1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 11,903.1. Losses were led by the
Insurance and Real Estate indices, falling 1.3% and 1.1%, respectively. Top
losers were Qatar General Insurance & Reinsurance Co. and Al Khalij
Commercial Bank, falling 2.3% and 2.0%, respectively. Among the top gainers
Ahli Bank rose 4.7%, while Qatar Islamic Insurance Co. was up 2.2%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 9,532.5. Losses were led
by the Energy & Utilities and Building & Construction indices, falling 1.3% and
1.1%, respectively. SACO fell 2.9%, while Maadaniyah was down 2.8%.
Dubai: The DFM Index gained 0.7% to close at 4,016.0. The Consumer
Staples index rose 2.3%, while the Financial & Inv. Serv. index gained 1.7%.
Amlak Finance surged 14.9%, while Al Salam Bank–Bahrain was up 3.8%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,563.9. The
Real Estate index gained 2.4%, while the Banks index rose 0.1%. Eshraq
properties Co. gained 6.7%, while Gulf Cement Co. was up 5.9%.
Kuwait: The KSE Index fell 0.9% to close at 6,272.8. The Oil & Gas index
declined 2.4%, while the Technology index fell 1.5%. Al-Madina for Finance &
Invest. declined 8.9%, while National Petroleum Services was down 8.3%.
Oman: The MSM Index rose 0.2% to close at 6,464.4. Gains were led by the
Services and Financial indices, rising 0.3% and 0.1%, respectively. Al Batinah
Dev. Inv. Holding rose 4.9%, while National Mineral Water was up 3.0%.
Bahrain: The BHB Index declined 0.1% to close at 1,365.1. The Industrial
index fell 0.4%, while the Commercial Bank index declined 0.2%. Nass
Corporation fell 3.0%, while Al-Ahli United Bank was down 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 45.00 4.7 2.2 (9.3)
Qatar Islamic Insurance Co. 84.00 2.2 1.0 6.3
Qatar German Co for Medical Dev. 17.12 2.0 125.9 68.7
Widam Food Co. 62.20 2.0 183.6 3.0
Al Khaleej Takaful Group 43.50 1.2 5.0 (1.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 17.04 (1.4) 686.1 14.2
Vodafone Qatar 16.05 (0.6) 469.8 (2.4)
Barwa Real Estate Co. 50.70 (0.4) 432.7 21.0
Masraf Al Rayan 45.60 (0.4) 246.0 3.2
National Leasing 20.76 (0.6) 204.9 3.8
Market Indicators 8 June 15 7 June 15 %Chg.
Value Traded (QR mn) 161.7 424.9 (61.9)
Exch. Market Cap. (QR mn) 634,212.9 637,903.8 (0.6)
Volume (mn) 3.5 8.6 (59.3)
Number of Transactions 2,800 4,608 (39.2)
Companies Traded 42 41 2.4
Market Breadth 10:26 9:27 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,498.01 (0.7) (1.6) 0.9 N/A
All Share Index 3,184.31 (0.6) (1.4) 1.1 13.4
Banks 3,151.30 (0.5) (1.5) (1.6) 14.2
Industrials 3,847.60 (0.3) (2.2) (4.8) 13.6
Transportation 2,469.13 (0.6) (0.7) 6.5 13.6
Real Estate 2,637.00 (1.1) (0.6) 17.5 9.3
Insurance 4,717.69 (1.3) (1.1) 19.2 21.8
Telecoms 1,196.24 (1.0) (2.2) (19.5) 24.0
Consumer 7,270.83 0.2 (0.2) 5.3 28.2
Al Rayan Islamic Index 4,577.19 (0.3) (1.1) 11.6 13.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Al Ahli Bank Qatar 45.00 4.7 2.2 (9.3)
Tihama Adv. & Public Saudi Arabia 92.23 3.6 199.4 1.9
Arabtec Holding Co. Dubai 2.30 2.7 35,890.1 (17.6)
Dallah Healthcare Saudi Arabia 143.00 2.0 123.6 10.1
Al Othaim Markets Saudi Arabia 108.92 1.9 204.7 3.5
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
United Real Estate Co. Kuwait 0.10 (5.9) 43.5 (4.0)
Nat. Mobile Telecom. Kuwait 1.24 (4.6) 50.3 (11.4)
Nat. Investments Co. Kuwait 0.13 (3.0) 884.2 (15.8)
Al Ahli Bank of Kuwait Kuwait 0.35 (2.8) 1,119.5 (15.9)
Saudi Hollandi Bank Saudi Arabia 46.00 (2.5) 694.5 23.6
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%
Qatar General Ins. & Reins. Co. 54.90 (2.3) 8.1 7.0
Al Khalij Commercial Bank 22.11 (2.0) 77.2 0.3
Doha Bank 53.00 (1.7) 18.2 (7.0)
Dlala Brokerage & Inv Holding Co. 27.30 (1.6) 12.5 (18.4)
Qatar Insurance Co. 96.50 (1.5) 34.0 22.5
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 50.70 (0.4) 21,950.3 21.0
