The QSE Index declined 0.6% led by losses in the Telecom and Transportation indices. Gulf Warehousing Co. and Ooredoo fell the most, dropping 2.9% and 2.0% respectively, while Zad Holding Co. rose 9.9%. Trading volume rose 17.3% but remained below the 30-day average. Regional markets were mixed with Saudi Arabia up 0.2% and Oman up 0.4% while Dubai fell 1.2% and Abu Dhabi 1.4%.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.6% to close at 12,123.2. Losses were led by the
Telecoms and Transportation indices, falling 1.7% and 1.3%, respectively. Top
losers were Gulf Warehousing Co. and Ooredoo, falling 2.9% and 2.0%,
respectively. Among the top gainers Zad Holding Co. rose 9.9%, while Qatar
German Co. for Medical Devices was up 4.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 9,787.0. Gains were led
by the Industrial Investment and Petrochemical Industries indices, rising 1.0%
each. MEPCO rose 10.0%, while Saudi United Coop. Ins. Co. was up 9.7%.
Dubai: The DFM Index declined 1.2% to close at 4,084.4. The Consumer
Staples index fell 4.7%, while the Transportation index declined 1.5%. Hits
Telecom fell 6.3%, while Dubai Parks & Resorts was down 5.7%.
Abu Dhabi: The ADX benchmark index fell 1.4% to close at 4,553.6. The Inv.
& Financial Services index declined 3.1%, while the Real Estate index fell
2.8%. Eshraq properties declined 9.1%, while Al Khazna Ins. was down 8.9%.
Kuwait: The KSE Index declined marginally to close at 6,388.0. The Banks
index fell 1.0%, while the Financial Services index declined 0.4%. Gulf Finance
House fell 7.5%, while Kuwait Cable Vision was down 6.9%.
Oman: The MSM Index rose 0.4% to close at 6,342.3. Gains were led by the
Services and Indust. indices, rising 0.6% and 0.3%, respectively. Renaissance
Services gained 4.5%, while Galfar Engineering & Contracting was up 3.2%.
Bahrain: The BHB Index declined 0.1% to close at 1,389.7. The Commercial
Bank index fell 0.7%, while the other indices ended flat or green. Al Salam
Bank – Bahrain declined 6.3%, while Nass Corporation was down 2.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 99.20 9.9 27.5 18.1
Qatar German Co for Medical Dev. 14.90 4.4 1,233.5 46.8
Qatar Islamic Insurance Co. 83.90 2.3 15.0 6.2
Salam International Investment Co. 14.38 2.1 433.9 (9.3)
Qatar Industrial Manufacturing Co. 45.50 1.1 14.5 5.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Medical Dev. 14.90 4.4 1,233.5 46.8
Barwa Real Estate Co. 49.00 (2.0) 1,016.2 16.9
Vodafone Qatar 16.71 (0.7) 646.6 1.6
Masraf Al Rayan 47.90 (1.4) 632.7 8.4
Ezdan Holding Group 16.95 (0.1) 597.7 13.6
Market Indicators 04 May 15 03 May 15 %Chg.
Value Traded (QR mn) 371.9 256.3 45.1
Exch. Market Cap. (QR mn) 653,054.5 655,993.9 (0.4)
Volume (mn) 8.3 7.1 17.3
Number of Transactions 4,886 4,318 13.2
Companies Traded 41 42 (2.4)
Market Breadth 12:28 21:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,840.12 (0.6) (0.3) 2.8 N/A
All Share Index 3,246.04 (0.5) (0.1) 3.0 13.7
Banks 3,227.37 (0.5) (0.4) 0.7 14.6
Industrials 4,054.50 (0.3) 0.4 0.4 14.3
Transportation 2,508.79 (1.3) 0.2 8.2 13.9
Real Estate 2,605.59 (0.7) (0.6) 16.1 9.2
