The QSE Index rose 1.0% led by gains in the real estate and consumer goods indices. Top gainers were Barwa Real Estate and Ezdan Holding Group. Regional indices were mixed with Saudi Arabia and Kuwait up while Dubai and Oman were down. Earnings news included QNB Group reporting a 10.1% rise in net profit for 1Q2015 and IHGS reporting a 15.5% increase in 1Q2015 net profit. Other news included DBIS approving a 28% bonus share issue and announcements of upcoming earnings dates.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.0% to close at 11,947.5. Gains were led by the Real
Estate and Consumer Goods & Services indices, gaining 3.0% and 1.3%,
respectively. Top gainers were Barwa Real Estate Co. and Ezdan Holding
Group, rising 3.6% and 3.4%, respectively. Among the top losers, Gulf
International Services fell 0.9%, while Doha Insurance Co. declined 0.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.6% to close at 8,851.8. Gains were led
by the Hotel & Tourism and Retail indices, rising 2.1% and 1.6%, respectively.
Allied Cooperative Ins. rose 8.5%, while Knowledge Eco. City was up 6.9%.
Dubai: The DFM Index declined 0.4% to close at 3,761.2. The Consumer
Staples index fell 2.4%, while the Transportation index declined 2.2%. Gulf
Navigation declined 5.2%, while Takaful Al-Emarat Insurance was down 4.5%.
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,572.6. The
Inv. & Financial Services index gained 1.5%, while the Consumer index rose
1.1%. Bank of Sharjah gained 3.4%, while Union National Bank was up 2.4%.
Kuwait: The KSE Index gained 0.4% to close at 6,255.4. The Telecom. index
rose 1.6%, while the Technology index was up 1.3%. Eyas for Higer &
Technical Edu. surged 18.5%, while Mushrif Trading & Cont. was up 10.0%.
Oman: The MSM Index fell 0.3% to close at 6,277.9. The Financial index
declined 0.9%, while the Services index fell marginally. Oman Packaging
declined 10.0%, while Oman Textile Holding was down 9.9%.
Bahrain: The BHB Index gained 0.2% to close at 1,440.8. The Commercial
Bank index rose 0.4%, while the other indices ended flat or red. Nass
Corporation gained 3.6%, while the National Bank of Bahrain was up 1.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 47.25 3.6 1,259.2 12.8
Ezdan Holding Group 16.65 3.4 2,842.0 11.6
Aamal Co. 15.80 3.4 441.3 9.2
Qatari Investors Group 41.45 3.0 34.5 0.1
Qatar Navigation 100.80 2.9 80.7 1.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 16.65 3.4 2,842.0 11.6
Barwa Real Estate Co. 47.25 3.6 1,259.2 12.8
Vodafone Qatar 17.75 0.1 806.7 7.9
National Leasing 21.50 0.6 572.1 7.5
Aamal Co. 15.80 3.4 441.3 9.2
Market Indicators 08 Apr 15 07 Apr 15 %Chg.
