
Medicare Group 167.70 1.6 49.6 43.3
Qatar German Co for Medical Dev. 13.80 1.5 785.2 36.0
Qatar Electricity & Water Co. 204.00 1.5 31.7 8.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 17.01 0.8 1,760.4 14.0
Barwa Real Estate Co. 49.45 1.0 1,038.7 18.0
Vodafone Qatar 17.19 (0.6) 839.6 4.5
Qatar German Co for Medical Dev. 13.80 1.5 785.2 36.0
Qatar Oman Investment Co. 15.40 1.8 623.5 0.0
Market Indicators 23 Apr 15 22 Apr 15 %Chg.
Value Traded (QR mn) 330.7 414.2 (20.2)
Exch. Market Cap. (QR mn) 646,931.2 644,448.6 0.4
Volume (mn) 8.7 10.3 (15.0)
Number of Transactions 4,737 5,307 (10.7)
Companies Traded 38 39 (2.6)
Market Breadth 23:12 19:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,726.10 0.5 0.6 2.2 N/A
All Share Index 3,219.50 0.4 0.7 2.2 14.8
Banks 3,225.59 0.2 1.0 0.7 14.5
Industrials 3,974.93 0.6 0.5 (1.6) 14.1
Transportation 2,458.62 0.2 1.1 6.0 13.7
Real Estate 2,596.96 0.8 1.3 15.7 14.7
Insurance 4,097.19 0.1 0.0 3.5 18.9
Telecoms 1,323.39 0.2 (1.9) (10.9) 21.6
Consumer 7,219.79 0.3 0.6 4.5 27.2
Al Rayan Islamic Index 4,561.29 0.4 0.9 11.2 16.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.66 6.5 0.1 4.8
Sharjah Islamic Bank Abu Dhabi 1.83 5.8 5.4 4.0
Saudi Int. Petrochem Saudi Arabia 33.76 5.0 1,418.7 27.2
Ajman Bank Dubai 2.43 5.0 165.9 (8.9)
Med. & Gulf Ins. Saudi Arabia 58.42 4.7 1,910.3 16.7
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Bank of Sharjah Abu Dhabi 1.63 (4.1) 26.7 (12.4)
Abu Dhabi Nat. Energy Abu Dhabi 0.75 (3.8) 553.4 (6.3)
First Gulf Bank Abu Dhabi 15.15 (3.8) 3,986.7 2.8
Arabtec Holding Co. Dubai 2.84 (3.7) 21,670.6 (3.1)
Aldar Properties Abu Dhabi 2.76 (3.5) 27,979.1 4.2
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%
Commercial Bank of Qatar 56.50 (2.8) 320.7 (9.3)
Qatar General Insur. & Reins. Co. 56.50 (2.6) 0.5 10.1
Gulf Warehousing Co. 68.40 (2.3) 28.6 21.3
Vodafone Qatar 17.19 (0.6) 839.6 4.5
Islamic Holding Group 115.30 (0.6) 19.3 (7.4)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 49.45 1.0 51,102.1 18.0
QNB Group 193.00 0.9 50,759.1 (9.3)
Ezdan Holding Group 17.01 0.8 29,921.7 14.0
Gulf International Services 86.70 0.6 22,100.5 (10.7)
Masraf Al Rayan 48.85 0.1 19,792.4 10.5
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* 12,049.85 0.5 0.6 2.9 (1.9) 90.85 177,712.0 14.1 1.9 4.2
Dubai 4,088.09 (1.1) 0.2 16.3 8.3 263.51 99,008.4 9.2 1.6 5.2
Abu Dhabi 4,631.75 (1.6) (0.5) 3.7 2.3 80.67 124,983.2 11.6 1.4 4.8
Saudi Arabia 9,614.61 0.4 3.9 9.5 15.4 2,730.65 557,417.5 20.3 2.3 2.8
Kuwait 6,331.33 0.4 0.6 0.8 (3.1) 68.62 96,586.1 17.1 1.1 4.0
Oman 6,360.25 0.1 1.4 2.0 0.3 7.02 24,247.3 10.3 1.4 4.4
Bahrain 1,397.77 (0.2) 0.2 (3.6) (2.0) 1.19 21,856.7 9.2 0.9 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)
11,900
11,950
12,000
12,050
12,100
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index gained 0.5% to close at 12,049.9. The Real
Estate and Industrials 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.
