The QSE Index in Qatar declined 2.7% led by losses in the real estate and telecom indices. Ezdan Holding Group and Vodafone Qatar were the top losers, falling 10% and 9% respectively. In other GCC markets, Saudi Arabia's TASI index rose marginally while Dubai and Abu Dhabi fell slightly and Kuwait and Oman declined around 0.3%.

1. Page 1 of 7
MAQSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 2.7% to close at 11,902.1. Losses were led by the
Real Estate and Telecoms indices, falling 7.1% and 5.9%, respectively. Top
losers were Ezdan Holding Group and Vodafone Qatar, falling 10.0% and 9.0%,
respectively. Among the top gainers Qatar Cinema & Film Distribution Co. rose
10.0%, while Qatar Insurance Co. was up 5.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose marginally to close at 9,757.1. Gains were
led by the Real Estate Development and Industrial Investment indices, rising
1.9% and 1.6%, respectively. SACO rose 7.0%, while Mouwasat was up 4.4%.
Dubai: The DFM Index gained 0.2% to close at 4,000.5. The Consumer
Staples index rose 2.1%, while the Real Estate & Construction index gained
1.1%. Emaar Malls rose 6.4%, while Al Salam Bank – Bahrain was up 3.8%.
Abu Dhabi: The ADX benchmark index fell 1.3% to close at 4,516.6. The
Consumer Staples index declined 3.3%, while the Banks index fell 1.7%. RAK
Property declined 4.6%, while Abu Dhabi Nat. Co for B and M was down 4.4%.
Kuwait: The KSE Index declined 0.3% to close at 6,314.8. The Industrial index
fell 1.1%, while the Real Estate index declined 0.8%. Al-Qurain Holding Co. fell
8.8%, while Jeeran Holding Co. was down 8.3%.
Oman: The MSM Index fell 0.1% to close at 6,390.4. Losses were led by the
Financial and Industrial indices, falling 0.2% and 0.1%, respectively. Al Batinah
Dev. Inv. Holding fell 4.0%, while Renaissance Services was down 2.9%.
Bahrain: The BHB Index gained marginally to close at 1,366.4. The Industrial
index rose 0.4%, while the Commercial Bank index gained 0.1%. National
Bank of Bahrain rose 1.3%, while Aluminium Bahrain was up 0.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 45.65 10.0 0.3 14.1
Qatar Insurance Co. 100.90 5.3 5,761.8 28.1
Qatar Islamic Bank 106.80 2.0 322.4 4.5
Gulf Warehousing Co. 72.80 1.8 54.5 29.1
Al Khalij Commercial Bank 22.00 1.8 183.2 (0.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.27 (10.0) 62,962.9 22.5
Qatar Insurance Co. 100.90 5.3 5,761.8 28.1
Doha Bank 53.50 (2.9) 4,228.4 (6.1)
Vodafone Qatar 15.60 (9.0) 2,129.2 (5.2)
Barwa Real Estate Co. 50.00 (2.9) 2,045.3 19.3
Market Indicators 28 May 15 27 May 15 %Chg.
Value Traded (QR mn) 2,670.9 841.9 217.2
Exch. Market Cap. (QR mn) 633,781.6 649,406.2 (2.4)
Volume (mn) 86.9 23.7 266.7
Number of Transactions 12,996 7,862 65.3
Companies Traded 43 43 0.0
Market Breadth 7:32 3:36 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,496.43 (2.7) (4.4) 0.9 N/A
All Share Index 3,183.78 (2.3) (4.0) 1.0 13.4
Banks 3,131.24 (1.3) (3.0) (2.3) 14.1
Industrials 3,797.76 (2.0) (4.5) (6.0) 13.4
Transportation 2,441.18 0.0 (1.0) 5.3 13.5
Real Estate 2,734.80 (7.1) (7.4) 21.8 9.6
Insurance 4,880.18 3.5 2.2 23.3 22.5
Telecoms 1,171.54 (5.9) (9.3) (21.1) 23.2
Consumer 7,144.14 (1.1) (3.4) 3.4 27.7
Al Rayan Islamic Index 4,528.91 (2.6) (4.7) 10.4 13.8