Value Traded (QR mn) 365.2 365.6 (0.1)
Exch. Market Cap. (QR mn) 642,407.2 637,964.8 0.7
Volume (mn) 9.6 8.2 16.6
Number of Transactions 4,888 4,430 10.3
Companies Traded 41 40 2.5
Market Breadth 33:6 27:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,565.41 1.0 2.1 1.3 N/A
All Share Index 3,189.68 0.9 1.9 1.2 14.6
Banks 3,183.11 0.2 0.4 (0.7) 14.6
Industrials 3,983.95 0.7 2.3 (1.4) 13.7
Transportation 2,445.80 1.1 0.5 5.5 13.8
Real Estate 2,532.67 3.0 6.0 12.8 14.3
Insurance 4,143.23 0.5 1.8 4.7 19.3
Telecoms 1,327.42 0.2 0.9 (10.6) 21.7
Consumer 7,065.71 1.3 2.4 2.3 25.4
Al Rayan Islamic Index 4,435.42 1.5 3.0 8.1 16.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Knowledge Eco. City Saudi Arabia 24.05 6.9 16,934.8 42.1
Aviation Lease & Fin. Kuwait 0.22 4.7 33.2 (5.2)
United Real Estate Co. Kuwait 0.10 4.4 52.9 (5.0)
Advanced Petrochem. Saudi Arabia 44.96 3.8 1,655.0 11.8
Ajman Bank Dubai 2.44 3.8 120.3 (12.9)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.73 (5.2) 6.1 (8.7)
Aramex Dubai 3.35 (4.3) 206.6 8.1
Kuwait Food Co. Kuwait 2.56 (3.8) 288.8 (8.6)
Saudi Fisheries Saudi Arabia 25.17 (3.3) 1,486.3 (8.8)
Methanol Chemicals Saudi Arabia 12.22 (2.5) 7,595.0 3.3
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 95.10 (0.9) 233.4 (2.1)
Doha Insurance Co. 25.25 (0.8) 2.1 (12.9)
QNB Group 189.40 (0.3) 111.9 (11.0)
Gulf Warehousing Co. 62.00 (0.2) 12.2 9.9
Qatar Islamic Insurance Co. 80.70 (0.1) 1.3 2.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 47.25 3.6 58,350.7 12.8
Ezdan Holding Group 16.65 3.4 46,780.1 11.6
Industries Qatar 145.00 0.7 30,436.4 (13.7)
Gulf International Services 95.10 (0.9) 22,339.7 (2.1)
QNB Group 189.40 (0.3) 21,299.1 (11.0)
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* 11,947.45 1.0 2.1 2.0 (2.8) 100.32 1,76,469.3 14.0 1.8 4.2
Dubai 3,761.19 (0.4) 4.1 7.0 (0.3) 199.27 91,360.4 8.6 1.5 5.5
Abu Dhabi 4,572.56 0.3 0.7 2.3 1.0 58.40 1,24,078.0 11.6 1.4 4.8
Saudi Arabia 8,851.83 0.6 1.4 0.8 6.2 2,310.89 5,12,114.5 17.7 2.1 3.0
Kuwait 6,255.38 0.4 0.5 (0.4) (4.3) 40.12 94,886.2 16.2 1.1 4.0
Oman 6,277.90 (0.3) 0.2 0.6 (1.0) 14.10 23,979.9 10.5 1.4 4.3
Bahrain 1,440.83 0.2 0.9 (0.6) 1.0 0.16 22,525.0 9.4 0.9 4.9
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
11,850
11,900
11,950
12,000
09:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 1.0% to close at 11,947.5. The Real Estate
and Consumer Goods & Services indices led the gains. The
index rose on the back of buying support from non-Qatari and
GCC shareholders despite selling pressure from Qatari
shareholders.
 Barwa Real Estate Co. and Ezdan Holding Group were the top
gainers, rising 3.6% and 3.4%, respectively. Among the top
losers, Gulf International Services fell 0.9%, while Doha
Insurance Co. declined 0.8%.
 Volume of shares traded on Wednesday rose by 16.6% to 9.6mn
from 8.2mn on Tuesday. Further, as compared to the 30-day
moving average of 7.9mn, volume for the day was 20.4% higher.
Ezdan Holding Group and Barwa Real Estate Co. were the most
active stocks, contributing 29.7% and 13.2% 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
Jarir Marketing Co. (JMC) Saudi Arabia SR – – 243.1 21.6% 247.0 22.7%
Al Maha Ceramics Co.
