Qatar stock

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.6% to close at 12,162.0. Gains were led by the Banks
& Financial Services and Industrials indices, rising 0.7% and 0.6%, respectively.
Top gainers were Zad Holding Co. and Gulf International Services, rising 2.3%
and 1.2%, respectively. Among the top losers, Qatar German Co for Medical
Devices fell 1.3%, while Al Khalij Commercial Bank was down 0.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.4% to close at 9,313.1. Gains were led
by the Media & Publishing and Hotel & Tourism indices, rising 3.5% and 2.4%,
respectively. Tihama Adv. & Pub. rose 9.9%, while Malath Insur. was up 6.8%.
Dubai: The DFM Index gained 0.5% to close at 4,164.5. The Services index
rose 10.2%, while the Consumer Staples index gained 1.4%. Amanat Holdings
surged 15.0%, while Amlak Finance was up 5.6%.
Abu Dhabi: The ADX benchmark index rose 1.4% to close at 4,821.5. The
Telecommunication index gained 5.1%, while the Industrial index rose 1.4%.
Abu Dhabi Ship Building gained 7.4%, while Arkan Building Mat. was up 5.8%.
Kuwait: The KSE Index fell 0.1% to close at 6,231.3. The Health Care index
declined 1.4%, while the Telecommunication index fell 1.1%. Al-Nawadi
Holding Co. declined 9.1%, while Kuwait Real Estate Holding was down 8.3%.
Oman: The MSM Index fell marginally to close at 6,449.1. Losses were led by
the Financial and Services indices, falling 0.1% each. Al Sharqia Investment
Holding declined 3.1%, while Majan Glass was down 2.9%.
Bahrain: The BHB Index gained marginally to close at 1,364.3. The
Commercial Bank index rose 0.1%, while the other indices ended flat. Al
Salam Bank – Bahrain gained 2.2%, while BBK was up 0.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 101.40 2.3 0.7 20.7
Gulf International Services 82.00 1.2 356.9 (15.6)
QNB Group 186.00 1.1 421.8 (12.6)
Industries Qatar 141.50 1.0 82.6 (15.8)
Ezdan Holding Group 18.50 0.9 1,038.8 24.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.50 0.9 1,038.8 24.0
Mazaya Qatar Real Estate Dev. 19.00 0.1 594.9 4.2
Barwa Real Estate Co. 52.70 (0.2) 533.5 25.8
QNB Group 186.00 1.1 421.8 (12.6)
Vodafone Qatar 16.85 0.2 375.3 2.4
Market Indicators 24 June 15 23 June 15 %Chg.
Value Traded (QR mn) 260.6 363.8 (28.4)
Exch. Market Cap. (QR mn) 643,816.3 640,338.2 0.5
Volume (mn) 5.2 8.4 (37.5)
Number of Transactions 2,822 3,926 (28.1)
Companies Traded 38 40 (5.0)
Market Breadth 22:11 21:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,900.45 0.6 2.2 3.1 N/A
All Share Index 3,244.22 0.5 1.8 3.0 13.7
Banks 3,163.54 0.7 1.0 (1.3) 14.3
Industrials 3,948.55 0.6 2.2 (2.3) 13.9
Transportation 2,464.93 (0.0) 0.4 6.3 13.6
Real Estate 2,819.26 0.5 4.8 25.6 9.9
Insurance 4,727.72 0.0 0.4 19.4 21.8
Telecoms 1,172.74 (0.1) 1.2 (21.1) 23.6
Consumer 7,392.25 0.2 (0.0) 7.0 28.7
Al Rayan Islamic Index 4,742.78 0.4 2.6 15.6 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Adv. & Public Saudi Arabia 99.00 9.9 174.0 9.4
United Real Estate Co. Kuwait 0.10 5.4 37.0 (2.0)
Emirates Telecom Corp. Abu Dhabi 14.50 5.1 13,769.1 45.7
Abu Dhabi Nat. Energy Abu Dhabi 0.70 4.5 57.7 (12.5)
Co. for Coop. Ins. Saudi Arabia 94.74 4.0 489.4 89.7