Insurance 4,192.58 0.4 0.2 5.9 19.4
Telecoms 1,281.79 (1.7) (1.8) (13.7) 25.3
Consumer 7,469.77 0.3 1.6 8.1 29.0
Al Rayan Islamic Index 4,635.35 (0.7) 0.4 13.0 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nama Chemicals Co. Saudi Arabia 12.81 7.0 12,583.1 19.7
Nat. Medical Care Co. Saudi Arabia 64.34 3.4 1,059.3 17.3
Abu Dhabi Nat. Energy Abu Dhabi 0.76 2.7 591.0 (5.0)
Saudi Pharmaceutical Saudi Arabia 47.16 2.6 1,116.6 38.6
Saudi Int. Petrochem. Saudi Arabia 33.21 2.2 1,951.5 25.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 6.50 (7.1) 0.4 (5.8)
Invest Bank Abu Dhabi 2.60 (5.5) 116.1 1.1
Com. Bank of Kuwait Kuwait 0.62 (4.6) 0.0 (1.6)
Drake & Scull Int. Dubai 0.82 (3.2) 7,348.2 (7.8)
Deyaar Development Dubai 0.85 (3.1) 39,082.2 0.5
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%
Gulf Warehousing Co. 77.80 (2.9) 376.9 37.9
Ooredoo 97.50 (2.0) 20.8 (21.3)
Barwa Real Estate Co. 49.00 (2.0) 1,016.2 16.9
Masraf Al Rayan 47.90 (1.4) 632.7 8.4
Islamic Holding Group 120.30 (1.4) 50.5 (3.4)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 49.00 (2.0) 49,845.0 16.9
QNB Group 197.00 (0.2) 44,236.7 (7.5)
Masraf Al Rayan 47.90 (1.4) 30,461.4 8.4
Gulf Warehousing Co. 77.80 (2.9) 30,288.0 37.9
Qatar German Co. for Med. Dev. 14.90 4.4 18,477.3 46.8
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* 12,123.22 (0.6) (0.3) (0.3) (1.3) 102.17 179,394.1 12.8 1.9 4.2
Dubai 4,084.35 (1.2) (3.4) (3.4) 8.2 274.41 99,083.1 9.2 1.5 5.2
Abu Dhabi 4,553.61 (1.4) (2.0) (2.0) 0.5 148.07 123,144.0 11.4 1.4 4.8
Saudi Arabia 9,787.00 0.2 (0.5) (0.5) 17.4 2,120.47 573,076.4 20.7 2.4 2.8
Kuwait 6,388.00 (0.0) 0.2 0.2 (2.3) 64.41 98,500.9 17.5 1.1 4.0
Oman 6,342.34 0.4 0.3 0.3 (0.0) 12.64 24,202.7 9.2 1.4 4.4
Bahrain 1,389.69 (0.1) (0.1) (0.1) (2.6) 0.93 21,731.6 9.1 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)
12,100
12,150
12,200
12,250
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QSE Index declined 0.6% to close at 12,123.2. The
Telecoms and Transportation indices led the losses. The index
fell on the back of selling pressure from non-Qatari and GCC
shareholders despite buying support from Qatari shareholders.
 Gulf Warehousing Co. and Ooredoo were the top losers, falling
2.9% and 2.0%, respectively. Among the top gainers Zad
Holding Co. rose 9.9%, while Qatar German Co. for Medical
Devices was up 4.4%.
 Volume of shares traded on Monday rose by 17.3% to 8.3mn
from 7.1mn on Sunday. However, as compared to the 30-day
moving average of 8.9mn, volume for the day was 6.9% lower.
Qatar German Co. for Medical Devices and Barwa Real Estate
Co. were the most active stocks, contributing 14.9% and 12.3%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 1Q2015
% Change
YoY
Operating Profit
(mn) 1Q2015
% Change
YoY
Net Profit (mn)
1Q2015
% Change
YoY
United Kaipara Dairies Co.
(UNIKAI)
Dubai AED 68.2 -10.6% – – -0.5 NA
National General Insurance
Co. (NGI)
Dubai AED 64.0 -13.4% 2.7 -17.8% 0.6 -98.7%
Dhofar International
Development & Investment
Holding Co. (DIDI)
Oman OMR 1.3 -39.6% – – 3.6 -23.0%
Dhofar Cattle Feed Co.
(DCF)
Oman OMR 9.4 31.3% – – -0.1 NA
Al Hassan Engineering Co.
