The QSE Index declined 1.2% led by losses in the Telecom and Real Estate indices. Dlala Brokerage and Zad Holding were the top losers falling 3.8% and 2.8% respectively. Regional markets were mixed with Saudi Arabia and Kuwait rising slightly while Dubai and Abu Dhabi fell. QNB Group reported a 10.2% rise in 1H2015 net profit driven by growth in net interest and fee income.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.2% to close at 11,787.1. Losses were led by the
Telecoms and Real Estate indices, falling 1.8% and 1.4%, respectively. Top
losers were Dlala Brokerage & Investments Holding Co. and Zad Holding Co.,
falling 3.8% and 2.8%, respectively. Among the top gainers Medicare Group
rose 1.9%, while Al Khaleej Takaful Group was up 1.2%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 9,057.9. Losses were led
by the Transport and Media & Publishing indices, falling 1.5% and 0.9%,
respectively. AlRajhi Takaful fell 3.2%, while Jarir Marketing was down 2.5%.
Dubai: The DFM Index declined 1.4% to close at 3,986.6. The Real Estate &
Construction index fell 2.5%, while the Services index declined 1.9%. National
Industries Group fell 9.7%, while Al Salam Sudan was down 5.0%.
Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,692.3. The Real
Estate index declined 3.4%, while the Investment & Financial Serv. index fell
1.2%. Aldar Properties declined 3.7%, while RAK Properties was down 3.1%.
Kuwait: The KSE Index rose 0.2% to close at 6,156.7. The Technology index
gained 2.0%, while the Industrial index rose 0.6%. National Industries Co.
gained 9.5%, while Securities Group Co. was up 9.1%.
Oman: The MSM Index fell 0.4% to close at 6,402.7. Losses were led by the
Financial and Industrial indices, falling 0.7% and 0.1%, respectively. Ahli Bank
fell 6.5%, while Dhofar Cattle Feed was down 3.3%.
Bahrain: The BHB Index declined 0.2% to close at 1,335.6. The Hotel &
Tourism index fell 0.8%, while the Commercial Banks index declined 0.3%.
Gulf Hotel Group fell 1.2%, while Al-Ahli United Bank was down 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Medicare Group 186.00 1.9 0.0 59.0
Al Khaleej Takaful Group 43.00 1.2 8.0 (2.6)
Qatar Islamic Insurance Co. 83.00 0.5 2.0 5.1
Qatar Fuel Co. 170.80 0.4 36.7 (16.4)
Gulf Warehousing Co. 74.10 0.1 2.0 31.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 50.90 (1.5) 689.1 21.5
Ezdan Holding Group 17.26 (1.4) 559.3 15.7
Vodafone Qatar 16.11 (0.6) 292.6 (2.1)
Industries Qatar 132.10 (2.1) 257.8 (21.4)
Masraf Al Rayan 45.00 (1.0) 229.7 1.8
Market Indicators 8 July 15 7 July 15 %Chg.
Value Traded (QR mn) 197.6 220.7 (10.5)
Exch. Market Cap. (QR mn) 628,050.1 635,111.8 (1.1)
Volume (mn) 3.9 4.2 (6.5)
Number of Transactions 2,861 2,571 11.3
Companies Traded 40 39 2.6
Market Breadth 5:31 16:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,321.36 (1.2) (2.8) (0.0) N/A
All Share Index 3,161.99 (1.1) (2.4) 0.3 13.3
Banks 3,127.45 (1.1) (1.8) (2.4) 14.0
Industrials 3,784.13 (1.3) (4.4) (6.3) 13.4
Transportation 2,425.00 (0.0) (1.0) 4.6 13.4