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Bank of Fujairah Abu Dhabi 4.06 (10.0) 20.0 (10.0)
Banque Saudi Fransi Saudi Arabia 34.87 (2.2) 480.9 11.3
HSBC Bank Oman Oman 0.13 (2.2) 5.5 (7.1)
Dana Gas Abu Dhabi 0.46 (2.1) 7,474.3 (8.0)
Mabanee Co. Kuwait 0.98 (2.0) 274.2 17.4
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Med. Dev. 16.45 (1.3) 255.9 62.1
Al Khalij Commercial Bank 22.50 (0.9) 2.8 2.0
Gulf Warehousing Co. 75.70 (0.8) 7.4 34.2
Qatar National Cement Co. 120.20 (0.7) 8.4 0.2
Widam Food Co. 63.20 (0.3) 20.6 4.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 186.00 1.1 77,892.2 (12.6)
Gulf International Services 82.00 1.2 29,321.4 (15.6)
Barwa Real Estate Co. 52.70 (0.2) 28,190.5 25.8
Ezdan Holding Group 18.50 0.9 19,132.5 24.0
Industries Qatar 141.50 1.0 11,656.4 (15.8)
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* 12,162.04 0.6 2.2 0.9 (1.0) 71.57 176,792.0 12.8 2.0 4.2
Dubai 4,164.48 0.5 2.5 6.1 10.3 333.88 101,672.0 9.6 1.5 5.2
Abu Dhabi 4,821.52 1.4 5.5 6.5 6.5 108.26 131,679.5 12.2 1.5 4.6
Saudi Arabia 9,313.05 0.4 (2.0) (3.9) 11.8 1,142.23 548,485.1 19.5 2.2 2.9
Kuwait 6,231.25 (0.1) (0.1) (1.0) (4.7) 49.38 97,113.8 15.5 1.0 4.3
Oman 6,449.07 (0.0) (0.1) 1.0 1.7 23.83 25,282.5 9.8 1.5 3.9
Bahrain 1,364.34 0.0 (0.2) 0.0 (4.4) 0.23 21,337.7 8.8 0.9 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,080
12,100
12,120
12,140
12,160
12,180
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index gained 0.6% to close at 12,162.0. The Banks &
Financial Services and Industrials indices led the gains. The
index rose on the back of buying support from non-Qatari and
GCC shareholders despite selling pressure from Qatari
shareholders.
 Zad Holding Co. and Gulf International Services were the top
gainers, rising 2.3% and 1.2%, respectively. Among the top
losers, Qatar German Co for Medical Devices fell 1.3%, while Al
Khalij Commercial Bank was down 0.9%.
 Volume of shares traded on Wednesday fell by 37.5% to 5.2mn
from 8.4mn on Tuesday. Further, as compared to the 30-day
moving average of 15.2mn, volume for the day was 65.5% lower.
Ezdan Holding Group and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 19.8%
and 11.3% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
National Bank of
Kuwait (NBK)
Moody’s Kuwait LT CRA/ST CRA – Aa2/Prime-1 – – –
Kuwait Finance
House
Moody’s Kuwait LT CRA/ST CRA – A1/Prime-1 –
– –
Al Ahli Bank of
Kuwait (ABK)
Moody’s Kuwait LT CRA/ST CRA – A1/Prime-1 –
– –
Ahli United Bank
(AUBK)
Moody’s Kuwait LT CRA/ST CRA – A1/Prime-1 –
– –
Commercial Bank
of Kuwait (CBK)
Moody’s Kuwait LT CRA/ST CRA – A2/Prime-1 –
– –
Gulf Bank (GBK) Moody’s Kuwait LT CRA/ST CRA – A3/Prime-2 – – –
Boubyan Bank
(BB)
Moody’s Kuwait LT CRA/ST CRA – A3/Prime-2 –
– –
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, CRA – Counterparty Risk Assessments)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/24 US Mortgage Bankers Asso. MBA Mortgage Applications 19-June 1.60% – -5.50%
06/24 US Bureau of Eco. Analysis GDP Annualized QoQ 1Q2015 -0.20% -0.20% -0.70%
06/24 US Bureau of Eco. Analysis Personal Consumption 1Q2015 2.10% 1.90% 1.80%
