Qatar stock exchange

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 11,936.1. Losses were led by the
Industrials and Real Estate indices, falling 0.9% and 0.4%, respectively. Top
losers were Industries Qatar and Qatar General Insurance & Reinsurance Co.,
falling 2.1% and 1.8%, respectively. Among the top gainers Commercial Bank of
Qatar and Qatar Islamic Bank were up 1.8% each.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.5% to close at 9,081.7. Losses were led
by the Multi-Investment and Petrochemical Ind. indices, falling 1.6% and 1.4%,
respectively. Alinma Tokio M fell 4.2%, while Saudi Ind. Inv. was down 3.4%.
Dubai: The DFM Index declined 0.4% to close at 4,041.4. The Services index
fell 1.3%, while the Telecommunication index declined 0.9%. Al-Madina for
Finance & Investment Co. fell 6.3%, while National Industries was down 3.6%.
Abu Dhabi: The ADX benchmark index fell 0.6% to close at 4,724.5. The
Energy index declined 2.7%, while the Consumer Staples index fell 2.2%.
Methaq Takaful Insurance declined 5.6%, while Dana Gas was down 3.5%.
Kuwait: The KSE Index declined 0.3% to close at 6,147.4. The Consumer
Services index fell 1.5%, while the Financial Services index declined 0.9%.
Zima Holding Co. fell 11.2%, while Securities Group Co. was down 8.3%.
Oman: The MSM Index fell 0.1% to close at 6,428.5. Losses were led by the
Industrial and Financial indices, falling 0.3% and 0.2%, respectively. Oman
United Insurance fell 3.9%, while Al Anwar Ceramic Tiles was down 2.8%.
Bahrain: The BHB Index declined marginally to close at 1,337.9. The Hotel &
Tourism index fell 0.8%, while the Services index declined 0.1%. Bahrain
Cinema Co. fell 2.7%, while National Bank of Bahrain was down 1.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Commercial Bank of Qatar 55.50 1.8 244.8 (10.9)
Qatar Islamic Bank 108.10 1.8 326.9 5.8
Dlala Brokerage & Inv. Holding Co. 27.65 1.7 6.0 (17.3)
Ooredoo 86.00 0.8 102.1 (30.6)
Qatar German Co for Medical Dev. 17.06 0.8 209.6 68.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 17.50 (0.3) 582.7 17.3
Vodafone Qatar 16.20 (0.1) 514.6 (1.5)
Barwa Real Estate Co. 51.70 (0.4) 382.7 23.4
Qatar Islamic Bank 108.10 1.8 326.9 5.8
Commercial Bank of Qatar 55.50 1.8 244.8 (10.9)
Market Indicators 7 July 15 6 July 15 %Chg.
Value Traded (QR mn) 220.7 176.0 25.4
Exch. Market Cap. (QR mn) 635,111.8 637,402.9 (0.4)
Volume (mn) 4.2 4.3 (3.1)
Number of Transactions 2,571 2,194 17.2
Companies Traded 39 41 (4.9)
Market Breadth 16:19 10:25 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,553.01 (0.3) (1.5) 1.2 N/A
All Share Index 3,195.61 (0.3) (1.4) 1.4 13.5
Banks 3,162.53 0.1 (0.7) (1.3) 14.3
Industrials 3,835.66 (0.9) (3.1) (5.0) 13.5
Transportation 2,425.59 0.0 (0.9) 4.6 13.4