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatar Insurance Co. Qatar 100.90 5.3 5,761.8 28.1
Mouwasat Med. Ser. Saudi Arabia 149.05 4.4 263.6 20.7
Jabal Omar Dev. Co. Saudi Arabia 81.23 3.7 2,559.1 54.7
Boubyan Bank Kuwait 0.44 3.5 2,011.2 12.7
Al-Hassan G.I. Shaker Saudi Arabia 46.60 3.1 1,430.4 40.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 18.27 (10.0) 62,962.9 22.5
Ajman Bank Pjsc Dubai 1.90 (9.5) 5,561.6 (28.7)
Vodafone Qatar Qatar 15.60 (9.0) 2,129.2 (5.2)
Agility Kuwait 0.71 (6.6) 1,474.1 (4.1)
DP World Ltd. Dubai 20.05 (5.6) 603.0 (4.5)
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%
Ezdan Holding Group 18.27 (10.0) 62,962.9 22.5
Vodafone Qatar 15.60 (9.0) 2,129.2 (5.2)
Aamal Co. 14.19 (5.4) 1,580.3 (1.9)
Ooredoo QSC 88.40 (4.6) 294.1 (28.7)
Dlala Brokerage & Inv. Hold. Co. 26.05 (4.6) 81.5 (22.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 18.27 (10.0) 1,162,622.9 22.5
Qatar Insurance Co. 100.90 5.3 570,883.0 28.1
Doha Bank 53.50 (2.9) 226,566.8 (6.1)
Barwa Real Estate Co. 50.00 (2.9) 103,647.2 19.3
QNB Group 187.90 (2.2) 91,822.2 (11.7)
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* 11,902.07 (2.7) (4.4) (2.2) (3.1) 733.70 174,099.8 12.5 1.9 4.3
Dubai 4,000.50 0.2 (2.9) (5.4) 6.0 296.73 98,385.8 9.2 1.5 5.4
Abu Dhabi 4,516.56 (1.3) (2.9) (2.8) (0.3) 261.28 122,504.7 11.4 1.4 5.0
Saudi Arabia 9,757.07 0.0 (0.1) (0.8) 17.1 1,671.87 572,062.4 20.5 2.3 2.7
Kuwait 6,314.83 (0.3) (0.3) (1.0) (3.4) 62.67 95,328.0 16.3 1.1 4.2
Oman 6,390.40 (0.1) 0.1 1.1 0.7 11.86 24,391.8 9.2 1.4 4.1
Bahrain 1,366.35 0.0 (1.0) (1.7) (4.2) 0.87 21,368.5 8.8 1.0 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)
11,800
11,900
12,000
12,100
12,200
12,300
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 declined 2.7% to close at 11,902.1. The Real
Estate and Telecoms indices led the losses. The index fell on the
back of selling pressure from Qatari and GCC shareholders
despite buying support from non-Qatari shareholders.
 Ezdan Holding Group and Vodafone Qatar were the top losers,
falling 10.0% and 9.0%, respectively. Among the top gainers
Qatar Cinema & Film Distribution Co. rose 10.0%, while Qatar
Insurance Co. was up 5.3%.
 Volume of shares traded on Thursday rose by 266.7% to 86.9mn
from 23.7mn on Wednesday. Further, as compared to the 30-day
moving average of 15.9mn, volume for the day was 447.4%
higher. Ezdan Holding Group and Qatar Insurance Co. were the
most active stocks, contributing 72.4% and 6.6% 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
Gulf Bank CI Kuwait FSR/LT FCR/SR BBB-/BBB+/2 BBB/A-/1  Positive –
Gulf Reinsurance
Limited (Gulf Re)
AM Best UAE FSR/ICR A-/a- A-/a- – 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, ICR – Issuer Credit Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/29 US Bureau of Eco. Analysis GDP Annualized QoQ 1Q2015 -0.70% -0.90% 0.20%
05/29 US Bureau of Eco. Analysis Personal Consumption 1Q2015 1.80% 2.00% 1.90%
05/29 US Bureau of Eco. Analysis GDP Price Index 1Q2015 -0.10% -0.10% -0.10%
05/28 EC European Commission Economic Confidence May 103.8 103.5 103.8
05/28 EC European Commission Business Climate Indicator May 0.3 0.4 0.3
05/28 EC European Commission Industrial Confidence May -3.0 -3.0 -3.2
05/28 EC European Commission Services Confidence May 7.8 6.7 6.7