 Qatari Investors Group and Qatar Oman Investment Co. were
the top gainers, rising 3.0% and 1.8%, respectively. Among the
top losers, Commercial Bank of Qatar fell 2.8%, while Qatar
General Insurance & Reinsurance Co. was down 2.6%.
 Volume of shares traded on Thursday fell by 15.0% to 8.7mn
from 10.3mn on Wednesday. However, as compared to the 30-
day moving average of 8.3mn, volume for the day was 5.2%
higher. Ezdan Holding Group and Barwa Real Estate Co. were
the most active stocks, contributing 20.2% and 11.9% 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
Al-Ahsa Development Co. Saudi Arabia SR – – 0.1 NA 2.6 -45.6%
Al Maha Petroleum Products
Marketing Co.
Oman OMR 82.9 1.8% – – 2.5 -1.2%
Al Kamil Power Co. (AKPC) Oman OMR – – – – 0.6 NA
National Biscuit Industries
Limited (NABIL)
Oman OMR 3.0 -1.9% – – 0.2 -5.3%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/23 US Department of Labor Initial Jobless Claims 18-April 295K 287K 294K
04/23 US Department of Labor Continuing Claims 11-April 2,325K 2,290K 22,75K
04/23 US Markit Markit US Manufacturing PMI April 54.2 55.7 55.7
04/23 US BLOOMBERG Bloomberg Consumer Comfort 19-April 45.4 – 46.6
04/23 US Census Bureau New Home Sales March 481K 515K 543K
04/23 US Census Bureau New Home Sales MoM March -11.40% -4.50% 5.60%
04/23 EU Markit Markit Eurozone Manufacturing PMI April 51.9 52.6 52.2
04/23 EU Markit Markit Eurozone Services PMI April 53.7 54.5 54.2
04/23 EU Markit Markit Eurozone Composite PMI April 53.5 54.4 54.0
04/23 France Markit Markit France Manufacturing PMI April 48.4 49.2 48.8
04/23 France Markit Markit France Services PMI April 50.8 52.4 52.4
04/23 France Markit Markit France Composite PMI April 50.2 51.8 51.5
04/23 France INSEE Business Confidence April 96.0 97.0 96.0
04/23 France INSEE Manufacturing Confidence April 101.0 100.0 99.0
04/23 Germany GfK AG GfK Consumer Confidence May 10.1 – 10.0
04/23 Germany Markit BME Germany Manufacturing PMI April 51.9 53.0 52.8
04/23 Germany Markit Markit Germany Services PMI April 54.4 55.5 55.4
04/23 Germany Markit Markit/BME Germany Composite PMI April 54.2 55.6 55.4
04/23 UK ONS Public Finances (PSNCR) March 19.4B – -0.2B
04/23 UK ONS Central Government NCR March 22.2B – 3.5B
04/23 UK ONS Public Sector Net Borrowing March 6.7B 6.5B 4.8B
04/23 UK ONS Retail Sales Ex Auto YoY March 5.00% 5.50% 4.80%
04/23 UK ONS Retail Sales Incl. Auto YoY March 4.20% 5.40% 5.40%
04/23 Spain INE Unemployment Rate 1Q2014 23.78% 23.70% 23.70%
04/24 Spain INE PPI MoM March 0.50% – 0.20%
04/24 Spain INE PPI YoY March -1.20% – -1.60%
04/23 Italy ISTAT Hourly Wages MoM March 0.00% – 0.00%
04/23 Italy ISTAT Hourly Wages YoY March 1.00% – 1.00%
04/23 Italy Banca D'Italia Current Account Balance February 3,594M – 45M
04/23 China Markit HSBC China Manufacturing PMI April 49.2 49.6 49.6
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 59.01% 65.42% (21,196,942.05)
GCC 2.86% 8.41% (18,348,887.08)
Non-Qatari 38.13% 26.17% 39,545,829.13

3. Page 3 of 7
News
Qatar
 GWCS profitability jumps 40% YoY in 1Q2015 – Gulf
Warehousing Company’s (GWCS) posted a net profit of
QR40mn in 1Q2015, in-line with our estimate of QR39mn.