Real Estate 2,711.97 (0.4) (1.6) 20.8 9.6
Insurance 4,728.07 (0.3) (0.4) 19.4 21.8
Telecoms 1,165.43 0.5 0.2 (21.6) 23.4
Consumer 7,323.15 (0.2) (0.8) 6.0 28.4
Al Rayan Islamic Index 4,627.71 (0.5) (1.6) 12.8 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Hotels Abu Dhabi 3.00 3.1 1,131.4 (25.0)
Comm. Bank of Qatar Qatar 55.50 1.8 244.8 (10.9)
Qatar Islamic Bank Qatar 108.10 1.8 326.9 5.8
Abu Dhabi Islamic Bank Abu Dhabi 5.22 1.8 304.9 (8.4)
Saudi Hollandi Bank Saudi Arabia 46.20 1.5 18.9 27.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Cable & Elect. Ind. Kuwait 0.53 (5.4) 73.2 (23.0)
Dana Gas Abu Dhabi 0.55 (3.5) 50,224.6 10.0
Saudi Ind. Inv. Group Saudi Arabia 26.98 (3.4) 642.5 6.1
Nat. Investments Co. Kuwait 0.12 (3.1) 346.6 (18.4)
Kingdom Holding Co. Saudi Arabia 20.20 (2.8) 210.0 11.6
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%
Industries Qatar 135.00 (2.1) 207.3 (19.6)
Qatar General Insur. & Reins. Co. 55.00 (1.8) 7.3 7.2
Gulf Warehousing Co. 74.00 (1.3) 3.3 31.2
Widam Food Co. 60.90 (1.3) 7.1 0.8
Medicare Group 182.50 (0.9) 3.2 56.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Islamic Bank 108.10 1.8 34,994.1 5.8
Industries Qatar 135.00 (2.1) 28,139.2 (19.6)
Barwa Real Estate Co. 51.70 (0.4) 19,850.4 23.4
Qatar Insurance Co. 97.00 0.0 13,781.1 23.1
Commercial Bank of Qatar 55.50 1.8 13,541.8 (10.9)
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* 11,936.13 (0.3) (1.5) (2.2) (2.8) 60.61 174,401.7 12.6 1.9 4.2
Dubai 4,041.39 (0.4) (1.2) (1.1) 7.1 164.37 103,289.9 12.1 1.3 6.4
Abu Dhabi 4,724.54 (0.6) (0.0) 0.0 4.3 37.80 129,603.7 11.9 1.5 4.7
Saudi Arabia 9,081.73 (0.5) (0.6) (0.1) 9.0 965.20 535,589.0 19.0 2.2 2.9
Kuwait 6,147.40 (0.3) (0.6) (0.9) (5.9) 20.57 95,477.9 15.8 1.0 4.2
Oman 6,428.46 (0.1) (0.2) 0.1 1.3 8.32 25,325.7 9.7 1.5 4.0
Bahrain 1,337.94 (0.0) (0.9) (2.2) (6.2) 4.76 20,925.6 8.6 0.9 5.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,900
11,920
11,940
11,960
11,980
12,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index declined 0.3% to close at 11,936.1. The
Industrials and Real Estate 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.
 Industries Qatar and Qatar General Insurance & Reinsurance
Co. were the top losers, falling 2.1% and 1.8%, respectively.
Among the top gainers Commercial Bank of Qatar and Qatar
Islamic Bank were up 1.8% each.
 Volume of shares traded on Tuesday fell by 3.1% to 4.2mn from
4.3mn on Monday. Further, as compared to the 30-day moving
average of 10.7mn, volume for the day was 60.9% lower. Ezdan
Holding Group and Vodafone Qatar were the most active stocks,
contributing 13.9% 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) 2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
A' Sharqiya Investment
Holding Co.
