1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 12,090.4. Losses were led by the
Real Estate and Banks & Financial Services indices, falling 1.4% and 0.1%,
respectively. Top losers were Qatar Electricity & Water Co. and Ezdan Holding
Group, falling 1.8% and 1.7%, respectively. Among the top gainers Al Khalij
Commercial Bank and Medicare Group were up 2.7% each.
GCC Commentary
Saudi Arabia: The TASI Index rose marginally to close at 9,279.7. Gains were
led by the Media & Publishing and Transport indices, rising 1.5% and 1.2%,
respectively. KEC rose 5.6%, while Ash-Sharqiyah Development was up 4.8%.
Dubai: The DFM Index gained 0.2% to close at 4,144.8. Telecommunication
index rose 4.6%, while the Transportation index gained 0.9%. National
Industries rose 9.7%, while Al-Madina for Finance and Invest. was up 6.1%.
Abu Dhabi: The ADX benchmark index rose 2.9% to close at 4,755.6. The
Telecommunication index surged 15.0%, while the Banks index rose 0.6%.
Etisalat surged 15.0%, while Ras Al Khaimah Poultry & Feeding was up 6.5%.
Kuwait: The KSE Index gained 0.4% to close at 6,234.4. The
Telecommunication index rose 1.0%, while the Real Estate index gained 0.7%.
Dulaqan Real Estate Co. rose 10.0%, while Kout Food Group was up 7.9%.
Oman: The MSM Index declined marginally to close at 6,451.0. Losses were
led by the Financial and Industrial indices, falling 0.1% each. Gulf Investment
Services fell 3.6%, while Al Anwar Holding was down 2.2%.
Bahrain: The BHB Index fell 0.4% to close at 1,363.7. The Commercial Bank
index declined 0.8%, while the Services index fell 0.1%. Trafco Group declined
4.6%, while BBK was down 2.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khalij Commercial Bank 22.70 2.7 156.8 2.9
Medicare Group 188.90 2.7 350.0 61.5
Salam International Investment Co. 14.10 2.2 354.2 (11.0)
Qatar Industrial Manufacturing Co. 47.00 2.1 16.9 8.4
Qatar German Co for Medical Dev. 16.67 1.5 347.8 64.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.33 (1.7) 1,933.2 22.9
Vodafone Qatar 16.81 0.5 1,486.1 2.2
Mazaya Qatar Real Estate Dev. 18.98 0.0 446.7 4.1
Barwa Real Estate Co. 52.80 (1.3) 359.9 26.0
Salam International Investment Co. 14.10 2.2 354.2 (11.0)
Market Indicators 23 June 15 22 June 15 %Chg.
Value Traded (QR mn) 363.8 528.9 (31.2)
Exch. Market Cap. (QR mn) 640,338.2 641,015.8 (0.1)
Volume (mn) 8.4 11.5 (27.2)
Number of Transactions 3,926 5,062 (22.4)
Companies Traded 40 41 (2.4)
Market Breadth 21:15 23:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,789.17 (0.3) 1.6 2.5 N/A
All Share Index 3,228.38 (0.1) 1.3 2.5 13.6
Banks 3,142.15 (0.1) 0.3 (1.9) 14.2
Industrials 3,926.47 0.3 1.6 (2.8) 13.9
Transportation 2,465.03 0.1 0.4 6.3 13.6
Real Estate 2,804.13 (1.4) 4.3 24.9 9.9
Insurance 4,726.26 0.2 0.4 19.4 21.8
Telecoms 1,173.82 0.6 1.3 (21.0) 23.6
Consumer 7,380.57 0.2 (0.2) 6.8 28.7
Al Rayan Islamic Index 4,725.42 0.1 2.2 15.2 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Emirates Telecom Corp. Abu Dhabi 13.80 15.0 1,875.7 38.6
Knowledge Eco. City Saudi Arabia 27.45 5.6 2,713.1 62.1
Emirates Int. Telecom. Dubai 5.25 4.6 6,820.6 4.2
Saudia Dairy & Foodstuff Saudi Arabia 136.06 3.8 53.5 14.4
Union National Bank Abu Dhabi 7.10 3.6 1,496.2 22.4
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.67 (4.3) 1,366.4 (16.2)
DP World Ltd. Dubai 21.20 (3.5) 198.2 1.0
Banque Saudi Fransi Saudi Arabia 35.67 (3.3) 798.7 13.9