Moreover, total revenues jumped 28% YoY to QR196mn. The
company reported that the Bu Sulba Logistics Hub began site
preparation and mobilized for the execution of the construction
of the SME-centric facility, which is expected to be completed in
1Q2017 while tenders were awarded for the Logistics Village
Qatar (LVQ) Phase 5 expansion. GWCS’ Ras Laffan logistics
hub also continues its expansion, with construction already
begun for its 15,000 square meter warehouse. The expansion is
expected to be completed in January 2016. (Peninsula Qatar)
 MERS reports QR43.1mn net profit in 1Q2015 – Al Meera
Consumer Goods Co. (MERS) reported a net profit of
QR43.1mn in 1Q2015, representing a 10.0% YoY growth (down
34.2% on a QoQ basis). Revenue rose by 11.0% YoY (-0.4%
QoQ) to QR564.1mn. The EPS amounted to QR2.15 in 1Q2015
as compared to QR1.96 in 1Q2014. (QSE)
 ORDS launches disaster recovery facilities – Ooredoo
(ORDS) has launched disaster recovery facilities at its Ooredoo
Data Centres (ODC), which will enable companies to keep their
operations going even in the most serious emergencies. This
state-of-the-art facility is a ready-to-run disaster recovery
service, providing a fully self-sufficient infrastructure with its own
power supply to provide support for more than 48 hours in the
case of any domestic or international network system failure.
(Peninsula Qatar)
 MDPS: Internet use, speed to rise by 2015-end – The Ministry
of Development Planning & Statistics (MDPS) said the use of
the internet in Qatar will increase immensely once the
broadband rollout is finished by 2015-end. As per the targets
mentioned in Qatar’s National Broadband Plan, the entire
population is to have the ability to choose between a minimum
of two broadband retail providers by 2016, irrespective of
location. Also, 95% of the households are to have the ability to
access affordable and high quality broadband service of at least
100 Mbps effective download and 50 Mbps effective upload
speeds by 2016. Further, all businesses, schools, hospitals and
government institutions are to have high quality access to at
least 1 Gbps download and upload speeds by 2016. Moreover,
digital literacy is to be expanded to the entire mainstream
population by 2016. (Peninsula Qatar)
 HSBC: R&D, assembly plants to boost Qatar’s
manufacturing sector – According to Richard J Keery, Head
(Commercial Banking) at HSBC, innovation, research and
development (R&D) as well as investing on local assembly
plants are among the key factors that could help spur further
activity in Qatar’s growing manufacturing industry. According to
Keery, family businesses that have been supporting the trade
industry can now consider the opportunity to establish plants for
local assembly and then distribute these products in the region.
At the same time, he stressed that projects such as the new
Hamad port and the long-distance railway that would connect
Qatar and other GCC countries were crucial infrastructure in
transforming the country into a manufacturing and industrial hub
for the region. Keery stated that the increased activity in the
manufacturing sector would complement Qatar’s mega
infrastructure projects for the 2022 FIFA World Cup and Qatar
National Vision 2030. (Gulf-Times.com)
 DTZ: Inflation rate concern for housing market; hotel
occupancy goes up by 8% – According to a study conducted
by global real estate house DTZ, the 9.5% growth in Qatar’s
population over the last one year has contributed to some new
demand for residential units in certain locations. DTZ said one of
the major concerns in relation to the country’s inflation rate is the
housing market, where rents have gone up due to an
undersupply of accommodations across all income groups. The
real estate house cited concerns about the construction costs
inflation, which could peak at 18% during the 2022 FIFA World
Cup building boom between 2016 and 2019. DTZ also reported
a slow start to the office-leasing market in 1Q2015, with many
Qatari institutions cutting down their budget. Meanwhile, DTZ,
quoting a Qatar Tourism Authority (QTA) report, said the
occupancy rates of Qatar’s hotels went up by 8% YoY in 2014 to
73%. The report also foresees an investment close to $45bn in
private and public sectors in the coming years to boost the
hospitality industry. (Gulf-Times.com)
 Constellation Hotels to buy majority stake in London hotel
group – Qatar’s Constellation Hotels Group has agreed to buy a
64% stake in the company that owns London’s Claridges hotel
from billionaire brothers David and Frederick Barclay. The deal
ends a four-year battle for control of Coroin, the luxury hotel
group that also includes The Berkeley and The Connaught.