(AHEC)
Oman OMR 22.4 63.6% – – -1.5 NA
Nationals Hotel Co. (NHC) Bahrain BHD 2.7 39.0% 1.3 48.2% 1.1 57.8%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/04 US Nat. Assoc. of Purch. ISM New York April 58.1 – 50.0
05/04 US Census Bureau Factory Orders March 2.10% 2.00% -0.10%
05/04 EU Sentix Behavioral Ind. Sentix Investor Confidence May 19.6 19.1 20.0
05/04 Spain Markit Markit Spain Manufacturing PMI April 54.2 54.5 54.3
05/04 Italy Markit Markit/ADACI Italy Manufacturing PMI April 53.8 53.4 53.3
05/04 Italy ANFIA New Car Registrations YoY April 24.16% – 15.06%
05/04 Italy Italian Treasury Budget Balance April -6.0B – -19.6B
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 IHGS calls for EGM to consider capital hike – Islamic Holding
Group’s (IHGS) board of directors decided to convene an
extraordinary general meeting (EGM) during May 2015 to
discuss the terms, conditions and date of the capital increase by
50% to reach QR60mn. The company added that the proposed
capital increase will be carried out by issuing 2mn new shares in
a rights issue for original shareholders, at the rate of one share
per each two shares held, at QR10 par value plus QR40 issue
premium per share. The remaining shares will be allocated to
the shareholders who have requested more than the proportion
of the shares they own. The subscription period will open for 15
days during June 2015, subject to the approval from Ministry of
Economy & Commerce on the date and duration of the capital
increase. (QSE)
 S&S advises VFQS on switch to Islamic finance – Simmons
& Simmons (S&S), an international law firm, has advised
Vodafone Qatar (VFQS) on the successful refinancing of
$330mn of conventional external borrowings with a Shari’ah-
compliant 'Wakala' investment agreement. The transaction has
a tenure of five years and will be used for working capital and
capital expenditure. The refinancing is VFQS’ first Shari’ah-
compliant intercompany financing. Earlier, VFQS had also
reported that it had commenced the implementation of Shari’ah
rules and practices in its operations, effective from January 1,
2015. (GulfBase.com)
 Project Qatar to boost trade & commerce – The Minister of
Economy & Commerce, HE Sheikh Ahmed bin Jassim Al Thani
inaugurated ‘Project Qatar 2015’ — the 12th International
Construction Technology & Building Materials Exhibition — at
the Qatar National Convention Centre (QNCC) on May 04,
2015. The four-day exhibition will see participation of 1,130
exhibitors, representing over 2,000 companies & brands and 21
pavilions from 40 countries. The Minister said Project Qatar
remains a very important exhibition in the country, and continues
to play a pivotal role in the enhancement of trade & commerce.
Overall Activity Buy %* Sell %* Net (QR)
Qatari 68.36% 55.04% 49,521,413.09
GCC 3.84% 7.34% (12,997,981.29)
Non-Qatari 27.81% 37.62% (36,523,431.80)

3. Page 3 of 5
He said the number of companies participating in the exhibition
speaks about the significance of Project Qatar not only to Qatar
but also for the Middle East. (Peninsula Qatar)
 Qatar upbeat on meeting infrastructure deadline – Qatar
Chamber Director General Remy Rowhani said the increase in
the number of big-ticket companies participating in the annual
Project Qatar is an assurance that the ongoing infrastructure
projects will meet their respective target dates. He further added
that these projects are being done by both local and
international experts and Qatar needs the presence of
international experts to get these projects done. (Gulf-
Times.com)
 Labor Minister: Kafala system will be abolished in 2015 –
Qatar’s Labor & Social Affairs Minister HE Dr. Abdullah Saleh
Mubarak Al Khulaifi hopes that the country’s “kafala” system will
be abolished before the end of 2016. Under the system,
employers in the country can prevent foreign workers from
changing jobs or leaving the country. The Minister said he was
“90%” certain the system would be replaced within the next
seven months. (Peninsula Qatar)
 Major currencies lose value against QR – Thanks to a
strengthening US dollar to which Qatar’s riyal (QR) is pegged,
major world currencies have lost considerable value against the
QR in the past two years. The Qatar Central Bank (QCB)
statistics show that euro, British pound, Swiss franc and the
Japanese yen have all depreciated against the QR. Euro was
available at QR4.83 in January 2013 and in January of 2015 the
exchange rate had come down to QR4.48. The British pound
was available at QR5.81 in January 2013 and was down to
QR5.55 in January 2015. Similarly, the Swiss franc was
available for QR3.93 in the local foreign exchange market in
early 2013 and its rate was down slightly to QR3.86 by January
2015. Hundred Japanese yen were available for QR4.08 in
January 2013 and they were now being sold for QR3.07.