Oman OMR 1.2 -8.4% – – 0.7 -8.6%
Al Omaniya Financial
Services Co. (AOFS)*
Oman OMR 9.3 0.5% – – 3.1 5.8%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/07 US Census Bureau Trade Balance May -$41.87B -$42.70B -$40.90B
07/07 US Bloomberg IBD/TIPP Economic Optimism July 48.1 48.9 48.1
07/07 France Ministry of the Economy Budget Balance YTD May -63.9B – -59.8B
07/07 France Ministry of the Economy Trade Balance May -4,020M -3,600M -3,008M
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 GISS subsidiary to repair damaged barge – Gulf International
Services (GISS) announced that its subsidiary, Gulf Drilling
International (GDI), will carry out repair & maintenance of its
accommodation jack-up Rumailah after an accident in Al
Shaheen field on July 5, 2015. The barge will be taken to Nakilat
shipyard for repair & maintenance. (QSE)
 ORDS to disclose financials on July 29 – Ooredoo (ORDS)
will announce its financial reports for the period ending June 30,
2015 on July 29, 2015. (QSE)
 AKHI to publish financials on August 2 – Al Khaleej Takaful
Group (AKHI) will announce the financial reports for the period
ending June 30, 2015 on August 2, 2015. (QSE)
 ABQK prepones financial disclosure date to July 9 – Ahli
Bank (ABQK) has preponed the disclosure date of the financial
statement for the period ending June 30, 2015, to July 9, 2015
instead of July 12, 2015. (QSE)
 MPHC appoints new GM for Q-Chem and Q-Chem II –
Mesaieed Petrochemical Holding Company (MPHC) has
appointed Mr. Saad Rashid Mohammed Al-Muhannadi as the
new General Manager (GM) for Qatar Chemical Company
Limited (Q-Chem) and Qatar Chemical Company II Limited (Q-
Chem II), effective September 1, 2015. (QSE)
 QNB Group: Qatar crude output to average 709,000 bpd in
2015 – According to QNB Group’s (QNBK) Monthly Monitor
report, Qatar’s crude oil production is expected to rebound and
average around 709,000 bpd in 2015. Qatar’s crude oil
production rose to 642,000 bpd in May 2015 as compared to
635,000 bpd in April 2015. Over the same period, Brent crude oil
price stabilized at $65.6 at May-end as compared to $66.8 in
April. QNBK said Qatar’s international reserves rose to $41.8bn
in May as compared to $41bn in April. In months of prospective
import cover, international reserves were stable at 7.4 months of
imports. QNBK expects the accumulation of international
reserves to continue, reaching $46bn or eight months of import
cover at 2015-end. Qatar’s current account surplus narrowed to
$10.5bn in 4Q2014 on lower hydrocarbon exports. QNBK
expects the current account surplus to shrink to $3.7bn in 2015
(4.6% of GDP) due to lower oil prices, before recovering slightly
in 2016-17 in line with the recovery in oil prices. Moreover,
QNBK forecasts bank lending to grow by 9% in 2015,
increasingly driven by project lending and the expanding
population. As a result, the loan-to-deposit ratio is expected to
decline gradually to reach 106.5% in 2015. (Gulf-Times.com)
 Moody’s: Qatar banks’ outlook stable – According to Moody’s
Investors Service, robust government spending will enable
Qatari banks to maintain their strong financial metrics, including
strong earnings, sound capital buffers and low levels of non-
performing loans (NPL) in the next 12 to 18 months. The ratings
agency, which forecast a stable outlook for Qatar’s banking
system, however, noted that Qatari banks’ strengths would be
moderated by funding pressures owing to a reduction in the flow
of government deposits, increasing dependence on confidence-
sensitive capital market funding and continued high
concentrations of loans and deposits. Despite expecting a stable
asset quality performance, Moody’s expect that Qatari banks will
Overall Activity Buy %* Sell %* Net (QR)
Qatari 72.33% 58.61% 30,289,079.53
GCC 4.63% 9.39% (10,510,712.82)
Non-Qatari 23.03% 32.00% (19,778,366.71)

3. Page 3 of 6
remain exposed to event risk over the outlook horizon, owing to
high single borrower concentrations and the limited
transparency of large private sector companies. Qatari banks
are also expected to face funding declines as lower oil prices
reduce the flow of deposits from the government and its related
entities. Recently introduced regulatory limits on the ratio of
gross loans to deposits will pose additional funding pressures. In
response, Moody’s expected the banks to increase their reliance
on longer term and costlier market funding to support growth
over the outlook period. Moody’s projected that Qatar’s real
GDP will expand by 7% in 2015 as a combination of vast
sovereign wealth funds, which is an estimated 147% of its GDP.
A relatively low fiscal breakeven oil prices will help the
government maintain its extensive public spending program.