Constellation Hotels has been buying European luxury hotels as
demand for group travel recovers and construction remains low
in the industry. (Gulf-Times.com)
 Doha Festival City to house world-class entertainment
facilities – Bawabat Al-Shamal Real Estate Company’s
(Basrec) CEO, Kareem Shamma said Doha Festival City will be
home to world-class and unique entertainment attractions that
will cater to the growing demand for leisure, amusement and
recreational activities in the region. Out of the total 433,000
square meter (sq mt) area occupied by the QR6.5bn project, the
Entertainment Zone will be developed on a 38,000 sq mt lot that
would include a family entertainment complex, dining and food
court outlets, and a 4D cinema complex. Basrec is the owner
and developer of Doha Festival City. (Gulf-Times.com)
 Qatar ranks seventh globally in business resilience –
According to the 2015 FM Global Resilience Index report, Qatar
is ranked seventh globally for business resilience, the highest
among the Middle East countries. While Qatar moved up eight
places, Norway has retained its top position in the index. The
report stated that Qatar benefits from its macroeconomic
stability, efficient goods and labor markets and high degree of
security. The country owes its rise of eight places to a
considerable improvement in commitment to fire risk
management in the region. (Gulf-Times.com)
 Kenya takes Qatar help for Yuan center – Kenya is finalizing
laws to make it easier for foreign banks to operate in the
country, and wants to host a Chinese currency clearing center,
replicating Qatar’s model, as it bids to become a regional
financial hub. Kenya signed a deal with Qatar’s government in
April 2015 outlining the State’s support for Kenya’s plans to build
a financial center in Nairobi, mirroring Doha’s international
financial center. Experts involved in Doha’s development would
help Kenya establish policies and laws to allow international
banks to operate more easily. (Peninsula Qatar)
International
 Markit: US factory activity growth slows in April – According
to an industry report, growth in the US manufacturing sector
dipped more than expected in April, with factory activity showing
the slowest momentum since January. Financial data firm Markit
said its preliminary US Manufacturing Purchasing Managers'
Index (PMI) fell to 54.2 in April from the final March read of 55.7.
Reuters had forecast the April figure would come in at 55.5. The

4. Page 4 of 7
index's flash output component fell from the final March read of
58.8 to 55.4, which was also the weakest since January. The
flash reading of the index measuring new orders also weakened
in April, coming in at 55.4, compared with March's reading of
57.2. Markit said employment growth also weakened in April
from March, though the drop was more modest. (Reuters)
 White House: No US–Japan trade breakthrough expected
during Abe visit – The White House dashed hopes of a
breakthrough on US–Japan trade when President Barack
Obama and Prime Minister Shinzo Abe meet in Washington next
week, further delaying a major 12-nation Pacific trade pact. A
deal between Japan and the US is vital to clinching a Trans-
Pacific Partnership (TPP) pact, as their economies account for
80% of the group. Obama also sees the TPP, which would cover
a third of world trade, as an important counterweight to China's
growing clout in the region. Obama's deputy national security
adviser Caroline Atkinson said substantial progress had been
made in intense, high-level negotiations in Tokyo this week but
more work was needed, especially on the thorny issues of autos
and agriculture. (Reuters)
 China to increase policy support for cooling economy – A
senior official at the country's top economic planner said China
will do more to bolster its cooling economy as its policymakers
still have room to increase support. Li Yangzhe, the head of the
economic operation office at the National Development and
Reform Commission (NDRC), said China is confident it can
keep its economic growth at a reasonable level. The economy
expanded at a six-year low of 7% in 1Q2015. (Reuters)
Regional
 QNBK: GCC expected to grow by 3.4% in 2015 despite
lower oil – According to a report by QNB Group (QNBK), the
GCC region is likely to be insulated from the fall in oil prices as
most governments have made significant savings during the last
oil boom. Further, in some GCC countries, like Qatar and the
UAE, growth is mainly driven by large investments in the non-
hydrocarbon sector. Also, GCC countries have low levels of
public debt, which allow them to borrow cheaply to finance any
short-term deficits in their budgets. As a result, the GCC is
expected to grow by 3.4% in 2015 despite lower oil prices. (Gulf-
Times.com)
 ADCB: Value of projects awarded across GCC increased
9.9% QoQ in 1Q2015 – According to data published by Abu
Dhabi Commercial Bank (ADCB), the value of projects awarded
across the GCC region increased 9.9% QoQ in 1Q2015 with the
growth coming mostly from Qatar and Kuwait. The value of GCC
projects awarded rose to the highest level in 1Q2015 since
2Q2014. But the increase was limited to Qatar and Kuwait
posting 287% and 72% increase in project awards, respectively.
