Qatar

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.3% to close at 11,944.62. Gains were led by the Consumer Goods &
Services and Transportation indices, gaining 0.8% and 0.7%, respectively. Top gainers
were Al Meera Consumer Goods Co. and Ahli Bank, rising 4.6% and 4.2%, respectively.
Among the top losers, Gulf International Services fell 1.3%, while Ooredoo declined
1.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 9,372.7. Loses were led by the
Transport and Petrochemical Industries indices, falling 1.2% and 0.9%, respectively.
Electrical Industries Co. fell 2.8%, while Bahri was down 2.2%.
Dubai: The DFM Index declined marginally to close at 4,201.2. The Industrial index fell
5.0%, while the Insurance index declined 1.3%. National Cement fell 5.0%, while
SALAMA was down 3.8%.
Abu Dhabi: The ADX benchmark index fell marginally to close at 4,899.8. The Energy
index declined 1.5%, while the Real Estate index fell 1.2%. Arkan Building Materials Co.
declined 4.5%, while Sudan Telecommunication Co. was down 4.0%.
Kuwait: The KSE Index declined 0.2% to close at 6,286.5. The Telecommunication index
fell 1.0%, while the Health Care index declined 0.9%. Specialties Group Holding Co.
declined 10.3%, while Mashaer Holding Co. was down 7.6%.
Oman: The market was closed on July 23, 2015.
Bahrain: The BHB Index gained 0.4% to close at 1,337.0. The Commercial Bank index
rose 0.9%, while the other indices ended red or flat. Ithmaar Bank rose 3.7%, while
National Bank of Bahrain was up 3.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Meera Consumer Goods Co. 273.10 4.6 33.8 36.6
Ahli Bank 47.95 4.2 5.4 (3.4)
United Development Co. 25.10 1.9 334.4 6.4
Doha Insurance Co. 26.20 1.9 18.0 (9.7)
Qatari Investors Group 52.50 1.9 11.5 26.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.09 0.2 609.1 21.2
Doha Bank 53.60 0.2 418.1 (6.0)
United Development Co. 25.10 1.9 334.4 6.4
Masraf Al Rayan 45.60 (0.2) 324.4 3.2
Gulf International Services 73.20 (1.3) 285.5 (24.6)
Market Indicators 23 Jul 15 22 Jul 15 %Chg.
Value Traded (QR mn) 175.4 126.7 38.4
Exch. Market Cap. (QR mn) 6,33,883.2 631,386.1 0.4
Volume (mn) 3.6 2.7 32.5
Number of Transactions 3,297 2,234 47.6
Companies Traded 40 39 2.6
Market Breadth 25:11 9:25 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,566.20 0.3 (0.5) 1.3 N/A
All Share Index 3,200.00 0.4 (0.3) 1.6 13.2
Banks 3,138.36 0.5 (0.5) (2.0) 13.8
Industrials 3,804.24 0.3 (0.6) (5.8) 13.3
Transportation 2,465.49 0.7 (0.4) 6.3 13.4
Real Estate 2,761.56 0.4 (0.0) 23.0 9.2
Insurance 4,880.39 (0.5) 1.0 23.3 23.1
Telecoms 1,137.92 (0.6) (2.5) (23.4) 22.9
Consumer 7,518.79 0.8 1.5 8.9 29.2
Al Rayan Islamic Index 4,678.00 0.6 0.1 14.1 13.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Kuwait Cement Co. Kuwait 0.38 5.6 5.0 (5.0)
Al Meera Cons. Goods Co. Qatar 273.10 4.6 33.8 36.6
Abu Dhabi Nat. Energy Abu Dhabi 0.71 4.4 1,842.3 (11.3)
Ahli Bank Qatar 47.95 4.2 5.4 (3.4)
Ithmaar Bank Bahrain 0.14 3.7 66.6 (12.5)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Dana Gas Abu Dhabi 0.59 (3.3) 10,036.5 18.0
Comm. Bank of Kuwait Kuwait 0.62 (3.1) 2.4 (1.6)
National Shipping Co. Saudi Arabia 50.10 (2.2) 885.3 47.4