BBK Bahrain 0.43 (2.7) 3,331.5 (4.8)
Al Rajhi Bank Saudi Arabia 62.52 (2.1) 4,728.1 21.5
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Electricity & Water Co. 219.90 (1.8) 12.2 17.3
Ezdan Holding Group 18.33 (1.7) 1,933.2 22.9
Barwa Real Estate Co. 52.80 (1.3) 359.9 26.0
Commercial Bank of Qatar 54.80 (1.1) 138.2 (12.0)
Al Meera Consumer Goods Co. 251.00 (0.8) 10.9 25.5
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Medicare Group 188.90 2.7 65,457.3 61.5
QNB Group 184.00 (0.6) 40,517.1 (13.6)
Ezdan Holding Group 18.33 (1.7) 35,860.3 22.9
Gulf International Services 81.00 0.7 28,092.6 (16.6)
Vodafone Qatar 16.81 0.5 25,138.6 2.2
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,090.44 (0.3) 1.6 0.4 (1.6) 99.91 175,836.9 12.7 1.9 4.2
Dubai 4,144.81 0.2 2.0 5.6 9.8 638.74 101,298.6 9.6 1.5 5.2
Abu Dhabi 4,755.60 2.9 4.0 5.0 5.0 65.17 129,442.3 12.0 1.5 4.6
Saudi Arabia 9,279.74 0.0 (2.4) (4.2) 11.4 1,289.91 544,865.2 19.5 2.2 2.9
Kuwait 6,234.40 0.4 (0.0) (0.9) (4.6) 32.43 97,482.3 15.5 1.0 4.3
Oman 6,450.98 (0.0) (0.1) 1.0 1.7 30.32 25,299.7 9.8 1.5 3.9
Bahrain 1,363.68 (0.4) (0.2) 0.0 (4.4) 3.87 21,327.3 8.8 0.9 5.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,080
12,100
12,120
12,140
12,160
12,180
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 0.3% to close at 12,090.4. The Real
Estate and Banks & Financial Services indices led the losses.
The index fell on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari and GCC
shareholders.
 Qatar Electricity & Water Co. and Ezdan Holding Group were the
top losers, falling 1.8% and 1.7%, respectively. Among the top
gainers Al Khalij Commercial Bank and Medicare Group were up
2.7% each.
 Volume of shares traded on Tuesday fell by 27.2% to 8.4mn
from 11.5mn on Monday. Further, as compared to the 30-day
moving average of 15.2mn, volume for the day was 44.6% lower.
Ezdan Holding Group and Vodafone Qatar were the most active
stocks, contributing 23.0% and 17.7% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Industries Qatar
(IQCD)
S&P Qatar LT AA- AA- – Stable –
Industries Qatar
(IQCD)
Moody’s Qatar CO Aa3 Aa3 – Stable –
Abu Dhabi
National Energy
Company (TAQA)
Moody’s
Abu
Dhabi
LT IR/BCA A3/ba2 A3/b2  Stable –
United Gulf Bank
(UGB)
Capital
Intelligence
Bahrain
FSR/LT FCR/ST
FCR/SR
BBB/BBB/A3/3 BBB/BBB/A3/3 – Stable –
National Bank of
Bahrain (NBB)
Fitch Bahrain LT IDR/VR BBB/bbb BBB–/bbb-  Stable –
BBK B.S.C. Fitch Bahrain LT IDR BBB BBB–  Stable –
Ahli United Bank
(AUB)
Fitch Bahrain IDR BBB+ BBB+ – 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, CO – Credit Opinion, BCA – Baseline Credit Assessment, VR – Viability Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/23 US FHFA FHFA House Price Index MoM April 0.30% 0.50% 0.30%
06/23 EU Markit Markit Eurozone Manufacturing PMI June 52.5 52.2 52.2
06/23 EU Markit Markit Eurozone Services PMI June 54.4 53.6 53.8
06/23 EU Markit Markit Eurozone Composite PMI June 54.1 53.5 53.6
06/23 France INSEE Business Confidence June 97.0 98.0 98.0
06/23 France INSEE Manufacturing Confidence June 100.0 103.0 103.0
06/23 France INSEE Production Outlook Indicator June -2.0 – -1.0
06/23 France INSEE Own-Company Production Outlook June 6.0 – 6.0
06/23 France Markit Markit France Manufacturing PMI June 50.5 49.6 49.4
06/23 France Markit Markit France Services PMI June 54.1 52.6 52.8
06/23 France Markit Markit France Composite PMI June 53.4 52.0 52.0