All other GCC countries saw quarterly falls in the value of
projects awarded, with Oman (-43.3%) and the UAE (-35.6%)
seeing the largest drops, to below their two-year averages in
both cases. Saudi Arabia saw a stronger execution level, with
72.7% of all planned projects being awarded. Although Qatar
and Kuwait witnessed strong growth in the value of projects
awarded both countries saw a fall in the number of projects,
indicating a focus on big-ticket projects. (GulfBase.com)
 Saudi Ceramic seeks shareholders’ nod for capital increase
– Saudi Ceramic Company has invited its shareholders to
consider and approve the recommendation to increase the
company’s capital from SR375,000 to SR500,000, through the
issue of 1 bonus share for every 3 shares owned. The increase
will be done through the capitalization of SR125,000mn from
retained earnings. This move is in line with the company’s plan
to complement the expansion of its business and to assure the
strength of its financial position. Shareholders registered with
the Securities Depository Center (Tadawul) at the close of
trading on the extraordinary general assembly day on April 27,
2015 will be entitled to receive bonus shares. (Tadawul)
 Al Hammadi announces use of IPO proceeds – Al Hammadi
Development & Investment Co. has announced the
development of use of proceeds of its IPO that took place in
June 2014. The gross proceeds amounted to SR630mn and net
of SR605.3mn after deducting the IPO costs of SR24.7m. The
total proceeds used as of March 31, 2015 are SR293.8mn for
Al-Hammadi Hospital Al-Nuzha branch (Al-Nuzha Branch) out of
which SR158.3mn was used for early settlement of loans used
for Al-Nuzha Branch including SR55.5mn as mentioned in the
prospectus. On April 15, 2015, the company’s shareholders
approved a revised plan to increase Al-Nuzha Branch planned
capacity from 428 beds to 600 beds with an estimated cost of
SR20mn, subject to obtaining regulatory approvals. As per the
prospectus, the revised plan will postpone the expected
completion and soft-opening date from 3Q2015 to 1Q2016.
(Tadawul)
 Mobily board approves dividend freeze for 1Q2015,
appoints MD – Etihad Etisalat Company’s (Mobily) board of
directors has recommended not to distribute cash dividend for
1Q2015. Mobily’s board will assess the feasibility of distributing
dividends in the coming quarters, in light of the company’s goals
and investors’ aspirations. Meanwhile, the company’s BoD has
approved the appointment of Khalifa Hassan Al Shamsi as
Managing Director (MD) of Mobily, effective April 22, 2015.
(Tadawul)
 Dallah Healthcare announces use of IPO proceeds – Dallah
Healthcare Holding has announced the development of use of
proceeds of its IPO that happened in November 2012. The
gross proceeds amounted to SR539.6mn and net of SR513.1mn
after deducting the IPO costs of SR26.5mn. The company paid
a total amount of SR38mn representing the acquisition price of
Pharmaceuticals, Herbal and Cosmetics factory, as well as paid
SR35.5mn for the subscription in Dr. Mohamed Alfaqeeh
Company, targeting to set up a hospital in east Riyadh.
Moreover, Dallah Healthcare spent SR133.8mn against buying
of land in west Riyadh area and paid SR24.9mn for engineering
works, land survey and excavation digging and designs.
(Tadawul)
 Al Tanmiya decides to scale down production – Al Tanmiya
Company for Steel (owned 51% by Astra Industrial Group) has
decided to shut down its production due to the decline in local
demand for steel along with intense competition from imported
steel in addition to the decline in steel prices locally and globally.