Arabtec Holding Co. Dubai 2.49 (2.0) 12,239.9 (10.8)
Advanced Petrochem. Saudi Arabia 56.32 (1.6) 301.6 40.1
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%
Gulf International Services 73.20 (1.3) 285.5 (24.6)
Ooredoo 82.70 (1.1) 43.5 (33.3)
Medicare Group 188.00 (1.1) 0.7 60.7
Qatar Insurance Co. 101.00 (1.0) 86.6 28.2
Qatar German Co for Medical Dev. 16.85 (0.9) 16.8 66.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Doha Bank 53.60 0.2 22,411.1 (6.0)
Gulf International Services 73.20 (1.3) 20,936.2 (24.6)
Commercial Bank 54.90 (0.4) 14,936.0 (11.8)
Masraf Al Rayan 45.60 (0.2) 14,841.0 3.2
QNB Group 184.00 0.8 11,909.4 (13.6)
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* 11,944.62 0.3 (0.5) (2.1) (2.8) 48.16 1,74,064.3 12.3 1.8 4.2
Dubai 4,201.20 (0.0) 2.4 2.8 11.3 100.95 1,06,931.6 12.3 1.4 6.2
Abu Dhabi 4,899.79 (0.0) 1.9 3.7 8.2 71.09 1,32,776.0 12.3 1.5 4.5
Saudi Arabia 9,372.74 (0.1) 0.4 3.1 12.5 1,107.30 5,54,668.6 19.5 2.2 2.8
Kuwait 6,286.50 (0.2) 0.2 1.3 (3.8) 47.94 97,061.5 15.7 1.0 4.2
Oman# 6,590.86 0.3 0.7 2.6 3.9 4.54 25,794.4 11.5 1.5 3.9
Bahrain 1,337.04 0.4 0.2 (2.3) (6.3) 0.44 20,911.5 8.6 0.9 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any #Values as of July 22, 2015)
11,850
11,900
11,950
12,000
12,050
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.3% to close at 11,944.62. The Consumer Goods &
Services and Transportation indices led the gains. The index rose on the
back of buying support from Qatari shareholders despite selling pressure
from non-Qatari and GCC shareholders.
 Al Meera Consumer Goods Co. and Ahli Bank were the top gainers, rising
4.6% and 4.2%, respectively. Among the top losers, Gulf International
Services fell 1.3%, while Ooredoo declined 1.1%.
 Volume of shares traded on Thursday rose by 32.5% to 3.6mn from 2.7mn
on Wednesday. However, as compared to the 30-day moving average of
4.8mn, volume for the day was 25.5% lower. Ezdan Holding Group and
Doha Bank were the most active stocks, contributing 16.9% and 11.6% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Invest bank
Capital
Intelligence
Abu
Dhabi
FSR BBB BBB – Stable –
Sharjah Islamic
Bank (SIB)
Capital
Intelligence
Abu
Dhabi
FSR +BBB +BBB – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local
Currency)
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Trade Union Cooperative
Insurance Co. (Ittihad)
Saudi Arabia SR 157.3 51.5% – – 20.4 -19.3%
Saudi Pharmaceutical Ind. &
Medical Appliances Corporation
(SPIMACO)
Saudi Arabia SR – – 48.0 12.7% 237.6 143.2%
Alinma Tokio Marine Co.
(ATMC)
Saudi Arabia SR 18.3 90.5% – – -9.1 NA
Sahara Petrochemical Co. (SPC) Saudi Arabia SR – – -10.6 NA 11.4 -93.8%
SABB Takaful Co. Saudi Arabia SR 43.3 -8.8% – – 4.1 -14.7%
Electrical Industries Co. (EIC) Saudi Arabia SR – – 23.5 -53.8% 20.0 -55.3%
Al Rajhi Co. for Coop. Insurance
(ARCCI)
Saudi Arabia SR 298.5 42.6% – – 15.8 31.7%
United Coop. Assurance Co.
(UCA)
Saudi Arabia SR 191.9 48.8% – – 17.5 NA
Bupa Arabia for Coop Ins. Co. Saudi Arabia SR 1,885.4 37.1% – – 113.2 199.1%
Buruj Coop. Ins Co. (BCIC) Saudi Arabia SR 91.6 -13.1% – – 14.4 NA
National Central Cooling Co.