Real Estate 2,673.46 (1.4) (3.0) 19.1 9.4
Insurance 4,718.98 (0.2) (0.6) 19.2 21.8
Telecoms 1,144.33 (1.8) (1.6) (23.0) 23.0
Consumer 7,344.60 0.3 (0.5) 6.3 28.5
Al Rayan Islamic Index 4,581.89 (1.0) (2.6) 11.7 13.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
National Investments Co. Kuwait 0.13 3.2 20.5 (15.8)
Alhokair & Co. Saudi Arabia 98.40 2.8 217.6 (0.6)
Ajman Bank Dubai 1.96 2.6 428.1 (26.5)
Astra Industrial Group Saudi Arabia 31.81 2.2 372.5 8.9
Al Rajhi Bank Saudi Arabia 60.32 2.0 2,617.4 17.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ahli Bank Oman 0.20 (6.5) 3,000.0 (9.8)
Aldar Properties Abu Dhabi 2.60 (3.7) 14,920.6 (1.9)
Drake & Scull Int. Dubai 0.79 (3.4) 19,023.8 (11.4)
Dubai Financial Market Dubai 1.89 (3.1) 10,359.0 (6.0)
Sharjah Islamic Bank Abu Dhabi 1.65 (2.9) 1,030.0 (6.3)
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%
Dlala Brokerage & Inv Holding Co. 26.60 (3.8) 8.7 (20.5)
Zad Holding Co. 98.00 (2.8) 0.4 16.7
Ooredoo 84.00 (2.3) 91.4 (32.2)
Industries Qatar 132.10 (2.1) 257.8 (21.4)
Qatar Islamic Bank 106.00 (1.9) 33.7 3.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 50.90 (1.5) 35,071.7 21.5
Industries Qatar 132.10 (2.1) 34,417.9 (21.4)
QNB Group 185.60 (1.0) 18,932.7 (12.8)
Gulf International Services 76.60 (1.8) 13,219.9 (21.1)
Masraf Al Rayan 45.00 (1.0) 10,373.1 1.8
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* 11,787.11 (1.2) (2.8) (3.4) (4.1) 54.29 172,462.6 12.4 1.9 4.3
Dubai 3,986.60 (1.4) (2.5) (2.5) 5.6 155.48 101,929.7 11.9 1.3 6.5
Abu Dhabi 4,692.29 (0.7) (0.7) (0.7) 3.6 60.88 128,223.3 11.8 1.5 4.7
Saudi Arabia 9,057.89 (0.3) (0.9) (0.3) 8.7 936.34 533,752.5 19.0 2.2 2.9
Kuwait 6,156.68 0.2 (0.4) (0.7) (5.8) 44.18 95,732.1 15.8 1.0 4.2
Oman 6,402.65 (0.4) (0.6) (0.3) 0.9 7.99 25,263.4 9.7 1.5 4.0
Bahrain 1,335.64 (0.2) (1.1) (2.4) (6.4) 0.29 20,889.7 8.6 0.9 5.3
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)
11,750
11,800
11,850
11,900
11,950
12,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 1.2% to close at 11,787.1. The
Telecoms 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.
 Dlala Brokerage & Investments Holding Co. and Zad Holding Co.
were the top losers, falling 3.8% and 2.8%, respectively. Among
the top gainers Medicare Group rose 1.9%, while Al Khaleej
Takaful Group was up 1.2%.
 Volume of shares traded on Wednesday fell by 6.5% to 3.9mn
from 4.2mn on Tuesday. Further, as compared to the 30-day
moving average of 10.4mn, volume for the day was 62.3% lower.
Barwa Real Estate Co. and Ezdan Holding Group were the most
active stocks, contributing 17.6% and 14.3% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
International Bank
of Qatar (IBQ)
Fitch Qatar LT IDR/ST IDR – A+/F1 – 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)
Earnings Releases
Company Market Currency
Revenue
(mn) 2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
Jarir Marketing Co. (JMC) Saudi Arabia SR – – 151.7 13.8% 154.9 14.6%
Tourism Enterprise Co.
(TRC)
Saudi Arabia SR – – 1.8 2.2% 1.6 1.3%
United Kaipara Dairies Co.