The company will continue selling its finished goods inventory
that is approximately 46,000 tons of Rebar. This move will
reduce part of the operating expenses, manpower costs and the
level of the spending in general. (Tadawul)
 Saudi Cable inks deals to restructure debts – Saudi Cable
Company has signed agreements with its three major creditors
to reschedule SR640mn worth of debts over a period of not
more than eight years. The company expects to reach similar
agreements with the rest of its creditor banks before the end of
2Q2015. Saudi Cable feels that there will be no financial or legal
impact on the company. (Tadawul)
 SAMAPCO completes periodic prescheduled maintenance
for plants – Saudi Arabian Mining Company (Ma’aden) has
announced the completion of 22 days periodic prescheduled
maintenance of the plant production units of its affiliate, Sahara
and Ma’aden Petrochemical Company (SAMAPCO). SAMAPCO

5. Page 5 of 7
is equally owned by Ma’aden and Sahara Petrochemicals
Company. (Tadawul)
 Mubadara signs JV agreement with GREW to set up $100mn
industrial plant – Mubadara Group and Ireland’s GREW
Energy Green Technology (GREW) have entered into a joint
venture (JV) agreement to establish a $100mn industrial plant in
Riyadh. The JV will initially generate annual revenues of around
$10mn, with a potential to grow substantially over the next two
years. (GulfBase.com)
 TechSci Research: KSA to see big growth in solar power –
According to the ‘Saudi Arabia Solar Power Market Forecast &
Opportunities 2020’ report released by TechSci Research, the
increasing government focus on renewable energy program
coupled with rising power demand will drive Saudi Arabia's solar
power market to experience robust growth rate through 2020.
According to the BP Statistical Review of World Energy 2014,
Saudi Arabia was the largest producer of crude oil in the world
and the country consumes a large amount of crude oil for
electricity production. As a result of increasing domestic
consumption of crude oil for power generation, the Saudi
government is increasing its focus to explore alternate sources
for power generation. (GulfBase.com)
 ICD, Cote d’Ivoire sign agreement to set up Sukuk program
– HE The Minister to the Prime Minister in charge of Economy &
Finance of the Republic of Cote d’Ivoire, Madame Nialé KABA
and CEO of the Islamic Corporation for the Development of the
Private Sector (ICD), the private sector arm of the Islamic
Development Bank Group (IDB), have signed an agreement to
set up a Sukuk program in an aggregate principal amount of
CFA300bn. This program will be implemented during the 2015-
2020 period for financing developmental projects and will be
executed in two equal phases of CFA150bn. (GulfBase.com)
 IPIC appoints new MD – The UAE Minister of Energy, Suhail
Mohammed al-Mazrouei has been appointed as the new
Managing Director of Abu Dhabi investment fund, International
Petroleum Investment Company (IPIC) in a reshuffle of the
board. (GulfBase.com)
 CBD reports AED295mn net profit in 1Q2015 – Commercial
Bank of Dubai (CBD) reported a net profit of AED295mn in
1Q2015, reflecting an increase of 3.6% YoY. The bank’s
operating profit in 1Q2015 increased by 6.3% YoY to
AED389.2mn. Operating income was 9.7% higher at
AED581.1mn in 1Q2015 as compared to AED529.7mn in
1Q2014. CBD’s total assets stood at AED48.7bn at the end of
March 31, 2015. Loans & advances reached AED33.8bn, while
customer deposits stood at AED34.7bn. CBD’s capital adequacy
and Tier 1 capital ratios were at 18.17% and 16.96%,
respectively. EPS amounted to AED0.11 in 1Q2015 as
compared to AED0.10 in 1Q2014. (DFM)
 DP World eyes long-term dollar bonds issue – According to
sources, DP World may issue long term dollar-denominated
bonds and could announce plans to market the deal to fixed-
income investors as soon as next week. The firm could raise
between $750mn and $1bn from the bond, depending on
investor appetite and the interest rate the company would have
to pay to borrow the money. Reportedly, the banks arranging the
deal were Citigroup, Deutsche Bank, Emirates NBD, HSBC,
National Bank of Abu Dhabi and Societe Generale, with the
caveat that the group could change prior to the announcement
of the deal, with potentially more lenders added. (Reuters)
 UAE banks lend support to Dubai’s diamond trade
ambitions – Emirates NBD, Mashreq and National Bank of
Fujairah have backed Dubai’s ambition to become a global
diamond trading center. The three UAE banks pledged to
support the emirate’s growing diamond business at a
conference in Dubai, with a multibillion dirham commitment to
facilitate the purchase and sale of diamonds. (GulfBase.com)
 SKAI signs second management agreement with Viceroy –
Dubai-based SKAI is planning to upgrade its upper upscale
property in Dubai's Jumeirah Village Circle to a five-star luxury
property and rebrand it Viceroy Dubai Jumeirah Village following
the signing of Viceroy Hotel Group as its hotel operator. SKAI
had launched the upper upscale four-star suites in May 2014,
and will now upgrade the AED1.28bn tower, putting it on track to
become the first five-star property in a five-kilometer radius. The
signing of Viceroy Hotel Group marks the operator’s second
venture with SKAI alongside sister property, Viceroy Dubai Palm
Jumeirah. The construction on the 60-storey tower is already
underway with the hotel scheduled for operation in 2018. The
upgradation to a five-star hotel comes at no additional cost to
buyers and will add significant value to stakeholders.