Government spending is expected to translate into 10.7%
growth in the non-hydrocarbon sector, offsetting weakened
liquefied natural gas (LNG) output and fostering domestic loan
growth of 10-15%. (Peninsula Qatar)
 Qatar’s highway design, traffic manuals now match global
standards – The Ministry of Transport (MoT), in cooperation
with key partners, has updated the Qatar Highway Design
Manual and Qatar Traffic Manual taking into account the latest
developments in technology and global best practices. HE the
Minister of Transport Jassim Seif Ahmed Al-Sulaiti has released
two manuals and stressed the need & importance of upgrading
the country’s land transport infrastructure to comply with the
globally acclaimed standards in health, safety and environment.
The two manuals were prepared by officials of the MoT, jointly
with their counterparts from the Ministry of Municipality and
Urban Planning, the Ministry of Interior (MoI) and the Public
Works Authority (Ashghal). Meanwhile, according to HE the
Prime Minister and Interior Minister Sheikh Abdullah bin Nasser
bin Khalifa Al-Thani, the transport sector has accounted for the
largest share of the major infrastructure projects in the country
and this has posed major challenges to the MoT. HE the Prime
Minister said the project of updating traffic manuals to the
international standards was in line with the growing
requirements of the country’s road users at a time of large-scale
economic development. While highlighting the role of the
transport sector in accelerating economic development, he said
it is extremely difficult for any country to achieve sustainable
development without the support of an effective and efficient
transport system. (Gulf-Times.com)
 Expats can change jobs after serving double the contract
term – According to the latest amendments and
recommendations of the Advisory Council’s Internal and
External Affairs Committee (IEAC) regarding entry, exit and stay
of expatriates, an expatriate will be allowed to transfer his/her
sponsorship after spending a period that is twice the
employment duration mentioned in the contract with the current
employer, or after a 10-year period in case of open contracts
with the approval of the Ministry of Labor and Social Affairs
(MoLSA). However, the committee suggested that if the
employee's nature of job grants him or her direct access to the
employer's client base and/or sensitive information that could
affect the employer's competitiveness in the market, the
employer can oblige the employee not to transfer employment to
a direct competitor or establish their own business that directly
competes with the current employer. (Qatar Tribune)
 Real estate deals stood at QR3.48bn during June 28-July 2
– The real estate transactions between June 28, 2015 and July
2, 2015 registered at the Land Registry Department of the
Ministry of Justice were worth QR3.48bn. The list of properties
that were sold includes plots, homes, shopping centers and
buildings in Ain Khalid, Dafna, Al Saad and Unaiza. (Peninsula
Qatar)
International
 IMF: Global political, economic upheaval threaten US
growth – The International Monetary Fund said that a global
slowdown in economic growth, together with political and
economic upheaval in places like Greece, the Middle East and
Ukraine, could hurt US growth going forward. The IMF also
reiterated that the Federal Reserve should delay its rate hike
until 1H2016, until there are signs of a pick-up in wages and
inflation. IMF staff said weaker global growth, including in China,
would sap US exports and investment in certain sectors, and
also push down equity market valuations. Meanwhile, the figures
released by the US Commerce Department showed trade deficit
widened in May as exports declined the most in three months,
showing businesses were having trouble drumming up sales to
overseas customers. The gap grew 2.9% to $41.9bn from April’s
revised $40.7bn. Exports dropped 0.8% on declining demand for
commercial aircraft and industrial equipment. Imports were little
changed at $230.5bn in May from $230.8bn in April as American
companies bought less crude oil, chemicals and capital goods,
including drilling equipment. (Reuters, Bloomberg)
 Greece faces July 12 deadline for reforms or face eurozone
exit – European leaders have set a July 12 deadline for Greece
to accept a rescue, saying otherwise they will take the
unprecedented step of propelling the country out of the
Eurozone. Greece’s anti-austerity government was ordered to
make new economic reform proposals at a Brussels summit that
could earn it another aid package and head off financial ruin.
Greece must spell out how it will make the economy more
competitive and save money in the process by 8:30 a.m. on
Friday, which would require it to stomach many of the reforms
that Tsipras’s left-leaning Syriza party has resisted since coming
to power in January 2015. Expert assessment of that package
would feed into a final set of meetings, culminating in summits of
both Eurozone leaders and the broader 28-nation European
Union on July 12. With shortages of medicine turning Greece’s
fiscal crisis into a humanitarian one and Russia sizing up the
country as a potential ally inside the European Union, the
consequences of shutting off funding to Europe’s most debt-
stricken nation go far beyond the narrow economic stakes.