(UNIKAI)
Dubai AED 88.3 -6.9% 6.7 NA 6.7 NA
Gulf Mushroom Products
Co. (GMPC)*
Oman OMR 3.1 -1.4% – – 0.2 -5.1%
United Finance Co. (UFC)* Oman OMR 6.1 1.5% – – 2.5 8.7%
National Hospitality Institute
(NHIS)
Oman OMR 0.4 -18.7% – – 0.0 NA
National Finance Co. (NFC) Oman OMR 0.0 NA – – 2.8 13.5%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
07/08 US Mortgage Bankers Asso. MBA Mortgage Applications 3-July 4.60% – -4.70%
07/08 France Banque De France Bank of France Bus. Sentiment June 98.0 99.0 99.0
07/08 UK British Retail Consortium BRC Shop Price Index YoY June -1.30% – -1.90%
07/08 UK Lloyds TSB Halifax House Prices MoM June 1.70% 0.30% 0.30%
07/08 Spain INE House transactions YoY May 6.00% – 9.40%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group maintains solid earnings expansion in 1H2015 –
QNB Group (QNBK), one of the World’s Strongest Banks and
the leading bank in the Middle East and North Africa, reported a
10.2% YoY increase in its 1H2015 net profit to QR5.6bn, driven
by 6.7% YoY growth in its net interest income to QR6.4bn. Net
fee & commission income also contributed to earnings growth,
rising 12.8% YoY to QR1.1bn while net gain on foreign
exchange rose 7.6% YoY to QR0.41bn. Accordingly, the bank’s
operating income was up 7.5% YoY to QR8.2bn in 1H2015. The
bank’s cost-to-income ratio declined to 21% in 1H2015 vs.
21.5% in 1H2014. QNBK’s loans & advances climbed 9.2% YoY
to QR356bn (up 5.3% YTD) while customer deposits jumped
10.4% YoY (up 5.8% YTD) to QR381bn in 1H2015. This led to
a loan to deposit ratio of 93% in 1H2015 as compared to 95% in
1H2014 and 94% in end-2014. Total assets were up 9.7% YoY
to QR511bn in 1H2015. On the asset quality front, QNBK’s NPL
ratio improved to 1.5% in 1H2015 from 1.6% in 1H2014/end-
2014. The bank’s EPS stood at QR8.0 in 1H2015 compared to
QR7.2 in 1H2014. The capital adequacy ratio, as per the Qatar
Central Bank (QCB) and Basel III requirements, stood at 14.4%
in June 2015, higher than the regulatory minimum requirements
of the QCB and Basel Committee. (QNB Group Press Release)
 ORDS subsidiary to pay $20.94mn interest to bond-holders
– Ooredoo International Finance Limited (OIFL), a wholly-owned
subsidiary of Ooredoo (ORDS), will pay its Global Medium Term
Note (GMTN)-holders principal and interest payments
amounting to $11.25mn and $9.69mn, on July 31 2015 for notes
due on January 31, 2043 and January 31, 2028, respectively.
Overall Activity Buy %* Sell %* Net (QR)
Qatari 70.00% 39.76% 59,787,150.33
GCC 2.66% 5.35% (5,315,600.65)
Non-Qatari 27.34% 54.90% (54,471,549.68)

3. Page 3 of 6
 QFB appoints CEO – Qatar First Bank (QFB) has appointed
Ziad Makkawi as its Chief Executive Officer (CEO) with
immediate effect. Mr. Ziad will lead expansion of QFB’s
successful private equity business, as well as build a private
banking franchise focused on high and ultra-high net worth
individuals. (Peninsula Qatar)
 Moody's and Fitch assign IBQ investment grade status –
International Bank of Qatar (IBQ) has received investment grade
credit ratings of "A2" and "A+" assigned by rating agencies
Moody's and Fitch, respectively. (Zawya)
 ICSS becomes first tenant at Msheireb Properties –
Msheireb Properties, a subsidiary of Qatar Foundation,
announced the International Centre for Sport Security (ICSS) as
its first official tenant in the commercial district of the company’s
prestigious Msheireb Downtown Doha (MDD). MDD is the
world’s first sustainable regeneration project, and will be a brand
new commercial hub for the city of Doha. The building, which
will house the ICSS’s new international headquarters, consists
of 3,939 sq m of open, energy-efficient, modern office space
spread across five floors. (Peninsula Qatar)
 RHH to open new hotel in Makkah – Retaj Hotels & Hospitality
(RHH) has announced a new hotel in Al Azizya Al Chamalya in
Makkah. The Retaj Al Rayyan Nahdy features 658 rooms and
suites with a capacity to accommodate up to 3,000 pilgrims. This
hotel has all the facilities and amenities required to ensure
comfort of pilgrims. RHH is now planning to expand in the GCC
region, especially in Saudi Arabia. (Peninsula Qatar)
 QNBK: Qatar real estate sector set to grow – According to
QNB Group (QNBK), Qatar’s real estate prices are expected to
continue their strong growth, although at a more moderate pace,
led by strong population growth and higher per capita GDP.