(Tabreed)
Dubai AED 315.9 5.6% 104.9 4.7% 92.2 2.0%
Al Salam Group Holding Co.* Kuwait KD – – 0.3 -54.7% 0.2 -68.5%
Union Cement Co. (UCC) Abu Dhabi AED 314.7 -3.7% 47.2 0.5% 54.7 -8.0%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/24 US US Census Bureau New Home Sales June 482K 548K 546K
07/24 US US Census Bureau New Home Sales MoM June -6.80% 0.30% -1.10%
07/24 UK BBA BBA Loans for House Purchase June 44,488 43,300 42,876
07/24 Spain INE PPI MoM June 0.90% – 0.30%
07/24 Spain INE PPI YoY June -1.40% – -1.40%
07/24 Italy ISTAT Hourly Wages MoM June 0.10% – 0.00%
07/24 Italy ISTAT Hourly Wages YoY June 1.10% – 1.10%
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 52.97% 45.58% 1,29,75,477.14
GCC 2.42% 4.95% (44,38,260.78)
Non-Qatari 44.61% 49.47% (85,37,216.36)

3. Page 3 of 6
News
Qatar
 QGRI bottom-line plunges 42.6% QoQ in 2Q2015 – Qatar General
Insurance & Reinsurance Company (QGRI) reported a net profit of
QR44.7mn in 2Q2015, declining 42.6% QoQ. However, the net
profit surged 612.2% YoY in 2Q2015. Total revenue fell 21.8%
QoQ (up 19.4% YoY) in 2Q2015 to QR106.4mn primarily due to
lower QoQ investment income (QR50.6mn in 2Q2015 vs.
QR94.4mn in 1Q2015). Net earned premiums reached QR48.2mn,
indicating an 8.8% QoQ growth (down 1.5% YoY) in 2Q2015.
Earnings per share (EPS) declined to QR0.56 in 2Q2015 from
QR0.98 in 1Q2015. (QSE, QNBFS Research)
 QCFS to disclose financials on August 9 – Qatar Cinema and Film
Distribution Company (QCFS) will announce its financial results
for the period ending June 30, 2015 on August 9, 2015. (QSE)
 QNBK: Food price inflation to remain low in Qatar – According to a
report released by QNB Group (QNBK), Qatar’s food price inflation
will remain low on falling international prices. The country's
consumer price index (CPI) inflation has been easing in recent
months and low food price inflation has played an important role
in the downward trend. The latest reading registered 1.4% in June
2015, down from the 3.8% peak reached in August 2014. The
decline in domestic food price inflation has been driven by the fall
in international food prices. However, the report said global food
prices are expected to bottom out in 2015 on a pick-up in global
growth and a recovery in oil prices. As a result, Qatar’s food prices
are projected to increase marginally in 2015 before recovering in
the following two years, rising at around 2.0-2.6%. Global food
prices have been on a downward trend since their peak in the
summer of 2012. The World Bank food price index, which is
tailored for emerging markets, has declined by 27.6% since its
August 2012 peak. Slower global economic growth resulting in
lower food demand, build-up of stocks as production of food
outpaced demand and recent drop in oil prices are the three
factors that have contributed to the decline. Favorable weather
conditions have contributed to the positive supply picture. These
three factors are expected to continue playing an important role
for the outlook of international food prices. According to the
International Monetary Fund’s latest assessment, the global
growth is expected at around 3.8% in 2016-17. Oil prices are
expected to reach a bottom in 2015 before rebounding later as
investment cuts among the US shale-oil producers begin to impact
supply. Consequently, the World Bank expects global food prices
to decline by 9.8% in 2015 before picking up slightly (0.8%) in
2016-17. QNBK said working out the current large stocks should
ensure that the initial rise in food prices will remain moderate. The
outlook for international food prices has implications for Qatar,
which imports most of its food from abroad. This means that the
food component of CPI in Qatar, which has a weight of 12.6% in
the CPI basket, is closely linked to the World Bank food price
index. If the historical relationship between domestic and
international prices persists, then according to QNBK forecast
domestic food prices could rise only slightly in 2015 (0.2%) before