(Bloomberg)
 Japan current account surplus exceeds forecast in May –
Japan posted a current account surplus for the 11th straight
month in May as lower oil prices narrowed trade deficit,
suggesting companies have more leeway to increase
investment as the costs to power their plants and factories drop.
The Ministry of Finance said the current account surplus stood
at ¥1.88tn, against a median forecast for a ¥1.54tn surplus. The
current account data showed exports fell an annual 0.1% in May
for the first time in 27 months, while imports tumbled an annual
10.3% in May as oil prices were down by almost half from the
same period a year ago. The current account surplus also got a
boost as the income balance grew 38.0% on-year due to higher
earnings on overseas investments. (Reuters)
 China stock decline continue despite fresh regulator
support – Chinese stock markets tumbled again on Wednesday
as investors shrugged off a series of support measures by
Chinese regulators, including the central bank’s first public
statement in support of the market since it cut interest rates in
late June. Losses on the mainland also weighed heavily on
Hong Kong shares, with the Hang Seng Index down 3.3% and
shares of Chinese companies listed in the city falling 4.2%. The
People’s Bank of China said on Wednesday before stock

4. Page 4 of 6
markets opened that it would support market stability by
providing liquidity through borrowing, bond issuance, collateral-
backed financing and re-lending, while guarding against
systemic financial risk. Further, the China Securities Regulatory
Commission (CSRC) said it would provide liquidity to
brokerages via the China Securities Finance Corp, a state-
controlled industry body, and would also monitor conditions in
the small-cap CSI500 futures market. The China Financial
Futures exchange announced it would raise requirements for
short positions against CSI500 index futures, which would make
it more difficult to short that index, while the insurance regulator
chimed in by allowing insurers to buy more blue chip stocks.
(Reuters)
 Australia holds interest rate as currency weakens – Australia
left its key interest rate unchanged after Greece’s drama drove
the currency below 75 US cents and Sydney’s property bubble
argued against a further cut. The Reserve Bank of Australia
Governor Glenn Stevens kept the cash rate at a record-low 2%
on Tuesday as predicted by markets and economists, after
cutting in May and February. He identified 75 cents in December
as a level that would help the economy. Stevens said further
depreciation of the Australian dollar seems both likely and
necessary, particularly given the significant declines in key
commodity prices. Cheap borrowing costs have also boosted
the property market: prices in Sydney soared 16.2% YoY in
June, the fastest pace since regulators announced plans to
crack down on lending to investors. (Bloomberg)
Regional
 Sadara inks SR14.13bn power supply agreement with SEC –
Sadara Basic Services Company, indirectly owned (100%) by
Sadara Chemical Company (Sadara), has announced that
Sadara has signed an electricity supply agreement with Saudi
Electricity Company (SEC). Under the terms of the agreement,
SEC will supply electricity to the Sadara chemicals complex,
which is to be located at Jubail Industrial City II in the Eastern
Province of Saudi Arabia. The agreement has a 20 years
renewable term and an estimated contract value of around
SR14.13bn. The other terms of the supply agreement are
substantially consistent with material terms of the power supply
implementation agreement previously entered into between
Sadara and SEC on April 7, 2012. (Tadawul)
 Spain-based Isolux Corsan JV named preferred bidder for
$2.6bn Mecca metro – The Spain-based contractor Isolux
Corsan has been named as the preferred bidder for a $2.59bn
contract to build two lines (B and C) of the new Mecca Metro in
Saudi Arabia. The company said its joint venture (JV), which
includes the Turkish contracting company Kolin and Saudi
Arabia’s Haif Company, is expected to sign a contract for the
project in the coming months. The scope of the contract includes
tunneling as well as building of stations and interchange stations
and associated works. The 11.9-km Line B section of the
contract involves construction of three stations while the 13-km
Line C section will involve execution of six stations besides
completion of two big interchange stations. The scope of the
contract also includes execution of stations and interchange
stations with their civil works, access ramps, grand roofs and
canopies, and tunnels. (GulfBase.com)
 ATMC seeks shareholders’ nod for capital increase – Alinma
Tokio Marine Company (ATMC) has invited its shareholders to
consider and approve a capital increase by issuing of rights
worth SR250mn based on details and mechanism defined in the
prospectus issued by the company and approved by the Capital
Market Authority. Shareholders will also consider approving the
amendment to Article (7) and Article (8) of the by-laws of the
company to reflect the proposed increase in the capital of the
ATMC. The capital increase will enable ATMC to maintain its
solvency margin and support the future growth of the company.