Meanwhile, GCC currencies remained constant at QR0.97
(Saudi riyal), QR0.99 (UAE dirham), QR9.68 (Bahraini dinar),
QR9.46 (Omani riyal) and QR12.37 (Kuwaiti dinar). (Peninsula
Qatar)
International
 US factory goods orders reach record high in March – New
orders for the US factory goods increased by 2.1% in March
2015, a record-high since July 2014 after a 0.1% decline in
February. Further, it was the first rise since August 2014, and is
attributable to a 13.5% rise in orders for transportation
equipment. Orders excluding transportation remained stable in
March. Meanwhile, the US Commerce Department said that
orders for non-defense capital goods, excluding aircraft - seen
as a measure of business confidence and spending plans –
have edged up by 0.1% as compared to the 0.5% drop reported
in February. Supporting the cautious optimism, order books at
factories had risen slightly in March after a three-month
consecutive decline. (Reuters)
 ECB plans more stress tests in bank supervision – Jukka
Vesala, Director General of the European Central Bank (ECB),
who is responsible for micro-prudential supervision, has stated
that the ECB plans to conduct further stress tests in order to
ward off any future banking crises in the Eurozone. He also said
that the stress testing will also be part of the supervisory
activities in future, in some form or another. The ECB directly
supervises the bloc's 123 largest lenders, while smaller banks
remain under the purview of the national supervisors. Further,
the ECB had put lenders through hypothetical stress scenarios
in 2014, as part of a comprehensive assessment of the bank’s
financial health, before taking overall responsibility of banking
supervision in the Eurozone in November 2014. (Reuters)
 German Chancellor intervenes as strikes hit economy – For
the first time, the German Chancellor Angela Merkel has
intervened in a conflict between the state railways Deutsche
Bahn and its workers, which began over pay and working
conditions nearly a year ago. Merkel asked Deutsche Bahn and
the striking train drivers to put an end to the long-running
conflict, which is denounced by the industry as "poison" for the
German economy. A record-setting seven-day strike by the GDL
union of train drivers began on May 4, 2015, since GDL has
sought a 5% rise in pay, reduction in the workweek to 37 from
39 hours, and the right to negotiate on behalf of other rail
employees, including train stewards. The strike has mostly
affected German chemicals, steel and car companies.
Meanwhile, Germany's DIHK Chambers of Commerce &
Industry has estimated that the latest strike could cost the
economy around half a billion euro; while economists at the
Unicredit bank forecasted that the strike could knock 0.1
percentage points off the Germany GDP in 2Q2015. (Reuters)
 ADB unleashes measures to retain market share – The
Japan-led Asian Development Bank (ADB) has unleashed
measures to preserve its status as a resource for regional
economies, despite China’s Asian Infrastructure Investment
Bank (AIIB) gaining prominence. The ADB overhauled a four-
decade-old development fund to boost its annual lending and
grant approvals by 50%, to as much as $20bn. The ADB said
that it will also set aside money to support public-private
partnership projects and work with the AIIB for Asia. For almost
50 years, Asian nations, including India, Vietnam and Indonesia,
have benefited from the ADB funding, which is dominated by
Japan and the US. However, this relationship is set to change
as the rise of the AIIB provides an avenue for China to
strengthen its presence in the world’s fastest-growing region.
(Bloomberg)
Regional
 SAFCO new urea facility delayed to June-end – Saudi Arabia
Fertilizers Company’s (SAFCO) new urea plant has been
delayed and is now expected to be completed by June-end. The
plant is still in the trial operations stage and needs a few repairs
to complete testing its performance and efficiency. The plant,
which has an annual production capacity of 1.1mn tons of urea,
was originally scheduled to start in 3Q2014. (GulfBase.com)
 STC, KFUPM partner with Ericsson – Saudi
Telecommunications Company (STC) and King Fahd University
of Petroleum and Minerals (KFUPM) have partnered with
Ericsson to establish a center of excellence in KFUPM with the
aim of preparing Saudi nationals for careers in
telecommunications at STC. (GulfBase.com)
 Al Muhaidib acquires 35% stake in Abyat – Saudi’s Al
Muhaidib Group acquired a 35% stake in building supplies and
hardware retailer, Abyat. Al Muhaidib bought out many minority
shareholders using its own cash, leaving 11 shareholders
including the Saudi group. Amwal International Investment
Company Chairman, Bader Al-Rezaihan said that the
transaction will enable Abyat to expand in Saudi Arabia and the
wider Gulf region, with Al Muhaidib benefiting from an increased
presence in the building materials sector. Amwal acted as the
exclusive financial advisor to Abyat. Abyat, which had 26
shareholders before the transaction is majority-owned by its
founder and chairman Khalid Abul. (Reuters)
 UAE’s EIBOR panel to stop fixing rates on Saturdays – The
EIBOR (Emirates Inter-Bank Offered Rate) panel has decided

4. Page 4 of 5
not to fix the EIBOR rates on Saturdays with effect from May 29,
2015. Tuesday’s fixing will be applicable to Thursday and
Saturday value days. In case of any official holidays, the value
of the last valid business day shall apply. (GulfBase.com)
 Al-Mazaya Holding Company’s subsidiary signs Islamic
facilities contract – Al-Mazaya Holding Company has
announced that its subsidiary which is listed on both the KSE
and DFM has signed an Islamic facilities contract for
OMR10.46mn in Oman. The contract is to establish a residential
and commercial project guaranteed by a land property in Oman,
with a duration of around 12 years. (DFM)
 Emaar Hospitality in talks to expand Armani Hotel brand
overseas – According to sources, Emaar Hospitality is in talks
to expand the Armani Hotel brand overseas. The Armani Hotel
Dubai was launched in April 2010 at the Burj Khalifa in
collaboration between Giorgio Armani and Emaar Properties.