05/29 France INSEE PPI MoM April -0.40% – 0.00%
05/29 France INSEE PPI YoY April -2.00% – -2.20%
05/29 France INSEE Consumer Spending MoM April 0.10% 0.40% -0.70%
05/29 France INSEE Consumer Spending YoY April 2.00% 2.40% 1.70%
05/28 Germany Destatis Import Price Index MoM April 0.60% 0.50% 1.00%
05/28 Germany Destatis Import Price Index YoY April -0.60% -0.70% -1.40%
05/29 Germany Destatis Retail Sales MoM April 1.70% 1.00% -1.40%
05/29 Germany Destatis Retail Sales YoY April 1.00% 2.50% 4.30%
05/28 UK ONS GDP QoQ 1Q2015 0.30% 0.40% 0.30%
05/28 UK ONS GDP YoY 1Q2015 2.40% 2.50% 2.40%
05/28 UK ONS Exports QoQ 1Q2015 -0.30% -0.20% 4.60%
05/28 UK ONS Imports QoQ 1Q2015 2.30% 1.20% 1.60%
05/28 UK ONS Total Business Investment YoY 1Q2015 3.70% – 3.70%
05/28 UK ONS Index of Services MoM Mar 0.10% 0.30% 0.30%
05/28 Spain INE Retail Sales YoY April 2.90% – 4.00%
05/28 Spain INE Retail Sales SA YoY April 4.00% 2.60% 3.20%
05/29 Spain Bank of Spain Current Account Balance Mar 0.9B -- -2.0B
05/29 Italy ISTAT CPI EU Harmonized YoY May 0.20% 0.10% -0.10%
05/29 Italy ISTAT PPI MoM April -0.30% – 0.00%
05/29 Italy ISTAT PPI YoY April -3.10% – -3.00%
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 23.62% 57.20% (897,061,678.71)
GCC 3.40% 8.76% (143,112,763.82)
Non-Qatari 72.98% 34.04% 1,040,174,442.53

3. Page 3 of 7
News
Qatar
 QCB to issue T-bills worth QR4bn on June 2 – The Qatar
Central Bank (QCB) will issue new three-month treasury bills
worth QR2bn, along with six-month and nine-month T-bills worth
QR1bn each on June 2, 2015. (QCB)
 QNBK signs new Al Dhameen Program portfolio agreement
with QDB – QNB Group (QNBK) signed a new Al Dhameen
Program portfolio agreement sponsored by Qatar Development
Bank (QDB), enabling further expansion of SME financing in
Qatar. Al Dhameen portfolio is a QR100mn portfolio aimed at
facilitating and speeding up approvals to guarantee the value of
the funding provided by the partner bank to small & medium
enterprises lacking sufficient guarantees. (Peninsula Qatar)
 UDCD to focus on finishing 60-tower residential project –
United Development Company (UDCD) will prioritize building its
half-finished Pearl development in Doha, a 60-tower residential
project situated on a man-made island. UDCD Chief Corporate
Development Officer Abdullatif Ali Al Yafei said that the
company’s priority is to complete the 10 precincts of The Pearl,
while it would increase its profits from sales and retail leasing.
According to Deloitte Financial Advisory, the Pearl's units sell on
an average for about Q15,000 per square meter and monthly
rents start at QR10,000. (GulfBase.com)
 MCCS’ subsidiary to form joint venture with SGMC – Mannai
Trading Company, a wholly-owned subsidiary of Mannai
Corporation (MCCS), has signed an agreement to establish a
joint venture (JV) with SGMC, subject to the satisfaction of
certain conditions. The JV will be engaged in the distribution of
ductile iron pipes, valves, fittings and municipal castings for the
water, sewage, irrigation and industry markets within Qatar.
Mannai Trading will own a 51% stake in the JV. (QSE)
 KCBK BoD to hold meeting on June 9 – Al Khalij Commercial
Bank’s (KCBK) board of directors will hold a meeting on June 9,
2015 to discuss and approve various business related items.