picking up in 2016 (2.1%) and 2017 (2.6%). (Gulf-Times.com)
 CI affirms Qatar’s sovereign ratings – The international credit
rating agency, Capital Intelligence (CI), has affirmed Qatar’s Long-
Term Foreign Currency and Local Currency Ratings of ‘AA-‘ and its
Short-Term Foreign and Local Currency Ratings at ‘A1+’. The
Outlook for Qatar’s ratings remains ‘Stable’. Qatar’s ratings
primarily reflect the country’s substantial economic wealth and
sound macroeconomic management. The country’s strong public
and external finances are underpinned by the sheer scale of
hydrocarbon production relative to the small size of the
population. The ‘Stable’ Outlook balances the country’s substantial
financial buffer and shock absorption capacity against its
institutional weaknesses, reliance on hydrocarbon revenues and
vulnerability to prolonged periods of steep declines in
hydrocarbon prices. (Peninsula Qatar)
 QTA: Qatar sees increase in foreign tourist arrivals – According to a
recent report released by the Qatar Tourism Authority (QTA),
there has been a 7% YoY increase in the number of foreign visitors
received in Qatar in 1H2015. The mid-year Tourism Performance
Report for 2015 shows an expanding tourist accommodation
sector and confirms indications that Qatar is on the path to
meeting a milestone of 3mn visitors by 2015-end and well on its
way to reaching a targeted 7mn visitors by 2030. The continued
demand growth in the sector is also evident from the data released
on hotel performance. Overall occupancy rates have grown from
previous highs in 2014, even with the addition of 1,400 new rooms
since the start of 2015. Arrivals from the GCC, Qatar’s largest
source market, grew substantially in 1H2015, increasing by 16%
YoY. The growth was primarily dominated by an increase in visitor
arrivals from Saudi Arabia, which grew by 25% YoY in 1H2015.
Most of this growth took place in March when visitor arrivals grew
by 82% YoY. Visitor arrivals from the UAE also grew during
1H2015 by 7%, while arrivals from Bahrain, Kuwait, and Oman
essentially remained unchanged. The largest growth in other
primary markets, outside of the GCC, included arrivals from France
(up 8%), China (up 7%) and the USA (up 6%). According to the
report, data for Qatar’s tourist accommodation stock now covers
100% of licensed hotels and hotel apartments in the country.
(Gulf-Times.com)
 Qatar to enhance skills of 14,000 government employees – The
Ministry of Administrative Development will enhance professional
skills of a large number of government employees ahead of their
promotions. The Institute of Administrative Development under
the ministry will help hone skills of nearly 14,000 employees as
part of its 2015-2016 training program. The program will cover
employees of various ministries and government agencies.
According to a Cabinet decision, it is mandatory for the employees
to undergo the ministry’s extensive professional training program
to be eligible for promotions. (Peninsula Qatar)
 VFQS completes network enhancement across Doha – Vodafone
Qatar (VFQS) has completed its network enhancement across
Doha and has now initiated the second phase of this process which
will entail swapping all the company’s remaining cell sites in the
country. VFQS began its network enhancement activities in
January 2015 and is aiming to finish such plans by September
2015. Meanwhile, the price war between Ooredoo (ORDS) and
VFQS has benefited expat customers with VFQS announcing a 10
dirham calling rate per minute to India as a fixed rate. ORDS on
July 23, 2015 announced that its ‘Hala India Key’ subscribers will
be able to call India for 10 dirhams per minute with a subscription
fee of QR0.50 per week permanently. (Gulf-Times.com, Peninsula
Qatar)
 PHCC extends working hours of health centers – According to a
report from an Arabic daily, the Primary Health Care Corporation
(PHCC) has extended working hours of several health centers.