QNBK, in its monthly monitor, noted that the Qatar Central
Bank’s (QCB) real estate index rose 29.6% YoY in March 2015
reflecting moderation in the real estate price inflation for the
second successive month. Qatar’s population grew by 9% YoY
in June 2015 to reach 2.34mn, driven by a large ramp-up in
infrastructure spending. QNBK expects Qatar’s ongoing
investment program to continue to attract expatriates, resulting
in an overall population growth of 7% in 2015. QNBK expects
inflation to pick up as the growing population is expected to push
up domestic inflation, offsetting slower foreign inflation.
(Peninsula Qatar)
 MDPS: Construction sector booms; 637 building permits in
June – The Ministry of Development Planning & Statistics
(MDPS) has said that around 637 building permits were issued
in Qatar in June 2015, a clear reflection of the construction
sector’s ongoing performance. MDPS released the data, in
association with the Ministry of Municipality & Urban Planning,
and said that 383 permits were issued for new buildings, which
are around 60% of the total permits issued in June 2015.
However, the data does not include building permits issued for
electricity sub-stations. The number of building permits issued
by the Rayyan Municipality (including Al Shehaniyah) was
highest at 230 permits (36% of total building permits) followed
by the Doha Municipality with 144 pemits (23%); the Al Wakra
Municipality with 75 (12%); the Al Daayen 73 (11%); the Al Khor
53 (8%); Umm Salal 47 (7%); and Al Shamal 15 (2%). Of the
total permits, 233 or 37% were given for “additions” and 21 or
3% for fencing works. According to MDPS, the villa permits
topped the list, and accounted for 75% (213) of all the new
residential building permits. (Gulf-Times.com)
 QTA aims for 3mn-visitor mark – Qatar Tourism Authority
(QTA) Chairman Issa bin Mohamed al-Mohannadi urged
stakeholders and partners to step up efforts to boost the inward-
bound tourism and help the authority to achieve the mark of 3mn
visitors by 2015-end. Speaking at the second annual Tourism
Industry Ghabga, al-Mohannadi said Qatar is on track to pass
the 3mn-visitor mark by 2015-end with the support of upcoming
festivals and events. (Gulf-Times.com)
 ORDS launches ‘Exchange’ service – Ooredoo (ORDS) has
launched ‘Ooredoo Exchange’, a new feature that will enable
ORDS Mobile Money customers to send money directly to any
bank account or mobile wallet in select countries. With the
Ooredoo Exchange service, customers can now directly transfer
money via the ORDS network to bank accounts in countries that
include Sri Lanka, Bangladesh, Malaysia, Indonesia, Nepal and
the Philippines. (Gulf-Times.com)
 MERS commercial department receives ISO certification –
Al Meera Consumer Goods Co. (MERS) has received the ISO
9001:2008 certification from the Bureau Veritas Certification
Holding SAS - UK Branch, for its commercial department
activities. The certification includes managing of contracts,
selection re-evaluation of consumer goods suppliers that are
serving MERS and category review. (Gulf-Times.com)
International
 CBO: US deficit down $52bn so far in fiscal 2015 – The
Congressional Budget Office (CBO) has said the US budget
deficit shrank by $52bn or 14% YoY during the first nine months
of the fiscal 2015 as tax receipts grew faster than spending
increases. The CBO said individual income taxes were up
$153bn over a year ago, with a whopping 16% gain in non-
withheld receipts that include tax payments for stock market
gains. Outlays in the October-June period grew 5% as military
and net interest spending fell. For the month of June, a month
typically with high tax collections, the CBO estimated that the
Treasury recorded a surplus of $51bn, down $20bn from June
2014. (Reuters)
 Greece seeks new EU loan deal in race to avert collapse;
IMF cannot bend rules – A race to save Greece from
bankruptcy and keep it in the euro gathered pace when Athens
formally applied for a three-year loan and the European
authorities launched an accelerated review of the request.