(QSE)
 SIIS BoD to meet on June 14 to study potential investment
opportunities – Salam International’s (SIIS) board will hold a
meeting on June 14, 2015 to study some potential investment
opportunities and follow up the execution of previous
resolutions. (QSE)
 IMD: Qatar ranked second in economic performance – The
International Institute for Management Development (IMD), in its
World Competitiveness Yearbook 2015, said that Qatar was
ranked second in economic performance. Apart from economic
performance, the country was ranked fourth in government
efficiency and 11th in business efficiency. According to the
report, Qatar was also ranked 13th among 61 high income
countries. The ranking has been positively influenced by a
number of factors, including strong economic performance as
represented by current account and trade surpluses, low
unemployment rate, and solid GDP growth. The report also
suggested some areas of improvements. These include lowering
export concentration, strengthening direct inward investment
flows, increasing female labor force participation, strengthening
high-tech exports, and increasing the share of renewable in total
energy requirements. (Gulf-Times.com)
 QTA: Tourism represents 4% of Qatar’s non-oil economy –
The Qatar Tourism Authority (QTA), in a report, said that the
tourism sector plays a key role in Qatar’s economic
diversification agenda while the sector still has to go a long way
in achieving its target. The sector currently, directly contributes
QR13.6bn to the GDP i.e. 4% of the country’s non-oil economy.
The combined contribution of the tourism sector to the GDP
accounts for QR28bn. The report stated that the country’s
tourism sector is directly providing 61,000 jobs in the country.
The total number of tourists visited Qatar during 2014 had
reached 2.82mn with tourists from the GCC region accounting
for an estimated 40% of the total visitors. (Peninsula Qatar)
International
 US economy shrinks in 1Q2015 after reporting growth
earlier – According to the US Commerce Department, GDP
shrank at an annualized rate of 0.7% in 1Q2015, revised from a
previously reported 0.2% gain. The revisions to 1Q2015 GDP
showed that the trade gap widened more than previously
estimated, while inventories and consumer spending climbed at
a slower pace. A widening trade deficit subtracted 1.9
percentage points from growth, the most since 1985, as
compared to the previously estimated drag of 1.25 points.
Business investment on wells and mines slumped at an
annualized rate of 48.6% in 1Q2015, the biggest decrease since
2009 while the consumer spending was also a little slower than
initially calculated, growing at an annualized rate of 1.8% versus
an initial estimate of 1.9%. The decline in the GDP pointed
toward the fragile nature of the current rebound. (Bloomberg)
 Eurozone lending slows to standstill despite money
printing – Lending throughout the Eurozone failed to grow in
April after a promising uptick a month earlier, a slip that temper
down hopes for a rapid turnaround in borrowings to boost the
economy. The data released by the European Central Bank
showed that overall lending growth to households and firms
remained unchanged in April, despite the recent launch of a
massive money-printing program to bolster the 19 countries in
the euro bloc. Although overall lending remained flat, detailed
data showed that lending to companies or consumers actually
declined, with only borrowing by home buyers brightening an
otherwise bleak picture. Lending to businesses fell by 0.4%
annually, albeit an improvement from March, where the fall was
even steeper. Consumer credit to buy cars or holidays also
declined, down by 0.1%. On the other hand, lending for home
buyers picked up by 0.1% for the second month running in April.
(Reuters)
 UK economy expands on higher consumer spending,
business investment – The Office for National Statistics said
that the UK GDP edged up 0.3% in 1Q2015, matching an initial
estimate. Consumer spending and business investment have
helped the UK economy to record its longest stretch of growth
since the financial crisis as trade continued to act as a drag.
While the economy has expanded for nine straight quarters,
there is little sign of the shift away from domestic demand
promised by the Prime Minister David Cameron five years ago.
Consumer spending rose 0.5% and investment grew 1.7%.
Exports fell 0.3% and imports rose 2.3%. As a result, net trade
knocked 0.9 percentage points off growth, the most since
3Q2013. Government spending climbed 0.6%. (Bloomberg)
 Japan spending slumps unexpectedly in April – Japanese
households spending slumped unexpectedly in April and
consumer inflation came in roughly flat, casting doubts on the
central bank's view that a steady economic recovery will help
move inflation toward its ambitious 2% target. Household
spending fell 1.3% YoY in April, disappointing analysts’
expectation of a 3.1% YoY gain. Spending also fell 5.5% on a
MoM basis. Meanwhile, Japan's core consumer price index,
which includes oil products but excludes fresh food prices, rose
0.3% in the year to April. Analysts expect consumer prices to
remain flat or even fall slightly year-on-year until around July or

4. Page 4 of 7
August, due to the effect of a plunge in gasoline prices last year.