06/23 Germany Markit BME Germany Manufacturing PMI June 51.9 51.2 51.1
06/23 Germany Markit Markit Germany Services PMI June 54.2 53.0 53.0
06/23 Germany Markit Markit/BME Germany Composite PMI June 54.0 52.7 52.6
06/23 UK Confed. of British Ind. CBI Trends Total Orders June -7.0 2.0 -5.0
06/23 UK Confed. of British Ind. CBI Trends Selling Prices June -7.0 – 2.0
06/23 Italy ISTAT Industrial Orders NSA YoY April 7.90% – 2.70%
06/23 Italy ISTAT Industrial Sales WDA YoY April -0.20% – 0.90%
06/23 Italy ISTAT Retail Sales MoM April 0.70% 0.10% -0.10%
06/23 Italy ISTAT Retail Sales YoY April 0.00% -0.50% -0.20%
06/23 China Markit HSBC China Manufacturing PMI June 49.6 49.4 49.2
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 52.77% 70.31% (63,769,743.25)
GCC 7.36% 5.31% 7,480,265.26
Non-Qatari 39.86% 24.39% 56,289,477.99

3. Page 3 of 6
News
Qatar
 ABQK to disclose financials on July 12 – Ahli Bank (ABQK)
will disclose the reviewed financial reports for the period ending
June 30, 2015 on July 12, 2015. (QSE)
 QFLS to announce financials on July 14 – Woqod (QFLS) will
announce the reviewed financial reports for the period ending
June 30, 2015 on July 14, 2015. (QSE)
 CBQK to disclose financials on July 14 – The Commercial
Bank of Qatar (CBQK) will disclose the reviewed financial
reports for the period ending June 30, 2015 on July 14, 2015.
(QSE)
 QNCD to announce financials on July 14 – Qatar National
Cement Company (QNCD) will announce the reviewed financial
reports for the period ending June 30, 2015 on July 14, 2015.
(QSE)
 KCBK finances Al Thumama Mega Reservoir Project – Al
Khalij Commercial Bank (KCBK) has financed a joint venture
(JV) of Consolidated Contractors Group (Offshore) (CCC) and
Teyseer Contracting Company for the construction of the Mega
Reservoir PRPS 5-Al Thumama (Package C) project. This move
is in line with KCBK’s strategy to support rollout of major
infrastructure projects in Qatar and to accommodate growth
requirements of its valuable clients. The Water Security Mega
Reservoir Project involves construction of five huge potable
water mega reservoirs sites and interconnecting network of
large diameter water pipelines. (Zawya)
 S&P affirms IQCD’s long-term rating; Moody’s maintains
Aa3 credit rating – Standard & Poor’s Ratings Services (S&P)
has affirmed Industries Qatar’s (IQCD) AA- long term rating with
a stable outlook. Meanwhile, Moody’s Investor Services updated
its credit opinion on IQCD and maintained Aa3 rating, with a
stable outlook. The ratings of the agencies, both S&P and
Moody’s are based on their annual review of IQCD’s current and
future financial & operational performance and have considered
several factors in assigning and maintaining the current rating
and outlook including the company’s liquidity profile, robust cash
flow generation ability, strong competitive market position,
greater integration with the parent entity and its close
relationship with the government of Qatar. (QSE)
 Arcadis wins $22.5m Doha Metro deal – Arcadis, the world’s
top natural and built asset design & consultancy firm, based in
Netherlands has said that it has clinched a $22.5m deal to
provide architectural, branding, design and construction
consultancy services for the Gold Line metro line in Doha. The
appointment follows an earlier involvement on comparable
activities on the Red Line South metro line, also in Doha.