QNB Group 189.20 (0.5) 20,392.1 (11.1)
Gulf International Services 79.50 1.0 12,075.4 (18.1)
Industries Qatar 134.60 (0.3) 12,001.6 (19.9)
Ezdan Holding Group 17.04 (1.4) 11,717.8 14.2
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* 11,903.08 (0.7) (1.6) (1.2) (3.1) 44.42 174,218.3 12.6 1.9 4.2
Dubai 4,016.04 0.7 (0.4) 2.4 6.4 236.20 98,733.0 9.3 1.5 5.4
Abu Dhabi 4,563.90 0.2 (0.5) 0.8 0.8 48.37 122,674.8 11.5 1.5 4.8
Saudi Arabia 9,532.48 (0.6) (1.4) (1.6) 14.4 1,158.56 559,264.7 20.0 2.3 2.8
Kuwait 6,272.80 (0.9) (0.8) (0.3) (4.0) 58.45 96,141.9 16.0 1.0 4.3
Oman 6,464.39 0.2 0.0 1.2 1.9 4.83 24,715.4 9.3 1.4 4.1
Bahrain 1,365.07 (0.1) (0.1) 0.1 (4.3) 1.27 21,349.1 8.8 1.0 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)
11,850
11,900
11,950
12,000
12,050
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 0.7% to close at 11,903.1. The
Insurance and Real Estate 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 General Insurance & Reinsurance Co. and Al Khalij
Commercial Bank were the top losers, falling 2.3% and 2.0%,
respectively. Among the top gainers Ahli Bank rose 4.7%, while
Qatar Islamic Insurance Co. was up 2.2%.
 Volume of shares traded on Monday fell by 59.3% to 3.5mn from
8.6mn on Sunday. Further, as compared to the 30-day moving
average of 17.1mn, volume for the day was 79.6% lower. Ezdan
Holding Group and Vodafone Qatar were the most active stocks,
contributing 19.6% and 13.4% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
06/08 EU Sentix Behavioral Ind. Sentix Investor Confidence June 17.1 18.7 19.6
06/08 France Banque De France Bank of France Bus. Sentiment May 99.0 98.0 98.0
06/08 Germany Deutsche Bundesbank Industrial Production SA MoM April 0.90% 0.60% -0.40%
06/08 Germany BMWi Industrial Production WDA YoY April 1.40% 0.90% 0.20%
06/08 Germany Destatis Trade Balance April 22.1B 19.4B 23.1B
06/08 Germany Destatis Current Account Balance April 19.6B 20.5B 27.3B
06/08 Germany Deutsche Bundesbank Exports SA MoM April 1.90% -0.40% 1.30%
06/08 Germany Deutsche Bundesbank Imports SA MoM April -1.30% 0.50% 2.40%
06/08 China General Admin. of Cust. Exports YoY CNY May -2.80% -4.00% -6.20%
06/08 China General Admin. of Cust. Imports YoY CNY May -18.10% -9.60% -16.10%
06/08 China General Admin. of Cust. Trade Balance CNY May 366.80B 245.15B 210.21B
06/08 China National Bureau of Stat. Trade Balance May $59.49B $44.80B $34.13B
06/08 China National Bureau of Stat. Exports YoY May -2.50% -4.40% -6.40%
06/08 China National Bureau of Stat. Imports YoY May -17.60% -10.00% -16.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar General Insurance announces the completion of
Orientals Enterprises acquisition – Qatar General Insurance
and Reinsurance Company (QGRI) announced that the
acquisition of Orientals Enterprises Company by General
Holding Company SPC, was completed after the necessary
approvals from official authorities were obtained. Currently work
is underway to modify commercial registration and articles of
association of the acquiree and comply with the official
authorities requirements. Oriental Enterprises operates in the
field of construction, building materials and building
maintenance. The company has completed several projects
since its inception varied in terms of type and size of housing
projects and other commercial projects, and employs
approximately 500 staff and workers. In addition, the company
has two branches: the first involved in rebar production and the
other involved in building insulation. (QSE)
 QDB, Qatar Shell unveil opportunities for SMEs in Pearl
GTL supply chain – Qatar Development Bank (QDB) and Qatar
Shell have unveiled seven new specific business opportunities
for the local small & medium enterprises (SMEs) to become part
of the supply chain for Pearl GTL, the world’s largest gas-to-
liquids plant delivered by Qatar Petroleum and Qatar Shell. QDB