(AMC)
Oman OMR 2.5 -8.4% – – 0.6 29.0%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/08 US MBA MBA Mortgage Applications 3-April 0.40% – 4.60%
04/08 EU Markit Markit Eurozone Retail PMI March 48.6 – 46.4
04/08 EU Eurostat Retail Sales MoM February -0.20% -0.20% 0.90%
04/08 EU Eurostat Retail Sales YoY February 3.00% 2.80% 3.20%
04/08 France Ministry of the Economy Trade Balance February -3,449M -3,800M -3,710M
04/08 France Markit Markit France Retail PMI March 45.7 – 43.6
04/08 Germany Markit Markit Germany Construction PMI March 53.3 – 53.1
04/08 Germany Markit Markit Germany Retail PMI March 53.0 – 51.5
04/08 UK LBMA Silver Price London Silver Market Fixing 8-April 1,684.0 – 1,686.0
04/08 Italy Markit Markit Italy Retail PMI March 45.7 – 42.3
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group reports a strong profitability growth of 10.1%
YoY in 1Q2015 – QNB Group (QNBK) reported a 10.1% YoY
increase in its 1Q2015 net profit to QR2.7bn primarily due to
6.7% YoY growth in its net interest income to QR3.2bn. Net fee
& commission income rose to QR0.55bn in 1Q2015 from
QR0.49bn in 1Q2014 while foreign exchange gains increased to
QR0.21bn in 1Q2015 from QR0.18bn in 1Q2014. The bank’s
operating income reached QR4.0bn in 1Q2015 from QR3.7bn in
1Q2014. The bank’s cost-to-income ratio remained unchanged
at 21.7%. QNBK’s loans & advances grew 8.9% YoY (+2.1%
YTD) to QR345.4bn while customer deposits increased by 6.8%
YoY (+2.5% YTD) to QR369.2bn in 1Q2015. As a result, the
bank’s loan to deposit ratio increased to 94% in 1Q2015 from
92% in 1Q2014. Total assets grew 9.4% YoY to QR501.6bn in
1Q2015. On the asset quality front, QNBK’s NPL ratio improved
to 1.5% in 1Q2015 from 1.6% in 1Q2014. The bank’s EPS
amounted to QR3.8 in 1Q2015 compared to QR3.5 in 1Q2014.
The capital adequacy ratio, as per the Qatar Central Bank
(QCB) and Basel III requirements, stood at 15.1% in 1Q2015,
higher than the regulatory minimum requirements of the QCB
and Basel Committee. (QNB Group Press Release)
 IHGS reports QR3.42mn net profit in 1Q2015 – Islamic
Holding Group (IHGS) reported a net profit of QR3.42mn in
1Q2015, reflecting an increase of 15.5% as compared to
QR2.96mn in 1Q2014. (Peninsula Qatar)
 DBIS AGM approves 28% bonus shares – Dlala Brokerage &
Investments Holding Company’s (DBIS) ordinary general
assembly meeting (AGM) has approved the distribution of 28%
bonus shares of the company’s capital. Meanwhile, the DBIS
extraordinary general assembly (EGM) has been postponed to
April 13, 2015, due to a lack of quorum. (QSE)
 MPHC to disclose 1Q2015 results on April 21 – Mesaieed
Petrochemical Holding Company (MPHC) will announce its
financial results for 1Q2015 on April 21, 2015. (QSE)
 CBQK to disclose 1Q2015 results on April 26 – Commercial
Bank of Qatar (CBQK) will announce its financial results for
1Q2015 on April 26, 2015. (QSE)
 Ashghal reveals QR10bn projects for Mesaieed and Al
Wakra – The Public Works Authority (Ashghal) has announced
major development works for Al Wakra and Mesaieed that will
go on over the next three years at a total cost of QR10bn.
Overall Activity Buy %* Sell %* Net (QR)
Qatari 59.23% 68.11% (32,402,459.39)
GCC 8.40% 6.57% 6,686,109.12
Non-Qatari 32.37% 25.33% 25,716,350.27

3. Page 3 of 6
Ashghal has begun interacting with the local community to
explain the development projects following public complaints
about inconvenience caused to residents due to the
development works. Ashghal, in coordination with the Ministry of
Municipality & Urban Planning (MMUP), held the community
event, “Integrated Community Outreach Programme”, to
showcase infrastructure and building projects in the south of
Qatar. (Peninsula Qatar)
 Qatar, China sign $8bn infrastructure deals in 2014 – The
Chinese Embassy’s Economic & Commercial Office (ECO) said
China has expanded cooperation for project contracting with
Qatar in 2014 by signing more than $8bn worth of contracts in
various infrastructure projects. ECO head Cui Bin said Chinese
companies participating in these projects are involved in Qatar’s
civil construction works and in building of roads, bridges, ports,
and telecommunications infrastructure. (Gulf-Times.com)
 Ezdan Hotels launches Althuraya Restaurant – Ezdan
Hotels, a subsidiary of the Ezdan Holding Group (ERES), has
launched the 200-seater Althuraya Restaurant, which features
an oriental design that blends tradition with modernity. Althuraya
Restaurant, located on the fourth floor in Ezdan Hotels Towers.