(Tadawul)
 SADAFCO AGM approves SR113.75mn dividend – Saudia
Dairy and Foodstuff Company’s (SADAFCO) annual general
meeting (AGM) has approved distribution of SR113.75mn
(SR3.5 per share) dividend for the financial year ended on
March 31, 2015. Shareholders on Tadawul shareholders' list at
the closing of trade on the AGM date of June 30, 2015 will be
eligible to receive the dividend, which will be distributed on July
15, 2015. (Tadawul)
 Bank Albilad reports SR206.5mn net profit in 2Q2015 – Bank
Albilad reported a net profit of SR206.5mn in 2Q2015 as
compared to SR204.3mn in 2Q2014, reflecting an increase of
1.08% on a YoY basis. The bank’s total assets rose 19.9% YoY
to SR49.14bn in 2Q2015. Bank Albilad’s loans & advances
reached SR31.68bn, showing an increase of 18.42% YoY, while
customer deposits stood at SR38.3bn. The bank’s EPS
amounted to SR0.76 in 2Q2015 versus SR0.76 in 2Q2014.
(Tadawul)
 SFG BoD recommends SR0.45 per share dividend for
1H2015 – Samba Financial Group’s (SFG) board of directors
(BoD) has recommended paying SR0.45 per share dividend for
1H2015. The proposed figure is lower than the SR0.65 per
share, which the bank had paid for 1H2014. (Reuters)
 McDermott International signs LTA with Saudi Aramco –
McDermott International, Inc. has announced that it has been
selected by Saudi Arabian Oil Company (Saudi Aramco) for a
new long-term agreement (LTA) for the future brownfield work in
various fields in offshore Saudi Arabia. Under the terms of the
agreement, McDermott can bid on future engineering,
procurement, construction and installation (EPCI) opportunities
in various fields in offshore Saudi Arabia. The signing is the
second LTA between McDermott and Saudi Aramco. Currently,
McDermott executes work under an existing LTA with Saudi
Aramco, which has been in place since June 28, 2007.
(Businesswire)
 HFZ-based ATS Terminal increased storage capacity from
22,000CBM to 42,000CBM – Hamriyah Free Zone (HFZ)-based
ATS Terminal has increased its storage capacity from
22,000CBM to 42,000CBM. The company offering services like
storage and transport of liquid chemicals and fuel, recently
completed its Phase II expansion. Currently, ATS Terminal is
utilizing only 30% of the existing plot and has plans to triple the
capacity in the future. The facility, with six piggable pipelines
(SS and MS) from the deep harbor and inner harbor
respectively, is equipped to handle, store and distribute all kinds
of Class 1, 2 and 3 products on behalf of its customers in the
UAE and the GCC region. After the expansion its capacity is
42,000CBM. (GulfBase.com)
 Tasweek: UAE property sector's 2Q2015 performance
exceeded expectations – According to a report released by
Tasweek Real Estate Development, the UAE property sector’s
2Q2015 performance exceeded expectations, with industry-wide
economic diversification seen as the key driver to sustained
growth. Moving forward, Abu Dhabi rents are expected to
maintain growth, while Dubai is expected to challenge and
eventually overcome price fluctuations. As predicted by
Tasweek’s 1Q2015 report, the Abu Dhabi and Dubai markets
experienced price corrections specifically for freehold units.