Some health centers working in double shifts now have one shift
from 7am to 11pm. Health centers in Al Khor, Al Shamal and Al
Wakrah will work from 7am to 11pm. Following Eid Al Fitr
holidays, primary healthcare centers resumed working at regular
shifts, with changes in timings of some centers. (Peninsula Qatar)
 Al Furjan to cover five areas in Phase III – According to the Ministry
of Municipality & Urban Planning, the Phase III of Al Furjan market
project is to be implemented in places outside Doha. In its third
and final phase, the project will open shops in Al Shamal, Al
Juweiliya, Semaisima, Um Salal and Al Wakrah, among others. In

4. Page 4 of 6
the first phase, 12 centers with 122 shops and in the second phase
176 shops at 18 centers were built. In three phases, there will be
centers in 44 places spread across geographical zones. The total
number of shops in all 44 centers will be 645. (Peninsula Qatar)
International
 US new home sales slip in June, manufacturing stabilizes in July –
The US Commerce Department reported that new home sales
dropped 6.8% to a seasonally adjusted annual rate of 482,000
units in June, the lowest level since November 2014. Sales pace in
May was also cut to 517,000 units from the previously reported
546,000 units. Despite two straight months of declines in new
home sales, the housing market recovery remains intact. New
home sales were up 18.1% YoY. Sales of new homes account for
only 8.1% of the housing market and tend to be volatile on a MoM
basis. Housing is being supported by a tightening labor market,
which has unleashed demand from young adults. Meanwhile, US
manufacturing, that has been hobbled by a strong dollar and
spending cuts by energy companies, showed signs of stabilizing in
July. The financial data firm Markit said its preliminary US
Manufacturing PMI rose to 53.8 in July from a 20-month low of
53.6 in June. Despite the gain, manufacturers said investment
spending cuts in the energy sector continued to weigh on sales.
(Reuters)
 Eurozone economy maintains steady growth as Greek crisis dents
confidence – The Eurozone economy maintained a steady pace of
growth at the start of 3Q2015, weathering strains on confidence
from the debt crisis in Greece. Markit’s composite index of
manufacturing and services slipped to 53.7 in July from 54.2 in
June, which was a four-year high. However, the index remained
above the 50 mark that divides expansion from contraction. Markit
said while sentiment in the services sector fell to the lowest in July
2015, progress in the Greek bailout talks suggest the pace of
growth could pick up again in coming months. The manufacturing
index for the euro region slipped to 52.2 in July from 52.5 in June,
while the services measure declined to 53.8 from 54.4. Growth in
new businesses across both industries also slowed in July. In
Germany, the region’s largest economy, the composite index
slipped to 53.4 in July from 53.7 in June. Markit’s composite for
France dropped to 51.5 from 53.3 in June, which was the highest in
almost four years. (Bloomberg)
 China factory activity weakens, dims outlook for the economy – A
private gauge of Chinese manufacturing unexpectedly fell to the
lowest in 15 months, reinforcing the need for further policy
support in an economy that had seen signs of stabilization
recently. The preliminary PMI from Caixin Media and Markit
Economics slid to 48.2 in July from 49.4 in June. Numbers below 50
indicate contraction. The release weakens the outlook for the
world’s second-largest economy, putting pressure on authorities
to do more to meet Premier Li Keqiang’s 2015 growth target of
about 7%. A slump in property investment and the recent stocks
rout underscore the risks that remain even after policy makers
stepped up support in recent months. (Bloomberg)
 South Africa boosts rates as inflation threat mounts – South Africa’s
central bank raised its benchmark rate for the first time in a year,
emulating several African countries and following months of
warnings that borrowing costs need to climb to tame inflation.
Governor Lesetja Kganyago said on July 23 the repurchase rate
was increased by 25 basis points to 6%. The Reserve Bank kept
borrowing costs unchanged since July 2014 to help support an
economy hit by strikes, power shortages and falling global metal
prices. While inflation has stayed within the bank’s 3-6% target
since September 2014, a weaker rand, expected higher food prices
and rising electricity costs threaten to push it outside of that band.
The bank forecasts inflation will peak at 6.9% in 1Q2016, and
remain outside the target for two quarters. The measure will
probably average 5% in 2015 and 6.1% in 2016. (Bloomberg)
 WTO group reaches agreement to eliminate tariffs on IT products
trade – A group of almost 50 World Trade Organization (WTO)
countries reached an international trade deal to eliminate tariffs
on 201 information technology (IT) products. Negotiators will
now begin discussions on how to implement the Information
Technology Agreement with the intention of concluding talks
before the WTO Ministerial Conference on December 15-18 in
Nairobi, Kenya. US technology industry officials said they hope the
deal can enter into force as soon as July 2016. According to the
WTO, annual trade in the products included in the pact is valued at
more than $1.3tn per year. Items in the agreement include GPS
navigation systems, medical products and new-generation
semiconductors. (Bloomberg)
 Nigeria holds key rate at 13% as inflation climbs – Nigeria’s central
bank kept its key interest rate unchanged at a record high in its
first policy meeting since President Muhammadu Buhari took
office and after inflation broke the regulator’s target band in June.