Ezdan Hotels has up to 3,000 hotel rooms in Ezdan Towers
Dafna. The company is working on the last phase of Ezdan
Palace Hotel on Al Shamal Road. The 200 room hotel will be of
international standards. (Gulf-Times.com)
 RMB clearing center to open on April 14 – Cui Bin, Head of
the Economic and Commercial Office of the Embassy of China
in Qatar said the ceremonial launch and the signing ceremony
establishing the first offshore Renminbi (RMB) clearing center in
Qatar, for the MENA region will be held on April 14, 2015.
Having a RMB clearing bank in Qatar would not only serve the
Chinese currency fund flows in and out of the country through
trade and investment, but will help Qatar attract business from
other Middle Eastern countries in the region to pursue trade
through Qatar. (Peninsula Qatar)
International
 US consumer delinquencies rose slightly in 4Q2014 – The
American Bankers Association said consumer delinquencies in
the US rose slightly in 4Q2014 but remained near record lows
as consumers continue to adopt a judicious approach toward
managing their finances. The bank group said delinquencies in
seven of the 11 individual loan categories fell in 4Q2014 and a
healthy economy and continued financial discipline among
consumers bodes well for future delinquency rates. The bankers
association defines a delinquency as a payment that is more
than 30 days overdue. It does not track traditional mortgage
payments. The group said a composite ratio that reflects late
payments in eight loan categories, including personal & auto
loans, rose three basis points to 1.54% of all accounts. Bank
card delinquencies ticked up slightly in 4Q2014, rising one basis
point to 2.52% of all accounts. Delinquencies in home equity
loans and home equity lines of credit fell to 3.23% and 1.48%,
respectively, as the housing market improves. (Reuters)
 MBA: US mortgage applications rise in latest week –
According to an industry group, applications for US home
mortgages rose last week as interest rates declined. The
Mortgage Bankers Association (MBA) said its seasonally
adjusted index of mortgage application activity, which includes
both refinancing and home purchase demand, rose 0.4% in the
week ended April 3. The MBA's seasonally adjusted index of
refinancing applications fell 3.3%, while the gauge of loan
requests for home purchases, a leading indicator of home sales,
rose 6.8 % to its highest level since July 2013. The refinance
share of total mortgage activity fell to 57% of applications, its
lowest level since October 2014 from 60% the week before.
Fixed 30-year mortgage rates averaged 3.86% in the week,
down 3 basis points from 3.89% in the previous week. According
to MBA, the survey covers over 75% of US retail residential
mortgage applications. (Reuters)
 Markit: Eurozone price discounting drives growth in activity
– According to a recent survey, price discounting drove growth
in all of the Eurozone's major economies in March, helping
business activity increase at its fastest rate for nearly a year.
New orders came in at their fastest rate since May 2011 and the
survey found that companies have now been cutting prices for
three years, although not as sharply in March as before.
Nevertheless, the Markit survey provided some welcome news
for the European Central Bank (ECB) just weeks after it
embarked on a trillion-euro asset-purchase program. The private
sector in Germany, Europe's largest economy, grew at its
fastest pace in eight months and although it also increased in
France, the pace of expansion slowed. Italy's service industry
returned to growth, fueling hopes of an economic recovery there
after years of on-off recession, and Spain's expanded at its
fastest pace since August. Official data showed Eurozone
consumer prices fell again in March as expected but that the
decline was the smallest in 2015. Industrial producer prices
declined by less than expected in February from a year earlier.