(Peninsula Qatar)
 QP completes ‘rightsizing’, to exit non-core business –
Qatar Petroleum (QP) officially completed the “rightsizing” of its
expatriate workforce as part of its reorganization and said there
are no more plans on the anvil. QP President and Chief
Executive Saad Sherida al-Kaabi said the country’s bellwether is
exiting its non-core business in order to encourage the private
sector to flourish. (Gulf-Times.com)
 Construction boom to keep labor demand high – According
to a senior official of Qatar Foundation for Education, Science &
Community Development (QF), Qatar’s international labor
demand is expected to remain high as the construction sector
continues to expand ahead of the 2022 FIFA World Cup. QF
Capital Projects and Facilities Management Group Executive
Director Jassim Telefat, quoting figures published in September
2014, said the number of migrant workers living in Qatar has
surpassed 1.6mn, with at least half a million estimated to be
employed in Qatar’s construction sector. (Gulf-Times.com)
 Ashghal: Major infrastructural works to start in Matar
Qadeem this week – The Public Works Authority (Ashghal) said
Qatar's Old Airport (Matar Qadeem) area is all set to undergo a
massive infrastructure & road development program from June
27, 2015. The first phase of the construction work is expected to
last around five months. It will cover the works in Al Karama
Street, Al Tabarani Street, Al Hussain Bin Ali Street, Al Salah
Street, and parts of Al Hurriya Street. (Gulf-Times.com)
 Qatar could buy stake in Formula One – According to
sources, RSE Ventures is teaming up with Qatar to buy a 35.5%
stake in the holding company that owns Formula One (F1) in a
$7bn-$8bn deal. RSE, which owns the US football team Miami
Dolphins, is looking to acquire the stake from buyout group CVC
Capital Partners Ltd. CVC owns a 35.5% stake in F1, which is
headed by billionaire Bernie Ecclestone. The deal, reportedly
being backed by Qatar Sports Investments (QSI), which also
owns the Paris Saint-Germain football club, could see the sport
finally break into the US market. (Gulf-Times.com)
 Real estate deals stood at QR1.1bn between June14-18 –
The real estate transactions between June 14 and 18, 2015
registered at the Land Registry Department of the Ministry of
Justice were worth QR1.1bn. The list of properties that were
sold includes plots of land, multiuse housing and residential
buildings in Doha, Umm Salal, Al Khor, Al Dhakira, Al Zain, Al
Rayyan, Al Wakra and Al Shamal municipalities. (Peninsula
Qatar)
International
 US durable goods orders rebound in May, factory activity
moderates in June – According to the US Commerce
Department, non-defense capital goods orders excluding
aircraft, a closely watched proxy for business spending plans,
rose 0.4% in May. These so-called core capital goods orders
had slipped 0.3% in April. Shipments of core capital goods,
which are used to calculate equipment spending in the
government's GDP measurement, rose 0.3% in May after a
similar gain in April. However, a 6.4% drop in transportation
equipment weighed down overall orders for durable goods -
which fell 1.8% last month. Meanwhile, financial data firm Markit
said its preliminary US Manufacturing Purchasing Managers’
Index (PMI) declined to 53.4 in June, lowest since October
2013, from a final May reading of 54. The slowdown is being led
by deteriorating export performance, which many producers in
turn linked to a loss of competitiveness caused by the stronger
dollar. The index’s flash output component fell to 53.9 from the
final May reading of 55.2. The flash reading of the index
measuring new orders edged up in June to 54.5 from May’s final
54.3. (Reuters)
 Eurozone business growth accelerates in June – Eurozone
private businesses expanded at their fastest pace in four years
this month, providing the clearest sign yet of a solid recovery in
the region. Markit’s Composite Flash Purchasing Managers’
Index (PMI), based on surveys of thousands of companies and
seen as a good growth indicator, rose to 54.1 in June from 53.6
in May. The bloc’s dominant service industry contributed to most
of the overall surge and a PMI covering those firms surged to a
four-year high of 54.4 from 53.8 in May. Factory PMI rose to
52.5 from 52.2, its highest in over a year, while a sub index
covering output, which feeds into the composite PMI, nudged up
to 53.5 from 53.3. The bright readings for the Eurozone were

4. Page 4 of 6
complimented by surveys out of Germany and France, the bloc's
two largest economies, which showed both factories and
services firms grew much more quickly than expected. (Reuters)
 Germany to issue €5bn less debt than planned in 3Q2015 –
The German finance agency on Tuesday said the country plans