Greek Prime Minister Alexis Tsipras, in a speech to the
European Parliament, called for a fair deal, acknowledging
Greece’s historic responsibility for its plight, after the EU leaders
gave him five days to come up with convincing reforms. The
government submitted a request to the European Stability
Mechanism bailout fund to lend an unspecified amount “to meet
Greece’s debt obligations and to ensure stability of the financial
system”. It promised to begin implementing tax and pension
measures sought by the creditors from July 13, 2015. With its
banks closed, cash withdrawals rationed and the economy in
freefall, Greece has never been closer to a state bankruptcy that
would probably force it to leave the euro and print an alternative
currency. Meanwhile, the head of the International Monetary
Fund (IMF), Christine Lagarde, reiterated that the global
financial institution cannot bend its rules when it comes to
Greece, striking a somber tone in commenting on the “acute
crisis” in the eurozone country. (Reuters)
 Rise in Japan machinery orders boosts capex, economic
outlook – Japan’s core machinery orders in May unexpectedly
grew for a third straight month, with the total value reaching a 7-
year high and adding to recent evidence of a steady pickup in
business spending seen as vital for a durable economic
recovery. According to the Cabinet Office data, the 0.6% rise in
core orders, a highly volatile data series regarded as an
indicator of capital spending in the coming six to nine months,
beat economists’' median estimate of a 5.0% drop. That

4. Page 4 of 6
followed rises of 3.8% in April and 2.9% in March. The Cabinet
office said the value of core orders reached its highest levels
since June 2008. The data came a week after the central bank’s
key quarterly tankan survey that showed robust capital spending
plans by big companies, a welcome sign for policymakers who
are eager to see firms invest their hefty profits in plant,
equipment and higher wages. Capital spending had been a
missing link in the world's third largest economy as policymakers
struggle to generate a virtuous cycle of investment, wages
growth and consumer spending to vanquish years of economic
stagnation and deflation. While the Greek debt crisis and
China’s slowdown have clouded the outlook for external
demand, capital spending is expected to be underpinned by a
tightening job market and domestic demand, which has shaken
off a slump caused by 2014’s sales tax hike. (Reuters)
 China June inflation edges up, producer deflation stays
entrenched – China’s consumer inflation edged up slightly in
June while stubbornly weak producer prices fell again, data that
could increase worries about a sluggish Chinese economy,
which is also smarting from a stock market rout. China’s
consumer inflation quickened to 1.4% YoY in June, beating
market expectations. Reuters predicted the index would come in
at 1.3%, compared with 1.2% posted for May. The National
Bureau of Statistics said the producer price index cooled to -
4.8% in June. This marks its 39th straight month of decline. The
market had expected producer prices to fall 4.5% on an annual
basis after a decline of 4.6% in June 2015. (Reuters)
 Fitch: Brazil poses largest emerging market contagion risk
– Ratings agency Fitch has said that Brazil poses a larger threat
of contagion for global financial markets than any other
emerging economies, far eclipsing Russia and China, giving
highlights of an upcoming survey of European fixed-income
investors. The investors, who manage an estimated €7.8tn in
assets, considered economic imbalances, political challenges
and US interest rates to select the two biggest contagion threats
from a list of five major emerging market countries that also
included Turkey and India. An expected recession, coupled with
rising inflation and budget deficits, is making it tough for
President Dilma Rousseff to meet her fiscal savings goals,
putting at risk Brazil’s coveted investment-grade sovereign
rating. (Reuters)
Regional
 WB urges GCC states to improve quality of financial
intermediation – According to a report released by the World
Bank (WB), the GCC financial sector has not produced the
expected inclusive growth-enhancing benefits despite its depth,
signaling a ‘quality gap’ with respect to the rest of the world. The
region has fallen short in providing access to financial services
for their population. The SME lending in the region amounted to
2% of the total credit, which is the lowest in the world and has
not improved in recent years. The WB suggested that improving
the quality of financial intermediation in the GCC economies is a
balancing act between enhancing access and preserving
stability. As per the report, the level of financial deepening in the
region is less effective than in other regions when it comes to
generating long-term economic growth. The financial sector in
the GCC countries is bank-based and, with the exception of the
UAE and Bahrain, have penetration rates well below that of
advanced economies. Total banking sector assets stood at
144% of the GDP in the UAE and over five times the GDP in
Bahrain at 2013-end. In contrast, with the smallest banking
sector in the region in Oman, total bank assets amounted to
about 60% of the GDP. (GulfBase.com)
 Petro Rabigh recommends SR438mn dividend for 1H2015 –
Rabigh Refining and Petrochemical Company (Petro Rabigh)
has made a correction announcement regarding the distribution
of dividend to its shareholders for 2014. According to the
announcement, the company is to distribute 5% dividend (SR0.5
per share) amounting to SR438mn for 1H2015. All the
shareholders registered at Tadawul at the end of trading day of
the general assembly, which is expected to be held on July 27,
2015, are eligible for the dividend. (Tadawul)
 PIF, RDIF sign agreement to invest SR37.5bn in projects in
Russia – Saudi Arabia’s Public Investment Fund (PIF) and
Russian Direct Investment Fund (RDIF) have signed an
agreement to invest SR37.5bn in projects to be implemented in
Russia. According to the Russian media, a majority of Saudi
investment will be made in Russia’s agricultural projects as well
as in the pharmaceutical, logistics retail and real estate sectors.