(Reuters)
 France announces plan to boost business investment –
Firms are to be given bigger tax rebates on investments as part
of reforms announced to boost business activity and help the
slow revival of France's economy. Flat business investment
remains a drag on the improving outlook for the Eurozone's
second-largest economy at a time when consumer spending
and exports are picking up. French Prime Minister Manuel Valls
said the government will allocate €2.5bn over five years for tax
rebates to boost investment. A key measure will be allowing
firms to write down 140% of the value of industrial investments
they make between now and April 2016. Local authorities will be
reimbursed more quickly on sales tax paid on their public works
investments and some tax rebates on housing works will be
extended. The measures were part of an updated multi-year
budget plan expected to be unveiled later on April 8, in which
France will target a smaller reduction in its structural deficit in
2016 and 2017 than called for by the European Commission.
(Reuters)
 BoJ keeps policy steady; lone dissenter Kiuchi proposes
tapering – The Bank of Japan (BoJ) maintained its massive
stimulus and its optimistic view of the economy, unfazed by
recent signs of weakness in consumer spending and factory
output. As widely expected, the BoJ left unchanged its pledge to
increase base money, or cash and deposits at the central bank,
at an annual pace of 80tn yen through purchases of government
bonds and risky assets. Board member Takahide Kiuchi made a
change in his lone proposal against the stimulus program. He
proposed that the BoJ increase both its base money target and
its Japanese government bond holdings at an annual pace of
45tn yen, respectively. His proposal was turned down by a
majority vote. The BoJ has stood pat on its policy since
expanding stimulus in October 2014 to prevent slumping oil
prices, and a subsequent slowdown in inflation, from delaying a
sustained end to deflation. (Reuters)
 After trimming rates, India's banks wary of more radical
cuts; Moody’s raises Outlook to positive – Indian banks have
warned that moves this week to trim their interest rates after
months of central bank pressure would not lead to radical cuts
ahead, as lenders fret over stubbornly weak credit growth and
still high funding costs. Those headaches, they say, could

4. Page 4 of 6
override the benefits including lower provisions on their books
as fewer loans sour. The Reserve Bank of India has frequently
complained that few of the country's banks have lowered
lending rates despite a 50 basis point cut in policy rates since
January. The RBI left rates unchanged on April 7, arguing for
the need to allow earlier cuts to trickle down to the broader
economy. Hours after that, market leader State Bank of India
and the country's three biggest private sector lenders
announced unexpectedly that they would lower their rates by 15
to 25 basis points. Meanwhile, India’s credit rating outlook was
raised to positive by Moody’s Investors Service, signaling
optimism in the efforts of Prime Minister Narendra Modi and
central bank chief Raghuram Rajan to improve Asia’s No. 3
economy. Moody’s said the country’s Baa3 rating was affirmed
and the outlook was revised from stable. India is rated the
lowest investment grade, on par with Indonesia, Iceland and
Turkey. (Reuters, Bloomberg)
Regional
 Bahri signs CoA with South Korea’s S-Oil Corporation for
10 years – The National Shipping Company of Saudi Arabia
(Bahri) has announced that it has signed a contract of
affreightment (CoA) with South Korea’s S-Oil Corporation for a
period of ten years to transport crude oil cargoes on VLCCs
from the Arabian Gulf and Red Sea to Onsan, Korea. The
expected minimum annual revenue is around SR250mn. The
commercial operations are expected to commence during
3Q2015 and the financial impact is expected to appear in
3Q2015. S-Oil Corporation will benefit from the flexibility and
quality operations that the Bahri VLCCs bring to this partnership,
while Bahri VLCCs will have continuous access to AG/East
bound cargoes creating additional diversity of employment
routes and the ability to further optimize fleet utilization.