and Qatar Shell said the local SMEs are the “cornerstone” for
achieving a sustainable and diversified economy and are key
toward facilitating a thriving private sector in Qatar, whose non-
hydrocarbon sector has grown faster than the hydrocarbons
segment. Qatar Shell presented the specific business
opportunities in manufacturing of safety boards & electric labels,
cafeteria & catering services for staff & events, servicing of
custody flow meter calibration, manufacturing of stud bolts,
supplying onsite welding inspection services, manufacturing &
maintaining fire extinguishers, and managing Qatar Shell’s
social media. The contract period for the manufacturing of safety
boards & electrical labels is for two years, cafeteria and catering
for staff & events (three years), custody flow meter calibration
(five years), manufacturing of stud bolts (three years), onsite
technical support for welding inspectors (three years),
manufacturing & maintenance of fire extinguishers (five years)
and managing of social media (two years). (Gulf-Times.com)
 Minister outlines growth prospects, future projects – HE the
Minister of Development Planning & Statistics, Dr. Saleh bin
Mohamed al-Nabit reviewed prospects for economic growth and
future development projects in Qatar, during the two day ‘Middle
East & North Africa Economies, Diversification, Growth and
Employment’ conference which started in London on Monday.
He said the contribution of the non-oil sector to GDP has been
increasing over the past five years, which is considered an
important economic indicator, especially in the Gulf region,
where most of the economies depend on oil and its financial
returns. He further added that the private sector recorded strong
Overall Activity Buy %* Sell %* Net (QR)
Qatari 53.88% 54.19% (497,123.17)
GCC 8.51% 8.44% 93,359.49
Non-Qatari 37.61% 37.36% 403,763.68

3. Page 3 of 6
growth in Qatar, and is still growing, while enjoying distinct
opportunities to participate effectively in national development.
The minister revealed that various initiatives have been carried
out in the education sector in Qatar, including universities. He
said the government aims to support universities in a bid to
produce greater knowledge and better skills among graduates.
HE Dr. Al Nabit said that economic diversification requires
carrying out several institutional changes, pointing to the
strategy pursued by the State of Qatar in the field of
development. (Gulf-Times.com)
 Ashghal floats tender for 250-bed hospital – According to the
local Arabic daily Arrayah, the Public Works Authority (Ashghal)
has issued a public tender to build a new 250-bed hospital near
Qatar University. Qualified contractors with experience in
secondary and tertiary healthcare projects have been invited to
submit their bids. The facility will be spread over 62,000 square
meters (sqm). The project also includes an attached building
and the construction of a car parking facility covering the
basement and four floors over 41,000sqm, providing 1,200
parking slots. The new hospital will offer health services in
various fields, such as internal medicine, gynecology, general
surgery, bone surgery and long-term medical care among
others. (Gulf-Times.com)
 New 500-bed hospital planned at Al Khor – The Executive
Director of Al Khor Hospital, Mohamed Ali Al-Jassiman has said
a new 500-bed hospital is being planned at Al Khor. He told
local Arabic daily Arrayah that the new hospital, which is in the
planning phase, would have specialized clinics for accident and
emergency, heart diseases and neurosurgery. (Gulf-Times.com)
 QA announces eighth route to Saudi Arabia, considers
stake buying in other airlines – Qatar Airways (QA), which
currently operates 82 weekly flights to seven key cities in Saudi
Arabia, announced its eighth destination, Abha in the Kingdom.