(GulfBase.com)
 Air Arabia launches flights to Tabuk – Air Arabia has
launched regular services to Tabuk, which marks the airline’s
13th destination in Saudi Arabia and 114th globally. Starting July
30, 2015, the leading low-cost carrier will operate services on
Tuesdays, Thursdays and Saturdays to this destination. The
launch is line with Air Arabia’s strong focus to further add
significant services to customers in the Kingdom.
(GulfBase.com)
 Movenpick Hotels to build fourth Jeddah hotel – Movenpick
Hotels & Resorts is strengthening its Saudi Arabia expansion
plans by adding a fourth property in Jeddah. The 300-key
Movenpick Hotel Heraa Jeddah, which is scheduled to open in
1Q2019, will take Movenpick’s KSA offering to 14 properties.
The planned property is one of the five Saudi new hotels being
rolled out by the hospitality firm over the next four years, with
two planned for Riyadh, one for Al-Khobar and the 233-key
Movenpick Hotel City Star Jeddah. (GulfBase.com)
 ARB reports SR1.94bn net profit in 2Q2015, recommends
SR812.5mn dividend for 1H2015 – Al Rajhi Bank (ARB) has
reported a net profit of SR1.94bn in 2Q2015 as compared to
SR1.95bn in 2Q2014, reflecting a marginal drop of 0.4% on a
YoY basis. Meanwhile, ARB’s board of directors has
recommended distribution of a 5% dividend (SR0.5 per share),
amounting to SR812.5mn for 1H2015. Shareholders registered
in the registers of the Securities Depository Center (Tadawul) on
July 14, 2015 will be eligible for the dividend. (Tadawul, Reuters)
 SABB posts SR1.14bn net profit in 2Q2015 – The Saudi
British Bank (SABB) reported a net profit of SR1.14bn in
2Q2015 as compared to SR1.16bn in 2Q2014, reflecting a
decrease of 1.71% on a YoY basis. The bank’s total assets rose
9.61% YoY to SR192.33bn in 2Q2015. SABB’s loans &
advances reached SR126.6bn, showing an increase of 12.28%
YoY while its customer deposits stood at SR151bn. The bank’s
EPS amounted to SR1.5 in 2Q2015 versus SR1.49 in 2Q2014.
(Tadawul)
 Sipchem to distribute SR0.6 per share dividend on July 9 –
Saudi International Petrochemical Company (Sipchem) will
distribute SR0.6 per share dividend for 1H2015 to its
shareholders registered in the registers of the Securities
Depository Center (Tadawul) on July 5, 2015. National
Commercial Bank (NCB) will dispense the dividend on July 9,
2015 to be deposited in the shareholders’ current bank accounts
linked to their investment portfolios. (Tadawul)
 BSF net profit surges 14.93% YoY in 2Q2015 – Banque Saudi
Fransi (BSF) posted a net profit of SR1.02bn in 2Q2015 as
compared to SR884mn in 2Q2014, reflecting an increase of

5. Page 5 of 6
14.93% on a YoY basis. The bank’s total assets stood at
SR185.95bn at the end of June 30, 2015 as compared to
SR184.31bn, showing an increase of 0.89% YoY. BSF’s loans &
advances reached SR124.71bn, reflecting an increase of 6.23%
YoY, while customer deposits stood at SR142.59bn. The bank’s
EPS amounted to SR1.71 in 2Q2015 versus SR1.44 in 2Q2014.