(Tadawul)
 Al Alamiya secures SAMA’s temporary approval for
insurance products – Al Alamiya for Cooperative Insurance
Company has obtained the Saudi Arabian Monetary Agency’s
(SAMA) temporary approval for use of its insurance products for
six months starting April 8, 2015. (Tadawul)
 BSF reports SR1.05bn net profit in 1Q2015 – Banque Saudi
Fransi (BSF) has reported SR1.05bn net profit in 1Q2015 as
compared to SR856mn in 1Q2014, representing a YoY increase
of 22.66%. The bank’s total assets stood at SR193.88bn as
against SR184.28bn over the same period. Loans & advances
reached SR120.37bn, while customer deposits stood at
SR150.15bn. EPS amounted to SR0.87 in 1Q2015 as compared
to SR0.71 in 1Q2014. (Tadawul)
 KFIA launches Saudi’s first Cargo Village – King Fahd
International Airport (KFIA) has officially unveiled its ‘Cargo
Village’. The Cargo Village is spread over half a million square
meters. More than 70% of goods bound for the Gulf region are
destined for the Kingdom and by facilitating operations the
Cargo Village positions KFIA as a multi-modal shipment and
clearance destination, directly serving the Eastern Province and
the Kingdom. The new facility offers direct access to Saudi
Arabia and bypasses the need for cargo to tranship through
neighboring countries. (GulfBase.com)
 Jadwa Investment: Saudi Arabia’s 2015 GDP to grow to
3.3% YoY – Jadwa Investment in its Quarterly Oil Market
Update (1Q2015) report said that Saudi Arabia’s 2015 GDP is
forecast to grow to 3.3% YoY from 2.5%. The 2015 annual
forecast for the oil sector growth is now 1.6%, up from its
previous forecast of 0.6%. As per the report, with the current
forecasts of Saudi crude at $57 per barrel and a production of
9.8mbpd as an average for 2015, oil revenues will fall by a third
when compared to the 2014 level. The fall in oil revenues will
lead to a fiscal deficit of SR397bn, or 15.6% of GDP in 2015.
The current account is also heading for its first deficit since
1998, which is expected to be at $23.1bn, or 3.4% of its GDP.
The report forecasted public debt increasing to 9.6% of its GDP
by 2015-end as the government shifts its financing strategy from
using foreign reserves to raising debt to finance its deficit.
Further, the debt issuance will effectively contribute toward the
development of the debt capital market in the Kingdom.
(GulfBase.com)
 Apollo plans to expand into Mideast via Dubai JV – US-
based Apollo Global Management is engaged in talks to expand
its business into the Middle East region for the first time through
a joint venture (JV) with Frontier Management, a firm run by
former senior executives of Abu Dhabi-based The National
Investor (TNI). Under the business plan, Frontier Management
will advise Apollo on opportunities in the Middle East region,
with the US firm making the call on whether to invest. (Reuters)
 UAE PM approves AED14bn projects – His Highness Shaikh
Mohammad Bin Rashid Al Maktoum, Vice-President and Prime
Minister (PM) of the UAE and Ruler of Dubai has approved
development projects valued at AED14bn. The projects, which
are to be carried out by Nakheel Properties over the next three
years, include the Deira Boulevard project that will spread over
an area of 9mn square metres. (GulfBase.com)
 Nakheel unveils giant retail, residential projects in Dubai –
Nakheel has unveiled a range of new retail, residential and
leisure developments for Dubai with a combined built-up area of
over 23mn square feet (sq ft) at Deira Islands, Dragon Mart and
Ibn Battuta Mall. The new projects are a 6.5mn sq ft residential,
retail and hotel extension for Dragon Mart that will take the total
size of the Dragon Mart complex to around 11mn sq ft; a new
4.7mn sq ft complex at Ibn Battuta Mall and a 12mn sq ft, 16-
tower community at Deira Islands featuring a 4.9mn sq ft mall,
2,400 homes and extensive parkland that will become the
defining landmark of the Deira area of Dubai. (GulfBase.com)
 RAK Ceramics signs SPA for RAK Laticrete shares – RAK
Ceramics has entered into a sale & purchase agreement (SPA)
with Laticrete International Asia Pacific, a subsidiary of Laticrete
International Inc. for sale of its shares in RAK Laticrete for a
consideration of AED48.1mn. The transaction also envisages
additional distribution of dividend of AED8.6mn pre-completion
to the company. The gross proceeds from the transaction for
RAK Ceramics are expected to be AED56.7mn and RAK
Ceramics will recognize AED37.6mn gain on sale of its shares in
RAK Laticrete. The completion of the transaction is subject to
regulatory and other approval and envisages completion by April
2015. (ADX)
 National Finance AGM approves 12.5% dividend – National
Finance’s annual general meeting (AGM) has approved the
distribution of 12.5% dividend, of which 10% will be in cash and
2.5% in stock. The company has entered into an agreement with
Muscat Clearing and Depository (MCD) under which they will
directly distribute dividend to its shareholders. (MSM)
 Al Namaa Poultry plans to produce 60,000 tons of poultry
meat – Al Namaa Poultry Company, which will be set up with a
capital expenditure of OMR100mn, is expected to produce
60,000 tons of poultry meat in the final stage, which is three
folds the current production of the biggest white meat production
project in Oman. The white meat self-sufficiency is expected to
increase from 36% in 2015 to 70% in 2030 and 100% in 2040.