QA will begin flights to Abha beginning September 2, 2015. The
non-stop service from Doha will operate four times a week.
Further, QA will add four additional frequencies in South Africa,
taking its Cape Town service to a full daily service, starting
October 1, 2015. QA will also upgrade its Johannesburg service
to a double daily service and will start a four-time weekly service
to Durban from December 17, 2015. Meanwhile, in a bid to build
its global presence, CEO of QA, Akbar Al Baker said the
organization is interested in taking more equity in airlines. He
said that such position would be bigger than 5% or other
minimal stake. (Peninsula Qatar)
 Qatar informs countries, airlines about new Residence
Cards – Qatar has informed all countries as well as airlines
around the world about the introduction of Residence Cards and
asked them to consider the card as proof of the holder’s
residence permit in the country. The Ministry of Interior (MoI)
has decided to do away with affixing residence permit (RP)
stickers in passports from June 15 and start issuing Residence
Cards in its place. (Gulf-Times.com)
 Qatar re-elected head of UITP’s MENA region – Minister of
Transport HE Jassim bin Seif Al Sulaiti said Qatar’s
transportation sector is growing rapidly at all levels and the
government and service providers are striving to deal with future
challenges in transport, sustainability and preservation of
environment. The minister was delivering a speech at the
opening of the International Association of Public Transport
(UITP) World Congress in the Italian city of Milan. Al Sulaiti
explained that the Ministry of Transport takes advantage of the
expertise of the UITP, whose memberships include 92 member
states and 3,200 members. During the congress Qatar was re-
elected as the head of the MENA UITP. Jordanian Transport
Minister Dr. Lina Shabib and Egyptian Transport Minister Hani
Dahi were elected his deputies. (Peninsula Qatar)
International
 US CEOs temper 2015 economic growth outlook – According
to a quarterly business group survey conducted by the Business
Roundtable, US chief executive officers (CEO) have become a
bit more pessimistic in their outlook for the American economy in
2015 and fewer of them expect to increase sales, investment
and hiring this year. The survey for 2Q2015 found that CEOs
expect a 2.5% GDP growth in 2015, down from 2.8% growth
expected in 1Q2015. 70% of respondents said that they expect
sales to rise in the next six months, down from 80% in 1Q2015,
while 35% said they expect spending to increase over that
period, down from 45% in the previous survey. Randall
Stephenson, Chairman of the Business Roundtable said that the
downward movement of our CEOs' investment plans is of
particular concern. He said that the US Congress should enact
tax reform and pass the Trade Promotion Authority, which would
grant the president fast-track powers to negotiate trade
agreements, in order to lift capital investment and boost the
economy. (Reuters)
 German industrial output rose in April as Eurozone
recovers – According to data released by the Economy
Ministry, German industrial production increased in April, as a
recovery in the Eurozone and accelerating growth at home
buoyed demand. The output, adjusted for seasonal swings and
inflation, rose 0.9% MoM after falling 0.4% (revised) in March.
The output climbed 1.4% on a YoY basis. Factory orders, a
gauge of future output, climbed for the second month in April.
Orders gained 1.4%, lifted by a surge of 6.8% from the rest of
the 19-nation currency bloc. German unemployment fell for the
eighth month in May and the jobless rate held at 6.4%, the
lowest level since the country’s reunification. (Bloomberg)
 Japan service sector sentiment worsened in May –
According to a survey conducted by Japan's Cabinet Office, the
service sector sentiment index slipped to 53.3 in May, down for
the first time in six months. The survey of workers such as taxi
drivers, hotel workers and restaurant staff - called "economy
watchers" for their proximity to consumer and retail trends -
showed their confidence about current economic conditions
declined from 53.6 in April. The outlook index, indicating the
level of confidence in future conditions, climbed to 54.5 in May
from 54.2 in the previous month. (Reuters)
 China exports declined, consumer inflation eased in May –
China’s exports fell for the third month in May, while imports
slumped the most in three months, underscoring a sluggish
domestic environment that may trigger more monetary policy
support. Data released by the Customs Administration showed
overseas shipments fell 2.8% YoY in yuan value. Imports slid
18.1%, leaving a trade surplus of yuan 366.8bn. Exports and
imports dropped 2.5% & 17.6% YoY in May in dollar terms.