(GulfBase.com)
 Abraaj, IDB & IIC to promote development of private equity
in Latin America – The Inter-American Development Bank
(IDB) and the Inter-American Investment Corporation (IIC), a
member of the IDB Group have signed a MoU with Abraaj
Group. Under the terms of the MoU, the partners aim specifically
to promote private sector development and investment in Latin
America and the Caribbean. The IDB, IIC and Abraaj will
develop both financing and knowledge products as partnership
opportunities, aiming to expand the regional private equity
industry. (Company Press Release)
 NBF net profit surges 29.6% YoY in 1Q2015 – National Bank
of Fujairah (NBF) reported a net profit of AED149.5mn in
1Q2015, indicating a growth of 29.6% YoY. The bank’s
operating profit was AED188.3mn as compared to AED151.5mn
in 1Q2014, representing an increase of 24.3%. NBF’s total
assets stood at AED26.53bn at the end of March 31, 2015.
Loans & advances of AED17.7bn increased by 8.5% YTD, and
were up by 20.9% YoY. Net impairment losses were
AED38.8mn as compared to AED36.2mn in 1Q2014. Customer
deposits of AED18.5bn rose 2.9% YTD, and were up by 16.1%
YoY. EPS amounted to AED0.11 in 1Q2015 as compared to
AED0.08 in 1Q2014. (ADX)
 SIB reports AED106.9mn net profit in 1Q2015 – Sharjah
Islamic Bank (SIB) reported a net profit of AED106.9mn in
1Q2015 as compared to AED110mn in 1Q2014, representing a
decrease of 2.9%. The bank’s net operating income reached
AED141.48mn. SIB’s total assets stood at AED27.39bn at the
end of March 31, 2015 as compared to AED26bn at the end of
December 31, 2014. Customer deposits reached AED15.24bn
at the end of 1Q2015. EPS amounted to AED0.04 in 1Q2015
versus AED0.05 in 1Q2014. (ADX)
 RAKBANK reports AED362.2mn net profit in 1Q2015 – The
National Bank of Ras Al-Khaimah (RAKBANK) posted a net
profit of AED362.2mn in 1Q2015, reflecting a growth of 8.3%
YoY. The bank’s total operating income for 1Q2015 was up
13.1% at AED932.3mn. Total assets stood at AED41bn at the
end of March 31, 2015. Loan & advances reached AED26.7bn,
while customer deposits stood at AED29.9bn. RAKBANK’s
capital adequacy ratio as per Basel II requirement at the end of
1Q2015 was 24.2%. EPS stood at AED0.22 in 1Q2015 versus
AED0.20 in 1Q2014. (ADX)
 SCAD: Abu Dhabi prices up 0.8% in March 2015 – According
to data released by the Statistics Centre Abu Dhabi (SCAD),
Abu Dhabi’s prices had risen 0.8% MoM in March 2015. Rent

6. Page 6 of 7
increases were the highest for the lowest earners in the city, at
16.8% YoY. (GulfBase.com)
 Masdar City begins construction on residential complex –
Masdar City announced that construction work has begun on a
residential complex that advances the city’s aim to be a leading
hub of innovation where people live, work, learn and play. The
complex will have access to a gym, retail facilities and other
amenities, as well as pedestrian-friendly walkways connected to
the heart of Masdar City. (GulfBase.com)
 AKPC to extend PPA with OPWP – Al Kamil Power
Company’s (AKPC) board have taken note of the status of the