to issue €5bn less debt in 3Q2015 than originally planned, after
tax receipts soared in the first five months of 2015. The finance
agency said with the government not needing to borrow as
much money as expected to hit its budget target, it would issue
€2bn less in two-year Schatz notes than it had planned in
December. It will also cancel two planned new issues of 12-
month Bubills with a volume of €1.5bn each that would have
matured in August and September 2016. The finance agency
said the changes to its 3Q2015 issue calendar would reduce the
overall amount of debt it would issue this year to €180.5bn from
€185.5bn, excluding inflation-linked bonds. Federal tax revenues
rose 8.5% to €101bn YoY between January and May as workers
in Europe’s largest economy benefit from high employment and
rising wages. (Reuters)
 CBI: British factory orders grow at weakest pace in June –
According to the Confederation of British Industry’s (CBI)
monthly industrial trends survey, British factory orders grew at
their weakest pace in June in almost two years, hurt by a
slowdown in the export demand. The CBI’s total order book
balance fell to -7 in June, its lowest since July 2013, from -5 in
May. However, the index was still above its long-run average of
-15. The export order book balance fell to its lowest since March
2015 after dropping 10 points on the month. CBI Director of
Economics Rain Newton-Smith said improving momentum in the
Eurozone is being offset by the effect of the strengthening
pound on UK manufacturers’ overseas sales and margins. On
top of that, the ongoing Greek saga is causing uncertainty.
Looking forward, the survey showed that manufacturers became
slightly more optimistic about output volumes in the coming
three months. (Reuters)
 ECB increases emergency funding for Greek banks –
According to sources, the European Central Bank (ECB) has
increased its funding lifeline for Greek banks again on Tuesday,
allowing the country’s banks to stay open as Athens inches
toward a deal with creditors. It raises the value of the ECB’s
Emergency Liquidity Assistance (ELA) to around €89bn, a
growing liability that is worrying many around the Eurozone,
particularly in Germany. Ralph Brinkhaus, deputy parliamentary
floor leader for German Chancellor Angela Merkel’s
conservatives, criticized the decision and called on Athens to
introduce controls on the movement of money instead. The
move, the third day in a row that the ECB has sanctioned
additional funding, follows Athens’ presentation on June 22 of
new budget proposals that Eurozone leaders welcomed as the
basis for possible agreement. (Reuters)
 China approves subway system projects worth yuan
129.8bn – The National Development & Reform Commission
(NDRC), China’s top economic planner, has approved two
subway system projects worth yuan 129.8bn, continuing a run of
infrastructure approvals as the government looks to support its
slowing economy. The NDRC approved the third construction
phase of a subway system in Wuhan, the capital of central
Hubei province, which is estimated to cost yuan 114.9bn. It also
gave the go-ahead to a revised yuan 14.86bn plan for an urban
rail system in Changchun, the capital of northeastern Jilin
province. In addition, the NDRC approved a feasibility study for
a proposed renovation of security facilities at the Beijing Capital
International Airport, which is pegged to cost yuan 506mn. The
State Council last week said it would step up “effective
investment” in key sectors such as rural power infrastructure to
support the economy. (Reuters)
 India unveils plans to boost cashless economy; to inject
$3bn in state-owned banks – India has unveiled plans to cut
transaction costs for electronic payments to spur retailers and
consumers to use less cash, as part of Prime Minister Narendra
Modi's drive to pull more people into the formal economy and
boost public revenue. In a draft proposal posted on the website
of the Finance Ministry late on Monday, the government
recommended tax concessions to reduce the cost of credit, debit
and online payments. The proposals will be implemented
gradually after June 29. If successful in increasing card
payments, the new measures will be a boost for global credit
and debit card companies MasterCard, Visa and American
Express, as well as domestic rival RuPay and mobile payment
banks. Meanwhile, Finance Secretary Rajiv Mehrishi said India
plans to inject about $3bn into state-owned banks this fiscal year
and could double that amount next year in a push to boost
capital and help lenders meet the global Basel III regulatory
requirements. The planned capital infusion into the state
lenders, which account for over 70% of all outstanding bank
loans, is more than double an earlier estimate of $1.25bn made