Demand from the US helped prevent a deeper decline in
shipments abroad. The trade slowdown coincides with a slump
in investment growth that is putting Premier Li Keqiang’s 2015
growth target of around 7% at risk. Meanwhile, consumer prices
in China increased 1.2% YoY in May as compared to a rise of
1.5% in April. Further, factory-gate prices at petroleum and
natural gas exploration companies fell 36.1% YoY in May. The
inflation and factory gate data highlights tepid demand at home
and abroad. (Bloomberg)
Regional
 Bank Aljazira launches internet banking – Bank Aljazira has
successfully launched its new Aljazira online internet banking

4. Page 4 of 6
platform. The launch represents a major shift toward enhancing
the electronic banking services of Bank Aljazira and supporting it
with a variety of features and services, offering its customers the
convenience and flexibility to satisfy their banking needs.
(GulfBase.com)
 ADA awards SR2.3bn rapid bus transit system contract to
Yuksel – The Ar-Riyadh Development Authority (ADA) has
awarded the SR2.29bn 'Riyadh Rapid Bus Transit System'
(BRTS) contract to a Turkish construction company, Yuksel
Insaat. The project is part of the King Abdulaziz Transport
System plan, and mainly includes road development schemes,
construction of 21 pairs of BRTS stations, 2574 community bus
stops and seven pedestrian bridges in the Saudi capital city.
Yuksel has received the letter of intent and Alinma Bank has
provided project finance worth SR872mn to implement it.
(GulfBase.com)
 SAMA: Bank foreign currency purchases grew by 4%
during January-April 2015 – According to a report by the Saudi
Arabian Monetary Agency (SAMA), the volume of foreign
currencies purchased by the banks operating in Saudi grew by
4% to hit SR1.34tn during January-April 2015 as compared to
SR1.29tn in the same period in 2014. On the other hand, sales
of foreign currencies by the banks operating in the Kingdom
grew by 6% YoY to SR1.23tn in April 2015. The volume of
foreign currencies in the banks operating in the Kingdom
dropped by 18% to SR106.5bn in April 2015, as compared to
SR130.2bn in April 2014. The volume of deposits in the Saudi
banks reached SR1.6tn by April 2015-end, 66% of which were
demand deposits valued at SR1.07tn. (GulfBase.com)
 Etihad Etisalat seeks shareholders’ nod for interim dividend
– Etihad Etisalat Company has invited its shareholders to
approve the recommendation of the board of directors (BoD) for
SR1.93mn (SR2.5 per share) interim dividends to be distributed
to shareholders for 1Q2014 and 2Q2014. The shareholders will
also consider approving the BoD recommendation to not
distribute cash dividends for 3Q2014 & 4Q2014. (Tadawul)
 UAE mulls giving central bank role in setting monetary
policy – The Governor of the UAE Central Bank, Mubarak
Rashid Al-Mansouri, has said that the authorities are discussing
changes to the country's banking law, which would give the Gulf
Arab state's central bank a role in determining the monetary
policy. The government currently takes most decisions in the
UAE. Meanwhile, he added that credit growth in the UAE is
expected to remain robust and that there was excess liquidity in
the country's banking system. (Reuters)
 Tabreed OGA approves convertible bonds buyback –
National Central Cooling Company’s (Tabreed) ordinary general
assembly (OGA) has approved the board of directors’ (BoD)
recommendation to buy back 854mn mandatory convertible
bonds held by Mubadala at a cost of AED1bn. The transaction
will be finalized by early July 2015, and the repurchased bonds
will be cancelled. This buyback is part of Tabreed’s wider
strategy to continuously improve its capital structure, and follows
its 2014 refinancing, which also delivered annual savings of
AED9mn. The combined yearly savings from these two
transactions will reach approximately AED40mn. (DFM)
 Masharie eyes three deals in 2015 – Masharie, the private
equity arm of Dubai Investments, is eyeing a total of three deals
in 2015 worth AED150-200mn, one in Saudi Arabia and two in
the UAE in the infrastructure sector, as it diversifies away from
its main forte - construction. Masharie General Manager Khalid
Rashed Al Jarwan said the firm will complete 15% stake in
Saudi Arabia-based electrical contracting company for around
AED60mn. (GulfBase.com)
 DFSA grants ‘Recognized Body’ status to DGCX Group –
The Dubai Gold and Commodities Exchange (DGCX) and its
CCP Operator arm, Dubai Commodities Clearing Corporation
(DCCC) have received ‘Recognized Body’ status from the Dubai
Financial Services Authority (DFSA), the regulatory authority for
the Dubai International Financial Centre (DIFC), enabling DIFC
companies to access its products. The Recognized Body status
takes effect immediately and enables financial institutions
domiciled in the DIFC and licensed by the DFSA to become
members of the DGCX, the leading ‘Exchange of Choice’ in the
region. (GulfBase.com)
 Dubai ruler approves AED3.6bn housing projects –
According to WAM, Dubai Ruler Sheikh Mohammed Bin Rashid
Al-Maktoum has approved housing projects worth AED3.6bn.