final proposal of the terms and conditions for extending the
power purchase agreement (PPA) with Oman Power & Water
Procurement Company (OPWP) up to the end of 2020. AKPC
will remain actively and constructively engaged in this process
with a view toward extending its PPA in a manner, which is
beneficial to all stakeholders. (MSM)
 Stanchart mulls sale of Oman retail unit – According to
sources, Standard Chartered (Stanchart) is seeking to sell its
retail banking business in Oman and has shelved its plan to
close its Islamic retail business in Bahrain. The sale in Oman,
where it operates three branches and employs about 100
people, may be offered to local banks. Reportedly, Stanchart
which earns most of its profit in Asia will retain its corporate and
institutional clients in Oman. (Gulf times)
 Meed Projects: Bahrain to award over $44bn development
projects – According to a report by Meed Projects, Bahrain is
set to award more than $44bn worth of development projects in
2015 with major focus on transportation, power and water
sectors. As per the report, overall Bahrain’s project market is
valued at more than $65bn, including planned and underway
projects. Sector-wise, the construction has the lion's share, with
projects valued at $30.4bn; followed by transportation ($10.9bn)
and power & water sector with $6.1bn projects. (GulfBase.com)
 Islamic REITs to be launched on Bahrain Bourse – Bahrain
Bourse CEO Shaikh Khalifa bin Ebrahim Al Khalifa said that
Islamic real estate investment trusts (REITs) will be launched on
the bourse in May 2015. Bahrain is also planning to launch
Bahrain Investment Market by the end of 2Q2015, an alternative
market geared toward bridging the financing channels for small
and growing businesses. (GulfBase.com)

7. 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
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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
0.4% 0.5% 0.4%
(0.2%)
0.1%
(1.6%)
(1.1%)
(2.0%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,179.44 (1.2) (2.1) (0.5) MSCI World Index 1,799.86 0.4 1.7 5.3
Silver/Ounce 15.74 (0.7) (3.3) 0.2 DJ Industrial 18,080.14 0.1 1.4 1.4
Crude Oil (Brent)/Barrel (FM
Future)
65.28 0.7 2.9 13.9 S&P 500 2,117.69 0.2 1.8 2.9
Crude Oil (WTI)/Barrel (FM
Future)
57.15 (1.0) 2.5 7.3 NASDAQ 100 5,092.09 0.7 3.2 7.5
Natural Gas (Henry
Hub)/MMBtu
2.56 0.3 (2.9) (14.5) STOXX 600 408.42 0.6 1.9 6.9
LPG Propane (Arab Gulf)/Ton 57.00 0.9 (0.4) 16.3 DAX 11,810.85 1.0 1.7 7.5
LPG Butane (Arab Gulf)/Ton 67.75 1.1 0.0 3.4 FTSE 100 7,070.70 1.0 2.6 4.8
Euro 1.09 0.5 0.6 (10.1) CAC 40 5,201.45 0.7 1.8 9.2
Yen 118.99 (0.5) 0.1 (0.7) Nikkei 20,020.04 (0.3) 1.8 15.1
GBP 1.52 0.9 1.5 (2.5) MSCI EM 1,060.50 0.6 1.7 10.9
CHF 1.05 0.1 (0.2) 4.2 SHANGHAI SE Composite 4,393.69 (0.4) 2.5 36.1
AUD 0.78 0.6 0.5 (4.3) HANG SENG 28,060.98 0.8 1.5 18.9
USD Index 96.92 (0.4) (0.6) 7.4 BSE SENSEX 27,437.94 (1.8) (5.3) (0.9)
RUB 50.87 0.1 (2.1) (16.2) Bovespa 56,594.22 1.9 8.4 0.9
BRL 0.34 0.7 3.0 (10.2) RTS 1,037.52 0.9 3.9 31.2
173.2
142.1
128.6