(Tadawul)
 RAK FTZ adds around 100 warehouses to boost economic
contribution to Emirate – Ras Al Khaimah Free Trade Zone
(RAK FTZ) added around 100 warehouses at the Technology
Park in the free zone to the existing 330 warehouses at a cost of
AED47mn as part of plans to boost industrial contribution to the
Emirate’s economy, reflecting an increase of 30%. There are
plans for more warehouses to meet rising demand from existing
and new customers. The new warehouses (about 40%) have
been pre-leased and are targeted at light and medium
industries, logistics and trading firms, and high-tech companies.
(GulfBase.com)
 StanChart: UAE economy to grow 3.8% in 2015 – Standard
Chartered (StanChart), in its ‘Global Focus report’, has stated
that the UAE economy is expected to grow at a relatively healthy
rate of 3.8% in 2015, lower than the 2014 growth of 4.5%. While
Dubai’s tourism and retail sectors are expected to face a more
challenging environment, the outlook for its trade sector
dynamics is improving as the hub accounts for 55% of the
region’s trade. Dubai benefits from ongoing trade flows as well
as GCC countries continue to spend on their economies.
StanChart estimated that Dubai’s trade sector will grow by a
more robust 7% in 2015 as improving regional trade dynamics
support trade flows through Dubai ports. StanChart believes the
growth rate for tourism and associated retail sectors will drop to
4.2% in 2015 from almost 8.5% in 2014. The UAE’s
hydrocarbon sector is largely centered in Abu Dhabi, which
controls 95% of crude production and exports. (GulfBase.com)
 B&M: UAE, Saudi likely to be amongst world’s top M&A,
IPO growth markets – According to a report released by Baker
& McKenzie (B&M), the UAE and Saudi Arabia are amongst
world’s top 10 countries forecast to experience the fastest
mergers & acquisitions (M&A) and IPO growth until 2020. The
forecast, made in association with Oxford Economics, predicts
an uptick in global transactional activity exceeding $3.4tn in
2017, based on global economic activity increasing to an
average growth rate of 2.9% per year over the next three years,
as compared to an annualized 2.5% since 2012. The report
indicated that the M&A activity in the UAE would rise from
$2.2bn in 2014 to $6.8bn in 2015. The forecast also showed that
the deal activity will stabilize from 2016 to 2020, albeit with a
peak of around $5.7bn in 2018. As per the findings, the
domestic IPO issuance is projected to fall in the UAE from $3bn
in 2014 to $581.7mn in 2015, before peaking at $1.2bn in 2018.
In Saudi Arabia, it is expected to fall from $6.4bn in 2014 to
$1.8bn in 2015, before peaking at $2.7bn in 2019.
(GulfBase.com)
 GFH confirms KSE delisting, plans to list on Tadawul – Gulf
Finance House (GFH) has confirmed the statement made by its
Group CEO Mr. Hisham Alrayes in the regional newspapers on
July 6 and 7, 2015. The company is still considering the
possibility of delisting from the Kuwait Stock Exchange (KSE)
and listing on the Saudi Stock Exchange (DFM).
 CBI appoints Retail Banking head – Commercial Bank
International (CBI) has appointed Anil Kumar as its new Head of
Retail Banking. He will be responsible for leading CBI’s retail
expansion program, which includes development of new
products and improvement of processes and technologies to
serve customers better. He will report directly to CEO Mark
Robinson. (GulfBase.com)
 Arabtec senior staff resigns, appoints new acting CFO –
Arabtec Holding has accepted resignations of Iyad Abdal Rahim
(Group Chief Financial Officer - CFO), Yazan Hatamleh (Group
Chief Human Resources and Administration Officer) and Wassel
Al Fakhoury (Group General Counsel). Moreover, the company
has appointed Ravi Murthy as the new acting Group CFO. The
move is part of a reorganization plan being implemented by the
company to realize its overall strategic objectives. (DFM)
 Knowlarity launches operations in Middle East – Knowlarity,
a Singapore-based cloud communications company, is
expanding in the Middle East and will open its first center in
Dubai. The company’s flagship products are the
SuperReceptionist and Smart IVR. (GulfBase.com)
 KFH: Kuwait’s credit activity surged by 5.7% in April 2015 –
According to a report released by Kuwait Finance House (KFH),
Kuwait’s credit activity surged by 5.7% or KD1.7bn on an annual
basis to reach a massive KD31.1bn in April 2015. The amount
comprises about 79.6% of the total value of bank deposits in the
country. The credit facilities to individuals accounted for 40.3%
or KD12.6bn of the total value of credit facilities in April 2015, up
by 8.2% YoY when compared with April 2015. The report,
carried by the Kuwait News Agency, also showed that the
construction and real estate sector accounted for 31.6% of the
total value of credit facilities at KWD9.8bn, up by 2.2% YoY.