The projects are part of Mohammed bin Rashid Housing
Establishment and will be built for local families. WAM reported
that MRHE has provided construction loans worth AED2.9bn
between 2007 and 2014 while the amount loaned for
maintenance of the houses reached AED46.5mn. The
organization has built about 16 projects, including 4,368 houses
at a cost of AED4.8bn between 2007 and 2014. (GulfBase.com)
 Phidar Advisory: Dubai home prices continue to fall –
According to a report released by Phidar Advisory, residential
prices in Dubai continued to decline in the first six weeks of
2Q2015 as compared to 1Q2015. Apartment lease rates
decreased 2.4% while sale rates decreased 1.5%, marginally
tightening yields. Lease rates for single family homes, also
referred to as villas, decreased 0.6% while their sale prices
decreased 2.9%. According to Dubai Land Department,
apartment transaction volumes were down a modest 1.5%
during January-April 2015, as compared to the same period in
2014. SFH volumes contracted almost 25%, over the same
period. (GulfBase.com)
 GIH: Dubai leads UAE’s 1Q2015 corporate earnings, up
8.3% to AED6.24bn – According to a report released by
Kuwait’s Global Investment House (GIH), Dubai’s corporate
earnings expanded 8.3% YoY to AED6.24bn in 1Q2015, led by
the banking sector (up 38.4%). The growth in the earnings of the
banking sector was driven by Emirates NBD (up 60.3% YoY),
Dubai Islamic Bank (up 33.4% YoY) and Emirates Islamic Bank
(up 106.2% YoY), which contributed 23.4%, 7.9% and 3.7%,
respectively, to the sector’s incremental earnings. The earnings
of the real estate and construction sector declined 24.1% YoY in
1Q2015, negatively affecting the earnings growth of the sector
by 6.9% YoY. GIH, in its quarterly note, said Abu Dhabi’s
corporate earnings increased 5.6% YoY to AED10.28bn in
1Q2015. This was due to a 9.8% YoY rise in the banking
sector’s earnings (which accounted for 60.3% of consolidated
earnings). (GulfBase.com)
 Kuwait government to retain 75% stake in KA – The Kuwait
government has approved a new structure for the privatization of
Kuwait Airways (KA), under which the state will own 75% stake
in the carrier. Under the new proposal, KA’s 20% shares will be
offered to Kuwaiti citizens, 5% to current and retired employees,
while the remaining stake will be held by the government.
(GulfBase.com)
 MoGS: Oman’s crude production grows 1.5% in May 2015 –
According to a report released by the Oman’s Ministry of Oil and
Gas (MoGS), Oman's total oil and condensates production grew
1.53% to 30.22mn barrels in May 2015 as compared to April
2015. The average daily production stood at around 974,990
barrels. As per the report, Oman's total crude oil exports in May
2015 increased by 3.73% as compared to April 2015, and
reached 25.41mn, registering a daily growth of 819,587 barrels.

5. Page 5 of 6
Asian markets were the largest importers of Oman crude.