06/24 US Bureau of Eco. Analysis GDP Price Index 1Q2015 0.00% -0.10% -0.10%
06/24 US Bureau of Eco. Analysis Core PCE QoQ 1Q2015 0.80% 0.80% 0.80%
06/24 Germany IFO Institute IFO Business Climate June 107.4 108.1 108.5
06/24 Germany IFO Institute IFO Current Assessment June 113.1 114.1 114.3
06/24 Germany IFO Institute IFO Expectations June 102.0 102.4 103.0
06/24 UK British Bankers' Associa. BBA Loans for House Purchase May 42,530 43,350 42,020
06/24 Italy ISTAT Hourly Wages MoM May 0.00% – 0.20%
06/24 Italy ISTAT Hourly Wages YoY May 1.10% – 1.20%
06/24 China Deutsche Boerse Westpac-MNI Consumer Sentiment June 112.3 – 111.1
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 50.03% 64.53% (37,799,949.00)
GCC 16.45% 3.29% 34,298,371.40
Non-Qatari 33.52% 32.17% 3,501,577.60

3. Page 3 of 6
News
Qatar
 QATI to disclose financials on July 12 – Qatar Insurance
Company (QATI) will disclose its reviewed financial reports for
the period ending June 30, 2015 on July 12, 2015. (QSE)
 ORDS awards contract to MMG for facilities management –
MMG, one of the Middle East’s leading facility management
companies, has been awarded a multi-million dollar contract by
Ooredoo (ORDS) to carry out maintenance of all its facilities for
the next three years. This is one of MMG’s largest-ever
contracts and one of the “most complex” maintenance contracts
in Qatar till date. Initially running for three years, the contract
has a provision for an additional two-year extension and is worth
over $20mn. The contract was awarded after a competitive
tender. It covers the “provision of hard services” to over 1,500
premises across Qatar. (GulfBase.com)
 QP is expanding overseas; to exit MIC management, land
allocation – Qatar Petroleum (QP) plans to expand overseas
after a restructuring that included the takeover of its foreign
investment arm and relieving of some foreign workers.
Unspecified job cuts resulting from a rightsizing plan are part of
an eight-month reorganization that has witnessed QP take over
Qatar Petroleum International, divest non-energy units, including
a catering company, and impose stricter conditions on foreign
partners. Meanwhile, QP has announced its decision to do away
with the management of Mesaieed Industrial City (MIC) and the
land allocation business in the area. QP has been managing the
MIC since 1996 through its ‘MIC Management Directorate’ as a
single point authority. Outside the MIC, QP has a small industrial
area, where private sector companies have set up their facilities.
QP will continue to own the land. However, the management of
this land will also be handed over to a government entity. (Gulf-
Times.com, Peninsula Qatar)
 Draft law seeks to phase out ozone-depleting substances;
new body for civil defense – The weekly Cabinet meeting
presided over by HE the Prime Minister Sheikh Abdullah bin
Nasser bin Khalifa Al-Thani issued a draft law to implement a
Unified Regulation on Substances, which deplete the ozone
layer within the jurisdiction of the Gulf Cooperation Council
(GCC). In accordance with the provisions of the Montreal
Protocol, the regulation aims to completely phase out use of
ozone-depleting substances and establish safer alternatives.