in the government's budget for this fiscal year. (Reuters)
Regional
 JLL: SLB transactions rise in GCC region – According to
Jones Lang LaSalle (JLL), the number of real estate sale and
leaseback (SLB) transactions undertaken by corporate entities is
rising in the GCC region. The transactions are gaining popularity
as they enable companies to free up cash locked in property
assets. The rising popularity of SLBs is due to companies
generally being more comfortable with long-term lease
agreements, while banks grow more cautious on lending. Over
the past few years, JLL has observed these transactions
undertaken by school operator GEMS, grocer Azzizah Panda,
dairy company Al Safi Danone and retailer Jarir. SLBs can also
be applied to other real-estate asset classes, including offices,
hotels and healthcare facilities. (GulfBase.com)
 First Hyatt property officially opens in Makkah – Hyatt Hotels
Corporation has officially opened Hyatt Regency Makkah – its
first Hyatt-branded property in the holy city of Makkah, Saudi
Arabia under a management agreement with Jabal Omar
Development Company. A second Hyatt Regency-branded hotel
in Saudi Arabia, Hyatt Regency Riyadh Olaya, is expected to be
opened in 2016. (GulfBase.com)
 Mobily mulls tower sale – According to sources, Etihad
Etisalat Company (Mobily) is attracting interest from companies
including American Tower Corporation and IHS Nigeria for the
sale of its cellular-tower network. Talks are reportedly at an early
stage and formal bids have not yet been submitted. The sale
could be worth around $2bn. (GulfBase.com)
 SAGIA: KSA Private investments in petrochemicals to
quadruple – According to the Saudi Arabia General Investment
Authority (SAGIA), Saudi Arabia is actively encouraging private
investments in the petrochemicals sector, with contribution set to
quadruple over the next decade. The Kingdom has opened its
$570bn stock market to foreign investors on June 15, 2015 that
will provide the international investment community direct
access to Saudi Arabia. The SAGIA stresses that even though
the petrochemical sector has been historically dominated by the
70% state-owned giant Saudi Basic Industries Corporation
(Sabic), it is gaining momentum from private sector participation.
(GulfBase.com)

5. Page 5 of 6
 ANB recommends SR0.45 per share cash dividend for
1H2015 – Arab National Bank (ANB) has proposed a cash
dividend of SR0.45 per share for 1H2015. The total distribution
would be worth SR450mn. (Reuters)
 Aafaq signs MoU with DCIBF – Aafaq Islamic Finance (AIF)
has signed a MoU with the Dubai Centre for Islamic Banking &
Finance (DCIBF) of Hamdan Bin Mohammad Smart University
(HBMSU). The MoU establishes a framework for facilitating
collaboration and cooperation between AIF and DCIBF in
developing human capital, resources and capabilities in Islamic
Finance as well as pursuing other mutually beneficial activities
and projects. As part of the MOU, a series of projects and
initiatives supporting Dubai's transformation into a capital of the
global Islamic economy will be launched. (GulfBase.com)
 Unilever starts construction work on AED1bn project at
Dubai Industrial City – Unilever has started construction work
on the AED1bn plant in Dubai Industrial City in what is one of
the larger investments committed in the region’s manufacturing
sector in the year to date. The capacities at the new facility will
be utilized for Unilever’s stable of personal-care products. The
plant is scheduled for a mid-2016 opening, and will generate up
to 400 jobs. (GulfBase.com)
 ADP, Micco sign agreement to build new logistics business
center at Kizad – Abu Dhabi Ports (ADP) has signed an
agreement with Al Mazroui International Cargo Company
(Micco) to establish a new logistics business center at Khalifa
Industrial Zone Abu Dhabi (Kizad). The new facility will be built
in three phases and is expected to be ready by 4Q2016 and fully
operational by January 2017. Micco will invest an initial
AED35mn for Phase I, with further investments anticipated
based on the future developments of Phase II and III. The facility
will cater to Micco’s temperature controlled storage facilities,
bulk storage through open yards, distribution services, and a
service center for their trucking fleet. (GulfBase.com)
 RAK Ceramics voted Superbrand for 7th consecutive year –
Ras Al Khaimah Ceramics Company (RAK Ceramics) was
awarded ‘Superbrand’ status for the 7th consecutive year at an
awards evening held recently at the Intercontinental Hotel in
Dubai Festival City. RAK Ceramics has a global annual
production capacity of 117mn square meters of ceramic and
porcelain tiles, 4.6mn pieces of bathware, 24mn pieces of
tableware and a distribution network that spans 160 countries.