(GulfBase.com)
 OSRC signs EPC contract worth $300mn with Sinolight for
Oman’s first sugar refinery – Oman Sugar Refinery Company
(OSRC) has signed a $300mn engineering, procurement and
construction (EPC) contract with China-based Sinolight
Corporation for building the country's first refinery in Sohar
Freezone. The construction work on the refinery will start in
3Q2015 with completion set for 2017-end. The proposed sugar
refinery will have a capacity of 1mn tons per annum and is
coming up on an 18-hectare plot near the Sohar port. The plant
is expected to be operational by 1Q2018. (Bloomberg)
 Five consortiums in race for $1bn Oman water projects –
Five consortiums led by prominent international utilities have
been prequalified to participate in the next phase of a
competitive tender for a license to build a pair of major water
desalination projects on Oman’s Batinah coast. Oman Power &
Water Procurement Company (OPWP) is overseeing the
tendering process and the eventual implementation of the water
schemes planned to be located at the Sohar Industrial Port and
Barka respectively. Of the contenders, two successful bidders
will go on to secure a license each to develop, finance, design,
engineer, construct, own, operate and maintain one of the two
water-only schemes. (GulfBase.com)
 SICO funds continue to post impressive returns – Securities
& Investment Company (SICO) has announced that all its
Bahrain-domiciled equity funds have posted impressive returns
so far in 2015. SICO’s flagship Khaleej Equity Fund, which
invests in GCC-listed equities, achieved a return of over 16%
during January to April 2015, while Gulf Equity Fund, which
invests in GCC-listed equities outside of Saudi Arabia, was up
11% during the same period in 2015. The SICO Kingdom Equity
Fund, which invests in Saudi-listed equities, was the top
performing SICO fund, having increased by 20% at the end of
April 2015. SICO reported that total assets under management
during January-April 2015 grew by over 10% to $1.1bn from
$980mn at the end of December 2014, as a result of new
mandates received from regional institutional investors. (Bahrain
Bourse)

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
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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
200.0
220.0
May-11 May-12 May-13 May-14 May-15
QSE Index S&P Pan Arab S&P GCC
(0.6%) (0.7%)
(0.9%)
(0.1%)
0.2% 0.2%
0.7%
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,174.07 0.2 0.2 (0.9) MSCI World Index 1,752.20 (0.5) (0.5) 2.5
Silver/Ounce 15.99 (0.2) (0.2) 1.8 DJ Industrial 17,766.55 (0.5) (0.5) (0.3)
Crude Oil (Brent)/Barrel (FM
Future)
62.69 (1.0) (1.0) 9.3 S&P 500 2,079.28 (0.6) (0.6) 1.0
Crude Oil (WTI)/Barrel (FM
Future)
58.14 (1.7) (1.7) 9.1 NASDAQ 100 5,021.63 (0.9) (0.9) 6.0
Natural Gas (Henry
Hub)/MMBtu
2.65 3.8 3.8 (11.4) STOXX 600 385.39 0.0 0.0 4.4
LPG Propane (Arab Gulf)/Ton 34.00 1.5 1.5 (30.6) DAX 11,064.92 (0.2) (0.2) 4.3
LPG Butane (Arab Gulf)/Ton 48.00 (2.5) (2.5) (23.5) FTSE 100 6,790.04 0.0 0.0 1.6
Euro 1.13 1.6 1.6 (6.7) CAC 40 4,857.66 (0.3) (0.3) 5.5
Yen 124.49 (0.9) (0.9) 3.9 Nikkei 20,457.19 0.3 0.3 12.0
GBP 1.53 0.5 0.5 (1.5) MSCI EM 977.09 (0.5) (0.5) 2.2
CHF 1.08 1.3 1.3 7.2 SHANGHAI SE Composite 5,131.88 2.1 2.1 58.7
AUD 0.77 1.0 1.0 (5.8) HANG SENG 27,316.28 0.2 0.2 15.8
USD Index 95.30 (1.0) (1.0) 5.6 BSE SENSEX 26,523.09 (0.9) (0.9) (4.8)
RUB 56.00 (0.2) (0.2) (7.8) Bovespa 52,809.64 0.8 0.8 (10.4)
BRL 0.32 1.2 1.2 (14.9) RTS 923.23 0.1 0.1 16.8
171.0
140.3
127.5