The BOJ has said that it will look through the effect of oil moves
on inflation and count on rising wages to boost consumption and
encourage firms to raise prices. (Reuters)
 Brazilian economy contracts less than estimate in 1Q2015 –
Brazil’s economy contracted by less than economists forecast in
1Q2015, as the country braces up for the biggest recession in
25 years. The data published from the national statistics agency
showed that the GDP contracted by 0.2% QoQ in 1Q2015, lower
than the Bloomberg median forecast for a 0.5% decline.
Investment fell 1.3%, recording its seventh-straight contraction.
Family consumption dropped 1.5%, which was the worst result
since 4Q2008 when the economy headed toward its last
recession. GDP fell by 1.6% on a YoY basis. To restore
confidence, President Dilma Rousseff is raising taxes, reducing
expenditures and boosting interest rates in a move that may
constrain the GDP in 2Q2015. (Bloomberg)
 Indian economy expands at 7.3% in FY2015 – According to
data published by India’s statistics office, the Indian economy
expanded by 7.3% in the year ended March 2015, marginally
higher than 6.9% recorded in the previous year, pointing to a
soft recovery and strengthening the case for a rate cut on June
2 when the Reserve Bank of India reviews monetary policy. The
GDP rose by 7.5% in 4Q2015 as compared with a downwardly
revised 6.7% in the 3Q2015, signaling a slight pick-up.
Construction, mining and farm sectors underperformed while
manufacturing and financial services picked up pace. Gross
value added (GVA) for the manufacturing sector rose 7.1% in
FY2015 as compared to 5.3% in FY2014. Agriculture value
added rose only 0.2%, while mining was up 2.4%, both below
last year's levels. Financial services reported 11.5% growth,
while trade & hotels segment was up 10.7%. The numbers
showed a slight pick-up in investment and gross fixed capital
formation, a measure of investment, rising 4.6% in FY2015 as
compared to 3% in FY2014. (Economic Times)
Regional
 SABB completes private placement of SR1.5bn – Saudi
British Bank (SABB) has successfully completed issuance of
SR1.5bn subordinated Tier II Sukuk through a private placement
offer in Saudi Arabia. The Sukuk issuance will have a 10-year
tenor with the bank having the right to call the Sukuk at the end
of the fifth year and carries a semiannual profit of six months
SIBOR + 1.30%. The Sukuk will support SABB’s capital base in
light of the Basel III framework and position the bank for further
growth. All required approvals from the regulatory authorities
have been obtained for the issuance. (Tadawul)
 Al Khodari signs SR28.5mn contract with RCJY – Abdullah
A. M. Al-Khodari Sons Company (Al Khodari) has signed three
contracts worth SR28.5mn with the Royal Commission for Jubail
and Yanbu (RCJY). The contract is for the operation and
maintenance of roads network in Ras Al-Khair Industrial City.
The financial impact of this project will be seen in 2Q2015.
(Tadawul)
 SAA unit sets price for 30% initial share sale – Saudi Ground
Services Company, a unit of Saudi Arabian Airlines (SAA), has
set the price for its 30% initial share sale at SR50 per share. The
price, set following a book-building process with institutional
investors, means the company will raise SR2.8bn from the offer.
According to HSBC's Saudi Arabian unit, the subscription period
for retail investors will run from June 3 to 9, 2015, with 22.56mn
shares allocated to them out of a total 56.4mn shares. The bank
added that institutional investors had pledged orders nine times
higher than the full amount of shares offered during the book
building. Around 90% of shares allocated to institutions will go to
investment funds, and the final allocations will be announced
after retail subscriptions are complete. (GulfBase.com)
 KHC ‘has no plans’ to invest in Snapchat – According to
sources, Kingdom Holding Company (KHC), an investment firm
owned by billionaire Prince Al Waleed bin Talal, has no plans to
invest in Snapchat. Earlier, on March 8 2015, the meeting
between Prince Al Waleed and Snapchat’s senior management
triggered speculation that he may take part in Snapchat's new
funding round that has already seen Alibaba Group Holding
invest $200mn giving the US-based firm a valuation of around
$15bn. (GulfBase.com)
 Saudi Aramco may raise rigs in 2016 if oil prices rise –
According to sources, Saudi Arabian Oil Company (Saudi
Aramco) may raise the number of its oil & gas drilling rigs to as
high as 250 in 2016 if oil prices continue to firm and as domestic
gas demand increases. Currently, Saudi Aramco has 212 rigs in
operation that could rise to between 220 and 250 if conditions
permit. (Reuters)
 SAMA net foreign assets drop 1.7% in April – The Saudi
Arabian Monetary Agency’s (SAMA) net foreign assets fell 1.7%
MoM to $678.8bn in April 2015 as the Kingdom drew on its
reserves to cover a budget deficit caused by low oil prices. As
per the central bank data, assets dropped 6.8% YoY to their
lowest level since May 2013. Analylsts said although the assets’
YoY drop is partly due to the strong US dollar, which has cut the
value of the portion denominated in non-dollar currencies, it is
partly due to a fiscal drawdown. SAMA acts as the country’s
sovereign wealth fund, storing its huge earnings from oil exports.