The central bank’s Governor, Godwin Emefiele said eight out of 12
members of the Monetary Policy Committee voted to hold the rate
at 13%. Nigeria’s inflation rate rose to 9.2% in June, quickening for
the seventh straight month to take the rate beyond the bank’s 6-
9% target band. Buhari, who was sworn in on May 29, has
inherited an economy struggling to deal with an almost 50% drop
in the price of crude that has reduced government revenue, eaten
into foreign-currency reserves and forced policy makers to
devalue the naira twice in 2014. (Bloomberg)
Regional
 IATA: Middle East sees rise in premium air traffic – The
International Air Travel Association (IATA) reported that
premium air traffic through the Middle East region has increased
over the recent months, with international travel to Africa and
Europe jumping 22.8% and 7.1% respectively, in May 2015. Major
economies in the Middle East, including Saudi Arabia and the UAE,
have also shown robust growth in 2Q2015. (GulfBase.com)
 Asharq Al-Awsat: Saudi-Kuwait joint Wafra oilfield staff told to take
leave – Asharq Al-Awsat daily reported that the shutdown of the
jointly-operated Wafra onshore oilfield between Saudi Arabia and
Kuwait, is set to be extended into next month after the distribution
of a memorandum telling all non-vital staff to take leave as of
August 1, 2015. The document also said the staff would take open-
ended leave if production did not resume by the end of August
2015, a step aimed at reducing costs amid the shutdown. The
Wafra field was first shut for maintenance on May 11 for two
weeks in a move apparently aimed at giving the Gulf OPEC allies
time to solve a long-standing dispute. (GulfBase.com)
 DRA signs contract with MGBM for Ad Duwayhi Gold Mine – DRA, a
global multi-disciplinary engineering group, has signed a contract
with Ma’aden Gold and Base Metals (MGBM) for Ad Duwayhi Gold
Mine, located 450 kilometers southwest of Riyadh. According to
DRA, mining at the project will be performed using open-pit
methods. The operation will have a conventional gold extraction
process plant with crushing and milling facilities, and gravity
concentration, as well as smelting facilities to produce gold ore on
site. (GulfBase.com)
 Radisson Blu opens third hotel in Jeddah – Radisson Blu has opened
its third hotel in the Saudi Arabian city of Jeddah, further
strengthening its growing portfolio in the Middle East. The
Radisson Blu Plaza Hotel is located on King Abdullah Road – it
consists of 112 rooms and suites which are stylish and
contemporary, and offer signature services such as free high speed
internet access. (GulfBase.com)

5. Page 5 of 6
 HSBC SA announces rebalancing of HSBC Saudi 20 ETF – HSBC
Saudi Arabia Limited (HSBC SA) has announced that the
rebalancing of the HSBC Saudi 20 ETF had been carried out on July
23, 2015 in line with the index. The revised portfolio composition
is available on the HSBC SA website (Tadawul).
 Al-Khodari completes signing SR99.51mn contract with Taif
Municipality – Abdullah A. M. Al-Khodari Sons Company has
completed signing a contract with the Ministry of Municipal &
Rural Affairs (Taif Municipality) worth SR99.51mn for waste
collection and disposal for Al Hada, Al Shafa and their villages in 5
years from the date of site handing over. The financial impact of
this project has started during 1Q2015. (Tadawul)
 KidzMondo inks deal to build $133mn Saudi theme parks –
KidzMondo has signed a franchise agreement worth $133mn with
Abdul Rahman Saad Al-Rashid and Sons to build seven
edutainment theme parks in Saudi Arabia with the first in Riyadh.
The development will be carried out over the next ten years. Kidz
Holding introduced the concept of KidzMondo City, a miniature
city dedicated to children aged between two and 14 years.