Meanwhile, the Cabinet also decided to issue a draft law to set
up a Supreme Council for Civil Defense, which will be entrusted
with the responsibility of drawing up the general policy of civil
defense and declaring a state of emergency in the event of a
disaster. (Gulf-Times.com)
 Ministry finalizes plans to set up nine livestock farms –
According to sources, the Ministry of Environment (MoE) has
adopted a comprehensive plan to develop nine livestock farms
in Qatar. MoE organizing committee for farms affairs head
Abdulaziz Ajlan al-Muraikhi said the ministry is coordinating with
the Ministry of Economy & Commerce and the Qatar
Development Bank to provide the farms with services such as
groceries, eateries, salons and outlets to sell items required for
keeping livestock. There is also a suggestion to create new
marketplaces to display and sell livestock and the products of
local farms. Another suggestion is to establish a slaughterhouse
and veterinary centre in each farm. (Gulf-Times.com)
 Advisory Council expected to complete sponsorship law –
Qatari lawyer Yousuf Ahmed Al Zaman has said that the
Advisory Council is expected to complete its study of the draft
sponsorship law very soon. The law regulates the entry, exit and
residence of foreign workers, despite its disagreement on some
of the key articles. The Council discussed the draft law and
returned it to its Internal and External Affairs committee for
further study. The Council members disagree with the provisions
of some articles of the draft law, especially those related to
transfer of sponsorship and grant of the exit permit. (Peninsula
Qatar)
 Ashghal to close service road for repair works – The Public
Works Authority (Ashghal) will close the service road from the Al
Asiri Interchange to the Khalifa Bin Abdullah Al Attiya
Interchange for 45 days from Friday until August 6 to repair
longitudinal cracks. (Peninsula Qatar)
 HIA imposes fees for long-duration parking – The Hamad
International Airport (HIA) has started levying charges at its
2,540-car capacity long-duration parking area. According to its
website http://dohahamadairport.com, the charges of QR45 per
day (for every completed 24 hours) or QR2 per hour (or any part
thereof) will be applicable. The daily fee for long-term parking at
the old Doha International Airport was QR50. (Gulf-Times.com)
International
 US economy contracts mildly in 1Q2015, but growth
rebounding – The US economy contracted in 1Q2015 but less
than previously estimated as it struggled with bad weather, a
strong dollar, spending cuts in the energy sector and disruptions
at West Coast ports. However, the growth, has since rebounded
in 2Q2015 as the temporary drag from unusually heavy
snowfalls and the ports dispute faded. Retailers reported strong
sales in May and employers stepped up hiring. Housing is also
strengthening and manufacturing activity is beginning to
stabilize. A steadily firming economy could encourage the
Federal Reserve to raise interest rates later in 2015. The
Commerce Department said the GDP shrank at a 0.2% annual
rate in 1Q2015 quarter instead of the 0.7% pace of contraction it
reported in May. A fairly stronger pace of consumer spending
and inventory accumulation than previously estimated
accounted for the upward revision to GDP. Business investment
spending was less weak than the government had estimated in
May. (Reuters)
 US, China to exchange new offers in investment treaty talks
– The US and China committed to exchange new offers in talks
for a bilateral investment treaty (BIT) that would further entwine
the world's two largest economies. US Treasury Secretary Jack
Lew said both sides have reaffirmed that the negotiation on a
high-standard BIT is a top priority in their economic relationship,
committing to intensify negotiations and exchange improved
negative list offers in early September. Chinese Vice Premier
Wang Yang also praised plans to exchange improved treaty
offers, which comprise lists of economic sectors which will
continue to be shielded from foreign investment. Sectors not on
the "negative lists" would be open to direct investment. Lew said
the talks also yielded a commitment to China to limit its
intervention in currency markets to "disorderly market
conditions." China also agreed to further liberalize interest rates,
open capital markets and expand access to foreign financial
service firms, which Lew said these commitments would help
China shift to a more consumer-driven economy. (Reuters)
 Spain sees GDP reaching pre-crisis level by 2016-end –
Spanish Economy Minister Luis de Guindos said the country’s
economy grew at close to 4% in 1H2015, putting it on course to
return to pre-crisis levels of output by the end of 2016. GDP fell
around 8% between 1Q2008 and 2Q2013, when it began
emerging from a long downturn, and the extent of that recovery
will be pivotal in a national election due in November. The return
to growth offers endorsement of the Germany-inspired pursuit of

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austerity measures that international creditors are currently
pressing Greece to follow in return for fresh funds. However,
there is still little to choose between the sky-high unemployment
rates of both countries, with nearly one in four still out of a job in
Spain's labor market. De Guindos said he expected the
economy to register a higher growth rate in 2Q2015 than the
0.9% of 1Q2015. (Reuters)
 IMF: Greek plan cannot be based only on tax pledges – The
International Monetary Fund (IMF) chief Christine Lagarde said
Greece must present credible reform plans and they cannot be
built only on promises of more tax revenues. Lagarde said a
Greek economic recovery would require not only Greek reforms
but also steps by European creditors to make the country's debt
sustainable. However, she said the Greek plan had to be
credible. Lagarde said she did not want Greece to leave the
Eurozone and did not believe in any Eurozone "explosion". She
also said Greek Prime Minister Alexis Tsipras was well aware
that Greece's pension system was not sustainable and needed
to be reformed, adding there was no question of cutting small
pensions. (Reuters)
 China's CITIC to invest $113bn for 'Silk Road'; to scrap
commercial banks’ loan-to-deposit ratio – China's CITIC Ltd.
the state-owned conglomerate, said that its banking, securities,
trust and construction divisions will jointly invest more than
$112.79bn to support China's "One Belt, One Road" initiative.