The SAMA data showed that Saudi Arabia’s growth in bank
lending to the private sector slowed to an annual 9.5% in April,
the lowest rate since September 2011, from 10.4% in March.
Money supply (M3) growth slowed to 9.4% from 10.2%.
(GulfBase.com)
 CDSI: KSA exports drop 8.9% to SR1.28tn in 2014 –
According to a report released by the Saudi Central Department
of Statistics and Information (CDSI), Saudi Arabia’s total exports
in 2014 dropped by 8.9% to SR1.28tn, while imports rose by
3.3% to SR651.88bn. The value of the Kingdom’s oil exports
comprised 83% of the total value of exports at SR1.066tn. The
value of chemical industries’ exports reached SR73.943bn
(5.6% of the total), while the value of plastic and rubber products
reached SR71.126bn (5.5%). The US was Saudi’s top exports’
destination, accounted for 12.6% of the Kingdom’s exports,
followed by China (12.5%) and Japan (12.2%). China accounted
for the largest proportion of imports at 13.6% of the Arab
nation’s total imports, followed by the US (13%) and Germany
(7.2%). (GulfBase.com)
 SBG plans up to SR1bn Sukuk issue – According to sources,
Saudi Binladin Group (SBG) has begun marketing a 364-day
Sukuk issue to local investors in the Kingdom, which could raise
up to SR1bn for the construction firm. The company intends to
use the funds to finance costs related to its work at the King
Abdulaziz International Airport in Jeddah. Reportedly, the
transaction is being managed by BNP Paribas' Saudi unit and
the investment banking arm of Gulf International Bank.
(GulfBase.com)
 UHSP considers Jeddah a growing economic city – Al-Hayat
daily reported that the the UN Human Settlements Program
(UHSP) considers Jeddah a growing economic city due to its
swift but sustainable development. UHSP Regional Head, Tariq
Al-Sheikh said the statistics revealed that the number of cities in
the Kingdom has drastically increased during the past 30 years.
(GulfBase.com)

5. Page 5 of 7
 Japanese investment in Jubail’s petrochemicals hits
SR34bn – According to Abdulaziz Attragi, General Manager of
strategic planning for the Royal Commission for Jubail, the
investment volume in Jubail has reached SR560bn, including
SR501bn for the private sector, with its petrochemical sector
accounting for SR34bn of Japanese investment. Japan ranks
fifth in terms of foreign direct investment in the Kingdom. The
country has 83 projects, including petrochemicals,
pharmaceutical, electrical appliances, textiles, and financial
services, with a total funding of $15bn. (GulfBase.com)
 Tabreed commences chilled water supply to Al Hilal Bank
tower – National Central Cooling Company (Tabreed) has
recently commenced the supply of chilled water to the Al Hilal
Bank tower on Abu Dhabi’s Al Maryah Island. Tabreed, which
had acquired the Al Maryah Island district cooling plant in 2014
in a consortium, will deliver more than 1,600 tons of cooling (RT)
to the tower. Tabreed’s district cooling services will enable the Al
Hilal Bank tower to reduce its expected energy consumption by
approximately 2.9mn kilowatt hour (kWh) per year as compared
to conventional cooling. This will lead to the elimination of 2,000
tons of CO2 emissions per year. (DFM)
 HotStats: Dubai hotel profitability down 19.5% MoM in April
– According to a report released by HotStats, profitability of
Dubai hotels was down 19.5% MoM in April 2015. Gross
operating profit per available room (GOPPAR) reached $273 in
April 2015 – it touched $285.2 in the year to April 2015, from
$316.87 during year to April 2014. Profitability was weighed
down by a 12.8% reduction MoM in average room rate (ARR) to
$373.78. Occupancy edged down to 84.9% from 85.6% in April
2014. (GulfBase.com)
 DGCX signs MoU with BoC – The Dubai Gold & Commodities
Exchange (DGCX) has signed a MoU with the Bank of China
(BOC). Under the terms of the agreement, DGCX and BoC will
work together to enhance interaction and collaboration between
the derivatives and financial markets of the UAE and China.