The second Armani Hotel was opened in Milan in 2011.
(GulfBase.com)
 Mashreq Bank launches foreign currency cash services –
Mashreq Bank has launched foreign currency cash services
across its key branches in the UAE. Customers can use this
service without any requirement of a minimum transaction
amount. (GulfBase.com)
 Dubai Tourism: Dubai welcomes 13.2mn international
visitors in 2014 – According to Dubai’s Department of Tourism
& Commerce Marketing (Dubai Tourism), Dubai had welcomed
a total of 13.2mn international overnight visitors in 2014,
representing an increase of 8.2% YoY, significantly higher than
the global average of 4.7%. The growth reflects the continuing
strides that the Emirate is making toward realizing Dubai’s
Tourism Vision for 2020, which aims to welcome 20mn visitors
by the start of the next decade. (GulfBase.com)
 Acwa Power submits lowest bid for Dubai’s clean coal
power plant – Acwa Power has submitted the lowest bid for
Phase I of Dubai’s clean coal power project. The project
comprises three phases of 1,200 megawatts (MW) each, with
the second unit expected to come online in 2016. Acwa, with its
Chinese partner Harbin Electric Corporation, submitted the
lowest bid at 5.18 cents per kilowatt hour (kWh) for the
1,200MW Phase I project. Dubai Electricity and Water Authority
(Dewa) announced the shortlist for Phase I of the Hassyan
plant, which is expected to come online in 2020. Acwa also
submitted an alternative bid for 1,800MW at 4.9 cents similar to
its proposal for the Mohammed bin Rashid Al Maktoum solar
power park. Dewa originally only called for tenders for 100MW,
but as Acwa offered further competitive rates, 200MW was
actually awarded. Other shortlisted contenders were South
Korea’s Kepco, Tenaga Nasional of Malaysia and Japan’s
Marubeni. (GulfBase.com)
 ADIB reports AED419.8mn net profit in 1Q2015 – Abu Dhabi
Islamic Bank (ADIB) reported a net profit of AED419.8mn in
1Q2015 as compared to AED408.2mn in 1Q2014. ADIB’s
operating income reached AED1.38bn in 1Q2015 as compared
to AED1.23bn in 1Q2014. The bank’s total assets stood at
AED114.1bn at the end of March 31, 2015 as compared to
AED111.9bn at the end of December 31, 2014. EPS for 1Q2015
amounted to AED0.150 versus AED0.136 in 1Q2014.
Depositors’ accounts stood at AED87.6bn. The capital adequacy
ratio under Basel II as of March 31, 2015 was 14.74% as
against 15.71% as of March 31, 2014. ADIB is one of the most
liquid banks in the UAE, with advances to stable funds ratio of
82.2% as of March 31, 2015, versus 79.6% at March 31, 2014
and the customer financing to deposit ratio at 82.6% at March
31, 2015 against 82.9% at March 31, 2014. (ADX, Khaleej
Times)
 NBAD keen to arrange debt for export credit agencies –
National Bank of Abu Dhabi (NBAD) is keen to arrange debt for
export credit agencies (ECAs) as part of plans to expand its loan
portfolio. (GulfBase.com)
 Dolphin Energy plans to raise $1bn loan – According to
sources, Dolphin Energy is planning to raise a $1bn loan and
has invited banks to pitch for a role advising it. The company is
looking for an incremental finance. Under an incremental loan,
the debt is added to an existing facility either through a new loan
or by extending the amount borrowed under the original deal.