(GulfBase.com)

5. Page 5 of 6
 Napco to start production from expanded facilities –
National Aluminium Products Company (Napco) will commence
production from its expanded facilities by 1Q2016. Napco CEO
Robert Holtkamp said that the company is implementing a major
expansion program to double its extrusion capacity and
quadruple powder coating services. (GulfBase.com)
 GFH denies any intention to cancel capital reduction – Gulf
Finance House (GFH) denied any intention to withdraw its
intention to reduce its capital as proposed. The company
announced that it does not have any intention to amend the
agenda of the extraordinary general meeting with regards to
discussing the proposal to reduce its capital, which is now under
the authority of the shareholders to approve or reject. (Bahrain
Bourse)

6. Contacts
Saugata Sarkar Ahmed Al-Khoudary Sahbi Kasraoui
Head of Research Head of Sales Trading – Institutional Head of HNI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6548 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
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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
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
QSE Index S&P Pan Arab S&P GCC
0.6%
1.0%
0.4%
0.2%
(0.3%)
0.3%
(0.4%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,202.51 (0.6) (0.0) 1.5 MSCI World Index 1,766.44 0.1 0.9 3.3
Silver/Ounce 16.53 (1.9) (4.2) 5.3 DJ Industrial 17,902.51 0.2 0.8 0.4
Crude Oil (Brent)/Barrel (FM
Future)
55.55 (6.0) 1.1 (3.1) S&P 500 2,081.90 0.3 0.7 1.1
Crude Oil (WTI)/Barrel (FM
Future)
50.42 (6.6) 2.6 (5.4) NASDAQ 100 4,950.82 0.8 1.3 4.5
Natural Gas (Henry
Hub)/MMBtu
2.67 0.1 3.2 (10.9) STOXX 600 404.66 (0.2) 1.2 5.6
LPG Propane (Arab Gulf)/Ton 51.75 (3.9) 0.7 5.6 DAX 12,035.86 (1.0) 0.0 9.2
LPG Butane (Arab Gulf)/Ton 58.00 (4.5) (2.1) (7.6) FTSE 100 6,937.41 0.1 2.0 1.2
Euro 1.08 (0.3) (1.7) (10.9) CAC 40 5,136.86 (0.6) 0.7 7.5
Yen 120.13 (0.1) 1.0 0.3 Nikkei 19,789.81 1.1 1.1 12.9
GBP 1.49 0.4 (0.4) (4.6) MSCI EM 1,021.05 1.5 2.7 6.8
CHF 1.03 (0.0) (1.6) 2.9 SHANGHAI SE Composite 3,994.81 0.8 2.5 23.6
AUD 0.77 0.7 0.7 (6.0) HANG SENG 26,236.86 3.8 3.8 11.2
USD Index 97.94 0.1 1.4 8.5 BSE SENSEX 28,707.75 0.7 1.7 6.0
RUB 53.65 (2.5) (5.3) (11.7) Bovespa 53,661.11 1.0 2.9 (7.8)
BRL 0.33 2.7 2.4 (13.1) RTS 988.30 1.8 6.3 25.0
171.7
133.4
121.5