(GulfBase.com)
 IG Group to launch operations in Dubai – IG Group, a British
derivatives trading firm, is planning to launch operations in the
Dubai. The firm had received approval in principle of its
regulatory license in Dubai, which is expected to enable full
authorization and the opening of its office there in the coming
weeks. (GulfBase.com)
 EZW signs MoU with SYL – Dubai’s Economic Zones World
(EZW) and China’s Shanghai Yaming Lighting Company Limited
(SYL) have signed a MoU to identify areas of collaboration
across the entire supply chain of lighting industry including
manufacturing, sales, R&D and distribution. (GulfBase.com)
 DAE looks at Boeing, Airbus for expanding plane-leasing
business – Dubai Aerospace Enterprise (DAE) is looking at
Boeing and Airbus aircraft amid plans to accelerate the
expansion of its plane-leasing business using cash from selling
a maintenance unit. DAE CEO Firoz Tarapore said that DAE will
increase the value of its fleet to $7bn in substantially less than
five years from about $4bn now. The move signals an improved
outlook for DAE after it cancelled the bulk of its orders with the
two aircraft manufacturers in 2010 as the global financial crisis
clipped demand. The lessor, which had started operations in
2006, had increased its net income by 43% to $160mn in 2014.
(GulfTimes.com)
 RAKBANK completes acquisition of 79.23% stake in
RAKNIC – National Bank of Ras Al Khaimah (RAKBANK) has
completed the acquisition of 79.23% stake in Ras Al Khaimah
National Insurance Company (RAKNIC) for a purchase
consideration of AED317.24mn. RAKBANK purchased a total of
87.154mn shares at AED3.64 each through a tender offer.
(ADX)
 ADIB seeks shareholders’ nod for Tier 1 Sukuk program
and rights issue – Abu Dhabi Islamic Bank (ADIB) said it would
seek shareholders’ nod to expand its existing Tier 1 Sukuk
program to $3bn from $2bn. The bank said that the increase is
subject to regulatory approval. ADIB will also convene
shareholders to vote on a rights issue worth $137.2mn.
(Reuters)
 Waha Capital plans $500mn Shari’ah-compliant fund – Abu
Dhabi-based Waha Capital is planning to launch its second
infrastructure fund in 2015 with a value of $500mn to invest in
MENA and Turkey. Waha had launched its 10-year MENA
Infrastructure Fund in 2007 with capital commitments of $300mn
based in Dubai International Financial Centre. Waha and MENA
Infrastructure Fund will also consider launching standalone
funds focused on specific countries such as Iraq and Libya.
(GulfBase.com)
 Tasweek eyes smart city investments in India – UAE-based
Tasweek Real Estate Development & Marketing is exploring the
possibility of engaging in smart city projects in India in
collaboration with MAMS Holdings Group. Under the terms of
their agreement, the partners will particularly seek residential,
commercial and mixed-use projects enabled with ‘smart’
technologies in India. Both the entities have recently formed a
strategic partnership to mutually pursue business and
investment prospects in India, the UAE and the GCC region.
(GulfBase.com)
 Malaysian 1MDB secures $1bn funding from Abu Dhabi's
IPIC – Malaysia's 1MDB has signed a deal securing $1bn in
funding from Abu Dhabi's International Petroleum Investment
Company (IPIC) and its Aabar Investments unit. 1MDB will use
the fund to repay a $975mn loan to a global banking syndicate.
The fund will be supplied before June 4, 2015, days ahead of a
looming deadline to repay a loan of that size, in what the
government said was a significant step toward easing debt
worries and advancing a long-awaited restructuring. (Reuters)
 Agility shareholders approve 35% cash dividend, 5% bonus
shares, bonds issue – Agility Public Warehousing Company’s
annual ordinary and extraordinary general assembly meetings
have endorsed all the items on agenda, including the distribution
of 35% cash dividend (35 fils per share) and also 5% bonus
shares (5 shares for every share). Meanwhile, the shareholders
have also approved issuance of long-term bonds denominated
in Kuwaiti dinars or any other currency, with the board of
directors determining the type and duration of the bonds, and
the nominal value and interest rate. (DFM, GulfBase.com)
 GIH shareholders approve 5% cash dividend – Global
Investment House’s (GIH) shareholders have recommended 5%
cash dividend for the financial year ended December 31, 2014
amounting to KD3.9mn and transfer of 10% of the net profit to
the voluntary reserve account, amounting to KD675,000.