The investments will involve about 300 projects extending from
Singapore to Turkmenistan. Under its so-called "One Belt, One
Road" initiative, China aims to create a modern trade route
known as the Silk Road Economic Belt and the 21st Century
Maritime Silk Road. Projects under the plan include a network of
railways, highways, oil & gas pipelines, power grids, internet
networks, maritime and other infrastructure links across central,
west and south Asia to as far as Greece, Russia and Oman,
increasing China's connections to Europe and Africa.
Meanwhile, China is to scrap the country's long-standing loan-
to-deposit ratio requirement, the latest in a series of measures to
reform the country's commercial banking sector and get more
lending into a slowing economy. China's cabinet, the State
Council, published its decision as part of a draft amendment to
the country's 20-year-old commercial banking law. Chinese
banks at present are prohibited from lending more than 75% of
their deposits, limiting their ability to offer loans and engage in
other commercial activity. The move comes as the country's
economic growth continues to slow, and as the government
hastens financial reforms that have included the liberalization of
interest rates and the implementation of a deposit insurance
scheme. The State Council said the removal of the restriction
will strengthen ability of financial institutions to lend more to the
agriculture sector and small businesses. (Reuters)
Regional
 MEED: Turkey offers projects worth $350bn – According to a
report by MEED Projects, the value of major active projects in
Turkey is worth around $350bn, representing an excellent new
opportunity for GCC contractors and consultants impacted by
falling oil prices. As a result of a booming economy and fast-
growing population, Turkey has accelerated its nationwide
infrastructure program in recent years. For active projects worth
over $100mn, the largest individual sector is transport, with
$135bn worth of projects either planned or under construction,
mainly in the form of new roads, railways and airports.
(GulfBase.com)
 Egypt-based Qalaa to sell off non-core assets in deals with
FHI – Egypt-based Qalaa Holdings has signed an agreement
with Financial Holdings International (FHI) to acquire additional
stakes in FHI's subsidiaries. The move is designed to divest
multiple non-core platforms and reduce consolidated debt.
Under the terms of the agreements, Qalaa will simultaneously
sell to FHI, one of its major co-investors, its holdings in several
non-core business units. The transaction will entail Qalaa selling
to FHI its stakes in MENA Homes, Grandview and Dina Farms
Land Companies; the latter are to be spun-off from existing
investments. Qalaa will at the same time acquire FHI’s stakes in
ASEC Holding (Cement), TAQA Arabia and Mashreq (Energy),
Nile Logistics (Transportation), Dina Farms Supermarkets (Food
Retail Chain), and United Foundries (Metallurgy). The
transaction is expected to be closed in December 2015 subject
to certain conditions, precedent and customary termination
rights. (Reuters, GulfBase.com)
 Sipchem to acquire Kuwait-based Ikarus equities in
affiliates – Saudi International Petrochemical Company
(Sipchem) has signed a deal with Kuwait-based Ikarus
Petroleum Industries Company to acquire more stakes in two of
Sipchem’s affiliates – 11% in International Acetyl Company and
11% in International Vinyl Acetate Company – for an estimated
value of SR375.8mn. The process of acquisition and financial
impact of such equities investment is targeted to be completed
during 3Q2015. Sipchem plans to finance the acquisition
through its own resources in addition to Islamic financing
facilities. Sipchem currently owns 76% of International Acetyl
and International Vinyl Acetate. Following the deal, Sipchem's
equity in both companies would increase to 87% each.