Based on the 2Q2015 results, Tasweek forecasted a moderate
5- 10% correction in the UAE’s residential real estate prices
after 18 months of sharp appreciations. Overall, the domestic

5. Page 5 of 6
property market is set to sustain its performance after peaking in
2014, with operating conditions likely to temper performance.
Tasweek’s 2Q2015 market research showed that Abu Dhabi’s
residential market sustained the 1Q2015 trend of landlords
protecting rental levels by reducing supply. Demand softened in
2Q2015, although with the stable prices reflecting no changes
over 1Q2015. Overall, rental prices were flat in Abu Dhabi Island
and in the outlying freehold areas. (GulfBase.com)
 Fitch cites DP World in ratings upgrade of Jafza – The
ratings agency Fitch has upgraded its default rating for Jebel Ali
Free Zone (Jafza), saying that its new parent, DP World, will
help to improve its operations in Dubai’s largest trade district.
Fitch said Jafza would benefit from its strong legal, operational
and strategic links with DP World. However, the ratings agency
warned that profit margins could decline to “historical levels” in
2015. Fitch stressed that any downgrade or negative revision of
its outlook for DP World would affect DP World’s subsidiaries
such as Jafza. (GulfBase.com)
 Abraaj sells 13.6% stake in UAP Holdings – Abraaj Group
has sold its 13.6% stake in UAP Holdings, an East African
insurance company to London-listed Old Mutual.
(GulfBase.com)
 Tom Aikens plans to set up new project in Dubai – Tom
Aikens is planning to set up an unusual new project in Dubai.
Pots, Pans & Boards will open in the autumn and offer a family-
style experience that allows guests to serve themselves at their
table. Tom is set to open his fourth restaurant in London in 2015
and managing two others in Hong Kong and Istanbul. (Reuters)
 ADIB consumer loan rejections soar 10% after bank adopts
credit bureau – Abu Dhabi Islamic Bank (ADIB) rejection that
rates on consumer loans have increased by 10% after the bank
started using credit bureau data. ADIB CEO Tirad Al Mahmoud
has warned that over-indebtedness in the UAE will not be
reduced until all banks start to use the recently launched credit
bureau. Al Etihad Credit Bureau had started its operations in
2014, and was designed to help keep credit growth in check and
prevent consumers and corporations from overstretching
themselves. However, its progress has been slowed by
concerns over the accuracy of its information and questions of
legal liability. The bureau’s database of credit history of all retail
borrowers enables banks to build an accurate picture of a
potential borrower’s indebtedness, and allow them to assess
their ability to honor the debt. (GulfBase.com)
 SCAD: Abu Dhabi hotel price index down 17.8% in March
2015 as rates drop – According to the Statistics Centre Abu
Dhabi (SCAD), the hotel establishment’s price index decreased
17.8% during March 2015 as compared to February 2015 on the
back of a 20.2% fall in the hotel room rates index during that
period. SCAD said that the hotel price index slid 0.7% in March
2015 as compared to March 2014 as the hotel room rates index
fell 1.5% during that period. Hotel apartment’s room rates index
also fell 7.4% during March 2015 as compared to February
2015, but showed an increase of 2.2% as compared to March
2014. Falling room rates pushed hotel revenues down 11.1% in
March 2015 over February 2015, though revenues registered an
increase of 10.4% as compared to March 2014. (GulfBase.com)
 S&P classify Kuwaiti banking sector in group '4' under its
BICRA methodology – Standard & Poor's Ratings Services
(S&P), in its ‘Banking Industry Country Risk Assessment:
Kuwait’ report, has classified the banking sector of Kuwait
(AA/Stable/A-1+) in group '4' under its Banking Industry Country