Furthermore, the trade sector accounted for 9.4% of the total
value of credit facilities at KWD2.9bn, while industry-directed
facilities reported a relative retreat to KWD1.7bn. Meanwhile,
credit facilities to non-banking financial institutions stabilized at
4.4% of the total value of credit facilities. (GulfBase.com)
 MoTC to appoint consultant for Salalah port expansion –
Oman’s Ministry of Transport and Communications (MoTC)
floated a tender to select a consultant for conducting studies and
designing the third phase expansion of Salalah Port. The
consultant will conduct a study and will design the expansion
program. The tender documents will be distributed till August 6,
2015 while tenders will be opened on August 31, 2015.
(GulfBase.com)
 Ibdar Bank appoints new CIO – Bahrain-based Ibdar Bank has
appointed Ahmed Al Rayes as its Chief Investment Officer (CIO)
with effect from July 9, 2015. Al Rayes will be responsible for
leading the investment and wealth management teams and for
establishing and implementing investment strategies to expand
the bank’s investments horizon. (GulfBase.com)

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is
not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
(0.3%)
(1.2%)
0.2%
(0.2%) (0.4%)
(0.7%)
(1.4%)
(4.0%)
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,158.46 0.3 (0.9) (2.2) MSCI World Index 1,706.87 (1.0) (2.2) (0.2)
Silver/Ounce 15.16 0.5 (3.4) (3.5) DJ Industrial 17,515.42 (1.5) (1.2) (1.7)
Crude Oil (Brent)/Barrel (FM
Future)
57.05 0.4 (5.4) (0.5) S&P 500 2,046.68 (1.7) (1.4) (0.6)
Crude Oil (WTI)/Barrel (FM
Future)
51.65 (1.3) (9.3) (3.0) NASDAQ 100 4,909.76 (1.8) (2.0) 3.7
Natural Gas (Henry
Hub)/MMBtu
2.71 (0.8) (2.8) (9.6) STOXX 600 372.88 1.1 (2.9) (0.6)
LPG Propane (Arab Gulf)/Ton 40.00 1.3 (6.4) (18.4) DAX 10,747.30 1.7 (3.0) (0.4)
LPG Butane (Arab Gulf)/Ton 50.00 4.2 (7.4) (20.3) FTSE 100 6,490.70 0.3 (3.0) (2.7)
Euro 1.11 0.6 (0.3) (8.4) CAC 40 4,639.02 1.8 (3.7) (0.8)
Yen 120.71 (1.5) (1.7) 0.8 Nikkei 19,737.64 (2.6) (3.0) 11.1
GBP 1.54 (0.7) (1.3) (1.4) MSCI EM 904.57 (2.8) (6.2) (5.4)
CHF 1.06 0.1 (0.5) 5.2 SHANGHAI SE Composite 3,507.19 (5.8) (4.9) 8.4
AUD 0.74 (0.3) (1.2) (9.1) HANG SENG 23,516.56 (5.8) (9.8) (0.4)
USD Index 96.29 (0.6) 0.2 6.7 BSE SENSEX 27,687.72 (1.7) (1.5) 0.3
RUB 57.47 1.3 2.7 (5.4) Bovespa 51,781.75 (2.3) (4.3) (15.1)
BRL 0.31 (1.6) (3.2) (18.1) RTS 875.67 (1.1) (4.8) 10.7
141.6
120.1
114.6