(Tadawul)
 CDSI: Saudi non-oil exports dropped 14.5% YoY to SR47bn
in 1Q2015 – According to the Central Department of Statistics &
Information (CDSI), Saudi Arabia’s non-oil exports dropped by
14.5% YoY to SR47bn in 1Q2015. However, the imports rose by
6.88% YoY to SR162.5bn. Plastic and rubber products topped
the Kingdom’s list of exports in 1Q2015 and registered 31.6% of
non-oil exports valued at SR15bn. As per the report, equipment,
machinery and electrical utensils captured the highest value of
Saudi Arabia’s imports in 1Q2015 at SR45bn or 27.71% of the
total value of imports, followed by transport materials at the
value of SR29bn, or 17.93% and ordinary metals and their
products at SR17.5bn or 10.76%. The UAE topped the list of
major importers of Saudi Arabia’s non-oil products by 13.19% of
the total value of exports in 1Q2015, while China remained the
biggest exporter to Saudi Arabia and captured 15.18% of the
total Saudi imports. (GulfBase.com)
 World’s lowest debt-to-GDP ratio to help Saudi debt sales –
Saudi Arabia has the world’s lowest debt-to-economic output
ratio – for now. With oil prices tumbling and the Kingdom losing
currency reserves at a record pace, economists from Bank of
America, Merrill Lynch and Abu Dhabi Commercial Bank expect
the authorities to start raising money through the local bond
market to cover a widening budget deficit. According to data
compiled by Bloomberg, the potential sales will help create a
benchmark for corporate borrowers. They may also be a boon
for investment bankers after bond issuances in the six-nation
GCC dropped by 34% in 2015 to $15.2bn. (GulfBase.com)
 France, Saudi Arabia to sign contracts worth $12bn –
French Foreign Minister Laurent Fabius has said that Saudi
Arabia and France are planning to sign deals worth $12bn. The
contracts include 23 Airbus H145 helicopters worth $500mn. He
said Saudi Arabia is also planning to sign a feasibility study for
the two EPR reactors built by Areva. (Reuters)
 QIBL, Palma Capital launch aircraft leasing fund with Airbus
– Quantum Investment Bank Limited (QIBL) and Palma Capital
Limited, both based at the Dubai International Financial Centre,

5. Page 5 of 6
have been retained as the exclusive placement agents for the
launch of a Shari’ah-compliant aircraft leasing fund (ALIF Fund)
to be managed by the International Airfinance Corporation
(IAFC) with Airbus and the Islamic Development Bank (IDB) as
anchor investors and strategic partners. With a targeted size of
$5bn from a combination of equity and debt, the fund will focus
exclusively on Airbus aircraft. The objective of the Fund is to
achieve a risk-adjusted medium to long-term capital appreciation
while generating a quarterly cash dividend to investors. The
Fund will operate according to Shari’ah principles and will
purchase brand new and secondhand Airbus aircraft to be
leased to airline companies in the GCC region and Organization
of Islamic Conference (OIC) member countries. (GulfBase.com)
 NBF expects double-digit loan growth in 2015 – National
Bank of Fujairah (NBF) CEO Vince Cook has said that the bank
expects to outperform its rivals with a double-digit loan growth in
2015 as buoyant demand in sectors such as trade finance,
services, manufacturing and education offset slight softness in
the infrastructure market. He said NBF is one of the smaller
players in the UAE banking sector, which allows it to be more
selective on business sectors than some of its larger rivals.
(GulfBase.com)
 EFC signs purchase agreement worth AED110mn for four
Phenom 100E jets – Etihad Flight College (EFC), a wholly-
owned subsidiary of Etihad Airways, has signed a purchase
agreement for four Phenom 100E jets, and options for three
additional aircraft of the same model. The deal, including
options, is valued at around AED110mn. The first aircraft will be
delivered to EFC by 1Q2016. The delivery of the four new
Embraer Phenom 100E jets will bring to 20, the number of
aircraft in the trainer fleet, which is currently composed of 16
single-engine propeller airplanes. (GulfBase.com)
 Etisalat inclusion in MSCI index likely in 2015 – Emirates
Telecommunication Corporation (Etisalat) could be included in
the influential MSCI Emerging Markets Index as early as August
2015, after the UAE’s biggest listed company was opened up to
foreign investments. Etisalat on June 22, 2015 said that the
Federal Government would allow non-Emirati shareholders to
own up to 20% of its share capital. EFG-Hermes in its strategy
note said that Etisalat’s inclusion in the MSCI Emerging Markets
Index would result in the company representing 0.14% of the
index, boosting the UAE’s overall weighting in the index to about
0.87% from its current level of 0.73%. (GulfBase.com)
 BMI: Solar EOR to help Oman sustain low oil prices –
According to a report by the Business Monitor International
(BMI), cost savings will be crucial if Omani oil projects are to
remain competitive. The country needs to opt for solar steam
generation in enhanced oil recovery (EOR) projects. Oman
employs a number of technologies, including miscible gas
injection, thermal and chemical recovery to boost output.