(Bloomberg)
 Gulf News: UAE to save $30bn on fuel subsidies removal –
According to a report by Gulf News, the UAE government could
save several billions of dollars a year on fuel subsidies, following
the move to deregulate oil prices. The price of petrol in the UAE,
where residents have higher incomes than in many other markets,
is one of the lowest globally, but is the highest in the GCC region.
The reason it is cheaper than in most corners of the globe is that
petrol is being subsidized by the government. As per the report,
the government spends around $30bn a year to absorb the cost of
petrol, and the same amount will be saved - and consequently
spent on economic diversification activities if the financial aid is
lifted. (GulfBase.com)
 UAE to remain on growth trajectory – FocusEconomics panelists
expect that the UAE economy which is less vulnerable to oil price
fluctuations than its GCC peers, would stay on the growth
trajectory in 2015, on the back of brisk diversification and
increased government spending as inflation tends to drop to 3.3%
on expectations of sustained softening of rents. The UAE economy
is expected to grow 3.5% in 2015, which is up 0.1 percentage
points from June 2015 estimate. The panel projects a GDP growth
of 3.6% for 2016, and foresees inflation to average 2.8%. In 2014,
UAE's economy posted yet another robust growth rate by
expanding 4.6%, an improvement over the 4.3% expansion
recorded in 2013. (GulfBase.com)
 Asteco: Sharjah rents fell as residents eye return to Dubai –
According to a report released by real estate services company
Asteco, the increased availability of affordable housing in Dubai is
reversing a recent trend of people moving to Sharjah and Ajman
for cheaper rents. Rents in Sharjah and Ajman fell 3% from
1Q2015 as vacancy levels rose because of new housing supply and
more people found affordable rents in Dubai. Annual rents for a
two-bedroom flat on Sharjah’s Corniche range between
AED48,000 and AED 80,000, while a similar property in Ajman can
be leased for between AED32,000 and AED40,000. (GulfBase.com)
 Emaar: India is a key market, committed to success of projects –
Emaar Properties said that it is committed to its projects in India
through its joint venture Emaar MGF Land, and that India was a
key market for Emaar. The statement followed a report in India’s
Economic Times which quoted unnamed sources as saying Emaar
was close to ending its decade-old joint venture with Indian firm
MGF Developments. (GulfBase.com)
 ETIM intends to pull out of Malta telecoms company – Emirates
International Telecommunications Malta (ETIM) intends to pull
out of Malta telecoms company Go in the short-term. ETIM is a
subsidiary of Dubai Holdings. (Reuters)
 DEC: US projects in Dubai valued at AED2.5bn – According to the
Dubai Economic Council (DEC), the US has topped the list of 41
countries investing in Dubai during 2014, with 50 projects valued
at AED2.5bn. On a commercial level, the UAE is the major export
destination in the Middle East for the American products and the
17th largest partner of the US in the world. Trade between the two
countries has witnessed steady growth over the past years, as it
grew from $5bn in 2004 to about $25bn by 2014-end.
(GulfBase.com)
 Dubai underwater hotel in doubt as investor withdraws – According
to sources, The Water Discus Hotel, an underwater hotel that had
been planned for Dubai has been thrown into doubt after a key
investor from the project withdrew. The hotel was unveiled three
years ago when it received the backing of Dubai Drydocks World.
The hotel is estimated to be valued at €40mn. (GulfBase.com)
 Emirates to launch flights to Bamako – Emirates Airline announced
that it will connect Bamako, the capital and largest city of Mali, to
its global network from October 25, 2015. With this, Emirates will
connect Bamako with 16 cities in the Middle East through just one
stop at Dubai. Once the new service commences, Bamako will
become Emirates’ 28th destination in Africa and sixth in West
Africa, further strengthening the region’s connectivity with the
world through the airline’s global network of over 140
destinations across six continents. (Gulf Times)
 ADIB’s AED504mn rights offer to begin on August 23, 2015 – Abu
Dhabi Islamic Bank’s (ADIB) rights offer worth AED504mn will
begin on August 23, 2015, after shareholders approved the capital-
raising plan. The lender will issue 168mn new shares at an issue
price of AED3 in order to support its growth. Each existing
shareholder will have the right to subscribe to 56 new shares for
every 1,000 shares held at the end of trading on August 13, 2015.