Risk Assessment (BICRA) methodology. A BICRA for a country
covers rated and not rated financial institutions that take
deposits, extend credit, or engage in both activities. S&P
highlighted that a wealthy population, with high GDP per capita
and strong funding profiles of domestic banks, with large net
external asset bases and stable deposits is the strength of the
Kuwaiti banking sector. However, risks to the sector emanate
from the fact that the banking sector's exposure to the real
estate and construction sectors is traditionally very high,
regulation and supervision are weak and regional capital
markets are underdeveloped. (Bloomberg)
 Renaissance Services EGM approves repurchase of MCBs
– Renaissance Services’ extraordinary general meeting (EGM)
has approved the scheme for repurchase of 423,141,678
Mandatory Convertible Bonds (MCBs) of OMR43.16mn issued
in 2012, subject to the availability of financing. The EGM also
approved the issuance of perpetual Cumulative Capital
Certificates by the company’s wholly-owned overseas
subsidiary, with a coupon to be determined at the time of issue
based on market conditions to raise up to $200mn or its
equivalent in Omani Riyal through conventional or Sukuk
financing. (MSM)
 AER issues license for Oman’s first solar power plant –
Authority for Electricity Regulation (AER) has issued license for
Oman’s first solar power plant to Bahwan Astonfield Solar
Energy Company. The 303-kilowatt solar power plant is located
in the wilayat of Al Mazyounnah in Dhofar Governorate, and the
power from solar project will be sold to the Rural Areas
Electricity Company (Raeco) as per the agreement signed
between the two companies. (GulfBase.com)
 Garmco partners with Fives for building casthouse –
Bahrain-based aluminum rolling mill Garmco has partnered with
Fives, an industrial engineering firm, for the construction of a
new casthouse costing $55mn. The new re-melt and casting
facility will add 120,000 metric tonnes (mt) to Garmco’s current
aluminum slab production capacity of 165,000 mt. Under the
terms of the agreement, Fives has been tasked with the
engineering, procurement and construction (EPC) of the project
on a turnkey basis. This agreement will enable Garmco to
develop its metal recycling capability and lower the cost of metal
casting. The project is expected to be completed in about 21
months, starting from September 2015. (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
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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 (
#
Market closed on 7 July 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
(0.5%)
(0.3%) (0.3%)
(0.0%) (0.1%)
(0.6%)
(0.4%)
(2.0%)
(1.5%)
(1.0%)
(0.5%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,155.37 (1.3) (1.1) (2.5) MSCI World Index 1,724.95 (0.3) (1.1) 0.9
Silver/Ounce 15.08 (4.3) (4.0) (4.0) DJ Industrial 17,776.91 0.5 0.3 (0.3)
Crude Oil (Brent)/Barrel (FM
Future)
56.85 0.5 (5.8) (0.8) S&P 500 2,081.34 0.6 0.2 1.1
Crude Oil (WTI)/Barrel (FM
Future)
52.33 (0.4) (8.1) (1.8) NASDAQ 100 4,997.46 0.1 (0.2) 5.5
Natural Gas (Henry
Hub)/MMBtu
2.73 (0.4) (2.0) (8.8) STOXX 600 372.74 (2.8) (4.0) (1.6)
LPG Propane (Arab Gulf)/Ton 39.50 (0.6) (7.6) (19.4) DAX 10,676.78 (3.2) (4.6) (2.0)
LPG Butane (Arab Gulf)/Ton#
48.00 0.0 (11.1) (23.5) FTSE 100 6,432.21 (2.8) (3.3) (3.0)
Euro 1.10 (0.4) (0.9) (9.0) CAC 40 4,604.64 (3.5) (5.4) (2.6)
Yen 122.54 (0.0) (0.2) 2.3 Nikkei 20,376.59 1.5 (0.4) 14.1
GBP 1.55 (0.9) (0.7) (0.7) MSCI EM 930.25 (1.4) (3.5) (2.7)
CHF 1.06 (0.4) (0.6) 5.0 SHANGHAI SE Composite 3,727.13 (1.3) 1.0 15.2
AUD 0.75 (0.7) (1.0) (8.9) HANG SENG 24,975.31 (1.1) (4.2) 5.8
USD Index 96.87 0.6 0.8 7.3 BSE SENSEX 28,171.69 (0.6) 0.2 2.0
RUB 56.71 (0.3) 1.3 (6.6) Bovespa 52,343.71 (1.1) (2.0) (13.1)
BRL 0.31 (1.5) (1.6) (16.8) RTS 885.78 (1.9) (3.7) 12.0
143.3
120.6
115.1