Thermal EOR is the most widely used, though polymer injection
projects are witnessing more attention. The report noted that
around 200,000 barrels per day (bpd) of Oman’s 950,000 bpd
production is sourced from EOR. With oil prices remaining at a
much weaker level, profitability of many of the projects is
considerably reduced. (GulfBase.com)
 OAB Islamic banking arm gets nod for new products – Al
Yusr, the Islamic banking arm of Oman Arab Bank (OAB), has
obtained approval for new products and services at the seventh
Sharia Supervisory Board (SSB) meeting. One such key product
deliberated at the Shari’ah board meeting was ‘Al Yusr Running
Musharakah product’, a Shari’ah-compliant solution to cater to
business requirements of regular operating & overhead
expenses, and to fulfil the cash-flow demand of the customers.
(GulfBase.com)
 BisB appoints CEO – Bahrain Islamic Bank (BisB) has
appointed Mr. Hassan Jarrar as its Chief Executive Officer
(CEO), with effect from July 1, 2015. He has an experience of
26 years, gained from his numerous leadership positions in
major banking institutions inside and outside of Bahrain. Some
of these are Standard Chartered Bank, Abu Dhabi Commercial
Bank, Al Mashreq Bank, Union Bank in Jordan, and Bank of
America - California. (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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
May-11 May-12 May-13 May-14 May-15
QSE Index S&P Pan Arab S&P GCC
0.4%
0.6%
(0.1%)
0.0%
(0.0%)
1.4%
0.5%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,175.47 (0.3) (2.1) (0.8) MSCI World Index 1,785.70 (0.6) 0.6 4.4
Silver/Ounce 15.90 0.2 (1.2) 1.3 DJ Industrial 17,966.07 (1.0) (0.3) 0.8
Crude Oil (Brent)/Barrel (FM
Future)
63.49 (1.5) 0.7 10.7 S&P 500 2,108.58 (0.7) (0.1) 2.4
Crude Oil (WTI)/Barrel (FM
Future)
60.27 (1.2) 1.1 13.1 NASDAQ 100 5,122.41 (0.7) 0.1 8.2
Natural Gas (Henry
Hub)/MMBtu
2.77 (2.2) (1.5) (7.6) STOXX 600 397.32 (0.3) 1.6 7.2
LPG Propane (Arab Gulf)/Ton 39.75 5.6 14.4 (18.9) DAX 11,471.26 (0.5) 2.5 7.6
LPG Butane (Arab Gulf)/Ton 49.00 5.4 7.7 (21.9) FTSE 100 6,844.80 (0.1) 0.8 4.9
Euro 1.12 0.3 (1.3) (7.4) CAC 40 5,045.35 (0.1) 3.3 9.2
Yen 123.85 (0.1) 0.9 3.4 Nikkei 20,868.03 0.1 2.3 15.2
GBP 1.57 (0.1) (1.1) 0.8 MSCI EM 993.31 0.3 1.9 3.9
CHF 1.07 0.0 (1.7) 6.5 SHANGHAI SE Composite 4,690.15 2.5 4.8 45.0
AUD 0.77 (0.4) (0.9) (5.8) HANG SENG 27,404.97 0.3 2.4 16.1
USD Index 95.26 (0.2) 1.3 5.5 BSE SENSEX 27,729.67 (0.2) 1.4 0.4
RUB 54.46 1.1 0.8 (10.3) Bovespa 53,842.54 0.4 (0.1) (7.8)
BRL 0.32 (0.7) 0.0 (14.4) RTS 951.45 (1.3) (1.6) 20.3
142.4
121.0
117.3