(GulfBase.com)
 Burgan Bank reports KD17.5mn net profit in 1Q2015 –
Kuwait's Burgan Bank reported a net profit KD17.54mn in
1Q2015, reflecting an increase of 2% YoY, while EPS stood at 6
fils. Operating income surged to KD70.5mn, showing an
increase of 14% YoY, while operating profits before provisions
soared to KD38.2mn, reflecting a growth of 12% YoY. (Reuters)
 OCC appoints Interim Director – Oman Ceramics Company
(OCC) has announced that Mr. Tushar Vaidya has resigned
from the board of OCC with effect from April 30, 2015. Following
his resignation, the company has appointed Mr. Ahmed El Safa
as an Interim Director, effective from May 3, 2015. (MSM)
 Galfar Engineering & Contracting bags two contracts –
Galfar Engineering and Contracting (GEC) has been awarded a
contract worth OMR32.72mn for Site Preparation Services at the
Duqm Refinery Project by Duqm Refinery and Petrochemical
Industries Company. The duration of the contract is 60 weeks.
Meanwhile, GEC has been awarded a contract for Construction
and Installation of Gas Gathering System (Phase I) for the
Khazzan Gas Project, by BP. The scope of the contract includes
construction of DSS Pipelines including main headers, sub-
headers, flow lines and above ground Installations. The duration
of the contract is 40 months and is valued at $110mn. (MSM)
 PPC plans to launch IPO on May 10 – Phoenix Power
Company (PPC) is planning to launch its IPO on May 10, 2015.
As stated in the project founders' agreement, the company is
required to offer 35% of their share capital to the public through
an IPO. PPC intends to offer 511,910,511 existing shares
through listing on the Muscat Securities Market (MSM). Bank
Muscat Investment Banking is acting as financial advisor and
the sole issue manager for the IPO. (GulfBase.com)

5. 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 strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report
has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any
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Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns,
#
Market closed on May 4, 2015)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
0.2%
(0.6%)
(0.0%) (0.1%)
0.4%
(1.4%)
(1.2%)
(1.8%)
(1.2%)
(0.6%)
0.0%
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 1,188.32 0.8 0.8 0.3 MSCI World Index 1,790.83 0.2 0.2 4.7
Silver/Ounce 16.42 1.6 1.6 4.6 DJ Industrial 18,070.40 0.3 0.3 1.4
Crude Oil (Brent)/Barrel (FM
Future)
66.45 (0.0) (0.0) 15.9 S&P 500 2,114.49 0.3 0.3 2.7
Crude Oil (WTI)/Barrel (FM
Future)
58.93 (0.4) (0.4) 10.6 NASDAQ 100 5,016.93 0.2 0.2 5.9
Natural Gas (Henry
Hub)/MMBtu
2.72 2.1 2.1 (9.1) STOXX 600 396.82 0.4 0.4 6.8
LPG Propane (Arab Gulf)/Ton 52.25 (3.7) (3.7) 6.6 DAX 11,619.85 0.9 0.9 8.8
LPG Butane (Arab Gulf)/Ton 62.25 (1.6) (1.6) (0.8) FTSE 100#
6,985.95 0.0 0.0 3.2
Euro 1.11 (0.5) (0.5) (7.9) CAC 40 5,081.97 0.2 0.2 9.7
Yen 120.13 (0.0) (0.0) 0.3 Nikkei#
19,531.63 0.0 0.0 11.2
GBP 1.51 (0.2) (0.2) (2.9) MSCI EM 1,048.20 0.2 0.2 9.6
CHF 1.07 (0.1) (0.1) 6.5 SHANGHAI SE Composite 4,480.46 0.7 0.7 38.5
AUD 0.78 (0.2) (0.2) (4.1) HANG SENG 28,123.82 (0.1) (0.1) 19.2
USD Index 95.48 0.2 0.2 5.8 BSE SENSEX 27,490.59 1.9 1.9 (0.5)
RUB 52.12 0.4 0.4 (14.2) Bovespa 57,353.98 (0.2) (0.2) (1.2)
BRL 0.32 (2.3) (2.3) (14.1) RTS#
1,029.31 0.0 0.0 30.2
174.2
143.8
129.9