(GulfBase.com)
 ADAC in talks to build new airport in Seychelles – Abu Dhabi
Airports Company (ADAC) is in talks to build a new airport in
Seychelles as the UAE strengthens its commercial ties with the
country. Seychelles President James Michel said that the
country was negotiating to construct a new airport in Victoria
near the existing facility, and is about to reach an agreement on
this important economic and tourism project. (GulfBase.com)
 AMIC intends to acquire Vision Insurance – Al Madina
Insurance Company’s (AMIC) board of directors has expressed
an interest in acquiring 100% stake of Vision Insurance
Company, a provider of non-life and life insurance products.
This acquisition will have a positive impact on AMIC income as
well as strengthen its position in the Omani insurance sector.
The transaction is subject to regulatory approvals and a
satisfactory financial, business & legal due diligence. (MSM)
 Oman, Japan sign investment protection agreement – Oman
and Japan have entered into an agreement for the reciprocal
promotion and protection of investment. The agreement
stipulates the treatments for investment activities when an
investor from one of the countries deploys funds in the other
country. (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
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report
has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any
representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis,
expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical
technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment
decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
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
200.0
220.0
May-11 May-12 May-13 May-14 May-15
QSE Index S&P Pan Arab S&P GCC
0.0%
(0.3%)
0.4%
(0.4%)
(0.0%)
2.9%
0.2%
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
3.0%
4.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,178.60 (0.6) (1.8) (0.5) MSCI World Index 1,795.98 (0.0) 1.2 5.0
Silver/Ounce 15.88 (2.1) (1.4) 1.1 DJ Industrial 18,144.07 0.1 0.7 1.8
Crude Oil (Brent)/Barrel (FM
Future)
64.45 1.8 2.3 12.4 S&P 500 2,124.20 0.1 0.7 3.2
Crude Oil (WTI)/Barrel (FM
Future)
61.01 2.2 2.3 14.5 NASDAQ 100 5,160.10 0.1 0.8 9.0
Natural Gas (Henry
Hub)/MMBtu
2.83 2.0 0.8 (5.5) STOXX 600 398.83 (0.5) 1.9 7.5
LPG Propane (Arab Gulf)/Ton 37.63 5.6 8.3 (23.2) DAX 11,542.54 (1.0) 3.0 8.2
LPG Butane (Arab Gulf)/Ton 46.50 3.3 2.2 (25.9) FTSE 100 6,834.87 (0.6) 0.9 5.0
Euro 1.12 (1.5) (1.6) (7.7) CAC 40 5,057.68 (0.5) 3.5 9.3
Yen 123.94 0.5 1.0 3.5 Nikkei 20,809.42 1.4 2.1 15.0
GBP 1.57 (0.6) (1.0) 1.0 MSCI EM 990.67 0.3 1.7 3.6
CHF 1.07 (1.4) (1.7) 6.5 SHANGHAI SE Composite 4,576.49 2.2 2.2 41.5
AUD 0.77 0.1 (0.5) (5.4) HANG SENG 27,333.46 0.9 2.1 15.8
USD Index 95.43 1.2 1.4 5.7 BSE SENSEX 27,804.37 0.1 1.6 0.6
RUB 53.85 (0.2) (0.3) (11.3) Bovespa 53,772.43 (0.8) (0.5) (8.1)
BRL 0.33 0.2 0.7 (13.8) RTS 964.32 (1.5) (0.3) 22.0
173.7
138.5
125.7