Subscriptions will start on August 23 and end on September 10,
2015. (GulfBase.com)
 IFA participates in FTIC capital increase – International Financial
Advisors (IFA) announced the completion of in-kind capital
increase of First Takaful Insurance Company (FTIC) in which IFA
contributed 25% of its ownership in Neova Sigorta, a Turkish
Insurance company. The company will receive 96,879,130 shares
of FTIC and will book profits amounting to KD6.75mn. (DFM)
 ABK reports KD20.4mn net profit in 1H2015 – Al Ahli Bank of
Kuwait (ABK) has posted a net profit of KD20.44mn for 1H2015,
up 7.2% as compared to KD19.07mn in 1H2014. The bank’s
operating income grew 4.6% to KD62.64mn in 1H2015 as
compared to KD59.89mn in 1H2014. ABK’s total assets reached
KD3.7bn while total shareholders’ equity measured up to
KD555.83mn, marking a steady growth for the bank. Net loans &
advances to customers increased by 8.4% over December 2014.
Additionally, during 1H2015, ABK entered into an agreement with
Piraeus Bank Greece to acquire 98.5% of their subsidiary Piraeus
Bank Egypt (PBE). (GulfBase.com)
 Amlak invites bids for marina project – Amlak has invited bids for
the demolition of the existing facility to pave way for the
reconstruction of the new Bahrain Marina Development Project.
The construction work is expected to start in 3Q2016 and once
completed the project will offer latest residential, entertainment,
leisure and marina facilities in the heart of Manama. Aiming for
completion by 2019, the mixed-use project will include a five-star
luxury hotel and serviced apartments along with freehold
apartments and waterfront villas, shopping mall, fully-integrated
family entertainment, educational center and a recreational
waterfront space with dining and retail spaces. (GulfBase.com)

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 whatsoever for any direct or indirect
losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (#Value as of July 22, 2015)
Source: Bloomberg (#Market closed on July 24, 2015) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
(0.1%)
0.3%
(0.2%)
0.4%
0.3%
(0.0%) (0.0%)
(0.6%)
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman#
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,099.05 0.8 (3.1) (7.2) MSCI World Index 1,745.50 (1.0) (2.0) 2.1
Silver/Ounce 14.69 0.1 (1.3) (6.5) DJ Industrial 17,568.53 (0.9) (2.9) (1.4)
Crude Oil (Brent)/Barrel (FM
Future)
54.62 (1.2) (4.3) (4.7) S&P 500 2,079.65 (1.1) (2.2) 1.0
Crude Oil (WTI)/Barrel (FM
Future)
48.14 (0.6) (5.4) (9.6) NASDAQ 100 5,088.63 (1.1) (2.3) 7.4
Natural Gas (Henry
Hub)/MMBtu
2.82 (3.3) (1.0) (6.0) STOXX 600 394.64 (1.0) (1.6) 4.5
LPG Propane (Arab Gulf)/Ton 41.62 (1.2) (3.5) (15.1) DAX 11,347.45 (1.6) (1.7) 4.5
LPG Butane (Arab Gulf)/Ton 53.25 (1.8) (3.8) (18.7) FTSE 100 6,579.81 (1.2) (3.6) (0.3)
Euro# 1.10 0.0 1.4 (9.2) CAC 40 5,057.36 (0.7) (0.2) 7.4
Yen 123.81 (0.1) (0.2) 3.4 Nikkei 20,544.53 (0.6) (0.3) 13.7
GBP 1.55 (0.0) (0.6) (0.4) MSCI EM 910.40 (1.4) (3.3) (4.8)
CHF 1.04 (0.3) (0.1) 3.3 SHANGHAI SE Composite 4,070.91 (1.2) 2.9 25.8
AUD 0.73 (1.0) (1.2) (10.9) HANG SENG 25,128.51 (1.1) (1.1) 6.5
USD Index 97.24 0.1 (0.6) 7.7 BSE SENSEX 28,112.31 (1.3) (2.2) 0.8
RUB 58.59 1.2 2.9 (3.5) Bovespa 49,245.85 (2.7) (10.2) (22.0)
BRL 0.30 (2.0) (4.9) (21.0) RTS 859.12 (2.9) (5.8) 8.7
143.4
124.0
118.3