(GulfBase.com)
 Bank Dhofar completes $300mn AT1 perpetual issue – Bank
Dhofar has completed the issuance of AT1 perpetual bond
amounting to $300mn. The bonds, with issue dated May 27,
2015 are listed and traded on the Irish Stock Exchange. (MSM)
 GASCO awards $10.24mn EPC contract to AHE’s unit – Abu
Dhabi Gas Industries Limited (GASCO) has awarded a LoA for
an engineering, procurement and construction (EPC) contract to
Al Hassan Engineering Co. Abu Dhabi, 49% owned by Al
Hassan Engineering Company (AHE). The project worth

6. Page 6 of 7
$10.24mn is for ICAD Gas Treatment to remove H2S. The 15-
months project will start from June 2015. (MSM)
 CBB allots OMR60mn treasury bills – The Central Bank of
Bahrain (CBB) has allotted OMR60mn worth of treasury bills for
a maturity period of 91 days in its latest weekly issue of
government treasury bills. The bills are issued by the CBB on
behalf of the government of the Kingdom of Bahrain. The
average discount rate and the average yield reached 0.16946%
and 0.16954%, respectively. (GulfBase.com)
 Oman to build refinery, petrochemical plant in Indonesia –
Indonesia’s Energy Minister Sudirman said that Oman has
committed to invest $7bn to build oil storage facilities, a
petrochemical plant and a refinery in Indonesia. He said that the
refinery would be built in Indonesia's Riau province, with the oil
products being purchased by state-owned Pertamina. Oman
also agreed to supply crude oil to the former OPEC member but
details on the amount and price were not disclosed. Indonesia's
fuel output has suffered from a lack of investment in its refining
sector since the construction of its last refinery was completed in
1994. (Reuters)

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
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
QSE Index S&P Pan Arab S&P GCC
0.0%
(2.7%)
(0.3%)
0.0%
(0.1%)
(1.3%)
0.2%
(3.2%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,190.55 0.2 (1.3) 0.5 MSCI World Index 1,779.31 (0.7) (1.3) 4.1
Silver/Ounce 16.75 0.3 (2.1) 6.7 DJ Industrial 18,010.68 (0.6) (1.2) 1.1
Crude Oil (Brent)/Barrel (FM
Future)
65.56 4.8 0.3 14.4 S&P 500 2,107.39 (0.6) (0.9) 2.4
Crude Oil (WTI)/Barrel (FM
Future)
60.30 4.5 1.0 13.2 NASDAQ 100 5,070.03 (0.5) (0.4) 7.1
Natural Gas (Henry
Hub)/MMBtu
2.64 (4.6) (8.3) (11.8) STOXX 600 399.87 (1.3) (2.5) 5.9
LPG Propane (Arab Gulf)/Ton 44.00 11.0 2.3 (10.2) DAX 11,413.82 (1.9) (3.9) 5.1
LPG Butane (Arab Gulf)/Ton 57.75 17.0 2.7 (11.8) FTSE 100 6,984.43 (1.0) (2.0) 4.3
Euro 1.10 0.3 (0.2) (9.2) CAC 40 5,007.89 (2.1) (3.2) 6.3
Yen 124.15 0.2 2.1 3.6 Nikkei 20,563.15 (0.2) (0.7) 13.4
GBP 1.53 (0.2) (1.3) (1.8) MSCI EM 1,004.22 (0.5) (3.2) 5.0
CHF 1.06 0.4 0.1 5.7 SHANGHAI SE Composite 4,611.74 0.1 (0.9) 42.9
AUD 0.76 (0.1) (2.3) (6.5) HANG SENG 27,424.19 (0.1) (2.1) 16.2
USD Index 96.91 (0.1) 0.9 7.4 BSE SENSEX 27,828.44 1.4 (0.8) 0.5
RUB 52.34 (0.7) 4.7 (13.8) Bovespa 52,760.48 (2.5) (6.3) (12.1)
BRL 0.31 (0.5) (2.7) (16.6) RTS 968.81 (2.2) (7.8) 22.5
171.0
141.6
128.5